Federal Reserve Bulletin, 1954-03
F E D E R AL E S E R VE BULLETIN MARCH 1954 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOLUME 40 March 1954 NUMBER 3 INTERNATIONAL GOLD AND DOLLAR MOVEMENTS The rebuilding of foreign gold and dollar FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS reserves to more adequate levels continued Billions of dollars in 1953, especially in Continental Western Europe and the Sterling Area. Foreign hold- U. S. GOVT. SECURITIES, ETC. 20 ings of gold and dollars, after a substantial growth in the last nine months of 1952, in- DEPOSITS creased 2.6 billion dollars in 1953 to a record total of 23 billion. Practically all of the additions in 1953 went to Continental West- 10 ern Europe and the Sterling Area. The up- GOLD ward movement in reserves has continued RESERVES in 1954. The increase in foreign monetary reserves in 1953 reflected the recent tendency toward 1928 1938 1945 1948 1952 1953 balance in the current account position of NOTE.—Year-end data. Gold reserves valued at $20.67 per fine ounce in 1928 and at $35 thereafter. Gold reserves of the the United States (excluding military sup- U.S.S.R. are excluded. Top section of bar includes a substantial amount of short-term private paper in 1928 and small plies and services granted to foreign coun- amounts in other years. tries) and a continued—though reduced— and the level of monetary reserves. The net flow of private capital and United States question of adequacy of foreign monetary Government loans and grants to the rest reserves takes on increased interest as the of the world. approach to over-all balance in international Nearly half the 1953 increase in foreign payments permits relaxation of direct remonetary reserves took the form of gold strictions on trade and payments among purchases from the United States. Foreign nations. countries also acquired more than 400 mil- FOREIGN TRANSACTIONS WITH THE lion dollars of gold from new production UNITED STATES and other sources. Foreign dollar holdings rose almost 1 billion dollars, about half of Net transfers of gold and dollars from the which was invested in United States Gov- United States to foreign countries and interernment securities. national institutions reflect the United States The current contraction in the United balance of payments with the rest of the States economy finds foreign countries in a world in goods, services, gifts, and capital more comfortable position than in past years transactions. Such net transfers rose from with respect to both the balance of payments about 1 billion dollars in 1952 to 2.2 billion MARCH 1954 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL GOLD AND DOLLAR MOVEMENTS in 1953. The United States balance on cur- by American banks and exporters. Brazil rent account—which covers all transactions drew on an Export-Import Bank loan for in goods and services, including Government this purpose. Short-term credits to other purchases of goods and services for use foreign countries rose somewhat. abroad, and also private remittances, but excludes military supplies and services fur- UNITED STATES BALANCE OF PAYMENTS SELECTED COMPONENTS nished under Government aid—changed Billions of dollars from a surplus of 1.8 billion dollars in 1952 to a small deficit in 1953. This change was sufficient to offset declines in the net outflow of private capital and in disbursements of Government nonmilitary grants and loans, and also to permit a substantial increase in gold and dollar transfers to foreign countries. U. S. GOVT. 1.0 Payments to foreign countries on account GRANTS and LOANS of United States Government economic grants and loans declined about 400 million dollars from 1952 to 1953, resulting pri- OUTFLOW of U.S. PRIVATE CAPITAL marily from smaller appropriations for European aid under the Mutual Security Pro- NET TRANSFERS of GOLD and DOLLARS to FOREIGN COUNTRIES 1.0 gram. The net outflow of United States private capital declined about 700 million dollars in 1953, reflecting special factors in the -.5 movements of both long- and short-term 1952 1953 private funds. In the second and third quar- NOTE.—Quarterly data; figures for fourth quarter of 1953 are preliminary. Net transfers of gold and dollars, computed ters of the year, when bond prices in this by Federal Reserve, include net foreign purchases of gold from United States plus net increase in foreign dollar holdings. country were below earlier levels, there were Other data are derived from U. S. Department of Commerce statistics. Balance on current account represents the balance of goods, services, and unilateral transfers other than Governlarge repurchases, particularly by Canadians, ment grants; exports of grant-financed military supplies and services are excluded. Outflow of U. S. private capital and U. S. of outstanding long-term foreign securities Government nonmilitary grants and loans are on a net basis. in the United States market. Largely as a result of these transactions, the net outflow The change in 1953 in the current account of United States portfolio capital was re- balance of the United States with foreign versed, the net inflow for 1953 amounting countries reflected a level of United States to about 180 million dollars. The flow of merchandise exports (excluding those covdirect investment abroad—the major ele- ered by military aid) about 1 billion dolment in United States long-term private cap- lars below the 1952 total. After declining ital movements—declined moderately during in the course of 1952, exports in 1953 were the year. maintained at about the same level as in the A net inflow of United States private short- third and fourth quarters of 1952. Merterm capital, in contrast to the net outflow chandise imports rose to a peak in the spring of most previous years, reflected payments of 1953, but for the year as a whole were only by Brazil on an accumulation of claims held slightly larger than in the preceding year. 238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL GOLD AND DOLLAR MOVEMENTS United States purchases abroad of goods United States domestic production and inand services for use abroad, including pay- dustrial consumption of gold were in near ments for the maintenance of United States balance during 1953, the monetary gold military installations and troops and for offshore procurement of military equipment NET FOREIGN PURCHASES OF 1 G 9 O 5 L 3 D 1 FROM THE UNITED STATES for the use of foreign countries, were an [In millions of dollars] important factor enabling foreign countries to show a current account surplus with this Area and country- J M an a . r - . J A u p n r e .- J S u e l p y t - . D O e c c t- . Year country. These payments amounted to 2.6 Continental Western Europe: billion dollars in 1953 compared with 1.9 Belgium and Belgian Congo 36 3 12 43 95 Denmark 13 13 billion in 1952. Germany (Federal Republic of). 30 10 40 50 130 Netherlands 25 40 65 Exports and offshore transfers of military Portugal . 15 ' 15' 15 ' 15' 60 Sweden 10 10 20 supplies and services under United States Switzerland 20 25 15 5 65 Other Continental Western Government grants, which increased about Ba E nk u ro fo p r e I . n . ternational Settle- 8 —4 4 ments 23 9 43 19 94 1.7 billion dollars to 4.3 billion in 1953, are Total 181 62 175 128 546 excluded from the calculation of the balance United Kingdom 320 40 120 480 on current account. These grant-aid military Latin America: supplies, while providing net additions to Argentina 55 20 10 85 Mexico.. . . 28 28 foreign military strength, have for the most Uruguay 10 5 15 Other Latin America 4 (2) (2) 4 part not altered the supply of or demand for Total 97 25 10 (2) 132 goods and services in commercial trade. Asia and all other 1 1 1 2 6 Grand total 599 128 307 130 1,164 COMPOSITION OF GOLD 1 Minus sign indicates sale to the United States. AND DOLLAR MOVEMENTS 2 Purchase of less than $500,000. NOTE.—Details may not add to totals because of rounding. Changes in total foreign and international gold and dollar holdings reflect the balance stock of the United States declined about of payments of the United States and the ad- 1.2 billion during the year as a result of its dition of newly produced gold to foreign sales. At the year-end this country had a monetary reserves. When total payments gold stock of 22.1 billion dollars. This was from the United States are in excess of re- 60 per cent of world gold reserves, the same ceipts, foreign countries may use their net relative share as at the end of 1945. The dollar receipts to purchase gold from the corresponding ratios in the predepression United States or to add to their assets in the year of 1928 and the prewar year of 1938 United States. To the extent that such assets were 38 and 56 per cent. All gold figures include bank deposits or securities with ma- in this article exclude the U.S.S.R. turities up to 20 months at the time of pur- Other gold transactions. Since the total chase, they are included in the concept of gold reserves of foreign countries and interdollar holdings as used in this article. national institutions rose by 1,590 million United States gold sales. Foreign coun- dollars in 1953 and net foreign purchases of tries purchased about 1.2 billion dollars of gold from the United States accounted for gold from the United States during 1953. 1,164 million, about 425 million of the total About half the purchases were made in the was acquired from new foreign production first quarter, as shown in the table. Since or other sources. There were reports of sales MARCH 1954 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL GOLD AND DOLLAR MOVEMENTS ESTIMATED CHANGES IN FOREIGN AND INTERNATIONAL GOLD RESERVES AND DOLLAR HOLDINGS DURING 1953 [In millions of dollars] Increase or decrease (—), 1953 Holdings at Holdings at end of 1952 end of 1953P Jan.-Mar. Apr.-June July-Sept. Oct.-Dec.p Year? Area and country Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar re- hold- re- hold- re- hold- re- hold- re- hold- re- hold- re- holdserves ings serves ings serves ings serves ings serves ings serves ings serves ings Continental Western Europe: Austria 52 91 11 -5 17 42 so -5 100 47 191 Belgium-Luxembourg (and Belgian Conco) 788 247 2 15 -6 -2 27 10 63 -46 86 -23 874 224 France (and dependencies) 1593 374 —83 42 3 75 48 3 82 1596 456 Germany (Federal Republic of). 140 551 44 35 26 97 49 111 67 105 186 348 326 899 Italy 346 309 9 U 81 140 346 449 Netherlands (and Netherlands West Indies and Surinam)... 568 247 61 29 10 37 108 -39 14 20 193 47 761 294 Portugal( and dependencies)... 307 67 20 -3 19 3 15 9 25 7 79 16 386 83 Sweden 184 91 10 -2 -1 -3 13 17 12 U 34 26 218 117 Switzerland 1,411 642 7 -9 23 17 15 14 3 10 48 32 1,459 674 Other * 872 488 55 19 -34 82 -5 78 12 93 28 272 900 760 Total 5,261 3,107 199 8 32 299 225 371 196 362 652 1,040 5,913 4,147 Sterling area: United Kingdom 3 1,500 818 375 -66 100 159 175 -10 15(5 -192 800 -109 3 2,300 709 U. K. dependencies 113 1 —6 2 —3 —5 108 Union of South Africa 170 24 4 9 1 2 1 —1 6 U 176 38 Other. 465 193 19 26 —10 22 67 465 250 Total 2,135 U48 379 -37 101 184 175 -16 151 -174 806 -43 2,941 1,105 Canada . 896 1,596 15 -72 33 -230 26 28 26 98 100 -176 996 1,4*0 Latin America: Argentina 288 139 55 3 20 14 10 -9 -17 85 -9 373 ISO Brazil 317 73 3 58 SO 4 -62 4 29 321 10% M Cu e b x a ico 2 1 1 4 4 4 3 2 0 3 1 1 ' — 3 i 5 s -17 SO ""J-Y -47 52 -17 S 8 -10 3 -46 13 -2 1 8 4 -48 44 1 1 8 5 6 8 3 1 4 8 5 3 Uruguay 207 94 10 -2 5 -3 5 21 20 16 227 110 Venezuela 373 146 —29 40 41 24 76 373 222 Other 274 668 8 90 3 ""12 -41 -9 -10 11 42 285 610 Total 1,817 1,552 90 78 18 117 5 32 -7 -77 106 150 1,923 1,702 Asia: Indonesia 235 61 -27 6 -29 -45 -S -18 -90 —22 145 39 Japan 128 808 1 89 i' —5 40 -104 2 20 130 828 O Ph th il e i r ppine Republic 384 9 3 4 1 2 5 7 2 5 1 0 0 '"-3 - - 3 1 1 8 i' IS i' -14 16 4' -20 48 388 9 2 4 9 7 5 5 Total 756 1,611 -24 165 -2 -83 -41 62 -17 -98 -84 26 672 1,637 All other: Eastern Europe 4 290 17 —1 8 -8 —1 290 16 Other 178 105 7 —9 1 -1 178 104 Total 468 122 6 —1 —7 -2 468 120 Total foreign countries. 11,333 9,136 659 132 182 293 390 466 349 104 1,580 995 12,913 10,131 Internationals . ... 1,692 1,595 1 -39 5 18 2 -61 2 127 10 45 1,702 1,640 Grand total 13,025 10,731 660 93 187 311 392 405 351 231 1,590 1,040 14,615 11,771 P Preliminary. 1 Represents gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OEEC countries, Finland, Spain, 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 Estimated gold holdings of British Exchange Equalization Account, based on holdings of gold, U. S. and Canadian dollars as reported by British Government. * Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R. "Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes holdings of Bank for International Settlements, which are included under "Continental Western Europe." NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings reported by banks in the United States. Dollar holdings include principally deposits and U. S. Government securities (Treasury bills, certificates of indebtedness, and notes and bonds reported as purchased within 20 months of maturity). The total referred to most frequently in the text is that for "total foreign countries," shown in bold-face type. International institutions are shown separately for the purpose of providing more complete coverage of the movement of gold and dollar holdings. 240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL GOLD AND DOLLAR MOVEMENTS of gold by the U.S.S.R. to the United King- million dollars while those at Federal Redom and other European countries in the serve Banks declined 127 million during the latter part of the year. It would appear that year. somewhat less than 350 million dollars of Impact on commercial ban\ reserves. The gold from new production was added to the net movement of funds between the United gold reserves of foreign countries last year. States and foreign countries had a moder- Total foreign gold production amounted ately restraining effect on commercial bank to an estimated 795 million dollars for the reserves in the United States during the early year. If the addition to reserves from newly part of 1953. As measured by the differmined gold was less than 350 million, some- ence between the gold outflow and the partly thing more than 450 million dollars of gold offsetting decline in foreign deposits at Fedwent into industrial uses, private holdings, or eral Reserve Banks, the drain on commercial was otherwise not accounted for. This non- bank reserves due to foreign factors was monetary residual was slightly less than in around 1 billion dollars for the year. The 1952 and substantially less than in 1951. In drain was heaviest—about 600 million dollars the fourth quarter of 1953 there was appar- —in the first quarter. ently a significant further reduction in the Federal Reserve operations to adjust the flow of gold to nonmonetary uses. supply of bank reserves to the needs of the The price of gold on the various free mar- economy took into consideration the effect of kets of the world continued to decline during these foreign transactions. During the early 1953 and in terms of dollars is now very months of the year, when there was a seaclose to the United States official gold price sonal decline in reserve needs and the Federal of $35 per fine ounce. For example, the Reserve was following a policy of restraint, price in Zurich, Switzerland, which was as the decline in reserves due to foreign gold high as $44 per fine ounce in the early part and dollar movements was permitted to of 1951, fell to $37.25 in December 1952 and occur. During the remainder of the year $35.25 at the end of 1953. the effect of foreign factors was more than Changes in dollar holdings. Foreign dol- offset by Federal Reserve measures to supply lar holdings—official reserves of foreign cen- additional bank reserves needed to meet seatral banks and governments plus dollar hold- sonal credit and currency growth and to ease ings on private foreign account as reported bank reserve positions. by banks in the United States—rose 995 million dollars during 1953. Practically all of REGIONAL CHANGES IN HOLDINGS this increase was in official holdings. Continental We?1:ern Europe and Sterling Foreign monetary authorities continued to Area countries together accounted for nearly invest an increasing proportion of their addi- 2.5 billion dollars, or practically all, of the tional dollar holdings in securities in 1953. net increase in foreign countries' gold and Net foreign purchases, official and private, dollar holdings during 1953. At the yearof United States Government securities end these groups of countries held about 60 amounted to 542 million dollars, and net pur- per cent of total foreign gold and dollars. chases of other short-term assets, mainly Latin American countries as a group inbankers' acceptances, were 147 million. For- creased their holdings about 250 million doleign deposits at commercial banks rose 434 lars, after little change in 1952. Holdings of MARCH 1954 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL GOLD AND DOLLAR MOVEMENTS Canada and of the Asian countries not in over the entire year, in spite of small net the Sterling Area each declined slightly. deficits during the second half, and received These changes may be seen in the accom- 115 million dollars from the Union. The panying chart. A table presenting figures only country earning larger amounts of gold and dollars was Germany, which received FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS over 170 million dollars, spread fairly evenly BY AREA OR COUNTRY throughout the year. Switzerland, Nether- Billions of dollars lands, and Austria earned moderate sur- -/ 10 pluses. France continued to be a large net CONTINENTAL debtor to EPU, paying 255 million dollars. WESTERN EUROPE The countries of the Sterling Area increased their gold and dollar holdings about 760 million dollars or 23 per cent in 1953. The major portion of this gain was in the official and private holdings of the United Kingdom, which holds the central monetary S UNITED KINGDOM and OTHER STERLING AREA_ reserves for the Sterling Area. The official reserves of gold and United States and Canadian dollars, as announced by the British Government, rose from 1,846 million dollars at the end of 1952 to 2,518 million on December 31, 1953. \ ~\ The gold and dollar holdings of Conti- ASIA and OTHER COUNTRIES nental Western Europe increased 1.7 billion dollars or 20 per cent in 1953. This large 1947 1949 1951 1953 expansion continued the steady upward trend NOTE.—End-of-quarter data. that began in 1948. All countries in the area on foreign gold and dollar holdings for se- improved their reserve positions. Germany lected prewar and for postwar years will be and the Netherlands, as in 1952, experienced found at the end of this article. the largest over-all increases in gold and European and Sterling Area countries. The dollar holdings. Reflecting its earnings from distribution of gold and dollar reserves intra-European trade as well as large United among European and Sterling Area coun- States military expenditures, Germany's holdtries is affected by the settlement of intra- ings rose 535 million dollars during 1953, group trade through the European Payments more than doubling the preceding year's Union as well as by transactions with the growth. The Netherlands received substanrest of the world and purchases of newly tial amounts of gold and dollars from Indomined gold. The EPU settlements of the nesia and increased its holdings 240 million net deficits and surpluses that remain after dollars, slightly less than during 1952. clearing are made partly in credit and partly France's experience was also similar to that in gold and dollar payments to and from of 1952. Despite its continued deficit with the Union. The United Kingdom and the the EPU, it was able to add about 90 million rest, of the Sterling Area earned a net surplus dollars to its gold and dollar holdings, 242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL GOLD AND DOLLAR MOVEMENTS largely because of dollar receipts from grant times as large as in 1928, as may be seen in aid and United States military expenditures the table at the end of this article. Furtherin France and its overseas territories. more, the international financial institutions Other countries. The slight decline in the organized after World War II—the Intergold and dollar holdings of Asian countries national Monetary Fund and the Internaoutside the Sterling Area was mainly attrib- tional Bank for Reconstruction and Develutable to Indonesia. Japan continued to earn opment—had gold and dollar holdings of large amounts of dollars from United States more than 3 billion dollars. Whether the military expenditures, but since imports rose monetary reserves of individual countries are substantially over 1952 levels, gold and dollar adequate to meet the needs of a freer system reserves increased only slightly during the of trade and payments among nations is not year. In order to settle its deficit with the indicated by these statistics. The adequacy Sterling Area, Japan found it necessary to of reserves depends upon a number of factors, borrow sterling in London and to draw ster- existing and prospective, which vary greatly ling from the International Monetary Fund. in relative importance from country to coun- Latin American countries generally im- try and are not subject to precise measureproved their gold and dollar positions. Ar- ment. gentina and Venezuela each added about 75 An important function of the monetary million dollars to their holdings. After a reserves of nations—like the cash reserves of decline of about 30 million dollars in 1952, individuals or business firms—is to permit the Brazil's holdings rose last year by a similar financing of temporary differences between amount, as imports receded from their 1952 income and expenditures. Some working ballevels. The fourth quarter decline in Bra- ances are needed to finance day-to-day interzil's dollar holdings reflected increased pay- national transactions. Reserves are also ments, largely out of funds previously dis- needed for occasional differences between bursed to Brazil by the Export-Import Bank, receipts and payments such as might reon its short-term dollar debt to creditors in sult from a decline in the foreign demand the United States. Short-term claims on for a country's exports or an increase in Brazil reported by banks in the United States, its purchases from abroad. The availabilwhich had reached a peak of almost 385 ity of adequate reserves may enable a counmillion dollars at the end of February, de- try, whenever a temporary balance of payclined to about 130 million by the end of ments deficit develops, to avoid such measthe year. ures of adjustment as currency devaluation, Canadian holdings of gold and dollars the imposition of trade and exchange restricdeclined 76 million in 1953, largely because tions, or domestic deflation. Unless the existof security repurchases in the United States ing level of reserves is generally regarded as market in the second and third quarters. adequate in relation to potential drains, minor fluctuations in the balance of payments ADEQUACY OF FOREIGN may be accentuated by speculative move- MONETARY RESERVES ments. At the end of 1953 the total of foreign gold Consideration of the adequacy of reserves and dollar holdings was more than 60 per abroad has recently focused not only on cent above that of 1938 and nearly three their possible use as a buffer in case of tempo- MARCH 1954 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL GOLD AND DOLLAR MOVEMENTS rary reductions in demand in major trading lars have risen somewhat more than world countries but also on the problem of pro- trade. However, many other considerations viding a support for moves to relax direct must be taken into account in judging the restrictions on trade and the transferabil- adequacy of monetary reserves of particular ity of currencies. The need for reserves countries. for these purposes varies greatly from coun- A revival of the international flow of pritry to country depending, in the one case, on vate short-term commercial credit in response the size of exports and their sensitivity to to financial incentives might strengthen conreductions in income elsewhere and, in the vertibility efforts and lessen somewhat the other case, on the nature and timing of the need for monetary reserves by substituting measures to relax trade and exchange re- private for official financing of temporary strictions. payments imbalances. Such a development In many countries legal requirements and would be facilitated by a broadening of the traditions regarding the relation of monetary market for instruments of short-term interreserves to the domestic liabilities of central national credit. banks and commercial banks also have an The past two years have witnessed an apimportant bearing on views as to the ade- proach to a balance in international accounts quacy of reserves. which might be sustained without direct The adequacy of the monetary reserves of restrictions on trade and payments among countries, either individually or in groups, nations. Furthermore, a considerable relaxacannot be measured on the basis of simple tion of trade restrictions, including those comparisons with past years. For example, against the dollar area, has been undertaken it is frequently noted that in relation to the by a number of European countries and has growth in the value of world trade the re- not resulted in a reversal of the movement serves of most countries have declined con- toward international balance. The rebuildsiderably since the late thirties. But the de- ing of foreign monetary reserves, although pressed conditions of prices and trade in that only one of the conditions for the achieveperiod limit the value of such a comparison. ment of currency convertibility and non- A comparison with the late twenties would discriminatory trade, is a further step toward show that foreign holdings of gold and dol- the attainment of these objectives. 244* FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL GOLD AND DOLLAR MOVEMENTS ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS, 1928, 1938, AND 1945-53 [End of year, except 1928. In millions of dollars] Area and country 1928 1938 1945 1946 1947 1948 1949 1950 1951 1952 1953 Continental Western Europe: Austria 15 5 5 10 62 92 92 107 143 238 Belgium-Luxembourg (and Belgian Congo) 1127 841 1,011 977 798 838 912 848 898 1,035 1,098 France (and dependencies)2 2,037 2,966 2,131 1,229 776 794 740 834 903 967 1,052 Germany (Federal Republic of) 813 47 7 7 90 179 149 222 434 691 1,225 Italy 416 213 91 289 204 424 556 573 633 655 795 Netherlands (and Netherlands West Indies and Surinam) » «... 262 1,100 597 523 406 331 415 559 524 815 1,055 Portugal (and dependencies) 19 186 484 480 373 291 234 331 374 469 Sweden , . . . 163 420 695 554 164 130 160 205 224 275 335 Switzerland 197 990 1,641 1,797 1,799 1,886 ,093 1,973 2,053 2,133 Others 902 702 1,469 1,407 967 891 907 1,216 1,087 1,360 1,660 Total . . .. 4,850 7,300 8,131 7,268 5,580 5,826 6,186 6,829 7,114 8,368 10,060 Sterling Area: United Kingdom 1,085 3,313 2,684 2,890 , 346 1,924 3 2,843 2,318 3,009 United Kingdom dependencies 0) 62 32 67 58 70 103 120 100 113 108 Union of South Africa .. .» 139 920 986 813 199 134 941 197 194 214 Other 276 305 450 517 520 498 562 533 634 658 715 Total 1,400 3,900 4,086 4,460 3,737 2,918 2,723 4,451 3,774 3,283 4,046 Canada 415 395 1,726 1,475 718 1,221 1,365 1,988 2,157 2,492 2,416 Latin America: Argentina 1607 449 1,274 1,185 SS8 3S7 417 S18 518 427 503 Brazil • 1149 44 549 528 4S9 441 sin S43 All 390 423 Cuba .. . . (i) 46 319 379 S14 S08 463 S30 575 515 531 Mexico » 16 7S 410 333 ?39 ?67 41 S 366 375 341 Uruguay . . .. 168 169 208 217 208 203 236 311 306 301 337 Venezuela 121 63 252 289 ?Q3 44 S 4SR 445 519 595 Other 274 211 766 725 610 601 647 68O 733 842 895 Total 1,125 950 3,778 3,656 2,881 2,744 3,056 3,455 3,360 3,369 3,625 Asia: Indonesia . . 168 180 314 327 249 219 194 323 421 296 184 Japan ,....,.. 1541 316 129 142 ?06 333 S87 729 936 958 Philippine Republic 0) 184 630 448 490 489 298 377 337 324 304 Other 66 180 1,344 937 698 801 684 582 698 811 863 Total 675 760 2,417 1,854 t, S93 1, 71 S1 509 1,869 2,185 2,367 2,309 All other: Eastern Europe4 .... 225 49 5 515 586 568 442 378 344 309 3O7 306 Other 60 95 111 111 117 123 140 201 328 283 282 Total 285 520 626 697 685 565 518 545 637 590 588 Total foreign countries 8,75013,825 20,764 19,410 15,194 14,989 15,357 19,137 19,227 20,469 23,044 International5 489 3,693 3,375 3,109 3,090 3,171 3,287 3,342 Grand total 8,75013,825 20,764 19,899 18,887 18,364 18,46622,227 22,398 23,75626,386 xGold reserves only. Dollar holdings are not reported separately and are included in the appropriate "Other" category, 2For years 1938, 1945, 1946, and 1947 includes gold reserves of Bank of France, French Exchange Stabilization Fund, and French dependencies; for subsequent years excludes the Stabilization Fund. 3Includes holdings of other Continental OEEC countries, Finland, Spain, 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. 4 Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R. 5Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes holdings of Bank for International Settlements, which are included under "Continental Western Europe." NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings reported by banks m the United States, Gold reserves valued at $20.67 per fine ounce in 1928 and at $35 per fine ounce for other years shown. Dollar holdings include principally deposits and U. S. Government securities (Treasury bills, certificates of indebtedness, and notes and bonds reported as purchased within 20 months of maturity). Figures for 1928 are estimated on the basis of gold reserves at the end of that year plus dollar holdings reported by 15 New York City banks as of May 31, 1929, the first date on which. such holdings were reported. Estimates for 1953 are preliminary. MARCH 1954 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES This article presents preliminary findings nomic research. Considerable further testing of the Ninth Annual Survey of Consumer of results is needed, especially in view of Finances.1 These Surveys are conducted by limited experience in periods of receding the Board of Governors of the Federal Re- general economic activity. serve System in cooperation with the Survey Preliminary findings of the 1954 Survey Research Center of the University of Michi- show that increases in income were frequent gan for the purpose of obtaining information in 1953 at all income levels but not as freon consumer financial positions, consumer quent as in 1952. Liquid asset holdings also views about their economic prospects, and increased and were again shown to be widely some indications of consumer plans for pur- distributed. A majority of those expressing chasing durable goods and houses. The Sur- an opinion felt that economic prospects for veys are based on field interviews in January the country for this year were generally good and February of each year and cover a rep- but a sizable number felt that prospects were resentative sample of the consumer popula- unfavorable. Consumers generally expected tion. prices either to remain stable or to decline In interpreting Survey findings, it is essen- during the year. The Survey findings as a tial to keep in mind that there is no necessary whole leave the impression that consumers relationship between consumer plans at the were somewhat less confident about their beginning of the year and consumer buying personal financial prospects than they were behavior during the year. Consumer be- a year ago. havior is influenced by a variety of factors, Reflecting the economic climate early in some of a transient nature and some of a the year as well as their own financial posilonger run nature. Although the sample is tions, consumers less frequently reported selected on the basis of established scientific plans to purchase new houses, cars, and other principles, the results obtained are subject to durable goods than a year ago. Plans of sampling and response variation.2 For these nonfarm consumers to make expenditures reasons, the Board continues to emphasize the for home improvements and maintenance apexperimental nature of this method of eco- peared to be a little more numerous than last year but the average amount of planned ex- 1 These preliminary findings are based on simplified tabupenditure was a little smaller. lations of approximately 2,800 interviews taken in January and February 1954 in 66 sampling areas throughout the Consumer attitudes as to whether it was a country, including the 12 largest metropolitan areas. An additional 200 interviews as well as an allowance for dif- good or a bad time to buy durable goods ferential response rates in the various strata of the sample will showed little change from a year ago. There be included in the figures that will be published in later articles in this series in the Federal Reserve BULLETIN. It appeared to be some tendency for consumers is believed that results derived from final figures will not to time their plans to buy more heavily in differ substantially from present indications. The later BULLETIN articles will contain information about past pur- the latter part of the year than was the case chases and financing of durable goods and housing, and distributions of income, liquid assets, and contractual commit- a year ago. This tendency may indicate that ments. consumer buying interest will be more active sSee "Technical Note on the Sampling Limitations of the Survey," Federal Reserve BULLETIN, July 1952, pp. 749-50. later in the year, or it may indicate that con- 246 FEDERAL RESERVE BULLETIN' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES sumer plans are more tentative than in other 1952 or early 1951, when very few consumers recent years. expected prices to fall, but it was considerably About two-fifths of the nonfarm consumers smaller than in early 1949. Only a sixth of reported receiving more income while about the consumers interviewed early this year exone-fourth reported receiving less. The pro- pected price increases, about tlie same proporportion reporting more income was smaller tion as a year ago and in early 1950, but a than in early 1953 and the proportion re- larger proportion than in early 1949. ceiving less was larger. Both proportions Between last year and this year, there was were about the same as in early 1948 and no over-all change in the proportions of conearly 1949 and were more favorable than in sumers who thought that it was a good or early 1950, when unemployment was at a a bad time to make major durable goods purpostwar high. In evaluating their current chases. Reasons expressed for their views had financial positions, a slightly larger percent- changed considerably, however. The most age of consumers felt worse off and a slightly frequent reasons given this year for believing smaller percentage felt better off than a year this is a good time to buy are that prices are ago. The proportion feeling better off was lower, stable, or "not too high." A year nevertheless larger than in earlier Survey earlier, the most frequent reason given was years, probably reflecting the widespread in- good incomes. The feeling that "prices are creases in income and the general stability of too high" continued to be the most frequent consumer prices last year. reason for believing it to be an unfavorable With regard to personal financial prospects, time for major purchases, although fewer the proportion of nonf arm consumers expect- consumers expressed such a view this year. ing to be making more at the end of the More people gave such reasons as "prices will year was a little smaller in early 1954 than in be lower" or "people can't afford to buy" as early 1953, but about the same as in each of explanations for saying this was a bad time to the three years preceding the Korean out- buy durable goods. break. About one-seventh expected income The proportion of consumers planning to declines during 1954; a year ago only one- buy new automobiles within the year was tenth of such consumers expected their in- smaller in early 1954 than in early 1953 or comes to decline during the year. early 1950 but larger than in early 1952 or Liquid asset holdings were widely dis- early 1951. There was no change from last tributed among income classes. The pro- year in the proportion planning to buy used portion in each income group reporting some cars but prices consumers expected to pay for liquid assets was similar to that in other re- them were lower. There also appeared to be cent years. The proportion of consumers some tendency on the part of those planning who reported owning more than $500 of to buy new cars in 1954 to defer their purliquid assets in early 1954 was larger than chases until the latter part of the year. It that shown by any Survey in several years. may be worthy of note that plans to buy new With respect to prices, more than a third and used cars in 1954 and 1955 combined of the consumers interviewed in early 1954 were as frequent in early 1954 as a year ago expected declines during the year. This pro- for the comparable two-year period. portion was somewhat larger than in early Plans to buy furniture and major house- 1953 and was very much larger than in early hold appliances were less numerous early this MARCH 1954 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES year than in early 1953 but changes were not somewhat, the volume of homebuilding was uniform for all items covered by the Survey. about the same in all three years. Intentions to purchase refrigerators and tele- As in several other years, the 1954 Survey vision sets appeared to be considerably fewer of Consumer Finances inquired into investthan in 1953 wliile plans to buy washing ma- ment preferences of consumers with incomes chines appeared to be well maintained. For of $3,000 or more in the preceding year. household durable goods as a whole, the Each of these consumers was asked the wisest frequency of plans to purchase one or more thing to do with money not needed for exdurable items was smaller than in early 1953 penses, whether to put it in a savings account, but greater than in early 1952. to buy Government savings bonds, to invest Fewer consumers planned to buy new and in real estate, or to buy common stock. Anexisting nonfarm homes in 1954 than in 1953 swers obtained suggest that the shift in prefbut about the same number as in 1952. As in erence toward risk type assets that had gone the case of automobiles, if plans for house on from early 1949 to early 1952 was reversed purchases in 1955 are added to those for during 1953. Both Government savings 1954, the total is about equal to comparable bonds and savings accounts were more poputwo-year plans as of early 1953 and early 1952. lar at the beginning of 1954 than a year It should be noted that the number of poten- earlier among all income groups asked this tial home buyers interviewed in a sample of question. This was the first rise in consumer this size is necessarily very small and that preference for savings bonds reported in these too much significance should not be attrib- postwar Surveys. Some decline in preference uted to minor changes in the proportion plan- for both types of risk assets (real estate and ning to buy. For example, although the common stock) appears to have taken place proportion of consumers reporting plans to during 1953, but it was much greater for real buy homes in 1951, 1952, and 1953 varied estate than for common stock. 248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRELIMINARY RESULTS OF THE FEDERAL RESERVE SURVEY OF CONSUMER FINANCES IN EARLY 1954, WITH FINAL RESULTS FOR EARLY 1948-53 x [Percentage distribution of spending units] Consumer financial Consumer attitudes positions 1954 1953 1952 1951 1949 1948 and plans 1954 1950 Expected price movements Money income in prior year, before taxes 2 Increase during year... 16 17 53 77 15 8 33 No change 41 43 30 16 36 20 24 Decrease during year.. 36 31 7 3 41 55 28 Under $1,000. . . 10 11 13 13 14 12 Uncertain and not as- $1,000-$ 1,999... 13 14 15 17 19 18 certained 7 9 10 4 8 17 15 $2,000-$2,999... 14 16 18 19 21 23 $3,000-$3,999... 16 18 18 19 19 20 All cases 100 100 100 100 100 100 100 $4,000-$4,999... 16 15 15 12 11 12 $ $ 5 7 . , 0 5 0 0 0 0 - - $ $ 7 9, , 9 4 9 9 9 9 . . . . . . 2 6 0 1 5 7 1 4 4 \ 1 /= 4 ; 11 "\ 10 Expected change in income 4 $10,000 and over 5 4 3 / / All cases 100 100 100 100 100 100 Making more a year from now 29 34 36 39 30 27 28 No change 35 33 30 35 43 46 47 Making less a year from now 15 10 8 13 16 17 13 Past change in income rate 2 Uncertain and not ascertained 21 23 26 13 11 10 12 All cases 100 100 100 100 100 100 100 Making more than a year ago 41 48 46 47 30 42 Evaluation of durable goods markets No change 34 32 33 33 41 35 Making less than a year ago 23 16 17 18 27 21 Good time to buy 35 34 22 33 (5) (5) Not ascertained 2 4 4 2 2 2 Pro or con, uncertain. . 25 28 26 18 («) Bad time to buy 40 38 52 49 (5) (5) All cases 100 100 100 100 100 100 100 All cases 100 100 100 100 (5) (5) Plans to purchase 6 Evaluation of own financial situation House 7 6.8 8.8 6.4 8.5 8.4 7.0 7.5 Home improvement Better off than a year and maintenance 7 8 . 19.2 16.9 0) ( <) ago 36 38 33 32 32 33 New automobile 7.8 9.0 6.8 6.6 10.6 11.8 9.7 No change 32 33 29 29 32 35 Used automobile 6.2 6.2 6.0 5.5 6.9 6.8 4.1 Worse off than a year Furniture and major ago 30 26 35 37 34 30 household appliances. 26.8 31.9 23.2 27.4 28.4 30.9 27.4 Not ascertained 2 3 3 2 2 2 All cases 100 100 100 100 100 100 Investment preferences 9 Assets of fixed money value 73 65 65 69 79 Liquid asset holdings 3 Savings accounts.... 16 18 Savings bonds 43 54 Accounts or bonds... 6 7 Lssets of fluctuating Zero 26 29 31 28 31 29 money value 26 11 $1-$199 15 16 17 16 16 16 Common stock $ $ 2 5 0 0 0 0 - - $ $ 4 9 9 9 9 9 1 1 3 3 1 1 2 1 1 9 3 1 1 4 1 1 1 1 0 1 1 3 1 Real estate $l,000-$l,999 11 12 10 12 10 11 Common stock or $2,000-$4,999 13 11 12 11 13 12 real estate $ $ 1 5 0 ,0 ,0 0 0 0 0 -$ a 9 n ,9 d 9 9 over 4 5 4 5 3 5 3 5 3 6 3 5 Other ii Not ascertained All cases 110000 100 100 100 100 100 100 All cases 100 100 249 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Reserves Columbus, Ohio; Des Moines, Iowa; Indianapolis, Indiana; Milwaukee, Wisconsin; Na- Classification of Reserve Cities tional City (National Stock Yards), Illinois; The rule adopted by the Board of Governors on St. Paul, Minnesota; Tulsa, Oklahoma; December 19, 1947, with respect to the classification Wichita, Kansas; and Fort Worth, Texas. of central reserve and reserve cities, provides for a (3) The following cities do not fall within the triennial designation of reserve cities. Acting purscope of paragraph (2) of subsection (b) of the suant to that rule, the Board took action, effective Board's rule based upon official call reports of con- March 1, 1954, for the continuance of the reserve dition in the two-year period ending June 30, 1953, city classification of all presently existing reserve but a written request for the continuance of each cities except Dubuque, Iowa, Lincoln, Nebraska, such city as a reserve city was received by the Fedand St. Joseph, Missouri, which ceased to be reserve eral Reserve Bank of the District in which the city cities on that date. The Board's action is as follows: is located on or before February 15, 1954, from every CLASSIFICATION OF RESERVE CITIES member bank having its head office or a branch in such city (exclusive of any member bank in an Acting in accordance with the rule regarding clasoutlying district in such city permitted by the sification of central reserve and reserve cities which Board to maintain reduced reserves), together with was adopted by the Board on December 19, 1947, a certified copy of a resolution of the board of and became effective March 1, 1948 (hereafter redirectors of such member bank duly authorizing ferred to as the Board's rule), and pursuant to ausuch request; and, accordingly, in accordance with thority conferred upon it by section ll(e) of the paragraph (3) of subsection (b) of the Board's Federal Reserve Act and other provisions of that rule, the following cities, in addition to the reserve Act, the Board of Governors has taken the following cities classified as such under paragraphs (1) and actions for the continuance of the classification of (2) above, are hereby continued as reserve cities: certain cities as reserve cities and the termination of the reserve city designations of certain other cities, Toledo, Ohio; Cedar Rapids, Iowa; Sioux all such actions to become effective March 1, 1954: City, Iowa; Kansas City, Kansas; Pueblo, Colorado; and Topeka, Kansas. (1) The City of Washington, D. C, and every city except New York and Chicago in which there (4) The following cities do not fall within the is situated a Federal Reserve Bank or a branch of scope of paragraph (2) of subsection (b) of the a Federal Reserve Bank are hereby continued as Board's rule based upon official call reports of conreserve cities. dition in the two-year period ending June 30, 1953, (2) The following cities fall within the scope and written requests for their continuance as reof paragraph (2) of subsection (b) of the Board's serve cities were not received from all member rule based upon official call reports of condition in banks in such cities; and, accordingly, the desigthe two-year period ending on June 30, 1953, and nation of such cities as reserve cities is hereby therefore, such cities, in addition to the reserve cities terminated: classified as such under paragraph (1) above, are Dubuque, Iowa; Lincoln, Nebraska; and St. hereby continued as reserve cities: Joseph, Missouri. 250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Election of Glass B Directors The Federal Advisory Council met in Washing- The Federal Reserve Bank of Kansas City on ton on February 14-16, 1954. The annual organiza- March 11, 1954, announced the election of Mr. K. S. tion meeting of the Council was held on February Adams, Chairman of the Board, Phillips Petroleum 14, at which Edward E. Brown, Chairman of the Company, Bartlesville, Oklahoma, as a Class B di- First National Bank of Chicago, was reelected rector of the Bank for the term ending December President; Robert V. Fleming, President and Chair- 31, 1956, to succeed Mr. L. C. Hutson, deceased. man of The Riggs National Bank, was reelected Mr. Hutson was a director of the Chickasha Cotton - Vice President; and Herbert V. Prochnow was Oil Company, Chickasha, Oklahoma. reappointed Secretary. The Council met with the The Federal Reserve Bank of Dallas on March 16, Board of Governors of the Federal Reserve System 1954, announced the election of John R. Alford, Inon February 16. dustrialist and Farmer, Henderson, Texas, as a A meeting of the Presidents of the Federal Re- Class B director of the Bank for the term ending serve Banks was held in Washington on March 1 December 31, 1956, to succeed Mr. W. F. Beall, deand 2, and on March 3 the Presidents met with ceased. Mr. Beall was President and General Manthe Board of Governors. ager, 3 Beall Brothers 3, Department Stores, Jack- On March 3 a meeting of the Federal Open sonville, Texas. Market Committee was held, at which William Appointment of Branch Directors McC. Martin, Jr., was reelected Chairman and Allan Sproul, Vice Chairman. The representative On February 23, 1954, the Board of Governors members of the Committee elected by the Federal announced the appointment of Mr. Clarence E. Reserve Banks for the period of one year beginning Ayres, Professor of Economics, The University of March 1, 1954, are Allan Sproul, Alfred H. Wil- Texas, Austin, Texas, as a director of the San liams, C. S. Young, and H. G. Leedy, Presidents Antonio Branch of the Federal Reserve Bank of of the Federal Reserve Banks of New York, Phila- Dallas for the term ending December 31, 1956. Mr. delphia, Chicago, and Kansas City, respectively. Ayres succeeeded Mr. Edward E. Hale, Chairman of the Department and Professor of Economics, The Change in Board's Staff University of Texas, Austin, Texas, whose term ex- On February 16 the Board designated Charles pired. Molony and Clarke L. Fauver as Special Assistants On March 11, 1954, the Federal Reserve Bank of to the Board. Chicago appointed Mr. Ira A. Moore, President, Peoples National Bank of Grand Rapids, Grand Appointment of Mr. Watrous H. Irons as President Rapids, Michigan, as a director of the Detroit of the Federal Reserve Bank of Dallas Branch for the term ending December 31, 1956. Mr. Watrous H. Irons, who had been serving as Mr. Moore's appointment was occasioned by the Vice President of the Federal Reserve Bank of recent change in the bylaws of the Detroit Branch Dallas since April 19, 1946, was appointed Presi- providing for an increase from five to seven in the dent, effective February 15, 1954. Mr. Irons be- number of directors on the Board of Directors. came associated with the Federal Reserve Bank of Deaths of Directors Dallas as Director of Research on July 1, 1945, prior to which he had been serving for about eight years Mr. Ray M. Keck, President, Stockmens National as Professor of Banking and Finance at the Uni- Bank, Cotulla, Texas, who had served as a director versity of Texas. As President of the Federal of the San Antonio Branch of the Federal Reserve Reserve Bank of Dallas, Mr. Irons succeeded Mr. Bank of Dallas since January 1, 1953, died on R. R. Gilbert who retired effective September 1, February 18, 1954. 1953. Mr. C. W. Burges, Vice President and Cashier, 251 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT EVENTS AND ANNOUNCEMENTS Security National Bank, Edgeley, North Dakota, New Yor\ who had served as a Class A director of the Fed- Alden—Alden State Bank. eral Reserve Bank of Minneapolis since January 1, Texas 1949, died on February 28, 1954. Kountze—Peoples State Bank of Kountze. Admissions of State Banks to Membership in the Tables Published Annually and Semiannually, with Federal Reserve System Latest BULLETIN Reference The following State banks were admitted to Semiannually Issue Page membership in the Federal Reserve System during Banking offices: the period January 16, 1954 to February 15, 1954: Analysis of changes in number of... Feb. 1954 210 On, and not on, Federal Reserve Par List, number of Feb. 1954 211 California Annually Los Angeles—Occidental Savings & Commercial Earnings and expenses: Federal Reserve Banks Feb. 1954 208-209 Bank (North Hollywood). Member banks: Calendar year May 1953 536-546 First half of year Oct. 1953 1114 Nevada Insured commercial banks May 1953 547 Banks and branches, number of, by Las Vegas—Bank of Las Vegas. class and State May 1953 548-549 Operating ratios, member banks Aug. 1953 904-906 REVISED EDITION OF BOOK ON FEDERAL RESERVE SYSTEM A second complete revision of The Federal Reserve System—Its Purposes and Functions will be available for distribution by the Board of Governors about mid-April. The period formerly covered by the text has been extended into 1953, and new material on credit markets, interest rates, and reserve banking influence on economic stability has been included. The new edition, like the first edition in 1939 and the revised edition in 1947, is intended to provide a better public understanding of the organization and range of operations of the Federal Reserve System, of its trusteeship for the nation's credit and monetary machinery, and of its function in helping to further stable economic progress. The text has been written primarily for students, bankers, businessmen, and others who need a broad statement of the services rendered by the Federal Reserve System to the economy of the United States, and does not purport to be an exhaustive account of Federal Reserve activities. The book is being made available without charge. Requests for delivery upon publication should be addressed to the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. 252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 12 and released for publication March 15] Industrial output and employment declined fur- showed a small further decline last month. Prother in February, while construction activity con- ducers' and military equipment output generally tinued at unusually high levels for this season. Re- declined somewhat further. tail sales rose somewhat reflecting mainly an increase Output of nondurable goods was maintained in in auto sales. Prices of industrial materials weak- February, as textiles, apparel, and leather products ened somewhat further in February but in early apparently showed about the usual large seasonal March some materials strengthened. Average whole- pick-up. Activity in the petroleum and chemical sale commodity prices continued to change little industries was maintained. Paper output also conthroughout the period. Money rates generally eased tinued strong, while paperboard production defurther. clined moderately. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial production failed to show the usual A sharp increase in construction contracts seasonal pick-up in February, and the Board's pre- awarded in the last week of February resulted liminary seasonally adjusted index declined 2 points in a monthly total moderately larger than in Janufurther to 123 per cent of the 1947-49 average. ary and substantially larger than a year earlier. The In February a year ago, the index was 134. February rise reflected chiefly increased awards for Activity in durable goods industry declined fur- most types of public construction. Expenditures ther in February, after allowance for usual seasonal for new work put in place in February, seasonally changes, reflecting mainly continued moderate re- adjusted, advanced slightly further as all major ductions in primary metals and over-all metal fabri- categories of construction, except military, increased cating activity. Steel output, which had been around or continued at a high level. New housing starts 75 per cent of capacity in January and February, in February are estimated to have increased more declined to about 70 per cent in early March. Ac- than seasonally to a seasonally adjusted annual rate companying a pick-up in sales, auto output rose of nearly 1.2 million units, slightly below a year ago. after early February; in the first two weeks of March, however, auto output declined moderately. EMPLOYMENT Output of household durable goods apparently Seasonally adjusted employment in nonagricultural establishments continued to decline in Febru- INDUSTRIAL PRODUCTION ary, reflecting further reductions in manufacturing industries accompanied by continued over-all stability in nonmanufacturing lines. The average workweek at factories, at 39/4. hours, was virtually unchanged from January, following earlier substantial declines. Unemployment increased considerably further in February. DISTRIBUTION Seasonally adjusted sales at department stores, which had declined further in January, rose somewhat in February and were near the level of a year ago. Total sales at retail stores also rose somewhat in February, after allowance for seasonal and 1 1 l.nmmjil 80 UjJUl 11111 • 11 • 11111 i 11111 • 111111111 1 trading day differences, reflecting mainly substan- Federal Reserve indexes. Monthly figures, latest shown are tially increased sales of both new and used cars. for February. MARCH 1954 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS Stocks at department stores declined further in cities declined somewhat in late February and early January and were below the year-ago level for the March. Business loans were reduced further and first time since late in 1952. bank holdings of U. S. Government securities also declined. In mid-February, commercial banks COMMODITY PRICES lengthened considerably their Government secu- The average level of wholesale commodity prices rity portfolios by exchanging maturing or called continued to change little in February and early securities for 7% year, 2J/2 per cent bonds. Bank March. Farm products increased slightly. Wheat holdings of corporate and State and local governprices rose further, and feed grains and livestock ment securities have increased in recent weeks. were well maintained. Prices of coffee and cocoa Bank reserve positions continued relatively easy advanced considerably further. Prices of industrial in late February and early March. On the average, materials showed some weakness in February, with member bank excess reserves exceeded borrowings steel scrap, lead, zinc, textiles, hides, and petroleum from the Federal Reserve by about 350 million products declining. In early March, however, tex- dollars. tiles, hides, and lumber firmed and nonferrous 1 metals generally advanced. SECURITY MARKETS Consumer prices advanced slightly in January. Yields on most Government bonds declined fur- While prices of foods and transportation increased ther in the last half of February and the first few somewhat, apparel and housefurnishings declined. days of March, but subsequently leveled off. Cor- Average retail food prices changed little in Februporate and municipal bond yields have declined ary. further since mid-February. In early March the BANK CREDIT AND RESERVES Treasury announced for payment on March 22 an Total loans and investments at banks in leading offering of 1.5 billion dollars of tax anticipation bills maturing in June. PRICES AND TRADE Per cen, 1947-49 - 100 WHOLESALE PRICES MONEY RATES - 120 yi /""CONSUMER r lOMM A O LL D ITIES \ u/,y/ , - 100 sf' PRICES - loo — PRODUCTS ,,,,!,,,, 1 In., , , , , DEPARTMENT STORE TRADE INCOME/.^ *"* w 1 \ STOCKS /V —120 TOTAL RETAIL SALES ' *$ SALES 100 1,1.1,.minm.! .nMlin.n.,.,,1,.,IIU,. .jjpn.n.l ....I...... LiHM.ml iy, 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 Figures except for Federal Reserve discount rate are weekly trade, Federal Reserve. "Other" wholesale prices exclude average market yields. Treasury bill rates are for longest bills. processed foods, included in total but not shown sparately. "U. S. Govt. long-term" excludes 3J4 per cent bonds issued Monthly figures, latest shown: January for income and depart- May 1, 1953. Corporate Aaa bonds, Moody's Investors Service; ment store stocks; February for other series. February con- high-grade municipal bonds, Standard and Poor's Corporation. sumer prices estimated by Federal Reserve. Latest figures shown are for week ending March 6. 254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 257-258 Federal Reserve Bank rates; margin requirements; reserve requirements 258-259 Reserves and deposits of member banks 260 Federal Reserve Bank statistics 261-263 Regulation V: guaranteed loans, fees, and rates 263-264 Bank debits and deposit turnover; Postal Savings System 264 Money in circulation 265 Consolidated statement of the monetary system; deposits and currency. . 266 All banks in the United States, by classes 267-269 All commercial banks in the United States, by classes 270-271 Weekly reporting member banks 272-273 Commercial paper and bankers' acceptances 274 Life insurance companies; savings and loan associations 275 Government corporations and credit agencies 276-277 Security prices and brokers' balances 278 Money rates; bank rates on business loans; bond and stock yields 279 Treasury finance 280-285 New security issues 286 Business finance 287-288 Real estate credit statistics 289-291 Statistics on short- and intermediate-term consumer credit 292-294 Business indexes 295-304 Merchandise exports and imports 304 Department store statistics 305-309 Consumer and wholesale prices 310-311 Gross national product, national income, and personal income 312-313 List of tables published in BULLETIN annually or semiannually, with references for latest data 252 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 arc 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 arc 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. MARCH 1954 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesdoy Figures, 1946-1950, Weekly Averages of Daily figures, 1951- Billions of Dollars 25 . EAV.K3J KOEKVE3 J^fJ^^ 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Feb. 24. See p. 258. 256 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U.S. Govt. securities T u re ry as- Money Treas- w re i s th e r F ve . R b . a l B an a c n e k s s , O F t e h d e - r reserve balances Date Total B r o o ig u u h t g - t ht u r c a H e h n g p e a d r l e u s e d e e r r - - c v o D a a a u n n d i n s c d - - e ts s Float o A th ll - Total s G to o c ld k s r t o e c a i n u n u n g c r t d - - y - c t c u i i i o n l r a n - - h c i u n o a r g l s y d h s - Tr u d e e r a - y s- F e d o i e g r - - n O p d e o t e r h s - - - c s o e R e a r u r c e a v n - - l e ts Total qui R r e- ed2 c E es x- s 2 ment posits posits its Wednesday 24,391 24,034 357 1,336 965 26,695 23,137 4,814 30,153 ,280 622 570 343 776 20,902 20,309 593 24,205 24,034 171 1,076 881 26,166 23,137 4,814 29,884 ,280 455 699 364 776 20,660 20,274 386 24,034 24,034 862 1,005 25,904 23,088 4,814 29,687 ,291 343 622 348 77420,741 20,255 486 23,970 23,970 1,307 728 26,009 23,036 4,815 29,592 ,298 745 612 337 77520,502 20,095 407 23,989 23,888 101 1,385 770 26,148 22,935 4,820 29,657 ,331 672 562 326 77020,584 19,956 628 23,929 23,888 41 1,329 649 25,912 22,832 4,820 29,776 ,312 431 558 340 77020,376 19,894 482 23,890 23,888 732 1,023 25,648 22,722 4,821 29,654 ,288 395 458 244 83520,318 19,979 339 23,853 23,853 806 743 25,406 22,662 4,821 29,735 ,291 389 454 211 83419,975 19,791 184 23,853 23,853 824 1,062 25,742 22,662 4,824 29,772 ,295 488 512 240 830 20,090 19,840 250 23,853 23,853 1,315 770 25,941 22,611 4,824 29,780 ,299 331 581 345 829 20,212 19,821 391 23,963 23,963 1,009 1,202 26,178 22,612 4,826 29,708 ,305 8 496 381 85220,865 20,002 863 23,869 23,869 705 810 25,387 22,562 4,826 29,600 ,306 7 511 351 85220,148 19,854 294 Apr. 1... 23,806 23,806 465 748 25,023 22,563 4,827 29,754 ,304 286 550 344 86919,305 19,518 -213 Apr. 8... 23,806 23,806 908 709 25,427 22,562 4,828 29,780 ,300 329 568 343 86819,629 19,472 157 Apr. 15. .. 23,821 23,806 15 868 856 25,549 22,562 4,833 29,753 ,278 341 574 200 86519,932 19,560 372 Apr. 22... 23,806 23,806 842 743 25,395 22,562 4,834 29,722 ,279 509 585 356 86419,476 19,481 -5 Apr. 29. .. 23,806 23,806 837 581 25,227 22,562 4,836 29,787 ,278 367 518 401 78419,489 19,395 94 May 6... 23,860 23,806 54 933 647 25,443 22,561 4,840 29,863 ,285 214 517 374 78019,811 19,386 425 May 13... 23,879 23,851 28 1,264 684 25,831 22,561 4,841 29,845 ,285 428 618 366 780 19,912 19,282 630 May 20... 23,922 23,891 31 530 832 25,288 22,562 4,844 29,795 ,282 145 584 286 77719,824 19,312 512 May 27... 24,088 23,963 125 571 645 25,308 22,536 4.845 29,825 ,284 355 504 238 77719,706 19,298 408 June 3... 24,121 24,071 50 507 785 25,418 22,536 4,849 29,980 ,282 137 520 253 902 19,729 19,209 520 June 10... 24,637 24,632 454 646 25,741 22,537 4,850 30,003 ,289 6 587 173 90220,168 19,449 719 June 17... 25,154 25,154 286 1,213 26,656 22,513 4,851 29,970 ,276 8 598 252 958 20,958 19,778 1,180 June 24... 24,837 24,837 317 619 25,776 22,487 4,851 29,929 ,272 8 615 158 960 20,173 19,594 579 July 1. . . 24,766 24.766 245 737 25,752 22,463 30,152 ,269 176 521 174 94919,828 19,113 715 July 8.. . 24,964 24,964 341 677 25,984 22,438 30,279 ,266 431 488 176 94819,690 19,002 688 July 15.. . 24,964 24,964 200 756 25,923 22,374 30,163 ,264 640 561 179 94719,397 18,253 1,144 July 22... 24,964 24,964 521 777 26,265 22,276 30,051 ,267 539 525 323 19,742 19,098 644 July 29. . . 24,964 24,964 747 588 26,301 22,277 4,853 30,044 ,264 841 547 343 86319,529 19,014 515 Aug. 5... 24,964 24,964 561 625 26,153 22,227 4,858 30,139 ,276 460 557 332 860 19,614 18,959 655 Aug. 12 . . . 24,964 24,964 776 609 26,352 22,228 4,859 30,158 ,275 675 551 329 85919,593 18,942 651 Aug. 19. .. 25,008 24,989 19 815 751 26,577 22,228 4,861 30,145 ,280 738 610 390 86219,641 18,865 776 Aug. 26. . . 25,017 24,989 28 524 587 26,131 22,228 4,862 30,105 ,273 669 518 354 86219,440 18,860 580 Sept. 2 . . .25,067 25,014 53 391 610 26,071 22,178 30,240 ,278 541 538 333 85919,325 18,884 441 Sept. 9. . .25,126 25,034 92 491 559 26,179 22,178 30,479 ,274 574 569 363 85919,104 18,731 373 Sept. 16... 25,207 25,084 123 311 943 26,464 22,178 30,335 ,278 356 507 381 88219,771 18,885 886 Sept. 23 . . .25,185 25,185 228 813 26,228 22,179 869 30,210 ,277 619 543 259 88119,486 18,868 618 •Sept. 30. . .25,235 25,235 329 685 26,252 22,128 4,872 30,275 ,283 642 512 352 880 19,309 18,816 493 Oct. 7... 25,348 25,348 281 606 26,238 22,128 4,872 30,374 ,284 524 484 370 89919,303 18,757 546 Oct. 14... 25,363 25,348 15 271 685 26,322 22,128 4,873 30,412 ,271 348 461 375 89919,557 18,728 829 Oct. 21. .. 25,348 25,348 260 826 26,437 22,077 4,874 30,305 ,270 530 461 358 89719,567 18,817 750 Oct. 28... 25,348 25,348 359 599 26,309 22,077 4,874 30,268 ,282 644 471 366 89519,334 18,796 538 25,447 25,398 49 822 559 26,830 22,076 4,877 30,428 1,283 664 453 376 801 19,779 18.845 934 25,123 24,958 165 365 622 26,111 22,077 4,878 30,540 784 322 449 534 80819,630 19,026 604 24,958 24,958 594 933 26,487 22,076 4,878 30,487 786 503 419 398 80520,044 19,187 857 25,022 24,993 ' *29 768 636 26,428 22,027 4,879 30,691 777 522 429 335 80519,775 19,150 625 25,081 25,043 38 427 792 26,302 22,028 ,882 30,791 774 526 431 339 87819,474 19,161 313 25,345 25,143 202 727 606 26,681 22,028 ,883 30,904 778 488 491 331 88019,720 19 ,053 667 25,457 25,243 214 268 1,193 26,921 22,028 ,884 30,953 769 224 464 259 936 20,229 19,309 920 25,886 25,318 568 435 1,369 27,692 22,029 ,886 31,156 763 799 461 427 93720,064 19,297 767 25,902 25,318 584 100 973 26,977 22,029 4,889 30,890 773 377 474 380 936 20,066 19,364 702 25,384 25,318 66 170 963 26,519 22,029 4,890 30,591 770 222 440 397 836 20,184 19,390 794 25,318 25,318 156 754 26,230 22,030 4,890 30,284 775 86 500 441 836 20,228 19,250 978 25,364 25,364 70 977 26,412 22,006 4,890 30,083 782 5 443 286 874 19,335 1,539 24,661 24,661 110 722 25,495 22,006 4,890 29,900 795 236 493 278 831 859 19,217 642 24,774 24,717 515 569 25,860 21,956 4,899 29,930 807 457 477 345 82919,870 19,089 781 24,863 !4,806 440 509 25,815 21,957 4,902 29,923 818 638 473 338 82819,654 18,937 717 24,S06 24,806 291 798 25,897 21,957 4,905 29,821 820 533 482 346 91219,845 ^18,946 ?899 24,559 24,559 249 503 25,312 21,958 4,906 29,838 824 509 461 359 19,273 P18.869 P404 23,876 23,853 23 1,309 1,006 26,194 22,662 4,824 29,793 1,284 336 511 412 83320,511 19,796 715 23,806 23,806 485 632 24,927 22,563 4,829 29,754 1,293 222 536 342 85019,322 19,607 -285 23,880 23,806 "74 1,014 649 25,546 22,562 4,841 29,842 1,269 393 506 416 78319,740 19,389 351 24,246 24,031 215 731 607 25,589 22,537 4,849 29,951 1,272 221 515 171 77520,069 19,263 806 24,746 24,718 28 64 601 25,414 22,463 4,854 30,125 1,259 132 527 176 951 19,561 19,459 102 24,964 24,964 644 565 26,176 22,277 4,859 30,120 1,263 548 566 346 86219,607 19,017 590 25,063 24,989 "74 343 549 25,958 22,178 4,867 30,248 1,269 496 524 325 862 19,278 18,802 476 25,235 25,235 329 685 26,252 22,128 4,872 30.275 1,283 642 512 352 880 19,309 18,816 493 25,348 25,348 413 787 26,550 22,077 4,879 30,398 1,275 654 448 468 80219,460 18.826 634 25,095 24,993 102 369 667 26,133 22,028 4,885 30,807 766 451 417 367 80419,434 19,087 347 25,916 25,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 24,640 24,640 156 640 25,437 21,956 4,899 29,981 793 405 440 459 83019,384 19,016 368 24,509 24,509 350 827 25,688 21,958 ?4,910 ^29,897 542 490 491 90919,412 P18.941 P471 P Preliminary. For footnotes see following page. MARCH 1954 257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re i s th e rv F e . R ba . la B n a c n e k s s , O F t e h d e - r reserve balances p D e o r a i r t o e d Total B r o o ig u u h g t- t ht u r c a H e n h g p e d a r l u e s e d e e r r - - v c D o a a a n n u d is c d n - - e ts s Float o e A t r l h i l - Total s G to o c ld k s r o c e t i a n u n u n g r c t- - d y - c t c u i i i o n l r a n - - h c i u n o a r l g s d y h s - T p u o d r r e s e i y - a t s s - p F e o d i o g s e r i - n t - s O p d i e o t t e r s h s - - - c s o o e R e a r r u r c e a v - n - ii e ts Total qu R ir e e - d2 c E es x s - * ment End of month: 1929—June. 216 148 68 1,037 52 95 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 54 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec> 2,484 2,484 7 91 11 2,593 17,644 2,963 7,598 2,409 634 397 256 251 11,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 10 2,361 22,737 3,247 11,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec..24,262 24,262 249 578 2 25,091 20,065 4,33928,515 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec..22,559 22,559 85 535 1 23,181 22,754 4,56228,868 1,336 870 392 569 563 17,899 16,400 1,499 1948—Dec..23,333 23,333 223 541 1 24,097 24,244 4,58928,224 1,325 1.123 642 547 590 20,479 19,277 1,202 1949—Dec.. 18,885 18,885 78 534 2 19,49924,427 4,59827,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec..20,778 20,725 53 67 1,368 3 22,216 22,706 4,63627,741 L,293 668 895 565 714 17,681 16.509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 5 25,00922,695 4,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—June.22,906 22,764 142 59 581 5 23,551 23,346 4,75429,026 L.283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 4 25,825 23,187 4,812 30,433 1,270 389 550 455 777 19,950 20,520 -570 1953—June.24,746 24,718 28 64 601 3 25,41422,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages • of daily figures Monthly: 1953—Feb.. 23,918 23,875 43 1,336 822 4 26,08022,797 4,821 29,718 1,299 500 526 336 800 20,520 19,882 638 Mar. 23,892 23,878 14 1,220 909 4 26,025 22,606 4,82529,752 1,296 244 530 378 841 20,416 19,828 588 Apr.. 23,861 23,806 55 1,184 843 4 25,892 22,562 4,83229,782 1,281 395 563 397 861 20,007 19,472 535 May. 23,973 23,881 92 955 750 4 25,682 22,557 4,84329,869 1,279 356 552 350 779 19,897 19,306 591 June. 24,748 24,729 19 433 776 3 25,96022,514 4,851 30,011 L.273 52 566 203 933 20,287 19,499 788 July. 24,955 24,943 12 428 737 3 26,123 22,366 4,85330,165 1,264 545 537 239 939 19,653 18,869 784 Aug.. 25,000 24,974 26 658 660 3 26,322 22,226 4,86030,167 ,273 656 548 376 861 19,526 18,882 644 Sept. 25,168 25,097 71 468 771 3 26,41022,176 4,86730,328 1,273 537 538 354 871 19,552 18,834 718 Oct.. 25,344 25,341 3 367 800 3 26,514 22,102 4,87330,366 1,274 557 463 406 889 19,536 18.784 752 Nov. 25,172 25,078 94 494 744 3 26,413 22,057 4,87830,555 915 497 434 424 805 19,718 19,035 683 Dec. 25,639 25,218 421 448 1,018 2 27,107 22,028 4,88530,967 767 602 466 390 908 19,920 19,227 693 1954—Tan. .25,263 25,149 114 118 861 2 26,243 22,015 4.891 30,282 778 201 453 422 834 20,179 19,243 936 Feb.. 24,770 24,729 41 308 667 2 25,746 21,957 4,90329,903 811 568 470 429 870 19,557 Weekending: 1953 Dec. 2 25,054 25,003 51 612 725 3 26,39322,027 4,881 30,759 775 491 436 378 826 19,637 19,100 537 Dec. 9 25,252 25,084 168 678 714 2 26,647 22,027 4,88330,872 775 521 450 369 879 19,691 19,081 610 Dec 16.... 25,553 25,207 346 449 844 2 26.848 22,028 4,88430,942 770 381 501 343 896 19,926 19,232 694 Dec. 23.... 25,823 25,303 520 518 1,377 2 27,721 22,028 4,88531,086 758 921 462 438 937 20,032 19,284 748 Dec. 30 26,052 25,318 734 226 1,206 2 27,486 22,029 4,88731.051 763 652 471 406 938 20,121 19,308 813 1954 Jan. 6 25,786 25,318 468 111 987 2 26,886 22,029 4,891 30,721 769 328 431 525 838 20,194 19,367 827 Jan. 13 25,438 25,318 120 155 775 2 26,370 22,030 4,89030,457 771 334 469 444 837 19,978 19,199 779 Jan. 20.... 25,316 25,316 87 940 2 26,344 22,023 4,89030,199 773 12 449 425 834 20,566 19,292 1,274 Jan. 27.... 24,958 24,958 91 880 2 25,93022,006 4,89029,999 788 46 466 322 832 20,374 19,236 1.138 Feb. 3.... 24,662 24,654 8 226 558 2 25,447 21,963 4,89829,965 799 405 450 372 830 19,487 19,059 428 Feb. 10.... 24,869 24,803 66 375 552 2 25,798 21,956 4,90029,941 807 589 458 371 829 19,659 18,986 673 Feb. 17... 24,895 24,806 89 316 702 2 25,916 21,957 4,90429,915 811 627 488 503 864 19,569 P18.923 P646 Feb. 24 24,723 24,723 215 796 2 25,735 21,957 4,905 29,836 815 558 461 448 912 19,569 P18.892 P677 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2These figures are estimated. Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication., MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] Nov. 1, 1933-Feb. 1,1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935Dec. 31, 1935 Jan. 1,1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20. 1951 1953 1953 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months. .. and dealers on listed securities 50 75 50 In less than 90 days For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a, banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C., the market value (100%) and the maximum loan value. effective Feb. 1. 1936, are the same as those in effect for member banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 258 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] obligations of the U. S. (Sees. 13 and 13a)* (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Feb. 28 beginning— rate Feb. 28 beginning— rate Feb. 28 beginning- rate Boston Feb. 5,1954 Feb. 5, 1954 V 2% Feb. 5, 1954 New York.. .. Feb. 5,1954 Feb. 5, 1954 2Y2 2 3 Jan. 16, 1953 Philadelphia. . Feb. 5,1954 Feb. 5, 1954 2V2 V Jan. 16, 1953 Cleveland Feb. 15,1954 Feb.15, 1954 Aug. 17, 1953 Richmond. . . Feb. 12,1954 Feb.12, 1954 2Y Jan. 23, 1953 A Ch tl i a c n ag ta o F F e e b b . . 1 9 1 , , 1 1 9 9 5 5 4 4 F Fe e b b . . 1 9 1, , 1 9 1 5 9 4 54 3¥ A Fe u b g . . 1 9 3 , , 1 1 9 9 4 5 8 4 St. Louis Feb. 5,1954 Feb. 5, 1954 y May 18, 1953 Minneapolis. . Feb. 5,1954 Feb. 5, 1954 2 Jan. 26, 1953 Kansas City. . Feb. 12,1954 Feb.12, 1954 2)4 3 Jan. 16, 1953 S D a a n l la F s rancisco F F e e b b . . 1 5 5 , ,1 19 9 5 5 4 4 F Fe e b b . .1 5 5 , , 1 1 9 9 5 5 4 4 2 2 % V2 2 5i J J a a n n . . 2 2 3 0 , , 1 1 9 9 5 5 3 3 2U 3 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporation! under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits * Maturity Feb. 28 ginning— rate Time 91 1 - - 12 9 0 0 d d a a y y s s 1 K F F e e b b . . 5 5 , , 1 1 9 9 5 5 4 4 2 2 V \i s Ef o f f e ct c iv h e a n d g a e te C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m d b e e a p ( m n a o k l b s l s i e ) t r ! 121-180 days 2 Feb. 5, 1954 2% banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21. 13 10 S an ta c t e is s t ic p s a , ya T b a l b e l e i n 1 1 d 7 o , ll p a p r . s . 4 43 B - a 4 c 4 k 5 . figures.—See Banking and Monetary 1 1 9 9 3 3 6 7 — — A M u a g r . . 1 1 6 . . 2 1 2 9 H % 1 1 5 7 May 1. 26 20 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. 22M 17 12 OF THE FEDERAL RESERVE ACT 1941—Nov. 1. 26 20 14 Maturities not exceeding five years 1942—Aug. 20. 24 [In effect February 28. Per cent per annum] Sept. 14. 22 Oct. 3. 20 To industrial or 1948—Feb. 27. 22 commercial To financing institutions June 11. 24 businesses Sept. 16. 16 Sept. 24. 26 22 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 1949— J M M u a n a y y e 3 5 0 1 . . . 24 2 2 1 0 15 2 » « 7 7 6 Bank lo O an n s i co m m O e m n n t i s t- fo P r o r w ti h o i n ch Re- c m o O m en n m ts it- J A A u u u ly g g . . 11 1 1 . . . 1 1 3 4 8 26 5 institu- maining Aug. 16. 12 25 tion is portion Aug. 18. 23 19 obligated Aug. 25. 22J 18> Sept. 1. 22 18 N Bo ew st o Y n ork (2) 1951— J J a a n n . . 1 16 1 . . 23 19 13 * 26 6 Philadelphia 8 Jan. 25. 24 Cleveland Feb. 1. 14* Richmond Atlanta 1953—July 1 . 13 Chicago July 9. 22 19 St. Louis 1H-2H Minneapolis (2) In effect Mar. 1, 19544 22 19 13 Kansas City.... Dallas demand deposits subject to reserve requirements, which beginning San Francisco... Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Including loans made in participation with financing institutions. Apr. 13, 1943-June 30, 1947). 2 Rate charged borrower less commitment rate. 2Requirement became effective at country banks. • Rate charged borrower. 4Rate charged borrower but 3 Requirement became effective at central reserve and reserve city not to exceed 1 per cent above the discount rate. banks. 'Charge of ^ per cent per annum is made on undisbursed portion * Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, •Charge of \i per cent per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MARCH 1954 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city banks i New Chi- banks banksi banks1 New Chi- banks banki* York cago York cago Total reserves held: Excess reserves: 1952—November 20,744 5,201 1,367 8,172 6,004 1952—November .. 657 8 102 547 December 21,180 5,357 1,406 8,323 6,094 December 723 30 —4 120 576 1953—January 20,958 5,184 1,379 8,277 6,118 1953—January 707 5 -6 119 589 No vem ber 19 718 4 730 1 288 7 849 5 852 November 684 19 87 579 December 19,920 4,762 1,295 7,962 5,901 December 693 14 1 85 594 1954—January 20,179 4,863 1,320 8,065 5,932 1954—January 936 146 7 162 621 Jan 20 20,566 4,946 1,335 8,216 6,069 Jan. 20 1,274 259 22 246 747 Jan. 27 20,374 5,048 1,320 8,078 5,929 Jan. 27 1,138 331 13 175 619 Feb 3 19,487 4,691 1,289 7,802 5,705 Feb 3 428 -11 -13 14 438 ' Feb. 10 19,659 4,664 1,295 7,865 5,835 Feb. 10... 673 9 10 97 557 1 Feb. 17 19,569 4,630 1,259 7,817 5,863 Feb. 17 P646 7 -12 67 Feb. 24 19,569 4,701 1,268 7,799 5,802 Feb. 24 P677 76 2 73 *526 Borrowings at Federal Required reserves:2 Reserve Banks: 1952—November 20,087 5,193 1,367 8,070 5,458 195 2—November 1,532 198 266 862 206 December 20,457 5,328 1,409 8,203 5,518 December 1,593 486 232 639 236 1953—January 20,251 5,180 1,385 8,157 5,529 1953—January 1,347 320 335 529 163 November 19,034 4,711 1,288 7,762 5,272 November. . . 487 78 24 270 US December 19,227 4,748 1,295 7,877 5,307 December 441 115 37 184 105 1954—January 19,243 4,717 1,313 7,903 5,311 1954—January 101 1 59 41 Jan 20 19,291 4,687 1,313 7,969 5,322 Jan. 20 71 31 40 Jan. 27 . .. 19,237 4,717 1,307 7,903 5,310 Jan. 27 76 1 39 36 Feb 3 19,059 4,702 1,302 7,788 5,267 Feb 3 211 10 34 120 47 Feb. 10 18,987 4,656 1,285 7,768 5,278 Feb. 10 . 360 105 53 153 49 Feb. 17 P18.923 4,623 1,271 7,750 P5.279 Feb. 17 301 27 56 131 87 Feb 24 P18.892 4,624 1,266 7,726 P5,276 Feb. 24 200 2 18 122 58 v Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 2 Reserve requirements were reduced in July 1953; see table on preceding page. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago January 1954 January 1953 Gross demand deposits: Total 111,052 23,121 6,278 43,201 38,453 109,906 23,174 6,108 42,662 37,962 Interbank 13,461 4,171 1,328 6,688 1,274 13,153 4,097 1,263 6,537 1,256 Other 97,591 18,950 4,950 36,512 37,178 96,753 19,078 4,844 36,126 36,706 Net demand deposits2 96,003 20,639 5,626 37,072 32,667 95,627 21,021 5,475 36,773 32,357 Time deposits 36,247 2,944 1,246 14,320 17,737 33,452 2,243 1,187 13,380 16,642 Demand balances due from domestic banks... 6,890 51 129 2,153 4,556 6,551 46 118 1,987 4,401 Reserves with Federal Reserve Banks: Total 20,179 4,863 1,320 8,065 5,932 20,958 5,184 1,379 8,277 6,118 Required3 19,243 4,717 1,313 7,903 5,311 20,251 5,180 1,385 8,157 5,529 Excess 936 146 7 162 621 707 5 -6 119 589 Borrowings at Federal Reserve Banks 101 59 41 1,347 320 335 529 163 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Reserve requirements were reduced in July 1953; see table on preceding page. 260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1954 1954 1953 Feb. 24 Feb. 17 Feb.10 Feb. 3 Jan. 27 Feb. Jan. Feb. Assets Gold certificates 20,389,100 20,384,101 20,384,105 20,384,102 20,429,102 20,389,102 20,384,1 Redemption fund for F. R. notes. . 880,654 883,228 886,746 890,003 890,118 880,653 890,116 Total gold certificate reserves. 21,269,754 21,267,329 21,270,851 21,274,105 21,319,220 21,269,755 21,274,219 21 Other cash 447,338 453,541 449,684 462,871 467,496 459,656 472,786 Discounts and advances: For member banks 233,547 276,231 425,451 500,245 95,466 335,277 140,676 Ind F u o s r tr n i o a n l m lo e a m ns ber banks, etc.. 15,000 15,000 15,000 15,000 1 1 5 , , 8 0 9 0 5 0 15,000 15,000 U. S. Government securities: 1,593 1,846 1,848 1,942 1,772 1,865 Bought outright: Bills 1,837,775 2,084,575 2,084,575 1,995,575 1,939,000 1,787,775 1,918,000 560,954 Certificates: Special Other 6,051,191 6,051,191 5,816,541 5,816,541 ,816,541 6,051, 5,816,541 ,995,716 Notes 13,029,021 13,029,021 13,263,671 13,263,671 13,263,671 13,029 13,263,671 ,773,671 Bonds 3,641,150 3,641,150 3,641,150 3,641,150 ,641,150 3,641. 3,641,150 ,521,975 Total bought outright 24,559,137 24,805,937 24,805,937 24,716,93724,660,36224,509,137 24,639,362 23, 852,316 Held under repurchase agreement. 56,900 56,900 23,000 Total U. S. Government securities 24,559,137 24,805,937 24,862,83724,7733,837 24,509,137 24,639,362 23,875,316 Total loans and securities 24,809,277 25,099,014 25,305,136 25,291,024 24,772,723 24,861,186 24,796,903 25,188,293 Due from foreign banks.... 22 22 22 22 22 22 22 23 F. R. notes of other Banks. 182,430 181,625 168,057 206,050 219,444 182,856 218,954 184,032 Uncollected cash items. . . . 3,796,975 4,698,580 3,498,669 3,541,629 ,892,209 3,723 3,501,445 ,996,508 Bank premises 52,875 52,932 52.817 52,800 52,890 52815 52 49,163 Other assets 137,657 129,083 205,441 195,627 187,299 142 139 191 170,231 Total assets. 50,696,328 51,882,12650,950,67751,024,12850,911,303 50,509,02951,493,329 Liabilities Federal Reserve notes 25,697,813 25,681,82325,771,59125,824,63325,805,09225,756,83525,885,17125,680,584 Deposits: Member bank—reserve accounts 19,273,25319,844,86719,654,26219,869,52119,858,99219,412,38719,384,06520510,720 U. S. Treasurer—general account 508,919 533,458 637,720 457,203 235,729 541,544 405,287 336,300 Foreign 461,191 482,090 473,406 476,996 492,600 489,792 439,753 510,967 Other 359,365 345,606 337,946 345,037 277,903 490,653 458,834 411,591 Total deposits. 20,602,728 21,206,021 21,103,334 148,757 20,865,224 20,934,376 20,687,939 21,769,578 Deferred availability cash items 3,294,082 3,900,380 2,989,301 972,836 3,169,923 2,896,772 2,861,024 ,990,811 Other liabilities and accrued dividends. 17,581 16,390 16,515 15,097 16,722 15,994 15,994 17,001 Total liabilities. 49,612,204 50,804,614 49,880,741 49,961,323 49,856,961 49,603,977 49,450,128 50,457,974 Capital Accounts Capital paid in 269,573 269,315 268,666 268,419 267,183 269,656 267,301 256,543 Surplus (Section 7) 625,013 625,013 625,013 625,013 625,013 625,013 625,012 584,676 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 161,995 155,641 148,714 141,830 134,603 165,766 139,045 166,593 Total liabilities and capital accounts 50,696,328 51,882,12650,950,677 51,024,128 50,911,303 50,691,955 50,509,029 51,493,329 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.4 45.4 Contingent liability on acceptances purchased for foreign correspondents 10,283 12,751 14,498 16,332 18,267 9,741 17,393 27,518 Industrial loan commitments 3,315 3,135 3,126 3,425 3,513 3,146 3,533 2,817 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 248,547 291,231 440,451 515,245 110,466 350,277 155,676 ,308,951 Within 15 days 232,557 265,231 414,501 491,130 89,641 329,012 134,101 ,076,142 16 days to 90 days 15,990 26,000 25,950 24,115 20,825 21,265 21,575 232,801 91 days to 1 year 8 Industrial loans—total , 1,593 1,846 1,848 1,942 1,895 1,772 1,865 4,026 Within 15 days 254 291 268 307 331 266 320 628 16 days to 90 days 394 403 391 643 588 391 552 718 91 days to 1 year 871 1,078 1,114 914 898 1,041 914 2,315 Over 1 year to 5 years 74 74 75 78 78 74 79 365 U. S. Government securities—total. 24,559,13724,805,93724,862,83724,773,83724,660,36224,509,13724,639,36223,875,316 Within 15 days 432,700 483,700 4,219,950 ,185,950 482,000 262,700 ,979,550 23,000 16 days to 90 days ,405,075 ,600,875 1,843,725 ,788,725 ,379,200 ,525,075 ,860,650 560,954 91 days to 1 year 874,141 ,874,141 9,855,241 ,855,241 855,24113,874,141 ,855,241 ,207,691 Over 1 year to 5 years 057,964 ,057,964 6,154,664 ,154,664 154,664 6,057,964 ,154,664 ,655,200 Over 5 years to 10 years 374,400 ,374,400 1374,400 ,374,400 374,400 ,374,400 ,374,400 ,070,224 Over 10 years , 414,857 ,414,857 1414,857 ,414,857 414,857 ,414,857 ,414,857 ,358,247 ^Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 261 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1954 [In thoiisands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates.20,389,102 1,031,827 5,530,2601,273,4211,744,3451,039,743 935,7203,691,555 845,956 486,128 866,223 764,3002,179,624 Redemption fund for F. R. notes. 880,653 53,944 180,106 59,248 81,056 68,705 57,908 150,223 49,018 25,383 41,141 30,105 83,816 Total gold certificate reserves. . 21,269,755 1,085,771 5,710,3661,332,6691,825,4011,108,448 993,6283,841,778 894,974 511,511 907,364 794,4052,263,440 Other cash 459,656 35,182 93,251 30,970 38,607 26,115 39,430 77,931 27,461 8,611 16,798 17,606 47,694 Discounts and advances: Secured by U. S. Govt. securities. . . 330,802 13,595 11,955 5,590 7,102 19,925 34,750 73,080 9,950 5,245 17,225 20,050 112,335 Other 19,475 915 4,350 1,110 1,680 765 2,645 2,085 570 375 570 2,880 1,530 Industrial loans 1 772 1,376 30 250 116 U. S. Government securities: Bought outright 24,509 1371,349 571 6,309,3381,476,7742,080 5561,453,3921 253 6184 235 9631 031 124 604 9101 068 182 973 5762 672 133 Held under repurchase agreement... Total loans and securities 24,861,186 1,364,081 6,325,6431,484,8502,089,3381,474,1121,291,2634,311,1281,041,644 610,6461,085,977 996,5062,785,998 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 182,856 3,289 20,782 9,729 8,903 30,221 40,120 18,910 9,314 9,874 4,508 9,657 17,549 Uncollected cash items 3,723,526 259,266 641,131 222,094 324,485 332,459 289,795 636,436 179,808 98,944 198,506 210,573 330,029 Bank premises... 52,815 6,165 7,438 4,796 5,187 4,681 3,958 6,410 2,887 1,019 2,221 581 7,472 Other assets 142,139 7,693 35,150 8,433 12,475 8,471 7,951 24,093 5,875 3,469 6,815 6,159 15,555 Total assets 50,691,955 2,761,44812,833,7673,093,5434,304,3982,984,5082,666,1468,916,6892,161,9641,244,0752,222,1902,035,4885,467,739 Liabilities F. R. notes 25,756,835 1,583,460 5,727,9961,839,7452,381,0671,773,8151,370,3044,989,5991,171,383 633,711 1,002,254 716,0382,567,463 Deposits: Member bk.— reserve accts.19,412,387 810,528 5,724,220 920,2941,490,165 828,840 910,6653,181,263 732,604 451,940 951,6991,012,5252,397,644 U. S. Treas.— gen. acct 541,544 35,055 2100,036 35,840 28,681 34,070 46,635 71,766 46,958 27,358 38,899 34,286 41,960 Foreign 489,792 27,255 172,546 33,063 41,106 22,787 19,212 62,105 16,978 11,170 16,978 21,000 45,592 Other 490,653 2,529 296,059 1,567 5,400 12,693 49,965 824 28,617 6,417 1,134 49,308 36,140 Total deposits... 20,934,376 875,367 6,292,861 990,7641,565,352 898,3901,026,4773,315,958 825,157 496,8851,008,7101,117,1192,521,336 Deferred availability cash items 2,896,772 234,766 502,678 182,068 257,107 253,798 219,091 455,822 121,276 84,177 167,769 151,317 266,903 Other liabilities and accrued dividends 15,994 851 4,477 909 1,791 789 693 2,775 581 454 625 555 1,494 Total liabilities.. 49,603,977 2,694,44412,528,0123,013,4864,205,3172,926,7922,616,5658,764,1542,118,397 1,215,2272,179,3581,985,0295,357,196 Capital Accounts Capital paid in. . 269,656 14,612 83,200 18,271 25,765 11,899 11,575 35,515 9,300 6,031 10,239 13,442 29,807 Surplus (Sec. 7).. 625,013 38,779 176,633 45,909 57,648 31,750 28,034 90,792 25,465 16,219 23,456 28,146 62,182 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 165,766 10,602 38,603 11,388 14,662 10,718 9,210 24,799 8,281 5,525 8,000 7,564 16,414 Total liabilities and capital accounts 50,691,955 2,761,44812,833,7673,093,5434,304,3982,984,5082,666,1468,916,6892,161,9641,244,0752,222,1902,035,4885,467,739 Reserve ratio 45.6% 44.2% 47.5% 47.1% 46.3% 41.5% 41.5% 46.3% 44.8% 45.2% 45.1% 43.3% 44.5% Contingent liability on acceptances purchased for foreign correspondents 9,741 628 32,428 762 948 525 443 1,432 391 258 391 484 1,051 Industrial loan commitments.. 3,146 1,325 748 47 127 26 873 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $317,228,000 participations of other Federal Reserve Banks. 3After deducting $7,313,000 participations of other Federal Reserve Banks. 262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED In thoLisancLs of dollars Wednesday figures End of month Item 1954 1954 1953 Feb.24 Feb. 17 Feb. 10 Feb. 3 Jan. 27 Feb Jan. Feb F. R. notes outstanding (issued to Bank) 26,940,23526,987 25327,094 56727,202,81727,300,84726,938 13127,246,47026,678 507 Collateral held against notes outstanding: Gold certificates 11,093,000 11,093 00011,093 00011,093,000 11,093,000 11,093 00011,093,00012,744 000 Eligible paper ... 123 665 142 QM) 208 PS 90S. 895 300 192 640 74,080 844 17,305,000 17,305 000 17,305 000 17,305,000 17,320,000 17,255 000 17,305,000 14,660 000 Total collateral 28,521,66528,540,93028,606 125 28,603,89528,464,30028,540 640 28,472,980 28,248 621 EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 26,938,131 1,665,483 5,937,6671,952,999 2,506,9381,868,8601,452,828 5,153,1901,233,498 651,3531,033,785753,1622,728,368 Collateral held: Gold certificates11,093,000 640,000 2,670,000 800,0001,050,000 625,000 435,000 2,400,000 355,000175,000 280,000 283,0001,380,000 Eligible paper.. 192,640 13,595 8,775 5,590 19,925 9,950 5,245 17,225 112,335 U. S. Govt. securities 17,255,000 1,200,000 3,600,0001,200,0001,550,0001,300,0001,100,000 2,900,000 960,000500,000 800,000 525,0001,620,000 Total collateral..28,540,640 1,853,595 6,278,775 2,005,590 2,600,000 1,944,9251,535,000 5,300,0001,324,950 680,2451,097,225808,000 3,112,335 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] 194 y E m 5 e n o a d r n t o o h f r N 3, b u 5 A e m 1 r a p 1 t p - p o p l i r c d o A 5 a a v t 4 t m i e e 4 o d o n ,9 u s 6 n 1 t ( b p a p m l u c r e A o o t t o m v e p 3 n u d e 2 - n o - d 0 i t t ) s ( t a a L m 1 n o o , d u o 9 a i t u 9 n n - n 5 s g t 2 ) s ( C a t m a m o 1 o n m , e u o d 6 n t m u 4 i - t n n 4 s i g t t ) - s o i ( n p a t t f a u m g a 1 o n t f t , i u o i i 0 d i o o n n t u 8 i n - n s a n n 6 t s s n g t i ) - c ' - y E m e n o a d r n t o o h f r N G b u u e m a r a r u - a t t o n h t o e d r A e a i d z t m e e l d o o u a n n t s am To o t o G u a u n l u t t a s lo t r a a a n n n d t s e g P i e n u o t d e g a r e r ti a d o n n - a o a u A b n v u n a o t a d d t m e s m r i d e e l t r a e a r i o o t b n n a w i u g o g l t d n e s u e n r i t r e n a a s t e r g l o - - 1946 3,542 565,913 1,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 62 31,326 8,017 6,265 8,299 1949 3,649 629,326 539 2,178 2,288 2,947 1951 854 1,395,444 675,459 546,597 472,827 1 1 9 9 5 5 1 0 3 3, , 7 6 3 9 6 8 6 7 5 1 1 0 , , 3 9 8 3 9 1 i1 3 , , 8 5 1 1 9 3 4 2 , ,6 6 3 8 2 7 3 6 , , 7 0 5 3 4 6 1 3 1 , , 7 9 4 8 5 5 1952 1,159 2,124,123 979,428 803,132 586,303 1952 3,753 766,492 1,638 3,921 3,210 3,289 1953 1953 January... 1,173 2,147,953 984,295 808,986 578,061 February.. 1,188 2,170,443 999,794 822,257 548,916 January. . . 3,754 770,541 2,513 3,895 3,176 3,236 March. . . . 1,204 2,190,643 1,023,666 838,704 520,517 February. . 3,755 773,013 1,185 4,054 2,816 3,234 April 1,212 2,211,201 972,193 801,945 469,324 March 3,756 776,461 1,188 3,678 2,756 3,193 May 1,221 2,258,011 957,541 792,015 469,048 April 3,757 780,468 1,751 3,485 2,866 3,131 June 1,237 2,283,755 906,584 748,691 487,928 May 3,758 784,246 1,698 3,706 2,671 3,141 July L,244 2,292,777 891,865 736,723 482,394 June 3,758 788,058 1,646 3,223 3,142 3,141 August... . L,259 2,301,987 868,274 716,618 444,265 July 3,759 790,798 1,162 3,292 3,304 3,129 September 1,269 2,310,182 860,874 709,488 438,091 August.... 3,760 793,196 1,492 2,801 3,355 2,955 October. . . 1,279 2,320,187 842,529 695,550 416,690 September. 3,760 795,496 997 2,993 3,341 3,134 November 1,284 2,324,612 837,238 691,727 375,977 October. . . 3,762 797,656 1,242 2,685 3,381 2,970 December. ,294 2,358,387 804,686 666,205 363,667 November . 3,764 800,420 1,682 2,546 3,097 3,640 December.. 3,765 803,429 1,951 1,900 3,569 3,469 1954 1954 January... 1,304 2,377,628 788,320 652,706 347,969 January. .. 3,765 805,115 1,234 1,885 3,532 3,414 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to bor- 1 Includes applications approved conditionally by the Federal Re- rowers under guarantee agreements outstanding represents amounts serve Banks and under consideration by applicant. repaid, guarantees authorized but not completed, and authorizations 2 Includes industrial loans past due 3 months or more, which are not expired or withdrawn. 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. MARCH 1954 263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEES AND RATES ESTABLISHED UNDER REGULATION V POSTAL SAVINGS SYSTEM ON LOANS GUARANTEED PURSUANT TO DEFENSE [In millions of dollars] PRODUCTION ACT OF 1950 [In effect February 28] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month itors' Cash U. S. Cash bal- in Govern- reserve ances1 Total deposi- ment funds, Guarantee fee Percentage of tory securi- etc.2 Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December 3,417 3,525 6 3,308 212 75 15 15 1948—December 3,330 3,449 7 3,244 198 80 . .. . 20 20 1949—December 3,188 3,312 7 3,118 187 85 25 25 1950—December 2,924 3,045 11 2,868 166 90 30 30 1951—December 2,705 2,835 28 2,644 162 9 O 5 ver 95 40 3 - 5 50 40 3 - 5 50 1952—November 2,555 2,749 33 2,553 162 December... . 2,547 2,736 33 2,551 151 1953—January 2,536 2,724 33 2,538 152 Maximum Rates Financing Institution May Charge Borrower February 2,523 2,715 33 2,524 158 [Per cent per annum] March 2,510 2,708 33 2,520 155 April 2,495 2,697 33 2,520 144 May. 2,477 2,665 33 2,488 144 Interest rate June 2,457 2,653 33 2,477 143 Commitment rate. July 2,438 2,648 33 2,469 146 August . . . 2,419 2,635 33 2,452 151 September. . . 2,401 2,618 33 2,435 150 October 2,387 2,596 33 2,428 135 November. . . 2,373 2,577 31 2,407 139 December v2 359 1954—January P2.341 P 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, Annual rate of turnover of except interbank and demand deposits except interbank U. S. Government accounts and U. S. Government deposits Year or month Total, all New 6 338 other New 6 338 other reporting York other reporting York other reporting centers City centersJ centers City centers *• centers 1943 757,356 281,080 175,499 300,777 20.4 18.0 15.3 1944 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 ,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 ,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 ,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 ,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 ,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 ,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 ,642,853 597,815 349,904 695.133 34.4 24.1 18.4 1953 ,759,069 632,801 385,831 '740,436 36.7 25.6 18.9 1952—November. 127,647 44,209 27,064 56,374 34.1 24.1 19.3 December. 165,115 63,091 35,179 66,845 41.8 26.9 19.8 1953—January... 145,919 52,048 31,660 62,212 34.3 23.9 18.4 February.. 129,163 45,749 28,126 55,287 35.1 24.4 18.9 March 153,356 53,898 35,339 64,119 37.1 28.7 19.4 April 145,567 52,038 32,742 60,788 35.4 26.7 18.4 May 141,981 50,255 32,283 59,443 35.6 26.2 18.8 June 153,846 56,623 33,807 63,416 38.9 26.5 19.2 July 147,957 51,799 32,683 63,476 36.0 25.7 19.2 August 134,386 45,516 29,958 58,913 32.2 23.6 17.8 September 147,699 54,888 31,422 61,390 40.2 25.9 19.3 October... 149,606 54,152 31,778 '63,676 35.8 23.9 18.4 November, 140,992 50,470 30,477 60,046 38.4 26.4 20.2 December. ••168,596 65,367 35,557 '67,672 43.1 26.8 19.7 1954—January... 154,294 62,306 30,806 61,183 42.7 24.1 18.5 p Revised. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943 see BULLELTEIN for April 1953, pp. 355-357. 264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency a Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939.. 7,598 5,553 590 559 36 ,019 1,772 1,576 2,048 460 919 191 425 20 32 1940.. 8,732 6,247 648 610 39 ,129 2,021 1,800 2,489 538 1,112 227 523 30 60 1941.. 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942.. 15,410 11,576 880 801 55 ,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943. . 20,449 14,871 1,019 909 70 ,973 5,194 5,705 580 1,481 2,912 407 749 9 22 1944.. 25,307 17,580 1,156 987 81 2,150 5,983 7,224 730 1,996 4,153 555 990 10 24 1945.. 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7; 834 2,327 220 454 801 7 24 1946.. 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 1947.. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 070 428 782 5 17 1948.. 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 074 400 707 5 17 1949.. 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 056 382 689 4 11 1950.. 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951.. 29.206 20.530 1,654 1,182 67 2.120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952. 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953—February 29,793 20,918 1,725 1,158 68 2,052 6,432 9,483 8,877 2,629 5,390 340 507 4 8 March 29,754 20,896 1,737 1,165 67 2,048 6,418 9,462 8,859 2,621 5,383 339 505 3 8 April 29,843 20,979 1,747 1,163 68 2,056 6,448 9,497 8,865 2,623 5,388 339 503 4 8 May 29,951 21,085 755 1,172 69 2,065 6,482 9,542 8,867 2,627 5,388 338 502 4 8 June 30,125 21,243 766 1,176 69 2,071 6,527 9,635 8,883 2,645 5,391 337 499 4 8 July 30,120 21,237 769 1,171 70 2,055 6,511 9,660 8,885 2,646 5,396 335 496 4 8 August 30,248 21,331 1,778 1,182 70 2,061 6,531 9,709 8,918 2,655 5,423 334 494 4 8 September... 30,275 21,321 1,792 1,207 69 2,060 6,499 9,694 8,956 2,659 5,458 334 493 4 8 October 30,398 21,414 1,802 1,214 70 2,071 6,524 9,734 8,986 2,665 5,488 333 489 4 8 November.. . 30,807 21,771 1,816 1,232 71 2,123 6.659 9,871 9,038 2,689 5,519 332 487 4 8 December. . . 30,781 21,636 ,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954—January 29,981 20,939 1,775 1,180 70 2,031 6,351 9,531 9,045 2,693 5,526 331 484 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation 1 Money Total out- held by standing, As security For Federal Ja 1 n 9 . 5 3 4 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d Ja 1 n 9 . 5 3 4 1, De 1 c 9 . 5 3 3 1, Ja 1 n 9 . 5 3 3 1, certificates agents Gold 21,956 21,310 2 646 Gold certificates 21,310 18,459 2,816 36 36 37 Federal Reserve notes 27 246 80 1,580 25,587 26,253 25,337 Treasury currency—total 4,899 32,371 68 473 4,359 4,491 4,317 Standard silver dollars 491 227 51 5 208 210 198 Silver bullion 2 144 2,144 Silver certificates and Treasury notes of 1890 32 371 352 2,018 2,101 2,007 Subsidiary silver coin 1,223 10 65 1,149 1,179 1,116 Minor coin 432 3 10 418 424 406 United States notes 347 2 38 306 316 305 Federal Reserve Bank notes 191 1 2 187 190 208 National Bank notes 72 (5) 1 71 72 75 Total—Tan 31 1954 (0 23,681 793 18,459 4,869 29,981 Dec. 31, 1953 (4) 23,789 761 18,538 4,614 30,781 jan 31 1953 (4) 24,168 1,308 18,975 4,713 29,691 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. 257. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. MARCH 1954 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS1 [Figures partly estimated except on call dates. En millions of dollars Assets Liabilities and Capital Total Bank credii assets, net— Date Tr u e r a y s- U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold st r a c e o n u n u d r c t i - - y ng Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca i a n p t n i e i e t d t s al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,608 55 776 8,922 1933—June 30 4,031 2,286 42,148 21,057 10,328 8,199 1,008 131 9,863 48,465 42 029 6 436 1939—Dec. 30 17,644 2,963 54,564 22, 157 23,105 19,417 2,484 1,204 9,302 75,171 68 359 6,812 1941—Dec. 31 737 3,247 64,653 ?6 605 ?0,049 25,511 254 1 284 8,909 90 637 8? 811 7 826 1945—Dec. 31 20, 065 4,339 167,381 30, 387 128,417 101,288 24, 262 2, 867 8.577 191.785 180 806 10 979 1947_Dec. 31 754 4,562 160,832 43, 023 107,086 81,190 550 328 10,723 188 148 17S 348 1? 800 1948—Dec. 31 24, 244 4,580 160,457 48, 341 100,694 74,097 23,333 3, 264 11,422 180,200 176 121 13 168 1949_Dec. 31 427 4,508 16?,681 40 604 100,456 78,433 18 885 138 12 621 101 706 177 313 14 392 1950—Dec. 30 22, 706 4,636 171,667 60, 366 06,560 72,894 20, 778 2, 888 14,741 109,009 184 385 14 624 1951—Dec. 31 605 4,706 181,323 67 597 07,808 71,343 801 664 15 918 208 724 404 is 320 1952—June 30 2? 346 4,754 18?,080 60 712 06,266 70.783 22 006 2 577 17 002 211 080 104 060 16 120 Dec. 31 23, 187 4,812 192,866 75,484 100,008 72,740 24, 607 2,571 17,374 220,865 204 220 16 647 1953—Jan. 28 23,000 4,800 191,200 74,900 98,800 72,300 24, 000 2,600 17,500 219,000 202 100 16 900 Feb. 25 700 4,800 100,300 75 000 07,800 71,400 000 500 17 500 217 800 000 16 800 Mar. 25 22 600 4,800 100,200 76, 000 06,400 70,000 23, 000 2 500 17,800 217,600 200 600 17 000 Apr. 29 600 4,800 180,000 76 500 04,700 68,400 800 500 17 800 216 400 100 100 17 300 May 27 . 22, 500 4,800 188,900 76,600 94,400 67,800 24, 100 2, 500 17,800 216,200 100 100 17 200 June 30 463 4,854 100,277 77 071 OS,350 68,108 ?4 746 406 17 8S6 217 594 200 360 17 234 July 20P 22, 300 4,000 105,500 77,400 100,200 72,700 25, 000 2 500 18,000 222,700 205 100 17 600 Aug. 22 200 4,000 105,400 77 700 00,600 72,100 25, 000 2 500 18,200 222,500 204 800 17 700 Sept.30P 100 4,000 10S,900 78 400 00,300 71,600 ?S 200 500 18 200 222 000 000 18 000 Oct. 22 100 4,000 106,600 70 100 00,500 71,700 25,300 2 400 18,100 223,600 205 400 18 200 Nov. 25P 22 000 4,000 108,100 70 500 100,400 73,000 25,000 2 400 18,200 225,000 206,800 18 200 Dec. 30P 22, 000 4,000 200,000 80, 700 101,100 72,800 25,000 2 400 18,200 226,900 200 000 18 000 1954—Jan. 27P 22, 000 4,900 107,000 79, 100 100,300 73,300 24, 700 2 400 18,400 224,800 206 700 18 000 Deposits and Currency U.S. GovernmentbaLances Deposits adjusted and currency I)ate Total d F e b o p n a r o e e n i s t k g it n s, h T o c u l r d a e r s i a y n h s g - s A m s b a t a e a v c r n n i o c n d k i m g a ? s l - R F B e e a d A s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m m n c k - e ia s l dep M s b o a a s v u n i i t t k n s u s 3 g a * s l S S P a y o v s s t i t n e a m g l s o b r u C e a t n n u s c i k r d y - s e 1929—June 29 55 776 365 204 381 36 54,700 22 540 28 611 19,557 8,005 149 3 639 1933—June 30 42 029 50 264 852 35 40,828 14 411 21 656 10,849 0,621 1 186 4 761 1939—Dec. 30 68 359 1 217 7 400 846 634 63,253 ?0 703 ?7 059 15,258 10,523 1 278 401 1941—Dec 31 82 811 1 408 7 215 1 895 867 76 336 002 ?7 729 15,884 10,532 1 313 0 615 1945—Dec. 31 180 806 2,141 7,287 ?4 608 077 150,793 7S 851 48 457 30,135 15,385 2 037 ?6 490 1947—Dec. 31 17S 348 1,682 1 336 1 452 870 170,008 87 121 S6 411 35,240 17,746 ,416 476 1948—Dec. 31 176 121 2.103 ,325 2 451 1,123 160,110 85 520 57 520 35,804 18,387 3,320 26 079 1949—Dec. 31 177 313 2.150 .312 240 821 169,781 8S 750 58 616 36,146 10,273 3 107 ?S,415 1950—Dec. 30 181 385 2,518 203 2 080 668 176,017 0? 272 SO,247 36,314 20,000 ,023 ?S 398 1951—Dec. 31 193 404 2,270 .270 3 615 247 185,084 08 234 61,447 37.850 20,887 2,701 26,303 1952 ..Tune30 .. 060 2,310 283 121 333 184 004 04 754 ,676 30,302 21,755 ,610 474 Dec. 31 204 220 2,501 ,270 s,250 380 104,801 101,508 65 700 40,666 22,586 2 547 ?7 494 1953—Jan. 28 202,100 2,500 ,300 4,200 700 103,300 100,500 66,100 40,700 22,800 2,500 26,800 Feb. 25 ,000 2,300 I ,300 s,400 400 101.600 08,300 66,400 41,000 22,000 ,500 ,000 Mar.25 ?00,600 2,400 1,300 s,800 (i) 191,000 07,400 66,800 41,200 23,100 7,500 ?6,900 Apr. 29 100,100 2,400 L 300 ,000 400 192,200 08,000 67,200 41,500 23,300 ,500 ?7,000 May 27 100,100 2,400 1,300 2,000 400 102,100 07,500 67,600 41,700 23,400 2,500 ?7,000 June30 200,360 2,467 1,250 3,042 132 102,560 06,808 68,203 42,245 23,580 2,459 27,369 July ,100 2,500 1,300 7,500 800 103,000 07,400 68,400 42,300 23,700 ,400 ,200 Aug. 26P 204,800 2,400 1,300 7,000 700 103,400 07,500 68,700 42,500 23,800 2,400 ?7,300 Sept 30P 204,900 2,500 1,300 6,200 600 104,300 07,700 60,100 42,800 24,000 2,400 27,500 Oct. 28P ,400 2,400 1,300 ,800 600 107,300 100,300 60,600 43,200 24,100 ,400 ?7,400 Nov. 25P 206.800 2,400 800 5,700 500 107,400 100.200 60,300 42,000 24,000 2,400 27,900 Dec. 30P 200,000 2,400 800 4,100 400 201,300 103,300 70,100 43,400 24,400 2,400 27,800 1954—Jan. 27P 206,700 2,400 800 3,400 200 109,900 102,400 70,500 43,700 24,500 2,300 27,000 * Preliminary. *Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 'Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. *Prior to June 30, 1947, includes a relatively small amount of demand deposits. 8Less than 50 million dollars. 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 the same item 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. 266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Total Number Class of bank Cash capital of and date Total Loans Total G U m ov . e e n S r t . n- O se t c h u e - r assets1 Total i b In an te k r - i m D a e n - d Time accounts banks obliga- rities tions All banks: 1939—Dec. 30 50 884 9? 165 28 719 19 417 9,302 23,292 68 242 9 874 32 516 25 852 8,194 15,035 1941—Dec. 31. 61,126 ,615 34,511 95,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 312..... 134.924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1949—Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 1?,710 96,156 55,601 13,088 14,687 1950—Dec. 30. 148,021 60,386 87,635 79,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952— D jU e n c e . 3 30 1 1 16 5 5 7 , , 6 5 2 2 6 8 69, ,5 7 1 4 2 2 9 8 0 7 , , 1 7 1 8 4 6 7 7 7 0, ,7 7 4 8 0 3 1 1 7 7 , , 0 3 0 7 2 4 4 4 1 5 , , 6 5 6 8 7 4 1 1 9 8 5 4 , , 5 1 5 3 2 0 I 1 S 5, , 3 5 2 1 1 3 1 1 1 0 6 9 , , 6 2 3 4 3 7 6 6 3 1 , , 5 3 9 6 8 9 1 15 5 , , 3 0 6 3 7 9 1 1 4 4 , , 5 5 7 9 5 9 1953—Jan. 28 165,030 75,330 89,700 79,250 17,450 40,800 188,590 ,520 111 ,210 63,860 15,370 14,571 June 30 163,082 77,117 85,965 68,108 17,856 42,023 189,159 13,600 109,389 66,170 15,791 14,537 July 29P 168,500 77,850 90 650 79,700 17,950 39,230 190,620 12,960 111,320 66,340 15,810 14,534 Aug.26P 168,590 78,370 90,220 79,070 18,150 39,060 190,350 17,920 110,850 66,580 15,890 14,532 Sept.30P 168,560 78,730 89,830 71,620 18,210 41,480 193,080 13,900 112,100 67,080 16,070 14,525 Oct. 28P 169,520 79,720 89,800 71,660 18,140 41,040 193,140 14,300 111,260 67,580 16,120 14,518 Nov.25P 171,170 80,010 91,160 7?,990 18,170 41,550 194,950 14,230 113,480 67,240 16,200 14,510 Dec. 30P 172,220 81,200 91,020 72,780 18,240 44,290 199,540 15,500 115,910 68,130 16,190 14,511 1954—Jan. 27P 171,220 79,540 91,680 73,260 18,420 41,450 195,880 14,700 112,650 68,530 16,240 14,510 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 71,714 29,032 ,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 ?6,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 312 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1949—Dec. 31 120,197 49,965 77,232 67,005 10,227 35,650 145,174 19,709 96,136 36,328 10,967 14,156 1950—Dec. 30 126,675 57,249 74,426 67,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Dec. 31 132,610 57,746 74,863 61,524 13,339 44,645 164,840 15,086 111,618 38,137 12,216 14,089 1952—June 30 134,437 59,233 75,204 61,178 14,026 40,702 162,348 n,512 109,222 39,614 12,601 14,070 Dec. 31 141,624 64,163 77,461 ,318 14,143 44,666 172.931 15,319 116 600 41,012 12,888 14,046 1953—Jan. 28. . . 140,780 ,860 76,920 69,760 14,160 39,920 165;780 ,520 111,180 41,080 12,890 14,042 June 30 137,957 65,025 72,932 58,644 14,287 41,156 165,531 13 598 109 352 42,581 13,275 14,009 July 29P. 143,190 65,630 77,560 63,220 14,340 38,420 166,880 19,960 111,290 42,630 13,290 14,006 Aug. 26P 143,130 66,040 77,090 67,590 14,500 38,260 166,520 17,920 110,810 42,790 13,350 14,004 Sept.30P. 142,990 66,260 76,730 6?,200 14,530 40,640 169,090 H ,900 112,060 43,130 13,520 13,997 Oct. 28P 143,910 67,120 76,790 67,340 14,450 40,160 169,050 14,300 111,220 43,530 13,570 13,990 Nov.25P 145,460 67,250 78,210 63,720 14,490 40,740 170,880 14,230 113,440 43,210 13,630 13,982 Dec. 30P 146,400 68,260 78,140 63,590 14,550 43,310 175,140 15,500 115,870 43,770 13,630 13,983 1954—Jan. 27* 145,170 66,490 78,680 64,070 14,610 40,500 171,300 14,700 112,610 43,990 13,660 13,982 All member banks: 1939—Dec. 30 33,941 n ,962 19,979 14,328 5,651 19,782 49,340 9 410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31. 107,183 ,775 84,408 78,338 6,070 29,845 129,670 13 640 91,820 24,210 7,589 6,884 1947—Dec. 31 97,846 3?,628 65,218 57,914 7,304 32,845 122,528 17,403 81,785 28,340 8,464 6,923 1949—Dec. 31 101,528 ,230 65,297 56,883 8,414 31,317 123,885 19 097 82,628 29,160 9,174 6,892 1950—Dec. 30 107,424 44,705 62,719 5?,365 10,355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—Dec. 31. 112,247 49,561 62,687 51,621 11,065 39,252 141,015 14 425 95,968 30,623 10,218 6,840 1952—June 30 113,502 50,526. 62,976 51,261 11,715 36,046 138,769 17,812 94,169 31,788 10,526 6,815 Dec. 31 119,547 55,034 64,514 ,763 11,751 39,255 147,527 14 617 100,020 32,890 10,761 6,798 1953—Jan. 28. 118,625 54,698 63,927 52,137 11,790 35,053 140,913 12,876 95,116 32,921 10,763 6,791 June 30 115,789 55,613 60,176 48,318 11,858 36,467 140,830 1?,933 93,780 34,117 11,070 6,765 July 29P 120,546 56,128 64,418 57,500 11,918 33,883 141,914 19,318 95,474 34,122 11,077 6,762 Aug. 26P 120,398 56,491 63,907 ,859 12,048 33,730 141,507 19 278 94 995 34,234 11,116 6,759 Sept.30 120,185 56,633 63,552 51,506 12,047 35,919 143,803 H ,238 96,051 34,514 11,251 6,753 Oct. 28P 121,050 57,415 63,635 51,663 11,972 35,168 143,453 13,610 95.022 34,821 11,299 6,752 Nov.25P 122,299 57,465 64,834 5?,845 11,989 35,775 145,028 n,520 96,896 34,612 11,344 6,747 Dec. 30P 123,256 58,416 '64,840 52,788 12,052 37,931 148,873 14,752 99,030 35,091 11,345 6,745 1954—Jan. 27P 122,102 56,657 65,445 ,330 12,115 35,379 145,358 ,972 96,116 35,270 11,386 6,747 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 ,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10 379 4,901 5 478 704 1,774 793 10 533 6 10 527 1,241 548 1945—Dec.31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 j 17 17,745 1,889 533 1949—Dec. 31. . . 20 400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—Dec.30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—Dec. 31 22 259 9,862 12,398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 1952—June 30 23,091 10,509 12,582 9,606 2,976 966 21,782 2 26 21,755 2,438 529 Dec. 31 24,003 11.349 12,654 9,422 3,231 918 22,621 2 33 22.586 2.479 529 1953—Jan. 28 24,250 11,470 12,780 9,490 3,290 880 22,810 2 30 22,780 2,480 529 June 30 25,124 12,091 13,033 9,464 3,569 867 23,628" 3 37 23,589 2,516 528 July 29P 25,310 12,220 13,090 9,480 3,610 810 23,740 3 30 23,710 2,520 528 Aug.26P 25,460 12,330 13,130 9,480 3,650 800 23,830 3 40 23,790 2,540 528 Sept.30P 25,570 12,470 13,100 9,420 3,680 840 23,990 3 40 23,950 2,550 528 Oct. 28P 25,610 12,600 13,010 9,320 3,690 880 24,090 3 40 24,050 2,550 528 Nov.25P 25,710 12,760 12,950 9,270 3,680 810 24,070 3 40 24,030 2,570 528 Dec. 30P 25,820 12,940 12,880 9,190 3,690 980 24,400 3 40 24,360 2,560 528 1954—Jan. 27P 26,050 13,050 13,000 9,190 3,810 950 24,580 3 40 24,540 2,580 528 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. MARCH 1954 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other a C ss a e s t h s1 Total i b In a t n e k r - i De- a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Total ment secu- mand Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30 9 339 3,296 6,043 4, 772 1,272 6,703 14,509 4 238 9,533 736 1,592 36 1941—Dec. 31 17,896 4,072 8 823 7,765 1,559 6 637 17,932 4 207 17 917 807 1,648 36 1945—Dec. 31 143 7,334 18 809 17,574 1,235 6,439 30, 121 4 657 74, 227 1.236 2,120 37 1947—Dec 31 20 393 7,179 13,214 11,972 1,242 7,261 25,216 4 464 19,307 ,445 2,259 37 1949—Dec. 31 19 583 7,550 17033 10,746 1,287 6,985 73,983 4,192 18,139 ,651 2,312 25 1950—Dec. 30 612 9,729 10 883 8 993 1,890 7,922 75,646 4 638 19 287 ,722 2,351 23 1951—Dec. 31 .. 21'379 11 ,146 10 233 8 129 2,104 8,564 76,859 4,832 70,348 ,679 2,425 22 1952—June 30 21'710 11,268 10 442 8 212 2,231 8 135 76, 745 4,639 70, 311 ,795 2,460 22 Dec. 31 22, 130 12.376 9 754 7,678 2,076 8,419 27,309 4,965 20,504 ,840 2,505 22 1953—jarL 28. . 233 12,127 9 106 7 012 2,094 6 994 74 817 4 437 18 601 ,779 2,508 22 June 30 20 452 11,883 8 569 6 639 1,930 7,879 25,244 4,578 18,736 ,930 2,544 22 July 29* 742 11 914 9 828 7 838 1,990 6 751 205 4,336 18,994 ,875 2,546 22 Aug. 26* 21 407 12,003 9 404 7 380 2,024 6,655 24,706 4,267 18,605 ,834 2,550 22 Sept. 30 568 17 114 9 454 7 436 2,018 7 598 75,996 4,645 19,420 .931 2,563 22 Oct. 28P 21 901 1? 487 9 414 7 482 1,932 6 932 75 505 4,719 18 780 2,006 2,566 22 Nov. 25P 21 926 12 290 9 636 7 704 1,932 7 085 25,462 4,713 18 723 2,026 2,573 22 Dec. 30P ?? 609 1? 867 9 742 7 740 2,002 7 731 ?7 019 S,223 19 646 2,150 2,562 22 1954—Jan. 27P 21 709 11, 741 9 968 7 909 2,059 7,088 25,612 4,994 18,524 2,094 2,585 22 Chicago: 1939—Dec. 30 105 569 1 536 1 203 333 1 446 3,330 888 1 947 495 250 14 1941—Dec. 31 2 760 954 1 806 1 430 376 1 566 4,057 1,035 2,546 476 288 13 1945—Dec. 31.. s 931 1 333 4 598 4 213 385 1 489 7 046 1,312 5 015 719 377 12 1947—Dec. 31 s088 1 801 .3287 890 397 1 739 6 402 1,217 4 77.3 913 426 14 1949—Dec. 31. . s424 1 618 3 806 3 324 482 1 850 6 810 1,191 4 535 1.083 470 13 1950—Dec. 30 s 569 083 .3487 911 576 034 7 109 1,228 4 778 L.103 490 13 1951—Dec. 31. . . s 731 2 468 3 264 2 711 552 2 196 7 402 1,307 4 952 L ,143 513 13 1952—June 30 5 664 2 380 3 284 2 721 563 1 899 7 027 1,182 4 681 L.164 530 13 Dec. 31.. 6 240 748 3 493 912 581 010 7 686 1,350 5 132 1,205 541 13 1953—Tan. 28. . <S037 2 594 ,3443 2 862 581 2 083 7 186 1,171 4 843 1,172 537 13 June 30 5 627 2 552 3 075 2 529 546 2 058 7 119 1,216 4 696 1,207 551 13 July 29i» 6 116 712 .3404 816 588 1 992 7 .397 1,201 .5000 L ,196 547 13 Aug. 26P 5 984 2 670 3 314 2 758 556 2 006 7 357 1,224 4 943 1,190 552 13 Sept 30 5 973 2 609 3 364 2 804 560 2 083 7 338 1,278 4 855 1,204 557 13 Oct. 28P. s 984 597 3 387 824 563 1 972 7 323 1,315 4 804 1,204 558 13 Nov. 25P. 6 093 2 607 3 486 2 918 568 1 994 7 448 1,269 4 963 1,216 559 13 Dec. 30P 6 189 7 7.5.5 3 434 7 861 573 7 123 7 6,37 1,359 5 040 1,233 563 13 1954—Jan. 27P 6 078 2 516 3 562 2 988 574 2 011 7 492 1,308 4 950 1,234 563 13 Reserve city member banks: 1939—Dec. 30 1? 272 s 329 6 944 s 194 1,749 6 785 17 741 3,686 9 439 1.616 1,828 346 1941—Dec. 31 . is 347 7 105 8 243 6 467 1,776 8 518 77 313 4,460 13 047 4,806 1,967 351 1945—Dec. 31 40 108 8 514 .31 594 79 552 2,042 11 286 49 085 6,448 .37 877 9,760 2,566 359 1947—Dec. 31.; ... 36 040 13 449 7? 591 70 196 2,396 13 066 46 467 s,649 79 395 11,423 2,844 353 1949—Dec. 31 38 301 14 370 73 931 70 9.51 2,980 17 168 47 5.59 5,713 .30 182 11,664 3,087 341 1950—Dec. 30 40 685 17 906 7?,779 19 084 3,695 13 998 51 437 6,448 .33 342 11,647 3,322 336 1951—Dec. 31. . 4? 694 19 651 73,043 19 194 3,849 IS 199 54 466 6,976 35 218 12,272 3,521 321 1952—June 30 43,091 19 745 7,3,346 19,123 4,223 1.3 925 5.3 47.5 .5,908 34 764 12,754 3,663 319 Dec. 31 45.583 697 73,886 19 624 4,262 IS 544 57 357 7,001 .37 095 13,261 3,745 319 1953—Jan. 28 . 45,533 21 680 73,853 19 543 4,310 13 898 54 893 6,104 35 499 13,290 3,742 320 June 30 44,352 22,150 22,201 17,756 4,446 14 447 54 861 6,066 35 052 13,743 3,874 321 July 29P. . . 46,252 7?,339 73,913 19,481 4,432 13 575 S5 299 S,756 ,35819 13,724 3,871 321 Aug. 26*. . 46 397 77,552 73,845 19,339 4,506 13 546 S5 338 s,760 35 798 13,780 3,881 319 Sept. 30 45,906 7?,493 73,413 18,959 4,453 14,196 S5,713 6,233 .35,621 13,859 3,917 319 Oct. 28P 46,221 ,712 73,509 19,049 4,460 14,179 ss,710 6,443 35,320 13,947 3,953 319 Nov. 25P 46,825 22,801 74,024 19 592 4,432 14 444 56 541 6,378 36 290 13,873 3,970 319 Dec. 30P .... 46 996 22 890 24,106 19 669 4,437 15 263 58 004 6,924 36 985 14,095 3,983 319 1954—Jan. 27? 46 897 22 516 24,381 19 933 4,448 14 062 56 640 6,464 35 994 14,182 4,000 319 Country member banks: 1939—Dec. 30 . 10 224 4,768 s,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 1?,518 s,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1947—Dec 31. . 36 324 10,199 76,125 7?,857 3,268 10,778 44,443 1,073 78,810 14,560 2,934 6,519 1949—Dec. 31 38,219 1?,692 75,527 71,862 3,665 10,314 45,534 1,001 79 771 14,762 3,305 6,513 1950—Dec. 30 . 40 558 14 988 75,570 71,377 4,193 11,571 48 897 1,133 3? 899 14 865 3 532 6 501 1951—Dec. 31 4?,444 16,296 76,148 71,587 4,561 13,292 57,288 1,309 35,449 15,530 3,760 6,484 1952—June 30 43,037 17,133 7.5,904 71,206 4,698 1?,087 51,571 1,083 .34,414 16,075 3,873 6,461 Dec. 31 45,594 18,213 77,381 77,549 4,832 13,281 SS,175 1,301 37,289 16,585 3,970 6,444 1953—Jan. 28 45,822 18,297 27,525 22,720 4,805 12,078 54,017 1,164 36,173 16,680 3,976 6,436 June 30 . 45 359 19 028 76,330 ,394 4,936 1? 083 53,606 1 073 35 295 17 237 4,101 6 409 July 29P 46,436 19,163 27,273 22,365 4,908 11,565 54,013 1,025 35,661 17,327 4,113 6,406 Aug. 26* 46,610 19,266 27,344 22,382 4,962 11,523 54,106 1,027 35,649 17,430 4,133 6,405 Sept. 30 46,739 19,417 27,322 22,306 5,016 12,041 54,756 1,081 36,155 17,521 4,213 6,399 Oct. 28P 46,944 19,619 27,325 22,308 5,017 12,085 54,915 1,133 36,118 17,664 4,222 6,398 Nov. 25P 47,455 19,767 27,688 22,631 5,057 12,252 55,577 1,160 36,920 17,497 4,242 6,393 Dec. 30P 47,462 19,904 27,558 22,518 5,040 12,814 56,218 1,246 37,359 17,613 4,237 6,391 1954—Jan. 27P 47,418 19,884 27,534 22,500 5,034 12,218 55,614 1,206 36,648 17,760 4,238 6,393 2Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loansand investments Deposits Investments Other Class of bank Cash Total Number and date assetsl capital of Total Loans U. S. Total 1 Inter- accounts banks Govern- Other bank* De- Total ment secu- mand Time obliga- rities tions All Insured commercial banks: 1941—Dec. 3i 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 1951—Dec. 31 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13,439 1952—Dec. 31 139,770 63,632 76,138 62,308 13,831 44,222 170,971 14,990 115,371 40,610 12,563 13,422 1953—june 30 136,144 64,522 71,622 57,667 13,955 40,756 163,650 13,242 108,222 42,186 12,950 13,417 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 I 1 9 9 4 4 5 7— — D D e ec c . . 3 3 1 1 6 6 9 5 , , 3 2 1 8 2 0 2 1 1 3 , , 4 92 2 5 8 5 4 5 3 , , 3 8 8 5 7 2 3 5 8 1 , , 6 2 7 5 4 0 4 5 , , 1 1 3 7 7 8 2 2 2 0 , ,1 0 1 2 4 4 8 8 4 2 , , 9 0 3 2 9 3 9 8 , , 2 4 2 10 9 5 5 4 9 , ,4 3 8 3 6 5 1 1 6 9 , , 2 2 2 7 4 8 4 5, , 4 6 0 4 9 4 5 5, , 0 0 1 0 7 5 1950—Dec. 30 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 1951—Dec. 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4,939 1952—Dec. 31 80,180 36,004 44,176 35,835 8,341 26,333 98,974 9,918 66,362 22,694 7,042 4,909 1953—June 30 .... 77,848 36,420 41,428 32,958 8,471 24,279 94,475 8,594 62,364 23,516 7,221 4,874 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1 867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1 915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 1,901 1952—Dec. 31 39,367 19,030 20,337 16,928 3,409 12,922 48,553 4,699 33,658 10,196 3,719 1,889 1953—June 30 . . 37,941 19,194 18,748 15,361 3,387 12,188 46,355 4,339 31,415 10,601 3,850 1,891 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6 810 1945_Dec. 31 14,639 2,992 11.647 10.584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 I947—Dec. 31. 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6 478 1950—Dec. 30 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—Dec. 31 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7,144 1,686 6 602 1952—Dec. 31 20,242 8,605 11,638 9,556 2,081 4,970 23,464 373 15,351 7,740 1,804 6,627 1953—June 30 20,375 8,915 11,460 9,361 2,099 4,292 22,841 309 14,443 8,090 1 SS? 6,655 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1.291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2.452 181 L.905 365 279 714 1947—Dec. 31* 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1950—Dec. 30 .... 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—Dec. 31 1,789 490 1,299 991 308 469 1,932 308 1,235 388 314 650 1952—Dec. 31 1,854 531 1,322 1,010 312 444 1,960 329 1,229 402 326 624 1953—June 30 1,813 504 1,310 977 332 400 1,880 356 1.130 395 325 592 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 I945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4.962 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31 » 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1950—Dec. 30 19,267 7,550 11,718 9,672 2,040 4,767 22,193 591 14,417 7,184 1,897 7.251 1951—Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 7,252 1952—Dec. 31 22,096 9,136 12,960 10,567 2,393 5,414 25,424 702 16,580 8,142 2,129 7 251 1953—June 30 ... 22,188 9,419 12,769 10,339 2,431 4,691 24,722 665 15,572 8,485 2,207 7,247 Insured mutual savings banks: 1941—Dec 31 1 693 642 1 050 629 421 151 1,789 1,789 1fi4 52 1945—Dec. 31. 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1950—Dec. 30 15,101 6,086 9,015 7,487 1,528 617 14,320 19 14,301 1,513 194 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 2 23 15,343 1,678 202 1952—Dec. 31 17,621 8,691 8,930 6,593 2,337 732 16,785 2 30 16,753 1,730 206 1953—june 30 18,610 9,325 9,284 6,642 2,642 692 17,695 2 35 17,657 L.771 213 Noninsured mutual savings banks: 1941—Dec 31 8 687 4,259 4,428 3,075 1,353 642 8,744 6 8,738 1,077 I945—Dec. 31. 5.361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1947—Dec. 31 * 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1950—Dec. 30 6,245 2,050 4,194 3,380 814 180 5,711 3 5,708 734 335 1951—Dec. 31 6,069 2,339 3,730 2,897 833 191 5,547 3 5,544 729 327 1952—Dec. 31 6,382 2,658 3,724 2,829 895 187 5,836 3 5,833 749 323 1953—June 30 6,515 2,766 3,749 2,822 927 175 5,933 2 5,931 745 315 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. 269 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans l Investments Com- Loans for U. S. Government obligations Obli- Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e a n e n t n d a s t s t l s - Total1 c o m m c i l i p i n u n a e a e g d r - r l n , - - - A t c g u a u r r l l i - - - b o p T s r r u e o o r c c k c a u - h r r a r it y s T i i i e n n o s g g l R t o e a a e s t n a - e l s O l v o i d t t i a n h o d i n - - e - s r O lo t a h n e s r Total Total C c e a r t t e i D f s i- irect G a u i f _ " " _ A S p t t i g a i o c a o a n a l t n i - d e l t s s - L s r J e i t t c n i u e e s - r ket ers oth- uals Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:2 1947—Dec. 31... 116,284 38,057 18,167 1,660 830 1,220 9,393 5,723 1,063 78,226 69,221 2,193 7,789 6,034 53,191 14 5,2763,729 1950—Dec. 30... 126,675 52,249 21,927 2,905 1,802 1,057 13,541 10,120 1,573 74,426 62,027 4,236 1,969 17,033 38,778 11 8,1184,281 1951—Dec. 31... 132,610 57,746 25,879 3,408 1,581 980 14,580 10,451 1,681 74,863 61,524 7,337 7,657 11,408 35,101 21 9,1984,141 1952—Dec. 31... 141,624 64,163 27,871 3,9192,060 1,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 1953—June 30. .. 137,957 65,025 27,418 3,675 1,719 1,074 16,231 14,111 1,737 72,932 58,644 5,050 5,092 11,25937,212 32 10,5333,754 All insured commercial banks: 1941—Dec. 31... 49,290 21,259 9,214 1,450 614 662 4,773 4,i 45 28,031 21,046 988 3,159 12,797 4 102 3,6513,333 1945—Dec. 31... 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321 22 3,8733,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 14 5,1293,621 1950—Dec. 30... 124,822 51,723 21,776 2,823 1,789 1,036 13,389 10,049 1,534 73,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31... 130,820 57,256 25,7443,321 1,571 960 14,450 10,378 1,645 73,564 60,533 7,219 7,526 11,256 34,511 21 8,9894,042 1952—Dec. 31... 139,770 63,632 27,7393,805 2,050 1,082 15,572 12,603 1,683 76,138 62,308 7,622 5,494 11,71437,456 22 9,9773,854 1953—June 30. . . 136,144 64,522 27,282 3,594 1,704 1,051 16,100 14,025 1,702 71,622 57,667 4,927 5,000 11,119 36,589 32 10,3023,653 Member banks, total: 1941—Dec. 31... 43,521 18,021 8,671 972 594 598 3,494 3,<92 25,500 19,539 971 3,007 11,729 3 S32 3,0902,871 1945—Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 16,985 14,271 44,792 16 3,2542,815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 10 4,1993,105 1950—Dec. 30... 107,424 44,705 20,521 1,808 1,770 927 10,522 8,314 1,438 62,719 52,365 3,665 1,468 14,054 33,170 8 6,6403,714 1951—Dec. 31... 112,247 49,561 24,347 2,140 1,551 851 11,334 8,524 1,535 62,687 51,621 6,399 6,010 9,596 29,601 15 7,5283,538 1952—Dec. 31... 119,547 55,034 26,232 2,416 2,032 966 12,214 10,396 1,577 64,514 52,763 6,565 4,255 9,835 32,087 19 8,4093,342 1953—June 30... 115,789 55,613 25,763 2,234 1,687 933 12,628 11,612 1,585 60,176 48,318 4,064 3,807 9,242 31,176 29 8,6803,178 Sept. 30... 120,185 56,633 26,025 2,368 1,783 898 12,840 11,819 1,732 63,552 51,506 4,171 8,602 10,909 27,793 30 8,9023,145 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 412 169 123 5f4 8,823 7,265 311 1 623 3,652 1 679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 31... 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9,771 . . ,. , 638 604 1950—Dec. 30... 20,612 9,729 6,328 1,421 285 442 930 460 10,883 8,993 824 250 1,711 6,206 2 1,123 767 1951—Dec. 31... 21,379 11,146 7,852 1,219 262 514 920 551 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—Dec. 31... 22,130 12,376 8,680 . 1,531 286 386 1,136 539 9,754 7,678 1,079 233 1,170 5,195 1 1,453 623 1953—June 30... 20,452 11,883 8,345 1,274 237 406 1,285 517 8,569 6,639 789 203 1,035 4,611 2 1,318 612 Sept. 30... 21,568 12,114 8,475 11,383 211 395 1,275 558 9,454 7,436 828 1,132 1,143 4,331 1 1,422 596 Chicago:* 1941—Dec. 31... 2,760 954 732 6 48 52 22 <6 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 ... .. 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 ... .. 213 185 1950—Dec. 30... 5,569 2,083 1,567 9 110 69 65 207 87 3,487 2,911 232 131 700 1,847 ... .. 335 242 1951—Dec. 31... 5,731 2,468 1,977 16 94 63 70 180 109 3,264 2,711 334 332 520 1,526 ... .. 351 201 1952—Dec. 31... 6,240 2,748 2,080 14 239 66 67 211 120 3,493 2,912 407 224 607 1,674 ... .. 384 197 1953—June 30... 5,627 2,552 1,992 7 142 71 70 235 90 3,075 2,529 147 235 551 1,596 ... .. 375 170 Sept. 30... 5,973 2,609 2,041 6 145 71 68 242 89 3,364 2,804 119 541 686 1,458 ... .. 384 176 Reserve city banks: 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 1,' 12 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1947—Dec. 31... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,3421,053 1950—Dec. 30... 40,685 17,906 8,646 392 207 386 4,423 3,498 603 22,779 19,084 1,218 499 5,536 11,830 1 2,1841,511 1951—Dec. 31... 42,694 19,651 10,140 513 203 347 4,651 3,518 572 23,043 19,194 2,524 2,493 3,640 10,528 8 2,4581,390 1952—Dec. 31... 45,583 21,697 10,842 501 218 422 5,099 4,347 595 23,886 19,624 2,387 1,774 3,854 11,594 14 2,9341,328 1953—June 30... 44,352 22,150 10,609 469 229 424 5,270 4,849 645 22,201 17,756 1,344 1,453 3,542 11,393 23 3,184 1,262 Sept. 30... 45,906 22,493 10,718 477 203 409 5,358 4,922 751 23,413 18,959 1,167 3,494 4,335 9,939 24 3,220 1,233 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,5^0 6,628 4,377 110 481 2,926 861 1,2221,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,3421,067 1947—Dec. 31... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 6 2,0061,262 1950—Dec. 30... 40,558 14,988 3,980 1,407 33 187 5,591 3,679 288 25,570 21,377 1,390 588 6,107 13,287 5 2,9981,194 1951—Dec. 31... 42,444 16,296 4,377 1,610 35 178 6,099 3,906 303 26,148 21.587 2,418 2,568 4,008 12,587 5 3,3341,227 1952—Dec. 31... 45,594 18,213 4,630 1,901 43 191 6,662 4,702 322 27,381 22,549 2,692 2,024 4,204 13,625 4 3,6391,194 1953—June 30.,. 45,359 19,028 4,817 1,757 41 201 6,883 5,243 334 26,330 21,394 1,784 1,916 4,114 13,576 4 3,802 1,134 Sept. 30.. 46,739 19,417 4,790 1,883 52 206 7,018 5,379 334 27,322 22,306 2,056 3,436 4,745 12,065 5 3,876 1,141 All nonmember banks:2 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,-219 7,916 4 1,078 625 1950—Dec. 30... 19,267 7,550 1,405 1,096 31 130 3,024 1,807 134 11,718 9,672 571 501 2,979 5,618 3 1,478 567 1951—Dec. 31... 20,380 8,192 1,533 1,268 30 130 3,252 1,927 146 12,189 9,914 939 1,647 1,812 5,510 6 1,671 604 1952—Dec. 31... 22,096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000 3 1,781 613 1953—June 30. .. 22,188 9,419 1,655 1,441 32 141 3,610 2,499 151 12,769 10,339 987 1,285 2,017 6,047 3 1,855 576 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time <deposits Re- Cla c s a s l a l o n d f d a b te ank F s B s w e e e R a d r r i n v e e v t - h k e r e a s s l v C a i a n u s l h t b m a a w B n d e n i o c a s k t e t - l h i - s s c 4 j p m u D o a d s a d s e t e n i e - - - t d d s 5 m D e I s n d o t - i e t c e p 4 r o b s a i F e t n i s o g k r n - m U G er . o e n n v S - t - . p v s S o i u a t l s i b a n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f n t e c f r r c d i t d s k . - i ' s - , a p v n s a p i t I h d d i r n o o t i u d r n p n c a a i s e o s - l - , r s r - - , I b n a t n e k r- P U m G S e a o r a . o n e s n v d v n S t - - a - t . l v s S p i a u i s o t c n i a b l a o d i t d l t n e - i s s - p a v n s a p i t I h d d r i n o o t i u d r n p n c a a i e s o s - - l , r s r - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s ings All commercial banks:2 1947—Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1950—Dec. 30. . 17,458 2,174 10,863 92,282 12,102 1,476 2,806 8,012 2,918 90,986 462 189 1,384 34,930 90 11,590 1951—Dec. 31.. 19,911 2,697 11,969 98.243 13.123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31.. 19,809 2,753 11,875 101,506 13,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12,888 1953—June 30. . 19,446 2,590 10,233 96,892 11,409 1,343 3,634 9,350 2,449 93,918 846 336 1.731 40,514 113 13,275 All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15.146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 ,24823,740 5,098 2,585 72,593 70 103 496 29.277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1950—Dec. 30. . 17,458 2,145 10,463 91,099 11,955 L.442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 1951—Dec. 31.. 19,911 2.665 11,561 97,048 12,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec. 31.. 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—June 30. . 19,446 2,559 9,885 95,795 11,241 ,305 3,620 9,211 2,431 92,961 696 336 1,675 40,176 103 12,950 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1.438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31. . 17,797 1,672 6,270 73,528 10,978 ,375 1.176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1950—Dec. 30. . 17,459 1,643 6,868 78,370 11,669 1,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3.101 6,666 2,961 83,240 422 257 1,238 29,128 26 10,218 1952—Dec. 31. . 19,810 2,081 7,378 85,543 12,594 1,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—June 30. . 19,448 1,956 6.378 81,774 10,947 1,300 3,378 7,403 2,256 80,741 686 310 1,395 32,412 75 11,070 Sept. 30.. 19,215 2,010 6,323 82,177 11,153 1,341 5,555 6,989 2,375 81,132 744 310 1,380 32,825 591 11,251 New York City:* 1941—Dec. 31 . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 "io 20 1,206 195 2,120 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1950—Dec. 30. . 4,693 118 78 15,898 3,207 1,162 451 258 1,087 17,490 268 37 37 1,647 70 2,351 1951—Dec. 31. . 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Dec. 31. . 5.059 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—June 30.. 5,204 127 49 15,384 2,979 1,059 887 333 899 16,617 540 50 30 L ,841 8 2,544 Sept. 30. . 4,885 135 49 15,221 2,969 1,089 1,694 332 1,012 16,381 587 49 37 1,844 2 2,563 Chicago:3 1941—Dec. 3i 1,021 43 298 2,215 1,027 8 127 233 34 2.152 476 288 1945—Dec. 31 942 36 200 3,153 ,292 20 1,552 237 66 3.160 719 377 1947—Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1950—Dec. 30 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—Dec. 31 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—Dec. 31 1,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—June 30. . 1.318 31 123 3,913 1,175 33 201 320 53 4,123 8 3 10 1,194 551 Sept. 30. . 1,367 28 113 3,914 1,233 37 368 301 61 4,125 8 3 10 1,191 "133 557 Reserve city banks: 1941—Dec. 31 4,060 425 2,590 11,117 4,302 54 491 1.144 286 11 127 104 20 243 4 542 1,967 1945—Dec. 31!! 6! 326 494 2^174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1950—Dec. 30 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—Dec. 31 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 1952—Dec. 31 7,788 651 2,419 30,609 6,662 230 1,814 2,693 791 31,798 109 105 739 12,417 8 3,745 1953—June 30. . 7,420 609 2,150 29.444 5,744 197 1,358 2,866 636 30,192 124 103 794 12,847 17 3,874 Sept. 30. . 7,499 626 2,071 29,578 5,895 202 2,063 2,489 638 30,432 136 103 775 12,980 354 3,917 Country banks: 1941—Dec. 31. 2,210 526 3.216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31. . 4,993 929 3.900 27,424 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1950—Dec. 30. 4,745 976 4,450 30,581 ,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—Dec. 31. 5,676 1.231 4,862 33.051 ,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—Dec. 31. . 5,820 1.250 4,706 34,519 ,278 11 1,267 3,772 777 31,473 13 152 525 15,908 25 3,970 1953—June 30. . 5,505 1 ,180 4.057 33.033 ,040 11 932 3.885 668 29,810 14 154 553 16.531 40 4,101 Sept. 30. . 5,465 1.221 4,090 33,463 ,055 12 1,429 3,868 664 30,193 14 154 557 16,810 103 4,213 All nonmember banks:? 1947—Dec. 31. . 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1.596 1950—Dec. 30 532 3.996 13,912 432 38 283 1,612 195 12,326 120 7 263 6,915 11 1,897 1951—Dec 31 635 4,507 15,144 489 44 258 1,761 205 13,426 128 22 298 7,213 8 1,999 1952—Dec 31 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 1953—June 30 635 3,856 15,118 462 43 256 1,946 193 13,177 160 27 335 8,123 38 2,207 2Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial 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. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MARCH 1954 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loansx Investments For purchasing or carrying securities U. S. Government obligations Com- Date or month m T n l a e v o o n e n t a s d a t n t l s s - Total i i t m c n a r i e d i n a r u a l d l s - , , - a To n d b d r e o a k l e e r r s s To others e l R s o t e a a a n t l s e b L a o t n a o k n s s O l t o h a e n r s Total c C t a i e t f r i e - - s O S r t ( : ; t h c i e u e r - s t a c u g u r r l i a - - l G U t l o o i i . b v g o a - n t S - s . . O c t t s u i h e r e i - e s - rG U l t o o i . i b v g o S a - t n . - . s O c t t s u i h e r e i e - s - r Total Bills o d n f e e e b d s i t - s n - - Notes Bonds2 Total- Leading Cities 1953—February. .77,890 38,738 22923 1,551 801 6,131 550 738739,15231,656 3,281 2,408 5,92920,0387,496 December..80,832 40,573 23217 2,045 791 6464 691 798740,25932798 2,509 5,351 6,42418,5147,461 1954—January. . .80,275 39,758 22 744 1,812 859 6,483 540 7,95740,517 33,001 2,740 5,089 6,50318,6697,516 February..80 036 39 750 22 549 1,968 823 6 493 727 7 82340,286 32 555 2,210 4 401 5,82920 115 731 1953—Dec. 2...80 522 40 268 23 134 1,877 748 6 449 703 7 97840,254 32,792 2,394 5,399 6,45818,541 462 Dec. 9...80 386 40,311 23 081 1,947 753 6,458 724 7 97040,075 32 668 2,350 5,363 6,43018,525 407 Dec. 16. ..81,058 40,560 23 130 2,135 757 6,473 714 7,97340,498 33,036 2,745 5,348 6,43918,504 462 Dec. 23...80,896 40,707 23 361 2,016 827 6,461 670 7 99540,18932 696 2,489 5,344 6,38018,483 493 Dec. 30...81,302 41,020 23 380 2,248 868 6 481 646 8 01940,282 32,800 2,569 5 303 6,41118,517 j482 1954—Jan. 6...80 819 40,446 22 942 2,119 862 6 479 680 8 00140,373 32,861 2,594 5 202 6,48218,583 512 Jan. 13...80,376 40,030 22 846 1,913 856 6 490 598 7 96440,346 32,870 2,581 5 138 6,52518,626 j'476 Jan. 20. ..79,838 39,320 22 686 1,633 859 6 484 360 7 93640,518 32,987 2,735 5 076 6,46218,714 531 Jan. 27. ..80,070 39,239 22 502 1,583 858 6 480 525 7 92740,831 33,287 3,048 4,942 6,54318,754 544 Feb. 3...80,660 39,963 22 638 2,180 826 6,486 541 7 92440,697 32,989 2,517 4,764 6,75618,952 708 Feb. 10...79 868 39,785 22 556 2,031 818 6 485 717 7 81040,083 32,409 2,034 4 639 6,714 9,022\\674 Feb. 17...79,872 39,796 22 555 1,977 830 6 500 789 7 77740,076 32,346 2,074 4 110 4,97421 188 730 Feb. 24...79 744 39 457 22 446 1,682 819 6 501 861 7 78240,287 32 476 2,216 4 091 4,87121 298 811 New York City 1953—February. .20996 12065 8 552 195 912 40 236 378 336 1602 8,931 6 834 544 253 1,077 4 9602,097 December..22182 12569 8468 4501,117 49 215 392 423 1642 9,613 7641 865 1 137 1,136 4 503L,972 1954—January...21 678 12 064 8 209 2571,069 49 258 381 390 1 646 9,614 7 569 889 982 1,120 4,578 045 February..21 776 12 057 8 066 490 954 43 263 380 458 1 594 9 719 7 513 658 727 1,046 5 0822*206 1953—Dec. 2...21 965 12 381 8 447 3941,033 45 191 390 437 631 9,584 7 641 829 1 136 146 4,5301,943 Dec. 9...21 940 12 386 8 423 4621,034 48 191 395 382 638 9 554 7 630 817 1 164 162 4 4871 924 Dec. 16. ..22 411 12 717 8 465 431 1,281 47 195 397 448 640 9 694 7 708 950 1 129 \>152 4 4771 986 Dec. 23...22 010 12 448 8 473 4091,095 48 246 391 322 651 9 562 7 561 800 1 154 111 4 4962 001 Dec. 30...22 584 12 914 8 530 5541,142 59 253 385 527 653 9 670 7 663 928 1 101 108 4 5262 007 1954—Jan. 6...22 Oil 12 477 8 299 3891,170 55 253 382 467 657 9 534 7 513 815 1038 1 111 4 549 021 Jan. 13...21 667 12 231 8 267 2951,120 50 254 388 406 646 9 436 7 403 738 983 1 116 4 5662 033 Jan. 20...21 351 11 762 8 181 1561,030 45 260 380 266 639 9 589 7 527 845 980 1 100 4 6022 062 Jan. 27. ..21 684 11 785 8 090 189 957 44 263 373 423 641 9 899 7 834 1,158 926 1 155 4 5952 065 Feb. 3...22 148 12 234 8,126 6181,020 41 261 376 342 641 9 914 7 751 862 809 1 309 4 7712 163 Feb. 10. ..21 623 12025 8,067 557 913 37 264 377 416 585 9 598 7 402 509 766 1 295 4 8322 196 Feb. 17 21 709 12 136 8,063 483 997 47 266 383 517 571 9 573 7 364 552 663 810 5 3392 209 Feb. 24...21626 11834 8,010 301 886 46 261 385 558 ,578 9 792 7535 708 671 771 53852257 Outside New York City 1953—February. .56,894 26673 14,371 444 525 5 753 214 5,7853022124822 1,737 2 155 4 852150785399 December..58,650 28,004 14,749 478 527 6,072 268 6,3453064625157 \,644 4 214 5288140115489 1954—January. . .58,597 27 694 14,535 486 552 6 102 150 6,31130 903 25 432 \,851 4 107 5 38314 0915 471 February..58,260 27,693 14,483 524 517 6,113 269 6,22930,56725,042 L ,552 3,674 4 78315 0335 525 1953—Dec. 2 ...58,557 27,887 14,687 450 512 6,059 266 6,34730 670 25 151 1,565 4 263 5 31214 0115 519 Dec. 9...58,446 27,925 14,658 451 514 6,063 342 6,33230 521 25 038 1,533 4,199 5 26814 0385,483 Dec. 16. ..58,647 27,843 14,665 423 515 6,076 266 6,33330 804 25,328 ,795 4,219 5 28714,0275,476 Dec. 23...58,886 28,259 14,888 512 533 6,070 348 6,34430 627 25,135 ,689 4,190 5 26913,9875,492 Dec. 30...58,718 28,106 14,850 552 556 6,096 119 6,36630 612 25,137 1,641 4,202 5,30313,9915,475 1954—Jan. 6...58,808 27,969 14,643 560 554 6,097 213 6,34430,83925,348 1,779 4,164 5,37114,0345,491 Jan. 13...58,709 27,799 14,579 498 552 6,102 192 6,31830,91025,467 1,843 4,155 5,40914,0605,443 Jan. 20. ..58,487 27,558 14,505 447 554 6,104 94 6,29730,92925,460 1,890 4,096 5,36214,1125,469 Jan. 27. ..58,386 27,454 14,412 437 551 6,107 102 6,28630,93225,453 L.890 4,016 5,38814,1595,479 Feb. 3...58,512 27,729 14,512 542 524 6,110 199 6,28330,78325,238 1,655 3,955 5,44714,1815,545 Feb. 10. ..58,245 27,760 14,489 561 517 6,108 301 6,22530,48525,007 1,525 3,873 5,41914,1905,478 Feb. 17...58,163 27,660 14,492 497 517 6,117 272 6,20630,50324,982 1,522 3,447 4,16415,8495,521 Feb. 24...58,118 27,623 14,436 495 512 6,116 303 6,20430,49524,94 1,508 3,420 4,10015,9135,554 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 3 Includes guaranteed obligations. For other footnotes see opposite page. 272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e a n t d v h - l k - e s v C a i a n u s l h t b m a w a d n e n i o c s t e k - h ti s s c j m p u o a d s a t d s e n e i - - t d d s 8 s p p u v n c h a o a a o i e n i r d l r p r r d s a t - - - s - , - , S p d s a i t o u c i a n v l a b t d i i e l t - - - s c C h c o f a e e e e f i n t f e c r r c i d t s k d - . i ' s - , U m G er . o e n v n S - - t . s p p u n v c h a o a a o e i n i r d r p l r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l a b n i d t i l t - e - s - s P U m G S e i a o n r a . n o e s g n v d n v t S s - a - t - . l m D ti e D o c s - e - ma F e n i d o g r n - Time r B i o n o w g r s - - , c C o i a t u a a c p n - l - ts tions tions Total- Leading Cities 1953—February 14,911 945 2,38154,130 55 269 3,861 1,520 3,08816,594 779 19910,214 1,281 571 1,351 7,287 December 14,583 1,048 2,69155,503 57022 3,778 1,802 2,68317,438 919 19011,128 1,289 987 872 7,566 1954—January 14,796 991 2,781 55,,880 57,112 3,932 1,826 1,95617,564 949 19011,437 1,258 1,025 531 7,591 February 14,386 946 2,485 54,63955,528 4,006 1,947 2,51117,640 967 19010,482 1,284 1,096 929 7,639 1953—Dec. 2 14,235 982 2,568 54376 55,727 3,685 1,733 3,41017,311 882 19010,792 1,310 960 916 7,577 Dec. 9 14,494 1,089 2,424 55,159 56,236 3,607 1,700 2,40617,366 918 18910,680 1,300 980 1,235 7,573 Dec. 16 14,821 1,067 2,779 56,08558,121 3,731 1,803 2,41217,431 923 190 11,475 1,286 990 754 7,557 Dec. 23 14,665 1,034 2,709 55,,667799 57,210 3,902 1,604 2,59517,486 940 19111,124 1,259 1,003 887 7,550 Dec. 30 14,701 1,066 2,97256,21757,817 3,963 2,170 2,59417,596 932 19011,568 1,292 1,000 567 7,572 1954—Jan. 6 14,713 1,002 2,700 55,27256,436 3,973 2,028 2,31317,580 945 19011,743 1,260 997 857 7,600 Jan. 13 14,786 1,022 2,72156,044 57,637 3,843 1,974 1,74517,562 943 18911,560 1,253 995 571 7,578 Jan. 20 15,159 961 3,003 56,090 57,591 3,905 1,751 1,92817,540 950 19011,677 1,246 1,045 242 7,579 Jan. 27 14,525 979 2,699 56 115 56,782 4.009 1,553 1,83917,574 959 19210,766 1,271 1,062 453 7,608 Feb. 3 14,598 912 2,42155,,588 55,831 4,093 2,378 2,27517,619 970 19010,619 1,260 1,069 895 7,630* Feb. 10 14,362 960 2,41354,789 55,230 4,049 1,742 2,10717,635 961 19110,477 1,260 1,080 1,027 7,629 Feb. 17 14,487 923 2,55954,14355,739 3,953 1,979 2,86217,642 967 19210,600 1,299 1,104 899 7,640 Feb. 24 14,096 990 2,54754,038 55.313 3,930 1,690 2,79817,663 972 18810,230 1,318 1,129 895 7,656 New York City 1953—February 4,981 147 15,80716,777 298 710 792 1,654 31 2,889 1,037 444 381 2,489 December 4,778 183 16,02617,116 267 864 800 1,862 126 3,098 1,033 355 2,532 1954—January 4,876 153 15,92316,972 284 951 525 1,846 139 3,217 1,000 837 202 2,546 February 4,777 151 15,79216,717 274 1,116 659 1,832 149 2,974 1,033 904 334 2,573 1953—Dec. 2 4,719 165 15,68216,719 267 764 1,141 1,795 121 2,948 1,056 778 268 2,542 Dec. 9 4,794 197 40 15,93416,880 246 857 762 1,838 126 2,856 1,043 800 515 2,534 Dec. 16 4,903 194 16,310 17,436 267 804 673 1,871 126 3,217 1,029 808 425 2,530 Dec. 23 4,752 184 15,929 16,956 275 746 717 1,891 129 3,106 1,004 817 328 2,527 Dec. 30 4,722 175 16,27317,588 279 1,149 707 1,913 129 3,363 1,033 814 241 2,528 1954—Jan. 6 4,767 159 15,82516,891 262 1,071 639 1,874 136 3,179 1,011 812 433 2,544 Jan. 13 4,761 157 15,87416,896 281 1,135 474 1,847 135 3,199 992 809 218 2,545 Jan. 20 5,044 143 15,80317,011 295 865 510 1,818 140 3,388 986 860 27 2,547 Jan. 27 4,932 153 16,19317,091 300 734 475 1,843 144 3,101 1,010 868 132 2,549 Feb. 3 4,813 139 16,19216,930 273 1,503 626 1,848 144 3,022 1,014 875 338 2,567 Feb. 10 4,784 165 15,76716,512 282 946 564 1,839 147 2,935 1,017 887 399 2,573 Feb. 17 4,779 141 15,63616,774 259 1,120 736 1,821 156 3,002 1,041 916 303 2,575 Feb. 24 4,730 158 15,57316,652 281 895 711 1,820 147 2,936 1,061 939 296 2,575 Outside New York City 1953—February 9,930 798 2,34438,32338,492 3,563 810 2,29614,940 748 142 7,325 244 127 970 4,798 December 9,805 865 2,64339,47739,906 3,511 938 1,88315,576 793 137 8,030 256 184 517 5,034 1954—January 9,920 838 2,736 39,957 40,140 3,648 875 1,43115,718 810 136 8,220 258 188 329 5,045 February 9,609 795 2,442 38,84738,811 3,732 831 1,85215,808 818 136 7,508 251 192 595 5,066 1953—Dec. 2 9,516 817 2,519 38,694 39,008 3,418 969 2,269 15,516 761 138 7,844 254 182 648 5,035 Dec. 9 9,700 892 2,384 39,225 39,356 3,361 843 1,644 15,528 792 137 7,824 257 180 720 5,039 Dec. 16 9,918 873 2,73139,7775 40,685 3,464 999 1,739 15,560 797 137 8,258 257 182 329 5,027 Dec. 23 9,913 850 2,66239,7750 40,254 3,627 858 1,878 15,595 811 138 8,018 255 186 559 5,023 Dec. 30 9,979 891 2,916 39,944 40,229 3,684 1,021 1,887 15,683 803 137 8,205 259 186 326 5,044 1954—Jan. 6 9,946 843 2,65139,44739,545 3,711 957 1,674 15,706 809 137 8,564 249 185 424 5,056 Jan. 13 10,025 865 2 ,680 40,170 40,741 3,562 839 1,271 15,715 808 136 8,361 261 186 353 5,033 Jan. 20 10,115 818 2,957 40,28740,580 3,610 886 1,418 15,722 810 136 8,289 260 185 215 5,032 Jan. 27 9,593 826 2,65639,92239,691 3,709 819 1,364 15,731 815 138 7,665 261 194 321 5,059 Feb. 3 9,785 773 2,38539,396 38,901 3,820 875 1,649 15,771 826 136 7,597 246 194 557 5,063 Feb. 10 9,578 795 2,370 ,02238,718 3,767 796 1,543 15,796 814 137 7,542 243 193 628 5,056 Feb. 17 9,708 782 2,50638,50738,965 3,694 859 2,126 15,821 811 138 7,598 258 188 596 5,065 Feb. 24 9,366 832 2,50938,46538,661 3,649 795 2,087 15,843 825 134 7,294 257 190 5,081 I 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. 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. MARCH 1954 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 Comm'l. Period* t l o F iq b a o u n a o d o c d c r , , o a T l p e e a p a x n t a t h i d r l e e e r l s , , p m e M r m r ( a y o a i e c e n n d t a h t c d u a a n i l l c l n . s d t - s ch r P l u e c e a e m o b u n t a b r m d i l o c e , , - a r l, Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c - s s e u P p t t ( t r i o u i i a l o n b r i n c n t t l i s a l i ) e . - c - s s C t ti r o o u n n c - - bu o ty s A t o i h p n l f e e l e r s ss c c h l N f a a i n e s e d s g t i e - s ch t i a a o a n g n t n d r g a d ' ' l l l e , . 3 — trans. equip.) 1951—April-June.. -243 116 275 48 60 62 —421 63 175 44 8 186 18 July-Dec 932 —361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec 754 -40 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-June... -621 151 446 -10 95 208 -632 -90 84 18 -8 —360 -593 July-Dec 501 -101 -351 102 -54 1 380 -138 18 -23 98 433 583 Monthly: 1953—Dec 86 -35 -85 46 -38 -185 53 170 21 -21 32 45 175 1954—jan —98 14 — 152 — 104 —31 — 108 —37 — 153 — 16 — 11 —43 —737 —878 Feb —94 46 6 8 —3 —32 —52 -83 -34 3 —2 -237 -56 Week ending: 1953—Dec. 2 27 -12 —21 13 -13 -27 7 22 -22 -13 -4 -43 -71 Dec. 9 23 -4 14 -1 3 -21 14 -25 -21 -7 -2 -26 -53 Dec. 16. ... 53 -11 -5 9 -12 -25 18 -1 38 6 9 78 49 Dec. 23 -3 -4 -37 -5 -4 -28 13 45 12 -6 11 -6 231 Dec. 30 -14 -4 -36 31 -11 -85 1 130 14 -2 18 43 19 1954—Jan. 6.... -95 -7 -152 -4 -22 —51 -10 -10 8 -5 -3 -352 -438 Jan. 13 9 7 22 — 1 -14 -26 -79 -8 1 -88 -96 Jan. 20.... 5 4 -18 -48 -25 3 -4 -9 4 -30 -118 -160 Jan. 27 -16 10 -4 -51 -io -17 -5 -60 -7 -9 -11 -179 -184 Feb. 3 -14 13 11 -1 -4 -31 1 8 -2 -16 -35 136 Feb. 10 —28 9 3 5 — 19 —28 —30 ' ' "J.4 3 6 —83 —82 Feb. 17 -24 17 16 2 -4 15 -6 -9 -14 5 3 2 -1 Feb. 24 -29 7 -22 4 3 -20 -52 -16 -2 6 -121 -109 1Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. 8Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a - i l ng Total Accept O b in i w l g l n s banks bo B u il g ls ht Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x t n r p a o i o t m t e e r s d ts c D h o e a x l n l - g ar e G U s o h n o i i p t d e p p s d o e s d i t n c? t b s r e e F i t d n o w r i e e n e i g n o n r States countries 1948—December. . . . 269 259 146 71 76 112 164 57 1 25 12 1949—December 257 272 128 58 70 144 184 49 30 9 1950—December 333 394 192 114 78 202 245 87 2 28 32 1951—December 434 490 197 119 79 293 235 133 23 55 44 1952—December . . . 539 492 183 126 57 309 232 125 39 64 32 1953—January 504 487 159 111 48 328 225 120 43 65 34 February 511 490 158 110 48 331 234 114 57 53 32 March 507 468 149 105 44 319 237 110 39 49 32 April 464 455 115 78 36 340 229 115 43 37 31 May 441 417 111 85 26 306 198 111 37 39 32 June 408 428 123 92 30 306 214 112 35 32 35 July 429 435 131 108 23 304 213 115 40 32 35 August . . 451 478 148 108 40 329 211 128 64 36 38 September 475 515 159 110 49 356 237 135 66 40 38 October 535 517 160 122 38 357 227 145 56 56 34 November . 582 534 170 125 45 364 246 139 49 59 41 December 552 574 172 117 55 402 274 154 29 75 43 1954—January 620 586 195 144 51 391 266 157 45 73 46 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. 274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Date a T s o s t e a ts l Total U St n a i t t e e s d St l a o t c e a a l1 nd Foreign2 Total Bonds8 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y a O ss th et e s r - End of year:* 1939 . . .. 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 ? 045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37 766 14 994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64 020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 19S1 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 . . . .. 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 End of month:5 1951—December 67,983 13,579 10 958 1,702 919 28,042 25,975 2,067 19,291 A,617 2,575 2,879 1952—December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1 ,868 2,699 3,135 1953—January 73,621 12,862 10,329 1,774 759 31,690 29,471 2,219 21,396 1 880 2,718 3,075 'February 73,943 12,844 10,287 1,300 757 31,878 29,644 2,234 21,547 1 887 2,727 3,060 March 74,295 12,630 10,063 1L.820 747 32,243 30,005 2,238 21,725 1,897 2,742 3,058 74,686 12,666 10,089 1,837 740 32,472 30,218 2,254 21,897 1,918 2,756 2,977 May 75,063 12,543 10,082 1,835 626 32,732 30,462 2,270 22,055 1,924 2,770 3,039 June 75,403 12,456 10,030 L,840 586 33,021 30,752 2,269 22,221 1,935 2,789 2,981 July 75,855 12,429 9,991 1,857 581 33,247 30,977 2,270 22,429 1,943 2,808 2,999 August 76,244 12,436 9,994 1,861 581 33,349 31,079 2,270 22,552 1,967 2,819 3,121 September 76,612 12,397 9,930 L.880 587 33,614 31,319 2,295 22,698 1,972 2,831 3,100 October 77,121 12,395 9,913 1,897 585 33,887 31,585 2,302 22,842 1,990 2,851 3,156 November 77,552 12,365 9,830 1,945 590 34,096 31,781 2,315 23,017 2,000 2,873 3,201 December 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—January 78,866 12,470 9,779 n.a. n.a. 34,639 32,267 2,372 23,435 2,039 2,905 3,378 n.a. Not available. 1 Includes United States and foreign. 2 Central government only. 3Includes International Bank for Reconstruction and Development. 4These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 6These 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 U.S. Savings End of U. S. Savings year Total i g M ag o e r s t- 2 G m o o v b e l e n i r - t n- Cash Other8 capital quarter Total i g M ag o e r s t- 2 G m o ob v e l e n i r - t n- Cash Other8 capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—1... . 17,232 13,999 1,547 844 751 14,286 1940 5,733 4,125 71 307 940 4,322 2 17,977 14,539 1,558 940 849 14,910 1941 6,049 4,578 107 344 775 4,682 3... . 18,429 15,058 L ,577 852 852 15,317 1942 6,150 4,583 318 410 612 4,941 4 19,164 15,520 1,606 1,082 866 16,073 1943 6,604 4,584 853 465 493 5,494 1944 7,458 4,800 1,671 413 391 6,305 1952—1 19,688 16,057 L,690 1 ,080 774 16,811 1945 8,747 5,376 2,420 450 356 7,365 2. ... 20,599 16,875 1,687 1,182 770 17,656 1946 10,202 7,141 2,009 536 381 8,548 3... . 21,295 17,696 L ,765 1,044 708 18,198 1947 11,687 8,856 1,740 560 416 9,753 4. ... 22,585 18,336 L ,791 1,306 1,072 19,140 1948 13,028 10,305 1,455 663 501 10,964 1949 14,622 11,616 1,462 880 566 12,471 1953—1P... 23,506 19,105 1,931 1,263 1,121 20,105 1950 16,846 13,622 1,489 951 692 13,978 2P.. . 24,772 20,133 ',003 1,337 1,216 21,154 1951 19,164 15,520 1,606 1,082 866 16,073 3P. .. 25,633 21,145 L.990 1,200 1,215 21,742 1952 22,585 18,336 1,791 1,306 1,072 19,140 4P.. . 26,726 21,929 1,923 1,481 1,315 22,823 1953* 26,726 21,929 1,931 1,481 1,307 22,823 p Preliminary. includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 8 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. MARCH 1954 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1952 1953 1944 1945 1946 1947 1948 1949 1950 1951 Loans, by purpose and agency: To aid agriculture, total 3,385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 5,070 5,671 4,997 5,512 Banks for cooperatives 189 197 232 276 305 302 345 425 424 367 324 336 Federal intermediate credit banks 257 231 273 336 426 437 510 633 673 728 824 781 Federal land banks 2 1,220 1,088 986 Federal Farm Mortgage Corporation. 351 242 149 109 80 60 45 34 25 23 22 20 Farmers Home Administration 8 643 604 590 558 525 523 535 539 596 653 646 658 Rural Electrification Administration. 361 407 528 734 999 1,301 1,543 1,742 1,920 1,966 2,014 2,062 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 1,426 1,927 1,163 1,651 Other agencies 10 9 6 7 5 9 7 6 6 5 5 5 To aid home owners, total 1,237 896 659 556 768 1,251 1,528 2,142 2,603 2,777 2,914 2,986 Federal National Mortgage Assn 52 7 6 4 199 828 1,347 1,850 2,242 2,394 2,498 2,540 RFC Mortgage Corporation* 81 24 6 Home Owners' Loan Corporation 2... 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation. 12 12 10 « 1 177 168 137 123 115 113 111 110 Other agencies 1 1 1 65 22 24 35 169 246 270 305 337 To railroads, total 343 223 171 147 140 114 110 101 82 79 79 79 Reconstruction Finance Corporation. 321 205 153 145 138 112 108 99 80 77 • 77 77 Other agencies 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total 191 232 192 272 310 462 458 488 516 526 536 536 Reconstruction Finance Corporation6 , 118 149 151 241 272 423 400 415 457 468 478 473 Other agencies , 73 83 41 31 38 38 58 74 59 58 63 58 To financing institutions, total 216 267 314 447 525 445 824 814 611 802 Reconstruction Finance Corporation. 66 60 14 7 6 8 8 8 864 (7) (7) Federal home loan banks 131 195 293 436 515 433 816 806 611 718 801 Other agencies 20 12 7 4 4 864 Foreign, total 225 526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 7,713 7,798 8,010 Export-Import Bank 225 252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,466 2,547 2,758 Reconstruction Finance Corporation •. (8) 274 235 246 206 154 101 64 58 55 55 52 Other agencies9 (•> 800 3,450 3,750 3,750 3,750 3,750 5,182 5,191 5,196 5,199 All other purposes, total , 1,237 707 623 714 584 484 531 779 1,095 872 821 830 Reconstruction Finance Corporation8 . 8 827 309 232 «340 190 88 59 61 50 51 54 57 Public Housing Administration10 305 286 278 278 294 297 366 609 919 688 626 612 Other agencies 112 113 100 99 8 106 96 105 109 126 133 142 160 Less: Reserve for losses. 438 478 368 476 448 395 185 173 140 159 226 252 Total loans receivable (net). 5,290 6,649 11,69212,733 6,387 9,714 13,228 14,422 17,826 18,089 17,637 18,502 Investments: U. S. Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,645 2,588 2,586 Banks for cooperatives 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks.. 39 43 47 48 44 74 46 51 60 53 52 62 Production credit corporations 60 67 70 72 66 39 42 43 43 44 45 45 Federal land banks a 220 145 136 Federal home loan banks. 144 118 145 139 274 27. 199 249 311 460 378 397 Federal Savings and Loan Insurance Corp. 151 161 172 184 199 214 193 200 208 212 218 211 Home Owners' Loan Corporation2 15 15 17 12 1 8 Federal Housing Administration. 87 106 122 132 144 188 244 285 316 330 344 318 Public Housing Administration 10 7 8 8 8 8 Reconstruction Finance Corporation6 . . 75 49 48 () 1 Federal Deposit Insurance Corporation. 760 89 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,500 1,508 1,509 Other agencies 28 30 20 21 1 1 1 1 1 1 Investment in international institutions. 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 424 325 230 154 133 107 88 78 44 42 45 44 Reconstruction Finance Corporation. 289 244 159 108 98 83 71 66 36 35 39 38 Production credit corporations 63 55 46 35 29 22 16 11 8 6 6 5 Other agencies 71 26 24 11 6 1 1 1 1 Commodities, supplies, and materials, total.... 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,280 1,259 2,201 2,259 Commodity Credit Corporation 1,450 1,034 463 448 43 1,376 1,638 1,174 978 1,013 1,876 1,884 Reconstruction Finance Corporation 6 1,053 1,131 667 235 15 14: 108 129 172 119 114 134 Other agencies 438 12: 134 138 3: 30 28 159 131 128 211 241 Land, structures, and equipment, total 16,23721,017 16,92412,600 3,060 2,962 2,945 3,358 3,213 3,240 7,86' 7,911 Public Housing Administration 10 200 222 227 204 1,448 1,352 1,248 1,251 1,173 1,149 1,029 1,030 Reconstruction Finance Corporation 6 6,526 6,919 2,861 35 630 611 605 594 199 197 185 181 Tennessee Valley Authority 710 721 72 754 793 830 886 1,048 1,251 1,299 1,360 1,405 U. S. Maritime Commission 2 3,113 3,39. 3,301 3.30J War Shipping Administration 2 5,427 7,813 7,764 6,507 Federal Maritime Board and Maritime Adm.2 P4,802 M.802 Other agencies u 262 1,948 2,044 1,793 189 168 206 465 590 595 493 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1,25: 689 965 772 1,190 1,369 1,330 1,10' 1,131 1,243 Banks for cooperatives 24 8 33 69 70 78 110 170 181 14: 11 119 Federal intermediate credit banks 274 245 293 358 480 490 520 67 704 710 788 776 Federal land banks 2 818 792 756 Commodity Credit Corporation 21 Federal home loan banks 69 169 26: 415 20- 560 525 44 25: 231 349 For footnotes see following page. 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items x Li i a n b t i e li r t a i g es e , n c o y th e it r e m th s an m Co o m di - - I m nv e e n s ts t- Land, t B u a o r n e n d s d s d p , e a n b y o e a t n b e - l s e , U G e . o r n v S - - . v P a r te i- ly Date, and corporation or agency Total Cash L c a e r o b e i a l v - e n - s m p s r t a i l i u a n i e a p e t s l d e s - s , , - G U s ri e o t . c i v e u S t s - . . O s ri e t t c h ie u e s - r s t e m u t a q r r n e u u e n d i c s p t - , - O s a t e h s t - e s r a F g n u b u t a e y ll r e y - d Other O li i a t t i b h e i e s l r - i m n e t e s e n t r t - o in w e t s n e t r e - d U. S. All agencies: 1944_Dec. 31 31,488 756 6,387 2,942 1,632 42416,237 3,111 1,537 1,395 4,196 23,857 504 1945—Dec. 31 33,844 925 5,290 288 1,683 32521,017 2,317 555 1,113 4,212 27,492 472 1946—Dec. 31 30,409 1,398 6,649 ,265 1,873 54716,924 1,753 261 1,252 3,58824,810 498 1947—Dec. 31 2 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,037 28015 143 1948—Dec. 31 2 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31 23,733 44112,733 ,549 2,047 3,492 2,962 509 28 772 1,72021,030 183 1950—Dec. 31 24,635 64213,228 ,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Dec. 312 26,744 93114,422 ,461 2,226 3,463 3,358 43 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 ,280 2,421 3,429 3,213 832 53 1,330 1,72826,456 378 1953—Mar. 31 30,564 93618,089 ,259 2 ,645 3,427 3,240 968 48 1,107 2,069 26938 401 June 302 36,153 1,06317,637 2,201 2,588 3,430 7,867 1,367 51 1,131 1,979 32,576 415 Sept. 30 37,141 1,09618,502 2,259 2,586 3,429 7,911 1,357 63 1,243 2,075 33335 424 Classification by agency, Sept. 30, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 405 333 119 259 25 Federal intermediate credit banks 886 781 776 99 Production credit corporations 51 51 Agricultural Marketing Act ) () () (7) F F R C e a o u F d r m r m e e a r d m l e a e r E l o r s d a l C e l H i c t r y F o t o r p a m i C f r i m e I r c n e a A s d t M u i i d o t r m o n a C r n i t A n o c g e r i a d s p g t m C o r e r a o i a n t C r i t i p o i s o o n t r n r p 3 ation , , 6 9 1 4 3 2 3 8 2 9 2 2 2 2 1 , ,5 5 0 6 4 2 6 1 9 0 0 1,884 108 1 37 2 8 1 1 7 7 2 73 1 7 8 3 2 3 , , 1 1 63 8 9 2 2 1 2 3 1 9 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,233 30 801 397 4 349 485 () 399 Federal Savings and Loan Insurance Corp.. 217 1 211 5 6 211 Public Housing Administration 1,842 108 620 1,030 84 37 F O e ff d ic e e r a o l f H t o h u e s i A n d g m A i d n m ist i r n a i t s o tr r a : tion 528 51 37 318 1 120 62 228 1, 2 8 3 0 8 5 Federal National Mortgage Association.. . 2,551 ) 2,540 ) 10 11 2,540 Other 127 28 71 25 4 126 Reconstruction Finance Corporation: Assets held for U. S. Treasury 12 353 3 1 134 180 34 353 Other is 815 24 726 1 28 36 779 Export-Import Bank 2,781 3 2,760 •(7)" 18 34 2,747 Federal Deposit Insurance Corp 1,529 6 (7) 1,509 () 15 100 1,429 A T F l e e l d n n o e t r e a h s l e s e r M e a V ri a t l i l m ey e A B u o t a h r o d r i a t n y d Maritime Adm.P. 9 5 1 , , , 8 3 7 3 9 8 1 0 7 3 1 1 5 4 6 0 1 3 5,641 1 2 5 6 2 1 8 3, ( 3 ) 85 4 1 , , 3 8 4 0 5 0 8 2 5 3 1 9 1 1 6 5 0 2 4 4 7 6 9 0 9 5 1 , , , 7 1 7 6 4 4 1 0 1 pPreliminary. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 8 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund." * Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. * 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. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. * Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. u Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation. 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. MARCH 1954 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY MARKETSi Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume Cor- (index, 1935-39=100) (index, 1939—100) tr o a f d- Year, month, Mu- po- ing6 or week nicipal rate Pre- Manufacturing (in (high- (high- ferred * Trade, thour O i s e e l - s d 2 r N i se e e - w s' grade)4grade)4 T ta o l - d t I u a r n i s l - - - R ro a a i d l- u P i l t u t i i y c b l - - T t o a - l T ta o l - D ra u - - N d ra o u - - n- T p t r o i a o r n n t s a - - u P i l t u t i i y c b l - - a s a f e n i n r c n v d e - - , M in i g n- s s h a a o n r f d es s ) ble ble ice Number of issues. . 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 28 32 14 1951 average 98.85 133.0 117.7 170.4 177 192 149 112 185 207 179 233 199 113 208 205 L.684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 ••256 1,313 1953 average 93.90101.46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 L,419 1953—Feb 95.28 122.7 114.0 166.3 196 212 181 124 202 229 204 252 235 124 '211 256 1,678 Mar 94.31 121.6 113.4 165.7 198 215 185 125 204 232 207 256 238 124 r2l3 263 L 931 Apr 93.25 121.3 111.7 161.7 190 206 173 122 194 220 194 245 223 120 207 252 1,637 May 91 59 99! 75 119.4 109.8 160.0 190 205 174 121 194 221 196 244 226 120 209 247 1,227 June 91.56 99.16 115.2 108.8 156.8 183 198 169 117 187 213 187 236 219 117 204 237 L ,185 July . . 92.98 100.03 115.1 110.7 160.1 186 200 174 119 190 217 188 243 223 119 206 237 967 Aug 92.89100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 1,138 Sept. 93.40101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 L.294 Oct 95.28103.30 119.7 112 6 167.3 183 197 157 122 187 214 184 240 202 121 201 219 94.98103.67 121.4 113.6 168.8 188 202 159 124 191 219 190 245 204 123 207 '231 1,482 Dec 95.85104.93 122.3 113.5 166.5 191 206 157 125 193 r222 192 249 200 125 209 230 1,644 1954—Tan 97.42106.16 123.6 114.5 168.7 195 211 160 127 198 228 199 256 206 126 r213 239 1,669 Feb 98.62107.04 125.5 116.5 171.8 200 217 166 129 203 234 204 261 215 128 216 250 1,752 Week ending: Jan. 30. ... 98.27106.68 124.8 115.1 170.5 199 217 163 128 202 233 203 261 214 127 215 243 1 ,937 Feb. 6 98.26106.66 124.9 115.9 171.8 200 217 165 128 204 235 205 263 216 128 216 246 1,787 Feb. 13 98.68106.84 125.5 116.6 172.2 201 218 167 129 203 234 204 261 217 128 217 247 1,888 Feb. 20 98.59106.81 125.5 116.5 171.4 199 216 167 129 202 232 203 259 214 128 215 254 1,742 Feb. 27 99.04 108.02 125.9 117.0 171.6 199 216 165 129 204 234 205 261 213 129 215 254 1,551 r Revised. 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). 2Fully taxable, marketable 2}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Ap 4P r. r i 1 c , e 1 s 9 d 5 e 2 r , i v o e n d ly f r b o o m n d a s v d e u ra e g o e r y f i i e rs ld t s c , a a ll s a c b o le m a p f u te te r d 1 b 5 y y e S a t r a s n d w a e r r d e a in n c d lu P d o e o d r . ' j s Corporati 3 o X n h , e o 3 n M ba p si e s r o c f e n a t 4 b o p n e d r s c e o n f t 1 2 9 0 7 - 8 y - e 8 a 3 r , b is o s n u d e . d May 1, 1953. 6Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars! Debit balances Credit balances End of month C b u a ( s d n l t e a o e b n m t i c ) t i e e s rs' a b in n p a a v d l c a D a e c r n t s t e o r n c t b u a m e e i d n s t r e i t s s n n i ' n g t a b in n a a v d l c D a e c f n t i s e o r r c t b m u a m e i d n s t e i t s n n in g t C a b h a n a s a d n h n k d i o n s n bo M rr o o n w e e y d2 F cr r e e C d e i u t s t b o a m la e n r O c ( s n e ' th s e * e t) r a i I n n n a v d c p e c t a s o r t r u a m t d n n O e i t e s n n t r g h t s' er a i c n n a r v d I c e n e c d t s o i r f t t u a i m r d n b m e t i a s n n l g t ance I a n s c ( c c n o a e u p t n ) it t a s l 1950—December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 December... 1,362 8 406 343 920 724 200 35 9 315 1953—January.... 31,345 8908 3732 February... 31,350 i 8871 3 730 March 31,513 8966 3744 April 31,594 81,068 8738 May 31,671 81,193 3673 June 1,684 7 347 282 1,216 653 163 23 16 319 July 31,664 31,161 3651 August 31,682 31,182 3641 September. . 31,624 31,070 3674 October 31,641 «31,098 3672 November. . 31,654 '31,127 3682 December... 1,694 8 404 297 1,170 709 208 28 31 313 1954—January... . 31,690 31,108 3741 ^Corrected. 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) firms' own partners. 2Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): November, 31; January, 34. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OPEN MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] mo Y w n e e th a e r k , , or m m 4 p P - c o e a r o r t n p i c o m m t e i h a r - e 6 s , l - 1 a a d P b c n e a a r 9 c r i c n y s m e 0 e ' k s p s e 1 - , t- M y 3 a i - r e m k ld e o t n s t e h o c i R n u s b s r a i n u i l t t l e e i e s w e s s 9 ( i m t s - a s t o x o u n a e t b s 1 h 2 2 le - ) 3 is - y s t e u o a e r s 5 8 - An 1 n 9 A u 1 r a c 9 e l i 4 a ti 5 a e a v s n e : d ra g p e e s ri : od l 2 o A . a 2 l n l s $ $ 1 4 1 0 . , 3 0 ,0 0 0 0 0 - $ $ 1 1 3 0 0 . S 0 2 ,0 , i 0 z 0 e 0 0 0 - of $ $ 1 l 2 0 2 o 0 0 a . 0 3 , n 0 ,0 0 0 0 0 - $ a 2 n 2 0 d . 0 0 o ,0 v 0 e 0 r 1946 2.1 4 2 3 1 2 2 1 7 1 19 9 5 5 2 1 a a v v e e r r a a g g e e 2 2 . . 1 3 7 3 . . 6 7 0 5 1 1 . . 5 7 2 2 1 1 . .5 7 5 6 2 6 1 1 . . 8 7 1 3 2 1 . .9 1 3 3 1 1 1 9 9 9 4 4 4 7 8 9 .. 2 2 2 . . . 5 7 1 4 4 4 . . 2 6 4 3 3 3 . . 7 1 5 3 2 2 . . 0 5 8 2 2 1 . . 4 8 2 1953 average 2.52 .88 1.90 1.931 2.07 2.57 1950 2 7 4 5 3 6 3 0 2 4 1953—February. . 2.31 1.88 1.97 2.018 1.97 2.42 1 19 9 5 5 2 1 3 3 .1 5 4 4. 7 9 4 4 . 0 2 3 3 7 4 3 2 .9 3 A M p a r r i c l h 2 2 . . 4 3 4 6 L 1 . . 8 8 8 8 2 2 . . 0 1 1 9 2 2 . . 0 1 8 7 2 7 2 2 . . 0 2 4 7 2 2 . . 4 6 6 1 1953 3.7 5.0 4 4 3 9 3 5 May 2.68 L.88 2.16 2.200 2.41 2.86 Quarterly: June 2.75 1.88 2.11 2.231 2.46 2.92 19 cities: July 2.75 L.88 2.04 2.101 2.36 2.72 1953—Mar 3.54 4.89 4.25 3.75 3.32 August.... 2.75 1.88 2.04 2.088 2.33 2.77 June 3.73 4.98 4.38 3.91 3.53 September. 2.74 L.88 1.79 1.876 2.17 2.69 Sept 3.74 5 01 4.40 3.93 3 54 October. . . 2.55 L.88 1.38 1,402 1.72 2.36 Dec 3.76 4.98 4.39 3.96 3.57 N D o ec v e e m m b b e e r r . . . 2 2 . . 2 3 5 2 L L. . 8 8 8 8 1 1 . . 6 4 0 4 1 1 . . 6 42 3 7 0 1 1 . . 6 5 1 3 2 2 . . 2 3 0 6 Ne 1 w 95 Y 3— ork M a C r ity: 3.31 4.55 4.13 3.55 3.17 1954— F J e a b n r u u a a ry ry .. . . . 2 2 . . 1 0 3 0 L . . 8 6 8 9 1. . 1 9 8 7 1. . 2 9 1 8 4 4 1 1 . . 3 0 3 1 1 1 . . 9 8 7 4 J S D u e e n p c e t 3 3 3 . . . 5 5 5 2 2 1 4 4 4 . . . 7 6 7 0 3 6 4 4 4 . . . 2 2 2 5 5 5 3 3 3. . . 7 7 7 7 6 9 3 3 3. . . 3 4 3 8 0 9 Week ending: 7 Northern and East- Tan. 30. .. 2.00 1.88 1.01 .998 1.09 1.88 ern cities: Feb. 6... 2.00 ]. 88 ,99 1.031 1.04 1.93 1953—Mar 3.50 4 95 4.24 3.74 3.30 Feb. 13. .. 2.00 1.63 .91 .893 .99 1.87 June 3.71 5.07 4.38 3.87 3.54 Feb. 20. .. 2.00 1.63 .98 1.024 1.03 1.82 Sept. 3.71 5.08 4.45 3.91 3.52 Feb. 27. .. 2.00 1.63 .98 .986 .96 1.74 Dec. 3 79 5 07 4.40 3.96 3.63 11 Southern and 1 2 S M e o ri n e t s h l i y n c f l i u g d u e r s e s c a e r r e ti f a ic v a e t r e a s g e o s f o i f n d w e e b e t k e l d y n e p s r s e v a a n il d in g se l r e a c t t e e s d . note and 195 W 3 e — st J M e u r n a n r e cities: 3 4 . . 9 0 0 5 5 5 . .0 0 2 9 4 4. . 4 3 6 1 4 3 . . 0 9 2 1 3 3 . .6 7 2 9 bo 3 n S d e r i i s e s s u e i s n . cludes selected note and bond issues. D S e e c pt 4 4. . 1 1 0 0 5 5 . . 1 0 0 6 4 4 . . 4 4 6 6 4 4 . . 0 0 6 9 3 3. . 8 8 6 6 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 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 U. S. Govt. Corporate (Moody's)8 Dividends/ E in a g rn s/ - Year, month, (long-term) M i u p n a i l c- By ratings By groups price ratio p ra r t ic io e or week (high- Old New grade) * Total Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa A Baa trial road utility ferred « mon7 mon8 Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1951 average 2.57 2.00 3.08 2.86 2.91 3.15 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 3.16 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3.55 3.45 4.27 5.51 1953—February 2.83 2.54 3.26 3.07 3.14 3.30 3.53 3.11 3.39 3.29 4.21 5.26 PIO.19 March 2.89 2.61 3.31 3.12 3.18 3.36 3.57 3.16 3.43 3.33 4.23 5.36 A M p a r y il 2 3 . . 9 0 7 9 3.26 2 2 . . 7 6 3 3 3 3 . . 4 5 0 3 3 3. . 3 2 4 3 3 3 . . 2 4 9 1 3 3 . . 4 5 4 8 3 3 . . 6 7 5 8 3 3 . . 2 3 7 9 3 3. . 6 5 3 1 3 3 . . 5 4 7 4 4 4 . . 3 3 8 3 5 5 . . 5 5 2 3 9.39 June 3.09 3.29 2.99 3.61 3.40 3.49 3.67 3.86 3.48 3.73 3.62 4.47 5.60 July 2.99 3.25 2.99 3.55 3.28 3.42 3.62 3.86 3.42 3.67 3.56 4.37 5.44 August 3.00 3.22 2.88 3.51 3.24 3.39 3.56 3.85 3.37 3.61 3.54 4.29 5.79 10.47 September... 2.97 3.19 2.88 3.54 3.29 3.43 3.56 3.88 3.40 3.65 3.58 4.30 5.76 October 2.83 3.06 2.72 3.45 3.16 3.33 3.47 3.82 3.33 3.56 3.46 4.19 5.60 November... 2.85 3.04 2.62 3.38 3.11 3.26 3.40 3.75 3.27 3.51 3.38 4.15 5.53 l6!89' December. . . 2.79 2.96 2.59 3.39 3.13 3.28 3.40 3.74 3.28 3.52 3.37 4.21 5.54 1954—January 2.68 2.90 2.50 3.34 3.06 3.22 3.35 3.71 3.23 3.47 3.31 4.15 5.28 P10.51 February.... 2.60 2.85 2.39 3.23 2.95 3.12 3.25 3.61 3.12 3.35 3.23 4.08 5.29 Week ending: Jan. 30 2.63 2.87 2.43 3.30 3.03 3.18 3.31 3.67 3.18 3.43 3.28 4.11 5.28 Feb. 6 2.62 2.87 2.42 3.27 2.99 3.16 3.29 3.65 3.16 3.40 3.27 4.08 5.24 Feb. 13 2.59 2.86 2.39 3.23 2.94 3.12 3.26 3.62 3.13 3.34 3.23 4.07 5.26 Feb. 20 2.60 2.86 2.39 3.22 2.93 3.11 3.24 3.60 3.11 3.34 3.22 4.08 5.34 Feb. 27 2.57 2.79 2.37 3.21 2.92 3.10 3.23 3.58 3.10 3.33 3.20 4.08 5.29 ^Preliminary. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio). 2Fully 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 3% per cent bonds of 1978-83, issued May 1, 1953. ^Standard and Poor's Corporation. 5Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. 6Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7Moody's Investors Service. 8Computed by Federal Reserve from data published by Moody's Investors Service. Back figures—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 279 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollarsl Summary Increase or Budget receipts and Excess of receipts decrease (— General fund of the Treasury texpenditures or expenditures ( —) during period (end of period) Deposits in Period rec N e e ip t ts p t e u E n r x d e - s i- S d u e r f o p i r c l i u t s c T o o a a t r u n h c u n d e - s t r t s r o i e S n o b d a a f l e l g i e m m g G e s a n a p o t r c a i t v k o i y n o t e n a . n t i s s C co i a l n e u c g a - n r t - p d G d u i r r e b o e b l c s i t s c t G ba f e u l n a n e n d r c a e l f a g r e r u > n > e i r _ n n ia a c n d i l e - - A f a u F v b n . a l d e i R s l- . B I c n e a o t s n i s l p k o l r e n o s o c f c - - S d it p e a e p r c o i i e s a s - l O s n a t e h e s t - t e s r Cal. yr.—1950 37,834 l3g 255 1-422 1-38 349 87 -423 -447 4,232 690 129 2,344 1.069 1951 53,488 56^846 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 65,523 71,366 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 1L,132 1953 64,469 73,626 -9,157 82 19 -209 7,777 -1, 488 4,577 346 131 3,358 742 Fiscal yr.—1950 . . . 37,045 40,167 -3,122 121 -22 483 4,587 2,047 5,517 950 143 3,268 L.156 1951 . .. 48,143 *44,633 13,510 1295 384 -214 -2,135 1,839 7,357 338 250 5,680 1,089 1952 . . . 62,129 66,145 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1,175 1953 . . . 65,218 74,607 -9,389 462 -25 -312 6,966 -2, 299 4,670 132 210 3,071 1,256 Semiannual totals: 1950—July-Dec. 18,464 119,063 1-599 1-173 392 -254 -650 -1, 285 4,232 690 129 2,344 1,069 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3, 124 7,357 338 250 5,680 1,089 July-Dec.. 23,809 31,276 -7,467 291 64 -146 4,197 -3, 062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June. 38,014 38,110 -96 341 -71 -248 -1,320 -1, 394 4.670 132 210 3.071 1,256 July-Dec. . 26,454 35,515 -9,061 -259 90 40 9,097 -94 4,577 346 131 3,358 742 Monthly: 1953—Feb 5,479 5,595 -116 404 —133 —2 182 335 6,024 351 174 4,376 1,123 Mar 10,502 6,187 4,315 -209 12 -135 -3,099 884 6,908 222 448 4,983 1,255 Apr . 2,849 6,362 -3,513 —157 —50 289 105 -3, 326 3,582 393 180 1,859 1,151 May 4,380 6,241 -1,862 377 38 -428 1,930 57 3,639 221 108 2,109 1,201 June 9,744 7,988 1,756 65 32 -373 -449 1,032 4,670 132 210 3,071 1,256 July 3,308 6,068 -2,759 -260 26 466 6,598 4,071 8,741 548 181 6,690 1,322 Aug 4,568 6,042 -1,473 299 1 -430 536 -1, 067 7,674 496 96 5,825 1,257 Sept. 6,041 6,119 -79 -40 75 117 -269 196 7,478 642 183 5,255 1,398 Oct 2,659 5,477 -2,818 -149 -70 235 449 -2, 352 5,126 662 185 2,892 L.387 Nov. 4,695 5,423 — 728 —37 116 -376 1,822 797 5,923 451 81 4,545 '847 Dec 5,183 6,387 -1,204 -72 -59 29 -40 -1, 346 4,577 346 131 3,358 742 1954—Jan 24,471 25,O71 -600 -144 -28 559 -320 -533 4,044 404 363 2,406 871 Feb.3 n.a. n.a. n.a. n.a. -124 -156 -67 944 4,988 548 167 3,458 816 Budget expenditures Major national security programs Period Total Total4 t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l s y i a e t - d - n I t a i n e o n o c i t m a n d e o - a r 5 - i - c l A E C m n s to o i e o i m m r s n g - i - y c I d n e o e t s n e b t r t - A e i t V s i d r o t a m e r n n a t i - s s - n- g c S r p u o s a r r e c m o i - i t - a s y l 6 A t c u g u r r l e - i 7 - H n h a a i o o f n n n i m u - g d c s e e - P w u o b r l k i s c o P d f i f c e o ic i f s t - e t T c t o f r r a e t u a u c o r n n s - s s t ts - Other Cal. yr.—1950 38,255 18,509 13,476 291 4 012 611 5,580 5,714 1.351 1,499 — 17 1.551 643 961 2,464 1951 56,846 37,154 30,275 1,559 3 560 1,278 5,983 5,088 ,463 1,010 694 1,438 684 1,016 2,315 1952 71,366 51,121 43,176 2.975 2 652 1,813 6,065 4,433 ,508 1,564 646 1,573 775 1,193 2,487 1953 73,626 52,817 44,465 3, 810 2 190 1,889 6,357 4,157 ,630 3,238 -159 1,685 525 783 2,593 Fiscal yr.—1950 40,167 17,950 12,346 44 4 941 524 5,750 6,043 ,375 2,986 -270 1,575 593 1,383 2,781 1951 .... 44,633 25,891 19,955 884 3 863 908 5,613 5,288 ,415 635 460 1,458 624 972 2,276 1952 .... 66,145 46,319 39,033 2,228 2 904 1,648 5,859 4,748 ,424 1,219 614 L.515 740 1,305 2,402 1953 74,607 52,847 44,584 3, 760 2 272 1,802 6,508 4,250 ,593 3,063 382 L.655 660 1,079 2,570 Semiannual totals: 1950—July-Dec. . 19,063 9,850 7,505 247 1 692 341 2,390 2,678 670 164 158 878 260 804 1,210 1951—Jan.-June.. 25,570 16,041 12,450 637 2 170 567 3,223 2,610 745 470 302 580 364 168 1,066 July-Dec.. 31,276 21,113 17,825 921 389 711 2,761 2,479 718 540 392 858 320 848 11,249 1952—Jan.-June.. 34,869 25,206 21,208 1,306 I 514 937 3,099 2,269 706 679 222 657 420 457 1,153 July-Dec.. 36,497 25,915 21,968 1,669 137 876 2,966 2,164 802 885 424 916 355 737 1,333 1953—Jan.-June.. 38,110 26,932 22,616 2,092 134 926 3,542 2,086 791 2,178 -42 740 305 342 L.236 July-Dec.. 35,515 25,885 21,848 1,718 056 963 2,816 2,072 839 1,059 -11*1 945 220 441 1^357 Monthly; 1953—Jan. 5,737 4,216 3,632 277 138 158 235 348 180 357 —80 89 160 20 213 Feb 5,595 4,168 3,501 316 171 151 311 339 109 285 19 70 101 192 Mar 6,187 4,670 3,789 523 181 157 563 358 10 281 —3 88 —30 58 193 Apr 6,362 4,582 3,891 366 120 167 372 350 239 293 -35 193 125 13 232 May 6,241 4,481 3,746 285 278 153 179 348 125 581 66 155 92 213 June. 7,988 4,815 4,056 325 246 140 1,882 343 128 382 — 10 145 50 59 194 July 6,068 4,645 3,890 451 151 117 237 369 177 254 —78 174 53 237 Aug. 6,042 4,172 3,519 197 258 157 206 330 120 377 95 155 160 157 270 Sept 6,119 4,392 3,787 232 169 155 560 323 101 275 34 158 60 217 Oct. 5,477 4 266 3,647 155 175 208 354 336 211 — 12 —46 161 18 189 Nov.. 5,423 4,034 3,540 198 162 95 164 343 123 302 -89 157 60 95 234 Dec 6,387 4,377 3,465 484 141 231 1,294 371 108 -137 -3:I 140 57 209 1954—Jan 25,O71 P3.681 3,001 385 P104 142 245 P340 172 309 -3 I 97 P241 p Preliminary. n.a. Not available. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. 2Not adjusted for Treasury's revised treatment of carriers' taxes. 3On basis of revised Treasury daily statement. 4Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. ^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. 6 Excludes transfers to trust accounts, which are shown separately. includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are included with public works. 280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Internal revenue collections Budget receipts, by principal sources (on basis of Internal Revenue Service) Income Deduct Period p W l h e o b e m i y y t l h e d i - n r - s a su n r d a v I n o i n d c l d d e u i - a O - a t l a g t x h e e e C r s r a o t r i p o o n - t n c e M e r e e i n e r n o l i n v u l s - u a a - - e - s l a c p o T n a m l f e o r d a o m r o y 8 x n i o r e e e - e r o n r s s s r O ce r t i e h p - e ts r b c T u e r o d i e p t g - a t e s l t A to t t f p i r a u p r o u g o n p i n a s e l d r d s t - o - - c fu e R r o n i e e p f d - - t s s b c u N e r d i e p e g - t t e s t W c a h I o g n e i m e l d t d h i e i t - v n a a i x s d n u e u d O r s a a t l o n h l c i e d n e r - - C p r c t a r a a o o i o t x n n r m i f p o e d - it o e s n s - t t a a g E a x n i s f t e d - e t s Cal. yr.—IQ50 13,775 17,361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 1951 19,392 26,876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16,565 801 1952 23,658 34,174 10,416 902 2,630 71,788 3.814 2,451 65,523 23,090 11,980 22,140 849 1953 26,323 30,524 11,211 896 2,570 71,524 3,918 3,137 64,469 26,162 11,401 19,195 923 Fiscal yr.—1950 12,180 18,189 8,303 776 1,862 41,311 2,106 2,160 37,045 11,762 7,264 10,854 706 1951 16,654 24,218 9,423 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14,388 730 1952.... 21,889 33,026 9,726 994 2,364 67,999 3,569 302 62,129 21,313 11,545 21,467 833 1953.... 25,058 33,101 10,870 902 2,525 72,455 4,086 3,151 65,218 24,750 11,604 21,595 891 Semiannual totals: 1950—July-Dec... 7,209 6,841 4,779 317 1,039 20,185 1,411 311 18,464 6,858 1,881 4,971 303 1951—Jan.-June.. 9,445 17,376 4,644 494 1,223 33,184 1,709 1,796 29,679 9,043 8,027 9,416 427 July-Dec... 9,947 9,499 4,748 449 1,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 1952—Jan.-June... 11,942 23,526 4,978 545 1,251 42,242 1.922 2,000 38,320 11,515 9,210 14,318 459 July-Dec... 11,716 10,647 5,438 357 1,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 1953—Jan.-June... 13.342 22.454 5.432 545 1.137 42,910 2.195 2,700 38,014 13,176 8,834 13,773 502 July-Dec.. . 12,981 2,799 | 5,272 5,779 352 1,433 28,614 1,723 437 26,454 12,986 2,567 5,422 422 Monthly: 1953—Feb 3,544 1,479 856 271 150 6,300 486 336 5,479 4,990 839 404 65 Mar 2,102 8,551 993 66 158 11,870 425 944 10,502 328 2,698 6,171 154 Apr 1,170 1,837 880 14 144 4,044 232 963 2,849 1,667 855 654 84 May 3,399 490 922 109 220 5,140 516 244 4,380 4,520 151 359 62 June 2,138 6,986 939 54 206 10,323 420 159 9,744 527 1,437 5,683 60 July 1,252 474 651 937 19 286 3,619 206 105 3,308 1,792 324 651 83 Aug 3,500 79 326 955 106 187 5,153 519 65 4,568 4,434 91 326 60 Sept 1,837 1,689 1,636 981 55 203 6,402 299 63 6,041 313 1,631 1,767 64 Oct 1,138 159 385 1,019 16 176 2,894 160 75 2,659 1,934 79 478 96 Nov 3,416 89 336 968 107 229 5,144 388 60 4,695 4,398 77 318 56 Dec 1,838 309 1,938 919 48 351 5,403 151 69 5,183 115 364 1,882 63 1954—Jan 904 2,122 490 749 21 332 4,619 84 64 14,471 n.a. n.a. n.a. n.a. Feb.2 P3,744 1,118 469 274 n.a. n.a. n.a. 306 n.a. n.a. n.a. n.a. n.a. Treasury receipts—Continued Trust and other accounts (o I n n t b e a r s n i a s l o r f e v I e n n te u r e n a c l o l R le e c v ti e o n n u s— e S c e o r n v t i . ce) Social security, Other accounts 5 retirement, and Period Excise and miscellaneous taxes Total4 insurance accounts Total Liquor Tobacco M an an d u e r x f e a c t c i a s t i e u le re rs rs ' ' Other ce R i e p - ts I m nv e e n s ts t- Ex tu p r e e n s di- m In e v n e t s s t 6 - Other* Cal. yr.—1950 8,150 2,419 1,348 2,519 1,864 -38 6,543 56 6,214 -22 -333 1951 8,682 2,460 1,446 2,790 1,987 759 7,906 3,155 4,507 271 786 1952 9,558 2.727 1,662 3,054 2,115 40 8.315 3.504 4.942 508 Fiscal yr.— 19 1 1 1 1 5 9 9 9 9 3 5 5 5 5 0 2 1 3 9 8 8 9 7 , , , , , 7 9 9 7 5 1 7 4 0 9 4 1 6 4 9 2 2 2 2 2 , , , , , 7 2 8 5 5 8 1 1 4 4 1 9 9 9 7 1 1 1 1 1 , , , , , 6 6 3 3 5 1 5 2 8 6 4 5 8 0 5 3 3 2 2 2 , , , , , 2 8 2 8 3 6 4 2 4 5 2 5 4 1 9 2 2 2 1 1 , , , , , 0 1 0 8 9 2 5 0 3 3 0 2 6 6 2 2 2 4 1 9 8 1 6 2 5 2 9 2 1 6 8 8 8 7 , , , , , 2 5 2 1 2 6 3 5 2 1 6 1 1 3 0 2 3 3 3 - , , , , 4 3 0 3 3 0 6 5 6 8 2 1 9 0 7 6 3 5 4 5 , , , , , 7 4 8 8 2 1 5 8 8 5 1 2 5 4 7 2 2 1 1 7 5 4 9 5 2 6 3 - 3 3 5 4 6 1 5 8 3 2 0 3 9 0 Semiannual totals: 1950—July-Dec... 4,462 1,391 683 ,394 994 -173 3,312 1,557 1,644 -22 -307 1951—Jan.-June. . 4,241 1,156 697 ,446 942 468 3,939 1,803 2,108 219 660 July-Dec.. . 4,440 1,304 748 ,343 1,045 291 3,967 1,352 2,398 52 126 1952—Jan.-June.. 4,531 1,245 817 ,481 988 -72 4,242 2,009 2,486 223 404 July-Dec . . 5,027 1,482 845 ,573 1,127 121 4,073 1,495 2,456 106 105 1953—Jan.-June. . 4.919 1,299 810 ,786 1,025 341 4.458 1,564 2.802 136 385 July-Dec... 4,795 1,521 804 ,476 995 -259 3,665 823 3,009 17 -74 Monthly: 1953—Jan 760 188 136 283 154 -140 248 -103 447 233 188 Feb 782 186 133 308 155 404 869 223 449 -54 154 Mar 825 229 144 276 176 -209 596 61 488 38 -217 Apr 848 230 133 292 193 -157 405 128 478 -17 27 May 851 229 129 320 173 377 1,020 412 463 42 274 June 854 237 136 307 174 65 1,319 843 476 -107 -42 July 895 244 125 312 213 -260 405 90 470 -29 -134 Aug 793 225 145 267 156 299 1,070 409 462 -14 86 Sept 3472 266 140 4 61 -40 449 16 506 55 87 Oct 608 294 147 74 94 -149 328 -80 537 4 -16 Nov 1,442 276 126 773 267 -37 817 199 502 40 -113 Dec 587 216 120 46 204 -72 597 188 533 -39 14 1954—Jan n.a. n.a. n.a. n.a. n.a. -144 207 -334 581 288 184 P Preliminary, n.a. Not available. !Not adjusted for Treasury's revised treatment of carriers' taxes. 2On basis of revised Treasury daily statement. 3 Reporting of some excises changed to quarterly basis. * Excess of receipts, or expenditures ( —). 5Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 6, but their operating transactions are included in Budget expenditures. 6Consists of net investments in public debt securities of quasi Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). 281 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY GASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net Period Ne r t e c B ei u p d ts get a P cc lu t. s : re T c r e u ip s t t s E op C q e u a r a s a l h s t : - Budget e L x es p s e : nd N i o tu n r c e a s sh P e l x u p s e : n T d r it . u a r c e c s t. S E t x a c b h i P - . lus C : lear- E op C q e u a r a s a l h s t : - i o n c p o g e m r in a e t - - Total Less: Less: ing Total Accru- Intra- Less: liza- ing ac- ing or net Non- Total Non- income als to Govt. Total Non- tion count outgo outgo receipts cash1 publics trans.4 cash » Fund e Cal. yr.—1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 -262 -87 41,969 482 1951 53,488 222 8,582 2,508 59,338 56,846 567 2,625 4,397 90 —26 106 58,034 1,304 1952 65,523 184 8,707 2,649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 — 1,583 1953 ... 64,469 275 8,596 2,347 70,440 73,626 575 2,585 5,974 34 —82 209 76,529 —6,090 Fiscal yr.—1950 37,045 120 6,669 2,623 40,970 40,167 436 2,754 6,881 13 -207 -483 43,155 -2,185 1951 48,143 256 7,796 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952.... 62,129 138 8,807 2,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 1953.... 65,218 210 8,932 2,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 Semiannual totals: 1950— iilv-Dpr 18,464 91 3,562 1,033 20,900 19,063 281 1.075 2,201 55 254 20,105 796 1951— an.-June.. 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 uly-Dec... 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—'an.-June.. 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 uly-Dec.. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1953—]an.-June.. 38,014 104 4,683 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 uly-Dec... 26,454 171 3,913 996 29,199 35,515 277 1,129 3,332 36 -38 -40 37,326 -8,128 Monthly:' 1953—17eb. 5,479 3 920 128 6,267 5,595 38 129 346 2 -19 2 5,754 513 1Vfar 10,502 2 649 106 11,042 6,187 21 107 758 1 19 135 6,970 4,072 Apr 2,849 3 443 75 3,214 6,362 40 82 488 —3 —289 6,443 —3,229 May 4,380 4 1,047 129 5,294 6,241 47 131 217 1 —44 428 6,662 -1,368 June 9,744 49 1,338 848 10,185 7,988 70 907 537 —11 373 7,932 2,253 July 3,308 31 429 91 3,615 6,068 108 120 629 2 —466 6,001 —2,386 Aug 4,568 3 1,158 196 5,526 6,042 27 194 464 5 11 430 6,720 — 1,193 Sept 6,041 43 482 107 6,373 6,119 21 108 451 41 11 — 117 6,294 78 Got 2,659 10 378 78 2,950 5,477 — 1 91 604 -3 —235 5,759 -2,809 1 4,695 4 839 133 5,396 5,423 40 133 636 3 376 6,258 -862 1954— L J F a > n pr.. 74 5 , , 4 1 7 8 1 3 8 5 0 1 2 6 3 2 7 7 3 7 9 5 1 5 4 5 , , 6 3 0 3 2 9 75 6 , , O 38 71 7 8 7 2 2 4 7 8 9 3 7 4 5 2 4 7 9 -12 8 - — 1 6 2 0 -5 -2 5 9 9 4 6 , , 7 2 4 9 9 4 - -1 9 4 5 7 6 Feb.s n.a. n.a. n.a. n.a. 6,530 n.a. 16 n.a. n.a. n.a. 156 5,302 1,228 n.a. Not available. x Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by quasi Government corporations. 2 Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures ("see footnote 5). Represents principally repayments of capital stock and paid-in surplus by quasi Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6Cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) 7Not adjusted for Treasury's revised treatment of carrier's taxes. 8On basis'of revised Treasury daily statement. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment (—) of borrowing to the public2 Period d ( c o i g - d r r r r ) e . e o , a d b p s s e i u t s e n - b. F a G n e u s d te e a e e c r r d u - al r it a ie g a s g N e n u n o t o a c f e n i r e e - - d s & G N o i s n t e v e r c t t F . . . i e f a b n u d g y v n e . . d n s . T I b n r o A t e n . a c d o s c s n . r u a b s a n i a l l l d v s s . to P F f p a e o u d r y m b . t s l s . i o c e i 1 c f n . b b r ( i o o n e - r r i p ) g n r r a , o o g o y o w w t f r . - - m & i D s k s i c t u r o a e e n b c s v l t 3 e . . S b p ( a i o r v s i n s i c n u d e g e ) s s S n av o i t n es gs S s a P i p s v o s e . s u c S t i e a a y s l l s.Other* Cal. yr.—1950 -423 -6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 -1,191 -1,099 -997 46 1952 7,973 12 -102 3,833 770 -74 3,353 5,778 -406 -1,784 -113 -122 1953 7,777 22 -3 2,540 591 66 4,601 64,829 • -344 248 -162 30 Fiscal yr.—1950.... 4,587 -8 -14 -308 574 68 4,231 211 728 3,601 -150 -158 1951 -2,135 10 374 3,557 638 -149 -5,795 -3,943 -467 -657 -1,093 365 1952.... 3,883 16 -88 3,636 779 -79 -525 1,639 -717 -1,209 -155 -82 1953.... 6,966 7 -32 3,301 719 3 2,918 «5,294 8 -103 -2,164 —100 -9 Semiannual totals: 1950—July-Dec.. -650 4 388 1,544 337 -56 -2,081 -2,761 292 187 -170 371 1951—Jan.-June. -1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—J an.-June. -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec.. 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 1953— J J u an ly .- - J D u e n c e .. . -1 9 , , 3 0 2 9 0 7 - 2 2 4 -6 6 9 6 1,7 8 0 4 0 0 2 3 8 0 3 8 3 3 2 4 -3 8 , , 4 0 3 3 3 4 6-2 6 t0 ,8 2 5 8 7 -3 « 6 1 2 8 -1 1 , , 3 5 3 8 5 3 - - 6 9 8 4 -2 5 0 0 Monthly: 1953—Feb 182 2 -134 170 40 17 -178 -81 93 -38 -13 -139 Mar -3,099 1 11 100 23 -21 -3,188 -2,503 58 -768 -4 29 Apr 105 1 -51 112 42 —2 -97 47 1 —83 -62 May 1,930 38 453 48 43 1,425 «1,571 8-147 -6 -32 39 June -449 33 735 71 -1 -1,222 -862 -98 —341 -11 90 July 6,598 11 15 61 •109 -1 6,456 6,333 «-122 252 -7 Aug 536 1 395 «28 -12 127 -72 e-51 271 -17 -4 Sept -269 75 71 22 — 12 —274 -931 -90 662 -16 101 Oct 449 -72 -76 -1 457 -51 -36 618 -7 -67 Nov 1,822 108 240 41 — 1 1,659 1,647 -22 -53 -36 123 Dec -40 2 -61 150 83 59 -391 -70 -41 -167 -18 -95 1954—Jan -320 — 1 -27 -46 73 11 -386 -178 —92 -73 -12 -31 Feb.? -67 2 -126 77 17 -1 -284 -74 18 -71 -37 -12o 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2 Includes redemptions of tax anticipation bills and savings notes used in payment of taxes. 8Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 5Excludes exchanges of savings bonds into marketable bonds. 6See footnote 2 at bottom of following page. 7On basis of revised Treasury daily statement. 282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cashi operating outgo Period Total t i a n D u x d i a e i r l v s e s i c o 1 d t n - t c a a D o t x i i r e o r p s e n o c s o r t 1 - n E t m a a x x i n c s e d i c s s . e i c n S e s o . i c p i r t a e s l 2 - c O o c i a t m n h s - e h e r 3 D R c o e e e f f d i p u r u e t n c s - d t: s Total n g a M r t p a l a r . m o j s o - s e r 4 c. e d I s n e t t b e o t r 5 n - g e r V p r a r a e m o n t - - s s6 s g e S r p c a o r u m c o r i - i a s t 7 l y Other Cal. yr.—1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 18,347 4,072 8,864 4,400 6,286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,195 4,230 5,209 5,617 6,729 1953 . . .. 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 '52,753 4,589 4,885 6,648 C7,654 Fiscal yr —1950 40,970 18,115 10,854 7,597 4,438 2,126 2,160 43,155 17,879 4,264 9 146 4,740 7,126 1951 53,439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,038 4,052 5,980 4,458 5,276 1952 68,093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46,396 4,059 5,826 5,206 6,469 1953... . 71,344 33,370 21,595 9.978 6,858 2.694 3,151 76,561 52,843 4,658 4,920 6,124 8,016 Semiannual totals: 1950—July-Dec 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 25,250 1,984 2,709 2,741 2,938 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953—Jan.-June 41,241 20,329 13,773 4,931 3,656 1,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 July-Dec 29,199 14,478 5,272 5,357 3,037 1,492 437 37,326 '25,854 2,176 2,465 3,401 c3,430 Monthly: 1953—Feb. 6,267 4,198 404 791 1,013 197 336 5,754 4,151 269 390 506 438 Mar 11,042 4,211 6,171 840 557 207 944 6,970 4,691 526 418 436 899 Apr. 3,214 2,204 654 795 344 180 963 6,443 4,583 297 408 658 497 May 5,294 3,076 359 860 1,000 243 244 6,662 4,438 127 406 529 1,162 June 10,185 3,081 5,683 879 528 173 159 7,932 4,817 1,045 401 543 1,126 July 3,615 1,603 651 854 333 278 105 6,001 4,647 128 428 586 212 Aug 5,526 3,119 326 894 991 260 65 6,720 4,184 178 386 522 1,450 Sept 6,373 3,292 1,636 917 399 192 63 6,294 4,404 525 378 509 478 Oct 2,950 1,233 385 923 266 218 75 5,759 4,268 322 456 625 88 Nov. 5,396 3,172 336 912 791 245 60 6,258 4,034 122 393 572 1,137 Dec 5,339 2,059 1,938 856 256 299 69 6,294 C4,318 901 423 586 *66 1954—Tan 4,602 P3.012 490 P672 P170 322 64 4,749 P3.670 170 P393 697 p-181 Feb. 8 6,530 4,355 469 741 Pl.090 P181 306 5,302 n.a. 352 411 n.a. n.a. pPreliminary. "Corrected. n.a. Not available. 1 Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement. 2Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 8Represents mostly nontax receipts. 4Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 6Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. 8On basis of revised Treasury daily statement. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Year or All series Series A-E and H Series F, G, J and K Tax ana saving3 notes month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7,276 9,843 1945 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22,616 3,726 5,491 5,770 1953 4,800 5,661 57,710 4,368 3,625 36,663 432 2,035 21,047 5,730 5,475 6,026 1953—Jan. .. 504 390 58,134 441 320 35,511 64 70 22,623 107 200 5,676 Feb... 414 319 58,268 362 251 35,657 52 68 22,611 80 114 5,642 Mar... 440 380 58,371 397 308 35,784 43 72 22,587 63 826 4,879 Apr... 383 380 58,413 351 318 35,852 31 62 22,561 109 190 4,798 May.. 371 1906 57,920 340 300 35,939 31 1606 21,981 1,714 1,719 4,793 June.. 370 1485 57,886 340 308 36,048 30 1178 21,837 1,068 1,408 4,453 July.. 402 2524 57,871 370 2343 36,168 33 ••182 21,703 472 219 4,706 Aug... 371 421 57,851 346 280 36,264 25 141 21,587 479 208 4,977 Sept... 368 457 57,795 343 331 36,311 25 125 21,484 952 290 5,639 Oct.. . 384 419 57,775 357 289 36,391 27 129 21,385 687 68 6,258 Nov. . 369 390 57,806 339 270 36,509 29 120 21,297 2 55 6,204 Dec. .. 423 3590 357,710 381 309 36,663 42 3281 321,047 178 6,026 1954—Jan. . . 561 652 57,736 485 P330 36,887 77 P322 20,848 70 5,956 p Preliminary. r Revised. 1 Figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. 2Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued discount. Hence, the redemptions figure shown includes some accrued discount. This situation is being reversed in subsequent months. 3Figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. In accordance with Treasury practice all unredeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and Series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in amount outstanding. 283 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statments of United States Treasury. In millions of dollars] Public issues« Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s 1 l d T d g i e r o r o b e t s t a c s 2 l t Total Total Bills c C e i a n e d t r d e n t s e i e f b o s i s - t f - Notes B e b l l a i e g n * i k B - on s d t B s r r i a e c n - t k ed b v C i o b e o n l r n e d t- - s Total* b S i o n a n g v d s - s n s i T a o n a n a t g v d x e s - s S i p ss e i cia 1940—Dec 50,94? 45, 0?S 39,089 35,64 S 1 310 <•>178 ?8 1S6 3 444 3 19S 5 370 1941—Dec 64 76? 57,938 50,469 41, S6? 00? s,997 33 S63 8,907 6,140 2 471 98? 1942—Dec 112,471 108,170 98, ?76 76,488 6 6? 7 10 S34 9 863 44 S19 4 94 S 788 is ,0S0 6 384 9 03? 1943—Dec 170 108 165,877 151,80S 115 ?30 13,07? 843 11,175 SS S91 1?,sso 36,574 ?7 363 8 S86 1? 703 1944—Dec 232,144 230 630 212,S6S 161 648 16 4?8 30 401 ?3 039 66 931 ?4 8S0 SO917 40,361 9 843 16 3?6 1945—Dec 278 68? 278,11S 255,693 198 778 17 037 38 1 SS ,967 68 403 S?,216 S6,915 48,183 8 ?3S ?o 000 1946—Dec 259 487 259 149 233 064 176 613 17 033 ?9 987 10 090 69 866 49,636 S6,4S1 49,776 s 7?S ?4 S8S 1947—Dec 256,981 256 900 225,?S0 165 7S8 IS 136 11 37 S 68 391 49 636 S9 49? S? 0S3 s 384 ?8 9SS 1948—June 252 366 252, 219,8S? 160 346 13 7S7 22 S88 11 37S 6? 990 49,636 59,506 S3,774 4 394 30 Dec 252 8S4 252 800 218,86 S 157 48? 1? ?6 S7S 7 131 61 966 49 636 61 383 SS,0S1 4 S7? 31 714 1949—June 252 798 252 770 217,986 155 147 11 536 29 427 3,596 60 951 49,636 62,839 56,260 4 860 32 776 Dec 257 160 257 130 221 155 1? 319 ?9 636 8 ?49 SS ?83 49,636 66,000 S6,707 7 610 33 896 1950—June 257 377 257 357 222 853 155 310 13 533 18 418 20,404 53 319 49,636 67,544 57,536 8 472 32 356 Dec 256 256,708 220 S7S 152 4S0 13 6? 7 s 373 39 7S8 44 SS7 49,636 68,125 S8,019 8 640 33 707 1951—June 255 251 255 218 198 137 917 13 614 9 S09 3S 806 4? 978 36 061 13 S73 66 708 S7,S7? 7 818 34 6S3 Dec. 259 461 259 419 221 168 142 68S 18 10? ?9 078 18,409 41 049 36,048 060 66,423 S7,S87 7 S34 3S 90? 1952—June 259 1S1 259 10S 219 140 407 17 ?8 4? 3 18 963 48 343 ?7,460 13 09 S 6S,622 S7,68S 6 61? 37 739 Dec. .. . 267 445 267 391 226 143 148 581 21 713 16 712 30,266 58 874 21,016 12 500 65,062 57,940 5 770 39 150 1953_Feb 267 634 267 S84 226 187 148 445 710 1S 9S8 30 59 483 017 1? 484 65 ?S8 58,?68 5 64? 39 30? Mar. . 264 S36 264 48 S 223 0?S 145 988 19 IS 9S9 30,3?7 59 48? 21,009 1? 438 64,599 S8,371 4 879 39 3S4 Apr 264 64? 264 S90 223 077 146 133 19 31? IS 9S9 30 37S 63 ?38 17,?49 1? 391 64,SS3 S8,413 4 798 39 474 May 266 S7? 266 S?0 224 73S 148 3?4 19 913 IS 9S9 30,411 64 79S 17,248 1? 3SS 64,056 S7,920 4 793 39 710 June .... 266 266 071 223 408 147 33S 19 707 1S 8S4 30 47S 64 104 17 74S 1? 340 63,733 S7,886 4 4S3 40 S3* July 272 73? 272 669 230 009 1S3 757 70 707 7S6 30 4SS 64 096 17 743 1? 310 63 94? S7 871 4 706 40 S94 Aug.. 273 ?69 273 ?06 230 153 694 ?0 708 21 6SS 30 49? 64 099 17 740 1? ?73 64,190 S7,8S1 4 977 40 988 Sept 273 001 272 937 229 78S 152 804 19 S08 ?6 369 33 S78 S9 944 13 406 1? 168 64 814 S7 79 S s 639 40 9S8 Oct 273 4S? 273 386 230 403 152 977 19 S09 76 38S 33 736 S9 94? 13,404 1? 0?S 6S,402 S7,77S ,?S8 40 888 Nov. 275 275 232 11 154 776 19 S09 386 33 ?49 6? 181 13 40? 1?,01? 6S,377 S7,806 ,?04 41 013 Dec 275,244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6,026 41,197 1954—Tan 274,924 274,849 231,623 154,631 19,512 26,386 31,419 63,916 13,398 11,976 65,017 57,736 5,956 41,009 Feb 274,859 274,782 231,466 154,500 19,510 25,278 26,866 74,171 8,675 11,957 65,009 57,797 5,887 41,070 includes some debt not subject to statutory debt limitation (such debt amounted to 559 million dollars on Feb. 28, 1954) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 7,245 million dollars on Jan. 31, 1954. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. s Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by ]Heldby the public gross U. S. Government debt agencies and End of month (includ- trust fundsx Federal Com- Mutual Inaur- Other S a t n a d te Individuals Miscela se n ti c t e e u s e r ) i d - S is p s e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n rc k i s a 3 l s b a a v n in k g s s p c a o n m ie - s r c a o t r io po n - s g m o lo v e c e n a r t l n s - S b a o v n in d g s s se O cu th ri e t r ies in to v r e s s 3 - 1940—Dec 50 942 s,370 ?,260 43 31? ?,184 17,300 3,200 6 900 ?,000 500 ? 800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8 200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100 ??1 6,189 41,100 4,500 11 300 10,100 1 000 13,400 10,300 ? 300 1943—Dec 170,108 1?,703 4,242 1S3 163 11,543 59,900 6,100 15 100 16,400 7 100 74,700 1?,900 4,400 1944—Dec. . . . 232,144 16,326 S,348 ?10 470 18,846 77,700 8,300 19 600 ?1,400 4 300 36,200 17,100 7,000 1945—Dec 278,682 ?0 ,000 7,048 ?S1 634 ?4,262 90,800 10,700 ?4 000 ?? ,000 6 500 4?,900 ?1,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24 900 15,300 6 300 44,200 20,100 8,100 1947—Dec 256,981 ?8,955 S,404 ??? 6?? ??,559 68,700 1?,000 7.3 900 14,100 7 300 46,200 19,400 8,400 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 22 800 13,600 7 800 47,100 18,600 8,700 Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21 200 14,800 7 900 47,800 17,600 8,900 1949—j une 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20 500 15,600 8 000 48,800 18,000 9,600 Dec. 257,160 33,896 S,464 ?17 800 18,885 66,800 11,400 ?0 100 16,800 8 100 49,300 17,000 9,400 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19 800 18,800 8 700 49,900 17,200 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18 700 20,500 8 800 49,600 15,900 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17 100 20,800 9 400 49,100 15,600 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16 500 21,300 9 600 49,100 15,000 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15 700 19,700 10 400 49,000 14,800 11,600 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16 100 21,000 11 100 49,200 14,900 11,700 1953—Jan 267,450 39,097 6 89.S ??1,458 73,944 6?,800 9,500 16 700 71,400 11 200 49,300 14,800 1?,300 Feb 267,634 39,302 6,869 ??1 463 ?3,875 61,900 9,600 16,200 71,800 11 300 49,400 1 S,000 1?,500 Mar 264,536 39,354 6,908 218,274 23,806 59,500 9,600 16,000 20,700 11,400 49,500 15,200 12,500 Apr 264,642 39,474 6,866 218 30? ?3,880 S9,100 9,500 16,000 ?0,500 11,500 49,600 1S,200 13 000 May 266,572 39,710 7,057 219,805 24,246 58,600 9,600 16,000 21,500 11,900 49,300 15,900 12,800 June 266,123 40,538 7,022 218,563 24,746 58,800 9,500 16,000 19,400 12,000 49,300 16,100 12,800 July 272,732 40,594 7,007 225,131 24,964 63,500 9,500 16,000 20,700 12,200 49,300 15,800 13,300 Aug 273,269 40,988 6,986 ??S ?9S ?S,063 6?,700 9,500 16,000 ?1,400 1?,200 49,300 1S,600 13,500 Sept 273,001 40,958 7,076 224,967 25,235 62,500 9,500 15,900 21,100 12,200 49,300 15,800 13,400 Oct. 273,452 40,888 7,078 ??s 486 ?S,348 6?,700 9,300 1S,900 71,300 1?,200 49,200 1S,700 13,700 Nov 275,282 41,013 7,156 227,113 25,095 63,800 9,300 15,900 21,800 12,300 49,300 15,800 13,900 Dec 275,244 41,197 7,116 226,931 25,916 63,600 9,200 15,800 21,100 12,400 49,300 15,800 13,600 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1953. •Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding February 28, 1954 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. June 1,1954 2% 4,858 June 15, 19543. . . 510 Dec. 15, 1963-68. ..2H 2,827 Mar. 4, 1954. . ,500 Mar. 22, 1954 2 23^ 5,902 June 15, 1954 1,903 June 15, 1964-69. ..2^ 3,754 Mar. 11, 1954. . ,501 Aug. 15, 1954 2% 2,788 June 15, 1954-55. 392 Dec. 15, 1964-69... 2 V4 3,831 Mar. 18, 1954. . ,501 Sept. 15, 1954 2% 4,724 June 15, 1954*. . . 8,662 Mar. 15, 1965-70 «. 4,719 Mar. 25, 1954. . ,501 Feb. 15, 1955 \% 7,006 June 15, 1954-56« 318 Mar. 15, 1966-71«. 2,961 Mar. 15, 1955-60 6 2,611 June 15, 1967-72 «. 1,890 Apr. 1,1954.. ,502 Mar. 15, 1956-58. 1,449 Sept. 15, 1967-72. ..2 2,716 Apr. 8, 1954. . ,500 Treasury notes Sept. 15, 1956-59 6 982 Dec. 15, 1967-72«.. 2 3,824 Apr. 15, 1954. . ,500 Mar. 15. 1954 1 H 103 Sept. 15, 1956-59. 3,822 June 15, 1978-83...3} 1,606 Apr. 22, 1954. . ,502 Dec. 15, 1954 \% 8,175 Mar. 15, 1957-59. 927 Apr. 29, 1954. . ,500 Mar. 15, 1955 \y2 5,365 June 15, 1958 4,245 Postal Savings Dec. 15, 1955 1% 6,854 June 15, 1958-636 919 bonds 2H 46 M M M a a a y y y 2 1 0 6 3 , , , 1 1 1 9 9 9 5 5 5 4 4 4 . . . . . . 1 1 1 , , , 5 5 5 0 0 0 0 0 1 A O M p c a t r r . . . 15 1 1 , , , 1 1 1 9 9 9 5 5 5 6 7 6 2 \ \ y y ^ 2 2 2 1 , , 9 0 5 9 0 5 7 7 0 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 9 9 8 - - 6 6 2 2 . . 3 2 5 , , , 4 2 3 6 7 6 6 7 8 Panama Canal Loan. .3 50 May 27, 1954. . 1,501 A O A O c p p c t t r r . . . . 1 1 1 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 8 8 7 7 \ \ \ \ y y y y 2 2 2 2 3 5 8 8 2 3 7 3 4 1 7 J S N D e u e o p n c v t e . . . 1 1 1 1 5 5 5 5 , , . , 1 1 1 1 9 9 9 9 6 6 6 6 0 2 1 1 - - . 6 6 . 5 7 . 6 . . . 1 2 2 0 1 , , , , 1 2 4 9 1 8 3 3 6 5 9 0 C A I o n p n v r v e . s e t r 1 m t , i e b 1 n l 9 e t 7 S 5 b - e o 8 r n i 0 e d . s s . B .2% 11,957 1Sold on discount basis. See table on Open Market Money Rates, p. 2 79. 2Tax anticipation series. SMaturity Dec. 15, 1955. ^Maturity Dec. 15, 1954. 5partjaiiy tax exempt. SRestricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par values in millions of dollars] End of month s T t o i a o n u n t g t a d - l - G f a U t u a c r g o u n i n . e e S v d s d n s t t . s - . B s F e R e a e r r n e a d v - k l - e s b C m a c o n i e a m k r l - s - b M t s i a n u a n g a v u k l s - - s L c I i n o fe s m u p ra a O n n c i t e h e s er Other End of month s T t o i a o n u n t g t a d - l - G f a U t u a c r g o n u n i . e e S v d d s n s t t . s - . B s F e R e a e r r e n a d v - l k - e s b C m a c o n i e a m k r l - s - b M t s i a n u a n g a v u k s l - - s L c I i o n f m e su p r a a O n n i c t e h e s er Other Type of security: Type of security: Convertible bonds Total marketable (Investment a 1 1 1 n 9 9 9 d 5 5 5 1 2 3 c — — — on D D J J J v u u u e e e n n n c c r e e e . tible: 1 1 1 1 1 5 5 5 6 5 1 4 3 1 9 , , , , , 4 5 7 0 6 9 0 4 8 7 0 2 5 1 5 6 6 6 6 6 , , , , , 1 6 2 4 8 7 1 5 6 9 7 3 1 7 9 2 2 2 2 2 2 3 2 4 4 , , , , , 9 9 8 6 7 8 0 9 0 4 2 6 7 1 6 5 5 5 5 5 4 1 4 5 1 , , , , , 3 0 6 8 3 0 3 7 2 6 2 8 1 8 5 9 9 8 8 8 , , , , , 1 8 5 8 7 2 1 0 4 4 3 6 4 3 0 1 1 9 9 9 0 1 , , , , , 6 5 3 2 1 1 1 4 8 3 3 4 7 9 8 4 4 4 4 4 , , , , , 8 2 1 3 7 6 0 1 0 4 1 1 1 8 6 4 4 4 5 5 6 7 3 0 5 , , , , , 6 6 9 3 8 7 9 7 9 5 9 4 9 1 5 S 1 1 1 9 9 9 er 5 5 5 i 1 2 3 e — — — s B D D J J J u u u ) e e n : n n c c e e e 1 1 1 1 1 2 3 3 2 2 , , , , , 0 5 0 5 3 6 7 9 0 4 0 3 5 0 0 2 2 3 3 3 , , , , , 4 9 9 4 4 3 3 0 0 3 7 9 5 5 8 2 1 , ,2 7 7 1 1 1 4 4 4 1 1 1 1 1 7 6 9 8 8 2 6 1 2 5 1 1 1 1 1 , , , , , 3 2 2 3 3 1 5 5 4 5 4 2 2 6 6 2 2 3 3 3 , , , , , 1 1 1 9 9 7 7 3 2 2 2 9 3 1 3 3 3 3 3 3 1 1 6 6 5 8 2 2 0 3 3 3 3 3 3 , , , , , 9 2 8 3 9 1 8 6 0 8 9 1 4 4 7 Nov 166,738 7,029 25,09556,002 8,609 9,174 4,916 55,913 Nov 12,012 3,439 171 1,276 2,951 329 3,847 Dec 166,619 6,989 25,91655,933 8,524 9,120 4,905 55,233 Dec 11,989 3,439 168 1,264 2,935 328 3,854 Treasury bills: Marketable secu- 1951—June 13,614 26 527 3,750 122 756 72 8,360 rities, maturing: Dec 18,102 50 596 6,773 71 428 104 10,080 Within 1 year: 1952-June 17,219 41 381 5,828 103 504 92 10,268 1951—June 42,789 55 12,59210,234 201 1,077 451 18,180 Dec 21,713 86 1,341 7,047 137 464 119 12,518 Dec 48,204 112 13,43714,081 182 648 576 19,167 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 1952—June 45,642 101 12,20212,705 223 581 470 19,360 Dec 56,953 133 14,74916,996 263 532 733 23,547 Nov 19,509 101 2,319 4,298 95 337 109 12,250 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 Dec 19,511 102 2,993 4,368 126 410 109 11,402 Nov 66,437 187 15,86420,509 387 394 913 28,184 Ce 1 rt 9 i 5 fi 1 c — ate J s u : ne 9,509 17 3,194 2,753 37 113 174 3,221 Dec 73,235 175 16,97225,062 475 468 1,061 29,023 1 1 9 9 5 5 2 3 — — D D J J u u e e n n c c e e 2 2 1 1 8 9 5 6 , , , , 4 0 8 7 5 2 7 1 4 3 8 2 4 6 2 3 9 0 7 0 1 1 4 5 2 1 , , , , 0 9 7 8 6 9 9 2 1 6 3 1 4 4 6 6 , , , , 7 3 8 7 9 5 7 7 1 1 7 3 1 4 3 8 2 1 7 7 0 2 5 2 1 7 6 7 7 6 4 3 3 3 7 4 1 1 8 5 0 7 9 8 6 6 , , , , 7 6 0 4 6 5 9 2 1 2 2 4 1— 1 1 9 5 9 5 5 y 1 2 e — — a D D r J J s u u e e : n n c c e e 4 4 4 3 5 7 4 4 , , , , 0 7 4 9 3 1 0 4 3 3 1 5 4 4 3 7 5 6 1 7 5 6 7 7 , , , , 2 1 1 6 8 4 3 8 8 6 5 8 2 2 2 2 9 7 7 2 , , , , 2 8 9 3 7 5 9 8 2 8 1 1 4 2 6 3 1 5 1 7 9 9 3 0 2 1 4 1 6 3 8 8 3 2 1,0 9 9 9 3 9 1 9 5 2 0 6 8 8 6 8 , , , , 1 4 9 5 3 2 3 8 3 4 8 3 Nov 26,386 66 5,847 9,310 189 46 461 10,467 1953—June 32,330 152 6,45218,344 464 109 914 5,895 Dec 26,386 63 5,967 9,215 184 37 445 10,475 Nov 35,637 149 6,44220,284 462 161 1,114 7,024 Treasury notes: Dec 29,367 192 6,15516,056 431 123 980 5,430 1951—June 35,806 14 12,43913,704 120 208 478 8,841 5-10 years: Dec 18,409 3 5,06810,465 67 1 315 2,489 1951—June 8,914 194 31 6,790 86 131 202 1,480 1952—June 18,963 2 5,56810,431 42 5 327 2,587 Dec 8,914 152 34 6,881 73 118 201 1,454 Dec 30,266 16 13,77410,955 49 8 486 4,978 1952—June 15,122 387 693 7,740 1,357 497 765 3,684 1953-June 30,425 23 13,77410,355 62 5 529 5,678 Dec 22,834 546 1,38711,058 1,775 885 1,348 5,835 1953—June 18,677 422 1,374 8,772 1,395 745 1,104 4,865 D N e o c v 3 31 3 , , 4 2 0 4 6 9 2 8 0 1 1 3 3 , , 2 2 8 7 9 41 11 2 , , 5 5 1 4 0 8 1 13 4 0 7 5 7 2 3 6 6 0 5 5 7 5 6 , , 8 5 1 3 4 0 D N e o c v 2 2 0 0 , , 2 9 9 1 2 3 4 4 1 8 8 9 1 1 , , 3 3 7 7 4 4 1 1 0 0 , , 4 0 8 5 8 1 1 1 , , 3 4 1 0 5 6 7 7 3 2 8 5 1 1 , , 1 2 9 1 8 7 5 5 , , 2 2 1 0 1 0 Marketable bonds:i After 10 years: 1 1 1 9 9 9 5 5 5 1 2 3 — — — D D J J J u u u e e n n n c c e e e 7 7 7 7 81 5 8 7 9 , , , , , 3 8 9 0 8 4 0 8 9 9 9 2 9 7 0 3 3 2 3 3 , , , , , 2 2 3 0 9 1 4 0 4 2 5 8 3 0 6 4 4 4 4 4 , , , , , 5 1 5 1 4 3 2 2 0 2 0 2 8 2 2 3 3 3 3 3 2 0 2 0 1 , , , , , 0 1 8 7 2 6 1 4 1 9 6 9 9 0 8 7 7 7 7 7 , , , , , 2 2 9 1 6 2 3 6 7 9 1 5 2 4 7 5 5 5 7 6 , , , , , 1 8 8 7 8 3 5 0 2 5 9 5 7 0 5 3 3 3 3 3 , , , , , 1 1 4 4 0 2 2 8 2 8 0 5 4 9 7 2 2 2 2 2 3 4 2 2 1 , , , , , 0 8 1 0 5 7 2 9 6 8 2 9 0 8 0 1 1 1 9 9 9 5 5 5 1 3 2 — — — D D J J J u u u e e n n n c c e e e 4 4 3 3 3 1 1 1 4 1 , , , , , 7 1 1 6 0 3 6 8 9 8 9 8 1 8 1 2 3 2 2 2 , , , , , 0 9 4 4 7 3 6 4 9 2 4 7 6 6 3 2 2 2 1 1 , , , , , 1 4 4 4 4 1 1 0 1 2 5 5 9 0 8 4 5 5 5 5 , , , , , 2 1 4 5 2 1 7 8 4 0 0 7 8 4 7 7 5 5 5 7 , , , , , 1 0 3 2 5 6 9 0 5 3 7 1 2 3 7 6 4 4 6 5 , , , , , 7 9 3 8 4 9 6 0 7 7 1 1 9 0 0 2 2 1 1 1 , , , , , 3 6 2 1 3 5 5 1 6 6 2 6 3 1 1 1 1 1 1 1 4 4 2 0 1 , , , , , 3 0 6 6 6 0 5 4 7 2 9 9 3 3 1 Nov 75,582 3,403 3,65629,675 6,902 5,768 3,360 22,818 Nov 31,739 2,764 1,415 4,550 5,078 4,931 1,343 11,658 Dec 77,327 3,377 3,66730,671 6,820 5,686 3,418 23,688 Dec 31,736 2,765 1,415 4,595 5,039 4,868 1,339 11,716 * 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. 285 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuers'5 all corporate issuers0 Noncorporate Corporate New capital Re. Y m e o a n r t o h r Total State Bonds Mis- t R ir e e - - m ti e re nt G m U o e v . n e S r t . 3 n- ag F e e e r n a d c l - y4 n m a p i n c a u d i l - - Other* Total Total o P f li f u c e b l i y e - d p v P a la r t c e i e - ly d f s e P t r o r r e c e - k d s C m t o o o m c n k - Total m N o e n w ey7 p l p a o _ o u n u s r i e e s - - s m d b e a o e b n f n t k t , r s i e t o c ie f u s etc. 8 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 325 26 69 1,695 1940 6,564 2,S17 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 15,157 lit 466 38 956 30 2,667 2,389 1,578 811 167 110 1 ,040 868 28 144 1,583 1942 35,438 33, R46 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42, 815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52, 4?4 1 661 22 3,202 2,670 1,892 778 369 163 7S3 657 47 49 2,389 1945 54,712 47, 353 506 795 47 6,011 4,855 3,851 1 004 758 397 1,347 1,080 133 134 4,555 1946 18,685 10, 217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1 1 9 9 4 4 7 8 2 1 0 9 ,9 2 4 5 1 0 1 10 0, 5 32 8 7 9 2 2 ,3 6 2 9 4 0 4 1 5 56 1 6 7 , 5 0 7 7 7 8 5 5 ,0 9 3 7 5 3 2 2 ,8 9 8 6 8 3 3 2 ,1 0 4 1 7 0 4 7 9 6 2 1 6 7 1 7 4 8 s, 6 1 S 1 1 5 4 5 , , 5 9 9 2 1 9 2 1 3 6 4 8 3 48 5 8 6 1,3 3 5 07 2 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,434 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9, (S87 30 3,532 282 6,361 4,920 ^,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9, 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7, 6,531 226 363 486 1952 26,961 12, 577 459 4,105 237 9, £82 7,649 3,645 4,005 564 1,369 8 769 8,223 174 371 660 1953 28,799 13, 957 1C6 5,502 290 8,945 7,121 3,841 3,280 491 1,332 8, 615 8,120 189 305 189 1953—Jan. 1,783 611 30 392 86 664 497 186 310 51 ne 634 603 6 25 21 Feb 1 592 494 390 2 706 536 307 229 47 123 666 635 8 23 28 Mar 1,604 503 405 696 517 153 364 62 116 672 630 17 24 12 Apr 1,667 491 349 9 818 659 375 284 35 124 789 757 18 13 17 May 4,630 3, 244 650 5 731 484 287 197 82 165 696 612 35 49 19 June . 3,053 1,454 416 3 1,179 988 575 413 33 159 1,134 1,046 24 64 27 July 1,928 884 522 1 521 407 106 301 31 82 SOI 479 9 13 9 Aug 1,430 853 260 2 315 243 110 133 7 65 307 278 9 19 2 Sept. 2,576 1,320 454 36 766 675 439 235 44 47 695 38 20 3 Oct 2,278 1,070 76 483 60 590 357 151 206 18 215 570 543 7 20 7 Nov 3,508 2, 610 411 29 459 354 95 259 37 68 409 5 19 19 Dec 2,751 423 771 57 1,500 1,405 1,057 349 43 51 1,461 1,431 14 17 25 1954—Jan 1,629 561 380 119 569 461 283 178 19 89 545 528 17 15 Proposed uses of net proceedsi, by major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Year or month T c p n e o r e e o t d t a - s l N c it a e a p w l - * m R e e n ti t r s e i - ° T c p e n o r e e o t d t a - s l N c it a e a p w l - " m R e e n ti t r s e ^ - ° T c p e n o r e e o t d t a - s l N ita ew T" m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l 1 < * ; t a a e p w l - « m R e e n ti t r s e - i° T c p e n o r e e o t d t a - s l i N c t a a e p l w * - m R e e n ti t r s e x - 0 T c p n e o r e e o t d t a - s l N c it a e a p w l - " m R e e n ti t r s e 1 - 0 1948 2,180 2,126 t>4 403 382 21 748 691 56 ?,150 ?,005 144 891 890 2 587 557 30 1949 1,391 1,347 4U. 338 310 28 795 784 11 <>,276 ?,043 567 517 49 593 558 35 1950 . . 1,175 1,026 149 538 474 63 806 609 196 <>,608 1<)?7 689 395 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 5.412 2326 85 605 600 5 515 449 66 1952 4,022 3,765 257 536 512 24 983 758 225 ,'626 ?53P 88 753 747 6 508 448 60 1953 2,241 2,185 >7 560 533 26 578 531 47 3,022 ?,970 a?, 848 848 1,554 1,547 7 1953—January... 283 276 7 24 24 51 38 14 245 ?4f> 4 4 47 47 1 February... 148 144 3 92 89 3 51 33 18 257 7154 3 7 7 140 140 March 203 194 9 31 30 81 81 212 210 2 15 15 142 141 1 April. .. 312 309 31 25 66 66 223 915 8 13 13 162 161 1 May 114 97 17 57 56 40 40 397 397 7 7 99 99 June- 285 278 7 41 41 42 42 334 317 17 43 43 415 412 3 July 145 141 4 55 51 46 46 210 210 15 15 39 38 1 August 55 54 1 22 21 15 15 97 °>7 29 29 91 91 September 122 122 19 18 32 32 243 242 1 89 89 251 250 1 October 62 62 48 46 2 25 25 358 353 5 13 13 71 71 November . 94 93 1 31 28 3 32 32 245 ??q 16 5 5 45 45 December. 420 415 6 109 105 4 96 81 15 201 ?01 608 608 52 52 1954—January.. 169 154 15 27 26 60 60 265 265 25 25 14 14 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Includes issues guaranteed. * Issues not guaranteed. 5 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6 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 and1 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 debt are included under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. 10 Retirement of securities only. Source.—Securities and Exchange Commission. 286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1952 1953 1947 1948 1949 1950 1951 1952 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 31,967 38 190 37 803 45,204 5? 33? 53,810 13 066 1?,914 12 54315,287 15 70916 51915 424 Profits before taxes . . 4,178 5,390 5,122 7,993 8,668 7,125 1,957 1,643 1,525 2,000 2,241 2,471 2,083 Profits after taxes 2,569 3,356 3,151 4,106 3,456 3,096 839 643 688 926 848 920 879 Dividends 1,193 1,429 1,686 2,272 2,015 2,010 489 483 482 556 491 485 487 Nondurable goods industries (94 corps.):1 Sales 12,438 14,588 13,906 15,847 18,558 18,813 4,638 4,525 4,692 4,958 4,964 5,068 5,035 Profits before taxes 1,860 1930 2,798 3 ?90 2,693 7?4 628 669 672 748 769 768 Profits after taxes 1,210 1,520 1,263 1,562 1,451 1,291 326 300 318 347 338 346 368 Dividends 575 682 736 919 872 891 213 212 251 216 213 213 Durable goods industries (106 corps.):2 Sales . 19,529 60? 73 89729,357 33 77434,997 8,4?8 8,389 7 85110 32910 74511 45010 390 Profits before taxes 2,319 3 108 3 193 5,195 S 17X 4,432 1 1,015 857 1,328 1,493 1,702 1 315 Profits after taxes 1,359 1,837 1,888 2,544 2,005 1,804 513 342 370 579 511 573 510 Dividtnds 618 748 9 SO 1,352 1 14? 1,119 773 ?70 270 305 275 272 274 Selected industries: Foods and kindred products (28 corps.): Sales 4,238 4, 5?8 4 4,402 4 909 5,042 1 1,220 1 280 1,315 1 316 1 346 1 354 466 4SS 434 532 473 446 100 116 127 104 99 128 131 Profits after taxes . . 287 285 ?68 289 227 204 46 52 57 50 46 54 57 Dividends 142 148 149 161 159 154 36 38 37 43 35 37 37 Chemicals and allied products (26 corps.): Sales 3,193 3,674 3,680 4,577 5,574 5,695 1,406 1,369 1,401 1,520 1,545 1,568 1,506 Profits before taxes 563 674 693 1,133 1,421 1,200 322 286 289 304 357 346 327 Profits after taxes 346 4?0 415 572 496 458 11? 108 109 128 123 125 124 Dividends 222 263 448 363 381 89 89 90 114 90 90 91 Petroleum refining (14 corps.): Sales 2,906 3,945 3,865 4,234 4 999 5,319 1 318 1,274 1,325 1,402 1 381 1 396 1 460 Profits before taxes 456 575 650 863 686 704 147 165 171 194 189 225 Profits after taxes 350 548 406 442 515 485 130 111 115 129 127 124 150 Dividends 127 17? 17? 205 252 64 60 60 69 65 61 61 Primary metals and products (39 corps.): Sales 7,545 9,066 8 187 10,446 1? 497 11,557 3 074 ?,385 2,605 3,494 3,428 3,653 3 491 Profits before taxes 891 1 174 993 1,700 7 09? 1,161 475 98 208 431 457 560 512 Profits after taxes 545 7?0 578 854 776 575 31 100 217 183 212 203 Dividends 247 270 285 377 381 367 88 87 86 106 88 88 88 Machinery (27 corps.): Sales 3,658 4 4 363 5,071 6,183 7,082 1,594 1,7? 5 1 697 2 066 1 967 2 045 1 957 Profits before taxes 449 570 5?0 850 1 003 974 218 290 276 298 245 274 334 371 425 370 380 83 80 89 128 89 103 97 Dividends 116 138 208 192 200 49 49 49 53 50 49 49 Au S t a o l m es o biles and equipment (1 . 5 . . c o . rps.): 6,692 8,093 9,577 11,805 1? 496 12,825 ^ 4? 7 2,681 3,684 4,308 4,657 3 917 Profits before taxes 809 1 131 1 473 2,305 1 913 1,945 501 596 345 503 648 714 452 Profits after taxes .. 445 639 861 1,087 70S 698 171 194 143 190 200 211 168 Dividends 195 78? 451 671 479 462 117 114 114 117 117 114 114 Public Utility Railroad: Operating revenue 8,685 9,67? 8,580 9,473 10 391 10,580 587 53? 2,633 2,828 2,596 2,732 2,755 777 1 148 700 1,384 1 760 1,436 795 761 368 512 336 397 399 Profits after taxes . 479 699 438 783 693 816 141 149 208 318 186 231 234 Dividends 236 289 312 3?8 336 80 74 66 116 97 73 79 Electric power: Ooeratinc revenue 4,291 4,830 5,055 5,431 5,867 6,224 1,603 1,491 1,513 1,618 1,710 1,625 1,643 Profits before taxes 954 983 1,179 1,303 1,480 1,718 498 400 382 439 545 454 426 Profits after taxes 643 657 757 824 818 922 757 214 207 244 288 246 233 494 493 553 619 661 709 17? 173 177 186 182 189 194 Telephone: Operating revenue 2,283 2,694 2,967 3,342 3,729 4,136 993 1,023 1,037 1,084 1,092 1,126 1,129 215 333 580 691 787 194 705 182 206 223 234 220 Profits after taxes 138 186 707 331 341 384 93 98 88 104 109 114 107 Dividends 131 178 213 276 318 355 85 87 91 93 100 101 104 includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 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). 287 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks q Y u e a a r r t e o r r P b r e o fo fi r t e s co In m - e P a r f o t f e i r ts C di a v s i h - tr U ib n u d t i e s- d Y q e u a a r r te o r r New Retire- Net New Retire- Net New Retire- Net taxes taxes taxes dends profits issues ments change issues ments change issues ments change 1 1 9 9 4 3 1 9 1 6 7 . . 5 2 7 1. .8 5 9 5 . . 4 0 3 4. . 5 8 4 1 . . 9 2 1945 6,457 6,846 —389 4,924 995 —1 071 1,533 851 682 1943 25.1 14.4 10.6 4.5 6.2 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 1,286 1945 19.7 11.2 8.5 4.7 3.8 1947 6,882 2,523 4,359 5,015 2,011 3,004 1,867 512 1,355 1948 7,570 1,684 5,886 5,938 1,284 4,654 1,632 400 1,232 1946 23.5 9.6 13.9 5.8 8.1 1949 6,732 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1947 30.5 11.9 18.5 6.6 12.0 1950 7,224 ^,500 3 724 4 806 ? 802 2 004 ?,418 698 1,7?0 1948 33.8 13.0 20.7 7.3 13.5 1949 27.1 10.8 16.3 7.5 8.8 1951 9,048 2,772 6,277 5,683 2,107 3,577 3,365 665 2,701 1950 41.0 18.2 22.7 9.1 13.6 1952' 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1953 9,895 2,335 7,561 7,006 1,820 5,186 2,889 514 2,375 1951 43.7 23.6 20.1 9.2 10.9 1952 39.2 20.6 18.6 9 1 9.5 1952-4.... '•2,872 '851 '2,021 '1,880 '761 rl, 119 992 90 902 1953 43.2 23.6 19.6 9.3 10.3 1953—1 . . . r2,329 '614 '1,715 1,492 481 1,012 '836 '133 '703 1952—2 38.2 20.1 18.0 9.1 8.9 2. . . '2,932 607 '2,325 2,096 458 1,638 '836 '148 '687 3 37.0 19.4 17.5 9.1 8.4 3. . . 1,867 '530 '1,337 1,327 417 910 540 '113 '427 4 40.3 21.2 19.1 9.1 10.0 4. . . 2,767 584 2,183 2,091 464 1,626 676 119 557 1953—1 44.6 24.4 20.3 9.2 11.1 2 3 4 4 5 3 . . 9 3 2 23 5 . . 6 0 2 1 0 9 . . 8 6 9 9 . . 4 6 1 1 1 0 . . 4 0 issu 1 ' R e R s e e f e l v e x i c s c t e l s u d d . c e a s f h o re tr i a g n n s a a c n t d io n in s cl o u n d l e y . inv A e s s t c m o e m n p t a c re o d m p w a i n th y d o a ff ta e ri s n h g o s, w n s al o e n s o p f . 2 s 8 ec 6 u , r n it e ie w s held by affiliated companies or RFC, special offerings to employees, and also new Source.—Department of Commerce. 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. 286. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y te e r ar w c o a N r p k e it i t a n l g Total Cash er U G n . o m S v e - . nt Not r e e s c e a i n v d ab a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n ab d l e accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 .0 21.9 1.2 6.9 1941 32.3 72.9 13.9 4.0 .6 27.4 25.6 L.4 40.7 .8 25.6 7.1 7.2 1943 42.1 93.8 21.6 16.4 5.0 21.9 27.6 1.3 51.6 2.2 24.1 16.6 8.7 1945 51.6 97.4 21.7 21.1 2.7 23.2 26.3 1.4 45.8 .9 24.8 10.4 9.7 1946 56.2 108.1 22.8 15.3 7 3D 0 37.6 1.7 51.9 1 31 «; 8.5 11.8 1947 62.1 123.6 25.0 14.1 38.3 44.6 1.6 61.5 37.6 10.7 13.2 1948 68.6 133.0 25.3 14.8 42 4. 48.9 L.6 64.4 39 * 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950 78.4 156.1 27.4 20.5 1.1 52.8 52.6 7 77.7 .4 46.8 14.8 15.7 1951 82.5 174.4 29.6 21.3 2.7 56.1 62.6 2.1 91.9 1.3 54.2 19.7 16.7 1952—3 85.4 178.0 30.0 20.2 2.5 61.0 62.0 2.3 92.6 2.1 55.4 16.2 18.9 4 85.6 181.1 30.2 21.0 2.8 61.8 62.9 2.4 95.5 2.2 58.6 16.4 18.4 1953—1 86.7 180.4 27.6 20.7 2.9 62.4 64.3 2.4 93.7 2.5 57.5 15.2 18.6 2 87.9 180.9 29.2 19.4 2.7 62.7 64.5 2.4 92.9 2.2 57.0 14.5 19.2 3 88.5 185.4 29.6 21.1 2.7 64.1 65.4 2.4 96.8 2.1 58.1 16.8 19.8 1 Excludes banks and insurance companies. 2 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] Trans- Manu- Transporta- factur- porta- Manu- tion Public Com- ing tion Public All Year Total factur- Min- Rail- other utili- muni- Other * Quarter Total and incl. utili- others ing ing roads than ties cations min- rail- ties rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1952—3' 6,242 2,936 624 963 1,719 1945 8,692 3,983 383 548 574 505 321 2,378 4' 7,206 3,490 728 1,150 1,839 1946 14,848 6,790 427 583 923 792 817 4,516 1953—1' 6,339 2,972 650 925 1,792 1947 20,612 8 703 691 889 1,298 1,539 1,399 6,093 2'. . . 7,289 3 426 725 1,158 1 ,979 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 3' 7,098 3,210 686 1,219 1,984 1949 19 285 7 149 792 1,352 887 3,125 1,320 4,660 4'. . . 7,666 3,680 717 1,246 2,023 1950 20,605 7 491 707 1,111 1,212 3,309 1,104 5,671 1954—I4' 6,808 3,155 653 1,026 1,975 1951 25,644 10 852 929 1,474 1,490 3,664 1,319 5,916 24 6,932 3,176 597 1,170 1,989 1952' 26,493 11,632 985 1,396 1,500 3,887 7.094 1953' 28,391 12,276 1,011 1,312 1,464 4,548 7,778 19544 27,230 11,410 1,040 940 1,400 4,430 8,010 ' Revised. l Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and I£ o n r d q o ua f r y te e r ar h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - - s S F e a e c l g d e i e e e c n h s t r e a - o d l lde v o r I i s t a d n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t a t l o 4- t F f u i a i n c t m n i i s a o a t il l i n n y - - s ho O h u o e s th r e ld s e s - r c T o o m ta m l erc t F i u i a i n c t l n i i s a o a p t l i n n r - - o s pe O h rt o e i t e h l r d s s e - J r h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s2 1940 36 5 19.5 2.1 14.8 30.0 17.3 10.2 7.1 12.6 7.8 4 8 6 5 1 5 5.0 1941. 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 1.5 4.9 1942 36 7 20 7 1.8 14.2 30.8 18.2 11.5 6.7 12 5 7 8 4 7 6 0 J 4 4 5 1943. 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1 3 4.1 1944. 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 3.7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4 8 3 3 4 1946. 41.8 26.0 .6 15.1 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.9 L.5 3.4 1947 48 9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6 1 5 1 7 3 3 1948. 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 o 3.4 1949 62 7 42.9 1.1 18 7 57.1 37.5 28.4 9.1 19.6 12.4 7 2 5 6 2 1 3 5 1950. 72.8 51.6 1.4 19.7 66.7 45.1 35.3 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951. 82.1 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.6 2.6 4.0 1952 90 9 66.9 2.4 21.5 83.8 58.2 46.8 11.3 25.6 17.3 8.3 7 1 2.8 4 3 1953? 100.5 75.1 2.8 22.7 92.8 65.0 53.1 11.9 27.8 19.0 8.9 7.7 3.0 4.7 1952-—March 84.0 61.0 2.2 20.8 77.3 53.2 42.3 10.9 24.1 16.0 8.1 6.7 2.6 4.1 Tune 86 3 63.0 2.2 21.1 79.3 54.8 43.8 11.0 24.6 16.4 8.1 7 0 2.7 4 2 September 88.7 65.1 2.3 21.3 81.6 56.5 45.4 11.1 25.1 16.9 8.2 7.1 2.8 4.3 December.... 90.9 66.9 2.4 21.5 83.8 58.2 46.8 11.3 25.6 17.3 8.3 7.1 2.8 4.3 1953—MarrhP 93.0 68.6 2.6 21.8 85.7 59.6 48.0 11.6 26.1 17.7 8.4 7.3 2.9 4.4 June? 95.7 70.9 2.7 22.1 88.2 61.5 49.8 11.7 26.7 18.1 8.5 7.5 3.0 4.6 September?. . . 98.2 73.0 2.8 22.4 90.5 63.3 51.4 11.9 27.2 18.5 8.7 7.6 3.0 4.6 December?. . . 100.5 75.1 2.8 22.7 92.8 65.0 53.1 11.9 27.8 19.0 8.9 7.7 3.0 4.7 ? Preliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), 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] Commercial bank holdings2 Mutual savings bank holdings t Nonfarm Nonfarm End of year or quarter Residential8 Residential3 Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1940 4,578 4,003 2,963 1,040 57 S 4,859 4 8?9 3,914 915 30 1941 4,906 4,340 3,292 1,048 566 4,812 4 784 3,884 900 28 1942 4 746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 46S 4,420 4 S9S 3,558 837 25 1944 4,430 3,967 3,218 749 46S 4,305 4,281 3,476 805 24 1945 4 772 4,251 3,395 856 521 4,208 4,184 3 387 797 24 1946 7,234 6,533 5,146 1,387 70? 4,441 4 41 S 3,588 827 26 1947 9,446 8,623 6,933 1,690 4,856 4 878 3,937 891 28 1948. 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6 668 5,569 1,099 37 1950 13 66412,695 10,431 2,264 968 8,261 8 7,054 1,164 44 1951. 14,732 13,728 11,270 3 421 2 921 4 9?9 2,458 1,004 9,916 9 869 8,595 ? S67 1 7?6 4,303 1,274 47 1952 15 86714,809 12,188 3 67 S 3,012 5 SOI 2,621 1 0S8 11,379 'li.327 '9,883 s 168 9 131 '4,477 '1,444 '53 1953? 16,875 15,785 12,935 3 9S0 3,055 S 9S0 2,850 1 090 12,970 1? 9?0 11,320 3 S?0 ? Q1S 4,885 1,600 50 1952—Mnrrh . 14,860 13,830 11,350 3 2,928 4 990 2,480 1 030 10,203 10 1S6 8,843 ? 7?0 1 81 S 4,308 1,313 47 Tune 15,176 14,113 11,602 3 441 2,952 5 ?09 2,512 1,063 10,554 10,506 9,145 ? 898 1 917 4,330 1,361 48 September 15,590 14,530 11,970 3 580 3,000 5 390 2,560 1,060 10,940 '10,890 '9,490 3 025 2 069 '4,396 '1,400 '50 December 15,867 14,809 12,188 3 675 3,012 5 501 2,621 1,058 11,379 '11,327 '9,883 3 168 2 237 '4,477 '1,444 '53 1953—MarrhP 16,080 15,000 12,320 3 719 3,010 5 591 2,680 1 080 11,680 11.630 10,165 } ?*n ? S9S 4,540 1,465 50 June? 16,387 15,283 12,545 3 798 3,013 5 734 2,738 1,104 12,112 1?,06? 10,574 3 3?S ? S90 4,658 1,488 50 September? 16,640 15,530 12,765 3 867 3,038 5,860 2,765 1,110 12,500 12,450 10,925 3 414 2 759 4,752 1,525 50 December?.... 16,875 15,785 12,935 3 930 3,055 5,950 2,850 1,090 12,970 12,920 11,320 3 520 2 915 4,885 1,600 50 ? Preliminary. ' Revised. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—AH 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. 289 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm 1940 5,972 5,073 668 899 1941 6,442 5,529 815 913 1942 898 6,726 5,830 1,096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6,636 5,860 1,394 776 1946 . . 1,661 1,483 178 7,155 6,360 1,228 256 4 876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2,026 8,176 1.327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 L,7O5 1953? 4,335 3,918 819 457 2,642 417 23,275 21,403 6,015 3,563 11,825 L.872 1953—January 347 309 80 25 204 38 21,396 19,701 5,725 3,358 10,618 1,695 February 327 289 69 25 195 38 21,547 19,834 5,751 3,367 10,716 1,713 March 403 353 88 29 236 50 21,725 19,992 5,804 3,370 10,818 1,733 April 364 321 77 27 217 43 21,897 20,139 5,820 3,388 10,931 1,758 May 344 308 62 30 216 36 22,055 20,277 5,854 3,390 11,033 1,778 June 359 330 67 34 229 29 22,221 20,425 5,884 3,396 11,145 1,796 July 405 371 71 36 264 34 22,429 20,614 5,905 3,412 11,297 1,815 August 305 279 62 32 185 26 22,552 20,722 5,924 3,430 11,368 1,830 September 313 289 57 40 192 24 22,698 20,860 5,943 3,448 11,469 ,838 October 338 309 60 42 207 29 22,842 20,993 5,963 3,473 11,557 .849 November 352 327 60 56 211 25 23,017 21,161 5,983 3,511 11,667 1,856 December 478 433 66 81 286 45 23,275 21,403 6,015 3,563 11,825 1,872 1954—January. . . 318 282 51 57 174 36 23,435 21,538 6,027 3,599 11,912 1,897 P Preliminary. 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 iACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t s u h e r e s - r x Total' F su H in r A e - d - a g n V u te A a e r - - d ti C v o o e n n n a - - l8 m Y o o e n r a t r h N b u e m r - Total i a n S l s o g s a a s n v n s & - . p I c a n a o n s n m c u ie e r - - s b C m c a o i n e a m r k l - s - M b s i u a n a n t g v u k s - a s l Other a c m o l ( a d r r e o r d o s - u e l ) - d nt 1940 1,200 399 426 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 . . 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2.955 1,557 18,444 906 3,398 14,1401952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5.950 1953 7,767 2,475 3,488 1,804 21,929 1,049 3,972 16,908 1953 3,164 19,747 7,365 1,480 3,680 1,327 5,895 6,241 1953-Jan.... 497 147 222 128 1953-Jan.... 228 1,401 477 111 278 93 442 6,136 Feb.... 523 164 222 137 Feb.... 229 1.3Q1 503 110 269 84 425 6,068 Mar... 639 206 266 167 19,105 924 3,492 14,689 Mar... 264 1,627 605 126 316 92 488 6,153 678 226 288 164 275 1,709 642 127 325 102 513 6,206 May'.'.! 690 232 295 163 May.'.'.' 273 1,699 641 133 317 111 497 6,221 June.. 733 241 327 165 20,133 962 3,593 15,578 June .. 282 1,769 682 131 325 120 511 6,282 July... 758 237 355 166 July... 286 1,798 699 132 323 127 517 6,282 Aug... 707 218 340 149 Aug... 273 L,709 671 122 310 111 495 6,270 Sept... 684 208 328 148 21,145 1,015 3,745 16,385 Sept... 275 ,729 654 125 315 123 512 6,276 Oct.... 688 219 318 151 Oct.... 278 1,746 658 123 320 123 522 6,283 Nov... 586 190 265 131 Nov... 245 564 114 290 113 468 6,311 Dec.... 584 187 259 138 21,929 1,049 3,972 16,908 Dec... 255 1,622 569 126 291 128 508 6,372 1954-Jan.... 495 152 217 126 1954-Jan.... 218 1,372 467 108 263 85 449 6,292 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. aPrior to 1948, data are not available for classifications shown. 'Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans8 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t o e i w o e p s r - tga i e p g s E r r t e t o i x i s n e p - g s - g m j t P a e y o r g c p o r e t e t - - s - 1 p l P m o e r i r a m r o e o t n v n y p - s e t - 2 - Total e p N r r m t o e i w o e p s r - tga i e p s g E r r t e t o i x i s n e p - g s - r A a e a t l p n i t o a e d i n r r - 2 q y E u e n a a d r r t o o e f r r Total Tota u l nde F r H i w n A - ri - tten g V u A ar - - t C i v o e o n n n a - - l sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1939 16.3 1.8 1.8 14.5 1941 1,152 1,152 728 183 14 228 1940 17.3 2.3 2.3 15.0 1942 1,121 1,121 766 208 21 126 1941 18.4 3.0 3.0 15.4 1943 934 934 553 210 85 86 1942 18.2 3.7 3.7 14.5 1944 877 877 484 224 56 114 1943 17.8 4.1 4.1 13.7 1945 . 857 665 257 217 20 171 192 1944 17.9 4.2 4.2 13.7 1946 3,058 756 120 302 13 321 2,302 1945 18.5 4.3 4.1 .2 14.2 1947 5,074 1,788 477 418 360 534 3,286 1946 23.1 6.1 3.7 2.4 17.0 1948 5^222 3^341 1,434 684 609 614 1,881 1947 28.2 9.3 3.8 5.5 18.9 1949 5,250 3,826 1,319 892 1,021 594 1,424 793 629 3 1948 33.3 12.5 5.3 7.2 20.8 1950 7,416 4,343 1,637 856 1,157 694 3,073 1,865 1,202 5 1949 37.5 15.0 6.9 8.1 22.5 1951 6,834 3,220 1,216 713 584 707 3,614 2,667 942 6 1950 45.1 18.9 8.6 10.3 26.2 1952 5,830 3,113 969 974 322 848 2,721 1,824 890 6 1951 51.9 22.9 9.7 13.2 29.0 1953 6,946 3,882 1,259 1,030 259 1,334 3,064 2,045 1,014 6 58.2 25.4 10.8 14.6 32.8 1953—Jan 539 296 108 103 18 67 243 161 82 .6 1953P 65.0 28.1 12.0 16.1 36.9 M Fe a b r . . .. . . . 5 5 3 0 9 4 2 2 6 7 5 6 1 1 0 0 3 3 8 8 6 9 2 1 0 5 6 6 1 4 2 2 7 2 4 8 1 1 8 5 4 2 9 7 0 5 . . 6 5 1951— D S e ep c t . . . . . . 5 5 1 0. . 4 9 2 22 2 . . 9 0 9 9. . 7 5 1 1 2 3. . 2 5 2 2 8 9 . . 4 0 Apr 577 342 109 92 22 119 235 157 78 .4 May. . . 530 314 97 90 25 102 216 149 66 .5 June... 516 274 91 95 19 69 242 164 78 .4 1952—Mar. P.. 53.2 23.5 9.9 13.6 29.7 July. . . 602 363 109 94 40 120 239 160 79 .4 JuneP. . 54.8 24.0 10.1 13.9 30.8 Aug... . 597 349 106 87 23 133 248 166 82 .3 Sept. P.. 56.5 24.7 10.4 14.3 31.7 Sept 629 320 106 80 12 122 309 197 112 .4 Dec.P. . 58.2 25.4 10.8 14.6 32.8 Oct. ... 661 368 113 80 23 151 293 193 99 .5 Nov.... 694 408 105 68 25 210 286 192 93 .5 1953—Mar. P.. 59.6 26 1 11.1 15 0 33 5 Dec.. . , 556 304 110 63 15 116 252 170 82 .4 JuneP.. 61.5 26.7 11.4 15.3 34.8 1954—Jan 512 265 117 66 12 69 247 174 73 4 Sept.P.. 63.3 27.5 11.7 15.8 35.8 Dec.p.. 65.0 28.1 12.0 16.1 36.9 1 Monthly figures do not reflect mortgage amendments included in annual totals. 2FHA-insured property improvement loans ire not ordinarily secured by mortgages; VA- p Preliminary. guaranteed alteration and repair loans of $1,000 or less neednot be secured,whereas those NOTE.—For total debt outstanding, figures for for more than that amount must be. first three quarters are Federal Reserve estimates. "Prior to 1949, data are not available for classifications shown. For conventional, figures are derived. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- Sources.—Home Loan Bank Board.Federal Housanteed loans, gross amount of loans closed. Figures do not take account of principal repay- ing Administration, 1Veterans Administration, and ments on previously in3ured orguaranteed loans. For VA-guaranteed loans, amounts by Federal Reserve. type are derived from data on number and average amount of loansclosed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Author- Com- Mortgage holdings Mort- Mort- Advances outstanding ized mit- gage gage (end of period) E o n r d m o o f n y th ear fu u n n d - s m u e n n - ts FHA- VA- c p ha u s r e - s (d s u a r l i e n s g Year or month va A n d c - es R m e e p n a t y s m c i o t m te - d bu d r i s s e - d Total su in re - d a g n u te a e r- d ( p d e u ri r o in d g ) period) Total S te h r o m rt 1 - L te o r n m g 2 - 1948 528 227 199 188 11 198 1945 278 213 195 176 19 1949 848 824 828 403 425 672 20 1946 329 231 293 184 109 1950 918 485 1,347 169 1,178 1,044 469 1947 351 209 436 218 217 1951 661 239 1,850 204 1,646 677 111 1948 360 280 515 257 258 1952 1,085 323 2,242 320 L.922 538 56 1949 256 337 433 231 202 1953 550 638 2,462 621 1,841 542 221 1950 675 292 816 547 269 1951 423 433 806 508 298 1953—February. 1,008 313 2,329 358 1,971 53 3 1952 586 528 864 565 299 March 934 322 2,394 395 1,999 81 7 1953 674 611 952 634 317 April 876 326 2,448 429 2,019 68 3 May 816 357 2,477 457 2,020 40 3 1953—February.. 14 71 627 401 226 June 610 542 2,498 477 2,020 31 1 March 30 46 610 391 219 July 597 526 2,527 508 2,019 39 0) April 47 32 626 406 220 A Se u p g te u m st b . e .. r 5 5 8 6 6 6 5 54 2 4 3 2 2 , , 5 5 4 4 1 0 5 5 3 5 6 6 2 1 , ,9 0 8 0 4 5 3 2 3 6 11 J M u a n y e 4 9 4 7 2 2 6 3 6 7 4 1 5 8 4 4 1 7 6 1 2 2 2 4 9 8 October. . 556 568 2,526 585 1,941 39 19 July 61 79 700 469 231 November 552 608 2,490 594 1,896 30 44 August 70 25 746 510 236 December. 550 638 2,462 621 1,841 42 59 September. 83 28 801 557 244 61 October... 62 45 819 564 255 1954—January.. 550 666 2,434 625 1,809 37 57 November. 71 25 865 589 276 February. 542 685 2,424 641 1,783 47 50 December. 79 14 952 634 317 1954—January... 26 226 751 496 255 iLess than $500,000. February.. 15 677 438 239 Source.—Federal National Mortgage Association. 1 Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. 291 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p to a m pe o r b 1 ile co p O g n a o s t p o h u e d e m r r s i er e a r n l R n d o i e a z p m n a a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1 014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 :,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 ,285 1949 17,104 11,516 4,699 3,486 RR7 2,444 5,588 1,532 2,680 ,376 1950 20,813 14,490 6,342 4,337 ,006 2,805 6,323 1,821 3,006 ,496 1951 21,468 14,837 6,242 4,270 ,090 3,235 6,631 1,934 3,096 ,601 1952 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3,342 ,707 1953 28,896 21,807 10,289 5,605 ,606 4,307 7,089 2,127 3,249 ,713 1953—January 25,674 18,851 8,273 5,288 ,403 3,887 6,823 2,143 2,975 ,705 February 25,504 18,982 8,480 5,208 L.404 3,890 6,522 2,118 2,678 ,726 March 25,946 19,391 8,799 5,217 1,416 3,959 6,555 2,211 2,613 ,731 April 26,455 19,767 9,111 5,217 1,435 4,004 6,688 2,246 2,682 ,760 May 27,056 20,213 9,432 5,272 1,462 4,047 6,843 2,294 2,763 ,786 June 27,411 20,635 9,692 5,333 1,493 4,117 6,776 2,197 2,781 L.798 July 27,581 21,004 9,973 5,351 1,516 4,164 6,577 2,079 2,705 L.793 August 27,810 21,218 10,136 5,362 1,534 4,186 6,592 2,131 2,668 L.793 September 27,979 21,347 10,232 5,352 1,562 4,201 6,632 2,130 2,716 L.786 October 28,166 21,486 10,337 5,366 1,585 4,198 6,680 2,131 2,811 1,738 November 28,252 21,586 10,358 5,406 1,604 4,218 6,666 2,100 2,840 1,726 December 28,896 21,807 10,289 5,605 1,606 4,307 7,089 2,127 3,249 1,713 1954—January 28,125 21,444 10,084 5,495 1,587 4,278 6,681 2,083 2,893 1,705 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. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia - s l f p i S c n a o a a n m l n i e e s c - s e u C n r i e o d n it s Other Total D st m e o p r e e a n s r t t i - F s t t u u o r r r n e e i s - H a a h o p n o u p c l s l d e i e - - d m A ea o u l b t e o i r l - e sJ Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 . . • 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 ,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 ,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1953—January.. 18,851 15,678 7,665 4,930 842 2,241 3,173 1,084 832 237 315 705 February. 18,982 15,910 7,797 5,031 851 2,231 3,072 1,023 822 236 324 667 March.... 19,391 16,380 8,059 5,174 880 2,267 3,011 974 812 236 336 653 April 19,767 16,800 8,286 5,312 906 2,296 2,967 925 807 242 348 645 May 20,213 17,222 8,491 5,480 928 2,323 2,991 933 809 248 362 639 June 20,635 17,621 8,675 5,633 962 2,351 3,014 937 812 256 373 636 July 21,004 18,000 8,818 5,816 988 2,378 3,004 923 812 260 386 623 August. . . 21,218 18,205 8,879 5,924 1,009 2,393 3,013 931 813 263 396 610 September 21,347 18,328 8,893 6,005 1,029 2,401 3,019 943 811 265 399 601 October. . 21,486 18,439 8,908 6.093 1,041 2,397 3,047 957 812 266 406 606 November 21,586 18,495 8,881 6,147 1,050 2,417 3,091 983 826 270 408 604 December. 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1954—January.. 21,444 18,276 8,723 6,062 1,043 2,448 3,168 1,031 836 270 400 631 1 Includes mail-order houses. aIncludes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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] Financial Retail E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m c m i ( o i n s e a m e i r s l n n - t - g i t t l u e lo t - O i p a o a n t n y h s s ) - er m p D a e a e r n c - t ( o - t c c u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t d t a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m o p h n d e e e - r r s r e R l m r t o a e n i n a o p o iz n d d n a a s - ir - s l P o o e a n r n a - s l banks stores » 1939 1,079 237 178 166 135 363 1940... 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939. . 2,719 625 162 236 1,178 518 1942 862 149 134 153 124 302 1940 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1,014 1949 4,439 849 946 1,016 715 913 1947 4,875 ,203 153 532 1,821 1,166 1950 5,798 1,177 1,294 834 ) 037 1948 5,443 ,261 184 575 2,138 ,285 1951 5,771 1,135 1,311 ,315 888 1,122 1949. . 5,588 ,334 198 584 2,096 ,376 1952 7,524 1,633 1,629 ,751 1,137 1,374 1950 6,323 ,576 245 641 2,365 ,496 1953 . . 8,856 2.135 J 884. .,038 J 301 1,498 1951 6,631 ,684 250 685 2,411 ,601 1952 7,143 ,844 250 730 2,612 ,707 1953—January... 7,665 1,685 1,652 1,809 1,133 1,386 1953 7,089 ,848 279 769 2,480 L ,713 February.. 7,797 1,733 1,695 L ,835 L.136 1,398 March.... 8,059 1,814 1,761 1,909 1,144 1,431 1953—January... 6,823 1,878 265 587 2,388 L.7O5 April 8,286 1,902 1,821 :1,956 1,160 1,447 February.. 6,522 1,887 231 504 2,174 1,726 May 8,491 1,989 1,869 1,990 1,184 1,459 March 6,555 1,960 251 492 2,121 L ,731 June 8,675 2,043 1,906 2,029 1,212 1,485 April 6,688 1,984 262 487 2,195 1,760 July 8,818 2,095 1,941 2,055 L,234 L.493 May 6,843 L ,985 309 498 2,265 1,786 August.... 8,879 2,123 1,957 2,056 1,251 1,492 June 6,776 1,922 275 492 2,289 1,798 September. 8,893 2,141 1,948 ',036 1,273 1,495 July 6,577 1,830 249 457 2,248 L ,793 October. . . 8,908 2,157 1,939 2,032 1,291 1,489 August.... 6,592 1,870 261 453 2,215 1,793 November. 8,881 2,150 L,920 ',027 L,303 1,481 September. 6,632 1,857 273 500 2,216 L ,786 December. 8,856 >,135 1,884 2,038 1,301 1,498 October. . . 6,680 1,867 264 524 2,287 1,738 November. 6,666 1,798 302 578 2,262 1,726 1954—January... 8,723 ',079 ,834 2,037 1,283 L.490 December. 7,089 L,848 279 769 2,480 1,713 1954—January.. . 6,681 1,824 259 631 2,262 1,705 INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- 1 Includes mail-order houses. TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE [Estimated amounts outstanding, in millions of dollars] COMPANIES, BY TYPE OF CREDIT End [E o s f ti m ye a a t r ed amo i T u n n s o t t t a s a l l - outst m A an o u d b to i i n l - e g,in s O c u m t o m h i n l e e l - i r r ons m o R f o a e n d p d d e a o r i l r n la - rs] s P o e n r a - l E o n r d m o o f n y t e h ar i c T m n r s o e e t d t a n a i l t l t - m A pa o u p b t e o il r - e s O g p c u o a t o m o p h n d e e e - r s r r m i R z lo a o e a n a d p ti d n e a o s r i n r n- l s P o o e a n r n a - s l or month ment paper goods ization loans credit paper loans 1939 789 81 24 15 669 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1,197 878 115 148 56 1942 726 65 27 14 620 1940 1,575 1,187 136 190 62 1941 1,797 1,363 167 201 66 1945 731 54 20 14 643 1942 588 341 78 117 52 1946 991 77 34 22 858 1947 1,275 130 69 39 1,037 1945 300 164 24 58 54 1948 1,573 189 99 59 1,226 1946 677 377 67 141 92 1949 1,858 240 137 89 1,392 1947 1,355 802 185 242 126 1950 2,237 330 182 115 1,610 1948 1,990 1,378 232 216 164 1951 2,537 358 209 132 1,838 1949 2,950 2,425 303 83 139 1952 3,053 457 279 187 2,130 1950 3,785 3,257 313 57 158 1953 3,531 557 334 222 2,418 1951 3,769 3,183 241 70 275 1952 4,833 4,072 332 82 347 1953—January 3,083 462 284 189 148 1953 6,147 5,306 367 83 391 February 3,082 468 286 188 140 March 3,147 486 291 193 177 1953—January 4,930 4,159 337 81 353 April 3,202 504 297 195 206 February 5,031 4,260 339 80 352 May 3,251 518 302 200 2,231 March 5,174 4,402 342 79 351 June 3,313 534 307 205 2,267 April 5,312 4,536 345 80 351 July 3,366 544 311 207 2,304 May 5,480 4,694 351 78 357 August 3,402 552 315 211 2,324 June 5,633 4,836 356 76 365 September. . . 3,430 558 321 215 2,336 July 5,816 5,007 367 75 367 October 3,438 563 321 218 2,336 August 5,924 5,108 374 72 370 November. . . 3,467 559 328 222 2,358 September. . . 6,005 5,186 375 74 370 December.... 3,531 557 334 222 2,418 October 6,093 5,272 372 76 373 November. . . 6,147 5,321 368 79 379 1954—January 3,491 543 331 218 2,399 December... . 6,147 5,306 367 83 391 1954—January 6,062 5,228 359 86 389 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. MARCH 1954 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Automobile Other consumer Repair and Personal Total paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 . 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 . 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 29,812 26,689 13,553 11,363 7,741 7,464 1,340 1,140 7,178 6,722 UNADJUSTED 1953—January 2,282 2,115 J . 050 876 580 620 95 98 557 521 February 2,154 2,023 ,044 837 507 587 80 79 523 520 March 2,713 2,304 1,281 962 657 648 111 99 664 595 April 2,605 2,229 ,258 946 648 648 109 90 590 545 May 2,580 2 134 1,218 897 658 603 115 88 589 546 June 2,670 2,248 ,219 959 687 626 129 98 635 565 July 2,602 2,233 L ,226 945 622 604 124 101 630 583 August.. . 2,436 2,222 1,126 963 619 608 120 102 571 549 September 2,389 2,260 1,089 993 625 635 120 92 555 540 October . 2,486 2,347 1.121 1,016 668 654 131 108 566 569 November 2,297 2,197 974 953 646 606 108 89 569 549 December 2,598 2,377 947 1,016 824 625 98 96 729 640 1954—January 1,869 2,232 750 955 517 627 67 86 535 564 SEASONALLY ADJUSTED* 1953—January 2,595 2,095 1.174 862 711 604 118 89 592 540 February, 2 585 2,173 ,236 909 628 611 108 80 613 573 March.... 2,713 2,276 ,248 947 710 644 127 100 628 585 April 2,546 2,232 ,168 955 675 632 113 98 590 547 May 2,485 2,184 ,142 917 649 610 109 98 585 559 June 2 458 2,195 ,090 939 672 622 112 99 584 535 July.... 2,498 2,183 .117 921 662 609 114 96 605 557 August 2,358 2,273 1,044 967 621 643 108 100 585 563 September. 2,409 2,252 1,102 962 600 633 112 94 595 563 October 2,393 2,249 1,117 963 589 633 111 100 576 553 November. 2,441 2,294 1,080 1,006 631 619 106 92 624 577 December 2,331 2,283 1,035 1,015 593 604 102 94 601 570 1954—January 2,211 2,301 872 977 661 636 87 81 591 607 * Includes adjustment for differences in trading days, FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change Charge Pe fr r o c m en ta p g re e c e c d h i a n n g ge from corresponding Instalment accounts accounts month month of preceding year Item 1 Ja 95 n 4 . D 19 e 5 c 3 . N 19 o 5 v 3 . 1 T 9 a 5 n 4 . D 19 e 5 c 3 . N 19 o 5 v 3 . Year or month D s m e to p e r a n e r t s t 2 - F s t t u u o r r r n e e i s - 2 h p H s o l t l o i o d a u r n a s e c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1953 Total -43 +25 -2 -14 -15 -6 January. . . 13 12 11 47 Cash sales , -47 +38 0 -15 -14 -2 February.. 13 11 10 44 Credit sales: March 15 12 11 49 Instalment , -43 +20 -4 -18 -20 -9 April 14 12 10 46 Charge account -34 +27 -3 -6 -6 -3 J M u a n y e 1 1 4 4 1 1 3 2 1 1 0 0 4 4 7 6 Accounts receivable, end July 13 12 10 46 of month: August. . .. 14 12 10 45 Total -6 +5 +2 0 + 1 +5 September. 14 12 10 46 Instalment -4 +5 +2 + 1 0 +2 October 14 12 10 48 Charge accounts -11 n.a. n.a. -7 n.a November . 14 11 9 47 December. 14 11 9 46 Inventories, end of month, at retail value. -2 -2 -5 -1 -4 1954—January 13 45 n.a. Not available. 1 Collections during month as percentage of accounts outstanding at beginning of month. 2Data for 1953 have been revised and are not comparable with collection ratios for earlier dates. 294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u y s s t i r c i a a l l v p o ro lu d m uc e t ) i * o 1 n awar c d o e n d t ra (v c a ts lue)2 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls8 (1947-49 = 100) 1947-49=100 Freight D m ep e a n r t t- Con- W s h a o le leor Y m e o a n r th Total Tot M al anu r D a f b a u l c - e ture r N s a d o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r m p N t a e c u l g u m o o e r r l a n n y i - - - l t - - pr E o M m m d a u p e n c l n u t o i t f y o a - n c t w ur o in r P r k o g a e l y r ls s - c 1 a 9 i = n r 4 l g 1 o 7 s 0 a - * 4 0 d 9 - 1 v ( s 9 = r a a 4 e l l 1 7 e u t 0 a s - e i 4 0 * ) l 9 4 1 p s 9 = r u 4 i m c 1 7 e 0 - e s 4 0 r 3 9 1 m p 9 c = r o 4 o i c 1 d 7 m e 0 i - t - s 4 0 y 3 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 . 39 38 38 37 45 34 26 39 61.6 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.2 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.4 52.8 24.0 83 30 76 4 1922 39 39 37 40 45 43 41 43 58.7 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.6 66.9 32.6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63.8 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.5 64.2 32.1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67.9 65.5 33.0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 68.2 64.1 32 4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 68.3 64.2 32.8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71.3 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 67.0 59.5 28.3 99 35 71 4 56 1 1931 . 40 39 31 48 51 34 22 41 60.6 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.7 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.9 47.2 15.9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 59.0 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.6 58.8 23.5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 66.2 63.9 27.2 81 33 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.6 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.4 59.6 25.3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.6 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.6 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 83.1 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 91.2 103.9 72.2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.6 121.4 99.0 104 56 74 0 67 0 1944 . 125 130 159 99 93 22 10 30 95.3 118.1 102.8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 92.1 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 95.1 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101.5 102.8 105.1 104 104 102.8 104.4 1949 .. . 97 97 95 99 94 113 116 111 99.1 93.8 97.2 88 98 101.8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.0 106.2 129.6 101 109 111.0 114.8 1952 124 125 136 114 114 183 183 183 109.8 105.5 135.3 95 110 113.5 111 6 1953 P134 P136 P153 P118 P116 192 178 201 P112.5 P110.4P149.2 96 112 114.4 1952 August 123 123 125 135 114 111 207 193 217 109.9 104.7 105.7 134.2 95 113 114 3 112 2 September.. 129 131 130 144 116 119 207 191 218 110.8 106.8 109.0 143.3 101 108 114.1 111.8 October 130 134 132 147 117 111 210 185 227 111.3 107.8 109.6 145.7 97 115 114.2 111.1 November.. 133 134 135 151 118 118 196 178 207 111.8 109.2 110.2 146.3 101 111 114.3 110.7 December. . 133 131 135 152 118 117 205 183 219 112.0 110.0 110.8 150.9 99 115 114.1 109.6 1953 January.... 134 132 136 154 117 116 190 173 201 112.1 110.6 110.1 148.4 101 111 113.9 109.9 February.. . 134 136 136 155 118 116 173 182 167 112.4 111.2 111.0 149.3 98 112 113.4 109.6 March 135 138 137 155 119 115 177 176 178 112.5 112.0 111.8 151.9 99 115 113.6 110.0 April .. . 136 136 138 155 121 115 179 179 179 112.5 112.4 111.2 150.0 97 110 113.7 109 4 Illay 137 136 139 156 123 117 161 164 159 112.8 112.6 110.8 149.9 98 117 114 0 109 8 June 136 136 138 154 121 119 169 174 166 113.2 112.7 111.5 150.8 97 115 114.5 109.5 July ... . 137 129 139 157 121 120 172 175 170 113.2 112.4 110.5 148.9 93 113 114 7 110 9 August 136 136 138 157 119 119 205 184 220 112 8 111.0 112.0 151 6 98 112 115 0 110 6 September.. 133 135 134 152 117 118 218 180 243 112.6 109.8 111.8 150.9 96 107 115.2 111.0 October 132 136 134 151 117 114 230 183 262 112.6 108.4 110.2 149.3 95 110 115.4 110.2 November. . 129 130 131 146 115 112 224 176 255 111.8 106.7 107.7 145.6 92 113 115.0 109.8 December. . '126 ••124 '127 '142 112 112 208 177 229 111.1 105.2 106.0 144.0 88 112 114.9 110.1 1954 January.... 125 124 126 140 112 114 195 185 202 110.7 104.1 103.7 138.9 90 P108 115.2 110.9 February... P123 P125 P125 P137 P112 P114 nio.3P102.7P102.5 136.9 88 «110 110.5 • Estimated. P Preliminary. r Revised. * Average per working day. 1 Revised index; for description see BULLETIN for December 1953. 2Three-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. 303. 3The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49 = 100. 4For indexes by Federal Reserve districts and for other department store data, see pp. 305-309. Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 1490- 1515. MARCH 1954 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 947-49 Annual 1953 1954 pro- Industry portion 1951 1952 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. SEASONALLY ADJUSTED Industrial Production—Total 100.00 120 124 134 134 135 136 137 136 137 136 133 132 129 126 P125 Manufactures—Total 90.02 121 125 136 136 137 138 139 138 139 138 ••134 134 131 127 PI 26 Durable Manufactures—Total.... 45.17 128 136 154 155 155 155 156 154 157 157 152 151 146 142 PI 40 Primary metals 6.70 126 116 135 137 136 136 139 137 136 137 130 128 122 113 P110 Metal fabricating 28 52 131 146 168 168 168 169 169 168 171 171 166 166 159 156 P!55 Fabricated metal products 5.73 122 121 135 136 137 138 139 139 142 140 135 134 130 126 P124 Machinery 13 68 130 147 164 163 163 164 162 161 164 165 161 159 153 146 P143 Nonelectrical machinery 9 04 126 136 144 145 147 147 146 144 145 145 141 141 137 133 P131 Klectrical machinery 4 64 138 167 203 200 195 195 194 194 200 203 200 193 184 172 P168 7.54 135 154 191 191 190 190 192 188 196 191 186 189 178 182 P184* Instruments and related products.... 1.29 128 142 153 153 155 153 156 157 156 156 155 154 155 154 P149 Clay, glass, and lumber products 5.91 121 118 126 128 127 127 127 124 127 125 rl22 rl23 r121 118 P!20 Stone, clay, and glass products 2.82 131 125 129 133 135 134 135 134 135 135 134 133 132 129 P126 Lumber and products 3.09 113 111 122 124 121 120 119 114 119 116 114 117 115 110 P115 Furniture and misc. manufactures 4.04 116 118 129 128 131 134 135 135 134 135 129 129 127 124 P121 Furniture and fixtures 1 64 111 113 120 119 121 124 123 122 121 119 114 113 r109 106 P105 Miscellaneous manufactures 2 40 120 122 135 135 138 141 143 145 143 146 140 140 138 136 P132 Nondurable Manufactures— Total.. 44.85 114 114 117 118 119 121 123 121 121 119 117 117 rll5 113 P112 Textiles and apparel 11 87 106 105 107 108 110 113 115 113 111 106 102 102 98 95 P95 Textile mill products 6.32 107 103 103 106 108 109 113 111 108 104 100 98 95 89 P90 Apparel and allied products 5.55 105 108 112 110 112 116 117 115 114 109 104 "107 101 101 P100 Rubber and leather products 3 20 105 107 117 118 119 120 122 113 116 111 105 105 103 104 P102 Rubber products 1.47 119 116 131 134 138 137 139 130 130 127 121 120 118 116 P115 Leather and products 1.73 94 99 104 104 103 104 108 99 104 97 91 93 r9l 93 P91 Paper and printing 8 93 118 118 121 123 125 125 126 126 126 126 126 '126 125 122 P122 Paper and allied products 3 46 125 120 125 130 133 134 134 134 134 133 135 132 132 125 P125 Printing and publishing 5.47 113 116 119 119 120 120 121 121 121 121 121 123 121 120 P120 Chemical and petroleum products 9 34 132 133 138 139 140 144 146 145 146 143 143 142 r141 140 P139 Chemicals and allied products 6 84 136 137 142 143 145 148 151 150 152 148 147 146 145 145 P144 Petroleum and coal products 2.50 122 123 128 128 128 131 131 131 132 132 131 129 129 128 P126 Foods beverages and tobacco 11 51 105 106 106 108 108 108 109 106 107 108 108 108 108 103 P104 Food and beverage manufactures.... 10.73 105 105 106 107 107 108 109 106 108 108 109 ••108 108 103 P104 Tobacco manufactures 78 107 110 106 120 116 108 107 103 103 104 104 106 108 112 P107 Minerals—Total 9 98 115 114 116 116 115 115 117 119 120 119 118 114 r112 113 P114 Mineral fuels 8.35 114 113 116 115 113 114 116 119 120 119 118 113 111 112 P114 Coal 2 68 94 83 77 77 74 75 85 86 87 86 81 76 70 69 70 Anthracite 36 82 78 60 59 56 47 65 62 68 59 57 54 50 55 62 Bituminous coal 2.32 96 84 80 80 77 79 88 89 89 90 84 80 73 71 72 Crude oil and natural gas 5.67 123 128 134 134 132 133 131 134 135 135 136 131 131 133 P135 Metal, stone, and earth minerals 1.63 121 115 116 118 121 121 120 121 121 120 120 116 114 114 PIIO Metal mining 82 116 108 111 113 116 118 118 117 116 117 117 108 103 101 P100 Stone and earth minerals .81 127 123 121 123 126 124 122 125 125 124 123 124 124 128 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100 00 120 124 132 136 138 136 136 136 129 136 135 136 130 124 P124 MANUFACTURES—TOTAL 90.02 121 125 135 139 140 139 138 138 130 137 136 138 132 125 P125 Durable Manufactures—Total 45.17 128 136 154 158 160 159 157 155 147 153 151 154 146 140 P140 6.70 126 116 137 142 143 141 142 138 124 130 127 129 122 110 P112 Ferrous metals 5 03 129 115 139 142 145 142 143 138 127 131 127 130 122 111 Pig iron and steel 3 51 131 115 145 145 149 144 147 142 136 138 134 136 128 114 115 Pig iron .37 123 107 133 132 135 130 133 133 132 131 130 132 127 117 113 Steel .. . . 3 05 131 117 146 146 150 146 148 143 137 138 134 136 129 114 115 Carbon steel 2 62 128 112 139 139 143 139 140 137 131 133 131 138 131 116 115 Alloy steel .43 153 144 189 192 194 191 196 183 170 169 152 126 113 105 115 Ferrous castings and forgings 1.52 127 114 125 136 136 136 133 127 106 116 113 117 108 101 Iron and steel castings 1.29 124 109 118 128 128 129 125 120 101 112 109 113 103 98 Steel forgings .23 140 143 164 181 179 176 179 166 133 141 137 139 134 123 P Preliminary. r 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. 296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1951 1952 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 116 119 132 142 139 138 139 139 115 128 126 128 121 108 Primary nonferrous metals .38 114 123 131 143 146 147 143 144 143 141 147 147 146 146 Copper smelting . .09 107 106 101 114 126 122 115 108 109 105 111 114 109 109 104 Copper refining .06 102 99 106 110 110 115 116 129 120 107 116 124 121 121 110 Lead .04 92 100 105 111 106 107 96 84 89 84 97 99 120 108 108 Zinc .10 109 112 112 116 115 114 113 116 111 115 115 115 107 108 Aluminum .09 140 156 177 202 205 207 207 212 215 217 222 213 215 21? Secondarv nonferrous metals .13 120 114 115 126 122 133 118 121 101 110 107 Nonferrous shapes and castings.. . . 1.16 116 119 135 143 138 136 139 139 107 125 121 123 114 96 Copper mill shapes .63 108 113 128 131 119 113 125 128 85 112 108 110 103 78 Aluminum mill shapes .20 128 140 160 178 190 195 186 183 174 169 163 158 "136 126 Nonferrous castings .33 124 115 132 145 144 146 138 135 109 124 122 127 121 114 Metal Fabricating 28.52 131 146 169 172 175 173 170 168 161 166 164 167 15« 155 P!55 Fabricated metal products 5.73 122 121 134 136 138 139 139 139 135 140 137 "137 "130 126 P122 Structural metal parts 2.68 122 121 136 137 139 139 139 140 135 137 135 136 134 134 P127 Stampings and misc. metal products. . 2.12 128 121 141 142 145 145 144 143 137 136 133 "133 130 132 Tin cans .30 120 122 101 104 105 114 120 134 160 199 182 139 124 Furnaces, gas ranges, and heaters. .. . .63 98 89 86 91 92 99 102 86 83 108 106 113 "82 63 Machinery 13.68 130 147 167 170 172 167 163 159 148 157 158 161 "154 149 P146 Nonelectrical machinery 9.04 126 136 147 149 154 150 148 146 138 137 137 138 135 137 P133 Farm and industrial machinery 8.13 126 135 143 143 146 144 142 142 137 136 135 135 "133 134 Farm machinery 1.02 114 103 107 110 112 109 105 102 98 93 86 79 73 74 P76 Industrial and commercial machinery 7.11 128 140 148 148 151 149 148 148 143 142 142 143 142 143 IV^achine tools and presses .68 144 179 192 190 193 192 191 189 184 183 187 "188 187 188 Laundry and refrigeration appliances. .69 124 108 142 163 186 163 148 137 101 96 107 116 102 113 Electrical machinery 4.64 138 167 207 210 206 199 192 184 168 197 200 205 "191 172 P172 Electrical apparatus and parts 3.23 127 162 178 179 183 184 182 182 176 178 179 178 "176 175 Radio and television sets .74 178 184 288 294 266 237 208 180 136 242 249 276 230 157 173 Transportation equipment . . . 7.54 135 154 189 195 199 198 194 193 190 189 182 189 "173 174 P183 Autos, trucks, and parts 4.80 120 102 126 134 142 143 137 136 131 126 114 122 103 101 Autos 1.50 127 103 132 151 161 170 162 166 161 153 134 151 107 107 135 Trucks .66 125 111 119 121 144 142 124 106 118 127 115 106 95 98 P120 Light trucks .22 120 105 126 118 144 138 107 76 113 118 114 106 85 100 Medium trucks .19 93 69 61 55 87 80 53 37 57 62 54 50 47 56 Heavy trucks .14 180 194 195 214 233 218 201 198 175 186 151 146 134 150 Truck trailers .... ... .07 161 137 163 184 187 246 285 270 247 282 275 232 229 149 Auto and truck parts 2.58 114 98 124 127 131 127 125 126 116 110 102 109 102 99 Aircraft and parts ... . 1.30 211 368 455 461 461 452 452 452 461 473 480 "481 "456 470 .81 121 136 142 138 138 139 136 135 133 130 127 125 123 125 Railroad equipment .53 89 74 79 83 76 78 76 74 62 66 64 83 67 54 P60 Railroad cars .35 77 62 76 82 64 65 66 62 58 56 55 83 61 41 49 Instruments and related products.. 1.29 128 142 153 153 157 155 156 157 151 153 155 156 "156 155 P149 Clay, Glass, and Lumber Products 5.91 121 118 117 124 127 130 128 129 122 129 127 129 rl21 112 P112 Stone, clay, and glass products 2.82 131 125 125 129 132 134 135 136 132 137 136 139 134 128 P122 Glass and pottery products 1.09 120 114 120 125 128 126 125 123 113 123 122 '128 122 115 Flat glass and vitreous products. . . .60 130 122 134 136 139 138 137 135 128 134 136 "141 139 136 Flat and other glass .47 131 124 139 141 143 142 139 137 128 135 139 145 143 140 P137 Glass containers .26 113 112 107 114 123 122 126 129 122 132 121 127 114 102 115 .23 103 94 100 110 107 99 93 86 65 86 84 93 86 76 Cement .32 123 124 111 113 119 132 137 138 142 143 144 145 137 119 104 Structural clav oroducts .35 122 112 100 103 106 111 110 117 114 114 116 116 112 106 Brick .12 121 108 84 90 97 108 108 119 113 114 118 116 109 97 Clay firebrick, pipe, and tile .20 123 116 113 113 114 114 114 118 117 117 115 118 116 114 P104 Concrete and plaster products .48 151 155 149 153 155 162 164 168 172 175 169 "170 "163 158 P140 Misc. stone and earth manufactures.. .58 143 131 137 139 142 142 143 142 141 143 145 146 144 146 P139 Lumber and products 3.09 113 111 110 119 122 126 122 122 112 122 rl2l rl23 "114 99 P104 Lumber 2.05 107 105 101 110 112 120 114 117 109 123 118 120 110 93 98 Millwork and plywood .60 136 138 153 170 172 164 159 152 128 135 "131 "134 120 115 Millwork .39 116 118 136 142 143 125 124 109 98 115 117 116 101 87 Softwood plywood .12 159 167 177 211 218 226 215 222 174 164 .29 105 99 101 102 103 103 103 104 101 98 94 "96 94 94 P90 Furniture and Misc. Manufactures 4.04 116 118 128 131 133 132 130 131 125 132 132 135 rl33 127 P120 Furniture and fixtures .. . 1.64 111 113 121 122 123 121 118 117 113 116 115 116 114 112 Household furniture . 1.10 109 113 123 126 127 123 119 117 112 116 114 "116 114 111 P103 Fixtures and office furniture .54 114 112 117 116 116 118 115 117 114 117 118 "117 "115 118 P112 2.40 120 122 132 136 140 140 139 140 133 143 144 148 145 138 P130 p Preliminary. " Revised. For other footnote see preceding page. 297 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—Continued [FederalReserve indexes, 1947-49average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1951 1952 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 114 115 119 121 118 119 121 113 121 122 '122 118 110 Pill Nondurable Manufactures—Total... 11.87 106 105 108 117 116 108 HI 114 97 HI 104 103 98 93 P96 Textiles and Apparel Textile mill products 6.32 107 103 104 112 113 109 112 111 93 107 102 100 96 87 P91 Cotton and synthetic fabrics 3.72 112 105 106 114 117 111 115 114 95 110 105 101 102 90 Cotton consumption 2.30 114 104 106 113 114 107 110 110 87 107 104 103 101 89 100 Synthetic fabrics .97 122 112 111 116 120 125 129 130 124 119 109 102 105 95 Fabric finishing .45 100 102 100 119 124 106 112 108 74 100 100 87 96 83 94 Wool textiles .97 97 85 79 83 82 '80 '87 '87 '78 '82 '73 '74 '64 '59 Wool apparel yarns .16 99 96 90 98 99 93 103 110 90 102 93 82 '68 59 Wool fabrics. .. .75 97 83 78 80 79 '83 '87 '75 '77 '68 '73 '63 60 Knit goods 1.15 110 115 119 125 123 123 123 117 102 118 116 115 108 98 104 Hosiery .65 113 116 120 128 122 123 121 111 88 114 115 114 109 94 113 Full-fashioned hosiery .45 119 121 124 134 128 130 128 116 89 117 119 118 114 97 120 Seamless hosiery. .20 98 105 110 116 108 105 103 100 87 105 104 104 98 87 96 Knit garments .50 106 113 117 120 124 124 125 125 121 125 117 116 108 '102 P93 Floor coverings .48 90 95 109 118 117 114 100 98 67 94 97 101 88 '90 Woven carpets .31 78 80 100 110 110 106 87 82 45 80 83 89 69 72 Apparel and allied products 5.55 105 108 113 123 120 107 110 117 102 115 106 '107 100 98 P102 Men's outerwear 1.78 103 105 110 128 134 123 128 124 83 117 113 105 104 87 Men's suits and coats .73 88 87 92 107 109 100 110 109 63 107 94 90 88 78 lien's suits .50 84 83 94 109 112 98 102 98 57 94 83 83 '86 81 Men's outercoats .13 86 83 65 69 71 85 114 125 74 133 115 94 71 46 .99 104 114 121 142 151 138 141 133 94 122 125 114 113 90 Women's outerwear 1.85 106 108 115 123 106 86 94 119 116 116 98 100 87 101 Women's suits and coats .76 120 123 147 160 109 53 67 142 150 156 115 123 95 126 Misc. apparel and allied mfrs 1.92 108 111 114 118 119 112 110 110 107 112 108 114 '110 107 P99 Rubber and Leather Products 3.20 105 107 117 125 125 121 118 113 101 112 107 111 103 99 P103 Rubber products 1.47 119 116 132 140 143 140 137 131 114 122 122 127 120 111 P117 Tires and tubes .70 115 115 122 135 138 135 132 123 109 106 103 108 101 93 96 Auto tires .40 94 106 114 128 136 134 134 125 117 112 104 109 99 89 92 Truck and bus tires .30 144 128 132 145 142 137 130 121 97 99 102 106 103 99 102 I^Iiscellaneous rubber products .77 123 117 142 144 148 145 142 138 119 137 Leather and products 1.73 94 99 104 112 110 104 102 97 91 103 94 97 '89 88 ,9! Leather .44 84 87 94 100 94 96 101 93 80 93 85 91 87 81 Cattlehide leathers .29 87 87 97 100 92 97 101 91 79 94 86 94 91 86 Skin leathers .15 77 86 89 98 96 94 100 97 81 90 83 87 79 72 Shoes and slippers .90 97 104 110 120 118 109 106 99 93 109 97 97 85 88 P99 Miscellaneous leather products .39 99 101 103 108 109 104 95 98 98 102 96 '101 99 94 P87 Paper and Printing 8.93 118 118 119 124 128 128 126 125 116 123 127 132 129 121 P120 Paper and allied products 3.46 125 120 125 133 136 136 132 134 120 135 135 140 135 119 P125 Pulp and paper 1.76 126 120 127 131 132 134 131 133 117 133 130 138 133 117 Wood pulp .51 132 132 141 142 144 146 144 146 130 146 141 151 147 128 Paper and board.... ... 1.25 123 116 121 127 127 129 126 128 112 127 126 132 127 113 Printing paper .22 115 111 118 121 120 122 119 119 108 121 118 124 120 112 Fine paper .14 123 117 109 118 118 122 122 118 96 118 118 121 120 109 Coarse paper . .... .20 125 112 117 120 120 120 120 117 104 118 118 127 124 113 ^iiscellaneous paper . .18 130 123 129 131 130 132 126 129 118 127 128 136 131 124 Pa perboard .41 126 117 130 136 138 138 135 140 118 141 137 143 137 115 Building paper and board .10 115 112 105 117 119 128 126 132 116 121 122 123 108 92 Converted paper products 1.70 125 120 123 136 141 139 132 136 124 137 140 143 136 121 Shipping containers .51 124 120 120 136 143 138 133 137 122 138 141 140 135 118 Sanitary paper products .11 131 126 137 141 141 146 131 132 131 134 139 151 139 132 Printing and publishing 5.47 113 116 116 118 123 123 122 120 114 116 122 '126 126 '122 P117 Newsprint consumption 1.85 115 115 106 115 125 127 127 118 102 106 119 129 131 117 Job printing and periodicals 3.62 113 117 121 120 122 120 120 121 119 121 123 '125 '123 125 P121 Chemical and Petroleum Products. 9.34 132 133 140 142 143 144 143 142 139 141 142 145 '144 141 P141 Chemicals and allied products 6.84 136 137 144 147 149 150 148 146 141 143 145 151 '150 146 Industrial chemicals 2.54 146 140 149 150 154 159 159 161 157 157 151 151 149 146 Basic inorganic chemicals .57 135 137 149 153 152 154 152 149 146 147 138 153 153 Industrial organic chemicals 1.97 149 141 149 149 155 161 161 164 160 160 154 150 148 145 Plastics materials .24 163 157 178 190 200 199 191 194 163 175 181 179 '173 165 Synthetic rubber .11 184 175 179 191 210 221 220 214 205 176 162 147 152 153 Synthetic fibers .. .59 148 141 156 149 157 170 168 174 171 167 148 143 135 124 Miscellaneous organic chemicals.. 1.03 143 133 135 135 138 140 143 146 148 150 150 '148 150 150 P146 Vegetable and animal oils. .64 112 112 134 131 119 112 104 95 84 94 109 140 141 135 Vegetable oils .48 112 110 134 127 115 105 93 83 70 83 106 144 141 137 Grease and tallow .16 111 119 137 143 130 135 136 131 124 125 120 129 140 127 Soap and allied products .71 107 110 112 126 121 112 112 100 76 97 116 134 128 117 Paints .66 108 112 116 116 118 119 122 121 122 119 118 117 117 116 P114 Fertilizers .23 112 122 119 139 168 177 139 112 101 104 112 '108 100 104 P115 P Preliminary. ' Revised. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 pro- Industry portion 1951 1952 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Nov. Dec. Jan. WITHOUT SEASONAL ADJUSTMENT —Continued Petroleum and coal products 2.50 122 123 129 128 127 127 129 131 132 135 133 131 131 128 P127 Petroleum refining 1.97 125 128 136 134 132 131 132 136 137 138 136 135 137 137 Gasoline 1.04 126 132 140 141 137 137 140 145 149 150 147 143 147 146 Automotive gasoline .98 123 128 136 136 133 132 135 140 144 144 141 138 143 141 Aviation gasoline .06 174 194 204 223 216 227 235 241 234 243 247 220 211 228 Fuel oil .56 123 128 136 134 132 127 125 130 128 128 128 128 130 129 Distillate fuel oil .30 138 151 162 160 158 151 148 155 153 152 153 155 155 153 Residual fuel oil .26 105 102 107 104 103 100 98 101 100 100 98 97 100 102 Kerosene .10 122 119 142 132 118 118 107 107 105 105 108 116 116 124 Lubricating oil .17 124 112 100 95 103 105 109 106 103 110 112 111 112 109 Coke .26 112 97 113 113 114 113 114 114 113 112 111 110 107 102 Asphalt roofing and siding .15 103 102 66 72 80 108 118 109 111 139 123 121 90 53 Foods, Beverages, and Tobacco. ... 11.51 105 106 98 98 100 100 103 108 111 118 123 120 111 98 v96 Food and beverage manufactures. 10.73 105 105 98 97 99 99 102 108 112 118 124 120 111 98 P95 Food manufactures 8.49 105 106 102 99 99 98 101 105 110 118 127 ••121 '114 102 Meat products 1.48 110 114 134 118 117 111 103 105 98 102 111 123 135 125 126* Beef .46 92 100 117 119 120 127 126 128 127 132 139 144 139 134 141 Pork .83 117 119 139 114 112 98 87 89 79 82 92 107 128 116 114 Dairy products .69 96 98 81 89 100 112 136 146 132 118 99 85 '80 81 86 Butter .14 91 92 94 102 111 122 145 143 120 111 88 82 86 94 110 Natural cheese .07 100 103 88 96 107 124 151 159 130 116 102 89 86 93 100 Concentrated milk .19 91 91 73 78 91 111 137 140 110 94 72 67 68 74 78 Ice cream .28 98 102 74 86 95 100 121 144 149 135 118 94 80 73 72 Canned and frozen foods 1.13 121 117 82 79 75 80 90 103 162 209 233 '154 rlO6 88 Grain-mill products 1.16 104 108 108 102 102 99 104 110 108 109 111 111 103 101 Wheat flour .46 84 84 86 81 81 75 81 78 78 83 84 90 82 76 Cereals and feeds .70 117 124 122 116 116 114 120 131 128 126 128 125 117 117 Bakery products 1.64 101 101 98 99 100 98 100 103 102 101 102 '•101 99 97 P95 Sugar .27 100 104 68 55 67 67 57 80 73 75 106 250 277 177 Cane sugar .11 102 109 106 105 128 105 116 123 129 124 121 105 97 96 Beet sugar .13 101 94 30 8 8 30 1 39 20 27 89 370 429 242 Confectionery 71 102 102 110 110 101 98 89 74 64 92 135 135 128 88 Miscellaneous food preparations . . 1.41 97 100 95 98 99 97 101 107 109 108 113 110 106 101 Beverages 2.24 105 102 84 91 99 105 110 119 121 118 113 116 99 84 Bottled soft drinks .54 107 116 Alcoholic beverages 1.70 104 98 82 100 102 102 107 107 108 108 118 100 80 Beer and ale 1.02 100 102 87 90 103 109 106 117 127 129 111 100 79 76 Liquor distilling .17 120 54 45 46 54 53 55 51 41 33 67 122 88 65 Liquor bottling .37 107 99 80 97 110 105 110 104 90 92 115 148 146 89 Tobacco manufactures .78 107 110 104 117 113 104 107 110 94 117 111 116 111 92 Cigarettes .46 110 114 109 119 119 107 109 114 99 123 115 118 110 96 Cigars .17 101 105 101 122 109 106 112 108 110 110 120 122 90 88 MINERALS—TOTAL 9.98 115 114 113 113 111 115 118 120 122 122 118 •113 111 Pill 117 Mineral Fuels 8.35 114 113 117 115 113 114 115 117 119 119 116 113 113 P115 114 Coal 2.68 94 83 81 77 74 74 81 81 85 84 84 76 71 74 Anthracite .36 82 78 60 59 52 45 66 65 69 56 60 66 55 51 62 Bituminous coal 2.32 96 84 84 80 77 79 84 83 54 90 88 87 79 74 75 71 Crude oil and natural gas 5.67 123 128 134 134 132 133 131 134 135 135 136 131 131 133 P135 Oil and gas extraction 4.82 121 125 132 132 131 129 127 130 130 131 130 126 rl28 127 Crude oil 4.12 118 120 126 126 125 124 122 126 127 126 126 120 120 120 P121 Natural gas .34 148 159 180 187 172 164 152 152 154 156 150 164 Natural gas liquids .36 136 145 158 156 155 155 151 154 154 158 160 159 162 166 Oil and gas well drilling .85 133 144 147 140 140 157 154 157 163 160 167 158 147 '163 P174 Metal, Stone, and Earth Minerals 1.63 121 115 95 98 102 121 132 136 134 137 135 127 110 99 P91 Metal mining .82 116 108 85 88 119 139 142 138 140 139 122 95 75 P72 Iron ore .33 124 104 43 45 53 131 184 201 199 199 198 155 85 40 Nonferrous metal mining .49 111 110 105 111 112 111 109 102 98 100 100 100 ••101 99 72 Copper mining .24 114 114 111 116 120 118 120 109 109 112 112 114 116 110 Lead mining .09 99 97 90 97 94 95 89 87 78 80 81 79 78 74 Zinc mining .06 109 107 101 104 101 100 93 90 79 80 76 72 74 71 Stone and earth minerals .81 127 123 110 112 116 123 125 130 130 133 131 132 125 123 P Preliminary. ' Revised. For other footnote see preceding page. MARCH 1954 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =-100] 1953 1954 Product group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 141 148 146 148 144 142 144 138 131 132 121 115 P121 134 146 151 159 155 158 159 149 139 142 0) Household goods, total 149 150 141 135 131 125 128 127 122 121 0) 1CW 10d. 1 m QO 07 /i\ Furniture 121 122 123 126 126 123 122 117 112 110 (1) Mai or aoDliances 123 126 125 121 122 109 108 100 94 93 f1) 279 273 226 201 182 182 204 217 221 217 0) p Preliminary. 1 Publication has been discontinued pending a general revision of the major consumer durable goods index. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1953 1954 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. ADJUSTED FOR SEASONAL VARIATION Total 13,757 13,857 13,906 13,930 13,943 13,904 13,733 13, 577 13,409 ,194 '13 ,015 1?,879 1?,70? Durable ftoods . . 8,089 8,175 8,218 8,220 8,228 8,202 8,099 7,998 7,891 '7,712 ,587 7,483 7,349 Ordnance and accessories... 14? 147 ISO 1S6 1S8 16? 1S9 1S9 1S8 153 '150 146 131 Lumber and wood products 694 698 712 713 724 718 704 699 695 '681 '653 633 633 Furniture and fixtures 325 330 320 313 306 '300 '295 291 285 Stone, clay, and glass products.. 455 459 462 461 465 463 461 463 461 454 '442 430 423 Primary metal industries. 1,136 1,139 1,144 1,149 1,149 1,151 1,134 1,117 1,094 '1 ,071 '1 ,050 1,032 1,012 Fabricated metal products 933 943 947 9S7 966 967 960 944 9?4 902 '866 871 856 Machinery except electrical 1,316 1,322 1,314 1,300 1,294 1,277 1,247 1,234 1,225 '1 ,211 '1 ,196 1,194 1,186 Klectrical machinery 907 916 9?6 9?8 970 974 913 896 872 '839 822 806 Transportation equipment 1,543 1,574 1,576 1,556 1,548 1,533 1,521 1,493 1.479 '1 ,423 't ,460 1,437 1,395 Instruments and related prod- 740 243 743 744 74S 748 741 741 740 235 232 Misc. manufacturing industries.. 398 404 413 426 432 431 429 422 413 '404 '398 392 390 Nondurable goods 5,668 5,682 5,688 5,710 5,715 5,702 5,634 5,579 5,518 '5,482 '5,428 5,396 5,353 Food and kindred products.... 1,144 1,138 1,132 1,138 1,124 1,121 1,103 1,110 1,108 ,113 '1,100 1,099 1,106 97 95 96 97 98 98 97 94 96 '103 99 93 Textile-mill products 1,117 1,123 1,119 1,123 1,122 1,128 1,119 1,108 1,076 rl ,044 '1,021 995 986 Apparel and other finished textiles . . 1,104 1,106 1,103 1,111 1 1 1,093 1 ,OSS 1,053 060 '1 055 1 053 \ 035 Paper and allied products 43 S 437 440 44? 448 4S1 4S? 4S6 4S? 446 '439 439 436 Printing, publishing and allied industries . . . 497 502 S01 SO? SO? S01 504 S09 508 '505 '504 503 499 Chemicals and allied products... 511 518 526 528 529 526 521 512 503 '498 '491 495 489 Products of petroleum and coal. 188 188 190 189 189 188 187 185 186 184 '182 182 182 Rubber products 221 222 222 220 216 207 200 198 197 195 Leather and leather products. .. 357 354 359 358 358 349 342 336 332 336 '335 334 332 WITHOUT SEASONAL ADJUSTMENT Total 13,733 13,831 13,758 13,699 13,787 13,666 13 13, 83? ,6?7 ,317 ,107 1?,821 1?,677 Durable goods 8,115 8,211 8,215 8,179 8,190 8,056 8,054 8,016 7,941 '7,767 '7 ,651 7,493 7,371 Ordnance and A ccessories 142 147 150 156 158 162 159 159 158 153 '150 146 131 Lumber and Wood Products 677 688 701 713 731 718 722 713 705 '688 '650 620 617 Sawmills and planing mills.. 404 408 416 422 432 426 479 473 419 407 '388 370 Furniture and Fixtures .... 332 333 329 322 317 315 315 315 312 '308 '301 295 291 Household furniture 246 247 242 237 232 228 228 228 226 '223 '216 210 Stone, Clay, and Glass Products.. 453 459 462 461 465 456 463 465 463 456 '446 426 421 Primary Metal Industries 1,142 1,145 1,144 / ,138 1,143 1,134 1,128 1,117 1,099 n,076 '1,061 1,037 1,017 Blast furnaces, steel works 563 564 56? 56? S67 S71 S7? S61 555 '542 '534 522 Fabricated Metal Products . . 942 952 952 952 956 938 946 944 929 907 '879 880 865 Machinery except Electrical 1,323 1,335 1,321 1,307 1,300 1,264 1,235 1 228 1,219 ,205 '1,202 1,194 1,192 Metalworking machinery... 227 228 228 227 227 222 221 224 223 222 '220 219 Electrical Machinery ... 916 925 926 919 911 892 905 913 905 885 '856 830 814 Electrical apparatus (gen- 781 285 787 788 ?88 783 281 278 '27'4 274 267 Communication equipment. 418 418 415 407 399 388 405 410 407 394 368 356 Transportation Equipment 1,543 1,574 1,576 1,556 1,548 1,533 1,521 1 493 1,479 ,423 ,460 1,437 1,395 Motor vehicles and equipment 798 821 831 816 803 796 77S 738 732 703 '726 691 Aircraft and parts 538 542 533 537 535 537 S4S sss 551 '528 '54 S 560 Instruments and Related Products. 241 244 244 244 245 241 239 241 241 242 240 236 233 Misc. Manufacturing Industries.. 404 410 411 413 415 403 420 428 432 '424 '4C6 392 396 For footnotes see following page. 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1953 1954 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 5,618 5,620 5,543 5,520 5,597 5,610 5,797 5,816 5,686 '5,550 '5,456 5,328 5,306 Food and Kindred Products 1,033 1,025 1,027 1,051 /,097 1,184 1,264 / 1,202 '1,068 1,0/5 1,001 Meat products 241 ?38 ?33 ?37 240 240 249 '258 244 Canning and preserving.... 129 123 134 146 165 244 316 342 232 '168 '136 121 Bakerv Droducts 180 180 179 181 184 184 182 183 183 '181 '177 174 Tobacco M.anufactures . 94 87 85 85 85 /07 111 103 rlO6 99 90 Textile-mill Products 1,134 r r, rro 1,117 1, 1?? 1,094 r, to? 1,007 1,076 rl 054 r1,036 r005 1 001 Broad-woven fabric mills... 502 499 494 494 497 490 486 484 475 467 459 448 Knitting mills 232 235 233 232 232 226 231 229 224 '217 '211 203 Apparel and Other Finished Textiles 1,137 l,139 l,086 1,061 1,072 1,053 l,/0P 1,0<?7 1,090 r1,071 '7,07/ I,053 1,066 Men's and boys' furnishings. 284 ?89 288 ?88 277 ?90 288 282 265 Women's and misses' outerwear 360 356 318 298 309 314 335 317 '316 '335 337 Paper and Allied Products 437 439 440 440 446 442 450 454 452 450 r446 441 438 Pulp, paper and paperboard mills 225 Printing, Publishing and Allied Industries 497 499 498 499 50? 496 400 too 513 r512 *0? 499 Newspapers 144 146 146 148 148 146 146 149 150 '149 150 146 Commercial printing 159 159 158 158 159 157 156 159 161 '160 163 161 Chemicals and Allied Products... 519 526 526 517 513 508 511 515 r508 '50/ 500 496 Industrial organic chemicals. 189 190 191 192 195 195 196 193 190 '187 '185 182 Products of Petroleum and Coal.. 186 186 188 188 /P0 190 186 184 180 180 Petroleum refining 144 144 144 143 145 145 146 144 143 142 '141 140 Rubber Products 219 221 221 220 213 214 209 204 202 199 196 Leather and Leather Products 364 363 355 344 351 344 351 341 335 334 r333 334 339 Footwear (except rubber)... 238 238 232 226 231 224 228 221 214 216 '220 225 ' 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 February 1954 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1953 1954 1953 1954 1953 1954 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 71.17 71. ?6 70.92 70.71 40.9 40.2 39.4 39.5 1.74 1.79 1.80 1.79 Durable goods 77.15 77.52 76.40 76.00 41.7 40.8 40.0 40.0 1.85 1.90 1.91 1.90 Ordnance and accessories 77.38 '78.94 77.41 78.78 41.6 r40.9 39.9 40.4 1.86 1.93 1.94 1.95 Lumber and wood products , 63.96 '64.08 61.70 63.99 41.0 '40.3 39.3 40.5 1.56 '1.59 1.57 1.58 Furniture and fixtures , 62.67 '63.74 61.62 62.24 41.5 '40.6 39.5 39.9 1.51 1.57 1.56 1.56 Stone, clay, and glass products 69.29 71.63 69.70 70.53 41.0 40.7 39.6 40.3 1.69 1.76 1.76 1.75 Primary metal industries 83.21 '82.78 81.54 78.28 41.4 '39.8 39.2 38.0 2.01 '2.08 2.08 2.06 Fabricated metal products 76.80 78.02 76.92 76.14 42.2 41.5 40.7 40.5 1.82 1.88 1.89 1.88 Machinery except electrical 83.03 83.80 82.40 83.21 42.8 41.9 41.2 41.4 1.94 2.00 2.00 2.01 Electrical machinery 71.28 '72.36 70.74 72.22 41.2 40.2 39.3 39.9 1.73 '1.80 1.81 Transportation equipment 85.69 85.88 85.44 83.13 41.8 40.7 40.3 39.4 2.05 2.11 2.11 Instruments and related products 73.39 '74.75 72.62 73.89 41.7 r41.3 39.9 40.6 1.76 '1.81 Miscellaneous manufacturing industries 64.12 '65.53 63.43 64.40 41.1 '40.7 39.4 40.0 1.56 1.61 Nondurable goods 62.88 '64.45 63.53 63.80 39.8 39.3 38.5 38.9 1.58 1.64 1.65 1.64 Food and kindred products 64.71 68.15 68.71 67.64 40.7 41.3 40.9 40.5 1.59 1.65 Tobacco manufactures , 45.39 '49.00 45.97 46.70 36.9 39.2 36.2 36.2 1.23 '1.25 Textile-mill products 54.94 '52.61 51.10 51.92 40.1 '38.4 37.3 37.9 1.37 1.37 Apparel and other finished products 49.98 '48.82 47.81 49.32 37.3 '35.9 34.9 36.0 1.34 1.36 Paper and allied products 71.81 73.62 72.07 71.82 43.0 42.8 41.9 42.0 1.67 1.72 Printing, publishing and allied products 83.76 '88.82 86.40 85.57 38.6 '39.3 38.4 38.2 2.17 '2.26 2.25 2.24 Chemicals and allied products 73.10 77.19 76.86 77.42 41.3 41.5 41.1 41.4 1.77 1.86 87 1.87 Products of petroleum and coal , 87.45 '91.98 91.53 91.53 40.3 '40.7 40.5 40.5 2.17 2.26 2.26 2.26 Rubber products , 79.30 '75.66 74.88 77.6i 41.3 '39.2 38.8 39.8 1.92 1.93 1.93 1.95 Leather and leather products 53.19 '52.03 51.79 52.58 39.4 37.7 37.8 38.1 1.35 '1.38 1.37 1.38 ' Revised. NOTE.—Data are for production and related workers, Figures for February 1954 are preliminary. Back data are available from the Bureau of Labor Statistics. MARCH 1954 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a l and utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 1,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 1,641 4,807 5,456 1948 44,382 15,321 982 2,169 4,141 9,519 1,711 4,925 5,614 1949 43,295 14,178 918 2,165 3,949 9,513 1,736 5,000 5,837 1950 44,696 14,967 889 2,333 3,977 9,645 1,796 5,098 5,992 1951 47,202 16,082 913 2,588 4,166 10,013 1,861 5,207 6,373 1952 47,993 16,209 872 2,572 4,220 10,251 1,957 5,280 6,633 1953 49,151 17,006 832 2,543 4,276 10,475 2,034 5,317 6,669 SEASONALLY ADJUSTED 1953—February.... 49,113 17,039 867 2,562 4,261 10,445 1,987 5,300 6,652 March 49,148 17,168 854 2,529 4,272 10,390 1,993 5,305 6,637 April .. 49,154 17,229 838 2,517 4,266 10,402 2,004 5,307 6,591 May 49,297 17,276 833 2,484 4,282 10,466 2,015 5,304 6,637 June 49,486 17.319 831 2,508 4,282 10,521 2,026 5,317 6,682 July 49,511 17,303 816 2,511 4,293 10,524 2,044 5,333 6,687 August 49,302 17,126 821 2,514 4,287 10,489 2,055 5,329 6,681 September 49,216 16,959 820 2,571 4,301 10,503 2.064 5,313 6,685 October 49,229 16,790 810 2,615 4,317 10,558 2,076 5,336 6,727 November ... r48,877 '16,587 '815 '2,596 '4.280 '10,485 2,077 5,330 6,707 December '48,560 '16,404 810 '2,572 '4,228 '10,480 2,074 '5,325 6,667 1954—Tanuarv 48,388 16,234 799 2,474 4,173 10,542 2,075 5,334 6,757 February 48,213 16,055 793 2,517 4,168 10,530 2,072 5,332 6,746 UNADJUSTED 1953—February 48,369 17,013 856 2,280 4,210 10,214 1,977 5,194 6,625 March 48,685 17,135 846 2,301 4,235 10,284 1,993 5,225 6,666 April 48,860 17,077 835 2,416 4,244 10,314 2,014 5,307 6,653 May 49,058 17,040 831 2,509 4,279 10,348 2,025 5,357 6,669 June 49,416 17,162 835 2,608 4,315 10,415 2,046 5,397 6,638 July 49,215 17,069 823 2,662 4,340 10,355 2,075 5,413 6,478 August 49,409 17,258 831 2,715 4,337 10,334 2,076 5,409 6,449 September 49,695 17,221 826 2,751 4,323 10,464 2,054 5,393 6,663 October 49,663 17,017 813 2,772 4,310 10,611 2,055 5,336 6,749 November '49,340 '16,706 '816 '2,674 '4,273 '10,772 2.056 5,303 6,740 December '49,722 '16,488 809 '2,521 '4,240 '11,310 2,064 '5,272 7,018 1954—January.. 47,770 16,177 792 2,251 4,137 10,386 2,054 5,227 6,746 February 47,476 16,027 782 2,240 4,118 10,297 2,062 5,225 6,725 ' 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. February 1954 figures and 1953 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureauof the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T s o t t it a u l t n io o n n a - l T la o b t o a r l Employed > Not in the population force Total Unem- labor force In nonagricul- In ployed Total tural industries agriculture 1945. 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946. 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947. 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3.142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 ,879 46,092 1952. 113,119 66,410 62,966 61,293 54,488 6,805 ,673 46,710 1953 115,046 66,965 63,417 61,894 55,366 6,528 ,523 48,081 1953—January 114,191 65,959 62,416 60,524 55,072 5,452 ,892 48,232 Fehrnarv 114,479 66,255 62,712 60,924 55,558 5,366 ,788 48,224 March 114,755 66,679 63,134 61,460 55,740 5,720 ,674 48,076 April 114,828 66,338 62,810 61,228 55,158 6,070 ,582 48,490 May 114,931 66,497 62,964 61,658 55,268 6,390 ,306 48,434 June 115,032 68,290 64,734 63,172 55,246 7,926 ,562 46,742 July 115,132 68,258 64,668 63,120 55,492 7,628 ,548 46,874 August 115,232 68,238 64,648 63,408 56,134 7,274 ,240 46,994 September 115,342 67,127 63,552 62,306 55,044 7,262 ,246 48,215 October 115,449 66,954 63,404 62,242 55,083 7,159 1,162 48,495 November 115,544 66,873 63,353 61,925 55,274 6,651 1,428 48,671 December . 115,634 66,106 62,614 60,764 55,326 5,438 1L,850 49,528 1954—Januarys 115,738 66,292 62,840 59,753 54,469 5,284 5,087 49,447 February 115,819 67,139 63,725 60,051 54,349 5,697 5,671 48,679 includes self-employed, unpaid family, and domestic service workers. 2Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Other Year or month Total Business n re o s n i- - Total d R en e t s i i a - l Indus- Com- Public d t e ia n l - Total M ta i r l y i- H w ig ay h- C v o a n ti s o e n r- o A th ll er Total trial mercial utility 1939 8,198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 . 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 30,895 21,564 10,973 7,217 2,117 1,371 3,729 3,374 9,331 887 2,518 853 5,073 1952 32,638 21,812 11,100 7,460 2,320 1,137 4,003 3,252 10,826 1,388 2,860 854 5,724 1953. 34,843 23,615 11,905 8,456 2,226 1,791 4,439 3,254 11,228 1,323 3,150 822 5,933 1953—February 2,987 1,953 1,007 681 203 133 345 265 1,034 138 290 74 532 ]VIarch 3,050 2,055 1,089 700 208 131 361 266 995 134 265 77 519 April . 3,025 2.050 1,080 706 208 126 372 273 966 123 257 80 506 May 2,910 L.980 989 711 202 132 377 280 930 121 244 77 488 June 2,922 1,986 1,008 707 191 139 377 271 936 122 253 74 487 July 2,849 1,955 979 702 182 143 377 274 894 105 267 70 452 August 2,811 L,937 956 712 178 154 380 269 874 96 267 64 447 September 2,824 L.928 942 717 173 163 381 269 896 89 271 60 476 October 2,841 1,945 957 717 165 172 380 271 896 80 278 57 481 November 2,900 L,969 963 728 163 186 379 278 931 88 273 56 514 December, 2,900 .985 989 723 162 187 374 273 915 98 244 59 514 1954—JanuaryP 2,915 1,971 965 734 170 189 375 272 944 94 260 62 528 Februarys 3,031 2,043 1,028 740 177 188 375 275 988 83 289 60 556 Preliminary. 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 By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilitie* 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 . 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1953—February .. . J .021 351 671 419 89 100 102 83 228 March L,348 417 931 605 105 101 124 120 293 April 1,742 673 1,069 674 262 120 147 151 387 May .. 1,606 554 1,052 638 132 156 163 131 386 June ,116 372 744 463 85 99 148 127 193 July L,793 610 1,183 653 207 200 176 181 376 August .. . . 1,414 532 882 508 110 111 146 179 361 September ,742 725 1,017 507 383 145 138 116 451 October ,892 689 1,203 635 235 171 153 200 500 November ,394 483 911 484 232 101 140 138 298 December .300 479 821 434 136 97 176 131 326 1954— Tanuary 1,152 363 789 462 111 114 132 117 216 February , 1,221 436 785 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of doUars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas 1952—November 1,249 84 262 76 107 110 127 193 94 36 61 100 December 1,467 41 221 120 144 162 269 182 79 22 54 173 1953—January 1,076 101 154 91 97 110 117 154 53 21 79 99 November 1 ,394 76 196 95 221 168 154 201 78 51 42 112 December 1,300 90 262 63 145 110 167 159 88 55 49 114 1954—January 1,152 61 212 92 143 101 158 166 58 23 45 92 MARCH 1954 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total family fam 2- ily f M am ul i t ly i- Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 1,127 610 517 1,069 939 46 84 58 420 279 141 1953* . .. 1,106 n.a. n.a. 1,070 n.a. n.a. n.a. 36 407 252 155 1953—February 79 43 36 74 64 3 7 5 27 17 10 March 106 59 47 96 84 4 9 10 32 22 10 April 111 57 54 107 94 4 9 4 36 23 13 May 108 55 53 106 93 4 8 3 34 22 12 June . . 105 53 51 102 90 3 9 3 38 24 14 July 97 48 49 96 84 4 8 (i) 39 24 15 August 93 46 47 92 82 3 8 41 23 18 September 95 47 48 92 81 3 8 3 36 22 14 October 90 43 47 90 79 4 7 (i) 37 22 15 November . .. 82 39 43 80 70 3 7 2 33 20 13 December P68 n.a. n.a. P67 n.a. n.a. n.a. Pi ••27 '15 12 \954—January. . . P66 n.a. n.a. P65 n.a. n.a. n.a. Pl '25 '13 12 February P73 n.a. n.a. *>72 n.a. n.a. n.a. 30 16 14 p Preliminary. ' Revised. n.a. Not available. JLess 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—seasonally adjusted Monthly—unad j usted Annual Class 1953 1954 1953 1954 1952 1953 Jan. Aug. Sept. Oct. Nov. Dec. Jan. Jan. Aug. Sept. Oct. Nov. Dec. Jan. Total 126 127 134 130 126 126 122 117 120 121 134 137 135 124 108 108 Coal 109 103 108 112 114 110 104 97 100 108 112 114 110 104 97 100 Coke 168 171 184 169 164 163 155 135 120 193 162 162 160 155 142 126 Grain 142 135 128 131 131 157 140 119 124 128 142 147 157 137 112 124 Livestock 69 63 62 58 59 70 69 58 58 59 55 78 Ip8 86 56 56 Forest products 144 143 154 145 137 136 145 135 136 139 153 148 144 142 120 122 Ore 181 215 278 221 216 172 172 201 231 70 331 324 263 160 62 58 140 143 151 145 139 137 134 132 133 138 146 150 149 140 124 122 Merchandise, 1. c. 1 46 43 44 44 43 44 42 40 39 42 44 45 45 43 38 38 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1952 1953 1954 1952 1953 1954 1952 1953 1954 January... 1,2M 1,293 "1,075 922 922 "825 332 370 «25O February.. 1,344 1,199 893 856 451 '343 March 1,447 1,389 964 '1,005 '482 '385 April 1,355 1,394 933 1,013 '422 '381 May 1,480 1,451 835 902 '644 '550 June 1,171 1,383 861 933 '310 450 July 1,030 1,357 839 908 '191 '450 August 1,087 1,184 818 841 269 '343 September 1,229 1,254 877 925 '352 '329 October. . 1,216 1,251 918 '813 '298 '438 November. 1,190 1,244 805 849 386 395 December. 1,391 p1,349 1,053 P908 338 P441 January . . 1,254 1,293 "1,075 922 e825 332 370 «25O f Preliminary. r Revised. • Estimated. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments under the Mutual Security Program as follows (in millions of dollars): 1952, 1,988; 1953, 3,504; January 1954, 170. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A an t t - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES i 1947 . . 98 99 99 96 97 97 96 99 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 110 113 119 126 111 112 104 112 125 115 SEASONALLY ADJUSTED 1953—January . . 111 105 100 108 113 116 125 107 108 103 114 127 117 February 112 106 100 112 115 117 124 110 113 105 115 125 116 March 115 105 103 112 116 124 128 114 118 108 114 126 119 April 110 106 102 113 105 117 118 110 111 99 112 124 116 May 117 106 104 119 115 128 134 114 118 107 115 131 124 June 115 103 102 110 118 119 128 112 122 106 118 134 121 July 113 106 104 117 114 120 127 110 107 105 111 124 117 August 112 99 99 116 120 114 130 109 110 102 112 127 113 September 107 105 98 104 109 114 119 106 102 100 103 112 110 October 110 107 104 106 110 117 128 109 108 103 108 122 111 November 113 107 102 108 115 118 128 113 114 105 112 127 112 December 112 108 101 108 112 121 127 115 113 107 114 125 109 1954—January P108 105 101 106 106 109 P122 106 108 104 P110 119 108 UNADJUSTED 1953—January ••86 83 80 82 87 '96 83 83 74 86 100 '92 February 88 80 81 85 89 89 102 85 89 80 91 101 94 March 103 95 93 106 107 110 124 101 104 92 103 117 102 April 104 101 95 103 103 111 117 104 105 97 106 117 105 May 115 106 101 118 115 127 131 114 118 107 115 127 117 June 108 103 99 105 111 112 114 110 110 98 111 118 112 July 89 76 75 83 89 96 102 89 86 84 91 104 101 August 98 79 75 92 104 97 114 98 100 97 104 116 109 112 112 102 108 114 121 122 113 109 110 109 119 111 October 115 107 110 114 115 122 130 112 119 118 114 128 111 November 136 129 129 142 142 144 146 137 136 121 129 144 131 December 192 194 178 188 187 211 219 188 185 171 189 209 195 1954—January P83 83 81 80 81 80 P94 82 83 75 P82 94 85 STOCKS i 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 102 110 108 110 107 1949 100 100 97 99 100 101 102 100 96 100 100 101 100 1950 109 109 105 108 106 113 120 110 107 104 113 112 110 1951 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 118 111 113 113 111 130 135 115 117 107 124 126 125 1953 . . 126 116 116 119 119 141 146 123 126 115 136 138 133 SEASONALLY ADJUSTED 1953—January 124 115 115 116 114 142 144 119 125 111 129 135 132 February 123 114 111 115 115 137 146 119 119 113 129 134 133 March 122 116 112 112 113 138 145 118 122 111 129 133 133 April 125 119 116 117 114 140 145 123 128 114 131 138 132 May 127 120 118 121 117 142 145 123 131 115 136 139 135 June 128 117 118 122 122 146 147 123 132 114 140 141 135 July 130 117 121 122 124 145 148 125 131 117 146 140 138 August 131 119 122 122 124 148 141 128 134 120 145 142 135 September 128 117 117 122 121 139 148 127 129 122 141 141 132 October 128 117 116 122 124 143 148 126 124 118 138 139 132 November 127 115 115 120 121 144 149 124 121 115 137 136 133 December 123 112 113 117 121 132 142 122 118 111 133 131 129 1954—January . . . P120 P114 111 113 P114 P142 117 117 105 P130 P129 123 UNADJUSTED 1953—January 112 103 102 101 104 127 131 109 105 105 119 121 119 February 119 108 108 112 113 132 144 116 113 109 127 132 125 1VI arch 127 118 117 120 119 144 151 122 125 115 133 142 134 April . ... 132 124 122 126 121 151 153 128 137 119 140 146 141 May 132 121 121 124 119 150 147 125 138 117 144 141 147 June 123 110 111 113 115 139 139 117 132 109 136 130 136 July 121 106 107 108 112 141 137 117 122 114 137 131 133 August 126 114 118 116 119 147 141 121 130 115 137 140 128 September 132 120 123 127 127 143 152 129 138 123 144 147 137 October 141 132 130 139 137 154 161 139 138 126 149 152 148 142 134 132 137 136 151 165 143 132 128 152 151 144 December 109 105 104 103 106 115 125 111 104 101 117 120 108 1954—January P108 P102 98 98 P104 P120 P130 108 99 99 P120 P116 111 p Preliminary. r 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. 305 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales1 Out- Stocks Year or month Sales* Stocks 2 stand- Re- New Out- plus (total (end ing ceipts » orders8 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 .0 1945 average 276 604 775 277 291 2.3 3.0 5.3 .0 1946 average 345 767 964 373 354 2.3 3.0 5.3 .1 1947 average 365 887 588 366 364 2.5 L.7 4.3 .0 1948 average 381 979 494 386 363 2.7 L.4 4.1 .0 1949 average 361 925 373 358 358 2.7 L.I 3.8 .0 1950 average 376 1,012 495 391 401 2.8 L.4 4.2 .1 1951 average 391 1,202 460 390 379 3.2 L.3 4.4 1952 average 397 1,097 435 397 401 2.9 .2 4.1 .0 1953 average 402 1,157 421 403 397 3.0 .1 4.2 .0 .0 1953—January... "326 1,031 '455 '334 '424 3.2 1L.4 4.6 .0 February.. 301 1,100 455 '370 '370 3.7 L.5 5.2 .2 March.... 381 1,169 401 450 396 3.1 L.I 4.1 .2 April 373 1,213 324 417 340 3.3 ().9 4.1 .1 May 387 1,184 321 358 355 3.1 (3.8 3.9 0.9 June 375 1,103 461 294 434 2.9 L.2 4.2 0.8 July 305 1,081 525 283 347 3.5 L.7 5.3 .9 August 343 1,135 491 397 363 3.3 L.4 4.7 .2 September. 388 1,206 492 459 460 3.1 L.3 4.4 .2 October 440 1,297 462 531 501 2.9 L.I 4.0 .2 November. 477 1,327 371 507 416 2.8 0.8 3.6 .1 December. 725 1,042 288 440 357 1.4 0.4 1.8 0.6 1954—January P .. 312 1,012 373 282 367 3.2 L.2 4.4 0.9 P Preliminary. *• Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 8 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1953, sales by these stores accounted for about 50 per cent of estimated total department store sales. • Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 -100] Without seasonal adjustment 1950 1951 1952 1953 1950 1951 1952 1953 Apr. 1 104Apr. 7 101Apr. 5 109Apr. 4 118Oct. 7 112Oct. 6 110Oct. 4 116Oct. 3. . . 112 8 110 14 100 12 111 11 97 14 111 13 117 11 126 10. . . 120 15 88 21 97 19 97 18 105 21 105 20 116 18 124 17 118 22 96 28 101 26 105 25 104 28 108 27 113 25 122 24 113 29 98 31 113 May 6 104May 5 113May 3 111May 2 114Nov. 4 109Nov. 3 121Nov. 1 115Nov. 7 121 13 106 12 110 10.... 117 9 128 11 118 10 127 8 118 14 133 20 95 19 99 17 99 16 105 18 127 17 130 15 130 21. . . .131 27 97 26 100 24 105 23 112 25 110 24 123 22 134 28 133 31 97 30 97 29 138 June 3 90June 2 95June 7 111June 6 118Dec. 2 153Dec. 1 161Dec. 6 195Dec. 5. . . 190 10 104 9 108 14 116 13 112 9 191 8 191 13 223 12. .. 216 17 104 16 106 21 98 20 111 16 220 15 213 20 237 19. . . 234 24 86 23 92 28 91 27 94 23 221 22 228 27 146 26. .. 163 30 89 30 82 29 92 July 1 91July 7 75July 5 79July 4 79 1951 1952 1953 1954 8 75 14 83 12 83 11 92 15 91 21 81 19 82 18.... 84Jan. 6 98Jan. 5 78Jan. 3 81Jan. 2. . . 81 22 104 28 80 26 79 25 83 13 105 12 92 10 89 9. . . 94 29 102 20 104 19 90 17 92 16. . . 85 27 96 26 83 24 86 23. .. 86 31 87 30. ... 85 Aug. 5 102Aug. 4 88Aug. 2 87Aug. 1 86 12 94 11 87 9 90 8 92Feb. 3 81Feb. 2 84Feb. 7 88Feb. 6. . .. '86 19 97 18 93 16 95 15 95 10 94 9 87 14 92 13 91 26 99 25 97 23 100 22 100 17 94 16 89 21 85 20. ... .86 30 110 29 101 24 95 23 83 28 93 27 90 Sept. 2 107Sept. 1 105 Mar. 3 99Mar. 1. ... 85Mar. 7 96Mar. 6 85 9 102 8 100Sept. 6 100Sept. 5 101 10 105 8 88 14 100 13 16 127 15 114 13 114 12 102 17 101 15 90 21 109 20 23 111 22 111 20 113 19 120 24 105 22 94 28 112 27 30 110 29 114 27 112 26 114 31 89 29 101 ' Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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 district, Jan. Dec. Year Federal Reserve district, Jan. Dec. Year Federal Reserve district, Jan. Dec. Year area, or city 1954 1953 1953 area, or city 1954 1953 1953 area, or city 1954 1953 1953 United States P-7 -2 r+lRichmond Dist. (Gont.) Minneapolis Dist. (Cont.) B M os e t tr o o n p o D li i t s a t n r i A ct reas -4 +1 +1 M N R e i t o c r r o h f p m o o l o k li n - ta P d n o , r V ts A a m . r 2 e o a u s t 3 h - , C o V n a t. .. - - 1 6 2 - - 1 1 '+1 0 C M iti a e n s kato, Minn +3 + 1 Portland, Maine +2 +2 +4 Roanoke, Va.2 -20 -13 0 Great Falls, Mont C1) r-l Boston, Mass 9 0) Charleston, W. Va.2 -10 -4 +2 Grand Forks, N. D -15 r C -5 L C D ow a o m w el b n l- r t L i o d a w g w n e r , e B n M o c a e s s t , o s M n2 ass... - - - 1 3 2 3 0 + ) 2 0 0 + ) 5 0 C S L it p y ie a n s r c t h a b n u b r u g r , g , V S a . . 2 C - - 1 1 3 0 +2 £. + _ 3 3 L D a u M l C u i t r n h o n - s . S s - e u W , p W i e s r c i i s . o 2 e r, — 5 7 - - 4 1 + -3 1 W Ne o w rc e B s e te d r f , o r M d, as M s. a 2 ss - - 1 4 0 0 + + 2 1 N H e u w nt p in o g rt t o N n e , w W s, . V V a a.2. . . . - - 1 1 3 3 -4 3 Kansas City District P-7 -4 -1 Cities Parkersburg, W. Va -14 0) 0) Metropolitan Areas S P p ro ri v n i g d f e i n el c d e , , M R. a s I s .2 - - 3 6 +2 0 +3 0Atlanta District P-7 -1 +2 D Pu e e n b v l e o r , , C C o o l l o o 0) 5 - — 3 5 + -1 1 Metropolitan Areas3 Topeka, Kans -9 -3 + 1 New York District -3 -1 0 Birmingham, Ala.2 -14 -2 -1 Wichita, Kans -12 >-i 0 M N e N e t N N r w e o w e e p w w o Y J l a e i Y r t o r a k s o r n , e k r k y - N N , A . C N r o J e i r t . . a t 2 y Y h s , 3 . e N a & s . t e Y N r . n J 2 - - 2 2 y -1 0 3 + -1 3 1 J O M M M a r c o i o l a k a b n m s n i t l o g d i e n , o o , v m , F A i F l l e l a l a r l e . a y 2 , , F A la la .2 P p- - - - - 5 4 4 1 6 + - - 5 1 2 0 0 + + + - 5 5 2 7 0 O A S O T t u l m k . b l l s J a u a a o h h q , s o a u e , O m e p r N k h a q l , e u a C b e M r i , t o y N , . O M kl e a x.. . . - - - + - 1 1 1 1 5 2 6 0 — - - - - 8 4 6 7 \ ( + + - - l 4 2 2 ) 1 S R B B N y B u o in r f u c i a f a g h f a c f g h e l a u o a a s l s , o r t m e e a , N r t C , o F N . i n a N t . Y , l y l . Y , s N Y , N . . 2 N . . 2 Y . Y Y .2.... - - - - - 5 3 4 4 6 0 + - - 3 1 3 0 0 0 + + + + + 5 4 4 4 4 0 A S A C M S T t o u t . a t l a l g . c a u P m u o n P m t s n t r p e t a s b , a a t , b u e , , G g s r G F G s , . a - b a l . a G T 2 a . u 2 . a a r 2 g m , p F a l , a Fla.. . p P - - + - — - - 1 8 7 5 2 3 9 3 + + - - - — - 1 2 9 4 2 1 1 - + + + + 1 4 3 3 2 0 0 2 C J G E K H i o t n i r u a p e e i n t l s d e c i s , l n h a e , i O s y n , M k s C o l C a o i n t o y , l , o K M an o s - - + - - 1 1 4 4 9 9 1 - C + - - 1 1 4 2 4 0 ) 0 + + ) 1 4 o C B it r ie id s geport, Conn -9 0) 0) S B a a v to a n n n R ah o , u g G e a , La.2 P- - 1 7 4 + - 2 3 +7 0 Dallas District -10 -3 +1 A S U P E c o l l t m b i h u c a e g i a n n r h , a y e k , N c , e t N e . N a p d . Y . s y Y i Y , e , N N . . Y Y - - - — - 1 8 2 9 8 1 + + - - 4 2 3 3 0 + + V - 2 3 1 3 J N N C K a h e a n c w s a o k h t x s t v v o O a i i n n l r l l , l l o e e e o , M , a g n T T i a s s e , e , s n n . L T 2 n n a e . . 2 . 2 n 2 n.2 P P - - - - - 5 4 3 8 3 + + + -2 1 6 j 1 + + + + - 2 8 3 4 7 M S D C E e h l o a t r r l r P o e l p a p a v u s s o e s , o l p i , T C t o a T e r h n t x e , r x . i 2 s L A t a r i, e a T s ex - - - - 1 1 8 9 2 4 + - - 3 2 3 1 + + + + 3 2 1 1 Philadelphia District -6 -3 +1 C R it o ie m s e, Ga -9 -4 +2 F H o o r u t s W ton o , r t T h, e x T .2 ex - - 1 9 5 - - 5 4 +3 Metropolitan Areas Meridian, Miss -7 2 +2 San Antonio, Tex -10 -4 Trenton, N. J.2 -13 -9 -1 Bristol, Tenn -11 -8 -4 Waco, Tex -14 -2 -5 Lancaster, Pa.2 -2 +2 +3 Philadelphia, Pa.2 -2 -4 + 1-Chicago District P-5 +1 +4San Francisco District. . . P-U -6 Reading, Pa.2 -8 -2 +2 Wilkes-Barre-Hazleton, Metropolitan Areas Metropolitan Areas3 Pa. 2 -17 -4 0 Chicago, 111.2 p-3 2 + 1 Phoenix, Ariz.2 P-16 -12 -6 Wilmington, Del -9 +4 0 Peoria, 111.2 -8 -7 +2 Fresno, Calif.2 0) -1 -4 C Y ity ork, Pa.2 -1 +4 +9 F T In o e d r r i t r a e W n H a a p a y o u n l t i e e s , , , I I I n n n d d d . . . 2 2 2 + - - 3 7 4 + + - 1 2 1 2 + + + 1 4 1 3 Lo W D s o A e w s n t n g s t e i o d le w e s L n . , . C L A a . l . A i , f . . C , 2 C al a i l f i . f 2 . . 2 P P P - - - 8 6 6 - - - 5 4 7 + + -1 2 1 C M l A e e v k t e r r o l o a p n n o , d li O ta D h n i i o s 2 A tr re ic a t s p-10 y -4 ^ + + 3 1 F D D G l e e r i a s n t r n t o M , d i M t o , R i i n M a c e p h s i i . c , d 2 h s I , . o 2 w M a ich.2 . . . P - - - - 1 8 5 8 3 + + + - 4 2 2 2 + + + 1 6 8 0 8 R L P S iv a a o e s n n a r t g s a d i e d B M n e e a a o , a c n n h C ic d , a a l C i , f S a C a li n a f l . i 2 f Ber- - - 9 3 o - - - 4 4 8 + -1 2 3 C C a in n c t i o n n n , a O ti, h i O o2 hio2 - — 1 5 1 - - 1 3 + + 5 3 L M a i n lw si a n u g k , e M e, ic W h. i 2 s.2 P+ - 3 3 + - 1 1 + + 8 1 Sa n c a ra rd m i e n n o t , o C , a C li a f lif.2 0 - ) 9 + -3 1 +6 C C l o e l v u e m la b n u d s , , O O h h i i o o 2 2 + -6 1 + -1 6 + + 1 6 G M r a e d e i n s o B n, a y W , i W s is.2 - + 1 6 1 + + 1 1 +7 S S a a n n F D ra ie n g . o -O , a C k a l l a if n .2 d, Calif.2 P- - 7 8 - - 7 5 -6 0 S T p o r l i e n d g o f , i e O ld h , io O 2 hio2 - — 1 1 1 4 - -3 4 + -3 4 St. Louis District P-4 -2 +1 O Sa a n k l F an ra d n - c B i e sc rk o e , le C y a , l C if a . l 2 i . f . . . 2 - - 1 8 0 - - 5 7 - - 1 1 R C i W P Y E P c it o h i r y o h t i r m t u e e t s , n s e b o m g l P u i n s n a o r d t g g . o u 2 , h w t D h , W n , i P , s . O t a O V r . h 2 i h a i c o i . t o 2 2 2 - - 0 - - 1 1 9 ) 9 1 6 0 0 + - - - ) 2 4 2 5 3 (4 + ) + + + 1 + 2 9 3 0 7 l M S S L F L M E e p t o o i v t . e t r r u r a t i m o t L l i n n e s p o g s p S v o v u f h R m i l i i l i i i e l l o s t s i e l l a , t , c d e , h n k , , M T , K , I e M A o A n A y n r d r . o n r e 2 k k a .2 . s 2 P P P P p P - - - - - - - 1 1 6 6 1 9 2 3 4 + - - - - 1 2 5 2 2 2 + + - - 2 3 2 6 0 0 j S S S S S P V p a e a t o o n l D a o r a t c t t C k l o t l k J l L a l a e a w o t e n n j a l o s , o i n e k d e n f , W , t e . , , , o 2 C W C O w C C a a s a n r a a i l h t i e l s l f y i i . . h O f 2 2 f , . . . 2 a 2 2 U k t la a n h d 2. , . . - - - C - - - l 1 1 1 8 4 4 i 9 0 ) - - - - - 1 6 2 7 4 2 0 y -2 + + + - - - 3 1 2 1 3 0 1 i Metropolitan Areas3 C Q iti u e i s ncy, 111 P+3 -3 + 1 Tacoma, Wash.2 -12 3 + 1 Washington, D. C.2 o + 1 -2 Paducah, Ky -35 0) 0) Cities Downtown Wash., D. C. -11 -1 -5 Tucson, Ariz -19 -16 -5 Baltimore, Md.2 -7 -4 -2 Minneapolis District P-3 -2 0 Bakersfield, Calif.2 -5 + 1 -1 Asheville, N. C.2 -6 +1 '0 Boise and Nampa, Idaho. -14 -7 -5 Raleigh, N. C.2 -12 -3 -1 Metropolitan Areas3 Twin Falls, Idaho 7 -3 -4 Winston-Salem, N. C.2... -9 0 +3 Mpls.-St. Paul, Minn.2... +2 -2 +1 Idaho Falls, Idaho -12 -4 7 C C h o a lu r m les b t i o a n , , S S . . C C .2 .2 - - 4 3 + + 4 4 + + 2 4 S M t. i n P n a e u a l p o C li i s ty C , it M y, i n M n i . n 2. n . . . 2 + +2 1 - - 2 2 + + 1 1 W Ev a e l r la e t W t, a W lla a , s h W .2 ash.2.... - - 2 1 5 9 - - 1 7 4 2 Greenville, S. C.2 -11 -3 +2 Sioux Falls, S. D 0 +1 0 Yakima, Wash.2 P-15 -4 -10 p Preliminary. r Revised. 1 Data not available. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 3 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 4Ten months 1953. MARCH 1954 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago b N e u r m - of d S u a r l i e n s g Department r s e t p o o r r e t s - period ing Dec. 1953 364 -2 364 -2 328 -3 304 -3 216 -7 181 +3 201 0 320 -4 294 -5 271 + 1 258 -6 351 -2 204 0 251 -4 335 -1 329 -4 227 -8 295 -3 93 -3 243 -2 290 +2 139 -2 252 +3 361 -1 361 -2 317 +7 290 -5 169 -9 337 -4 350 +4 352 -6 346 -3 270 + 1 303 278 -5 344 -1 346 -2 261 232 243 359 353 245 237 335 291 334 354 281 292 355 304 270 346 283 329 326 209 1 1 1 JOJOOt 0 -8 -7 -11 +3 +2 +4 1 1 1 ot •»-> oO Ratio of Federal Reserve index numbers stocks to without seasonal adjustment, sales1 1947-49 average =1002 m S ( t o e o n n c d t k h o s ) f December Sale pe s r d i u o r d ing Sto o c f k m s o a n t t e h nd 1953 1952 1953 1952 Y 1 e 95 a 3 r D 1 e 95 c 3 . 1953 1952 Dec. Nov. Dec. Dec. Nov. Dec. GRAND TOTAL—entire store3 -f 1 +2 1.5 1.4 MAIN STORE—total + 1 +3 1.6 1.5 189 123 194 108 138 105 Piece goods and household textiles 0 -1 2.9 2.9 116 93 120 111 114 112 Piece goods -2 -5 3.8 3.9 62 73 64 84 87 88 Silks, velvets, and synthetics -7 -8 3.6 3.6 58 67 63 77 81 83 Woolen yard goods +4 -6 3.7 4.1 69 93 67 90 94 95 Cotton yard goods + 1 -1 4.2 4.3 63 67 63 98 94 100 Household textiles + 1 + 1 2.6 2.5 154 107 160 126 129 125 Linens and towels + 1 0 2.2 2.1 189 118 199 110 122 111 Domestics—muslins, sheetings +2 + 1 3.7 3.7 109 79 108 159 145 157 Blankets, comforters, and spreads + 1 +2 2.6 2.4 156 123 166 119 129 116 Small wares +1 +2 1.4 1.4 248 129 252 111 146 108 Laces, trimmings, embroideries, and ribbons... -2 0 2.3 2.3 131 96 130 98 118 99 Notions -1 + 1 2.2 2.1 153 104 159 117 142 117 Toilet articles, drug sundries + 1 0 1.4 1.4 265 115 267 108 146 108 Silverware and jewelry + 1 +4 1.6 1.4 253 126 264 114 149 110 Silverware and clocks -1 0 2.5 2.3 196 112 213 127 154 127 Costume jewelry +4 + 10 0.9 0.8 277 129 284 102 154 93 Fine jewelry and watches -1 +5 2.3 2.1 303 130 313 121 138 116 Art needlework -1 -1 2.9 2.9 141 120 143 110 118 111 Books and stationery +5 +7 0.9 0.9 343 186 337 110 165 103 Books and magazines +3 +5 1.0 0.9 285 150 292 108 148 104 Stationery +6 +9 0.9 0.8 366 201 356 108 168 99 Women's and misses' apparel and accessories +1 +4 1.3 1.3 177 117 179 107 144 103 Women's and misses' ready-to-wear accessories. + 1 +4 1.4 1.3 206 121 211 109 150 105 Neckwear and scarfs +9 + 13 0.7 0.7 295 152 276 109 183 97 Handkerchiefs -3 -2 0.7 0.7 295 104 312 71 127 72 Millinery -4 +3 0.8 0.7 96 101 105 73 99 71 Women's and children's gloves -5 1.1 1.0 277 144 289 83 138 84 Corsets and brassieres +7 +7 2.6 2.5 138 109 133 133 139 124 Women's and children's hosiery -4 1.0 1.0 182 102 193 104 149 105 Underwear, slips, and negligees 0 +6 0.9 0.8 266 123 274 100 167 95 Knit underwear + 1 +6 1.0 1.0 288 146 287 131 205 123 Silk and muslin underwear, and slips 0 +6 0.9 0.8 244 104 255 97 143 91 Negligees, robes, and lounging apparel.... + 1 +5 0.5 0.4 314 138 331 81 173 77 Infants' wear +1 +4 1 .4 1.3 214 151 216 111 149 107 Handbags, and small leather goods 0 +4 0.8 0.8 259 126 264 104 164 99 Women's and children's shoes +3 +3 3.4 3.3 138 106 141 126 145 121 Children's shoes +2 +5 2.6 2.4 156 111 161 116 143 110 Women's shoes +3 +3 3.7 3.5 133 105 136 127 146 124 Women's and misses' ready-to-wear apparel... +2 +5 1.3 1.3 147 112 147 104 135 100 Women's and misses' coats and suits -5 + 1 1.8 1.6 93 112 102 101 118 100 Coats -6 +2 1.4 1.4 103 130 111 100 131 98 Suits -2 2.9 2.6 57 59 65 89 83 91 Juniors' and girls' wear +4 +5 1.0 1.0 177 130 172 98 145 93 Juniors' coats, suits, and dresses +3 +3 1.1 1.1 128 102 125 96 125 94 Girls' wear +5 +7 0.9 0.9 237 165 227 99 160 93 Women's and misses' dresses +2 +6 1.4 1.3 108 88 110 104 117 98 Inexpensive dresses +3 +5 1.1 1.0 111 87 112 97 no 93 Better dresses + 1 +5 1.8 1.7 107 91 111 108 120 102 Blouses, skirts, and sportswear +6 +6 + 13 1.1 1.0 222 130 210 116 172 103 A Fu p r r s ons, housedresses, and uniforms - - 1 4 1 - + 12 3 +2 2 1 . . 3 3 2 1 . . 2 2 1 1 4 6 5 3 1 9 2 0 1 1 15 8 2 4 1 9 0 8 3 1 1 2 2 2 6 1 10 0 1 5 Men's and boys' wear -1 + 1 +6 1.4 1.3 266 140 270 111 157 105 Men's clothing -4 0 +7 2.6 2.4 171 128 178 126 158 117 Men's furnishings and hats 0 +2 +7 0.9 0.8 336 144 337 104 166 98 Boys' wear 0 +3 +3 1.3 1.3 253 154 254 94 139 91 Men's and boys' shoes and slippers -5 + 1 +6 2.3 2.1 228 123 239 119 143 112 For footnotes see following page. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage change from a year ago Department r b N s e e t u p o r o r m r e - o t s - f d p S u e a r r l i i e o n s d g ing Dec. Year 1953 1953 329 -6 0 259 -8 +2 187 -12 +4 194 -8 + 1 285 -12 -2 164 -12 -2 86 -18 -13 311 -6 -1 265 -5 -3 266 -3 0 242 -13 -4 275 -2 +3 194 + 1 +3 236 -8 -8 180 -14 -12 127 +9 +8 335 -3 0 317 +3 260 —4 +2 161 -2 +4 290 —9 -5 192 +2 +2 200 -1 0 138 0 +2 190 -1 0 166 -2 + 1 123 -4 -3 121 Q +2 174 -5 -6 175 -5 -1 157 +4 +6 124 +3 +5 125 + 1 +3 117 -10 -7 169 + 1 +2 157 + 1 107 + 1 124 +2 121 0 106 -6 117 -5 184 +2 78 + 13 ot O oC Ratio of Federal Reserve index numbers stocks to without seasonal adjustment, sales1 1947-49 average =1002 m ( S e t o n o n d c t k h o s ) f December Sale pe s r d i u o r d ing Sto o c f k m s o a n t t h end 1953 1952 1953 1952 Dec. 1953 1953 1952 Dec. Nov. Dec. Dec. Nov. Dec. Homef urnishings 0 2.8 2.7 134 118 142 109 120 109 Furniture and bedding +5 4.4 3.8 103 121 112 119 120 114 Mattresses, springs, and studio beds +3 3.6 3.0 81 118 93 149 141 144 Upholstered and other furniture +4 4.5 4.0 108 121 117 114 117 109 Domestic floor coverings -3 4.9 4.5 81 109 91 106 109 110 Rugs and carpets —3 5.0 4.6 80 111 91 106 107 110 Linoleum -14 5.0 4.8 45 61 55 63 70 74 Draperies, curtains, and upholstery 0 3.4 3.1 120 135 128 108 117 108 Lamps and shades -2 2.0 1.9 177 133 186 111 132 112 China and glassware -1 2.9 2.8 232 142 239 119 138 120 Major household appliances -11 2.9 2.8 57 65 66 82 86 92 Housewares (including small appliances) +4 2.1 2.0 173 115 176 113 135 109 Gift shop +6 1.4 1.3 369 192 367 127 177 120 Radios, phonographs, television, records, etc -5 1.2 1.1 225 157 244 89 116 94 Radios, phonographs, television -11 1.1 1.0 231 199 268 94 141 105 Records, sheet music, and instruments + 16 1.4 1.4 284 138 260 98 122 84 Miscellaneous merchandise departments. . . . +7 0.7 0.7 325 170 335 94 165 88 Toys, games, sporting goods, cameras + 11 0.7 0.6 488 255 504 103 205 92 Toys and games + 14 0.4 0.4 577 317 600 97 251 85 Sporting goods and cameras + 7 1.4 1.3 303 136 309 111 150 103 Luggage +8 1.6 1.3 231 97 255 116 155 108 Candy +9 0.3 0.3 292 112 287 85 151 78 -1 1.2 1.2 171 123 173 98 130 99 BASEMENT STORE—total — 1 2.1 2.1 143 118 143 124 131 125 Domestics and blankets Women's and misses1 ready-to-wear 0 0.9 0.9 162 117 164 92 129 92 + 1 1.0 1.0 197 121 200 100 140 99 Int H im os a i t e e r y apparel + -3 3 1.0 1 1 . . 0 0 v4) Underwear, corsets and brassieres -1 1.3 83 108 87 82 101 82 Coats and suits +2 0^8 0.8 114 82 120 88 102 86 Dresses +4 0.8 0.8 193 129 186 90 144 86 Blouses, skirts, and sportswear +2 0.7 0.7 223 162 216 92 143 90 Girls' wear 0 1.0 1.0 219 166 218 102 149 102 Infants' wear -11 1.1 1.1 Aprons, housedresses, uniforms Men's and boys' wear + 1 0.9 0.9 251 151 249 97 151 96 Men's wear 0 0.9 0.9 249 146 246 99 152 98 Men's clothing 1.6 1.6 168 141 167 106 144 107 Men's furnishings +3 0.7 0.7 297 148 292 92 155 89 Boys' wear +4 +2 0.9 0.9 240 161 240 90 147 88 Homef urnishings -2 -2 2.3 2.2 117 131 125 107 117 110 Shoes 0 -3 2.2 2.1 148 111 157 106 124 108 NONMERCHANDISE—total +3 (4) (4) (4) 149 140 145 (4) (4) (4) Barber and beauty shop +6 (4) (4) (4) 114 100 101 (4) (4) (4) 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. 2The 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. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 305. 4Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. MARCH 1954 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Total Rent s O he th lt e e r r* e G a l n e a d c s - S f a u o n e l d l i s d H f i u o s r u h n s - - e- H o h p o o e u l r s d a e - - p A a p r - el T p t r o i a r o n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a c i n o re d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83 6 45 9 1941 62.9 52.2 88.4 55.6 1942 69.7 61.3 90.4 64.9 1943 74.0 68.3 90 3 67.8 1944 75.2 67.4 90.6 72.6 1945 76.9 68.9 90 9 76.3 1946 83.4 79.0 91.4 83.7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953. 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1953—Jan... 113.9 113.1 116.4 121.1 105.9 123.3 107.7 113.4 104.6 129.3 119.4 112.4 107.8 115.9 Feb.. 113.4 111.5 116.6 121.5 106.1 123.3 108.0 113.5 104.6 129.1 119.3 112.5 107.5 115.8 Mar.. 113.6 111.7 116.8 121.7 106.5 124.4 108.0 114.0 104.7 129.3 119.5 112.4 107.7 117.5 Apr... 113.7 111.5 117.0 122.1 106.5 123.6 107.8 114.3 104.6 129.4 120.2 112.5 107.9 117.9 May. 114.0 112.1 117.1 123.0 106.6 121.8 107.6 114.7 104.7 129.4 120.7 112.8 108.0 118.0 June. 114.5 113.7 117.4 123.3 106.4 121.8 108.0 115.4 104.6 129.4 121.1 112.6 107.8 118.2 July. 114.7 113.8 117.8 123.8 106.4 123.7 108.1 115.7 104.4 129.7 121.5 112.6 107.4 118.3 Aug.. 115.0 114.1 118.0 125.1 106.9 123.9 107.4 115.8 104.3 130.6 121.8 112.7 107.6 118.4 Sept. 115.2 113.8 118.4 126.0 106.9 124.6 108.1 116.0 105.3 130.7 122.6 112.9 107.8 118.5 Oct.. . 115.4 113.6 118.7 126.8 107.0 125.7 108.1 116.6 105.5 130.7 122.8 113.2 108.6 119.7 Nov. 115.0 112.0 118.9 127.3 107.3 125.9 108.3 116.9 105.5 130.1 123.3 113.4 108.9 120.2 Dec. 114.9 112.3 118.9 127.6 107.2 125.3 108.1 117.0 105.3 128.9 123.6 113.6 108.9 120.3 1954—Jan.. . 115.2 113.1 118.8 127.8 107.1 125.7 107.2 117.2 104.9 130.5 123.7 113.7 108.7 120.3 1 Indexes for this subgroup are not yet available. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d - d e s - l - l H s p e u k a a r i c n i o d t n h t d d e s s e - s , r , p l t F i o e m a i g u n w r n h i a e g d a e - t l - , l r s , C a p i u a l c h r l n c o a e ie t d l d m s s d - - p R u a b r u c n o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p P a p u a l a r u l c n o p i l e t d d p e s d - r , , M m p u a r e e c n o t t t d a d a s l - l s p c M m a t e h r i n r o v i o a y d n d e - - - . F h d o h t b o u u t u o l h u r r r e l n e s a e d s e r - i- -e s N r t t m t m a a u r o l l i r u e s l n n a i - — c c - l - - b b e m o b a T a r t e a n f c t o r v g l d c - s e - e o . d s n c M e e o l i l s u a - s - 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95. 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 January 109.9 99.6 105.5 113.1 98.8 97.3 107.8 103.6 127.3 120.5 115.8 124.0 121.5 112.7 114.6 112.2 103.0 February ... 109.6 97. 105.2 113.1 98.5 98.0 108.1 103.6 126.2 121.1 115.3 124.6 121.6 112.9 114.6 111.9 101.2 March 110.0 99. 104.1 113.4 97.5 98.1 108.4 104.2 125.7 121.7 115.1 125.5 121.8 113.1 115.1 114.8 101.7 April 109.4 97, 103.2 113.2 97.4 97.9 107.4 105.5 124.8 122.2 115.3 125.0 122.0 113.9 116.9 114.8 98.5 May 109.8 97 104.3 113.6 97.6 100.4 107.1 105.5 125.4 121.8 115.4 125 122.4 114.1 117.2 114.8 99.7 June 109.5 95 103.3 113.9 97.4 101.0 108.3 105.6 125 121.5 115.8 126.9 122.9 114.3 118.1 114.9 95.8 July 110.9 97 105.5 114.8 97.5 100.0 111.1 106.2 124.6 121.1 115.8 129.3 123.4 114.7 119.4 115.6 95.3 August 110.6 96 104.8 114 97.5 99.9 111.0 106.3 123 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96.4 September.. 111. 98 106 114 96 99 110.9 106.7 124 119.2 116.9 128.5 124.0 114.9 120.7 116.2 94.7 October 110.2 95.2 104.7 114.6 96.5 97.1 111.2 106.7 124.2 118.1 117.5 127.9 124.1 114.8 120.7 118.1 94.4 November.. 109.8 93. 103.8 114.5 96.2 97. 111. 107.2 124 117.3 117. 127.9 124.2 114.9 120.8 118.1 93.2 December.. 110 r94.4 104.3 114.6 95.8 95.6 107.1 124 117.4 117.1 '127.5 124.3 ••115.0 120.8 118.1 100.1 1954 January.... 110. 106.2 114.6 96.1 95.3 110.8 107.2 117.0 127.2 124.4 120.9 101.1 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] 1953 1954 1953 1954 Subgroup Subgroup Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 107.3 94.2 '89.8 91.2 Grains 94.6 89.3 90.6 91.3 Converted paper and paperboard. . 112.3 113.4 113.4 113.2 Livestock and poultry 92.7 78.4 83.9 91.8 Building paper and board 118.2 123.0 123.0 127.9 Plant and animal fibers 100.9 103.5 103.2 104.2 Fluid milk 105.3 101.9 '99.5 97.5 Metals and Metal Products: Eggs 93.9 111.6 97.2 92.7 97 2 88 0 89 7 90 5 Iron and steel 127.1 133.6 132.8 132.0 Other farm products 133 3 145 9 148 1 161 0 Nonferrous metals 122.5 122.3 122.1 121.5 Metal containers . . . 125.3 128.7 128.7 130.0 Processed Foods: Hardware 125.9 137.2 137.2 137.5 Plumbing equipment . . . 113.6 118.2 118.2 118.2 Cereal and bakery products 106.8 112.6 112.2 112.4 Heating equipment 113.8 115.8 115.5 115.3 Meats poultry and fish 99.3 86.2 '89.7 96.4 Fabricated structural metal prod- Dairy products and ice cream 111.9 113.9 111.3 109.4 ucts 113.9 117.5 117.3 117.6 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 105 4 104 7 103 9 103 8 products 126.5 127.2 127.2 127.2 Sugar and confectionery 108.0 108.7 108.9 110.1 Packaged beverage materials 161.9 171.0 171.6 182.1 Machinery and Motive Products: Other processed foods 112.8 110.2 113.9 111.5 Agricultural machinery and equip- Textile Products and Apparel: ment 121.8 122.5 122.5 122.7 Construction machinery and equip- Cotton oroducts 97 0 91 6 90 9 90 4 ment 126.2 131.1 131.1 131.2 Wool products 113.0 111.5 112.1 111.0 Metal working machinery 129.0 132.8 132.8 132.8 Synthetic textiles 88 1 85.2 85.5 85.4 General purpose machinery and Silk products 141 4 136 5 139 3 142 1 equipment 121.9 128.5 128.6 128.2 Apparel 100 0 98.7 '97 9 99 1 Miscellaneous machinery 119.7 124.4 124.5 124.7 Other textile products 83.1 83.5 '82.4 82.7 Electrical machinery and equipment 119 6 126.6 126.8 126.8 Hides, Skins, and Leather Products: Motor vehicles... . 119.8 118.5 118.5 118.9 Hides and skins 62.1 64.3 57.7 56.8 Furniture and Other Household Dura- Leather 92.0 90.4 '88.7 88.1 bles: Footwear 112.0 111.8 111.8 111.9 Other leather nroducts 99.2 98.8 98.2 98.1 Household furniture 113.2 114.1 114.1 114.2 Commercial furniture 123.0 126.2 126.2 126.2 Fuel, Power, and Lighting Materials: Floor covering 124.1 125.0 124.8 122.5 Household appliances 107.4 109.0 109.1 109.6 Coal 116 3 112 5 112 S 111 9 Radio 95.0 94.3 '94.3 96.1 Coke 131 8 132 5 132 5 132 5 Television 74.5 74.2 '74.0 73.5 Gas 108.0 106 3 109.6 111.8 Other household durable goods.... 121.2 127.6 127.7 128.1 Electricity 99.6 99.6 100.7 100.7 Petroleum and products 107.9 116.3 114.9 114.2 Nonmetallicf Minerals—Structural: Chemicals and Allied Products: Flat glass 114.4 124.7 124.7 124.7 Concrete ingredients 113 1 119.4 119.6 119.9 Industrial chemicals 112 8 119 2 118 6 118 4 Concrete products 112.8 117 A 117.2 117.2 Paint and paint materials 106.2 108.2 107.9 Structural clay products 124.0 132.1 132.1 131.9 Drugs, Pharmaceuticals, cosmetics. 91.5 93.5 93.8 93.9 Gypsum products 117.7 122.1 122.1 122.1 Fats and oils, inedible 53.5 58.0 '58.6 61.2 Prepared asphalt roofing 106.0 109.9 109.9 109.9 Mixed fertilizers 111 2 111 5 111 4 111 1 Other nonmetallic minerals 115.3 118.9 118.9 119.8 Fertilizer materials 112.9 112.9 113.9 114.0 Other chemicals and products 103.1 105.0 105.2 105.3 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 112.0 124.0 124.0 124.0 Crude rubber 135 5 112 0 114 5 113 4 Cigars 102.9 103.5 103.5 103.5 Tires and tubes 126 3 130 1 130 1 130 3 Other tobacco products 120.3 120.7 120.7 120.7 Other rubber Droducts 124 3 123 2 123 2 123 7 Alcoholic beverages.. 110.7 114.9 114.9 115.0 Nonalcoholic beverages 119.7 125.1 125.1 125.1 Lumber and Wood Products: Miscellaneous: Lumber 120 1 116 3 116 4 115 9 Millwork 129 3 131 2 131 3 131.1 Toys, sporting goods, small arms. . 112.8 114.0 113.2 113.1 Plywood 108 5 103 1 103 9 103 5 Manufactured animal feeds 97.9 78.7 92.2 94.0 Notions and accessories 92.9 93.5 93.5 93.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.0 101.9 101.9 102.1 Other miscellaneous .... 120.8 119.5 119.7 119.8 ^Voodpulp 108.8 109.7 109.7 109.7 Wastepaper 87 0 90 8 79.1 79.1 Paper 124.9 126.8 126.8 126.8 Paperboard 124.2 126.0 125.9 125.5 r Revised. c Corrected. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 311 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1948 1949 1950 1951 1952 1953 4 1 2 3 4 Gross national product 103.8 55.8 126.4 259.0 258.2 286.8 329.8 348.0 367.2 361.1 363.9 371.4 369.5 363.5 Less: Capital consumption allowances.. 8.8 7.2 9.3 17.6 19.4 21.6 24.2 27.0 29.3 28.2 28.2 29.2 29.6 30.0 Indirect business tax and related liabilities 7.0 7.1 11.3 20.4 21.6 23.7 25.7 28.1 30.0 28.9 29.3 30.1 30.2 30.4 S B t u a s t i i n st e i s c s a l t ra d n is s c f r e e r p a p n a c y y ments -.1 6 1.2 1.6 5 -3.2 .7 .2 8 . . 8 4 1.1 9 . . 9 5 -.7 .9 1.6 9 -1.2 9 . . 9 7 . . 9 4 n.a. .9 Plus: Subsidies less current surplus of government enterprises — .1 0) .1 .0 .0 .4 .4 .1 -.1 — .2 .0 .2 — .3 -.2 Equals* National income 87.4 39.6 103.8 223.5 216.3 240.6 278.4 291.6 307.7 301.4 306.7 310.7 308.1 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 31.7 29.2 36.0 42.4 40.2 42.4 41.7 43.8 45.2 40.7 n.a. Contributions for social insurance . .2 .3 2.8 5.2 5.7 6.9 8.2 8.6 8.9 8.8 9.0 9.0 8.8 8.7 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments... .9 1.5 2.6 10.5 11.6 14.3 11.6 12.0 12.8 12.4 12.6 12.6 12.6 13.3 Net interest paid by government. . .1.0 1.2 1.3 4.5 4.6 4.7 4.8 4.9 5.1 4.9 4.9 5.0 5.1 5.2 Dividends 5.8 2.1 4.5 7.2 7.5 9.1 9.2 9.1 9.3 9.1 9.2 9.4 9.6 9.4 Business transfer payments .6 .7 .5 .7 .8 .8 .9 .9 .9 .9 .9 .9 .9 .9 Equals: Personal income 85.1 46.6 95.3 209.5 205.9 226.7 254.3 269.7 284.5 278.3 281.6 284.4 286.8 285.9 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.1 18.6 20.9 29.3 34.6 36.6 35.3 36.2 36.7 37.0 36.6 Federal 1.3 .5 2.0 19.0 16.2 18.1 26.2 31.1 32.7 31 6 32.3 32.8 33 1 32.7 State and local 1.4 1.0 1.3 2.1 2.5 2.8 3.2 3.6 3.9 3.7 3.8 3.9 3.9 4.0 Equals: Disposable personal income. 82.5 45.2 92.0 188.4 187.2 205.8 225.0 235.0 247.9 243.0 245.4 247.7 249.8 249.3 Less: Personal consumption expenditures 78.8 46.3 82.3 177.9 180.6 194.6 208.1 218.1 229.8 224.4 227.7 230.4 231.0 230.0 Equals: Personal saving 3.7 -1.2 9.8 10.5 6.7 11.3 16.9 16.9 18.1 18.6 17.7 17.2 18.8 19.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Anaual totals Seasonally adjusted annual rates by quarters 1952 1953 1929 1933 1941 1948 1949 1950 1951 1952 1953 4 1 2 3 4 National income 87.4 39.6 103.8 223.5 216.3 240.6 278.4 291.6 307.7 301.4 306.7 310.7 308.1 n.a. Compensation of employees 50.8 29.3 64.3 140.2 139.9 153.4 178.9 193.2 207.6 201.3 204.5 208.0 210.4 207.7 Wages and salaries* 50.2 28.8 61.7 134.4 133.4 145.6 169.8 183.6 197.6 191 3 194 5 198.0 200 6 198 0 Private 45.2 23.7 51.5 115.7 113.0 123.4 141.2 151.1 164.1 158.3 161.3 164.5 166.9 164.4 Military .3 .3 1.9 4.0 4.2 5.0 8.6 10.4 10.4 10.4 10.4 10.6 10.5 10.3 Government civilian 4.6 4.9 8.3 14.7 16.1 17.1 20.0 22.2 23.1 22 6 22 8 22.9 23 1 23 3 Supplements to wages and salaries... .6 .5 2.6 5.8 6.6 7.9 9.1 9.6 9.9 10.0 10.0 10.0 9.8 9.8 Proprietors' and rental income3.... 19.7 7.2 20.8 47.3 42.1 45.4 50.7 51.2 49.9 51.1 50.8 49.7 49.1 50.0 Business and professional 8.3 2.9 9.6 22.1 21.6 23.6 26.1 26.3 27.0 26.7 27.0 27.0 26.9 26.9 Farm 5.7 2.3 6.9 17.7 12.8 13.3 15.5 14.8 12.4 14 0 13 4 12.3 11 6 12 2 Rental income of persons 5.8 2.0 4.3 7.5 7.7 8.5 9.1 10.0 10.6 10.3 10.4 10.4 10.6 10.8 Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 31.7 29.2 36.0 42.4 40.2 42.4 41.7 43.8 45.2 40.7 n.a. Corporate Profits before tax 9.8 .2 17.2 33.8 27.1 41.0 43.7 39.2 43.2 40 3 44 6 45.9 43 3 n a. Corporate profits tax liability 1.4 7.8 13.0 10.8 18.2 23.6 20.6 23.6 21.2 24.4 25.0 23.6 n.a. Corporate profits after tax 8.4 -!4 9.4 20.7 16.3 22.7 20.1 18.6 19.6 19.1 20.3 20.8 19.6 n.a. Inventory valuation adjustment .5 -2.1 -2.6 -2.1 2.1 -5.0 -1.3 1.0 -.8 1.4 -.8 -.6 -2.6 1.0 Net interest 6.5 5.0 4.1 4.3 5.0 5.7 6.4 7.0 7.8 7.4 7.6 7.7 7.9 8.1 n.a. Not available. 1Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters 1952 1953 1929 1933 1941 1948 1949 1950 1951 1952 1953 Gross national product 103.8 55.8 126.4 259.0 258.2 286.8 329.8 348.0 367.2 361.] 363.9 371.4 369.5 363.5 Personal consumption expenditures 78.8 46.3 82.3 177.9 180.6 194.6 208.1 218.1 229.8 224.4 227.7 230.4 231.0 230.0 Durable goods 9.4 3.5 9.8 22.9 23.8 29.2 27.3 26.7 30.1 28.2 30.2 30.7 30.4 29.1 Nondurable goods 37.7 22.3 44.0 100.9 99.2 102.6 113.4 118.8 121.2 121.1 121.2 122. 121.3 120.4 Services 31.7 20.6 28.5 54.1 57.5 62.7 67.4 72.7 78.4 75.1 76.3 77.6 79.2 80.5 Gross private domestic investment 15.8 1.3 18.3 42.7 33.5 52.5 58.6 52.5 54.4 57.9 54.9 58.5 55.2 48.8 New construction 1 7.8 1.1 6.8 17.7 17.2 22.7 23 23.4 25.1 23.9 25.0 25.3 24.9 25.3 Residential, nonf arm 3.6 .5 3.5 8.6 8.3 12.6 11.0 11.1 11.8 11.6 12.2 12.0 11.5 11.6 Other 4.2 .7 3.3 9.1 9.0 10.1 12.2 12.3 13.3 12 12.8 13.4 13.4 13.6 Producers' durable equipment 6.4 1.8 7.7 19.9 18.7 22.3 24.6 25.4 26.7 25.5 26.2 26.9 27.1 26.5 Change in business inventories.... 1.6 -1 3.9 5.0 -2.5 7.5 10.9 3.7 2.5 8.5 3.7 6.3 3.1 -3.0 Nonf arm only 1.8 -1 3.4 3.7 -1.6 6.6 9.6 3.1 3.2 8.1 4.0 7.0 4.2 -2.3 Net foreign investment .8 1.1 1.9 .5 -2.3 .3 -.2 -1.9 -1.6 -2.] -2.5 -2.1 -1.0 Government purchases of goods and services 8.5 8.0 24.7 36.6 43.6 42.0 62.9 77.5 84.9 80.4 83.4 85.0 85.5 85.7 Feder O N a t a l h ti e o r nal security 1 1 . . 3 3 2 2 . . 0 0 1 1 3 6 3 . . . 2 9 8 2 1 5 1 6 . . 6 0 2 1 6 5 9 . . . 6 4 3 2 1 3 2 8 . . . 9 1 5 4 3 1 4 7 . . . 1 1 4 4 5 5 4 8 . . . 8 2 9 5 5 8 9 1 . . . 5 7 8 5 5 6 0 6 . . . 3 5 4 5 5 8 7 1 . . . 5 6 6 6 5 0 7 3 . . . 5 6 5 5 6 2 8 0 . . 1 4 8 5 5 1 9 0 0 . . . 5 0 0 Less: Government sales • («) («) ($) .6 .4 .2 .4 .5 .6 .5 .7 .7 .5 .5 State and local 7.2 5.9 7.8 15.6 18.2 19.9 21.8 23.4 25.2 24.0 24.9 24.6 25.2 26.3 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Wage and salary disbursements Pro- dends personal Per- Other prieton* and Trans- contri- Non- Year or month sonal labor and per- fer butions agriculincome re T ce o i t p a t l s4 b m T u d o e i r s n t s a - e t l s - d p m i u C n ro o s g o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v ri s s e b - - S in e tr d r i v u e i s s c - e m G er o e n n v - t - ncome 5 in re c n o t m al e6 i i n n s t c o e o n r m a e l s e t m p e a n y t - s7 i s a n o f n s o c c u i r a e r- l 8 in t c u o r m al e ° 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2 1 2 43 0 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .6 20.8 9.9 3.1 .8 86 1 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11 8 2 1 170 8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11.3 2 2 187 1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12 4 2 2 188 7 1950. 226.7 142.6 145.5 63.5 41.3 18.6 22.1 3.9 45.4 19.6 15.1 2.9 209.0 1951 254.3 166.4 169.8 74.9 45.9 20.3 28.7 4.3 50.7 20 5 12 5 3 4 234 0 1952 269 7 180.1 183 7 80.6 48 7 21.8 32.5 4.7 51.2 21 0 12 9 3 8 249 9 1953 284.5 193.8 C197 6 88.5 51.9 23.7 33.5 5.1 49.9 22.2 13 7 4 1 267 4 1952—December 280.6 188.7 192.5 87.0 50.1 22.6 32.8 5.I 51.8 21.5 13.6 3.9 261.6 1953—January 280.5 188.8 192.8 86.8 50.2 22.7 33.1 5. 51.6 21.6 13.5 4.1 261.1 February 281.0 190.9 194.6 88.0 50.6 22.8 33.2 5. 50.2 21.7 13.3 3.9 263.3 March.... 283.6 192.4 196.2 88.8 50.9 23.2 33.3 5. 50.7 21.9 13.7 4.0 265.4 April 282.7 192.8 196.6 88.8 51.0 23.4 33.4 5. 49.4 22.0 13.6 4.0 265.5 May 284.7 194.2 198.0 89.3 51.7 23.5 33.5 5. 50.0 22.1 13 5 4 0 267 2 June 286.3 195.6 199.5 89.8 52.2 23.9 33.6 5. 50.1 22.3 13.5 4.2 268.8 July 287.5 197.3 201.2 90.6 52.9 24.2 33.5 5. 49.5 22.4 13.5 4.2 270 6 August 287.0 197.1 201 0 90.2 52.9 24.1 33.8 5. 48.9 22.5 13 6 4 1 270 7 September. . . . 286.3 196.0 199.9 89.3 52.7 24.1 33.8 5. 49.0 22.7 13.6 4.0 270.0 October. 287.2 195.6 199 3 88.7 52.7 24.2 33.7 5. 49.5 22.8 14 5 4 0 270 5 November. . . . 285.9 194.5 198.3 87.7 52.9 24.1 33.6 5. 50.0 22.7 13.8 4.0 269.0 December 284.6 192.5 196.3 86.4 52.2 24.2 33.5 5.1 50.3 22.7 14.3 4.1 267.2 1954—JanuaryP 282.5 190.5 194.9 85.2 52.2 24.0 33.5 5.1 50.0 22.8 14.5 4.8 265.2 ^Preliminary. "Corrected. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Less than 50 million dollars. *Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. •Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7Includes 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. 8Prior 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. •Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. MARCH 1954 313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 316-321 Gold production 321 Reported gold reserves of central banks and governments 322 Net gold purchases and gold stock of the United States 323 International Monetary Fund and Bank 324 Central banks 324-328 Money rates in foreign countries 329 Commercial banks 330 Foreign exchange rates 331 Price movements in principal countries: Wholesale prices 332 Consumers' price indexes 333 Security prices 333 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. MARCH 1954 315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (—). In millions of dollars] Increase in banking funds in U. S. Decrease Domestic Foreign in U. S. securities: securities: Inflow in From Jan. 2, 1935, Total banking Inflow of Return brokerage through— Foreign Foreign Interna- funds foreign of U. S. balances Total official1 other tional3 abroad funds3 funds3 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 L,637.8 307.6 258.5 1,209.9 123.7 1950—Dec. 31 10,521.1 7,890.7 2,715.6 3,472.8 1,702.3 231.4 1,202.9 1,064.5 131.7 1951—Dec. 31 10,140.7 8,548.1 2,770.2 4,089.6 L.688.3 160.9 618.6 687.5 125.6 1952—Dec. 31 11,399.5 9,792.0 3,770.4 4,283.1 1,738.5 80.6 933.5 469.6 123.8 1953—Jan. 31 11,385.4 9,746.9 3,691.8 4,308.0 L,747.1 93.4 967.4 450.4 127.3 Feb. 28 11,245.3 9,646.2 3,641.4 4,279.6 1,725.2 95.3 968.9 412.5 122.4 Mar. 31 11,424.9 9,849.7 3,866.7 4,298.4 1,684.7 88.8 976.6 389.0 120.7 Apr. 30 11,683.2 10,125.8 4,043.8 4,340.9 L,741.1 99.4 977.3 361.1 119.5 May 31 11,869.8 10,185.7 4,103.5 4,318.6 1,763.5 152.5 983.5 428.9 119.3 June 30 11,945.6 10,160.5 4,147.6 4,255.7 1,757.2 181.7 1,003.5 481.2 118.7 July 31 12,021.5 10,247.4 4,112.0 4,366.6 1,768.7 208.9 965.8 479.0 120.5 Aug. 31 12,221.6 10,443.0 4,248.8 4,420.0 1,774.1 211.5 968.9 481.2 117.0 Sept. 30 12,407.3 10,649.7 4,449.1 4,424.5 1,776.1 226.5 918.7 495.2 117.2 Oct. 31 12,483.0 10,767.8 4,488.7 4,410.6 1,868.5 221.9 916.8 463.2 113.3 Nov. 30* 12,604.4 10,948.4 4,627.6 4,459.8 1,861.0 218.4 907.2 418.4 112.0 Dec. 31P 12,537.2 10,887.4 4,606.5 4,333.2 ,947.8 226.2 909.9 396.0 117.6 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a a i- l - Official U K d n i o n i m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz * - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions8 and Official * private 1949—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 L.436.7 961.0179.5 1950—Dec. 31... 1,722.2 •6,922.6 3,425.9 •656.6 260.7 193.6 553.0 314.7 799.2 82,777.7 899.0 1,612.9 1,378.5254.5 1951—Dec. 31... L.7O8.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.51,022.2 2,924.7 1,307.1 1,455.2 1,609.6297.4 1952—Dec. 31 . . 1,758.4 8,787.6 4,480.7 817.9 342.6 203.1 641.8 308.91,259.3 3,573.5 1,420.7 1,612.9 1,845.0335.6 1953—Jan. 31.. 1,767.1 8,734.0 4,402.1 887.8 249.5 210.4 610.5 308 31,225 0 3,491.5 J.442 0 1,591 4 1,855 3353.7 Feb. 28. . 1,745.2 8,655.1 4,351.7 754.4 253.5 221.1 608.6 286.61,273.7 3,397.8 ,387.5 1,610.0 1,901.5358.4 Mar. 31. . 1,704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.91,307.1 3,485.9 1,349.1 1,692.5 2,012.6359.1 Apr. 30. . 1,761.0 9,118.9 4,754.1 837.3 233.3 231.5 657.8 312.11,370.8 3,642.7 L,365.0 1,744.0 2,005.6361.5 May 31. . 1,783.5 9,156.3 4,813.8 900.0 255.0 245.0 624.1 314.41,411.0 3,749.6 ,231.4 1,829.9 1,966.7378.7 June 30.. L,777.1 9,137.5 4,857.9 911.2 301.8 268.6 650.1 313.61,444.5 3,889.8 1,119.4 1,808.9 1,935.3384.1 July 31. . 1,788.7 9,212.8 4,822.3 887.6 334.0 227.5 659.9 336.01,537.8 3,982.9 ,142.1 1,785.5 1,948.2354.1 Aug. 31. . 1,794.0 9,403.0 4,959.1 890.0 362.6 243.1 663.7 353.91,619.5 4,132.9 L,147.5 1,815.4 1,963.4343.9 Sept. 30. . L,796.0 9,607.8 5,159.4 900.8 375.8 230.7 664.4 368.21,676.8 4,216.7 L,197.1 1,839.7 2,001.1353.2 Oct. 31. . 1,888.4 9,633 .5 5,199.0 916.3 425.6 241.2 661.2 390.81,707.8 4,343.0 1,205.7 1,734.9 2,000.9349.0 Nov. 30*. L, 880.9 9,821.6 5,337.9 907.7 423.8 252.8 653.7 432.11,789.4 4,459.4 L.260.3 L,770.2 2,007.9323.8 Dec. 31 P. ,967.7 9,673.8 5,316.8 708.8 430.7 242.9 674.1 449.31,868.5 4,374.2 ,295.5 1,768.3 1,909.7326.1 P Preliminary. 1 Represents funds held with banks and bankers in the United States 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.), and also funds held in accounts with the U. S. Treasury. 2 Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 8Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 1 above) as well as other 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. •Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. •Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, •certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. lt)30. 316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- C v o z a s e k lo c i h a - - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r1 1949—Dec. 31.. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—Dec. 31.. 799.2 ii'.9 128.2 5L6 45.5 18.3 221 6 32.3 43.6 A.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Dec. 31.. 1,022.2 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 2.5 7.1 57.6 1952—Dec. 31. . 1,259.3 91.1 123.9 .6 70.4 28.5 551.1 47.3 110.3 3.4 57.4 6.1 19.2 91.0 1.7 12.0 45.2 1953—Jan. 31.. 1,225.0 94.9 121.3 .6 63.7 32.9 531.5 50.7 106.8 2.3 47.8 6.1 20.2 86.6 3.5 12.1 44.2 Feb. 28. . 1,273.7 96.3 131.2 .5 60.7 28.6 552.2 53.8 116.9 2.3 54.6 6.1 19.0 93.0 3.4 9.7 45.3 Mar. 31. . 1,307.1 102.3 130.8 .6 62.3 26.1 585.7 57.1 115.9 2.4 54.9 5.8 17.6 89.2 2.8 9.3 44.3 Apr. 30.. 1,370.8 108.2 133.9 .6 70.0 26.9 626.8 62.0 116.6 2.1 55.1 5.8 18.2 88.7 1.6 9.8 44.7 May 31. . 1,411.0 115.1 129.1 .6 69.4 29.7 645.7 66.5 119.2 2.2 57.8 5.8 22.7 88.5 1.3 10.8 46.6 June 30. . 1,444.5 118.7 128.4 .7 71.0 34.3 682.8 70.7 109.1 2.0 57.2 5.8 19.3 86.7 2.2 7.9 47.8 July 31. .1,537.8 129.9 132.9 .7 72.6 35.7 739.5 69.5 108.4 2.4 62.9 5.8 19.9 87.9 6.5 10.5 52.6 Aug. 31.. 1,619.5 144.4 139.8 .6 77.2 32.8 773.3 73.3 110.3 2.9 70.3 5.8 22.1 94.3 8.0 13.2 51.2 Sept. 30 1,676.8 161.1 148.0 .5 81.7 30.7 793.7 77.9 113.7 3.4 66.7 5.8 23.4 103.5 8 3 7.4 51.0 Oct. 31. .1,707.8 169.9 118.2 .5 88.1 33.5 827.2 85.1 115.7 2.2 70.0 5.8 32.7 96.0 2.0 9.0 52.0 Nov. 30P. 1,789.4 183.5 126.9 .6 92.8 35.7 851 .7 92.0 117.6 2.9 73.1 6.0 35.9 105.2 2.8 7.7 54.9 Dec. 31 P. 1,868.5 190.9 130.3 .6 95.7 37.9 898.8 100.9 118.5 2.2 72.4 5.8 36.0 116.7 2.0 6.9 52.9 Table 2b.--Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a e o b c n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s Peru l p P a i R u c m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m a c th t a e i e " r n r nam 1949—Dec. 31. 1 436 7201.1 13.5 192.8 60.9 85.9 164.2 214.6 25.9 52.8 74.3 143.2 207 4 1950—Dec. 31. 1,612.9 301.8 20.4226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 60.2 59.2 16.1 75.1 85.2 71.3 1951—Dec. 31. 1,455.2 249.7 27.8 100.3 54.0 106.4 263.6 45.8 27.3 158.2 34.9 47.2 67.7 27 8 84.7 71.9 87.8 1952—Dec. 31. 1,612.9 138.8 24.5 72.5 79.3 118.2 301.2 44.2 34.3 231.2 44.3 60.9 80.8 25.6 94.1 145.5 117.4 1953—Jan. 31. 1,591.4 131.7 18.9 71.9 75.7 113.4 275.9 44.9 38.5 239.3 44.5 61.5 87.7 40.1 94.2 124.3 128.8 Feb. 28. 1,610 0 142 6 20.2 83.4 82.4 126.5 278 3 45.3 41.2 213.3 45.4 61.9 90.4 44.2 97.3 \0t 9 133.6 Mar. 31 1,692 5 142.5 20.1 75.7 86.2 123.9 331 ^ 47 0 45.6 213 9 45.3 67.5 91.1 54.8 91 7 117 3 138 6 Apr. 30'. 1,744.0 152.4 19.6 81.2 89.1 125.4 356.9 48.3 49.1 199.4 41.2 63.8 90.4 52.2 94.1 143.2 137.8 May 31. 1,829.9 153.1 27.4 119.7 93.1 122.0 372.5 48.0 47.2 181.7 42.3 62.5 95.2 48.9 90.2 186.4 139.6 June 30. 1,808.9 155.6 25.6 133.6 88.1 121.6 383.0 47.5 45.2 167.5 44.8 63.4 97.1 44.7 88.5 156.8 145.9 July 31 . 1,785.5 151.3 22.9 83.5 89.1 130.4 390.0 50.2 43.2 168.7 45.6 61.2 103.8 42.1 91.3 166.5 145.7 Aug. 31 . 1,815.4 145.9 20.6 132.5 84.1 129.9 402.1 48.9 40.3 160.5 45.1 62.0 108.1 39.2 89.6 165.2 141.2 Sept. 30 1,839.7 146.6 20.3 164.4 92.1 115.6 391.0 45.0 36.4 170.3 43.6 60.0 101.9 33.7 89.0 197.8 131.7 Oct. 31. 1,734.9 143.1 19.9 110.0 86.0 116.2 385.0 41.9 32.7 180.2 49.0 68.2 82.8 28.7 93.5 173.1 124.6 Nov. 30 P 1.770.2 137.1 28.1 149.2 81.5 132.0 350.7 42.4 32.1 189.4 52.2 73.5 79.9 24.9 89.4 184.1 123.6 Dec. 31 P 1,768.3 130.0 19.1 101.7 78.8 150.2 340.8 39.3 37.9 183.2 51.5 68.0 89.9 26.8 109.6 222.4 119.2 Table 2c.—Asia and All Other •ssr For- Date Asia C m a h n o i s d n a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i - l n - e T la h n a d i- T k u ey r- O A t s h ia e * r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A E n g g y l p o - - S U o o n u i f o th n Other* Main- public tian Africa land Sudan 1949—Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165.7 179.5 32.4 61.6 6.0 79.5 1950—Dec. 31. 1,378.5 81.7 86.1 55.7 114.7 ioii 12 6458.5 374.4 "48!2 14.3 111.9 254.5 19.1 •"58.1 75.6 44.0 57.7 1951—Dec. 31. 1,609.6 87.4 62.4 62.1 140 6 25.5 26 6596 0 329.7 96.7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—Dec. 31. 1,845.0 76.4 70.9 64.6 61.0 19.2 18.8808.0 315.1 181.0 8.4 221.5 335.6 47.2 118.6 59.7 23.6 86.5 1953—Jan. 31. 1,855.3 73.5 72.0 70.2 58.0 16.5 26.2 821.6 309.6 186.7 10.2 210.7 353.7 51.1 117.8 58.4 36.3 90.1 Feb. 28. 1,901.5 72.8 71.4 75.1 60.7 16.4 22.7862.8 313.7 190.4 8.6 206.9 358.4 52.3 119.5 55.1 38.1 93.5 Mar. 31. 2,012.6 70.7 71.4 76.3 67.3 19.3 15.4897.1 324.8 193.0 8.8 268.4 359.1 54.8 125.9 53.4 33.2 91.9 Apr. 30. 2,005.6 72.1 70.1 85.3 64.3 19.5 15.3892.6 327.9 194.8 8.4 255.3 361.5 57.9 124.9 54.1 36.0 88.7 May 31 . 1,966.7 72.1 67.3 92.3 58.9 17.1 16.4882.9 326.1 192.1 7.4 234.2 378.7 66.5 130.5 54.4 33.3 94.0 June 30. 1,935.3 71.3 67.2 87.4 38.4 17.8 16.5891.7 307.4 197.5 8.0 232.2 384.1 67.3 126.3 55.2 37.4 97.8 July 31. 1,948.2 71.6 68.2 89.1 39.6 20.3 14.2910.2 303.0 191.9 6.3 233.9 358.2 54.6 119.4 45.3 37.2 101.7 Aug. 31. 1,963.4 73.3 68.5 93.5 33.6 22.9 19.6919.4 309.8 188.2 8.4 226.4 343.9 53.9 112.5 44.5 39.6 93.4 Sept. 30. 2,001.1 75.9 68.8 92.7 35.1 31.0 19.5932.2 308.8 191.3 14.2 231.6 353.2 54.0 116.8 43.9 38.9 99.4 Oct. 31. 2,000.9 77.1 67.9 95.3 34.7 47.4 18.3912.0 303.3 187.1 16.7 241.0 349.0 58.9 110.6 44.7 44.7 90.1 Nov. 30P 2,007.9 77.2 68.7 100.0 34.0 42.6 13.6915.2 299.2 177.0 22.6 257.8 323.8 58.5 94.0 40.0 38.0 92.4 Dec. 31 P 1,909.7 73.6 68.0 99.0 39.3 43.6 18.0827.9 295 5 167.9 14.2 262.8 326.1 59.2 89.6 43.3 38.2 95.7 P Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 8Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. •Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. •Beginning January 1950, excludes Belgian Congo, reported separately as of that date. MARCH 1954 317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, inmillions of dollars] Date Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e i r n - Asia ot A h l e l r 1949—Dec. 31 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—Dec. 31 898.0 105.7 31.4 3.4 8.7 20.7 67.1 237.0 125.8 378.8 96 3 60 0 1951—Dec. 31 968.4 35.0 10.1 5.0 11.2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952—Dec. 31 1,048.7 30.3 31.9 4.4 7.1 17.8 81.9 173 4 62.3 662 0 128 6 22.4 1953—jan. 3i 1,036.0 32.5 28.6 6.4 13.5 22.9 78.4 182.4 56.3 647.5 125.9 24.1 Feb. 28 1,034.1 35.4 8.8 6.2 13.2 20.2 72.9 156.7 57.8 676.9 124.0 18.7 Mar. 31 1,040 6 35.8 8.2 6.9 14.2 25.3 70.9 161 5 61.3 672 7 125.5 19.6 Apr. 30 1,029.9 23.4 8.8 5.9 13.9 25.6 74.8 152.4 60.6 663.0 132.0 21.9 May 31 976 8 27.3 9.5 5.6 12.8 25.5 71.3 151 9 57 4 636 1 110 3 21 1 June 30 947.7 28.7 7.8 5.1 15.2 24.8 70.0 151.7 58.3 603.9 112.1 21.6 July 31 920.5 28.5 10.5 5.2 14.0 22 1 75 4 155 7 49 6 591 2 103 6 20 4 Aug 31 917.9 26.6 9.7 5.7 13.4 22.2 84.1 161.7 42.0 594.2 100.2 19.8 Sept. 30 902 9 33.9 9 9 7.2 14 7 21 7 90 7 178 1 56 7 541 5 106 3 20 3 Oct. 31 907.5 39.5 9.8 9.1 15.4 20.0 95.4 189.1 80 7 503 4 112 0 22 3 Nov. 30P 910.9 48.1 8.2 6.3 16.8 20.3 89.9 189.5 67.1 507.4 125.4 21.6 Dec. 31P 903.2 66.3 10.6 8.6 17.9 18.8 93.9 216.0 56.4 476.3 129.6 24.9 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - m G a e n r- y Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sl u av g i o a - ot A he ll r1 1949—Dec. 31... . 98 5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 2.3 (») 22.6 1950—Dec. 31 67.1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 4.0 1951—Dec. 31 111.2 (*) 39.6 4.8 3.1 28.3 .2 2.5 8 18 8 5.4 3 9 4 0 1952—Dec. 31 81.9 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11.2 2.5 8.6 5.4 1953 Tan. 31 78.4 .3 16.2 3.5 5.1 24.1 .2 1.7 .5 9.4 2.6 7.8 7.0 Feb. 28 72.9 .2 15.8 4.3 4.4 27.3 .1 1.7 .6 5.7 2.2 3.9 6.6 Mar. 31 70.9 .2 14.8 5.1 5.1 27.2 .3 1.5 .5 5.9 2.4 1.5 6.5 Apr. 30 74.8 .1 14.1 3.6 4.1 30.2 .1 1.1 .5 7.5 3.2 3.5 6.7 May 31 71.3 .1 12.4 1.5 2.9 31.0 .2 1.3 .5 6.7 2 9 4 5 7 3 June 30 70 0 .1 11 6 1 3 3 8 30 9 .1 1 l 5 6 9 2 4 4 7 6 5 July 31 75.4 .2 12.2 2.3 3.5 27.0 .1 .8 .5 14 4 2 6 5 3 6 4 Aug. 31 84.1 .4 10.3 3.5 3.4 30.3 .2 .8 .4 20.3 1.8 5.8 6.9 Sept. 30 90.7 .3 11.1 4.3 2.3 33.6 .4 1.0 .5 24 1 2 2 4 2 6 7 Oct 31 95.4 .1 11.0 5.7 2.7 37.3 .5 .9 .4 22.6 1.7 5.3 7.1 Nov. 30P 89 9 .2 12 3 5 3 1 8 31 3 .7 8 6 22 8 2 4 4 3 7 S Dec. 31 P 93.9 .8 13.0 6.2 1.9 30.5 1.3 1.0 .6 24.3 2.7 4.8 6.8 Table 3b.—Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c l u i a i e c b n n - - - G m u a a l t a e- M ic e o x- I l W n S a a d u n n e r i d d e s i t - s s Peru l P p a i R c u m a e n b o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic a m th a t e i e » n r r nam 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 *i!9' 70.6 L.3 11.0 3.1 *6°.& *8!6 49.4 14.6 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 18 3.8 90.6 L.2 11.8 3.0 9.5 10.5 41.7 14.5 1952—Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 L.3 14.8 6.5 9.1 14.3 36.7 13.7 1953—Jan. 31.. 647.5 7.4 6.5 353.2 23.4 36.4 26.5 1.8 4.4 94.2 L.4 15.7 5.7 8.5 14.0 34.2 14.3 Feb. 28.. 676.9 7.2 10.7 383.3 19.4 36.8 30.7 2.3 4.9 94.5 L.9 17.2 5.0 6.8 9.2 33.0 14.1 Mar. 31. . 672.7 7.1 13.4 370.7 19.0 37.8 37.8 2.9 4.4 96.1 2.1 14.7 4.2 4.9 7.3 35.7 14.8 Apr. 30.. 663.0 7.7 14.6 382.7 9.6 38.9 34.9 2.8 4.5 86.9 2.2 12.5 5.4 5.0 7.4 33.4 14.5 May 31.. 636.1 10.2 15.4 367.4 9.0 39.8 27.2 2.7 3.1 83.0 2.5 13.7 4.9 3.4 4.6 35.1 14.0 June 30.. 603.9 9.0 14.7 325.1 7.5 47.7 27.0 2.9 3.2 88.3 2.1 14.3 5.4 4.0 3.6 35.2 13.9 July 31.. 591.2 8.0 14.3 317.2 7.7 44.4 28.8 1.9 3.2 86.4 2.4 13.7 5.6 3.3 3.3 35.6 15.5 Aug. 31.. 594.2 7.6 13.4 319.7 7.5 48.9 24.0 1.9 3.0 89.0 2.2 15.1 5.4 3.7 3.2 35.4 14.2 Sept. 30.. 541.5 7.5 13.2 274.7 7.5 47.4 21.6 1.7 3.6 79.3 1.8 16.8 5.8 4.8 3.4 36.3 16.1 Oct. 31. . 503.4 7.0 11.9 204.6 6.1 47.1 41.7 1.7 4.2 86.3 3.0 17.7 4.9 6.0 3.8 39.2 18.2 Nov. 30P. 507.4 6.7 9.7 187.4 7.1 52.0 49.4 1.7 4.7 90.1 1.6 18.5 7.4 7.9 4.4 40.3 18.6 Dec. 31 P. 476.3 7.1 10.8 128.8 22.6 56.9 51.2 1.9 4.1 92.9 2.6 20.2 4.6 8.2 3.7 41.6 19.3 pPreliminary. 1 Beginning January 1950, excludes Austria, reported separately as of that date. 2Less than $50,000. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other For- Egypt mosa Phil- and Union Date Asia C a h n in d a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan ip R p e i - ne T la h n a d i- T k u e r y - O A t s h ia e 1 r o A th l e l r t A ra u l s i - a g .B ia e n l- A E n g g y l p o - - So o u f th Other 2 Main- public Congo tian Africa land Sudan 1949—Dec. 31 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31 96 3 18.2 3.0 16.2 .2 "o\6 18.9 12.1 4.9 "i!s' .9 13.9 60.0 40.8 4!4 .3 7.3 7 2 1951—Oec. 31 162.4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 .6 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Dec. 31.. 128.6 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 38.8 24,6 22.4 10.1 6.0 .5 2.0 3.8 1953—Jan. 31.. 125.9 10.4 1.9 3.6 .8 10.2 25.9 11.5 10.7 2.6 26.7 21.6 24.1 9.2 7.0 1.0 2.5 4.4 Feb. 28. . 124.0 9.8 2.4 3.3 .6 10.2 25.1 15.6 11.6 3.0 21.2 21.3 18.7 6.4 6.6 .8 2.1 2.8 Mar. 31. . 125.5 9.4 2.0 4.0 .6 10.9 25.2 17.0 10.0 6.1 18.6 21.6 19.6 7.0 6.5 .3 2.7 3.1 Apr. 30. . 132.0 8.8 2.7 3.9 .6 11.7 24.2 20.0 14.2 4.8 17.4 23.8 21.9 7.6 7.1 .9 2.8 3.5 May 31.. 110.3 8.4 2.1 3.1 .8 12.6 20.5 14.2 13.6 4.3 10.5 20.2 21.1 7.2 6.7 1.0 2.8 3.4 June 30.. 112.1 8.1 2.3 2.9 1.1 12.8 19.4 16.6 11.8 5.3 11.3 20.4 21.6 7.2 6.6 .3 2.9 4.6 July 31.. 103.6 8.2 2.3 2.5 1.2 13.3 17.8 18.8 10.8 4.5 8.7 15.5 20.4 6.3 7.1 .2 2.9 3.9 Aug. 31. . 100.2 7.9 2.9 2.7 1.6 13.9 18.8 17.1 10.1 5.2 4.5 15.5 19.8 6.3 5.9 .2 2.9 4.6 Sept. 30.. 106.3 8.5 2.9 2.9 1.1 13.0 24.4 20.5 9.4 5.9 1.0 16.7 20.3 7.0 5.7 .1 2.3 5.1 Oct. 31 . . 112.0 8.5 2.6 3.4 .6 14.2 25.9 17.7 5.5 6.2 7.7 19.7 22.3 5.8 5.7 .2 2.7 7.8 Nov. 30P. 125.4 8.5 4.3 4.1 .6 13.3 23.4 26.6 5.2 6.8 7.7 24.9 21.6 5.7 5.8 .4 2.3 7.4 Dec. 31 P. 129.6 7.3 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 15.7 24.7 24.9 8.0 6.3 .5 2.4 7.8 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES s (Inflow of Foreign Funds) fin millions of dollars] U. S. Government bonds and notes4 Corporate bonds and stocks • Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales s d e o c m u o r e f i s ti t e ic s 1949 430.0 333.6 96.4 354.1 375.3 —21.2 784.1 708.9 75 2 1950 1,236.4 294.3 942 1 774 7 772 3 2 4 2,011 1 1,066 6 944 4 1951 673.6 1,356.6 -683.0 859.8 761.0 98.7 1,533.3 2,117.6 —584 3 1952 533.7 231.4 302.3 850.3 837.7 12.6 1,384.0 1,069.0 314 9 1952—December 45.0 17.0 27.9 93.7 89.4 4.3 138.6 106.5 32.2 1953—January 42.6 14.9 27.7 81.8 75.6 6.2 124.4 90.5 33 9 February 27.6 37.5 -9.8 76.2 64.9 11.3 103.8 102.3 1.4 !March 26.3 18.6 7.7 85.8 85.8 112.1 104.4 7.7 April 12.9 9.6 3.3 71.3 73.9 -2.6 84.2 83.5 .7 May 145.5 136.7 8.8 61.7 64.3 -2.7 207.2 201.0 6 2 June 28.8 22.7 6.1 65.0 51.1 14.0 93.8 73.8 20 0 July 36.6 82.3 -45.7 56.2 48.3 7.9 92.8 130 5 —37 8 August 30.1 29.3 .8 49.7 47.3 2.4 79.7 76.5 3.2 September 43.1 116.4 -73.3 68.2 45.1 23.1 111.3 161 .5 -50.2 October 24.4 28.8 -4.4 53.3 50.8 2.5 77.7 79.5 -1.9 November^ 32.0 38.6 -6.6 57.3 60.4 -3.1 89.3 99.0 -9.7 December P 186.8 195.6 -8.8 75.4 63.8 11.5 262.2 259.5 2.8 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 8 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales se fo c r u o e r i f i g ti n es 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951 . 272.3 348.7 -76.4 500.4 801.0 -300.6 772.7 1,149.7 -377.0 1952 293.9 329.6 -35.8 495.3 677.4 -182.1 789.1 1,007.0 -217.9 1952—December 26.8 20.9 5.9 25.7 75.7 -49.9 52.6 96.6 -44.0 25.4 26.1 -.7 33.0 51.5 -18.4 58.4 77.6 -19.2 February 24.7 24.3 .4 29.4 67.8 -38.4 54.1 92.1 -38.0 March 27.5 37.6 -10.1 29.7 43.0 -13.3 57.2 80.6 -23.4 April 21.8 20.8 1.0 29.2 58.2 -29.0 51.1 79.0 -28.0 May 16.9 41.8 -24.9 111.7 19.0 92.7 128.6 60.8 67.8 44.9 21.9 23.0 62.1 32.8 29.3 107.1 54.7 52.3 J A U u ly gust 2 1 3 8. . 6 1 2 1 1 8 . . 2 5 2. . 0 1 4 2 6 0 . . 2 0 5 1 0 7 . . 3 9 -4 2 . . 1 1 3 6 8 9 . . 6 3 3 7 6 1 . . 4 5 -2 2 . . 2 2 September 23.9 16.3 7.7 23.2 16.9 6.3 47.1 33.1 14.0 October, 23.1 18.4 4.7 83.9 120.6 -36.7 106.9 139.0 -32.0 November? 25.6 25.6 (6) 32.3 77.2 -44.9 57.9 102.8 -44.8 December? 32.0 30.2 1.8 37.9 62.1 -24.2 69.9 92.3 -22.3 P Preliminary. 1 Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds, 8Through 1949 represents transactions in corporate stocks only. 8Less than $50,000. 319 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, ( -). In millions of dollars] Y m e o a n r t o h r n I a i n n ti t s o e t n i r - - al Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r tutions 1949 87.0 —11.8 20.9 —6.8 —25.5 44.2 1.5 2.2 36.5 —49.0 2.5 —2.1 .2 1950 . 121 2 823.2 64.0 197.8 —6.3 19.0 — .7 73.8 347.5 458.2 30.1 —15.3 2.7 1951 — 15.9 —568.4 21.4 6.0 —22.2 45.9 1.9 —43.8 9.2 —595.5 13.9 4.8 -.7 1952 14.7 300.2 70.4 5.5 —21.9 50.7 .5 6.2 111.4 191.6 4.7 -9.5 1.9 1952—Dec.... .9 31.3 11.4 1.2 -2.2 4.5 -.3 -1.2 13.4 16.3 .1 1.0 .5 1953—Jan 25.5 8.4 5.8 1.3 -2.1 13.4 0) 2.0 20.4 -10.3 -1.1 .3 -.9 Feb.... 10.5 -9.1 2.1 -.4 -1.3 6.7 -7.7 -.5 -8.8 — .4 .1 .6 Mar.... 1.0 6.8 10.0 .6 -3.4 4.4 -.2 -1.4 10.0 -3.8 .8 -.5 .2 Apr -1.2 -.5 2.5 .1 -5.4 2.7 -.1 .1 0) -1.0 1.4 0) -1.0 May... 5.2 1.0 -.6 .4 -.9 2.5 0) .8 — .4 .8 .2 -.5 June... 1.3 18.7 5.4 2.0 -1.1 5.2 A 11.4 6.0 .8 .1 .4 July. . . .5 -38.3 9.0 -49.0 -1.9 2.5 A 2^6 -36.3 -3.1 1.5 — .2 -.1 Aug.. . . -4.2 7.4 6.8 1.0 -.5 5.5 .1 -1.5 11.4 -6.5 2.3 .5 -.3 Sept -14.1 -36.2 2.6 .7 -.8 9.6 0) .5 12.7 -50.5 .3 .4 1.0 Oct.... -8.2 6.3 4.2 .3 -2.8 1.3 0) 1.6 4.7 -9.9 11.8 .1 -.3 Nov. P.. 3.4 -13.1 -2.5 .2 -.1 2.1 -.5 0) o -15.0 3.9 -.5 -.8 Dec.P. . -4.4 7.2 19.5 1.1 -1.1 1.2 .1 .8 2l!5 -17.4 2.7 -.5 .9 TABLE 6a.—DOMESTIC SECURITIES: 1MET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Y m e o a n r t o h r E O u t r h o e p r e A tr u ia s- 2 g B iu el m - N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P R u o a b e n f - l - ic g U u r a u y - * A O L m i a t c h t e a i e r n r - Asia M C m a h n a o i i d s n n a a - H K o o n n g g P p h p R u i i e l n - b e - ip- O A t s h i e a r ama land lic 1949 2.2 1.6 - .9 1.4 2.5 1.2 -1.0 .3 4.2 -2.1 -2.1 -7.2 -1.0 .5 5.5 1950 73.8 18.4 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 -5.0 11.1 -15.3 -3.0 2.3 .9 -15.6 1951 -43.8 -11.9 5.7 -38.1 13.9 .5 6.1 2.5 .8 2.6 1.5 4.8 -.2 7.0 -2.1 0) 1952 6.2 .4 - .5 6.0 3 4.7 - .8 .2 2.6 -6.5 2.7 6.6 -9.5 - .3 1.3 -11.4 .9 1952—Dec. . . -1.2 0) -1.5 -.1 5 .1 -.1 -1.6 1.1 .4 0) .4 1.0 — .1 1.1 0) .1 1 953—Jan.. .. 2.0 0) .9 .9 .2 -1.1 -1.3 0) .4 - .6 .4 0) .3 .2 .3 0) - .1 M Fe a b r . . . . .. .. - - 7 1 . . 7 4 (")' -.1 .2 -6 -. . 1 8 - — 1.5 .6 — !8 4 - - . . 3 1 0) .8 - - . . 2 3 . . 3 7 - .3 .2 - .6 .3 - .5 .1 0 0 ) ) - .5 .1 8 .1 .1 J A M J u u p a r n l y y e . . . .. . . . . 0 2 ) ^6 .1 0 0 0 ) ) ) 2.2 .2 ^ . ' . 2 1 .1 c ( - ")" .6 1 1 . . 4 5 . . 8 8 — -.1 .5 .1 ' . . . 3 5 5 0) . ! 3 i - — 2.6 . . 1 3 .5 0 — - 2 ) .3 .0 .4 1 1 1 . . . 2 0 0 .2 0 - ) .2 .1 0 0 ) ) !i 0 - — ) .2 .2 .2 0 0 ) ) 0) .2 A Se u p g t. . . . . . . -1.5 e 0 0 ) ) -2.8 0) l l . ! ( ' 2.3 . . 6 1 -.1 .5 -.1 .7 0) .6 -.2 .6 . . 5 4 .6 — -. 2 .1 8 N O D c e o t. c . v . P. . . P . . . . 0)" 0 0 2 ) ) .0 — .1 q -.1 . . 6 1 1 3 2 1 . . . 9 7 8 0 0 ) ) ' 1 2 2 1 . . . 4 6 7 - - - . . . 6 4 7 - - - . . . 2 4 1 . . 6 1 5 1.6 . . 4 9 — — .1 . . 5 5 0 - ) .2 0 - - ) . . 4 3 0 0 - ) ) .1 0) 0) TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th ll er 1949 —16.0 43.8 —13.5 .4 — .1 19.1 .4 24.6 30.8 —10.6 20.2 .8 2 6 1950 —3.6 —141.8 —6.1 —1.3 —4.7 17.2 .5 7.8 13.4 —190.0 2918 1 !o 3 9 1951 -152.7 —224.3 -2.0 —4.1 2.8 14.2 1.2 16.4 28!5 —258^6 33*8 —36 !o 7 9 1952 — 118.1 -99.8 -4.4 4.9 -8.7 8.7 1.2 18.2 19.9 — 141.0 25!3 — 10.0 6.0 1952—Dec... -.7 -43.3 -1.1 -.4 3.9 .7 .2 .3 3.5 -46.0 2.3 -3.9 .7 1953—Jan... . 0) -19.2 -.3 .3 -1.5 2.1 .4 .7 1.7 -18.3 1.1 -4.1 .4 Feb.. .. 9.5 -47.5 .3 .3 1.4 1.1 .1 .5 3.8 -47.9 1.9 -2.6 -2.6 Mar.... -.1 -23.3 2.9 .6 .1 .5 .1 5.2 9.4 —32.6 1.3 — 1.7 3 Apr... . 3.4 -31.3 0) 1.2 -.3 .5 0) 1.7 3.1 -33.8 3.1 -3.8 .1 May... -.5 68.3 -1.1 .4 0) 2.2 0) .7 2.1 67.2 .9 -2.1 .2 June... 2.1 50.3 21.7 .9 -.4 2.3 .2 1.6 26.3 22.9 7.3 -2.2 -4.1 July... -2.2 .1 -.1 0) -2.8 2.1 .6 .8 .5 -18.0 2.1 -2.7 18.1 Aug — 3 2.5 -.2 -.1 -2.3 1.9 .1 .4 -.2 .3 1.4 -.4 1.4 Sept. . . 0)' 14.0 -.2 1.9 -.7 5.2 -.9 1.2 6.5 5.1 2.4 -.7 .7 Oct. ... -73.1 41.1 5.8 -.1 5.2 15.8 1.9 4.9 33.7 -9.8 9.3 -.8 8.8 Nov.P. . __ 3 -44.5 3.7 -.4 -2.7 2.3 .1 1.8 4.8 -49.4 2.2 -2.7 .5 Dec.P. . -.'5 -21.8 4.0 .3 -2.0 1.4 .6 0) 4.2 -24.6 1.6 -5.1 2.1 P Preliminary. *Less than $50,000. 2Not available until 1950. 320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD COUNTRIES AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in [In millions of dollars] U. S. with Brokers and Dealers Abroad) [In millions of dollars] Assets in custody Year or month Total Europe Canada A L m i a c t a e in r- a o n A t d h s i e a a r ll Date Deposits s U e e . c r S n u . m r i G t e i o n e t v s - J la M n i e s o c u e s l- 3 1 1 9 9 4 5 9 0 . . . 8. . 0 6 3 1 . . 0 0 -3. . 0 9 -1 4 . . 3 4 <3.S 1952—Dec. 31 550 2,156 86 1951.. .. -6.1 -3.3 2.8 -5.0 -.6 1953_Feb. 28 511 2,170 89 1952 -1.8 -1.6 -1.0 1.0 -.2 Mar. 31... . 536 2,246 90 Apr. 30 506 2,425 97 1952—December.... 3.7 1.5 0) 2.1 .1 May 31... 515 2,455 95 June 30 527 2,449 101 1953—January 3.5 .3 2.0 .7 .4 July 31 566 2,378 95 February.... -4.8 -4.7 1.1 -1.0 -.2 Aug. 31 524 2,588 95 March -1.7 -1.3 1.6 -1.1 -.9 Sept. 30 512 2,641 94 April — 1.2 4.7 -4.4 -2.2 .6 Oct. 31 448 2,674 97 May -.2 -.5 .8 -.6 .1 Nov. 30 417 2,694 99 June -.6 -4.9 6.7 -1.7 -.8 Dec. 31 423 2,586 106 July 1.8 2.6 -1.7 .2 .7 August -3.5 -2.9 -.5 .6 -.6 1954—yan# 3i 440 2,632 99 September. . . .2 -.8 -.1 1.0 .2 Feb. 28 490 2,716 88 October -3.9 2.0 -6.1 1.4 -1.2 November?... -1.3 -3.0 1.1 -2.1 2.8 1954—Feb. 3 477 2,632 97 Decembers. . . 25.6 3.1 1.3 2.0 -.8 Feb. 10 473 2,677 93 Feb. 17 482 2,690 91 Feb. 24 461 2,691 88 » Preliminary. » Less than $50,000. 1 Amounts outstanding (in millions of dollars): foreign brokerage Represents dollar assets belonging to foreign monetary authorities balances in U. S., 76.1; U. S. brokerage balances abroad, 35.4. and the Bank for International Settlements. Excludes assets held for the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 323, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 8Includes 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 USSR [In millions of dollars] Production reportedmonthly Estimated Year or world Africa North and South America Other month pr U o o u S d t u S si c R d t * e ion r m e T o p o n o t t r a h te l l d y A So fr u ic th a d R e h s o ia - A W fr e ic st a1 B C e o l n g g ia o n 2 U St n a i t t e e s d 8 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 4 Au l s ia tra- India » $1 grains ofgold 9/10 fine: i.e., an ounee of fine gold =$35. 1947 766 5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864 5 777 1 408.2 17 9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 rT 0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 864 5 780.9 413.7 rJ 4 23.8 12.9 67.4 156.5 161 14.8 6.2 8.9 34.3 8.9 195 2—December 66.7 34.6 L.4 2.1 .9 5.9 13.7 L.I 1.8 .4 .8 3.3 .7 1953^— Tanuarv 64.0 34.7 L.4 2 1 4.5 13.0 L.I 1.4 .6 .7 2.9 .6 February.. 60.9 32.4 4 2 1 4.3 12.4 7 1.2 .3 .7 2.8 .6 March 65 2 34.7 4 2.1 5.2 13.3 S 1.2 .4 .7 3.1 .6 April 64.2 34.3 4 2 1 5.2 12.9 7 1.2 .4 .7 2.9 ,7 65.5 34.9 4 2.1 ) 6.1 12.9 1 1.1 .3 .9 3.0 .7 June 64 7 34.1 1 s 2.1 6.0 12.7 1.0 .4 .8 3.4 .5 July 67.0 35.9 .5 2.1 6.8 12.9 1 1.1 .3 .9 2.8 .7 August 66 0 35 6 s 2.1 L 2 6.2 11.5 4 1.1 .3 .8 3.7 .6 September 35.0 S 2.1 L 2 6.2 11.7 3 1.9 .7 3.0 .7 October 35 6 s 2 2 L 2 6.8 10 0 1 3 .8 .6 November 35 1 2.2 1 6.2 9.5 1.6 7 .6 December. . 35 7 2.2 .9 6.1 7 .5 Gold production in USSR: No regular government statistics on gold production in USSR 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. 3Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 4Gold 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. 321 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f ota ( l e x w cl o . rld A t r i g n e a n- g B iu el m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- USSR) i Treasury Total2 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec.. . . 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec. 35 970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec. r36,280 23,186 23,252 706 21 317 896 42 214 31 23 1953—jan 22,986 23,079 709 21 317 900 42 214 31 23 Feb 22,662 22,751 701 21 317 904 42 214 31 23 Mar. 36,330 22,563 22,649 702 21 317 911 42 196 31 23 Apr. . . . 22,562 22,639 690 21 317 924 41 196 31 23 May 22,537 22,590 695 21 317 934 41 196 31 23 June... 36 390 22 463 22 521 696 21 317 944 41 196 31 23 July 22,277 22,353 701 21 317 951 41 196 31 23 Aug.. 22,178 22,275 715 21 317 960 41 196 31 23 Sept 36,480 22,128 22,220 721 21 317 970 42 196 31 23 Oct 22,077 22,146 754 317 976 42 186 31 23 Nov 22,028 22,112 766 317 984 42 186 31 23 Dec P36.710 22,030 22,091 776 321 996 42 186 31 23 1954—Jan 21,956 22,044 779 1,005 186 31 23 Ger- E m n o d n t o h f Egypt France3 F m ed an er y a , l G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d er s - N w o a r y - Pa ta k n is- Peru Republic of 1949—rjec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Jan 174 573 165 27 247 218 138 346 149 567 55 38 46 Feb 174 573 184 27 247 208 138 346 178 597 55 38 46 Mar 174 573 184 27 247 208 137 346 179 605 55 38 46 Apr 174 573 185 27 247 208 137 346 180 605 55 38 46 May.... 174 573 210 27 247 208 137 346 181 605 55 38 46 June.... 174 573 210 27 247 208 137 346 172 615 55 38 46 July.... 174 573 224 27 247 177 137 346 173 662 55 38 46 Aug.... 174 576 247 27 247 168 137 346 174 683 55 38 46 Sept 174 576 259 27 247 163 137 346 155 723 55 38 Oct 174 576 282 27 247 150 137 156 733 55 38 Nov 174 576 303 27 247 150 137 733 55 38 Dec 174 576 326 27 247 145 137 737 52 38 1954—Jan 174 576 247 137 787 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 1,504 118 154 41,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 43,300 236 373 ,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 42,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 41,846 207 373 L,692 196 1953—Jan. . 297 29 165 51 195 1,417 113 143 41,978 207 373 L ,692 215 Feb 298 29 173 52 194 1,417 113 144 42,103 207 373 1,692 214 Mar.... 305 29 174 52 194 1,418 113 144 42,166 217 373 ,693 233 Apr 311 29 173 53 194 1,418 113 144 42,273 217 373 L.693 242 May.... 318 29 175 53 194 1,432 113 144 42,321 222 373 1,693 211 June 324 29 175 54 193 1,441 113 144 42,367 222 373 L,698 193 July.... 330 29 175 54 203 1,450 113 144 42,456 222 373 1,699 195 Aug 331 29 176 54 204 1,452 113 143 42,469 222 373 1,700 188 Sept 337 29 175 54 206 1,456 113 143 42,486 222 373 1,700 198 Oct 348 29 175 54 219 1,460 113 143 42,520 222 373 1,700 195 Nov. . . . 350 29 175 54 219 1,460 113 143 42,561 222 373 1,701 190 Dec 361 29 176 54 218 1,459 143 42,518 227 373 1 702 193 1954—Jan. 29 176 54 218 144 42,543 1,702 194 p Preliminary. r Revised. 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. 2Includes gold in Exchange Stablization 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." 3Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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] Neth- Switz- Year or quarter Total United Bel- France er- Portu- Swe- er- Other Canada Argen- Cuba Mexico Kingdom gium lands gal den land Europe1 tina 1945 -452.9 31.1 278.5 —47 9 —86 8 — 7 4 36 8 —224 9 —85 0 —23 8 1946 721.3 — .2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727 5 —65 0 45 4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 —5.6 5 8 114 1 — 10 0 61 6 1949 193 3 446 3 —41 0 —23 5 14 0 —40 0 2 —159 9 3 4 —49 9 — 10 0 — 16 1 1950 — 1,725 2 — 1 020 0—55 0 —84 8 — 79 8— 15 0 —22 9 —38 0 —68 0 — 100 0 28 2 — 118 2 1951 . . 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -49.9 -20.0 -60.2 1952 393 7 440 0 —3 8 — 100 0 —5 0 22 5 —29 3 7 2 —20 0 87 7 1953 -1,164.3 -480.0 -84.9 -65.0 -59.9 -20.0 -65.0 3-238.5 -84.8 -28.1 1951 Jan.-Mar -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr.-June -55.6 —80.0 2.0 -15.0 -11 2 -io!6 64 1 July-Sept 291 4 320 0 —5 0 -17 0 —3 5 —20 0 Oct -Dec 715.7 629.9 71.7 -5.0 -1.1 1952 Jan -IVIar 557.3 520.0 20.2 22.5 — 10 1 11.3 Apr -June 105.7 6.9 101.4 Tulv-SeDt — 1 3 3 Oct -Dec -268.0 -80.0 -24.0 — 100 0 —5 0 -19.3 —20 0 -25.0 1953 Jan.-Mar -599.1 -320.0 -36.5 -25.0 -15.0 -10.0 -20.0 -71.7 -54.9 -28.1 Apr.-June -128.2 -40.0 -3.4 -15.0 -25.0 -18.8 -20.0 July-Sept -306.6 -120.0 -12.4 ' -40'. 6 -15.0 —io!6" -15.0 -82.8 — 10 0 Oct -Dec -130.3 -32 6 -15.0 -5.0 -65.3 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued 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] Gold stock at Earend of period Net marked Other Union Increase gold im-gold: de- Domes- Year or Uru- Vene- Latin Asia of All Period in total port or crease tic gold quarter guay zuela Amer- and South other ica Oceania Africa Treas- Total i s g to o c ld k ex ( p -) ort c o r r e a in se - pr t o i d on ucury 1945 -37.9 -73.1 -27.8 4-188.3 3.7 1946 —4.9 —9.2 25.0 13.7' ' ' 94'. 3 22.9 1942 22,726 22,739 —23.0 315.7 —458.4 125.4 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1943 21,938 21,981 —757 9 68.9 —803 .6 48 3 1948 10.7 —108.0 13.4 -4.1 498.6 6.9 1944 20,619 20,631 -1,349.8 -845.4 -459'. 8 35^8 1 1 9 9 4 5 9 0 - — 1 6 4 4 . 4 8 -50.0 -1 -7 7 . . 5 2 - -3 5 5 2 . . 4 1 1 1 9 3 5. . 7 1 5-4 - 7 1 . . 2 6 1 19 9 4 4 6 5 2 20 0 , , 5 0 2 6 9 5 2 2 0 0 , , 7 0 0 8 6 3 -5 6 4 2 7 3 . 8 1 -1 3 0 1 6 1 .3 5 -3 4 5 5 6 6 .7 4 3 51 2 .0 2 1951 22.2 -.9 -17.2 6-50.1 52.1 5-84.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1952 14.9 -25.1 -4.8 11.5 -2.0 1948 24,244 24,399 1,530.4 1,680.4 — 159.2 70.9 1953 -15.0 -3.8 -9.4 -9.9 1949 24,427 24,563 164.6 686.5 —495.7 67.3 1950 22,706 22,820 —1,743 3 —371 3-1,352 4 80.1 1951 1951 22,695 22,873 52.7 -549.0 617.6 66.3 J A a p n r . - - M Ju a n r e -5 1 0 5 . . 9 0 -.9 -1 -5 1 . . 0 7 -1 -2 8 . . 4 8 12.7 - - 2 2 5 8 . . 0 0 1 1 9 95 5 2 3 2 2 3 2 , , 1 0 8 3 6 0 2 2 3 2 , , 2 0 5 9 2 1 -1,1 3 6 7 1 8 . . 0 9 68 2 4 . . 2 3 -1 - , 3 1 0 7 4 0 . . 8 8 6 6 7 9. . 7 4 July-Sept 28.0 3.5 -3.9 20.3 -31.0 1953—Feb.. . 22,662 22,751 -327.5 -2.0 -324.1 4.3 Oct -Dec 30 1 —4 0 -25.0 19.2 Mar.. . 22,563 22,649 -102.5 3.5 -106.5 5.2 Apr. . . 22,562 22,639 -10.0 7.0 -16.8 5.2 1952 May. . 22,537 22,590 -48.7 .1 -48.9 6.1 June.. 22,463 22,521 -69.4 -2.0 -68.5 6.0 Jan.-Mar 10.0 -17.6 -3.2 4.3 July... 22,277 22,353 -168.0 -.5 -171.7 6.8 Apr -June... -7.4 -2.4 7.2 Aug.. . 22,178 22,275 -77.4 -.1 -78.8 6.2 July-Sept -2.0 .4 -.1 Sept... 22,128 22,220 -55.6 -.1 -55.0 6.2 Oct -Dec 4 8 2.0 .3 -1.9 Oct.... 22,077 22,146 -73.3 .6 -72.5 6.8 Nov.. . 22,028 22,112 -34.0 — .6 -35.1 6.2 1953 Dec... 22,030 22,091 -21.9 -1.4 -21.2 6.1 Jan.-Mar -10.0 -3.6 -4.3 1954—Jan.... 21,956 22,044 -46.6 -5.5 -43.3 5.1 Tulv-Seot -5.0 — 1 — -1 1 4 .2 Feb... P2 1,958P22,036 P-7.7 (3) 4-9.9 (3) Oct -Dec -.1 -2.4 -9.9 p Preliminary. JSee footnote 2 on opposite page. 1 Includes Bank for International Settlements. 2Change includes transfer of 687.5 million dollars gold subscrip- 2 Includes sales of 114.3 million dollars of gold to Italy. tion to International Monetary Fund. 3 Includes sales of 130.0 million dollars of gold to Federal Republic 3 Not yet available. of Germany. 4Gold held under earmark at the Federal Reserve Banks for foreign 4Includes sales of 185.3 million dollars of gold to China. account, including gold held for the account of international institu- 6Includes sales of gold to Egypt as follows: 1950, 44.8 million tions amounted to 6,537.0 million dollars on Feb. 28, 1954. Gold dollars; and 1951, 76.0 million. under earmark is not included in the gold stock of the United States. 6Includes sales of 45.0 million dollars of gold to Indonesia. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. MARCH 1954 323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1954 1953 1953 1952 International Fund International Bank Jan. Oct. July Jan, Dec. Sept. June Dec. Gold 1,7C2 1,700 1,699 1,692 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,386 1,310 1,332 1,288 United States 8 7 5 10 Other 14,847 4,92014,885 4,395 Other 1,004 1,008 1,022 1,040 Unpaid balance of member subscriptions. 796 799 812 1,354 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 430 385 423 495 Member subscriptions 8,739 8,739 8,737 8,737 Calls on subscriptions to capital stock*. 3 3 4 4 Accumulated net income Loans (incl. undisbursed portions and ind. obligations sold under Bank's guarantee) 1,619 1,484 1,487 1,409 1954 1953 Other assets 21 18 14 13 Net currency purchased2 Bonds outstanding 653 567 556 568 (Cumulative—millions of dollars) Liability on obligations sold under guar- Jan. Dec. Nov. Jan. Lo a a n n t s e — e. undisbursed 40 8 1 4 32 7 5 6 39 7 8 0 42 6 3 6 Other liabilities 10 8 9 9 Australian pounds 38.0 38.0 50.0 50.0 General reserve 87 82 77 66 B B e o l l g iv ia ia n n f r b a o n l c iv s ianos 1 2 1 . . 5 4 1 2 1 . . 5 4 1 2 1 . . 5 4 11.4 S C p a e p c i i t a a l l 3 reserve 1,80 4 8 3 1,80 4 8 0 1,80 3 7 7 1,80 3 7 2 Brazilian cruzeiros 65.5 65.5 65.5 '37^5 Chilean pesos 10.7 10.7 10.7 1.8 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 i Includes amounts receivable from member countries for currency D Eg a y n p is t h ia k n ro p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 adj 2 u A s s t m o e f n J t a s n : . J 3 u 1 ly , 1 1 9 9 5 5 4 3 , , t $ h 5 e , 0 F 0 u 0 n ,0 d 0 0 h ; a J d a s n o u l a d r y 9 1 1 4 9 .0 5 4 m , i $ ll 2 io ,0 n 0 0 U ,0 . 0 S 0 . . dollars. Finnish markkaa 4.5 4.5 4.5 4.5 In addition, other sales have included the following: to the Nether- French francs 125.0 125.0 125.0 125.0 lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian Indian rupees 100.0 100.0 100.0 100.0 francs (May 1948); to Norway, 200.0 million Belgian francs (June and Iranian rials 8.8 8.8 8.8 July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and Japanese yen 62.4 62.4 50.4 October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million Netherlands guilders 48.1 Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling Turkish liras 30.0 30.0 30.0 10.0 (September 1953), 13.0 million pounds sterling (November 1953) Pounds sterling 300.0 300.0 300.0 300.0 and 26.3 million pounds sterling (December 1953). Repurchases Yugoslav dinars 9.0 9.0 9.0 9.0 amounted to 344.6 million dollars. Currencies the net transactions in Allother -1.6 -1.6 -1.6 -1.6 which amount to less than one million are reported under "All other." 3Excludes uncalled portions of capital subscriptions, amounting to Total. 776.9 776.9 776.8 715.0 7,231 million dollars as of December 31, 1953, of which 2,540 million represents the subscription of the United States. CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss th et e s r 2 N c a o o n t i d e n s a v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l 8 a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - d l 1944—Dec. 27 .2 L,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 L,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 L.321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Feb. 25 .4 1,500.0 37.3 7.1 389.9 1,464.7 292.6 9.8 44.6 68.8 18.4 Mar. 25 .4 1,550.0 63.3 6.2 359.0 L.488.8 288.3 14.6 32.0 75.0 18.5 Apr. 29 .4 1,550.0 38.2 13.8 354.8 1,514.0 261.8 13.8 39.5 73.9 17.8 May 27 .4 1,550.0 19.8 6.0 384.9 1,532.4 260.3 15.7 45.7 71.0 18.0 June 24 .4 1,600.0 62.2 8.1 346.9 1,540.2 276.7 9.8 44.5 68.2 18.1 July 29 .4 1,625.0 29.0 10.7 369.1 1,598.8 274.8 9.8 38.4 67.5 18.3 Aug. 26 .4 1,575.0 32.2 3.6 367.8 1,545.7 277.5 8.8 31.6 67.3 18.4 Sept. 30 .4 1,575.0 45.2 5.2 356.6 1,532.7 287.3 10.7 19.9 70.6 18.6 Oct. 28 .4 L,575.0 45.5 12.9 343.2 1,532.4 287.3 9.9 17.6 68.9 17.8 Nov. 25 .4 1,575.0 27.9 7.6 362.9 1,549.9 288.8 10.4 11.5 69.9 17.9 Dec. 30 .4 1,675.0 57.8 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954—Jan. 27 .4 ,575.0 42.6 15.4 330.2 1,535.2 278.6 10.7 12.5 68.1 18.3 *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3Notes issued less amounts held in banking department. 4Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27. For details on previous changes, see BULLE- TIN for February 1954, p. 222. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re ad s i i a n n m do il l l l i a o r n s s ) of Gold* an S d S t e t U a rl t i n e n i s g t ed | securities O as t s h e e ts r circ N u o la t t e ion1 lia O b a t i n h li d e ti r es dollars S te h r o m rt 2 - Other Ch b a a r n te k r s ed D g o m o m v e e i n n rn t io - n Other capital* 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29 8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1.049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Feb. 28. 72.0 ,411.9 817.5 88.8 ,472.8 668.0 88.6 51.4 109.3 Mar. 31. 65.5 ,371.0 810.9 79.4 ,493.4 601.1 60.6 66.5 105.1 Apr. 30. 68.0 ,436.6 796.0 86.5 ,504.8 646.7 48.3 76.8 110 6 May 30 . 59.3 ,364.8 821.4 99.9 ,517.9 594.9 45.6 72.1 114 8 June 30. 66.4 ,405.5 852.0 100.2 ,529.0 647.6 47.9 82.6 116.9 July 31. 74.9 ,451.6 838.5 87.5 ,547.2 646.6 43.8 68.7 146.3 Aug. 31. 67.4 ,414.0 830.9 83.0 ,549.7 617.8 66.4 35.2 126.4 Sept. 30. 69.0 ,385.7 824.9 81.0 ,552.5 616.9 15.4 37.8 138.0 Oct. 31. 70.5 1,469.9 812.1 118.6 ,555.9 733.6 3.8 37.2 140.8 Nov. 30. 61.2 1,378.6 894.9 89.7 ,559.3 625.6 50.3 43.4 145.7 Dec. 31. 54.9 1,376.6 893.7 112.0 .,599.1 623.9 51.5 29.5 133.1 1954—Jan. 30. 61 .6 1,328.3 880.6 103.1 .,519.2 634.4 48.8 29.5 141.6 Assets Liabilities m B il a l n i ( o F k n i g s o u f o r e f F s r f i r a n a n n c c e s) Gold* F c o h e r a x e n i - g g e n Open Domestic bills G A o d v v e a r n n c m es e n to t8 a O ss t e h t e s r 6 ci N r ti c o o u t n l e a- Govern- Deposits7 O li i a a t t i n b h e d i e s l r market8 Special Other Current Other ment ECA Other capital 1941—Dec. 31...84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31...84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 •21,318 1943—Dec. 30.. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 "15,596 1944—Dec. 28.. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27...129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26...94,817 7 37,618 3,135 76,254 67!900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31...65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30.. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 .987,621 806 171 783 16,206 1949—Dec. 29...62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28...182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27...191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Dec. 31...200,187 31.068 274,003 57,042 937,459 172,000 479,982 159,727 ,123,514 27 897 137,727 49,305 1953—Feb. 26... 200,187 16,502 263,286 48,658 929,291 185,300 504,982 121,445 :, 067,257 55 3,479 146,509 52,350 Mar. 26... 200,187 16,734 252,386 41,544 911,458 199,400 504,982 122,995 21,051,991 10 498 128,788 68,399 Apr. 30... 200,187 14,700 281,119 32,627 923,968 199,400 546,482 153,101 !,127,140 60 312 165,572 58,500 May 28.. 200,187 14,896 291,555 28,494 926,296 199,600 534,982 129,412 1,065,483 64 18,525 182,849 58,501 June 25... 200,187 15,088 281,415 20,630 926,024 199,700 554,982 118,309 21,054,347 46 16,838 182,828 62,276 July 30.., 200,187 2,275 262,811 15,341 960,622 200,000 650,482 139,754 :, 163,216 70 18,883 193,516 55,788 Aug. 27... 201,282 2,870 276.048 4,877 953,856 200,000 668,349 144,154 1,176,277 41 397 188,594 86,126 Sept. 24.. 201,282 4,803 260,777 23,441 905,862 200,000 617,049 133,385 1,141,807 73 394 139,313 65,011 Oct. 29.. 201,282 9,319 272,559 49,968 877,283 200,000 632,149 152,085 21,193,383 96 479 139,662 61,023 Nov. 26.. 201,282 12,444 255,680 59,533 836.117 200,000 654,949 150,222 1,168,977 78 458 131,490 69,224 Dec. 31... 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,964 ,310,452 21 2,061 142,823 56,292 1954—Jan. 28... 201,282 18,596 262,211 56,988 895,508 195,000 657,549 9162,772 2,253,485 72 628 133,398 62,323 !On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 2Securities maturing in two years or less. 3Includes notes held by the chartered banks, which constitute an important part of their reserves. 4 Beginning November 1944, includes a certain amount of sterling and United States dollars. *For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. «For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. ^Includes advance to Stabilization Fund, amounting to 27.8 billion francs on Jan. 28. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. MARCH 1954 325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued 1954 1953 1954 1953 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 1,117 Loans and discounts 282,987 331,972323,749 365,286 Other gold and foreign exchange. 1,461 1,459 138 Government loans and securities. 249,987 251,602 238,663 174,759 Government securities 3,907 3,665 2,123 Other assets 94,924 92,923 90,321 '101,559 Rediscounts and loans to banks.. 57,845 55,978 48,913 Note circulation 608,057 688,088 580,018 538,879 Other assets 199 290 201 Deposits 315,674 294,428 337,976 344,151 Currency circulation 26,496 24,344 21,009 Other liabilities and capital 97,666 89,022 97,847 '•82,133 Deposits—Nationalized 34,304 34,218 27,547 Central Bank of Costa Rica Other sight obligations 456 451 774 (thousands of colones): Other liabilities and capital 3,780 4,002 3,162 Gold 11,503 11,503 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 89,241 87,377 86,111 87,009 tralia (thousands of pounds): Net claim on Int'l. Fund4 7,032 7,032 7,032 7,031 Gold and foreign exchange 520,530 492,055 381,576 Loans and discounts 103,233 109,469 100,527 84,051 Checks and bills of other banks.. 5,732 5,928 6,275 Securities 7,125 Securities (incl. Government and Other assets 23,352 22,337 25,394 23,360 Treasury bills) 445,329 413,808 411,530 Note circulation 141,729 150,602 135,968 132,547 Other assets 21,187 29,090 61,637 Demand deposits 64,225 58,839 65,308 67,086 Note circulation 363,6613 335,113 321,168 Other liabilities and capital 28,407 28,277 29,299 20,454 Deposits of Trading Banks: National Bank of Cuba Special 283,765 251,,530 187,595 (thousands of pesos): Ot O he t r h e l r iabilities and capital 2 5 8 9 5 , , 8 5 5 4 5 5 3 3 2 3 0 , , 8 3 4 8 9 8 29 5 5 6 , , 5 7 4 1 1 5 F G o o r l e d ign exchange (net) 1 2 8 5 5 , , 4 74 6 8 8 1 2 8 9 5 , , 5 7 1 4 6 8 1 5 8 1 5 , , 0 7 2 4 5 8 21 5 3 8 , , 7 2 4 7 8 6 Austrian National Bank (millions Foreign exchange (Stabilization Na o t f i O N F D G L C o s o n c o l t o o e a h h r a p l a t i e d e e i n m l o l i r s l g s c B i i n a n i a a t r a s g s g n c e s n — s a d u e x ) k i l t : c n O B d s B a h s o t i a l t a t i s o h f o n n c c G e n k o g B k r s e u o e e n v d l t e g s r i n u m m ent 1 5 7 1 1 1 0 , , , , , , 9 6 8 3 8 2 9 1 0 7 5 2 4 5 9 3 5 5 0 8 9 9 8 4 5 7 1 6 5 2 1 1 0 , , , , , , 4 8 9 0 8 4 8 1 9 5 4 5 0 7 1 2 0 6 8 7 6 4 4 9 6 1 9 6 5 1 1 1 , , , , , , 8 3 7 8 9 8 4 1 9 8 7 4 3 4 5 0 2 3 3 5 3 1 2 3 2 4 2 6 2 8 1 , , , , , 3 3 2 4 2 7 6 1 2 8 5 0 4 7 3 8 0 5 9 1 5 5 0 7 9 9Nati S O O N C N D L o i n o r t t e o e l F h h e v a t a p t d e e e u e n l o c r r r i s n s B l t c s a d i a l a i t i i a ) r s s a m n t c s n o b d u e k i t l o l G s d a i o n t t i o i f i s e o v I c s C n n e o t r a z u ' n l e n n . m c d ts F h e c u o n a t s n p l d i o t 4 a v l akia 6 4 2 2 0 0 6 3 6 2 1 1 1 3 0 9 1 8 5 2 7 , , , , , , , , , 5 5 5 2 1 2 4 5 6 7 2 1 4 7 0 3 1 1 2 9 3 3 5 9 8 2 6 4 2 1 1 5 2 2 8 7 1 1 6 1 8 8 2 0 7 2 4 448 2 2 4 2 2 3 5 7 1 1 0 5 1 8 4 1 6 8 2 2 , , , , , , , , , 1 3 9 5 2 5 0 2 4 9 7 0 4 1 9 1 7 7 7 5 9 7 2 0 0 5 4 4 1 1 1 3 4 4 5 3 7 1 1 1 3 6 3 0 5 0 2 1 , , , , , , , , , 8 4 8 4 5 3 9 2 2 7 9 1 6 8 7 8 1 4 1 9 1 6 9 5 0 8 8 (millions of francs): National Bank of Denmark G F L o o o r a l e d n i s g n a n c d la i d m is s c a o n u d n t b s alances (net) 3 1 6 8 3 , , , 1 9 9 6 6 1 9 2 0 3 1 6 8 3 , , , 1 7 9 4 8 8 7 7 6 3 1 8 6 3 , , , 8 2 0 1 9 9 2 0 6 3 1 5 6 6 , , , 4 2 8 7 4 2 2 8 3 (m F G il o o li r l o e d n ig s n o f e x k c r h o a n n e g r e ): 89 6 1 9 93 6 7 9 94 6 5 9 7 6 8 9 0 Cent C O N G O D r o a t o o t e h h n l p v t e e e s o e r r o B r s c l n i l a i i a t i m r s d s a n c s — a b k e u e t i n t e l l D E s a i t d t o t C i e i s f e o G m A e s n c o a B a u v n n r o d e i d l t r i i n v e c m s i a a p e — i n t t a M l d . o e . n b . e t - 3 9 6 4 3 4 9 1 , , , , , , 6 9 0 7 6 0 1 5 6 3 6 6 8 9 2 9 5 3 0 0 8 1 3 0 4 4 8 4 1 0 , , , , , , 8 0 4 6 6 9 1 8 7 9 9 6 7 9 8 3 5 9 0 6 3 3 9 4 8 4 4 6 1 , , , , , , 1 6 5 5 1 5 1 0 6 6 6 5 4 9 3 0 6 2 7 4 2 3 96 4 3 6 3 2 1 , , , , , , , 3 7 3 7 1 8 3 0 2 8 1 2 0 1 1 3 6 1 9 6 9 O S O D L N G e o t t e o o c h h a p t v u e e e n o t r r r . s s i c t i l c a i a i t i r e o s s a n c s s — m b d u e i l t p l O G d s a i e t t i i t o n i s e h o v c s s e n a o e r t a r u i n n o n m n d ts e c a n a c t p c i o ta u l nt. . . . 3 1 1 1 , , , , 2 4 4 2 9 3 1 1 5 8 2 9 3 2 6 4 2 5 1 1 5 6 6 3 3 2 1 1 , , , , 2 4 2 1 3 4 1 1 8 1 4 1 1 7 9 8 2 2 5 9 9 7 8 4 3 1 1 1 , , , , 2 2 4 5 3 9 1 1 5 0 7 2 9 3 9 3 7 6 1 2 2 6 8 3 3 1 1 1 , , , , 3 4 5 8 3 1 1 4 4 2 6 9 8 4 7 3 8 6 7 2 8 3 4 tary dept. (millions of bolivianos): (Oct.)* Central Bank of the Dominican Gold at home and abroad1 4,418 1,396 Republic (thousands of pesos): Foreign exchange (net) 27,910 2,855 12,076 12,076 12,076 12,076 L G o o a v n e s r n a m nd e n d t is s c e o c u u n ri t t s ies 3 2 , , 5 5 7 0 3 5 2 1 , , 1 8 9 5 6 3 F N o e r t e i c g la n i m ex o ch n a I n n g t e ' l. ( n F e u t n ) d4 17 1 , , 7 2 9 5 0 0 16 1 , , 1 2 6 5 2 0 14 1 , , 2 2 5 5 1 0 1 1 8, , 8 2 7 5 4 0 Other assets 576 596 Loans and discounts 2,175 1,647 1,896 1,217 Note circulation 10,874 6.584 Government securities 9,420 9,750 9,950 7,154 Deposits 1,533 1,523 Other assets 3,724 3,841 4,723 '2,636 Other liabilities and capital* .... 6,576 789 Note circulation 35,182 37,060 33,646 33,955 Central Bank of Ceylon (thousands Demand deposits 9,350 5,562 8,427 7,423 of rupees): Other liabilities and capital 1,903 2,104 2,073 rl,829 Foreign exchange 284,401 074259,680 405,352 Central Bank of Ecuador Advances to Government 12,300 100 81,400 89,000 (thousands of sucres): Government securities 150,134 349121,543 80,745 Gold 342,287 341 925341,536 338,818 Other assets 4,401 797 9,942 3,349 Foreign exchange (net) 95,479 125 019138,082 230,231 Currency in circulation 347,340 367091363,752 385,598 Net claim on Int'l. Fund4 18,757 18 757 18,757 18,757 Deposits—Government 581 771 974 7,013 Credits—Government 324,557 290 989310,722 224,333 Banks 60,552 759 61,986 147,997 Other 196,193 230 906241,862 153,079 Other liabilities and capital 42,763 699 45,853 37,838 Other assets 168,714 170 609 188,595 155,425 Central Bank of Chile (millions Note circulation 570,419 601 041597,948 544,911 of pesos): Demand deposits—Private banks 204,747 209 138176,815 189,847 Golds 5,649 5,647 5,639 1,247 Other 169,755 155 561 171,040 180,013 Foreign exchange (net) 533 557 648 84 Other liabilities and capital 201,067 212 463 293,752 205,873 Net claim on Int'l. Fund4 277 National Bank of Egypt (thou- Discounts for member banks.... 2,842 Y,36i '2,763 2,136 sands of pounds): Loans to Government 7,860 7,995 5,435 4,059 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 7,361 8,091 6,691 7,447 Foreign exchange 18,302 18,283 18,425 20,817 Other assets 2,575 2,559 2,711 2,827 Foreign and Egyptian Note circulation 18,525 18,879 15,876 12,219 Government securities 262,472 272,440 281,172 299,012 Deposits—Bank 3,906 3,461 3,308 2,409 Loans and discounts 14,900 16,408 18,136 19,092 Other 587 1,182 622 542 Advances to Government 3,361 Other liabilities and capital 3,804 3,689 4,081 2,906 Other assets 1,815 3,159 4,118 5,803 Bank of the Republic of Colombia Note circulation 180,833 184,382 186,323 200,574 (thousands of pesos): Deposits—Government 66,080 67,875 78,506 80,510 Gold and foreign exchange 369,123 370,666 338,733 299,185 Other 102,131 105,645 105,885 107,562 Net claim on Int'l. Fund4 24,376 24,376 24,376 24,373 Other liabilities and capital 8,999 12,941 11,690 19,993 •Latest month available. 'Revised. *On May 14, 1953, gold reserve revalued from 0.0148112 to 0.00467722 grams of fine gold per boliviano. 2 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 3On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso. 4This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. *For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued Central Bank 1954 1953 Central Bank 1954 1953 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Other assets 284 287 278 344 Gold 79 ,593 77 ,673 72,745 73,404 Note circulation 5 030 4 920 4 853 4 182 Foreign exchange (net) 53,216 28,672 31,635 56,589 Deposits—ECA 495 495 495 496 Net claim on Int'l. Fund1 1,567 1,567 1,566 1,566 Other 1,429 1,383 1,357 1,429 Loans and discounts 18,755 29,026 22,734 19,434 Other liabilities and capital 480 509 548 ,015 Government debt and securities.. 14,149 13,221 8,528 6,409 Central Bank of Ireland (thousands Other assets 9,894 467 3,019 1,747 of pounds): Note circulation 101,010 95,490 85,847 96,691 Gold 2,646 2 ,646 2,646 2,646 Deposits 53,457 43,645 45,965 54,659 Sterling funds 63,989 68,181 66,205 60,237 Other liabilities and capital 8,708 8,485 8,415 7,800 Note circulation 66,635 70,827 68,851 62,883 Bank of Finland (millions of mark- Bank of Italy (billions of lire): kaa): Gold 4 4 4 4 Gold 5 867 5 867 5,862 5,863 Foreign exchange 65 63 61 45 Foreign assets (net) 17 430 11 536 11,667 11 ,313 Advances to Treasury 567 567 567 574 Clearings (net) 8,840 9 597 8,925 1,679 Loans and discounts 327 376 319 299 Loans and discounts 857 43 180 39,576 39,965 Government securities 288 283 261 249 Securities 9,231 9,241 2,261 1,139 Other assets 740 760 730 738 Other assets 1 994 1 903 2,020 2,009 Note circulation 1,376 1,449 1 317 1 299 Note circulation 47 7 30 019 45,590 41,104 Deposits—Government 14 7 23 65 Deposits Q,973 11 770 6,391 4,145 Demand 57 72 53 57 Other liabilities and capital 16,011 17,569 18,332 16,719 Other 433 390 427 390 Bank of German States2 Other liabilities and capital 111 135 123 98 (millions of German marks): Bank of Japan (millions of yen): Gold 1 368 1,273 695 Bullion 448 448 448 448 Foreign exchange 6 964 6,547 4,280 Advances to Government 11,513 11,513 11 513 37 931 Loans and discounts 3,226 2,129 2,920 Loans and discounts 439,190391 107410 776 329 845 Loans to Government 5 887 6,153 7,026 Government securities 261,886314,380234,816 233 240 Other assets 825 889 948 Other assets 95 993114 392 95 236 107 274 Note circulation 11 547 11,403 10,342 Note circulation 566,168629,892 547 2 53 519 765 Deposits—Government 1,290 1,214 1,580 Deposits—Government 103 353 59,869 75,906 80,475 Banks 3 311 2,424 1,972 Other 78,356 88,168 79 783 63 026 Other 241 259 249 Other liabilities 61 154 53 911 49 846 45 472 Other liabilities and capital 1 881 1,691 1,726 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve ^ 1,262 1,290 1,165 1,213 mae): "Authorized" holdings of secu- Gold and foreign exchange (net)3 4,898 1,739 rities, etc 2,988 3,163 2,820 3,361 Loans and discounts 221 137 Bills and discounts 600 704 644 462 Advances—Government 8,441 9,025 Other assets ." . 736 534 532 328 Other 3,558 3,428 Note circulation 3,491 3.603 3,299 3 332 Other assets 2,152 1,507 Demand liabilities 1 ,556 1,557 1 ,360 1,521 Note circulation 3,173 2,366 Other liabilities and capital. . 539 531 502 511 Deposits—Government 1,280 819Netherlands Bank (millions of Reconstruction and guilders): relief accts 6 857 7 403 Gold 2 982 2 792 2 775 2 149 Other 2,741 1,957 Silver (including subsidiary coin). 15 16 16 14 Other liabilities and capital 5,219 3,292 Foreign assets (net) 1,407 1,509 1 ,496 1,416 Bank of Guatemala (thousands of Loans and discounts 31 35 40 33 quetzales): Govt. debt and securities 1,217 1,217 1,217 1,451 Gold 97 998 27,228 27,228 Other assets 409 428 437 595 Foreign exchange (net) 12,633 9,086 18,410 Note circulation—Old . . 30 31 31 38 Gold contribution to Int'l Fund 1 1,250 1,250 New 3,177 3,330 3,253 2 966 Rediscounts and advances 19,125 17,436 8,415 Deposits—Government 875 736 681 930 Other assets 78 508 26,422 21,897 ECA 1,002 1,002 999 1,155 Circulation—Notes 51 876 48,056 43,956 Other 740 679 802 341 Coin 3 630 3,622 3,505 Other liabilities and capital 236 220 215 227 Deposits—Government 411 2,083 3,056 Reserve Bank of New Zealand Banks 13,371 12,161 11,637 (thousands of pounds): Other liabilities and canital 17 506 15 499 15 047 Gold 6,054 6,052 6,028 6 015 National Bank of Hungary* Foreign exchange reserve 61,819 60,826 61,971 39,239 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 6,019 rupees): Advances to State or State un- Issue department: dertakings .... 55,607 54,071 55,168 58,377 400 400 400 Investments 57 083 57 081 52 049 58 132 Foreign securities r 782 5 682 5 582 Other assets 1,467 1,700 1 488 1 440 Tndian Govt securities 214 4 214 4 501 Note circulation 69 984 76 612 65 800 63 626 Rupee coin 963 975 838 Demand deposits 109,305 100,462 108,249 97 772 Note circulation 11 7SS 10,969 11,064 Other liabilities and capital 8,760 8,675 8,674 7 877 Banking department: Bank of Norway (millions of kroner): Notes of issue department 104 302 257 Gold 281 279 Balances abroad 1,445 1,416 1,600 Foreign assets (net) 39 331 114 50 116 Clearing accounts (net) -32 40 Loans to Government 18 14 34 Loans and discounts 71 50 Other assets 944 995 1,200 Securities 38 44 Deposits 2,320 2,492 2,848 Occupation account (net) 5,546 5,546 Other liabilities and caoital 305 285 358 Other assets 63 48 Bank Indonesia5(millions of rupiah): Note circulation 2,938 2,740 Gold5 1 S53 1 651 1,701 826 Deposits—Government 1,788 2 020 Foreign excha.ni?e (net) -399 -336 -306 21 Banks 641 784 4.4.7 4-3.3 544 739 FOA—MSA 182 299 Advances to Government 5,550 5,272 5,035 5,193 Other liabilities and capital 456 496 xThis 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. 3The official exchange rate was adjusted from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953. 4For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 8 As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent Issue and Banking Departments combined. •Gold revalued in May 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold. 7Indudes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 327 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CENTRAL BANKS—Continued Central Bank 1954 1953 Central Bank 1954 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,657 34,926 31,555 31,720 Issue department: Note circulation ,441 38,758 37,069 37,140 Gold at home and abroad.. . 81 81 81 81 Deposits—Government ,710 2,1 3,880 2,254 Sterling securities 475 425 425 416 Other ,394 4,113 3,522 4,546 Pakistan Goyt. securities. . . 1,276 1,247 1,187 1,146 Other liabilities and capital ,760 31,462 27,835 29,069 Govt. of India securities.... 146 126 126 126Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 481 482 482 429 Rupee coin 60 62 65 66 Foreign assets (net) ,511 1,49: 1.416 1,313 Notes in circulation 2,274 2,198 2,097 2,038 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 65 42 86 98 vances to National Debt Office8 ,284 2,786 2,326 2,666 Bills discounted 5 40 Other domestic bills and advances 291 357 325 301 Loans to Government 30 30 Other assets 879 906 854 '833 Other assets 369 422 457 518 Note circulation ,610 4,835 4,511 4,350 Deposits 362 371 506 505 Demand deposits—Government.. 177 363 205 525 Other liabilities and capital.. 108 102 106 112 Other 105 182 82 192 Central Bank of Paraguay1 Other liabilities and capital 683 771 734 '605 (thousands of guaranies): Swiss National Bank (millions of Gold 1 ,138 1,138 francs): Foreign exchange (net) 43,465 66,765 Gold ,084 6,086 6,092 5,907 Net claim on Int'l. Fund2 11 11 Foreign exchange 524 522 504 469 Loans and discounts 268,661 90,176 Loans and discounts 216 272 207 224 Government loans and securities. 400,293 316,535 Other assets 64 99 73 67 Other assets 581,894 '165,516 Note circulation ,904 5,228 4,993 4,784 Note and coin issue 495,008 366,296 Other sight liabilities ,783 1,541 1,676 1,686 Deposits—Government 148,704 58,997 Other liabilities and capital 202 210 207 197 Other 230,143 123,123Central Bank of the Republic of Other liabilities and capital 421,608 '91,727 Turkey (millions of pounds): Central Reserve Bank of Peru Gold 402 402 402 402 (millions of soles): Foreign exchange and foreign Gold and foreign exchange 451 434 563 clearings 207 197 202 151 Net claim on Int'l. Fund2 67 67 67 Loans and discounts ,033 2,042 2,047 1,760 Loans and discounts to banks. . . 619 523 314 Securities 25 25 26 26 Loans to Government 1,003 1,006 912 Other assets 116 150 159 136 Other assets 119 128 '170 Note circulation ,414 1,414 1,439 1 ,240 Note circulation 1,602 1,557 1,353 Deposits—Gold 154 153 153 172 Deposits 426 380 421 Other 812 846 853 801 Other liabilities and capital 231 221 253 Other liabilities and capital 403 402 389 262 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (Sept.)1 Gold 18,813 18.813 18,813 18,552 Gold 336,572 313,786 Foreign exchange 432,320 441,718 430,198 432,807 Silver , 9,278 9,273 Net claim on Int'l. Fund2 29,504 29 504 29,504 29,504 Advances to State and Govern- Loans 33,324 27,334 16,767 54,140 ment bodies 116,340 132,328 Domestic securities 233,127230,518 227,696 235,233 Other loans and discounts 342,367 350,236 Other assets 154,899151. 161,233 148,279 Other assets 616,920 '513,702 Circulation—Notes 605,205 619 586,080 561,631 Note circulation 399,119 390,148 Coin 84,498 84,931 89,434 Deposits—Government 130,378 100,675 Demand deposits 163,998 169,896 219,305 Other 370,518 339,560 Other liabilities and capital 48,285 43,304 '48,145 Other liabilities and capital 521,462 '488,943 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 5,030 4,906 4,553 Gold 141 1,141 1 ,141 1,141 Foreign exchange (net) 12,579 12,304 11,583 Foreign exchange (net) 279 322 2 76 132 Loans and discounts 751 704 928 Other assets 106 109 129 92 Advances to Government 1,422 1,432 1,425 Note circulation 012 1,041 933 976 Other assets 816 756 499 Deposits 282 261 257 274 Note circulation 9,788 9,260 9,106 Other liabilities and capital 231 269 357 115 Demand deposits—Government.. 1,334 1,558 1,690Bank for International Settle- ECA 6 6 9 ments (thousands of Swiss gold Other 7,304 7,137 6,163 francs): Other liabilities and capital 2,166 2,140 2,020 Gold in bars 595 019592,158583,070 657,029 South African Reserve Bank Cash on hand and with banks. . 51 229 44,558 62,374 62,167 (thousands of pounds): Sight funds at interest , 1 232 1,374 1,310 7,480 Gold 62,445 61,924 58,437 Rediscountable bills and accept- Foreign bills 36,211 27,896 62,888 ances (at cost) 338 051316,1 94,938 267,015 Other bills and loans 28,331 32,849 14,804 Time funds at interest 108 855107,791 88,521 78,467 Other assets 46,117 43,644 37.998 Sundry bills and investments.... 274 950276,779 290,,82 7 290,229 Note circulation 99,539 96,679 87,498 Funds invested in Germany 297 201297,201297,201 297,201 Deposits 54,652 49,412 66,639 Other assets 1 786 2,594 2,072 1,386 Other liabilities and capital 18,911 20,221 19,991 Demand deposits (gold) 435 480 431,,77115 448,968 501,011 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 596 596 563 Central banks—Own account.. 673 687652,065603,508 612,112 Silver 336 336 336 369 Other 50 000 46,378 59,864 45,506 Government loans and securities 15,534 15,096 16,157 15,576 Long-term deposits: Special 228 909228,909 28,909 228,909 Other loans and discounts 24,181 26,185 23,663 24,762 Other liabilities and capital 280 245279,515279,064 273,436 * Latest month available. r Revised. iThe new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 8 Includes small amount of non-Government bonds. 328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n t o r f a — l R J 3 a a 1 n te . eff D ec a t t i e ve ba C n e k n t o r f a — l R J 3 a a 1 n te . eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland Mar. 25, 1952 1948 2 3 15 3* 2H IK Austria 4 Sept. 24, 1953 Italy Apr. 6, 1950 May 27 1949 14^ Belgium 2% Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 July 14 14 Bolivia 6 Sept. 30, 1950 Mexico 434 June 4, 1942 Oct 6 3H June 8, 1950 2H Sept 11 3% Sept. 26 3 Canada 2 Oct. 17, 1950 Netherlands . Apr. 7, 1953 Oct. 27 16 Ceylon 3 July 23, 1953 New Zealand. July 26, 1941 Dec 1 3 Chile June 13, 1935 Norway Jan. 9, 1946 Apr. 17, 1951 4 Colombia July 18, 1933 Pakistan.... 3 2 July 1, 1948 July 5 31/ Costa Rica 4 Feb. 1, 1950 Sept. 13 ... •31/ Oct 11 3 Nov. 8 Nov. 9 4 Denmark Sept. 23, 1953 Peru 6 Nov. 13, 1947 Jan. 22 1952 Ecuador 10 2 May 13, 1948 Portugal.... Jan. 12, 1944 Mar. 12 4 Egypt 3 Nov. 15, 1952 South Africa. 4 2 Mar. 27, 1952 May 29 15 El Salvador. . . 3 Mar. 22, 1950 Spain 4 Mar. 18, 1949 Aug. 1 3 Finland 5% Dec. 16, 1951 Sweden 2% Nov. 20, 1953 Aug 21 14.1/ Dec. 18 3 Jan. 8 1953 14 Apr. 7 2Y2 France 3Y2 Sept. 17, 1953 Switzerland.. Nov. 26, 1936 June 11 i3V^ Germany June 11, 1953 Turkey 3 Feb. 26, 1951 O Se c p t. t . 2 1 9 7 3Y2 3y 2 2% G In r d e i e a ce 10 J N a o n v . . 1 1 5, , 1 1 9 9 5 5 4 1 Un d i o te m d King- Sept. 17, 1953 Nov. 20 Indonesia 3 Apr. 1, 1946 USSR 4 2 July 1, 1936 In effect Jan. 31, 1954 2% 2^ 2^ \y 2 1 Rates established for the Land Central banks. NOTE.—Changes since Jan. 31: France—Feb. 4 from 3% to 3M per cent. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1944—December .37 1.03 1.00 1.02 .50 1.53 3-5^ .25 1945—December .36 .53 .50 .63 .50 1.33 23^-5 .25 1946—December .40 .53 .50 .63 .50 1.19 1.21 .78 2^-43^ .25 1947—December .41 .53 .51 .63 .50 2.04 1.13 .53 2^-4^ .38 1948—December .41 .56 .52 .63 .50 2.00 1.25 .96 2^-4^ .63 1949—December .51 .69 .52 .63 .50 ?2 .55 1.32 1.03 2K-4^ .50 1950—December .63 .69 .51 .63 .50 2.41 1.40 1.09 3-5 .50 1951—December .89 1.50 .98 1.00 .75 3.50 1.21 1.00 3-5 .50 1952—December 1.35 3.00 2.41 2.25 2.00 3.93 .92 .58 3-5 L .50 1953—January 1.35 3.00 2.39 2.25 2.00 3.97 .83 .54 3-5 L.50 February 1.47 3.00 2.42 2.25 2.00 4.10 .81 .50 3-5 L.50 March 1.50 3.00 2.40 2.25 2.00 3.93 .90 .51 3-5 L.50 April 1.53 3.00 2.41 2.25 2.00 4.05 .93 .71 3-5 L.50 May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 3-5 L.50 June 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 3-5 L.50 July 1.76 3.00 2.35 2.25 2.00 4.13 .50 .50 3-5 L.50 August 1.80 3.00 2.36 2.25 2.00 4.18 .50 .50 3-5 L.50 September. . . . 1.91 2.67 2.27 2.09 1.88 4.34 .43 .50 3-5 L.50 October 1.93 2.19 2.11 1.94 1.75 3.91 .38 .50 3-5 L.50 November.... 1 .90 2.19 2.10 1.94 1.75 4.00 .28 .50 3-5 .50 December 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 .50 P Preliminary. 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. MARCH 1954 329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b 1 m a 1 i n ll L k io s o s . n n t e s d r o F l o i n f n ig g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o e i a c r y n t e d at B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i s r t y * Securities Loans to Other Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 ,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 ,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1.965 ,950 867 6,333 4,290 2.042 651 1952—December. 549 529 ,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—February.. 491 456 ,046 2,130 ,783 649 6,029 3,836 2,192 525 March.... 497 472 ,024 2,122 ,811 641 6,053 3,873 2,179 515 April 498 454 ,010 2,119 ,825 664 6,060 3,860 200 511 May 498 464 ,080 2,123 ,784 654 6,083 3,896 2,187 520 June 514 469 ,209 2,136 ,778 673 6,299 4,040 2,259 481 July 510 460 ,244 2,140 ,742 633 6,247 3,990 2,257 483 August. . . 511 456 ,331 2,140 ,688 595 6,240 3,971 2,269 480 September 515 476 ,376 2,137 ,675 623 6,320 4,004 2,316 482 October... 518 476 ,340 2,238 ,666 607 6,373 4,041 2,332 472 November 520 469 ,354 2,245 ,687 626 6,419 4,080 2,339 483 December. 542 501 ,417 2,275 ,725 729 6,694 4,327 2,368 495 1954—January.. 526 483 1,330 2,277 1,706 633 6,457 4,124 2,333 499 Assets Liabilities Canada3 (11 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s End of month figures abroad Other Ca i n n a m di i a l n li o d n o s l o la f rs) re C se a r s v h es Se lo cu an ri s ty d lo i O s a c n t o s h u e a n r n t d s d a f u b n o e a d r e n f i r k g n o s n e m t Securities a O s t s h e e ts r Notes < Total Demand Time li c a a b a p i n l i d i t t a ie l s 1948—December. 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 1,304 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—December. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—January.. . 835 135 3,293 308 3,981 ,321 8,188 3,244 4,945 ,684 February.. 877 141 3,301 330 4,042 ,342 8,310 3,301 5,008 ,724 March 851 140 3,394 322 4,082 ,394 8,458 3,391 5,067 ,724 April 897 152 3,508 345 4,135 ,380 8,642 3,535 5,107 ,774 May 822 138 3,526 331 4,024 ,402 8,486 3,386 5,100 ,755 June 903 123 3,576 331 3,956 ,509 8,634 3,508 5,126 ,764 July 877 125 3,649 328 3,872 ,359 8,496 3,344 ,152 ,713 August 883 135 3,732 353 3,886 ,329 8,651 3,445 5,206 ,667 September. 897 110 3,772 330 3,918 ,372 8,692 3,466 5,226 ,706 October 962 144 3,838 342 3,789 ,432 8,744 3,596 5,148 ,763 November.. 899 152 3,977 390 3,789 ,512 8,918 3,851 5,068 1,801 December.. 906 154 3,897 424 3,831 ,510 8,881 3,847 5,034 1,841 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n t s b h a o n f f i k g f s u r . a r e n s c E s i ) n n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t n i h l i d i t e t a i r l es 1947—December. 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December. 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December. 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December. 60,215 72.559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—December. 51,155 68,243 636,624 170,298 29,734 902,547 870,504 32,043 24,957 28,551 1953—January.. 47,150 69,200 642,991 174,912 33,586 907,691 873,232 34,459 27,216 32,932 February.. 46,436 68,971 638,377 174,329 34,793 900,626 864,734 35,892 27,960 34,321 March..., 46,064 75,743 630,601 175,934 37,896 900,928 864,528 36,400 27,291 38,019 April 48,314 83,702 634,643 174,379 41,925 910,867 873,209 37,658 29,219 42,878 May 48,079 84,973 690,729 166,926 44,885 962,225 924,151 38,074 29,618 43,750 June 47,394 85,411 643,804 184,584 46,676 930,986 892,185 38,801 28,728 48,155 July 47,903 85,806 661,082 189,591 49,269 952,454 913,188 39,265 27,446 53,751 August 50,451 89,197 651,314 198,784 49,226 956,528 917,027 39,501 25,209 57,234 September 47,177 81,649 644,000 199,498 50,250 939,282 900,010 39,272 22,928 60,364 October... 46,003 74,964 694,021 185,109 54,393 965,798 924,602 41,196 24,355 64,338 November. 47,103 78,797 696,942 189,753 60,636 978,019 935,267 42,752 28,142 67,070 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 Y% per cent after October 1945. 3Beginning December 1953, when a new bank was added, figures are for 11 banks. 4In 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. 330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada Year or month P (p re e f s e o r ) - ( t p A r o u a u s l n - ia d) ( A sc u h s il t l r in ia g) B ( e fr l a g n i c u ) m (c B r r u a z z e i i l r ^ o) M B (d r a o s i i l l t a l a i a s y r h - ) (dollar) Basic ential Free Official Free 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 "13*333' "'8*289' 223.15 1.9908 5 44Ofi 32.788 90.909 91 474 1951 .. . 20 000 13 333 7 067 223 07 1.9859 5 ^1406 32 849 94 939 1952 20.000 13.333 7.163 222.63 1.9878 5 ^UO(S 32.601 102.149 1953 20.000 13.333 7.198 224.12 23.8580 2.0009 35.4420 32.595 101.650 1953—March .. 20.000 13.333 7.198 224.35 1.9976 5.4406 32.586 101.666 April 20.000 13.333 7.198 224.43 1.9971 5.4406 32.589 101 655 May 20.000 13.333 7.198 224.25 2.0019 5.4406 32.585 100.559 June 20.000 13.333 7.198 224.19 2.0007 5.4406 32.579 100 546 Tuly 20 000 13 333 7 198 224 32 2 0011 5 4406 32 582 100 782 August . . 20.000 13.333 7.197 224.30 2.0006 5.4455 32.610 101 180 September 20 000 13 333 7 198 223 33 2 0050 5 4466 32 569 101 580 October 20 000 13.333 7.198 223.57 2.0063 35.4466 32.596 101 762 November 20 000 13 333 7 198 223 97 23 8580 2 0062 4.2808 3.5261 32 641 102 266 December 20 000 13 333 7 198 223.93 3.8580 2.0053 4.2808 3.5261 32 635 102 754 1954—Tanuary 20 000 13 333 7 198 224.01 3.8580 2 0023 4.2808 3.5261 32 646 102 781 February 20.000 13.333 7.198 224.13 3.8580 2.0036 4.2808 3.5261 32.656 103.439 France Year or month Ceylon m De a n r - k Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1948 20.857 .4929 .3240 30.169 18.860 37.668 350.48 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 365 07 1950. 20 850 14 494 .2858 23.838 20.870 11.570 26 252 277 28 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 277.19 1952 20 903 14 492 .4354 .2856 23.838 20.922 279.68 11.588 26 315 276 49 1953 21.046 .4354 .2856 21.049 281.27 11.607 26.340 278.48 1953—March 21.061 .4354 .2856 21.061 281.56 11.614 26.321 278.78 April 21.067 .4354 .2856 21.069 281.66 11.608 26.335 278.87 May 21.046 .4354 .2856 21.049 281.43 11.564 26.340 278.65 June 21.041 .4354 .2856 21.044 281.35 11.561 26.334 278.57 July 21.047 .4354 .2855 21.051 281.53 11.589 26.321 278.74 August 21.067 .4354 .2855 21.073 281.50 11.620 26.322 278.71 September 20.990 .4354 .2855 20.995 280.29 11.615 26.338 277.51 October 21.004 .4354 .2856 21.005 280.58 11.624 26.400 277.80 November 21.041 .4354 .2856 21.044 281.09 11.627 26.410 278.30 December 21 037 .4354 .2856 21.039 281.03 11.626 26.410 278.25 1954—January 21 038 .4354 .2856 21.039 281.14 11 619 26 405 278 35 February 21.044 .4354 .2856 21.047 281.29 11.614 26.408 278.50 Year or month N (k o r r o w n a e) y R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th d a ) (k S d r w o e n n e a - ) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur ( u pe g s u o a ) y4 1948 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949. . 18 481 49.723 3 8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1952 .. 14 015 49 675 3 4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1953 14 015 49.676 3.4887 280.21 19.323 23.316 281.27 665.833 656.180 542.553 6 34 217 1953—March 14.015 49.677 3.4842 280.51 19.323 23.317 281.56 65.833 56.180 42.553 35.547 April 14.015 49.677 3.4882 280.61 19.323 23.329 281.66 65.833 56.180 42.553 34 205 May . 14 015 49.677 3.4903 280.38 19.323 23.329 281.43 65.833 56.180 42 553 33 633 June 14.015 49.676 3.4897 280.30 19.323 23.331 281.35 65.833 56.180 42.553 33.270 July 14 015 49.677 3.4896 280.47 19.323 23.333 281.53 65.833 56.180 42 553 32 994 August 14.015 49.676 3.4897 280.45 19.323 23.334 281.50 65.833 56.180 42.553 34.001 September 14.015 49.677 3.4896 279.24 19.323 23.332 280.28 65.833 56.180 42.553 35.228 October 14.015 49.677 3.4896 279.53 19.323 23.310 280.58 65.833 56.180 42.553 34.791 November ... 14.015 49.677 3.4899 280.04 19.323 23.255 281.09 65.833 56.180 42.553 33.567 December 14.015 49.677 3.4900 279.98 19.323 23.289 281.03 565.833 556.180 542.553 »32.573 14 008 49 677 3 4900 280 09 19 333 23 308 281 14 14.008 49.677 3.4900 280.23 19.333 23.315 281.29 xFor figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was 2.3274. 3 Based on quotations beginning Nov. 30, 1953. 3Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these two rates were 4.2808 and 3.5261, respectively. "*Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4; the average for this period was 53.1914. 6Based on quotations through Dec. 4, 1953. e Free rate, based on quotations Feb. 10-Dec. 4, 1953. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409. 331 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U S 1 = 9 t n a 4 1 i 0 t 7 t e e 0 - d 4 s ) 9 ( C 1 = 9 a 3 1 n 5 0 a - 0 d 3 ) a 9 M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n 9 n 1 3 g 0 i 0 t 0 d e ) o d = m F U r 9 1 a 0 4 n 0 9 ) c = e (1 I 9 1 t 3 0 a 8 0 l y ) = ( a 1 J v 9 a e 3 p r 4 a a - g n 3 e 6 N (1 l e a 9 1 t 4 n 0 h 0 8 d e ) s = r- S (1 w 1 9 e 0 3 d 0 5 ) e = n (A Sw u = l g a i . 1 t n z 0 1 d e 0 9 r ) 3 - 9 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1953 221 393 P328 P138 P5,251 134 P298 213 1953—January 110 222 387 328 141 5,264 349 137 303 215 February 110 221 384 324 139 5,243 351 136 302 214 March 110 222 386 328 140 5,264 351 136 301 214 April 109 220 387 333 139 5,234 350 134 300 212 May 110 220 393 331 139 5,250 350 135 299 214 110 222 391 330 139 5,250 352 134 299 213 July 111 221 397 329 137 5,258 353 133 298 213 August 111 222 395 327 137 5,270 355 133 296 212 September . 111 222 398 326 137 r5,246 357 133 295 212 October 110 221 401 326 136 5,237 359 133 295 212 November 110 219 396 328 137 5,236 P360 134 297 212 December 110 219 396 *326 P138 P5,259 134 P296 211 1954—January 111 220 396 P326 P139 P213 v Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month pr F o a d r u m cts Pro fo c o es d s s ed co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p g a c a o w t a r u o n t d r a l u e y s n - d d F f u a c m g l c h l o t a y i o u e n f d a r u l e n s y - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l u u ra s c - w ts p f I i r n n t o r i d d s ia u h u l s c e - t d s 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 »364 122 171 143 1952 107 109 113 249 219 231 284 »352 129 166 135 1953 218 207 229 P308 123 156 132 1953—January 100 106 113 231 209 229 297 »341 128 160 132 February 98 105 113 227 208 229 300 »337 127 159 132 March 100 104 113 225 210 229 302 »337 124 159 132 April 97 103 113 219 206 228 318 122 157 131 May 98 104 114 221 206 228 317 124 157 131 June 95 103 114 224 207 230 316 124 155 131 July 98 106 115 224 207 230 315 118 155 131 August 96 105 115 214 210 230 309 119 155 131 September 98 107 115 209 207 230 307 121 155 132 October 95 105 115 209 205 230 304 120 154 132 November 94 104 115 205 203 228 306 122 153 132 December 94 104 115 207 204 228 P303 122 153 132 1954—January 98 106 115 209 207 228 P305 n.a. Not available. P Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S = 19 t n 1 a 4 i 0 7 t t 0 e e - ) 4 s d 1 9 = C ( a 1 1 a d 9 0 4 n a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n 9 u - d g = . ( U S = 19 t n 1 a 4 0 i 7 t t 0 e e - ) d 4 s 9 = C ( a 1 1 a d 9 0 n 4 a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( e a 1 t n 1 9 h 0 4 d e 0 9 s r ) 1 ( l 9 a e A 3 r n u 9 - g d . = = 100) 100) = 100) 100) 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 184 1953—January.. 114 116 104 146 120 170 113 114 109 141 123 184 February. 113 116 105 146 120 170 112 113 110 142 124 183 March 114 115 105 145 120 169 112 112 111 141 123 183 April 114 115 106 145 120 169 112 111 113 140 124 182 May 114 114 106 146 121 170 112 110 113 141 125 183 June 115 115 107 145 121 170 114 111 114 141 127 184 July 115 115 107 144 121 170 114 113 114 137 127 184 August. . . 115 116 106 143 120 170 114 113 112 136 123 185 September 115 116 106 141 121 170 114 114 111 132 126 186 October. . 115 117 106 141 121 170 114 116 111 132 125 187 November 115 116 106 141 120 170 112 113 111 132 124 187 December. 115 116 106 142 120 170 112 112 110 134 186 1954—January.. 116 106 123 P170 113 112 110 P185 P Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. 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 Common stocks Year or month U S g ( r n t h a a i i d g t t e e e h ) d s* C (1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( 1 K D 9 U 2 i e n 1 n c g e i = m t d e 1 o b d 0 m e 0 r ) F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l e a t n h d e s r 2 - ( U 1 S = 9 t n 3 a 1 i 5 0 t t e - e 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d e s r a - Number of issues. . . 17 87 60 14 480 101 278 295 27 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131.6 90.0 90 217 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1953 112.1 83.6 112.0 113.5 100.2 189.0 160.3 92.2 158 212 1953—January 114.5 84.5 109.1 114.3 93.6 197.6 172.3 92.0 151 201 February.... 114.0 84.2 109.7 112.7 96.3 195.9 169.0 92.0 153 207 March 113.4 84.1 110.5 111.9 95.8 198.0 170.0 93.2 150 206 April 111.7 84.1 111.3 112.6 98.0 190.0 160.8 92.3 150 203 May 109.8 83.6 111.4 113.2 99.7 189.6 159.8 91.1 153 206 June 108.8 82.9 112.2 112.9 101.2 182.8 156.8 91.1 153 207 July 110.7 82.9 111.5 112.9 102.7 185.5 160.7 91.6 157 214 August 111.4 82.6 112.0 114.1 101.8 187.3 161.2 92.5 161 218 September. . . 110.9 82.3 112.8 115.0 102.1 179.2 152.9 91.4 165 215 October 112.6 82.8 114.2 114.7 104.0 183.4 151.9 92.1 167 217 November. . . 113.6 84.2 114.9 114.4 104.0 187.5 154.2 93.7 168 223 December.... 113.5 85.3 114.2 113.8 103.4 190.7 153.6 93.5 169 230 1954—January 114.5 87.0 114.3 110.9 195.4 157.4 94.1 239 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. 333 MARCH 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director GEORGE B. VEST, General Counsel HENRY BENNER, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS DAVID B. HEXTER, Assistant General Counsel ROBERT F. LEONARD, Director G. HOWLAND CHASE, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER LEWIS N. DEMBITZ, Assistant Director EDWIN J. JOHNSON, Controller Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT R. M. EVANS M. S. SZYMCZAK GEOFFREY S. SMITH, PHILADELPHIA DISTRICT H. G. LEEDY JAMES K. VARDAMAN, JR. GEORGE GUND, CLEVELAND DISTRICT A. L. MILLS, JR. ALFRED H. WILLIAMS J. L. ROBERTSON C. S. YOUNG ROBERT V. FLEMING, RICHMOND DISTRICT Vice President WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT President GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel W. W. CAMPBELL, ST. LOUIS DISTRICT WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT GEORGE W. MITCHELL, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist CLARENCE W. TOW, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman 1 President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston. Harold D. Hodgkinson J. A. Erickson Robert B. Harvey 8 Carl B. Pitman Ames Stevens Alfred C. Neal E. O. Latham O. A. Schlaikjer R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber H. H. Kimball T. G. Tiebout L. W. Knoke V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poor man Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari4 E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland John C. Virden W. D. Fulton Roger R. Clouse H. E. J. Smith Leo L. Rummell Donald S. Thompson A. H. Laning 3 Paul C. Stetzelberger Martin Morrison Richmond John B. Woodward, Jr. Hugh Leach N. L. Armistead C. B. Strathy W. G. Wysor Edw. A. Wayne Aubrey N. Heflin K. Brantley Watson Upton S. Martin Chas. W. Williams Atlanta Rufus C. Harris Malcolm Bryan V. K. Bowman L. B. Raisty J. E. Denmark Earle L. Rauber Paul E. Reinhold Lewis M. Clark John L. Liles, Jr.3 S. P. Schuessler Harold T. Patterson Chicago John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones 2 Alfred T. Sihler W. W. Turner St. Louis M. Moss Alexander Delos C. Johns Dale M. Lewis H. H. Weigel Caffey Robertson Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . . Paul E. Miller O. S. Powell H. C. Core J. Marvin Peterson Leslie N. Perrin A. W. Mills E. B. Larson Otis R. Preston H. G. McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen 2 E. D. Vanderhoof Cecil Puckett Henry O. Koppang Clarence W. Tow D. W. Woolley Dallas J. R. Parten Watrous H. Irons E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry J. L. Cook 3 Harry A. Shuford San Francisco... A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan Y. Frank Freeman H. N. Mangels H. F. Slade Ronald T. Symms 3 O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha P. A. Debus Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland J. A. Randall Louisville Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. ' Cashier. * Also Cashier. 4 Counsel. MARCH 1954 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from THE FEDERAL RESERVE SYSTEM—PURPOSES AND the Division of Administrative Services, Board of FUNCTIONS. 224 pages. Will be available in Governors of the Federal Reserve System, Wash- April 1954, without charge. ington 25, D. C. Where a charge is indicated, remittance should be made payable to the order BANKING STUDIES. Comprising 17 papers on bankof the Board of Governors of the Federal Reserve ing and monetary subjects by members of the System. Board's staff. August 1941; reprinted October 1952. 496 pages. Paper cover. $1.00 per copy; ANNUAL REPORT of the Board of Governors of the in quantities of 10 or more copies for single Federal Reserve System. Issued each year. shipment, 75 cents each. Available without charge upon request. BANKING AND MONETARY STATISTICS. Statistics of FEDERAL RESERVE BULLETIN. Issued monthly. Subbanking, monetary, and other financial developscription price in the United States and its posments. November 1943. 979 pages, f 1.50 per sessions, Bolivia, Canada, Chile, Colombia, Costa copy. No charge for individual sections (un- Rica, Cuba, Dominican Republic, Ecuador, bound). Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or A STATISTICAL STUDY OF REGULATION V LOANS. 20 cents per copy; elsewhere $2.60 per annum or September 1950. 74 pages. 25 cents per copy; 25 cents per copy. Group subscriptions in the in quantities of 10 or more copies for single United States for 10 or more copies to one ad- shipment, 15 cents each. dress, 15 cents per copy per month, or $1.50 for 12 months. THE DEVELOPMENT OF BANK DEBITS AND CLEAR- INGS AND THEIR USE IN ECONOMIC ANALYSIS. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY January 1952. 175 pages. 25 cents per copy; in RATES, AND BUSINESS. Issued monthly. $6.00 quantities of 10 or more copies for single shipper annum including edition of historical supple- ment, 15 cents each. ment (listed below) available when subscription is entered or renewed. 60 cents per copy; in THE FEDERAL RESERVE ACT, as amended to Novemquantities of 10 or more copies of a particular ber 1, 1946, with an Appendix containing proissue for single shipment, 50 cents each. (Dovisions of certain other statutes affecting the mestic rates) Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. An- RULES OF ORGANIZATION AND RULES OF PROCEDURE nual subscription to monthly chart book includes —Board of Governors of the Federal Reserve one issue of supplement. Single copies, 60 cents System (with Amendments). September 1946. each; in quantities of 10 or more copies for single 31 pages. shipment, 50 cents each. (Domestic rates) 1A more complete list, including periodic releases and REGULATIONS OF THE BOARD OF GOVERNORS OF THE reprints, appeared on pp. 1414-17 of the December 1953 FEDERAL RESERVE SYSTEM. Individual regulations with amendments. BULLETIN. 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) BANKING IN THE SOVIET UNION. April 1952. 8 UNITED STATES POSTWAR INVESTMENT IN LATIN pages. AMERICA. May 1953. 6 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE 1953 SURVEY OF CONSUMER FINANCES—From March, SALES. April 1952. 4 pages. June, July, and September issues of BULLETIN. 62 pages. (Also, similar surveys for earlier years STATEMENT BY CHAIRMAN OF THE BOARD OF GOVfrom 1946, 1947, 1948, 1949, 1950, 1951, and 1952 ERNORS BEFORE SUBCOMMITTEE ON GENERAL BULLETINS.) CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 11, 1952. April 1952. 4 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CHANGES IN INSTALMENT CREDIT TERMS. May 1952. CORPORATIONS. July 1953. 12 pages. 6 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS EXCESS PROFITS TAXES OF COMMERCIAL BANKS. AND BUSINESSES. July 1953. 2 pages. (Also June 1952. 18 pages. similar article from July 1952 BULLETIN.) REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. RECENT CREDIT AND MONETARY DEVELOPMENTS. July 1953. 8 pages. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. THE BALANCE SHEET OF AGRICULTURE, 1953. August 1953. 13 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. UNITED STATES BALANCE OF PAYMENTS IN 1952-53. October 1953. 9 pages. RECENT CREDIT EXPANSION. December 1952. 7 pages. REVISED INDEXES OF DEPARTMENT STORES SALES AND STOCKS, BY MAJOR DEPARTMENTS. November CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 65 pages. 1953. 7 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL THE MONETARY SYSTEM OF THE UNITED STATES. PRODUCTION, 1953 Revision. December 1953. % February 1953. 16 pages. pages. (Also, similar index from August 1940, INFLUENCE OF CREDIT AND MONETARY MEASURES ON September 1941, and October 1943 issues of ECONOMIC STABILITY. March 1953. 16 pages. BULLETIN with supplementary data. October 1943. 120 pages.) FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- BILITY. May 1953. 7 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1953. 19 pages. BANK CREDIT AND MONEY IN 1953. February 1954. 6 pages. *DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE- TERM CONSUMER CREDIT STATISTICS (supplemen- INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. tary details for item listed above), April 1953. March 1954. 9 pages. (Also, similar article from 25 pages. March 1953 BULLETIN.) THE TRANSITION TO FREE MARKETS. April 1953. PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CON- 6 pages. SUMER FINANCES. March 1954. 4 pages. MARCH 1954 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES f 5== BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES I • FEDERAL RESERVE BRANCH CITIES 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1954, February 28). Federal Reserve Bulletin, 1954-03. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_195403
@misc{wtfs_bulletin_195403,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1954-03},
year = {1954},
month = {Feb},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_195403},
note = {Retrieved via When the Fed Speaks corpus}
}