Full text of Federal Reserve Bulletin : September 1955
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FEDERAL
E S E RVE
BULLETIN
SEPTEMBER 1955
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for opinions expressed, except in official statements
and signed articles.
CONTENTS
PAGE
The Agricultural Situation.
973-979
Credit Extended by Banks to Real Estate Mortgage Lenders.
Annual Indexes of Production. .
980
981-982
Changes in Subscription Rates for Federal Reserve Bulletin. .
Law Department
982
983-984
Current Events and Announcements.
National Summary of Business Conditions.
Financial, Industrial, Commercial Statistics, U. S. (See p. 987 for list of tables).
International Financial Statistics (See p. 1049 for list of tables) .
984
985-986
987-1047
1049-1067
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
1068
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
1069
Federal Reserve Board Publications.
Map of Federal Reserve Districts.
1070-1071
1072
Index to Statistical Tables..
1073-1074
Subscription Price of Bulletin
A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription
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copies to one address, 50 cents per copy per month, or $5.00 for 12 months.
FEDERAL
LLETIN
September 1955
VOLUME 41
NUMBER 9
THE AGRICULTURAL SITUATION
Farm prices and incomes have declined
this year, continuing the downward movement from the advanced levels reached early
in the Korean war period. Total supplies of
agricultural commodities—including carryovers—have expanded further. A 3 per cent
larger harvest is indicated despite Federal
restrictions and lower price supports on important crops. Production of livestock and
products has. increased further. Rising demands, despite record levels of consumer
incomes in this country, have not matched
the increases in farm output this year. Exports, while larger than last year, have been
below the unusually high levels prevailing
during most of the postwar period.
Declining prices of farm products during
the past year of marked industrial expansion
may be viewed in the light of the special factors affecting agriculture during the
past decade and a half. Farm production
expanded rapidly during World War II and
the early postwar period in response to urgent
world-wide demands, and prices of farm
products rose sharply above their prewar
low levels. Subsequently, foreign demand
declined. Although domestic consumption
has continued to grow, the expansion has
been insufficient to absorb all of the supplies
made available, and Federal price support
holdings have risen substantially. The riseduring the past year was less rapid, however,
than in earlier years.
Marked reductions have taken place in
SEPTEMBER
1955
PRODUCTION A i D PRICES
Per cent, 1947-49=100
160
PRODUCTION!
INDUSTRIAL
140
120
AGRICULTURAL
100
30
140
INDUSTRIAL
120
100
AGRICULTURAL
L
80
1949'
1951
1953
1955
NOTE.—Production—agricultural, Department of Agriculture
annual estimate of farm output; industrial, Federal Reserve
seasonally adjusted index. Prices—industrial, Bureau of Labor Statistics index of wholesale prices of commodities other
than farm products and foods; agricultural, Department of
Agriculture index of prices received by farmers. Agricultural
production for 1955 is an estimate based on data through September 1. Latest figures for other series are for August..
recent years in the total farm population.
At the same time, rapid advance in farm
productivity has continued, enabling a declining number of farmers to produce a
larger output. Average production per person engaged in agriculture is about one-third
larger than in 1947-49 period. Reflecting
the decline in farm population, per capita
farm income has been maintained at rela973
THE AGRICULTURAL SITUATION
tively higher levels than total farm income,
as can be seen in the chart on page 978.
The general financial position of farmers
remains relatively strong. Bidding for farm
land, particularly to enlarge existing units,
has been active over the past year. Land
prices have risen to about their mid-1952
peak. Farm debts to finance production and
land acquisitions have risen further, but are
still fairly low in relation to current levels
of farm income, the large volume of liquid
assets held by farmers, and the value of farm
real estate.
CROP PRODUCTION
Per cent, 1947-49=100
140
120
974
FEEDS
.
y
100
80
FOOD GRAINS
..1 1 1 1 1 1 1 1 L .
A
yJ
. .1 1 1 1 1 1 1 1 1. . 60
140
/
/
/
OIL SEEDS
EXPANSION IN SUPPLIES
Output of crops and livestock, on the basis
of reports through early September, is expected to be 3 per cent larger this year than
in 1954. A new record in crop yields per
acre is forecast, reflecting generally favorable
weather and intensified technical progress in
farming. Output of livestock products is
continuing the upward trend of recent years.
This trend has reflected in part large and
rising feed supplies. A further increase in
livestock production and smaller additions
to total crop carryovers are likely this season
if price relationships continue favorable for
the conversion of feeds into livestock and
livestock products.
Crops. Federal acreage control programs
—mainly for cash crops, where large stocks
have accumulated—are resulting in major
changes in the use of the nation's cropland.
During the past two years about one-twelfth
of the harvested acreage has been shifted
from wheat and cotton largely into other
crops, mainly into feed grains other than
corn and into hay and soybeans. Feed harvests, despite dry weather during August,
were forecast as of September 1 to be 6 per
cent larger thaii last year. Feed use has been
rising as livestock output has increased, but
^
TOTAL
/
-- 120
COTTON
/
-
100
-
80
u
60
OTHER CROPS
/ •
J.
1946
I I i 1 ! 1 1 k1950
M
1955 1946
i i i
1950
i i
1955
NOTE.—Department of Agriculture data. Estimates for 195S
are based on the September 1 crop report. Feeds include feed
grains, hay, and forage; food grains include wheat, rice, and
rye. Oil seeds do not include cotton seed.
is up less than feed production. Consequently, carryovers are likely to rise further
this season.
Additional curtailments in acreages of
wheat and cotton this year reflect application of Federal legislation providing for
downward adjustment over a two-year period to the legal minimum. Indicated yields
are considerably higher, however, and the
estimated declines in output are only about
half those in acreage. Prior to this year's
harvest, cotton and wheat stocks amounted
to about one year's usage. These large stocks
had been accumulated for the most part over
the preceding three years when total usage
was considerably below output, owing
mainly to the reduction in exports. Acreage
allotments and marketing quotas—with noncompliance penalties—have also been invoked this year for rice, peanuts, and tobacco.
Total carryover stocks of these five products
FEDERAL RESERVE BULLETIN
T H E AGRICULTURAL
are not likely to change much further this
year unless exports change markedly.
Livestock and products. Large feed supplies have been an important factor over the
past season in the further expansion in livestock numbers and in output of livestock
products. Hog marketings, seasonally adjusted, in the first half of 1955 were at a rate
about 5 per cent above the second half of
1954 and 15 per cent above the first half.
Marketings recently have been about the
same as in the spring, after seasonal allowance, and are expected to show about the
usual seasonal increase this autumn. Hogfeed price relationships in the next several
months will be an important factor in the
size of next spring's pig crop.
Cattle slaughter, which had shown little
change for more than a year, has increased
about one-tenth recently. Total production
of fresh meat, including poultry, in the first
half of 1955 was at a seasonally adjusted rate
about 3 per cent above the last half of last
year; in August and early September, output rose further to a level about onethird above the 1947-49 average. Per capita
consumption of meat is currently larger than
a year ago and about 15 per cent above the
1947-49 level. Milk cow numbers have declined slightly in the last year, but total milk
production has been maintained. Egg production was curtailed in the spring because
of earlier unfavorable prices to producers
but has declined less than seasonally in recent months.
FEDERAL PRICE SUPPORT OPERATIONS
Total outlays by the Commodity Credit
Corporation and private lending agencies for
price support primarily on crops harvested in
the fiscal year ending June 30, 1955, were
smaller than in the previous year, as shown
in the second column of the table. These
SEPTEMBER
1955
SITUATION
outlays came to about 1.9 billion dollars,
down nearly 1.1 billion from those of the preceding year. This sharp reduction stemmed
mainly from curtailment in acreage and
harvest of cotton—and, to lesser extent, of
wheat—under the Federal control program.
Support outlays for corn were also less, as
the crop was smaller and fewer producers
were eligible for Federal aid. A decline in
expenditures for dairy products reflected in
part a reduction of one-sixth in support levels.
On the other hand, support outlays for some
of the "unrestricted" crops, such as grain
sorghums and barley, increased somewhat.
Despite the over-all decline in price support outlays in the 1955 fiscal year, Federal
expenditures for these programs rose sharply
to a total of about 2.9 billion dollars, as
shown in the third column of the table.
FINANCIAL OPERATIONS OF T H E COMMODITY CREDIT
CORPORATION
[Outlays, or receipts (-- ) .
In millions of dollars]
For price support 2
Year
ending
TotaP
Total i
June 30
1955
1954...
1953
1952. .
1951
1950
1949
1948
2,385
3,245
2,173
— 125
-970
1,588
2,160
-226
1,851
2,939
2,092
—270
-1,375
1,437
2,313
-60
CCC
By
By commercial banks,
under CCC
guarantee
2,876
1 220
1,862
—273
-986
1,523
1,806
-38
-1,025
1 719
230
3
-389
-86
507
-22
For other
operations
(CCC
only) 3
534
306
81
145
405
151
-153
-166
*Net of financial transactions between CCC and commercial
banks. The net effect of all CCC operations on Federal Budget
expenditures, not shown in the table, equals the sum of columns
three and five. Breakdown of CCC outlays for 1955 is partly
estimated.
2
The sum of loans granted (including guaranteed loans made by
banks), CCC commodity purchases, storage costs, and other outlays, less receipts from loans repaid by producers, receipts from
sales of commodities, and other receipts. Loans of commercial
banks include certificates of interest; at or before maturity
the unredeemed portions of these certificates or loans are purchased
by3 CCC.
Includes mainly certain foreign-aid-program advances, payments for the International Wheat Agreement program, and administrative expenditures. Some part of these outlays may later be
deducted from CCC outlays or be taken account of by cancellation
of notes representing CCC borrowings from the Treasury. In
fiscal years 1954, 1953, and 1952 note cancellations resulting from
these operations amounted to 310 million dollars, 193 million, and
33 million, respectively. Net expenditures for CCC operations,
after taking account of these cancellations, would be lowered
correspondingly.
Source.—Budgets of the Commodity Credit Corporation of the
U. S. Department of Agriculture.
975
THE AGRICULTURAL SITUATION
About 1 billion dollars of this amount represented price support activities in the preceding fiscal year and consisted of net sales of
crop loans by commercial banks to the CCC
and of net resales of certificates of interest.
These certificates had been sold to banks by
the Corporation in 1953-54 in order to limit
temporarily Federal debt expansion.
In addition to these Federal expenditures
for price support, expenditures for other
CCC operations rose considerably last year
to nearly 550 million dollars. A substantial
part of this amount was to finance sales
of farm products abroad under legislation
passed earlier, partly to aid in disposing of
surpluses.
Receipts of the CCC from sales in the fiscal
year 1955 totaled 1.4 billion dollars, 200 million dollars more than in 1954. Losses on
these sales and on commodity donations
amounted to 800 million. About half of the
loss was incurred in disposing of dairy products, stocks of which have been reduced
greatly. Sales of some inventories—largely
those under the disposal legislation—were
made without book loss to the Corporation.
The current level of CCC inventories and
direct and guaranteed commodity loans is
very large despite a reduction in acquisitions
and an increase in dispositions in the 1955
fiscal year. Holdings on June 30 were
valued at 7 billion dollars, 1 billion more
than a year earlier.
The high level of current and prospective
holdings made it necessary to increase the
Corporation's authority to borrow from
the Treasury. An expansion of 2 billion
dollars to a total of 12 billion was provided
by Congress at the last session. Actual
outlays during the 1955-56 fiscal year will
be affected by the composition as well as
size of the harvest; the effects of lower
976
support prices—both directly and as they
may influence exports, livestock feeding, and
final domestic takings; and the course of
general economic activity here and abroad.
AGRICULTURAL EXPORTS
Agricultural exports during the 12 months
ending June 30 were valued at 3.1 billion
dollars, 7 per cent more than in the previous
season and 11 per cent above the postwar
low of 1952-53 but still considerably below
the very high earlier postwar level. Last season's rise in total value reflected mainly increases in fats and oils> some feeds, and
food donations for overseas relief. Wheat
exports increased 60 million bushels to a
total of 275 million, while exports of cotton
and tobacco changed little. Since January, exports of cotton have slackened considerably.
Government programs to stimulate disposal of surplus stocks, in some cases through
increased offerings at competitive world
prices, were an important factor in the export
rise during the past fiscal year. Improved
economic conditions abroad, particularly in
Western Europe, also appear to have been
a factor. At the same time, however, expanding food and fiber production abroad
has been providing greater competition for
most farm products.
Preliminary data indicate that about 30
per cent of the total value of farm products
exported in 1954-55 was facilitated by some
type of Federal financing—including loans,
grants, and disposal of surplus stocks through
sales for foreign currencies, barter arrangements, and donations for overseas use. In
the 1953-54 season such programs accounted
for 24 per cent of the total value of agricultural exports, and in the preceding year,
19 per cent. Shipments in exchange for foreign currencies, the most important of these
programs, were increasing in the latter part of
FEDERAL RESERVE BULLETIN
THE AGRICULTURAL SITUATION
the 1954-55 fiscal year and for the year as A6R1CUUUML f RICES
Per cent, 1947-49=100
a whole probably totaled about 350 million CROPS
dollars. With additional funds provided
by recently enacted legislation, about 1.5
billion dollars will be available for such sales
this season and next.
100
Sales by the CCC at world prices included
grains, oils, dairy products, and some other
commodities. Wheat sales by the CCC in
fulfillment of quotas under the International LIViSTOCK AND PRODUCTS
120
Wheat Agreement—and also outside the
agreement—were made at prices about onefourth below United States market prices.
100
The relatively sharp decline in cotton exports in recent months reflected some uncertainty regarding price and disposal policies. In early August it was announced that
there would be no change in cotton export
1949
1951
1953
1955
NOTE.—Prices are Department of Agriculture data of prices
pricing policy until January 1, 1956, and received
by farmers. Marketings index is a seasonally adjusted
Federal Reserve compilation based on Department of Agriculthat after that date up to 1 million bales of ture
data for commercial slaughter of meat animals and poultry
and
farm output of milk and eggs. Latest figures shown are
low quality stocks might be offered for com- for August.
petitive bidding.
Prices of fruits and vegetables have declined
substantially from the advanced level
AGRICULTURAL PRICES
this spring when unfavorable weather temPrices of farm commodities declined again porarily restricted supplies. Price declines
this summer, following some seasonal for most other crops have been in considerstrengthening in the spring. Prices received able part in response to the changes in Fedby farmers recently have averaged about 5 per eral support activities. Wheat supports, at
cent below a year earlier. The current level $2.08 per bushel at the farm, are 7 per cent
is about the same as the previous postwar low below last year and in early September marreached following the 1949 recession and one- ket prices were 10 per cent below a year
fourth below the peak reached in early 1951 earlier. The minimum support level for
after the outbreak of the Korean war.
next season has been set at $1.81; the reducPrices of crops have declined considerably tion reflects both the use of revised methods
since May, as shown in the chart, and in of calculating parity prices and the determid-August averaged 8 per cent below a mination of supports at 76 per cent of parity^
year ago. The declines have reflected the rather than at the 825 per cent used this year.
large actual and prospective supplies and
Corn prices declined sharply this summer,
the reduction in Federal price support levels prior to the harvesting of this season's larger
for this season's grain harvests. While re- crop. Price supports continue close to 90
duced from the levels of recent years, sup- per cent of parity. As was the case last
port levels remain much higher in relation season, however, a large portion of the crop
to parity than prior to World War II.
will not be eligible for support loans because
SEPTEMBER 1955
977
THE AGRICULTURAL
plantings by many farmers exceeded acreage
allotments. In view of an anticipated further increase in corn carryovers, the 1956-57
price support level is expected to be lowered.
Output of other feed grains and of oil seed
crops is considerably larger than in 1954, and
prices in early September averaged about 15
per cent below a year earlier. Support levels
are down substantially from last year, averaging 19 per cent lower for these feed grains
and 9 per cent lower for oil seeds.
Cotton prices since 1952 have been close
to support levels, which have been unchanged at 90 per cent of parity. High supports and mounting domestic supplies have
led to active consideration of means of stimulating exports. Support levels for next season will depend both on supply developments and administrative decisions.
Average prices of livestock and livestock
products in early September were somewhat
below the year-ago level. Hog prices declined after mid-June and in early September,
at $16.50 per hundred, were $4.00 below a
year earlier. Cattle prices by mid-1955 had
receded from the levels reached in January.
Since midyear, prices have shown little
change despite a considerably larger volume
of marketings. Prices of other livestock
products have been stronger this year, following substantial declines in 1954. Poultry and egg prices have recovered about
one-half of the 1954 decline. Prices of dairy
products have been slightly above the reduced
levels of a year ago. Lower retail prices subsequent to the April 1954 reductions in
Federal support levels, together with growth
in population and consumer incomes, have
contributed to increased consumption of
fluid milk and dairy products, and CCC purchases have been smaller.
Market supplies of livestock and livestock
products have increased considerably since
978
SITUATION
mid-1952, as the chart on page 977 shows.
Consumer incomes have increased at about
the same rate as supplies. Consumer demands for these products have increased less
rapidly, however, and prices received by
farmers have declined substantially.
Retail prices of foods have averaged somewhat lower thus far in 1955 than a year
earlier. While retail prices of some processed foods have continued to rise, prices
of meats in the first half of 1955 averaged
10 per cent lower than in the year-earlier
period. The decrease in retail prices of foods
from a year ago has been an important factor in the stability in average consumer prices
over the year.
FINANCIAL POSITION OF FARMERS
Net income of the farm population this
year, on the basis of present indications, will
be somewhat smaller than last year and perhaps one-sixth below the peak reached in
1951, as shown on the chart. On a per capita
FARM POPULATION AND INCOME
Per cent, 1947-49=100
POPULATION
-
—
100
—
80
~-
1 .
1
1
!
1
!
I
]
NET INCOME
>x
PER CAPITA
-
120
-
100
A
TOTAL ^ ^ ^
1
1947
1949
1951
!
I
1953
1
80
1955
NOTE.—Department of Agriculture data. Population estimates
are as of April 1. Net income includes income of the farm
population from all sources; figures for 1955 are preliminary
estimates of the Federal Reserve.
FEDERAL RESERVE BULLETIN
T H E AGRICULTURAL SITUATION
basis, farmers' incomes have declined less
than that amount since 1951 as the number
of people on farms has declined further.
Output per farm worker has increased considerably during this period, partly as a
result of greater use of power machinery
and equipment. Growth in holdings of
farm machinery was retarded in 1954, but
farm purchases of new equipment have increased this year.
Farm real estate values have been strong,
despite the steady decline in farm commodity
prices and incomes in recent years. Average
value per acre has been increasing since early
1954, and the value of farm land and buildings in mid-1955, as the chart shows, was
about at the peak reached in 1952. Real
estate holdings are farmers' most important
assets, and the increase in the market value
of farm real estate has acted to raise the
book value of farmers' assets generally. The
recent rise in land values apparently has reflected to an important degree demand for
land to enlarge existing farms.
The amount of farm debt outstanding has
risen appreciably since last fall. At the end
of June short-term and mortgage debt were
both 10 per cent higher than a year earlier.
Short-term agricultural loans of commercial
banks, the major source of farmers' credit of
this type, and loans of production credit
SEPTEMBER 1955
DEBTS AHD MAJOR ASSETS OF AGRICULTURE
Billions of dollars
LIQUID ASSETS
20
10
100
90
'REAL ESTATE
80
70
1947
1949
1951
1953
1955
NOTE.—Department of Agriculture data. The assets shown
have represented about two-thirds of farmers' total assets in
recent years. Farm real estate values are as of March 1 except the latest figure, which is for July 1, 1955. Liquid assets
and debts are as of January 1. Debts exclude price support
loans of the Commodity Credit Corporation.
associations rose about the same relative
amounts, in contrast to some decline in the
previous 12 months. Mortgage debt increased
somewhat more than in the previous period.
Farmers' liquid asset holdings—deposits,
currency, and Government bonds—showed
little change in 1954 and currently continue
larger than farmers' total debts.
979
CREDIT EXTENDED'BY BANKS TO REAL ESTATE MORTGAGE LENDERS1
A survey of credit extended to real estate
mortgage lenders by weekly reporting member banks shows that, as of August 10, 1955,
these banks held 1,385 million dollars of such
loans, as; compared with 606 million a year
ago, and had commitments to extend an
additional 1,262 million.
The survey includes data on various types
of "warehousing loans" which are not set
forth separately in the statement of condition
of weekly reporting member banks in leading cities. Warehousing of mortgage loans
has long existed but figures on the growth
and volume of this type of credit have been
lacking. The survey was undertaken for the
purpose of ascertaining the amount of all
types of credit extended by commercial
banks to real estate mortgage lenders.
Real estate mortgage loans purchased from
mortgage lenders under resale agreements
accounted for 336 million dollars of the 1,385
million total of holdings on August 10, and
for 284 million of the increase during the
year. Practically all of the increase under
resale agreements was with insurance companies.
Loans to real estate mortgage lenders secured by the pledge of real estate mortgage
loans accounted for 944 million dollars of the
holdings and 446 million of the increase.
The loans were largely to real estate mortgage companies. Other loans to these lenders, not secured or secured by other than real
estate mortgage loans, amounted to 105 million dollars on August 10, an increase of 49
million during the year.
Unused portions of firm commitments
made by the reporting banks to purchase real
estate mortgage loans from real estate lend1
Some figures in this article are revisions of those shown
in the press statement dated Sept. 8, 1955.
980
CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY
WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES,
AUGUST 10, 1955 AND AUGUST 11, 1954
[In millions of dollars]
Outstanding on
Item
Aug. 10, Aug. 11,
1955
19541
Real estate mortgage loans purchased from real estate mortgage
lenders under resale agreement,
total.
...
. .
. . .
Increase
336
52
284
227
97
12
4
44
4
223
53
8
944
498
446
29
860
55
12
460
26
17
400
29
105
56
49
6
23
76
4
13
39
2
10
37
Unused portions of firm commitments to purchase real estate mortgage loans from real estate mortgage
lenders with or without resale
agreement, or to make secured or
unsecured loans to real estate
mortgage lenders, total
1,262
(3)
(3)
Insurance companies
Mortgage companies
Others 2
Loans to real estate mortgage lenders secured by pledge of real estate
mortgage loans owned by borrowers, total
Insurance companies
Mortgage companies
Others 2
Loans to real estate mortgage lenders, not secured, or secured other
than by pledge of real estate mortgage loans owned by borrowers,
total
Insurance companies
Mortgage companies
Others 2
Insurance companies
Mortgage companies
Others 2
184
857
221
1
Reporting
2
banks were asked to estimate year-ago figures.
Savings and loan associations, mutual savings banks, builders
and other organizations (other than banks) that make or hold
substantial
amounts of real estate loans.
3
Year-ago comparisons were not requested.
ers with or without resale agreement or to
make secured or unsecured loans to these
lenders amounted to 184 million dollars for
insurance companies, 857 million for mortgage companies, and 221 million fof others.
Year-ago comparisons were not requested.
The bulk of loans and commitments to
real estate lenders is financed at the approximately 400 large banks included in the series
of weekly reporting member banks in leading cities. Banks in this series hold about
two-thirds of total loans of all member
banks.
FEDERAL RESERVE BULLETIN
ANNUAL INDEXES OF PRODUCTION
Annual production indexes have been
compiled in the course of continuing review
of levels of the Federal Reserve monthly
indexes of industrial production and consumer durable goods output. Annual indexes for the period 1947 to 1954 are now
being made available on request. Indexes
for 1947 through 1953 have been derived
largely from more comprehensive and detailed data than are used to compile the
monthly indexes. Such comprehensive data
are not yet available for 1954? and the annual
indexes for that year are based on percentage changes from 1953 to 1954 in the monthly
indexes.
Descriptions of the development and use
of annual production indexes—as well as information on sources and types of data used
in their compilation—appeared in the Federal Reserve BULLETIN for December 1953
and May 1954 in articles accompanying the
most recent general revisions of the monthly
indexes. Reprints of these articles are available on request.
In the course of those general revisions,
annual indexes based on more complete and
reliable data than available monthly were
developed for industries and products accounting for about two-thirds of the industrial production index and one-half of the
consumer durable goods index. The monthly
series for those industries and products were
adjusted to levels of the corresponding annual indexes for 1947-51 and on a preliminary basis for 1952. The annual indexes now
being made available reflect revisions mainly
for 1952,, new calculations for 1953, and preliminary estimates for 1954.
The differences between the annual indexes for 1952 and 1953 and the averages
SEPTEMBER
1955
of the corresponding monthly indexes are
negligible for the totals and most major
groupings, as shown in the accompanying
table. Both measures show industrial production in 1953 at 134 per cent of the 1947-49
average and consumer durable goods output
at 127 per cent.
ANNUAL AVERAGES OF MONTHLY INDEXES
COMPARED WITH INTERIM ANNUAL INDEXES
[1947-49=100]
1953
Aver- In- Aver- Inages terim ages terim
of
anof
anmo.
nual
mo.
nual
Industry or product grouping
INDUSTRIAL
1952
PRODUCTION
Total index
Manufactures—total.
136
134
135
124
125
124
125
Durable manufactures
153
132
167
136
160
189
125
131
152
129
167
136
156
195
121
123
136
116
146
121
147
154
118
118
135
114
146
121
143
155
119
115
Nondurable manufactures
Textiles and apparel
Rubber and leather products... .
Paper and printing
Chemical and petroleum products
Foods, beverages, and tobacco. .
118
107
113
125
142
107
119
110
113
124
142
108
114
105
107
118
133
106
114
108
109117
131
106
Minerals—total
Mineral fuels
Metals, stone, and earth minerals.
116
115
119
117
115
124
114
113
115
114
113
119
105
109
95
105
110
96
Primary metals
Metal fabricating
Fabricated metal products....
Machinery
Transportation equipment. . . .
Clay, glass, and lumber products.
Furniture and misc. manufactures
CONSUMER DURABLE GOODS OUTPUT
Total index
Major durables...
Other consumer durables. ,
127
138
102
127
138
101
The agreement of the indexes at aggregate
levels reflects in part offsetting differences for
a number of individual series. In view of
the small differences found for broad aggregates, however, adjustments of the monthly
series to the annual indexes are not being
made at this time. Also more comprehensive benchmark data will become available
981
ANNUAL INDEXES OF PRODUCTION
within the next year from the censuses of
manufactures and minerals. Benchmark indexes for 1954 relative to 1947 are being compiled in a joint project of the Bureau of the
Census and the Federal Reserve Board in
consultation with other interested Federal
agencies. Those indexes will provide a basis
for detailed review of monthly and annual
production indexes for the entire period since
1947 and will also permit analysis of the
effects of using more current weights in the
indexes.
The interim detailed annual indexes may
be obtained from the Division of Administrative Services, Board of Governors of the
Federal Reserve System, Washington 25,
D. C.
CHANGES IN SUBSCRIPTION RATES FOR FEDERAL RESERVE BULLETIN
During recent years the costs of publishing
and distributing the Federal Reserve BULLETIN have increased substantially. In view of
this, both the annual subscription charges
and the per-copy charges have been revised.
Effective immediately, the following rates
will apply:
Annual subscriptions:
Domestic
Foreign
.$6.00
.$7.00
Single copies:
Domestic
Foreign
$ .60
$ .70
982
Quantities:
Annual subscriptions for
10 or more copies sent to
a single address.
$5.00
10 or more copies of one
issue sent to a single address
$ .50
In the case of annual subscriptions which
have already been renewed, there will be no
additional charge at this time. At the expiration of these subscriptions, the new rates
will apply.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Defense Production Act of 1950
Amendments of 1955
The Defense Production Act of 1950, section 301
of which is the basis for guarantees of loans for
defense production, would have expired June 30,
1955, but was extended one month by Joint Resolution of June 30, 1955 (Public Law 119—84th
Congress), and was amended and continued in
force until the close of June 30, 1956, by Act of
August 9, 1955 (Public Law 295—84th Congress).
National Bank Real Estate Loans
Amendments to Section 24
By Act of Congress approved August 11, 1955,
section 24 of the Federal Reserve Act was amended
to permit national banks to make "conventional"
real estate loans (loans not insured or guaranteed
by the Federal Government) for periods up to a
maximum of 20 years. Theretofore, national banks
were not authorized to make such loans with maturities of more than 10 years. The new law requires real estate loans with maturities in excess of
10 years to be amortized at a rate sufficient to
pay off the entire loan within 20 years—in other
words, average amortization of 5% per annum
over the life of the loan. As amended, section 24
also permits loans to be made in amounts up to
66ys% of the value of the real estate; previously,
the maximum was 60%.
The new law also affects the permissible maturity of loans by national banks to finance the construction of residential and farm buildings. Heretofore such loans with a maturity not exceeding six
months were not subject to the limitations applicable to real estate loans. The maximum permissible maturity of such "construction loans" is
now nine months.
The text of the Act is as follows:
PUBLIC LAW 343—84TH CONGRESS, CHAPTER 781—
1ST SESSION S. 1189
AN ACT
To permit national banks to make twenty-year real estate
loans, and nine-month residential construction loans.
SEPTEMBER
1955
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first paragraph of section
24 of the Federal Reserve Act, as amended (U. S. C,
1952 edition, title 12, sec. 371), is amended to read
as follows:
"SEC. 24. Any national banking association may
make real estate loans secured by first liens upon
improved real estate, including improved farmland
and improved business and residential properties.
A loan secured by real estate within the meaning
of this section shall be in the form of an obligation
or obligations secured by a mortgage, trust deed,
or other instrument upon real estate, which shall
constitute a first lien on real estate in fee simple or,
under such rules and regulations as may be prescribed by the Comptroller of the Currency, on a
leasehold (1) under a lease for not less than ninetynine years which is renewable or (2) under a lease
having a period of not less than fifty years to run
from the date the loan is made or acquired by the
national banking association, and any national
banking association may purchase any obligation
so secured when the entire amount of such obligation is sold to the association. The amount of any
such loan hereafter made shall not exceed 50 per
centum of the appraised value of the real estate
offered as security and no such loan shall be made
for a longer term than five years; except that (1)
any such loan may be made in an amount not to
exceed 662/z per centum of the appraised value of
the real estate offered as security and for a term
not longer than ten years if the loan is secured by
an amortized mortgage, deed of trust, or other
such instrument under the terms of which the installment payments are sufficient to amortize 40
per centum or more of the principal of the loan
within a period of not more than ten years, (2) any
such loan may be made in an amount not to exceed
662/z per centum of the appraised value of the real
estate offered as security and for a term not longer
than twenty years if the loan is secured by an
amortized mortgage, deed of trust, or other such
983
LAW DEPARTMENT
instrument under the terms of which the installment payments are sufficient to amortize the entire
principal of the loan within a period or not more
than twenty years, and (3) the foregoing limitations and restrictions shall not prevent the renewal
or extension of loans heretofore made and shall
not apply to real estate loans which are insured
under the provisions of title II, title VI, title VIII,
section 8 of title I, or title IX of the National Housing Act or which are insured by the Secretary of
Agriculture pursuant to title I of the BankheadJones Farm Tenant Act, or the Act entitled 'An
Act to promote conservation in the arid and serniarid areas of the United States by aiding in the
development of facilities for water storage and
utilization, and for other purposes,' approved August 28, 1937, as amended. No such association
shall make such loans in an aggregate sum in
excess of the amount of the capital stock of such
association paid in and unimpaired plus the amount
of its unimpaired surplus fund, or in excess of
60 per centum of the amount of its time and savings
deposits, whichever is the greater. Any such association may continue hereafter as heretofore to
receive time and savings deposits and to pay interest
on the same, but the rate of interest which such
association may pay upon such time deposits or
upon savings or other deposits shall not exceed
the maximum rate authorized by law to be paid
upon such deposits by State banks or trust companies organized under the laws of the State in
which such association is located."
SEC. 2. The first sentence of the third paragraph of section 24 of the Federal Reserve Act, as
amended (U. S. C, 1952 edition, title 12, sec. 371),
is amended by striking "six" and inserting in lieu
thereof "nine."
Approved August 11, 1955.
CURRENT EVENTS AND ANNOUNCEMENTS
Appointments of Branch Directors
Federal Reserve Meetings
On August 12, 1955, the Federal Reserve Bank
of Atlanta appointed Mr. D. U. Maddox, President,
The Commercial National Bank and Trust Company of Laurel, Laurel, Mississippi, as a director
of the New Orleans Branch of the Federal Reserve
Bank of Atlanta for the term ending December 31,
1957. Mr. Maddox succeeded Mr. Philip C. Williams, President, Bank of Yazoo City, Yazoo City,
Mississippi, who died on July 15, 1955.
On September 9, 1955, the Board of Governors
announced the appointment of Mr. Shannon Crandail, Jr., President, California Hardware Company,
Los Angeles, California, as a director of the Los
Angeles Branch of the Federal Reserve Bank of
San Francisco for the term ending December 31,
1955. Mr. Crandall succeeded Mr, Paul H. Helms,
President, Helms Bakeries, Los Angeles, California,
who resigned.
On September 12, 1955, the Board of Governors
announced the appointment of Mr. Warren W.
Braley, Partner, Braley and Graham Buick, Portland, Oregon, as a director of the Portland Branch
of the Federal Reserve Bank of San Francisco for
the term ending December 31, 1955. Mr. Braley
succeeded Mr. Philip I. Welk, President, PrestonShafrer Milling Company, Walla Walla, Washington, who was appointed a Class C director of the
Federal Reserve Bank of San Francisco.
Meetings of the Federal Open Market Committee
were held in Washington on August 23 and September 14, 1955.
984
Historical Supplement to Monthly Chart Book on
Bank Credit, Money Rates, and Business
The 1955 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 1070. All charts will include the latest data available on September 9, 1955.
Tables Published Annually and Semiannually, with
Latest BULLETIN Reference
Semiannually
Issue
Page
Banking offices:
Analysis of changes in number of... Aug. 1955
944
On, and not on, Federal Reserve Par
List, number of
Aug. 1955
945
Stock Exchange firms, detailed debit
and credit balances
Sept 1955 1046-1047
Anmtally
Earnings and expenses:
Federal Reserve Banks
Feb.
Member banks:
Calendar year
May
First half of year
Oct.
Insured commercial banks
May
Banks and branches, number of.
by class and State
Apr.
Operating ratios, member banks
June
Banking and monetary statistics, 1 9 5 ^ | | ^
1955
206-207
1955
1954
1955
564-572
1118
573
1955
1955
J|55
430-431
712-714
574I577
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Released
for publication
Industrial production, employment, and retail
sales were maintained at advanced levels in August.
Construction activity changed little at levels slightly
below the spring high. Prices of industrial commodities continued to rise, and prices of farm products steadied after mid-August, following earlier
declines. Despite deterioration in growing conditions during August, this year's crop harvest is
expected to be 3 per cent above last year. Shortterm interest rates rose further and discount rates
were increased to 2J4 P e r cent at all Federal Reserve
Banks.
INDUSTRIAL PRODUCTION
After allowance for the usual large seasonal
changes in the summer, the Board's index of industrial production in August was 140 per cent of the
1947-49 average, as compared with 139 in July
(revised) and June. Activity in durable goods industries expanded further in August, while output
of nondurable manufactures and minerals changed
little at levels slightly below the June highs.
Output of most producers' equipment continued
to increase in August, and production of consumer
durable goods was maintained at advanced levels
after allowances for seasonal changes. Reduction
in auto assemblies in August and early September
reflected mainly changeovers to 1956 models. OutINDUSTRIAL
-
PRODUCTION
TOTAL
140
DURABLE
MANUFACTURES
120
^
,i
i
i
120
w
" **
NONDURABLE
MANUFACTURES
100
»&
Federal Reserve indexes.
are for August.
SEPTEMBER 1955
put of primary metals in August recovered most of
the July decline, reflecting in part settlement of
wage disputes in the copper industry. Steel production rose to 90 per cent of capacity from 85 per
cent in July, when output was reduced partly by the
brief work stoppage on July 1. In mid-September,
steel mill operations were scheduled at 95 per cent
of capacity.
Output of apparel and leather products in July
and August was somewhat below earlier highs,
while activity in the textile, paper, chemical, and
petroleum industries was maintained or advanced
slightly further.
CONSTRUCTION
Spending for new construction in August, seasonally adjusted, was little changed from July and
slightly lower than in the spring. Value of contract
awards declined as usual in August and was almost
one-fifth below the spring peak but more than onefifth larger than a year ago. The number of housing starts, following a decline in July, rose contraseasonally to a seasonally adjusted annual rate of
1.3 million.
EMPLOYMENT
Employment in nonagricultural establishments in
August, seasonally adjusted, continued at the advanced July level. The average workweek at factories rose seasonally to 40.8 hours—about one hour
longer than a year earlier. Average hourly earnings
were unchanged at $1.89; average weekly earnings,
reflecting the longer workweek, reached a new peak
of $77.11, about 9 per cent above a year earlier. Unemployment in mid-August at 2.2 million was one
million below the level of a year ago.
DISTRIBUTION
MINERALS
,|,,,,,,, M.I
15]
100
140
,1,,,
September
^.MMM.nlM.mmMllMUMMMllMMMMi.
Monthly figures, latest shown
Total retail sales in August continued at the very
high July rate—9 per cent above a year ago after
trading-day and seasonal allowances. Sales at department stores, which had risen sharply in July,
declined in August, but were above the average of
the first half of this year. Dealers' sales of new and
used autos rose above their July levels and, with
985
NATIONAL SUMMARY OF BUSINESS CONDITIONS
ment securities more than offset continued loan
expansion and some increase in bank holdings of
municipal and corporate securities. Business loans
COMMODITY PRICES
increased considerably more than seasonally and real
Prices of industrial commodities have risen fur- estate and consumer loans rose further. Agriculther since mid-August. Metals and building mate- tural and security loans declined.
Member bank borrowings from the Federal Rerials continued to advance under pressure of strong
demands; coal prices were increased following an serve averaged around 775 million dollars during
advance in wage rates; and a number of chemicals August and early September, the highest since the
and some cotton textiles were raised. Increases spring of 1953. Excess reserves remained around
among finished goods became more widespread, 600 million dollars. Between early August and
with advances effected for tractors and other ma- early September, reserve positions tightened. Curchinery, electrical products, and rubber, paper, and rency drains, especially around Labor Day, Federal
Reserve sales and run-offs of Treasury bill holdings,
chemical products.
Prices of farm products, which had declined and reductions in Reserve Bank float absorbed
earlier under the influence of large actual and pro- more funds than were supplied through Treasury
spective supplies and reduced support levels for operations and declines in required reserves.
some crops, have changed little since mid-August.
SECURITY MARKETS AND INTEREST RATES
With the indicated corn crop reduced by 10 per
By early September, all Federal Reserve Banks,
cent from the August 1 estimate, corn prices have
recovered slightly. Prices of eggs and dairy prod- with the approval of the Board of Governors, had
ucts have been increasing, in part seasonally. Meat increased their discount rates to 2% per cent.
Yields on short- and intermediate-term U. S.
supplies have been expanding and average livestock
prices have remained at the reduced midsummer Government securities made further net advances
from mid-August to mid-September. The average
level.
yield on three-month Treasury bills was near 2.10
BANK CREDIT AND RESERVES
per cent in mid-September, about 20 basis points
Loans and investments at * city banks declined above mid-August. Yields on the two long-term
somewhat during August and early September as Treasury maturities fluctuated narrowly around
substantial reductions in holdings of U. S. Govern- mid-August levels and yields on municipal bonds
were relatively stable, while yields on corporate
bonds increased somewhat. Common stock prices
PRiCES AND TRADE
Per cent, 1947-49 = 100
rose and in mid-September were at new highs.
model changeovers in eflect for a number of makes,
dealers' stocks of new autos declined appreciably.
WHOLESALE PRICES
CONSUMER
PRICES
LOANS AND INVESTMENTS
MEMBER
BANKS I N
LEADING CITIES
Billions of dollars
FARM
PRODUCTS
DEPARTMENT STORE TRADE
DISPOSABLE PERSONAL
INCOME
A/
v
r
OTHER LOANS and INVESTMENTS
TOTAL
RETAIL SALES
1953
1954
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, consumer prices, and department store stocks; August for other
, series.
986
Federal Reserve data. Weekly figures, latest shown are for
September 1.
FEDERAL RESERVE BULLETIN
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
.
Federal Reserve Bank rates; margin requirements; reserve requirements
Reserves and deposits of member banks. .
Federal Reserve Bank statistics
.
Regulation V: guaranteed loans, fees, and rates.
.
Bank debits and deposit turnover; Postal Savings System. .
Money in circulation
Consolidated statement of the monetary system; deposits and currency
All banks in the United States, by classes
All commercial banks in the United States, by classes. .
Weekly reporting member banks
,
Commercial paper and bankers' acceptances
Life insurance companies; savings and loan associations. .
Government corporations and credit agencies..
Security prices and brokers' balances
'
Money market rates; bank rates on business loans; bond and stock yields
Treasury finance..
....
New security issues.
Business finance . .
Real estate credit statistics
.....
Statistics on short- and intermediate-term consumer credit. . .
Business indexes
Merchandise exports and imports. .
Department store statistics. . . .
Consumer and wholesale prices
... .
Gross national product, national income, and personal income . .
Detailed debit and credit balances and related items of member firms
of the New York stock exchange carrying margin accounts, June and
December 1941-1955
Index to statistical tables
.
List of tables published in BULLETIN annually or semiannually,
with references for latest data. .
989-990
990-991
992
993-995
995-996
996
997
998
999-1001
1002-1003
1004-1005
1006
1007
1008-1009
1010
1011
1012-1017
1018
1019-1020
1021-1023
1024-1026
1027-1036
1036
1037-1041
1042-1043
1044-1045
1046-1047
1073-1074
984
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
1955
987
MEMBER BANK RESERVES, RESERVE BANK CREDST, AND RELATED ITEMS
Wednesday figures, 1949-1950, weekly averages of daily figures, 1951-
Billions of dollars
25
MEMBER BANK
RESERVE BALANCES
15
EXCESS RESERVES
MONEY IN CIRCULATION
TREASURY CASH AND DEPOSITS
1
L NONMEMBER
30
FEDIRAL RESERVE CREDIT
U.S. GOVERNMENT SECURITIES:
HELD UNDER
REPURCHASE AGREEMENTS
DISCOUNTS AND ADVANCES
FEDERAL RESERVE FLOAT
1949
1950
1951
1952
1953
1954
Latest averages shown are for week ending Aug. 31. See p. 989.
1955
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Gold
stock
Deposits, other
Member bank
than member bank Other
Treasreserve balances
reserve
balances,
ury Money Treas- with F. R.
FedBanks
curin
ury
eral
rency
circash
Reoutcula- hold- Treas- For- Othserve
ReExerstand- tion
ings
ac- Total quired2
ury
eign deing
dede- pos- counts
posits posits its
Reserve Bank credit outstanding
U.S. Govt. securities
Period
Bought
Total outright
DisHeld
under counts
repur- and
adchase
agree- vances
ment
All
Float oth- Total
Averages
of daily
figures
Week ending,
1954
25,082 !5,038
July 7
24,912 24,912
July 14
24,765 24,765
July 21
24,517 24,517
July 28
Aug. 4. . . . 24,325 24,325
24,040 24,023
Aug. 11
23,980 23,876
Aug. 18
23,813 23,747
Aug. 25
Sept. 1. . .. 23,938 23,845
24,013 23,977
Sept. 8
24,035 24,035
Sept. 15
23,789 23,789
Sept. 22
Sept. 2 9 . . .. 23,868 23,868
Oct. 6. . . . 24,492 24,492
24,606 24,581
Oct. 13
24,487 24,456
Oct. 20
24,381 24,381
Oct. 27
24,464 24,448
Nov. 3
24,754 24,745
Nov. 10
24,685
24,685
Nov. 17
24,553 24,553
Nov. 24
24,722 24,715
Dec. 1
24,891 24,889
Dec. 8
Dec. 1 5 . . . 24,919 24,888
24,928 24,888
Dec. 22
24,918 24,888
Dec. 29
1955
24,918 24,874
Jan. 5
24,53: 24,511
Jan. 12
24,155 24,128
Jan. 19
Jan. 2 6 . . . 23,683 23,671
Feb. 2 . . . 23,85 23,844
Feb. 9 . . . 24,016 23,902
Feb. 16. . . 23,908 23,827
Feb. 2 3 . . . 23,73: 23,732
Mar. 2 . . . 23,604 23,604
Mar. 9 . . . 23,604 23,604
Mar. 16. . . 23,606 23,604
Mar. 2 3 . . . 23,664 23,604
Mar. 3 0 . . . 23,604 23,604
Apr. 6. . . 23,643 23,604
Apr. 1 3 . . . 23,682 23,604
Apr. 20. . . 23,604 23,604
Apr. 27. . . 23,604 23,604
May 4. . . 23,666 23,613
May 1 1 . . . 23,839 23,70:
May 18. . . 23,687 23,664
23,513 23,513
May'25.
June 1 . . . 23,603 23,600
June 8 . . . 23,683 23,683
June 1 5 . . . 23,588 23,588
June 2 2 . . . 23,554 23,554
June 29. . . 23,554 23,554
July 6 . . . 23,703 23,692
July 1 3 . . . 23,957 23,943i
July 2 0 . . . 23,943 23,943
July 2 7 . . . 24,140 24,035
Aug. 3 . . . 24,044 23,982
Aug. 1 0 . . . 24,055 23,983
Aug. 1.7... . 23,891 23,891
Aug. 2 4 . . . 23,796 23,796
Aug. 3 1 . . . 23/761 23,761
Monthly:
1954-Aug.. 23,989 23,930
Sept.. 23,941 23,928
O c t . . 24,485 24,472
Nov.. 24,661 24,654
D e c . 24,917 24,888
1955-Jan.. 24,200 24,182
Feb.. 23,838 23,787
Mar.. 23,619 23,604
Apr.. 23,632 23,604
May. 23,666 23,617
June. 23,598 23,596
July.. 23,967 23,925
Aug.. 23,886 23,870
*> Preliminary.
SEPTEMBER
1955
1.7
104
66
93
36
44
21
27
1
8
114
81
53
13
23
11
14
'i05
62
72
••Revised.
675
71
710
68
833
73
590
168
1.75
653
287
598
229
723
178
698
185
576
147
598
714
189
977
141
627
191
667
179
259
599
284
927
257
721
355
617
277
669
271
751
300 1,046
698
498
724
465
810
442
311 1,373
377 1,13-8
25,829
25,691
25,673
25,277
25,154,
24,925
24,933
24,690
24,699
24,759
24,939
24,908
24,687
25,338
25,465
25,699
25,360
25,436
25,70.1
25,708
25,900
25,918
26,080
26,172
26,612
26,433
21,927
21,929
21,931
21,924
21,908
21,901
21,858
21,858
21,837
21,809
21,809
21,810
21,810
21,810
21,810
21,788
21,759
21,759
21,752
21,709
21,709
21,710
21,710
21/711
21,712
21,712
4,959
4,958
4,958
4,959
4,960
4,959
4,960
4,961
4,962
4,965
4,967
4,967
4,968
4,971
4,972
4,973
4,973
4,976
4/977
4,978
4,980
4,982
4,982
4,982
4,982
4,982
30,066
30,099
29,932
29,815
29,890
29,932
29,919
29,850
29,887
30,046
30,073
29,969
29,888
30,010
30,143
30,125
30,028
30,088
30,206
30,262
30,318
30,466
30.623
30/755
30,885
30/828
821
811
807
806
802
803
805
807
808
802
795
793
795
793
790
796
801
806
796
799
800
806
806
812
800
801
464
392
499
551
742
584
558
566
551
479
558
446
652
676
594
570
567
669
362
397
576
605
535
363
345
453
588
765
651
569
526
544
579
557
465
518
559
514
511
484
466
443
442
432
423
425
409
396
361
405
443
523
413
359
428
420
455
430
452
450
516
428
432
435
437
452
472
440
411
472
394
324
399
405
408
398
346
295
19,377
986 19/166
983 19,261
963 19,036
908 18,698
905 18,586
914 18,525
927 18,353
926 18,346
923 18,336
925 18,37.3
934 18,596
933 18,250
948 18,756
950 18,832
950 19,136
949 18,895
895 18,810
886 19,364
S&3 19/306
882 19,205
881 19,052
877 19,162
891 19,241
975 19,512
976 19,250
18,419
18,404
18,356
18,347
372
885
504
756
445
881
453
806
524
666
555
640
387
668
395
804
490
797
479
789
483
719
630 1,032
677
613
656
66:
801
521 1,031
544
861
544
74.
374
696
31
888
42
880
612
77
812
533
793
558
348 1,137
789
456
858
688
685
913
357 1,118
915
781
80:
888
62
796
794
724
891
770
671
26,176
25,792
25,482
24,942
25,042
25,212
24,964
24,932
24,892
24,873
24,809
25,327
25,028
24,918
25,159
25,175
25,035
24,971
24,924
24,908
24,834
25,001
25,044
24,956
25,055
24,815
25,265
25,571
25,432
25,506
25,638
25,584
25,495
25,425
25,217
21,712
21,713
21,714
21,714
21,714
21,715
21,715
21,716
21,716
21,717
21,717
21,718
21,719
21,719
21,669
21,670
21,671
21,671
21,671
21,672
21,673
21,674
21,675
21,676
21,676
21,677
21,678
21,679
21,680
21,681
21,682
21,682
21,68:
21,082
21,681
•4,984
4,984
4,985
4,985
4,988
4,988
4,989
4,990
,995
,995
,995
4,995
4,997
4,997
4,996
4,997
4,998
4,999
4,999
4,999
4,999
5,001
5 ,002
5,001
5,001
5,001
5,003
5,003
5,003
5,002
5,003
5,003
5,003
5,005
5,005
30,501
30,361
30,079
29,866
29,767
29,794
29,782
29,771
29,796
29,819
29,833
29,793
29,716
29,831
29,940
29,793
29,686
29/767
29,859
29,877
29,826
29,961
30,059
30.058
30,035
30,021
30,299
30,416
30,287
30,157
30,237
30.28J
30,336
30,288
30,268
804
449
814
378
818
275
827
272
834
431
827
472
824
399
825
490
827
575
828
548
817
356
818
887
826 1,000
821
559
812
325
820
483
813
541
815
675
811
280
821
310
818
437
823
582
835
440
832
304
818
213
814
323
814
420
803
440
793
416
798
480
80.
638
800
o46
797
507
803
594
803
479
527
493
516
422
441
447
486
390
324
364
422
339
338
344
349
419
367
360
363
417
394
400
387
434
408
425
367
425
460
439
422
434
474
415
399
413
409
413
280
419
480
458
486
481
476
358
435
490
492
553
454
438
443
442
377
421
478
416
387
278
275
468
419
415
403
412
396
400
393
394
916 19,263
905 19/130
902 19,176
901 19,074
899 18,952
895 19,000
913 18,806
959 18,716
957 18,642
955 18,596
957 18,779
964 18,804
964 18,408
976 18,611
979 18,868
978 18/895
978 18,877
923 18,659
920 18,920
924 18,853
937 18,673
936 18,496
935 18,648
940 18,678
981 18,998
981 18,653
970 18,609
971 18,779
970 18,774
967 18,945
900 18,910
885 18,824
910 18,757
18,673
18,614
18,580
18,43f
18,383
18,429
654
725
720
769
99:
805
710
804
838
798
878
940
746
24,855
24,838
25,459
25,776
26,317
25,449
25,021
24,989
25,070
24,924
24,958
25,497
25,450
21/871
21,809
21,787
21,724
21/711
21,714
21,715
.21,718
21,680
21,673
21,676
21,680
21,682
4,960
4,967
4,973
4,979
4,982
4,985
4,990
4,996
4,997
4,999
5,001
5,003
5,004
29,896
29,991
30,078
30,287
30,749
.30,11-0.
29,784
29,790
29 ,S07
29,861
30,050
30,284
30,289
806
796
797
800
805
819
826
823
816
818
825;
536
522
455
416
439
477
420
363
370
389
412
423
431
464
431
444
393
365
383
473
442
481
432
345
423
398
916 18,478
929 18,403
944 18,893
883 19/207
929 19,279
903 19,114
927 18,819
960 18,635
973 18,800
928 18,746
959 18,715
962 18,824
918 18,728
210
170
254
345
40
444
473
566
585
445
465
576
803
For footnotes see following page.
801
591
541
610
492
443
341
477
690
501
421
329
461
569
17,666
17,688
17,662
17,627
17,603
17,556
17,594
17,691
17,663
17,894
18,201
18,269
18,224
18,233
18,244
18,423
18,524
18,464
18,444
18,555
18,690
!8,630
958
762
905
689
1,032
898
863
726
743
78©
779
905
587
862
631
867
671
577
1,120
883
681
588
718
686
822
620
18,320
18,163
683
694
793
645
591
728
570
608
553
578
630
681
490
556
654
642
617
458
744
646
481
433
612
579
697
489
524
732
565
559
590
661
>i8 ] 087
'18,117
P497
17,638
17,628
18,173
18,393
18,576
18,432
18/195
18,050
18,210
18,166
18,146
18,205
840
775
720
814
703
682
624
585
590
580
569
619
18,361
18,272
18,236
18,108
18,089
18,018
18,149
18,123
17,918
18,055
18,214
18,253
18,260
18,201
18,176
18,207
18,192
18,063
18,036
18,099
18,301
18,164
18,085
18,047
18,209
18,386
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS- -Continued
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Govt. securities
Date
or
period
DisHeld counts
All
under
and Float oth- Total
Bought
adTotal out- repurvances
right chase
agreement
Deposits, other
than member bank
reserve balances,
Treasury Money Treas- with F. R. Banks
curin
ury
Gold rency
circash
stock outcula- hold- Treas- For- Other
stand- tion
ings
ury
eign deing
dedeposposits posits its
M e m b e r bank
reserve balances
Other
Federal
Reserve
acRe- 2 Excounts Total quired
Midyear or
year-end:
1929—June.
1933—June.
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1949—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June.
Dec.
216
1,998
2,484
2,254
24,262
22,559
18,885
20,778
23,801
24,697
24,746
25,916
148
1,998
2,484
2,254
24,262
22,559
18,885
20,725
23,605
24,034
24,718
25,318
68
1,037
164
7
3
4,037
4,031
17,644
22,737
20,065
22,754
19J499 24,427
22,216 22,706
25,009 22,695
23,187
22,463
261880 22,030
2,019 4,459
2,286 5,434
2,963 7,598
3,247 11,160
28,515
4,339 28
4,562 28,868
4,598 27^,600
4,636 27 ,741
4,709 29 ,206
4,812 30,433
4,854 30,125
4,894 30,781
204
264
2,409
2,215
2,287
1,336
1,312
1,293
1,270
1,270
1,259
761
36
35
634
867
977
870
821
668
247
389
132
346
6
15
397
774
862
392
767
895
526
550
527
423
21
151
256
586
446
569
750
565
363
455
176
493
374
346
251
291
495
563
706
714
746
777
951
839
2,356
2,333
23
2,292
1,817
475
11,653
6,444 5,209
12,450
9,365 3,085
15,915 14,457 1,458
17,899 16,400 1,499
16,568 15,550 1,018
17,681 16,509 1,172
20,056 19,667
389
19,950 20,520 -570
19,561 19,459
102
20,160 19,397
763
21,809
21,810
21,759
21,710
21,713
4,966 29,929
4,972 29,985
4,977 30,074
4,982 30,500
4,985 30,509
811
786
806
800
796
511
704
729
694
563
477
461
426
397
490
501
422
496
381
441
925
931
884
880
907
18,316
18,676
18,722
18,985
18,876
17,572
17,724
18,251
18,467
18,618
744
952
471
518
258
4,989 29,789
4,996 29,817
4,998 29,800
4,999 29,769
5,002 30,009
5,002 30,229
5.003 30,244
j>30,319
837
828
819
809
828
812
798
360
564
724
812
649
380
623
393
441
320
351
360
402
374
410
387
419
433
448
490
413
448
419
383
899
957
959
923
936
972
910
945
18,918 18,337
18,562 18,091
18,283 17,871
18,495 18,161
18,221 18,029
18,066 18,139
18,999 18,311
18,368 •18,138
581
471
412
334
192
-73
688
P23O
1,400
2,220
2,593
2,361
25,091
23,181
249
85
78
67
19
156
64
28
52
4
91
94
578
535
534
1,368
1,184
967
601
935
24,381 24,381
24,888 24,888
24,932 24,888
200
132
297
398
143
473
779
721
657
808
1955
23,885 23,882
Jan
23,605 23,605
Feb
M a r . . . ; . .. 23,612 23,604
23,612 23,604
Apr
May
23,662 23,662
23,607 23,554
June
24.090 23,982
July
23,761 23,761
Aug
475
485
391
560
460
128
754
470
600
678
659
799
643
850
864
665
24,960:21,714
24,769 21,,716
24,667 21,719
24,988 21,671
24,780 21,674
21,678
25,719 21 ,682
15 24,911 *»21,682
53
196
663
28
598
End of
month:
1954
Aug
Sept
Oct
Nov
Dec
24,023 23,894
24,270 24,270
53
108
24,696
25,183
25,401
25,944
25,885
Wednesday
1955
June 1. .
June 8. .
June 15. .
June 22. .
June 29. .
13,694
23,615
23,554
23,554
23,554
23,694
23,615
23,55.4
23,544
23,554
567
391
837
393
722
763
689
872
936
709
25,040 21,674
24,711 21,675
25,279 21,676
' — 21,677
24,899
25,002 21,677
5,002 30,042
5,001 30,044
5,002 30,033
5,001 29,983
' ,128
5,000 30
841
842
833
820
818
543
290
358
98
344
398
402
401
418
407
414
393
263
246
408
935
981
981
980
18,544
18,483
19,087
19,029
18,595
18,040
18,027
18,149
18,271
18,168
504
456
938
758
427
July 6 . .
July 1 3 . .
July 2 0 . .
July 2 7 . .
23,848
23,943
23,943
24,146
23,844
23,943
23,943
24,038
599
503
570
549
843
892
985
710
25,305 21,678
25,355 21,679
13 25,512 21,681
21,681
5,003 30,421
5,003 30,327
5,003 30,197
5,003 30,120
818
801
802
803
468
338
564
458
382
449
439
443
451
395
415
391
970
970
969
967
18,475
18,757
18,810
18,919
18,034
18,091
18,319
18,377
441
666
491
542
Aug.
Aug.
Aug.
Aug.
Aug.
23,983
23,983
23,855
23,796
23,761
23,983
23,983
23,855
23,796
23,761
947
565
632
433
470
703
575
883
643
665
25,645 21,682
25,135 21,683
25,387 21,682
24,887 21,682
24,911 21,682
5,003 30,238
5,003 30,289
5,003 30,310
5,005 30,232
5,005 30 319
805
803
806
809
802
684
499
542
585
393
429
459
458
410
387
400
390
396
377
383
18,888 18,279
18,496 18,133
947 18,614 1 8 , 1 2 1
946 18,215 ?>18,067
945 18,368 18,138
609
363
2>493
P148
P230
3. .
10..
17..
24. .
31..
108
^Preliminary.
'"Revised.
1
Includes industrial loans a n d acceptances, which are shown separately in s u b s e q u e n t tables.
2
T h e s e figures a r e e s t i m a t e d .
3Less t h a n $500,000.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, p p . 369-394; for description, see p p . 360-366 in t h e same publication.
MARGIN REQUIREMENTS'
[Per cent of market value]
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1. 1933- Feb. 1, 1935- Effective
Jan. 31, 1935D e c 31, 1935 Jan. 1, 1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 m o n t h s . . . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C,
effective Feb. 1, 1936, are the same as those in effect for member banks.
990
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
EffecFeb. 20, Jan. 4,
tive
19531955Jan. 4, Apr. 22, Apr. 23,
1955
1955
1955
50
50
60
60
70
70
50
60
70
1
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value. Changes on
Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business
on those dates.
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and Annual Report for 1948, p. 77, and 1953, p. 76.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member bank
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
2
2
2
2M
2
2M
2
2M
Boston
New Y o r k . . . .
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. .
Dallas
San Francisco
2
2
2
Previous
rate
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
4,
5,
5t
4,
12,
26,
4,
30,
6,
5,
5,
5,
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Aug. 31
In effect
beginning—•
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
1955
4, 1955
5, 1955
5, 1955
4, 1955
12, 1955
26,1955
4, 1955
30,1955
6, 1955
5, 1955
5, 1955
5, 1955
Previous
rate
Rate on
Aug. 31
3
3
3
3
3
3M
2M
2M
3
In effect
beginning—•
2^
2M
2V
2M
2M
Apr.
Jan.
Apr.
Aug.
Jan.
Feb.
Apr.
May
Jan.
Aug.
Aug.
Jan.
3
3
3
r
Previous
rate
15,1955
16, 1953
22, 1955
17, 1953
23, 1953
9, 1954
22, 1955
18, 1953
26, 1953
5, 1955
5, 1955
20, 1953
1
Rates shown also
2
Effective Aug. 4,
3
Effective Aug. 4,
4
Effective Aug. 8,
5
apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
1955; previous rate was 1% per cent.
1955; previous rate was 2]/i per cent.
1955; previous rate was 1% per cent.
Effective Aug. 8, 1955; previous rate was 234 P e r cent.
NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a
of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are
limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations
under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENT'S UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect August 31. Per cent per annum]
To industrial or
commercial
businesses
On
loans 1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco...
On
commitments
Net demand deposits 1
Effective date
of change
To financing institutions
On discounts or
purchases
Federal
Reserve
Bank
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
2H5
IH-2H
2
( )
1
Including loans made in paticipation with financing
2
Rate charged borrower less commitment rate.
3
Rate charged borrower.
4
institutions.
Rate charged borrower but not to exceed 1 per cent above the discount
rate.
6
Charge of M per cent per annum is made on undisbursed portion
of 6loan.
Charge of M per cent per annum is made on undisbursed portion
of loan.
Back figures.—See Banking and Monetary Statistics, Table 118, pp.
446-447.
Central
reserve
city
banks
1917—June 21
1936—Aug. 16
1937—Mar. 1
May 1. .
1938—Apr. 16
1941—Nov. 1
1942—Aug. 20
Sept. 14
Oct. 3
1948—Feb. 27
June 11
Sept. 16
Sept. 24
1949—May 1
May 5
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
Aug. 25
Sept. 1
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
1953—July
Jul
Jl
Julj
1954—June 16
June 24
July 29
Aug. 1
In effect Sept. 1,19554. .
19H
22H
26
22M
26
24
22
Reserve
city
banks
10
15
1734
20
1734
20
Country
banks
14
12
14
22
24
16
26
'24*
21
20
23
22^
22
19
18
18
24
20
Time
deposits
(all
member
banks)
15
14
13
2
7V
373,
27
37
36
26
35
25
13
36
26
14
13
25
35
21
20
18
20
18
12
12
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.
SEPTEMBER
1955
991
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures. In millions of dollars]
Month, or
week ending Wednesday
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Month, or
week ending Wednesday
Country
banks
20
27
3
10
17
24
31
4,738
4,812
4,508
4,407
4,388
4,371
1,255
1,251
1,198
1,139
1,135
1 ,148
7,785
7,839
7,780
7,734
7,680
7,759
5,754
5,767
5,678
5,465
5,512
.,546
1954—May
June
July
1955—May
June
July
18,774
18,945
18,910
18,824
18,757
18,673
18,614
4,336
4,462
4,424
4,292
4,287
4,242
4,282
1,144
1,151
1,162
1,147
1,141
1,127
1,144
7,738
7,806
7,778
7,741
7,751
7,742
7,735
5,556
5,526
.,547
5,644
5,577
5,563
5,453
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Country
banks
20
27..;
3
10
17
24
31
716
858
836
580
569
619
124
153
166
85
61
87
560
630
619
470
496
516
20
27
3
10
17
24
31
54
62
70
69
54
65
56
515
476
503
589
75
67
39
125
119
110
82
118
143
170
172
149
174
—2
11
11
1
35
63
40
23
15
9
566
560
589
660
2
20
14
' '20'
2
17
Borrowings a t Federal
Reserve Banks:
2
1954—May
June
July
1955—May
June
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
19,164
18,746
18,715
18,825
19,533
19,670
1954—May..
June
July
1955—May
June
July
Required reserves: 1
Chicago
New
York
Reserve
city
banks
Excess reserves s1
Total reserves held:
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Central reserve
city banks
All
member
banks
18,817
18,813
18,329
18,166
18,146
18,205
4,704
4,749
4,468
4,384
4,373
4,362
1,257
1,240
1,187
1,138
1,138
1,140
7,661
7,686
7,614
7,649
7,619
7 ,673
5,194
5,138
5,058
4,995
5,016
5 ,030
18,209
18,386
18,320
18,103
'18,151
^18,087
4,341
4,443
4,409
4,291
4,267
4,239
4,265
1,143
1,149
1,160
1,145
1,140
1,126
1,142
7,684
744
707
672
697
677
7,678
5,041
5,050
5,044
5,055
*>5,047
^5,045
,032
7
1954—May
June
July...
1955—May
June..
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
20
27
3
10
17
24
31
155
146
64
368
401
527
78
26
40
33
65
61
24
213
229
306
302
395
741
848
751
689
740
15
33
156
228
131
79
92
9
30
36
88
72
60
197
235
412
414
360
389
414
\
4
^Preliminary.
1
Weekly figures of required and excess reserves of all member banks and of country banks are estimates.
2
See table on preceding page for changes in reserve requirements.
Back figures.—See Banking and Monetary Statistics, pp. 396-399, and BULLETIN for February 1955, pp. 210-211.
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Item
All
member
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
All
member
banks
Central reserve
city banks
New
York
July 1955
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Time deposits
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required 3
Excess
Borrowings at Federal Reserve Banks
Chicago
Reserve
city
banks
Country
banks
July 1954
113,858
12,777
101,081
98,370
40,125
23,535
4,098
19,437
20,968
3,362
6,067
1,180
4,887
5,376
1,306
44,700
6,236
38,464
38,120
16,223
39,557 108,551
1,263 12,889
95,662
38,293
93,925
33,907
38,551
19,233
6,434
64
111
2,015
4,243
18,825
18,205
619
4,371
4,362
9
1,148
1,140
8
7,759
7,673
87
527
78
33
306
22,881
4,079
18,802
20,514
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
3J.789
18,518
6,691
46
125
2,060
4,460
5,546
5,030
516
19,164
18,329
836
4.508
4,468
40
1,198
1,187
11
7.780
7,614
166
5,678
5,058
619
110
64
1
24
39
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
See table on preceding page for changes in reserve requirements.
992
FEDERAL RESERVE
BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1955
Item
Aug. 31
Assets
Gold certificates
Redemption fund for F. R. notes..
Aug. 24
20,145,352 20,135,^
851,255
847,549
Aug. 17
1954
1955
Aug. 10
Aug. 3
Aug.
July
Aug.
,136,351 20,146,351 20,161, 104 20,145,352 20,161,102 20,277,105
850,406
843,569
833,137
833,137
847,549
840,241
20,992,901 20,986,608 20,986,757 20,989,920 20,994,241 20,992,901 20,994,239 21,117,346
Total gold certificate reserves.
214,237
362,191
236,080
366,510
215,466
357,010
2C8,586
357,517
221,716
395,072
214,237
362,191
225,922
367,246
121,210
362,063
443,338
26,667
585
401,806
31,667
527
587,285
45,000
532
525,279
40,000
470
906,925
40,000
471
443,338
26,667
585
713,756
40,000
489
109,769
90,000
616
14,418
14,444
14,443
2,509
12,259
11,296
14,418
10,384
F. R. notes of other Banks
Other cash
Discounts and advances:
For member banks
For nonmember banks, etc
Industrial loans.
Acceptances:
Bought outright.
Held under repurchase agreement.
U. S. Government securities:
Bought outright:
Bills...
Certificates:
Special...
Other
Notes
Bonds
2,520,076 2,520,076 2,520,076 2,520,076 2,520,076 2,520,076 8,273,775 6,599,791
17,399,536 17,399,536 17,399,536 17,399,536 17,399,536 17,399,536 11,645,837 13,029,021
2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 3,092,550
Total bought outright
Held under repurchase agreement.
23 ,760,408 23 ,795,708 23,854,808 23 ,982 ,508 23 ,982 ,508 23,760,408 23 ,982 ,50823,894,512
108,000
128,600
1,039,046 1,074,346 1,133,446 1,261,146 1,261,146 1,039,046 1,261,146 1,173,150
Total U. S. Government securities.
23,760,408 23,795,708 23,854,808 23 ,982 ,508 23,982,508 23,760,408 24,090,508 24,023,112
Total loans and securities
24,245,416 24,244,152 24,504,577 24,560,516 24,941,200 24,245,416 24,855,137 24,223,497
22
22
22
22
22
22
22
22
3,838,819 3,824,467 4,723,485 3,750,762 3,851,016 3,838,819 3,814,742 3,157,669
57,985
57,833
57,711
57,638
58,088
58,016
53,724
58,016
199,612
172,696
153,676
209,663
138,750
160,518
168,094
168,094
Due from foreign banks.
Uncollected cash items..
Bank premises
Other assets
49,879,696 49,876,445 50,998,978 50,134,819 50,660,590 49,879,696 50,487,642 49,174,281
Total assets.
Liabilities
Federal Reserve notes
Deposits:
Member bank—reserve accounts..
U. S. Treasurer—general account.
Foreign
Other
26,003,697 25,943,677 25,990,669 25,962,855 25,969,408 26,003,697 25,945,405 25,566,361
18,367,675 18,214,688 18,613,821 18,496,402 18,887,643 18,367,675 18,998,673 18 316,012
585,162
542,416
499,250
393,495
683,826
622,789
393,495
511,349
409,934
457,596
458,945;
387,189
428,573
409,988
387,189
476,765
376,698
395,518
390,175
383,257
400,120
419,479
383,257
501,001
19,531,616 19,586,482 20,009,351
Total deposits.
Deferred availability cash items.
Other liabilities and accrued: dividends..
19,844,77220,400,162 19,531,616 20,450,929 19,805,127
3,147,687 3,173,643 ,950,895 ,684,978
14,064
14,850
13,906
15,080
3,173,643 3,181,938 3,840,732 3,176,129
14,214
14,589
14,667
14,850
48,723,806 48,726,686 49,855,419 48,997,970 49,531,321 48,723,806 49,361,135 48,071,546
Total liabilities.
Capital Accounts
296,872
660,901
27,543
170,574
Capital paid in. .
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts
Total liabilities and capital accounts.
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
296,652
660,901
27,543
164,663
296,467
660,901
27,543
158,648
296,602
660,901
27,543
151,803
296,394
660,901
27,543
144,431
296,872
660,901
27,543
170,574
296,358
660,901
27,54.3
141,705
274,838
625,013
27,543
175,341
49,879,696 49,876,445 50,998,978 50,134,819 .50,660,590 49,879,696 50,487,642 49,174,281
46.1
46.1
45.6
45.8
45.3
46.1
45.3
27,186
3,417
27,140
3,359
25,214
3,297
25,187
3,260
25,105
3,259
27,186
3,417
22,755
3,265
5,264
2,795
470,005
436,800
33,141
64
585
15
93
357
120
14,418
5,227
9,191
753,756
702,155
51,532
69
489
16
93
249
131
10,384
4,531
5,853
199,769
103,880
95,664
225
616
5
364
208
39
Maturity Distribution of Loans and U. S. Government Securities 1
Discounts and advances—total....
Within 15 days
16 days to 90 days
91 days to 1 y e a r . . . . . . . . . . . . . .
Industrial loans—total
Within 15 days
16 days to 90 days
91 days to 1 year.
Over 1 year to 5 years.
Acceptances—total
Within 15 days
16 days to 90 days
91 days to 1 year
U. S. Government securities—total.
Within 15 days
16 days to 90 days
91 days to 1 year
Over 1 year to 5 years
Over 5 years to 10 years
Over 10 years
470,005
436,800
33,141
64
585
15
93
357
120
14,418
5,227
9,191
433,473
401,286
32,116
71
527
16
90
302
119
14,444
7,105
7,339
23 760,408
223,400
815,646
205,764
087,127
013,614
414,857
23,795,708
160,600
913,746
18,205,764
2,087,127
1,013,614
1,414,857
632,285
600,869
31,346
70
532
15
95
302
120
16,952
9,962
6,990
565,279
530,594
34,615
70
470
15
91
243
121
12,259
4,983
7,276
23,854,5
23,982,508
174,700
159,100
958,746 1,102,046
18,205,764 10,765,699
2,087,127 9,527,192
1,013,614 1,013,614
1,414,857 1,414,857
946,925
897,566
49,292
67
471
15
90
245
121
11,296
4,652
6,644
23,982,508 23,760,408 24,090,508 24
230,300
223,400 6,032,899
1,030,846
815,646 1,089,946
10,765,699 18,205,764 10,765,699
9,527,192 2,087,127 3,773,493
1,013,614 1,013,614 1,013,614
1,414,857 1,414,857 1,414,857
023,112
485,600
816,150
972,141
299,060
035,304
414,857
1
Acceptances and securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity
of the agreements.
SEPTEMBER
1955
993
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
San
Francisco
St.
Louis
Minneapolis
Kansas
City
Dallas
808,447 3,801,567
804,820
355,561
835,101
702,861 2,389,414
148,032
45,363
24,007
40,407
850,183
379,568
875,508
7,900
19,959
14,012
8,317
9,232
11,725
10,055
13,034
22,341
43,008
21,365
1,013
31,896
847
66
31,310
1,013
16,991
1,381
48,325
2,941
Atlanta
Chicago
Assets
Gold certificates. 20,145,352
Redemption fund
forF.R. notes.
847,549
982,382 5,319,018 1,144,949 1, 779,774 1,221,458
51,510
178,074
59,149
74,079
72,052
50,344
Total gold certificate reserves.. 20,992,901 1,033,892 5,497,092 1,204,098 1,853,853 1,293,510 858,791 3,949,599
F . R. notes of
35,232
12,960
8,093
15,117
45,187
214,237
17,759
16,349
other Banks...
19,232
68,053
41,601
20,750
30,299
59,046
362,191
27,167
Other cash
Discounts and
advances:
Secured by
U. S. Govt.
39,585
64,692
40,465
441,714
21,690
41,450
12,205
securities. . .
71,740
1,947
2,427
7,787
1 ,147
28,291
1,333
2,600
Other
3,855
519
585
Industrial loans..
Acceptances:
Bought
outright....
14,418
14,418
Held under
repurchase
agreement. .
U. S. Government
securities:
Bought
outright. . . . 23,760,408 1,312,145 6,038,589 1,446,106 2,042,041 1,399,820 1,226,465 4,144,457
Held under
repurchase
agreement. .
986,009
575,786 1,033,340
27,514
77,018
730,375 2,466,432
952,745 2,602,905
Total loans and
24,245.416 1,326,950 6,100,379 1,513,264 2,066,158 1,441,618 1,269,062 4,220,052 1,008,387 608,595 1,065,663 971,117 2,654,171
securities
Due from foreign
2
22
1
1
1
banks
1
2
16
1
1
1
Uncollected cash
228,558
383,192
263,377
619,471
297,480
155,111
289,800
3,838,819
196,293
196,469
108,478
326,165
items
774,425
5,139
5,363
4,266
6,129
5,735
4,660
2,790
3,295
1,782
1,403
Bank premises. ...
58,016
9,992
7,462
9,956
14,573
9,010
9,210
30,672
7,810
9,731
7,239
3,985
7,258
Other assets
168,094
17,897
40,753
49,879,696 2,708,904 12,523,402 2,993,209 4,372,835 3,082,867 2,480,193 8,902,731 2,051,570 1,124,359 2,168,975 1,930,643 5,540,008
Total assets
Liabilities
26,003,697 1,576,609 5,861,666 1,774,952 2,416,281 1,918,925 ,312,529 5,060,724 1,175,534
F. R. notes
Deposits:
Member bk.— j
reserve accts. 18,367,675 747,341 5,299,283 870,628 1,468,078 784,621 840,008 3,063,122 650,900
U. S. Treas.—
393,495
35,722
34,203
35,982
31,152
26,794
26,457 2 35,936
46,408
gen. acct.. . .
387,189
27,521
34,307
18,850
16,211
22,620 120,248
52,780
14,326
Foreign
314,430
9,717
383,257
1,245
1,528
4,517
2,082
1,937
7,032
Other
544,797 1,037,689
716,092 2,607,899
415,789
870,747
942,054 2,415,104
22,767
9,425
739
35,412
14,326
1,032
Total deposits... 19,531,616
Deferred availability cash
items
3,173,643
Other liabilities
and accrued
dividends
14,850
30,539
17,719
1,131
32,123
38,856
37,867
797,946 5,769,897
943,588 1,541,105
841,535
888,616 3,164,247
699,052
448,720
921,517
991,443 2,523,950
263,439
563,867
190,129
309,122
260,606
225,447
511,770
130,437
100,027
163,375
167,918
287,506
965
4,130
846
1,686
633
652
2,529
534
412
624
512
1,327
Total liabilities. . 48,723,806 2,638,959 12,199,560 2,909,515 4,268,194 3,021,699 2,427,244 8,739,270 2,005,557 1,093,956 2,123,205 1,875,965 5,420,682
Capital
Accounts
Capital paid in. .
Surplus (Sec. 7 ) . .
Surplus (Sec. 13b)
Other capital
accounts
296,872
660,901
27,543
15,790
40,309
3,011
88,899
188,070
7,319
19,569
47,773
4,489
28,303
60,222
1,006
13,407
33,480
3,349
13,262
29,480
39,502
96,566
1,429
10,394
26,619
521
6,740
16,918
1,073
11,652
24,755
1,137
15,681
29,985
762
1,307
33,673
66,724
2,140
170,574
10,835
39,554
11,863
15,110
10,932
9,445
25,964
8,479
5,672
8,226
7,705
16,789
Total liabilities
and capital
49,879,696 2,708,904 12,523,402 2,993,209 4,372,835 3,082,867 2,480,193 8,902,731 2,051,570 1,124,359 2,168,975 1,930,643 5,540,008
accounts
Reserve r a t i o . . . .
46.1%
43.5%
Contingent liability on acceptances purchased for foreign
correspondents
27,186
1,632
Industrial loan
commitments..
3,417
47.3%
7,929
44.3%
46.8%
46.9%
39.0%
48.0%
1,986
2,475
1,360
1,170
3,808
255
787
11
85
12
45.4%
38.2%
44.7%
42.8%
48.1%
1,033
680
1,033
1,278
2,802
2,267
1
After
2
deducting $16,000 participations of other Federal Reserve Banks.
After deducting $266,916,000 participations of other Federal Reserve Banks.
3 After deducting $19,257,000 participations of other Federal Reserve Banks.
994
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS
FEDERAL RESERVE BANKS COMBINED
[In thousands of dollars]
Wednesday figures
Item
End of month
1955
Aug. 31
F. R. notes outstanding (issued to Bank)
Collateral held against notes outstanding:
Gold certificates
Eligible paper
U. S. Government securities
Aug. 24
Aug. 17
1955
Aug. 10
Aug. 3
Aug.
1954
July
Aug.
26,899,655 26,889,665 26,854,557 26,829,843 26,850,087 26,899,655 26,844,481 26,533,486
11,153,000 11,133,000 11,133,000 11,133,000 11,208,000 11,153,000
202,646
240,901
209,215
239,955
203,113
203,113
17,055,000 17,055,000 17,055,000 17,055,000 17,055,000 17,055,000
Total collateral
11,093,000
49,565
16,865,000
28,411,113 28,390,646 28,428,901 28,397,215 28,502,955 28,411,113 28,626,335 28,007,565
EACH FEDERAL RESERVE BANK ON AUGUST 31, 1955
[In thousands of dollars]
Item
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.#
Louis
Minne- Kansas
City
apolis
Dallas
San
Francisco
F. R. notes outstanding (issued
to Bank)
26,899,655 1,630,853 6,047,231 1,847,621 2,509,546 1,970,413 1,367,383 5,148,8441,224,433 585,657 1,063,985 756,288 2,747,401
Collateral held:
Gold certificates 11,153,000 640,000 2,670,000 725,000 1,050,000 695,000 500,000 2,400,000 355,000 175,000 280,000 283,000 1,380,000
13,205
64,692
40,465
Eligible paper. .
203,113
21,365 32,076
31,310
U. S. Govt. se17,055,000 1,200,000 3,600,000 1,200,000 1,500,000 1,300,000 1,000,000 2,900,000 910,000 500,000 800,000 525,000 1,620,000
curities
Total collateral... 28,411,113 1,853,205 6,270,000 1,989,692 2,550,000 2,035,465 1,500,000 5,300,0001,286,365 707,076 1,111,310 808,000 3,000,000
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
approved
to date
End of
year or
month
1945
1946
1947
1948
1949
1950
1951
1952
1953
Number
Amount
3,511
3,542
3,574
3,607
3,649
3,698
3,736
3,753
3,765
544,961
565,913
586,726
615,653
629,326
651,389
710,931
766,492
803,429
Approved
Loans Commitments
but not
outoutcom- standing 2 standing
pleted i (amount) (amount)
(amount)
320
4,577
945
335
539
4,819
3,513
1,638
1,951
1,995
554
1,387
995
2,178
2,632
4,687
3,921
1,900
1,644
8,309
7,434
1,643
2,288
3,754
6,036
3,210
3,569
Participations
of financing institutions
outstanding 3
(amount)
1,086
2,670
4,869
1,990
2,947
3,745
11,985
3,289
3,469
1954
July
August....
September.
October
November.
December..
3,768
3,768
3,769
3,769
3,770
3,771
813,465
814,765
815,449
816,582
817,605
818,224
45
45
395
395
520
520
1,130
630
991
812
652
719
2,354
2,794
1,943
1,896
1,898
1,148
1,812
1,773
1,559
1,343
1,202
1,027
1955
January. . .
February. .
March
April
May
June
July
3,772
3,772
3,775
3,775
3,775
3,775
3,775
1
821,407
822,063
823,195
823,359
823,754
824,441
824,847
170
170
315
270
170
170
170
629
542
521
675
707
460
489
3,152
3,227
3,519
3,389
3,410
3,571
3,265
1,504
1,498
1,564
1,576
1,586
1,577
1,305
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
1955
LOANS GUARANTEED THROUGH FEDERAL RESERVE
BANKS UNDER REGULATION V, PURSUANT TO
DEFENSE PRODUCTION ACT OF 1950
[Amounts in thousands of dollars]
End of
year or
month
1950
1951
1952
1953
Number
Amount
Total
amount
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
62
854
,159
L.294
31,326
1,395,444
2,124,123
2,358,387
8,017
675,459
979,428
804,686
6,265
546,597
803,132
666,205
8,299
472,827
586,303
363,667
1,342
L,350
1,355
1,357
1,361
1,367
2,443,021
2,457,689
2,477,939
2,478,939
2,481,669
2,499,634
604,750
559,859
546,930
527,074
504,708
471,947
502,902
466,089
455,618
416,713
395.388
367,694
311,191
300,676
295,805
283,510
266,798
272,903
L,37O
1,375
L,380
L.384
1,388
:L.390
L,392
2,501,179
2,504,169
2,511,829
2,522,864
2,530,259
2,542,819
2,544,344
454,209
437,185
442,268
425,394
398,867
394,343
295,711
347,008
333,717
333,269
320,557
298,354
293,507
224,659
264,549
263,248
254,840
255,248
272,484
234,634
211,296
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
1954
July
August....
September.
October. . .
November.
December.
1955
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.
995
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
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
any commitment
fee charged
borrower
10
10
15
20
25
30
35
40-50
90
95
Over 95
15
20
25
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 1
Total
1945—December
1946—December
1947—December....
1948—December
1949—December
1950—December.,..
1951—December
1952—December
1953—December
2,933
3,284
3,417
3,330
3,188
2,924
2,705
2,547
2,359
3,022
3,387
3,525
3,449
3,312
3,045
2,835
2,736
2,558
6
6
6
7
7
11
28
33
31
2,837
3,182
3,308
3,244
3,118
2,868
2,644
2,551
2,389
179
200
212
198
187
166
162
151
138
1954—April
May
June
July
August
September. . .
October
November
December
2,290
2,271
2,251
2,230
2,208
2,189
2,171
2,154
2,136
2,434
2,416
2,399
2,379
2,360
2,339
2,304
2,287
2,292
31
31
31
31
31
31
31
31
31
2,278
2,256
2,240
2,220
2,196
2,176
2,156
2,134
2,134
125
130
128
129
133
133
118
123
127
1955—January
February. . . .
March
April
2,115
2,095
2,074
2,253
2,231
2,237
31
31
31
2,101
2,074
2,074
122
127
132
End of month
Cash
in
depository
banks
U.S.
Cash
Govern- reserve
ment
funds,
securietc. 2
ties
P2,051
2»2,029
P2.OO7
PI,983
June........
July
*1> Preliminary.
Outstanding principal, represented by certificates of deposit.
2
Includes reserve and miscellaneous working funds with Treasurer
of United States, working cash with postmasters, accrued interest on
bond investments, and miscellaneous receivables.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to demand deposit accounts,
except interbank and
U. S. Government accounl-S
Year or month
Annual rate of turnover of demand deposits except
interbank and U. S. Government deposits
Without seasonal adjustment
Seasonally adjusted 3
Total, all
reporting
centers
New
York
City
6
other
centers 1
337 other
reporting
centers 2
New
York
City
848,561
924,464
1 017 084
1,103,720
1,227,476
1,206,293
1,380,112
1,542,554
1,642,853
1,759,069
1,887,366
327,490
382,760
406,790
398,464
443,216
446,224
509,340
544,367
597,81,5
632,801
738,925
194,751
200,202
218 477
246,739
270,912
260,897
298,564
336,885
349,904
385,831
390 066
326,320
341,502
391 817
458,517
513 348
499,172
572,208
661,302
695,133
740,436
758 375
22.3
24 1
25 1
23.8
26 9
27.9
31 1
31.9
34.4
36 7
42 3
18 3
17 5
18 3
19 7
21 6
20 9
22 6
24.0
24 1
25 6
25 8
14 6
13 5
14 1
15 5
16 6
15 9
17 2
18.4
18 4
18 9
19 2
1954—June
July
August
September
October
November
December
163,501
154,848
151,504
149,898
152,322
156,843
186,317
64,965
61,155
58,316
56,744
58,792
58,787
73,817
33,785
31,556
31,526
30,922
30,706
32,230
38,217
64,751
62,137
61,662
62,232
62,823
65,826
74,282
44.2
41.6
40.0
40.4
39.3
42 2
48.1
26.S
24 9
24.8
25.3
23.6
26 3
28.1
19.7
18 8
18.5
19.4
18.6
20 7
21.0
40.9
42 7
46.2
39.4
40.5
42 6
42.6
26.3
,25 4
27.1
25.6
24.3
25 9
26.9
19.7
19 1
19.7
19.1
18.6
19 6
19.9
1955—January .
February..
March
April
May
June
July
August
n63,393
'•149,744
'•178,924
'•158,296 :
'•167,717
'•177,917
'•161,748
167,358
62,642
57,091
67,242
57,634
62,211
67,634
58,904
58,980
33,531
31,595
39,908
34,494
36,570
37,569
34,123
35,863
'67,220
'61,058
•"71,774
'66,168
'•68,936
'72,714
'68,721
72,515
42.0
41.9
41,7
37.3
42.7
44.7
'40.7
38.2
25.4
26.4
30.2
27.1
28.4
28 3
26.6
*25.8
19.6
19.6
20.0
19.2
20.6
20 8
20.4
P19.9
41.8
43.0
40.7
37.9
43.8
41 4
'41.7
44.2
25.9
27.1
27.6
26.3
28.8
27 7
27.1
P28.2
19.4
19.7
20.1
19.8
21.0
20 8
20.7
P21.2
1944
1945
1946
1947
1948
1949..
1950
1951
1952
1953
1954
.
.
.
.
337 other
6
other reporting
centers 1 centers 2
New
York
City
337 other
6
other reporting
centers 1 centers 2
'Revised.
p1 Preliminary.
Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
2
338 centers prior to April 1955; the decrease resulted from the combination of two cities for which separate figures are no longer available
because
of centralized accounting.
3
These data are compiled by the Federal Reserve Bank of New York.
NOTE.—For description of earlier series, see Ba,nking 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
996
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks, In millions of dollars]
Total
in circulation 1
End of year or
month
Total
Coin
»»
$2
$5
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
2,004
2,049
2,120
2,143
2,119
1939
1940
1941
1942
1943..
1944.
1945
1946
1947
1948
1949
1950
1951
1952
1953
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
29,206
30,433
30,781
590
559
5,553
648
6,247
610
695
751
8,120
801
11,576
880
909
14,871 1,019
987
17,580 1,156
20,683 1,274 1,039
20,437 1,361 1,029
20,020 1,404 1,048
19,529 1,464 1,049
19,025 1,484 1,066
19,305 1,554 1,113
20,530 1,654 1,182
21,450 1,750 1,228
21,636 1,812 1,249
36
39
44
55
70
1954—July
August......
September...
October
November...
December. . .
29,892
29,929
29,985
30,074
30,500
30,509
20,984
21,015
21,054
21,118
21,473
21,374
1,793
1,801
1,811
1,819
1,836
1,834
1,174
1,183
1,200
1,212.
1,236
1,256
1955—January.
February
March
April
May.. .
29,789
29,817
29,800
29,769
30,009
30,229
30,244
20,777
20,845
20,854
20,856
21,098
21,312
21,351
1,808
1,810
1,822
1,831
1,843
1,858
1,865
1,191
1,190
1,196
1,202
1,219
1,226
1,228
70
70
70
70
71
71
71
71
70
71
71
72
72
June
July. .
Large denomination currency 2
Coin and small denomination currency 2
81
73
67
65
64
62
64
67
71
72
Total
$10
$20
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
6,275
6,060
5,897
5,998
6,329
6,561
6,565
1,576
1*800
2,545
4,096
5,705
7,224
9,201
9,310
9,119
8,846
8,512
8,529
9,177
9,696
9,819
$500 $1,000 $5,000 $10,000
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
5,581
191
227
261
287
407
425
523
556
586
749
20
30
24
9
9
32
60
46
25
22
555
454
438
428
400
990
801
783
782
707
10
7
8
5
5
24
24
26
17
17
4
11
12
12
10
11
5,451
5,461
5,486
5,514
5,555
5,612
322
321
320
318
320
321
b,267 9 ,,425 9,014 2,673 5,550
317
316
317
314
313
312
310
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
2,732
2,016 6,366 9,564 8,910 2,654
2,023 6,361 9,578 8,916 2,653
2,034 6,378 9,561 8,932 2,648
2,049 6,400 9,568 8,958 2,650
2,091 6,524 9,716 9,028 2,677
2,098 6,450 9,665 9,136 2,720
2,017
2,020
2,021
2,020
2,051
2,061
2,052
$100
$50
6,316
•6,324
6,309
6,394
6,471
6,466
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
8,850
8,698
8,578
8,438
8,678
8,985
9,146
9,438
9,421
9,425
9,520
9,625
9,668
8,974
8,946
8,914
8,912
8,917
8,894
2,660
2,647
2,641
2,647
2,658
2,652
5,527
5,512
5,492
5,489
5,487
5,475
382
368
355
343
333
689
588
556
512
486
471
469
466
464
465
464
460
457
457
454
451
448
445
4
4
4
4
4
4
4
3
3
3
4
3
4
4
3
3
3
Unassorted
2
4
4
3
2
3
2
3
3
3
3
2
2
2
2
8
8
8
8
8
IS
9
9
9
9
9
9
9
1
1
2
2
2
2
2
2
1
1
1
1
Total
2
of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
3
Paper currency only; $1 silver coins reported under coin.
4
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND I N CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money held in the Treasury
Total outstanding, As security
against
July 31,
gold and
1955
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
21 682
21,029
26,844
5,003
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890
Subsidiary silver coin
]VHnor coin
United States notes
Federal Reserve Bank notes
National bank notes
Total—'July 31, 1955
June 30, 1955
July 31, 1954
490
2,189
()
(4)
4
( )
2
For
Federal
Reserve
Banks and
agents
July 31,
1955
June 30,
1955
34
25,644
4,566
34
25,618
4,577
July 31,
1954
653
18,179
2,816
1,125
367
35
25,377
4,479
32,419
75
70
229
32
4
224
223
213
29
6
2
263
62
9
27
2,156
1 206
435
317
161
67
2,171
1 202
433
319
163
67
2,123
1 161
419
316
179
70
•
2,189
32 419
1 296
450
347
163
67
4
. . . .
21 029
Treasury
cash
Money
held by
Federal
Reserve
Banks and
agents
(5)
(5)
23,447
23,439
23,666
798
812
798
(5) *
18,179
18,178
18,404
4,308
4,089
4,341
30,244
30,229
29,892
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. 989.
i n c l u d e s $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
T o avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not included in total Treasury currency outstanding.
;4
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of ail types has no special
5
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 t h e 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 a r e obligations of the United States and a first lien on all t h e 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 a t 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 1955
997
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS 1
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital
Assets
Total
assets,
net—
Total
liabilities
and
capital,
net
Bank credit
Date
Treasury
currency
outstanding
Gold
U. S. Government obligations
Total
Loans,
net
Total
Commercial
and
savings
Federal
Reserve
Banks
Other
Other
securities
Capital
Total
and
deposits misc.
acand
currency counts,
net
4,037
4,031
17,644
22,737
20,065
22,754
22,706
22,695
23,187
22,463
22 030
2,019
2,286
2,963
3,247
4,339
4,562
4,636
4,709
4,812
4,854
4,894
58,642
42,148
54,564
64,653
167,381
160,832
171,667
181,323
192,866
190,277
199,791
41,082
21,957
22,157
26,605
30,387
43,023
60,366
67,597
75,484
77,071
80,486
5,741
10,328
23,105
29,049
128,417
107,086
96,560
97,808
100,008
95,350
100,935
5,499
8,199
19,417
25,511
101,288
81,199
72,894
71,343
72,740
68,108
72,610
216
1,998
2,484
2,254
24,262
22,559
20,778
23,801
24,697
24,746
25,916
26
131
1,204
1,284
2,867
3,328
2,888
2,664
2,571
2,496
2,409
11,819
9,863
9,302
8,999
8,577
10,723
14,741
15,918
17,374
17,856
18,370
64,698
48,465
75,171
90,637
191,785
188,148
199,009
208,727
220,865
217,594
226,715
55,776
42,029
68,359
82,811
180,806
175,348
184,385
193,410
204,220
200,360
209,175
8,922
6,436
6,812
7,826
10,979
12,800
14,624
15,317
16,647
17,234
17,538
1954—June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24.
Dec. 31
21,927
21,900
21,900
21,800
21,800
21,700
21,713
4,959
5,000
5,000
5,000
5,000
5,000
4,985
200,628
200,600
202,500
204,000
207,700
209,700
210,988
81,210
80,800
80,200
81,400
81,900
83,900
85,730
99,827
100,000
102,300
102,400
105,600
105,600
104,819
72,525
73,300
76,200
76,200
79,000
78,900
77,728
25,03-7
24,500
23,900
24,000
24,400
24,600
24,932
2,265
2,200
2,200
2,200
2,200
2,200
2,159
19,591
19,800
19,900
20,200
20,300
20,300
20,439
227,514
227,500
229,300
230,800
234,400
236,400
237,686
209,354
209,100
210,500
211,800
215,400
217,200
218,882
18,161
18,400
18,800
19,000
19,100
19,200
18,806
1955—Jan. 26*
Feb. 23*.
Mar. 30?
Apr. 27*
May 25*. ,
June 2 9 P
July 27*
21,700
21,700
21,700
21,700
21,700
21,700
21,700
5,000
5,000
5,000
5,000
5,000
5,000
5,000
209,600
208,200
207,000
209,100
209,100
209,400
211,300
85,200
85,800
87,100
87,900
89,000
91,200
92,100
103,600
101,400
98,700
100,000
99,200
97,300
98,300
77,800
75,600
73,000
74,300
73,600
71,700
72,200
23,700
23,700
23,600
23,600
23,500
23,600
24,100
2,100
2,100
2,100
2,100
2,000
2,000
2,000
20,900
21,000
21,200
21,200
20,900
20,900
20,900
236,300
234,900
233,700
235,700
235,800
236,000
238,000
217,500
216,000
214,500
216,900
216,700
217,100
218,900
18,S0G
18,900
19,100
18,800
19,100
18,900
19,100
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
29
30
30
31
31
31
30
31...
31
30
31
Details of Deposits and Currency
Deposits adjusted and currency
U. S. Govt. balances
Foreign
bank
Date
de-
posits,
net
Treasury
cash
holdin gs
1929—June
1933—Tnne
1939—Dec.
1941—Dec!
1945—Dec.
1947—Dec.
1950—Dec.
1951—Dec.
1952—Dec.
1953—June
Dec.
At
commercial
and
savings
banks
1,217
1,498
2,141
1,682
2,518
2,279
2,501
2,467
2,694
204
264
2 , 409
2 , 215
2 , 287
1, 336
1, 293
1, 270
1, 270
1, 259
761
1954—June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 2 4 . . . . .
Dec. 31
3,256
3,400
3,400
3,300
3,200
3,200
3,329
811
800
800
800
800
800
796
1,895
24,608
1,452
2,989
3,615
5,259
3,942
4,457
5,895
3,900
5,500
4,400
6,100
6,900
4,510
1955—Jan.
Feb.
Mar.
Apr.
May
3,200
3,100
3,200
3,100
3,200
3,300
3,400
800
800
800
800
800
800
800
3,800
4,600
4,400
5,000
5,500
5,200
6,100
365
50
29
30
30
31.
....
31
31.'.'...
30
31
31
30
31
26*....
23*
30*
27*....
25*
June 29*
July 27*
381
852
846
At
F. R.
Banks
Time deposits 2
Total
Total
Cur-
rency
outside
banks
Total
demand
deposits
adjusted
and
currency
Demand
deposi ts
ad
justed
8 ,905
9 ,621
10 ,523
10 ,532
15 ,385
17 ,746
20 ,009
20 ,887
22 ,586
23 ,589
24 ,358
149 2 2 , 540
1 ,186 14, 411
1 ,278 2 9 , 793
1 ,313 3 8 , 992
2 ,932 75, 851
3 ,416 8 7 , 121
2 ,923 9 2 , 272
2 ,704 9 8 , 234
2 ,547 101, 508
2 ,459 9 6 , 898
2 ,359 102, 451
4,
6,
9,
26,
26,
25,
26,
27,
27,
28,
761
401
615
490
476
398
315
494
369
091
111,
114,
120,
124,
126^
126,
100
300
100
700
100
700
85,
89,
94,
97,
98,
99,
292
700
000
400
800
300
282
25 ,388
25 ,500
25 ,600
25 ,800
25 ,900
25 ,900
26 ,302
2 ,251 9 8 , 132
2 ,200 100, 000
2 ,200 9 9 , 400
2 ,200 101 200
2 ,200 103, 100
2 ,200 104, 000
2 ,136 106, 550
27,
26,
26,
26,
26,
27,
27,
093
800
900
900
900
500
852
126
128
127
129
128
129
129
700
500
800
200
700
500
700
101,
100,
102,
101,
102;
102,
75, 400
75, 700
76, 200
76, 200
76, 500
7 7 , 000
7 7 , 000
46,800
47,000
47,200
47,200
47,400
47,700
47,600
26 ,500
26 ,600
26 ,900
26 ,900
27 ,100
27 ,300
27 ,400
2 ,100
2 ,100
2 ,100
2 ,100
2 ,000
2 ,000
2 ,000
26,
26,
26,
26,
26,
800
800
700
700
800
100
100
131
131
131
132
131
132
132
200
200
500
600
800
100
900
104,
104,
104,
105,
104,
105
105
150,
170,
176,
185,
194,
192,
200,
28,
21,
27,
27,
48,
56,
59,
61,
65,
68,
70,
611
656
059
729
452
411
247
450
799
293
375
875
500
600
800
600
500
563
198,
200,
200,
202,
204,
205,
209,
517
400
300
500
700
800
684
73,
73,
74,
74,
74,
74,
75,
400
600
900
600
400
300
500
209,
206,
205,
207,
206,
207,
208,
200
900
300
400
700
400
200
54,
40,
63,
76,
Demand
Com- Mutual Postal
demercial savings
Savings posits*
banks banks 3 System
19,557
10,849
15,258
15,884
30,135
35,249
36,314
37,859
40,666
42,245
43,659
45,653
46,000
46,200
46,400
46,700
46,300
46,844
790
828
253
336
793
008
917
999
801
560
917
36
35
634
867
977
870
668
247
389
132
346
Seasonally adjusted series*
107,
104,
102,
104,
103,
103,
104,
000
500
400
500
400
400
100
Currency
outside
banks
3, 639
27
27
200
700
400
800
800
500
25 ,900
24 ,600
25 ,700
26 ,900
27 300
27 ,200
9 9 , 700
500
900
400
900
600
800
27 ,000
27 ,000
26 ,900
26 ,800
26 ,800
26 ,900
26 ,900
200
300
600
600
900
100
700
27 ,000
26 ,900
26 ,900
27 ,000
26 ,900
27 ,000
27 ,200
P1 Preliminary.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
2
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
3
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
4
Demand deposits other than interbank and U..S. Government, less cash items reported as in process of collection.
Seasonally adjusted series begin in 1947 and are available only for last Wednesday of the month. For seasonal adjustment factors used in
deriving these figures and for back figures, see BULLETIN for March 1955, pp. 252-255.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital and miscellaneous accounts, net," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.
Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total
deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures
are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures
for deposits and currency.
998
FEDERAL RESERVE
BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Class of bank
and date
All banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31»
1950—Dec. 30
1952—Dec. 31
1953—Dec. 3 1 . . . . . .
1954—June 30
July 28
Dec. 31
1955—Feb. 23 P
Mar. 30P
Apr. 27P
May 25P
Tune 29P
July 27P
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31.
1947—Dec. 313
1950—Dec. 30
1952—Dec. 31
1953—Dec. 3 1 . .
1954—June 30
July 28
Dec. 31
1955—Feb. 23 P
Mar. 30P
Apr. 27P
May 25P
June 29P.
July 2lv
All member banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31. ,
1950—Dec. 30
1952—Dec. 31 ..
1953—Dec. 31 . .
1954—June 30 .
July 28. : .
Dec. 31
1955—Feb. 23P..
Mar. 30P. .
Apr. 27P. .
May 25P. .
June 29P..
July 27*..
All mutual savings
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 31
1947—Dec. 313.
1950—Dec. 30
1952—Dec. 31.
1953—Dec. 31
1954—Tune 30
July 28
Dec. 31
1955—Feb. 23*
Mar. 3 0 P
Apr. 27P
May 2 5 P
June 2 9 P
July 27?
Total
U.S.
Government
Loans
obligations
Deposits
Other
securities
Cash
assets1
lotal
assets—
Total
, .,. 7
biiities
capital
accounts 2
Other
Total1
Interbank1
22,165 19,417 9,302 23,292 77,068 68,242 9,874
26,615 25,511 8,999 27,344 90,908 81,816 10,982
30,362 101,288 8,577 35,415 177,332 165,612 14,065
43,002 81,199 10,723 38,388 175,091 161,865 13,033
60,386 72,894 14,741 41,086 191,317 175,296 14,039
75,512 72,740 17,374 45,584 213,837 195,552 15,321
80,518 72,610 18,370 45,811 220,140 201,100 15,957
81,227 72,525 19,591 42,556 218,900 199,508 15,500
81,340 73,270 19,770 40,230 217,640 197,310 14,940
85,617 77,728 20,439 44,585 231,654 211,115 16,811
86,500 75,580 21,020 41,460 227,930 205,900 14,550
87,860 72,980 21,210 40,230 225,660 203,400 14,670
88,660 74,340 21,180 40,900 228,570 206,500 14,570
89,840 73,630 20,890 39,760 227,470 205,170 14,020
91,890 71,730 20,900 41.100 228,970 206,820 14,630
93,020 72,160 20,880 40,950 230,350 208,070 14,480
40,668
50,746
124,019
116,284
126,675
141,624
145,687
146,383
147,280
155,916
154,820
153,490
155,510
155,520
155.530
156,850
17,238
21,714
26,083
38,057
52,249
64,163
67,593
67,337
67,290
70,619
71,180
72,310
72,940
73,900
75,730
76,670
16,316
21,808
90,606
69,221
62,027
63,318
63,426
63,508
64,340
68,981
66,800
64,180
65,580
64,890
63,040
63,430
7,114
7,225
7,331
9,006
12,399
14,143
14,668
15,538
15,650
16,316
16,840
17,000
16,990
16,730
16.760
16,750
22,474
26,551
34,806
37,502
40,289
44,666
44,828
41,569
39,260
43,559
40,470
39,250
39,970
38,810
40,120
40,030
65,216
79,104
160,312
155,377
168,932
188,603
193,010
190,585
189,190
202,378
198,250
195,700
198,560
197,270
198,580
199,810
57,718
71,283
150,227
144,103
155,265
172,931
176,702
174,068
171,770
184,757
179,240
176,460
179,520
178,060
179,470
180,630
9,874
10,982
14,065
13,032
14,039
15,319
15,955
15,497
14,940
16,809
14,550
14,670
14,570
14,020
14,630
14,480
33,941
43,521
107,183
97,846
107,424
119,547
122,422
123.185
123,915
131.602
130,468
129.298
131,191
131,035
131,151
132,331
13,962
18,021
22,775
32,628
44,705
55,034
57,762
57,197
57,114
60,250
60,690
61,766
62,329
63.111
64.774
65,647
14,328
19,539
78,338
57,914
52,365
52,763
52,603
53,111
53,832
57,809
55,785
53,410
54,767
54,083
52,511
52,838
5,651
5,961
6,070
7,304
10,355
11,751
12,057
12,876
12,969
13,543
13,993
14,122
14,095
13,841
13,866
13,846
19,782
23,123
29,845
32,845
35,524
39,255
39,381
36,722
34,514
38,076
35,404
34,344
34,979
34,074
35,278
35,152
55,361
68,121
138,304
132,060
144,660
160,826
163,983
162,203
160,748
172,242
168,495
166,256
168,891
167,702
169,009
170,058
49,340
61,717
129,670
122,528
133,089
147,527
150,164
148,252
145,975
157,252
152,201
149,750
152,638
151,282
152,651
153,657
9,410
10,525
13,640
12,403
13,448
14,617
15,170
14,733
14,204
15,983
13,815
13,941
13,853
13,320
13,915
13,764
1,709
22,179
1,176
2,523
4,567
3,756
5,165
3,181
3,715
3,812
3,608
4,170
4,624
4,370
5,216
10,216
10,379
16,208
18,641
21,346
24,003
25,810
26,959
27,100
27,868
28,280
28,560
28,670
28,840
28.990
29,210
4,927
4,901
4,279
4,944
8,137
11,349
12,925
13,890
14,050
14,998
15,320
15,550
15,720
15,940
16,160
16,350
3,101
3,704
10,682
11,978
10,868
9,422
9,184
9.017
8,930
8,748
8,780
8,800
8,760
8,740
8,690
8,730
2,188
1,774
1,246
1,718
2,342
3,231
3,701
4.052
4,120
4,123
4,180
4,210
4,190
4,160
4,140
4,130
818
793
609
886
797
918
983
987
970
11,852
11,804
17,020
19,714
22,385
25,233
27,130
28,315
28,450
29,276
29,680
29,960
30,010
30,200
30,390
30,540
10,524
10,533
15,385
17,763
20,031
22,621
24,398
25.440
25,540
26,359
26,660
26,940
26,980
27,110
27,350
27,440
990
980
930
950
980
920
f44)
()
Other
25,852
26,479
45,613
53,105
56,513
63,598
68,354
71,371
71,780
73,510
73,920
74,460
74,530
74,820
75,370
75,400
8,194
8,414
10,542
11,948
13,837
15,367
16,118
16.664
16,690
17.270
17,440
17,410
17,490
17,620
17,630
17,720
15,035
14,826
14,553
14,714
14,650
14,575
14,509
14.465
14,457
14,367
14,351
14,330
14,314
14,312
14,310
14,30
32 ,513
44 ,349
105 ,921
1,343
2,806
4,941
4,146
5,591
3,577
4,172
4,260
4,070
4,610
5,130
4,860
5,740
94,367
101,917
111,659
112,604
106,996
106,963
116,567
113,120
110,150
112,740
111,150
111,910
112,400
15,331
15,952
30,241
35,360
36,503
41,012
43,997
45,983
46,290
47,209
47,310
47,570
47,600
47,760
48,070
48,010
6,885
7,173
8,950
10,059
11,590
12,888
13,559
14,038
14,060
14,576
14,730
14,680
14,770
14,880
14,890
14,960
14,484
14,278
14,011
14,181
14,121
14,046
13,981
13,937
13,929
13,840
13,824
13,803
13,786
13,784
13,782
13,776
743
27,489
37,136
69,640
80,609
87,783
95,453
96,024
91,455
91,435
99,604
96,548
93,967
96,343
94,928
95,669
96,044
11,699
12,347
24,210
28,340
29,336
32,890
35,213
36.900
37,155
37,950
38,026
38,234
38,272
38,410
38,697
38,633
5,522
5,886
7,589
8,464
9.695
10,761
11,316
11,709
11,724
12,210
12,331
12,263
12,348
12,446
12,465
12,517
6,362
6,619
6,884
6,923
6.873
6,798
6,743
6,721
6,716
6,660
6,643
6,625
6,613
6,619
6,612
6,603
14
19
30
35
47
50
50
50
50
50
50
50
50
10,521
10,527
15,371
17,745
20,009
22,586
24,358
25,388
25,490
26,302
26,610
26,890
26,930
27,060
27,300
27,390
1,309
1,241
1,592
1,889
2,247
2,479
2,559
2,626
2,630
2,694
2,710
2,730
2,720
2,740
2,740
2,760
551
548
542
533
529
529
528
528
528
527
527
527
528
528
528
527
1,346
2,809
4,944
4,149
5,594
3,580
4,176
4,260
4,070
4,610
5,130
4,860
5,740
94,381
101,936
111,690
112,639
107,043
107,010
116,617
113,170
110,200
112,790
111,200
111,960
112,450
3
<5
14
3
3
3
1
(4)
(4)
(4)
of
banks
32 ,516
44 ,355
105 ,935
2
3
3
3
ac-
counts
Time
TT Q
U. o.
Government
50,884
61,126
140,227
134,924
148,021
165,626
171,497
173,343
174,380
183,784
183,100
182,050
184,180
184,360
184,520
186,060
1,026
Total Numcapital b e r
Demand
3
(14)
(4)
(4)
4
pPreliminary.
*"Ali banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska that became a member bank on Apr. 15, 1954, and a noninsured State
member nondeposit trust company, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability
data are not available. -Comparability of figures for classes of banks is affected somewJiat by changes in Federal Reserve membership, insurance
status,
and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31 1942, aggregated 513 million dollars at all member banks and 525
million
at all insured commercial banks.
2
Includes "other" assets and liabilities not shown separately.
For other footnotes see following two pages.
SEPTEMBER
1955
999
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
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939—Dec. 30...
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1950—Dec. 30...
1952—Dec. 3 1 . . .
1953—Dec. 31....
1954—June 30...
July 28...
Dec. 31....
1955—Feb. 23*..
Mar. 30P..
Apr. 219..
May 25*. .
June 29*. .
July
27P..
Chicago:
1939—Dec. 30..
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1950—Dec. 30..
1952—Dec. 31..
1953—Dec. 31..
.
1954—June 30
July 28
Dec. 31
1955—Feb. 23*...
Mar. 309...
Apr. 219...
May 25*...
June 29*...
July 27*...
Reserve city member
banks:
1939—Dec. 30
1941—Dec. 31
1945—Dec. 3 1 . . . .
1947—Dec. 31
1950—Dec. 30
1952—Dec. 31
1953—Dec. 31
1954—June 30....
July 2 8 . . . .
Dec. 31
1955—Feb. 23*.
Mar. 30*.
Apr. 21.9.
May 25P.
June 29*.
July 27*.
Country member
banks:
1939—Dec. 30..
1941—Dec. 31..
1945—Dec. 31..
1947—Dec. 31..
1950—Dec. 30..
1952—Dec. 31..
1953—Dec. 31..
1954—June 30..
July 28..
Dec. 31. .
1955—Feb. 23P.
Mar. 3QP .
Apr. 27*.
M a y 25P.
June 29*.
July 27*.
9,339
12,896
26,143
20,393
20,612
22,130
22,058
22,681
22,727
23,880
23,246
23,238
23,717
23,257
23,311
23,445
U.S.
Cash
Govern- Other assets1
secuLoans ment
obliga- rities
tions
3,296 4,772
4,072 7,265
7,334 17,574
7,179 11,972
9,729 8,993
12,376 7,678
12,289 7,765
11,619 8,695
11,574 8,789
12,039 9,342
12,121 8,554
12,733 7,918
12,977 8,281
12,946 8,010
13,369 7,641
13,618 7,557
Total
assets—
Total
liabilities
and
capital
accounts2
Other
Total*
Interbank^
Total Numcapital ber
of
accounts banks
Demand
U.S.
Govern- Other
ment
Time
1,272
1,559
1,235
1,242
1,890
2,076
2,004
2,367
2,364
2,499
2,571
2,587
2,459
2,301
2,301
2,270
6,703
6,637
6,439
7,261
7,922
8r419
8,074
7,524
6,611
7,581
7,040
7,030
6r673
6,668
7,207
6,979
16,413
19,862
32,887
27,982
28,954
31,053
30,684
30,771
29,949
32,193
31,065
31,013
31,179
30,646
31,217
31,099
14,507
I7r932
30,121
25,216
25,646
27,309
27,037
27,225
26,117
28,252
26,714
26,678
27,103
26,464
26,975
26,927
4,238
4,207
4,657
4,464
4,638
4,965
5,214
5,517
5,379
5,709
5,180
5,103
5,136
4,982
5,307
5,158
74
866
6,940
267
451
1,143
778
1,378
528
736
687
657
1,160
1,178
949
1,471
9,459
12,051
17,287
19,040
18,836
19,361
18,894
18414
17,851
19,414
18,513
18,555
18,496
18,027
18,446
18,131
736
807
1,236
1,445
1,722
1,840
2,150
2,216
2,359
2,392
2,334
2,363
2,311
2,277
2,273
2,167
1,592
1,648
2,120
2,259
2,351
2,505
2,572
2,630
2,642
2,803
2,819
2,687
2,697
2,717
2,707
2,716
36
36
37
37
23
22
22
22
22.
21
21
20
18
18
18
18
2,105
2,760
5,931
5,088
5,569
6,240
6,204
5,975
5,980
6,518
6,364
6,056
6,194
6,170
6,244
6,276
569
954
1,333
1,801
2,083
2,748
2,776
2,589
2,521
2,784
2,656
2,647
2,645
2,698
2,824
2,862
1,203
1,430
4,213
2,890
2,911
2,912
2,856
2,825
2,896
3,120
3,044
2,734
2,861
2,807
2,722
2,712
333
376
385
397
576
581
572
561
563
614
664
675
688
665
698
702
1,446
1,566
1,489
1,739
2,034
2,010
2,115
2,036
1,936
1,954
1,952
1,656
1,894
1,836
1,869
1,844
3,595
4,363
7,459
6,866
7,649
8,297
8,366
8,064
7,971
8,520
8,369
7,761
8,144
8,055
8,162
8,171
3,330
4,057
7,046
6,402
7,109
7,686
7,724
7,419
7,270
7,845
7,573
6,773
7,374
7,321
7,369
7,408
1,035
1,312
1,217
1,229
1,350
1,387
1,339
1,281
1,321
1,171
1,328
1,155
1,126
1,178
1,163
80
127
1,552
72
174
343
259
410
206
251
263
230
256
296
328
382
1,867
2,419
3,462
4,201
4,604
4,789
4,837
4,403
4,527
4,977
4,840
3 ,949
4,670
4,608
4,569
4,577
495
476
719
913
1,103
1,205
1,242
1,267
1,256
1,295
1,299
1,266
1,293
1,291
1,294
1,286
250
288
377
426
490
541
566
583
583
600
595
601
602
605
612
613
14
13
12
14
13
13
13
13
13
13
13
13
13
13
13
13
12,272
15,347
40,108
36,040
40,685
45,583
46,755
47,056
47,400
50,738
50,362
49,971
50,807
50,705
50,724
51,338
5,329
7,105
8,514
13,449
17,906
21,697
22,763
22,453
22,405
23,986
24,264
24,637
24,758
25,114
25,782
26,193
5,194
6,467
29,552
20,196
19,084
19,624
19,559
19,813
20,136
21,718
20,870
20,062
20,730
20,354
19,722
19,954
1,749
1,776
2,042
2,396
3,695
4,262
4,434
4,791
4,859
5,034
5,228
5,272
5,319
5,237
5,220
5,191
6,785
8,518
11,286
13,066
13,998
15,544
15,925
14,656
13,818
15,424
14,260
13,909
14,458
14,152
14,446
14,484
19,687
24,430
51,898
49,659
55,369
61,941
63,547
62,624
62,129
67,165
65,642
64,909
66,317
65,883
66,188
66,845
17,741
22,313
49,085
46,467
51,437
57,357
58,663
57,665
56,838
61,796
59,685
58,943
60,233
59,744
60,151
60,723
3,686
4,460
6,448
5,649
6,448
7,001
7,254
6,636
6,366
7,444
6,217
6,292
6,346
6,059
6,224
6,231
435
491
8,221
405
976
1,814
1,504
2,015
1,180
1,457
1,604
1,446
1,520
1973O
1,723
1,891
9,004
12,557
24,655
28,990
32 ,366
35,281
35,773
34,058
34,30."
37,418
36,298
35,493
36,635
36,140
36,254
36,659
4,616
4,806
9,760
11,423
11,647
13,261
14,132
14,957
14,989
15,476
15,566
15,712
15,732
15,815
15,950
15,942
1,828
1,967
2,566
2,844
3,322
3,745
3,984
4,125
4,127
4,300
4,348
4,387
4,434
4,473
4,503
4,510
346
351
359
353
336
319
319
310
309
300
297
296
297
296
297
297
10,224
12,518
35,002
36,324
40,558
45,594
47,404
47,474
47,808
50,466
50,496
50,033
50,473
50,903
50,872
51,272
4,768
5,890
5,596
10,199
14,988
18,213
19,934
20,537
20,614
21,44:
21,649
21,749
21,949
22,353
22,799
22,974
3,159
4,377
26,999
22,857
21,377
22,549
22,423
21,779
22,011
23,629
23,317
22,696
22,895
22,912
22,426
22,615
2,297
2,250
2,408
3,268
4,193
,832
,047
5,158
5,183
5,395
5 530
5 588
4,848
6,402
10,63:
10,778
11,571
13,281
13,268
12,506
12,149
13,117
12,152
11,749
11,954
11,418
11,756
11,845
15,666
19,466
46,059
47,553
52,689
59,535
61,385
60,745
60,699
64,364
63,419
62,573
63,251
63,118
63,442
63,943
13,762
17,415
43,418
44,443
48,897
55,175
56,740
55,943
55,750
59,360
58,229
57,.356
57,928
57,753
58,156
58,599
598
822
1,223
1,073
1,133
1,301
1,315
lt241
1,178
1,508
1,247
1,218
1,216
1,153
1,206
1,212
154
225
5,465
432
922
1,267
1,216
1,362
1,267
1,271
1,258
1,275
1,234
1,420
1,370
1,472
7,158
10,109
24,235
28,378
31,9736,02
36,520
34,879
34,754
37,794
36,897
35,970
36,542
36,153
36,400
36,677
5,852
6,258
12,494
14,560
14,86.
16,585
17,690
18,460
18,551
18,78'
18,827
18,893
18,936
19,02^
19,180
19,238
1,851
1,982
2,525
2,934
3,532
3,970
4,194
4,372
4,372
4,506
4,569
4,588
4,615
4,651
4,643
4,678
5,966
6,219
6,476
6,519
6,501
6,444
6,389
6,376
6,372
6.326
6;312
6,296
6,285
6,292
6,284
6,275
5,629
5,638
5,647
5,683
»Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.
At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was
added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial
banks.
4
Less than 5 million dollars.
For other footnotes see preceding and opposite pages.
1000
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Class of bank
and date
Total
Loans
U. S.
Government
obligations
AH insured commercial
banks:
1941—Dec. 31
49,290 21 ,259 21,046
121,809 9S
88,912
1945—Dec. 31
1947—Dec. 31 .
114,274 37 ,583 67,941
139,770 63 ,632 62,308
1952—Dec. 31
143,796 67 ,08? 62,381
1953—Dec. 3 1 . .
144,451 66 ,805 62,461
1954—June 30 .
154,115 70
68,012
Dec. 31
National member
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec. 31 . . .
1952—Dec. 31 . . . .
1953—Dec. 3 1 .
1954—j u n e 30
Dec. 31
State m e m b e r
1941—Dec.
1945—Dec.
1947—Dec.
1952—Dec.
1953—Dec.
1954—j u n e
Dec.
banks:
31
31
31 .
31
31
30
31
Insured nonmember
commercial b a n k s :
1941—Dec. 31
..
1945—Dec. 31
1947—Dec. 31
1952—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec.
1952—Dec.
1953—Dec.
1954—j u n e
Dec.
31«
31 .
31
30 .
31 . . . .
All n o n m e m b e r c o m mercial b a n k s :
1941—Dec. 31
1945—Dec 31
1947—Dec. 31 ^
1952—Dec. 31
1953—Dec 31
1954—j u n e 30
Dec. 31
Insured mutual savings
banks:
1941—Dec. 31 .
1945—Dec. 31
1947—Dec. 31 .
1952—Dec. 31
1953—Dec. 31 . . . .
1954— j u n e 30
Dec. 31
Noninsured mutual
savings banks:
1941—Dec. 31
1945—Dec. 31
1947—Dec 31^
1952—Dec. 31
1953—Dec. 31
1954—June 30.
Dec. 31
Deposits
Other
securities
Cash
assets 1
6,984 25,788
7,131 34,292
8,750 36,926
13,831 44,222
14,333 44,398
15,185 41,164
15,976 43,161
Total
assets—
Total
liabiaities
and
capital
accounts 2
76,820
157,544
152,733
186,255
190,638
188,191
200,127
Other
Total 1
Interbank*
u. s. ;
Government
69,411
147,775
141,851
170,971
174,697
172,048
182,886
10 ,654
13 883
12 ,670
14 ,990
,S48
15 ,044
16 , 376
11
12,039
13 ,925 51,250
21 ,428 38,674
36 ,004 35,835
,831 35,482
37 ,fi79 35,759
719 39,392
3,806
4,137
5,178
8,341
8,600
9,051
9,405
14,977
20,114
22,024
26,333
26,479
24,636
25 ,662
15,950
37,871
32,566
39,367
40,509
40,704
43,093
6
8
11
19
19
7,500
27,089
19,240
16,928
17,121
17,353
18,417
2,155
1,933
2,125
3,409
3,457
3,826
4,138
8,145
9,731
10 822
12,922
12,903
12,086
12,414
24,688
48,084
43,879
52,996
54,179
53,593
56,407
22,259
44,730
40 505
48,553
49,510
48,890
51,401
3 739
4 411
993
699
5 ,019
983
,269
621
8 ,166
381
1 ,632
1 ,232
840
1 ,207
3
1,509
10,584
10,039
9,556
9,790
9,362
10,215
1,025
1,063
1,448
2,081
2,278
2,310
2,436
2,668
4,4484,083
4,970
5,020
4,444
5,088
8,708
19,256
20,691
25,451
26,679
26,012
27,911
7,702
18,119
19,340
23,464
24,555
23,819
25,657
129
244
266
373
378
312
393
53
1 ,560
149
345
360
761
1,693
1,280
1,010
1,045
1,047
969
241
200
25:5
312
335
354
339
763
514
576
444
430
405
397
2,283
2,768
2,643
2,348
2,372
2,394
2,250
1,872
2,452
2,251
1 960
2,005
2 020
1,871
329
181
363
329
407
453
433
.3 ,696
3 ,310
5 4,3?
Q ,136
9 ,838
10 147
10 , 378
2,270
12,277
11,318
10,567
10,835
10,409
11,184
1,266
1,262
1,703
2,393
2,613
2,664
2 ,775
3,431
4 962
4,659
5,414
5,450
4,849
5 485
10,992
22,024
23,334
27,799
29,051
28,406
30,161
9 573
20 571
21,591
25 424
26,560
25,838
27,528
457
425
629
702
784
764
825
64?
1,693
10,846 .3 ,081
12,683 3 ,S60
17,621 8 691
19,252 10 ,016
20,121 10 804
20,830 11 ,6S1
629
7,160
8,165
6,593
6,476
6,309
6,117
421
606
958
2,337
2,760
3,008
3,062
151
429
675
732
799
807
832
1,958
11,424
13,499
18,612
20,334
21,237
21,981
1 789
10,363
12 207
16,785
18,383
19,195
19,885
1
2
2
3
3
3,075
3,522
3,813
2,829
2,707
2,708
2 ,630
1,353
641
760
895
941
1,044
1,061
642
180
211
187
184
180
194
9 846
5,596
6,215
6,622
6,796
7,078
7,295
8 744
5,022
5,556
5 836
6 015
6,246
6,474
5,776
14,639
16,444
20,242
21,396
21,288
22,536
1,457
2,211
2,009
1,854
1,891
1,932
1,800
7,233
16,849
18,454
22,096
23,287
23,220
24,337
8,687
5,361
5,957
6,382
6,558
6,838
7,038
992
4 ,9.S8
8 605
9 ,3?8
9 ,615
Q ,886
455
318
474
S31
511
49?
4
1 ,198
1 ,384
9
,910
3 ,086
3 ,346
43,433 39 458 6 786 1 088
90,220 84,939 9 ,229 14 ,013
88,182 82,023 8 ,410
795
107,830 98,974 Q 918
935
109,804 100,654 10 ,1S9 2 ,525
108,611 99 362 O 750 3 325
115,835 105,851 10 ,714
,508
93 969
63 819:
60 8 9 7
66 496
13 874
9 4 168
9 7 068
39
3? 906
3 0 697
3 3 177
4
10
1?
15
16?
63 S
366
006
398
14 392
879
,844
,671
9 ,734
12 ,563
13 ,239
13 ,714
14 ,252
13,426
13 297
13,398
13,422
13,412
13,380
13 303
3 ,640
4 ,644
5 ,409
7 ,042
7 ,391
7 686
fi ,085
5 117
5,017
5,005
4 909
4 -856
246
7 ,945
,055
,719
,925
A ,023
4 ,125
i. 502
1,867
L 918
L 889
L,887
L 886
.871
959
1 ,083
1 ,271
1 804
1 ,925
2 ,007
,044
6,810
6 416
6,478
6,627
6,672
6,662
6 647
253
36S
478
329
279
852
714
409
326
320
325
324
783
624
569
557
536
1 ,288
1 ,362
1 .596
2,129
2,245
2,332
2.368
7,662
7,130
7,261
7,251
7,241
7,219
7,183
8, 3 9 9
9 4 160
9 S , 4*?0
96 9 0 9
4 09 5
7 986
9 069
10
11
11
11
1
1
1
1
1
7 740
8 41Q
8 718
8 947
39?
90118?
ISO
08 S
5 , S04
14 ,101
1.3 7S8
167
16 9 0 6
374
390 16 580
426 1S S49
16 0 6 4
457
12
19
2
2
2
2
3
3.3
45
48
S
1
1
1
1
1
7
2
2
2
1
196
0S4
441
748
.3 .360
s 680
6 5SR
1 ,291
1 90S
18
29
30
30
18
ber
of
b«inks
Time
45, 473 16, 224
53, 541 19, 278
63, 497 99, 694
396
439
Num-
Other
1 ,762 41 298 15, 699
93 ,740 80 976 9 Q , 876
1 ,325 92, 975 34, 882
4 ,912 110, 459 40, 610
4 ,116 111 493 43, 610
5 ,562 105, 847 45, 596
4 ,154
489 46, 874
27,571
69,312
65,280
80,180
81,913
82,482
88,509
,850
,900
, 030
9.31
19 ,s?s
9 0 ,S38
Total
capital
accounts
Demand
386
388
33^
3 613
6 04S
7 036
8 14?
8 806
9 106
9 ?89
1
10
\1
16
18
19
19
789
351
199
75.3
34S
145
831
8 738
5 0?0
5 ,553
S 833
6 01.3
6 ,243
6 ,471
LI
R.3.S
4.789
164
1,034
,252
11,730
1,819
868
L ,920
52
192
194
206
219
219
218
1,077
558
637
749
740
758
774
496
350
339
323
309
309
309
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication, For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
SEPTEMBER 1955
1001
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Class of bank
and
call date
All commercial
banks:2
1947—Dec. 31. . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 3 1 . . .
1955—Apr. 1 1 * . .
Investments
Loans for
Compurchasing
meror
carrying
Total
Other
cial,
securities
loans
inAgriReal
and
to
eludesculinvest- Total i ing
in- Other
tate
loans Total
To
ments
diopen tural brok- T o loans vidmarers othuals
ket
and ers
padealper
ers
116,284
145,687
146,383
155,916
155,170
38,057
67,593
67,337
70,619
72,260
18,167
27,204
26,120
26,867
27,370
1,660
4,965
5,143
5,200
4,720
2,361
2,462
2,929
2,830
830 1,220
1,202
1,256
1,525
1,500
9,393
16,694
17,227
18,418
19,000
5,723
14,461
14,462
14,750
15,280
AH insured commercial b a n k s :
49,290
1941—Dec. 31
1945—Dec. 31'. . '. 121,809
1947—Dec. 3 1 . . . 114,274
1953—Dec. 3 1 . . . 143,796
1954—June 3 0 . . . 144,451
Dec. 31. .. 154,115
21,259
25,765
37,583
67,082
66,805
70,127
9,214
9,461
18,012
27,082
25,976
26,731
1,450
1,314
1,610
4,867
5,057
5,108
3,164 3,606
823 1,190
2,344 1,181
2,439 1,228
2,907 1,501
614
662
4,773
4,677
9,266
16,566
17,101
18,302
2,361
5,654
14,373
14,370
14,676
Member banks,
total:
1941—DeC> 3i
43,521
1945—Dec. 31'. '. '.107,183
1947—Dec. 31. . . 97,846
1953—Dec. 3 1 . . . 122,422
1954—June 30. .. 123,185
Dec. 3 1 . . . 131,602
1955—Apr. 1 1 . . . 130,903
18,021
22,775
32,628
57,762
57,197
60,250
61,737
8,671
8,949
16,962
25,519
24,362
25,007
25,491
1,046
3,263
3,402
3,529
3,025
12,896
26,143
20,393
22,058
22,681
23,880
23,578
4,072
7,334
7,179
12,289
11,619
12,039
12,819
2,807
3,044
5,361
8,218
7,447
7,231
7,433
3i
31...
31...
31...
30...
31...
11...
2,760
5,931
5,088
6,204
5,975
6,518
6,254
1,333
1,801
2,776
2,589
2,784
2,650
954
732
760
Reserve city banks:
1941—Dec. 31 '
1945—Dec. 31'.'.'.
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 3 1 . . .
1955—Apr. 1 1 . . .
15,347
40,108
36,040
46,755
47,056
50,738
50,758
Country banks:
1941—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 3 1 . . .
1955—Apr. 1 1 . . .
All n o n m
ember
banks:2
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 30. ..
Dec. 3 1 . . .
New York City:*
1941—Dec. 31
1945—Dec. 3 l ! ! !
1947—Dec. 3 1 . . .
1953—Dec. 3 1 . . .
1954—June 3 0 . . .
Dec. 31
1955—Apr. 1 1 . . .
Chicago:3
1941—Dec>
1945—Dec.
1947—Dec.
1953—Dec.
1954—June
Dec.
1955—Apr.
U. S. Government obligations
Total
ness
1,063
1,666
1,657
2,000
2,640
78,226
78,094
79,047
85,297
82,910
69,221
63,426
63,508
68,981
65,820
2,193 7,789 6,034 53,191
5,004 10,237 12,439 35,713
4,704 5,572 12,376 40.818
5,065 5,361 14,672 43,861
3,970 4,230 15,590 42,020
45
28,031
96,043
76,691
76,714
77,646
83,988
21,046
88,912
67,941
62,381
62,461
68,012
2,455 19,071 16,045 51,321
2,124 7,552 5,918 52,334
4,895 10,076 12,283 35,093
4,575 5,505 12,223 40,121
4,901 5,279 14,523 43,287
1,181
1,028
1,629
1,623
1,973
598 3,494
25,500 19,539
972
594
3,e 92
855 3,133 3,378 3,455 1,900 1,104 84,408 78,338
811 1,065 7,130 4,662
952 65,218 57,914
8
2,321
2,411
2,881
2,780
1,060
1,106
1,363
1,342
13,020
13,440
14,433
14,949
412
169
545
123
80
111
383
390
467
581
2,453 1,172
126
144
204
127
1,667
1,778
2,041
2,145
267
320
364
432
438
1,418
1,912
1,835
1,847
1,816
6
2
3
158
134
140
142
48
211
73
286
242
345
185
52
233
87
75
74
89
80
22
36
46
70
81
91
111
7,105
8,514
13,449
22,763
22,453
23,986
24,530
3,456
3,661
7,088
10,568
10,010
10,624
10,752
300
205
225
774
953
956
789
114
194
427 1,503
484
170
456
308
468
326
622
407
379
602
1,527
1,459
3,147
5,453
5,639
6,134
6,339
12,518
35,002
36,324
47,404
47,474
50,466
50,313
5,890
5,596
10,199
19,934
20,537
21,442
21,739
1,676
1,484
3,096
4,822
5,071
5,306
5,490
659
648
818
18,454
23,287
23,220
24,337
5,432
9,838
10,147
10,378
11,911
11,840
12,127
12,621
1,518
1,513
1,858
2,502
64,660
65,988
71,352
69,166
52,603
53,111
57,809
54,968
i 54
8,823 7,265
287
298 18,809 17,574
564
330 13,214 11,972
1,294 475 9,769 7,765
1,220 466 11,062 8,695
1,232 644 11,841 9,342
971
5,276 3,729
10,821 3,847
11,930 3,608
12,588 3,729
13,060 4,030
3,159 12,797 4,102 3,651 3,333
22 3,873 3,258
14 5,129 3,621
33 10,587 3,746
38 11,682 3,502
21 12,352 3,624
988
2,275
1,987
4,095
3,915
4.075
2,999
14
34
38
22
10
3,007 11,729 3,832 3 090 2,871
16 3^254 2,815
10 4,199 3,105
31 8,871 3,185
36 9,890 2,987
20 10,449 3,094
12 10,834 3,363
16,985 14,271 44,792
5,816 4,815 45,286
8,287 10,300 29,890
4,417 10,374 34,369
4,307 12,464 36,944
3,204 13,450 35,303
311
1,623 3,652 1,679 '729
477 3,433 3,325 10,337
1
606
640
558 9,771
638
924 1,104 1,130 4,605
1,365
i
711 1,454 5,510
6 1,851
1,014
785
597 1,924 6,026
10 1,977
481
496 1,843 5,386
6 1,990
1,284 1,025 10,758 8,212
96
51
40
149
26
234
96
206
74
223
105
237
138
1,806
4,598
3,287
3,428
3,386
3,734
3,605
1,430
4,213
2,890
2,856
2,825
3,120
2,918
12
8,243
31,594
22,591
23,993
24,603
26,752
26,228
6,467
29,552
20,196
19,559
19,813
21,718
20,899
If*
855
1,969
4,942
4,797
4,912
5,130
404
366
611
629
720
937
2,204
2,170
2,229
1,967
20
42
23
59
66
89
71
183 1,823
1,1 30
6,628 4,377
471 1,881
707
363 29,407 26,999
227 3,827 1,979
229 26,125 22,857
210 7,114 5,441
336 27,470 22,423
345 26,937 21,779
200 7,331 5,618
220 7,742 5,760
388 29,024 23,629
223 7,918 5,970
403 28,574 22,939
1,205 614
1,685 1,702
1,758 1,741
1,859 1,671
20
40
51
49
156
142
150
161
2,266
3,681
3,795
3,993
Obligations
Direct
of
States Other
CertifiGuar- and secucates
an- polit- rities
ical
Bills of in- Notes Bonds teed subdebtdiviedsions
1,061
2,551
2,622
2,623
111
148
144
143
13,021
13,449
13,073
13,959
11,318
10,835
10,409
11,184
1,002
256
133
132
123
113
70
137
1,467
235
450
261
241
172
295
1,034 6,982
373 2,358
1,230 3,357
1,241 1,590
1,326 1,695
894 1,303
110
630
480
153
903
749 1,864
248 2,274
684 1,598
721 1,731
855 1,953
789 1,820
119
182
181
213
400
387
415
450
830
629
604
639
516
523
556
193
204
185
172
174
199
238
751
4,248 1 173 956 820
15,878
916
5 1,126
3 1,342 1,053
15,560
25 3,196 1,238
10,746
26 3,585 1,206
12,773
7 3,782 1,252
13,736
3 3,983 1,346
13,142
481
5,653
1,901
4,201
4,183
4,954
5,558
1,819
1,548
1,893
1,487
'5J02
2,583
3,374
1,855
1,774
1,233
4,544
2,108
4,285
4,017
4,731
5,261
2,926
16,713
17,681
12,940
14,355
15,228
14,955
206
909
790
991
1,973
1,951
1,155
1,054
1,219
2,139
2,002
2,209
7,916
5,834
6,460
6,928
861
9
6
5
4
3
3
1,222
1,342
2,006
3,911
4,067
4,275
4,412
1,028
1,067
1,262
1,136
1,090
1,120
1,223
4 1,078
2 1,951
2 2,042
625
662
621
636
1 2,139
e
Partly estimated. Figures have been rounded to nearest 10 million.
*These figures exclude data for banks in possessions of the United States except for one bank in Alaska that became a member bank on Apr. 15,
1954. During 1941 three mutual sayings banks became members of the Federal Reserve System; these banks are included in ''member banks" but are
not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat b y changes
in Federal
Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the
total and are not entirely comparable with prior figures. Total loans continue to be shown net.
For other footnotes see opposite page.
1002
FEDERAL RESERVE BULLETIN
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
ReBalDeserves
ances mand
Interbank
dewith
Cash with
deposits
doFederal i n
posits
Revault mestic4
adserve
banks justed «
Banks
DoFormestic4 eign
Class of bank
and
call date
Time deposits
U. S.
Certi- IndiGov- States IndiCapia n d viduals, Bortal
U. S. States fied viduals,
ernand
a n d partnerGovment polit- partner- row- a c ern- political offiships, Inter- a n d
ical
ships, ings counts
ment subdi- cers' and cor- bank Postal subdi- and corvisions checks, poraSav- visions poraings
tions
etc. tions
All commercial
2
banks:
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30..
Dec. 31. .
1955—Apr. 11«.
17,796
19,995
18,924
18,734
18,580
2,216
2,512
2,660
2,469
2,790
10,216
12,103
11,033
12,202
10,960
87,123
102,452
98,117
106,540
103,870
11,362
13,444
12,470
13,511
12,020
1,430
1,344
1,328
1,539
1,540
1,343
4,146
5,591
4,172
5,150
6,799
9,546
9,925
9,902
9,420
2,581
2,996
2,789
3,199
2,700
84,987
100,062
94,282
103,466
100,310
All insured commercial banks:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
12,396
15,810
17,796
19,995
18,924
18,734
1,358
1,829
2,145
2,482
2,627
2,444
8,570
11,075
9,736
11,724
10,688
11,854
37,845
74,722
85,751
101,289
96,983
105,471
9,823
12,566
11,236
13,221
12,252
13,392
673
1,248
1,379
1,296
1,287
1,497
1,761
23,740
1,325
4,116
5,562
4,154
3,677
5,098
6,692
9,407
9,776
9,763
1,077
2,585
2,559
2,978
2,765
3,176
158
36,544
70
72,593
54
83,723
99,038 1,031
93,306 1,506
102,543 1,487
Member banks,
total:
1941—Dec. 31. .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—Apr. 11. .
12,396
15,811
17,797
19,997
18,925
18,735
18,575
1,087
1,438
1,672
1,870
2,001
1,843
2,095
6,246
7,117
6,270
7,554
7,062
7,613
6,728
33,754
64,184
73,528
86,127
82,783
89,836
87,567
9,714
12,333
10,978
12,858
11,956
13,015
11,533
1,243
1,375
1,291
1,280
1,493
1,486
1,709
22,179
1,176
3,756
5,165
3,715
4,714
3,066
4,240
5,504
7,530
7,839
7,781
7,345
1,009
2,450
2,401
2,783
2,581
2,964
2,474
New York City:3
1941—Dec. 31
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30..
Dec. 31. .
1955—Apr. 11. .
5,105
4,015
4,639
4,846
4,614
4,398
4,414
93
111
151
129
131
126
163
141
78
70
70
60
67
41
10,761
15,065
16,653
15,901
15,430
16,500
15,797
3,595
3,535
3,236
3,363
3,237
3,336
2,870
607
866
319
237
290
315
404
368
239
1,338
1,105
1,071
1,109
1,223
1,021
1,070
1,287
1,290
1,177
1,093
43
36
30
34
30
29
32
298
200
175
166
154
162
107
2,215
3,153
3,737
4,211
3,844
4,400
3,983
1,027
1,292
1,196
1,339
1,287
1,264
1,124
72
259
410
251
296
233
237
285
272
297
274
227
34
66
63
64
74
80
62
Reserve city banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 31. .
1954—June 30. .
Dec. 31. .
1955—Apr. 11. .
4,060
6,326
7,095
8,084
7,553
7,783
7,639
425
494
562
568
611
558
655
2,590
2,174
2,125
2,463
2,352
2,327
2,079
11,117
22,372
25,714
30,986
29,940
32,694
32,071
4,302
6,307
5,497
6,869
6,220
6,946
6,257
54
491
110 8,221
131
405
219 1,504
202 2,015
259 1,457
274 1,780
Country banks:
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—Apr. 1 1 . .
2,210
4,527
4,993
5,780
5,468
5,377
5,429
526
796
929
9,661
23,595
27,424
35,029
33,569
36,242
35,716
790
1,140
1,230
1,129
1,245
3,216
4,665
3,900
4,855
4,496
5,057
4,502
1,199
1,049
1,288
1,211
1,469
1,282
544
642
658
627
3,947
4,550
3,972
4,590
13,595
16,325
15,334
16,704
385
586
514
496
Chicago;3
1941—Dec. 3i # _
1945—Dec. 3 1 . .
1947—Dec. 3 1 . .
1953—Dec. 3 1 . .
1954—June 30. .
Dec. 31. .
1955—Apr. 11. .
All nonmember
banks: 2
1947—Dec. 31
1953—Dec. 31
1954—June 30
Dec. 31
942
671
33,061
62,950
72,704
85,711
81,034
88,859
86,073
240
1,167
1,699
1,759
1,700
111
338
331
365
360
866
1,944
2,319
2,402
2,450
65
34,383
62
41,714
55
43,334
31
44,441
44,880 1,140
492 15,146
59
496 29,277
103
826 33,946
111
338 1,891 41,381
331 2,264 43,001
365 2,348 44,160
418
399
693
10,059
13,559
14,038
14,576
14,710
10
215
61
54
50
21
6,844
8,671
9,734
13,239
13,714
14,252
4
11,878
23,712 208
54
27,542
43
33,311
38
34,687
15
35,650
36,002 1,038
5,886
7,589
8,464
11,316
11,709
12,210
12,297
1,021
1,497
1,475
1,414
50
99
105
308
300
334
330
1,595
1,912
1,966
2,008
11,282
6
15,712
17
12
17,646
831
17,509
16,601 1,246
17,823 1,196
887 16,811 1,092
10
12
53
51
54
55
29
20
14
139
151
192
167
2,152
3,160
3,853
4,500
4,032
4,622
4,236
9
18
18
20
2
3
4
6
6
9
10
10
10
10
1,144
1,763
2,282
2,880
2,877
2,876
2,687
286 11,127
611 22,281
705 26,003
828 32,065
677 30,503
866 33,677
741 32,850
104
30
22
166
214
239
282
20
38
45
98
97
111
111
2
225
8 5,465
7
432
12 1,216
11 1,362
17 1,271
13 1,085
1,370
2,004
2,647
4,063
4,261
4,263
4,191
239
8,500
435 21,797
528 25,203
820 31,636
720 29,898
795 32,736
785 32,177
30
17
17
15
19
22
21
31
52
45
153
148
163
158
146
219
337
615
759
799
813
6,082
12,224
14,177
16,921
17,553
17,826
17,977
4
11
23
20
26
11
201
1,982
2,525
2,934
4,194
4,372
4,506
4,601
55
52
48
46
1,295
2,016
2,085
2,121
180
213
209
235
190
146
202
284
6
30
30
31
172
350
407
436
6,858
8,426
8,669
8,814
12
19
17
16
1,596
2,245
2,332
2,369
1,105 6,940
267
1,217
778
1,021
1,033 1,378
736
1,177
1,162 1,552
8
20
21
39
34
40
37
127
1,552
167
390
426
457
140
64
50
450
12,284
14,351
13,248
14,608
195
30
23
1
1
323
1,648
2,120
2,259
2,572
2,630
2,803
2,693
117
288
377
426
566
583
600
602
778
1,206
1,418
1,958
2,014
2,146
2,150
476
719
902
1,229
1,253
1,280
1,275
4,542
9,563
11,045
13,203
13,867
14,399
1,018 14,600
243
160
332
830
992
965
1,967
2 2,566
1 2,844
3,984
11 4,124
3 4,300
398 4,400
a
Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the
preceding
table.
3
Central reserve city banks.
* Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commerical banks.
^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
SEPTEMBER
1955
1003
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans1
Total Loans
and
loans investand
ments
Loans
investad- 1
adments justed
justed1
Month or date
U. S. Government obligations
For purchasing
or carrying securities
Commercial,
To brokers
indus- and dealers To others Real Other
trial,
estate loans Total
and
loans
agri- U.S. Other U. S. Other
cul- Govt. se- Govt. setural
obobliga- curi- liga- curitions ties tions ties
CerOther Loans
tifisecu- to
cates
2 rities banks
Bills of in- Notes Bonds
debtedness
TotalLeading Cities
1954—August. .. 83,163 82,586 37,973 20,783
1955—June
July
August...
6,781 7,820 36,321 3,536 3,456 6,689 22,640 8,292
2,343
901
84,421 43,082
84,547 43,798
84,403 44,335
23,110
23,436
23,893
2,719
2,746
2,524
1,178
1,203
1,191
7,794 9,003 32,616
7,933 9,212 32,046
8,062 9,401 31,358
1955—June 1. . 85,278 84,164 42,440
June 8. . 85,006 84,012 42,464
June 15.. 85,859 85,009 43,425
June 22.. 85,555 84,449 43,409
June 29.. 85,379 84,472 43,674
22,636
22,623
23,355
23,433
23,501
2,742
2,702
2,826
2,648
2,678
1,155
1,171
1,182
1,192
1,190
7,719
7,756
7,797
7,828
7,873
8,910 33,026
8,936 32,831
8,988 32,842
9,029 32,303
9,153 32,076
85,415
85,629
85,401
,100
,074
,036
577
994
952 9,154 21,410 8,723
912 8,843 21,217 8,703 1,082
998
746 8,545 21,031 8,710
1,081 1,149 9,306 21,490 8 ,698 1,114
994
1,060 1,091 9,254 21,426 8,717
850
1,255 1,017 9,139 21,431 8,742
1,084
760 9,070 21,389 8,737 1,106
1,019
907
743 9,001 21,313 8,722
1,030
1,085
1,026
1,186
July 6 . .
July 13. .
July 20..
July 2 7 . .
85,125
85,098
86,195
86,100
84,095 43,518 23,326
84,013 43,687 23,465
85,169 43,925 23,429
84,914 44,064 23,526
2,673
2,647
2,856
2,808
1,203
1,199
1,204
1,206
7,893
7,923
7,937
7,978
9,152 31,797 914
729
9,185 31,663 869
709
9,232 32,565 1,318 1,126
9,280 32,161 1,196 1,086
8,903 21,251 8,780
8,870 21,215 8,663
8,860 21,261 8,679
8,739 21,140 8,689
Aug.
Aug.
Aug.
Aug.
Aug.
85,765
85,438
85,132
85,192
85,478
84,878
84,416
84,210
84,098
84,412
2,775
2,558
2,409
2,413
2,467
,190
,197
196
189
1,184
7,993
8,028
8,069
8,100
8,120
9,340 31,975 1,160
9,364 31,634 1,123
9,384 31,261 997
9,428 30,972 916
9,492 30 ,948 985
887
8,806 21,077 8,790
8,645 21,053 8,618 1,022
922
8,495 21,063 8,687
8,408 20,997 8,683 1,094
8,373 20,965 8,768 1,066
3. .
10. .
17. .
24. .
31..
932
813
706
651
625
44,113
44,164
44,262
44,443
44,696
23,550
23,754
23,940
24,050
24,171
1954—August. .. 23,073 22,750 11,208
7,297
705 1,050
345
406 1,583 9,201 1,172
883 1,437 5,709 2,341
323
23,257 22,694 12,696
1955—June
23,165 22,590 12,884
July
August. .. 22,871 22,309 12,998
7,890
7,967
8,257
197 1,875
250 1,835
187 1,698
458
460
446
629 1,853 7,703
653 1,926 7,439
676 1,942 7,025
442
440
324
158 1,860 5,243 2,295
159 1,710 5,130 2 ,267
129 1,632 4,940 2,286
563
575
562
1955—June 1. .
June 8. .
June 15. .
June 22..
June 29. .
New York City
23,231
22,998
23,369
23,460
23,231
22,553
22,425
23,038
22,728
22,727
12,433
12,396
12,922
12,830
12,898
7,624
7,617
8,048
8,074
8,085
237
180
242
149
178
1,8
1,897
,894
,871
,825
451
455
465
457
461
618
621
631
633
643
1,824
1,830
1,848
1,853
1,912
7,827
7,729
7,814
7,607
7,540
423
392
540
425
432
219
171
169
113
118
1,950
1,906
1,853
1,799
1,790
5,235 2,293
5,260 2,300
5,252 2,302
5,270 2,291
5,200 2,289
678
573
331
732
504
July 6 . . 23,030
July 13. . 22,914
July 20. . 23,362
July 2 7 . . 23,354
22,511
22,335
22,816
22,698
12,806
12,803
12,931
12,997
7,959
7,969
7,939
7,999
177
168
294
361
,862
,832
,862
,784
461
461
461
457
649
657
652
655
1,904
1,922
1,930
1,949
7,388
7,277
7,647
7,445
342
324
609
485
114
108
191
225
1,752
1,710
1,704
1,673
5,180 2,317
5, 135 2,255
5,143 2,238
5,062 2,256
519
579
546
656
Aug.
Aug.
Aug.
Aug.
Aug.
22,636
22,343
22,177
22,158
22,231
13,039
12,948
12,940
13,025
13,041
8,083
8,163
8,286
8,355
8,399
327
215
124
111
157
,770
,726
1,685
1,694
1,616
453
446
443
444
442
658
665
682
689
688
1,957
1,940
1,926
1,939
1,948
7,304
7,15.
6,961
6,863
6,844
387
377
289
267
300
200
148
103
95
99
1,679
1,658
1,622
1,612
1,591
5,038 2 ,293
4,970 2,242
4,947 2,276
4,889 2,270
4,854 2,346
515
582
487
622
602
3.
10.
17.
24.
31.
.
.
.
.
.
23,151
22,925
22,664
22,780
22,833
Outside
New York City
1954—August. . . 60,090 59,836 26,765 13,486
588
1955—June
July....
August..
62,158
62,464
62,530
61,727 30,386
61,957 30,914
62,094 31,337
15,220
15,469
15,636
647
661
639
708
731
733
7,165 7,150 24 ,913
7,280 7,286 24,607
7,386 7,459 24,33,
1955—June 1.
June 8.
June 15 '.
June 22.
June 29.
62,047
62,008
62,490
62,095
62,148
61,611
61,587
61,971
61,721
61,745
30,007
30,068
30,503
30,579
30,776
15,012
15,006
15,307
15,359
15,416
619
625
690
628
675
693
702
705
724
717
7,101
7,135
7,166
7,195
7,230
July 6.
July 13.
July 20.
July 27.
62,095
62,184
62,833
62,746
61,584 30,712
61,678 30,884
62,353 30,994
62,216 31,067
15,367
15,496
15,490
15,527
634
647
700
663
729
725
731
738
Aug.
Aug.
Aug.
Aug.
Aug.
62,614 62,242
62,513 62,073
62,468 62,033
62,412 61,940
62,645 62,181
15,467
15,591
15,654
15,695
15,772
678
617
600
608
694
726
738
739
732
731
3.
10.
17.
24.
31.
31,074
31,216
31,322
31,418
31,655
6,375 6,237 27,120 2,364 2,573 5,252 16,931 5,951
254
658
634
712
794 7,294 16,167 6 ,428
753 7,133 16,087 6,436
617 6,913 16,091 6,424
431
507
436
7,086 25 ,199
7,106 25 ,102
7,140 25 ,028
7,176 24,696
7,241 24,536
658
668
715
659
587
930
920
848
647
625
7,356
7,348
7,286
7,271
7,211
16,255 6,405
16,166 6 ,417
16,179 6 ,440
16,119 6 ,446
16,113 6 ,433
436
421
519
374
403
7,244
7,266
7,285
7,323
7,248 24,409
7,263 24,386
7,302 24,918
7,331 24,716
572
545
709
711
615
601
935
861
7,151
7,160
7,156
7,066
16,071 6,463
16,080 6,408
16,118 6,441
16,078 6,433
511
506
480
530
7,33
7,363
7,387
7,411
7,432
7,383 24,671
7,42"
!4 24,481
7,458 24,300
7,489 24,109
7,544 24 ,104
773
746
708
649
685
732
665
603
556
526
7,12
6,98
6,873
6,796
6,782
16,039 6,497
16,083 6,376
16,116 6,411
16,108 6,413
16,111 6,42
372
440
435
472
464
1
Exclusive
2
of loans to banks and after deduction of valuation reserves; individual loan items are shown gross.
Includes guaranteed obligations.
For other footnotes see opposite page.
1004
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE— Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
doRemestic ad- 8
serve
banks iusted
Banks
Month or date
IndividCertiuals, States
and
fied
part- politand
nerical
offiships, subcers'
and
cor- divi- checks,
sions
etc.
porations
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States
and GovU. S. part- politernGov- nerical ment
ern- ships, suband
ment and
Postal DoForcor- divi- Sav- meseign
poratic
tions
Borrowings
CapFrom
ital
Fedaceral
From
counts
Time Reothers
serve
Banks
TotalLeading Cities
1954—August. . . 13,622
918
2,620 54,077 54,775 3,932
13,683
1955—June
13,639
July
August. . . 13,362
948
970
942
2,522 56,678 58,305 4,201 2,110 2,695 19,094
2,527 55,932 58,014 3,887 1,901 3,322 19,102
2,404 55,694 57,148 3,909 1,726 3,199 19,123
2,468
2,408
2,631
2,521
2,582
1,902 3,570 18,411 1,267
,096
,045
,014
7,852
196 11,170
1,323 1,543
215 10,267
211 10,570
209 10,371
1,477 1,411
1,500 1,420
1,431 1,419
401
405
458
729
795
635
8,260
8,287
8,327
688
56,011 57,624
56,374 57,242
57,726 60,835
57,127 58,451
56,156 57,376
4,361
4,162
4,062
4,162
4,258
2,130
1,702
2,530
2,233
1,956
3,148
2,209
2,211
2,681
3,224
19,037
19,070
19,082
19,108
19,173
,113
,122
1,099
1,085
1,059
213
213
215
216
217
10,094
10,354
10,637
10,141
10,108
1,505
1,428
1,448
1,485
1,522
,375
,405
,416
,433
,428
388
216
632
253
514
783
737
523
909
693
8,267
8,262
8,248
8,249
8,272
926 2,582 55,336 57,157
July 6. . 13,406
July 13. . 13,605 1,020 2,599 56 ,113 58,928
951 2,543 55,866 58,050
July 20. . 13,732
981 2,386 56 ,416 57,921
July 2 7 . . 13,812
4,083
3,851
3,729
3,886
1,1
1,810
2,101
1,810
2,832
2,374
4,145
3,937
19,125
19,093
19,108
19,082
1,059
1,053
1,045
1,021
211 10,862
211 10,934
211 10,529
210 9,955
1,500
1,475
1,501
1,524
,425
,419
,404
,433
483
334
433
371
767
839
741
832
8,293
8,288
8,277
8,290
Aug.
Aug.
Aug.
Aug.
Aug.
3,963
3,900
3,853
3,838
3,990
1,757 3,374 19,104 1,018
1,658
,035 19,142
991
1,730
,168 19,110 1,021
1,587 3,162 19,111 1,010
1,901 3,256 19,146 1,032
10,441
10,579
10,638
10,031
10,163
1,471
1,435
1,414
1,416
1,418
,427
,434
,433
,407
,396
802
395
494
275
322
498
698
606
726
647
8,311
8,312
8,319
8,326
8,366
1955—June 1. .
June 8 . .
June 1 5 . .
June 2 2 . .
June 2 9 . .
3. .
10. .
17. .
24. .
31. .
916
13,567
940
13,374
13,998
925
13,896
949
13,582 1,009
2,372
2,397
2,504
2,358
2,390
55,865 56,984
55,645 56,993
55,360 57 ,454
55,669 56,786
55 ,931 57,523
13,647
13,277
13,444
13,131
13,308
912
951
938
960
947
1954—August. . . 4,508
139
15,530 16,297
310
1,064 1,262
1,976
278
3,005
1955—June
July
August. . .
1955—June 1. .
June 8. .
June 1 5 . .
June 22..
June 29..
4,470
4,437
4,220
141
146
135
16,188 17,379
15,749 16,906
15,582 16,646
321
298
253
1,093
910
774
838
1,150
1,060
2,059
1,997
1,981
140
112
104
2,943 1,152 1,107
2,977 1,159 1,119
2,838 1,096 1,111
31
72
70
405
391
346
2,678
2,685
2,701
4,479
4,350
4,583
4,485
4,450
139
144
132
137
154
15,926
16,068
16,576
16,405
15,964
17,209
16,953
18,144
17,518
17,073
307
299
317
311
370
1,143
794
1,354
1,179
994
1,167
741
601
732
951
2,049
2,055
2,064
2,068
2,057
142
146
150
139
123
2,930
2,866
3,037
2,931
2,949
1,168 1,073
1,108 1,102
1,137 1,111
1,148 1,124
1,197 1,124
3
10
94
50
386
365
335
527
414
2,687
2,679
2,678
2,672
2,673
July 6 . .
July 13. .
July 20..
July 27. .
4,321
4,421
4,499
4,505
145
154
137
146
15,610
15,810
15,682
15,893
16,697
17,083
16,920
16,922
319
307
272
292
879
786
1,089
870
698
1,554
1,477
2,019
2,004
1,991
1,975
118
115
114
101
3,056
3,057
2,983
2,813
1,152
1,143
1,156
1,183
1,123
1,123
1,107
1,124
70
50
108
60
461
457
307
340
2,686
2,687
2,686
2,682
Aug.
Aug.
Aug.
Aug.
Aug.
4,467
4,083
4,241
4,066
4,241
133
141
133
136
133
15,715
15,478
15,469
15,554
15,694
16,627
16,465
16,651
16,514
16,975
272
246
241
223
283
815
710
722
684
938
1,251
1,085
999
96J
999
1,972
1,980
1,972
1,971
2,009
108
108
106
102
100
2,812
2,843
2,896
2,794
2,844
1,135
1,094
1,076
1,086
1,091
1,123
1,126
1,123
1,097
1,085
329
6
5
4
5
276
402
359
341
350
2,700
2,700
2,699
2,692
2,713
838
211
210
209
211
207
New York City
3. .
10. .
17. .
24. .
31. .
1,056 1,270
2,611
426
Outside
New York City
1954—August. . . 9,114
779
1955—June
9,213
9,202
July
August. . . 9,142
807
824
807
1955—June 1. .
June 8. .
June 1 5 . .
June 2 2 . .
June 2 9 . .
9,088
9,024
9,415
9,411
9,132
777
796
793
812
855
2,421
2,370
2,589
2,472
2,524
July 6. . 9,085
July 13. . 9,184
July 20. . 9,233
July 2 7 . . 9,307
9,180
9,194
9,203
9,065
9,067
Aug.
Aug.
Aug.
Aug.
Aug.
3.
10.
17.
24.
31.
.
.
.
.
.
2,308 16,435
989
143
8,165
267
273
475 40,490 40,926
469 40,183 41,108
353 40,112 40,502
3,880 1,017 1,857 17,035
991 2,172 17,105
3,589
952 2,139 17,142
3,656
956
933
910
159
154
152
7,324
7,593
7,533
325
341
335
304
301
308
370
333
388
324
404
289
5,582
5,602
5,626
40,085 40,415
40,306 40 ,289
41,150 42 ,691
40,722 40 ,933
40,192 40,303
4,054
987 1,981 16,988
3,863
908 1,468 17,015
3,745 1,176 1,610 17,018
3,851 1,054 1,949 17,040
3,888
"962 2,273 17,116
971
976
949
946
936
158
158
159
159
159
7,164
7,488
7,600
7,210
7,159
337
320
311
337
325
302
303
305
309
304
385
206
538
253
464
397
372
188
382
279
5,580
5,583
5,570
5,577
5,599
781
866
814
835
2,519 39,726 40 ,460
2,546
303 41,845
2,476 40,184 41 ,130
523 40 ,999
2,336
3,764 1,006 1,962 17,106
3,544 1,024 1,676 17,089
3,457 1,012 2,591 17,117
3,594
922 2,460 17,107
941
938
931
920
154
154
154
153
7,806
7,877
7,546
7,142
348
332
345
341
302
296
297
309
413
284
325
311
306
382
434
492
5,607
5,601
5,591
5,608
779
810
805
824
814
2, 319 40,150 40,357
2, 345 40,167 40,528
2,454 39,891 40,803
2,31640,115 40,272
2,333 40,237 40,548
3,691
942 2,123 17,132
3,654
948 1,950 17,162
3,612 1,008 2,169 17,138
3,615
903 2,197 17,140
3,707
963 2,257 17,137
910
883
915
908
932
154
153
153
154
150
7,319
336
341
338
330
327
304
308
310
310
311
473
389
489
271
317
222
296
247
385
297
5,611
5,612
5,620
5,634
5,653
2,583 38,547 38,478 3,622
262
5,241
* Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis
beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Figures for total leading cities for full year 1954 are shown on pp. 212-213 of the
BULLETIN for February 1955 except for the December 29 revisions in commercial, industrial and agricultural loans, other loans, and loans to banks.
For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692
and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227.
SEPTEMBER
1955
1005
CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS
BY INDUSTRY *
[Net declines, (—). In millions of dollars]
Business of borrower
Manufacturing and mining
Period*
Metals
and
Petrometal
leum,
Food, Textiles, products
coal,
liquor, apparel,
(incl.
Other
and
chemical,
and
and
tobacco leather machinery and rubber
trans,
equip.)
Trade
(wholesale
and
retail)
1953—Jan.-June...
July-Dec
-657
537
156
-107
420
-326
-45
138
90
—49
1954—Jan.-June...
July-Dec
-505
498
55
-26
-577
-548
-10
88
-1
-62
215
-7
-41
120
1955—Jan.-June...
Public
utilities
(incl.
transportation)
Comm'l
ind'l
All
and
Net
other
Conagr'l
changes
types
strucchange—
classiof
tion
total
fied
business
Commodity
dealers
Sales
finance
companies
-644
392
-91
-137
12
91
18
-23
-11
101
-536
610
-363
539
-175
32
126
-225
71
82
106
132
-1,314
630
-1,496
539
-805
795
-540
220
177
313
153
146
-461
589
384
134
143
1,257
1,078
Monthly:
1955—June
July
August
-29
-65
60
40
28
78
70
-46
33
36
18
20
44
29
17
43
30
31
-61
66
29
239
-37
274
243
2
41
64
36
2
52
65
120
739
125
705
860
25
645
Week ending:
June 1 . . . .
June 8
June 15. . . .
June 22
June 2 9 . . . .
-10
-19
16
-14
-3
7
4
20
-5
-21
49
9
3
3
45
-9
6
-1
8
44
-2
-5
-17
-14
-12
-14
-5
39
-3
183
17
2
25
9
-30
8
98
5
-11
173
36
9
13
10
23
17
1
-12
13
6
11
34
12
-12
645
54
40
-5
-13
732
78
68
July 6
July 1 3 . . . .
July 2 0 . . . .
July 2 7 . . . .
-21
-20
—6
-17
8
8
1
11
-44
10
-8
—4
14
9
—7
1
-2
20
7
4
9
13
8
4
21
27
14
-36
6
-24
17
-31
20
-15
28
—7
18
16
8
15
30
-5
25
-101
131
-175
139
-36
97
4
9
2
26
19
33
14
20
10
1
11
-17
29
-3
12
8
6
-17
10
15
7
8
7
5
16
11
9
-10
-4
8
7
7
12
90
69
47
11
58
5
20
28
12
-23
21
39
18
22
20
170
171
164
101
99
Aug.
Aug.
Aug.
Aug.
Aug.
3
10
17
24
31
-6
-11
13
-1
1
95
24
204
186
110
121
1
Sample includes about 210 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of
total 2commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks.
Figures for other than weekly periods are based on weekly changes during period.
NOTE.—Monthly and weekly data for the full year 1954 are shown on p. 214 of the BULLETIN for February 1955, except for Dec. 29 revision
shown on p. 524 of the BULLETIN for April 1955.
COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial and finance
paper outstanding
End of month
Total
Held by
Total
Placed
outPlaced direct- standing
through1
ly
dealers (finance
paper) 2
1949—December..
1950—December.
1951—December
1952—December
1953—December
837
920
1,331
1,745
1,966
270
345
449
552
564
567
575
882
1,193
1,402
272
394
490
492
574
1954—juiy
August
September
October
November
December
2,208
2,228
2,192
2,048
2,032
1,924
747
794
803
762
769
733
1,461
1,434
1,389
1,286
1,263
1,191
589
563
609
687
768
873
1955—January
February
March
2,064
2,187
2,191
2,171
2,335
2,303
2,411
713
703
681
623
572
572
593
1L,510
11,548
1.351
L,484
869
831
807
767
686
655
650
May
July.
L.763
1,731
1,818
Accepting banks
Total
128
192
197
183
172
205
198
259
271
313
289
282
242
236
206
192
182
184
Based on
F. R.
Banks
Goods stored in or
ImExshipped between
ports
ports Dollar
points in
into
from
exUnited United change
States States
United Foreign
States countries
Own Bills Own Forbills bought acct. eign
corr.
133
180
272
289
378
184
245
235
232
274
49
87
133
125
154
2
23
39
29
30
28
55
64
75
9
32
44
32
43
5
6
14
19
19
376
360
344
402
437
565
225
205
207
207
248
285
136
134
139
148
164
182
92
75
85
72
42
17
91
101
130
205
247
300
46
23
28
29
28
26
26
23
564
561
538
517
453
431
433
273
235
227
229
207
216
223
187
178
182
189
188
189
186
17
41
56
68
53
40
41
303
283
248
190
150
125
108
90
58
114
119
126
117
70
78
79
57
55
11
21
164
155
178
217
241
203
41
43
81
55
71
86
9
206
182
187
164
143
138
144
77
61
49
42
49
44
40
21
20
24
'"4*
17
14
16
10
47
48
55
66
89
93
93
92
88
85
92
*As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market.
2
As reported by finance companies that place their paper directly with investors.
Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427.
1006
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS
UNITED STATES LIFE INSURANCE COMPANIES
[In millions of dollars]
Government securities
Total
assets
Date
Total
End of year:*
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952.
1953
1954
Business securities
United State and
States
locali Foreign 2
Total
Bonds
Mortgages
Real
estate
Policy
loans
Other
assets
2,156
,840
,693
,830
,704
,738
,808
2,124
2,160
2,245
2,591
2,872
3,088
3,302
3,523
Stocks
,802
,731
,931
,766
,054
,797
,191
,743
,512
,630
,020
,278
,375
,533
,486
8,359
9,478
11,851
14,994
18,752
22,545
23,575
22,003
19,085
17,813
16,066
13,667
12,774
12,405
12,100
5,857
6,796
9,295
12,537
16,531
20,583
21,629
20,021
16,746
15,290
13,459
11,009
10,252
9,829
9,070
2,387
2,286
2,045
1,773
1,429
1,047
936
945
1,190
1,393
1,547
1,736
1,767
1,990
2,549
115
396
511
684
792
915
1,010
1,037
1,140
1,130
1,060
922
755
586
481
9,178
10,174
10,315
10,494
10,715
11,059
13,024
16,144
20,322
23,179
25,403
28,204
31,646
34,570
37,462
8,624
9,573
9,707
9,842
9,959
10,060
11,775
14,754
18,894
21,461
23,300
25,983
29,200
31,997
34,194
554
601
608
652
756
999
1,249
1,390
1,428
1,718
2,103
2,221
2,446
2,573
3,268
5,958
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
25,976
2,060
1,878
1,663
1,352
1,063
857
735
860
1,055
1,445
1,631
1,903
2,020
2,298
3,091
2,919
2,683
2,373
2,134
1,962
1,894
1,937
2,057
2,240
2,413
2,590
2,713
2,914
3,127
End of month: 5
1952—December
1953—December
73,034
78,201
12,683
12,322
10,195
9,767
1,733
1,968
755
587
31,404
34,395
29,226
32,056
2,178
2,339
21,245
23,275
1,868
1,994
2,699
2,894
3,135
3,321
1954—June
July
August
September
October
November
December
80,981
81,510
81,965
82,362
82,850
83,338
84,052
12,294
12,222
12,197
12,094
12,013
11,992
12,037
9,343
9,189
9,171
9,086
9,024
8,936
9,021
2,363
2,456
2,471
2,485
2,509
2,575
2,533
588
577
555
523
480
481
483
35,683
35,943
36,094
36,326
36,579
36,663
36,843
33,150
33,369
33,494
33,717
33,979
34,040
34,147
2,533
2,574
2,600
2,609
2,600
2,623
2,696
24,384
24,572
24,795
25,035
25,260
25,574
25,927
2,129
2,147
2,177
2,205
2,241
2,260
2,275
3,023
3,045
3,066
3,049
3,061
3,075
3,087
3,468
3,581
3,636
3,653
3,696
3,774
3,883
1955—January
February
March
April
May
June
84,912
85,324
85,627
86,061
86,515
86,967
12,348
12,323
12,153
12,167
12,099
12,086
9,233
9,242
9,091
9,105
9,058
9,046
2,643
2,664
2,649
2,643
2,632
2,629
472
417
413
419
409
411
37,061
37,130
37,384
37,524
37,693
37,830
34,305
34,367
34,611
34,733
34,906
35,001
2,756
2,763
2,773
2,791
26,223
26,474
26,727
26,949
27,217
27,483
2,310
2,344
2,367
2,381
2,407
2,420
3,127
3,144
3,159
3,177
3,190
3,207
3,843
3,909
3,837
3,863
3,909
3,941
;
2,787
2,829
1,247
1
Includes United States and foreign.
2
Central government only.
3
Includes
International Bank for Reconstruction and
4
These represent annual statement asset values, with
5
Development.
bonds carried on an amortized basis and stocks at end-of-year market value.
These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values
are not made on each item separately, but are included in total in "Other assets."
Source.—-Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of- month figures, The Tally of Life Insurance
Statistics and Life Insurance News Data.
ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES
[In millions of dollars]
Assets
Assets
End of
year
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953.
1954P
Total i
Mortgages2
U. S.
Government
obligations
Cash
5,733
6,049
6,150
6,604
7,458
8,747
10,202
11,687
13,028
14,622
16,846
19,164
22,585
26,638
31,680
4,125
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
11,616
13,622
15,520
18,336
21,882
26,142
71
107
318
853
1,671
2,420
2,009
1,740
1,455
1,462
1,489
1,606
1,791
1,923
2,026
307
344
410
465
413
450
536
560
663
880
951
1,082
1,306
1,500
1,958
Other 3
940
775
612
493
391
356
381
416
501
566
692
866
1,072
1,258
1,481
Savings
capital
4,322
4,682
4,941
5,494
6,305
7,365
8,548
9,753
10,964
12,471
13,978
16,073
19,143
22,778
27,259
Savings
capital
Total i
Mortgages2
U. S.
Government
obligations
Cash
Other 3
1952—3
21,295
4 . . . . 22,585
23,442
1953—1
2
24,724
3. . . . 25,582
4
26,638
17,696
18,336
1,765
1,791
1,044
1,306
708
1,072
18,198
19,143
19,051
20,099
21,116
21,882
1,926
1,997
1,982
1,923
1,259
1,333
1,196
1,500
1,128
1,218
1,212
1,258
20,072
21,140
21,735
22,778
1954—1P. . . 27,667
2P...
29,105
3P. . . 30,168
4 P . . . 31,680
22,722
23,847
25,053
26,142
1,928
1,961
1,972
2,026
1,613
1,782
1,671
1,958
1,330
1,442
1,400
1,481
23,901
25,163
25,895
27,259
33 ,006
34,946
27,313
28,988
2,207
2,287
1,911
1,948
1,514
1,652
28,398
29,839
End of
quarter
1955—1P.. .
2P...
p1 Preliminary.
Includes gross mortgages with no deduction for mortgage pledged shares.
2
Net of mortgage pledged shares.
3
Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building
and fixtures.
Source.—Federal Savings and Loan Insurance Corporation.
SEPTEMBER
1955
1007
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
SELECTED ASSETS A N D LIABILITIES, BY CORPORATION OR AGENCY *
[Based on compilation by United States Treasury Department. In millions of dollars]
2nd of quarter
End of year
Asset or liability, and agency
1946
1947
1948
1951
1950
1949
2
Loans, by purpose and agency:
2,884
To aid agriculture, total
Banks for cooperatives
Federal intermediate credit banks
Federal Farm Mortgage Corporation
Farmers Home Administration3
Rural Electrification Administration
Commodity Credit Corporation.
Other agencies
To aid home owners, total
Federal National Mortgage Assn.
Reconstruction Finance Corporation 4 5
Veterans Administration.. ..
Other agencies^
To railroads, total
Reconstruction Finance Corporation 5
Other agencies
To other industry, total
Department of the Treasury .
Other agencies
?00
976
336
1 61?
305
496
100
558
734
80
525
999
980
1 903
6
7
5
659
556
768
6
4
199
636
10
486
61
65
6
171
153
18
147
145
3
192
.
To financing institutions, total
Federal home loan banks
Other agencies
Foreign, total
Export-Import Bank. . . . ;
U. S. Treasury Department8 .
Foreign Operations Administration
All other purposes, total
Public Housing Administration * °. .
Other agencies
Less: Reserve for losses
Total loans receivable (net)
Investments:
U. S. Government securities, total
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal land banks2
Federal home loan banks
Federal Savings and Loan Insurance Corp
Federal Housing Administration
Reconstruction Finance Corporation ^
Federal Deposit Insurance Corporation
Other agencies
Investment in international institutions
Other securities, total
Production credit corporations....
Department of the Treasury
Other agencies
..
Commodities, supplies, and materials, total
Commodity Credit Corporation
Reconstruction Finance Cornoration ^
Department of the Treasury
Other agencies
Land, structures, and equipment,
total
Public Housing Administration10
Tennessee Valley Authority 2
U. S JVIaritime Commission
Federal Maritime Board and Maritime Adm.2
Other agencies. * °
Bonds, notes, and debentures payable (not
guaranteed), total
Banks for cooperatives
. . .
Federal intermediate
2 credit banks
Federal land banks
Federal home loan banks
232
273
986
149
590
528
120
369
177
437
6, 811
377
590
6 389
309
774
6 527
343
754
6 929
367
638
60
523
1 301
1 729
45
535
1 543
808
34
,5,30
747
1 ,
787
75
506
1 070
1 476
18
648
2 096
3 076
16
754
2 164
2 368
15
754
2 200
2 457
13
701
2 226
2 981
7
6
6
5
4
4
1 5?8 P., 14?, 2 603
1
1 ,850 2 74?
2 930
2 462
2 814
2 301
2 818
2 392
2 907
2 461
3 013
2 538
367
59
12
383
63
408
67
12
11
12
12
11
413
420
426
179
45
349
64
353
67
353
73
678
691
870
704
675
689
868
3
2
2
702
2
9
1 251
828
231
168
10
137
123
169
115
246
108
300
60
104
348
62
70
11
2
12
10
2
415
22
24
35
138
140
3
114
112
3
110
462
110
108
2
458
101
99
2
488
8?
80
2
516
509
457
294
400
58
415
74
314
14
293
447
7
436
5?5
6
515
8?4
g
816
814
g
806
7
4
4
445
g
433
4
2,284
1,249
5 671
1 078
246
3 450
113
7 466
474
673
423
38
714
34O
978
96
1
5 070
272
38
3
3
•
4 , 161
475
633
16?
309
241
31
623
239
278
1955
1 884
345
510
4
151
41
235
800
1954
1953
1952
174
40
58
864
952
7)
7)
12
774
2 253
3 357
4
4
(7)
952
864
191
340
725
8 043 7 965 7 968 8 001 7 968
? 406 2 833 2 762 2 788 2 806 2 768
42
52
58
3 667 3 620 3 618 3 618 3 570 3 570
91 515 1 537 1 544 1 563 1 624 1 630
7 736
6 10? 6 000 6 078
9 145
9 996
9 187
101
206
154
3 750 3 750 3 750
6 110
7 706
64
3 750
511
59
770
61
600
1 005
763
451
438
451
57
535
471
50
010
144
113
109
126
171
245
195
307
325
119
332
•
584
190
484
88
297
?Q4
100
99
,366
105
39
259
173
140
368
185
228
255
203
276
478
395
476
6,649 9 714 11 692 12 733 13 228 14, 422 17 826 19 883 18 489 18 603 19 348 19 782
1,873
43
47
70
136
145
172
17
122
48
f 685
48
48
79
854
43
44
66
43
74
39
139
184
12
132
274
199
12
144
275
214
g
188
9
047
075
43
2 602 2 911 2 988 2 967 3 187
43
43
52
43
43
43
51
43
43
46
49
43
63
45
50
42
58
42
61
42
60
42
199
940
103
700
311
708
387
217
672
228
687
222
641
228
234
944
785
1
316
319
257
324
327
344
78
66
11
1
44
36
8
60
771
1,045 1 020 1 ,064 1 205 1 307 1 353 1 ,437 1 ,526 1 ,609 1 ,610 1 ,624 1 ,692
1
1
2
1
1
1
1
1
1
9
28
29
385
3
385
,385
3
3
385
3
385
3
318 3 385 3 ,385 3 385 3 385 3 385 3 ,385
230
159
46
24
154
108
35
11
133
98
29
6
107
83
22
2
88
71
16
1
40
35
I.
c
1
54
50
4
1
48
47
44
4
3
3
38
3
43
627 1 ,549 1 ,774 1 461 1 ,280 2 ,514 3 ,369 3 ,709
078 7 ,086 2 ,80? 3 ,059
437 1 ,376 1 6,38 1 174
156
108
129
91
172
157
142
95
28
159
32
131
30
476
{• 272
556
16,924 12 ,600 3 ,060 2 ,962 2 ,945 3 ,358 3 ,213 8 ,062 8 ,077 8 ,061
873
204 1 ,448 1 352 1 948 1
128
1 17,3 1 018
227
161
175
605
594
199
2 861
35
630
611
886 1 ,048 1 ,251 1 ,475 1 ,630 1 ,685
754
727
793
830
3 301 3 305
7 764 6 507
4 834 4 870 4 ,78?
465
634 121 ,466
561
180
590
906
2,044 1 ,703
168
1,265
463
667
134
1,252
'33
293
756
169
822
448
235
138
689
69
358
70
480
77?
78
400
969
415
704
42
2
3 ,852 3 ,612
3 ,302 2 ,983
65
80
564
470
8 ,046 7 ,982
96
80
1 ,739 1 ,781
4 ,798 4 ,749
1 ,412 1 ,372
674
1 ,18?
150
619
971
170
736
76?
1 ,068
156
640
1 ,561
170
1 .330
181
704
1 ,072
110
570
560
5?5
44,5
414
115
179
272
139
570
1 .190 1 J
'131
139
713
For footnotes see following page.
1008
FEDERAL RESERVE BULLETIN
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Co»**
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
InvestComments
modities,
supplies, U. S.
Other
and
Govt.
mate- secu- securities
rials
rities
Bonds, notes,
and debenLand,
tures payable
struc- Other
Other
tures,
liabilasand
Guarities
equip- sets
anteed
ment
Other
by
U.S.
Cash
Loans
receivable
21,718
23,733
24,635
26,744
29,945
38,937
630
441
642
931
944
1,190
11,692
627
12 733 1,549
13,228 1,774
14,422 1,461
17,826 1,280
19,883 2,514
1,854
2,047
2,075
2,226
2,421
2,602
3,518
3,492
3,473
3,463
3,429
3,425
337
3,060
509
2 962
499
2,945
882
3,358
832
3 213
8,062 1,261
38
28
23
43
53
75
1954—June 30
Sfept 30
Dec. 31
39,602
40,443
41,403
1,232 18,489 3,369
1,324 18,603 3,709
1,371 19,348 3,852
2,911
2,988
2,967
3,439
3,433
3,432
8,077 2,085
8,061 2,325
8 046 2,387
1955—Mar. 31
41,996
1,375 19,782
3,187
3,429
7 982 2,629
43
60
42
3
Total
All agencies:
1948—Dec.
1949—D ec .
1950—Dec.
1951—Dec.
1952—Dec.
1953—Dec.
31
31
31
31 2
31 2
312
. . .
3,612
Classification by agency,
Mar. 31, 1955
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Production credit corporations
Federal Farm Mortgage Corp "
Department of Agriculture:
Rural Electrification Administration
Commodity Credit Corporation . .
Farmers Home Administration
Federal Crop Insurance Corp.
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp..
Public Housing Administration10
Federal Housing Administration
Federal National Mortgage Association .
Office of the Administrator
2,393
6,992
770
20
35 2,250
23 3,265 2,983
75
667
18
1,513
242
332
565
2,650
921
33
702
1
22
118
33
50
92 2,540
88
198
Small Business Administration
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
Federal Maritime Board and Maritime Adm.
Panama Canal Company
Veterans Administration
Department of the Treasury
Foreign Operations Administration.
All other
31
2,809
1,709
1,996
5,380
469
576
8,794
1,647
899
1
29
2 2,789
3
(7)
176
255
31
134
409
175 3,935
7 1,630
127
117
1
411
819
46
15
27
26
336
725
(7)
12
1
2
771
234
(7)
(7)
28
45
13
3
65
475
108
571
27
1
(7)
6
8
112
137
18
39
80
1
(7)
596
344
(7)
(7)
1
151
(7)
1
Y,692
(7)
3,423
(7)
(7)
(7)
1,781
4,749
421
3
137
63
(7)
17
15
11
331
4
28
1,059
10
117
1,663
1,720
1,193
1,161
1,728
3,818
Privately
owned
interest
18,886
21,030
21,995
23,842
26,456
33,429
166
183
234
329
378
434
81
971
28 1,072
33 1,068
4,033 34,030
2,357 36,488
4 , 1 8 3 35,610
486
498
508
31
4,013 35,848
543
5
7
(7)
(7)
965
772
1,190
1,369
1 330
1,182
U. S.
Government
interest
1,561
1
8
139
713
(7)
(7)
(7)
242
98
45
14
28
1 2,392
2,294 4,698
13
757
15
4
139
31
570
-3
862
232
10
308
24
360
175
27 2,052
914
8
(7)
112
142
47
184
12
7
28
6
48
31
2,697
1,567
1,949
5,197
457
569
8,766
1,641
851
515
(7)
Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i.e., after reserve for
2
Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following
agencies after repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June
1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to
the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952
and of the Federal Maritime Board and Maritime Administration beginning June 1953.
3
Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration^
4
Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included with "Other agencies" in 1946.
5The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) terminated the RFC's lending authority effective Sept. 28, 1953. Its lending
activities under the Federal Civil Defense Act of 1950 and the Defense Production Act of 1950 were transferred to the Treasury on that date.
When the Corporation went out of existence on June 30, 1954, certain loans, securities, and other assets were transferred to the Federal National
Mortgage Association, the Small Business Administration, and the Export-Import Bank, and the Treasury assumed responsibility for completing
liquidation of other activities.
6
Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during
1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947.
7
8
Less than $500,000.
Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information
not shown in Treasury compilation.
^Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance
sheet for June 30, 1952; figure not published in Treasury compilation, but derived by Federal Reserve.
I
° Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on
the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. Effective July 1, 1954, the public war
housing program of the PHA (represented largely by "Land, structures, and equipment") and several small housing programs managed by the
Office of the Administrator, Housing and Home Finance Agency, were designated to be liquidated by the Office of the Administrator.
II
Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in
earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10.
12See footnote 10.
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 1955
1009
SECURITY MARKETS
i
Bond prices
Stock prices
Common
U. S. Govt.
(long-term)
Mu- CorpoPrenicipal rate
(high-4 (high- ferred5
4
New grade) grade)
Tose. ries 3
tal
Year, month,
or week
Old
series 2
Number of issues..
1952 average
1953 average
1954 average
1954—Aug
Sept
Oct
Nov..
Dec
1955—j an
Feb.
Mar
Apr
May
June
July
Aug
Week ending:
Aug. 6 . . . .
Aug. 13
Aug. 2 0 . . . .
Aug. 27
Sept. 3
Standard and Poor's series
(index, 1935-39—100)
1
14
Industrial
Railroad
Volume
of
trad-8
ing
(in
Manufacturing
Trade,
thoufisands
Trans- Public nance, Min- of
Non- porta- utiland
ing shares)
du- tion
To- Duservraity
ratal
ice
ble ble
Securitieis and Exchange Commission series
(index, 1939—100)
Public Toutil- tal
ity
480
420
20
40
265
170
98
72
21
29
31
14
97 27
129 3 115.8 169.7 188
93.90 101.46 119.7 112.1 164.0 189
99.51 109.60 125.8 117.2 174.5 227
204
169
118
195
220
189
249
221
118
206
276
3-7
15
17
204
250
170
180
122
136
193
230
261
264
271
282
187
182
187
197
142
141
139
141
219
233
122
136
301
309
313
324
237
236
240
259
141
140
138
141
243
247
249
260
240
267
263
268
269
278
220
271
193
245
245
295
237
240
244
254
280
286
291
305
257
260
267
284
207
236
1,404
1,419
2,270
100.28
99 92
99.69
99 27
98.97
111.50
110.68
110.59
109 88
109.91
128.4
127 2
126.9
127 4
126.6
117.8
117.6
117.5
117 4
117.0
174.7
175.8
178.1
178.9
178.3
236
239
244
252
265
297
218
144
268
323
298
345
285
144
268
310
97.88
96.97
97 08
96.31
96 53
96.37
94.96
94.51
108.43
103.51
103 63
103.43
103 66
103.75
102.73
101.57
125.4
125.0
124 4
124.9
125 1
123.9
121.4
120.5
116.7
115.7
115.4
115.3
114 7
114.5
114.3
113.2
175.7
175.0
174.6
176.0
175 6
175.8
176.7
174.3
269
302
145
271
232
238
252
251
259
256
250
150
150
152
152
153
156
156
281
280
287
289
303
319
315
326
307
344
288
340
337
347
350
370
395
390
320
318
327
324
344
366
368
358
354
365
372
393
421
410
300
305
320
326
337
334
324
145
278
278
286
285
301
315
311
312
311
322
320
341
360
354
222
150
151
152
154
154
157
156
270
276
275
277
280
294
304
302
3,555
315 3,201
315 2,907
311 2,689
303 2,163
314 '2,643
317 2,423
311 1,818
94.10
94.69
94.77
94.57
94.46
101.40
101.68
101.66
101.56
101.61
120.7
120.7
120.7
120.2
120.2
113.8
113.3
113.2
113.0
113.0
176.3
175.4
174.6
173.2
171.9
314
306
307
312
316
357
348
350
356
360
253
244
248
254
253
158
156
156
155
155
316
314
312
319
323
390
389
385
396
402
369
364
363
375
380
409
411
405
415
422
324
321
322
327
327
158
156
156
155
156
301
302
301
306
309
312
311
308
314
314
2,588
1,963
2,103
3,196
3,475
314
2,109
1,735
1,455
1,959
1,812
"Corrected.
1
Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly
and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and
common
stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).
2
Fully taxable, marketable 2)4 per cent bonds first callable after 12 years. Prior to Apr. 1, 1952, only bonds due or first callable after 15
years were included.
3The
$yi per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1955.
4
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
6
Standard and
Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual
6
dividend.
Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day.
Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
STOCK MARKET CREDIT
[In millions of dollars]
Customer credit
Excluding U. S. Government securities
End of month or
last Wednesday
of month
Total
Bank loans to
Net debit
others for purbalances
chasing or carryexcluding
ing securities
balances
except U. S.
secured by U. S.
Government2
Government1
obligations
obligations
Broker and dealer credit
Bank loans
to others
Money
Net debit
Money
for
borrowed
balances
borrowed
purchasing
except on
secured
on
or carrying
U.S.
by U. S.
U. S.
U.S.
Government1 Government1
Government1
obligations Government2 obligations
obligations
obligations
Customers*
net free
credit
balances 1
1951—December
1952—December
1953—December
1,826
1,980
2,445
1,253
1,332
L.665
573
648
780
40
33
31
118
149
88
659
877
1,074
36
30
88
822
727
713
1954—July
August
September
October
November
December
2,734
2,830
2,953
3,050
3,203
3,436
1,893
L.967
2,048
2,095
2,202
2,388
841
863
905
955
1,001
1,048
33
31
34
36
40
41
34
34
36
38
31
65
1,099
1,125
1,225
1,295
1,353
1,529
70
69
66
69
63
69
877
910
924
924
972
1,019
1955—January
February
March
April
May
June
July
3,537
3,643
3,732
3,785
3,787
'3,871
3,911
2,517
2,590
2,652
2,704
2,684
2,711
1,734
1,020
1,053
1,080
1,081
1,103
1,160
1,177
42
63
49
48
47
46
45
35
39
33
27
28
31
29
1,620
1,666
1,861
1,988
2,047
2,020
2,003
77
113
78
74
72
73
77
1,069
1,063
1,022
973
928
K>17
918
'•Revised.
iLedger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers'
debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and
balances of the reporting firm and of general partners of the reporting firm. Balances are net for each customer—i. e., all accounts of one customer
are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges.
Data2 are as of the end of the month, except money borrowed, which is as of the last Wednesday of the month beginning June 1955.
Data, except as noted below, are for all weekly reporting member banks, which account for about 70 per cent of all loans to others for purchasing or carrying securities. Figures are for the last Wednesday of the month. Some loans for purchasing or carrying U. S. Government
securities may be included in column 3 after 1952; loans for that purpose are shown separately in column 5 for all weekly reporting member banks
in 1951 and 1952 and for New York and Chicago banks thereafter.
1010
FEDERAL RESERVE BULLETIN
MONEY MARKET RATES
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months1
Finance
company
paper
placed
directly,
3- to 6-1
months
U. S. Government
securities (taxable)
Prime
bankers'
accept- 3-month bills
9-to 12- 3- to 5ances,
month2 year 3
90
Rate issues
days 1 Market on
issues
new
yield
issues
1952 average. . . .
1953 average. . . .
1954 average....
2.33
2.52
1.58
2.16
2.33
1.41
1.75
1.87
1.35
1.72
1.90
.94
1.766
1.931
.953
1.81
2.07
.92
2.13
2.56
1.82
1954—Aug
Sept
Oct
Nov
Dec
1.33
1.31
1.31
1.31
1.31
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
.92
1.01
.98
.93
1.14
.892
1.007
.987
.948
1.174
.64
.89
1.03
.94
1.10
1.74
1.80
1.85
1.90
1.94
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
1.47
1.68
1.69
1.90
2.00
2.00
2.11
2.33
1.37
1.50
1.50
1.73
1.88
1.82
1.87
2.02
1.33
1.38
1.38
1.43
1.50
1.50
1.50
1.67
1.23
1.17
1.28
1.59
1.45
1.41
1.60
1.90
1.257
1.177
1.335
1.620
1.491
1.432
1.622
1,876
1.36
1.41
1.49
1.71
1.72
1.71
1.88
2.12
2.11
2.18
2.30
2.39
2.40
2.42
2.54
2.73
Week ending:
Aug. 6 . . .
Aug. 1 3 . . .
Aug. 20...
Aug. 27...
Sept. 3 . . .
2.29
2.31
2.31
2.35
2.48
1.98
2.00
2.00
2.00
2.20
1.53
1.63
1.68
1.75
1.85
1.88
1.87
1.84
1.90
2.08
1,850
1,889
1,888
1,875
2,088
2.12
2.12
2.07
2.11
2.22
2.75
2.70
2.69
2.72
2.80
x
Data are averages of daily prevailing rates.
2
Series includes certificates of indebtedness and
3
selected note and bond issues.
Series includes selected note and bond issues.
Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp.
448-459, and BULLETIN for May 1945, pp. 483-490, October 1947, pp. 12511253, and February 1955, p. 215.
BANK RATES ON BUSINESS LOANS
AVERAGE RATES ON SHORT-TERM LOANS IN
SELECTED CITIES
[Per cent per annum]
Size of loan (thous. of dol.)
All
loans
Area and period
Annual averages:
19 cities:
1948
1949
1950 .
. . .
1951
1952
1953
1954
Quarterly:
19 cities:
1954—Sept
Dec
1955—Mar
June
New York City:
1954—Sept
Dec
1955—Mar
June
7 Northern and Eastern cities:
1954—Sept
Dec
1955—Mar
June
11 Southern and
Western cities:
1954—Sept
Dec
1955—Mar
June
110
10100
100200
200
and over
2.5
2.7
2.7
3.1
3.5
3.7
3.6
4.4
4.6
4.5
4.7
4.9
5.0
5.0
3.5
3.7
3.6
4.0
4.2
4.4
4.3
2.8
3.0
3.0
3.4
3.7
3.9
3.9
2.2
2.4
2.4
2.9
3.3
3.5
3.4
3.56
3.55
3.54
3.56
4.99
4.92
4.93
4.92
4.32
4.29
4.29
4.29
3.82
3.84
3.83
3.83
3.32
3.31
3.30
3.33
3.29
3.30
3.29
3.30
4.81
4.66
4.68
4.73
4.21
4.15
4.14
4.18
3.54
3.64
3.65
3.62
3.13
3.15
3.14
3.15
3.57
3.55
3.55
3.55
5.07
4.99
5.02
4.97
4.34
4.31
4.32
4.29
3.94
3.89
3.84
3.78
3.36
3.33
3.35
3.37
3.95
3.90
3.87
3.95
5.03
5.01
5.00
4.98
4.39
4.36
4.35
4.34
3.91
3.93
3.92
4.01
3.68
3.60
3.54
3.67
NOTE.—For description of series see BULLETIN for March
1949, pp. 228-237.
BOND AND STOCK YIELDS 1
[Per cent per annum]
Bonds
Industrial stocks
State and local government
Year, month,
or week
U. S. Govt.
(long-term)
Old
New
Corporate 6
General obligations 4
By selected
ratings
Total
Revenue
bonds 5
By selected
ratings
•p
„
Baa
5
Industrial
Railroad
Public
Preutility ferred 7
Commons
Common 9
Number of issues..
3-7
1
20
10
120
30
30
40
40
40
14
125
125
1952 average......
1953 average
1954 average
2.68
2.93
2.53
"3". 16*
2.70
2.22
2.82
2.46
1.80
2.31
2.04
2.70
3.41
3.09
2.45
3.02
2.81
3.19
3.43
3.16
2.96
3.20
2.90
3.52
3.74
3.51
3.00
3.30
3.09
3.36
3.55
3.25
3.20
3.45
3.15
4.13
4.27
4.02
5.55
5.51
4.70
9.49
10.14
8.75
1954—August
September..
October....
November..
December. .
2.48
2.51
2.52
2.55
2.57
2.60
2.64
2.65
2.68
2.68
2.31
2.34
2.37
2.34
2.40
1.90
1.93
1.97
1.95
2.01
2.94
2.98
3.00
2.96
2.99
2.75
2.80
2.77
2.76
2.76
3.14
3.13
3.13
3.13
3.13
2.87
2.89
2.87
2.89
2.90
3.49
3.47
3.46
3.45
3.45
3.07
3.07
3.06
3.06
3.07
3.21
3.22
3.23
3.22
3.23
3.12
3.13
3.11
3.10
3.10
4.01
3.98
3.93
3 92
3.93
4.66
4.31
4.43
4.29
4.09
1955—January....
February...
March
April
May
June...
July
August. . . .
2.65
2.76
2.72
2.92
2.71
2.92
2 77
2 92
2.75 > 2.91
2.76
2.91
2.87
2.96
2.91
3.02
2.48
2.49
2.49
2 50
2.48
2.49
2.62
2.69
2.09
2.10
2.09
2.08
2.06
2.09
2.23
2.33
3.04
3.05
3.07
3.08
3.07
3.08
3.17
3.22
2.77
2.79
2.80
2.79
2.77
2.80
2.86
2.92
3.15
3.18
3.20
3.21
3.23
3.23
3.24
3.29
2.93
2.99
3.02
3 01
3.04
3.05
3.06
3.11
3.45
3.47
3.48
3.49
3.50
3.51
3.52
3.56
3.08
3.12
3.14
3.14
3.17
3.18
3.18
3.25
3.25
3.28
3.31
3 30
3.32
3.31
3 32
3.36
3.12
3.15
3.17
3 17
3 19
3.21
3 22
3.26
3 98
4.00
4.01
3 98
3 99
3.98
3 96
4.01
4 10
4.14
4.18
4 03
4.05
3.71
3 63
3.76
Week ending:
Aug. 6
Aug. 1 3 . . . .
Aug. 2 0 . . . .
Aug. 2 7 . . . .
Sept. 3
2 94
2.89
2.89
2.91
2.91
2 67
2.69
2.70
2.71
2.71
2.29
2.34
2.34
2.34
2.34
3.21
3.21
3.22
3.23
3.23
2.90
2.90
2.93
2.95
2.95
3.27
,3.28
3.29
3.30
3.31
3 09
3.10
3.12
3.12
3.13
3.55
3.56
3.57
3.58
3.58
3.22
3.23
3.26
3.26
3.27
3 34
3.36
3.36
3.37
3.38
3 23
3.24
3.26
3.28
3.29
3 96
3.99
4.01
4.01
4.07
3 81
3.81
3.89
3.78
3.74
3 03
3.02
3.01
3.02
3.02
5
By
groups
Earnings/
price
ratio
Total
Aoo
Aaa
Dividends/
price ratio
7.42
8.15
8.25
8.17
1
Monthly and weekly yields are averages of daily figures for U. S. Government and corporate bonds. Yields of State and local government
general obligations are based on Thursday figures; of revenue bonds, on Friday figures; and of preferred stocks, on Wednesday figures. Figures
for common
stocks are as of the end of the period, except for annual averages.
2
Fully taxable, marketable 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.
3The 3M per cent bonds of 1978-83 and, beginning Feb. 1, 1955, the 3 per cent bond of February 1995.
5
*Moody's Investors Service. The total includes bonds rated Aa and A, data for which are not shown separately.
Dow-Jones and Co.
GMoody's Investors Service. Because of a limited number of suitable issues, the number of bonds in some of groups has varied somewhat.
The 7total includes bonds rated Aa and A, data for which are not shown separately.
Standard and Poor's Corporation. Ratio
is based on 9 median yields in a sample of noncallable issues, 12 industrial and 2 public utility.
8
9
Moody's Investors Service.
Computed by Federal Reserve from data published by Moody's Investors Service.
SEPTEMBER 1955
1011
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of monthly statements of United States Treasury]
Summary
Increase or
Excess of receipts
or expenditures
Budget receipts and
expenditures
Account of Treasurer of the United
States (end of period)
QcCxCctbc \ ^^j
during period
Deposits in
Period
Sales and
Trust redemptions
Clearand
in
market
ing
other
of Govt.
acacagency
count
counts obligations
Net
receipts
Expenditures
Surplus
or
deficit
(-)
52,979
64,840
63,841
61,171
Fiscal yr.—1952... 61,391
19531.. 64,825
1954... 64,655
1955... 60,303
Semiannual totals:
1952—July-Dec. 26,893
1953—Jan.-June.1 37,703
July-Dec 25,757
1954—Jan.-June. 38,899
July-Dec. 22,272
1955—Jan.-June. 38,031
Monthly:
1954—-Aug.
3,911
Sept....
4,951
Oct
2,639
Nov....... 4,201
Dec
3,742
1 9 5 5 — j a n # m##
4,655
Feb
5,427
9,741
Mar...
Apr
3,732
Mi ay
4,438
June . . . . 10,038
July
2 ,765
Aug
n.a.
56,337
70,682
72,997
64,854
65,408
74,274
67,772
64,494
-3,358
-5,842
-9,157
-3,683
759
49
82
812
56
-90
19
-73
-106
-319
-209
-4,017
-9,449
-3,117
-4,192
219
460
332
-72
-25
-4
881
-401
—250
-303
36,186
37,801
34,484
33,288
31,566
32,928
-9,293
121
341
-8,728
5,611
-9,294
5,102
-317
Cal. yr.—1951
1952
1953 1
1954 .. .
6,731
5,019
4,857
3,842
6,288
4,942
4,831
5,894
5,228
5,356
6,677
5,382
n.a.
-612
-98
46
-71
99
648
164
-103
30
851
-775
387
-2,820
-83
163
-23
33
—26
511
-37
73
29
36
238
27
-283
-288
-68
—2,218
358
126
358
-2,546
—287
—179
596
26
—80
3,846
— 1,496
-919
3,361
—2,617
n.a.
—193
-79
-269
-261
n.a.
n.a.
-34
257
-64
-248
-246
-57
23
234
—222
21
104
-209
425
-186
354
36
309
-384
104
237
n.a.
Gross
direct
public
debt
F. R. Banks
( )ther
General
fund
balance
Balance
2,711
7,973
7,777
3,582
62
1, 770
1 488
603
4 , 295
6 , 064
4 , 577
5 , 180
321
389
346
563
146
176
131
111
2,693
4,368
3,358
3,461
1,134
1,132
3,883
6,966
5,189
3,115
-388
2 299
2, 096
6,
4,
6,
6,
969
670
766
216
333
132
875
380
355
210
274
343
5,106
3,071
4,836
4,365
1,175
L,256
8,286
-1,320
9,097
-3,909
7,490
-4,376
- 1 , 394
-94
2 , 190
— 1,587
1 , 036
6 , 064
4 , 670
4 , 577
6 , 766
5 , 180
6 , 216
389
132
346
875
563
380
176
210
131
274
111
343
4,368
3,071
3,358
4,836
3,461
4,365
L.132
1,256
5 , 457
5 , 145
6 , 663
7 , 304
5 , 180
4 , 728
5 , 411
5 , 151
6 , 401
5 , 880
6 , 216
6 , 811
5 , 753
511
704
736
694
563
360
564
724
814
649
380
624
393
101
170
175
137
111
320
196
149
362
153
343
179
143
4,078
3,469
4,936
5,584
3,461
2,907
3,561
3,203
4,023
4,054
4,365
4,972
4,188
-551
-904
3,971
—145
3,942
101
— 103
—311
-257
—4,134
2,601
824
-3,098
3,210
725
1 , 233
-313
1, 518
641
—2, 124
-451
682
—260
—522
1 , 91 SO
336
595
- 1 , 058
Special
deposAvail- Inessprocitaries
of
able
funds collection
net
assets
742
1,045
781
L ,127
742
781
1,045
•1,127
767
801
816
889
1,045
,142
1,089
1,074
,201
,023
L ,127
L ,036
L,028
Budget expenditures
National security
Period
Total
Total2
Cal. yr.—1951
1952
1953
19541
56,337
70,682
72,997
64,854
Fiscal yr.—1952....
19531...
1954....
1955....
Semiannual totals:
1952—July-Dec.
1953—Jan.-June..
July-Dec.i.
1954—Jan.-June..
July-Dec..
1955—Jan.-June..
Monthly:
1954—'July
Aug..
Sept
Oct.
Nov
Dec
1955—j an>
Feb
Mar.
Apr. . .
May
65,408
74,274
67,772
64,494
i.
•'
June.
July
36,186
37,801
34,484
33,288
31,566
32,928
4,827
6,731
5,019
4,857
3,842
6,288
4,942
4,831
5,894
5,228
5,356
6,677
5,382
InterSocial
Vetnat'l. Inter- erans
seDe- Mutual
est Admin- curity
affairs
mili- Atomic and
fense
on
proistratary
Dept.,
debt tion 4 grams
fipro- energy nance 3
miligram
tary
33,044 29,432 1, 594
47,936 42,078 3 , 052
49,363 42,953 3 , 784
42,820 36,807 3 , 249
1, 278
1, 813
1, 889
1 , 937
3,524
2,574
2,082
1,265
5,983
6,065
6,357
6,567
5,088
4,433
4,156
4,206
1
1
1
1
463
508
630
653
292
956
629
895
1, 648
1, 791
1, 895
1, 856
2,839
2,184
1,553
6
1,175
5,859
6,504
6,382
6,389
4,748
4,249
4,176
4,376
1
1
1
1
424
532
640
669
24,491 21,426 1, 699
25,596 22,134 2 , 113
23,750 20,819 1, 671
22,773 19,517 1, 958
20,047 17,290 1, 292
605
20,650 18,440
876
926
945
950
987
869
1,107
1,113
2,966
3,542
2,816
3,567
3,000
3,389
2,164
2,086
2,070
2,106
2,100
2,277
802
791
806
834
819
850
174
169
160
170
156
158
158
151
153
134
126
147
138
81
94
152
73
89
192
171
148
6
213
332
541
346
368
333
333
320
341
372
401
373
364
386
379
378
397
357
139
118
137
171
131
123
181
119
119
153
133
145
159
42,867
50,276
46,522
HO, 989
3,061
3,370
3,261
3,300
3,316
3,739
3,176
3,048
5
3,759
3,382
3,346
3,939
2,863
38,077
43,611
40,336
35,73*0
2,493
2,913
2,843
2,908
2,853
3,280
3,092
2,705
3,261
3,020
3,017
3,345
2,547
2,
3,
3,
5
1,
334
228
210
187
181
152
-113
163
63
122
99
271
92
968
585
680
787
109
'78
184
97
48
1,200
222
396
478
355
443
1,495
592
Agriculture
1,010
I f 564
3 , . 238
3,437
I , - 219
3 , L34
2,841
4,689
HousTransing
Post
fers
and Public office
to
C)ther
home works deftrust
fiicit
acnance
counts
694 1,438
646 1,573
- 1 5 9 1,685
- 3 9 3 1,526
684
775
525
241
507
510
154
182
2,901
3,098
3,966
3,350
614 1,515
385 1,660
- 6 1 5 1,519
127 1,472
740
659
312
366
567
462
164
157
3,015
3,229
3,277
3,086
916
740
900
619
907
565
355
305
220
92
149
216
426
31
118
46
137
20
1 ,650
1 ,462
1 ,774
1 ,502
1 ,847
1 ,239
148
2
23
72
16
31
43
32
85
56
4
1
9
1
65
7
3
1
5
3
1
341
468
344
309
279
212
234
272
288
269
—60
294
175
412
885
2 , L78
424
-42
1,237
1,604
1,833
2,856
-176
-439
270
2,039
L44
70
-1,034
244
381
269
690
781
390
345
346
46
81
49
156
—39 * 137
-5
158
6
164
96
142
149
—61
35
101
36
89
— 17
85
26
99
34
108
—33
84
28
151
n.a.
Not available.
1
Beginning new reporting basis, described in Treasury Bulletin, April 1954, p. A2.
2
Includes stockpiling and, beginning with March 1955 and fiscal year 1955, direct forces support (formerly included with "International
affairs and finance"), not shown separately.
3 Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, other
.nonmilitary
foreign aid programs, and State Department.
4
Excludes transfers to trust accounts, which are shown separately.
6
Monthly figures do not add to total because figures for reclassified items are not available for July-February.
FEDERAL RESERVE BULLETIN
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued
[On basis of monthly statements of United State* Treasury, unless otherwise noted.
In millions of dollars]
Budget receipts
Deduct
Income and profits taxes
Individual
Period
Estate
Corporation 1
and
gift
taxes 1
Excise1
taxes
801
849
923
8,591
9,566
10,288
9,136
?3S
266
?69
833
8,893
9,934
10,014
9,194
?59
4?
?34
Withheld
Other 1
Cal. yr.—1951
1952 .
1953
19543
16, 037
20 045
2 2 , 605
10,311
11,834
11,279
10,477
16,565
22,140
19,045
19,915
Fiscal yr.—1952
19533
1954
1955
Semiannual totals:
1952—July-Dec.
1953—Jan.-June..
July-Dec. 3.
18, S?1
11,359
11,417
10,747
10,407
21,467
21,595
21,523
18,265
2 826
8,481
2,593
8,154
2,323
8,084
7,821
13,773
5,375
16,148
3,767
14,498
390
502
516
5,048
4,931
5,405
4,609
4,527
4,666
252
532
77
300
64
20, 787
21 351
2 1 , 635
21, ?4?
9 S^S
1 1 , 347
11, 078
10, 558
1954—Jan.-Tune..
July-Dec.
10, ?30
11, 013
1 ,035
1955—Jan.-June..
Monthly:
1954—July
2 , 578
93
1, 422
1, 077
September.
October. . .
November.
December
1955—January...
? , 759
1 359
884
? 916
1, 7?1
967
March
April
1,429
199
1,104
361
78
272
1,181
2,239
881
745
2,190
602
? QQ1
1, 534
884
June .
July
290
355
274
6,812
478
377
1,428
6,201
277
547
UnemployTotal
ment
Other
budget
insur- receipts 2 receipts
ance
taxes
960
891
945
936
405
540
420
72
65
61
82
62
67
151
77
94
64
79
58,941
71,788
71,524
70.217
3,355
3,814
3,918
5,121
2,364
2,478
2,882
3.104
67,999
72,649
73,173
69,368
3,569
4,086
4,537
5,040
40
?4S
40
239
1,388
1,137
1,255
1,627
1,305
1,800
29,546
42,910
28,195
44,978
25,239
44,129
1,891
2,195
1,722
2,815
2,305
2,734
713
4
299
217
766
16
3,148
4,801
5,280
2,887
4,905
4,217
4,833
5,954
11,089
4,941
6,119
11,193
3,089
285
?77
?8S
?79
767
785
166
164
187
1
4
16
f4)
31
167
?0
4
15
781
715
649
709
841
717
843
907
796
272
216
483
321
191
171
333
301
290
?
2
Cal. yr.—1951
1952
1953
1954
Fiscal yr.—1952
1953
1954
1955
Setniannual totals.
1952—July-Dec...
1953—Jan.-June..
July-Dec...
1954—Jan.-June..
July-Dec...
1955—Jan.-June..
Monthly:
1954—j u iy
Sept...
Oct
Nov.. .
Dec.. .
1955—j a n
Feb.. .
Mar
Apr.
May
J une
July
Liquor
Tobacco
2, 549
2, 781
2, 783
2, 726
2,790
3,054
3,262
3,131
2,824
3,355
3,127
3,165
5,027
4,919
4,795
4,722
4,527
4,674
482
299
521
262
445
281
845
810
804
777
766
804
1,573
l-,78<i
1,476
1,651
1.48C
1,688
713
226
123
38
765
766
207
250
141
137
692
3
719
654
707
844
718
844
908
209
155
181
246
209
224
267
n .a.
108
131
119
139
122
143
150
786
778
n.a.
?,
2,
?,
?
460
727
819
707
273
280
134
124
n.a.
42
69<:
10
2/
67C
99
754
123
n.a.
2,098
2,451
3,137
3,322
52 979
64 840
63 841
61,171
738
2,302
3,118
3,377
3,426
61
64
64
60
604
620
603
600
451
26 893
2,700 37 703
395 25,757
2 982 38 899
339
22 272
3,087 38,031
311
311
321
282
322
278
743
391
825
655
303
20
85
76
70
274
188
47
21
8
39
554
329
113
255
562
316
785
703
198
94
64
17
64
46
19
80
53
15
56
82
48
208
741
874
817
399
110
2 827
3 911
4,951
2 639
4 201
3 742
4 655
5,427
9 741
3 732
4,438
10 038
2 ,765
Social security,
retirement, and
insurance accounts
Other accounts®
Totals
Manufacturers'
and retailers'
excise
1.446
,662
,614
,543
,565
,655
,580
1 ,571
8,682
9 558
9,714
9,248
8,971
9,946
9,517
9,201
509
683
628
Trust and other accounts
Excise and miscellaneous taxes
Total
Net
Refunds budget
receipts
Railroad
of
Old-age retire- receipts
trust
ment
fund
account
2,337
2,639
2,570
2,932
Internal revenue collections
(on basis of Internal Revenue Service reports)
Period
Appropriations to:
Receipts
Other
1
?,
?
1
r
987
115
0?0
867
759
49
82
2, 032
2, 151
2, 027
1, 735
3812
219
3460
332
-612
1, 127
1, 025
995
l 031
835
900
121
341
3-317
648
164
-775
3?8
—276
— 135
377
337
-322
391
340
-269
360
378
-277
368
n.a.
387
—283
—288
358
126
— 179
26
-80
-193
-79
—269
-26 I
Investments
7 906
8 315
8 123
9 191
3
3
?
1
8
8
8
9
210
529
708
096
3
3
1
1
4
4
3
5
4
4
073
458
655
052
143
953
1 495
1 564
823
864
389
—98
281
f 200
414
334
956
850
227
569
729
489
1 298
1 641
692
155
504
387
177
361
059
687
222
i
i
909
-82
-148
111
249
-334
-126
39
-358
644
1 044
252
Expenditures
4 ,507
4 ,942
<i ,811
7 ,717
Invest-7
ments
271
329
153
405
Others
786
508
310
919
4 ,885
5 ,257
6 ,846
,100
275
242
367
312
530
489
524
-74
2 ,456
2 .802
3 ,003
3 ,843
3 ,874
4 ,226
105
385
-109
633
282
-356
648
106
136
37
331
74
238
7
606
682
30
34
104
—63
657
704
697
733
700
705
686
671
—58
200
47
58
-55
-62
50
640
641
6
56
-133
32
-124
210
124
164
75
21
—395
—91
— 130
-164
r
n.a.
Not available.
Revised.
1
Corporation and estate and gift taxes are from Internal Revenue Service reports prior to July 1953.
Excise taxes and nonwithheld individual
taxes for that period are obtained by subtracting I R S data from appropriate Treasury daily statement totals.
2
Excludes
employment
and
carriers
taxes,
which
are
appropriated
directly
to
trust
accounts.
3
5
Beginning new reporting basis. See footnote 1 on preceding page.
* Less than $500,000.
Excess of receipts, or expenditures (—).
6
Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of Government sponsored corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments.
Investments of wholly owned Government corporations are included as specified in footnote 7, but their operating transactions are included in
Budget
expenditures.
7
Consists of net investments in public debt securities of Government owned and of Government sponsored corporations and agencies and
of other trust funds.
SEPTEMBER
1955
1013
TREASURY CASH INCOME, OUTGO, AND BORROWING
DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC
[On basis of monthly and daily statements of United States Treasury and Treasury Bulletin. In millions of dollars]
Cash withdrawals, other than debt
Cash deposits, other than debt
Plus:
Less:
Period
Plus:
Less: Plus: Equals: Budget Plus:
Trust
Net
exTrust Intra- Other Cash
Intra- AccruBudget acct.
pendi- and
deGovt. adals to
rec'ts. rec'ts. trans.1 just- 2 posits
tures other Govt.1 public*
accts. trans.
ments
Exch. Clear- Trans, Other
Stabi- ing
outadlizaside justac- Treas.
2
tion4 count
6 ments
Fund
acct.
Excess
of deEquals: posits
or
Cash
withwithdrawdrawals
als
(-)
Cal. yr.—1951
1952
1953
1954«
52,979
64,840
63,841
61,171
8,582
8,707
8,596
9,571
2,221 n.a.
2,150 n.a.
1,989 n.a.
-65
2,086
59,338
71,396
70,440
68,595
56,337
70,682
72,997
64,854
4,397
4,825
5,974
7,182
2,221
2,150
1,989
2,086
567
734
575
565
-26
38
-82
-188
Fiscal yr.—1952
1953«...
1954
1955
Semiannual totals:
1952—July-Dec...
1953—Jan.-June. .
July-Dec. 6.
1954—Jan.-June..
July-Dec...
1955—Jan.-June..
Monthly:
1954—Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb
Mar
61,391
64,825
64,655
60,303
8,807 2,104
8,929 2,194 -215
101
9,155 2,097
9,538 *>2,009 P-61
68,093
71,345
71,815
67,769
65,408
74,274
67,772
64,494
4,952 2,104
5,169 2,194
6,769 2,097
8,616 P2.009
710
694
509
488
401 - 1 7 0
9
67,786
307
250 —155 - 2 1 5 76,407 - 5 , 0 6 2
-28
303 - 2 7 4
-109
-159
118 71,974
p — -300
-156 -257
69,899 - 2 , 1 3 0
26,893
37,703
25,757
38,899
22,272
38,031
4,248 1,039 n.a.
4,683 1,144 n.a.
849
376
3,953
5,203 1,248 —242
838
177
4,368
5,170 Pl,170 P - 2 4 1
30,104
41,241
29,199
42,615
25,980
41,790
36,186
37,801
34,484
33,288
31,566
32,928
2,527 1,039
2,642 1,144
3,405
849
3,364 1,248
3,817
838
4,798 Pl.170
396
298
277
234
331
157
16
-44
-38
-71
-117
-39
3,911
4,951
2,639
4,201
3,742
4,655
5,427
9,741
3,732
4,438
10,038
2,765
n.a.
1,224
457
370
994
890
268
600
778
528
1,320
1,677
745
n.a.
38
57
50
45
71
51
-18
4
31
39
51
68
31
16
111
-112
—21
- 6 -104
-9
209
25 - 4 2 5
186
" - 8 -354
-36
-36
—6 - 3 0 9
384
11 - 1 0 4
- 4 6 -237
n.a
May
June
July
Aug
49
289 5,375
-28
100
5,280
74 -318
2,617
58 - 1 4
5,122
421 4,626
427
42 -582
4,299
332 6,306
53
488 10,943
64
78 -532
3,651
59 -152
5,547
J>205 11,045
P874
n .a.
2,994
n a.
6,333
6,731
526
5,019
788
4,857
800
3,842
469
6,288
573
4,942
581
4,831
653
5,894
761
5,228 1,134
5,356
817
6,677
852
5,382
887
n a.
49
100
74
58
427
42
53
64
78
59
P874
n.a.
n.a.
106
n. a.
319
n. a.
209
n. a.
34 - 2 7 4
-35
64
n. a.
248
n. a.
246
-71
374
57 - 2 0 2 - 2 2 3
-23
-94
188
V- -395
-234
-28
407
- 8 -145
- 7 -320
-1
-33
-11
449
- 2 4 -582
-40
434
-63
479
_ 584
182
P\ 67
n. a.
n. a.
58,034
1,304
72,980 - 1 , 5 8 3
76,529 - 6 , 0 9 0
-301
68,896
37,357 - 7 , 2 5 4
2,038
39,203
37,244 - 8 , 0 4 5
7,886
34,730
34,167 - 8 , 1 8 7
6,057
35,732
7,788
5,364
5,096
4,374
6,401
5,009
5,481
6,932
5,355
6,278
6,677
5,352
7,256
-2,412
-84
-2,478
748
-1,775
-710
825
4.010
-1,704
-731
4,368
-2,358
-923
x
n.a. Not available.
*> Preliminary.
Represents principally (1) interest payments between Treasury and Government agencies and
trust 2funds, (2) transfers shown as Budget expenditures, and (3) payroll deductions for Federal employees retirement funds.
Represents
principally
adjustment
for
differences
in reporting bases as between the monthly and daily Treasury statements.
3
Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are
treated
as noncash expenditures at the time of issuance and cash expenditures at the time of redemption.
4
Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3).
6
To
exclude net transactions not cleared through Treasurer's account in securities by Government agencies, adjusted in table below.
8
Beginning new reporting basis. See Treasury Bulletin for April 1954, p. A2. Cash withdrawals on the old daily statement basis are not
comparable to the new reporting basis, because data were not available for adjustments described in footnotes 2 and 5.
DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC
Period
Cal. yr.—1951
1952 . .
1953
19547.....
Fiscal yr.—1952
19537....
1954
1955
Semiannual totals:
1952—July-Dec, . .
1953 —Jan.-June...
July-Dec7..
1954—Jan.-June...
July-Dec. . .
1955—Jan.-June...
Monthly:
1954—Aug
Sept
Oct
Nov.
Dec
1955—j a n
Feb
Mar
Apr.
May
July
Aug
Increase,
or decrease
( - ) , in
gross
direct
public
debt
Plus:
Cash issuance of
securities of
Federal agencies
Guaranteed
Less: Noncash
debt transactions
Nonguaranteed
Adjustment
for
trans.
outside
Treas.1
acct.
2
Net inv. Accruals to public
in Fed.
Int.
on
Payts.
sec. by
sav.
in
Govt.
bonds
form
agen.
and
of
and tr.
Treas.
Fed.
funds
bills
sec.
Details of net cash borrowing fro m or
Equals: repayment (—) of borrowing to the
Net
cash
borrow- Direct
Postal
ing, or mktable. Savings
Sav.
Savrepay t.
and
bonds
Sys. Others
ings
( - ) , of
conv.
(issue
special
notes
borrow- issues 4 price)
issues
ing
1,999 — 1 ,191 - 1 ,099
- 4 0 6 -1,784
5,778
248
«4,829 e-344
—175 - 1 , 4 6 9
3,071
1
,
2
09
-717
1,639
«5,294 «-94 —2,164
-381
2,530
628
-10 -3,168
4,288
2,711
7,973
7,777
3,582
3,883
6,966
5 189
3,115
18
12
22
n.a.
n.a.
n.a.
-266
-170
-155
-257
P238
3,418
3,833
2,540
1,582
3,636
3,301
2,054
1,534
718
770
591
-125
-42
16
7
29
-37
37
—102
—3
-31
-88
-32
-33
918
176
-79
3
94
147
-1,242
3,353
4,601
906
-695
2,763
2,255
1,579
8,286
-1,320
9,097
-3,909
7,490
-4,376
8
-2
24
6
-47
10
37
-69
76
— 109
78
841
n.a.
n.a.
-71
-183
-83
P-154
1,601
1,700
860
1,194
387
1,147
409
308
283
241
336
161
-29
34
30
64
112
35
6,351
-3,433
7,952
-5,694
6,600
-5,021
7,322
«—2,028
6,837
-4,307
7,378
-3,090
3,971
—145
3,942
6
-90
161
-28
32
-25
521
-40
67
24
31
237
29
90
-125
311
39
58
51
45
-17
-48
3,645
-229
3,996
-107
-349
3,680
-105
4,129
101
—103
—311
-257
-4,134
2,601
824
-3,098
3,210
725
1
5
1
(8)
—10
3
6
5
5
1
-3
2
n.a.
-9
—20
17
-24
62
-72
-52
-30
P38
n.a.
n.a.
-142
167
191
-134
-79
97
-413
582
1,094
119
n.a.
577
779
719
524
497
72
51
-17
5
31
39
51
69
31
-74
66
111
5
9
-26
-1
7
35
5
(8)
-11
45
•<
259
-143
-4,270
2,955
209
-4,031
2,953
-135
-50
-198
-211
-241
-4,291
3,144
1,778
-3,270
3,306
2*234
-121
-829
«18 - 1 , 3 3 5
-362 1,583
-19
-955
-156
-514
147 - 2 , 6 5 4
33
-44
-12
12
-9
51
169
94
-88
-32
-48
-39
8
-64
-101
-64
-62
-997
-113
—162
-195
-155
—100
-239
—122
-32
11
—68 - 2 0
-12
-94
- 1 4 5 —268
-58
-50
648
-72
—7
-8
-20
—22
-136
-56
-59
-129
—42
-1,476
-891
-259
-453
46
-122
-30
-326
-252
— 173
-283
590
-26
-27
62
-30
-25
-26
-20
-25
3
28
-37
15
-6
501
16
-5
-5C
-36
20S
r-35
P102
n.a.
Not available.
^Preliminary.
^Revised.
1
Adjustment described in footnote 5 above, plus other small adjustments for differences in reporting bases.
2
Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.
3
Includes redemptions of tax anticipation securities and savings notes used in payment of taxes.
4
Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel
out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.
includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.
6
Excludes exchanges of savings bonds into marketable bonds in 8the amount of 409 million dollars.
7
Beginning new reporting basis. See footnote 6 above.
Less than $500,000.
1014
FEDERAL RESERVE BULLETIN
TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued
DETAILS OF TREASURY CASH DEPOSITS AND WITHDRAWALS *
[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]
Cash deposits
Total
Direct
axes on
individuals 2
59,338
71,396
70,440
68,595
27,149
32,728
34,807
31,785
16,565 8,591
22,140 9,566
19,045 10,288
20,280 8,801
6,362
6,589
6,693
7,655
2,769
2,823
2,744
3,433
2,098
2,451
3,137
3,358
58,034
72,980
76,529
68,896
3,498
2,612
2,000
1,089
4,137
4,230
4,589
4,870
6,121
5,209
4,885
4,664
4,915
5,617
6,648
8,587
093
345
815
769
30,713
33,370
33,363
32,563
21,467
21,595
21,817
18,201
8,893
9,978
9,679
9,109
6,521
6,849
7,197
7,919
2,801
2,704
3,178
3,422
2,302
3,151
3,419
3,444
67,786 42,935 2,848
76,407 50,250 2,156
71,974 46,422 'Wl,444
69,899
1,019
4,059
4,658
4,838
4,947
5,826
4,920
4,943
4,766
5,206 6,912
6,063 8,360
7,645 »-6,682
9,057 '9,786
104
,241
199
615
980
,790
13,041 7,821
20,329 13,773
14,478 5,272
18,885 16,545
12,899 3,734
19,663 14,466
5,048
4,931
5,357
4,322
4,479
4,630
3,202
3,656
3,031
4,165
3,490
4,430
1,443
1,252
1,498
1,680
1,754
1,669
451
2,700
437
2,982
376
3,068
37,357
39,203
37,244
34,730
34,167
35,732
2,246 2,500
1,123
2,413 2,420
1,069
930 2,334 2,465
526 102,299 i°2,482
563 2,367 2,186
748 2,580 2,579
2,876 4,107
3,247 4,448
3,368 3,748
4,277 W3,121
4,311 4,364
4,747 4,717
760
722
768
783
744
644
703
864
694
802
922
812
899
1,177
371
260
939
439
197
1,019
715
464
1,215
819
280
1,405
220
204
237
296
432
350
346
241
235
221
275
313
466
69
60
39
47
80
52
189
705
874
829
420
125
121
Period
Cal. yr.—-1951
1952
1953
19549
Cash withdrawals
Fiscal yr.—1952
19539
1954
1955
Semiannual totals:
1952—July-Dec
1953—Jan.-June. 9 . . .
July-Dec. ...
1954—Jan.-June
July-Dec
1955—Jan.-June
Monthly:
1954—Aug
Sept
Oct
Nov
Dec
1955—Jan
Feb.......
Mar
Apr.......
May
June
July
Aug
,375
,280
,617
,122
,626
,299
,306
,943
,651
,547
,045
,994
,333
2,985
2,936
1,040
2,881
1,938
2,806
4,096
2,984
2,688
3,743
3,346
1,097
3,341
Direct Excise
taxes on and
corpo- misc.
rations taxes
302
1,108
352
271
1,153
353
330
6,844
444
394
6,102
616
343
Other Deduct:
cash Refunds Total
of reincome 4 ceipts
Social
ins.
receipts 3
Nat'l.
Int'l
sec.
af- 6
programs 5 fairs
33,194
47,971
50,294
42,400
24,505
25,606
24,398
22,024
20,376
20,363
3,644
7,788
5,364 3,251
5,096 3,149
3,314
4,374
3,552
6,401
5,009 3,191
3,100
5,481
6,932 i°3,808
5,355 3,084
6,278 3,253
6,677 3,927
2,758
5,352
n.a.
7,256
110
40
67
80
217
171
140
1073
72
184
108
3
n.a.
Interest on
debt
'297
461
286
328
826
183
424
470
314
481
707
157
448
Social
security Other
pro- 8
grams
Veterans
programs'
381
375
374
419
443
430
409
439
434
432
436
379
456
6,169
7,341
8,113
7,285
714 '2,641
716
521
758
462
720
-488
730
635
834
200
768
641
792 1,351
794
657
783 1,144
775
723
769 1,287
n.a.
n.a.
r
n.a.
Not available.
Revised.
1
Beginning with July 1953, data are from the daily statement of cash deposits and withdrawals ot the U. S. Treasury where available; otherwise 2from the monthly Budget statement. For a description of classifications prior to that date, see earlier issues of the BULLETIN.
Includes estate and gift taxes.
3
Includes taxes for old-age and unemployment5 insurance, carriers taxes, and veterans life insurance premiums.
Represents
mostly nontax receipts.
Includes net redemptions of 7armed forces leave bonds.
6
Includes
special International Bank and Monetary Fund notes.
Includes payments from veterans life insurance funds.
8
Includes benefit payments for old-age and unemployment insurance and Government employees and railroad retirement funds.
9
Beginning
new
reporting
basis,
described
in
Treasury
Bulletin
for
April
1954,
p. A2.
10
Monthly figures do not add to fiscal year because figures for unclassified items are not available for August-June.
UNITED STATES SAVINGS BONDS—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING
[In millions of dollars]
All series
Series A-E and H
Total
Before
maturity
Outstanding
(end of
period)
Redemptions
Calendar year
or month
1
Sales
Series F, G, J and K
Total
Before
maturity 2
Outstanding
(end of
period)
Redemptions
Sales
l
Redemptions 1
Sales
Total
Before
maturity
Outstanding
(end of
period)
1946
1947
1948
1949.
1950
7,427
6,694
7,295
5,833
6,074
6,243
4,889
4,840
4,708
5,323
35,951
34,529
34,408
34,079
4,583
49,776
52,053
55,051
56,707
58,019
4,466
4,085
4,224
4,208
3,668
5,632
4,181
4,011
3,905
4,435
35,340
33,821
33,579
33,276
3,695
33,410
33,739
34,438
35,206
34,930
2,962
2,609
3,071
1,626
2,406
611
708
829
803
888
611
708
829
803
888
16,366
18,314
20,613
21,501
23,089
1951.
1952
1953
1954.
3,961
4,161
4,800
6,173
5,150
4,565
5,552
6.348
4,571
3,806
3,613
3,655
57,587
57,940
57,710
57.672
3,190
3,575
4,368
4.889
4,079
3,657
3,643
3.920
3,500
2,896
2.629
C
2,804
34,728
35,324
36,663
38,233
770
586
432
1,284
1,071
908
1,909
2.428
1,071
908
984
"851
22,859
22,616
21,047
19.439
546
464
456
466
557
513
508
468
454
566
235
352
308
226
306
58,078
58,088
58,126
58,186
57,672
415
367
369
384
445
339
323
293
294
348
255
257
224
196
232
37,714
37,808
37,930
38,069
38,233
131
97
87
82,
112
174
185
175
160
218
-20
95
84
30
74
20,364
20,280
20,196
20,118
19,439
742
602
614
535
488
496
494
487
691
433
520
623
520
544
532
480
368
-134
161
332
255
263
324
256
57,967
58,225
58,366
58,326
58,346
58,365
58,407
58,450
573
465
518
448
419
428
439
439
337
257
336
330
343
373
353
344
190
63
176
229
236
230
242
223
38,515
38,721
38,914
39,063
39,181
39,285
39,432
39,553
169
137
95
87
69
68
55
48
354
176
184
293
177
171
180
136
178
-197
-15
103
19
33
82
33
19,451
19,504
19,452
19,263
19,166
19,080
18,975
18,897
1954—Aug
Sept.
Oct
Nov
Dec
.
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
c
^Preliminary.
Corrected.
iA change in procedure for processing redeemed savings bonds, beginning in June 1954, resulted in a high level of redemptions which were not
yet classified between matured and unmatured bonds. This and the subsequent distribution of these redemptions temporarily obscured relationships 2between matured and unmatured classifications.
Redemptions of extended Series E bonds are included with matured issues.
3
Changes from figures published in BULLETIN for July (p. 791) reflect inclusion of redemptions of Series A-D bonds.
NOTE.—Sales and redemptions (the latter including exchanges) of bonds are shown at issue price; amounts outstanding are at current redemption value and include only interest-bearing issues.
SEPTEMBER
1955
1015
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Public issues'
Total
gross
debt*
Total
gross
direct
debt a
Total
1940— Dec
1941—Dec.
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Dec
1951—Dec.
1952 June
Dec
1953—June
Dec
1954_june
50,942
64,262
112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
256,731
259,461
259,151
267,445
266,123
275,244
271,341
45,025
57,938
108,170
165,877
230,630
278,115
259,149
256,900
252,800
257,130
256,708
259,419
259,105
267,391
266,071
275,168
271,260
39,089
50,469
98,276
151,805
212,565
255,693
233,064
225,250
218,865
221,123
220,575
221,168
219,124
226,143
223,408
231,684
226,681
35,645
41,562
76,488
115,230
161,648
198,778
176,613
165,758
157,482
155,123
152,450
142,685
140,407
148,581
147,335
154,631
150,354
1,310
2,002
6,627
13,072
16,428
17,037
17,033
15,136
12,224
12,319
13,627
18,102
17,219
21,713
19,707
19,511
19,515
10,534
22,843
30,401
38,155
29,987
21,220
26,525
29,636
5,373
29,078
28,423
16,712
15,854
26,386
18,405
1954—Aug
Sept
Oct
Nov.......
Dec
274,982
274,838
278,786
278,888
278,784
274,955
274,810
278,752
278,853
278,750
230,214
230,033
234,161
234,160
233,165
154,020
153,963
158,148
158,152
157,832
19,508
19,510
19,509
19,507
19,506
1955—Jan
Feb
Mar
Apr
May
June
July
Aug
278,463
278,209
274,080
276,686
277,515
274,418
277,626
278,352
278,439
278,182
274,048
276,649
277,472
274,374
277,584
278,309
233,427
233,517
229,103
232,233
232,563
228,491
231,615
231,472
157,834
157,752
153,350
156,578
158,404
155,206
158,571
158,860
19,507
19,505
19,505
19,507
19,511
19,514
19,913
20,311
End of
month
Nonmarketable
Marketable
Tota
Bills
Certificates of Notes
indebtedness
Bonds
Special
issues
Convertible
bonds
Total*
Savings
bonds
3,195
6,140
15,050
27,363
40,361
48,183
49,776
52,053
55,051
56,707
58,019
57,587
57,685
57,940
57,886
57,710
58,061
2,471
6,384
8,586
9,843
8,235
5,725
5,384
4,572
7,610
8,640
7,534
6,612
5,770
4,453
6.026
5,079
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
33,707
35,902
37,739
39,150
40,538
41,197
42,229
Tax
and
savings
notes
Bank
eligible4
Bank
restricted
6,178
5,997
9,863
11,175
23,039
22,967
10,090
11,375
7,131
8,249
39,258
18,409
18,963
30,266
30,425
31.406
31,960
28,156
33,563
44,519
55,591
66,931
68,403
69,866
68,391
61,966
55,283
44,557
41,049
48,343
58,874
64,104
63,927
71,802
4,945
12,550
24,850
52,216
49,636
49,636
49,636
49,636
49,636
36,048
27,460
21,016
17,245
13,400
8,672
12,060
13,095
12,500
12,340
11.989
11,861
3,444
8,907
21,788
36,574
50,917
56,915
56,451
59,492
61,383
66,000
68,125
66,423
65,622
65,062
63,733
65,065
64,465
18,277
18,184
18,184
18,184
28,458
31,967
32,001
36,188
36,196
28,033
75,596
75,597
75,597
75,596
76,129
8,671
8,671
8,669
8,668
5,706
11,853
11,820
11,787
11,780
11,767
64,341
64,250
64,226
64,228
63,565
58,078
58,088
58,126
58,186
57,672
4,929
4,829
4,766
4,704
4,548
42,479
42,407
42,238
42,351
42,566
28,462
21,455
17,722
20,932
17,046
13,836
16,037
9,047
28,037
35,280
34,989
35,007
40,718
40,729
40,746
47,608
81,828
81,512
81,134
81,132
81,130
81,128
81,875
81,894
11,764
11,738
11,710
11,692
11,687
11,676
11,659
11,637
63,830
64,027
64,043
63,963
62,473
61,609
61,384
60,975
57,967
58,225
58,366
58,326
58,346
58,365
58,407
58,450
4,498
4,443
4,318
4,279
2,804
1,913
1,655
1,202
42,268
42,047
42,097
41,691
42,240
43,250
43,340
44,238
includes some debt not subject to statutory
debt limitation (such debt amounted to 481 million dollars on Aug. 31, 1955) and fully guar2
anteed
securities, not shown separately.
Includes noninterest-bearing debt, not shown separately.
3
Includes amounts held by Government agencies and trust funds, which aggregated 7,300 million dollars on July 31, 1955.
4
Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.
includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Held byTotal
U. S. Government
gross
agencies and1
debt
trust funds
End of month (including guaranteed
Special Public
securiissues
issues
ties)
Held by the public
Total
Federal ComReserve mercial
Banks banks*
Mutual
savings
banks
Insurance
companies
Other
corporations
State
and
local
governments
Individuals
Miscellaneous
invesSavings Other
3
bonds securities tors
1952—June
Dec
1953—June
Dec
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
275,244
5,370
6,982
9,032
12,703
16,326
20,000
24,585
28,955
31,714
33,896
32,356
33,707
34,653
35,902
37,739
39,150
40,538
41,197
2,260
2,558
3,218
4,242
5,348
7,048
6,338
5,404
5,614
5,464
5,474
5,490
6,305
6,379
6,596
6,743
7,022
7,116
43,312
54,722
100,221
153,163
210,470
251,634
228,564
222,622
215,526
217,800
219,547
217,533
214,293
217,180
214,816
221,552
218,563
226,931
2,184
2,254
6,189
11,543
18,846
24,262
23,350
22,559
23,333
18,885
18,331
20,778
22,982
23,801
22,906
24,697
24,746
25,916
17,300
21,400
41,100
59,900
77,700
90,800
74,500
68,700
62,500
66,800
65,600
61,800
58,400
61,600
61,100
63,400
58,800
63,700
3,200
3,700
4,500
6,100
8,300
10,700
11,800
12,000
11,500
11,400
11,600
10,900
10,200
9,800
9,600
9,500
9,500
9,200
6,900
8,200
11,300
15,100
19,600
24,000
24,900
23,900
21,200
20,100
19,800
18,700
17,100
16,500
15,700
16,100
16,000
15,800
2,000
4,000
10,100
16,400
21,400
22,000
15,300
14,100
14,800
16,800
18,400
19,700
20,000
20,700
18,900
19,900
18,400
21,000
1,000
2,100
4,300
6,500
6,300
7,300
7,900
8,100
8,700
8,800
9,400
9,600
10,400
11,100
12,000
12,900
2,800
5,400
13,400
24,700
36,200
42,900
44,200
46,200
47,800
49,300
49,900
49,600
49,100
49,100
49,000
49,200
49,300
49,400
7,800
8,200
10,300
12,900
17,100
21,400
20,100
19,400
17,600
17,000
17,600
16,700
16,400
15,500
15,600
16,000
17,100
15,800
2,300
4,400
7,000
9,100
8,100
8,400
8,900
9,400
9,700
10,500
10,700
10,600
11,600
11,700
12,800
13,200
1954—June
July
Aug
Sept
Oct
Nov
Dec
271,341
271,005
274,982
274,838
278,786
278,888
278,784
42,229
42,152
42,479
42,407
42,238
42,351
42,566
7,111
7,081
7,032
7,042
7,047
7,080
7,043
222,001
221,772
225,471
225,389
229,501
229,457
229,175
25,037
24,325
24,023
24,271
24,381
24,888
24,932
63,600
64,800
67,100
67,100
70,100
69,700
69,200
9,100
9,000
9,000
8,900
8,900
8,800
8,800
15,300
15,100
15,100
15,100
15,100
15,000
15,000
16,400
16,400
18,100
18,100
18,700
19,300
19,300
14,300
14,300
14,400
14,400
14,500
14,600
14,600
49,500
49,600
49,700
49,700
49,800
49,900
50,000
15,000
14,600
14,500
14,100
14,000
13,600
13,400
13,700
13,700
13,600
13,700
14,000
13,800
13,900
1955—Jan
Feb
Mar
Apr
May
278,463
278,209
274,080
276,686
277,515
274,418
42,268
42,047
42,097
41,691
42,240
43,250
7,167 229,028
»7,202 228,960
7,257 r224,726
7,229 227,766
7,223 228,052
7,290 223,878
23,885
23,605
23,613
23,612
23,662
23,607
68,700
66,900
64,200
65,700
64,700
63,400
8,800
8,800
8,800
8,800
8,800
8,700
15,200
15,200
15,000
15,000
14,900
14,800
20,000
21,200
19,000
20,100
21,200
18,500
15,000
15,300
15,500
15,700
15,900
16,000
50,000
50,100
50,200
50,200
50,200
50,200
13,600
13,900
14,300
14,300
14,300
14,300
13,900
13,900
14,200
14,400
14,400
14,400
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
June.....
500
700
700
900
^Revised.
1
Includes
2
Includes
3
the Postal Savings System.
holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1954.
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
1016
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES
Direct Public Issues Outstanding August 31, 1955
[On basis of daily statements of United States Treasury. In millions of dollars]
Issue and coupon rate
Issue and coupon rate
Amount
Certificates
Dec. 15, 1955 2
Treasury Bills1
Sept. 1, 1955
Sept. 8, 1955
Sept. 15, 1955
Sept. 22, 1955
Sept. 29, 1955
1,501
Mar. 22, 1956
1,500
June 22, 19562
1,503
1,503 Treasury notes
1,500
Dec. 15, 1955
Oct. 6,1955
Oct. 13, 1955
Oct. 20, 1955
Oct. 27, 1955
1,600
1,600
1,600
1,601
Nov. 3, 1955
Nov. 10, 1955
Nov. 17, 1955
Nov. 25, 1955
1,601
1,601
1,601
1,600
Mar.
Apr.
Aug.
Oct.
Mar.
Apr.
May
Aug.
Oct.
Apr.
Oct.
Feb.
Apr.
Oct.
Apr.
Issue and coupon rate
Amount
IH
1%
2
5,359
2,202
1,486
\%A 6,854
15, 1956
\% 8,472
1,007
1, 1956
IMJ
15, 1956
2 12,547
550
1,1956
13^
15, 1957
2 % 2,997
531
1,1957
1}4
15, 1957
1% 4,155
15, 1957
2 3,792
824
1,19571H
383
1,1958
121
1 , 1 9 5 8 %
15, 1959
1% 5,102
1J9
1, 1 9 5 9 * 4
99
1,1959
55
1, 1960
Treasury
Mar. 15,
Sept. 15,
Sept. 15,
Mar. 15,
June 15,
June 15,
Dec. 15,
June 15,
Dec. 15,
Nov. 15,
Dec. 15,
Sept. 15,
Nov. 15,
Aug. 15,
June 15,
Amount
Issue and coupon rate
Amount
Treasury bonds—Cont.
1,449
Dec. 15, 1963-68. . . 2 )
982 June 15, 1964-69..
3,821
Dec. 15, 1964-69.
927 Mar. 15, 1965-70.
4,245
Mar. 15, 1966-71.
919 June 15, 1967-72.
2,368 Sept. 15, 1967-72.
5,276 Dec. 15, 1967-72.
3,464 June IS 1978-83..
3,806 Feb. 15, 1995
.3
1,485
2,239 Panama Canal Loan. .3
11,177
6,755
2,116 Convertible bonds
Investment Series B
Apr. 1, 1975-80... 2%
2,826
3,753
3,829
4,717
2,960
1,881
2,716
3,809
1,606
2,717
50
11,637
iSold on discount basis. See table
on Money Market Rates, p. 1011.
3
Tax anticipation series.
Partially tax-exempt.
2
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES*
Marketable and Convertible Direct Public Securities
[Par value in millions of dollars]
End of month
Type of security:
Total marketable
and convertible:
1952—Dec
1953—June— .
Dec
1954—June
Dec
1955—May
June
Treasury bills:
1952—Dec
1953—June
Dec
1954—June
Dec......
1955-May...:
June.....
Certificates:
1952—Dec
•June
une
Dec
1955—May
June
Treasury notes:
1952—Dec
1953—June
Dec
1954—June
Dec
1955—May
June
Marketable bonds:1
1952—Dec
1953—June
Dec
1954—June
Dec
1955—May
June.
U.S.
Fed- Com- MuTotal Govt.
eral
mer- tual
out- agenRecies
cial savstand- and
serve
ings
ing
trust Banks banks banks
funds
Insurance
companies
Life
8,740
8,816
8,524
8,353
8,113
8,118
8,069
9,514
9,347
9,120
8,667
8,371
8,409
8,339
4,711
4,808
4,905
4,854
4,958
4,843
4,779
7,047
4,411
4,368
4,187
4,399
2,682
2,721
137
120
126
98
71
94
84
464
327
410
520
537
560
537
119
132
109
101
125
113
93
27 5,061 4,791
30 4,996 4,351
63 5,967 9,215
41 6,600 4,942
4 13,882 4,835
8 8,274 2,111
8 8,274 1,455
37
87
184
101
57
49
53
56
27
37
7
4
44
4
317
310
445
202
179
97
70
16,712
15,854
26,386
18,405
28,458
17,046
13,836
86
106
102
46
51
32
40
1,341
1,455
2,993
2,316
2,204
941
886
End of month
Other
161,081 6,613 24,697 55,828
159,675 6,899 24,746 51,365
6,989 25,916 55,933
""
162^216 6,985 25,037 56,199
169,599 6,918 24,932 61,082
,857
23,662
56
170,091 7,095
7,162 23,607 55,667
1.66,
21,713
19,707
19,511
19,515
19,507
19,511
19,514
Other
Total
outstanding
30,266
30,425
31,406
31,960
28,033
40,718
40,729
16
23
8
64
46
114
119
13,774 10,955
13,774 10,355
13,289 11,510
13,029 11,423
6,044 13,649
11,646 15,825
11,646 15,385
49
62
130
221
242
291
289
8
5
52
99
67
58
71
486
529
605
592
675
726
718
79,890
81,349
77,327
80,474
81,835
81,130
81,128
3,046
3,300
3,377
3,395
3,378
3,502
3,556
4,522 32,849
4522
4,522 32066
32,066
3,667 30,671
3,093 35,481
2,802 38,037
2,802 36,077
2,802 35,942
7,165
7,232
6,820
6,669
6,499
6,461
6,422
5,807
5,855
5,686
5,164
4,898
4,888
4,873
3,429
3,484
3,418
3,641
3,673
3,616
3,606
Type of security:
Convertible bonds
(Investment
50,979 Series B):
53,694 1952—Dec
12,500
55,233 1953—June
12,340
52,121
11,989
Dec
55,226 1954—June
11,861
11,767
Dec
61,107
11,687
59,260 1955—May
11/"
June
12,518 Marketable secur13,155 rities, maturing:
11,402 Within 1 year:
56,953
12,248 1952—Dec
64,589
12,115 1953—June
73,235
Dec
15,089 1954—June
60,123
15,153
62,827
Dec
52,910
6,424 1955-May
49,703
June
6,052
10,475 1-5 years:
37,713
6,511 1952—Dec
32,330
9,496 1953—June
29,367
Dec
6,464 1954—June
27,965
3,973
29,606
Dec
38,177
4,978 1955—May
June
38,188
5,678
5,814 5-10 years:
22,834
6,531 1952—Dec
7,310 1953—June
18,677
20,292
Dec
12,058 1954-June
30,542
12,502
33,677
Dec
33,687
23,072 1955—May
33,687
June
24,890
23,688 After 10 years:
23,032 1952—Dec
31,081
31,739
22,548 1953—June
Dec
31,736
23,784 1954—June
31,725
23,927
31,719
Dec
1955—May
June
U.S.
Govt. Fed- Comagen- eral
mer- tuai
cies
Resavcial ings
and serve banks
banks
trust Banks
funds
Life
3,438
3,439
3,439
3,439
3,439
3,439
3,439
185
182
168
165
163
163
164
1,352
1,314
1,264
1,265
1,239
1,223
1,222
3,179
3,133
2,935
2,876
2,865
2,858
2,854
133
163
175
107
70
64
74
14,749 16,996
15,505 19,580
972 25,062
16,280 17,684
19,417 15,738
17,460 7,993
17,
7,187
263
476
475
294
159
170
164
532
733 23,547
390 1,082 27,393
468 1,061 29,023
537
652 24,568
546 598 26,301
616 305 26,301
554 256 24,062
31
152
192
205
137
188
199
7,146 22,381
6,452 18,344
6,155 16,056
6,307 14,624
3,087 18,846
3,773 22,071
,773 21712
21,712
259
464
431
476
502
537
533
48 910 6,938
109 914 5,895
123 980 5,430
155 890 5,308
158 1,022 5,855
142 1,189 10,277
152 1,187 10,633
546
422
418
494
477
492
508
1,387 11,058
,374 8,772
,374 10,051
,035 ,
014 18,741
,014
21,101
2111
,014 21,101
,014 21,110
,775
,395
,315
,389
,544
,413
,405
885
745
725
516
439
393
388
1,348
1,104
1,198
1,655
1,664
,650
,639
5,835
4,865
5,211
6,711
7,439
5,091
5,167
5,039
4,930
4,668
4,775
4,746
4,870
4,969
4,868
4,582
4,364
4,398
4,390
,361
,356
,339
,339
,369
,408
10,673
11,621
11,716
11,734
11,874
13,193
13,233
2,464
2,723
2,765
2,740
2,796
33,630 2,913
33,628 2,944
1,415
1,415
1,415
1,415
1,415
1,415
1,415
5,207
4,488
4,595
4,985
5,234
5,529
5,494
Insurance
companies
Other
Other
360
353
328
317
305
291
291
3,987
3,919
3,854
3,800
3,756
3,713
3,706
7,623
7,626
•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
1955
1017
NEW SECURITY ISSUES ]
[Estimates, in millions of dollars
Proposed uses of net proceeds,
all corporate issuers 6
Gross proceeds, all issuers
Noncorporate
Year or
month
Total
U.S.
FedGoverneral
ment 3 agency 4
Corporate
State
and
mu- Others Total
nicipal
New capital
Bonds
Pre- ComNew 7
mon Total money
Pub- Pri- ferred
stock
stock
Total licly vately
offered placed
Miscellaneous
purposes
Retirement
of
bank
debt,
etc.s
69
174
Retirement
of
securities
1939 .
1940
5,687
6,564
?
33?
2 517
13
109
1,128
1,238
50
24
2,164 1,979
2,677 2,386
703
758
98
183
87
108
4?0
76?
325
569
26
19
1941
1942
1943..
1944
1945
15,157
35,438
44,518
56,310
54,712
18,685
19,941
20,250
21,110
19,893
21,265
27,209
28,824
29,765
2,167
1,279
2,125
6,544
1,350
2,552
11 ,466
3 3 , 846
4 ? , 815
5?, 4?4
47 353
38
1
2
1
506
956
524
435
661
795
30
5
97
22
47
2,667 2,389 1,578
811
1,062
917
411
506
621
1,170
990
369
3,202 2,670 1,892
778
6,011 4,855 3,851 1,004
167
112
124
369
758
110
34
56
163
397
1, f>40
f>47
408
753
1, 347
868
474
308
657
1 ,080
28
35
27
47
133
144 1,583
138
396
73
789
49 2,389
134 4,555
10
10, 589
10 327
11 804
9 , 687
357
56
451
156
132
282
6,900
6,577
7,078
6,052
6,361
4,881
5,035
5,973
4,890
4,920
3,019
2,888
2,963
2,434
2,360
1,862 1,126
2,147 761
3,010 492
2,455 424
2,560 631
891
778
614
736
811
R80
5, 558
4 , t)90
3 ,279
4 ,591
s 929
4 ,606
4 ,006
231
168
234
315
364
379
356
488
637
620
2,868
1,352
216
30
1,157
2,324
2,690
2,907
3,532
9,
1?,
13
1?,
778
577
957
53?
110
459
106
458
3,189
4,401
5,558
6,969
446
237
306
289
7,741
9,534
8,898
9,516
5,691
7,601
7,083
7,488
2,364
3,645
3,856
4,003
3,326
3,957
3,228
3,484
838
564
489
816
1,212
1,369
1,326
1,213
7,
8, 716
8 495
7, 400
6 ,531
8 ,180
7 ,960
6 ,780
.36.3
226
537
535
709
486
664
260
508
546
464
4 , 611
466
557
123
280
300
652
615
459
906
3
8
2
3
4
71
1,253
1,085
424
1,019
352
886
813
321
854
714
166
581
470
116
288
371
186
305
343
205
566
76
45
60
52
37
62
92
27
62
265
64
103
2,706
1,431
2.583
1,654
4,399
r
l 915
2,410
74?
60?
614
535
3 , 020
496
1, 265
716
541
328
35
1
9
15
2
4
4
672
501
484
364
252
156
232
208
53
25
37
54
95
57
52
135
113
512
146
209
206
92
1946
1947
1943
1949
1950
1951.
1952
1953
1954
1954—Juiy
AUK
Sept,
Oct....
Nov
Dec...
1955—Jan....
Feb.
Mar
Apr
May
June
July....
184
30
540
429
350
r
651
456
1,008
1,130
422
1,276
1,628
1,420
675
998
796
871
475
694
533
524
297
465
190
685
540
136
346
178
229
344
405
s, m
f>51
1 695
1,854
307
401
1,271
1,875
f>04
828
304
705
856
244
515
81
31
42
146
46
89
329
82
247
109
123
400
546
436
1, 261
104
903
607
531
465
362
1 ,190
444
791
635
466
81
74
71
50
112
62
64
114
56
335
747
1, D03
135
165
74
81
142
Proposed uses of net proceeds, by major groups of corporate issuers
Commercial and
miscellaneous
Manufacturing
Year or
month
Total
Retire- net
ments10 proceeds
Total
Retire- net
ments10 proceeds
Total
net
proceeds
New
capital*
1,391
1,175
3,066
3,973
2,218
2,234
1 347
1 026
?, 846
3 ,712
2 128
2 ,044
44
149
221
261
90
190
338
538
518
536
542
923
310
474
462
512
502
831
28
63
56
24
40
93
1954—July
August
September..
October....
November..
December..
525
116
149
278
108
187
520
107
109
273
105
123
5
10
40
5
3
64
100
68
41
58
32
14
1
16
1955—January
February...
March
April
186
84
632
167
424
174
349
163
68
547
141
376
164
212
23
16
85
26
48
10
1949
1950
1951
1952 . . .
1954
. .
May
June
July
137
New
capital*
55
58
144
74
137
127
73
132
50
100
96
38
45
88
94
37
46
121
57
42
110
54
Public utility
Transportation
4
5
12
3
1
4
11
3
New Retire- Total
net
cap- ments10 proital*
ceeds
11
196
795
784
806
490
983
589
771
609
437
758
553
501
225
36
270
91
46
163
47
69
70
60
46
40
22
18
52
123
25
80
8
36
107
37
8
36
18
55
52
55
57
17
16
53
31
51
18
43
89
5
1
1*ew
(;aptal*
Total
Retire- net
ments10 proceeds
New
ital*
?
,276
<>,608
,412
2 ,626
,972
3 ,665
2,043
1, 927
?,, 326
2, 539
2, 905
2, 675
?33
682
85
88
67
990
567
517
395
605
753
874
314
711
747
871
651
321
158
247
272
61
459
188
104
174
212
46
153
132
55
74
60
15
305
2
27
329
98
74
44
2
25
326
98
20
43
239
108
224
214
247
275
82
198
101
196
178
41
8
27
36
17
15
7
44
27
18
6
26
21
12
24
31
43
*>30
?,m
82
Real estate
and financial
Communication
24
70
43
600
Total
Retire- net
ments10 proceeds
New
capital*
49
593
81
739
5
515
6
508
3 1,561
60 1,061
558
639
449
448
1,536
788
60
24
273
199
14
47
274
27
108
71
12
, 41
270
26
100
128
2
7
4
1
8
97
148
381
114
181
80
124
97
145
368
108
177
78
123
1
3
54
1
2
18
6
6
39
Retire-1
ments *
35
100
66
2"
13
6
5
2
'Revised.
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.
•Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
7
Includes proceeds for plant and equipment and working capital.
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.
"Retirement of securities only.
Source.—Securities and Exchange Commission.
1018
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
[In millions of dollars]
Annual
Industry
1949
1950
Quarterly
1953
1951
1952
1953
1954
1955
1954
1
4
2
3
1
4
2
Manufacturing
Total (200 corps.): 1
Sales
.
Profits before taxes
.
Dividends
Nondurable goods industries (94 corps.): 1
Sales
Profits before taxes
Dividends
Durable goods industries (106 corps.): 1
Sales
.
Profits before taxes
Profits after taxes
Dividends .
....
.
2
3
. . 38,176
5,250
3,244
. . . 1,737
23,895
. . . 3,196
1,890
951
Dividends
. .
Chemicals and allied products (26 corps.): 1
Sales
Profits before taxes
Dividends
Petroleum refining (14 corps.): 1
Sales
Profits before taxes
Dividends
..
Primary metals and products (39 corps.): 1
Sales
....
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits after taxes
Dividends
52,693
8,806
3,530
2,064
54,266 63,100 57,898 15,014 14,342 14,887 13,494 15,175 16,545 17,852
7,271 8,338 7,198 1,420 1,780 1,947 1,570 1,899 2,444 2,753
915
803 1,109 1,210 1,385
3,191 3 632 3,815
908
992
2,062 2,066 2,368
643
525
782
574
576
529
530
14,281 16,238 18,903 19,255 20,704 20,621 5,196 5,066 5,079 5,046 5,429 5,508 5,744
2,054 2,932 3,420 2,833 3,018 2,756
607
657
705
797
695
845
699
1,353 1,653 1,522 1,384 1,517 1,592
394
370
448
441
381
469
391
785
974
920
964 1,053
942
287
237
...
345
255
233
236
259-
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.): 1
Sales
Profits before taxes
45,598
8,133
4,200
2,327
29,360
5,201
2,547
1,354
33,790
5,386
2,008
1,143
35,011 42,396 37,277
4,438 5,320 4,442
1,807 2,115 2,223
1,120 1,102 1,315
9,818 9,276 9,808 8,448 9,746 11,037 12,108
814 1,085 1,248
913 1,194 1,646 1,908
521
433
661
916
527
770
601
288
356
437
296
294
319
317
4,223 4,402 4,909 5,042 5,411 5,464 1,394 1,337 1,351 1,339 1,437 rl,355 1,465
434
532
473
107
446
461
122
108
465
99
132
132
rgg
268
289
227
204
224
54
59
56
64
211
46
63
^46
149
161
154
159
154
45
39
45
156
36
36
36
36
3,904 4,817 5,882 5,965 6,373 6,182 1,528 1,502 1,540 1,518 1,622 1,721 1,811
734 1,178 1,490 1,257 1,308 1,175
232
277
334
367
282
282
381
597
441
485
520
128
137
194
183
521
612
138
142
193
114
338
467
135
99
194
381
413
396
495
100
102
115
4,003 4,369 5,092 5,418 5,891 6,015 1,530 1,511 1,473 1,471 1,560 1,567 1,612
907
174
154
207
709
722
834
188
746
223
195
198
582
454
490
557
204
235
261
520
282
599
287
564
292
166
77
154
71
142
71
134
72
134
76
148
76
145
76
8,184 10,448 12,507 11,564 13,750 11,522 3,193 2,912 3,021 2,715 2,874 3,301 3,847
996 1,706 2,099 1 166 1 825 1,375
295
306
407
302
360
630
487
580
857
778
286
378
382
578
368
793
378
717
409
196
113
151
100
180
92
151
92
235
125
241
115
312
110
4,366 5,075 6,189 7,089 8,015 7,753 2,039 1,919 1,939 1,866 2,030 1,955 2,046
232
520
851 1,005
193
199
209
251
975 1,010
237
899
252
321
426
370
138
209
192
381
200
402
163
470
263
115
91
117
58
107
64
102
65
143
76
110
67
121
67
9,577 11,805 12,496 12,825 16,377 13,940 3,495 3,485 3,731 2,922 3,802 4,729 5,031
299
'819
1,473 2,305 1,913 1,945 2,048 1,741
235
434
532
476
885
'367
747
168
127
229
861 1,087
705
698
827
214
257
415
108
451
671
462
463
117
106
196
529
114
113
113
479
Public Utility
Railroad:
Operating revenue
Profits before taxes
Dividends
Electric power:
Profits before taxes
Profits after taxes
Dividends
Telephone:
Operating revenue
Profits before taxes
Profits after taxes
Dividends
8,580 9,473 10,391 10,581 10,664 9,371 2,582 2,275 2,335 2,366 2,395 2,302 2,521
259
700 1,385 1,260 1,451 1,404
272
319
900
156
199
226
358
784
172
175
832
871
219
693
136
242
88
277
674
438
74
252
312
328
412
162
136
101
338
379
73
96
90
5,069 5,528 6,058 6,549 7,136 7,610 1,826 1,984 1,819 1,831 1,976 2,171 1,993
478
460
487
513
636
1,129 1,313 1,482 1,740 1,895 2,049
523
570
260
264
288
341
757
822
814
947 1,030 1,140
266
296
321
212
224
225
560
651
857
211
229
619
725
780
212
210
2,967 3,342 3,729 4,136 4,525 4,902 1,178 1,174 1,210 1,233 1,285 1,298 1,340
262
306
925 1,050
248
284
333
580
691
787
242
262
315
141
152
452
122
341
384
143
207
331
525
116
125
156
213
276
318
355
412
448
108
109
111
112
116
118
122
'Revised.
1
Revised to adjust for substitutions and mergers of companies in the chemicals, petroleum, textile, primary metals and machinery 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. Data are from published company reports, except sales which are obtained from the Securities and
Exchange Commission.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve to include affiliated nonelectric operations.
Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and
the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which
together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data
are obtained from the Federal Communications Commission.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
and p. 908 of the BULLETIN for September 1944 (electric power).
SEPTEMBER
1955
1019
PROFITS, TAXES, AND DIVIDENDS OF
UNITED STATES CORPORATIONS
[Quarterly estimates at seasonally adjusted annual
rates. In billions of dollars]
NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
[Estimates, in millions of dollars]
All types
Profits
before
taxes
Income
taxes
1939
1945
6.4
19.0
1.4
10.7
5.0
8.3
3.8
4.7
1.2
3.6
1947
1948
1949
1950
29.5
32.8
26.2
40.0
11.3
12.5
10.4
17.8
18.2
20.3
15.8
22.1
6.5
7.2
7.5
9.2
11.7
13.0
8.3
12.9
1951
1952
1953
1954
41.2
35.9
38.3
34.0
22.5
19.8
21.3
17.1
18.7
16.1
17.0
17.0
9.1
9.0
9.3
10.0
9.6
7.2
7.7
6.9
1954—1
2
3
4
32.7
33.7
33.5
36.0
16.4
16.9
16.8
18.1
16.3
16.8
16.7
17.9
9.7
9.8
10.0
10.6
6.6
7.0
6.7
7.3
1955—1
21. . .
40.9
42.5
20.5
21.3
20.4
21.2
10.2
10.7
10.2
10.5
Year or
quarter
Year or
quarter
Profits Cash Undisafter
divi- tributed
taxes dends profits
Stocks
Bonds and notes
New Retire- Net
New Retire- Net
New Retire- Net
issues ments change issues ments change issues ments change
1947
1948
1949
1950
6,882
7,570
6,731
7,224
2,523
1,683
1,875
3,501
4,359
5,887
4,856
3,724
5,015
5,938
4,867
4,806
2,011
1,283
1,583
2,802
3,004
4,655
3,284
2,004
1,867
1,632
1,864
2,418
512
400
292
698
1,355
1,232
1,572
1,720
1951
1952
1953
1954
9,048
10,679
9,550
11,715
2,772
2,751
2,428
5,353
6,277
7,927
7,121
6,361
5,682
7,344
6,651
7,872
2,105
2,403
1,896
3,897
3,577
4,940
4,755
3,975
3,366
3,335
2,898
3,843
666
348
533
1,456
2,700
2,987
2,366
2,386
1954—2. . . 2,858
3 . . . 3,027
4 . . . 3,128
1,139
1,314
1,923
1,719
1,714
1,205
1,863
2,314
2,075
847
938
1,354
995
1,016
713
1,377
721 1,053
292
376
569
703
337
484
1955—1. . . 3,065
2. . . 3,084
1,347
1,677
1,719
1,407
1,681
1,802
702
767
979 1,384
1,034 1,282
645
910
740
373
1
Reflects cash transactions only. As compared with data shown on p. 1018, 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. 1018.
Source.—Securities and Exchange Commission.
»"Revise_d.
1
Preliminary estimates by Council of Economic Advisers.
Source.—Department of Commerce.
CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *•
[Estimates, in billions of dollars]
Current liabilities
Current assets
End of year
or quarter
Net
working
capital
Total
Cash
U. S.
Government
securities
Notes and accts.
receivable
Inventories
Notes and accts.
payable
Other
Other
Other
Federal
income
tax
liabilities
21.9
24.8
10.4
1.2
6.9
9.7
11.5
Total
U. S.
Govt.2
U. S.
Govt.2
Other
22.1
23.2
18.0
26.3
1.4
2.4
30.0
45.8
.0
.9
47.9
9.3
.4
16.7
13.5
14.0
14.9
1939...
1945
24 5
51.6
54.5
97.4
10 8
21.7
2 2
21.1
0
2.7
1948
1949
1950
68.6
72 4
81.6
133.0
133.1
161.5
25.3
26.5
28.1
14.8
16 8
19.7
1.1
55.7
48.9
45.3
55.1
1.6
1.4
1.7
64.4
60.7
79.8
86.5
90 1
92.6
179.1
186.2
189.6
30.0
30 8
30.9
20.7
19 9
21.0
2.7
2.8
2.6
58.8
64.6
64.8
64.9
65.8
67.9
2.4
2.1
2.4
92.6
96.1
97.0
1.3
2.3
2.2
53.6
57.0
56.3
21.3
18.1
19.2
16.5
18.7
19.3
1954—2
3 .
4
94.4
95.5
95.8
179.6
183.9
187.3
29.1
30.3
31.7
16.4
18.1
19.3
2.4
2.3
2.4
63.2
65.1
66.2
65.9
65.4
65.1
2.6
2.7
2.6
85.2
88.4
91.5
2.4
2.6
2.4
51.8
52.3
54.0
12.0
14.0
15.7
18.9
19.5
19.4
1955—l
98.1
187.9
30.3
19.0
2.2
67.8
65.8
2.8
89.8
2.5
54.2
13.4
19.7
1951..
1952
1953
.
42 . 4
43 0
35 . 3
37 .5
1
2
Excludes banks and insurance companies.
Receivables from and payables to U. S. Government do not include amounts offset against
each other on corporations' books.
Source.—Securities and Exchange Commission.
BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
[Estimates, in millions of dollars]
Total
Manufacturing
Mining
Railroads
Transporta- Public Comtion
utili- muni- Other2
other
cations
ties
than
rail
5,512
8,692
1,943
3,983
326
383
302
321
1,776
2,378
22,059
19,285
20,605
25,644
9,134
7,149
7,491
10,852
882
365
574
1,285
887
1,212
1,490
520
505
1948
1949 . . .
1950.
1951
280
548
J.319
1,352
L, 111
1,474
2,543
3,125
3,309
3,664
1.742
1,320
1,104
1,319
5,154
4,660
5,671
5,916
1952
1953
1954 4r
1955
26 493
28,322
26,827
27,896
11 632
11,908
11,038
11,193
985
L 396 1 500
.311 1,565
854
1,512
910
1,563
3 887
4,552
4,219
4,445
L 537 5 557
.1,690
6,310
1.717 6.513
8,891
Year
1939
1945
792
707
929
986
975
895
Total
Manu- Transfactur- porta- Public
tion
ing
All
utili- others
incl.
and
ties
railminroads
ing
1953—3
4
7,084
7,625
3,116
3,565
708
743
1954—i
6,266
6,932
6,640
6,988
2,788
3,120
2,896
3,209
634
3
4
1955—1r
2
3 4 *\ . .
44
5 847
7,009
7,724
7,316
2 435
3,030
3,315
3,308
538
Quarter
2
620
553
559
637
666
632
1,221
1,247
2,039
2,070
929
1,916
2,071
2,133
2,110
845
2 030
2,290
2,430
2,141
1,121
1,060
1,109
1,052
1,313
1,235
r
Revised.
2
Corporate and noncorporate business, excluding agriculture.
Includes trade, service, finance, and construction.
4
2 Includes communications and other.
Anticipated by business.
Sources.—Department of Commerce and Securities and Exchange Commission.
1
1020
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS
MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER
[In billions of dollars]
]Nonfarm
All properties
End of year
or quarter
All
holders
Other
holders
Financial
insti- Selected Inditutions Federal viduals
and
agenothers
cies
All
holders
14.9
14.2
13.6
13.3
13.7
15.1
16.6
17.8
18.7
19.8
20.7
21.9
23.2
25.0
23.2
23.6
24.0
24.6
25.0
25.6
26.4
31.2
30.8
29.9
29.7
30.8
36.9
43.9
50.9
57.1
66.7
75.6
84.0
93.3
105.3
93.3
95.2
98.2
101.6
105.3
108.9
113.4
37.6
36 7
35.3
34.7
35.5
41.8
48 9
56.2
• . . . . 62.7
72 8
82.2
91.2
101 0
113 5
101.0
1953—December
20.7
20 7
20.2
20.2
21.0
26.0
31 8
37.8
42.9
51.6
59.5
66.8
75.0
85 6
2.0
1.8
1.4
1.1
.9
.6
.5
.6
1.1
1.4
2.0
2.4
2.8
2.8
75 0
2.8
103 1
106.2
109.7
113.5
76 8
/9.5
82.4
85.6
117 3
122.2
88 8
92.8
2.7
2.7
2.7
2.8
2.9
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
19S1
1952
1953
1954
1954—March
June
September....
December.. . .
1955—March P
June?
3.0
Farm
1- to 4-family houses
Multi-family and
commercial properties 1
Total
Financial
institutions
Financial
institutions
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
66.3
75.9
66.3
67.8
70.0
72.8
75.9
78.9
82.8
11.2
11.5
11.5
11.7
12.2
16.0
20.5
25.0
28.4
35.3
41.2
47.0
53.8
62.7
53.8
55.3
57.4
59.9
62.7
65.4
68.9
Other
holders
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
13.2
12.5
12.5
12.6
12.9
13.2
13.5
13.9
Total
12.9
12.5
12.1
11.8
12.2
13.8
15.7
17.6
19.6
21.6
23.7
25.3
27.1
29.4
27.1
27.5
28.1
28.8
29.4
30.0
30.6
8.0
7.8
7.4
7.2
7.5
8.4
9.6
10.9
12.4
14.0
15.7
17.0
18.2
19.6
18.2
18.5
18.9
19.3
19.6
20.0
20.5
All
holders
Other
holders
4.8
FinanOther
cial
insti- holders 2
tutions
6.4
60
4.7
4.6
4.6
5.4
4.9
4.8
4.9
5.1
5.3
5.6
6.1
6.6
7.2
7.7
5.4
6.1
6.7
7.2
7.6
8.0
8.3
8.9
9.7
8.9
9.0
82
7.7
7.8
9.2
8.0
9.5
9.7
9.9
10.2
1.5
14
13
1.3
13
1.5
17
1.9
2.1
2.3
2.6
28
3.0
33
3.0
8.1
8.2
84
31
32
3.2
3.3
34
8.8
3.5
4 9
4 5
41
37
34
34
33
34
35
37
40
43
46
49
4.6
47
48
4.9
4.9
51
5.3
^Preliminary.
2
iDerived figures, which include negligible amount of farm loans held by savings and loan associations.
Derived figures, which include
debt held by Federal land banks and Farmers Home Administration.
NOTE.—Figures for first three quarters of each year are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations.
Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA).
Other Federal
agencies (amounts small and separate data not readily available currently) are included with "Individuals and others."
Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and
Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.
MORTGAGE LOANS HELD BY BANKS *
[In millions of dollars]
End of year
or quarter
Commercial bank holdings2
Mutual savings bank holdings 4
Nonfarm
Nonfarm
Residential 8
Total
Total
Other
Total
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1953—December....
4,906 4,340
4,746 4,256
4 521 4,058
4,430 3,967
4,772 4,251
7,234 6,533
9,446 8,623
10 897 10,023
11,644 10,736
13 664 12,695
14,732 13,728
15,867 14,809
16,850 15,768
18,555 17,397
3,292
3,332
3,256
3,218
3,395
5,146
6,933
8,066
8,676
10,431
11,270
12,188
12,925
14,137
16,850 15,768 12,925
FHA- VA- Conguar- veninsured anteed tional
1,048
924
802
749
856
3,421
3,675
3,912
4,104
2
3
3
3
921
012
061
348
16,970
17,366
17,920
18,555
15,870
16,227
16,770
17,397
12,965
13,220
13,655
14,137
1,387
1,690
1,957
2,060
2,264
4 929 2,458
5 501 2,621
5 951 2,843
6 685 3,260
3,912 3 061 5 951 2,843
3,920
3,960
4,020
4,104
Residential 8
Total
Total
3 075 5 970 2,905
TntiP
.
. .
3 116 6 144 3,007
3 235 6 400 3,115
September
348 6 685 3,260
3
December
1955—MnrrhP -. . . 19,175 17,960 14,600 4,175 3 465 6 960 3,360
20,050 18,775 15,265 4,320 3 655 7 290 3,510
June?
1954—Marrh
Farm Total
566
491
46^
463
S?1
70?
8? 3
874
909
968
1 ,004
1 ,058
1 ,087
1 ,158
4,812
4,627
4,420
4,305
4,208
4,441
4,856
5,806
6,705
8,261
9,916
11,379
12,943
15,007
4,784
4,601
4,395
4,281
4,184
4,415
4,828
5,773
6,668
8,218
9,869
11,327
12,890
14,951
FHA- VA- Coninguar- vensured anteed tional
3 884
3 77S
L ,015
L,099
L ,164
,274
1,444
1,556
11,740
28
26
25
24
24
26
28
34
37
44
47
53
53
56
1,556
53
59?
4 94? 1,645
5 040 1,695
5 149 L,740
53
55
55
56
3 476
3 ,S87
3 ,588
3 9^7
4 ,758
5 S6Q
7 ,054
8 ,595 2,567 1,726 4 303
9 ,883 3,168 2,237 4 477
11 ,334 3,489 3,053 4 79?
13 ,211 3,800 4,262
149
1 ,082 12,943 12,890 11 ,334
3,489 3,053 4 792
3,560
3,659
3,725
3,800
13,292
13,826
14,360
14,951
11 ,700
1?, ,181
12 ,665
13 ,211
1 ,215 15,560 15,504 13 ,675
1 ,275 16,165 16,109 14 ,230
3,295
3,579
3,900
4,262
Farm
900
876
837
805
797
827
891
,5S8
1 ,100
1 ,139
1 ,150
1 ,158
13,345
13,881
14,415
15,007
Other
4 845
3,850 4,610 5 ?1S 1,829
3,915 4,980 5 335 1,879
ftl
56
56
pPreliminary.
1
Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of
trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call
Report
and from weekly reporting member banks.
3
Data not available for all classifications prior to December 1951.
4
Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking
statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks.
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 1955
1021
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
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
898
855
935
976
. ..
....
1954—JulyAugust . . . .
September
October
November
December
....
February..
....
April
May
. ..
....
June
July
.
Loans outstanding (end of period)
FHAinsured
1,661
2,786
3,407
3,430
4,894
5,134
3,978
4,345
5,334
1,483
2,520
3,114
3,123
4,532
4,723
3,606
3,925
4,921
1,202
1,350
1,486
1,058
421
464
484
471
571
631
393
435
459
446
538
588
51
53
53
56
80
62
521
495
563
480
525
519
488
479
443
493
431
481
478
454
69
66
77
71
76
71
72
451
864
817
673
Nonfarm
VAguaranteed
Farm
Total
Other
1,377
i,469
1,546
1,642
2,108
2,371
2,313
2,653
2,871
178
266
293
307
362
411
372
420
413
98
133
156
148
183
208
244
249
250
242
275
318
28
29
25
25
33
43
161
118
154
128
135
151
118
249
259
262
232
270
256
264
42
52
70
49
44
41
34
600
366
131
938
1,294
429
455
FHAinsured
Total
5,972
6,442
6,726
6,714
6,686
6,636
7,155
8,675
10,833
12,906
16,102
19,314
21,251
23,322
25,927
24,572
24,795
25,035
25,260
25,574
25,927
26,223
26,474
26,727
26,949
27,217
27,483
27,748
5,073
5,529
5,830
5,873
5,886
5,860
6,360
7,780
9,843
11,768
14,775
17,787
19,546
21,436
23,881
22,575
22,786
23,019
23,235
23,540
23,881
24,171
24,405
24,629
24,824
25,067
25,310
25,551
Farm
VAguaranteed
Other
4 405
4,714
4 734
4,587
4,478
4 466
4,876
5,538
6,356
7,090
8,176
9,399
10,518
11,864
13,123
12,529
12,638
12,734
12,830
12,956
13,123
13,268
13,388
13,481
13,583
13,699
13,811
13,953
668
815
1,096
1,286
1,408
1,394
1,228
1,398
2,381
3,454
4,573
5,257
5,681
6,012
6,122
6,095
6,100
6,098
6,103
6,133
6,122
6,132
6,156
6,166
6,171
6,200
6,202
6,225
256
844
1,106
1,224
2,026
3,131
3,347
3,560
4,636
3,951
4,048
4,187
4,302
4,451
4,636
4,771
4,861
4,982
5,070
5,168
5,297
5,373
899
913
896
841
800
776
795
895
990
1,138
1,327
1,527
1,705
1,886
2,046
1,997
2,009
2,016
2,025
2,034
2,046
2,052
2,069
2,098
2,125
2,150
2,173
2,197
NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ
from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset
values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown.
Sources.—Institute of Life Insurance: end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics
and Life Insurance News Data.
MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN
ASSOCIATIONS
[In millions of dollars]
Number in thousands; amount (except averages) in millions of dollars]
Loans outstanding (end of period)5
Loans made, by purpose
Year or
month
N O N F A R M M O R T G A G E RECORDINGS O F $20,000 OR LESS
Amount, by type of lender
Year
or
month
Total
New
construction
ConFHA- VAHome Other
guar- venpurpur- Total 3 insured anteed tional 3
chase poses i
1,379
1,051
1,184
1,454
1,913
3,584
3,811
3,607
3,636
5,237
5,250
6,617
7,767
8,969
437
190
106
95
181
616
894
1,046
1,083
1,767
1,657
2,105
2,475
3,076
581
574
802
1,064
1,358
2,357
2,128
1,710
1,559
2,246
2,357
2,955
3,488
3,846
361
287
276
295
374
611
789
851
994
1,224
1,236
1,557
1,804
2,047
4,578
4,583
4,584
4,800
5,376
7,141
8,856
10,305
563
11,616
717
13,622
841
15,520
864
18,336
904
21,882 1,044
26,142 1,171
2,397
2,586
2,969
3,125
3,385
3,961
4,714
7,345
8,313
9,812
11,530
14,047
16,877
20,257
1954-June...
July...
Aug...
Sept...
Oct....
Nov...
Dec...
810
802
841
828
824
807
853
283
281
289
282
283
278
295
341
349
372
369
364
357
369
185
173
180
177
177
172
189
23,847 1,102
4,277
25,053 1,150
4,503
26,142 1,171
4,714
1955-Jan....
Feb....
Mar...
Apr....
May...
June...
744
775
1,026
1,016
1,069
1,157
252
265
386
380
395
418
326
340
427
430
470
536
27,313 1,232
4,946
18,468 1954-July...
Aug...
Sept...
Oct....
19,400
Nov...
Dec...
20,257
1955-Jan....
Feb....
Mar...
2i,i35
May.'.'.'
June...
July...
22,387
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953..
1954
1
Includes
2
166
171
212
205
205
203
28,988
1,283 5,318
loans for repair, additions and alterations, refinancing, etc.
Prior to 1948, data are not available for classifications shown.
3 Excludes shares pledged against mortgage loans.
Source.—Home Loan Bank Board.
1022
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Number
Total
Average
amount
reSav- Insur- Com- Mutual
merings & ance
sav- Other corded
cial
loan
(dolcomings
assns. panies banks banks
lars)
1,628
1,351
1,274
1,446
1,639
2,497
2,567
2,535
2,488
3,032
2,878
3,028
3,164
3,458
4,732
3,943
3,861
4,606
5,650
10,589
11,729
11,882
11,828
16,179
16,405
18,018
19,747
22,974
1,490
1,170
1,237
1,560
2,017
3,483
3,650
3,629
3,646
5,060
5,295
6,452
7,365
8,312
404
362
280
257
250
503
847
1,016
1,046
1,618
1,615
1,420
1,480
1,768
1,166
886
753
878
1,097
2,712
3,004
2,664
2,446
3,365
3,370
3,600
3,680
4,239
218
166
152
165
217
548
597
745
750
1,064
1,013
1,137
1,327
1,501
1,454
1,359
1,439
1,746
2,069
3,343
3,631
3,828
3,940
5,072
5,112
5,409
5,895
7,154
2,906
2,918
3,031
3,186
3,448
4,241
4,570
4,688
4,755
5,335
5,701
5,950
6,241
6,644
306
312
313
314
307
318
2,027
2,086
2,122
2,156
2,148
2,267
734
770
766
765
757
784
155
166
164
178
177
191
371
369
383
393
399
420
141
138
141
140
147
158
626
643
668
679
714
6,625
6,684
6,789
6,874
7,004
7,131
284
277
343
328
344
360
335
2,024
688
1,958
702
2,455
928
2,357
900
2,483
950
2,636 1,024
2,4 63
953
165
151
174
165
379
365
458
456
482
516
472
128
116
134
136
153
171
168
665
624
761
700
734
750
708
7,120
7,077
7,153
7,182
7,215
7,312
7,348
174
161
Source.—Home Loan Bank Board.
FEDERAL RESERVE BULLETIN
REAL ESTATE CREDIT STATISTICS—Continued
MORTGAGE DEBT OUTSTANDING ON
NONFARM 1- TO 4-FAMILY PROPERTIES
[In billions of dollars]
GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE
[In millions of dollars]
VA-guaranteed loans 3
FHA-insured loans
Year
or
month
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Home
mortgages
Total
Total
New
properties
Projecttype
Ex- mortisting gages1
properties
Property
improve- Total
ment 2
loans
Home
mortgages
Alter
ation
Exand
New
repair2
prop- isting
properties erties
991
,152
1,121
934
877
991
1,152
1,121
934
877
857
3,058
5,074
5,222
5,250
7,416
6,834
5,830
6,946
7,323
588
13
175
216
728
14
183
228
766
21
208
126
553
210
85
86
484
224
56
114
665
257
192
217
20
171
756
120
302
13
321 2,302
1,788
477
418
534 3,286
360
3,341 1,434
684
614 1,881
609
3,826 1,319
892 1,021
594 1,424
4,343 1,637
856 1,157
694 3,073
3,220 1,216
713
708 3,614
582
974
848 2,721
3,113
969
322
3,882 1,259 1,030
259 1,334 3,064
907
891 4,257
3,066 1,035
232
793
629
1,865 1,202
2,667
942
1,824
890
2,045 1,014
2,686 1,566
.1954—July...
Aug.. .
Sept...
Oct....
Nov...
Dec...
531
680
679
770
760
843
238
262
269
252
266
287
75
72
77
80
91
92
79
79
59
74
92
109
14
40
33
9
7
23
70
71
101
89
76
63
293
418
410
518
494
556
178
251
252
307
304
337
115
167
157
211
189
219
i 955—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
931
840
856
809
832
888
803
309
274
324
294
284
336
283
107
89
109
93
93
107
92
145
138
160
151
136
163
138
5
12
9
5
3
5
3
52
36
46
45
51
62
50
622
567
532
515
548
552
520
390
357
345
319
341
348
332
231
209
186
195
207
204
187
3
5
6
6
6
5
.3
.2
.5
.4
.5
.4
1.2
.7
".6
.6
.5
.6
.5
c
Corrected.
1
Monthly figures
2
do not reflect mortgage amendments included in annual totals.
FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those
for3 more than that amount must be.
Prior to 1949, data are not available for classifications shown.
NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guarsanteed 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.
FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY
[In millions of dollars]
Author- Commitized
funds ments
unundiscommitted bursed
End of year
or month
11948.
4949.
11950.
1951.
1952.
^1953.
-1954.
528
848
918
661
1,085
550
0)
1954—July
August
September.
October. . .
November.
December.
}1955—January...
February..
March....
April
May
June
July
540
594
631
678
1
C)
0)
0)
0)
0)
0)
0)1
C)
0)
Mortgage holdings
Total
199
828
227
824
485
239
323
638
476
1,347
1,850
2,242
2,462
2,434
737
700
654
603
547
476
2,371
2,355
2,362
2,368
2,396
2,434
418
359
287
215
163
127
116
2,462
2,488
2,512
2,545
2,562
2,567
2,567
FHAin-
sured
VAguaranteed
1
MortMortgage
gage
purchases sales
(during (during
period) period)
198
672
1,178
1,646
1,922
1,841
1,632
1,044
677
538
542
614
20
469
111
56
221
525
802
1,647
1,622
1,618
1,616
1,623
1,632
120
33
38
39
50
64
37
39
19
23
11
15
817
832
839
855
860
867
868
1,645
1,656
1,673
1,690
1,702
1,700
1,699
48
48
54
58
39
21
15
10
8
18
11
7
3
1
724
733
745
752
773
*No authorization figures shown after October since under its new charter,
.effective Nov. 1,1954, FNMA maintains three separate programs, for which the
•»type of fund authorization varies. Other figures represent the combined programs: secondary market, special assistance, and management and liquidation.
Source.—Federal National Mortgage Association.
^SEPTEMBER
1955
Conventional
Total
Total
1940
1941
1942
1943
1944
1945
1946
1947..
1948..
1949
1950
1951
1952
1954
1954
17.3
18.4
18.2
17.8
17.9
18.5
23.1
28.2
33.3
37.5
45.1
51.9
58.7
66.3
75.9
..
2.3
3.0
3.7
4.1
4.2
4.3
6.1
9.3
FHA- VAguarinsured anteed
2.3
3.0
3.7
4.1
4.2
4.1
3.7
3.8
5.3
6.9
8.6
9.7
15.0
15.4
14.5
13.7
13.7
14.2
17.0
18.9
20.8
22.5
26.2
29.0
.2
2.4
5.5
7.2
8.1
10.3
12.5
15.0
18.9
22.9
25.4
28.1
32.1
10.8
12.0
12.8
13.2
14.6
16.1
19.3
33.3
38.2
43.8
24.7
25.4
10.4
10.8
14.3
14.6
32.3
33.3
1953—Mar.,
June.
Sept.,
Dec,
57.0
58.7
60.4
62.5
64.6
66.3
26.1
26.7
27.5
28.1
11.1
11.4
11.7
12.0
15.0
15.3
15.8
16.1
34.3
35.8
37.1
38.2
1954—Mar..
June.
Sept..
Dec...
67.8
70.0
72.8
75.9
28.8
29.7
30.5
32.1
12.2
12.4
12.6
12.8
16.6
17.3
17.9
19.3
39.0
40.3
42.3
43.8
1955—Mar?
June?
78.9
82.8
33.5
35.5
13.2
13.5
20.3
22.0
45.4
47.3
1952—Sept.,
Dec...
p Preliminary.
NOTE.—For total debt outstanding, figures for
first three quarters are Federal Reserve estimates.
For conventional, figures are derived.
Sources.—Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and
Federal Reserve.
FEDERAL HOME LOAN BANK LENDING
[In millions of dollars]
11
425
188
403
169
204
320
621
802
Governmentunderwritten
End of
year or
quarter
Year or month
Advances
Repayments
Advances outstanding
(end of period)
Total
Shortterm 1
Long-2
term
1945.
1946.
1947.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
278
329
351
360
256
675
423
586
728
734
213
231
209
280
337
292
434
528
640
818
195
293
436
515
433
816
806
864
952
867
176
184
218
257
231
547
508
565
634
612
19
109
217
258
202
269
298
299
317
255
1954—August
September.
October
November.,
December.
59
69
63
74
171
31
38
45
3$
47
659
689
708
743
867
422
452
471
495
612
236
237
236
248
255
1955—January...,
February..
March
April
May
June
July
August. . . .
38
34
71
85
104
237
152
156
188
63
58
33
37
42
107
30
717
688
702
754
821
1,017
1,061
1,187
491
466
464
497
542
715
748
822
226
223
238
257
279
302
313
365
Secured or unsecured loans maturing in one year or less.
2
Secured loans, amortized quarterly, having maturities of
more than one year but not more than ten years.
Source.—Home Loan Bank Board.
1023
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT
CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding, in millions of dollars]
Instalment credit
End of year
or month
Other
Automobile consumer
goods
paper i
paper 1
Total
Total
Noninstalment credit
Repair
and modernization
loans 2
Personal
loans
Total
Singlepayment
loans
Service
credit
Charge
accounts
1939
1940
1941
7,222
8,338
9,172
4,503
5,514
6,085
1,497
2,071
2,458
1,620
1,827
1,929
1,088
1,245
1,322
2,719
2,824
3 ,087
787
800
845
1,414
1,471
1,645
518
553
376
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
5,665
8,384
11,570
14,411
17,104
20,813
21,468
25,827
29,537
30,125
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
455
981
1,924
3,054
4,699
6,342
6,242
8,099
10,341
10,396
816
1,290
2,143
2,842
3,486
4,337
4,270
5,328
5,831
5,668
182
405
718
843
887
1,006
1,090
1,406
1,649
1,616
1,009
1,496
1,910
2,229
2,444
2,805
3,235
3,851
4,366
4,787
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
746
1,122
1,356
1,445
1,532
1,821
1,934
2,094
2,219
2,420
1,612
2,076
2,353
2,713
2,680
3,006
3,096
3,342
3,411
3,518
845
1,014
1,166
1,285
1,376
1 496
1,601
1,707
1,720
1,720
1954—July
August
....
September
October
November
December
28,725
28,736
28,856
28,975
29,209
30,125
21,849
21,901
21,935
21,952
22,014
22,467
10,298
10,349
10,365
10,340
10,296
10,396
5,328
5,294
5,287
5,324
5,398
5,668
1,637
1,642
1,642
1,637
1,631
1,616
6,876
6,835
6,921
7,023
7,195
7,658
2,303
2,312
2,335
2,377
2,407
2,420
2,773
2,734
2,807
2,892
3,042
3,518
1,800
1,789
1,779
1,754
1,746
1,720
1955—January
February . . . .
Miarch
April.
May
29,760
29,518
29,948
30,655
31,568
32,471
32,896
22,436
22,508
22,974
23,513
24,149
24,914
25,476
10,459
10,641
11,053
11,482
11,985
12,561
13,038
5,609
5,484
5,479
5,492
5,555
5,639
5,676
1,574
1,550
1,530
1,534
1,546
1,562
1,570
4,586
4,616
4,641
4,651
4,689
4,787
4,794
4,833
4,912
5,005
5,063
5,152
5,192
7,324
7,010
6,974
7,142
7,419
7,557
7,420
2,371
2,427
2,481
2,496
2,589
2,686
2,595
3,225
2,831
2,735
2,859
3,011
3,040
2,991
1,728
1,752
1,758
1,787
1,819
1,831
1,834
June
July
298
371
597
1
Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the
items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other
consumer
goods that may be used in part for business.
2
Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer
goods paper."
NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the
BULLETIN for April 1953. Revised monthly figures are shown in later BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212.
A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics.
INSTALMENT CREDIT, BY HOLDER
[Estimated amounts outstanding, in millions of dollars]
Financial institutions
Total
instalment
credit
Total
Commercial
banks
Sales
finance
companies
Credit
unions
4,503
5,514
6,085
3,065
3,918
4,480
1,079
1,452
1,726
1,197
1,575
1,797
132
171
198
2,462
4,172
6,695
8,968
11,516
14,490
14,837
18,684
22,187
22,467
1,776
3 235
5,255
7,092
9,247
11,820
12,077
15,410
18,758
18,935
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421
1954—Tulv
August
September
October
November
December
21,849
21,901
21,935
21,952
22,014
22,467
18,671
18,731
18,753
18,726
18,719
18,935
8,763
8,731
8,688
8,637
8,586
8,633
1955—January
February
March
April
May
22,436
22,508
22,974
23,513
24,149
24,914
25,476
18,977
19,153
19,613
20,127
20 718
21,432
21,980
8,651
8,688
8,844
9,020
9,228
9,495
9,656
End of year
or month
1939
1940
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
..
June
July
1
2
. . . .
300
677
102
151
235
334
438
590
Retail outlets
Other
657
720
759
629
840
Total
Department
stores 1
Furniture
stores
Household
appliance
stores
Automobile
dealers 2
1,438
1,596
1,605
354
394
320
439
474
496
183
196
206
123
167
188
686
131
240
17
937
209
319
38
1,124
1,293
1,040
1,239
1,420
1,647
1,902
2,216
2,489
2,588
1,440
1,876
2,269
2,670
2,760
3,274
3,429
3,532
379
470
595
743
920
1,117
1,040
1,201
6,189
6,256
6,294
6,315
6,325
6,421
1,228
1,250
1,267
1,270
1,282
1,293
2,491
2,494
2,504
2,504
2,526
2,588
3,178
3,170
3,182
3,226
3,295
3,532
1,032
1,032
1,041
1,063
1,098
1,201
6,462
6,570
6,808
7,077
7,390
7,747
8,087
1,282
1,298
1,330
1,360
1,395
1,434
1,458
2,582
2,597
2,631
2,670
2,705
2,756
2,779
3,459
3,355
3,361
3,386
3,431
3,482
3,496
1,158
1,108
1,123
1,138
1,150
1,160
1,155
635
837
474
604
724
791
79
127
168
239
760
866
903
207
244
291
890
818
821
822
830
846
890
862
848
838
834
842
851
856
Other
339
365
395
28
270
47
324
101
159
239
284
407
516
543
613
255
308
380
293
394
618
739
815
277
276
278
282
283
293
386
389
390
390
390
394
665
652
651
661
678
754
291
286
280
278
277
279
281
397
404
420
437
457
481
501
751
709
700
699
705
711
703
754
Includes mail-order houses.
Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets.
1024
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)
Service
credit
Department 1
stores
Other
1939
1940
1941
2,719
. . . . 2,824
. . . . 3,087
625
636
693
162
164
152
236
251
275
1,178
1,220
1,370
518
553
597
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
3,203
4,212
4,875
5,443
5,588
6,323
6,631
7,143
7,350
7,658
674
1,008
1,203
1,261
1,334
1,576
1,684
1,844
1,899
2,085
72
114
153
184
198
245
250
250
320
335
290
452
532
575
584
641
685
730
748
764
1,322
1,624
1,821
2,138
2,096
2,365
2,411
2,612
2,663
2,754
845
1,014
1,166
1,285
1,376
1,496
1,601
1,707
1,720
1,720
1954—July
August....
September.
October. . .
November.
December.
6,876
6,835
6,921
7,023
7,195
7,658
1,989
1,985
1,997
2,067
2,049
2,085
314
327
338
310
358
335
448
446
488
517
574
764
2,325
2,288
2,319
2,375
2,468
2,754
1,800
1,789
1,779
1,754
1,746
1,720
1955—January...
February..
March....
April
May
June
July
7,324
7,010
6,974
7,142
7,419
7,557
7,420
2,048
2,085
2,114
2,165
2,199
2,303
2,268
323 .
342
367
331
390
383
327
623
535
507
526
532
518
474
2,602
2,296
2,228
2,333
2,479
2,522
2,517
1,728
1,752
1,758
1,787
1,819
1,831
1,824
1
Includes mail-order houses.
End of year
or month
Total
instalment
credit
237
339
447
178
276
338
166
232
309
135
165
161
363
440
471
1945.
1946... .
1947
1948
1949 .
1950
1951
1952
1953
1954
745
1,567
2,625
3,529
4,439
5,798
5,771
7,524
8,998
8,633
66
169
352
575
849
1,177
1,135
1,633
2,215
2,198
143
311
539
753
946
1,294
1,311
1,629
1,867
1,645
114
299
550
794
1,016
1,456
1,315
1,751
2,078
1,839
110
242
437
568
715
834
888
1,137
1,317
1,275
312
546
747
839
913
1,037
1,122
1,374
1,521
1,676
1954—July
August
September.
October. . .
November.
December.
8,763
8,731
8,688
8,637
8,586
8,633
2.24G
2,230
2,224
2,207
2,188
2,198
1,720
1,707
1,686
1,663
1,636
1,645
1,880
1,857
1,835
1,822
1,822
1,839
1,297
1,299
1,299
1,296
1,287
1,275
1,626
1,638
1,644
1,649
1,653
1,676
1955—January...
February..
March....
April
May
June
July
8,651
8,688
8,844
9,020
9,228
9,495
9,656
2,208
2,241
2,309
2,371
2,466
2,591
2,656
1,656
1,680
1,751
1,818
1,880
1,940
1,995
1,859
1,845
1,846
1,842
1,865
1,897
1,921
1,241
1,219
1,201
1,205
1,211
1,223
1,231
1,687
1,703
1,737
1,784
1,806
1,844
1,853
[Estimated amounts outstanding, in millions of dollars]
Other
consumer
goods
paper
Repair
and
modernization
loans
1939
1940
1941
1,197
1,575
1,797
878
1,187
1,363
115
136
167
148
190
201
56
62
66
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
300
677
1,355
1,990
2,950
3,785
3,769
4,833
6,147
6,421
164
377
802
1,378
2,425
3,257
3,183
4,072
5,306
5,563
24
67
185
232
303
313
241
332
367
351
58
141
242
216
83
57
70
82
83
81
54
92
126
164
139
158
275
347
391
426
6,189
1954—July
6,256
August
September. . . 6,294
6,315
October
November. . . 6,325
6,421
December
5,371
5,436
5,474
5,491
5,491
5,563
335
335
336
337
340
351
82
82
81
81
81
81
401
403
403
406
413
426
6,462
6,570
6,808
7,077
7,390
7,747
8,087
5,603
5,709
5,945
6,207
6,512
6,857
7,180
350
349
348
348
353
361
372
79
78
76
76
77
78
78
430
434
439
446
448
451
457
1955
Personal
loans
Other
consumer
goods
paper
Repair
and
modernization
loans
Total
instalment
credit
Automobile
paper
789
891
957
81
102
122
24
30
36
15
16
14
669
743
785
1945
1946
1947
1948
1949
1950
1951
1952 . .
1953
1954 .
731
991
1,275
1,573
1,858
2,237
2,537
3,053
3,613
3,881
54
77
130
189
240
330
358
457
573
596
20
34
69
99
137
182
209
279
337
340
14
22
39
59
89
115
132
187
249
260
643
858
1,037
1,226
1,392
1,610
1,838
2,130
2,454
2,685
1954—July
August
September. . .
October
November. . .
December....
3,719
3,744
3,771
3,774
3,808
3,881
581
587
591
589
591
596
321
321
324
329
331
340
258
261
262
260
263
260
2,559
2,575
2,594
2,596
2,623
2,685
1955—January
February....
March
April
May
June
July
3,864
3,895
3,961
4,030
4,100
4,190
4,237
595
607
628
649
670
692
706
338
339
344
353
363
380
388
254
253
253
253
258
261
261
2,677
2,696
2,736
2,775
2,809
2,857
2,882
End of year
or month
Automobile
paper
SEPTEMBER
Personal
loans
INSTALMENT CREDIT HELD BY FINANCIAL INSTITLN
TIONS OTHER THAN COMMERCIAL BANKS AND SALES
FINANCE COMPANIES, BY TYPE OF CREDIT
Total
instalment
credit
June
July
Direct
Repair
and
modernization
loans
1,079
1,452
1,726
[Estimated amounts outstanding, in millions of dollars]
1955—January
February....
March
April
May
Purchased
Other
consumer
goods
1939
1940
1941
INSTALMENT CREDIT HELD BY SALES FINANCE
COMPANIES, BY TYPE OF CREDIT
End of year
or month
Automobile
paper
1939
1940
1941
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.
1025
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued
INSTALMENT CREDIT EXTENDED AND REPAID
[Estimates, in millions of dollars]
Automobile
paper
Total
Other consumer
goods paper
Year or month
.
.
Personal
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
255
307
2,217
2,361
2,060*
2,284
5,379
8,495
12,713
15,540
18,002
21,256
22,791
28,397
30,321
29,304
5,093
6,785
10,190
13,267
15,454
18,282
22,444
24,550
26,818
29,024
941
1,969
3,692
5,280
7,182
8,928
9,362
12,306
13,621
12.532
1,443
2,749
4,150
5,537
7,285
9,462
10,449
11,379
12,477
2,024
3,077
4,498
5,280
5,533
6,458
6,518
7,959
8,014
7,700
1,999
2,603
3,645
4,581
4,889
5,607
6,585
6,901
7,511
7,863
206
423
704
702
721
826
853
1,243
1,387
1,245
143
200
391
577
677
707
769
927
1,144
1,278
2 150
3,026
3,819
4,278
4,566
5,044
6,058
6 889
7 299
7,827
2,010'
2,539*
3,405
3,959
4,351
4,68$
5,62&
6,273
6,7847,406'
2,549
2,477
2,441
2,454
2,554
3,046
2,417
2,425
2,407
2,437
2,492
2,593
1,163
1,114
1,062
1,031
1,040
1,184
1,033
1,063
1,046
1,056
1,084
1,084
622
607
629
687
661
641
636
650
107
112
115
106
105
107
115
111
657
644
635
630
618
614
610
620'
652'
2,389
2,416
3,159
3,089
3,206
3,443
3,131
2,420
2,344
2,693
2,550
2,570
2,678
2,569
1,060
1,167
1,569
1,512
1,616
L.766
1,594
2,455
2,409
2,474
2,461
2,612
2,762
2,364
2,480
2,404
2,424
2,500
2,488
2,823
2,898
3.035
3,017
3,091
3,165
3,122
2,496
2,521
2,562
2,552
2,634
2,612
2,602
1940
1941
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
Repair and
modernization loans
999
Extended
Repaid
Extended
Repaid
WITHOUT SEASONAL ADJUSTMENT
1954—j u iy
August
September
October
December
1955—January
February
March
April
May
.
...
.
.
. . .
June
July
642
108
114
936
666
95
110
831
997
985
1,157
1,083
1,113
1,190
1,117
616
529
675
654
67
72
109
96
646
648
708
703
741
766
713
690
678
68'2
674
119
102
109
109
711
99
106
121
125
111
103
783
768
728
786
1.060
1,035
1,077
11,068
1,109
1,298
1,006
1,067
1,014
1,039
1,098
1,083
666
613
609
667
678
634
98
100
106
100
105
118
631
661
682
633
677
679
652
631
643
92
101
99
106
113
108
668
725
686
1,233
1,382
1,472
1,404
1,517
1,580
L ,510
1,020
1,071
1,096
1,093
1,139
1,165
1,132
716
690
715
733*
639
609*
704
675
670*
697
675^
SEASONALLY ADJUSTED*
1954—j u iy
w
August
September
October
November
December
March
April
May
Tune
July
. . .
...
.
.
..
788
660
87
741
736
684
680
97
683
672
109
109
116
109
713
768
736
754
791
687
678
697
115
109
107
122
109
102
723
722
714
104
97
715
759
591
630»
638»
627
658
654
688
673
667
678
686
660*
671
* Includes adjustment for differences in trading days.
N O T E . — B a c k figures b y months for t h e period 1940-52, together with a discussion of the composition a n d characteristics of t h e d a t a a n d a
description of the methods used t o derive t h e estimates, are shown in t h e BULLETIN for J a n u a r y 1954, p p . 9-22. M o n t h l y figures for 1953 a r e
shown in t h e B U L L E T I N for November 1954, p . 1212. Estimates of instalment credit extended a n d repaid are based on information from accounting;
records of retail outlets a n d financial institutions and include finance, insurance, a n d other charges incurred under t h e instalment contract. R e newals and refinancing of loans, repurchases a n d resales of instalment paper, and certain other transactions m a y increase t h e a m o u n t of both*
credit extended a n d credit repaid without adding to t h e a m o u n t of credit outstanding.
FURNITURE STORE STATISTICS
Item
Net sales:
Total
Cash sales.
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment
Charge accounts
Inventories, end of
month, at retail value.
Percentage change
from preceding
month
Percentage change
from corresponding
month of preceding
year
July
1955
June
1955
May
1955
July
1955
June
1955
May
1955
-3
-4
-1
-3
-1
-1
+10
+13
+3
+9
+2
+12
+12
+9
+5
+8
+14
+10
+6
+13
+12
+1
-2
+2
+1
+4
ii
+7
+5
+15
+8
+4
+19
+5
+3
+14
-3
-3
+3
+2
0
0
-1
+3
-2
1026
RATIO OF COLLECTIONS T O ACCOUNTS RECEIVABLE *
Instalment accounts
Month
Charge
accounts*
Household ap- Department
pliance stores
stores
Department
stores
Furniture
stores
1954—July
August. . .
September
October. .
November
December.
14
13
13
14
13
14
12
12
12
12
12
12
10
10
10
10
10
9
45
45
46
47
4&
46
1955—January..
February.
March....
April
May
June
July
14
14
15
15
15
15
14
12
11
13
12
12
12
12
9
9
9
9
9
9
9
444
43<
48
44*
45'
46
43'
1
Collections during month as percentage of accounts outstanding at
beginning of month.
FEDERAL RESERVE BULLETINS
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthlyfiguresfor seasonal variation]
Construction
contracts
awarded (value)l
1947-49=100
Industrial production
(physical volume)*
1947-49 = 100
Manufactures
Year
or month
Min- Total
Non- erals
durable
Total
Total
Durable
Employment and payrolls2
1947-49=100
Resi- All
den- other
tial
Nonagricultural
employment
Freight
carloadManufacturing
ings*
production workers 1947-49
= 10Q
Employment
Payrolls
Ad- AdAd- Ad- Unad- Unad- AdAd- Unad- AdAd- AdAd- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed Justed
1919
1920
1921
1922
1923
1924
1925
39
41
31
39
47
44
49
38
39
30
39
45
43
48
38
42
24
37
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
1926
1927
1928
1929
1930
51
51
53
59
49
50
50
52
58
48
52
49
53
60
4*
48
50
51
56
51
63
64
63
68
59
69
69
73
63
49
73
71
76
52
30
1931
1932
1933
1934
1935
40
31
37
40
47
39
30
36
39
46
31
19
24
30
38
48
42
48
49
55
51
42
48
51
55
34
15
14
17
20
22
8
1936
1937
1938
1939
1940
56
61
48
58
55
60
46
57
66
49
55
35
49
63
61
64
57
66
69
63
71
62
68
76
30
32
35
39
44
22
25
27
37
43
87
67
37
47
43
49
13
1941
1942
1943
1944
1945..
106
127
125
107
88
110
133
130
110
91
126
162
159
123
84
93
103
99
96
81
84
87
93
92
66
89
37
22
36
54
49
24
10
16
1946
1947
1948
1949
1950
90
100
104
97
112
90
100
103
97
113
86
101
104
95
116
95
99
102
99
111
91
100
106
94
105
82
84
102
113
159
87
86
98
116
185
120
121
125
128
136
114
115
114
171
170
P127
v\ 37
Pill
216
232
126
124
125
125
135
134
112
109
191
196
205
213
124
124
116
126
125
124
136
135
134
111
114
112
193
207
206
216
227
233
...
1951
1952
1953
1954
124
P134
114
"118
P116
183
192
183
178
61.4
62.0
55.2
58.5
64.4
63.5
65.2
67
67.6
68
67 9
70
68 0
70
71.0
62
66 7
60 4
41
20
53.5
18
53 7
24
58.8
25
61.3
35
65.9
36
70,3
40
66 1
40
69.3
44
73 3
74
82 8
116
90.9
45
96.3
30
95 0
50
91.5
79
94.4
83
99 4
105 101.6
111
99 0
142 102.3
172 108 2
183 110.4
201 113.6
204 110 4
68.7
69.0
52.8
58.4
66 9
62.1
64.2
65 5
64 1
64.2
68.3
59.5
50.2
42.6
47 2
55.1
58.8
63.9
70.1
59.6
66.2
71.2
87.9
103.9
121.4
118.1
104.0
97.9
103.4
102.8
93.8
99.6
106.4
106.3
111.8
101 8
39
45
32
43
42
46
59
31.1
37.1
24.0
25.7
32.6
30 4
32.1
33.0
32 4
32 8
35.0
28.3
21 5
14.8
15 9
20.4
23.5
27.2
32.6
25.3
29.9
34 0
49 3
72.2
99.0
102.8
87.8
81.2
97 7
105.1
97.2
111.7
129 8
136.6
151.4
137 7
Department
store
sales*
(retail 3
value)
1947-49
= 100
Whole-
Consale
sumer comprices 2 modity2
1947-49 prices
= 100 1947-49
= 100
Ad- Unad
justed justed
Unadjusted
90
98
83
92
107
105
110
27
32
30
30
34
34
36
74.0
85 7
7o 4
7l 6
115
111
112
115
99
37
37
37
38
35
75 6
74 2
73 3
73 3
71 4
65
62
62
61
56
0
0
9
9
1
79
59
62
67
69
32
24
24
27
29
65 0
58.4
55 3
57 2
58 7
47
42
42
48
52
4
1
8
7
0
81
84
67
76
83
33
35
32
35
37
59
61
60
59
59
3
4
3
4
9
52
56
51
50
51
5
1
1
1
1
98
104
104
106
102
44
50
56
62
70
62 9
69 7
74 0
75 2
76 9
56
64
67
67
68
8
2
0
6
8
100
108
104
88
97
90
98
104
98
105
83
95
102
101
102
4
5
8
8
8
78 7
96 4
104 4
99 2
103 1
109
111 0
113.5
114 4
114 8
114 8
111.6
110 1
110 3
114.8
114 6
115 0
115 1
115 2
115.0
114.7
114.5
114.6
114.3
110.5
111 0
110 9
110 0
110 4
110.5
110.0
109 7
110.0
109.5
101
95
96
110
112
86
111
729
73 1
75.0
1954
March
April
May
j une
July
August
September..
October
November..
December..
123
123
125
114
115
117
182 110.8 103.4 103.2 137.9
184 110.3 102.4 101.4 134.5
178 110.2 101.8 100.2 134.6
123
124
126
128
130
123
126
130
130
128
125
126
128
130
131
135
137
139
142
143
114
115
117
118
119
109
108
109
113
116
218
231
241
255
259
244
253
263
264
277
202
217
226
250
248
193
188
110.1
109.8
109.8
109.8
110.0
110.6
110.6
101.4
99.7
99.4
99.8
100.6
101.6
101.7
100.5
98.5
100.4
101.7
102.0
102.3
102.2
135.8
131.9
134.8
138.0
139.1
142.2
143.1
132
133
135
136
131
135
137
138
133
134
136
138
145
147
148
151
121
121
124
125
120
123
121
120
261
261
260
253
288
297
291
286
243
238
239
230
138
139
138
139
131
140
141
153
155
127
127
126
121
122
245
253
280
290
296
221
228
231
110.6
110.7
111.5
111 7
112.5
113 2
113.5
101.8
102.5
103.5
104.6
105.8
106.7
106.4
P106.1
101.2
102.3
103.3
103.6
104.1
105.8
105.0
141.5
144.4
146.6
146.7
150.1
152.1
151.5
156.0
124
123
116
114
85
84
107
110
84
84
82
108
111
112
92
92
93
93
119
112
115
119
96
94
117
114
84
84
87
89
93
111
111
112
113
116
1955
January
February...
March
April
May
June
July
August....
139
P140
141
P142
155
P158
12C
P120
257
95
96
118
114.3 110.1
114.3 110.4
114.3 110.0
114 2 110 5
114 2 109 9
114 4 110 3
114.7 110.5
110.8
r
'Estimated.
^Preliminary.
Revised.
*Average per working day.
1
Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of
Research
and
Statistics.
For
monthly
data
(dollar
value)
by
groups, see p. 933.
2
The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics.
Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series,
reflecting, beginning January 1953, the inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim
adjusted"
and "old" indexes converted to the base 1947-49=100.
3
For indexes by Federal Reserve districts and for other department store data, see pp. 935-939.
Backfiguresin BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515.
SEPTEMBER
1955
1027
INDUSTRIAL PRODUCTION
[Federal Reserve indexes, 1947-49 average=100]
1947-49 Annual
1954
1955
proportion 1953* 1954? July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Industry
SEASONALLY ADJUSTED
Industrial Production—Total
100.00
134
125
123
123
124
126
128
130
132
133
135
136
138
139
139
Manufactures—Total
90.02
136
127
124
125
126
128
130
131
133
134
136
138
140
141
141
Durable
43.17
153
137
134
135
137
139
142
143
145
147
148
151
153
155
155
6.70
132
108
103
105
105
111
118
121
127
131
136
138
140
143
134
28.52
5.73
13.68
9.04
4.64
7.54
1.29
167
136
160
143
194
189
155
150
123
142
125
177
175
140
147
121
141
125
173
170
136
148
123
144
125
181
166
135
149
122
147
125
189
167
137
150
124
147
123
194
169
137
152
125
148
122
198
175
138
154
125
145
120
193
187
140
155
125
145
124
187
191
140
157
126
146
125
187
193
142
157
129
146
126
184
195
143
160
130
149
131
185
197
143
162
134
151
134
183
199
142
163
135
155
136
193.
194
149
167
135
158
138
198
202
151
Manufactures—Total.
Primary metals
Metal fabricating
,
Fabricated metal products
Machinery
Nonelectrical machinery
,
Electrical machinery
Transportation equipment
Instruments and related products. .,
Clay, glass, and lumber products
Stone, clay, and glass products
Lumber and products
,
5.91
2.82
3.09
125
133
118
123
131
115
113
131
96
114
132
97
124
134
116
130
132
128
130
136
124
133
135
131
132
136
129
132
138
127
135
143
127
136
146
127
138
149
128
'143
153
133
137
151
125
Furniture and misc. manufactures
Furniture and fixtures
Miscellaneous manufactures
,
,
4.04
1.64
2.40
131
117
140
121
106
131
120
106
130
123
108
133
123
109
132
123
110
132
123
108
132
122
108
131
122
109
132
123
109
133
125
112
135
126
113
135
131
117
140
134
121
143
134
122
143
Manufactures—Total
44.83
118
116
114
114
113
117
118
119
121
121
124
125
127
128
126
11.87
6.32
5.55
107
104
110
100
95
105
98
95
102
99
94
103
98
95
101
102
101
103
103
101
105
104
101
107
106
103
108
105
103
106
109
104
115
112
109
114
109
115
110
106
115
110
107
113
3.20
1.47
1.73
113
128
99
104
115
95
99
97
100
97
98
96
103
117
91
108
125
94
108
122
96
115
133
100
123
143
105
120
138
104
122
140
105
123
144
105
124
147
105
127
149
107
121
137
107
Nondurable
Textiles and apparel
Textile mill products
Apparel and allied products
,
Rubber and leather products
Rubber products
Leather and products
Paper and printing
Paper and allied products
Printing and publishing
,
8.93
3.46
5.47
125
132
121
125
134
120
126
133
121
126
135
121
127
137
121
127
138
121
127
137
120
127
136
121
129
140
122
130
143
122
133
147
124
134
151
123
137
156
125
138
156
127
138
156
127
Chemical and petroleum products
Chemicals and allied products
Petroleum and coal products
,
9.34
6.84
2.50
142
147
130
142
148
125
141
148
122
141
149
121
144
150
125
143
150
124
145
152
127
148
155
129
148
154
131
151
157
134
153
160
134
155
162
136
158
168
134
160
169
136
160
170
135
11.51
10.73
.78
107
107
108
106
106
103
105
105
101
105
105
99
105
105
102
105
105
102
106
106
100
106
106
101
107
107
107
106
106
106
108
109
107
110
103
110
110
109
110
110
109
108
108
122
120
Foods, beverages, and tobacco
Food and beverage manufactures. . .
Tobacco manufactures
,
Minerals—Total
Mineral fuels
Coal
Anthracite
Bituminous coal
Crude oil and natural gas
Metal, stone, and earth minerals
Metal mining
Stone and earth minerals
,
,
,
,
,
9.98
116
111
112
109
108
109
113
116
120
123
121
120
121
8.35
2.68
.36
2.32
5.67
115
78
57
81
133
113
67
52
70
134
112
70
56
72
133
110
68
50
71
130
109
67
49
70
129
110
70
43
74
130
115
69
51
72
136
117
73
66
74
138
74
55
77
142
123
79
61
82
144
121
72
45
76
144
121
72
41
77
143
121
81
42
87
140
'122 122
86
87
43
53
92
92
139 P138
1.63
.82
.81
119
113
124
106
90
123
108
91
125
102
83
121
102
82
121
101
81
121
105
86
125
115
103
127
118
110
126
119
114
124
123
113
132
114
100
129
120
111
129
123
117
129
113
96
130
WITHOUT SEASONAL ADJUSTMENT
INDUSTRIAL P R O D U C T I O N TOTAL.
100.00
134
125
116
123
126
130
130
128
131
135
137
138
138
139
131
MANUFACTURES—TOTAL
90.02
136
127
116
125
127
132
132
129
133
136
140
140
139
141
132
Durable Manufactures—Total..
45.17
153
137
125
132
135
140
143
143
147
151
154
155
155
155
146
Primary metals
Ferrous metals
Pig iron and steel
Pig iron
Steel
Carbon steel
Alloy steel
Ferrous castings and forgings..
Iron and steel castings
Steel forgings
6.70
5.03
3.51
.37
3.05
2.62
.43
1.52
1.29
.23
132
133
138
130
139
135
165
121
115
154
108
105
108
101
109
108
115
97
95
106
94
91
95
94
96
96
93
80
79
87
100
95
96
93
97
96
104
90
90
91
103
98
101
93
102
101
111
90
89
98
112
107
111
101
112
111
120
97
95
106
118
114
121
110
122
119
138
98
96
107
117
115
121
113
121
118
145
101
99
110
129
124
128
117
130
125
155
113
111
127
136
132
136
122
138
134
165
121
119
133
142
138
144
131
146
143
165
124
123
144
143
147
134
148
145
171
133
132
140
143
143
149
138
151
148
169
128
127
132
144
141
146
137
147
144
169
129
127
139
122
125
132
129
133
130
147
108
108
108
^Preliminary.
••Revised.
NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance
group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for
autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271.
For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1028
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1947-49
proportion
Industry
1954
Annual
1953P
1955
1954P July Aug. Sept. Oct. Nov. Dec.
Jan.
Feb.
Mar. Apr.
May June July
WITHOUT SEASONAL ADJUSTMENT
—Continued
Primary metals—Continued
Primary nonferrous metals
Copper refining
Lead
Zinc
Aluminum
Secondary nonferrous metals
Nonferrous shapes and castings....
Copper mill shapes
A l u m i n u m mill shapes
Metal Fabricating
Fabricated metal products
Stampings and misc. metal products..
Tin cans
Furnaces, gas ranges, and heaters....
Machinery
Nonelectrical machinery
F a r m machinery
Industrial and commercial m a -
1.67
.38
.09
129
144
112
120
147
101
103
142
93
117
139
76
124
160
121
146
159
118
149
167
140
155
169
134
148
166
133
144
166
132
154
167
130
.06
.04
.10
.09
109
105
101
244
127
142
98
129
158
124
116
101
113
209
118
137
88
105
79
97
248
102
98
98
246
89
109
84
244
91
114
90
246
118
107
112
246
131
103
116
250
122
99
118
252
134
99
119
253
133
112
122
256
124
115
118
257
133
101
118
258
133
110
119
259
.13
1.16
.63
114
126
112
105
113
100
86
91
76
105
111
100
107
123
111
107
114
90
114
145
135
125
146
125
133
153
133
168
154
108
124
115
.20
123
139
110
121
154
128
163
159
160
162
168
182
124
144
114
145
105
114
103
196
202
204
209
228
.33
130
114
88
103
107
121
122
128
144
155
163
168
155
158
28.52
167
150
138
144
145
150
154
156
159
162
165
166
165
rl63
158
5.73
2.68
2.12
.30
.63
136
137
138
129
93
123
126
117
131
90
116
123
106
153
75
124
125
109
196
104
124
125
111
172
109
126
127
115
142
121
125
129
122
103
99
124
130
124
102
78
124
127
124
110
87
126
129
125
107
99
130
131
129
111
108
131
132
129
126
107
134
136
131
143
105
135
136
128
149
117
130
132
125
168
87
13.68
160
142
128
138
145
15©
150
146
148
152
154
152
151
153
143
9.04
8.13
1.02
143
139
96
125
121
79
119
117
79
118
116
74
122
116
75
121
116
73
121
116
75
123
119
80
126
119
85
129
121
90
132
124
94
134
126
95
135
129
95
137
131
95
131
129
92
7.11
122
122
122
125
124
125
128
131
134
146
148
149
152
136
147
149
134
150
154
157 161
161
122
146
155
164
161
155
157
116
191
191
196
195
189
181
184
166
145
127
122
122
.68
188
160
152
150
.69
128
114
88
91
125
123
124
4.64
3.23
.74
194
177
145.
176
189
207
206
Machine tools and presses
....
Laundry and refrigeration appliances.
Electrical machinery
Radio and television sets
7.54
4.80
1.50
Transportation equipment
Autos, trucks, and parts
.66
.22
.19
.14
Light trucks
H e a v y trucks
.07
2.58
1.30
, -81
.53
.35
Auto and truck parts
Aircraft and parts
Railroad equipment
Railroad cars
111
128
49
50
53
P119
961
'106'
75
188
179
160
151
152
154
158
162
165
165
167
169
171
175
176
170
230
214
116
234
280
341
325
258
261
272
261
228
190
192
143
189
126
175
109
165
96
165
48
155
81
159
90
179
120
191
136
200
150
205
157
209
163
213
171
209
165
200
151
202
155
19s?
146
118
112
58
183
131
92
95
59
133
125
78
86
57
99
102
85
123
79
81
54
113
81
74
76
43
110
70
78
74
46
121
144
93
99
58
134
174
94
103
59
130
195
98
102
64
143
210
87
77
48
144
215
104
109
67
141
223
137
148
89
193
205
132
139
88
192
i84
134
124
81
220
126
119
81
203
174
229
117
130
101
170
148
465
469
185
150
176
150
474
465
464
471
478
479
477
479
205
137
470
472
469
466
471
135
72
64
112
39
29
111
26
17
107
32
22
104
33
25
106
28
18
106
24
12
110
31
20
110
32
20
113
36
25
115
35
26
117
38
28
115
47
39
118
41
29
113
38
22
109
88
119
84
132
105
135
113
131
125
138
137
160
145
[nstruments and related products. .
1.29
155
140
132
132
137
138
140
142
140
142
145
144
142
149
147
Clay, Glass, and Lumber
5.91
125
123
109
118
129
136
130
125
124
129
133
137
139
rl46
133
2.82
1.09
.60
.47
.26
.23
.32
.35
.12
133
123
136
139
120
91
132
110
106
131
118
131
133
117
85
135
111
113
128
107
119
119
118
63
150
111
116
134
116
126
127
125
80
151
116
126
134
120
148
151
93
80
131
113
112
132
126
148
151
114
82
119
107
101
134
129
147
150
124
89
115
111
106
140
131
149
152
124
92
132
119
121
109
112
113
115
114
115
155
136
154
154
138
86
163
134
146
112
114
149
131
152
152
123
88
159
125
132
111
120
146
132
150
152
125
94
151
121
127
148
121
136
132
130
75
115
139
125
141
144
119
92
152
115
121
137
124
144
148
105
93
145
117
124
.20
136
118
134
136
112
84
155
118
128
120
122 128
127
.48
.58
163
143
161
140
170
134
172
140
169
144
168
146
166
146
162
149
155
147
155
151
165
155
174
160
184
164
190
170
190
166
3.09
2.05
.60
118
112
149
115
106
161
91
91
93
102
98
128
123
110
187
134
119
207
123
107
191
116
100
186
117
101
193
125
108
206
126
109
210
128
115
201
129
116
195
137
122
207
118
108
160
Products..
Stone, clay, a n d glass products
Glass and pottery products
Flat glass and vitreous products...
H o m e glassware and pottery
Brick
. .
Concrete and plaster products
Misc. stone and earth manufactures..
Lumber and products
Millwork and plywood
128
134
.39
118
123
90
116
157
164
139
137
143
151
155
148
139
151
121
.12
.29
199
99
222
88
95
85
145
83
232
87
274
91
275
88
264
88
274
88
294
88
298
91
288
89
285
91
299
224
86
4.04
131
121
112
121
125
129
128
125
121
125
127
124
126
'94
Furniture and Misc.
Manufactures.
125
130
Furniture a n d fixtures
Household furniture
Miscellaneous manufactures
;.
99
107
111
113
112
112
109
113
114
111
106
98
108
112
116
115
115
110
115
116
113
114
100
106
108
107
107
108
106
109
109
107
111
116
118
114
115
107
131
121
130
136
140
139
134
129
134
136
133
136
139
133
1.64
1.10
.54
117
106
118
116
2.40
140
113
113
r
111
r
^Preliminary.
Revised.
For other footnotes see preceding page.
SEPTEMBER
1955
1029
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average =1001
1947-49
Annual
1954
1955
proportion 1953* 1954* July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July
Industry
WITHOUT SEASONAL ADJUSTMENT
—Continued
Nondurable Manufactures—Total..
44.85
118
116
107
117
119
123
120
115
119
122
125
124
124
126
118-
Textiles and Apparel.
11.87
107
100
86
103
99
105
104
95
108
112
115
113
110
rlO7
93
Textile mill products.
Cotton and synthetic fabrics.
Cotton consumption
Synthetic fabrics
Fabric finishing
Wool textiles
Wool apparel yarns.
Wool fabrics. . .
Knit goods
Hosiery
Full-fashioned hosiery. . .
Seamless hosiery
Knit garments1
Floor coverings ..Woven carpets
6.32
3.72
2.30
.97
.45
.97
.16
.75
1.15
.65
.45
.20
.50
.48
.31
104
107
104
115
101
78
91
75
116
113
118
102
119
95
100
97
108
93
66
76
64
106
108
113
97
103
82
85
80
105
65
68
78
66
89
78
79
77
103
97
101
99
104
98
74
86
71
109
106
108
100
113
97
100
96
112
86
67
73
66
113
113
116
107
112
103
109
104
121
101
69
77
67
113
115
118
107
112
102
110
104
126
102
69
72
69
110
109
112
102
111
98
104
95
127
90
70
68
71
103
102
105
93
104
104
114
105
132
107
70
79
67
105
110
114
100
98
108
116
106
138
109
72
85
69
112
119
124
106
104
109
118
105
147
106
74
82
72
110
111
118
96
108
109
118
103
154
107
79
89
77
108
109
116
93
106
108
-•116
104
146
-•103
83
91
82
108
103
108
92
113
•-106
110
92
96
84
133
86
71
36
70
79
82
62
71
84
83
86
85
71
Apparel and allied products. ,
Men's outerwear
Men's suits and coats
Men's suits
Men's outercoats
Shirts and work clothing...
Women's outerwear
Women's suits and coats...
Misc. apparel and allied mfrs.
5.55
1.78
.73
.50
.13
.99
1.85
.76
1.92
110
113
96
92
89
124
103
117
112
105
103
83
82
67
116
109
129
103
91
80
56
52
57
94
96
127
97
110
110
98
92
98
118
114
146
105
101
95
76
73
72
106
100
130
107
106
108
82
80
72
124
102
127
110
107
108
88
88
66
121
102
130
110
99
96
87
90
52
99
93
115
106
113
115
98
102
60
126
120
152
103
116
113
97
100
59
124
125
160
109
123
113
88
91
55
130
143
165
112
116
118
92
90
76
135
129
109
103
113
119
105
100
101
127
116
96
103
'109
107
92
86
92
117
114
123
'106
55'61
98'
981291
102
Rubber and Leather
3.20
113
104
86
98
105
114
108
110
123
127
128
124
121
126
106-
Rubber products
Tires and tubes
Auto tires
Truck and bus tires
Miscellaneous rubber products.
1.47
.70
.40
.30
.77
128
117
117
118
133
115
105
110
99
124
85
84
94
71
86
94
75
81
69
111
118
104
107
99
132
132
116
117
114
147
124
110
111
110
137
128
116
119
113
139
145
130
136
121
158
144
134
141
125
153
146
133
145
117
158
147
128
140
113
164
145
135
150
116
155
146
161
126
'155
Leather and products
Leather
Cattlehide leathers
Skin leathers
Shoes and slippers2
Miscellaneous leather products.
1.73
.44
.29
.15
.90
.39
99
91
92
89
95
87
92
75
87
71
75
65
101
87
91
78
94
83
89
70
98
88
96
72
94
88
94
75
94
88
95
73
105
94
101
80
112
98
104
86
113
94
101
80
105
95
102
82
100
100
90
87
94
95
97
98
94
91
100
103
92
Paper and
8.93
125
125
116
124
128
133
131
125
127
131
136
137
137
137
128
3.46
1.76
.51
1.25
.22
.14
.20
.18
.41
.10
1.70
.51
.11
132
130
142
125
119
116
118
129
134
118
134
133
138
134
132
148
125
118
120
119
137
130
124
136
133
145
120
116
133
109
99
96
102
126
112
123
124
119
139
137
134
150
128
121
122
121
137
133
131
139
136
146
137
133
148
126
120
120
118
136
129
137
141
141
141
146
140
158
133
122
130
124
145
138
135
152
151
153
140
139
160
131
121
127
124
142
137
129
140
140
141
129
127
142
120
112
124
112
135
122
115
131
131
128
140
140
158
132
123
132
124
150
136
122
141
135
156
148
147
166
139
127
138
132
154
145
126
149
146
156
152
150
170
142
133
134
134
153
149
141
153
153
152
154
148
169
140
127
131
130
160
147
139
159
156
166
153
151
171
143
128
148
129
158
151
142
154
154
152
156
141
137
156
130
112
107
116
178
133
133
144
14t
153
Printing a n d publishing
Newsprint consumption
Job printing and periodicals
5.47
1.85
3.62
121
118
120
119
121
113
102
119
116
107
120
122
120
123
125
129
122
125
130
122
123
123
124
118
114
120
121
121
121
126
132
123
126
134
122
126
135
122
-•154
175
145
rl30
138
'130
rl59
'158
••142
158
159
154
126
131
123
Chemical and Petroleum
9.34
142
142
133
139
143
147
149
149
150
154
157
155
155
157
152
6.84
2.54
.57
1.97
.24
.11
.59
1.03
.64
.48
.16
.71
.66
.23
147
154
149
155
183
186
156
144
116
112
131
113
118
124
148
153
157
152
184
136
152
146
118
113
133
108
116
122
138
145
148
144
149
121
148
143
91
80
126
69
117
95
144
150
151
150
170
126
152
146
96
84
129
104
117
99
149
153
155
152
195
137
148
147
109
101
131
116
115
109
155
160
161
159
197
143
165
148
138
139
134
117
115
113
156
165
171
164
200
147
174
151
140
140
137
105
117
108
156
166
170
165
196
151
173
154
130
126
139
105
118
112
157
169
175
167
206
180
172
155
127
125
135
103
116
116
162
176
181
175
231
193
181
157
128
123
145
108
116
124
165
184
184
184
243
202
196
160
117
111
136
102
119
177
164
182
180
182
247
202
189
161
108
99
134
102
122
176
164
182
185
164
158
177
159
183
Products.
Printing.
Paper a n d allied p r o d u c t s . . . .
Pulp and paper
Wood pulp
Paper and board
Printing paper
Fine paper
Coarse paper
Miscellaneous paper
Paperboard
Building paper and board.
Converted paper products
Shipping containers
Sanitary paper products....
Products.
Chemicals and allied products
Industrial chemicals
Basic inorganic chemicals
Industrial organic chemicals
Plastics materials
Synthetic rubber
Synthetic fibers
Miscellaneous Organic chemicals.
Vegetable and animal oils.
Vegetable oils. .
Grease and tallow
Soap and allied products
Paints
Fertilizers
"•93
rQQ
'80
••89
100
'135
'7J'
84
86
113
108
111
102
'119
81
72
9sr
85"
86
82
115
45
105
95
101
83
95
84
59
121
127
138
111
116
93
96
-•185
179
-•182 186
-•244 246
211 208
178 184
166 171
109 105
98
93
142
143
99
97
125
131
154
109
119
112
123
177
175
99
87
133
75
130
89
^Preliminary.
'Revised.
1
Publication suspended pending revision of data for the period 1952 to date.
Publication suspended pending adjustment to revised Census production figures for the period 1950 to date.
NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.
1030
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—Continued
[Federal Reserve indexes, 1947-49 average = 100]
1954
1947-49 Annual
proportion 1953P 1954? July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
Industry
1955
Mar. Apr. May June July
•
WITHOUT SEASONAL ADJUSTMENT
—Continued
2.50
1.97
1.04
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
.98
130
141
136
124
131
142
137
127
133
142
138
126
129
132
140
135
136
143
139
129
140
146
141
132
134
133
142
146
142
144
147
143
139
143
140
132
136
144
140
131
135
146
141
136
140
152
146
PUS
P141
P154
227
130
221
128
229
122
233
123
215
127
214
128
214
135
232
140
216
146
209
152
205
142
212
129
226
128
246
133 P130
155
101
117
106
111
158
93*
110
108
84
150
89
97
104
154
87
99
109
75
161
89
98
111
77
164
87
101
106
84
172
92
116
110
90
177
97
125
108
93
184
101
134
109
96
181
97
117
110
102
163
91
102
124
104
124
173
88
88
118
103
110
131
161
91
97
113
105
62
70
196
101
123
105
98
99
99
100
101
105
99
103
77
110
107
106
108
Food a n d beverage m a n u f a c t u r e s . . . 10.73
8.49
Food manufactures
Meat products
...
1.48
.46
Beef
.83
Pork
.69
Dairy products
.14
Butter
.07
Natural cheese .
Concentrated milk
.19
.28
Ice cream . . .
1.13
Canned and frozen foods
Grain-mill products
1.16
Wheat flour
.46
.70
Cereals and feeds
1.64
Bakery products
.27
Sugar
Cane sugar
.11
.13
Beet sugar
107
108
115
.71
Tobacco m a n u f a c t u r e s
Cigarettes
. . . .
Cigars
122
.30
.26
.10
.17
.26
11. SI
Miscellaneous food preparations. . .
Beverages
Bottled soft drinks .
Alcoholic beverages
Beer and ale
Liquor distilling . . .
Liquor bottling
125
133
141
136
.06
.56
.15
Foods, Beverages, and Tobacco
130
135
144
139
129
104
105
106
107
117
135
103
106
108
112
110
116
93
106
121
94
104
112
106
81
107
81
122
100
113
124
97
117
113
108
106
121
102
99
109
107
102
135
81
128
115
129
127
114
115
117
108
138
88
115
99
114
147
119
120
124
120
141
104
97
84
98
116
106
109
97
99
124
100
100
128
101
100
118
104
102
114
99
95
101
102
104
113
119
133
143
164
86
84
72
100
100
74
116
107
81
101
83
113
95
67
101
104
136
140
133
85
81
87
132
134
79
66
95
141
65
81
99
70
74
87
76
78
77
115
85
85
91
97
98
102
138
110
113
135
136
131
78
79
87
117
118
127
142
75
129
117
91
134
121
104
112
108
114
147
93
145
137
83
132
139
165
116
130
143
122
87
107
153
142
102
79
138
139
110
104 1 1 0
76
80
116
94
64
122
97
64
129
100
71
130
100
86
65
113
133
106
117
138
98
140
110
90
103
84
101
80
103
87
134
99
72
129
98
94
132
98
109
123
99
258
117
98
273
90
427
115
98
176
87
248
114
94
93
91
131
123
125
105
97
87
106
101
88
100
84
112
101
89
110
24
96
101
101
101
27
93
103
107
102
28
78
106
113
98
93
69
107
84
121
99
79
92
80
85
61
90
106
113
68
109
104
96
117
126
58
139
100
101
66
107
120
58
76
86
84
67
142
84
83
67
111
111
121
103
102
113
83
86
82
105
111
99
104
106
107
105
108
106
99
102
99
109
115
105
116
121
111
112
32
66
110
82
114
86
115 M15
71
99
109
118
108
108
.17
100
103
60
98
99
68
107
102
103
122
42
96
112
39
85
115
.78
.46
.17
108
111
107
103
106
105
92
98
83
111
115
112
109
111
113
106
107
105
385
108
110
100
81
102
85
113
95
61
106
17
.54
.37
112
112
108
104
76
113
212
105
103
1.70
1.02
112
94
133
194
112
78
85
93
101
143
109
143
138
104
105
1.41
2.24
133
108
35
110
127
110
80
120
MINERALS—TOTAL
9.98
116
111
110
111
111
112
114
114
117
119
118
120
122 1 2 1
119
Mineral Fuels
8.35
115
113
108
110
110
113
117
117
121
123
121
121
120
118
118.
Coal
Anthracite
Bituminous coal
2.68
.36
2.32
78
57
81
67
52
70
57
44
59
68
77
52
79
61
71
41
72
39
77
77
43
74
46
81
75
57
78
77
55
71
70
51
72
75
48
5.67
4.82
4.12
34
133
129
124
167
134
128
122
172
13d
123
118
157
129
124
118
159
130
124
118
167
136
130
122
184
144
140
131
207
144
139
132
194
143
138
140
133
139 P 1 3 S
132 P132
...
.36
157
151
163
176
169
159
175
174
iai
175
157
171
175
160
172
154
159
157
167
151
170
138
132
123
199
142
139
130
202
160
133
124
120
154
Minerals...
1.63
119
106
119
115
113
110
102
99
97
99
104
114
132
138
125
.82
113
90
108
100
98
92
79
76
79
85
86
101
131 1 4 2
114
.33
.49
.24
.09
128
104
114
86
84
94
103
80
117
85
92
76
87
95
106
78
39
117
134
89
152
117
135
88
179
117
135
'87
74
73
80
83
41
117
133
91
79
115
132
87
71
37
102
116
83
36
108
124
83
75
132
78
77
83
43
103
118
82
87
139
87
95
74
85
83
86
84
81
84
.81
124
123
130
130
129
129
126
122
115
113
122
128
133
134
135
Crude oil and natural gas.
Oil and gas extraction
Crude oil
. . .
N a t u r a l cas
N a t u r a l gas liquids
.
.
Metal, Stone, and Earth
Iron ore
Copper mining
Lead mining
Zinc mining
Stone and earth minerals
.
.85
.06
180
72
166
75
67
77
171
81
163
61
82
168
76
132
83
128
78
127
77
42
82
P127
177
P78
^Preliminary.
'Revised.
For other footnotes see preceding page.
SEPTEMBER
1955
1031
OUTPUT OF CONSUMER DURABLE GOODS
[Federal Reserve indexes, 1947-49 average=100]
Annual
1947-49
proportion 1953 1954
Product
1954
1955
July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July
SEASONALLY ADJUSTED
*
CONSUMER DURABLES—TOTAL.
100.00
127
116
116
115
114
112
119
125
131
135
139
144
145
147
153
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings 1
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
138
146
132
113
118
125
131
122
101
106
126
127
127
102
104
125
121
131
106
109
121
110
132
107
111
117
104
131
106
111
128
127
130
103
111
137
149
129
105
110
145
160
133
107
110
151
172
135
107
113
156
179
138
109
114
163
190
142
110
115
164
189
143
113
118
164
180
153
117
122
174
195
157
118
122
15.60
11.88
2.60
4.98
2.51
3.72
5.21
3.42
1.79
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
114
118
83
132
136
101
241
47
611
109
113
74
125
146
98
270
56
678
112
117
80
117
169
96
267
46
687
110
114
79
110
170
97
270
62
667
114
120
77
122
174
95
259
70
620
115
119
82
117
181
100
242
70
571
128
132
79
137
190
115
225
73
515
131
135
96
140
181
120
226
68
527
137
139
97
152
172
131
222
71
512
145
152
101
166
199
121
226
65
532
146
153
105
169
188
125
222
68
516
150
156
122
178
163
'132
269
66
658
151
161
119
173
198
290
76
698
Other Consumer Durables
Auto parts and tires
Misc. home and personal goods..,
30.28
14.00
16.28
102
01
111
95
01
99
93
89
96
91
85
79
98
95
101
98
96
100
97
93
101
96
94
97
98
100
97
99
97
100
100
96
102
100
98
102
103
101
104
106
'104
108
106
103
109
CONSUMER DURABLES—TOTAL.. 100.00
127
116
102
113
108
109
129
132
142
151
155
156
147
144
137
111
81
139
108
112
111
70
149
111
116
142
144
142
108
115
149
174
130
109
115
163
195
137
108
110
174
210
146
111
115
179
215
151
114
116
180
223
145
111
113
167
205
136
109
114
160
184
'141
113
118
152
195
115
105
115
115
120
76
144
131
WITHOUT SEASONAL ADJUSTMENT
Major Durables
Autos
Major household goods
Furniture and floor coverings.
Household furniture
Floor coverings 1
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
Other C o n s u m e r Durables
Auto parts and tires
Misc. home and personal goods
138
146
132
113
118
125
131
122
101
106
107
125
92
89
98
121
123
121
102
108
.60
.98
2.51
3.72
5.21
3.42
1.79
118
123
90
137
141
100
230
67
541
111
115
79
124
148
97
214
52
522
53
109
90
86
116
29
281
101
96
68
99
128
116
234
51
583
122
121
87
116
181
124
279
48
722
121
87
104
199
133
338
64
860
116
118
83
106
192
107
324
71
806
108
116
77
112
177
84
258
67
623
124
134
81
147
177
93
260
73
618
138
149
104
152
207
102
272
74
648
151
163
110
180
201
114
260
80
604
150
162
106
187
193
113
228
74
521
145 152
156 160
100 117
183 191
181 168
113 128
189 192
75
65
408 434
143'
49
321
30.28
14.00
16.28
102
01
111
95
91
99
90
91
89
94
90
97
101
100
102
104
101
106
100
93
105
94
89
98
95
95
95
97
93
101
99
93
105
99
96
102
102 106
101 107
102 105
103
104
101
i Publication suspended pending revision of data for the period 1952 to date.
NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may
be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447.
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1954
Industry group
Aug.
Sept.
Oct.
1955
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
13,081
'7,549
rO0
'680
'306
'456
1,102
881
1,162
817
1,456
July
Aug.
' 1 3 200
13, 157
13, 1?8
634
'89
'709
7 , 633
7 , 596
80
711
310
467
1, 113
892
1, 176
836
1, 425
SS
705
316
464
1, 118
890
1, 185
811
1, 376
999
392
5, 524
1, 095
91
99^
390
5, 532
1, 102
98
SEASONALLY ADJUSTED
12,297 12 ,346 12 ,445 12 ,572 12 ,580 12,586 12 ,673 1 2 , 798 12 ,934
6,928 6 ,957 7 ,054 7 ,159 7 ,177 7,191 7 ,269 7 , 350 7 ,443
91
98
94
100
97
96
94
10?
101
Ordnance and accessories
•.
674
668
669
654
678
675
658
649
569
Lumber and wood products
290
291
289
295
297
295
294
?98
294
435
434
438
442
435
436
448
432
436
Stone, clay, and glass products..
1 ,027
969
997 1,008
965
1 ,05?
1 ,076
972
Primary metal industries
988
835
840
826
836
851
821
825
864
828
Fabricated metal products......
1,093
1 ,125
1 ,115
1 ,103
1 ,095
1 ,108
1, 127
1 ,147
1,123
Machinery except electrical
79?,
799
792
795
795
785
793
804
782
1 ,183
1 ,249
1 ,334
1 ,375
1 ,426
1, 447
1 ,462
1,238
1,400
Transportation eouipment
•
Instruments and related prod917
917
918
917
?1S
ucts
?16
218
216
216
369
371
375
369
377
378
375
378
373
Misc. manufacturing industries..
5,369 5 ,389 5 ,391 5 ,413 5 ,403 5,395 5 ,404 5, 448 5 ,491
Nondurable goods
1 ,078 1, 091 1 ,113
1 ,086 1 ,082 1 ,097 1 ,094 1,085
1,089
Food and kindred products
9?
9?
90
93
93
96
90
94
93
Tobacco manufactures
979
968
970
967
988
975
983
973
989
Textile-mill products
Apparel and other finished tex1 ,064
1 ,073
1 , 033 1 041
1 060
1 ,057
1 07?
1,058
1,033
tiles
Total
Printing, publishing and allied
441
447
444
440
435
435
435
437
441
514
518
515
513
511
512
515
516
519
532
172
208
540
174
212
546
175
?,1?
337
339
339
Chemicals and allied products...
Products of petroleum and coal.
528
175
177
526
174
196
529
175
?,00
528
173
199
531
173
204
534
171
207
Leather and leather products...
330
329
332
334
337
336
r7
'30Q
'464
11S
'893
1 170
'8^4
1 447
1
r9?1
212
'387
'393
'5,532 '5 566
'1,116 1 119
91
94
979
'970
981
993
1,096
'446
'1 108
453
1, 07?
458
1 i061
'519
'556
176
'217
'345
'5?1
553
175
??0
'344
5?4
S?4
554
177
??4
555
175
??1
348
345
458
For footnote see following page.
1032
FEDERAL RESERVE BULLETIN
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued
[Compiled by Bureau of Labor Statistics. In thousands of persons]
1954
1955
Industry group
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
WITHOUT SEASONAL ADJUSTMENT
12 ,418 12 ,577 12 ,612 12 ,657 12,645 12,523 12,649 12,778 12,816 12, 882 '13 086 12,988 13, 249
Total
Durable goods
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products..
Primary metal products
Fabricated metal products. . .
Machinery except electrical
Electrical machinery
Transportation equipment . . .
Instruments and related products
Misc. manufacturing industries.
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished textiles
Paper and allied products
Printing, publishing and allied
products
Chemical and allied products. . .
Products of petroleum and coal.
Rubber products
Leather and leather products. . .
6 ,890
6 ,965
7 ,081
7 ,198
101
592
?90
434
967
10?
672
?98
437
96S
100
692
301
438
969
98
685
301
438
988
7,218
7,182
7,282
96
631
293
430
1,013
94
639
296
434
1,032
7,375
7,457
7, 530
630
7 ,523
7, 556
91
651
297
450
1,076
rflQ
'727
^00
>-466
r\ 11 S
r884
T\
182
r816
M 447
89
725
998
460
1 , 102
88
733
311
466
1, 119
8?0
8?1
8?9
844
843
834
844
1 ,093
800
1 ?49
1 ,092
811
1 334
1,106
809
1,375
1,109
800
1,400
868
1 ,097
78S
1 ,183
1,125
803
1,426
860
1 ,095
766
1 ,?38
1,144
803
1,447
1,164
804
1,462
90
683
?98
456
1, 096
877
1, 174
809
1, 4S6
914
?18
?18
?18
218
217
216
219
218
911
r??0
918
991
373
386
393
390
373
360
371
377
376
379
r385
372
390
5 ,528
5 ,612
5 ,531
5 ,459
5,427
5,341
5,367
5,403
5,359
5, 352
'5 456
5 ,465
5, 693
1 ,238
10?
1 ,268
110
1 ,180
11?
1 ,111
103
1,007
91
985
89
983
983
977
985
985
1, 035
80
96 5
089
8?
974
1, 253
108
978
1,011
80
983
1,156
79
974
991
83
n
979
1,062
100
9S6
978
1 0S4
439
1 ,0S9
445
1 ,0S7
444
1 ,060
444
1,073
442
1,069
437
1,101
437
1,110
439
1,057
441
1, 041
444
i 0S8
1 ,024
451
449
1, 08?
456
509
520
179
518
529
177
196
*>?0
534
518
533
173
?0?
519
534
172
207
512
534
169
209
512
535
170
209
516
548
172
212
S16
550
175
916
rS?1
545
»-176
?19
519
543
179
917
519
547
179
919
332
335
336
345
347
516
551
173
211
337
331
>"342
343
354
m
338
175
?09
330
331
97
661
297
437
1,002
94
634
298
442
1,057
r
86S
1 ,164
807
1j4?5
881
1, 155
894
1j 376
••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 1955 are preliminary. Back data may be
obtained from the Bureau of Labor Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by Bureau of Labor Statistics]
Average weekly earnings
(dollars per week)
Industry group
1955
1954
June
Aug.
July
Average hours worked
(per week)
Aug.
Aug.
1955
1954
1955
1954
Average hourly earnings
(dollars per hour)
June
July
Aug.
Aug.
June
July
Aug.
Total
71.06
76.11
76.36
77.11
39.7
40.7
1.79
1.87
1.89
1.89
76.59
^81.99
82.21
83.83
40.1
'41.2
40.4
40.9
40.8
Durable goods
41.5
1.91
1.99
2.01
2.02
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
80.20
65.57
63.74
72.04
80.64
'83.44
71.90
66.98
'77.52
'91.30
82.01
70.00
65.53
76.86
91.94
81.59
71.34
68.62
76.78
94.81
40.1
41.5
40.6
40.7
38.4
'40.9
41.8
41.6
'41.9
'41.5
40.2
40.7
40.7
41.1
40.5
39.8
41.0
42.1
41.5
41.4
2.00
1.58
1.57
1.77
2.10
2.04
1.72
1.61
'1.85
'2.20
2.04
1.72
1.61
1.87
2.27
2.05
1.74
1.63
1.85
2.29
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
76.95
80.80
72.04
85.63
72.29
63.44
'80.95
87.57
'75.92
'88.26
77.93
66.42
81.99
86.53
73.87
93.63
76.76
66.40
82.78
87.57
76.30
95.82
78.31
66.66
40.5
40.2
39.8
40.2
39.5
39.9
41.3
42.1
'40.6
'40.3
40.8
40.5
41.2
41.6
39.5
41.8
40.4
40.0
41.6
41.9
40.8
42.4
41.0
40.4
1.90
2.01
1.81
2.13
1.83
1.59
1.91
1.64
1.99
2.08
1.87
2.24
1.90
1.66
1.99
2.09
1.87
2.26
1.91
1.65
1.70
1.71
1.70
64.68
67.83
67.89
67.83
39.2
39.9
39.7
39.9
1.65
Food and kindred products
Tobacco manufactures
Textile-mill products
Apparel and other finished products....
Paper and allied products
67.57
49.67
52.36
48.87
74.98
71.38
55.55
'54.92
48.68
78.69
71.90
54.29
54.25
47.88
79.30
70.69
51.09
55.35
49.31
79.67
41.2
38.5
38.5
36.2
42.6
41.5
39.4
39.8
36.6
43.0
41.8
38.5
39.6
36.0
43.1
41.1
39.0
40.4
36.8
43.3
1.64
Printing, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
Leather and leather products.
87.40
78.94
93.07
75.85
51.24
90.95
82.80
»-97.23
r
88.83
'•53.44
90.95
83.64
99.29
86.52
52.03
90.95
83.84
99.12
87.15
52.82
38.5
40.9
41.0
39.1
37.4
38.7
41.4
'41.2
'42.3
38.7
41.2
41.2
41.2
37.7
38.7
41.3
41.3
41.5
38.0
2.27
1.93
2.27
1.94
1.37
Nondurable goods
r
Revised.
NOTE.—-Data are for production and related workers.
Labor Statistics.
SEPTEMBER
1955
Figures for August 1955 are preliminary.
2.08
n.87
1.72
1.31
1.37
1.34
1.84
'1.41
2.35
2.03
2.41
2.10
1.38
2.35
2.03
2.40
2.10
1.39
Back data are available from the Bureau of
1033
EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION
[Compiled by Bureau of Labor Statistics. In thousands of persons]
Total
Manufacturing
44 448
43,315
44,738
47,347
48,303
49,681
48,285
15,321
14,178
14,967
16,104
16,334
17,238
15,989
1954—August
September
October
November
December
48,029
48,020
48,129
48,386
48,380
15,688
15,739
15,835
15,972
15,992
1955—-Tanuary
February
March
48,398
48 440
48,766
48,881
49,214
'49,505
49,654
49,678
15,993
16,091
16,229
16,380
16,545
•16,688
16,651
16,637
741
741
48,123
48,490
48,580
48,808
49,463
15,822
15,972
16,007
16,057
16,050
763
744
743
749
47,741
47,753
48,212
48,643
48,918
•"49,508
49,433
49,789
15,925
16,060
16,201
16,255
16,334
16,577
16,491
16,772
741
737
Year or month
1948
1949
1950
1951
1952
1953
1954
,
...
Mining
982
918
889
916
885
852
770
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
2,169
2,165
2,333
2,603
2,634
2,622
2,527
4,141
3,949
3,977
4,166
4,185
4,221
4,008
9,519
9,513
9,645
10,012
10,281
10,527
10,498
1,741
1,765
1,824
1,892
1,967
2,038
2,114
4,925
4,972
5,077
5,264
5,411
5,538
5,629
5,650
5,856
6,026
6,389
6,609
6,645
6,751
2,532
2,521
2,502
2,522
2,476
3,989
4,007
3,995
3,976
3,986
10,475
10,447
10,443
10,496
10,575
2,119
2,141
2,147
2,145
2,147
5,665
5,634
5,660
5,650
5,644
6,806
6,791
6,804
6,880
6,817
2,458
2 410
2,478
2,499
2,526
2,514
2,548
2,527
3,974
3,984
3,986
3,946
4,000
r
4,064
4,070
4,091
10,574
10,541
10,633
10,600
10,655
••10,711
10,775
10,800
2,145
2,154
2,161
2,161
2,171
••2,184
2,203
2,200
5,646
5,649
5,656
5,674
5,676
••5,690
5,733
5,735
6,867
6,870
6,884
6,878
6,892
6,898
6,919
6,942
2,735
2,698
2,652
2,598
2,426
4,018
4,023
4,005
3,986
3,996
10,321
10,447
10,548
10,745
11,354
2,151
2,141
2,136
2,134
2,136
5,750
5,719
5,660
5,622
5,588
6,563
6,746
6,829
6,917
7,166
2,237
2,169
2,255
2,399
2,526
2,615
2,701
2,729
3,927
3,937
3,966
3,939
3,997
••4,081
4,101
4,122
10,419
10,309
10,408
10,549
10,534
••10,643
10,642
10,641
2,124
2,132
2,150
2,161
2,171
••2,206
2,236
2,233
5,533
5,536
5,571
5,674
5,733
••5,775
5,819
5,821
6,835
6,873
6,922
6,927
6,881
6,851
6,696
6,718
SEASONALLY ADJUSTED
IVIay . .
June
July
August
755
740
743
745
743
739
743
749
756
755
746
WITHOUT SEASONAL ADJUSTMENT
1954—August
October
November
December
J 955—January
February.
March
May
June
July...
August
747
739
739
742
760
747
753
••Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the
month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. Figures
for August 1955 are preliminary. Back data may be obtained from the Bureau of Labor Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total noninstitutional
population
Total
labor
force
Employed 1
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1948
1949
1950
1951
1952
1953 2
1954
108,482
109,623
110,780
111,924
113,119
115,095
116,220
62,748
63,571
64,599
65,832
66,410
67,362
67,818
61,442
62,105
63,099
62,884
62,966
63,815
64,468
59,378
58,710
59,957
61,005
61,293
62,213
61,238
51,405
50,684
52,450
53,951
54,488
55,651
54,734
7,973
8,026
7,507
7,054
6,805
6,562
6,504
2,064
3,395
3,142
1,879
1,673
1,602
3,230
45,733
46,051
46,181
46,092
46,710
47,732
48,402
1954—July
August
September
October
November
December
116,217
116,329
116,432
116,547
116,659
116,763
68,824
68,856
68,566
68,190
67,909
66,811
65,494
65,522
65,244
64,882
64,624
63,526
62,148
62,277
62,145
62,141
61,732
60,688
54,661
55,349
54,618
54,902
55,577
55,363
7,486
6,928
7,527
7,239
6,154
5,325
3,347
3,245
3,100
2,741
2,893
2,838
47,393
47,473
47,865
48,357
48,750
C
49,952
1955—January
February
March
April.
May
June
July
August
116,855
116,901
117,051
117,130
117,236
117,318
117,404
117,517
66,700
66,550
66,840
67,784
68,256
69,692
70,429
70,695
63,497
63,321
63,654
64,647
65,192
66,696
'67,465
67,726
60,150
59,938
60,477
61,685
62,703
64,016
"64,994
65,488
54,853
54,854
54,785
55,470
55,740
56,335
57,291
57,952
5,297
5,084
5,692
6,215
6,963
7,681
7,704
7,536
3,347
3,383
3,176
2,962
2,489
2,679
2,471
2,237
50,156
50,352
50,212
49,346
48,979
47,626
46,975
46,823
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 through June 1955, Beginning
July 1955, data relate to the calendar week that contains the fifteenth day of the month. Back data may be obtained from the Bureau of the
Census.
1
2
1034
FEDERAL RESERVE
BULLETIN
VALUE OF NEW CONSTRUCTION ACTIVITY
[Seasonally adjusted. In millions of dollars]
Public
Private
Business
Total
Year or month
Total
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
. .
1954—August
September
October
November
December
1955—January
February
March
April.. .
May
Tune**
julyp
August^
. .
^Preliminary.
Residential
Total
8,682
11,957
14,075
8,301
5,259
5,633
12,000
16,689
21,678
22,789
28,454
31 182
33,008
35,271
37,577
5,054
6,206
3,415
1,979
2,186
3,235
9,638
13,256
16,853
16,384
21,454
21,764
22,107
23,877
25,768
1,100
4,015
6,310
8,580
8 267
12,600
10 973
11,100
11,930
13,496
1,672
4,195
4,896
5,693
5,322
5,680
7,217
7,460
8,436
8,583
3,199
3,199
3,136
3,254
3,429
2,226
2,247
2,238
2,269
2,350
1,192
1,215
1,210
1,229
1,307
3,428
3,451
3,442
3,493
3,531
3,506
3,491
3,462
2,396
2,435
2,446
2,498
2,502
2,486
2,514
2,501
1,336
1,345
1,330
1,366
1,366
1,358
1,372
1,344
2,985
3,510
1,715
885
815
1,561
2,082
1,287
759
989
Other
nonresidential
Indus- Com- Public
trial mercial utility
442
801
346
156
208
642
348
409
155
33
56
203
1,132
771
872
786
570
725
827
Military
Highway
385
3,628
5,751 1,620
10,660 5,016
6,322 2,550
837
3,073
690
2,398
188
2,362
204
3,433
158
4,825
137
6,405
177
7,000
887
9,418
10,901 1,388
11,394 1,307
11,809 1,030
1,302
1,066
1,451
1,774
2,131
2,272
2 518
2,820
3,160
3,750
Total
508
614
413
335
382
463
Conser- All
vation other
734
446
362
398
895
528
500
357
285
163
130
240
394
629
793
881
853
854
830
1,413
2,565
4,553
3,041
1,711
1,180
1,039
1,384
2,264
3,344
3,670
5,160
5,839
6,097
6,325
1,062
2,117
2,320
2,229
2,030
1,253
1,027
1,288
1,371
1,137
1,791
2,212
1,374
2,338
3,043
3,323
3,330
3,729
4,003
4,416
4,341
1,428
2,050
2,580
2,795
3,174
3 574
3,547
3,511
3,689
724
724
722
724
730
161
159
165
173
180
201
202
193
186
184
362
363
364
365
366
310
308
306
316
313
973
952
898
985
1,079
82
81
87
90
97
318
314
266
320
393
55
53
51
53
55
518
504
494
522
747
776
798
810
814
817
829
848
181
183
188
188
191
197
202
201
198
222
235
246
247
244
251
271
368
371
375
376
376
376
376
376
313
314
318
322
322
311
313
309
1,032
1,016
996
995
1,029
1,020
977
961
98
103
94
105
115
115
113
108
344
341
321
319
340
325
319
309
55
51
54
57
59
54
50
48
535
521
527
514
515
526
495
496
1,689
1,702
1,397
972
856
704
534
Source.—Joint estimates of the Departments of Commerce and Labor.
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions]
By type of
ownership
Year or month
Total
Public
1948
1949
1950
1951
1952
1953
1954
1954—August . .
September
October
November
December
. .
1955—January
February
March
April
May
June
JulyAugust
,
Private
By type of construction
Residential
building
Educational
Other
Public
works
and
public
utilities
725
1,127
1,376
1,651
1,689
1,686
1,695
1,958
2,155
2,476
2,578
2,723
3,408
4,008
4,142
330
392
Nonresidential building
Factories
Commercial
9,430
10,359
14,501
15,751
16,775
17,443
19,770
3,107
3,718
4,409
6,122
6,711
6,334
6,558
6,323
6,641
10,092
9,629
10,064
11,109
13,212
3,608
4,239
6,741
6,205
6,668
6,479
8,518
559
1,142
2,883
2,562
2,051
1,274
885
1,208
1,489
1,815
915
979
824
1,180
1,335
1,472
1,720
2,063
1,573
1,816
1,965
1,499
1,829
509
589
1,064
1,227
1,332
1,024
1,212
693
777
93
160
141
130
181
182
136
175
852
709
762
145
82
104
186
129
194
155
140
204
186
141
200
366
1,504
1,581
2,135
2,322
2,185
2,255
2,272
1,895
480
472
677
1,024
1,109
1,458
1,646
1,510
1,498
1,511
1,346
690
744
990
1,070
1,011
85
113
176
166
133
194
131
135
201
184
153
189
249
303
386
142
171
163
146
174
183
228
288
195
201
181
231
195
171
270
227
546
448
461
420
633
475
617
676
675
757
761
549
951
959
840
975
443
299
CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars
Total
(11 districts)
Month
Federal Reserve district
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
1954—May
June
July
1,925
1,733
1,837
117
93
95
270
143
207
163
167
1955—May
June
July
2,185
2,255
2,272
131
116
331
337
107
140
259
249
145
262
182
221
211
253
SEPTEMBER
1955
116
398
267
398
119
117
210
177
171
165
210
168
208
223
324
343
St.
Louis
Minneapolis
119
105
85
57
110
86
477
467
101
121
398
115
97
88
394
94
Kansas
City
Dallas
91
91
122
111
90
112
120
129
168
133
133
178
1035
PERMANENT NONFARM DWELLING UNITS STARTED
[In thousands of units]
Total
Year or month
1948
1949
1950
1951.
1952
1953..
1954
932
.
1,025
1,396
1,091
1,127
1,104
1,221
.
1954—August
September
October
November
December
114
116
111
104
91
1955—January
February
March
April
May
88
90
114
132
138
June
P129
July
August
P123
Urban
Private
Rural
nonfarm
Total
1family
914
989
763
792
1,352
1,020
1,069
1,068
1,202
1,151
Government-underwritten
2family
Public
Multifamily
n.a.
n.a.
1,077
46
35
42
40
46
42
34
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
113
103
3
113
111
103
90
104
100
93
80
3
3
3
3
7
6
8
8
7
1
2
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
87
88
78
79
2
3
7
6
0)
525
589
828
595
610
565
n.a.
n.a.
407
436
568
496
517
539
113
131
135
?127
P122
892
939
933
100
120
122
FHA
VA
104
162
159
88
84
94
90
18
36
44
71
58
36
19
393
466
686
413
420
407
585
291
361
486
264
279
252
277
102
105
200
149
141
155
308
60
27
33
60
59
62
51
26
25
26
22
34
34
36
29
46
45
20
17
26
28
54
61
66
24
26
28
30
35
38
72
63
32
26
40
37
1
4
3
3
9
8
10
1
2
3
n.a.
n.a.
n.a.
n.a.
Pi
n.a.
n.a.
n.a.
n.a.
n.a.
Total
68
41
27
1
PPreliminary.
n.a. Not available.
Less than 500 units.
NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA
figures after June 1950 and all 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—without seasonal adjustment
Monthly—seasonally adjusted
Annual
1954
Class
1953
1954
July
Total
127
114
Coal..
Coke
Grain
Livestock
Forest products
Ore
Miscellaneous
103
171
135
63
92
105
141
62
143
215
143
43
132
144
129
40
113
115
120
80
91
181
47
105
131
124
45
91
134
120
49
95
142
123
58
123
128
125
125
95
144
140
65
105
149
155
57
99
151
152
50
104
156
164
50
147
191
140
42
145
190
139
43
122
123
80
94
151
54
105
124
127
56
91
133
130
62
135
133
177
142
39
144
40
114
July
109
20l4
Apr.
July
Apr.
144
198
136
40
Mar.
June
Mar.
139
177
144
40
1955
Feb.
May
Feb.
119
159
125
38
1954
1955
120
255
126
38
135
59
137
40
138
49
128
39
133
136
140
39
June
July
130
130
131
105
147
133
52
99
148
155
41
104
151
197
41
153
296
144
42
146
305
140
42
May
145
271
146
40
NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by
Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission.
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1
Merchandise exports excluding
military-aid shipments 2
Merchandise imports 3
Month
January
February.
March
April
May
June
July
August
September
October
November
December
January-July
. . .
.
.
. .
.
.
....
1953
1954
1955
1953
1954
1955
1953
1954
1.293
1,200
1,390
I 394
1,453
1,385
1,363
1,187
1,256
1,253
1,247
1 ,166
1,238
1,343
1,260
1,312
1,317
^1,267
1,016
923
998
923
1,081
1,143
1,250
1,166
1,181
1,189
*1,139
922
856
1,004
1 013
902
933
833
809
864
957
829
947
908
840
926
813
822
825
780
763
353
1,092
1,183
1,126
1,426
1,401
1,474
1,291
1,156
1,114
1,265
1,249
1,318
9,478
8,993
P8,903
927
1,052
1,054
1,085
1,013
965
911
1,052
1,019
1,031
1,138
1,258
1,137
1,115
1,024
955
961
1,161
1,164
1,221
7,112
7,378
8,149
849
840
907
942
6.538
6,061
1955
870
850
1,019
871
966
940
P885
2>6,401
^Revised.
^Preliminary.
Exports of domestic and foreign merchandise.
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.
1
2
1036
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
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chi-
St.
Louis
104
98
105
109
110
112
111
102
99
103
105
104
105
107
103
98
101
105
101
102
104
104
100
106
109
109
111
108
105
98
105
110
110
113
105
103
100
105
113
118
121
121
103
101
109
115
124
126
129
104
97
104
108
106
111
109
104
98
104
107
110
112
112
104
98
105
104
104
104
105
103
99
108
111
113
112
115
105
102
113
117
124
125
127
104
98
105
109
114
115
113
112
111
111
112
113
116
107
104
108
109
110
110
103
105
105
102
106
106
105
105
108
108
111
113
106
103
105
106
107
110
119
122
119
122
124
128
133
128
126
135
133
135
109
108
108
108
109
112
116
110
109
112
114
117
104
104
105
106
104
111
122
114
116
118
116
120
133
126
122
131
131
136
114
114
114
116
115
118
119
112
115
119
117
114
P124
114
109
107
108
111
107
114
108
101
105
102
103
104
108
113
108
111
115
114
113
120
111
108
107
116
113
108
124
133
122
129
126
128
123
137
134
133
142
137
136
P152
116
109
114
119
117
114
122
123
114
116
122
120
108
P132
112
103
108
107
107
103
111
124
114
120
126
120
118
136
140
129
134
142
134
132
145
125
118
118
120
118
118
122
98
113
118
137
201
77
83
115
110
133
200
74
81
107
109
134
186
'78
85
111
113
146
197
82
94
105
111
133
191
102
122
130
153
231
107
116
123
141
154
234
86
97
113
114
133
188
89
100
111
123
137
194
84
99
111
122
120
180
100
107
116
124
133
205
113
117
122
138
149
228
100
111
112
116
.134
209
85
82
93
99
101
100
77
85
83
101
109
113
106
89
87
83
93
112
110
104
96
91
91
111
125
129
118
106
107
129
141
134
121
P98
90
82
90
108
111
107
82
84
98
114
116
112
96
92
89
101
118
120
106
P102
80
81
88
108
108
95
89
94
89
104
123
119
113
111
110
103
120
136
133
120
123
97
93
97
112
116
113
106
107
99
109
128
118
126
122
105
100
109
124
111
116
117
105
97
105
124
113
116
114
107
99
108
127
113
119
116
107
100
106
128
111
118
114
105
101
113
133
130
143
139
108
102
120
140
136
146
141
108
97
108
125
112
122
120
107
100
106
125
114
124
116
110
99
104
116
107
115
115
108
100
111
130
121
133
126
110
101
112
132
126
138
132
107
100
110
131
126
134
125
122
122
122
122
123
124
117
118
118
116
118
119
116
115
115
115
114
114
115
114
115
115
117
121
115
115
114
114
114
117
138
136
141
143
141
144
137
140
142
142
143
144
118
119
118
117
119
120
119
113
114
113
114
118
113
117
118
118
119
119
123
124
126
126
128
130
132
133
134
134
133
139
127
127
128
126
128
128
123
123
124
124
123
127
118
118
119
121
120
124
121
113
113
113
113
111
115
116
118
117
118
116
118
123
123
114
114
113
113
113
116
118
140
142
144
144
139
143
146
147
150
149
148
151
148
118
118
119
120
122
124
121
121
120
117
120
121
126
126
116
116
116
113
117
123
119
129
129
131
131
132
136
135
134
136
139
137
137
143
P144
131
127
129
128
126
130
131
105
114
121
131
138
111
105
112
121
129
131
104
103
109
121
132
134
107
105
111
120
128
129
104
135
139
146
158
152
120
128
137
148
155
162
127
111
116
123
133
138
108
110
113
123
127
129
106
109
114
124
128
133
107
119
123
131
137
142
117
125
132
142
148
147
126
125
122
133
144
141
108
107
111
122
125
123
115
109
101
106
116
119
115
108
105
103
112
122
124
123
116
111
101
109
117
119
117
110
109
125
132
149
153
146
139
134
145
156
155
150
142
139
106
112
121
123
123
116
114
105
114
124
126
121
116
116
107
111
119
118
118
116
115
116
125
135
136
135
131
129
119
132
144
144
139
133
116
118
129
133
136
131
130
Minne- Kansas
Dallas
City
apolis
San
Francisco
SALES1
1948
1949
1950
1951
1952
1953
1954
SEASONALLY ADJUSTED
1954—July
August
September
October
November
December
1955—January
February
March
April
May
June
July
P136
WITHOUT SEASONAL ADJUSTMENT
1954—July
August
September
October
November
December.
91
88
100
114
116
109
1955—January
February
March
April
May
June
July
1948
1949
1950
1951
1952
1953
1954
STOCKS1
P107
SEASONALLY ADJUSTED
1954—July
August
September
October
November
December
1955—January
February
March
April
May
June
July
WITHOUT SEASONAL ADJUSTMENT
1954—July
August
September
October
November
December
1955—January
February
March
April
May
June
July
119
128
137
138
110
110
117
127
129
127
121
r
^Preliminary.
Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.
SEPTEMBER
1955
1037
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
DEPARTMENT STORE MERCHANDISING DATA
A m o u n t s
Year or month
1
1
1
1
1
1
1
1
1
9
9
9
9
9
9
9
9
9
46
47
48
49
50
51
52
53
54
average
average
average
a v e r a g e ..
average
average
average...
average
average
Sales
Stocks1
(end
of
m o n t h )
(total
for
month)
.....
. .
. .
1 9 5 4 — J u l y
A u g u s t . . . .
S e p t e m b e r . . . .
October
November.
December
1
. .
.
...
.
..
. .
. . . . .
. .
I 9 5 5 — J a n u a r y
F e b r u a r y . .
March
May
June
. . .
Julyp
millions of
Outstanding
orders1
(end of
m o n t h )
1952
2.3
2.5
2 . 7
2.7
2 . 8
3.2
2 . 9
3.0
3.0
30
t.4
L.I
1.4
L 3
i 2
L 1
L O
5.3
4.3
4.1
3.8
4 . 2
4.4
4.1
4.1
4 . 0
1.1
1.0
1.0
1.0
1.1
1.0
1.0
1.0
1.0
'307
350
400
437
509
766
L,045
1,095
t ,184
268
1,318
1,056
465
486
477
406
301
489
521
559
504
»-362
»-393
510
512
488
399
3.4
3.1
3.0
2.9
2.6
1.4
1.5
.3
1.2
1.1
0.8
0.4
4 . 9
4.5
4.2
4.0
3.4
1.8
0 . 9
'1.1
1.2
1.2
1.1
0.7
1
1
1
1
1
1
1
385
414
367
308
306
449
553
406
399
430
380
373
466
396
3.1
3.6
3.0
2.9
2.9
2.9
3.4
1.1
1.3
0.9
0.7
0.8
1.2
1.7
4 . 2
4 . 9
4.0
3.7
3.7
4.0
5.1
1.0
1.2
1.2
1.1
0.9
0.8
0.9
,
,
,
,
.
.
,
042
105
190
216
188
121
089
tocks.
o n t h
Nov.
3
10
17
24
121
127
130
123
Dec.
1
8
15
22
29
161
191
213
228
92
I N D E X
O
195
223
237
146
Dec.
5 . . ..
1 2 . . . .
19
26
190 D e c .
216
234
163
81
89
92
86
87
Jan.
2
9
1 6 . ... .
23 . ,
30
81
94
85
86
85
Jan.
1.
8 .
15.
2 2 .
29,
88
92
85
93
Feb.
6. .
13
20
27
86
91
86
90
Feb.
14
21
28
5. . .. .
12. . . . .
19. . . . .
2 6 . .. . .
7
14
21
28
96
100
109
112
Mar.
6 . . . . 85
92
13
20
95
27
100
Mar.
5
98 S e p t . 6
12... ..102
13
.
.
1
08
1 9 . ..
2 0 . . .
2 6 . .. . . 1 0 3
27
Dec.
6 . . . .
1 3 . . . .
20
27
1952
1953
5
1 2 . . . .
19
2 6 . . . .
78
92
90
83
Jan.
Feb.
2.
9
16
23
84
87
89
83
Feb.
Mar.
121 N o v .
6.
133
1 3 .
131
20.
133
27.
. .
1 . . . . 85
8
88
15
90
22
94
2 9 . . . . 101
N O T E . — F o r
1038
Mar.
3
10
17
24
31
7
1954
1098-1102.
2
3
3
3
7 May 3
0
10
4
17
24
3
31
4. .. ..1
11. .. ..2
18... ..2
2 5 . . . ..1
9
2
4
9
2
4
0
0
109 A p r .
111
97
105
4
1 1 . . .
18
25
111 M a y 2 . . . .
9. . . .
117
16
99
105
23
30
97
June
7.
14
21
28
July
5
12
19
2 6 . . . .
. . . 111
116
98
91
June
6
13
2 0 . . . .
2 7 . . . .
1955
1954
1953
5
1 2 . . . .
19
26
1
1
1
1
.
.
.
.
n
1947-49 = 100]
1952
.
.
.
.
o
o n totals
adjustment
2. ... 110Apr.
9
118
1 6 . .. . 1 1 9
2 3 . . . . 123
30... . 117
. .
. .
..
..
figures
T h e final r a t i o i s b a s e d
F S A L E S
7
14
21
28
115
118
130
134
138
orders are derived from receipts a n d reported
IN for October 1952, pp.
Nov.
1
8
15
22
29
439
375
323
292
N e w
112
120
118
113
113
Nov.
Jan.
Oct.
477
t osales during the m o n t h .
3. . ..
10
1 7 . . . .
24
31
116 O c t .
. . . 126
124
122
322
370
7
S t a t e s . T h e y a r e t h e a c t u a l d o l l a r a m o u n t s r e p o r t e d b ya g r o u p o f
4 , s a l e s b yt h e s e s t o r e s a c c o u n t e d f o r a b o u t 5 0p e r c e n t o f e s t i m a t e d
1954
1953
4
11.
18
25
Receipts
354
364
363
358
401
379
401
401
409
W i t h o u t seasonal
110 O c t .
117
116
113
Stocks
plus
outstanding
orders
Outstanding
orders
373
366
386
358
391
390
397
408
407
W E E K L Y
6
1 3 . . . .
2 0 . . . .
27
Stocks
2
964
588
494
373
495
460
435
421
387
[Weeks ending o n dates shown.
1951
(total
for
month)
New
orders2
(total
for
month)
R e ceipts
767
887
979
925
1,012
L.202
1,097
1,163
1,136
pPreliminary.
^Revised.
1
These
figures
a r e n o t e s t i m a t e s f o r all d e p a r t m e n t s t o r e s i nt h e U n i t e d
d e p a r t m e n t stores located i nvarious cities t h r o u g h o u t the c o u n t r y .
I n195
total d e p a r t m e n t store sales.
2
R e c e i p t s o fg o o d s are d e r i v e d f r o m t h e r e p o r t e d
figures
o ns a l e s a n d s
outstanding orders.
3
T h e first t h r e e r a t i o s a r e o f s t o c k s a n d / o r o r d e r s a t t h e e n d o f t h e m
of sales a n d receipts for t h e m o n t h .
N O T E . — F o r description a n d m o n t h l y figures for b a c k years, see BULLET
Oct.
Ratios to sales3
dollars)
345
365
381
361
376
391
397
406
407
336
307
392
413
403
390
324
...
(In
118 A p r .
97
105
104
3 . . . . 103 A p r .
10
113
17. . .
118
2 4 . ..
101
2. .
9
16...
2 3 . . .
30...
...114
122
. . 103
..112
. . 1 2 0
114 M a y
112 M a y 7 . . . . . 1 3 4
1
128
8 . . . . 123
14
. .108
105
1 5 . . . . 97
2 1 . .. . 1 1 5
112
22
106
2 8 . .. . . 1 1 4
97
29
104
118
112
111
94
June
5 . . . . 97
1 2 . . . . 111
1 9 . . . . 115
26
97
June
4
11.
18.
25.
..10
.. . . 1 1
.. . . 1
.. . . 1
2
4
17
03
1955
.
..
. .
..
. .
..
.. 8 0
. . 1 0 6
.. 9 9
95
. . 8 7
8
9
9
9
6Aug.
2
0
3
2.
9
16
23
30
79 J u l y
83
82
79
...
87 A u g .
90
95
100
110
4
11. ...
1 8 . . . .
2 5 . . . .
1
8
15
22
29
100 S e p t . 5 . . . .
114
12
. 113
19
112
2 6 . . . .
description a n d weekly indexes for b a c k years, see BULLETIN for April 1952, pp.
79 J u l y
92
84
83
86 A u g .
92
95
100
101
3
10
17
24. .. .
3 i ! . . !
93 J u l y
77
88
84
87
7 . . . . 92 A u g .
14
97
21
100
28
102
2. .. . . 9 8
9. . . . ..87
16. .. . ..97
94
23
98
30
6
1 3 . . .
20...
27...
97
. . 1 0 0
. . 1 0 6
..111
101 S e p t . 4
. .125
113 S e p t . 3
10. ..
102
1 1 . . . . 97
1
7
.
.
.
.
120
18
12C
114
11£
24
25
359-362.
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
Federal Reserve July June 7
Federal Reserve July June 7
district,
district,
district,
district,
1955 1955 mos.
1955 1955 mos.
1955 1955 1955
1955 1955 1955
1955
area,
or
city
area, or city
area, or city
area,
or
city
1955
P+7
United States
+2
Boston
+3
+1
+6
+4
1
Met. Areas
Portland
Boston
Downtown
Boston2
Suburban
Boston
Cambridge..
Quincy
LowellLawrence
New Bedford...
Worcester2
+2
+1
-2
-3
+4
+5
+7
-5
+6
-1
+1
New York
0
Met. Areas1
Albany-Schenectady-Troy
Albany
Schenectady...
Binghamton
Buffalo 2
Buffalo
Niagara Falls..
New York-N.E.
New Jersey..
Newark 2 ......
2
N. Y. City
...
Rochester2
Syracuse2
Utica-Rome....
Utica
Cities
Bridgeport2
Poughkeepsie.,.
Philadelphia...
Met. Areas
Wilmington
Trenton2
Lancaster2 2
Philadelphia
...
Reading2
Scranton
Wilkes-Barre—
Hazleton2
-3
0
-9
+2
-5
-6
+1
+2
0
-1
2
+6
+4
+7
-1
+3
+10
+5
+3
0
+2
-3
-1
+1
+5
+2
+1
+1
+2
+5
+2
+1
+4
+4
-3
+5
+1
+1
+2
+1
-2
0
+3
+3
9
-1
+5
+9
+5
+11
+12
+13
+21
+15
+19
+6
+16
+2
-2
Richmond
P+10
+4
Met. Areas1
+1
+1
+5
+3
7
+1
-5
-1
+3
+9
Met. Areas* 2
Birmingham ...
Mobile
Montgomery.2 . .
Jacksonville ...
Orlando
St. PetersburgTampa
St. Petersburg.
Tampa22
Atlanta
...
Augusta
Columbus
Macon2
Savannah
Baton Rouge 2 ..
New Orleans 2 . .
Jackson2
Chattanooga 2 . .
Knoxville22
Nashville
Cities
-1 Rome
+4 Meridian
+1 Bristol
+5
+5 Chicago
+6
1
Areas
+11 Met.
2
+8 Chicago
+9 Aurora
+1
+4
+2
0
+1
0
+2
+14 +19
+3
+8
+2
+6
+2
+4
+8
Raleigh
+9
+9
Winston-Salem 2 -7
+6
Charleston,
2
+25
+34
+39
S. C.
Columbia22
+3 -3 +6
Greenville
+9 +8 + 12
Norfolk2
+13
Portsmouth
.
.
+3 +7
2
Richmond
+9 +3 +9
Roanoke2
+8 -8 +4
Charleston,
+15 +1 +7
W. Va. 2 . .
+3
+2 \ t l a n t a
+5
+5 +3
+6 +9
+2 +5
+5
0
City
Portsmouth 2 . . .
0
Cities
-5 Cumberland+3 Hagerstown. . .
+1 Spartanburg....
2
+1 Lynchburg ....
+2 Newport News..
+2 Fairmont.
-1 Morgantown.
0 Huntington 2 . . .
+1 Parkersburg
' +14 +10 + 10
+14
Cleveland...... +13
+6
+8 Washington2. . . +11
-1 +4 Downtown
Wash
+3
-2 +5
P+6
Baltimore2
+8 + 10 Asheville2 2
+5
+14 +4 +6
+12 '+11 +15
+11 +2 +3
+9 -3 +4
+16 +9 +9
City 2
York
Met. Areas
Lexington
Akron2 2
Canton 2
Cincinnati
Cleveland22
Columbus 2
Springfield
Toledo2
2
Youngstown
...
Erie2
2
Pittsburgh
-i
+6
j
Cities
Springfield 2
Providence ....
+4
Gleve.-cont.
Met. Areas-cont.
WheelingSteubenville2..
Elgin
0
+2
+3
+7
+7
+10 -2 +8
0
+4 -5
+4 _4 +2
+11 +8 +6
+9 +10 +7
+10 -2 +7
+21 +5 +15
P + 9 +6 +10
+9
+14
-1
+1
+3
-1
+5
+12
1
+13
+5
+9
+4
+5
j
+4
+26
+14
+3 +10
+9
+6
-3
+7
+2 +4
+5 +9
+4 +4
+8 +8
+1 +1
+7 + 13
-13 +3
+5 +19
+2
+9y
+3
+7
+10
+3
+6
-1 +2
-6
+4 + 12
-1 +8
__ 4
+9 +9
+8 + 15
+6
+9
P+5
-4
p+g
+4 +6
P+4
+3
+1
+1
+ 10
+9
-5
+5
+7
+7
Chicago-cow/.
1
Met. Areas
-cont,
Joliet2
Gary 2
Decatur
Peoria2
Rockf ord
Tri-Cities2
(Moline,
Rock Island;
Davenport)
Fort Wayne 22...
Indianapolis ..,
Muncie
South Bend 2 .2 . .
Terre Haute ...
Cedar Rapids...
Des Moines
Dubuque
Sioux City
Waterloo
Detroit2
Flint2
Grand Rapids 2 .
Jackson2
Kalamazoo
Lansing2
Saginaw
Green Bay
Madison 2
Milwaukee
+16
+8
+12
+10
+7
+7
+4
-8
-2
-1
+46 +23
+9
+8
+17
+10
+ 13
-6
-1
+3
-5
+ 19
+ 10
+2
+9
+3
+29
+3
+2
+5
+5
+7
+5
+9
+8
-5 +5
+2 +3
_2 +4
+ 1 +3
-1 + 1
+6 +4 +7
+ 13 +10 +10
+18 +6 +11
+4 -3 +2
+11 +3 +6
0 +4
+4
+27 +15 +17
+7 -2 +6
+8 +4 +8
-5
+2
-5
-3
-3
-1
Kan. City-cow*.
Met. Areas-cont.
+14 +15
Wichita
St. Joseph
+9 -6c
Omaha. . .
+4
Albuquerque. . . +10 +16
Oklahoma City. +11 +4
Tulsa
-5 -8
Cities
Greeley
Hutchinson. .
Joplin
Kansas City. .
Enid
+21
+4
+1
+12
+13
+8
+6
0
+4
+12
-9
+6
+7
+3
+4
Dallas
+5
+5 +10
Met. Areas
Shreveport. . .
Corpus2 Christi
Dallas
El Paso
Fort Worth.
.,
Houston 2 ....
San Antonio..
Waco..
+6
+6
+5
+9
+5
+4
+2
+9
0
-4
+6
+9
-1
+6
+8
+7
+6
+12
+10
+10
+8
+8
+8
+11
P+2
+7
+7
San Francisco.
Cities
Danville
+26 + 11 + 14
1
Battle Creek. . . +34 +12 +29 Met. Areas
2
Muskegon
+ 11 +3 +11 Phoenix2
Port Huron. . . . +5 +4 +6 Fresno
Angeles2 . . .
Appleton
+1 -6 -2 LosDowntown
Sheboygan
-1 +2 +6
L. A.2
WestsideL.A.2
St. Louis
p+10 -3 +6
Long Beach2. .
Met. Areas
Pasadena
Fort Smith 2
+ 10 +4 +10 Santa Monica..
Little Rock
....
Riverside
and
-1
7
+2
Evansville2
San Ber+16 -6 +4
nardino . .2. . . .
Louisville2
-7 +5
+10
. ..
Springfield2
+33 +25 +37 Sacramento
2
St. Louis 2
+6 San Diego
+9
San
FranciscoMemphis ...... P+6
5
+4 Oakland2
~
Cities
OaklandQuincy
+5 -8 +2 Berkeley2
Paducah
,
Downtown2
-5 -20 -8
Oakland . .
Minneapolis. . . +2 -2 +3 San Francisco2.
Vallejo
Met. Areas1
San Jose2
Mpls.-St. Paul22
4 +2 Stockton22
+2
Minneapolis
.
+3 +1 +4 Portland
St. Paul2
City 2 .
+1 -14 -1 Salt Lake
2
Sioux Falls
+6 r_l +2 Seattle 2
Spokane2
Cities
Tacoma
Mankato
0
+ 1 -7
Duluth- 2
Cities
2 +2
Superior ....
0 Tucson
2
Great Falls
+1 +4 +9 Bakersfield
Grand Forks. . . -2 +3
0 Boise and
LaCrosse
0 +4 Nampa
0
Idaho Falls
Kansas City...
+7 +2 +8 Twin Falls
Bellingham
Met. Areas
Walla Walla 2 ...
Denver
+ 19 +13 +15 Yakima2.,
Topeka
+6 -11 +3
-3
-3
-22 -27
-14
+4 +16
-1 +13
P+2
+3
P-3
-7
P+3
+4
+6
+7
+6 ' + 10 +9
+1 +4 +3
+9 +11 +14
+10 +13 +14
-9 +12 +5
0 +2
p-2
P+4
+1
j
+8
+6
+1
+4
+8
+6
tl
+1
-6 -1 +1
+1 +12 +10
0 +5 +4
+5 +7
+ 11 +15 +5
+5 +7 +10
+4 +10 +6
+9 +18 +7
+13
+7 +16 + 12
+7 +12 +10
+4 +9
+10 +6
— 1 +8 +5
2
0
-3
3
+5
-3
t
^Preliminary.
'Revised.
1
Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.
2
Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal
Reserve Bank in the district in which the area or city is located.
SEPTEMBER
1955
1039
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS
Ratio of
stocks 1to
sales
Percentage change
from a year ago
Department
Six
months
1955
June
1955
GRAND TOTAL—entire store
3
MAIN STORE — total
Piece goods and household textiles.
Stocks
(end of
month)
Sales
during
period
4-4
\^
+2
+2
+4
+1
-6
-6
-4
-6
-10
-1
Piece goods....
Silks, velvets, and synthetics.
Woolen yard goods
Cotton yard goods
+6
Household textiles
Linens and towels
Domestics—muslins, sheetings....
Blankets, comforters, and spreads.
+6
+7
+4
+8
+4
+4
+4
+4
c
-3
Small wares.
Laces, trimmings, embroideries, and ribbons
Notions
Toilet articles, drug sundries
-7
0
+8
Federal Reserve index number
without seasonal adjustment,
1947-49 average = 1 0 0 2
Sa les during
June
1955
June
1955
1955
+3
+2
+8
0
+1
-4
+4
+4
1954
1954
1955
1954
June
+4
+4
+1
Stocks at end
of month
period
May
June
June
May
June
3.0
3.0
3.3
3.2
96
99
94
114
121
110
4.0
4.1
76
86
75
101
106
99
4.0
4.9
17.8
2.6
3.7
3.1
18.1
2.2
56
40
15
110
69
55
15
129
60
43
14
118
80
73
74
106
87
75
76
115
78
71
77
98
4.0
4.3
3.7
3.7
4.3
4.7
4.2
4.0
90
87
87
98
97
86
103
105
85
82
84
91
112
103
130
110
115
106
133
115
111
102
135
106
3.6
3.7
99
98
95
115
120
111
3.7
3.1
3.3
3.6
3.0
3.3
92
118
109
102
126
107
96
116
105
112
131
108
123
138
112
109
125
105
4.1
5.0
2.6
6.7
4.1
5.1
2.5
7.3
101
104
97
108
99
88
109
113
96
95
97
93
119
138
103
123
127
141
117
152
113
127
96
116
+5
+4
+8
+14
+5
+ 12
+6
+9
+8
+6
Art needlework
+1
+3
+6
+9
+1
+ 16
+4
+2
+5
+3
-2
-1
5.8
6.2
64
62
61
102
107
104
Books and stationery. . .
Books and magazines.
Stationery
+8
+11
+6
+4
+5
+4
+3
+1
+4
3.7
3.4
3.9
4.0
3.7
4.0
88
82
92
81
76
82
82
74
87
116
103
122
120
106
124
113
102
118
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips. .
Negligees, robes, and lounging apparel.
Infants' wear
Handbags, and small leather goods.
Women's and children's shoes.
Children's shoes
Women's shoes
+2
+6
2.7
2.6
89
101
91
113
122
106
-1
+2
0
-6
+5
+9
-6
-1
+7
+7
3.2
2.2
3.8
1.3
5.7
2.7
2.8
3.1
2.1
3.8
1.3
6.3
2.6
2.7
90
108
49
52
49
145
72
99
117
52
67
65
139
84
91
104
51
53
45
144
71
117
125
64
63
80
150
117
127
139
69
76
84
153
127
112
115
66
68
81
140
110
+4
+4
+5
+1
2.7
3.0
2.6
2.2
2.5
2.9
2.4
2.1
92
107
89
80
103
122
97
100
96
107
95
85
110
143
102
89
118
148
107
99
106
138
97
88
+5
+8
+4
+5
+3
3.4
2.3
3.3
2.2
84
97
88
109
84
93
116
111
123
125
110
102
4.8
5.2
4.7
4.6
5.1
4.5
102
89
107
114
87
118
105
91
110
132
135
135
147
147
146
128
128
130
+8
+9
+22
-6
2.1
3.8
4.1
3.2
2.0
4.0
4.0
3.7
89
31
26
38
104
46
41
57
91
27
22
37
106
72
71
67
116
77
69
87
98
65
58
71
+ 11
+9
+12
2.2
1.7
2.8
2.0
1.5
2.6
88
86
90
99
101
96
89
88
90
111
98
121
122
111
131
100
90
108
1.4
1.1
1.8
1.3
1.0
1.7
108
119
97
134
139
121
113
129
96
105
111
100
125
126
120
98
101
92
2.0
1.7
15.2
1.9
1.5
21.2
132
136
21
131
158
29
136
148
15
140
126
89
157
127
81
129
114
88
+4
-3
-2
+8
+1
+2
-5
0
+3
+3
+1
-6
+1
+4
+ 13
+ 19
+2
+2
+6
+3
+2
+3
+2
-1
-8
+2
+1
+3
2
-3
0
Women's and misses' dresses.
Inexpensive dresses
,
Better dresses
-7
+1
+3
+2
+5
-8
+40
+4
+3
+17
+8
+11
+1
-3
+4
+2
3.4
3.3
115
93
119
121
133
118
-5
-3
+3
+4
+5
+5
-2
3.9
2.7
4.4
4.5
3.8
2.6
4.2
4.5
115
125
82
131
107
85
88
105
121
129
81
132
127
119
109
129
142
133
115
137
130
115
99
128
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms.
Furs
Men's and boys' wear.
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boys' shoes and slippers.
+1
00 O 00
Juniors' and girls' wear
Juniors' coats, suits, and dresses.
Girls' wear
+i+
Women's and misses' ready-to-wear apparel
Women's and misses' coats and suits
Coats
Suits
-2
1 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
to OJ OJ
Silverware and jewelry
Silverware and clocks
Costume jewelry
Fine jewelry and watches.
+3
+10
+1
For footnotes see following page.
1040
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
[Based on retail value figures]
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage change
from a year ago
June
1955
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
Miscellaneous merchandise departments
Toys, games, sporting goods, cameras
Toys and games
Sporting goods and cameras
+8
'
+11
+13
+10
+17
+20
+5
+3
+14
+7
+6
+1
+6
+20
+19
+21
+7
+6
-2
+13
+8
+13
Luggage
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
Stocks
(end of
month)
Sales
during
period
Department
Six
months
1955
June
May
June
June
May
June
104
94
115
118
113
+1
+6
+1
116
136
108
121
132
111
104
121
98
118
137
118
119
137
113
116
130
117
2
-1
0
4.9
4.9
4.0
6.0
6.1
4.3
73
79
55
85
84
62
62
65
53
97
104
61
105
109
56
99
105
61
+4
+7
+4
+26
+9
+3
+2
+1
+1
+15
+4
+5
4.2
4.4
7.2
2.2
3.5
5.3
4.3
5.1
7.8
2.1
3.4
5.5
101
77
99
93
119
102
114
81
93
87
125
94
98
68
92
88
118
96
115
110
130
104
130
140
120
118
131
102
133
137
113
109
129
90
125
133
+6
+5
+5
+2
+3
+3
+6
3.1
2.8
4.4
3.8
3.3
5.3
88
77
88
78
87
83
73
65
73
98
89
96
103
112
106
96
86
93
2.8
2.8
99
87
93
110
114
103
+6
+ 10
+2
+ 10
+6
+5
+3
+6
+6
+8
+5
+9
+10
+8
+9
+4
4.0
4.9
3.2
4.0
4.6
3.6
98
73
142
78
56
112
93
75
126
123
140
109
127
126
124
115
127
106
2.6
1.2
2.6
1.4
145
110
79
134
68
120
128
94
110
+6
+9
+5
+15
+11
+5
+2
0
-7
-2
+3
+6
+5
+6
+5
+6
+4
77
2.1
2.0
104
104
102
3.0
2.9
1.7
1.6
98
93
101
99
-5
+7
2.0
1.9
2.0
114
28
133
140
100
92
63
104
116
112
112
64
109
109
125
119
58
95
107
103
107
1.9
136
114
137
119
132
111
1.8
2.0
1.6
147
151
148
117
134
107
149
147
154
119
127
118
134
133
137
114
122
110
2.6
97
103
93
116
124
3.3
89
108
84
109
116
109
3.0
109
108
113
110
122
108
+8
Shoes
-3
+1
+1
0
+1
107
99
107
0
142
140
145
Barber and beauty shop
3.2
109
45
132
128
105
97
Homefurnishings
NONMERGHANDISE—total
96
123
116
28
121
134
100
92
1.7
3.1
111
108
110
110
+9
2.9
118
101
+4
+5
Boys' wear
-4
102
114
95
2.0
2.1
1.9
2.8
0.8
1.3
1.7
2.5
1.4
115
107
95
2.2
2.1
3.0
0.9
1.4
1.9
2.6
1.5
83
88
+5
+4
+7
+14
0
+3
1954
101
+1
+2
-1
1955
4.3
2.1
5.1
0
-1
1954
1954
4.2
0
+1
1955
1955
Stocks at end
of month
3.9
+1
-15
Sales during
period
June
3.8
1.9
4.5
-4
0
-9
-4
0
Federal Reserve index numbers
without seasonal adjustment,
1947-49 average =100 2
+2
+10
+11
+10
+11
+13
+13
+6
+2
+5
June
1955
Ratio of
stocks to
sales1
iThe 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. 1037.
4
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1954, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
SEPTEMBER
1955
1041
PRICES
CONSUMER PRICES
[Bureau of Labor Statistics index for city wage-earner and clerical-worker families.
1947-49=100]
Housing
All
items
Year or month
Foods
Total
Rent
Gas
Solid House- Housefurhold
and
fuels
nish- operaelecand
tion
tricity fuel oil ings
1929
73 3
65 6
117 4
1933.
55 3
41.6
83 6
1941.
1942
1943
1944.
1945.
1946.
1947.
1948.
1949.
1950
1951.
1952
1953.
1954.
62 9
69 7
74 0
75.2
76.9
83 4
95.5
102 8
101.8
102 8
111.0
113 5
114 4
114.8
52.2
61 3
68 3
67.4
68.9
79.0
95.9
104.1
100.0
101 2
112.6
114 6
112.8
112.6
95.0
101.7
103.3
106 1
112.4
114 6
117.7
119.1
88 4
90 4
90 3
90.6
90 9
91 4
94.4
100 7
105.0
108 8
113 1
117 9
124.1
128.5
97.6
100 0
102.5
102 7
103 1
104 5
106 6
107.9
88.
104 4
116 4
118 7
123 q
111 9
108 s
107 q
123. 5
106 1
1954- —July
August
September
October .
November
December
115.2
115.0
114.7
114 5
114.6
114.3
114.6
113.9
112.4
111.8
111.1
110.4
119.0
119.2
119.5
119.5
119.5
119.7
128.5
128.6
128.8
129 0
129.2
129.4
107.8
107.8
107.9
108 5
108.7
109.1
121. 1
121. 9
122. 4
123 8
124. 9
125. 5
105
105
106
105
1955—Tnnimrv
February
Miarch
April . .
May. .
June .
July.
114 3
114.3
114 3
114.2
114.2
114 4
114.7
110.6
110.8
110.8
111.2
111.1
111.3
112.1
119 6
119.6
119 6
119.5
119.4
119.7
119.9
129 5
129.7
130 0
129.9
130.3
130 4
130.4
109 4
109.9
110 3
110.3
110.9
110 7
110.8
126 1
126 2
126
104 6
104 8
104 6
. .
Apparel
Transportation
Medical
care
Personal
care
qo 6
100 q
108 .5
q4 q
100 q
97 6
101 3
Reading
and
recreation
Other
goods
and
services
95.5
100.4
104.1
103.4
106.5
107.0
108.0
107.1
100. 5
103. 4
105. 9
109. 7
115. 4
118. 9
120.
107.0
106.6
106.5
106.9
106.8
106.6
120. 3
120. 2
120. 1
120. 1
120.0
119. q
106.9
106.4
106.6
106.6
106.5
106.2
106.3
119. q
119. 8
119. 8
119. 8
119. q
119. q
120. 3
60
45 q
106. 8
110 s
125
122
122
123
97.2
103 9
99 6
100
7
5
7
2
7
4
0
6
105 4
105 4
104
103
103
103
5
7
8
.6
97.2
102.6
100.1
101 2
109.0
111 8
115.3
117.4
55
64
67
72
76
83
97
103
6
q
8
6
7
1
5
99 4
98 1
106 q
105 8
104 8
in
104 .1
106 o
118 4
196 9
7
111 1
117
191 3
110 5
111 8
112 8
101 1
101 1
104 3
128 .0
125 .2
113.4
117.2
117.3
117.4
117.6
117.8
117.7
104
103
104
104
0
7
3
6
126 .7
126 .6
126 .4
0
113.3
113.4
113.5
113.4
104 6
104 3
177 6
125 .2
125 .5
125 .7
17S q
176 1
113 8
127 .3
126 .3
113 6
117.7
117.7
117.9
118.1
119.0
119.2
119.4
103
103 4
103 9
197 6
127 .4
197
196 s
126 .8
197 0
113 7
113.5
113.5
103 1
3
175 5
8
125 .4
103.3
103 ?
103 .2
197 3
5
177 6
127 .9
113
113
114
115
7
9
7
5
96. 1
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
All
com- Farm Processed
modi- products foods Total
ties
Year or
month
1948
1949. .
1950
1951
1952
1953 .
1954
. .
. .
1954
July
August . .
Textile
products
and
apparel
Hides,
skins,
and
leather
products
Fuel,
power,
and
lighting
materials
Chemicals
and
allied
products •
Ma- FurniToPulp, Metals chin- ture NonRub- Lumme- bacco
ber
paper,
ery
and tallic
ber
mfrs. Misand
and
and
and
other
and
minand cellaallied metal
mo- house- erals—
prod- wood
neous
prod- prodtive
hold struc- bottled
ucts prodbevucts
ucts
ucts
prod- dura- tural erages
ucts
bles
104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2
99 2 92 8 95.7 101.3 95.5 96.9 101.9 94 8 98.9 99 2
103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9
114.8 113.4 111.4 115.9 110.6 120.3 106.7 110 0 148.0 123 9
111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3
110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2
110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0
102 9
98 5
100.9
119 6
116 5
116.1
116.3
103 q
104
100 9
106 6
110 3 108.6
122 8 119 0
123 n 121 5
126 9 123.0
128 0 124.6
101 4
103 1
105.3
114 1
112 0
114.2
115.4
101 7
104 4
106.9
113 6
113 6
118.2
120.9
100 4
101 6
102.4
108 1
110 6
115.7
120.6
103 1
96 1
96.6
104 9
108 3
97.8
102.5
o 124 3 115 3 120 4 121 4 103 9
October
November
December
110.4
110.5
110.0
109.7
110.0
109.5
96.2
95.8
93.6
93.1
93.2
89.9
106.5
106.4
105.5
103.7
103.8
103.5
114.3
114.4
114.4
114.5
114.8
114.9
95.1
95.3
95.3
95.4
95.2
95.2
94.9
94.0
93.0
92.4
92.8
91.8
106.2
106.9
106.9
106.9
107.4
107.5
106.7
106.8
106.8
106.9
107 0
107.0
126.8
126.4
126.9
128.5
131.4
132.0
119.1
119.1
119.3
119.8
119 9
120.0
116 2
116.3
116 3
116.3
116 0
115.9
128
128
129
129
129
115.3
115 3
115.6
115 6
115 7
120.5
121 7
121.9
121 8
121 8
121.5 102.3
121 5 99 1
121.5 96.7
121 4 97 0
121 4 98 0
1955
Tanuarv
February
March
April
.
May
June
July
110.1
110.4
110.0
110.5
109.9
110.3
110.6
92.5
93.1
92.1
94.2
91.2
91.8
89.5
103.8
103.2
101.6
102.5
102.1
103.9
103.1
115.2
115.7
115.6
115.7
115.5
115.6
116.5
95.2
95.2
95.3
95.0
95.0
95.2
95.3
91.9
92.3
92.2
93.2
92.9
92.9
93.5
108.5
108.7
108.5
107.4
107.0
106.8
106.9
107.1
107.1
106.8
107.1
106 8
106.8
106.0
136.8
140.6
138.0
138.3
138.0
140.3
143.3
120.3
121 2
121.4
122.4
123.5
123.7
124.0
116.3
116 6
116 8
117.4
117 7
118 3
119.0
130 1 125.8 115.5
131
126 1 115 4
131 q 126 1 115 1
132 9 126.3 115.1
132 s 126 7 115 1
132 6 127 1 115 2
136 7 127.2 115.4
122.0
121 8
121 9
122.3
123 2
123 7
125.4
121.4
121 6
121 6
121.6
121 6
121 6
121.6
6
1
7
q
124.3
124 4
124.3
125 3
129 8 125 7
97.0
97 1
95 6
94.0
91 3
89 1
91.0
Source.—Bureau of Labor Statistics, Department of Labor.
Back figures.—See BULLETIN for March 1952, pp. 311-313.
1042
FEDERAL RESERVE BULLETIN
PRICES—Continued
WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued
[Index numbers of the Bureau of Labor Statistics, 1947-49=100]
1954
1955
1954
July
May
June
July
110.9
88.1
83.2
107.2
87.7
84.4
94.8
184.0
118.7
92.4
78.4
103.4
87.4
71.5
88.7
138.3
104.7
'90.3
83.1
103.4
^•87.0
74.4
r
88 1
143^2
98.7
86.7
79.4
103.8
89.0
78.7
85.6
137.6
114.0
94.1
105.1
118.3
85.7
104.0
117.6
91.4
104.6
117.6
88.5
106.0
104.7
113.7
231.3
101.4
104.1
110.3
179.8
101.2
104.5
110.4
171.9
101.4
104.6
110.7
171.9
100.8
88.9
109.8
85.7
124.2
98.4
79.1
90.3
106.1
86.9
123.2
98.0
76.4
90.6
105.5
86.6
124.0
r
98.6
74.4
90.9
105.0
86.8
126.8
98.6
74.3
58.2
86.5
111.8
97.0
53.3
85.0
111.4
95.0
55.7
83.8
111.4
95.0
,
104.9
132.4
105.4
101.8
108.2
100.4
133.4
111.0
97.8
111.5
100.6
133.4
110 4
>"97.2
111.5
Industrial chemicals
Prepared paint
Paint materials
Drugs, Pharmaceuticals, cosmetics
Fats and oils, inedible
,
Mixed fertilizers
Fertilizer materials
,
Other chemicals and products
117.1
112.8
97.6
94.0
52.0
109.7
112.1
107.9
117.6
114.8
97.0
93.2
53.2
108.8
113.1
107.6
117.8
114.8
96.9
93.0
r
53 8
108^8
111.0
107.6
118.2
114.8
97.0
92.8
55.9
108.8
111.7
103.9
126.5
129.3
123.7
142.4 149.6
142.3 142.3
130.4 132.3
159.0
142.3
134.7
118.6
130.7
103.0
124.2
129.3
105.6
124.7
128.3
105.6
125.1
128.3
105.7
109.6
79.2
126.5
113.8
92.7
128.9
113.8
104.7
129.2
113.8
125.9
130.7
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:
Crude rubber
Tires and tubes
Other rubber products
Lumber and Wood Products:
Lumber
Millwork
Plywood
,
July
May
June
July
Paperboard
124.2
Converted paper and paperboard.. 111.9
Building paper and board
127.9
126.0
111.7
129.7
126.0
112.3
129.7
126.1
112.3
129.7
133.6
124.2
130.3
138.2
118.5
114.0
135.6
137.8
131.4
144.4
123.3
113.5
135.8
137.8
131.4
144.5
123.2
113.5
143.1
139.5
131.4
144.9
123.2
113.5
115.9
118.8
118.7
123.7
125.3
125.8
126.0
127.0
122.3
121.5
121.5
121.5
131.5
132.6
134.3
139.5
134.7
142.7
134.7
143.5
127.8
125.5
131.2
127.1
131.8
"127.0
125.8
118.9
126.5
122.0
126.5
122.0
132.4
127.2
126.6
122.0
112.8
126.2
122.7
109.7
95.6
70.3
130.4
113.1
128.6
125.1
106.5
94.7
69.0
131.9
112.9
129.8
126.2
106.4
94.7
'68.8
132.4
112.8
129.8
126.6
106.5
94.4
68.9
133.1
» 124.7
122.1
117.7
132.0
122.1
98.5
120.2
124.9
124.7
118.2
137.0
122.1
105.8
121.0
126.0
124.9
118.3
137.3
122.1
106.7
122.4
131.1
125.0
118.3
142.3
122.1
110.8
122.4
Pulp, Paper and Allied
Continued
Products-
Metals and Metal Products:
Iron and steel
Nonferrous metals
Metal containers
Hardware
Plumbing equipment
Heating equipment
Fabricated structural metal products
Fabricated nonstructural metal
products
Machinery and Motive Products:
Agricultural machinery and equipment
Construction machinery and equipment
Metal working machinery
General purpose machinery and
equipment
Miscellaneous machinery
Electrical machinery and equipment
Motor vehicles
58.2
85.1 Furniture and Other Household Durables:
111 A
95.0
Household furniture
Commercial furniture
Floor covering
101.5
Household appliances
Radio
133.4
110.4
Television
Other household durable goods....
97.2
111.6
Nonmetallic Minerals-—Structural:
Rubber and Products:
Pulp, Paper, and Allied Products:
Woodpulp
Wastepaper
Paper
1955
Subgroup
Subgroup
Flat glass
Concrete ingredients
Concrete products
Structural clay products
Gypsum products
Prepared asphalt roofing
Other nonmetallic minerals
Tobacco Manufactures
Beverages:
and Bottled
Cigarettes
Cigars
Other tobacco products
Alcoholic beverages
Nonalcoholic beverages
124.0
103.7
121.4
114.2
148.1
124.0
103.7
121 A
114.7
148.1
113.5
98.3
101.6
102.7
121.2
113.2
75.0
92.9
103.0
120.8
124.0
103.7
121 A
114.7
148.1
124.0
103.7
121 A
114.7
148.1
Miscellaneous:
Toys, sporting goods, small arms..
Manufactured animal feeds
Notions and accessories
Jewelry, watches, photo equipment,
Other miscellaneous
113.2
70.8
92.9
103.0
121.1
113.1
74.2
91.0
103.7
121.2
'Revised
Source.—Bureau of Labor Statistics, Department of Labor
Back figures.—See BULLETIN for March 1952, pp. 311-313.
SEPTEMBER
1955
1043
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department
R E L A T I O N
O F G R O S S N A T I O N A L
of Commerce,
P R O D U C T , N A T I O N A L
in billions of dollars]
I N C O M E , P E R S O N A L
I N C O M E , A N D
S A V I N G
Seasonally adjusted annual rates
by quarters
Annual totals
1954
1929
Gross national product
104.4
L e s s : C a p i t a l c o n s u m p t i o n a l l o w a n c e s . .8.6
Indirect business tax and related
liabilities
7.0
.6
Business transfer payments
Statistical discrepancy
.3
Plus: Subsidies less current surplus of
governmententerprises.
, - . 1
Equals: National income
87.8
Less: Corporate profits and inventory
10.1
valuation adjustment
Contributionsforsocialinsurance. . .2
Excess of wage accruals over disbursements
.0
Plus: Government transfer payments...
.9
Net interestpaid by government..
1.0
5.8
Dividends
.6
Business transfer payments
Equals: Personal income
Less:
Personal
Federal
tax and related
.
State and local
Equals: Disposable personal
Less: Personal consumption
income.
expenditures
1941
56.0 1 2 5 . 8
1955
1949
1950
1951
1952
1953
1954
360.5 357.6 358.8 3 6 7 . 1
257.3
285.1
328.2
345.2
364.5
7.2
9.0
18.4
20,5»
23.5
25.5
27.8
30.0
29.6
30.4
30.9
7.1
.7
.9
11.3
.5
.4
21.6
.8
.1
23.7
.8
.2
25.6
1.0
1.3
28.1
1.2
.7
30.2
1.2
1.3
30.3
1.2
30.4
1.2
30.0
1.2
30.7
1.2
.7
.0
.1
- . 2
.2
-2.3
-1.5
40.2
104.7
216.2
-2.0
.3
14.5
2.8
28.1
5.7
35.1
6.9
39.9
8.2
36.9
8.6
.3
.0 303.2 311.4
299.7
298.9 298.7
37.2
33.8 34.0 33.1 35.5 39.6
8.7
9.6 10.5
9.6
9.6
9.6
.0
1.5
1.2
2.1
.7
.0
11.6
4.6
7.5
.0
14.3
4.7
9.2
.8
.1
11.6
4.8
9.1
1.0
.0
12.0
4.9
9.0
1.2
-.1
12.8
5.0
9.3
1.2
.2
240.0 277.0
__
i
289.5
— .4
47.2
206.8
227.1
255.3
271.1
2.6
1.3
1.4
1.5
.5
1.0
3.3
2.0
1.3
18.7
16.2
2.5
20.9
18.2
2.7
29.3
26.3
34.4
31.2
3.2
35.8
32.4
3.4
83.1
45.7
93.0
188.2
206.1
236.7
250.4
79.0
46.4
81.9
4.2
- . 6
11.1
Equals: Personal saving
180.6
194.0
7.6
12.1
3.0
226.1
208.3
-.1
375.3 384.8
31.2 31.9
31.1 31.7
1.2
1.2
n.a.
.7
.4
.3
303.6
.0
2.6
1.3
4.5
.5
96.3
85.8
payments.
1933
.0
15.0
5.2
10.0
1.2
.0
15.1
5.2
9.8
1.2
.0
15.0
5.2
10.0
1.2
.0
15.7
5.2
10.6
1.2
n.a.
n.a.
10.8
.1
15.9
5.1
10.2
1.2
16
5.0
10.7
1.2
286.2 287.6 286.6 287.3 290.8 293.6 300.5
218.3
230.6
18.4
19.8
17.7
32.8
29.1
32.7
29.1
3.7
3.6
254.8 253.9
236.5 235.1
18.3
32.8
29.1
3.7
33.1
29.3
3.8
254.5
257.8
237.9
16.6
18.8
33.4
29.5
32.6
28.8
3.9
3.8
261.0 2 6 7 . 1
241.0
245.8 2 5 0 . 5
16.8
15.3 1 6 . 6
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual
by quarters
Annual totals
1954
1929
1933
1941
1949
1950
1951
1952
104.7
216.2
240.0 277.0 289.5
National income
87.8
40.2
Compensation 1of employees.......
Wages
and salaries
Private
Military
Government civilian
Supplements to wages and salaries..
51.1
50.4
45.5
.3
4.6
.7
29.5
29.0
23.9
.3
4.9
.5
Proprietors' and rental income 2 ...
Business and, professional
Farm
Rental income of persons
20.2
8.8
6.0
5.4
7.6
3.2
2.4
2.0
20 9
10.9
6.5
3.5
42.0
21.4
12.7
7.9
44.6
22.9
13.3
8.5
49.9
24.8
16.0
9.1
10.2
49.9
25.7
14.3
9.9
Corporate profits and inventory
valuation adjustment
....
Corporate
profits
before
tax
Corporate profits tax liability
Corporate profitsafter tax.......
Inventory valuation adjustment
10.1
9.6
1.4
8.3
.5
-2.0
.2
.5
—. 4
14.5
17.0
7.6
9.4
-2.5
28.1
26.2
10.4
15.8
1.9
35.1
40.0
17.8
22.1
- 4 . 9
39.9
41.2
22.5
18.7
- 1 . 3
36.9
35.9
19.8
16.1
1.0
6 4
5.0
4.5
Net interest
64.8 140.9
62.1 134.3
51.9 1 1 3 . 9
4.2
1.9
8.3 1 6 . 2
6.5
2.7
5.2
154.3
146.5
124.3
5.0
17.2
7.8
5.9
180.4
170.9
142.1
8.7
20.1
9.5
6.8
195.3
185.1
152.2
7.4
1953
1954
303.6
299.7
209.2
198.5
164.7
10.3
23.5
10.8
rates
1955
298.9 298.7 303.2
2 0 7 . 9 207.2 207.8 2 0 9 . 8
196.2 195.6 196.1 1 9 8 . 1
162 A 162.0 162.1 1 6 3 . 8
9.5
9.5
9.4
9.3
24.4 24.1 24.5 2 5 . 0
11.7 11.6 11.7 1 1 . 8
311.4
213.1
200.8
166.5
9.1
25.3
12.2
n.a.
219.5
207.0
171.7
9.3
25.9
12.5
8
6
5
7
48.7
27.1
11.0
10.7
48.4
25.9
12.3
10.3
48.4
25.9
12.0
10.5
48.2
25.9
11.9
10.5
48.3
26.0
11.7
10.6
48.2
26.3
11.2
10.7
48.
26.
11.
10.
37.2
38.3
21.3
17.0
- 1 . 1
33.8
34.0
17.1
17.0
-.2
34.0
33.7
16.9
16.8
.2
33.1
33.5
16.8
16/7
- . 5
35.5
36.0
18.1
17.9
- . 5
3
4
2
2
.
.
.
.
6
9
5
4
- 1 . 3
n.a.
n.a.
8.8
9.5
9.5
9.5
9.7
9.9
10.3
9
0
0
0
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.
1044
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
1933
1941
1949
1950
1951
1952
1953
3
104.4
Gross national product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
79.0
9.2
37.7
32.1
Gross private domestic
investment
New construction*
...
Residential, nonfarm
Other.
Producers' durable equipment
Change in business inventories....
Nonfarm only.
16 2
8.7
3.6
5.1
5.9
1.7
1.8
.8
Net foreign investment
Government purchases of
goods and services
Federal.
National security
Other
Less: Government sales2
State and local
8.5
1.3
1.3
.0
7.2
1955
1954
4
56.0 125.8 257.3 285.1 328.2 345.2 364.5 360.5 357.6 358.8 367.1 375.3 384.8
46.4
3.5
22,3
20.7
81.9 180.6
9.7
23.6
43.2 96.9
29.0 60,1
18.1
6.6
3.5
3.1
6.9
4.5
4.0
194© 208.3 218.3 230.6 236.5 235.1 237.9 241.0 245.8 250.5
35.1
27.1 26.6
28.6
29.
29.3
29.0 29.4 30.4 34.4
100.4 111.1 116.0 118.9 120.9 120.4 121.5 122.5 122.4 125.3
70 1 75.7
90.2
65.0
89.0
81.8 86.4
85.7
87.0 88.1
32.5
17.5
8.3
9.2
17.8
-2.7
51.2
22.7
12.6
10.1
21 1
7.4
6.4
56.9
23.3
11.0
12.4
23.2
10.4
9.0
49.6
23.7
11.1
12.6
23.1
2.8
2.1
51.4
25.8
11.9
13.8
24.4
1.2
1.9
47.2
27.8
13.5
14.3
22.3
-2.9
-3.2
46.9
27.3
13.0
14.3
22.4
-2.7
-3.2
45.9
28.5
14.2
14.3
22.2
-4.9
-5.4
50.7
29.4
15.0
14.4
21.9
-1.0
.9
54.1
31.2
16.0
15.1
21.5
1.5
1.5
-.6
1.1
.5
-2.2
.2
-.2
-2.0
-.3
-.3
-.7
8 0 24.8
16.9
2.0
J13.8
2.0 1 3.2
.0
.C
6 0
7.
41.6
Z5.4
19.3
6.6
A
18 2
42.0
22.1
18.5
3.9
.3
19.9
62 8
41.0
37,3
4.2
.4
21.8
77.5
54.3
48.8
5.8
A
23.2
84.5
59.5
51.4
8.5
A
25.0
77.0
49.2
43.2
6.3
.4
27.8
75.9
48.6
43.6
5.4
A
27.3
75.8
47.7
42.1
74.5
45.7
40.5
28.1
28.7
.2
I
6.1
A
4.3
4.2
-.7
75.8
46.4
41.2
5.5
.3
29.4
5.5
.3
74.9
45.2
40.4
5.2
.3
29.7
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wage and salary disbursements
Year or month
Personal
income
Total
Commodity Distributive
producindusing intries
dustries
Service
industries
Government
Other
labor
income 8
Dh idends
Proand
prietors'
perand
sonal
rental4
interest
ncome
income
1929.
1933.
1941.
1948.
1949.
1950.
1951.
1952.
1953.
1954.
85.8
47.-2
96.3
208.7
206.8
227.1
255 3
271.1
286.2
287.6
50.4
29.0
62.1
135.1
134.4
146.5
170.8
185.2
198.6
196.2
21.5
9 8
27.5
60.2
56.9
63.5
74.9
80.6
88.2
84.2
15.6
8.8
16.3
38.8
39.0
41.3
45 8
48.7
51.8
52.3
8.4
5.2
8.1
17.4
18.0
19.5
21.3
23.0
24.8"
25.9
4.9
5.1
10.2
18.7
20.5
22 2
28.8
32.9
33.8
33.8
.6
.4
.7
2.7
3.0
3.8
4.8
5.3
6.0
6.6
7.6
8.3
20.9
45.6
42.0
44.6
49 9
49.9
48.4
48.4
10.3
16.2
17.2
19.8
20.7
21.3
23.1
24.7
1954—July
August.
September.
October
November.
December. ,
287.1
286.7
287.9
288.4
290.8
293.4
196.6
195.8
195.8
196.8
198.6
198.8
83.8
83.1
82.8
83.4
85.2
84.8
52.8
52.5
52.5
52.7
52.5
53.1
26.2
26.3
26.3
26.5
26.6
26.6
33.8
33.9
34.2
34.2
34.3
34.3
6.6
6.6
6.6
6.7
6.7
6.7
47.6
48.1
49.0
47.5
48.3
48.9
1955—January..
February.
March...
April....
May
June
292.2
199.3
200.3
202.6
204.6
207.3
208.0
211.6
85.4
86.3
87.8
88.9
90.6
90.9
91.6
52.9
53.0
53.6
53.6
54.5
54.9
55.2
26.8
26.7
27.0
27.2
27.4
27.4
27.6
34.2
34.3
34.2
34.9
34.8
34.8
37.2
6.8
6.8
6.8
6.9
6.9
6.9
7.0
49.1
48.8
48.5
49.0
48.8
48.5
48.0
295
298
301
301
304
July?....
20.2
Transfer
payments*
Less
personal
contriNonbutions agriculfor
tural
social income 7
insurance 6
11.3
12.4
15.1
1? 6
13.2
14.0
16.2
.1
.2
.8
2.2
2.2
2.9
3.4
3.8
3.9
4.5
77.7
43.6
88.0
188.5
190.8
210.5
235 7
253.1
270.2
271.9
24.6
24.7
24.7
24.9
24.9
26.5
16.1
16.1
16.3
17.0
16.8
17.1
4.4
4.6
4.5
4.5
4.5
4.6
272.1
271.5
272.1
273.8
275.9
278.1
25.0
25.3
25.5
25.9
26.1
26.3
26.5
17.0
17.0
17.4
17.6
17.5
17.1
16.9
5.0
5.0
5.1
5.1
5.2
5.2
5.3
276.5
277.7
280.9
283.7
286.6
287.2
291.1
13.2
1.5
2.1
3.1
P1 Preliminary.
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.
5
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well as
consumer bad debts and other business transfers.
6
Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance
program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are
not included
in personal income.
7
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends
paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—-Department of Commerce.
SEPTEMBER
1955
1045
DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE
NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE AND DECEMBER, 1941-1955
[End of month figures. Amounts in millions of dollars]
Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June
1942 1943 1943 1944 1944 1945 1945 1946 1946 1947 1947
1941
DEBIT BALANCES
Cash on hand and in banks
Securities borrowed
Securities sold, delivery pending (failed to deliver)
Net debit balances due from member firms of
national securities exchanges:
Member firms of New York Stock Exchange..
Member firms of other exchanges
Net debit balances due from all other customers
exclusive of firms' own partners
Net debit balances in partners' individual investment and trading accounts
Debit balances in firm investment and trading
accounts
Commodity margins on deposit with banks, and
commodity guaranty funds on deposit
All other debit balances
Total
211
10
180
13
160
12
167
20
181
17
196
24
62
18
53
51
40
65
33
50
48
7
7
7
761
789
496
543
7
9
86
1,101
154
9
209
25
81
220
34
313
32
370
23
456
18
395
26
393
28
332
27
108
143
106
56
61
75
73
60
9
68
64
13
43
12
1,138
809
12
7
413
399
887 1,041
7
5
11
7
1,223
11
260
31
36
8
5
540
552
5
6
578
619
7
7
315
326
312
253
333
333
33
12
15
25
15
10
32
13
65
81
92
63
48
49
78
48
1,029 1,317 1,340 1,560 1,751 2,081 2,224 1,885 1,532 1,519 1,563 1,525
86
190
11
51
188
CREDIT BALANCES
Money borrowed:
From banks and trust companies in New
York City
From banks and trust companies elsewhere in
the United States
From other lenders (not including members of
national securities exchanges)
Securities loaned
ecurities bought, delivery pending (failed to
receive)
Net credit balances due to member firms of national securities exchanges:
Member firms of New York Stock Exchange. .
Member firms of other exchanges
Credit balances of other customers exclusive of
firms' own partners:
Free credit balances
Other net credit balances
Net credit balances in partners' individual investment and trading accounts
Credit balances in firm investment and trading
accounts
All other credit balances (except those included
in next item)
Net balance in capital and profit and loss accounts and partners' drawing accounts. . . .
Total
Memorandum: Valuation of short security positions carried—•
Against reported debit balances:
For member firms of national securities exchanges other than New York Stock Exchange
For other customers (exclusive of firms' own
partners and member firms of New York
Stock Exchange)
In partners' individual investment and
trading accounts
In firm investment and trading accounts
Against reported credit balances:
For member firms of national securities exchanges other than New York Stock Exchange
For other customers (exclusive of firms' own
partners and member firms of New York
Stock Exchange)
In partners' individual investment and
trading accounts
In firm investment and trading accounts
Number of firms
305
253
317
472
483
539
641
749
688
424
182
189
205
247
58
52
56
55
72
77
81
100
101
69
33
30
32
29
7
44
16
35
49
61
77
111
153
113
57
36
7
289
63
240
56
17
16
5
4
24
16
213
1,101
270
54
15
4
334
66
354
65
424
95
15
14
7
5
23
29
27
549
121
654
112
651
120
694
120
650
162
612
176
576
145
15
14
29
24
30
24
23
20
11
13
13
17
10
9
15
11
34
50
46
42
33
50
34
472
96
30
20
212 198 216 227 264 299 314 290 271 273 291
182
904 1,029 1,317 1,340 1,560 1,751 2,081 2,224 1,885 1,532 1,519 1,563 1,525
189
C1)
(*)
C1)
C1)
C1)
C1)
7
1
C1)
14
1
C)
i1)
C1)
0)
C1)
1
19
17
28
C1)
C)
0)
286
270
267
1
41
267
38
43
0)
0)
271
273
33
C1)
273
280
280
286
298
293
For footnotes see following page.
1046
FEDERAL RESERVE
BULLETIN
DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE
NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS,
JUNE AND DECEMBER, 1941-1955—Continued
[End of month figures. Amounts in millions of dollars]
Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. June
1949 1949 1950 1950 1951 1951 1952 1952 1953 1953
1954 1955
DEBIT BALANCES
Cash on hand and in banks
Securities borrowed
Securities sold, delivery pending (failed to deliver)
Net debit balances due from member firms of
national securities exchanges:
Member firms of New York Stock Exchange. .
Member firms of other exchanges
Net debit balances due from all other customers
exclusive of firms' own partners
Net debit balances in partners' individual investment and trading accounts
Debit balances in firm investment and trading
accounts
Commodity margins on deposit with banks, and
commodity guaranty funds on deposit
All other debit balances
Total
349
20
280
31
306
39
55
80
49
33
6
314
38
79
14
397
44
364
50
378
51
365
43
343
38
282
37
297
62
309
64
348
91
337
85
151
94
97
79
100
67
99
121
207
214
74
14
72
14
75
13
81
12
82
15
100
11
88
10
77
10
114
144
16
8
550
15
1,256 1,356 1,275 1,292 1,327 1,362 1,684 1,694 1,857
681
881
10
5
312
419
9
10
12
9
386
399
375
392
427
31
81
41
106
43
93
52
96
42
110
7
10
406
347
492
49
105
37
93
5
400
26
82
34
69
2,768
2,443
12
14
11
37
105
41
98
673
626
44
116
35
144
1,435 1,611 1,876 2,324 2,591 2,390 2,458 2,493 2,506 2,665 2,804 3,080 4,014 4,430
CREDIT BALANCES
Money borrowed:
From banks and trust companies in New
York City
From banks and trust companies elsewhere in
the United States
From other lenders (not including members of
national securities exchanges)
Securities loaned
Securities bought, delivery pending (failed to
receive)
Net credit balances due to member firms of national securities exchanges:
Member firms of New York Stock Exchange. .
Member firms of other exchanges
Credit balances of other customers exclusive of
firms' own partners:
Free credit balances
Other net credit balances
Net credit balances in partners' individual investment and trading accounts
Credit balances in firm investment and trading
accounts
All other credit balances (except those included
in next item)
Net balance in capital and profit and loss accounts and partners' drawing a c c o u n t s . . . .
Total
220
440
471
744
663
615
622
825
33
47
46
70
75
55
65
77
54
48
113
142
94
98
807 1,066
91
85
982
976 1,343 1,744
130
173
183
260
331
20
68
15
110
14
116
14
162
40
156
67
97
123
201
218
126
11
586
112
528
129
633
159
673
166
890
230
834
816
259
708
219
724
200
653
163
42
23
35
23
28
11
16
9
16
31
67
55
59
45
54
314
324
315
319
313
709
208
225
28
20
26
25
36
5
9
15
11
12
41
28
41
46
78
278
260
271
312
317
26
13
51
838 1,023
248
287
23
53
45
65
64
95
372
401
918
241
0
0
31
62
85
467
319
1,435 1,611 1,876 2,324 2,591 2,390 2,458 2,493 2,506 2,665 2,804 3,080 4,014 4,430
Memorandum: Valuation of short security positions carried—
Against reported debit balances:
For member firms of national securities exchanges other than New York Stock Exchange
For other customers (exclusive of firms' own
partners and member firms of New York
Stock Exchange)
In partners' individual investment and
trading accounts
In firm investment and trading accounts
Against reported credit balances:
For member firms of national securities exchanges other than New York Stock Exchange
For other customers (exclusive of firms' own
partners and member firms of New York
Stock Exchange)
In partners' individual investment and
trading accounts
In firm investment and trading accounts
C1)
Number of firms
288
C1)
C1)
C1)
C1)
C1)
12
27
C1)
60
290
288
66
56
C)
0
289
288
1
C1)
60
1
0)
C)
5.1
1
C)
52
' 3
100
16
C1)
114
0
0
288
292
291
287
281
100
0
40
289
0
278
40
296
299
iLess than $500,000.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. Thjs 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 item "net balance in capital and profit and loss accounts and in partners' drawing accounts" is not to be taken as representing
the actual net capital of the reporting firms. The items "net debit balances due from all other customers exclusive of firms' own partners,"
"money borrowed," and "credit balances of other customers exclusive of firms' own partners—free credit balances" are conceptually
identical to these items (including debit balances secured by and money borrowed on U. S. Government obligations), as shown in the table
on Stock Market Credit, p. 1010, but the data differ somewhat because of minor differences in coverage and statistical discrepancies in
reporting.
SEPTEMBER
1955
1047
INTERNATIONAL FINANCIAL STATISTIC
PAGE
International capital transactions of the United States..
1050-1054
Gold production
1054
Estimated foreign gold reserves and dollar holdings. .
1055
Reported gold reserves of central banks and governments. .
1056
Net gold purchases and gold stock of the United States. .
1057
International Bank and Monetary Fund. .
1058
Central banks .
1058-1062
Money rates in foreign countries. .
1063
Commercial banks .
1064
Foreign exchange rates..
1065
Price movements in principal countries:
Wholesale prices...
'
1066
Consumers' price indexes. .
1067
Security prices
1067
Index to statistical tables. .
1073-1074
Tables on the following pages include the principal available statistics o£ 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 1955
1049
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES 1
[Amounts outs banding, in millions of dollars]
International
institutions2
Date
Total foreign
countries
France
Official
and
private
Official
Germany,
Fed".
Rep.
Switz- United
erKingland
dom
Italy
Other
Europe
Canada
Total
Europe
Latin
America
Asia
All
other
of
1951—Dec. 31.
1952—Dec. 31.
1953—Dec. 31.
1,641.1 7,661.1 3,547.6
1,584.9 8,961.2 4,654.2
1,629.4 10,019.0 5,666.9
289.4
342.6
428.5
1954—July
Aug.
Sept.
Oct.
Nov.
Dec.
31.
31.
30.
31.
30.
31.
1,656.5
1,751.0
1,801.9
1,773.9
1,792.8
1,769.9
10,771.0
10,686.6
10,730.6
10,752.2
10,781.8
11,152.6
6,438.6
6,287.3
6,319.2
6,404.2
6,379.3
6,774.0
376.5
418.9
474.2
495.8
502.1
715.4
1,222.1
1,225.1
1,247.6
1,257.2
1,287.2
1,372.5
468.8
510.7
528.4
553.9
563.0
578.6
680.5
680.8
668.5
645.5
623.7
672.4
942.2
851.9
837.9
842.8
829.7
639.5
1,722.7
1,676.7
1,673.3
1,690.1
1,673.7
1,642.1
5,412.8
5,364.0
5,430.0
5,485.3
5,479.2
5,620.5
1,342.0
1,380.4
1,384.1
1,372.8
1,377.8
1,535.7
2,037.4
1,918.7
1,889.6
1,839.5
1,848.1
1,905.9
1,693.2 285.6
1,748.2 275.2
1,764.1 262.9
1,782.5 272.1
1,811.8 264.9
1,825.4 265.1
1955—Jan.
Feb.
Mar.
Apr.
May
June
July
31.
28
31
30
31*
30*
31 P
1,752.2
1,793.5
1,821.3
1,829.2
1,881.9
1,852.8
1,860.8
11,100.7
10,924.9
10,915.2
11,066.5
11,183.3
11,267.2
11,276.9
6,749.5
6,540.3
6,508.1
6,632.9
6,701.1
6,766.6
6,656.7
706.5
725.1
749.6
670.7
766.1
785.1
834.7
1,368.9
1,406.9
1,411.1
1,404.5
1,407.6
1,397.0
1,418.3
591.5
612.2
611.2
629.3
637.7
648.7
675.7
624.2
634.5
649.9
657.6
672.4
685.2
702.2
659.2
598.9
637.1
676.7
663.6
689.1
621.5
1,675.1
1,626.7
1,591.1
1,659.5
1,578.4
1,588.6
1,560.8
5,625.4
5,604.4
5,650.1
5,698.4
5,725.8
5,793.7
5,813.1
1,529.1
1,366.9
1,320.7
1,318.9
1,274.7
1,268.3
1,296.5
1,836.6
1,811.6
1,794.7
1,899.1
1,991.0
1,920.5
1,897.9
1,842.1 267.4
1,857.7 284.3
1,859.9 289.8
1,852 .3 297.9
1,886.4 305 A
1,983 7 301.0
1,968.0 301.4
405.6 300.5 521.3
551.1 308.9 641.8
898.8 465.7 674.2
846.6 3,005.9 1,307.1 1,455.2 1,595.5 297.4
642.6
817.9 1,093.3 3,755.5 1,420.7 1,612.9 1,836.5 335.6
708.9 1,557.5 4,733.6 1,295.5 1,768.4 1,895.5 326.1
Table la.—Other Europe
Other
Europe
Date
Belgium
Austria
NethDen- Finermark land Greece lands
Nor- Po- Por- Ru- Spain Swe- Tur- U.S.S.R. Yugo- All
slavia other
den key
way land tugal mania
1951—Dec. 31
1952—Dec. 31
1953—Dec. 31
846.6 57.1 134.7
L.093 3 91 1 123 9
L,557.5 190 9 130.3
45.3 27.0 45.8 148.8 99.7
70 4 28 5 47 3 203.1 110.3
95.7 37.9 100.9 242.9 118.5
1954—July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31 . . .
1955—j an . 3i
Feb. 28
Mar. 31
Apr. 30
May 31 P . .
June 30P
July 31P
1,722 7
1,676.7
L 673 3
1,690 1
L.673.7
1,642 1
260
275
281
283
272
273
118 0
99.3
104 0
104 6
103.2
99 8
80 7
79.5
76 4
68 8
69.2
71 1
42.4
41.0
37 7
40.6
39.8
41 3
112.1
104.5
94 3
93 8
110.2
112 5
305.7
252.9247.6
248.7
241.4
249.3
127.2
129.1
132.3
125.8
115.8
103.4
1,675 1
I 626 7
1,591 1
1,659 5
1,578 4
1,588.6
L560.8
272 8 98.1
276 6 92 7
274 7 98 9
272.3 105.5
271 7 104 5
268.6 107.8
273.4 99.5
76.2
70 3
69 3
69.7
64 3
54.2
56.5
39.7
41 6
37 8
37.2
40 4
38.5
40.1
129.2
134 2
130 5
134.5
131 0
126.6
124.7
256.3
219 2
222.1
218.2
194 6
202.3
202.1
88.8
66.2
64.3
76.8
67.8
71.2
67.6
5
6
9
6
4
2
2.8
3.4
2.2
40.7
57.4
72.4
6.1
6.1
5.8
17.1 71.7 14.1
19.2 91.0 8 . 4
36.0 116.7 14.2
2.5
1.7
2.0
2.2
1.7
1.8
1.9
2.2
2.1
88.5
83.8
83.5
85.0
88.9
91.3
7.9
7.9
7.9
8.1
8.0
7.8
37.5
46.0
58.3
66.1
70.9
71.3
6.4
6.2
6.4
8.2
8.1
8.2
2.8
3.0
2.1
2.0
5.2
1.8
92.6 8 . 0 78.4 130.5 9 . 5
98.1 8 . 0 84.7 129.7 9 . 2
91.9 8 . 2 92.6 121.0 9 . 9
94.6 8 . 3 99.2 118.2 11.1
94.1 11.4 100.6 113.9 10.3
3.5 94.4 8.0 108.9 118.9 11.8
2.2 100.6 8.0 112.9 130.4 9.0
1.8
1.7
1.5
1.8
2.0
157.0
173.6
180.5
179.4
159.0
141.0
2.0
1.7
2.4
2.3
1.9
7 . 1 125.9
12.0 219.3
6 . 9 384.1
6.8
6.4
6.9
6.8
9.0
8.6
367.1
366.1
351.7
366.7
370.3
359.5
381.9
382.9
358.0
400.9
364.0
3.1 10.8 360.1
1.1 8.4 324.4
9.4
9.8
8.0
8.9
6.2
Table lb.—Latin America
Date
Latin
America
Argen- Bo- Brazil Chile
tina livia
Colombia
Cuba
NetherDolands
minican Guate- Mex- West
Indies
Remala
ico
and
pubSurilic
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
nam
1951—Dec. 31. 1,455.2 249.7
1952—Dec. 31. 1,612.9 138.8
1953—Dec. 31. 1,768.4 130.0
27.8 100.3
24.5 72.5
19.1 101.7
54.0 106.4
79.3 118.2
78.8 150.2
263.6 45.8
301.2 44.2
340.8 39.3
27.3 158.2
34.3 231.2
37.9 183.2
34.9
44.3
51.5
67.7
80.8
89.9
47.2
60.9
68.0
27.8 84.7 71.9
25.6 94.1 145.5
26.8 109.6 222.4
87.8
117.4
119.2
2,037.4
1,918.7
1,889.6
1,839.5
1,848.1
L.905.9
181.8
191.1
204.8
190.7
175.3
160.4
28.0
27.3
30.2
31.9
32.3
29.2
167.4
102.6
91.3
139.1
160.3
119.6
73.9
78.9
74.7
72.8
73.2
69.6
236.2
215.0
168.2
147.7
168.6
222.2
328.8
309.6
291.2
269.0
243.7
236.7
61.1
60.9
60.7
59.9
59.6
60.4
44.9
40.4
37.1
34.1
31.5
34.5
210.0
236.8
254.7
265.4
265.5
328.9
50.9
50.1
50.1
46.3
46.9
48.7
92.3
86.7
76.9
77.4
75.6
73.8
66.6
69.2
76.4
79.2
79.6
83.4
36.3 112.8 207.7
30.5 104.1 179.1
25.0 101.6 210.5
23.0 98.5 183.0
20.4 91.7 202.2
30.4 90.3 193.6
138.7
136.6
136.1
121.7
121.9
124.1
L.836.6
Feb. 28.
,811.6
Mar. 31. ,794.7
Apr. 30.
,899.1
May 31 P ,991.0
June 30P ,920.5
July 31 P 1,897.9
143.3
144.2
151.7
155.9
167.4
156.6
165.3
30.8
27.2
26.3
26.5
28.3
27.6
25.7
100.4
104.8
95.1
110.7
129.3
119.6
117.7
73.3
67.3
75.3
75.8
94.8
94.2
88.8
189.5
138.7
97.4
88.0
90.7
101.5
103.0
234.2
228.1
234.3
251.7
254.0
244.6
241.3
68.2
65.4
63.1
67.8
67.3
75.7
70.6
37.5
42.6
44.5
48.2
51.1
50.5
51.1
335.8
357.7
363.3
376.0
371.7
341.3
326.8
42.7
44.7
45.1
43.6
45.2
42.1
44.3
73.4
75.1
79.2
77.7
73.3
84.3
81.1
81.0
79.0
79.4
81.8
81.8
83.1
88.9
39.6
46.6
42.6
46.3
48.4
49.7
45.1
122.4
130.1
129.0
131.6
133.2
129.5
133.7
1954—July 3 1 .
Aug. 3 1 .
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1955—Jan. 3 1 .
86.8
83.3
80.9
74.1
67.5
63.9
61.3
177.7
176.8
187.5
243.2
287.1
256.3
253.1
^Preliminary.
For footnotes see following page.
1050
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES1—Continued
(Amounts outstanding, in millions of dollars]
Table lc—Asia and All Other
Asm
Date
ForKomosa
rea,
and Hong India Indo- Iran Israel Japan Re- Phil- Thai- Other
China Kong
nesia
pub- ippines land
Asia
Mainlic
land
of*
All
other
Egypt
and Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other
tian Africa
Sudan
86.8
86.5
95.7
1951—Dec. 31.
1952 Dec, 31.
1953-Dec. 31.
1,595.5
1,836.5
1,895.5
87.4 62.4 62,1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7
76.4 70.9 64.6 61.0 19.2 18.8 808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7
73 .'6 68.0 99.0 39.3 43.6 18.0 827.9 91.5 295.5 167.9 171.2 326.1 59.2 89.6 43.3
1954—July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 3 1 .
L.693.2
1,748.2
1,764.1
1,782.5
1,811.8
L825.4
75.1
74.2
69.6
71 1
71.3
69.9
64.6
64.2
64.3
64.7
64.6
60.8
79.2
75.5
73.4
77.7
82.1
86.9
60.5
81.9
87.3
95.4
100.6
100.3
28.6
23.3
26 1
24.7
28.2
31.4
25.1
36.0
33.1
24.7
26.0
41.0
616.0
643.4
668.5
695.8
712.6
724.9
101.2
98.2
94.9
93.8
88.7
95.6
308.2
314.2
308.5
289.7
276.8
257.4
127.1
126.2
125 0
117.8
124.2
123.1
207.6
211.2
213.3
227.0
236.6
234.1
285.6
275.2
262.9
272.1
264.9
265.1
42.8
41.3
35 4
41 6
37.3
47.7
51.3
45.5
44.2
47.0
44.4
43.6
51.5
47.7
45 1
45.2
47.6
47.1
38.6 101.3
37.9 102.8
38 5 99.7
39 4 99.0
38.1 97.5
32.7 94.0
1955—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31 P
June 30P
July 31 P
I,842.1
1,857.7
[,859.9
L,852.3
1,886.4
L.983.7
[,968.0
69.2
70.3
70.0
69.1
70.4
69.1
72.3
60.8
60.1
61.2
59.0
61.0
60.3
61,7
95.0
101.5
87.5
83.5
93.4
97.0
78.0
109.3
112.3
97.7
96.0
99.9
115.4
107.9
44.5
47.0
40.1
47.0
51.6
51.6
47.7
38.9
40.7
45.3
44.7
42.9
41.0
43.1
707.3
700.1
714.2
709.1
720.1
758.4
773.8
98.9
96.8
96.5
98.4
107.7
109.7
106.2
264.9
263.2
253.6
249.3
249.3
252.0
258.5
131.6
133.1
132.0
130.2
128.8
129.9
121.2
221.9
232.6
261.9
265.9
261.1
299.1
297.7
267.4 44.4
284.3 58.6
289.8 56.8
297.9 60.4
305.4 70 2
301.0 64.2
301.4 70.0
45.9
42.7
44.3
44.4
42 9
42.6
42.2
48.6
52.0
53.6
53.9
48.3
50.3
45.0
31.4
36.2
33.4
35.9
33 8
30.1
32.8
7.0
23.6
38.2
97.1
94.8
101.8
103.4
110.2
113.8
111.4
Table Id.—Supplementary Areas and Countries 5
End of year
Area or country
1951
Other Europe:
Albania
Azores
British dependencies..
Bulgaria
Czechoslovakia
Eastern Germany. . . .
Estonia
Hungary
Iceland
Ireland, Republic of. .
Latvia
Lithuania
Luxembourg
Monaco
Trieste
Other Latin America:
British dependencies
Costa Rica
Ecuador
French West Indies
Guiana
Haiti
Honduras
Nicaragua
Paraguay
and
End of year
Area or country
1952
1953
.1
.3
.6
.6
1.3
n.a.
2.7
1.0
3.5
15.9
1.3
,6
11.8
3.2
5.6
n.a.
1.9
1.0
3.7
12.6
1.3
,6
5.0
2.6
4.1
n.a.
1.9
1.0
7.5
14.1
1.3
.4
4.0
3.0
2.5
14.6
8.7
11.4
14.6
12.1
23.7
18.0
13.4
17.7
10.3
17.2
8.3
5.4
2.2
11.6
15.4
13.4
5.0
.6
9.3
18.7
16.0
6.0
French
1954
Other Asia:
Afghanistan
British dependencies.
Burma
Ceylon
Iraq
Jordan
1.2
Lebanon
n.a.
Pakistan
1.0
Palestine
8.9
n.a.
Portuguese dependencies.
1.0
Saudi Arabia
5
Syria
4.5
Viet-Nam
5.3
2.2 All other:
British dependencies..
Ethiopia and Eritrea.
French dependencies..
19.0
Italian Somaliland. . .
15.3
21.2
Liberia. .
Libya
.4
New Zealand
12.7
Portuguese dependencies.
n.a.
Spanish dependencies.. . .
10.3
Tangier
3.6
.2
n.a.
.6
.6
1951
1952
1953
1954
10.6
21.0
9.5
19.2
12.9
.5
15.3
13.1
4.0
25.5
16.9
13.9
14.1
.6
19.3
14.4
.1
2.8
15.9
11.4
n.a.
2.7
19.8
23.0
17.1
13.8
.9
23.9
9.7
.1
5.3
18.5
20.5
n.a.
n.a.
21.1
29.7
n.a.
10.0
.8
16.5
3.8
.1
1.8
61.5
21.5
8.1
1.6
3.5
27.0
1.1
10.3
2.3
3.5
6.3
.2
26.7
1.6
9.1
22.3
.3
11.8
3.0
2.1
5.0
.2
36.1
1.4
n.a.
16.8
n.a.
5.6
n.a.
2.3
n.a.
.5
35.7
2.7
13.2
5.4
n.a.
1.2
6.9
36.5
.1
6.1
.5
5.2
4.3
.2
21.5
pPreliminary.
n.a. Not available.
1 "Short-term liabilities" reported in these statistics represent principally deposits and U. S. Government obligations maturing in not more
than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial
paper2 and of liabilities payable in foreign currencies are also included.
Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international
organizations. Excludes Bank for International Settlements, reported under "Other Europe."
3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks
and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular
establishments,
etc.).
4
Through 1952, reported by banks in the Second (New York) Federal Reserve District only.
^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 l a - l c . 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
1955
1051
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES.
BY COUNTRIES 1
[Amounts outstanding, in millions of dollars)
Total
France
Germany,
Fed.
Rep. of
1951—Dec. 31
1952—Dec, 31
1953—Dec. 31
968.4
1,048.7
904.5
10.1
31.9
10.6
28 3
26 8
30.5
10 3
17 8
18.8
11.2
17.9
7.1
35.0
30.3
70.5
88.5
98.2
87.5
1954—j u n e 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
971.1
1,109.6
1,108.6
1,187.4
1,290.6
1,315.5
1,384.2
10.2
9 5
53.7
52 5
51 9
48.4
47.3
56 1
67.8
15.3
16 7
13.4
12.9
15.8
19.3
19.7
12.1
14.6
16.1
17.4
16.4
12.6
16.2
77.0
85.1
94.4
128.7
126.2
128.2
173.5
70.5
78 5
72.7
78.8
82 2
83.7
20.2
21.9
22.6
22.9
27.6
27.7
18.5
21.9
»-19.3
20.2
20.1
20.5
Date
1955—Jan.
Feb.
Mar.
Apr.
May
June
31
28
31
30
31 P
3QP
1,378.1
1,366 2
1,364.8
1,366.9
1,413.8
1,428.7
. . . . . .
7.5
14.1
7.1
10.3
14.2
12.5
12 0
7.5
8.5
11 2
9.9
Italy
Switz- United Other
Total
erKing- Europe Europe
dom
land
Canada
Latin
America
Asia
All
other
183.4
212.2
235.9
92.0
62.3
56.4
489.3
662.0
472.7
161 8
89.8
114.8
41.9
22.4
24.9
89.7
85.2
87.4
87.7
107.5
114.4
108.6
258.0
263.6
270.7
309.2
320.4
340.7
400.1
65.2
66 4
65 6
70.9
68.0
66.2
75.6
499.3
625.8
613.9
646.5
740.3
750.2
728.1
113.3
117 5
125 7
125.6
128.1
125.9
143.3
35.3
36 2
32 8
35.2
33.9
32 5
37.0
145.9
115.9
119.1
96.3
90.0
90.8
137.5
142.6
140.0
127.4
135.3
142.7
405.1
392 8
'•SSI.2
354.1
366.4
375.3
103.6
105 3
91.0
103.8
107.6
122.3
677.2 152.3
670 6 160 0
686.2 169.8
694.3 176.3
684.4 214.1
648.0 239.1
39.8
37 6
36.5
38.5
41 1
43.9
Netherlands
Norway
Portugal
Spain
Sweden
Turkey
Yugoslavia
All
othif
.6
3.9
8.6
4.0
5.4
6.8
6.2
6.5
6.3
Table 2a.—Other Europe
Date
Other
Europe
Austria
Belgium
Denmark
Finland
1951—-Dec. 31
1952—Dec 31
1953—-Dec. 3i
88.5
98.2
87.5
(2)
.8
.8
39.6
16.2
13.0
4.8
2.1
6.2
3.1
5.6
1.9
.2
.2
1.3
5.0
4.4
8.6
2.5
1.9
1.0
.8
.5
.6
18,8
11.2
24.3
5.4
2.5
2.7
38.8
15.7
89.7
85.2
87.4
87.7
107.5
114.4
108.6
.2
.1
.2
.2
.2
3
.4
14.8
15.3
14.7
16.0
14.2
17 0
19.6
4.1
4.2
1.8
2.6
2.6
3.6
3.6
3.4
3.3
11.9
10.9
11.2
14.6
15.9
1.3
1.5
1.4
1.7
1.4
1.7
2.1
.6
.7
.5
.5
9.7
1.9
1.8
1.4
2.0
2.3
2.1
2.5
.6
.5
3.5
2.1
3.5
4.0
4.0
5.5
4.0
2.4
2.7
2.6
2.4
2.8
3.0
4.1
35.9
32.7
37.0
33.3
55.0
52.4
40.7
5.3
5.7
4.2
3.0
.6
1.0
1.3
.7
19.3
19.1
18.9
17.7
17 9
15.2
9.1
9.1
7.3
7.0
7.2
6.8
2.2
2.0
2.9
2.2
2 4
2.9
3.4
3.3
3.7
3.6
4.5
3.2
18.3
18.0
18.8
14.8
14.6
13.3
2.3
2.9
2.8
2.7
2.5
2.2
.6
1.0
.7
.8
1.0
.9
3.1
3.6
2.7
3.9
4.3
5.3
4.2
3.4
4.1
3.0
4.1
5.1
66.4
67.5
68.4
62.1
67.5
80.1
2.9
6.2
4.4
4.3
4.3
2.6
1954—j u n e 30 . . .
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1955—j a n . 31
Feb. 28
....
Mar. 31 .
Apr. 30
May 31 P
June 30?
137.5
142.6
140.0
127.4
135.3
142.7
1.2
.7
.4
.6
.4
3 5
4.8
6.0
7 5
Greece
9.3
9.4
.7
5.3
5.6
5.3
4.6
5.1
5.3
4 6
5.0
4 4
4.5
Table 2b.—Latin Americt 1
Date
Latin
BoAmer- Argentina
livia
ica
NetherDolands
minican Guate- Mex- West
Re- mala
ico Indies
and
pubSurilic
nam
Brazil Chile
Colombia
Cuba
185.0 24.8
356.4 26.4
125.1 22.6
43.7
41.7
56.9
32.3
32.5
51.2
1.8
1.6
1.9
3.8
4.2
4.1
90.6
88.6
92.9
1.2
1.3
2.6
1951—Dec. 3 1 . . 489.3
1952—Dec. 3 1 . . 662.0
1953—Dec. 3 1 . . 472.7
7.6
8.2
7.1
10.8
1954—June 3 0 . .
July 3 1 . .
Aug. 3 1 . .
Sept. 3 0 . .
Oct. 3 1 . .
Nov. 3 0 . .
Dec. 31. .
499.3
625.8
613.9
646.5
740.3
750.2
728.1
5.7
5.8
5.8
5.8
6.1
5.8
5.6
2.0
2.9
1.7
2.5
2.2
2.2
2.5
167.4
276.6
269.6
288.0
360.5
321.6
273.5
12.2
21.0
14.9
11.3
66.4
64.6
64.0
74.2
6.8
78.9
11.8 91.8
14.1 107.0
59.2
56.9
59.7
63.7
64.9
63.1
70.7
2.5
2.4
2.4
2.4
2.2
2.5
2.6
2.9
3.0
3.2
3.6
3.3
4.9
3.9
81.7
85.5
91.7
94.7
99.2
114.7
115.7
2.5
2.1
2.0
1.8
1.3
1.3
1.4
1955—Jan. 3 1 . .
Feb. 2 8 . .
Mar. 31. .
Apr. 30. .
May 31 P .
June 3 0 P .
677.2
670.6
686.2
694.3
684.4
648.0
5.8
5.8
5.5
5.5
5.7
8.1
2.1
2.2
3.0
3.1
3.5
2.8
252.0
249.3
220.5
221.1
190.2
153.5
15.2 97.0
11.9 89.5
18.5 87.6
13.0 96.6
11.4 119.8
15.4 132.3
52.7
47.6
64.5
69.0
60.8
54.5
3.6
3.8
4.4
4.4
5.8
3.9
3.8
3.8
4.0
4.4
4.6
3.7
111.4
111.0
127.7
124.6
122.2
108.6
1.9
1.9
1.4
1.4
1.6
2.5
7.5
5.8
Panama,
Republic of
Peru
El
Salvador
Uruguay
Other
Vene- Latin
zuela America
3.0
6,5
4.6
11.8
14.8
20.2
9.5
9.1
8.2
10.5
14.3
3.7
41.7
36.7
41.6
14.5
13.7
19.3
7.7
4.6
5.4
5.1
7.1
9.5
8.8
16.0
15.7
14.2
13.9
14.2
14.6
16.2
12.7
10.0
4.4
3.9
3.3
3.2
3.7
•5,8
6.9
46.4
51.6
50.4
52.7
57.3
61.4
62.7
17.6
20.1
20.4
20.2
22.3
23.8
26.5
12.8
14.6
17.7
17.9
20.4
17.9
15.2
14.7
15.1
16.1
15.8
16.4
8.6
7.2
5.8
6.4
4.8
4.9
6.7
6.5
8.4
6.6
6.7
7.4
62.9
76.3
78.7
79.1
84.1
84.5
25.5
24.5
23.6
25.0
27.1
31.7
8.5
5.4
6.4
7.7
12.0
p1 Preliminary.
'Revised.
"Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity
of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their
customers in the United States. Claims on foreigners with a contractual maturity of more than one year reported by U. S. banking institutions
(excluded from these statistics) amounted to 461 million dollars on June 30, 1955. The term "foreigner" is used to designate foreign governments,
central banks, and other official institutions as well as banks, organizations, and individuals domiciled outside the United States, including U. S.
citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms.
2Less than $50,000.
1052
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS I N T H E UNITED STATES,
BY COUNTRIES 1 —Continued
[Amounts outstanding, in millions of dollars]
Table 2c—Asia and All Other
Asia
Date
Formosa
Korea,
Phil- Thai- Other
and Hong
IndoReAll
China Kong India nesia Iran Israel Japan pub- ippines land Asia other
Mainlic Of 2
land
1951—Dec. 3 1 . . 161.8
1952-~Dec. 3 1 . . 89.8
1953—Dec. 3 1 . . 114.8
10.1
10.1
3.1
1.2
3.1
13.4
8.1
4.3
3.7
.3
.9
.8
9 . 3 30.0 12.2
10.2 15.1 12.5
13.8 22.9 25.6
1954—-June 3 0 . . 113.3
July 3 1 . . 117.5
Aug. 3 1 . . 125.7
Sept. 3 0 . . 125.6
Oct. 3 1 . . 128.1
Nov. 3 0 . . 125.9
Dec. 3 1 . . 143.3
8.1
8.1
8.2
8.1
8.1
8.1
8.1
3.1
3.6
2.8
2.4
2.6
3.3
3.4
3.5
4.2
3.9
4.5
4.8
4.4
4.9
.6
.6
.4
.6
.6
.8
.7
16.0 8 . 0
17.5 8 . 4
20.3 9 . 3
16.9 9 . 3
17.7 8 . 2
16.7 9 . 4
15.8 10.7
152.3
160.0
'169.8
176.3
214.1
239.1
8.1
8.1
8.0
8.1
8.0
7.8
3.4
3.3
4.0
4.7
4.5
3.5
3.6
4.4
4.9
4.7
3.9
3.8
.9
1.4
.5
.4
.3
.4
1955—Jan. 3 1 . .
Feb. 28. .
Mar. 3 1 . .
Apr. 30. .
May 31 P.
June 3QP.
29.3
2.5
3.3
6.1
51.6
24.6
24.7
41.9
22.4
24.9
22.8
10,1
8.0
5.7
6.0
6.3
.2
.5
.5
6.7
2.0
2.4
6.5
3.8
7.8
6.2
5.6
6.2
6.7
6.9
7.1
6.3
20.1
26.3
31.3
34.5
34.8
35.3
36.0
35.3
36.2
32.8
35.2
33.9
32.5
37.0
10.2
12.1
10.1
10.5
10.9
10.4
14.1
7.8
7.9
7.5
6.9
6.8
6.6
6.3
.3
.2
.4
.5
.5
.4
1.0
5.9
5.3
5.2
5.3
5.2
5.8
5.9
11.1
10.7
13.5
11.2
11.9
12.6 15.3
17.8 17.2
14.8 19.6
35.9
35.2
46.0
47.7
47.0
68.3
39.8
37.6
36.5
38.5
41.1
43.9
13.4
11.7
10.9
10.5
11.3
10.3
6.2
6.0
5.6
5.5
5.1
6.3
1.1
.9
1.0
1.3
1.8
3.3
7.5
8.3
6.8
6.4
7.9
6.9
7.6
5.8
38.6
33.3
30.9
30.0
33.3
29.9
50.0
.2
.2
.5
.2
.4
.3
.2
18.2 10.8 48.1
18.7 8 . 3 60.3
16.4 7 . 5 '60.3
18.8 7 . 4 56.3
19.1 8 . 0 87.6
19.9 7 . 7 92.5
.4
.5
.5
.3
.6
.8
Egypt
and Union
T* 1
Aus- gian Anglo- of
tralia Congo Egyp- South Other
tian Africa
Sudan
8.7
9.7
12.0
12.3
10.8
10.7
7.3
9.6
8.7
9.8
TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES
[In millions of dollars]
U. S. Government bonds
and notes
Year or month
Purchases
Net
purchases
or sales
Sales
U. S. corporate bonds
and stocks
Purchases
Foreign bonds
Net
purchases
or sales
Sales
Purchases
Sales
9.5
12.1
10.4
9.4
9.6
11.7
10.8
12.3
14.9
15.1
17.2
8
Foreign stocks
Net
purchases
or sales
Purchases
Sales
Net
purchases
or sales
272.3
293.9
310 1
393.3
348.7
329.6
303.4
644.9
—76 4
-35.8
6 8
-251.6
( - > •
1951
1952
. .
1953
1954
1954—june
J U ly
August
September
October
November
December
673.6 1,356.6
231.4
533.7
646.0
728.0
800.9
792.7
.
1955—January
February
March
April
JuneP
—683.0
761.0
859.8
302.3
850.3
837.7
—82.0
731.4
801.9
8.2 1,404.8 1,263.7
98.7
12.6
70.5
141.1
500.4
495.3
542.5
792.4
801.0 -300.6
677.4 -182.1
621 5 —79 0
841.3
-48.8
49.2
33.4
86.9
38.6
48 0
115.1
101.3
27.7
24.3
33.9
39.2
25.9
101.8
261.3
21.4
9.1
53.0
-.6
22.1
13.3
-160.0
107.2
133.2
110.6
103.8
117 2
168.9
197.4
99.9
100.5 '
108.5
86.6
111.4
130.2
180.5
7.3
32.7
2.1
17.2
5.7
38.7
16.9
57.8
57.3
70.7
126.0
103.5
48.2
75.9
48.9
49.0
37.5
78.7
53 4
46.3
69.3
8.9
8.3
33.2
47.3
50 1
1.9
6.6
29.7
34.8
37.5
30.5
35 7
38.0
38.6
79.6
39.6
101.4
41.0
49 5
62.5
61.2
-49.9
-4.8
-63.9
-10.5
— 13 8
—24.6
-22.6
120 8
352.3
83.3
48.4
246 2
14.1
81.1
216.0
72.1
44.8
151 4
23.6
39.7
136.3
11.2
3.6
94 8
-9.5
177 0
159.5
184.6
135.4
147 3
176.1
148.7
161.2
162.9
130.1
132 6
157.5
28.2
-1.7
21.7
5.3
14.7
18.6
75.7
130.9
59.3
49.2
41 6
72.0
62 7
70.3
30.0
45 7
24 5
34.1
13 0
60.7
29.3
3 5
17 1
37.8
42 3
43.3
54.3
47 8
54 4
67.9
87 7
70.3
74.9
57 7
55 8
91.2
—45 4
-27.0
-20.6
—9 9
—1 4
-23.3
TABLE 4.—NET PURCHASES BY FOREIGNERS O F LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES
[Net sales, (—). In millions of dollars]
Year or
month
1951
1952
1953
1954 ..
1954— J u n e . . .
July...
Aug....
Sept... .
Oct....
Nov....
Dec....
InterTotal
national foreign
couninstitries
tutions
— 15.9 —568.4
300.2
14.7
—34.3
22.7
71.6
77.7
.5
-4.4
41.2
2.0
25.6
-.6
-11.2
2.0
1955—Jan... .
1.6
Feb....
.3
Mar....
.4
Apr.. . .
May*. . - 4 4 . 2
.7
JuneP. .
France
6.0
5.5
—41.7
17.0
Germany,
Federal
Republic of
(4)
.2
.2
Italy
1.9
.5
— .1
— .5
— .6
(4)
(4)
(4)
(4)
52.6
-132.0
1.5
3.0
.1
.2
.9
3.0
-27.9
(4)
66.0
133.0
32.5
2.4
.7
1.3
2.1
(4)
153.6
-1.2
.7
28.1
46.2
13.8
14.6
2.2
8.6
8.4
.2
(")'
.1
!i
(4)
1.9
.9
.6
.1
-1.2
.3
.2
.5
-5.0
.3
-2.4
-9.0
-6.5
United
Kingdom
Other
Europe
Total
Europe
45.9
50.7
57.1
73.4
21.4
70.4
71.3
69.8
-66.0
-15.9
-24.0
-20.5
111.4
62.4
138.9
-.2
3.5
5.7
6.5
-.4
-.6
-2.4
32.8
Switzerland
24.8
.5
1.2
4.5
.7
5.3
9.2
4.6
5.2
7.3
8.6
13.0
10.2
5.9
8.0
6.8
-1.7
-6.4
-8.3
20.1
15.1
19.9
17.9
22.0
-1.7
20.3
-4.0
44.7
53.2
15.8
41.1
14.8
38.3
-1.3
70.3
17.5
2.5
-.8
9.0
4.0
3.8
1.4
17.9
-19.1
7.6
Canada
—595.5
191.6
—120.6
-187.2
-8.7
-3.5
-1.7
-4.5
-5.2
-2.3
-108.0
-7.9
76.3
-5.2
-5.0
76.6
-8.6
Latin
America
13.9
4.7
24.9
113.2
31.2
15.8
10.5
11.2
.1
36.3
-6.9
29.1
3.3
6.0
4.4
6.0
-1.9
All
other
Asia
4.8
—9.5
(4)
— .7
1.9
— .9
3.5
3.2
.4
1.1
-.3
.5
.1
.1
1.4
.7
.1
.1
.1
.3
.2
14.6
1.2
(4)
1.2
-1.4
.6
.6
-.2
(4)
1.3
.4
.7
.1
p Preliminary.
^Revised.
2
!See footnote 1 on preceding page.
Not reported separately
until Mar. 31, 1954.
4
Includes transactions of international institutions.
Less than $50,000.
3
SEPTEMBER
1955
1053
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
[Net sales, ( - ) .
Year or
month
1951
1952
1953
1954
1954—June. .
July...
Aug...
Sept...
Oct....
Nov.. .
Dec...
[In millions of dollars]
In millions of dollars]
Inter- Total
national foreign Total
insticoun- Europe
tutions tries
Canada
Assets in custody
Latin
Amer- Asia
All
28.5
19.9
96.3
—9.1
—258.6
— 141.0
—137.8
— 133.2
33.8
25.3
34 6
32.8
—36.0
— 10.0
—29^9
—34.2
-40.3
-9.9
4.7
.2
-29.3
-2.3
-28.2
52.7
38.6
2.4
1.4
1.8
8.6
7.7
-.3
-3.9
-2.6
-1.4
-.7
1955—Jan....
Feb....
Mar.. .
Apr. . .
Mayp.
June P.
-2.6
10.9
.3
-2.4
-2.8
.1
-.7
-24.7
91.4
25.9
39.2 - 4 . 1
-20.8 -11.7
-13.4 -3.4
—29.9 - 2 2 . 7
22.8 - 8 . 4
.3
-3.7
-4.0 -8.1
18.5 - 3 . 1
14.4 - 2 3 . 2
-.8
4.7
-14.6
34.6
6.3
6.2
14.2
31.4
7.9
6.0
25.8
7.2
.3
8.0
4.0
2.3
-.2
1.9
-1.4
-2.8
-6.4
-3.3
-1.6
-9.8
3.6
2.0
-5.3
-3.7
-1.8
-1.9
-.9
9.2
-2.4
-2.3
-2.3
.4
.8
6.9
Deposits
Date
other
-152.7 -224.3
—118.1 —99.8
—61 2 — 11.0
-163.9 — 136.5
-1.1
-6.0
-54.6
-2.9
-1.9
-2.6
TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD
AT FEDERAL RESERVE BANKS FOR
FOREIGN
CORRESPONDENTS1
.6
C1)
8.8
1.7
^Preliminary.
!Less than $50,000.
U. S. Govt.
Miscelsecurities2 laneous3
1953—Dec. 31
423
2,586
106
1954—Aug.
Sept.
Oct.
Nov.
Dec.
31
30
31
30
31
477
461
426
397
490
2,989
3,013
3,050
3,002
2,908
82
101
99
104
105
1955—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
31
28
31
30
31
30
31
31
441
320
351
360
402
374
410
387
3,000
2,966
3,062
3,137
3,264
3,295
3,288
3,373
117
128
131
137
141
139
135
1955—Aug.
Aug.
Aug.
Aug.
3
10
17
24
429
459
458
410
3,290
3,307
3,326
3,384
137
139
142
143
1
Excludes assets held for Int'l. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1057, for total gold under earmark
at 2Federal Reserve Banks for foreign and international accounts.
U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.
3
Includes bankers' acceptances, commercial paper, foreign and
international bonds.
NOTE.—For explanation of table and for back figures see BULLETIN
for May 1953, p. 474.
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production Total
outside 1 reported
U.S.S.R.
monthly
North and South America
Africa
South
Africa
Rhodesia
West Belgian United
Africa2 Congo2 States 3
Canada
Mexico
Other
Colom- Chile
bia
Nica- Austra- India*
ragua 4
lia
$1= 15 Hi grain ? of gold Ho fine: i e., an oimce offiiyie gold =$35.
1951...
1952
1953... .
1954
1954—j u n e
July
August...
September.
October .
November.
December
1955—January
February..
IVtarch
April
May .
June......
840 0
864.5
857.5
758 3
780.9
776.5
826 2
403.1
413.7
417.9
462 4
17.0
17.4
17.5
18 8
22.9
23.8
25.4
27 5
12.3
12.9
13.0
12 8
70 0
71 1
71.4
70 2
71.3
72.0
71 3
38.3
39 4
39.8
39 9
40.5
40.7
40.8
1.7
6
6
S
2.3
1.0
2.4
1.4
L.7
.6
2 4
2.3
2.3
2.3
1 1
.9
.9
.9
70 4
67.9
40.7
38.8
42.3
41 7
42 8
42.7
1.4
1.6
2.2
2.2
1.5
1.5
1.6
2.2
2 2
1.5
1.2
1.2
1.3
1.1
2 3
2.1
2 2
1 0
66.3
67.4
69.0
65.1
6.1
6.1
5.8
5.1
5.6
5.6
5.8
5.0
4.8
5.4
5 0
5.3
5 6
153.7
156.5
142.4
152 8
13.2
13 3
12.9
13 1
13.3
13.5
13.5
12.8
12.3
13.0
12 9
13.4
13.8
16.1
16.9
13 5
15.1
14.8
15.3
13 2
1.2
1.2
1 0
1 0
1.4
9
1.2
1.4
1.2
.8
1 1
1.1
1.2
.8
9
1.8
1.6
1.1
1 2
1 l
.9
6 1
8 8
6.2
4.6
8.9
9.1
3
4
.3
4
7
8
.7
7
.3
.4
4
.6
.6
7
4 4
5
3
8 2
6
6
.6
7
8
.8
31 3
34.3
37 7
39 1
3 3
3 4
3 2
3 4
3.1
3.3
3 4
2 8
2 7
3.3
7.9
8.9
7.8
8 4
.7
7
.7
6
.6
.6
.6
5
.5
.6
5
.6
.6
Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and,1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Reported
by American Bureau of Metal Statistics.
3
Yearly figures reported by United States Mint. Monthly figures reported by American Bureau of Metal Statistics.
4
Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.
1054
FEDERAL RESERVE BULLETIN
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS
[Amounts outstanding, in millions of dollars]
1951
1952
Dec. 31
Dec. 31
1954
1953
1955
Area and country
Continental Western Europe:
Austria
Belgium-Luxembourg (and Belgian
Congo)
Denmark
Finland
France (and dependencies) *. ..
Germany (Federal Republic o f ) . . .
Greece
Italy
Netherlands (and Netherlands
West Indies and Surinam)
Norway
Portugal (and dependencies)
Spain (and dependencies)
Sweden
Switzerland
Turkey
Other 2
. . . .
Total
Sterling Area:
United Kingdom.
United Kingdom dependencies....
India
.
...
Union of South Africa
Other
Total
Canada
Latin America:
Argentina
.
Bolivia
Brazil
Chile
Cuba
Dominican Republic
Guatemala
Mexico
Panama Republic of
Peru
El Salvador
Uruguay
. ..
Venezuela
Other
Total
Asia:
Indonesia. .
Iran
Japan
Philippines
Thailand
Other
June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30?
107
143
166
208
238
267
289
335
333
335
329
898
1 035
1,044
1,081
1,098
1 ,124
133
1 ,055
124
1 ,024
107
1 ,039
102
,087
1 ,109
85
76
53
896
434
49
633
524
150
331
128
101
102
113
127
55
967
691
57
60
926
893
82
57
1,003
1,053
89
64
1 049
1,225
112
655
660
714
815
160
374
130
953
164
412
134
1,022
169
437
138
71
73
69
1 ,060
1 ,381
1 ,092
1 ,503
1 ,124
1 ,822
812
841
802
1,055
171
469
150
1 ,064
1 ,125
337
2 ,134
123
169
499
136
125
178
516
142
105
124
141
138
925
957
995
1 ,118
1 ,118
1 ,109
1 ,107
386
2 ,149
3S3
2 ,170
177
537
174
280
309
335
2,091
152
795
2,120
157
839
2,133
157
887
7 118
8 374
8,914
9,509
10 082
10 ,464
10 ,626
11 ,115
843
99
309
2,318
113
312
2,886
109
334
3,051
111
340
3,009
108
346
,198
105
329
,536
105
338
197
326
194
347
212
369
214
354
214
373
221
371
3 ,774
3,284
3,910
4,070
4,050
0 157
2,492
2,238
2,292
2,417
518
51
417
99
575
427
45
390
121
515
519
47
451
129
579
151
1 ,004
69
874
275
342
2 ,105
69
1 ,452
2 ,155
2,053
151
712
153
972
100
1 ,417
2 ,125
165
477
224
973
72
1 ,358
1 ,999
399
2 ,172
150
928
148
560
188
406
2 ,185
152
943
109
570
209
116
571
225
156
154
1 ,012
1 ,235
11 ,652
11 ,929
,295
,388
104
320
490
225
373
234
371
232
381
,137
103
334
,139
102
344
4 ,224
4 ,577
4 ,417
4 ,240
4 ,205
4 ,229
,487
,463
,543
,616
,493
,538
103
334
236
395
242
402
518
41
501
40
541
35
548
36
576
35
531
32
523
26
528
28
481
134
587
423
121
531
431
102
548
417
103
532
413
117
477
442
112
423
417
118
420
442
136
431
58
54
56
61
57
63
51
65
61
80
73
64
72
62
75
72
366
375
339
325
341
329
258
315
391
68
93
54
306
81
107
55
301
97
109
74
311
102
106
63
311
90
104
56
337
93
109
80
329
427
88
103
74
335
76
110
58
329
74
118
59
317
79
114
72
308
88
78
3406
84
118
79
291
445
256
519
326
530
356
571
347
595
366
562
410
621
463
614
401
597
441
591
322
659
340
,360
3,379
3,672
3,706
3,621
,710
,721
,658
3 ,671
,564
,708
421
163
729
337
296
157
929
324
246
155
1,015
316
198
168
1,055
318
184
181
951
304
166
185
800
319
140
172
740
308
168
164
794
318
181
169
851
266
194
178
841
264
211
190
885
263
210
325
294
360
311
363
304
374
281
401
268
451
243
444
238
465
236
520
245
551
243
601
59
72
68
75
2 ,185
2,360
2,406
2,417
2,302
2 ,189
2 ,047
2 ,147
2 ,223
2 ,273
2 ,393
Eastern Europe 4
309
307
306
314
306
308
309
308
309
310
311
All other:
Egypt
Other
285
234
229
218
217
224
226
219
221
228
224
42
49
61
63
67
74
67
70
69
71
84
327
283
290
281
284
298
293
289
290
299
308
19 ,230
20,479
21,736
22,589
23,062
23 ,680
24 ,036
24 ,477
25 ,001
25 ,073
25 ,782
3 ,171
3,287
3,272
3,212
3,331
3 ,401
3 ,364
3 ,536
3 ,560
3 ,565
3 ,675
22 ,401
23,766
25,008
25,801
26,393
27 ,081
27 ,400
28 ,013
28 ,561
28 ,638
29 ,457
Total
. . . .
Total
Total foreign countries
International ^
Grand total
P1 Preliminary.
Includes gold reserves of Bank of France and French dependencies only.
2
Includes holdings of other Continental OEEC countries, Yugoslavia, Bank for International Settlements (both for its own and European
Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves
of certain
Western European countries.
3
Includes latest available figure for Mexican gold reserves (April 30).
4
Excludes
gold reserves of the U. S. S. R.
5
Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other
international organizations.
NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private
dollar holdings as shown in Tables 1 and l a - I d of the preceding section, as well as certain longer term U. S. Government securities reported as
purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245.
SEPTEMBER
1955
1055
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of
month
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec.. . .
Estimated
United States
total world
(excl.
U.S.S.R.)i Treasury Tota^
Sept
Oct
Nov.
Dec
I955:—j a n
Feb.
Mar.. . .
Apr
May
June...
July....
Belgium
35,400
35,830
35,970
36,290
36,710
24,427
22,706
22,695
23,187
22,030
24,563
22,820
22,873
23,252
22,091
216
216
268
37i'
698
537
621
706
776
37,210
21,908
21,809
21,810
21,759
21,710
21,713
21,960
21,897
21,863
21,827
21,791
21,793
371
371
371
371
371
371
765
756
760
760
767
778
21,714
21,716
21,719
21,671
21,674
21,678
21,682
21,786
21,788
21,763
21,724
21,727
21,730
21,734
371
371
371
371
371
371
371
781
797
824
839
848
839
845
1954—j u iy
Aug
Argentina
37,350
37,500
P37.72O
Germany,
Federal GuateRepublic mala
of
End of
month
Egypt
France 4
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
53
97
174
174
174
523
523
548
573
576
28
140
326
27
27
27
27
27
247
247
247
247
247
1954—July....
Aug
Sept.. . .
Oct
Nov
Dec... .
174
174
174
174
174
174
576
576
576
576
576
576
478
544
574
599
612
626
27
27
27
27
27
27
1955—Jan
Feb
Mar
Apr....
May....
June
July....
174
174
174
174
174
174
174
576
576
576
576
576
576
576
650
700
714
722
740
758
27
27
27
27
27
End of
month
Portugal
El Salvador
1949—Dec
1950—Dec
1951—Dec
1952—Dec
1953—Dec
178
192
265
286
361
17
23
26
29
29
128
197
190
170
176
1954—July....
Aug
Sept
Oct., .
Nov
Dec...
403
410
416
422
427
429
29
29
29
29
29
29
1955—Jan
Feb
Mar
Apr
Ivlay
431
431
438
438
29
29
29
29
29
29
29
June
July....
India
Bolivia
Brazil
Canada
23
23
23
21
21
317
317
317
317
321
496
590
850
896
996
40
40
45
42
42
5
5
5
5
3
3
322
322
322
322
322
322
1,050
1.052
1^059
1,065
1,071
1,080
322
322
322
322
322
322
322
1,083
1,086
1,097
1,103
1,111
1,112
(3)
Indonesia
178
209
280
235
145
Iran
Italy
Chile
Colombia
52
74
Cuba
32
31
31
31
31
21
19
22
23
23
42
42
42
42
42
42
186
186
186
186
186
186
31
31
31
31
31
31
23
23
23
23
23
23
43
43
43
43
43
42
42
186
186
186
186
186
186
186
31
31
31
31
31
31
31
23
23
23
23
23
23
23
36
Mexico
Netherlands
Norway
Pakistan
Peru
140
140
138
138
137
256
256
333
346
346
52
208
208
144
158
195
311
316
544
737
51
50
50
50
52
27
27
27
38
38
28
31
46
46
36
247
247
247
247
247
247
138
138
138
138
138
138
346
346
346
346
346
346
58
59
60
61
62
62
794
796
796
796
796
796
45
45
45
45
45
45
38
38
38
38
38
38
34
34
34
34
34
35
247
247
247
247
247
247
247
138
138
138
138
138
138
138
346
346
346
63
63
64
65
796
796
798
800
804
804
804
45
45
45
45
45
45
45
38
38
38
38
38
38
38
35
35
35
35
35
35
Turkey
United
Kingdom
Switzerland
85
61
51
51
54
70
90
152
184
218
1,504
1,470
1,452
1,411
1,459
118
118
113
113
113
154
150
151
143
143
$1,688
5
3%300
5
2,335
5
1,846
6
2,518
178
236
221
207
227
373
373
373
373
373
188
193
195
199
194
199
56
56
56
56
56
56
219
219
219
224
246
265
1,485
1,490
1,503
1,513
1,513
1,513
113
113
113
113
113
113
144
144
144
144
144
144
6
3,013
5
2,918
5
2,901
5
2,936
5
2,925
5
227
227
227
227
227
227
195
201
203
208
207
212
215
56
56
56
56
56
56
56
265
265
265
258
263
264
264
1,512
1,501
1,499
1,493
1,473
1,485
1,495
113
113
113
113
113
113
112
144
144
144
144
144
144
144
5
2,763
5
2,681
5
2,667
5
2,686
5
2,686
5
2,680
5
227
227
227
227
227
227
227
Spain
Ecuador
299
271
311
214
186
Sweden
South
Africa
Denmark
Thailand
2,762
2,544
Uruguay
Venezuela
Inter- Bank for
national InterMone- national
tary
SettleFund
ments
1,451
1,530
L.692
1,702
68
167
115
196
193
403
403
403
403
403
403
1,733
L.734
1,734
,734
1,736
L,740
186
193
195
193
193
196
403
403
403
403
403
403
403
1,744
1,744
L.744
1,744
1,745
1,745
1,747
198
209
204
204
207
230
227
:1,495
pPreliminary.
1
Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central
banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,
and estimated
official holdings of countries from which no reports are received.
2
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury
gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement
"United States Money, Outstanding and in Circulation, by Kinds."
3Less
than $500,000.
4
Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).
5
Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bask
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.
1056
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
Total
United
Kingdom
1945
1946
1947
1948... . .
1949
1950.....
1951
1952.....
1953.....
1954
—452.9
721.3
2,864.4
1,510.0
193.3
-1,725.2
75.2
393.7
-1,164.3
-326.6
-.2
406.9
734.3
446.3
-1,020.0
469.9
440.0
-480.0
-50.0
Belgium
France
31.1
14.2
222.8
69.8
-41.0
-55.0
-10.3
-3.8
-84.9
278.5
264.6
15.8
-84.8
-20.0
Germany,
Fed.
Rep. of
Netherlands
130.8
40.7
-23.5
-79.8
-4.5
-10.0 -100.0
-130.0 -65.0
-225.6
Portugal
-47.9
-10.0
116.0
63.0
14.0
-15.0
-34.9
-5.0
-59.9
-54.9
Switzerland
Other
Europe 1
-86.8
-29.9
10.0
-5.6
-40.0
-38.0
-15.0
22.5
-65.0
-15.5
-7.4
27.3
86.6
5.8
2
-159.9
-68.0
-60.1
-17.3
-111.8
-17.4
-io]6
-20.0
-25.0
-15.0
-5.0
-8.8
-42.8
-15.3
-15.0
-8.0
-7.5
-2.4
-1.1
-2.5
-11.3
Sweden
80.2
238.0
3.0
-22.9
-32.0
-20.6
-15.0
Canada
Argentina
Cuba
Mexico
36.8
337.9
311.2
-224.9
153.2
727.5
114.1
-49.9
-85.0
-30.0
-65.0
-10.0
-10.0
28.2
-20.0
-23.8
36.9
45.4
61.6
-16.1
-118.2
-60.2
87.7
-28.1
80.3
-100.0
-10.0
7.2
-49.9
-20.0
-84.8
1953
Jan.-Mar.
Apr.-June.
July-Sept.
Oct.-Dec.
-599,1
-128.2
-306.6
-130.3
-320.0
-40.0
-120.0
-36.5
-3.4
-12.4
-32.6
-30.0
-10.0
-40.0
-50.0
-25.0 -150
-15.0
-40 ! -15.0
-15.0
-40.0
-15.6
—140.0
-30.0
-20.0
-5.0
-20.0
-10.0
-10.0
-54.9
-20.0
-10.0
-28.1
1954
-63.0
-19.6
-171.8
-72.3
Jan.-Mar..
Apr.-June.
July-Sept.
Oct.-Dec.,
-50.0
80.3
1955
Jan.-Mar.,
Apr.-June,
-22.5
-45.0
-36.9
-41.7
-5.Q
3.5
NET GOLD PURCHASES BY T H E UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES I N GOLD STOCK OF
UNITED STATES
(Negative figures indicate net sales by the United States)
[In millions of dollars]
[In millions of dollars at $35 per fine troy ounce]
Year or
quarter
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
. .
Uruguay
Venezuela
Other
Latin
America
Asia
and
Oceania
-37.9 -73.1 -27.8 3-188.3
13.7
25.0
-9.2
-4.9
1.0
79.1
-3.7
25.1
-4.1
13.4
10.7 -108.0
-52.1
-14.4 —50.0
-7.5
-35.4
-64.8
-17.2
22.2
- . 9 -17.2
-25.1
-7.0
14.9
-3.8
-6.1
-15.0
17.2
-10.4
- 5 . 0 '•-3o!6
Union
of
South
Africa
Gold stock at
end of period
All
other
3.7
22.9
256 !o
11.9
6.9
498.6
195.7
-1.6
13.1 4-47.2
52.1 4-84.0
-2.0
11.5
-9.9
.
-A
1953
Jan.-Mar.
-10.0
—5.0
-3.6
-1.1
1
— 1.2
1 4
—2.4
— .1
Oct -Dec..
-9.9
1954
Jan.-Mar
-5.0
Oct -Dec.
' -30'. 6
13.2
2.0
-8.9
1.9
—1 2
— .1
-.4
3.4
— .1
-2.7
1955
i
1
2
Includes Bank for International Settlements.
Includes sale of 114.3 million dollars of gold to Italy.
* Includes sales of 185.3 million dollars of gold to China.
•Includes sales of gold to Egypt as follows: 1950, 44.8 million
dollars;
and 1951, 76.0 million.
8
Includes sales of 45.0 million dollars of gold to Indonesia.
SEPTEMBER 1955
Period
EarNet
marked DomesIncrease gold
imgold:
de- tic gold
in total port or
crease producgold
export
or
instock
tion
crease
(-)
Treasury
Total i
1943
1944
1945
1946
1947
1948
1949
1950
1951...
1952
1953
1954
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
22,695
23,187
22,030
21,713
21,981
20,631
20,083
20,706
22,868
24,399
24,563
22,820
22,873
23,252
22,091
21,793
-757.9
-1,349.8
-547.8
623.1
22,162.1
1,530.4
164.6
-1,743.3
52.7
379.8
-1,161.9
-297.2
1954—Aug...
Sept...
Oct....
Nov...
Dec.. .
21,809
21,810
21,759
21,710
21,713
21,897
21,863
21,827
21,791
21,793
-63.6
-33.6
-36.7
-35.9
2.6
1.7
1.1
1.6
1.5
.7
-65.4
-34.6
-34.6
-36.7
1.8
5.8
5.1
5.6
5.6
5.8
1955—Jan. .
Feb...
Mar...
Apr...
May. .
June. .
July..
Aug.. .
21,714
21,716
21,719
21,671
21,674
21,678
21,682
*21,682
21,786
21,788
21,763
21,724
21,727
21,730
21,734
P21,732
-7.3
1.6
-24.7
-39.4
2.9
3.1
4.4
2.2
3.2
2.7
2.5
4.5
3.8
1.6
(3)
-9.7
-.8
-27.7
-41.8
-1.0
-.9
-.1
4-2.9
5.0
4.8
5.4
5.0
5.3
5.6
4.1
(3)
P-2.3
68.9 -803.6
-845.4 -459.8
-106.3 -356.7
311.5
465.4
1,866.3
210.0
1,680.4 -159.2
686.5 -495.7
-371.3 -1,352.4
-549.0
617.6
684.3 -304.8
2.2 -1,170.8
16.6 -325.2
48.3
35.8
32.0
51.2
75.8
70.9
67.3
80.1
66.3
67.4
69.0
65.4
P Preliminary.
!See footnote 2 on opposite page.
2
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
3
Not yet available.
4
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,893.9 million dollars on Aug. 31, 1955. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
1057
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
AND INTERNATIONAL MONETARY FUND
[End-of-month figures. In millions of dollars]
1955
1954
1955
Monetary Fund
International Bank
June
Mar
Dec.
Sept.
June
464
485
478
466
415
Dollar deposits and U. S. securities
Other currencies
and securities 1 .
996 1,001 1,010 1,049 1,034
2
1,620
1,796
1,694
Effective loans
1,738
1,663
52
35
33
37
31
Other assets 3
838
850
IBRD bonds outstanding
...
852
849
777
456
386
420
336
380
Undisbursed loans
10
11
11
9
10
Other liabilities
184
174
165
154
146
Reserves
1,806 1,806 1,806 1,831 1,830
Capital
Gold
Currencies:1
United States..
Other
Unpaid member subscriptions...
Member subscriptions
Accumulated net income
Loans as of July 31, 1955
Country 9
Country
Disbursed
Principal
Australia
258.5
106.0
194,1
37.3
94.7
40.0
50.1
257.5
126.0
90.0
40.2
141.3
221.5
50.0
58.3
31.0
25.4
61.0
110.0
66.0
33.0
60.7
153.0
Belgium
Brazil
Chile.
Colombia
Denmark
Finland
.
France
India
Italy
Japan
Mexico
Netherlands
Norway
Pakistan
Peru
Thailand
Turkey
Union of S Africa.
United Kingdom...
Uruguay.
Yugoslavia
Other
Total
Quota
Outstanding
4
204.1
89.6
143.0
19.1
48.7
40.0
37.5
252.8
59.6
20.0
30.5
89.8
221.5
40.0
29.6
8.4
24.1
35.2
109.4
58.0
31.3
54.9
57.2
62,305.6 1,704.1
Undisburied
54.4
16.4
51.0
18.2
46.0
12.6
4.7
66.4
70.0
9.7
51.5
10.0
28.7
22.6
1.3
25.9
.6
8.0
1.7
5.8
95.8
Sold
to
Total
others5
2.5
4.0
4.3
6.3
1.5
5.4
8.3
15.1
4.6
133.0
2
.6
.7
.3
1.9
3.1
9.7
204.1
87.1
139.1
14.8
42.4
38.5
32.1
244.5
44.5
20.0
30.5
85.2
88.5
40.0
27.3
7.8
23.4
34.9
107.5
58.0
30.4
51.8
47.5
21.6
17.7
3.5
.5
3.0
1.3
2.3
21.6
5.7
6.1
2.6
9.7
2.0
2.1
2.1
13.0
14.5
.5
7
601.4 204.5 1,499.7 132.1
Jan,
Oct.
July
Apr.
1,744
1,744
1,734
1,733
1,719
1,609 1,567 1,574 1,472 1,408
4,691 4,734 4,738 4,746 4,824
798
798
892
798
889
88,853 88,853 8,853 8,853 8,849
-11
-10
-9
-9
—8
Cumulative net drawings
on the Fund 10
Subscription
paid
1955
1954
in
gold
Repaid
Apr.
150
Brazil
50
Colombia.,
525
France
Germany....
330
400
India.
110
Indonesia
250
Japan
15
Philippines
Turkey
43
United States. . . . 2,750
37.5
12.5
108.1
33.0
27.5
15.5
62.5
3.8
10.8
687.5
June
May
Apr.
June
65.5
65.5
65.5
65.5
25.0
25.0
25.0
105.0! 105.0 105.0 125.0
-49.5 -49.5 -49.5 -46.1
27.6
27.6
27.6
63.8
15.0
15.0
15.0
62.4
62.4
62.4 * 62^4
10.0
20.0
20.0
20.0
27.0
- 3 9 7 . 9 - 4 1 8 . 3 -418.5 -584.2
1
Currencies
2
include demand obligations held in lieu of deposits.
Represents total principal of authorized loans, less loans not yet
effective, repayments, the net amount outstanding on loans sold or
agreed
to be sold to others, and exchange adjustment.
3
Excludes uncalled portions of capital subscriptions.
4
Loans to dependencies are included with member.
5
Includes also effective loans agreed to be sold but not yet disbursed.
6
Includes 170 million dollars in loans not yet effective.
7
Includes 114 million dollars not guaranteed by the Bank.
8
Includes 125 million dollar subscription of withdrawing member
(Czechoslovakia).
9
Includes countries having cumulative net drawings of 10 million
dollars
( + or —) on the latest date.
10
Represents for each country purchases of other currencies from
Fund less purchases of own currency by it or other countries.
CENTRAL BANKS
Bank of England
Assets of issue
department
As
sets of banking
department
Bankers'
Public
ECA
Other
Other
liabilities and
capital
1.293.1
,321.9
,357.7
1,437.9
,525.5
,619.9
314.5
299.2
313.5
299.8
302.8
290.2
11.7
11.6
15.4
13.4
10.0
14.9
17-.4
97 9
92.1
111.2
85.0
89 8
78.5
70.4
18.1
18.1
18,1
18 1
18 1
18.2
310.1
337.6
351.1
374 9
350.7
,654 0
,635 4
1,635.9
1,651.9
1,751.7
267.2
276.1
295 6
293.7
276.1
14 6
16 4
9 8
11.7
15.4
1 7
6 3
6 3
9.6
9.6
63.8
69.0
65.4
72.3
66.3
18 4
18 5
17 8
17.9
18,1
298.0
248.1
328.8
319.2
307.2
301.6
305.9
1,664.9
,658.9
1,696.3
1,731.5
1,752.2
L.782.7
1,860.9
251.9
271.1
275.7
253.9
240.5
246.6
240.8
16.3
11.3
11.7
18.6
13.7
14.2
13.6
4.7
4.7
4.1
4.6
6.9
.5
2.2
85.9
63.7
66.4
63.6
65.6
72.9
68.8
18.3
18.4
18 5
17.8
18.0
18 2
18.3
Other
assets
Notes
and
coin
Discounts
and advances
Securities
.2
4
.4
4
4
.4
1,325.0
1,350.0
1,375.0
1 450 0
1 575.0
1,675.0
36.1
33.7
19 2
14 1
51.3
57.8
16.7
14.8
29.2
18 2
11 2
401,1
489.6
384.0
389.2
371.2
338,1
1954—Aug 25
Sept. 2 9 . . . . . . .
Oct. 27 . . .
Nov. 24.
Dec. 29
.4
.4
J.700 0
1,675.0
1,675.0
1,675.0
1,775.0
48 7
42.3
41.7
25.9
26.0
7 0
6 5
2,1
4,5
1955—j a n . 26
Feb. 23
Mar. 30
Apr. 27
May 25
June 29
July 27
.4
.4
.4
.4
.4
.4
.4
2 1,725.0
62.8
68.8
31.5
21.3
25.6
45.1
16.9
16.4
52.4
16.1
18.0
11.8
(Figures in millions of
pounds sterling)
1948—Dec.
1949—Dec
1950—Dec,
1951 Dec
19"52—Dec.
1953—Dec.
29
28
27
26
31
30
. .
......
Goldi
.4
.4
.4
1,725.0
1,725.0
2 1,750.0
2 L.775.0
2
1,825.0
2
l,875.O
4.9
8.9
i
5.7
21.0
Liabilities of banking <iepartment
Note
circulation
Deposits
4
6
24 3
7.2
*On Sept. 19, 1949, the official buying price of the Bank of England for gold was increased from 172 shillings and threepenceto 248 shillings
per fine ounce. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for
March
1950, p. 388, footnotes 1 and 4.
2
Fiduciary issue decreased by 50 million pounds on Jan. 20, increased by 25 million on Apr. 6 and May 4 and by 50 million on June 8 and
July 20. For details on previous changes, see BULLETIN for February 1955, p. 226.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication. For details relating to individual items, see BULLETIN for April 1955, p. 442.
1058
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Goldi
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Shortterm
Other
Note
circulation
Chartered Dominion
governbanks
Other
liabilities
and
capital
Other
1945—Dec. 31.
1946—-Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Dec. 30.
1951—Dec. 31.
1952—Dec. 31.
1953—Dec. 31.
156.8
1.0
2.0
.4
74.1
111.4
117.8
77.1
54.9
,157.3
,197.4
,022.0
,233.7
,781.4
,229.3
,141.8
,459.8
,376.6
688.3
708.2
858.5
779.1
227.8
712.5
1,049.3
767.2
893.7
29.5
42.1
43.7
45.4
42.5
297.1
135.2
77.3
112.0
,129.1
,186.2
,211.4
,289.1
,307.4
,367.4
,464.2
,561.2
,599.1
521.2
565.5
536.2
547.3
541.7
578.6
619.0
626.6
623.9
153.3
60.5
68.8
98.1
30.7
24.7
94.9
16.2
51.5
29.8
93.8
67.5
81.0
126.9
207.1
66.1
44.5
29.5
198.5
42.7
42.4
43.1
119.2
172.6
200.0
132.9
133.1
1954—Aug. 31.
Sept. 30.
Oct. 30.
Nov. 30.
Dec. 31.
56.9
57.9
52.3
57.7
54.2
,669.9
s660.8
,438.2
,444.3
,361.5
502.4
545.6
809.9
837.5
871.1
77.2
73.3
105.5
85.1
114.1
,573.0
,585.3
,579.8
,587.1
,623.5
531.0
521.4
595.2
528.8
529.6
49.6
81.8
49.8
141.1
56.3
31.5
25.8
31.4
36.0
30.5
121.3
123.2
149.5
131.5
161.0
1955—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 30.
51.5
52.4
50.8
59.0
52.3
55.8
59.6
, 249.8
,320.6
,325.6
,385.5
1,357.6
1,451.9
1,233.4
876.0
815.1
821.6
808.4
817.5
834.9
1,032.4
87.7
82.1
101.4
123.6
87.1
121.5
134.9
1,545.9
1,541.7
1,552.9
1,579.3
1,597.7
1,618.8
1,651.8
528.7
503.8
541.9
570.7
516.9
577.0
532.9
56.5
63.2
57.5
50.8
50.6
71.3
52.9
38.6
47.3
42.7
40.5
35.6
36.5
45.2
95.4
114.1
104.3
135.2
113.7
160.4
177.5
Liabilities
Assets
Bank of France
(Figures in
millions of francs)
Foreign
exchange
Domestic bills
Advances to
Government
Other
assets
Note
circulation
Deposits
Open
market
Special
Other
Current
Other
1945—Dec. 27.
1946—Dec. 26.
1947—Dec. 31.
1948—Dec. 30.
1949—Dec, 29.
1950—Dec, 28.
1951—Dec. 27.
1952—Dec. 31.
1953—Dec. 31.
68 17,980
129,817
94,817
7 37,618
65,225
12 67,395
65,225
30 97,447
62,274 61,943 137,689
182,785 162,017 136,947
191,447 28,320 234,923
200,187 31,068 274,003
201,282 15,421 292,465
303
3,135
64
8,577
28,548
34,081
31,956
57,042
61,108
25,548
76,254
117,826
238,576
335,727
393,054
741,267
937,459
891,560
67,900
147,400
150,900
157,900
158,900
160,000
172,000
200,000
445,447
480,447
558,039
558,039
560,990
481,039
481,039
479,982
679,849
24,734 570,006 12 048
'765
33,133 721,865
733
59,024 920,831
806
57,622 987,621
1,168
112,658 ,278,211
212,822 ,560,561
70
190,830 1,841,608
29
159,727 2 ,123,514
27
169,964 2 ,310,452
21
1954—Aug. 26.
Sept. 30.
Oct. 28.
Nov. 25.
Dec. 30.
201,282
201,282
201,282
201,282
201,282
41,059
45,117
48,971
51,939
57,291
265,330
262,922
264,861
224,487
236,765
5,129
15,058
32,697
44,593
48,925
980,146 195,000
1,030,309 195,000
1,027,934 195,000
1,013,121 195,000
1,130,183 195,000
648,049
634,749
626,249
619,549
617,649
191,874 2,333,133
224,089 2 ,443,797
,428,122
218,
218,584 2 ,386,103
277,215 2,538,455
100
6
93
65
76
1955—Jan. 27.
Feb. 24.
Mar. 31.
Apr, 28.
May 26.
Tune 30.
July 28.
201,282
201,282
201,282
201,282
201,282
20t,282
201,282
60,482
66,689
86,467
121,962
153,030
183.869
200,145
226,244
172,750
160,613
200,233
210,448
245,543
247,594
46,054
40,224
32,564
28,526
26,545
16,393
11,343
1,063,937 190,000
1,062,552 190,000
1,138,808 190,000
1,113,385 190,000
1,028,496 190,000
1,054,765 190,000
1,061,877 190,000
592,249 286,200 2 ,472,650
617,649 306,480 2 ,482,667
597,449 353,285 ,583,654
546,749 336,294 ,544,115
584,949 334,389 2 ,523,444
579,449 355,574 2 ,629,933
579,849 3355,485 ,642,828
97
61
24
51
Government
20
45
93
Other
liabilities
and
capital
ECA
Other
15,058
10,587
897
2 ,061
S7 755
61 468
8? 479
171 783
158,973
161 ,720
166 ,226
137,727
142 ,823
4,087
7,213
10,942
16,206
19,377
24,234
41,332
49,305
56,292
83 128,178
90 105,192
98 119 ,406
3 ,304 106,920
3 ,744 154,100
66,377
59,441
67,563
72,162
67,935
125 ,962
121 ,699
115 ,374
128 ,552
129 ,730
126 ,899
133 ,666
64,006
53,062
54,064
54,410
64,823
58,283
59,308
3 ,733
137
7,351
11 ,302
11 ,120
11 ,713
11 ,680
*On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 21940, pp. 677-678).
For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and
November 1936, pp. 878-880.
3 Includes advance to Stabilization Fund, amounting to 214.1 billion francs on July 28.
NOTE.—For details relating to individual items, see BULLETIN for April 1955, p. 443. For backfigureson 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
1955
1059
CENTRAL ^ANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities....
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
C o m m o n w e a l t h B a n k of Australia (thousands of pounds):
Gold and foreign exchange
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 B a n k (millions
of schillings):
Gold
Foreign exchange (net)
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).
Loans and discounts
Government securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
Central B a n k of Ceylon (thousands
©f rupees):
Foreign exchange
Advances to Government
Government securities
Other assets. .#
Currency in circulation
Deposits—Government........
Banks
Other liabilities and c a p i t a l . . . . .
C s e t r a l Bank of Chile (millions
of pesos):
Gold
.
Foreign exchange (net)
Discounts for member banks. . . .
Loans to Government
Other loans and d i s c o u n t s . . . . . . .
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 2
1955
July
June
1954
May
1,623 1,623
1,623
859 1,069
748
4,062 4,058 4,067
75,968 75,055 74,490
389
374
342
31,811 31,612 31,419
44,867 44,485 44,436
664
644
744
5,321 5,243 5,105
July
1,623
1,707
3,758
63,109
305
26,406
39,077
529
4,490
354,827 373,962 374,565 466,460
5,246 12,201 6,687
5,445
470,785 494:,498 455,273 447,073
66,100 73,981 86,090 70,566
363,003 362,827 362 ,577 345,077
265,559 280,644 295 ,644 334,670
24,938
38,137
50,859
230,259 269,954 239 ,456 258,939
556
557
556
7,955
8,351
7,941
5,263
5,492
5,673
1,811
1,803
1,813
375
467
372
12,843 12,575 12,226
1,537
1,617
1,650
538
533
536
1,660
1,643
1,628
42,236
10,607
10,151
34,660
7,838
5,067
105,806
1,342
68
3,343
41,936
10,855
9,257
34,660
8,639
5,049
105,269
1,893
68
3,167
328
9,423
5,182
1,777
32
11,302
2,901
676
1,863
42,390 38,270
11,666
10,857
7,395
10,735
34,660 34,660
6,657
7,806
4,873
4,406
103,096 100,951
1,378
1,908
76
114
3,092
3,762
(Feb.)*
1,515
477
1,081 112,818
26,065
8,768
2,505
2,505
974
1,037
21,411
16,713
3,460
5,683
6,470
4,008
624,148 601,582 587,555 437,919
31,700
18,276 20,
23,050 41,293
7,937
4,945
4,338
7,
391,502 377' 010 379,421 364,631
94,311
,427 82,338
7,467
109,912
,684 101,834 95,759
54,635
,941 51,956
47,393
5,804 5,803
5,750
402
994
1,708
4,709 4,617
3,716
15,870 15,770 15,885
14,685 13,718 13,462
5,520 5,724 5,007
35,789 34,126 33,365
4,828 6,208 5,520
1,734
1,746
1,570
4,638 4,546 5,073
5,693
1,048
1,772
11,469
10,081
3,309
20,843
4,529
865
7,135
282,871 274,805 243,077 499,811
24,380 24,380) 24,380 24,377
Central Bank
(Figures as of last report
date of month)
1955
July
June
1954
May
Bank of t h e Republic of Colombia—-Cowi.
Loans and discounts
. . . 602,216 634,109 595 ,271
Government loans and securities. 463,064 466,481 473,269
98,194 108 ,485 125,711
Other assets
638,303 653, 704 613,053
Note circulation
655,623 674, 598 657,950
Deposits
176,800 179
^ ,958 190,705
Other liabilities and capital
Central Bank of Costa Rica
(thousands of colones):
Gold
503 11,503
11,503
640 134,741
Foreign exchange
135,166
032
7,032
Net claim on Int'l. Fund 2
7,032
842 66,981
Loans and discounts
62,785
828
Securities
3,828
4,828
300 27,247
Other assets
24,148
479 153,662
Note circulation
146,914
289 65,598
Demand deposits
65,753
377 33,072
Other liabilities and capital
31,795
National Bank of Cuba
(thousands of pesos):
185,875 185,875 185,875
Gold
Foreign exchange (net)
105,756 111,096 113,912
Foreign exchange (Stabilization
198,909 202,609 208,720
Fund)
Silver
12,512
,512 12,512
Net claim on Int'l. Fund 2
,926 59,842
48,997
Loans and discounts
60,901
,345 56,476
Credits to Government
,243 84,510
Other assets
79,570
Note circulation
416,740 418,947 430 ,188
Deposits
,280 270 ,665
256,645
Other liabilities and c a p i t a l . . . . . 19,136
380 20,996
National Bank of Czechoslovakia 3
National Bank of D e n m a r k
(millions of kroner):
Gold
68
68
634
661
Foreign exchange.
673
Loans and discounts
262
208
276
Securities
475
475
475
Govt. compensation account. „.
3,125 3,125 3,144
Other assets
674
747
831
Note circulation
1,956 2,010 1,973
Deposits—Government........
1,360 1,324 1,314
Other
..
1,724 1,730 1,856
Other liabilities and capital. , . ,
251
247
243
Central Bank of t h e Dominican
Republic (thousands of pesoi):
Gold
12,076 12,076 12,076
Foreign exchange (net) 9
10,893 13,338 12,762
Net claim on Int'l. Fund
1,250 1,250 1,250
Loans and discounts
3,299 3,971 3,975
Government securities
8,890 8,890 8,890
Other assets
14,591 14,684 14,597
Note circulation
„ „ 41,612 42,380 41,172
Demand deposits
6,802 9,162 9,803
Other liabilities and c a p i t a l . . . .
2,585 2,667 2,575
Central Bank of Ecuador
(thousands of sucres):
343,334
343,460 343
Gold
44,751
Foreign exchange ( n e t ) .2. . . . . . . . -7,301 9
18,757 18
18,757,
Net claim on Int'l. Fund
431,101 445.
395,438
Credits—Government
249,033 237.
219,924
Other
256,670 245.
256,707
Other assets
669,396 648. 526 647 ,984
Note circulation
Demand deposits—Private banks. 213,814 22. 418 218,847
159,703 170, 934 159,575
Other.
Other liabilities and c a p i t a l . . . . . 248,808 :57, 970 252,506
National Bank of Egypt (thousands of pounds) :
60,553 60,553 60,553
Gold
170,074 174,231 177,741
Foreign assets 4
Egyptian Govt. securities....... 75,616 73,117 71,555
Clearing and other accounts (net) -16,603 -14,783 -12,177
23,621 21,449 18,215
Loans and discounts
Advances to Government
3,252
Other assets
2,796
2,210
Note circulation
167,675 164,765 173,903
36,304 52,992 46,387
Deposits—Government
Other
93,894 80,428 78,576
Other liabilities and capital
18,640 19,179 19,229
July
365,792
257,266
138,625
668,904
501,550
115,416
11,503
83,957
7,032
108,471
1,963
25,468
137,908
71,358
29,US
185,871
25,780
303,851
12,512
34,090
33,672
77,871
415,095
240,882
17,671
69
886
212
513
3,218
150
1,954
1,266
1,593
235
12,076
26,778
1,250
2,284
9,420
7,078
39,156
17,565
2,166
342,633
137,464
18,757
361,760
241,819
191,486
691,330
208,081
169,028
225,479
60,553
22,262
243,753
21,108
2,510
168,143
47,737
124,852
9,455
•Latest
month available.
1
Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
4
Beginning December 1954, includes foreign government securities formerly shown with Egyptian Government securities.
1060
FEDERAL RESERVE
BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
Net claim on Int'l. F u n d . . . . . .
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
, . . . o...
Other liabilities and capital
Bank of G e r m a n States 2
(millions of German marks):
Gold
Foreign exchange
Loans and d i s c o u n t s . . . . . . . .
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (millions of drach
mae):
Gold and foreign exchange (net).
Loans and discounts
Advances—Government.....
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and c a p i t a l . . . .
Bank of G u a t e m a l a (thousands of
quetzales):
Gold
Foreign exchange (net)
Gold contribution to Int'l. Fund
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and c a p i t a l . . . .
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 d e p a r t m e n t . . . .
Balances abroad
Bills discounted.
Loans to Government
Other assets
Deposits
Other liabilities and capital. . .
Bank Indonesia (millions of rupiahs)
Gold and foreign exchange (net).
Loans and discounts
Advances to Government
Other assets
Note circulation
,
Deposits— ECA
Other
Other liabilities and capital . . .
Bank Melli I r a n 4 (millions of rials):
Gold
Foreign exchange
1954
1955
July
71,331
63,202
1,569
40,803
7,303
7,312
89,871
92,176
9,472
June
May
Bank Melli Iran—Cont.
Gold contribution to Int'l. Fund.
Government—secured debt
Government loans and discounts.
Other loans and discounts
Securities
Other assets
Note circulation
Deposits—'Government
Banks
Other
Other liabilities and capital
Central Bank of Ireland (thousands
of pounds):
6,882
6,973
Gold
27,820
16,671
Sterling funds. .
7,962
4,526
Note circulation
36,321
41,117
2,212 Bank of Italy (billions of lire):
2,102
Gold
2,425
1,983
Foreign exchange
44,720
51,344
Advances to Treasury
12,900
16,807
Loans and discounts
14,943
16,279
Government securities
Other assets
Note circulation
2,006
3,106
Deposits—Government
8,177
8,723
Demand. . .
1,828
1,736
Other
4,794
4,110
Other
liabilities
and c a p i t a l . . . .
809
956
1,732 Bank of J a p a n (millions of yen):
12,686
Bullion
1,155
1,243
Advances to Government
2,632
2,784
Loans and d i s c o u n t s . . . .
263
224
Government securities...
1,83
1,693
Other assets..
Note circulation
Deposits—Government..
4,866
5,341
Other
141
119
Other
liabilities
9,14
8,470
of pesos):
4,386 Bank of Mexico (millions
4,688
Monetary reserve5
1,809
1,436
"Authorized" holdings of secu3,376
3,866
rities, etc
1,343
1,022
Bills and discounts..,,
Other assets.
6,749
7,296
Note circulation
3,710
3,592
Demand liabilities
5,169
4,277
Other liabilities and c a p i t a l . . . .
Netherlands Bank (millions of
guilders):
27,228
27,227
Gold
12,300
24,926
Silver (including subsidiary coin)
1,250
1,250
Foreign assets (net)
10,765
6,423
Loans and discounts
37,025
34,805
Govt. debt and securities
52,27
47,976
Other assets
3,700
3,710
Note circulation—Old
4,388
10,071
New
12,650
16,663
Deposits—Government
....
15,556
16,211
ECA
Other
Other liabilities and c a p i t a l . . . .
Reserve Bank of New Zealand
(thousands of pounds):
400
400
6,232
Gold
6,620
4,212
Foreign exchange reserve
5,33
1,02
Loans and discounts
1,044
11,42
Advances to State or State un13,161
dertakings
44.
240
Investments
1,091
485
Other assets
1
112
Note circulation
8
Demand deposits
1,070
1,188
Other liabilities and capital
1,400
2 ,370 Bank of Norway (millions of kroner)
514
367
Gold..
Foreign assets (net). ..
1,365
444
Clearing accounts (net)
298
639
Loans and discounts
9,689
7,514
Securities
312
287
Occupation account (net)
8,075
6,031
Other assets
495
495
Note circulation
2,27:
1,890
Deposits—Government
822
468
Banks
FOA—MSA
4,242
4,242
Other liabilities and c a p i t a l . . . .
47i
24
71,382 71,431
65,851 68,398
c
1,569
l,569
36,606 35,443
11,915 13,205
7,432
7,179
91,304 93,927
94,055 94,111
9,396 9,187
6,882
6,882
25,525 23,773
6,053
5,773
47,929 44,382
2,050 2,091
1,942
1,972
49,903 49,584
21,732 18,293
18,745 16,996
3,258 3,182
8,865
9,082
2,153
2,348
4,126 4,179
964
934
13,028 12,832
1,508
1,613
3,088 3,046
209
204
1,750
1,814
5,604
140
9,01
4,958
1,569
3,886
1,316
7,507
3,998
4,581
400
6,370
5,436
1,085
12,915
400
6,520
5,436
1,05
13,108
377
800
78
10
903
1,699
469
303
639
108
8
955
1,45
559
1,135
390
9,760
345
8,203
495
2,023
909
1,255
33
9,797
335
8,184
495
2,169
87
4,242
24-
4,242
24
July
Central Bank
(Figures as of last report
date of month)
72,157
54,538
1,568
27,890
7,774
7,652
93,779
67,338
10,462
1955
July
June
May
July
282
282
282
7,187 7,187 7,187
11,155 11,775 11,493
4,410 4,385 4,257
411
411
411
3,085 3,456 3,223
10,021 10,150 10,227
5,185 5,799 5,188
1,177
1,158
1,296
11,583 11,605 11,824
3,050 3,269 2,805
282
6,128
10,331
3,708
698
2,118
10,006
3,360
927
10,649
3,035
2,646
2,646
2,646
68,734 67,595 69,032
71,380 70,241 71,678
2,646
65,288
67,934
4
69
567
367
4
74
567
333
320
791
1,392
29
58
479
131
4
74
567
363
376
864
1,508
32
83
486
139
448
1,250
K)2,209
;84,445
60,490
537,882
58,685
69,310
82,966
71
567
384
362
788
1,428
53
76
474
146
362
805
1,420
50
64
503
135
448
448
448
1,250 1,250
1,400
30,657 124,165 430,667
>74,113 408,378 199,245
31,242 104,270 87,952
>32,674 >22,202 524,002
58,999 63,411 40,743
65,619 69,837 78,043
80,419 83,062 76,923
1,535
1,532
1,513
1,218
4,343
485
480
4,315
1,824
703
4,288
538
465
4,176
1,951
696
4,178
565
502
4,160
1,893
3,210
495
734
3,666
1,207
784
3,046
27
1,478
26
628
360
28
3,728
236
534
842
198
3,046
25
1,504
31
801
427
28
3,638
629
612
694
233
3,046
22
1,477
65
706
3,720
647
612
605
230
3,006
17
1,547
30
670
439
29
3,395
550
821
685
229
6,161
56,905
30,342
6,161 6,161
54,714 47,919
28,254 31,257
6,171
89,442
13,542
11,487
33,257
1,514
68,318
63,172
8,176
13,018
33,257
1,868
68,581
60,538
16,548
33,265
1,439
69,944
56,757
9,888
28,154
23,957
1,615
66,979
87,974
7,927
203
-266
-4:
9
109
5,546
73
3,184
1,132
493
582
329
203
-189
-33
9
111
5,546
73
3,168
1,260
438
203
-181
-33
10:
83
5,546
73
3,070
1,36
449
551
354
203
185
-78
55
30
5,546
76
3,122
1,453
699
205
539
8,154
608
335
801
432
28
c
Corrected.
^This
figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
2
Combined
figures for the Bank of German States and the nine Land Central Banks.
3
For
last
available report (February 1950), see BULLETIN for September 1950, p. 1263.
4
Items
for
issue
and banking departments consolidated.
5
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
SEPTEMBER
1955
1061
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Goyt. securities. . .
Govt. of India securities....
India currency
Rupee coin
Notes in circulation
Banking department:
Notes of issue department.. .
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. .
Central Bank of Paraguay
(thousands of guaranies):
Goldi
:
Foreign exchange (net) 2
Net claim on Int'l. Fund
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Deposits—Government
Other
Other liabilities and capital
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange
Net claim on Int'l. Fund 2
Loans and discounts to b a n k s . . . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund 2
Loans
Domestic securities
Other assets
Circulation—Notes
Coin
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
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
Other assets.
Note circulation
Deposits—Government
Other
Other liabilities and capital
1954
July
June
May
July
114
413
1,391
222
300
46
2,400
81
432
1,455
221
300
47
2,417
81
432
1,455
221
300
45
2,441
81
400
1,281
147
300
58
2,167
85
1
30
466
492
89
119
2
54
337
404
108
92
50
312
347
108
99
5
65
424
496
98
3,984
3,984
10,109
30,853
7,915
7,915
1,101,775 1,041,616 958,563
496,375 499,
501,285
281,092 248,
210,816
845,299 818
784,489
194,739 188,
195,026
147,398 170,
150,173
734,557 637,
562,984
2,846
41,094
28
462,945
564,392
301,448
626,770
149,647
129,239
467,097
600
67
504
,093
111
,769
420
185
325
67
689
1,216
73
1,801
356
212
935 21,860
621 336,848
504 29,504
663 28,343
,217 301,929
374 162,936
,362 597,111
,944 86,548
,254 151,702
,753 46,059
18,813
438,474
29,504
714
227,970
161,566
584,708
84,802
154,484
53,048
5,435 5,495 5,526
13,007 12,991 13,080
804
850
823
1,384 1,390 1,405
1,059 1,081 1,063
10,194 10,156 9,966
1,531 1,518 1,679
99
95
95
7,648 7,842 7,995
2,217 2,196 2,162
5,381
13,204
639
1,408
979
9,525
1,761
6
8,177
2,143
660
67
396
1,182
105
1,789
437
184
23,598
331,071
9,504
\79,010
297,288
163,027
575,641
86,958
194,724
46,174
76,318 75,143
39,010 38,785
22,320 28,937
52,733 52,773
106,100 104,739
66,502 74,442
17,780 16,456
615
323
16,239
31,322
40,845
44,047
6,319
4,212
34,767
615
323
15,771
27,667
36,755
42,204
2,756
4,279
31,892
73,473 66,615
41,542 41,174
25,257 14,137
53,906 44,262
103,236 100,218
73,197 47,686
17,745 18,283
615
323
14,735
27,414
37,153
42,093
3,403
3,610
31,135
613
323
16,247
26,751
37,138
39,446
6,236
3,438
31,953
1955
Central Bank
(Figures as of last report
date of month)
July
Bank of Sweden (millions of kroner):
Gold
Foreign assets (net)
Net claim on Int'l. Fund 2
Swedish Govt. securities and ad- 3
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government..
Other
Other liabilities and capital
Swiss National Bank (millions of
francs):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities and capital
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
Securities
Other assets
Note circulation. .
Deposits—Gold
Other
Other liabilities and capital
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Silver
Advances to State and Government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
Gold
Foreign exchange (net)
Other assets
Note circulation......'
Deposits
Other liabilities and capital
National Bank of Federal People's
Republic of Yugoslavia (millions
of dinars):
Gold
Gold contribution to Int'l. Fund.
Foreign assets
Loans (short-term)
Government debt (net)
Other assets
Notes and coin in circulation. .. .
Demand deposits
Foreign liabilities. . .
Long-term liabilities (net)
Other liabilities and capital
Bank for International Settlements (millions of Swiss gold
francs):
Gold in bars
Cash on hand and with b a n k s . . . .
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments
Funds invested in Germany
Other assets
Demand deposits (gold)
Short-term deposits:
Central banks—Own account..
Other
Long-term deposits: Special
Other liabilities and capital
June
1954
May
July
582
1,002
129
582
916
129
580
849
129
482
1,331
129
3,006
42
1,011
4,735
93
240
704
2,859
442
1,019
4,924
183
147
694
2,783
327
1,015
4,792
105
102
684
2,530
56
849
4,463
100
121
693
6,243
683
158
102
5,123
1,858
205
200
747
164
107
,128
203
,150
604
113
86
,073
,680
199
,198
509
108
90
,956
,746
203
402
402
402
402
198
3,237
30
118
1,811
154
1,503
516
177
2,992
30
111
1,625
154
1,435
497
179
2,918
29
96
1,602
154
1,391
478
225
2,310
30
88
1,449
154
957
495
(Apr.)*
344,167 344,167
8,583
8,542
1,234
380
151
1,013
281
469
130,122
443,775
751,227
478,428
157,103
328,354
713,948
135,017
374,919
556,234
465,970
164,270
333,536
455,143
1,233
478
138
1,040
271
538
1,232
277
149
986
258
414
4,541
4,520
2,369 2,369
49,243 48,476
696,453 693,545
19,484 13,142
51,527 32,852
85,623 83,796
164,702 177,402
101,018 97,138
372,184 360 ,427
100,090 76,141
4,158
2,369
48,526
674,128
8,763
49,456
72,689
160,681
110,783
354,498
88,749
1,234
435
146
1,028
263
525
696
79
703
49
633
91
570
101
336
153
380
297
1
456
367
169
365
297
1
453
384
209
382
297
1
453
300
409
508
297
7
433
945
28
229
285
959
23
229
288
1,002
26
229
288
1,232
19
229
281
* Latest month available.
*On Aug. 19, 1954, gold revalued from 0.0592447 to 0.0423177 grams of fine gold per guarani.
2
This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.
3
Includes small amount of non-Government bonds.
1062
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
Ger- Bel- Neth- SweCan- United
France many*
ergium lands
den
ada Kingdom
In effect Dec. 31,
1949..
June 8 1950
Sept. 11
Sept 26
Oct. 17.
Oct 27
Dec.
1 . . .
Apr 17 1951
July
5
Sept. 13
Oct. 11
Nov
8
Nov. 9
Tan 22 1952
Mar 12
May 29
Aug
1
Aug. 21 . .
Dec 18
Jan.
8, 1953
Apr.
7
June 11
Sept. 17
Oct 29
Nov. 20 . . . .
Feb.
4, 1954..
May 13
May 20.
Dec.
2
IX
Date
effective
Argentina
3
2H
2
Rate
July
31
Central
bank of—
4
ZX Austria
3 *
3%
Belgium....
Bolivia
' 3 '
6
4
Mar.
May
Oct.
Sept.
1,
20,
29,
30,
Central
bank of—
1936
1955
1953
1950
Rate
July
31
Date
effective
Ireland
Italy
Japan
Mexico
3
May 25, 1954
4
Apr. 6, 1950
5.84 Oct. 1, 1951
June 4, 1942
Netherlands .
New Zealand.
Norway
Pakistan. . . .
3"
V
Apr. 7, 1953
July 1, 1955
Feb. 14, 1955
July 1, 1948
1954
1948
1952
1950
1954
Peru
Portugal. . . .
South Africa.
Spain
Sweden
6
I"
Nov.
Jan.
Mar.
July
Apr.
Dec. 2, 1954
May 20, 1954
Jan. 1, 1955
Nov. 15, 1951
Apr. 1, 1946
Switzerland..
Turkey
United Kingdom
U.S.S.R
\Y2
Nov. 26, 1936
June 28, 1955
3
Feb. 24, 1955
July 1, 1936
2
6
3
4
3
2ya
IX Feb. 15, 1955
Canada
Ceylon
Chile
Colombia
Costa Rica
4
5
2
June 11, 1954
June 13, 1935
July 18, 1933
Apr. 1, 1954
4
3%
4
. „
Denmark
Ecuador . . .
Egypt
El Salvador. . .
Finland
. .
3
4V
3
4
June
May
Nov.
Mar.
Dec.
10
3
3
5
23,
13,
15,
22,
1,
3H
3%
13,
12,
27,
1,
19,
1947
1944
1952
1954
1955
2\4
3H
SX
"iH
"2%
3H
3
France x
Germany
Greece
India
Indonesia
3
3
9
3
2
3
Jan. 27,1955..
Feb. 15
'"iX
Feb 24
Apr 19
In effect July
31, 1955
IX
3
1
Rates established for the Land Central banks.
NOTE.—Changes since July 31: Belgium—'Aug. 4, from 2% to 3; Germany—•
Aug. 4, from 3 to 33^; Canada—'Aug. 5. from 1 ^ to 2; Japan—-Aug. 10, from
5.84 to 7.3 per cent.
3^
4H
4K
4
3
3
2%
3%
OPEN MARKET RATES
[Per cent per annum)
Canada
Month
United Kingdom
Treasury Day-today
bills
3 months1 money 2
.36
.39
.41
.41
.51
.51
.75
1.08
1.69
1.57
1945—'June
1946—June
1947—June
1948—June
1949—June
1950—June
1951—June
1952—June
1953—June
1954—June
Bankers' Treasury Day-toacceptbills
day
ances
3 months 3 months money
1.03
.53
.53
.56
1.43
1.38
1.32
1.21
1.18
1.17
1.08
1.16
1.06
.95
.96
.78
.76
1.60
1.61
1.64
1.62
1.62
1.78
1955—January..
February.
March. . .
April....
May
.99
.90
1.13
1.23
1.24
1.36
.69
.69
.98
.97
.77
1.11
2.02
2.58
3.81
3.83
3.94
3.99
June
Treasury
bills
3 months
Day-today
money
.63
.63
.63
.63
2.25
2.25
1.44
.74
1.32
1.45
2.02
P2.46
2.52
2.52
3.66
3.94
3.57
1.42
1.46
1.36
1.32
1.44
1.39
1.20
.57
.38
1.00
.86
.84
.83
.81
1.00
.75
.50
.50
1.57
1.60
1.63
1.59
1.60
1.78
.44
.44
.44
.44
.44
.45
1.25
1.25
1.25
1.25
1.25
1.25
3.79
3.82
3.77
3.65
3.51
3.29
.40
.75
.88
.88
.87
.77
.50
.53
.51
.63
.50
.57
2.05
2.68
.80
3.81
3.92
3.97
1.55
2.15
3.29
3.17
3.33
3.21
1.29
1.67
2.50
2.50
2.50
2.50
3.27
3.25
3.28
3.23
3.27
3.19
.79
.79
1.16
.58
.53
.71
.58
.90
.62
.69
.69
3.00
3.00
1.66
1954—July
August
September.
October.. . .
November.
December..
Bankers'
allowance Day-today
on
money
deposits
Netherlands
.50
.50
.50
.50
.50
.50
.50
2.00
2.00
1.25
1.00
.50
.51
.51
.52
.51
.51
2.43
2.37
1.61
.63
France
1.13
.63
.63
1.04
1.49
.91
Sweden
Switzerland
Loans
Private
up to
discount
3 months
rate
1.25
1.25
1.25
1.50
1.52
1.50
1.50
1.50
1.50
1.50
SH-5
3M5
1.50
1.50
1.50
1.50
1.50
1.50
r
P Preliminary.
Revised.
1 Beginning January 1953, these figures have been revised to show average rate at tenders. Figures prior to that date represent tender rates
made2 nearest to the 15th of each month.
Represents an average of closing rates.
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
pp. 656-661, and for description of statistics see pp. 571-572 in same publication.
SEPTEMBER
1955
1063
COMMERCIAL BANKS
United Kingdom1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Assets
Cash
reserves
Liabilities
Money at
Loans to
call and Bills dis- Treasury
deposit2 Securities
short
counted receipts
notice
Deposits
Other
assets
Time
1,534
1,660
1,950
1,764
1,725
579
735
867
748
729
6,202
6,368
6,333
6,460
6,694
4,161
4,262
4,290
4,232
4,327
2,041
2,106
2,042
2,228
2.368
427
550
651
528
495
1,209
1,262
1,296
1,300
1,313
2,348
2,360
2,364
2,364
2,353
1,840
1,828
1,836
1,871
1,920
656
670
691
725
881
6,519
6,539
6,609
6,684
6,941
4,173
4,171
4,214
4,244
4,485
2,346
2,367
2,396
2,440
2,456
505
520
545
562
595
1,283
1,072
966
973
1,011
996
1,015
2,351
2,298
2,281
2,217
2,141
2,099
2,098
1,904
2,013
2,037
2,080
2,116
2,207
2,149
759
810
843
811
829
879
807
6,718
6,525
6,402
6,381
6,361
6,510
6,406
4,303
4,112
4,017
4,033
4,040
4,155
4,068
2,415
2,413
2,384
2,348
2,321
2,356
2,339
611
637
677
673
668
637
655
532
540
531
549
542
571
592
598
529
501
1,109
1,408
972
1,248
1,417
1954—August. . .
September.
October. . .
November.
December.
534
521
532
534
571
438
418
437
452
498
1955—January..
February..
March....
April
May
June
July
546
525
514
539
515
526
535
486
445
438
434
417
440
458
793
456
102
Assets
Liabilities
Security
loans
abroad
and net Securities
Other due from
Security loans
and foreign
loans discounts
banks
Deposits payable in Canada
excluding interbank deposits
3
Entirely in Canada
Cash
reserves
Demand
1,512
1,528
1,965
2,148
2,275
1949—December.
1950—December.
1951—December.
1952—December.
1953—December.
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Total
Other
liabilities
and
capital
Other
assets
Notes4
Other
liabilities
and
capital
Total
Demand
Time
7,227
7,828
7,896
8,421
8,881
2,794
3,270
3,284
3,497
3,847
4,433
4,558
4,612
4,924
5,034
1,477
1,667
1,714
1,736
1,841
1949—December
1950—December
1951—December
1952—December
1953—December
765
824
907
916
906
133
134
107
155
154
2,271
2,776
3,028
3,289
3,897
146
171
227
326
424
4,345
4,286
3,876
3,955
3,831
1,058
1,304
1,464
1,516
1,510
1954—July
August
September
October
November
December
780
809
802
833
810
810
211
174
175
293
297
211
3,924
3,917
3,890
3,892
3,984
3,952
352
312
322
330
334
325
4,096
4,220
4,337
4,442
4,473
4,429
1,266
1,280
1,396
1,454
1,428
1,706
8,946
9,022
9,226
9,469
9,462
9,579
3,474
3,487
3,641
3,781
3,930
3,964
5,473
5,535
5,585
5,687
5,532
5,615
1,683
1,690
695
777
1,864
1,854
1955—January
February
March
April
May
June
806
760
791
802
805
793
176
214
197
230
250
244
3,876
3,857
3,873
3,954
3,955
4,044
288
285
252
255
275
255
4,625
4,707
4,795
4,812
4,874
4,869
,488
,663
,619
,618
,730
,921
9,402
9,608
9,650
9,788
9,946
10,202
3,656
3,728
3,678
3,667
3 ,825
4,018
5,746
5,880
5,972
6,120
6,122
6,184
1,857
1,879
1,877
1,883
1,942
1,924
France
(4 large banks. End
of month figures in
millions of francs)
14
Assets
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Deposits
Other
assets
Total
Demand
Time
Own
acceptances
Other
liabilities
and
capital
1949—December
1950—December
1951—December
1952—December. .
1953—December
40,937
48,131
60,215
51,155
50,746
42,311
52,933
72,559
68,243
86,273
426,690
527,525
627,648
636,624
744,076
129,501
135,289
165,696
170,298
184,930
29,843
31,614
38,114
29,734
35,673
627,266
749,928
906,911
902,547
1,037,169
619,204
731,310
879,767
870,504
994,620
8,062
18,618
27,145
32,043
42,549
26,355
28,248
33,774
24,957
30,308
15,662
17,316
23,547
28,551
34,222
1954—June
July
August
September
October
November
December
45,701
51,277
47,292
46,676
51,991
47,696
53,346
85,313
90,693
84,294
87,028
83,631
82,270
84,873
721,240
787,897
719,014
730,466
820,800
797,574
849,368
214,988
208,091
227,750
223,746
214,681
229,729
225,030
48,348
49,709
49,845
52,147
56,909
63,785
41,311
1,034,079
1,103,289
1,043,036
1,052,196
,133,087
,119,354
,183,308
993,533
1,061,250
999,131
1,007,956
1,087,933
1,071,500
1,163,648
40,546
42,039
43,905
44,241
45,154
47,854
46,085
28,422
26,945
24,248
23,179
25,355
28,515
31,372
53,090
57,432
60,910
64,688
69,570
73,185
39,250
1955—January
February
March
April
May
46,988
44,424
44,381
49,515
49,995
84,521
79,631
78,810
83,746
79,657
823,669
815,141
833,482
931,684
854,865
231,670
241,070
234,246
220,980
240,985
39,982
45,850
48,261
51,883
54,806
,158,280
,155,013
,164,788
,256,477
1,196,037
1,113,206
1,111,675
1,122,034
1,211,953
1,152,548
45,074
43,338
42,754
44,524
43,489
32,205
33,543
32,406
33,910
33,528
36,344
37,559
41,986
47,420
50,743
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.
3In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figures
shown
may not be strictly comparable with those for earlier dates. Beginning February 1955, when two banks merged, figures are for 10 banks.
4
In January 1950, the Bank of Canada assumed responsibility for these notes.
NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication.
1064
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Average of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Basic
Preferential
Free
Australia
(pound)
In cents per unit of foreign currency]
Austria Belgium
(schilling) (franc)
Brazil
(cruzeiro)
British
Malaysia
(dollar)
Canada
(dollar)
Official
Free
1949
1950
1951
1952
1953
1954
29.774
26.571 ' i3]333' " ° s ! 2 8 9
20.000
7.067
13.333
20.000
7.163
13.333
20.000
7.198
13.333
20.000
7.198
13.333
293.80
223.15
223.07
222.63
224.12
223.80
3.8580
3.8580
2.2009
1.9908
1.9859
1.9878
2.0009
1.9976
1954—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
223.18
222.89
222 67
222.10
3.8580
3.8580
3 8580
3.8580
2.0007
1.9977
1 9982
1.9954
32 558
32.634
32 625
32.544
103.112
103.094
103 160
103.292
1955—January
February
March
April
May
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
7.168
7.175
7 175
7.173
221.92
221 80
222.42
222 S3
222.78
222.29
221 91
222.04
3.8580
3 8580
3.8580
3 8580
3 8580
3.8580
3 8580
3.8580
1.9959
1.9938
1.9856
1 9890
1.9896
1,9871
1 9864
1.9874
32.538
32 535
32.608
32 675
32 686
32.614
32 544
32.577
103.498
102 384
101.587
101 404
101 405
101.568
101 555
101.502
Ceylon
(rupee)
Denmark
(krone)
Finland
(markka)
. . .
Year or month
27.839
20.850
20 849
20.903
21.046
21.017
19 117
14.494
14 491
14.492
France
(franc)
Official
5.4406
5.4406
5.4406
5.4406
5 4420
14.2808 13.5261
Germany
(deutscbe
mark)
42.973
32.788
32 849
32.601
32 595
32.641
97.491
90.909
92.881
91.474
94.939
102.149
101.650
102.724
Netherlands
India
(rupee)
Ireland
(pound)
Mexico
(peno)
280 33
279,68
281.27
280.87
12 620
11.570
11 564
11.588
11.607
89.052
34 528
26 252
26 264
26.315
26,340
26 381
Free
(guilder)
23.838
27 706
20 870
20 869
20.922
21.049
21.020
1954—September
October
November
December
20.968
20.935
20.920
20.863
.4354
4354
.4354
.4354
. 2856
.2856
.2856
.2856
23.838
23.838
23.838
23.838
20.970
20.938
20.922
20.863
280.08
279.72
279.45
278.74
8.005
8.005
8.005
8.006
26.364
26.267
26.290
26.346
1955—January
February
March
April
May. , .
June
July
August
20.843
20.834
20.892
20.930
20.927
20 877
20.847
20.861
.4354
.4354
.4354
.4354
.4354
4354
.4354
.4354
.2856
.2856
.2856
.2856
.2856
2856
2856
.2856
23.838
23.838
23.838
23.834
23.744
23 733
23.732
23.729
20.843
20.834
20.892
20.930
20.927
20 877
20.847
20.861
278.52
278.36
279.14
279.65
279.59
278 98
278 50
278.67
8.006
8.006
8.006
8.006
8.006
8 006
=8.006
8.006
26.349
26.290
26.297
26.307
26.302
26 228
26.166
26.127
New
Zealand
(pound)
Norway
(krone)
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Swe~
dee
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
1949
1950
1951
1952
1953
1954
365.07
277.28
277.19
276.49
278.48
278.09
18.481
14 015
14 015
14.015
14,015
14.008
49.723
49 621
49 639
49.675
49.676
49.677
3.8800
3.4704
3.4739
3.4853
3.4887
3.4900
366.62
278 38
278 33
278.20
280.21
279.82
25.480
19.332
19.327
19.326
19.323
19.333
23.314
368.72
1954—September
October
November
December
277.31
276.95
276 68
275.98
14.008
14.008
14 008
14.008
49.677
49.677
49 677
49.677
3.4900
3.4900
3 4900
3.4900
279.04
278.68
278 40
277.69
19.333
19.333
19 333
19.333
23.325
23.320
23 328
23.335
280.08
279.72
279.45
278.74
1955—January
February . . .
M.arch
April
May
Tune
July
August
275.76
275.60
276.38
276.88
276.82
276.22
275 74
275.91
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
277 48
277.32
278.10
278 61
278 54
277.94
277 45
277.62
19 333
19.333
19.333
19 333
19.333
19.333
19 333
19.333
23.326
23.319
23.329
23 330
23.333
•23.335
23 332
23.331
278.52
278.36
279.14
279.65
279.59
278.98
278 49
278.66
1949
1950
1951
1952
1953
1954
.
Year or month
4354
.4354
. 4354
.4354
3017
2858
2856
.2856
.2856
.2856
4:671
23.838
23 838
23.838
2
23 136
23.060
23.148
23.316
23.322
280.07
279.96
279.26
281.27
280.87
Uruguay4
(peso)
65.830
65 833
65 833
65,833
65.833
56.180
56.180
56.180
56.180
56.180
42.553
42 553
42 553
42.553
42.553
1
Based on quotations through Aug. 13, 1954.
2
Based on quotations beginning Apr. 1, 1954.
8
The
Mexican peso was devalued, effective Apr.
4
19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar.
For figures on free rate for the period Feb. 10-Dec. 4, 1953, inclusive, see BULLETIN for December 1954, p. 1333. The average for this
period was 34.217.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1954, p. 1333.
SEPTEMBER
1955
1065
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1945
1946
1947
1948.
1949
1950
1951
1952
1953
1954
1954—juiy
September ....
October........
November
•..
1955—January
February
March
April
May
June
July
Italy
(1938100)
Japan
(1934-36
average
20
34
52
89
100
108
138
145
138
136
5,159
5,443
5,169
4,897
5,581
5,270
5,250
5,293
4
16
48
128
209
246
343
349
352
349
333
329
329
329
331
336
134
136
135
134
135
135
5,251
5,261
5,267
5,276
5,320
5,350
337
338
335
334
333
136
135
135
135
137
133
P133
5,353
5,322
5,317
'5,325
5,328
5,323
United
States
(1947-49
-100)
Canada
(1935-39
^100)
Mexico
(1939100)
United
Kingdom
(1930 100)
69
79
96
104
99
103
115
112
110
110
132
139
163
193
198
211
240
226
221
217
199
229
242
260
285
311
386
400
393
429
169
175
192
219
230
262
320
328
328
330
110
111
110
110
110
110
217
216
215
214
215
215
437
441
439
450
454
460
110
110
110
111
110
110
111
216
217
217
219
218
219
218
463
468
478
483
482
485
France
(1949 ~
100)
P336
P343
Netherlands
(1948 =
100)
Sweden
(1935 =
100)
Switzerland
(Aug. 1939
-100)
100
104
117
143
140
134
136
194
186
199
214
216
227
299
317
298
297
205
200
208
217
206
203
227
220
213
214
341
342
344
343
346
344
134
134
134
136
136
136
297
296
295
296
298
299
214
214
215
215
216
217
345
346
348
344
342
339
138
137
136
136
136
136
300
302
304
305
307
308
216
215
215
215
214
215
215
r
^Preliminary.
Revised.
NOTE.—For sourc \ and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1935-39 -100)
United States
(1947-49 -100)
R a w and Fully and
partly
Other
chiefly
Farm
Farm
Processed commodmanumanuproducts
products
foods
factured factured
ities
goods
goods
Year or month
72
83
100
107
93
98
113
107
97
96
n.a.
n.a.
98
106
96
1954—July
August
September
•
October
November «
December.......
19 5 *? Tanu arv
Februarv
M^arch
April
..
May
June
July
1945
1946
1947
1948
1949
1950.
1951
1952
1953
1954
... .
United K i n g d o m
(1930 = 100)
. .
,
Foods
too
111
109
105
105
71
78
95
103
101
105
116
113
114
115
166
180
192
232
229
237
269
250
222
210
136
140
164
196
197
213
238
219
207
205
130
138
162
192
199
211
242
231
229
224
158
158
165
181
197
221
247
284
307
308
96
96
94
93
93
90
107
106
106
104
104
104
114
114
114
115
115
115
220
208
205
202
204
205
207
205
203
201
202
204
224
222
223
222
222
222
93
93
92
94
91
92
90
104
103
102
103
102
104
103
115
116
116
116
116
116
117
207
207
204
213
213
212
210
205
208
206
210
210
210
210
222
223
224
224
223
224
224
Industrial
products
175
184
207
242
249
286
*364
J>352
Netherlands
(1948-100)
Foods
IndusIndustrial
trial raw finished
products products
100
101
112
122
129
123
124
100
108
128
171
166
156
155
100
104
116
143
135
132
134
313
304
302
301
305
315
118
116
116
122
124
123
155
156
156
156
156
156
133
135
135
135
135
136
315
311
303
301
298
305
*313
123
120
117
116
116
117
158
158
158
159
159
160
139
139
138
138
138
138
n.a. Not available.
pPreliminary.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December
1952, p. 1356.
1066
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
CONSUMERS' PRICE INDEXES
Food
All items
United
States
(1947-49
= 100)i
Year or month
1947
1948
1949
1950
1951
1952
1953
1954
Canada
(1949
= 100)
United
Kingdom
(Jan.
15,1952
= 100)
France
(1949
= 100)
Switzlerand
(Aug.
1939 =
100)
100
101
101
105
100
103
104
108
142
142
143
143
144
145
105
105
106
105
106
106
171
172
172
173
173
173
115
114
112
112
111
110
112
114
114
114
113
113
118
116
115
116
117
118
133
132
134
134
135
136
109
108
109
108
108
109
188
190
191
192
192
192
145
145
145
145
146
145
143
107
107
107
106
106
107
107
172
172
172
172
172
172
172
111
111
111
111
111
111
112
112
112
111
111
112
111
112
119
119
119
120
120
125
126
137
136
136
136
137
136
133
112
111
111
109
109
190
189
189
189
189
189
189
116
117
117
117
117
117
109
108
108
109
109
110
1955—January
February
March
April
May
114
114
114
114
114
114
115
116
116
116
116
116
116
116
110
110
110
111
111
113
113
July
Netherlands
(1951
= 100)2
170
176
174
176
181
184
184
188
115
115
115
115
115
114
June
France
(1949
= 100)
57
92
100
111
128
141
137
135
1954—July
August
September
October
November
December
.
United
Kingdom
(Jan.
15,1952
= 100)
67
72
76
82
91
105
112
114
57
90
100
111
130
145
144
143
.
Canada
(1949
= 100)
100
103
117
117
113
112
77
82
84
86
95
103
106
108
.
United
States
(1947-49
= 100) i
96
104
100
101
113
115
113
113
85
97
100
103
114
116
115
116
.
Switzerland
(Aug.
1939 =
100)
158
163
162
159
167
171
170
171
96
103
102
103
111
114
114
115
.
Netherlands
(1951
= 100)2
P112
P112
^Preliminary.
1
These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100.
2
In February 1955 the base period for this index was changed from 1949 = 100 to 1951 = 100.
NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see
BULLETIN for December 1952, p. 1357.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(high
grade)*
Number of issues. . .
Canada
(1935-39
= 100)
17
United
Kingdom
(December
1921 = 100)
87
Common stocks
France
(1949
= 100)
60
Netherlands2
14
United
States
(1935-39
= 100)
Canada
(1935-39
= 100)
United
France
Kingdom
(1926 = 100) (1949 = 100)
278
Netherlands
(1953
= 100)3
295
26
1948
1949
1950
1951
1952
1953
1954
118.3
121.0
121.9
117.7
115.8
112.1
117.2
105.0
107.6
109.6
95.7
86.1
83.6
98.6
129.9
126.5
121.2
117.6
108.3
112.0
117.4
106.4
100.0
99.8
101.4
111.1
113.5
116.4
107.1
106.8
106.7
86.9
85.6
100.2
103.2
124.4
121.4
146.4
176.5
187.7
189.0
226.7
112.5
109.4
131.6
168.3
173.1
160.3
181.2
92.0
87.6
90.0
97.1
91.1
92.2
99.8
100
90
112
143
159
214
113
102
102
101
91
100
125
1954—Julv
August
September. . .
October
November. . .
December....
117.5
117.8
117.6
117.5
117.4
117.0
102.1
102.8
102.1
101.9
101.2
101.1
118.5
119.7
118.9
119.4
119.7
118.1
114.9
116.6
116.4
117.6
119.6
120.1
103.7
102.7
103.4
104.3
106.3
108.3
231.1
236.4
238.5
243.5
252.2
264.5
182.3
187.0
189.5
190.2
199.5
206.8
100.0
101.7
102.1
103.8
105.3
106.1
198
221
234
240
260
271
128
128
130
134
141
141
1955—January
February. . . .
March
April
May
116.7
115.7
115.4
115.3
114.7
114.5
114.3
100.3
103.3
104.3
105.0
104.0
104.5
103.5
117.7
114.9
112.5
114.7
111.2
111.2
111.3
121.0
122.4
124.3
126.6
127.1
127.4
127.9
105.9
105.0
106.9
106.6
107.6
107.6
107.3
268.8
278.1
277.5
286.2
285.0
300.7
315.3
207.3
214.7
213.7
216.5
222.1
237.1
246.5
109.1
110.0
106.7
108.6
109.5
113.2
114.4
282
290
308
337
301
288
297
141
142
147
150
152
154
166
June
July
,
480
99
1
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.
Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent.
For a detailed description of this weighted index, which replaces the series of monthly averages, see Maandstatistiek van het financiewezen.
for April 1955, p. 115.
NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December
1952, p. 1357.
2
3
SEPTEMBER 1955
1067
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
W M . MCC. MARTIN, JR., Chairman
C. CANBY BALDERSTON, Vice Chairman
M . S . SZYMCZAK
JAMES K. VARDAMAN, JR.
ELLIOTT THURSTON,
WOODLIEF THOMAS,
A. L. MILLS, JR.
J. L. ROBERTSON
Assistant to the Board
Economic Adviser to the Board
CHAS. N. SHEPARDSON
WINFIELD W. RIEFLER, Assistant to the Chairman
ALFRED K. CHERRY, Legislative Counsel
Special Assistant to the Board, CHARLES MOLONY
DIVISION OF BANK OPERATIONS
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
ROBERT F. LEONARD, Director
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KEN YON. Assistant Secretary
CLARKE L. FAUVER, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
DAVID B. HEXTER, Assistant General Counsel
G. HOWLAND CHASE, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic
KENNETH B. WILLIAMS, Assistant Director
Research
SUSAN S. BURR, Assistant Director
GUY E. NOYES, Assistant Director
ALBERT R. KOCH, Assistant Director
DIVISION OF INTERNATIONAL FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
J. E. HORBETT, Associate Director
LOWELL MYRICK, Assistant Director
GERALD M. CONKLING, Assistant Director
JOHN R. FARRELL, Assistant Director
DIVISION OF EXAMINATIONS
GEORGE S. SLOAN, Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
ARTHUR H. LANG, Chief Federal Reserve
ROBERT C. MASTERS, Assistant Director
GLENN M. GOODMAN, Assistant Director
HENRY BENNER, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
EDWIN J. JOHNSON, Director
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
M. B. DANIELS, Assistant Controller
FEDERAL OPEN
MARKET COMMITTEE
W M . M C C . MARTIN, JR., Chairman
ALLAN SPROUL, Vice Chairman
C. CANBY BALDERSTON
C. E. EARHART
W . D . FULTON
W . H . IRONS
H U G H LEACH
A. L. MILLS, JR.
J. L. ROBERTSON
CHAS. N . SHEPARDSON
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
WINFIELD W. RIEFLER, Secretary
ELLIOTT THURSTON, Assistant Secretary
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
WOODLIEF THOMAS, Economist
J. DEWEY DAANE, Associate Economist
L. MERLE HOSTETLER, Associate Economist
MORGAN H. RICE, Associate Economist
Examiner
FEDERAL
WILLIAM D. IRELAND,
BOSTON DISTRICT
HENRY C. ALEXANDER,
N E W YORK DISTRICT
WILLIAM R. K. MITCHELL, PHILADELPHIA DISTRICT
FRANK R. DENTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice President
WALLACE M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
W. W. CAMPBELL,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
CHARLES J. CHANDLER,
KANSAS CITY DISTRICT
H. V. ROELSE, Associate Economist
O. P. WHEELER, Associate Economist
GEO. G. MATKIN,
DALLAS DISTRICT
RALPH A. YOUNG, Associate Economist
JOHN M. WALLACE,
SAN FRANCISCO DISTRICT
G. ROUSE, Manager of System Open
Market Account
ROBERT
1068
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman 1
Deputy Chairman
President
First Vice President
Boston.
Harold D. Hodgkinson
Robert C. Sprague
J. A. Erickson
Alfred C. Neal
Robert B. Harvey 3 Carl B. Pitman
E. O. Latham
O. A. Schlaikjer
New York.
Jay E. Crane
Forrest F. Hill
Allan Sproul
William F. Treiber
H. A. Bilby
John Exter
H. H. Kimball
A. Phelan
H. V. Roelse
Robert G. Rouse
T. G. Tiebout
V. Willis
R. B. Wiltse
J. H. Wurts
Philadelphia...
William J. Meinel
Henderson Supplee, Jr.
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
Wm. G. McCreedy
P. M. Poor man
J. V. Vergari
Richard G. Wilgus 2
Cleveland.
John C. Virden
Sidney A. Swensrud
W. D. Fulton
Donald S. Thompson
Dwight L. Allen
Roger R. Clouse
G. H. Emde 2
A. H. Laning
Martin Morrison
H. E. J. Smith
Paul C. Stetzelberger
Richmond.
John B. Woodward, Jr.
Hugh Leach
Alonzo G. Decker, Jr.
Edw. A. Wayne
N. L. Armistead
Aubrey N. Heflin
Upton S. Martin
J. M. Nowlan 2
James M. Slay
C. B. Strathy
Chas. W. Williams
Atlanta.
Rufus C. Harris
Harllee Branch? Jr.
Malcolm Bryan
Lewis M. Clark
V. K. Bowman
L. B. Raisty
J. E. Denmark 3
Earle L. Rauber
John L. Liles, Jr.
S. P. Schuessler
Harold T. Patterson
Chicago.
John S. Coleman
Bert R. Prall
C. S. Young
E. C. Harris
Neil B. Dawes
W. R. Diercks
L. H. Jones 2
L. G. Meyer
St. Louis.
M. Moss Alexander
Caffey Robertson
Minneapolis. . .
Leslie N. Perrin
0. B. Jesness
Kansas City...
Raymond W. Hall
Delos C. Johns
Wm. J. Abbott, Jr.
Frederick L. Deming Dale M. Lewis
Wm. E. Peterson
0. S. Powell
C. W. Groth
A. W. Mills
E. B. Larson3
H. a McConnell
H. G. Leedy
John T. Boysen 3
Clarence W. Tow
Henry O. Koppang
Dallas.
Robert J. Smith
Hal Bogle
Watrous H. Irons
W. D. Gentry
San Francisco.
A. H. Brawner
Y. Frank Freeman
C. E. Earhart
H. N. Mangels
Vice Presidents
(Vice Presidents in charge of branches are listed in
lower section of this page)
E. B. Austin
W. H. Holloway3
T. W. Plant
E. R. Millard
H. F. Slade
George W. Mitchell
A. L. Olson
Alfred T. Sihler
W. W. Turner
H. H. Weigel
J. C. Wotawa
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
E. D. Vanderhoof
D. W. Woolley
L. G. Pondrom
Morgan H. Rice
Harry A. Shuford
Eliot J. Swan 3
O. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Atlanta
Chicago
St. Louis
Also Federal Reserve Agent.
SEPTEMBER
Vice Presidents
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Richmond
1
Branch
1955
I. B. Smith
R. G. Johnson
J. W. Kossin
D. F. Hagner
R. L. Cherry
H. C. Frazer
T. A. Lanford 4
J. E. McCorvey
M. L. Shaw
R. A. Swaney
Fred Burton
V. M. Longstreet
Darryl R. Francis
2
Cashier.
3
Federal Reserve
Bank of
Branch
Vice Presidents
Minneapolis
Helena
K. K. Fossum
Kansas City
Denver
Oklahoma City
Omaha
Cecil Puckett
R. L. Mathes
P. A. Debus
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
J. L. Cook
W. E. Eagle
San Francisco
Los Angeles
Portland
Salt Lake City
Seattle
W. F. Volberg
J. A. Randall
W. L. Partner
J. M. Leisner
Also Cashier.
4
Acting Manager.
1069
FEDERAL RESERVE BOARD PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D . C. Where a charge is indicated,
remittance should be made payable to the order
of the Board of Governors of the Federal Reserve
System.
THE
FEDERAL
FUNCTIONS.
pages.
RESERVE
one issue of Supplement. In the United States
and countries listed under Federal Reserve Bulletin on this page, single copies 60 cents each
or in quantities of 10 or more for single shipment
50 cents each; elsewhere 70 cents per copy.
BANKING AND MONETARY STATISTICS.
SYSTEM—PURPOSES AND
Revised edition.
Statistics of
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per
copy. No charge for individual sections (unbound).
July 1954. 224
ANNUAL REPORT of the Board of Governors of the
Federal Reserve System. Issued each year.
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
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.
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador,
T H E DEVELOPMENT OF BANK DEBITS AND CLEARGuatemala, Haiti, Republic of Honduras, Mexico,
INGS AND THEIR U S E IN ECONOMIC ANALYSIS.
Nicaragua, Panama, Paraguay, Peru, El Salvador,
January 1952. 175 pages. 25 cents per copy; in
Uruguay, and Venezuela is $6.00 per annum or
quantities of 10 or more copies for single ship60 cents per copy; elsewhere $7.00 per annum or
ment, 15 cents each.
70 cents per copy. Group subscriptions in the
United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 T H E FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing profor 12 months.
visions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. Annual
per paper-bound copy; $ 1.00 per cloth-bound copy.
subscription includes one issue of Historical Supplement listed on this page. Subscription price COMPILATION OF FEDERAL AND STATE LAWS RELATin the United States and the countries listed above
ING TO BRANCH BANKING W I T H I N THE UNITED
is $6.00 per annum, 60 cents per copy, or 50
STATES (July 1, 1951). December 1951. 33 pages.
cents each in quantities of 10 or more of a particular issue for single shipment; elsewhere $7.00
RULES OF ORGANIZATION AND RULES OF PROCEDURE
per annum or 70 cents per copy.
—Board of Governors of the Federal Reserve
System (with Amendments). September 1946.
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
31 pages.
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. Issued annually in September. Annual subscription to monthly chart book includes REGULATIONS OF THE BOARD OF GOVERNORS OF THE
*A more complete list, including periodic releases and
reprints, appeared on pp. 736-39 of the June 1955 BULLETIN.
1070
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments and supplements thereto.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BOARD
REPRINTS
USE OF MONETARY INSTRUMENTS SINCE MID-1952.
December 1954. 8 pages.
(From Federal Reserve Bulletin unless preceded by an asterisk)
THE
MONETARY SYSTEM OF THE UNITED STATES.
DIRECTLY PLACED FINANCE COMPANY PAPER.
INFLUENCE OF CREDIT AND MONETARY MEASURES
March 1953. 16 pages.
CREDIT AND MONETARY EXPANSION IN 1954.
FEDERAL BUDGET FOR 1956.
February 1955.
11 pages.
May 1953. 7 pages.
BANKING AND MONETARY STATISTICS, 1954.
REVISION OF CONSUMER CREDIT STATISTICS.
1953.
Feb-
ruary 1955. 8 pages.
THE
FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-
BILITY.
De-
cember 1954. 8 pages.
February 1953. 16 pages.
ON ECONOMIC STABILITY.
PUBLICATIONS
April
19 pages.
^DETAILED DESCRIPTION OF SOURCES AND METHODS
USED IN REVISION OF SHORT- AND INTERMEDIATE-
(Se-
lected series of banking and monetary statistics
for 1954 only) February and May 1955. 12
pages.
DOLLAR
FLOWS
AND INTERNATIONAL
FINANCING.
March 1955. 8 pages.
TERM CONSUMER CREDIT STATISTICS (supplemen-
tary details for item listed above), April 1953.
25 pages.
SEASONAL ADJUSTMENT FACTORS FOR DEMAND D E POSITS ADJUSTED AND CURRENCY OUTSIDE.BANKS,
March 1955. 4 pages.
FEDERAL
RESERVE
BANK
RESPONSIBILITIES.
May
UNITED STATES BANKS AND FOREIGN TRADE FINANC
1953. 5 pages.
UNITED
ING. April 1955. 11 pages.
STATES POSTWAR INVESTMENT IN LATIN
AMERICA. May 1953. 6 pages.
BANKERS' ACCEPTANCE FINANCING IN THE UNITED
STATES.
WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE
CORPORATIONS. July 1953. 12 pages.
May 1955. 13 pages.
1955 SURVEY OF CONSUMER FINANCES—PRELIMINARY
FINDINGS OF THE 1955 SURVEY OF CONSUMER F I -
November
NANCES. March 1955. 3 pages. Purchases of
Durable Goods in 1954. May 1955. 17 pages.
The Financial Position of Consumers. June
FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL
CONSUMERS. August 1955. 13 pages. Similar
Surveys are available for most earlier years from
DEPARTMENT STORE SALES AND STOCKS, BY MAJOR
DEPARTMENTS (Revised
1953. 65 pages.
Indexes)
1955.
PRODUCTION, 1953 Revision. December 1953. 96
pages.
EXTENSIONS AND REPAYMENTS OF CONSUMER IN-
STALMENT CREDIT. January 1954. 14 pages.
14 pages.
HOUSING ARRANGEMENTS OF
1947,1949,1951,1952,1953, and 1954 BULLETINS.
ESTIMATES OF CONSUMER INSTALMENT CREDIT EX-
TENDED AND REPAID, 1929-1939.
June 1955. 8
pages.
FINANCING OF LARGE CORPORATIONS IN 1954.
N E W INDEXES OF OUTPUT OF CONSUMER DURABLE
GOODS. May 1954. 15 pages. (Also, similar reprint from October 1951 BULLETIN)
THE
PRIVATE DEMAND FOR GOLD, 1931-53.
Sep-
tember 1954. 10 pages.
RECENT FINANCIAL CHANGES IN WESTERN GER-
MANY. October 1954. 10 pages.
SEPTEMBER 1955
June
1955. 8 pages.
SELECTED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. July 1955. 2 pages. (Also,
similar article from July 1954 BULLETIN)
CREDIT AND MONEY IN 1955. July 1955. 8 pages.
T H E BALANCE SHEET OF AGRICULTURE, 1955.
Au-
gust 1955. 10 pages.
1071
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
===== BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
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FEDERAL RESERVE BANK CITIES
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FEDERAL RESERVE BRANCH CITIES
INDEX TO STATISTICAL TABLES
Acceptances, bankers', 1006, 1011
Agricultural loans of commercial banks, 1002
Agriculture, Govt. agency loans, 1008, 1009
Assets and liabilities (See also Foreign liabilities and
claims reported by banks):
Banks and the monetary system, consolidated, 998
Corporate, current, 1020
Domestic banks, by classes, 999, 1002, 1004
Federal Reserve Banks, 993, 994, 995
Foreign banks, 1058, 1064
Govt. corporations and credit agencies, by type and
agency, 1008, 1009
Automobiles:
Consumer instalment credit, 1024, 1025, 1026
Production index, 1029, 1032
Bankers' balances, 1003, 1005
(See also Foreign liabilities and claims reported by banks)
Banks and the monetary system, consolidated statement, 998
Bonds (See also U. S. Govt. securities):
New issues, 1018, 1020
Prices and yields, 1010, 1011, 1067
Brokers and dealers in securities, bank loans to, 1002, 1004
Business expenditures on new plant and equipment, 1020
Business indexes, 1027
Business loans (See Commercial and industrial loans)
Capital accounts:
Banks, by classes, 999, 1003, 1005
Federal Reserve Banks, 993, 994
Carloadings, 1027, 1036
Central banks, foreign, 1056, 1058, 1063
Coins, circulation of, 997
Commercial banks:
Assets and liabilities, 999, 1002, 1064
Consumer loans held, by type, 1025
Number, by classes, 999
Real estate mortgages held, by type, 1021
Commercial and industrial loans:
Commercial banks, 1002
Weekly reporting member banks, 1004, 1006
Commercial paper, 1006, 1011
Commodity Credit Corporation, loans, etc., 1008, 1009
Condition statements (See Assets and liabilities)
Construction, 1027, 1035, 1036
Consumer credit:
Instalment credit, 1024, 1025, 1026
Major parts, 1024
Noninstalment credit, by holder, 1025
Ratio of collections to accounts receivable, 1026
Consumer durable goods output indexes, 1032
Consumer price indexes, 1027, 1042, 1067
Consumption expenditures, 1044, 1045
Corporate sales, profits, taxes, and dividends, 1019, 1020
Corporate security issues, 1018, 1020
Corporate security prices and yields, 1010, 1011, 1067
Cost of living (See Consumer price indexes)
Customer credit, stock market, 1010, 1046
Debits to deposit accounts, 996
Demand deposits:
Adjusted, banks and the monetary system, 998
Adjusted, commercial banks, by classes, 1003
Banks, by classes, 999, 1005
Type of holder, at commercial banks, 1003
SEPTEMBER
1955
Department stores:
Merchandising data, 1038
Sales, 1027, 1037, 1038, 1039, 1040
Stocks, 1037, 1040
Deposits (See also specific types of deposits):
Adjusted, and currency, 998
Banks, by classes, 999, 1003, 1005
Federal Reserve Banks, 993, 994, 1054
Postal savings, 990, 996, 998
Turnover of, 996
Deposits, reserves, and borrowings, by class of member
bank, 992
Discount rates, 991, 1063
Discounts and advances by Federal Reserve Banks, 989, 993
Dividends, corporate, 10.19, 1020
Dollar assets, foreign, 1054, 1055
Dwelling units started, 1036
Earnings and hours, manufacturing industries, 1027, 1033
Employment, 1027, 1032, 1034
Export-Import Bank, loans, etc., 1008, 1009
Farm mortgage loans, 1008, 1021, 1022
Federal Deposit Insurance Corporation, assets, etc., 1008,
1009
Federal home loan banks, loans, etc., 1008, 1009, 1023
Federal Housing Administration,
loans, etc., 1008, 1009, 1021, 1022, 1023
Federal National Mortgage Association,
loans, etc. 1008, 1009, 1023
Federal Reserve Banks:
Condition statement, 993, 994
U. S. Govt. securities held by, 989, 993, 994, 1016, 1017
Federal Reserve credit, 989, 993, 994
Federal Reserve notes, 993, 994, 995, 997
Finance company paper, 1006, 1011
Foreign central banks, 1056, 1058, 1063
Foreign commercial banks, 1064
Foreign deposits in U. S.
banks, 989, 993, 994, 998 1003, 1005
Foreign exchange rates, 1065
Foreign liabilities and claims reported by banks, 1050, 1052,
1054
Foreign trade, 1036
General fund balance, 1012
Gold:
Earmarked, 1057
Net purchases by U. S., 1057
Production, 1054, 1057
Reserves of central banks and governments, 1056
Reserves of foreign countries and international
institutions, 1055
Stock, 989, 998, 1057
Gold certificates, 993, 994, 995, 997
Govt. agencies, assets and liabilities, by type
and agency, 1008, 1009
Govt. debt (See U. S. Govt. securities)
Gross national product, 1044, 1045
Home owners, Govt. agency loans, 1008, 1009
Hours and earnings, manufacturing industries, 1027, 1033
Industrial advances by Federal Reserve
Banks, 991, 993, 994, 995
Industrial production indexes, 1027, 1028, 1032
Instalment loans, 1024, 1025, 1026
1073
INDEX TO STATISTICAL TABLES— Continued
Insurance companies, 1007, 1016, 1017, 1022
Insured commercial banks, 1001, 1002
Interbank deposits, 999, 1003, 1005
Interest rates:
Bond yields, 1011
Business loans by banks, 1011
Federal Reserve rates, 991
Foreign countries, 1063
Open market, 1011, 1063
Regulation V loans, 996
Stock yields, 1011
Time deposits, maximum rates, 990
Internal revenue collections, 1013
International capital transactions of the U. S., 1050
International financial institutions, 1055, 1056, 1058
Inventories, 1045
Investments (See also specific types of investments):
Banks, by classes, 999, 1002, 1004
Federal Reserve Banks, 993, 994
Govt. agencies, etc., 1008, 1009
Life insurance companies, 1007
Savings and loan associations, 1007
Labor force, 1034
Loans (See also specific types of loans):
Banks, by classes, 999, 1002, 1004
Federal Reserve Banks, 989, 991, 992, 993, 994, 995
Govt. agencies, etc., 1008, 1009
Insurance companies, 1007, 1022
Savings and loan associations, 1007, 1022
Loans insured or guaranteed, 995, 1021, 1022, 1023
Manufacturers, production indexes, 1027, 1028, 1032
Margin requirements, 990
Member banks:
Assets and liabilities, by classes, 999, 1002
Borrowings at Federal Reserve Banks, 989, 992
Deposits and reserves, by classes, 992
Number, by classes, 999
Reserve requirements, by classes, 991
Reserves and related items, 989
Weekly reporting series, 1004
Minerals, production indexes, 1027, 1028
Money in circulation, 989, 997
Money rates (See Interest rates)
Mortgages (See Real estate loans)
Mutual savings banks, 998, 999, 1001, 1016, 1017, 1021
National banks, 1001
National income, 1044
National security expenditures, 1012, 1045
Nonmember banks, 993, 1001, 1002
Payrolls, manufacturing, index, 1027
Personal income, 1045
Postal Savings System, 990, 996, 998
Prices:
Consumer, 1027, 1042
Foreign, 1066, 1067
Security, 1010
Wholesale commodity, 1027, 1042
Production, 1027, 1028, 1032
Profits, corporate, 1019, 1020
1074
Real estate loans:
Commercial banks, 1002, 1004, 1021
Type of mortgage holder, 1021, 1022, 1023
Types of property mortgaged, 1021, 1022, 1023
Regulation V, loan guarantees, 995, 996
Reserve requirements, member banks, 991
Reserves:
Commercial banks, 1003
Federal Reserve Banks, 993, 994
Foreign central banks and governments, 1056
Foreign countries and international institutions, 1055
Member banks, 989, 992, 993, 994, 1003, 1005
Residential mortgage loans, 1021, 1022, 1023
Sales finance companies, consumer loans of, 1024, 1025
Savings, 1044
Savings bonds, sales and redemptions, 1015
Savings deposits (See Time deposits)
Savings institutions, principal assets, 1007
Savings and loan associations, 1007, 1022
Securities, international transactions, 1053, 1054
Security issues, 1018, 1020
Silver coin and silver certificates, 997
State member banks, 1001
State and municipal securities:
New issues, 1018
Prices and yields, 1010, 1011
States and political subdivisions:
Deposits of, 1003, 1005
Holdings of U. S. Govt. securities, 1016
Ownership of obligations of, 1002, 1007
Stock market credit, 1010, 1046
Stocks:
New issues, 1018
Prices and yields, 1010, 1011, 1067
Tax receipts, Federal, 1013
Time deposits, 990, 992, 998, 999, 1003, 1005, 1064
Treasury cash, 989, 998
Treasury currency, 989, 997, 998 ,
Treasury deposits, 989, 993, 994, 1012
Treasury finance:
Cash income, outgo, and borrowing, 1014
General fund balance, 1012
Receipts and expenditures, 1012
Unemployment, 1034
U. S. Govt. balances:
Consolidated monetary statement, 998
Commercial bank holdings, by classes, 1003, 1005
Treasury deposits at Federal Reserve Banks, 989, 993,
994, 1012
U. S. Govt. securities:
Bank holdings, 998, 999, 1002, 1004, 1016, 1017
Federal Reserve Bank holdings, 989, 993, 995, 1016,
1017
International transactions, 1053
New issues, gross proceeds, 1018
Ownership of, 1016, 1017
Prices and yields, 1010, 1011
Volume and kind outstanding, 1015, 1016, 1017
United States notes, outstanding and in circulation, 997
Veterans Administration, loans, etc., 1008, 1009, 1021, 1022,
1023
Yields (See Interest rates)
FEDERAL RESERVE BULLETIN
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