Federal Reserve Bulletin, 1954-10
F E D E R AL R E S E R VE BULLETIN OCTOBER 1954 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEI WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOLUME 40 October 1954 NUMBER 10 WORLD TRADE AND PRODUCTION IN 1953-54 United States exports, after a year and a INDUSTRIAL PRODUCTION half of little change, increased moderately Seasonally adjusted, 1950=100 140 in the spring and early summer of 1954, responding to foreign demand associated with high levels of economic activity abroad. 120 Despite the decline in United States in- WESTERN EUROPE / dustrial production and imports in the latter half of 1953, production in Western Europe UNITED STATES 100 continued to rise, and advanced further in the first eight months of 1954. World markets showed on the whole a high degree of stability, with considerable strength for some 80 industrial materials. European countries made further progress 60 in relaxing restrictions upon expenditures of 1948 1950 1952 1954 dollars. Foreign holdings of gold and dol- NOTE.—Federal Reserve index for United States; latest figure shown for third quarter. Organization for European Ecolars continued to rise as outpayments from nomic Cooperation (OEEC) index for member countries. Dot represents preliminary data for July-August, seasonally adjusted the United States remained in excess of for- by Federal Reserve. eign purchases from the United States. A rising trend of exports first became evident in the latter part of 1953 in sales to UNITED STATES EXPORTS Japan, the Netherlands, and certain Latin From March through August—the latest American countries. In other markets imsix months for which data are available— provement waited until the spring of 1954. United States exports were at an annual rate Relatively small exports in March, when of 12.9 billion dollars, exclusive of military many shipments were delayed by the New shipments under the Mutual Security Pro- York port strike, were followed by excepgram. After allowance for seasonal varia- tionally heavy movements in April, and tions, this was a gain of about half a billion average exports for the two months together dollars over the 12.2 billion level of the pre- showed an increase. In May-August exports ceding year and a half. The increase was remained close to the March-April level. one of the factors that checked the decline Gains in export markets were widespread. in United States production. In view of Even in those countries where United States continuing large exports by other countries, exports in the first half of 1954 failed to the gain in United States exports indicated match those of the first half of 1953, declines impressive strength of world demand. did not continue during the spring. OCTOBER 1954 1033 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORLD TRADE AND PRODUCTION IN 1953-54 clined. Apart from coffee imports, the low UNITED STATES FOREIGN TRADE Millions of dollars point (on a daily average basis) was reached 1600 in December and January, when the decline from peak months of 1953 exceeded 15 per cent. After a partial recovery in the spring, — 1200 the total value of United States imports in I W 1 military aid A the first half of 1954, excluding coffee, was 11 per cent smaller than the value in the first half of 1953. Including coffee the de- V —— 800 IMPORTS cline was only 7 per cent. With imports reduced in the first half of V 1954, the surplus of merchandise exports — 400 over imports was at an annual rate of 2.2 billion dollars as compared with LI billion in the corresponding period of 1953. Including United States military expendi- I 1 1 1948 1950 1952 1954 tures abroad, other service transactions, and NOTE.—Three-month moving averages with double weight for remittances, the current account surplus was center month, based on Department of Commerce data. Latest figures shown are for August. at a rate of 1.0 billion dollars, against a small The sole instance of significant downturn negative figure the year before. beginning this year was in exports to Japan, The decline during 1953 in United States which rose sharply up to February 1954 and payments for imports was smaller than declined thereafter. The downturn was the many observers in foreign countries had consequence of measures that the Japanese feared, and the subsequent rise in foreign Government took to cope with a critical purchases from the United States was genbalance-of-payments situation. erally unexpected. Apprehensions had been Almost all major commodities and com- widely expressed that even a moderate demodity groups shared in the increase in cline in United States imports would create United States exports in the first half of balance-of-payments troubles for other coun- 1954. The principal exceptions were fuels, tries and would bring deflationary pressures textiles, certain types of machinery, and in world markets. Such fears proved illwheat. These are commodities for which founded. Foreign reserves of gold and dolabnormal shortages of world supply existed lars continued to increase, especially in in the earlier postwar period; United States Western Europe, and world markets were inexports of these goods have tended to decline fluenced by a steady growth of real income in the past two years. in Europe. Declines in imports of the United States IMPORTS AND BALANCE OF TRADE in 1953-54 were heaviest in purchases from At the beginning of 1953 import demands Western Europe, where few adverse effects in this country were exceptionally strong. were felt; from the sterling area; and from Subsequently, with the downturn in United certain Latin American countries which do States industrial production and a slacken- not produce coffee or petroleum. Many of ing in the rate of strategic stockpiling, im- the raw material producers that sold less to ports of metals and other raw materials de- the United States sold more to Europe than 1034 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORLD TRADE AND PRODUCTION IN 1953-54 before. In some cases this meant replacing UNITED STATES BALANCE OF PAYMENTS AND INCREASE IN dollar earnings with earnings of sterling or FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS of other nondollar currencies. In view of [In billions of dollars] the strength of sterling in international ex- January-June change markets, pressures to maximize net Item 1954 v 1953 earnings of dollars were not so heavy as in earlier years. Payments from United States: Merchandise imports1 5.27 5.68 Services and remittances1 1.66 1.72 ADDITIONS TO FOREIGN RESERVES G M o il v i t t . a r e y c o e n x o p m en ic d i a tu id re a s nd loans (net) 1. . 2 6 0 2 1 1 . . 0 1 2 6 U. S. private direct investment (net) .36 .42 At mid-1954 the gold reserves and official Total 9.10 10.00 and private holdings of dollars of foreign Foreign payments to United States: countries (excluding the U.S.S.R.) and of Merchandise exports2 6.36 6.23 Private investment income .86 .83 Other exports of services2 1.43 1.40 international institutions totaled 27.4 billion Total .8.64 8.46 dollars, as compared with 22.6 billion two Balance available for increase in foreign years earlier. The increase in 1953-54 was assets, etc.: + .46 +1.55 2.4 billion dollars, the same as the year Unidentified transactions -.01 + .12 Net repayments to private U. S. creditors before. Net transfers from the United and repatriation of foreign securities -.29 + .27 Miscellaneous foreign assets in U. S + .13 + .02 States in 1953-54 amounted to 1.7 billion Foreign U. S. dollar holdings3 + .56 + .40 dollars, compared with 2.1 billion in the Gold purchased from U. S + .06 + .73 preceding twelve-month period, but ad- Increase in foreign gold reserves and dollar holdings: ditions to foreign reserves of gold from new From transactions with United States + .63 + 1.13 production and other sources greatly ex- Gold entering reserves from other sources... + .38 + .12 ceeded those of the previous year. Totals +1.01 +1.25 In the first half of 1954 foreign gains of P Preliminary. 1 Excluding military expenditures, shown separately. gold and dollars from transactions with the 2 Excluding military transfers under aid programs (1954, 1.82 billion dollars; 1953, 2.66 billion). United States were considerably smaller than 3Federal Reserve data, including holdings of international institutions. Dollar holdings include holdings of short-term U. S. in earlier half-year periods. They neverthe- Government securities and also certain long-term U. S. Government securities held for foreign official accounts. less amounted, as shown in the table, to more NOTE.—Department of Commerce data, except dollar holdings and gold entering foreign reserves from sources other than transthan 600 million dollars—an annual rate of actions with the United States. Details may not add to totals because of rounding. The current account balance (on goods, almost 1.3 billion dollars. services, and remittances) may be derived by deducting the first three items of "payments from United States" from total "foreign United States military expenditures for payments to United States." goods and services to be used abroad or all balance of payments was a decline of 400 transferred to other nations were 1.2 billion million dollars in the net outflow of Governdollars in the first half of 1954, only slightly ment aid and loans. There was also a small more than in the corresponding period of decline in the outflow of United States pri- 1953. An increase in payments for offshore vate capital for direct investment abroad. procurement in Europe was offset by a de- The balance of funds from these sources and cline in military expenditures in Japan. from current account transactions, available Changes in private service transactions and for additions to foreign official gold reserves, remittances were relatively small. The prin- for additions to foreign official and private cipal factors altering the current account assets in the United States, and for repaybalance were the decline in payments for ment of foreign debts to private persons in commercial imports and the rise in exports. the United States or repatriation of foreign Another significant change in the over- securities, amounted to about 450 million OCTOBER 1954 1035 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORLD TRADE AND PRODUCTION IN 1953-54 dollars, as against 1,550 million in the first purchase of dollar funds in free markets outhalf of 1953. side the sterling countries. Throughout the In the first half of 1953 part of the very spring and summer the free exchange rate large balance of funds had been absorbed, for transferable sterling against dollars was as the table on the preceding page shows, by within 2 per cent of the dollar rate for a substantial flow of repayments and repatria- American-held (convertible) sterling. tion of securities. In the first half of 1954, on Western Germany, Belgium, and the the other hand, net movements of United Netherlands have established somewhat sim- States short-term and portfolio capital were ilar arrangements for foreign use of their curoutward, providing additional funds to for- rencies. They have also relaxed restrictions eigners. Thus net acquisitions of dollar hold- on the withdrawal of foreign long-term inings and of gold from the United States in vestments. American and Swiss holders, like the first half of 1954 amounted, as noted others, may now withdraw in their own curabove, to about 600 million dollars. Gold rency from the Netherlands or Belgium the entering foreign reserves from other sources proceeds of securities liquidated in those amounted to about 400 million, so that the countries. Blocked accounts in Germany total gain for the half year reached 1 billion were replaced in September 1954 by "liberaldollars. Since midyear there have been fur- ized capital accounts," which have wider uses ther additions to foreign reserves. within Germany and may be converted at official rates into other currencies except dollars. RELAXATION OF EXCHANGE CONTROLS Residents of these continental countries The marked improvement in reserve posi- now have considerable freedom to make intions of foreign countries, particularly in vestments abroad. Residents of the United Europe, has had two major consequences. Kingdom have recently been allowed greater In conjunction with the maintenance of latitude to invest in Canada. stable price levels, it has given European In the field of trade and exchange controls governments and central banks a wider mar- affecting imports, where liberalization of gin of freedom to allow expansion of in- intra-European and intra-sterling area transternal demand without risk of balance-of- actions was far advanced by mid-1953, the payments crises, and it has brought a gradual gradual removal of quotas and other direct relaxation of trade and exchange controls. restrictions on imports of dollar goods was A notable development in the field of ex- accelerated in 1954. Among recent acchange controls occurred in March 1954, tions of this kind were those of Sweden in when the United Kingdom simplified its con- September and Italy in August. Switzertrols over transfers of foreign-held sterling land, Belgium, the Netherlands, and South among foreigners. "Transferable sterling" Africa are still in the lead among European still cannot be paid to or used directly by per- and sterling area countries in this respect. sons in the dollar area, but its other uses are In the United Kingdom, imports of most no longer limited by British regulations. Be- raw materials and foodstuffs from the dollar sides normal trade purchases in nondollar area have been completely freed from concountries and purchases in London of such trols, but manufactured goods, though more dollar commodities as copper, zinc, sugar, freely admitted than in 1951, are still subject and coffee, these uses now include capital to discriminatory restriction. In Germany, transfers among nondollar countries, and the on the other hand, many types of dollar 1036 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORLD TRADE AND PRODUCTION IN 1953-54 manufactures are admitted freely, while im- WORLD IMPORTS ports of foodstuffs and of some materials Billions of U. S. dollars, annual rates are still under direct control. OEEC EUROPE FROM OUTSIDE Germany, Italy, and Japan still make con- 20 siderable use of bilateral trade agreements with raw-material-producing countries. Under present conditions these agreements appear to be employed not so much for the 15 purpose of economizing on dollar expendi- OUTER STERLING AREA ture as for obtaining reciprocal advantages UNITED STATES in exporting. 10 In those countries which have gone the OTHERS farthest in removing old restrictions on dollar transactions, important new fields have been opened up for competition by United _' LATIN AMERICA _ — CANADA States exporters. At the same time the loosening of controls has benefited indus- JAPAN tries abroad that depend upon imported 1 I ( materials and equipment that they are 1950 1952 1954 1950 1952 1954 now free to buy in the most advantageous NOTE.—See note for preceding chart. Data are on c.i.f. markets. It has stimulated greater efficiency basis, except for United States and Canada, which are on f.o.b. basis. Latest figures shown are for first half of 1954. in those industries which must compete increasingly at home and abroad with prod- EXPANSION OF WORLD TRADE ucts of the United States and other nations. International trade in general expanded steadily after the summer of 1952, and the WORLD EXPORTS rise in United States exports this year lagged Billions of U. S. dollars, annual rates considerably behind increases in the exports of Europe, Japan, and Latin America, as OEEC EUROPE TO OUTSIDE- 15 shown in the chart at the left. Industrial countries abroad made progress in 1953 to- OUTER STERLING ward regaining their prewar shares of world AREA trade. Latin American exports increased in 10 volume, and their value was further enlarged OTHERS in 1953-54 by rising coffee prices. A factor of great significance in maintain- LATIN AMERICA ing growth of world trade after United States imports turned down in 1953 was the CANADA rise in imports of Western Europe from JAPAN other areas, shown in the chart above. This I I 1 1 I I rise started from a low point in September 1950 1952 1954 1950 1952 1954 1952. By the first half of 1953, though prices NOTE.—Based on data from Department of Commerce, and value were lower than in the 1951 boom, Dominion Bureau of Statistics (Canada), OEEC, and International Monetary Fund. OEEC exports shown are those of member countries to all others, including dependencies. Outer the physical volume of imports into Western sterling area excludes sterling OEEC members: United Kingdom, Ireland, and Iceland. Latest figures shown are for first Europe from outside sources had fully rehalf of 1954. OCTOBER 1954 1037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORLD TRADE AND PRODUCTION IN 1953-54 gained the 1951 level. By the first half of sharply, especially in England. The over-all 1954 there was a further increase of 5 per rise in European industrial production at this cent in volume and 3 per cent in value. time was not so rapid as the advance then Another source of increasing demand in occurring in the United States, but after midworld trade in the latter part of 1953 was 1953 European output continued to gain. Japan. Unlike the increase in European im- A number of sources of demand contribports, the financing of which caused no seri- uted to the further advance in European ous difficulties, the 25 per cent rise in Japa- production in 1953-54. Housing construcnese imports during 1953 led to drains on tion was an important factor in the United Japan's reserves of dollars and sterling, which Kingdom and Germany. European exports were also showing the effect of a decline in to nondollar countries rose throughout 1953 United States military expenditures in Japan. and the first half of 1954, while exports to Late in 1953 the Japanese Government the United States remained high until near adopted new policies of import control and the end of 1953. Differences in the timing internal stabilization. Import purchases of the recovery in different countries also were cut back considerably and import ar- played a part: in France demand did not rivals declined after March 1954. The finan- begin to pick up with fresh momentum uncial stabilization program was apparently til the latter half of 1953. successful in halting the inflation of prices Perhaps the most important factor in the and costs which previously had been retard- continuation of the advance of European ing exports and overstimulating imports. production after mid-1953 was the upturn in business expenditures for fixed capital EUROPEAN INDUSTRIAL PRODUCTION investment. With demand for industrial The rise in European imports from mid- products generally at a high level, numerous 1952 to mid-1954 reflected increasing needs WESTERN EUROPEAN INDUSTRIAL PRODUCTION based on rising consumption, replenishment Seasonally adjusted, 1950000 140 of business inventories, and expansion of private investment. Over the two years industrial production advanced by about 7 per 130 cent a year. The purchasing power of European consumers was enlarged by rising money in- 120 comes while prices of finished goods remained stable. Moderately rising hourly 110 wage costs were offset by increasing productivity and by the availability of imported materials at prices substantially lower than 100 in 1951. There was progressive relaxation of governmental controls affecting prices or 90 purchases in domestic trade. Saving from current incomes was generally much higher than in 1951 and earlier postwar years. _L 80 In the first phase of the European recovery 1950 11995522 NOTE.—OEEC indexes for member countries. Seasonal adafter mid-1952, textile production rebounded justment for metal products estimated by Federal Reserve. Latest data shown are preliminary for second quarter 1954. 1038 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORLD TRADE AND PRODUCTION IN 1953-54 opportunities have been found for modern- Japanese industrial production rose very ization and expansion of productive capacity. sharply in 1953. A gain of about 20 per cent As foreign and domestic orders for new brought Japanese manufacturing and mining producers' equipment—-as well as sales of activity at the beginning of 1954 to a level automobiles and other consumers' dura- approximately 15 per cent above the prewar ble goods—increased, metal-using industries year 1938. This spring and summer there found their stocks of material inadequate. was a slight recession from that level. In the first half of 1954 output of steel and WORLD COMMODITY MARKETS other metal-producing industries was rising in all European countries. New orders for Intimately related to the continuing steel in the summer were at record levels. growth of European production in 1953-54 was the absence of deflationary tendencies PRODUCTION IN CANADA AND JAPAN in world markets. From the point of view While rising industrial production and of the nondollar world, the strength of raw business activity in Europe exerted a major material prices meant, on the whole, that influence on world business conditions, a United States purchases yielded more dolleveling off in demand in the much smaller lars than if price levels had fallen; this Canadian economy had considerable direct was a factor in the continuing growth of effect on United States exports. Canada's monetary reserves. Even more important, industrial production is less than one-tenth and quite apart from currency questions, inof Western Europe's, but our exports to come within primary producing countries Canada are about as large as our exports to was well maintained. Active markets over- Western Europe: each accounts for about seas were thus provided for the exports of one-fifth of total United States commercial industrial countries. exports. In the first half of 1954, when ex- While stability in world markets conports to Western Europe were 8 per cent tributed to growth of European production, greater than the year before, exports to the high and rising demand of Europe for Canada were down by 11 per cent. imports of raw materials was itself a strong Canadian industrial production in 1953-54 influence toward stability in primary markets followed a course somewhat similar to that in the face of reduced demand in the United of United States production, but the net de- States and generally ample supply. cline from the average for May-July 1953 to Demand and supply conditions varied that for May-July 1954 was only 3 per cent among commodities. For many industrial compared with the 9 per cent decline in this raw materials prices in foreign markets in country. Output in manufacturing was the spring of 1954 were higher than in the down 6 per cent compared with 10 per last few months of 1953. For some comcent here. New investment activity, though modities, moreover, price advances had ocsomewhat reduced, continued strong. Farm curred in 1953 at the same time that United income was reduced in consequence of lower States business activity was declining. Such prices for wheat and other grains, and the commodities included lead, zinc, and jute, value of wheat exports fell sharply. Cana- for which European demand was rising in dian imports continued to exceed total ex- 1953, as well as the beverage commodiports, the deficit in trade being covered by ties—coffee, cocoa, and tea—for which dethe inflow of investment capital. mand was strong in all countries. 1039 OCTOBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WORLD TRADE AND PRODUCTION IN 1953-54 PRICES IN SELECTED COMMODITY MARKETS 1954 than they had been a year earlier. Eu- [U. S. cents per pound] ropean consumption of wool in 1953-54 was at a very high level but was not rising. The April- Oct.- April- Commodity (and market) June Dec. June Cuban sugar price was influenced by ex- 1954 1953 1953 panding production of sugar in other coun- Prices higher in April-June 1954 tries. The supply situation for copra and than in April-June 1953: Coffee (New York) 87 60 56 coconut oil eased considerably in 1954. Cocoa (British W. Africa) 50 32 30 Tea (Ceylon) 61 51 49 Wheat continued to be heavily in surplus Tobacco (Turkey) 60 60 50 supply on world markets. Crude petroleum (Venezuela). 1195 *195 160 Newsprint (Sweden) , 5.9 5.6 5.5 Zinc (London).... 9.9 9.4 5-5 INFLUENCE OF THE BALANCE OF PAYMENTS Lead (London).... 12.0 11.7 Jute (Pakistan). . . 10 10 Cotton (Pakistan). 38 34 For countries that depend greatly on for- Prices lower in April-June 1954 eign trade, domestic expansion always brings than in April-June 1953: Copper (London) 30.4 29.6 31.5 the risk of a worsened balance of payments. Tin (Malaya) 89 76 90 Rubber (Malaya) 20.5 18.9 22.6 Gold and foreign exchange reserves give pro- Wood pulp (Sweden). 8.0 7.6 8.2 tection against this risk, and may therefore Wool (Australia) 71 81 76 Sugar (Cuba) 3.3 3.2 3.55 support expansion. When reserves are not Copra (Philippines) 6.7 8.6 8.0 Wheat (Canada) 2183 2196 2213 fully adequate for all contingencies, sup- 1 Cents per barrel. port of the same kind may be given by a 2 Cents per bushel. balance-of-payments situation in which re- NOTE.—Averages of monthly data published by International Monetary Fund. Jute and cotton averages for April-June 1954 partly estimated by Federal Reserve. serves are increasing. This, in general, was the case in Western Europe in 1953-54. Foreign growers' prices for raw cotton In such a situation, governments and cenwere relatively low in 1953, but strengthened early in 1954 when it became clear that tral banks were able to relax foreign trade European stocks were no longer being re- controls and could allow a steady growth of duced and that European consumption was domestic incomes. The consequent growth being maintained at a relatively high level. of demand for imports presented no serious danger. Since opportunities were available For certain other commodities, potentially for more efficient use of resources, growth of in very heavy supply, prices weakened during the greater part of 1953 but advanced real income was rapid. Europe's purchases moderately in the first half of 1954. In the of imports were large, and provided an elecase of copper, rising European consumption ment of strength in world markets. and replenishment of stocks were accom- The large flow of dollar payments from panied by curtailment of production—in the United States in recent years, by con- Chile from October 1953 onward and in the tributing to the maintenance of a favorable United States somewhat later. In the case balance-of-payments situation for Europe, of rubber, most of the decline in United has proved to be a basic influence toward States consumption was offset by curtail- stability and growth in world trade and proment of synthetic rubber output when low duction. Against this background, the inprices made natural rubber more attractive. crease in United States exports this spring, Prices for wool and certain agricultural responding to world demand, was a sign of products were also lower in the spring of increased strength in the world economy. 1040 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REGENT FINANCIAL CHANGES IN WESTERN GERMANY1 After heavy reliance on foreign assistance private sector and foreign countries. And, in the postwar period, Western Germany while the value of total supplies—domestic after 1951 began to accumulate monetary output and imports—was almost a third reserves in the form of gold and foreign ex- larger in 1953 than in the 12-month period change, and also to provide credit to many ending June 1951, domestic use of such supof its trading partners. This improvement plies had expanded by little more than onein Western Germany's international position fourth. was accomplished within the framework of These developments suggest that, broadly a rising standard of living, progressive aboli- speaking, internal financial stability in Westtion of direct controls, and over-all financial ern Germany was maintained during the stability. past three years because the effects of two Wholesale prices and the cost of living at major financial changes—the shifts from the end of 1953 were both somewhat lower deficit to surplus on both foreign and govthan in mid-1951, that is to say, at the end of ernment accounts—served as offsets to each the last 12-month period when Western Ger- other. Such an interpretation assumes that, many had a foreign deficit on current ac- in the absence of a government surplus, pricount. Fluctuations during the intervening vate spending would have been greater period were very small. After rising sub- rather than private borrowing less. stantially in the first year after the outbreak To recognize that the effects of two major of war in Korea, wholesale and consumer financial forces offset each other and thus prices continued to rise very slightly for some helped to maintain internal financial statime, remained practically constant through- bility does not advance the explanation of out calendar year 1952, and then declined stability very far. It would seem worthabout 3 per cent in 1953. while, therefore, to explore in some detail This large measure of internal financial the train of causation in the stabilizing procstability was maintained over a period when ess; to ask which of the two forces was the Western Germany's foreign position on cur- originating and which the reacting one at rent account shifted from deficit to surplus different times during the period. by an amount equivalent to about half the Examination of major economic changes value of the country's private investment in over the period seems to support the view plant and equipment in 1953. There was a that it was the development of a slack in concurrent shift of the same order of mag- domestic demand relative to productive canitude, also from deficit to surplus, in pacity that twice served as the originating the balance of the current payments and factor in the process of mutual offsetting by receipts of the government sector with the different forces. This was near the beginning (second half of 1951) and again toward 1This article was prepared by Henry K. Heuser, Chief of the end of the period (latter part of 1952 and the Central and Eastern European Section of the Board's Division of International Finance. Presentation and analysis owe the first half of 1953). Rising net exports much to the methodology developed in recent years by the appear to have been the originating factor Central Planning Bureau of the Netherlands and the Nederlandsche Bank. during the middle of the period (most of OCTOBER 1954 1041 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECENT FINANCIAL CHANGES IN WESTERN GERMANY 1952) and perhaps once more at the very end effects of growing government surpluses (second half of 1953). about balanced by the expansionary forces of In the last few years monetary policy was rising net exports during much of 1953, applied in a manner to meet three different monetary policy remained largely neutral, types of conditions. When, as in 1950-51, permitting internal financial stability to be it was imperative to restrain domestic de- maintained by existing forces. mand in an effort to maintain external sol- NOTE ON METHOD vency, monetary policy was restrictive. As the need for restriction began to recede in In examining the factors that may have mid-1952, monetary policy responded with a been responsible for the shifts in the disgradual reduction in the cost of central bank tribution of Western Germany's rising outcredit. Finally, with the further restrictive put among the domestic private sector, the TABLE 1 SOURCES AND USES OF FUNDS IN THE DOMESTIC ECONOMY, 1953 AND 1950-51 Western Germany and West Berlin [In billions of deutsche marks] Domestic economy1 Public sector Private sector Sources and uses 1953 1950-51 1953 1950-51 1953 1950-51 Nonfinancial sources, net (foreign balance on current account for domestic economy)2 3.9 -1.5 3.5 -0.6 0.5 -0.9 Disposable income plus capital consumption allowances... 141.3 106.5 33.3 19.2 108.0 87.3 Gross national product receipts 141.3 106.5 22.1 14.7 119.2 91.8 National income and net national product receipts 130.6 99.0 21.0 13.9 109.6 85.1 Capital consumption allowances 10.7 7.5 1.1 0.8 9.6 6.7 Government transfers and interest -5.7 -4.6 5.7 4.6 Contribution to social insurance, net 1.5 1.5 -1.5 — 1.5 Personal and business direct taxes and related payments.... 15.4 7.6 -15.4 -7.6 Domestic gross product expenditures 137.4 108.0 29.8 19.7 107.5 98.2 Consumption 103.8 81.8 322.0 315.2 81.8 66.5 Investment 33.5 26.2 7.8 4.5 25.7 31.7 Fixed assets, gross 29.0 22.1 7.8 4.5 21.2 27.6 Inventories 4.5 4.1 4.5 4.1 Financial sources, net. .. 5.5 6.2 0.5 1.2 4.9 5.0 Borrowing, net: From domestic banks 5.6 4.7 () -0.9 5.6 5.6 From private sector (by public sector) . 0.4 -0.1 -0.4 0.1 From foreign countries 5 6 -0.4 -0.7 -0.1 -0.3 -0.7 Grants from foreign countries 0.3 2.2 0.3 Total, above net sources of funds2 9.4 4.7 4.0 0.6 5.4 4.1 Changes in holdings of domestic liquid assets: Short-term claims on public sector 0.4 0.2 -0.4 -0.2 Holdings of securities -0.1 -0.2 0.1 0.2 Redemption of loans 0.5 0.4 -0.5 -0.4 Demand deposits 2.3 1.2 1.3 -0.5 1.0 1.7 Time deposits 1.8 2.7 0.9 1.5 0.9 1.2 Savings deposits 4.0 0.4 *1.4 *-0.6 *2.7 *1.0 Currency 1.2 0.4 1.2 0.4 Total, above net uses of funds2 6 9.4 4.7 4.0 0 6 5.4 4.1 *Residual. 1 Excludes banking system. 2 Details may not add to totals because of rounding. 3 Consumption by public sector equals current expenditures (all expenditures except transfers to private sector, investment, and redemption of government debt). 4Less than 50 million deutsche marks. ^Errors and omissions in the balance of payments are included in figures for private sector. foreigners' holdings of deutsche marks are included under domestic economy holdings and not shown as rest-of-the-world holdings. They are therefore also reflected in domestic economy borrowings from the rest of the world. Sources.—Bundesministerium fuer Wirtschaft, Deutsches Institut fuer Wirtschaftsforschung, Bank deutscher Laender, Berliner Zentralbank. 1042 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECENT FINANCIAL CHANGES IN WESTERN GERMANY public sector, and exports, this analysis makes tion in Tables 1 and 2—and it rises as the use of an experimental technique. The un- statement consolidates different economic derlying principle of this technique is an at- groups into fewer and fewer sectors—is the tempt to trace simultaneously, but as separate concealment of financial or other economic quantities, the development of incomes, bor- relationships which may provide clues in the rowings, and liquid assets. This is accom- search for causal connections between past plished by means of a statistical framework events. At this point of development, conthat combines national accounts and mone- clusions drawn are necessarily subject to this tary information in consistent statements, as limitation. Awareness of this possibility in Tables 1 and 2. should permit the advantages of this presen- Table 1 presents the transactions of the tation to outweigh its shortcomings. domestic economy (excluding the banking It is likely that, as the method of presentasystem) broken down into a public and a tion is increasingly tailored to fit specific private sector. Table 1 is not a complete sys- country situations, the risk of its hiding sigtem of accounts. Table 2 completes the sys- nificant movements will decrease. Analysis tem of accounts by integrating statements for from a distance, however, always runs the the domestic banking system and the rest of risk of arriving at conclusions that may be the world with a summary of the transactions considered odd by informed observers or of the domestic economy. policy makers on the spot. It is hoped that, The price paid for the degree of condensa- even where findings may be questioned, the TABLE 2 FLOW OF FUNDS AMONG DOMESTIC ECONOMY, BANKING SYSTEM, AND REST OF THE WORLD Western Germany and West Berlin [In billions of deutsche marks] Domestic economy1 Domestic banks Rest of the world2 Sources and uses of funds 1953 1950-51 1953 1950-51 1953 1950-51 Nonfinancial sources of funds, net (foreign balance on current account) . 3 9 — 1 5 -3 9 1 5 Domestic exports of goods and services 22 3 12 7 —22 3 — 12 7 Domestic imports of goods and services — 18 4 — 14 2 18.4 14.2 Borrowing, net3 . . . 5.5 6.2 -5.8 -3.9 0.3 -2.3 From domestic economy -5.6 -4.7 0.1 -1.5 From domestic banks 5.6 4.7 0.2 -0.8 From rest of the world (including grants)4 -0.1 1.5 -6.2 0.8' ' Total, above net sources of funds 5 9.4 4.7 -5.8 -3.9 -3.6 -0.8 Changes in holdings of domestic liquid assets6 9.3 4.7 -9.3 -4.7 Demand deposits 2 3 1 2 —2 3 — 1 2 Time deposits 1.8 2.7 -1.8 -2.7 Savings deposits . . 4.0 0.4 -4.0 -0.4 Currency 1.2 0.4 -1.2 -1.2 Changes in holdings of gold and dollars 3.6 0.8 -3.6 -0.8 Total, above net uses of funds5 .. . 9.4 4.7 -5.8 -3.9 -3.6 -0.8 1 Excluding banks. 2Signs from point of view of rest of the world. 3For the domestic economy and domestic banks, plus implies increase in liabilities or decrease in assets; minus implies decrease in liabilities or increase in assets. 4 Includes changes in net short-term foreign exchange holdings other than dollars. 8Details may not add to totals because of rounding. Also, see note 6, Table 1. 6Plus implies decrease in liabilities or increase in assets; minus implies increase in liabilities or decrease in assets. Sources.—See Table 1. OCTOBER 1954 1043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECENT FINANCIAL CHANGES IN WESTERN GERMANY route by which they were reached may never- permit the value of resources used domestitheless be of interest to those more familiar cally to grow by about 27 per cent, was not with the sequence of events. large enough to prevent a decline of nearly From a time analysis standpoint, the rele- 4 per cent in the relative share of domestic vant comparisons are between two separate uses in total supplies. The relative share of periods: 1950-51 as approximately the last 12 exports in total supplies rose by more than months when Western Germany and West 33 per cent from 1950-51 to 1953, with their Berlin had a deficit on foreign account, and value up more than 75 per cent. 1953 as the most recent 12-month period for The slower rate of increase in the domestic which the material essential for a financial use of resources concealed the increase in analysis is available. the public sector's relative share in total supplies, which rose by 15 per cent. The ALLOCATION OF PHYSICAL RESOURCES share of the private sector fell about 8 per The value of total supplies, that is, of cent. This decrease occurred at a time when domestic output plus imports, was about direct domestic controls had been largely 32 per cent (22 per cent in 1953 prices) abolished and when import restrictions were larger in 1953 than in 1950-51. The value being progressively relaxed. Since total supof domestic output had risen about 33 per plies available to the private sector were cent and that of imports about 30 per cent, rising despite the decline in its share, the as shown in Table 3. To achieve the im- standard of living rose: Annual per capita provement of nearly 5.4 billion marks (1.3 consumption is estimated to have increased billion dollars) in the foreign position on from 1,380 marks to 1,580 marks, or from current account, it was necessary for West- the equivalent of about $330 to $375, from ern Germany to reduce slightly the propor- 1950-51 to 1953. tion of total supplies used at home. The in- SOURCES AND USES OF FUNDS crease in total supplies, while sufficient to A comprehensive review of sources and TABLE 3 uses of funds provides a framework within SUPPLY AND USE OF RESOURCES1 which it is possible not only to analyze the Western Germany and West Berlin effects of changes in the relationship between [In billions of deutsche marks at currentprices] income and expenditures of one sector on the Per- Share (per cent) income of other sectors but also to check the Supply and use 1953 2 1950-513 c a e g n e t- total net sources of funds for each sector increase 1953 1950-51 against its total net uses of funds. The avail- Gross national ability of such a check should reduce the risk product 141.3 106.5 33 Imports of goods and of misinterpretation of the effects of fiscal services 18.4 14.2 30 Total supply 159.7 120.7 32 100.0 100.0 and monetary policy. Exports 22.3 12.7 76 14.0 10.6 To maintain internal financial stability in Domestic use 137.4 107.9 27 86.0 89.4 Public sector 29.8 10.7 51 18.7 16.3 Western Germany, the effects of fiscal meas- Private sector 107.5 88.2 22 67.3 73.1 ures—planned as well as unplanned—seem Total use4 159.7 120.7 32 100.0 100.0 at one time to have operated as an influence 2 x F C o a r l e s n o d u a r r c e y s e s a e r e . Table 1. counteracting the unstabilizing effects of de- 3The 12-month period ending June 1951. 4Details may not add to totals because of rounding. velopments in other sectors, and at another 1044 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECENT FINANCIAL CHANGES IN WESTERN GERMANY time to have stood in need of being at least public sectors taken together, net financial partly offset themselves. In the final anal- sources of funds, that is, borrowing from ysis, however, it would seem that the re- foreign countries (including grants) as well luctance with which fiscal policy responded as from domestic banks, declined somewhat. to unplanned surpluses with reduction in Changes in the distribution of net uses of taxes stood general financial policy in good funds—various types of bank deposits, curstead. Restrictive fiscal policies in the past rency, and holdings of short-term governmay well have furthered the progressive ment paper—reflected in a general way the strengthening of general confidence by their shift from deficit to surplus in the public very cautiousness. sector and also an increase in personal saving. Monetary policy, especially in the latter Net nonfinancial sources. Net nonfinanpart of the period, when market forces were cial sources of funds for the domestic econoffsetting each other and resulting in high- omy are equal to the sum of the net nonfinanlevel equilibrium at home and solvency cial sources of funds for the public and private abroad, appears to have neither strongly en- sectors. For each of these, the net nonfinanforced nor appreciably weakened any spe- cial source of funds in this article is the cific financial trend. difference between the sector's disposable income plus capital consumption allowances TABLE 4 and its purchases of final product from the SUMMARY OF NET SOURCES AND NET USES OF FUNDS1 private sector and foreign countries. For the Western Germany and West Berlin [In billions of deutsche marks] domestic economy as a whole, this difference is the foreign balance on current account (ex- Sources and uses 19532 1950-513 cluding grants), transactions within the Sources of funds: domestic economy having dropped out as a Nonfinancial sources, net 3.9 -1.5 Gross national product 141.3 106.5 result of consolidation. Domestic gross product expenditures. . . 137.4 108.0 Financial sources, net 5.5 6.2 In 1953, net nonfinancial sources for West- Borrowing from domestic banks 5.6 4.7 Borrowing and grants from abroad4.... -0.1 1.5 ern Germany were 5.4 billion marks larger Total, above net sources5 9.4 4.7 than in 1950-51, as reflected in the shift from Financial uses of funds, net: a 1.5 billion mark deficit on foreign ac- Increases in— Demand deposits 2.3 1.2 count in 1950-51 to a surplus of 3.9 billion in Time deposits 1.8 2.7 Savings deposits 4.0 0.4 Currency 1.2 0.4 1953. Both domestic sectors moved from Total, above net uses4 5 9.4 4.7 over-all deficit to over-all surplus, the private 1For sources, derivation, and sector breakdown, see Table 1. sector by 1.4 billion marks and the public 2 Calendar year. 3The 12-month period ending June 1951. sector by a shift of 4.1 billion (Table 1). 4See note 6, Table 1. 6Details may not add to totals because of rounding. In Western Germany, foreign transactions In both the public sector and the private on current account (excluding grants from nonbank sector, disposable income rose more abroad) are negligible for the public sector than expenditures from 1950-51 to 1953; in but sizable for the private sector. Hence the other words, there was an increase of what shift of the private sector from deficit to surin this article are called net nonfinancial plus had no contracting effect on the public sources of funds, as is shown in Table 4. sector's income, as it would have had if There was no decline in net bank credit changes in private expenditures had affected to the private sector. In the private and only payments to the public sector. As it OCTOBER 1954 1045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECENT FINANCIAL CHANGES IN WESTERN GERMANY was, the private sector's shift to surplus was domestic demand in check. Gross receipts the result of an improvement of 5.4 billion of the public sector were about 55 per cent marks in the sector's balance with foreign greater in 1953 than in 1950-51, compared countries and a change of about 4 billion with an estimated increase of about 33 from surplus to deficit in the balance with per cent in the value of national output. The the public sector. rise in gross receipts resulted in part from On the other hand, the shift from deficit an increase in taxation enacted in July 1951; to surplus for the public sector, since it im- in part it was brought about by an increase pinged directly only on the domestic econ- in taxable income and transactions as naomy, tended to have a restraining effect on tional output grew. In 1953 taxes were the private sector's disposable income. Cur- reduced but the change probably did not rent revenues in the form of taxes and re- affect receipts until the last quarter of the lated payments rose by nearly 14 billion year. marks against increased purchases of goods There is no certainty as to the amounts and services of 10 billion. by which private consumption or investment Monetary and fiscal policies. Keeping might have risen had not the increase in domestic demand in check was not, except private disposable income been restrained by at the beginning, a necessary aim of mone- taxation. Consumption would almost certary policy during the larger part of the tainly have been somewhat greater, and probperiod under consideration. In an effort to ably investment also. Balance, instead of a correct the balance-of-payments difficulties surplus, on government account would have which had resulted primarily from inventory tended to result in a greater demand somepurchases after the outbreak of the Korean where—either the public sector would have War, credit was tightened from the fall of raised its expenditures to the level of its reve- 1950 to the early spring of 1951 through a nues and thus increased its own demand for rise in the discount rate, higher reserve re- resources, or a reduction in tax collections quirements, and ceilings on short-term loans. down to the level of public expenditures From May 1952 until mid-1953, however, the would have led to an increase in the demand discount rate was lowered four times and of the private sector. The restraint on dereserve requirements were reduced three mand exerted by fiscal policy may have times. The decline in the private sector's been greater, especially toward the end of demand relative to its disposable income is the period, than was required for the mainnot readily explained by changes in monetary tenance of internal financial stability. But policy, except that the previous rigorous use had there been no restrictive effects of fiscal of monetary policy gave confidence that this policy during 1951 and 1952, monetary policy instrument of public financial policy would would have been confronted by a far differbe used, if necessary, to safeguard the value ent task. of the mark. Monetary policy in this way Net financial sources. For the domestic contributed to the climate of financial con- economy, net borrowing from the banks fidence so essential in fostering a flow of and net borrowing from abroad (including private savings. grants and short-term capital movements) Fiscal operations on the other hand appear are designated in this article as financial to have played an important role in keeping sources of funds; for individual sectors, long- 1046 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECENT FINANCIAL CHANGES IN WESTERN GERMANY term borrowing from each other is shown rowing by sectors from each other and with financial sources in Table 1, but changes from foreign countries (including foreign in short-term lending between nonbank sec- grants) was a decline in foreign aid. For tors are shown with other uses of funds for the public sector this decline was made up acquiring liquid assets. only in part by a small increase in its long- The private sector's net borrowing from term borrowing from the private sector. domestic banks expanded as much in 1953 Saving and investment. The public secas in 1950-51. The shift from deficit to sur- tor provided much the greater part of the plus on private nonfinancial account was not increase in total saving required to offset associated with a lower level of net borrow- the expansionary impact of rising net exports ing from the banks, as might have been the and domestic investment (Table 5). Saving case had business borrowers not expected a by all public agencies (excess of revenue from continued upturn of domestic economic ac- taxation and similar current receipts over tivity. In the public sector the main changes expenditures for all current purposes) is in net financial sources were the lower level estimated to have been about 10 billion marks of foreign aid and the related decrease in in 1953 as compared with slightly more than the flow of funds from the public sector to 3 billion in 1950-51. the commercial banks. Private saving rose by 2.5 billion marks The shift from deficit to surplus for the compared with the 7 billion increase in public private sector of the Western German saving. More than half of the estimated economy hides the decrease in saving by busiincrease in saving by households appears to nesses which is estimated to have occurred have been offset by lower retained earnings between 1950-51 and 1953 (Table 5). It by businesses. The share of households in would have been surprising, therefore, if national income was considerably larger in private net borrowing from the banks had been less in 1953 than in 1950-51, in view of TABLE 5 probably optimistic expectations in 1953 as a NET SAVING AND INVESTMENT ACCOUNT whole. Gross bank loans to the private sector Western Germany and West Berlin in 1953 exceeded the level in 1950-51 by about [In billions of deutsche marks] the estimated increase in private investment. Item 1953 1950-51 Total domestic net borrowing from the banks was greater in 1953 than in 1950-51 Net saving, total1 26.7 17.2 but this was due entirely to a decline in pub- P P u ri b v l a ic te s s e e c c to to r2 r2 1 1 0 6 . . 2 6 1 3 4 . . 2 1 Business** 9.0 12.7 lic funds put at the disposal of the commer- Households* 7.6 1.4 cial banks from nearly one billion marks in Net investment, total 26.7 17.2 1950-51 to virtually zero in 1953—largely Fixed assets 18.3 14.6 Public 6.7 3.7 because the flow to the Federal Government Private 11.6 10.9 Inventories . . 4.5 4.1 of Marshall aid counterpart funds, formerly Foreign balance (export surplus +)•••• 3.9 -1.5 passed on to the banks for limited periods, 1 Details may not add to totals because of rounding. 2 Difference between disposable income and consumption. See had declined to an amount far below its Table 1 for basic figures. 3 Ratio between saving by businesses and saving by households volume in 1950-51. as estimated for Western Germany by the Deutsches Institut fuer Wirtschaftsforschung was applied to total private saving for West- The principal change in nonbank net ern Germany and West Berlin as estimated from material of Bundesministerium fuer Wirtschaft and Deutsches Institut fuer Wirtschaftsforschung. financial sources, that is, in long-term bor- Sources.—See Table 1. OCTOBER 1954 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECENT FINANCIAL CHANGES IN WESTERN GERMANY 1953 than in 1950-51, a development which with an unchanging position in 1950-51, helped to raise personal saving as national reflected the shift in Western Germany's income grew. On the other hand, business balance of payments. Net credit by the banksaving appears to have been adversely affected ing system to the private sector did not show in 1953 by the tendency of wage costs to an increase since there was an offsetting rise rise and of producers' gross returns to fall from 1950-51 to 1953 in the annual volume or at least to rise less. of funds flowing into commercial banks in Net financial uses of funds. Nonfinancial exchange for bonds issued by these banks in sources of funds less expenditures plus net an effort to attract money to be used for longfinancial sources as used in this article are term investment. equal to net changes in liquid asset holdings, that is, to net changes in demand and time TABLE 6 and savings deposits, currency, and short- CONSOLIDATED CONDITION STATEMENT OF THE term lending between sectors. Changes in BANKING SYSTEM these liquid assets are designated as net finan- Western Germany and West Berlin cial uses. [In billions of deutsche marks] In Western Germany the changes from Changes 1953 1950-51 1950-51 to 1953 in net financial uses of Changes in net assets, total 9 4 4 7 funds as defined in this article reflected in Credit to the domestic economy, net .... 5.6 4.7 a rough general way the shift from deficit Public sector. . . . -0.9 Private sector 5.6 5.6 to surplus in the public sector as well as the Increase in gold and dollar reserves 3.6 0.8 higher level of saving by the household Less: net change in other foreign liabilities (decrease —) —0 2 0 8 group of the private sector. Total deposits Changes in deposits and currency, total2 . 9.4 4.7 of public authorities, including an estimated Demand deposits 2.3 1.2 change in their savings deposits, rose by 3.6 Public sector 1.3 -0.5 Private sector 1 0 1 7 billion marks in 1953, compared with an Time deposits. . ' i 1.8 2.7 estimated increase of around 0.4 billion in Public sector . 0 9 1.5 Private sector 0 9 1 2 1950-51. A large part of the increase in Savings deposits .... 4.0 0.4 public deposits is reported to have repre- Currency 1.2 0.4 sented funds made available by the German 1Less than 50 million deutsche marks. authorities to the occupation forces but not 2 Details may not add to totals because of rounding. Sources.—Bank deutscher Laender and Berliner Zentralbank. spent. Total savings deposits, which in 1950- 51 rose by only 0.4 billion marks, increased Net uses of funds other than changes in by 4.0 billion in 1953. bank deposits appear to have moved in the The principal factors that led to a greater same direction as the bilateral balance of increase in cash resources in Germany in payments and receipts between the public 1953 than in 1950-51 are summarized in and private sectors. Thus, as is shown in Table 6. They were a large rise in the an- Table 1, the private sector's net short-term nual increase in official gold and dollar re- claims on the public sector declined twice serves and a moderate rise in domestic bank as much in 1953, when the public sector had credit expansion. The 3.8 billion mark im- a surplus, as it did in 1950-51, when the provement in 1953 of the net foreign asset public sector had a deficit with the private position of the banking system, as compared sector. 1048 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECENT FINANCIAL CHANGES IN WESTERN GERMANY CONCLUSIONS many's foreign position began to shift from This article provides no objective proof deficit to surplus. Domestic prices at that that in the last few years a growing govern- time rose by about 2 per cent. Without the ment surplus and rising net exports served favorable response by net exports to what as offsets to each other in Western Germany. must have been at least moderately depressive There is a strong presumption, however, that effects of restrictive monetary and fiscal politotal demand would have been greater in the cies, the predominating influence on prices absence of a rising government surplus. at that time might well have been down- With a lower level of taxation, private con- ward rather than upward. sumption would have tended to be greater. The second time when domestic down- The disposable income of households would ward pressures on prices seem to have been have tended to rise more than the net earn- at least in part offset by rising net exports ings of businesses since the larger part of was the first half of 1953. According to intaxes is probably paid directly or indirectly formed German observers, domestic demand by households. At the same time it is prob- at that time failed to rise with the increase ably more difficult for households to make in productive capacity, especially in the capiup for a lower current income by increased tal goods industries. An increase in the ratio borrowing from the banks. In addition, of the value of foreign to total transactions business borrowing might well have been lends support to this view. Without a conlarger rather than smaller in the absence of tinued increase in net exports, domestic prices a government surplus. might well have fallen more than they did. Internal financial stability, therefore, was Even with an export surplus at the 1953 probably maintained by a process in which annual rate, and assuming no change in opposite financial forces offset each other. monetary policy, only part of the surplus on The offsetting process did not consist in a government account was probably needed in cancelling of the over-all deficit of one sector the first half of 1953 to maintain financial against an over-all surplus of the other—in stability. Without a 2.5 billion mark inthis case there could have been no foreign crease (annual rate) in the surplus of the deficit or surplus—but rather in the effects government sector from 1952 to the first half of shifts in bilateral balances between the of 1953, compared with a rise (annual rate) public and private sectors and, in principle, in net exports of about 1.5 billion, demand in the bilateral balance of each with foreign would probably have risen. The increase, countries. while it might have prevented prices from According to whether one sector rather falling in the first half of 1953, possibly than another operated as the originating would not have been enough to force a rise. factor in the stabilization process, the span In at least one period, and perhaps two, of time reviewed in this article may be assuming no change in monetary policies, divided into at least three separate periods. it was necessary for a growing surplus on There were two periods when a weaken- government account to counteract what ing of domestic demand relative to produc- might otherwise have become an unduly tive capacity appears to have been the origi- expansionary influence of growing net exnating factor. The first of these covered the ports. The first of these periods covered most second half of 1951 when Western Ger- of 1952. There was a 22 per cent rise in the OCTOBER 1954 1049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECENT FINANCIAL CHANGES IN WESTERN GERMANY average value of German export goods be- Favorable events as well as policy played tween 1950-51 and 1952, suggesting that net a part in maintaining financial stability under exports, rather than requiring domestic en- conditions of a large shift in the balance couragement as in 1951, would have risen of payments. The continued growth in the even without restrictive policies at home. If public sector's surplus was not planned as not offset by some decline in domestic de- an offset to the expansionary effect of rising mand, this increase would have tended to net exports; a large part of it would not have exert an unopposed upward pressure on emerged had expenditures risen as originally domestic prices. There was progressive re- envisaged. Policy, however, both fiscal and laxation of restrictive monetary measures monetary, played a major part in 1951 in from mid-1952 on, implying that the au- initiating the process of improvement in the thorities were relying on the restrictive in- balance of payments. While this improvefluence of growing public surpluses to pre- ment under cautious fiscal policies turned out vent the upward movement in German prices to exceed the needs of a restoration of ex- —slight at that time—from becoming exces- ternal solvency, a more rapid relaxation of fiscal restrictiveness might not have been sive. The slackening of domestic demand in appropriate at a time when restoration of relation to rising productive capacity, ob- confidence was still an important task of served in the first half of 1953, did not con- financial policy. After 1951, when strong tinue in the second half of the year. It is forces in opposite directions tended to offset possible, therefore, that domestic prices each other and to produce stability at a high would have risen at that time instead of level of output, monetary policy served the fallen, if there had been no surplus what- interests of such stability best by neither ever on government account, unless mone- strongly enforcing nor appreciably weakentary policy had once more become restrictive. ing the power of these forces. 1050 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK EARNINGS, FIRST HALF OF 19541 Net profits after taxes amounted to 559 were a slightly smaller percentage of profits million dollars for all member banks in the before income taxes than in the first half of first half of this year. On an annual basis, 1953. they were 9.7 per cent of average total cap- Earnings. Gross operating earnings ital accounts compared with 8.0 per cent for amounted to 2,366 million dollars in the first the same period in 1953. Profits on the sale of half of this year, which was 128 million dolsecurities largely accounted for the increase. lars above the same period last year. Changes Net current earnings before income taxes in the factors affecting earnings were mixed, came to 928 million dollars, which was 10 however, with some factors tending to hold million dollars above those reported for the down the over-all increase. first half of last year.2 Cash dividends and Substantial declines in the total of comtaxes on net income also increased, but both mercial and industrial loans, especially in the central reserve cities, were partly offset in the 1 This article was prepared by Oliver H. Jones of the first half of this year by increases in real estate Board's Division of Bank Operations. 2 Net current earnings are gross current operating earnings loans and loans for purchasing securities. less gross current operating expenses, before adjustments for The net result was a decline of 565 million losses, recoveries, and transfers to and from valuation reserves, dollars from the year-end total of all loans. and before taxes on net income. MEMBER BANK EARNINGS [Amounts in millions of dollars] 1950 1951 1952 Item First Second First Second First Second First Second First half half half half half half half half half Earnings 1,557 1,707 1,771 1,898 1,978 2,141 2,238 2,353 2,366 On U. S. Government securities 435 430 406 426 441 488 495 516 522 On other securities 91 99 102 108 113 121 122 129 133 On loans 760 874 960 1,043 1,105 1,201 1 ,281 1,351 1,336 Service charges on deposit accounts 84 88 93 94 98 100 107 112 123 Other earnings 187 216 209 227 221 231 233 244 252 ^Expenses 965 1,055 1,075 1,157 1,190 1,311 1,320 1,461 1,438 Salaries and wages 465 535 529 597 586 658 645 727 692 Interest on time deposits 135 136 146 160 176 188 201 224 241 Taxes other than on net income 54 55 58 57 59 59 61 64 68 Other expenses 310 329 342 344 370 405 414 446 437 'Net current earnings before income taxes... 593 652 697 740 788 830 918 891 928 •Recoveries and profits1 82 93 59 80 57 56 54 66 298 Losses and charge-offs2 67 81 86 116 71 155 115 216 119 Net increase in valuation reserves3 41 80 37 90 24 44 27 13 75 Profits before income taxes 566 584 633 614 751 686 829 728 1,032 200 300 Taxes on net income 169 252 239 337 271 392 473 384 428 Net profits 397 381 375 414 416 438 559 "Gash dividends declared4 155 190 170 200 185 205 193 226 211 6,885 6,873 6,859 6,840 6,815 6,798 6,765 6,743 6,721 Number of banks at end of period 1 Includes recoveries credited either to undivided profits or to valuation reserves. 2Includes losses charged either to undivided profits or to valuation reserves. 3This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited "to valuation reserves. 4 Includes interest on capital notes and debentures. OCTOBER 1954 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK EARNINGS, FIRST HALF OF 1954 At the same time holdings of United States Profits, recoveries, losses, and transfers Government securities continued the expan- to reserves. During the first six months of sion begun during the last half of 1953, ris- this year, profits from the sale of securities ing by 509 million dollars. In addition to amounted to 246 million dollars. Total reshifts from loans to investments in United coveries and profits rose 244 million dollars States Government securities, there was a above the same period last year to a total significant extension in the average maturity of 298 million dollars, of which 83 per cent of holdings of Government securities. In- represented profits on the sale of securities. vestments in other types of securities, includ- Losses and charge-offs were 119 million doling State and local government securities, lars, an increase of 4 million dollars. Valuincreased 820 million dollars. The combined ation reserves were increased by 75 million total of loans and investments rose 764 mil- dollars; this was 48 million dollars more lion dollars above the preceding year-end. than the increase in the first half of 1953. An ample supply of reserve funds sup- Nonoperating profit, recovery, and loss ported the greater volume of loans and in- items, together with transfers to and from vestments handled during the first half of valuation reserves, changed from a net loss the year. As the average rate of return on of 88 million dollars in the first half of 1953 loans and United States Government securi- to a net recovery of 104 million dollars in ties rose only slightly, the higher level of the first half of this year. The increase in gross operating earnings reflected the in- net profits after taxes between the two pecreased volume of loans and investments. riods was largely due to the shift from losses The average rate of return was 4.68 per cent to profits on security sales. on loans and 2.00 per cent on United States Taxes and net profits. Profits before in- Government securities in the first half of this come taxes were 1,032 million dollars, 24 year as compared with rates of 4.62 per cent per cent greater than in the first half of and 1.97 per cent in the first half of last year. 1953, and provisions for income taxes were Expenses. Gross operating expenses were 21 per cent higher. Net profits after taxes 1,438 million dollars in the first half of 1954. aggregated 559 million dollars, exceeding This was 118 million dollars or about 9 per the figure for the first six months of 1953 cent above the same period last year. Salaries by 121 million. and wages continued to be the major expense item, accounting for about 48 per cent of Cash dividends. Thirty-eight per cent total expenses compared with 49 per cent of net profits after taxes was distributed as last year. dividends in the first half of this year. The A rise of 40 million dollars in the amount 211 million dollars paid in dividends repreof interest paid on time deposits was due sented an annual yield of about 3.7 per cent both to the larger volume and the higher on average total capital accounts compared average rate of interest paid. The average with 3.5 per cent in the first half of 1953,. volume of time deposits was about 3 billion when cash dividends amounted to 44 per dollars larger than during the first half of cent of net profits. 1953, and the average rate of interest paid Details of earnings and expenses for the was 1.30 per cent as compared with 1.18 per first half of 1954 and both halves of 1953 cent in the first half of last year. are shown on page 1118 of this BULLETIN. 1052 FEDERAL RESERVE BULLETIN: 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 Foreign Banking Corporations uled installments of loans or credits, maturing Amendments to Regulation K within 10 years to the extent that they are secured or covered by unconditional guaranties, commit- The Board of Governors of the Federal Reserve ments or agreements to take over or purchase made System, effective September 29, 1954, amended secby the United States or by any department or estabtions XI and XV of Regulation K entitled "Banklishment of, or corporation wholly owned by, the ing Corporations Authorized to Do Foreign Bank- United States. ing Business under the Terms of Section 25(a) of (3) The corporation shall carry on its business the Federal Reserve Act" commonly known as in accordance with sound financial policies includ- Edge Act Corporations, so as to broaden the powers ing, among other considerations, a proper regard to raise funds through the sale of their notes or to the relationship between its assets and the maturidebentures if such corporations are not engaged in ties of its obligations, so as to give reasonable asthe business of receiving deposits. The amendsurance that the corporation will be in a position ment also increases the amount of credit that such to pay its obligations as they mature. a corporation can extend to a single borrower. The text of the amendment to Regulation K is as (4) All obligations of any kind, regardless of follows: maturity or payee, issued by the corporation shall contain a provision, or shall be issued under an AMENDMENT TO REGULATION K agreement, which shall provide that the corporation Issued by the Board of Governors of the Federal will not, during the time any such obligations re- Reserve System main outstanding— Effective September 29, 1954, Regulation K is (/) Issue any obligations if immediately therehereby amended in the following respects: after the assets of the corporation, excluding 1. By adding the following new subsection (c) notes, drafts, bills of exchange and other eviafter subsection (b) of section XI, and relettering dences of indebtedness that are in default as to the present subsection (c) to (d): either principal or interest, would be less than (c) Notwithstanding subsections (a) and (b) of 110 per cent of the aggregate principal amount this section, a corporation may, at its option, com- of all obligations of the corporation; ply with the following requirements in lieu of those (ii) Mortgage, pledge or otherwise subject any stated in said subsections (a) and (b): of its assets to any lien or charge to secure any (1) The corporation shall not engage, either indebtedness for borrowed money or to secure within the United States or abroad, in the busi- any other obligation of the corporation, unless ness of receiving deposits. each person holding any of the corporation's unsecured obligations, which would remain out- (2) Loans or other credits acquired or guaranstanding after such transaction, eithef grants his teed by the corporation shall have a maturity of consent or is provided with security substantially not more than 5 years at the time they are so acequivalent in value to that provided by such quired or guaranteed: Provided, however, That this mortgage, pledge, lien or charge; limitation shall not apply (i) to a loan or other credit, or any scheduled installment of a loan or (///') Sell, lease, assign or otherwise dispose of credit, maturing within 10 years, but the aggregate all or substantially all its assets; or amount of loans or credits or installments of loans (iv) Declare or pay any dividend (other than or credits excepted under this clause (i) shall not a dividend payable in stock of the corporation) exceed 100 per cent of the corporation's capital and or authorize or make any other distribution on surplus; or (ii) to other loans or credits, or sched- any stock of the corporation otherwise than out 1053 'OCTOBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT of the earned surplus of the corporation as de- "All banks admitted to membership under autermined in accordance with generally accepted thority of this section shall be required to comply accounting principles. with the reserve and capital requirements of this 2. By adding the following sentence at the end Act and to conform to those provisions of law imof the first paragraph of section XV: posed on national banks which prohibit such banks In the case of a corporation which does not en- from lending on or purchasing their own stocky gage, either within the United States or abroad, which relate to the withdrawal or impairment of in the business of receiving deposits, the limita- their capital stock, and which relate to the payment tions contained in this paragraph regarding the of unearned dividends. Such banks and the offitotal liabilities of one borrower (1) shall be in- cers, agents, and employees thereof shall also be creased from 10 per cent to 20 per cent, and (2) subject to the provisions of and to the penalties shall not apply to the extent that the liabilities prescribed by sections 334, 656, and 1005 of Title 18, are secured or covered by unconditional guaran- United States Code, and shall be required to make ties, commitments or agreements to take over or reports of condition and of the payment of divito purchase, made by the United States or by any dends to the Federal Reserve bank of which they department or establishment of, or corporation become a member. Not less than three of such rewholly owned by, the United States. ports shall be made annually on call of the Federal Reserve bank on dates to be fixed by the Board of Legislation Governors of the Federal Reserve System. Failure Correction of Obsolete References to make such reports within ten days after the date The Act of Congress approved September 3, 1954 they are called for shall subject the offending bank (Public Law 779—83d Congress) amended various to a penalty of $100 a day for each day that it fails statutes and certain titles of the United States Code to transmit such report; such penalty to be collected principally for the purpose of correcting obsolete by the Federal Reserve bank by suit or otherwise. references. Among such amendments were the Such reports of condition shall be in such form following, amending sections 9 and 22(f) of the and shall contain such information as the Board of Federal Reserve Act and section 5144(d) of the Governors of the Federal Reserve System may re- Revised Statutes of the United States: quire and shall be published by the reporting banks SEC. 21. Paragraph (d) of section 5144 of the in such manner and in accordance with such regu- Revised Statutes, as amended (12 U. S. C, sec. lations as the said Board may prescribe.". 61 (d)), is amended by striking out the reference SEC. 28. Subsection (f) of section 22 of the Fed- "5209 of the Revised Statutes, as amended (U. S. C, eral Reserve Act, as amended (12 U. S. C, 503),. title 12, sec, 592)," and in lieu thereof inserting is amended by inserting, after "thereof,", where it "1005 of title 18, United States Code", so that such appears in such subsection, the words "or any of paragraph will read as follows: the provisions of sections 217, 218, 219, 220, 655,. "(d) Every officer, director, agent, and employee 1005, 1014, 1906, or 1909 of Title 18, United States of every such holding company affiliate shall be Code,", so that such subsection will read as follows: subject to the same penalties for false entries in any book, report, or statement of such holding "(f) If the directors or officers of any member company affiliate as are applicable to officers, direc- bank shall knowingly violate or permit any of the tors, agents, and employees of member banks under agents, officers, or directors of any member bank to section 1005 of Title 18, United States Code; and". violate any of the provisions of this section or regu- * # # lations of the board made under authority thereof,, SEC. 27. The sixth paragraph of section 9 of the or any of the provisions of sections 217, 218, 219,. Federal Reserve Act as amended (12 U. S. C, 324), 220, 655, 1005, 1014, 1906, or 1909 of Title 18^ is amended by striking out, in the second sentence United States Code, every director and officer parof such paragraph, the reference "section fifty-two ticipating in or assenting to such violation shall be hundred and nine of the Revised Statutes", and in held liable in his personal and individual capacity lieu thereof inserting "sections 334, 656, and 1005 for all damages which the member bank, its shareof Title 18, United States Code", so that such para- holders, or any other persons shall have sustained in graph will read as follows: consequence of such violation.". 1054 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings President and Cashier, The First National Bank of Logan, Logan, Utah, as a director of the Salt Lake The Federal Advisory Council held a meeting in City Branch of the Federal Reserve Bank of San Washington on September 19-21, 1954, and met Francisco for the term ending December 31, 1954. with the Board of Governors of the Federal Reserve Mr. Hanson succeeded Mr. James W. Collins, System on September 21. Chairman of the Board, Tracy-Collins Trust Com- A meeting of the Presidents of the Federal Repany, Salt Lake City, Utah, deceased. serve Banks was held in Washington on September 20 and 21, and on September 22 the Presidents Admission of State Bank to Membership in the met with the Board of Governors of the Federal Federal Reserve System Reserve System. The following State bank was admitted to mem- On September 22 a meeting of the Federal Open bership in the Federal Reserve System during the Market Committee was held. period August 16, 1954 to September 15, 1954: Appointments of Branch Directors Virginia On October 4, 1954, the Board of Governors of Richmond—The Bank of Virginia. the Federal Reserve System announced the appoint- Tables Published Annually and Semiannually, with ment of Mr. John A. Hannah, President, Michigan Latest BULLETIN Reference State College, East Lansing, Michigan, as a director of the Detroit Branch of the Federal Reserve Bank Semiannually Issue Page of Chicago for the term ending December 31, 1954. Banking offices: Analysis of changes in number of... Aug. 1954 903 He succeeded Mr. C. M. Hardin, Dean of Agricul- On, and not on, Federal Reserve Par List, number of Aug. 1954 904 ture, Michigan State College, East Lansing, Michigan, who resigned. Mr. Hannah formerly served Annually as a director of the Detroit Branch from January 1, Earnings and expenses: Federal Reserve Banks Feb. 1954 208-209 1951 to March 13, 1953, when he resigned to be- Member banks: Calendar year May 1954 524-534 come Assistant Secretary of Defense. First half of year Oct. 1954 1118 Insured commercial banks May 1954 535 On October 6, 1954, the Federal Reserve Bank Banks and branches, number of, by class and State May 1954 536-537 of San Francisco appointed Mr. R. S. Hanson, Vice Operating ratios, member banks Aug. 1954 900-902 1055 OCTOBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS {Released for publication October 14] Industrial production and employment continued capacity, as compared with 63 per cent during to show little change in September. Construction July and August and 66 per cent in September. activity was maintained in record volume and re- Production of most major household goods in tail sales remained close to the levels reached at August and September remained at the advanced midyear. Increased demands were reflected in levels reached at midyear. higher prices for a number of industrial materials. Nondurable goods output in September showed Prices of foodstuffs declined with supplies ex- somewhat more than the usual seasonal rise, repanding. flecting mainly further increases in chemicals and paper production to very high levels and recovery INDUSTRIAL PRODUCTION in tire output following settlement of work stop- Industrial production continued to rise seasonally pages. Output of coal and other minerals showed in September and the Board's preliminary adjusted little change in September and early October. index was 124 per cent of the 1947-49 average, unchanged from August and 1 point above the re- CONSTRUCTION vised July figure. In September a year ago the Expenditures for new construction, seasonally adseasonally adjusted index was 133. justed, increased slightly further in September. Production of durable goods in September was Construction awards, following a decline in Aumaintained at a seasonally adjusted rate of 135 gust, rose substantially in September, as contracts per cent of the 1947-49 average, or about the level for all major types of private and public construcprevailing since March. Curtailment in auto astion increased. Preliminary indications suggest semblies was oflset by a rise in steel output and that the number of housing starts rose contrarecovery in lumber production following settlement seasonally in September to an annual rate of well of work stoppages. Auto output has been sharply over 1.2 million. reduced in September and October, owing mainly to major model changeovers for leading makes, EMPLOYMENT but is scheduled to rise rapidly in November. Steel mill operations increased further by mid- Employment at nonagricultural establishments October to a scheduled rate of 72 per cent of rated showed about the usual large seasonal rise in Sep- CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION Millions of dollo RESIDENTIAL 0 800 PRIVATE NONRESIDENTIAL Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for September. Monthly figures, latest shown are for September. 1056 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS tember, reflecting mainly gains in State and local textiles and rubber increased. Prices of television government and factory employment. The fac- receivers were advanced. tory workweek at 39.7 hours was unchanged from Consumer prices declined slightly in August, August and average weekly earnings were up 80 owing chiefly to decreases in foods—meats, fresh cents to $71.86, reflecting a rise of 2 cents in hourly fruits, and vegetables; since mid-August foods have earnings. Unemployment declined about season- declined somewhat further. ally in September to 3.1 million. DISTRIBUTION AGRICULTURE Seasonally adjusted retail sales in September re- Crop prospects generally changed little during mained at the August level and slightly above a September, with an, improvement indicated for year ago. Sales of new autos were maintained well cotton. Total meat production, after seasonal above output in the current changeover period, and allowance, was about 8 per cent larger than in dealers' stocks were reduced further. Sales at dethe first half of this year and close to that amount partment stores were slightly above a year ago. above a year earlier. Egg output in the third Stocks at department stores were unchanged in quarter was 6 per cent larger than last year, August after seasonal allowance, continuing 5 per while milk production was about the same. cent below a year ago. COMMODITY PRICES BANK CREDIT AND RESERVES The average level of wholesale commodity prices Bank holdings of U. S. Government securities indeclined slightly further from mid-September to creased substantially in early October reflecting mid-October as prices of foodstuffs continued to mainly purchases of new intermediate-term notes decrease. Sharply expanded marketings of this offered by the Treasury. Business loans at city year's larger spring pig crop reduced prices of hogs banks increased during September and early Ocand products and continuing large egg supplies tober as seasonal borrowing by food processors, resulted in a contraseasonal decrease in prices. commodity dealers, and trade concerns more than Cocoa prices declined considerably further. Prices offset loan repayments by metal manufacturers and of industrial materials, on the other hand, strength- sales finance companies. Real estate loans conened further. Steel scrap and nonferrous metal tinued to rise. prices continued to rise, and cotton and synthetic Interest rates charged on short-term business loans by commercial banks in 19 cities averaged 3.56 per cent in the first half of September, as com- PRICES AND TRADE pared with 3.60 per cent in June and 3.72 per cent WHOLESALE PRICES 20 - in March. ^^••••—.—- Free reserves of member banks averaged close to /""""CONSUMER ^yT/ PRICES 800 million dollars in late September and early 100 October. The Federal Reserve System made large purchases of Treasury bills during this period to 80 -1JAM 1 11111 , I U[)] supply reserves needed primarily because of a DEPARTMENT STOR: TRADE sharp increase in required reserves after payment 140 ,/v: was made for the new Treasury note. 1 \ STOCKS 120 SECURITY MARKETS RETAIL SALES During September and early October, yields on 100 'XT SALES most Government securities advanced slightly. On ~r | | ,, jmimn nun Ilimillll|Mmmm| „„., October 4 the Treasury received payment for 4.2 billion dollars of 1% per cent notes maturing in Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail May 1957. Corporate bond yields were stable sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude while yields on high-grade municipals rose in the processed foods, included in total but not shown separately. first half of September and then leveled off. Com- Monthly figures, latest shown: August for income and department store stocks; September for other series. September con- mon stock prices advanced further. sumer prices estimated by Federal Reserve. OCTOBER 1954 1057 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 1061-1062 Federal Reserve Bank rates; margin requirements; reserve requirements 1062-1063 Reserves and deposits of member banks 1064 Federal Reserve Bank statistics 1065-1067 Regulation V: guaranteed loans, fees, and rates 1067-1068 Bank debits and deposit turnover; Postal Savings System 1068 Money in circulation 1069 Consolidated statement of the monejtary system; deposits and currency 1070 All banks in the United States, by classes 1071-1073 All commercial banks in the United States, by classes 1074-1075 Weekly reporting member banks 1076-1077 Commercial paper and bankers' acceptances 1078 Life insurance companies; savings and loan associations 1079 Government corporations and credit agencies 1080-1081 Security prices and brokers' balances 1082 Money rates; bank rates on business loans; bond and stock yields 1083 Treasury finance 1084-1089 New security issues 1090 Business finance 1091-1092 Real estate credit statistics 1093-1095 Statistics on short- and intermediate-term consumer credit 1096-1098 Business indexes 1099-1108 Merchandise exports and imports 1108 Department store statistics 1109-1113 Consumer and wholesale prices 1114-1115 Gross national product, national income, and personal income 1116-1117 Member Bank Earnings 1118 List of tables published in BULLETIN annually or semiannually, with references for latest data 1055 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. OCTOBER 1954 1059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, )95)- Billions of Dollars 25 15 * » V * ^^ 0 35 - — 30 MONEY IN (:IRCULATION I J GOLD 5TOCK ~— *— 25 - A \ 20 V 1 JT »ERVE BANK CREDIT TREASURY C\SH AND DEP(3SITS NONMEMBER DEPOSITS "^ 0 30 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Sept. 29. See p. 1062. 1060 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] Date T U o .S ta . l Go B R r v o o i t g e u u . s h g t- s e h t e r t v cu e u r c a H r e n h g i B p t e a d r i a l e u e s e d n e e s r r - - k v c c D a o a r a n e n u d i d s c d n - - e i t t s s o F u l t o st a a t nd o e i A n t r h l g l - Total s G to o c ld k T s r o c e t u i r a n u n u e r n g r c y t a - - d y s - - M c t c u i o i i o n l n r a n - e - y T h c i u n o r a e r g l s y d a h s s - - T th w u r d r e a e r e i D s y n a - t e h s e r - m p v F o e e . F e s m d R i b i o t e g b a s r . - n e , l - a B r o n a t b c h O n p e a d e k e o s n t e r r s h s , - k - - c O s F o e R e a t e r u r c h e a v d n - e - l e - t r s Tot r a e M l se e r m ve b R e b e r - a l b a a n n c k c e E e s s x s - 2 ment posits posits its Wednesday 1953 Aug. 5 24,96424,964 561 625 26,153 22,227 4,858 30,139 ,276 460 557 332 860 19,614 18,959 655 Aug. 12 24,96424,964 776 609 26,352 22,228 4,859 30,158 ,275 675 551 329 85919,593 18,942 651 Aug. 19 25,00824,989 19 815 751 26,577 22,228 4,861 30,145 ,280 738 610 390 86219,641 18,865 776 Aug. 26 25,01724,989 28 524 587 26,131 22,228 4,862 30,105 ,273 669 518 354 86219,440 18,860 580 Sept. 2 25,06725,014 53 391 610 26,071 22,178 4,865 30,240 ,278 541 538 333 85919,325 18,884 441 Sept. 9 25,12625,034 92 491 559 26,179 22,178 4,865 30,479 ,274 574 569 363 85919,104 18,731 373 Sept. 16 25,20725,084 123 311 943 26,464 22,178 4,868 30,335 ,278 356 507 381 88219,771 18,885 886 Sept. 23 25,18525,185 228 813 26,228 22,179 4,869 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 88019,309 18,816 493 Oct. 7 25,34825,348 281 606 26,238 22,128 4,872 30,374 ,284 524 484 370 89919,303 18,757 546 Oct. 14 25,36325,348 15 271 685 26,322 22,128 4,873 30,412 ,271 348 461 375 89919,557 18,728 829 Oct. 21 25,34825,348 260 826 26,437 22,077 4,874 30,305 ,270 530 461 358 89719,567 18,817 750 Oct. 28 25,34825,348 359 599 26,309 22,077 4,874 30,268 ,282 644 471 366 89519,334 18,796 538 Nov. 4.... 25,44725,398 49 822 559 26,830 22,076 4,877 30,428 1,283 664 453 376 80119,779 18,845 934 Nov. 11 25,123 24,958 165 365 622 26,111 22,077 4,878 30,540 784 322 449 534 80819,630 19,026 604 Nov. 18. . . .24,95824,958 594 933 26,487 22,076 4,878 30,487 786 503 419 398 80520,044 19,187 857 Nov. 25 25,02224,993 29 768 636 26,428 22,027 4,879 30,691 777 522 429 335 80519,775 19,150 625 Dec. 2 25,081 25,043 38 427 792 26,302 22,028 4,882 30,791 774 526 431 339 87819,474 19,161 313 Dec. 9 25,34525,143 202 727 606 26,681 22,028 4,883 30,904 778 488 491 331 88019,720 19,053 667 Dec. 16 25,45725,243 214 268 1,193 26,921 22,028 4,884 30,953 769 224 464 259 936 20,229 19,309 920 Dec. 23 25,88625,318 568 435 1,369 27,692 22,029 4,886 31,156 763 799 461 427 93720,064 19,297 767 Dec. 30 25,90225,318 584 100 973 26,977 22,029 4,889 30,890 773 377 474 380 93620,066 19,364 702 1954 Jan. 6 25,38425,318 66 170 963 26,519 22,029 4,890 30,591 770 222 440 397 836 20,184 19,390 794 Jan. 13 25,31825,318 156 754 26,230 22,030 4,890 30,284 775 86 500 441 836 20,228 19,250 978 Jan. 20 25,36425.364 70 977 26,412 22,006 4,890 30,083 782 5 443 286 833 20,874 19,335 1,539 Jan. 27 24,661 24,661 110 722 25,495 22,006 4,890 29,900 795 236 493 278 83119,859 19,217 642 Feb. 3 24,77424,717 515 569 25,860 21,956 4,899 29,930 807 457 477 345 82919,870 19,089 781 Feb. 10 24.86324,806 440 509 25,815 21,957 4,902 29,923 818 638 473 338 82819,654 18,937 717 Feb. 17 24,80624,806 291 798 25,897 21,957 4,905 29,821 820 533 482 346 91219,845 18,921 924 Feb. 24 24,55924,559 249 503 25,312 21,958 4,906 29,838 824 509 461 359 91119,273 18,853 420 Mar. 3 24,55924,559 267 861 25,689 21,958 4,912 29,885 820 528 476 402 908 19,540 18,827 713 Mar. 10.... 24,68224,682 411 543 25,638 21,963 4,917 29,870 820 447 487 346 90719,640 18,792 848 Mar. 17 24,58224,582 265 855 .5,704 21,964 4,920 29,769 823 51 528 191 91920,307 19,224 1,083 Mar. 24 24,705 24,632 73 349 569 25,625 21,964 4,925 29,632 810 539 517 358 91919,739 18,869 870 Mar. 31 24,632 24.632 147 535 25,316 21,965 4,935 29,707 819 722 494 363 91719,194 18,689 505 Apr. 7 24,63224,632 177 546 25,357 21,966 4,935 29,795 823 570 491 371 93619,272 18,651 621 Apr. 14.... 24,63224,632 171 599 25,404 21,966 4,943 29,793 831 639 469 353 93519.293 18,585 708 Apr. 21 24,63224,632 155 704 25,493 21,967 4,945 29,673 839 565 443 388 93119,566 18.648 918 Apr. 28 24,63224,632 217 533 25,383 21,968 4,947 29,645 829 499 469 305 85219,699 18,759 940 May 5 24,63224,632 140 501 25,274 21,969 4,951 29,756 837 617 601 328 84919,207 18,837 370 May 12 24,63224,632 268 582 25,484 21,970 4,952 29,759 840 542 579 357 84819,481 18,717 764 May 19. . . .24,68724,687 177 662 25,528 21,971 4,956 29,707 841 418 533 390 880 19,686 18,937 749 May 26 24,73724,737 202 550 25,490 21,972 4,957 29,697 834 505 502 383 88119,617 18,961 656 June 2.... 24,81224,812 175 593 25,582 21,923 4,958 29,934 831 448 520 379 87719,474 18,898 576 June 9.... 24,98724,987 177 574 25,740 21,924 4,957 29,873 825 250 563 201 87620,032 18,906 1,126 June 16.. . . 24,91024,910 136 797 25,844 21,925 4,956 29,803 810 459 543 199 99719,914 18,993 921 June 23.... 25,23125,139 92 609 751 26,593 21,926 4,955 29,735 812 1,220 544 339 999 19,825 18,828 997 June 30.... 25,03725,037 37 567 25,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 July 7.... 25,03725,037 84 614 25,736 21,928 4,959 30,154 826 300 571 380 98719,406 18,420 986 July 14 24,90224,902 83 683 25,669 21,929 4,958 29,981 810 557 771 400 98519,052 18,340 712 July 21 24,71424,714 93 654 25,463 21,931 4,958 29,854 808 536 629 402 98319,141 18,366 775 July 28.... 24,51724,517 220 525 25,263 21,907 4,959 29,776 812 548 549 398 91119,136 18.377 759 Aug. 4 24,32524,325 170 609 25,105 21,908 4,959 29,893 808 677 525 428 90718,733 17,704 1,029 Aug. 11.... 24,02324,023 487 554 25,066 21,858 4,960 29,911 799 593 559 387 90518,731 17,665 1,066 Aug. 18 23,95623,876 80 460 766 25,183 21,858 4,960 29,866 812 646 548 427 92818,776 17,683 1,093 Aug. 25 23,90823,824 84 313 637 24,859 21,858 4,961 29,786 812 596 562 417 92718,579 17,619 960 Sept. 1 24,02323,894 129 293 573 24,890 21,809 4,965 29,923 809 591 483 92418,530 17,592 938 Sept. 8.... 24,04424,044 154 506 .4,705 21,809 4,967 30,115 808 446 524 391 92318,274 17,532 742 Sept. 15.... 23,98723,987 198 834 25,020 21.809 4,967 29,998 797 510 506 409 93518,642 17,636 1,006 Sept. 22 23,77023,no 170 709 24,651 21,810 4,968 29,888 801 515 524 388 93418,379 17,602 P777 Sept. 29 24.04524,045 299 511 24,857 21,810 4,971 29,922 796 769 489 398 93218,331 17,640 P691 End of month 1953 Aug 25,06324,989 74 343 549 25,958 22,178 4,867 30,248 1,269 496 524 325 86219,278 18,802 476 Sept 25,23525,235 329 685 26,252 22,128 4,872 30,275 1,283 642 512 352 88019,309 18,816 493 Oct 25,34825,348 413 787 26,550 22,077 4,879 30,398 1,275 654 448 468 80219,460 18,826 634 Nov 25,09524,993 102 369 667 26,133 22,028 4,885 30,807 766 451 417 367 80419,434 19,087 347 Dec 25,91625,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 83920,160 19,397 763 1954 Jan 24,64024,640 156 640 25,437 956 899 29,981 793 405 440 459 83019,384 19,016 368 Feb 24,50924,509 350 827 25,688 958 913 29,904 811 542 490 491 90919,412 18,821 591 Mar 24,63224,632 147 535 25,316 965 935 29,707 819 722 494 363 91719,194 18,689 505 Apr 24,63224,632 172 576 25,382 969 951 29,735 819 579 471 321 85019,528 18,844 684 May 24,81224,812 245 723 25,781 973 957 29,870 820 408 527 645 87819,563 18,891 672 June 25,03725,037 37 567 25,642 927 959 29,922 811 875 545 377 98819,011 18,412 599 July 24,32524,325 184 672 25,183 908 960 29,892 798 716 533 503 90818,702 17,763 939 Aug 24,02323,894 129 200 473 24,696 809 966 29,929 811 511 477 501 92518,316 17,572 744 Sept 24,27024,270 132 779 25.183 810 971P29.979 704 461 422 93118,676 17,669 ,007 * Preliminary. For footnotes see following page. 1061 OCTOBER 1954 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 Treas- reserve balances, Other reserve balances U. S. Govt. securities ury Money Treas- with F. R. Banks Fedp D e o r a i r t o e d Total B r o o ig u u h t g - t ht u r c H e n h p e a d l u s e d e r r - v c D o a a a n n u d is c d n - - e ts s Float o A th ll - Total s G to o c ld k s r o c e t i a u n n u n r g c t d - - y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - Tr u d e r e a y - s- F e d i o g e r - n - O p d e o t e r h s - - - c s o e e R a r u r c e a v n - - l e ts Total qu R ir e e - d2 Exagree- posits posits its ment End of month: 1929—June. 216 148 68 1,037 52 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 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 2,59317,644 2,963 7,598 2,409 634 397 256 251 11.653 6,444 5,209 1941—Dec.. 2,254 2,254 3 94 2,36122,737 3,24711,160 2,215 867 774 586 29112.450 9,365 3,085 1945—Dec. 24,26224,262 249 578 25,09120,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—-Dec..22,55922,559 85 535 23,18122,754 4,56228,868 1,336 870 392 569 56317,899 16,400 1,499 1949—Dec.. 18,885 18,885 78 534 19,499 24,427 4 27,600 1,312 821 767 750 70616.568 15.550 1,018 1950—Dec. 20,77820,725 53 67 1,368 22,216 22,706 4, 27,741 1,293 668 895 565 71417,681 16.509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 25,00922,695 4 709 29.206 1,270 247 526 363 746 20.056 19.667 389 1952—June. 22,90622,764 142 59 581 23,55123,346 4 754 29,026 1,283 333 548 298 78319,381 19,573 -192 Dec. 24,69724,034 663 156 967 25,82523,187 4 81230,433 1,270 389 550 455 77719.950 20,520 -570 1953—June. 24,74624,718 28 64 601 25,41422,463 4,85430,125 1,259 132 527 176 95119,561 19,459 102 Averages of daily figures Monthly: 1953—Sept 25,16825,097 71 468 771 26,410 22,176 4,86730.328 1,273 537 538 354 87119,552 18,834 718 Oct.. 25.34425,341 3 367 800 26,514 22,102 4,87330.366 1,274 557 463 406 88919,536 18,784 752 Nov. 25.17225,078 94 494 744 26,41322,057 4,878 30.555 915 497 434 424 80519,718 19,035 683 Dec. 25,639 25,218 421 448 1,018 27,10722,028 4,88530.967 767 602 466 390 90819,920 19.227 693 1954—Jan.. 25,263 25,149 114 118 861 26,24322,015 4,89130,282 778 201 453 422 83420.179 19,243 936 Feb.. 24,770 24,729 41 308 667 25,746 21,957 4,904 29,903 811 568 470 429 87019,557 18,925 632 Mar. 24,633 24.620 13 205 712 25,55321,963 4,920 29,800 813 490 494 352 91319,573 18,881 692 24,63524,632 3 151 696 25,483 21,966 4,94129,755 825 584 481 427 92619,392 18,627 765 May".24,68924,680 9 172 640 25,50321,971 4,954 29,773 830 486 531 412 86419.533 18,817 716 June. 24,99824,960 38 166 710 25,876 21,927 4,956 29,856 815 602 553 321 94119,670 18,813 857 July. 24,771 24,761 10 104 695 25,57121,926 4,959 29,968 810 498 632 409 97319,164 18,329 835 Aug.. 23,98923,930 59 210 654 24,85521,871 4,960 29,896 806 591 536 464 18,478 17,638 840 Sept..23,941 23,928 13 170 725 24,838 21,809 4,96729,991 796 541 522 431 18,403 Weekending: 1954 24,81224,812 216 613 25,64221,966 4,958 29,874 827 452 521 458 87819.555 18,912 643 24,96024,960 170 670 25,80221,924 4,958 29,928 823 342 549 358 87719,805 18,885 920 24,95524,955 142 665 25,764 21,925 4,95729,870 813 341 549 227 910 19,934 19,043 891 25,01824,986 32 194 920 26,134 21,926 4,,955 29,793 806 757 547 296 99819,818 18,958 860 25,11324,980 133 157 630 25,90121,926 4,95629,813 812 1,010 579 384 99619,188 18,349 839 25,08225,038 44 71 675 25,829 21,927 4,95930,066 821 464 588 413 98619,377 18,419 958 24,91224,912 68 710 25,69121,929 4,958 30,099 811 392 765 359 98619,166 18,404 762 24,76524,765 73 833 25,673 21,931 4.958 29,932 807 499 651 428 98319,261 18,356 905 24,51724,517 168 590 25,277 21,924 4.959 29,815 806 551 569 420 96319,036 18,347 689 24,325 24,325 175 653 25,15421,908 4, ,889 803 742 526 18.6Q8 17,666 1,032 24,04024,023 17 287 598 24, ,901 4,959 29,932 803 584 544 430 90518, 17,688 898 23,98023,876 104 229 723 24,933 21,858 4, ,919 805 558 579 452 91418 17.662 863 23,813 23,747 66 178 698 24, ,858 4,96129,850 807 566 557 18,353 17,627 726 Sept. 1. 23,93823,845 93 185 576 24,699 21,837 4,96229,887 808 551 465 516 92618,346 17,603 743 Sept. 8. 24,01323,977 36 147 598 24,75921,809 4,965 30,046 802 479 518 428 92318,336 17,556 780 Sept. 15. 24,03524,035 189 714 24,939 21,809 4,967 30,073 795 558 559 432 92518,373 17,594 779 Sept. 22. 23,78923,789 141 977 24,90821,810 4,96729,969 793 446 514 435 93418,596 P17,659 P937 Sept. 29. 23,86823,868 191 627 24,68721,810 4,96829,888 795 652 511 437 93318,250P17.631 P Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2 These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS 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 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. 1062 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- A o d b v li a g n a c t e io s n s s e c a u n r d e d d i b s y c o G un o t v s e o r f n m an e d nt Other secured advances t o i b o b a n l n i s g k a o s t t i s h o e e n c r u s r t o e h f d a t n h b e y m U d em i . r S e b c . e t r Federal Reserve Bank advance ( s S s e e e c s. u r 1 e 3 d a b n y d el 1 ig 3 i a b )1 le paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept. 30 beginning— rate Sept. 30 beginning— rate Boston Apr. 27,1954 2 Apr. 27,1954 Feb. 5, 1954 New York.. ., Apr. 16,1954 2 Apr. 16,1954 3 Jan. 16,1953 P C h le i v la e d la e n lp d hia. , A M p a r y . 21 2 , 3, 1 1 9 9 5 5 4 4 2 2 A M p a r y . 21 2 , 3, 1 1 9 9 5 5 4 4 V A Ja u n g . . 1 1 7 6 , ,1 1 9 9 5 5 3 3 Richmond May 15,1954 2 May 15.1954 Jan. 23,1953 Atlanta May 15,1954 2 May 15,1954 3 Feb. 9,1954 Chicago Apr. 14,1954 2 Sept. 13,1954 T Aug. 13,1948 St. Louis.... Apr. 23,1954 2 Apr. 23.1954 May 18,1953 Minneapolis. . Apr. 29,1954 2 Apr. 29,1954 Jan. 26,1953 Kansas City. Apr. 23,1954 Feb. 12,1954 Jan. 16,1953 Dallas Apr. 23,1954 Apr. 23,1954 2H Jan. 23,1953 San Francisco Apr. 16,1954 2 Apr. 16,1954 3 Jan. 20, 1953 3 1 Rates skown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent of deposits] [Per cent per annum] Net demand deposits 1 91 1 - - 12 9 0 0 d d M a a y y a s s turity R Se a p t 1 t e V . 2 o 3 n 0 A A I p p n g r r i . . n e f n f 1 1 e i 6 n 6 c , , g t — 1 1 b 9 9 e 5 5 - 4 4 Pr r e I a I v K M t i e ous Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty r k v s e C b o a u n n k tr s y d m b e T a e p ( m i n a o m k l b s l e s i e t ) r s 121-180 days \% Apr. 16, 1954 1917—June 21 13 10 7 3 NOTE.—Effective minimum buying rates on prime bankers' accept- 1936—Aug. 16 15 iao*x ances payable in dollars. Back figures.—See Banking and Monetary 1937—Mar. 1 22f| 5j| Statistics, Table 117, pp. 443-445. May 1 26 20 2 6 1938—Apr. 16 22*4 12 5 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND O C F O M TH M E I T F M E E D N E T R S A L U N R D E E S R E R S V E E C T A I C O T N 13B 1 19 9 4 4 2 1 — — A N u o g v . . 20 1 2 2 6 4 20 14 6 Sept. 14 22 Maturities not exceeding five years - Oct. 3 20 [In effect September 30. Per cent per annum] 1948—Feb. 27 22 June 11 24 Sept. 16 16 271^ To industrial or Sept. 24 26 22 commercial To financing institutions businesses 1949_May 1 15 27 May 5 24 21 37 June 30 20 36 R Fe e d se e r r v a e l On p d u i r s c c h ou as n e t s s or A A Ju u u ly g g . . 11 1 1 . . . .. .... 23X 19X 1 1 3 4 3 2 5 6 Bank On com O m n it- Portion com On mit- A A u u g g . . 1 1 8 6 23 19 12 25 loans1 ments for which Re- ments Aug. 25 22H institu- maining Sept. 1 22 18 tion is portion 1951—Jan. 11 23 19 36 obligated J Ja a n n . . 2 1 5 6 24 20 13 26 Feb. 1 14 N Bo ew st o Y n ork 3 3 - - 5 5 3 ^ 4 ^ H - - 1 iH 34 1953_j u ly 1 13 Philadelphia 2^-5 M-iH July 9 22 19 Cleveland 234-5 34-1H 1954—June 16 . 25 Richmond 2H~5 X-iX June 24 21 35 Atlanta 2%-5 July 29 20 18 Chicago 2^-5 •^/2 J H-iH Aug. 1 12 St. Louis 3-5 M-iK Minneapolis.... 3-5K 4(2) 4 X-iX In effect Oct. 1, 19544.... 20 18 12 5 Kansas City.... 2H-s 34-1M 34-1H S D a a n l la F s rancisco... 3-5 y2 6 6 3 K 4 - - i i ^ ^ Au 1 g D . e 2 m 3, a n 1 d 9 3 d 5 e , p o h s a i v ts e s b u e b e je n c t t o to ta l r es d e e r m ve a n r d eq u d i e r p em os e i n ts t s, m w in h u i s c h c a b s e h g in it n e i m ng s 3-534 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). 2Rate charged borrower less commitment rate. 2 Requirement became effective at country banks. 3 Rate charged borrower. 4Rate charged borrower but not 3 Requirement became effective at central reserve and reserve city to exceed 1 per cent above the discount rate. banks. 5Charge of 3^ per cent per annum is made on undisbursed portion 4 Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, 6Charge of }£ 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. OCTOBER 1954 1063 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] Centralreserve Central reserve week en M di o n n g t h W , o e r dnesday b m a b A n e e k m l r l s - i N c e i w ty ban C k h s i- b s c a R e i n r e t v y - k e s b C a t o n r u y k n s - 1 week en M di o n n g t h W , o e r dnesday b m a b A n e e m l k r l s - 1 N c e i w ty ban C k h s i- b s c R a e i r n t e v y k - e s b C a t o n r u y k n s - i York cago York cago Total reserves held: Excess reserves: 1953—June 20,287 5.155 1,320 7,933 5,878 1953—June 787 128 4 164 491 July 19,653 4,838 1,292 7,808 5,713 July 784 53 5 130 597 August 19,526 4,713 1,293 7,805 5,714 August 643 6 1 99 537 1954—June 19,670 4,812 1,251 7,839 5,767 1954—June 858 63 11 153 630 July 19,164 4,508 1,198 7,780 5,678 July 836 40 11 166 619 August 18,478 4,311 1,171 7,502 5,493 August 839 —9 112 736 Aug. 18 18,525 4,337 1,182 7,511 5,495 Aug. 18 865 22 7 91 745 Aug. 25 18,353 4,280 1,166 7,489 5,413 Aug. 25 725 —5 -4 82 652 Sept. 1 18,347 4,309 1,171 7,488 5,379 Sept. 1 745 25 4 99 617 Sept. 8 18,337 4,228 1,160 7,492 5,456 Sept. 8 780 -11 1 128 662 Sept. 15 18,373 4,282 1,144 7,493 5,454 Sept. 15 779 21 -3 100 661 Sept. 22.... 18,595 4,296 1,153 7,560 5,586 Sept. 22 P936 29 6 123 P778 Sept. 29 18,250 4,273 1,139 7,492 5,346 Sept. 29 P620 -11 -9 78 P562 Borrowings at Federal Required reserves:2 Reserve Banks: 1953—June 19,499 5,028 1,316 7,769 5,387 1953—June... 423 11 22 195 195 July 18,868 4,786 1,288 7,678 5,117 July 418 12 40 245 121 August 18,882 4,706 1,292 7,706 5,177 August 650 53 79 365 154 1954—June 18,813 4,749 1,240 7,686 5,138 1954—June 146 14 4 61 67 July 18,329 4,468 1,187 7,614 5,058 July 66 1 26 38 August 17,638 4,320 1,172 7,390 4,757 August 115 30 11 37 17 Aug. 18 17,662 4,316 1,175 7,421 4,750 Aug. 18 139 20 22 58 39 Aug. 25 17,627 4,285 1,169 7,407 4.766 Aug. 25 88 23 2 32 31 Sept. 1 17,603 4,284 1,168 7,389 4,762 Sept. 1 95 10 9 38 38 Sept. 8 17,556 4,239 1,159 7,364 4,794 Sept. 8 57 2 21 34 Sept. 15 17,594 4,261 't. ,147 7,393 4,793 Sept. 15 84 20 29 35 Sept. 22 P17.659 4,267 1,147 7,437 P4.808 Sept. 22 36 1 22 13 Sept. 29 P17.631 4,285 1,148 7,414 P4.784 Sept. 29 78 8 38 32 * 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. 2See table on preceding page for changes in reserve requirements. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.l In millions of dollars] Central reserve Central reserve Item b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r t e v y k - e s C ba t o r n u y k n s - b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c a R e i n r t e v y k - e s C ba t o r n u y k n s - York cago York cago August 1954 August 1953 Gross demand deposits: Total 108,962 22,811 6,129 42,413 37,609 107,291 22,583 6,145 41,674 36,889 Interbank 13,082 3,999 1,341 6,481 1,262 11,806 3,747 1,238 5,782 1,039 Other 95,880 18,812 4,788 35,932 36,347 95,485 18,836 4,906 35,892 35,850 Net demand deposits2 94,891 20,685 5,538 36,806 31,861 94,241 20,734 5,547 36,170 31,790 Time deposits 38,906 3,660 1,282 15,297 18,667 34,926 2,416 1,198 13,901 17,411 Demand balances due from domestic banks... 6,789 41 121 2,028 4,600 6,013 37 119 1,871 3,987 Reserves with Federal Reserve Banks: Total 18,478 4,311 1,171 7,502 5,493 19,526 4,713 1,293 7,805 5,714 Required3 17,638 4,320 1,172 7,390 4,757 18,882 4,706 1,292 7,706 5,177 Excess 839 —9 112 736 643 6 1 99 537 Borrowings at Federal Reserve Banks 115 30 11 37 37 650 53 79 365 154 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. 3See table on preceding page for changes in reserve requirements. 1064 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 Sept. 29 Sept. 22 Sept. 15 Sept. 8 Sept. 1 Sept. Aug. Sept. Assets Gold certificates 20,287,10120,277,100 20,277,100 3,287,10320,287,10320,287,10120,277,10520,071,104 Redemption fund for F. R. notes 842,262 847,052 847,052 837,051 840,241 842,262 840,241 862,363 Total gold certificate reserves 21,129,36321,124,15221,124,15221,124,154 21,127,344 21,129,36321,117,346 20,933,467 F. R. notes of other Banks 136,982 147,683 141,080 109,374 129,535 132,036 121,210 198,242 Other cash 349,737 349,774 346,038 327,998 361,198 351,911 362,063 344,110 Discounts and advances: For member banks 173,899 64,939 93,009 63,879 203,185 27,374 109,769 329,347 For nonmember banks, etc 125,000 105,000 105,000 90,000 90,000 105,000 90,000 Industrial loans 870 934 973 769 605 978 616 ' "2,968 U. S. Government securities: Bought outright: Bills 1,324,250 1,049,250 1,266,150 1,323,150 1,173,150 1,549,250 1,173,150 1,943,312 Certificates: Special Other 6,599,791 6,599,791 6,599,791 ,599,791 6,599 6,599,791 ,851,541 Notes 13,029,02113,029,021 029,02113,029,021 13,029,02113,029 13,029,02113,773,671 Bonds 3,092,550 3,092,550 3,092,550 ,092,550 3,092 3,092,550 ,666,150 Total bought outright 24,045,61223,770,61223,987,51224,044,51223894,51224,270,61223,894,51225,234,674 Held under repurchase agreement. 128,600 128,600 Total U. S. Government securities. 24,045,61222,770,61223,987,51224,044,51224,023,11224,270,61224,023,11225,234,674 Total loans and securities 24,345,38123,941,48524,186,49424,199,160 24,316,90224,403,96424,223,49725,566,989 Due from foreign banks 22 22 22 22 22 22 22 22 Uncoltected cash items 3,624,895 4,129,324 4,777,814 3,238,254 ,440,095 3,547, 3,157,669 ,843,878 Bank premises 53,545 53,656 53,400 53,385 53,731 53, 53,724 50,041 Other assets 158,619 151,106 143,733 148,486 140,747 159 138,750 192,809 Total assets. . 49,798,544 49,897,20250,772,733 49,200,83349,569,57449,777,564 49,174,28151,129,558 Liabilities Federal Reserve notes 25,553,57225,532,60425,630,10125,708,87925,576,04925,601,422 26,033,313 Deposits: Member bank—reserve accounts 18,330,87718,379 16218,641,88918,274 18,530,10718,676,13918,316 19,308,535 U. S. Treasurer—general account 769,192 514.506 509,566 446 591,043 704,485 511. 642,404 Foreign 489,198 524!282 506,171 523 483,138 461,465 476. 512,255 Other 398,344 388 050 408,893 390 404,386 421,781 501, 351,631 Total deposits. 19,987,611 19,806,000 20,066,519 19,635,011 20,008,67420,263,870 19,805,12720,814,825 Deferred availability cash items 3,113,558 3,420 ,943,940 2,732, 2,866,736 2,768,038 2,684 978 ,158,668 Other liabilities and accrued dividends 17,719 17 17,128 15, 14,725 17,376 15080 20,693 Total liabilities. 48,672,460 48,776,502 49,657,688 48,091,706 48,466,184 48,650,706 48,071,546 50,027,499 Capital Accounts Capital paid in 275,842 275,809 275,628 275,066 274,872 275,870 274,838 261,550 Surplus (Section 7) 625,013 625,013 625,013 625,013 625,013 625,013 625,013 584,676 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 197,686 192,335 186,861 181,505 175,962 198,432 175,341 228,290 Total liabilities and capital accounts 49,798,544 49,897,202 50,772,73349,200,83349,569,57449,777,564 49,174,281 51,129,558 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.6 46.3 46.5 44.7 Contingent liability on acceptances purchased for foreign correspondents 6,278 5,481 5,585 5,279 5,334 6,453 5,264 26,255 Industrial loan commitments 2,240 2,180 2,156 2,361 2,793 1,943 2,795 3,342 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 298,899 169,939 198,009 153,879 293,185 132,374 199,769 329,347 Within 15 days 190,911 62,092 90,080 59,893 197,146 34,192 103,880 316,337 16 days to 90 days 107,984 107,843 107,873 93,895 95,814 98,178 95,664 13,010 91 days to 1 year 4 4 56 91 225 4 225 Industrial loans—total 870 934 973 769 605 978 616 "2,968 Within 15 days 571 624 647 2 2 3 5 840 16 days to 90 days 11 12 18 449 361 730 364 423 91 days to 1 year 252 262 272 281 205 209 208 1,624 Over 1 year to 5 years 36 36 36 37 37 36 39 81 U. S. Government securities—total 24,045,61223,770,61223,987,51224,044,51224,023,11224,270,61224,023,11225,234,674 Within 15 days 363,700 315,750 344,900 347,500 668,500 283,000 485,600 494,900 16 days to 90 days 8,243,100 ,016,050 921,250 975,650 633,250 ,548,800 816,150 ,940,162 91 days to 1 year 6,689,591 6,689.59113,972,14113,972,141 972,141 689,59113,972,141 ,558,091 Over 1 year to 5 years 6,320,750 6,320,750 320,750 6,299,060 299,060 320,750 6,299,060 ,452,264 Over 5 years to 10 years 1,013,614 1,013,614 013,614 ,035,304 035,304 013,614 035,304 ,374,400 Over 10 years 1,414,857 1,414,857 414,857 ,414,857 414,857 414,857 414,857 ,414,857 1 Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. OCTOBER 1954 1065 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1954 [In thousands of dollars] San 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 r is a c n o - Assets Gold certificates. 20,287,101 1,063,858 5,477,2481,184,3041,716,2071,106,665 925,8913,615,504 810,279 422,950 866,161 808,7532,289,281 Redemption fund for F. R. notes. 842,262 50,523 167,297 54,590 76,395 70,580 54,765 145,354 47,594 24,799 40,081 29,094 81,190 Total gold certificate reserves. . 21,129.3631,114,381 5,644,5451,238,8941,792,6021,177,245 980.6563,760,858 857,873 447,749 906,242 837,8472,370,471 F. R. notes of other Banks... 132,036 9,639 26,736 9,129 7,085 10,716 15,484 14,633 6,469 8,359 5,753 5,745 12,288 Other cash 351,911 24,026 64,764 20,473 39,167 17,160 31,798 60,784 18,652 9,275 12,376 13,969 39,467 Discounts and advances: Secured by U. S. Govt. securities. . . 26,676 950 2,345 750 1,940 4,189 100 9,050 1,910 200 4,802 144 296 Other 105,698 6,464 30,450 7,770 9,660 5,355 4,515 14,595 3,990 2,625 3,990 5,574 10,710 Industrial loans.. 978 895 83 U. S. Government securities: Bought outright 24,270,6121,339,204 6,199,4911,477,0612,080,1611,429,4911,236,1274,242,9401,015,604 596,0131,047,131 953,689 2,653,700 Held under repurchase agreement... Total loans and securities 24,403,9641,346,618 6,232,2861,486,4762,091,761 1,439,0351,240,742 4,266,5851,021,504 598,9211,055,923 959,4072,664,706 Due from foreign banks 22 1 16 2 2 1 1 1 1 1 2 Uncollected cash items 3,547,358 243,119 692,817 219,531 342,775 300,913 237,016 577,263 152,606 110,839 191,525 170,106 308,848 O Ba th n e k r p a r s e s m et i s ses.. . 1 5 5 3 9 , , 5 4 0 0 6 4 5 8, , 7 9 0 2 5 9 39 7 , , 6 2 2 5 9 5 5 9 , , 1 3 6 2 8 3 1 5 3 , , 0 9 3 4 6 6 4 9 , , 5 2 4 9 9 6 3 8 , , 9 5 2 9 0 5 2 6 7 , , 3 72 3 6 0 2 6 , ,8 8 4 49 9 3 1 , ,0 8 1 4 9 8 2 7 , , 4 12 5 8 8 7,2 55 5 9 4 1 8 7 , , 4 1 3 05 4 Total assets 49,777,564 2,752,418 12,708,038 2,988,996 4,292,374 2,958,9152,518,212 8,714,1822,066,803 1,180,0112,181,406 1,994,888 5,421,321 Liabilities F. R. notes 25,601,422 ,564,243 5,746,7341,780,319 2,367,970 1,794,0281,365,4814,952,8501,141,914 586,3191,005,183 732,894 2,563,487 Deposits: Member bk.— reserve accts. 18,676,139 830,563 5,569,359 853,2631,422,467 784,707 836,9232,979,017 679,474 436,272 923,278 992,586 2,368,230 U. S. Treas.— gen. acct.. .. 704,485 41,127 129,968 55,610 79,915 45,392 46,525 107,651 52,733 21,873 36,345 39,923 47,423 Foreign 461,465 27,511 2141,236 33,374 41,492 23,001 19,393 62,689 17,138 11,275 17,138 21,197 46,021 Other 421,781 4,617 343,326 10,769 10,479 2,757 1,158 4,795 7,719 1,210 2,990 782 31,179 Total deposits... 20,263,870 903,818 6,183,889 953,0161,554,353 855,857 903,999 3,154,152 757,064 470,630 979,751 1,054,488 2,492,853 Deferred availability cash items 2,768,038 214,759 457,193 172,155 265,380 248,192 196,593 444,471 122,164 92,852 151,315 154,781 248,183 Other liabilities and accrued dividends 17,376 787 5,296 989 1,942 748 816 2,809 640 563 635 598 1,553 Total liabilities. . 48,650,706 2,683,607 12,393,1122,906,479 4,189,645 2,898,825 2,466,889 8,554,2822,021,782 1,150,364 2,136,8841,942,7615,306,076 Capital Accounts Capital paid in. . 275,870 14,789 83,595 18,712 26,738 12,471 11,954 36,501 9,570 6,140 10,596 13,981 30,823 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 198,432 12,232 47,379 13,407 17,337 12,520 10,573 31,178 9,465 6,215 9,333 8,693 20,100 Total liabilities and capital accounts 49,777,564 2,752,418 12,708,038 2,988,996 4,292,3742,958,9152,518,2128,714,1822,066,803 1,180,0112,181,406 1,994,888 5,421,321 Reserve ratio 46.1% 45.2% 47.3% 45.3% 45.7% 44.4% 43.2% 46.4% 45.2% 42.4% 45.7% 46.9% 46.9% Contingent liability on acceptances purchased for foreign correspondents 6,453 384 31,980 466 580 321 271 876 239 158 239 296 643 Industrial loan commitments.. 1,943 480 598 39 110 19 697 1 After deducting £16,000 participations of other Federal Reserve Banks. 2After deducting $320,210,000 participations of other Federal Reserve Banks. 3After deducting $4,473,000 participations of other Federal Reserve Banks. 1066 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 thousands of dollars] Wednesday figures End of month Item 1954 1954 1953 Sept. 29 Sept. 22 Sept. 15 Sept. 8 Sept. 1 Sept. Aug. Sept. F. R. notes outstanding (issued to Bank). 26,557,599 26,565,598 26,645,86726,563,726 26,517,599 26,539,310 26,533,486 27,107,943 Collateral held against notes outstanding: Gold certificates 11,093,000 11,093,000 11,093,C 093,000 11,093,00011,093,00011,463,000 Eligible paper 55,846 33,430 37,260 29,570 13,156 49,565 191,182 U. S. Government securities 16,865,000 16,865,000 16,865,000 16,865,000 16,865.00016,865,00016,620,000 Total collateral 28,013,846 26,991,430 27,995,26027,987,570 27,996,58127,971,15628,007,565 28,274,182 EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 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 i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,539,310 1,627,801 5,917,492 1,864,174 2,480,7381,845,2931,410,872 5,058,3641,198,302 624,3841,030,010 771,080 2,710,800 Collateral held: Gold certificates11,093,000 640,000 2,670,000 800,0001,000,000 625,000 485,000 2,400,000 355,000 175,000 280,000 283,000 1,380,000 Eligible paper.. 13,156 1,009 750 4,189 1,910 200 4,802 296 U. S. Govt. securities 16,865,000 1,200,000 3,600,000 1,200,0001,500,000 1,300,000 1,000,000 2,700,000 920,000 500,000 800,000 525,000 1,620,000 Total collateral.. 27,971,156 1,841,009 6,270,000 2,000,750 2,500,0001,929,1891,485,000 5,100,0001,276,910 675,2001,084,802 808,000 3,000,296 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] y E m e n a o d r n t o o h f r N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt ( b p a p m u l c r A e o o t o t m p v e u n - e d - n o d 1 t t ) s (a t L a m o n o u o d a u t i n - n n s g t) 2 s ( C a t m a o m o n m e u o d n m t u i - t n n s i g t t ) - s i o ( n t a p t f a g u m a o n f t t i u o i d i i n o o n t u i a - n n n s n n s t s g t c i ) 3 - - y E m e n a o d r n t o o h f r Gua a r u a t t o n h t o e d r e a i d t z e e l d oans o G u u t a s lo r ta a a n n n d t s e i e n d g u a A b v n a o a d d m i r d e l r r a i o o t b i w u g o l n e e u n t r a a s t r l o - 1945 3,511 544,961 320 1,995 1,644 1,086 N b u e m r - Amount am To o t u a n l t g P u o te a r e t r i a d o n n - a o n u t t e m s e t e a n n ag t d s r i e n e g - 1946 3,542 565,913 4,577 554 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 1950 3,698 651,389 4,819 2,632 3,754 3,745 1952 1,159 2,124,123 979.428 803,132 586,303 1951 3,736 710,931 3,513 4,687 6,036 11,985 1952 3,753 766,492 1,638 3,921 3,210 3,289 1953 1953 August 1,259 2,301,987 868,274 716,618 444,265 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. 1,294 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 February.. 1,310 2,380,186 772,647 640,121 355,056 January. . . 3,765 805,115 1,234 1,885 3,532 3,414 March.... 1,316 2,399,321 737,605 612,265 321,619 February. . 3,765 806,648 1,345 1,792 3,145 3,344 April L.322 2,406,651 684,631 569,551 347,823 March 3,766 808,505 1,720 1,487 2,957 2,666 May 1,324 2,408,226 664,122 552,738 330,408 April 3,767 810,051 405 1,302 2,891 2,412 June L ,331 2,420,326 640,636 534,695 299,465 May 3,767 810,779 45 1,298 2,373 1,869 July 1,342 2,443,021 604,750 502,902 311,191 Tune 3,768 812,433 195 1,247 2,395 1,855 August.... :1,350 2,457,689 559,859 466,089 300,676 July 3,768 813,465 45 1,130 2,354 1,812 August.... 3,768 814,765 45 630 2,794 1,773 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. 3Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. OCTOBER 1954 1067 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 September 30] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to al r - s' C i a n sh G U ov . e S r . n- re C s a e s r h ve ances l Total deposi- ment funds, Guarantee fee Percentage of tory securi- etc.' 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 8 9 9 5 0 5 2 3 3 0 5 5 3 3 2 0 5 5 1 1 1 9 9 9 5 5 5 1 0 2 — — — D D D e e e c c c e e e m m m b b b e e e r r r . . . . . . 2 2 2 , , , 9 7 5 2 0 4 4 5 7 3 2 2 , , , 0 8 7 4 3 3 5 5 6 2 3 1 8 3 1 2 2 2, , , 5 8 6 5 6 4 1 8 4 1 1 1 6 5 6 6 1 2 Over 95 40-50 40-50 1953—May 2,477 2,665 33 2,488 144 June....... 2,457 2,653 33 2,477 143 July 2,438 2,648 33 2,469 146 Maximum Rates Financing Institution May Charge Borrower August.... 2,419 2,635 33 2,452 151 [Per cent per annum] 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 Interest rate December.. 2,359 2,558 31 2,389 138 Commitment rate. 1954—January... 2,343 2,540 31 2,373 136 February.., 2,326 2,505 31 2,336 139 March 2,309 2,470 31 2,299 140 April 2,290 2,434 31 2,278 125 May 2,271 2,416 31 2,256 130 J>2,251 Tulv August P2.2O8 p Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted2 Year or month Total, all New 6 338 other New 6 338 other New 6 338 other reporting York other reporting York other reporting York other reporting centers City centers1 centers City centers1 centers City centers1 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, 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1953—July 147,957 51,799 32,683 63,476 36.0 25.7 19.2 36.9 26.2 19.5 August 134,386 45,516 29,958 58,913 32.2 23.6 17.8 37.2 25.8 18.9 September. . . . 147,699 54,888 31,422 61,390 40.2 25.9 19.3 39.2 26.2 19.0 October 149,606 54,152 31,778 63,676 35.8 23.9 18.4 36.9 24.6 18.4 November 140,992 50,470 30,477 60,046 38.4 26.4 20.2 38.8 26.0 19.1 December 168,596 65,367 35,557 67,672 43.1 26.8 19.7 38.1 25.6 18.7 1954—January 154,287 62,306 30,806 61,176 42.7 24.1 18.6 42.5 24.6 18.4 February '141,931 56,115 29,341 56,475 42.7 25.5 19.2 43.8 26.2 19.3 March 171,357 67,913 36,666 66,779 44.6 29.2 19.7 43.5 26.7 19.8 April 154,763 60,479 33,152 61,132 41.3 27.6 18.8 41.9 26.8 19.4 May 149,814 59,535 31,159 59,120 41.9 25.5 18.8 43.0 25.9 19.2 June 163,512 64,965 33,785 64,761 44.2 26.8 19.7 40.9 26.3 19.7 July '154,856 61,155 31,556 '62,144 41.6 24.9 18.8 42.7 25.4 19.1 August '151,510 58,316 31,526 '61,668 40.0 24.8 18.5 46.2 27.1 19.7 September 149,907 56,744 30,922 62,241 40.4 P25.3 P19.4 39.4 P25.6 P19.1 «• Revised. P Preliminary i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2These data aarree ccoommppinleeda bDyy tthnee F feeddeerraall RReesseerrvvee BBaannkk ooft NNeeww YYoorrkk.. for ANuOgTusEt. —19F4o3r, ddeessccrriippttiioonn ooff eeaarrlliieer rs-e-r-i-e-s , -s-e-e "B-a-n-1k*in-g- -a-•n-»d "M onetary °S-t a•t•istics, pp. 230-233; for description of revision in 1942 see BULLETIN p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357. 1068 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 currency2 Large denomination currency3 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin *$1 $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 4,096 837 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 4,220 454 801 7 24 1946 28,952 20,437 1,361 1,029 67 ,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1948 28,224 19,529 1,464 ,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 1949 27,600 19,025 1,484 ,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 1,554 ,113 64 ,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 ,182 67 ,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953—August 30,248 21,331 1,778 ,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 ,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 ,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 ,232 71 2,123 6,659 9,871 9,038 2,689 5,519 332 487 4 8 December. 30,781 21,636 1,812 ,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 ,180 70 2,031 6,351 9,531 9,045 2,693 526 331 484 4 8 February.. 29,904 20,908 1,770 ,170 70 2,021 6,365 9,512 8,999 2,674 5,502 330 482 4 8 March 29,707 20,757 1,776 ,166 70 2,010 6.304 9,431 8,952 2,654 5,473 328 481 4 12 April 29,735 20,799 1,783 ,173 70 2,006 6,325 9,443 8,936 2,651 5,470 327 478 4 8 May 29,870 20,946 1,787 1,182 69 2,036 6,375 9,496 8,926 2,651 5,463 325 475 4 8 June 29,922 20,999 1,795 1,183 71 2,023 6,377 9,551 8,924 2,659 5,457 324 473 4 8 July 29,892 20,984 1,793 1,174 70 2,016 6,366 9,564 8,910 2,654 5,451 322 471 4 August.... 29,929 21,015 1,801 1,183 70 2,023 6,361 9,578 8,916 2,653 5,461 321 469 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes 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 circulation1 Money Total out- held by standing, As security For Federal Au 1 g 9 . 5 4 31, g a o s g l i d a l v in a er s n t d Tr c e a a s s h ury B R F an e e d k se s e 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 Au 1 g 9 . 5 4 31, Ju 1 l 9 y 5 3 4 1, Au 1 g 9 . 5 3 31, certificates agents Gold 21,809 21,153 2657 Gold certificates 21,153 18,302 2,816 35 35 36 Federal Reserve notes 26,533 55 1,088 25,390 25,377 25,738 Treasury currency—total 4,966 ' "s'2,398' ' 99 362 4,504 4,479 4,474 Standard silver dollars 491 237 36 4 214 213 205 Silver bullion 2,162 2,162 Silver certificates and Treasury notes of 1890. . *2,398 260 2,138 2,123 2,108 Subsidiary silver coin 1,280 55" 60 1,165 1,161 1,156 Minor coin 438 5 11 421 419 416 United States notes 347 2 25 319 316 319 Federal Reserve Bank notes 179 (5) 2 177 179 197 National Bank notes 70 (5) (5) 69 70 73 Total—Aug. 31, 1954 (4) 23,551 811 18,302 4,266 29,929 July 31, 1954 (4) 23,666 798 18,404 4,341 29,892 Aug. 31, 1953 (4) 23,408 1,269 18,177 4,274 30,248 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. 1061. 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. bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. OCTOBER 1954 1069 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 FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Date Gold T s r t o c e u r i a u n n e u r n a r y c g t d - - s y - - Total Lo n a e n t s, To U ta . l S. G m C o a e v o n r e m c d r ia n - l me R F n e t e d s o e e r b r v a li e l gati O on th s er O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t t d i t a s a l l - l, c d u T e r a p o r n o t e d a s n i l t c s y C c m o a a n a u p n i c e s n i - d t c t t a s . , l savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 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 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 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 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1949—Dec. 31 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 1952—June 30 23,346 4,754 182,980 69,712 96,266 70,783 22,906 2,577 17,002 211,080 194,960 16,120 Dec. 31 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—June 30 22,463 4,854 190,277 77,071 95,350 68,108 24,746 2,496 17,856 217,594 200,360 17,234 Aug. 26 22,200 4,900 195,400 77,700 99,600 72,100 25,000 2,500 18,200 222,500 204,800 17,700 Sept. 30 22,100 4,900 195,900 78,400 99,300 71,600 25,200 2,500 18,200 222,900 204,900 18,000 Oct. 28 22,100 4,900 196,700 79,100 99,500 71,700 25,300 2,400 18,200 223,700 205,500 18,100 Nov. 25 22,000 4,900 198,200 79,500 100,400 73,000 25,000 2,400 18,200 225,100 207,100 18,000 Dec. 31 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—Jan. 27 22,000 4,900 198,00C 79,100 100,400 73,400 24,700 2,400 18,500 224,900 207,100 17,800 Feb. 24 22,000 4,900 197,300 79,300 99,100 72,000 24,600 2,400 18,900 224,100 206,200 17,900 Mar. 31 22,000 4,900 196,100 80,300 96,800 69,800 24,600 2,300 19,000 223,000 205,100 17,800 Apr. 28 22,000 4,900 197,200 79,900 98,200 71,200 24,600 2,300 19,200 224,100 206,200 17,900 May 26 22,000 5,000 198,800 80,100 99,400 72,400 24,700 2,300 19,300 225,800 207,600 18,200 June 30 21,927 4,959 200,628 81,210 99,827 72,525 25,037 2,265 19,591 227,514 209,354 18,161 July 28Pf 21.900 5,000 200,600 80,800 100,000 73,300 24,500 2,200 19,800 227,500 209,100 18,400 Aug. 25P 21,900 5,000 202,500 80,200 102,300 76,200 23,900 2,200 19,900 229,300 210,500 18,800 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e o b p n r a o e e n s i t g k it n s, T h c i u r n o a e r g l s a d y h s s - - A s m b a t a e a v n r c n in c o d k i m g a s s l - R F B e e a d A se n e t r r k 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 n c m k i e a - s l dep M b s 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 i t n t e a m g l s o b r u C a e t u n n s r k i c - s d y e 1929—June 29... 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30... 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30... 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31. .. 82,811 498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31... 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1947—Dec. 31... 175,348 1,682 ,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1949—Dec. 31... 177,313 2,150 ,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Dec. 30. .. 184,385 2,518 ,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31... 193,410 2,279 ,270 3,615 247 185,999 98,234 61,450 37,859 20,887 2,704 26,315 1952—June 30. .. 194,960 2,319 ,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 Dec. 31... 204,220 2,501 ,270 5,259 389 194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—June 30... 200,360 2,467 ,259 3,942 132 192,560 96,898 68,293 42,245 23,589 2,459 27,369 Aug. 26... 204,800 2,400 ,300 7,000 700 193,400 97,500 68,700 42,500 23,800 2,400 27,300 Sept. 30. .. 204,900 2,500 ,300 6,200 600 194.300 97,700 69,100 42,800 24,000 2,400 27,500 Oct. 28... 205,500 2,600 ,300 3,800 600 197,300 100,300 69,600 43,200 24,100 2,400 27,400 Nov. 25... 207,100 2,700 800 5,700 500 197,400 100,200 69,300 42,900 24,000 2,400 27,900 Dec. 31... 209,175 2,694 761 4,457 346 200,917 102,451 70,375 43,659 24,358 2,359 28,091 1954—Jan. 27... 207,100 2,800 800 3,400 200 199,800 102,300 70,600 43,700 24,600 2.300 26,900 Feb. 24. .. 206,200 2,900 800 4,500 500 197,400 99,600 71,000 44,000 24,700 2,300 26,900 Mar. 31... 205,100 3,000 800 5,400 700 195,200 96,700 71,700 44,500 24,900 2,300 26,900 Apr. 28... 206,200 3,100 800 4,500 500 197,300 98,600 72,000 44,700 25,000 2,300 26.700 May 26... 207,600 3,100 800 5,100 500 198,000 98,700 72,500 45,000 25,200 2,300 26,800 June 30... 209,354 3,256 811 5,895 875 198,517 98,132 73,292 45,653 25,388 2,251 27,093 July 2%pr. 209,100 3,400 800 3,900 500 200,400 100,000 73,700 46,000 25,500 2,200 26,800 Aug. 25P. . 210,500 3,400 800 5,500 600 200,300 99,400 74,000 46,200 25,600 2,200 26,900 P Preliminary. r Revised. 1 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. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against "Capital and miscellaneous accounts, net" instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1070 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 Total Deposits assets— Cla a s n s d o d f a b te ank Total Loans G o U m o b v l . e i e g n S r a t n . - - O s ri e t t c h ie u e s - r a C ss a e s t h sl li c a T a b a o p i n l t i d i a t t a i l e l s Total i b In a t n e k r - i De- Other Time 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 tions accounts2 mand All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 313 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 95,727 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 104,744 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 71,343 15,918 45,531 202,903 185,756 15,087 111,644 59,025 14,623 14,618 1952—Dec. 31 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 116,633 63,598 15,367 14,575 1953—June 30 163,082 77,117 68,108 17,856 42,023 207,758 189,159 13,600 109,389 66,170 15,791 14,537 Aug. 26 168,590 78,370 72,070 18,150 39,060 210,410 190,350 12,920 110,850 66,580 15,890 14,532 Dec. 31 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 116,788 "68,354 16,118 14,509 1954—Mar. 31 169,190 80,380 69,800 19,010 41,500 213,530 194,160 14,490 109,960 69,710 16,350 14,482 Apr. 28 170,710 80,280 71,240 19,190 40,780 214,450 194,450 14,260 110,180 70,010 16,480 14,472 May 26 172,560 80,870 72,390 19,300 40,210 215,820 195,300 14,110 110,630 70,560 16,550 14,468 June 30 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 112,637 71,371 16,664 414,465 July 28*"- 174,380 81,340 73,270 19,770 40,230 217,640 197,310 14,940 110,590 71,780 16,690 14,457 Aug. 25P 176,790 80,690 76,210 19,890 39,480 219,300 198,780 15,210 111,430 72,140 16,770 14,446 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 313 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 95,711 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 104,723 36,503 11,590 14,121 1951—Dec. 31 132,610 57,746 61,524 13,339 44,645 179,465 164,840 15,086 111,618 38,137 12,216 14,089 1952—Dec. 31 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 116,600 41,012 12,888 14,046 1953—June 30 137,957 65,025 58,644 14,287 41,156 181,425 165,531 13,598 109,352 42,581 13,275 14,009 Aug. 26 . .143,130 66,040 62,590 14,500 38,260 183,790 166,520 12,920 110,810 42,790 13,350 14,004 Dec. 31 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 116,750 43,997 13,559 13,981 1954—Mar. 31 142,790 67,050 60,650 15,090 40,490 185,740 169,220 14,490 109,920 44,810 13,750 13,954 Apr. 28 144,110 66,750 62,130 15,230 39,830 186,520 169,400 14,260 110,140 45,000 13,870 13,944 May 26 145,690 67,120 63,280 15,290 39,330 187,670 170,080 14,110 110,590 45,380 13,930 13,940 June 30 146,383 67,337 63,508 15,538 41,569 190,585 174,068 15,497 112,588 45,983 14,038 413,937 July 28pr.... 147,280 67,290 64,340 15,650 39,260 189,190 171,770 14,940 110,540 46,290 14,060 13,929 Aug. 25P 149,490 66,450 67,300 15,740 38,540 190,670 173,130 15,210 111,380 46,540 14,120 13,919 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 91,820 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 81,785 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 «13,448 90,306 29,336 9,695 6,873 1951—Dec. 31 112,247 49,561 51,621 11,065 39,252 153,439 141,015 14,425 95,968 30,623 10,218 6,840 1952—Dec. 31 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 100,020 32,890 10,761 6,798 1953—June 30 115,789 55,613 48,318 11,858 36,467 154,258 140,830 12,933 93,780 34,117 11,070 6,765 Aug. 26 120,398 56,491 51,859 12,048 33,730 156,217 141,507 12,278 94,995 34,234 11,116 6,759 Dec. 31 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 99,780 35,213 11,316 6,743 1954—Mar. 31 119,840 57,109 50,241 12,490 35,640 157,647 143,608 13,801 93,905 35,902 11,484 6,733 Apr. 28 121,125 56,804 51,690 12,631 35,043 158,438 143,913 13,575 94,277 36,061 11,585 6,729 May 26 122,602 57,205 52,726 12,671 34,545 159,478 144,513 13,427 94,702 36,384 11,638 6,724 June 30 123,185 57,197 53,111 12,876 36,722 162,203 148,252 14,733 96,620 36,900 11,709 6,721 July 28P 123,915 57,114 53,832 12,969 34,514 160,748 145,975 14,204 94,616 37,155 11,724 6,716 Aug. 25P 126,001 56,453 56,476 13,072 33,819 162,136 147,179 14,437 95,362 37,380 11,794 6,713 All mutual savings 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10 527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 313 18,641 4,944 11,978 1,718 886 19,714 17,763 1 17 17,745 1,889 533 1950—Dec. 30 21,346 8 137 10 868 2 342 797 22 385 20 031 22 20,009 2 247 529 1951—Dec. 31. ..... 22^259 9,862 9,819 2,579 886 23,439 20,915 2 26 20,888 2,407 529 1952—Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 2 33 22,586 2,479 529 1953—June 30 25,124 12,091 9,464 3,569 867 26,333 23,628 3 37 23,589 2,516 528 Aug. 26 25,460 12,330 9,480 3,650 800 26,620 23,830 3 40 23,790 2,540 528 Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 *3 38 24,358 2,559 528 1954—Mar. 31 26,400 13,330 9,150 3,920 1,010 27,790 24,940 2 40 24,900 2,600 528 Apr. 28 26,600 13,530 9,110 3,960 950 27,930 25,050 2 40 25,010 2,610 528 May 26 26,870 13,750 9,110 4,010 880 28,150 25,220 2 40 25,180 2,620 528 June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 50 25,388 2,626 528 July 28pr 27,100 14,050 8,930 4,120 970 28,450 25,540 3 50 25,490 2,630 528 Aug. 25P 27,300 14,240 8,910 4,150 940 28,630 25,650 3 50 25,600 2,650 527 *> Preliminary. r Revised. "Corrected. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 3 million dollars) that became a member bank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2 Includes "other" assets and liabilities, not shown separately. For other footnotes see following two pages. 1071 OCTOBER 1954 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 Total Deposits assets— Cla a s n s d o d f a b te ank Total Loans G o U m t o b i v l o . e i e n g n S r a s t n . - - O s ri e t t c h ie u e s - r a C ss a e sh ts1 a li c c a T c a b a o p o i n u l i t d i t a n t a i l t e l s s 5 Total i I b n a t n e k r- i m D a e n - d Other Time a c c T a c o p o t i u a ta n l l ts N b u a o m n f k b s er Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 =14,507 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 24,227 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 19,307 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 19,287 1,722 2,351 23 1951—Dec. 31 21,379 11,146 8,129 2,104 8,564 30,464 26,859 4,832 20,348 1,679 2,425 22 1952—Dec. 31 22,130 12,376 7,678 2,076 8,419 31,053 27,309 4,965 20,504 1,840 2,505 22 1953—June 30 20,452 11,883 6,639 1,930 7,879 28.814 25,244 4,578 18,736 1,930 2,544 22 Aug. 26 21,407 12,003 7,380 2,024 6,655 28,569 24,706 4,267 18,605 1,834 2,550 22 Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 19,673 2,150 2,572 22 1954—Mar. 31 21,392 11,726 7,350 2,316 8,028 29,967 26,382 5,019 19,237 2,126 2,614 22 Apr. 28 21,680 11,635 7,701 2,344 7,305 29,564 25,874 5,247 18,529 2,098 2,619 22 May 26 22,426 12,081 8,065 2,280 6,849 29,881 26,058 5,057 18,883 2,118 2,629 22 June 30 22,681 11,619 8,695 2,367 7,524 30,771 27,225 5,517 19,492 2,216 2,630 22 July 28P 22,727 11,574 8,789 2,364 6,611 29,949 26,117 5,379 18,379 2,359 2,642 22 Aug. 25P 22,966 11,380 9,233 2,353 6,654 30,220 26,151 5,241 18,558 2,352 2,646 22 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 5,015 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 4,273 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 ,109 "1,229 4,778 1,103 490 13 1951—Dec. 31 5,731 2,468 2,711 552 2,196 7,972 7,402 1,307 4,952 1,143 513 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 1,350 5,132 1,205 541 13 1953—June 30 5,627 2,552 2,529 546 2,058 7,729 7,119 1,216 4,696 1,207 551 13 Aug. 26 5,984 2,670 2,758 556 2,006 8,037 7,357 1,224 4,943 1,190 552 13 Dec. 31 6,204 2,776 2,856 572 2,115 8,366 7,724 1,387 5.095 1,242 566 13 1954—Mar. 31 5,568 2,638 2,339 591 1,650 7,266 6,602 1,703 3,695 1,204 570 13 Apr. 28 5,850 2,539 2,725 586 2,017 7,920 7,261 1,200 4,826 1,235 571 13 May 26 5,924 2,567 2,774 583 2,013 7,995 7,286 1,219 4,821 1,246 578 13 June 30 5,975 2,589 2,825 561 2,036 8,064 7,419 1,339 4,813 1,267 583 13 July 28P 5,980 2,521 2,896 563 1,936 7,971 7,270 1,281 4,733 1,256 583 13 Aug. 25P 6,124 2,477 3,077 570 1,902 8,077 7,395 1,339 4,802 1,254 587 13 Reserve city member banks: 1939—Dec. 30 272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 ,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31 108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 32,877 9,760 2,566 359 1947—Dec. 31 I040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 29,395 11,423 2,844 353 1950—Dec. 30 ,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 33,342 11,647 3,322 336 1951—Dec. 31 ,694 19,651 19,194 3,849 15,199 58,654 54,466 6,976 35,218 12,272 3,521 321 1952—Dec. 31 ,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 37,095 13,261 3,745 319 1953—June 30 ,352 22,150 17,756 4,446 14,447 59,587 54,861 6,066 35,052 13,743 3,874 321 Aug. 26 ,397 22,552 19,339 4,506 13,546 60,796 55,338 5,760 35,798 13,780 3,881 319 Dec. 31 ,755 22,763 19,559 4,434 15,925 63,547 58,663 7,254 37,277 14,132 3,984 319 1954—Mar. 31 ,802 22,485 18,783 4,534 13,993 60,674 55,614 5,960 35,120 '14,534 4,037 309 Apr. 28 ,353 22,317 19,409 4,627 13,928 61,177 55,902 6,007 35,286 14,609 4,089 309 May 26 ,836 22,341 19,788 4,707 13,831 61,586 56,156 6,025 35,342 14,789 4,108 309 June 30 ,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 36,073 14,957 4,124 310 July 28? ,400 22,405 20,136 4,859 13,818 62,129 56,838 6,366 35,483 14,989 4,127 309 Aug. 25? ,586 22,268 21,398 4,920 13,354 62,858 57,523 6,614 35,822 15,087 4,168 307 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 29,700 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 28,810 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 32,899 14,865 3,532 6,501 1951—Dec. 31 42,444 16,296 21,587 4,561 13,292 56,349 52,288 1,309 35,449 15,530 3,760 6,484 1952—Dec. 31 45,594 18,213 22,549 4,832 13,281 59,535 55,175 1,301 37,289 16,585 3,970 6,444 1953—June 30 45,359 19,028 21,394 4,936 12,083 58,129 53,606 1,073 35,295 17,237 4,101 6,409 Aug. 26 46,610 19,266 22,382 4,962 11,523 58,815 54,106 1,027 35,649 17,430 4,133 6,405 Dec. 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 37,735 =17,690 4,194 6,389 1954—Mar. 31 47,078 20,260 21,769 5,049 11,969 59,740 55,010 1,119 35,853 18,038 4,263 6,389 Apr. 28 47,242 20,313 21,855 5,074 11,793 59,777 54,876 1,121 35,636 18,119 4,306 6,385 May 26 47,416 20,216 22,099 5,101 11,852 60,016 55,013 1,126 35,656 18,231 4,323 6,380 June 30 47,474 20,537 21,779 5,158 12,506 60,745 55,943 1,241 36,242 18,460 4,372 6,376 July 28P 47,808 20,614 22,011 5,183 12,149 60,699 55,750 1,178 36,021 18,551 4,372 6,372 Aug. 25P 48,325 20,328 22,768 5,229 11,909 60,981 56,110 1,243 36,180 18,687 4,393 6,371 c Corrected. 3 Beginning with Dec. 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonrnember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. 4 Figures revised from those shown in the BULLETIN for August 1954, p. 903; two noninsured commercial banks went out of existence prior to June 30, 1954, but this was not reported until later. For other footnotes see preceding and opposite pages. 1072 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] Loans and investments Total Deposits assets- Cla a s n s d o d f a b te ank Total Loans G U m ov . e e n S r t n . - O se t c h u e - r a C s a se sh ts1 li c a T a b a o p i n l t i i d a t t a i l e l s Total i I b n a t n er k - 1 Other a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er o t b io li n ga s - rities accounts2 m D a e n d Time All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 94,300 34,882 9,734 13,398 1951—Dec. 31 130,820 57,256 60,533 13,031 44,176 177,151 162,908 14,777 110,382 37,749 11,902 13,439 1952—Dec. 31 139,770 63,632 62,308 13,831 44,222 186,255 170,971 14,990 115,371 40,610 12,563 13,422 1953—Dec. 31 143,796 67.082 62,381 14.333 44,398 190,638 174,697 15,548 115,538 43.610 13.239 13.412 1954—June 30 144,451 66,805 62,461 15,185 41,164 188,191 172,048 15,044 111,408 45,596 13,714 13,380 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 59,486 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 54,335 19,278 5,409 5,005 1951—Dec. 31 75,255 32,317 35,063 7,875 25,951 102,462 94,173 9,788 63,477 20,908 6,653 4,939 1952—Dec. 31 80,180 36,034 35,835 8,341 26,333 107,830 98,974 9,918 66,362 22,694 7,042 4,909 1953—Dec. 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10.152 66,343 24,160 7,391 4,856 1954—June 30 82,482 37,672 35,759 9,051 24,636 108,611 99,362 9,750 64,153 25,459 7,686 4,835 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 32,334 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 27,449 9,062 3,055 1,918 1951—Dec. 31 36,992 17,243 16,558 3,191 13,301 50,977 46,843 4,637 32,491 9,715 3,565 1,901 1952—Dec. 31 39,367 19,030 16,928 3,409 12,922 52,996 48,553 4,699 33,658 10,196 3,719 1,889 1953—Dec. 31 40,509 19,931 17,121 3,457 12,903 54,179 49,510 5.019 33,437 11,054 3,925 1,887 1954—June 30 40,704 19,525 17,353 3,826 12,086 53,593 48,890 4,983 32,467 11,441 4,023 1,886 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 12,196 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 12,515 6,558 1,271 6,478 1951—Dec. 31 18,591 7,701 8,923 1,967 4,926 23,732 21,912 353 14,415 7,144 1,686 6,602 1952—Dec. 31 20,242 8,605 9,556 2,081 4,970 25,451 23,464 373 15,351 7,740 1,804 6,627 1953—Dec. 31 21,396 9,328 9,790 2,278 5,020 26,679 24,555 378 15,758 8.419 1,925 6.672 1954—June 30 21,288 9,615 9,362 2,310 4,444 26,012 23,819 312 14,789 8,718 2,007 6,662 Noninsured nonmember, commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 313 2,009 474 1,280 255 576 2,643 2,251 363 1,411 478 325 783 1951—Dec. 31 1,789 490 991 308 469 2,313 1,932 308 1,235 388 314 650 1952—Dec. 31 1,854 531 1,010 312 444 2,348 1,960 329 1,229 402 326 624 1953—Dec. 31 1,891 511 1,045 335 430 2,372 2,005 407 1,212 386 320 569 1954—June 30 1,932 532 1,047 354 405 2,394 2,020 453 1,179 388 325 4557 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 313 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 13,926 7,036 1,596 7,261 1951—Dec. 31 20,380 8,192 9,914 2,275 5,395 26,046 23,843 661 15,650 7,533 1,999 7,252 1952—Dec. 31 22,096 9,136 10,567 2,393 5,414 27,799 25,424 702 16,580 8,142 2,129 7,251 1953—Dec. 31 23,287 9,838 10,835 2,613 5,450 29,051 26.560 784 16,970 8 806 2,245 7,241 1954—June 30 23,220 10,147 10,409 2,664 4,849 28,406 25,838 764 15,968 9,106 2,332 47 ,219> Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec! 31.'.'.'.'.. 12,683 3,560 8,165 958 675 13,499 12,207 14 12,192 1,252 194 1951—Dec. 31 16,190 7,523 6,921 1,746 695 17,129 15,368 23 15,343 1,678 202 1952—Dec. 31 17,621 8,691 6,593 2,337 732 18,612 16,785 30 16,753 1,730 206 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 35 18,345 1,819 219 1954—June 30 20,121 10,804 6,309 3,008 807 21,237 19,195 47 19,145 1,868 219 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 313 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1951—Dec. 31 6,069 2,339 2,897 833 191 6,310 5,547 5,544 729 327 1952—Dec. 31 6,382 2,658 2,829 895 187 6,622 5,836 5,833 749 323 1953—Dec. 31 6,558 2,910 2,707 941 184 6,796 6,015 6,013 740 309 1954—June 30 6,838 3,086 2,708 1,044 180 7,078 6,246 6,243 758 309 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. OCTOBER 1954 1073 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] Loans1 Investments Cla c s a s l a l o n d f d a b te ank i m n T lo a v o e n a e n t n d a s t s t l s - Total i C c o m m c k p p i l i p o i n u n a e a e e a e m g d - r r r - t l n , - - - - A t c u g a u r r l l i - - - b o p d a L e s T r r u n e e o r o o a r d s c c k c a l a u - - h n r r a s r i o y t s e T i f i t i e o r n h n o s s r g - g l R t o e a a e s t n a - e l s O l v u o d i t t i a a n h o i d l n - - e s - s r O lo th an er s Total Total U. B S il . l s Go C o d v c e e f a e e r d t b r t i e i n - n t f D s - i m - - ir e e N n c t o t t o e b s lig B at o io n n d s s G t a e u n e a - d r- S O s p d s t a i i t g o i u i b c o o a n o v a l a l b t n f d i i - i n e l - - t - s s s - O s ri e t t h c ie e u s r ers ness All commercial banks:2 1947—Dec. 31.. . 116,284 38,057 18,1671,660 830 1,220 9,393 5,723 1,063 78,22669,221 2,193 7,789 6,034 53,191 14 5,276 3,729 1951—Dec. 31. .. 132,610 57,746 25,8793,4081,581 980 14,580 10,451 1,681 74,86361,524 7,337 7,657 11,40835,101 21 9,198 4,141 1952—Dec. 31. ... 141,624 64,163 27,8713,9192,0601,103 15,712 12,6841,718 77,46163,318 7,761 5,580 11,87838,077 22 10,1883,955 1953—Dec. 31...145,687 67,593 27,2044,9652,361 1,202 16,694 14,461 1,666 78,09463,426 5,00410,237 12,43935,713 34 10,8213,847 1954—June 30. .. 146,383 67,337 26,1205,1432,4621,256 17,227 14,462 1,657 79,04763,508 4,704 5,572 12,37640,818 38 11,9303,608 All Insured commercial banks: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 . . .. ..1 4 2 9 1 , , 2 8 9 0 0 92 2 5 1 , , 7 2 6 5 5 9 9 9 , , 2 4 1 6 4 1 1 1, , 3 4 1 5 4 0 3,1 6 6 1 4 4 3,6 6 0 6 6 2 4 4, , 6 7 7 7 7 3 2,3 4 6 , 1 i 4 1 5 ,181 9 2 6 8 , , 0 0 4 3 3 12 88 1 , 9 0 1 4 2 6 2,4 9 5 88 519,071 1 3 6 , , 1 0 5 4 9 55 1 1 2 ,3 7 2 9 1 74t 1 2 0 2 2 3 3 , , 6 8 5 7 1 3 3 3 ,2 3 5 3 8 3 1947—Dec. 31. .. 114,274 37,583 18,0121,610 823 1,190 9,266 5,654 1,028 76,69167,941 2,124 7,552 5,918 52,334 14 5,129 3,621 1951—Dec. 31. .. 130,820 57,256 25,7443,3211,571 960 14,450 10,378 1,645 73,56460,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—Dec. 31. .. 139,770 63,632 27,7393,8052,0501,082 15,572 12,603 1,683 76,13862,308 7,622 5,494 11,71437,456 22 9,977 3,854 1953—Dec. 31. .. 143,796 67,082 27,0824,8672,3441,181 16,566 14,373 1,629 76,71462,381 4,89510,076 12.28335,093 33 10,5873,746 1954—June 30... 144,451 66,805 25,9765,0572,4391,228 17,101 14,370 1,623 77,64662,461 4,575 5,505 12,22340,121 38 11,6823,502 Member banks, total: 1 19 9 4 4 5 1 — — D D eecc#. 3 3 1 1 . . . . , . 1 4 0 3 7 , , 5 1 2 8 1 3 2 1 2 8 , , 7 0 7 2 5 1 8 8 , , 6 9 7 4 1 9 9 8 7 5 2 5 3,1 5 3 9 3 4 3,3 5 7 9 8 8 3 3 , , 4 4 9 5 4 5 1,9 3 0 , 0 <9 1 2 ,104 8 2 4 5 , ,5 4 0 0 0 8 7 1 8 9 , , 3 53 3 9 8 2,2 9 7 71 516,985 1 3 4 , , 0 2 0 7 7 14 1 4 1 , , 7 7 9 2 2 93,1J3 1 2 63 3 , , 2 0 5 9 4 0 2 2 ,8 8 1 7 5 1 1947—Dec. 31... 97,846 32,628 16,9621,046 811 1,065 7,130 4,662 952 65,21857,914 1,987 5,816 4,815 45,286 104,199 3,105 1951—Dec. 31. .. 112,247 49,561 24,3472,1401,551 851 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 26,2322,4162,032 966 12,214 10,396 1,577 64,51452,763 6,565 4,255 9,835 32,087 19 8,4093,342 1953—Dec. 31...122,422 57,762 25,5193,2632,321 1,060 13,020 11,911 1,518 64,66052,603 4,095 8,287 10,30029,890 31 8,871 3,185 1954—June 30... 123,185 57,197 24,3623,4022,4111,106 13,440 11,840 1,513 65,98853,111 3,915 4,417 10,37434,369 36 9,890 2,987 New York City:3 1 1 1 » A • . 7 79 9 9 ^ ^ T4 4 4« A J , 5 1 7 — A X ^ —Tf% T D't ^ V". * \^ « ) e ) %e e c r c *_ K /. J A A" 3 , •3 5• 1 • 1 1 • • * . .. 2 2 1 0 6 2 , , , 3 1 8 9 4 9 3 3 6 4 7 7 , , 1 0 3 7 7 3 9 2 4 3 5 2 , , , 3 8 0 6 0 4 1 7 4 8 2 '5 4 4 4 1 5 2 5 31 * 1 1 2 6 7 6 9 7 2 1 1 8 1 2 0 1 3 2 5 8 6 5 7 4 ^4 3 2 3 9 0 8 1 L 8 3 8 , , , 8 2 8 2 1 0 3 4 91 1 7 1 7 ^ , 2 9 5 6 7 7 5 2 4 1,0 3 4 0 7 1 2 7 1 3 '6 4 4 3 0 3 3 1 , ' 6 5 3 2 5 2 3 8 51 3 9 0 ^ , 6 3 7 5 7 3 2 1 7 1,670 1 6 6 7 0 3 2 6 8 9 6 6 8 0 2 3 4 9 0 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 "l 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 11,453 623 1953—Dec. 31. .. 22,058 12,289 8,218 ' *1261,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—June 30... 22,681 11,619 7,447 144 1,778 364 390 1,220 466 11,062 8,695 1,014 711 1,454 5,510 6 1,851 516 Chicago:3 1941—Dec. 31. .. 2,760 954 732 6 48 52 22 S6 1,806 1,430 256 153 903 1L19 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 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—Dec. 31... 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—June 30... 5,975 2,589 1,835 134 242 74 81 206 74 3,386 2,825 113 261 721 1,731 387 174 Reserve city banks: 1941 Dec. 31... 15,347 7 105 3 456 300 114 194 1 527 1 f12 8 243 6 467 295 751 4 248 L73 956 820 1945—Dec! 31.'.'. 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,59429,552 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 22,59120,196 373 2,358 1,901 15,560 3 1,342 1,053 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 82,458 1,390 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 11,594 142,934 1,328 1953—Dec. 31. .. 46,755 22,763 10,568 774 308 456 5,453 4,942 611 23,993 19,559 1,230 3,357 4,201 10,746 25 3,196 1,238 1954—June 30... 47,056 22,453 10,010 953 326 468 5,639 4,797 629 24,603 19,813 1,241 1,590 4,183 12,773 26 3,585 1,206 Country banks: 1 19 9 4 4 5 1 — — D £ e ) cec" . 3 3 1 1! . ! 3 1 5 2 , , 0 5 0 1 2 8 5 5 ,5 8 9 9 6 0 1 1, , 4 6 8 7 4 6 6 6 4 5 8 9 2 4 0 2 4 1 7 8 1 3 1 1 , , 8 8 8 2 1 3 7 1 0 , 7 "30 363 2 6 9 , , 6 4 2 0 8 72 4 6 ,9 3 9 7 9 7 6 1 3 1 0 0 5,102 4,5 4 4 8 4 1 1 2 6 , 9 71 2 3 6 56 9 11 1, 3 2 4 2 2 21 1, , 0 0 6 2 7 8 1947—Dec. 31. . . 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,108 17,681 62,006 1,262 1951—Dec. 31. .. 42,444 16,296 4,3771,610 35 178 6,099 3,906 303 26,14821,587 2,418 2,568 4,008 12,587 53,334 1,227 1952—Dec. 31... 45,594 18,213 4,6301,901 43 191 6,662 4,702 322 27,38122,549 2,692 2,024 4,204 13,625 43,639 1,194 1953—Dec. 31. .. 47,404 19,934 4,8222,204 59 210 7,114 5,441 336 27,47022,423 1,819 3,374 4,285 12,940 53,911 1,136 1954—June 30. .. 47,474 20,537 5,0712,170 66 200 7,331 5,618 345 26,937 21,779 1,548 1,855 4,017 14,355 44,067 1,090 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 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—Dec. 31... 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,449 10,835 909 1,951 2,139 5,834 2 1,951 662 1954—June 30... 23,220 10,147 1,758 1,741 51 150 3,795 2,622 144 13,073 10,409 790 1,155 2,002 6,460 22,042 621 * These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 3 million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve 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. 1074 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 Cla c s a s l a l n o d d f a t b e ank F s B s w e e R R e a d r i r n v e e e t v h - - k e r e a s s l v C a i a n u s l h t b m a w a B n d e n i c a o s t k e l t - h - i s s c 4 j p m u a o D d s a d s e t e n i - e - - t d d s 6 m D e I s o n d t - i e t c e p 4 r o b s a i e f t n i s o g k r n - U m G er . o e n v n S - - t . p v s S o i u a t l s a b i n i t o t d d i e c n i s a - s c C h c e o f a e e e i f t n e c f r r c d i d t 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 c n a a i e s o s - l - , r s r - - I b n a t n e k r- P U m G S e i a o n r . a o n e s g n v d v n S t s - - 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 -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 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 l n - i t - s All commerical banks:2 1947—Dec. 31.. 17,796 2,216 10,216 87,12311,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 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—Dec. 31. . 19,995 2,512 12,103 102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30. . 18,924 2,660 11,033 98,117 12,470 1,328 5,591 9,925 2,789 94,282 1,699 331 2,319 43,334 55 14,038 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 1,248 23,740 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 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—Dec. 31. . 19,995 2,482 11,724 101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—June30. . 18,924 2,627 10,688 96,983 12,252 L ,287 5,562 9,776 2,765 93,306 1,506 331 2,264 43,001 50 13,714 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 1,375 1,176 5,504 2,401 72 704 50 105 693 27 542 54 8,464 1951—Dec. 31. . 19,912 2,062 7,463 83,10012,634 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—Dec. 31.. 19,997 1,870 7,554 86,127 12,858 ],291 3,756 7,530 2,783 85 711 1,021 308 1,595 33 311 43 11,316 1954—June30.. 18,925 2,001 7,062 82,783 11,956 1,280 5,165 7,839 2,581 81 034 1,497 300 1,912 34 687 38 11,709 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 10 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 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—Dec. 31.. 4 846 129 70 15,901 3,363 1,021 778 315 1,071 17 509 831 53 139 1 958 23 2 572 1954—June 30. . 4,614 131 60 15,430 3,237 1,033 1 378 404 1,109 16 601 1,246 51 151 2 014 1 2 630 Chicago:* 1941—Dec. 31. . 1 021 43 298 2,215 1,027 8 127 233 34 2 152 476 288 1945—£)ec> 31. . 942 36 200 3,153 1,292 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 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—Dec. 31. . 1 287 34 166 4,211 1,339 39 259 272 64 4 500 9 3 10 1 229 566 1954—June 30. . 1 290 30 154 3,844 1,287 34 410 297 74 4 032 18 4 10 1 253 583 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 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—Dec. 31. . 8 084 568 2 463 30,986 6,869 219 1 504 2 880 828 32 065 166 98 830 13 203 3 984 1954—June 30.. 7 553 611 2 352 29,940 6,220 202 2 015 2 877 677 30 503 214 97 992 13 867 ii 4 124 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 1,049 7 432 2 647 528 25 203 17 45 337 14 177 23 2 934 1951—Dec. 31.. 5 676 1 231 4 862 33,051 1,285 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 1,278 11 1 267 3 772 777 31 473 13 152 525 15 908 25 3 970 1953—Dec. 31. . 5 780 1 140 4 855 35,029 1,288 12 1 216 4 063 820 31 636 15 153 615 16 921 20 4 194 1954—June 30. . 5 468 1 230 4 496 33,569 1,211 11 1 362 4 261 720 29 898 19 148 759 17 553 26 4 372 All nonmember banks:2 1 19 9 4 5 7 1 — — . D £) e e c c # < 3 3 1 1 6 5 3 4 5 4 4 3, , 9 50 4 7 7 1 1 3 5 5 1 9 4 5 4 3 4 8 8 5 9 4 5 4 5 2 1 5 6 8 7 1 1 , , 2 7 9 6 5 1 2 1 0 8 5 0 1 1 3 2 , , 4 2 2 8 6 4 1 1 2 9 8 0 22 6 2 1 9 7 8 2 6 7 8 2 5 1 8 3 12 8 1 1 9 5 9 9 9 6 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—/Dec# 31 642 4,550 16 325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2 245 1954—June 30 658 3, 972 15 334 514 48 426 2,085 209 13,248 202 30 407 8 669 17 2 332 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars a all member banks and 525 million at all insured commercial banks. 5Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. OCTOBER 1954 1075 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] Loansl Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total i i t n a r d i n a u d l s , - and dealers To others e l R o st a e a n a t s l e b L a o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O se t c h u e - r t a c u g u r r l a i - - l G U t l i o i o o g . b n v a - S - t s . . O c t s u t i e h e r - i s e - r G t l U i o i o g o b .S n a v - - . s t.O c t s u t i e h e r - e s i- r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 rities Total— Leading Cities 1953—September. 79,164 40,014 23,071 1,809 731 6,382 7,980 39,15031,594 2,197 5,223 6,02818,1467,556 1954—July 81,183 39,103 21,614 2,151 882 6,699 602 7,809 42,08033,841 2,737 2,749 6,66721,688 8,239 August.... 83,163 38,550 20,783 2,343 901 6,781 577 7,820 44,613 36,321 3,536 3,456 6,68922,6408,292 September. 82,947 38,738 20,934 2,208 919 6,865 600 7,871 44,20935,756 3,018 2,520 6,662 23,556 8,453 1954—July 1...81,101 39,280 21,728 2,263 890 6,674 543 7,836 41,821 33,575 2,518 2,755 6,65121,6518,246 July 14 . . .81,076 39,314 21,647 2,271 891 6,698 639 7,823 41,76233,549 2,522 2,729 6,66521,6338,213 July 21. .. 81,111 38,867 21,558 2,067 874 6,705 526 7,790 42,24434,018 2,861 2,758 6,67121,7288,226 July 28... 81,445 38,953 21,524 2,005 875 6,718 699 7,787 42,49234,221 3,045 2,754 6,68021,7428,271 Aug. 4... 83,548 38,603 20,770 2,368 884 6,736 698 7,80344,945 36,605 3,728 4,382 6,70821,7878,340 Aug. 11. .. 83,267 38,619 20,829 2,409 917 6,766 547 7,806 44,64836,389 3,578 4,256 6,69021,8658,259 Aug. 18. .. 82,861 38,405 20,759 2,308 907 6,801 456 44,45636,185 3,414 2,614 6,70123,4568,271 Aug. 25 . . .82,977 38,572 20,773 2,286 897 6,823 609 7,839 44,40536,107 3,423 2,573 6,65823,4538,298 Sept. 1. . .82,778 38,541 20,798 2,228 904 6,831 574 7,866 44,23735,862 3,135 2,559 6,65323,5158,375 Sept. 8...82,670 38,684 20,829 2,265 904 6,838 650 7,856 43,98635,526 2,876 2,505 6,64823,4978,460 Sept. 15. ..83,084 38,819 21,023 2,145 913 6,871 644 44,265 35,790 3,090 2,534 6,67123,4958,475 Sept. 22 . . 8.2,980 38,617 21,005 1,999 932 6.884 599 7,858 44,36335,908 3,124 2,497 6,66823,6198,455 Sept. 29. ..83,222 39,028 21,015 2,403 941 6,902 533 7,893 44,19435,696 2,868 2,504 6,67023,6548,498 New York City 1953—September. 21,548 12,309 8,460 3621,023 186 394 403 1,640 9,239 7,198 636 1,098 1,034 4,4302,041 1954—July 22,492 11,705 7,519 606 1,057 336 392 382 ,58710,787 8,448 912 676 1,425 5,4352,339 August. . . .23,073 11,531 7,297 7051,050 345 406 323 ,58311,542 9,201 1,172 883 1,437 5,7092,341 September. 22,750 11,437 7,266 5581,090 338 418 370 ,57711,313 8,874 903 570 1,429 5,972 2,439 1954—July 7... 22,493 11,856 7,595 6961,071 337 389 348 590 10,637 8,278 770 669 1,400 5,4392,359 July 14. .. 22,403 11,764 7,541 6591,065 336 392 347 ,59610,639 8,313 784 677 1,427 5, ,326 July 21. .. 22,400 11,581 7,486 5581,044 334 395 351 ,59110,819 8,506 948 683 1,427 5,448 2,313 July 28... 22,671 11,618 7,455 5101,047 336 392 481 ,57311,053 8,697 1,147 677 1,445 5,,428 2,356 Aug. 4... 23,616 11,769 7,332 1,044 344 396 447 ,582 11,847 9,473 1,349 1,241 1,450 5,4332,374 Aug. 11... 23,053 11,581 7,333 7311,055 360 409 288 584 11,472 9,153 1,074 1,155 1,428 5,496 2,319 Aug. 18. .. 22,713 11,341 7,264 6621,039 344 408 218 ,58411,372 9,043 1,080 561 1,435 5,9672,329 Aug. 25... 22,913 11,435 7,261 6251,062 333 413 338 ,58111,478 9,134 1,183 573 1,436 5,942 2,344 Sept. 1...22,719 11,305 5901,023 332 411 310 ,57211,414 9,010 1,041 575 1,431 5,963 2,404 Sept. 8...22,604 11,447 6301,046 332 417 409 ,56111,157 8,715 789 550 1,420 5,9562,442 Sept. 15. ..22,727 11,448 5861,050 337 424 348 1,58611,279 8,829 883 566 1,422 5, ,450 Sept. 22 ...22,808 11,431 4371,090 343 420 457 1,58111,377 8,938 949 579 1,427 5,9832,439 Sept. 29. ..22,894 11,556 7,270 5471,242 345 419 324 1,588 11,338 8,878 852 578 1,446 6,0022,460 Outside New York City 1953—September. 57,616 27,705 14,611 424 517 5,988 260 6,34029,911 24,396 1,561 4,125 4,994 13,7165,515 1954—July 58,691 27,398 14,095 488 528 6,307 220 6,222 31,29325,393 1,825 2,073 5,242 16,2535,900 August.... 60,090 27,019 13,486 588 541 6,375 254 6,23733,071 27,120 2,364 2,573 5,252 16,9315,951 September. 60,197 27,301 13,668 560 567 6,447 230 6,29432,89626,882 2,115 1,950 5,233 17,584 6,014 1954—July 7... 58,608 27,424 14,133 496 531 6,285 195 6,24631,18425,297 1,748 2,086 5,251 16,2125,887 July 14. .. 58,673 27,550 14,106 547 534 6,306 292 6,22731,12325,236 1,738 2,052 5,238 16,208 5,887 July 21... 58,711 27,286 14,072 465 525 6,310 17 6,19931,42525,512 1,913 2,075 5,244 16,280 5,913 July 28... 58,774 27,335 14,069 448 523 6,326 218 6,21431,43925,524 1,898 2,077 5,235 16,314 5,915 Aug. 4...59,932 26,834 13,438 522 525 6,340 251 6,22133,09827,132 2,379 3,141 5,258 16,354 5,966 Aug. 11. ..60,214 27,038 13,496 623 543 6,357 259 6,22233,17627,236 2,504 3,101 5,262 16,3695,940 Aug. 18. ..60,148 27,064 13,495 607 548 6,393 238 6,24733,08427,142 2,334 2,053 5,266 17,489 5,942 Aug. 25...60,064 27,137 13,512 599 549 6,410 271 6,258 32,92726,973 2,240 2,000 5,222 17,5115,954 Sept. 1. 60,059 27,236 13,552 615 557 6,420 264 6,294 32,82326,852 2,094 1,984 5,22217,5525,971 Sept. 8. 60,066 27,237 13,597 589 558 6,421 241 6,29532,82926,811 2,087 1,955 5,22817,5416,018 Sept. 15. ..60,357 27,371 13,726 509 562 6,447 296 6,29632,98626,961 2,207 1,968 5,24917,5376,025 Sept. 22...60,172 27,186 13,722 472 575 6,464 14: 6,27 32,98626,970 2,175 1,918 5,241 17,6366,016 Sept. 29. ..60,328 27,472 13,745 614 582 6,483 209 6,30532,856 26,818 2,016 1,926 5,22417,6526,038 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. 2 Includes guaranteed obligations. For other footnotes see opposite page. 1076 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 F w e R e a e r r i e n a d t v - h l k - e s v C a i a n u s l h t b m a w a n d e n o i c s t - k e h ti s s c j p m u o a d s a e d t s n e - i - t d d s 3 s p p u v n h c a o a a o e i n i r r d p l r r d a s t - - - s - , - , S p s d s a i t i o u i c a o n v b l a t n d i - i e l t - s - s c C h c o a f e e e e i t f n e c c f r r d i d . s t k - i ' s - , U m G er . o e n v n S - - t . s p p u v n h c a o a a o i n e i r d r p l r r d a s t - - - s - , - , S p s d s a i t i o u i c o a n v b l a t n d i - i e l t - s - s P m U G S e o i a n r a . n s o e n g t v d n v S a - s - t - l . m D t e i o D s c - - ema F n ei d o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n - l ts tions tions Total- Leading Cities 1953—September 14,170 941 2,589 53,04754,584 3,664 1,712 4,195 17,169 811 18910,511 1,267 728 7,483 1954—July 13,979 953 2,733 54,098 55,145 3,971 1,940 2,666 18,301 1,248 18811,040 ,292 1,505 486 7,818 August 13,622 918 2,620 54,07754,775 3,932 1,902 3,570 18,411 1,267 19611,170 ,323 ,543 688 7,852 September 13,431 941 2,64154,432 55,734 3,753 1,900 2,733 18,491 1,218 19811,298 ,269 ,561 545 7,886 1954—July 7 14,131 931 2,853 53,31154,264 4,026 1,5 3,547 18,256 1,154 18811,403 ,293 ,466 7,823 July 14 13,920 986 2,74553,652 55,518 3,905 2,355 2,690 18,301 1,277 18911,306 ,260 ,491 548 7,815 July 21 13,913 930 2,760 54,48155,436 3,922 1,813 2,335 18,309 1,277 18710,936 ,261 ,527 371 7,805 July 28 13,952 966 2,57354,949 55,360 4,033 1,695 2,091 18,337 1,285 18610,516 ,355 ,535 613 7,831 Aug. 4 13,472 883 2,81654,217 54,564 4,046 2,612 3,683 18,382 1,273 19511,494 1,345 ,553 533 7,848 Aug. 11 13,648 941 2,629 54,12755,107 3,951 1,591 3,413 18,405 1,267 19611,361 1,325 ,539 793 7,852 Aug. 18 13,748 914 2,57153,748 54,736 3,904 1,723 3,688 18,411 1,265 19711,115 1,324 ,534 717 7,850 Aug. 25 13,621 932 2,46654,215 54,693 3,826 1,682 3,495 18,443 1,263 19610,710 1,297 ,547 710 7,859 Sept. 1 13,522 885 2,48954,066 54,746 3,939 1,864 3,247 18,433 1,257 19710,911 1,301 ,560 583 7,886 Sept. 8 13,327 943 2,634 54,01355,000 3,738 1,617 2,731 18,487 1,253 19711,354 1,272 ,566 571 7,888 Sept.-15 13,569 936 54,490 57,230 3,754 2,089 2,400 18,501 1,193 19911,970 1,252 ,562 585 7,878 Sept. 22 13,297 951 54,54755,812 3,579 1,700 2,681 18,514 1,194 19911,277 1,257 1,565 451 7,880 13,438 992 2,544 55,04355,884 3,756 2,228 2,605 18,520 1,195 20010,977 1,262 1,552 537 7,897 Sept. 29 New York City 4,721 140 15,272 16,275 268 842 1,499 1,750 41 49 2,911 1,026 224 2,526 1953—September 4,497 146 15,593 16,474 329 1,057 781 1,954 250 3,142 1,038 1,249 214 2,605 1954—July 4,508 139 15,530 16,297 310 1,064 1,262 1,976 278 3,005 1,056 1,270 426 2,611 August 4,428 146 15,665 16,584 306 1,021 841 1,993 248 3,061 1,017 1,287 2,613 1954— J J J S J u u u u e l l l l p y y y y t em 2 2 1 8 1 7 4 ber 4 4 4 4 , , , , 4 4 5 5 3 3 3 8 7 5 1 4 1 1 1 1 4 5 4 3 5 3 7 9 1 1 1 1 5 5 5 5 , , , , 3 3 9 7 3 7 4 1 5 9 3 4 1 1 1 1 6 6 6 6 , , , , 2 5 3 7 6 4 6 2 1 3 7 5 3 3 3 2 5 2 3 9 9 7 7 3 1, 9 9 8 4 9 3 4 5 5 7 2 4 1, 6 1 5 7 5 5 3 8 4 0 6 3 , , , , 9 9 9 9 4 6 4 5 5 6 8 8 2 2 2 1 7 8 7 6 6 3 6 5 3 3 3 3 , , , , 1 2 0 1 4 4 0 7 7 8 3 0 1 1 1 1 , , , , 0 0 0 0 1 0 4 8 6 9 0 8 1 1 1 1 , , , , 2 2 2 2 4 6 6 1 1 7 9 6 3 2 1 1 3 1 8 1 9 4 3 9 2 2 2 2 , , , , 6 6 6 6 0 0 0 0 7 6 4 4 Aug. 4 4,327 135 15,760 16,442 317 1,706 1,358 ,976 275 3,151 1,079 1,277 287 2,616 Aug. 11 4,597 146 15,483 16,285 334 783 1,267 ,976 280 3,015 1,061 1,265 538 2,614 Aug. 18 4,614 134 15,369 16,192 314 866 1,254 ,970 279 2,955 1,054 1,261 408 2,609 Aug. 25 4,492 141 15,508 16,267 276 902 1,170 1,981 278 2,898 1,031 1.276 470 2,606 Sept. 1 4,537 134 15,505 16,377 307 973 1,091 1,960 273 2,963 1,039 1,292 329 2,619 Sept. 8 4,417 150 15,513 16,266 271 820 904 1,988 270 3,019 1,012 1,292 248 2,616 Sept. 15 4,455 140 15,613 16,868 342 1,144 711 2,004 233 3,236 1,005 1,285 261 2,614 Sept. 22 4,182 146 15,604 16,475 278 845 773 2,007 233 3,082 1,007 1,287 153 2,609 Sept. 29 4,551 159 16,092 16,932 334 1,323 727 2,008 232 3,004 1,022 1,277 240 2,609 Outside New York City 1953—September 9,449 801 2,550 37,775 38,309 3,396 870 2,69615,419 770 7,600 566 4,957 1954—July 9,482 807 2,68738,505 38,671 3,642 883 1 ,88516,347 998 137 7,898 254 256 272 5,213 August 9,114 779 2,58338,54738,478 3,622 838 2,30816,435 989 143 8,165 267 273 262 5,241 September 9,003 795 2,60238,76739,150 3,447 879 1,89216,498 970 145 8,237 252 274 299 5,273 1954—July 7 9,547 786 2,79337,932 38,003 3,699 903 2,394 16,308 989 137 8,155 253 250 227 5,216 July 14 9,483 833 2,70338,317 ,151 3,546 901 1,904 16,343 1,001 138 8,159 244 250 234 5,211 July 21 9,382 791 2,71738,767 38,893 3,629 876 1,681 16,364 1,001 136 7,766 252 260 252 5,201 July 28 9,517 819 2,53639,006 38,635 3,696 853 1,561 16,371 1,002 135 7,513 267 266 374 5,225 Aug. 4 9,145 748 2,77938,45738,122 3,729 906 2,325 16,406 998 143 8,343 266 276 246 5,232 Aug. 11 9,051 795 2,59338,644 38,822 3,617 808 2,146 16,429 987 143 8,346 264 274 255 5,238 Aug. 18 9,134 780 2,53238,379 38,544 3,590 857 2,434 16,441 986 144 8,160 270 273 309 5,241 Aug. 25 9,129 791 2,430 38,707 38,426 3,550 780 2,325 16,462 985 143 7,812 266 271 240 5,253 Sept. 1 8,985 751 2,451 38,56138,369 3,632 891 2,156 16,473 984 7,948 262 268 254 5,267 Sept. 8 8,910 793 2,601 38,500 38,734 3,467 797 1,827 16,499 983 144 8,335 260 274 323 5,272 Sept. 15 9,114 796 2,761 38,877 40,362 3,412 945 1,689 16,497 960 8,734 247 277 324 5,264 Sept. 22 9,115 805 2,692 38,943 39,337 3,301 855 1,908 16,507 961 8,195 250 278 298 5,271 Sept. 29 8,887 833 2,50338,95138,952 3,422 905 1,878 16,512 963 147 7,973 240 275 297 5,288 * 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. 1077 OCTOBER 1954 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 INDUSTRY1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'I. ind'l, Period2 t l o F iq b a o u n a o o d c d c r , o , a T l p e e a a p x n t a t h d i r l e e e r l s , , p m M r m ( a a o i e n c e n d t h t c d u a a l i l c . n l s t - s ch P l e c e a e m o u n t a m r d i o l c , , a - 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 n l i e c e - s e s u p P t t t ( r o u i i i a l n o r b i n n c t t l a i l s ) i . e - c - s s C t t i r o o u n n c - - bu t o y s t A o p h in f l e e l e 9 r ss c c h l N f a a i n e s e d s g t i e - s ch t a a o a g n t n r a g d ' l e l s . — ery and rubber 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 1954—Jan.-June. . . -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 Monthly: 1954—July 5 36 -133 -64 -13 -27 66 -14 -88 16 -29 -245 -360 August -24 40 -99 2 2 9 45 -44 -16 19 3 -64 -751 September. . 164 20 -174 24 9 63 124 -84 2 81 229 242 Week ending: 1954—July 7 -3 8 -33 -27 4 17 8 -48 -28 -102 -156 July 14 -28 13 -14 3 -3 1 18 -25 -16 11 4 -39 -81 July 21: ... 15 8 -44 -12 -4 -18 14 -8 -7 -11 -68 -89 July 28 21 7 -42 -28 -5 -13 18 11 -17 5 6 -36 -34 Aug. 4 16 5 -22 8 7 -21 -7 8 -20 -25 -754 Aug. 11 7 15 -25 9 4 10 10 -13 -4 3 15 31 59 Aug. 18 -31 15 -45 -18 2 23 -3 — 16 3 -2 -71 -70 Aug. 25 -17 4 -8 2 -4 -1 6 -7 10 5 11 2 14 Sept. 1 24 6 -50 16 -1 -10 17 10 4 -3 21 34 25 Sept. 8.... 6 6 -31 6 -6 25 15 -8 -2 1 2 13 31 Sept. 15 65 10 -19 14 11 28 20 -8 11 6 41 180 194 Sept. 22 24 -7 -28 -5 9 6 40 -44 -4 -4 5 -8 -18 Sept. 29 45 5 -46 -6 -3 13 32 -35 -9 2 12 10 10 1 Sample 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. 'Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER 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 - n l g Tot A al ccept O b in i w l g ls n ban b k o B s u il g ls ht B o a R F f a c c e n e f c o s d k o o r e e r s r u r e r e v n i ( a - g f e t l o n r Others I U m S i t n n p a i t o t t o e e r s d ts E U S f x r t n p o a i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p d te p p s d o e s d i t n o t b r s e e F i d t n o w r i e e n e i g n o n r spondents) States countries 1948—December 269 259 146 71 76 3 109 164 57 1 25 12 1949—December 257 272 128 58 70 11 133 184 49 30 9 1950—December 333 394 192 114 78 21 180 245 87 2 28 32 1951—December 434 490 197 119 79 21 272 235 133 23 55 44 1952—December 539 492 183 126 57 20 289 232 125 39 64 32 1953—August 451 478 148 108 40 25 304 211 128 64 36 38 September.... 475 515 159 110 49 26 329 237 135 66 40 38 October 535 517 160 122 38 23 334 227 145 56 56 34 November 582 534 170 125 45 20 344 246 139 49 59 41 December 552 574 172 117 55 24 378 274 154 29 75 43 1954—January 620 586 195 144 51 17 373 266 157 45 73 46 February 701 545 185 149 36 10 350 238 151 44 71 41 March 720 580 198 149 50 13 369 247 139 47 107 39 672 623 228 165 63 17 379 270 142 38 127 46 May 618 616 227 171 56 14 374 277 143 36 115 45 June 656 589 220 164 56 14 355 246 143 60 96 43 July 749 589 205 164 41 9 376 225 136 92 91 46 August 794 563 198 155 43 5 360 205 134 75 101 47 *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. 1078 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 Total Mort- Real Policy Other assets Total U St n a i t t e e s d St l a o t c e a a l1 nc Foreign2 Total Bonds3 Stocks gages estate loans assets End of year:4 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 ,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1 878 7,919 L 840 1942. 34,931 11,851 9,295 2,045 511 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 1352 373 L 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 6 636 857 962 7.3 X 1946. 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 ,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 73,179 71,461 1,718 12 906 1,247 9 240 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 1951. 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 ,646 ?9,200 ,446 21,251 1,903 ,713 3 088 1953. 78,533 12,405 9,829 1,990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 End of month:5 1951-—December 67,983 13,579 10,958 1,702 919 78,042 ,975 7,067 19,291 1,617 9,575 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 M35 1953—Alienist 76,244 12,436 9,994 1,861 581 33,349 31,079 ,270 22,552 1,967 9,819 •x,121 September 76,612 12,397 9,930 1,880 587 33,614 31,319 2,295 22,698 1,972 ,831 ~\,100 October 77,121 12,395 9,913 1,897 585 33,887 31,585 2,302 22,842 1,990 7,851 7,156 November 77,552 12,365 9,830 1,945 590 34,096 31,781 2,315 23,017 2,000 2,873 3,201 Dpcemher 78,201 12,322 9,767 1,968 587 34,395 3?,056 7,339 23,275 1,994 7,894 ,321 1954—Tannarv 78,866 12,470 9,779 2,105 586 34,639 37,266 7,373 23,435 7,039 7,905 378 February . . 79,251 12,498 9,781 2,122 595 34,816 3?,430 ,386 23,570 ,053 7,923 ,391 March 79,649 12,416 9,661 2,170 585 35,053 37,635 7,418 23,769 2,066 9,956 389 April 80,114 12,424 9,635 2,208 581 ,216 3?,759 ,457 24,005 2,086 7,978 1,405 80,547 12,452 9,539 2,326 587 35,371 32,871 2,500 24,174 2,102 3,000 3,448 80,981 12,294 9,343 2,363 588 3S,683 33,150 7 533 24,384 ,129 3,023 468 July 81,510 12,222 9,189 2,456 577 35,943 33,369 2,574 24,572 2,147 3,045 3,581 August 81 965 12,197 9,171 n.a. n.a. 36,094 33,498 2,596 24,795 2,177 3,066 3,636 n.a. Not available. 1 Includes United States and foreign. 2Central government only. 3 Includes 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. 5These 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 Total1 g M ag o e rt s - 2 G m o o v b e e l n i r - t n- Cash Others capital quarter 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 Others capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—3. .. . 18,429 15,058 1,577 852 852 15,317 1940 5,733 4,125 71 307 940 4,322 4 19,164 15,520 1,606 1,082 866 16,073 1941 6,049 4,578 107 344 775 4,682 1942 6,150 4,583 318 410 612 4,941 1952—1 19,688 16,057 1,690 1,080 774 16,811 1943 6,604 4,584 853 465 493 5,494 2 20,599 16,875 1,687 1,182 770 17,656 1944 7,458 4,800 1,671 413 391 6,305 3... . 21,295 17,696 1,765 1,044 708 18,198 1945 8,747 5,376 2,420 450 356 7,365 4. ... 22,585 18,336 1,791 1,306 1,072 19,143 1946 10,202 7,141 2,009 536 381 8,548 1947 11,687 8,856 1,740 560 416 9,753 1953—1P... 23,506 19,105 1,931 1,263 1,121 20,105 1948 13,028 10,305 1,455 663 501 10,964 2P.. . 24,772 20,133 2,003 1,337 1,216 21,154 1949 14,622 11,616 1,462 880 566 12,471 3P... 25,633 21,145 1,990 1,200 1,215 21,742 1950 16,846 13,622 1,489 951 692 13,978 4P... 26,726 21,929 1,923 1,481 1,315 22,823 1951 19,164 15,520 1,606 1,082 866 16,073 1952 22,585 18,336 1,791 1,306 1,072 19,143 1954—1 P.. . 27,659 22,684 1,942 1,616 1,341 23,880 1953? 26,726 21,929 1,923 1,481 1,315 22,823 2P... 29,080 23,809 1,976 1,785 1,438 25,129 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. OCTOBER 1954 1079 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 1953 1954 1944 1945 1946 1947 1948 1949 1950 1952 Loans, by purpose and agency: To aid agriculture, total 3,385 2,878 2,884 2,299 3,632 4,362 3,8 4,161 5,070 5,512 6,811 7,370 Banks for cooperatives 189 197 232 276 305 302 345 425 424 336 377 354 Federal intermediate credit banks 257 231 273 336 426 437 510 633 673 781 590 658 Federal land banks2 1,220 1,088 986 Federal Farm Mortgage Corporation.. 351 242 149 109 80 60 45 34 25 20 18 17 Farmers Home Administration3 643 604 590 558 525 523 535 539 596 658 648 739 Rural Electrification Administration. . 361 407 528 734 999 1,301 1,543 1,742 1,920 2,062 2,096 2,130 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 1,426 1,651 3,076 3,468 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 2,986 2,930 2,858 Federal National Mortgage Assn 52 7 6 4 199 828 1,347 ,850 2,242 2,540 2,462 2,366 RFC Mortgage Corporation4 81 24 6 Home Owners' Loan Corporation2 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation5. 12 12 10 61 177 168 137 123 115 110 108 106 Other agencies 1 1 1 65 22 24 35 169 246 337 361 386 To railroads, total 343 223 171 147 140 114 110 101 82 79 79 79 Reconstruction Finance Corporation5. . 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 191 232 192 272 310 462 458 488 516 536 509 492 Reconstruction Finance Corporation 5 7. 118 149 151 241 272 423 400 415 457 473 8294 270 Other agencies 73 83 41 31 38 38 58 74 63 8214 223 58 To financing institutions, total 216 267 314 447 525 445 824 814 802 P52 630 Reconstruction Finance Corporation5. 66 60 14 7 6 8 8 8 864 (9) (9) Federal home loan banks 131 195 293 436 515 433 816 806 801 952 630 Other agencies 20 12 7 4 4 4 864 Foreign, total 225 526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 8,010 8,043 7,987 Export-Import Bank 225 252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,758 2,833 2,783 Reconstruction Finance Corporation5 7. 0°) 274 235 246 206 154 101 64 58 52 52 45 Other agencies11 (10) 800 3,450 3,750 3,750 3,750 3,750 5,182 5,199 5,157 5,159 All other purposes, total 1,237 707 623 714 584 484 531 779 1,095 830 763 641 Reconstruction Finance Corporation 5 7. "827 309 232 6340 190 88 59 61 50 57 57 29 Public Housing Administration12 305 286 278 278 294 297 366 609 919 612 535 428 Other agencies 112 113 100 99 109 126 "106 96 105 160 171 184 Less: Reserve for losses 438 478 368 476 173 140 448 395 185 252 203 181 Total loans receivable (net). 5,290 6,649 11,692 12,733 14,422 17,826 6,387 9,714 13,228 18,50219,883 19,877 Investments: U. S Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,586 2,602 2,969 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 62 63 50 Production credit corporations 60 67 70 72 66 39 42 43 43 45 45 43 Federal land banks2 220 145 136 Federal home loan banks 144 118 145 139 274 275 199 249 311 397 387 706 Federal Savings and Loan Insurance Corp 151 161 172 184 199 214 193 200 208 211 217 222 Home Owners' Loan Corporation2 15 15 17 12 12 Federal Housing Administration 87 106 122 132 144 188 244 285 316 319 310 Public Housing Administration12 7 8 8 Reconstruction Finance Corporation5 7 75 49 48 () Federal Deposit Insurance Corporation 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,509 1,526 1,593 Other agencies 28 30 20 21 1 1 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 78 44 40 Reconstruction Finance Corporation 5. 289 244 159 108 98 107 71 66 38 35 40 Production credit corporations 63 55 46 35 29 83 16 11 5 5 35 Other agencies 71 26 24 11 6 22 1 1 1 1 5 2 1 Commodities, supplies, and materials, total. 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,280 2,259 2,514 2,696 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,174 978 1,884 2,086 2,202 Reconstruction Finance Corporation 5 7 1,053 1,131 667 235 157 142 108 129 172 134 156 168 Other agencies 438 122 134 138 32 30 28 159 131 241 272 327 Land, structures, and equipment, total 16,237 21,017 16,92412,600 3,060 2,962 2,945 3,358 3,213 7,911 8,062 8,035 Public Housing Administration12 200 222 227 204 1,448 1,352 1,248 1,251 1,173 1,030 1,018 958 Reconstruction Finance Corporation5 7 6,526 6,919 2,861 35 630 611 605 594 199 181 175 169 Tennessee Valley Authority 710 721 727 754 793 830 886 1,048 1,251 1,405 1,475 1,549 U. S. Maritime Commission2 3,113 3,395 3,301 3,305 War Shipping Administration2 5,427 7,813 7,764 6,507 Federal Maritime Board and Maritime Adm.2. P4,802 4,834 4,849 Other agencies13 262 1,948 2,044 1,793 189 168 206 465 590 493 561 511 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1,252 689 965 772 1,190 1,369 1,330 1,243 1,182 949 Banks for cooperatives 24 8 33 69 70 78 110 170 181 119 150 133 Federal intermediate credit banks 274 245 293 358 480 490 520 674 704 776 619 626 Federal land banks2 818 792 756 Commodity Credit Corporation 212 Federal home loan banks 67 69 169 262 415 204 560 445 349 414 190 For footonotes see following page. 1080 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 items1 Li i a n b t i e l r it a i g e e s, 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 p d , a e n b y o e a t n b e - l s e , U G er . o n v S - - . v P a r t i e - ly Date, and corporation or agency Total Cash L c a o r e b e a i l v - n e - s m p s r t a i l i u a n i e a p e t s d l e s - s , , - G U r s i e o t . c i v e u S t s - . . O s ri e t t c h ie u e s - r e s t m u q t a r r u n e u e i d n c p s t - , - O s a t e h s t - e s r a F g n u u b te a l y l e r 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 e n 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 4,19623,857 504 1945—Dec. 31 33,844 925 290 2,288 1,683 325 21,017 2,317 555 1,113 4,21227,492 472 1946—Dec. 31 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,58824,810 498 1947—Dec. 312 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,03728,015 143 1948—Dec. 312 21,718 630 11,692 627 1,854 3,518 ,060 337 38 965 1,66318,886 166 1949—Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,728 26,456 378 1953—Sept. 302 37,141 1,09618,502 2,259 2,586 3,429 7,911 1,357 63 1,243 2,07533,335 424 Dec. 31 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,81833,429 434 1954—Mar. 31 39,313 1,13919,877 2,696 2,969 3,425 8,035 1,173 949 4,92032,899 470 Classification bv agency, Mar. 31, 1954 Farm Credit Administration: Banks for cooperatives 421 351 133 259 27 Federal intermediate credit banks 730 658 626 96 Production credit corporations 49 48 Agricultural Marketing Act Federal Farm Mortgage Corp 17 Department of Agriculture: Rural Electrification Administration 2,268 2,128 1 95 () 2,268 F F C a e o d r m m er m e a r l o s d C H it r y o o p m C e I r n e A s d u i d t r m a C n in o ce i r s p t C o ra r o a t r i t p o io n n 3 5,9 7 9 2 2 4 9 7 3,4 6 4 2 8 8 2,202 115 2 2 1 5 1 7 3,34 5 8 7 2,6 7 4 2 2 6 2 3 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,374 630 706 5 190 745 -4 Federal Savings and Loan Insurance Corp. 246 222 7 238 Public Housing Administration 1,565 436 958 96 29 1,536 Federal Housing Administration 543 43 310 1 127 75 218 250 Office of the Administrator: Federal National Mortgage Association.. 2,3 2,366 11 2,376 Other 27 87 4 139 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5 " 367 1 168 168 28 367 Other 5 591 491 16 29 562 Export-Import Bank 2,811 2,793 18 68 2,744 Federal Deposit Insurance Corp 1,610 1,593 () 15 136 1,475 T Fe e d n e n r e a s l s e M e a V ri a t l i l m ey e A Bo u a th rd o r a it n y d Maritime Adm... 5 1 , , 4 1 32 3 1 0 7 3 8 2 4 6 7 4 1 , , 8 5 4 4 9 9 35 1 7 0 1 5 7 7 9 5 1 , , 2 8 5 3 3 0 All other 10,126 187 5,801 253 3,385 372 128 7310,053 p Preliminary. 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. 2Several 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. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently in the Treasury compilation as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 5RFC figures for the end of the third quarter 1953 were for Sept. 28; on Sept. 29, pursuant to the act approved July 30, 1953 (67 Stat. 230), the RFC started liquidation of its activities except those which existing law or this law permitted to be transferred elsewhere. 6Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 7Figures 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." 8Reflects transfer of RFC lending under Defense Production Act of 1950 from the RFC to the Treasury Department. 9Less than $500,000. 10 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. 11 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30. 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 12 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 13 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 12. 14 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. P••** 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. OCTOBER 1954 1081 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY MARKETS1 Bondprices Stock prices Common U. S. Govt. Vol- (long-term) Sta (i n n d d a e r x d . a 1 n 9 d 3 5 P - o 3 o 9 r = 's 1 s 0 e 0 r ) ies Securities an ( d in E d x ex ch . a 1 n 9 g 3 e 9 — Co 1 m 00 m ) ission series u o m f e Cor- trad- 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 N ri s e e e - s w 3 grade)*grade)4 T t o a - l d t I u r a 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 t o a - l D b ra l u e - - N d b r o a u l n - - e - T p t r o i a o r n n ta s - - u P i l t u t i i y c b l - - a s a f e n i i n c r c n e d v e - - , M in i g n- s s h a a o n r f e d s s ) Number of issues.. 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 29 31 14 1951 average 98.85 133.0 117.7 170.4 177 192 149 112 185 207 179 233 199 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 276 1,313 1953 average 93.90 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 1,419 1953—Sept 93.40101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 1,294 Oct 95.28103.30 119.7 112.6 167.3 183 197 157 122 187 214 184 240 202 121 201 219 1,225 Nov 94 98103.67 121.4 113.6 168.8 188 202 159 124 191 219 190 245 204 123 207 231 1,482 Dec 95.85104.93 122.3 113.5 166.5 191 206 157 125 193 222 192 249 200 125 209 230 .644 1954—jan 97.42106.16 123.6 "114.6 168.7 195 "212 160 127 198 228 199 256 206 126 213 239 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 Mar 99.87109.11 125.6 117.9 173.3 205 223 165 131 207 240 210 268 212 130 215 259 1,919 Apr. 100 36109 65 123 9 118 1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 May 99.68109.39 123.6 117.5 173.8 220 242 173 135 223 263 233 291 221 134 226 270 2,096 June 99 49109 74 123 9 117 0 172 9 222 244 176 135 224 263 237 288 225 134 228 266 1,919 July 100 36111.07 126.9 117.5 173.3 231 255 184 140 233 275 254 294 234 139 236 257 2,469 Aug 100.28111.50 128.4 117.8 174.7 236 261 187 142 237 280 257 "301 237 141 243 263 2,588 Sept 99.92110.68 127.2 117.6 115.8 239 264 182 141 240 286 260 309 236 140 247 268 1,963 Week ending: Sept. 4 99.96110.89 128.2 117.6 174.8 233 257 178 140 235 278 253 300 231 140 242 266 1,923 Sept. 11 99.96110.80 127.9 117.5 174.2 235 259 180 141 237 281 257 304 234 139 245 269 1,849 Sept. 18 99.90110.68 126.9 117.5 175.8 238 264 184 140 242 289 263 312 237 140 248 268 2,080 Sept. 25.... 99.91110.62 126.6 117.6 176.9 242 269 185 141 247 295 269 320 242 140 253 269 2,155 Oct. 2 99.88110.45 126.6 117.6 177.2 245 273 182 141 246 294 268 317 237 140 251 270 1,899 cCorrected. 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% 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. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5Standard 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 Customers' Debit Debit credit balances1 Other credit balances Customers' balances in balances in Cash on End of month ba ( d n l e a e b n t i c ) t i es a in n p a v d c a e c r t s t o r n t u a m e d n r e i t s s n n ' g t a in n a v d c e c f t i s o r r t m a u m d n e i ts n n g t a b h n a a d n n k i d n s bo M rr o o n w e e y d2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r r t a u m t d n n e i e ts n n r g s t ' a in n a v d I c n e c t s o r f t a i u m r d n m e i ts n n g t I a n c ( c c n o a e u p t n ) it t a s l 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—June 1,684 7 347 282 1,216 653 163 23 16 319 1953—August 31.682 31,182 3641 September. . 31,624 31,070 3674 October 31,641 31,098 3672 November.. 31,654 31,127 *682 December... 1.694 8 404 297 1,170 709 208 28 31 313 1954—January.... 31,690 31,108 3741 February... 31,688 31,062 3 768 March 31,716 31,054 3 787 April 31,786 31,094 3819 May 31,841 31,186 3836 June 1,857 10 492 309 1,173 838 248 23 45 372 July 31,926 31,169 3877 August 31,998 31,194 3910 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): May, 45; July, 33; August, 31. 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. 1082 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 [Per cent per annum] U. S. Government Prime securities (taxable) Size of loan P c r o i m m - e b e a r n s k ' - Area and period lo A a l n l s $1,000- $10,000- $100,000-$200,000 Year, mercial accept- 3-month bills $10,000 $100,000 $200,000 and over mo w n e th ek , or m 4 p - o a t n p o t e h r 6 , s - 1 a d n a 9 c y 0 e s s 1 , M y a i r e k ld et o i n R s s a n u t e e e w s 9 i m - s s t o o u n e 1 t s h 2 2 - 3 is - y s t e u o a e r 5 s3 - An 1 n 9 u 1 a c 9 l i 4 t 5 i a e v s e : rages: 2.2 4.3 3.2 2.3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1947 2.1 4.2 3.1 2.5 1.8 1951 average 2.17 11.60 L.52 1.552 1L .73 1.93 1948 2.5 4.4 3.5 2.8 2.2 1952 average 2.33 11.75 L.72 1.766 L.81 2.13 1949 2.7 4.6 3.7 3.0 2.4 1953 average 2.52 11.88 1.90 1.931 2.07 2.57 1950 2.7 4.5 3.6 3.0 2.4 1951 3.1 4.7 4.0 3.4 2.9 1953—September. 2.74 1L .88 L .79 1.876 '.17 2.69 1952 3.5 4.9 4.2 3.7 3.3 October 2.55 L .88 L.38 1.402 L.72 2.36 1953 3.7 5.0 4.4 3.9 3.5 November. 2.32 L .88 L.44 1.427 L .53 2.36 December.. 2.25 L.88 L.60 1.630 L .61 2.22 Quarterly: 19 cities: 1954—January... 2.13 1.88 L.18 1.214 L33 2.04 1953—Dec 3.76 4.98 4.39 3.96 3.57 February. . 2.00 L.69 .97 .984 L.01 1.84 1954—Mar 3.72 4.99 4.37 3.94 3.52 March 2.00 1.48 1.03 1.053 L.02 1.80 June .60 4.97 4.35 3.89 3.37 April 1.77 .25 .96 1.011 .90 1.71 Sept .56 4.99 4.32 3.82 3.32 May 1.59 L .25 .76 .782 .76 1.78 June 1.56 1.25 .64 .650 .76 1.79 New York City: July 1.43 .25 .72 .710 .65 1.69 1953—Dec 3.51 4.70 4.25 3.77 3.38 August.... 1.33 L .25 .92 .892 .64 1.74 1954—Mar 3.50 4.79 4.27 3.75 3.37 September. 1.31 ].25 1L .01 1.007 .89 1.80 June 3.34 4.75 4.24 3.71 3.19 Sept 3.29 4.81 4.21 3.54 3.13 Week ending: Sept. 4... 1.31 1.25 \.03 1.023 .80 1.75 7 Northern and East- Sept. 11. .. 1.31 \.25 \.02 1.016 .85 1.77 ern cities: Sept. 18. .. 1.31 1.25 \L.02 1.024 .89 1.79 1953—Dec 3.79 5.07 4.40 3.96 3.63 Sept. 25... 1.31 1.25 .99 .986 .91 1.82 1954—Mar 3.74 5.06 4.36 3.97 3.57 Oct. 2... 1.31 1.25 .99 .984 .97 1.84. June 3.61 5.04 4.31 3.83 3.42 Sept 3.57 5.07 4.34 3.94 3.36 2 1 S M er o i n es t h i l n y c f lu ig d u e r s e s c e a r r t e if 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 11 S W ou e th st e e r r n n a c n i d ties: bo 3 n S d er is ie s s u e i s n . cludes selected note and bond issues. 1 1 9 9 5 5 3 4 — — D M e a c r 4 4 . . 1 0 0 3 5 5. . 0 0 5 6 4 4 . . 4 4 6 3 4 4 . . 0 0 9 3 3 3 . . 8 7 6 6 Back figures.—See Banking and Monetary Statistics, Tables 120-121, June 3.98 5.05 4.43 4.05 3.67 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October Sept 3.95 5.03 4.39 3.91 3.68 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS i [Per cent per annum] Bonds Industrial stocks Corporate (Moody's) 5 Earn- U. S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade) 4 Total se O ri l e d s2 se N ri e e w s^ Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c fe P rr r e e d - 6 m Co o m n7 - C m o o m n* - 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 3.13 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 10.14 1953—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 10.76 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 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 10.49 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 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 March 2.51 2.73 2.38 3.14 2.86 3.03 3.16 3.51 3.05 3.24 3.14 4.04 5.07 9.06 April 2.47 2.70 2.47 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.13 4.02 4.86 May 2.52 2.72 2.49 3.13 2.88 3.03 3.15 3.47 3.06 3.21 3.13 4.03 4.81 June 2.54 2.70 2.48 3.16 2.90 3.06 3.18 3.49 3.10 3.23 3.15 4.05 4.74 r8.74 July 2.47 2.62 2.31 3.15 2.89 3.04 3.17 3.50 3.10 3.23 3.13 4.04 4.54 August 2.48 2.60 2.23 3.14 2.87 3.03 3.15 3.49 3.07 3.21 3.12 4.01 4.66 September... 2.51 2.64 2.29 3.13 2.89 3.04 3.13 3.47 3.07 3.22 3.13 3.98 4.31 Week ending: Sept. 4 2.50 2.63 2.24 3.13 2.88 3.03 3.13 3.47 3.06 3.21 3.12 4.01 4.57 Sept. 11 2.51 2.64 2.26 3.13 2.89 3.04 3.13 3.47 3.06 3.21 3.12 4.02 4.49 Sept. 18 2.51 2.64 2.31 3.13 2.89 3.04 3.13 3.47 3.07 3.21 3.13 3.98 4.40 Sept. 25 2.51 2.65 2.33 3.14 2.89 3.05 3.14 3.48 3.07 3.22 3.13 3.96 4.31 Oct. 2 2.51 2.65 2.33 3.14 2.89 3.05 3.14 3.48 3.06 3.23 3.12 3.95 4.31 r Revised. 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 3M per cent bonds of 1978-83, issued May 1, 1953. *Standard and Poor's Corporation. 6Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups. 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. OCTOBER 1954 1083 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 dollars] Summary Bud e g x e p t e r n e d c i e t i u p r t e s s and or E e x x ce p s e s n d of it u r r e e c s e ip (— ts ) d d u I e n c ri c r n e r g e a a se s p e e ( r — o io r d ) General ( e f n u d n d o f o f p e th ri e o d T ) reasury Deposits in Period re N ce e ip t ts p t e u E n r x d e - s i- S d u ( e r - o f p ) i r c l i u t s c T o o a a t r u n h c u n - e d s t r t s r o e i S n o b d a a f l e g l i m e m g e G s a a n p o t r c a i t k v o y i n o e t n d . n t s s C co i a l n e u c g a - n r t - p d G d u i e r r b o e b l s c 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 B e u n i e r a n n a c n l d l e - - A f a u F v b n . a l d e i R l s - . B In c e a o s n l s p l k e r s c o o - f c- S d it p e a e p r c i o e i s a s - l O s n a t e h s e t - t e s r tion Cal. yr.—1950 37,834 138,255 1-422 i-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 1,132 1953 64,469 73,626 -9,157 82 19 -209 7,777 -1,488 4,577 346 131 3,358 742 Fiscal yr.—1951. .. 48,143 144,633 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 19542. . 64,550 67,579 -3,029 393 -4 -452 5,189 2,096 6,766 875 274 4,836 781 Semiannual totals: 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 1954—Jan.-June2 n.a. n.a. n.a. n.a. n.a. n.a. -3,909 2,190 6,766 875 274 4,836 781 Monthly: 1953—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 1,387 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 34,471 35,071 -600 -144 -28 559 -320 -533 4,044 404 363 2,406 871 Feb.2 5,444 4,707 737 527 -117 -135 -67 944 4,988 548 167 3,458 816 Mar 11,434 5,555 5,879 253 -60 -160 -4,546 1,366 6,355 722 462 4,379 792 Apr 2,751 5,296 -2,545 -375 -53 593 811 -1,567 4,787 579 180 3,273 756 May 3,592 5,203 -1,611 271 123 -511 2,428 700 5,487 422 146 4,095 824 June 10,539 7,115 3,424 42 32 -3 -2,215 1,280 6,766 875 274 4.836 781 July 2,827 4,827 -2,000 -150 -34 -82 -276 -2,542 4,224 727 196 2,538 764 Aug 3,911 6,731 -2,820 387 -83 -222 3,971 1,233 5,457 511 101 4,078 767 Sept n.a. n.a. n.a. n.a. n.a. n.a. -145 -313 5,145 704 170 3,469 801 Budget expenditures Major national security programs Period Total Total* 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 r i o c l s y i a e t - d - n t I i a e n o n o c i t m a d n o e - * a - r ic l - A E C t m s n o o io e m i m s r n - g i - c y I d n e o e t s n e b t r t - A e i t d V s i r t m o a e r n t n a i - * n - s - g c S p u r o s a r r c e o m i - i t - a y s l 8 t A c u g u r r l e - i 7 - H n h a a i o o f n n n m i u g - d c s e e - P w u o b rk li s c o P d f i f c e o i f i c s t - e t T c t o f r r a e u t a u c o r n n - s s t t s s - 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 1,463 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 1,508 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 1,630 3,238 -159 L.685 525 783 2,593 Fiscal yr.—1951.... 44,633 25,891 19,955 884 3,863 908 5,613 5,288 1,415 635 460 1,458 624 972 2,276 1952.... 66,145 46,319 39,033 2,228 2,904 1,648 5,859 4,748 1,424 1,219 614 1,515 740 1,305 2,402 1953.... 74,607 52,847 44,584 3,760 2,272 1,802 6,508 4,250 1,593 3,063 382 1,655 660 1,079 2,570 19542... 67,579 P48.259 P40.638 3,520 PI.599 1.893 6,371 4,176 Pl.670 P2.842 -614 pL,513 462 152 P2.747 Semiannual totals: 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 1,389 711 2,761 2,479 718 540 392 858 320 848 1,249 1952—Jan.-June.. 34,869 25,206 21,208 1,306 1,514 937 3,099 2,269 706 679 222 657 420 457 1,153 July-Dec. . 36,497 25,915 21,968 1,669 1,137 876 2,966 2,164 802 885 424 916 355 737 1,333 1953—Jan.-June.. 38,110 26,932 22,616 2,092 1,134 926 3,542 2,086 791 2,178 —42 740 305 342 1,236 July-Dec2. 35,515 25,885 21,848 1,718 1,056 963 2,816 2,072 839 1,059 -117 945 220 441 1,357 Monthly: 1953—Aug 6,042 4,172 3,519 197 258 157 206 330 120 377 95 155 157 270 Sept 6,119 4,392 3,787 232 169 155 560 323 101 275 34 158 160 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 95 234 Dec 6,387 4,377 3,465 484 141 231 1,294 371 108 -137 -32 140 60 57 209 1954—Jan 35,071 P3,681 3,001 385 *104 142 245 340 172 309 -31 97 316 P241 Feb.2 4,707 P3.809 P3,225 194 P183 160 372 340 P128 P-135 -104 P90 "42* 5 P161 Mar 5,555 P3.916 P3.339 321 P54 181 588 334 P114 P194 -54 P102 91 6 P263 Apr 5,296 P3.847 P3,195 343 P117 164 350 375 P120 P468 -195 P116 9 P205 J M u a n y e 5 7 , , 2 11 0 5 3 P P 3 4 , .2 5 4 65 5 P P3 2 , . 5 8 5 8 4 4 3 4 3 0 1 7 P P 12 5 6 2 1 1 6 0 9 9 1,7 2 5 4 2 9 3 3 4 7 6 0 P P 1 1 2 7 4 1 P P 6 2 9 4 4 8 - - 1 8 4 4 P P 1 1 0 0 9 9 'in' 5 6 P P 1 1 8 2 8 3 July 4,827 P3.188 P2.565 334 P84 174 213 333 P141 P27O 49 P156 55 P421 Aug 6,731 P3.553 P2,984 228 P100 169 332 333 P121 P2.039 -39 *>137 P2 P253 pPreliminary. n.a. Not available. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." 2Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954, p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items. 3Not adjusted for Treasury's revised treatment of carriers' taxes. 4 Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 5Consists 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 and United States Information Agency expenditures. 6 Excludes transfers to trust accounts, which are shown separately. 7 Includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are included with public works. 1084 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 Budget receipts, by principal sources Internal revenue collections (on basis of Internal Revenue Service) Income Deduct Period With in - a su n r d a n o c ld e - O a ta g t x h e e e s r t c M e e i r n l n i l - s a a - - l c a T a n e r a d o m r x n ie e o - r s n s c •A e r 4 i e .U p - t — s b T u r o d e t g - a e l t A t p p i r o p i n a r s - o- fu R n e d - s bu N r d e e g - t et c I a o n g m d e i e v i t n a i a d x s n u u e d r s a a l o n l i c n d e - - C r c a o o i t n r m i p o - o e n - t a E a n s t d - e held ployers ceipts to old- of ceipts and gift pl e o b m y y e - rs v I i n d d u i a - l C ra o t r i p o o n - enue o m f o 8 r o e r t f a r u u g n s e d t ce r i e p - ts W he it ld h- Other p t r a o x f e it s s taxes Cal. yr.—1950 13,775 17,361 8,771 770 L980 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 2,639 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.—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 2,302 62,129 21,313 It ,S4S 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 19541... 26,210 10,761 21,483 10,987 888 2.737 73,067 4,537 3,377 64,550 935 Semiannual totals: 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 L,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 [,137 42,910 2,195 2,700 38,014 13,176 8,834 13,773 502 July-Dec.1. 12,981 2,799 5,272 5,779 352 ,433 28,614 1,723 437 26,454 12,986 2,567 5,422 422 Monthly: 1953—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— F j e an b.i 3,6 9 6 0 4 4 2 1 , , 1 0 2 4 2 4 4 39 90 6 8 7 6 49 0 26 21 1 3 1 3 9 2 9 4 6 , ,4 6 2 1 5 9 59 84 8 30 64 6 3 24 5 , , 4 4 7 4 1 4 1 n ,1 .a 1 . 5 2 n. 3 a 7 . 2 n.a 4 . 45 8 6 6 5 Mar. 2,002 2,454 7,353 954 56 193 13,013 589 940 11,434 (4) ro (4) 119 Apr 1 387 808 645 860 26 231 3,956 278 906 2 751 96 May 3,360 140 358 877 88 214 5,037 759 616 3,592 73 June 1,816 1,357 6,916 852 47 253 11,241 507 150 10,539 73 July 1 252 252 532 790 23 299 3 148 217 85 2 827 77 Aug 3,321 93 300 828 92 167 4,801 743 70 3,911 n.a. Treasury receipts—Continued Trust and other accounts (on In b te a r s n is a l o f r e I v n e t n e u rn e al c o R ll e e v ct e i n o u n e s— S c e o rv n i t c . e) Social security Other accounts7 retirement, and Period Excise4 and miscellaneous taxes insurance accounts Total Liquor Tobacco M an an d u e r f x 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 t p u e re n s di- m In e v n e t s s t 8 - Others 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 1987 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 1,662 3,054 ? 115 49 8,315 3,504 4,942 329 508 1953 . . . 9,714 2,819 1,614 3,262 ? 070 82 8,123 2,387 5,811 153 310 Fiscal yr.—1951 8,704 2,547 1,380 2,841 1936 295 7,251 3,360 3,752 196 353 1952 8,971 2,549 1,565 2,824 2,032 219 8,210 3,361 4,885 275 530 1953.... 9,946 2,781 1,655 3,359 2,152 462 8,531 3,059 5,257 242 489 1954 9,517 2,783 1,580 3,127 2,027 1393 8,698 1,687 6,846 357 584 Semiannual totals: 1951—July-Dec... 4,440 1,304 748 1,343 1,045 291 3,967 1,352 2,398 52 126 1952—Jan.-June.. 4,531 1,245 817 1,481 988 -72 4,242 2,009 2,486 223 404 July-Dec.. 5,027 1,482 845 1,573 1,127 121 4,073 1,495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 1,786 1,025 341 4,458 1,564 2,802 136 385 July-Dec.. 4,795 1,521 804 1,476 995 l -259 3,665 823 3,009 17 -74 1954—Jan.-June.. 4,722 1,262 777 1,651 1,032 n.a. n.a. n.a. n.a. n.a. n.a. Monthly: 1953—Aug 793 225 145 267 156 299 1,070 409 462 -14 86 Sept. H72 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 ?67 -37 817 199 502 40 -113 Dec. 587 216 120 46 204 -72 597 188 533 -39 14 1954—Jan 395 166 123 45 61 -144 207 -334 581 288 184 Feb 1 316 181 111 757 267 !527 965 28 627 27 244 Mar. . . 629 224 135 60 211 253 768 -74 689 44 144 Apr 477 223 130 50 74 -375 436 25 665 18 -102 May 1,343 222 130 727 263 271 1,212 330 630 61 80 June 561 246 147 11 157 42 1,458 888 651 -90 34 Tulv 713 226 123 38 -150 375 -98 648 7 32 Aug n.a. n.a. n.a. n.a. n.a. 387 1,200 281 606 30 104 n.a. Not available. lBeginning February 1954, on new reporting basis. See footnote 2 on preceding page. 2Not adjusted for T: reasury s revised treatment of carriers' taxes. 3 Carriers' taxes deducted. 4 Beginning March, income and profits taxes announced in the Ti reasury's Monthly Statement. 5Reporting of some excises changed to quarterly basis. 6Excess of receipts, or expenditures (—). 7Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 8, but their operating transactions are included in Budget expenditures. 8Consists 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). 9Includes undistributed depositary receipts. OCTOBER 1954 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net Net Budget Plus: Trust Budget expenditures Plus: Tr. acct. Plus: cash receipts acct. receipts Equals: expenditures Equals: operat- Period Cash Less: Noncash Exch. Cash ing inre T c n o e e t i t a p l ts c L N a e o s s n h s: - 1 Total c L N a e o s s h n s : - 2 o in p c i e n o r g m at e - Total A p a u l c s b c r t li o u c - 3 t I G r n a o t n r v s a t . - . 4 Total c N L a e o s s h n s : - s F S l u t t i i a n z o b a d n - i - 6 i C c n o g le u a a n r c t - - o o p u i e n t r g g a o t- o c u o o t m r g e o Cal. yr.—1950 37,834 171 7,001 >,211 42,451 38,255 503 2,307 6,923 65 -262 -87 41.969 482 1951 53,488 222 8,582 >,508 59,338 56,846 567 2,625 4,397 90 -26 106 58,034 1,304 1952 65,523 184 8,707 >,649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 -1,583 1953 64,469 275 8,596 >,347 70,440 73,626 575 2,585 5,974 34 -82 209 76,529 -6,090 Fiscal yr.—1951 48,143 256 7,796 1,244: 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952 62,129 138 8,807 1,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 1953.... 65,218 210 8,932 1,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 19547... 64,550 n.a. 9,152 n.a. 71,781 67,579 509 n.a. 6,716 n.a. -109 452 71,933 -152 Semiannual totals: 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-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—Jan.-June. . 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 —4 22 255 35,622 5,671 July-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—Jan.-June. . 38,014 104 4,683 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 July-Dec7. 26,454 171 3,913 996 29,199 35,515 277 1,129 3,332 36 -38 -40 37,326 -8,128 Monthly: 1953—Sept 6,041 43 482 107 6,373 6,119 21 108 451 41 11 -117 6,294 78 Oct 2,659 10 378 78 2,950 5,477 -1 91 604 -3 -235 5,759 -2,809 Nov 4,695 4 839 133 5,396 5,423 40 133 636 3 376 6,258 -862 Dec 5,183 80 627 391 5,339 6,387 82 483 549 -12 -60 -29 6,294 -956 1954—Jan 84,471 51 237 855 4,602 «5,O71 72 897 427 8 -12 -559 4,749 -147 Feb. i, 5,444 n.a. 993 n.a. 6,529 4,707 16 n.a. 411 n.a. 135 5,300 1,228 Mar 11,434 n.a. 824 n.a. 12,260 5,555 8 n.a. 601 n.a. -39 160 6,232 6,028 Apr 2,751 n.a. 479 n.a. 3,036 5,296 19 n.a. 810 n.a. 13 -593 5,303 -2,267 May 3,592 n.a. 1,230 n.a. 4,882 5,203 43 n.a. 568 n.a. —33 511 6,228 -1,347 June 10,539 n.a. 1,445 n.a. 11,265 7,115 76 n.a. 604 n.a. 3 6,881 4,384 July 2,827 n.a. 419 n.a. 2,956 4,827 70 n.a. 660 n.a. -31 82 5,142 -2,186 Aug 3,911 n.a. 1,224 n.a. 5,375 6,731 38 n.a. 526 n.a. 16 222 7,788 -2,412 Sept n.a. n.a. n.a. n.a. 5,280 n.a. 57 n.a. n.a. n.a. -112 n.a. 5,364 -84 n.a. Not available. * Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paidin 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. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 8Represents 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). «Cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) 7Beginning February 1954, on new reporting basis. See footnote 8 on following page. 8Not adjusted for Treasury's revised treatment of carriers' taxes. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In- Plus: Cash Less: Noncash debt transactions Equals: Detais of net cash borrowing from or c o r r e a d s e e - , s i e s c su u a ri n ti c e e s o o i f Net inv. Accruals <,o public1 N b e o t r r c o a w sh - repaymentA /v —\ ; ro ti uorrowr - in_. gA_ _ to4_t tne pt_ui"D_<>iic* Period crease Federal agencies in Fed. ing, or Direct Savings Postal di g d r r . e o b p s t u s b. a G n u te a e r d - a g N n u t o e a n e r - - d G & o s t v e r c t . . . f a b u g y n e d n s . T I b n r o t e . n a d o s s n . b a s i n a ll d v s . P F f a e o y d rm . t s s . o e i c f n . b r ( e o - p i r ) n r a o o g y w f t. - m & is k s c t u o a e b n s v l 3 e . . b p (i o r s i n s c u d e e s ) S n av o i t n es gs Sa s i p v s . e s u c S i e a y s l s. Other4 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 54,829 *— 344 248 — 162 30 Fiscal yr.—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 6-103 -2,164 -100 -9 19548 5,189 29 -250 2,101 524 94 2,248 2,483 -381 628 —239 -243 Semiannual totals: 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—Jan.-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—Jan.-June. .. -1,320 -2 -69 1,700 308 34 -3,433 «-2,028 518 -1,335 -68 -20 July-Dec.. .. 9,097 24 66 840 283 32 8,034 6,857 -362 1,583 -94 50 1954—Jan.-Juneo.. -3,909 6 n.a. n.a. 241 63 n.a. n.a. -19 -955 -145 n.a. Monthly: 1953—Sept. —269 75 71 22 — 12 -274 —931 —90 662 — 16 101 Oct 449 2 —72 —76 — 1 457 —51 —36 618 —7 —67 Nov. 1,822 g 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. 6 .. —67 2 -126 77 17 -1 -284 — 74 18 —71 —37 — 120 Mar -4,546 -89 -20 9 38 -4,662 -4,304 75 —310 -37 -86 Apr 811 3 — 74 35 20 -14 699 838 32 —82 —21 —67 May... 2,428 1 74 380 44 32 2,046 2,144 5 — 152 —22 71 June —2,215 1 815 76 — 1 —3,104 —2,779 —57 —267 — 16 15 July —276 —61 —2 -84 71 30 —356 —85 — 137 —88 7 —54 Aug 3,971 6 1 312 39 -17 3,645 3,678 33 —64 -7 5 Sept -145 1 44 -40 58 111 -229 -113 -44 -101 -8 36 n.a. Not available. 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 3Most 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. sExcludes exchanges of savings bonds into marketable bonds, in the amount of 417 million dollars, of which 409 million represents issue price. 6 Beginning February 1954, on new reporting basis. See footnote 8 on following page. This table is based on Treasury daily statement, which differs from monthly budget statement. 1086 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 Cash operating outgo Period Total t i a n D u x d i a e i r l v s e s i c 1 o 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 n i c s d e i c s s . e i c n S e s o i . p ci t r a s e l 2 - c O c o i a t m n h s - e h e r 3 R D c o e e e f f d i u p u r n e t c d s - t s : Total n g M a r p t a l a r m . o j o s - s e r 4 c. e I d s n e t t b e o t r s n - g e V p r r a r a e o m n t - - s s6 s g e S r p c o a r u c m o r i - i a s t l 7 y Other Cal. yr.—1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 18347 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 7,654 Fiscal yr.—1951 53,439 24,095 14,388 8,693 5,839 ,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 ,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 ,694 3,151 76,561 52,843 4,658 4,920 6,124 8,016 19548... 71,781 33,514 21,650 9,694 7,196 3,147 3,419 71,933 P48,164 4,633 4,947 P7.675 P6.514 Semiannual totals: 1951—Jan.-June.. 32,537 16,124 9,416 4,217 3,228 ,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 ,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 ,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 ,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 ,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 July-Dec.8, 29,199 14,478 5,272 5,357 3,037 ,492 437 37,326 25,854 2,176 2,465 3,401 3,430 Monthly: 1953—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 4,318 901 423 586 66 1954—Jan 4,602 3,008 490 683 170 315 64 4,749 P3,670 170 393 697 p-181 Feb.s 6,530 355 469 741 1,093 177 306 5,302 P3,810 352 411 P674 P55 Mar 12,260 185 7,356 673 718 267 940 6,231 P3,878 563 428 P729 P634 Apr 3,036 791 763 735 378 277 907 5,303 P3,862 299 414 P718 P9 May 4,882 2,875 397 787 1,188 251 616 6,228 P3.533 196 392 P692 PI.415 June 11,265 859 6,903 797 616 240 150 6,881 P4.246 877 444 P763 P552 July 2,956 1,120 549 702 304 363 82 5,142 P3,158 152 194 P677 P961 Aug 5,375 2,985 302 760 1,177 220 69 7,788 P3.57O 314 381 P716 P2,807 Sept 5,280 2,936 1,108 722 37 204 60 5,364 n.a. 461 375 n.a. n.a. P Preliminary. n.a. Not available. income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement. 2 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3Represents mostly nontax receipts. 4Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 5Represents 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. 7 Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance and Government employees and Railroad retirement funds. 8Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954 p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Year or All series Series A-E and H Series F, G, J and K 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) 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—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 2590 257,710 381 309 36,663 42 2281 221,047 178 6,026 1954—Jan.. . 561 652 57,736 485 330 36,887 77 322 20,848 70 5,956 Feb.. . 515 496 57,797 422 308 37,029 93 188 20,769 68 5,887 Mar.. 602 525 57,902 474 347 37,175 128 179 20,728 306 5,581 Apr.. . 511 479 57,967 390 310 37,279 122 169 20,687 81 5,500 May.. 464 458 58,025 354 289 37,393 110 169 20,633 156 5,344 June.. 523 1579 58,061 392 1386 37,482 130 193 20,579 265 5,079 July.. 508 !644 58,005 393 !346 37,597 115 298 20,409 86 4,993 Aug... 546 513 58,078 415 P339 37,714 131 P174 20,364 64 4,929 if E bonds in June and July 1954 was not broken down as to issue OCTOBER 1954 1087 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 statements of United States Treasury. In millions of dollars] Public issues3 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 a t c s 2 l t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t - - f Notes B el a ig n i B k - ond B s r a e n - k b v C i o b e o n r l n e d t- - s Total« b S i o n a n g v d s - s s T i a n a n a g v d x s - S is p s e u c e ia s l ble* stricted notes 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 2o7,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June 255,251 255,222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 'ii!573 66,708 57,572 7,818 34,653 Dec 259,461 259,419 221,168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—June 259,151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 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—June 266,123 266,071 223,408 147,335 19,707 15,854 30,425 64,104 17,245 12,340 63,733 57,886 4,453 40,538 1953—Sept.. 273,001 272,937 229,785 152,804 19,508 26,369 33,578 59,944 13,406 12,168 64,814 57,795 5,639 40,958 Oct 273,452 273,386 230,403 152,977 19,509 26,385 33,736 59,942 13,404 12,025 65,402 57,775 6,258 40,888 Nov 275,282 275,209 232,115 154,726 19,509 26,386 33,249 62,181 13,402 12,012 65,377 57,806 6,204 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—Jan 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 Mar 270,312 270,235 226,821 150,081 21,013 19,377 26,787 74,134 8,674 11,932 64,807 57,902 5,581 41,002 Apr 271,127 271,047 227,806 151,104 22,014 19,377 26,809 74,230 8,674 11,910 64,792 57,967 5,500 41,049 May 273,555 273,475 229,913 153,325 22,019 18,577 31,923 72,133 8,674 11,899 64,690 58,025 5,344 41,367 June 271,341 271,260 226,681 150,354 19,515 18,405 31,960 71,802 8,672 11,861 64,465 58,061 5,079 42,229 July 271,005 270,984 226,528 150,342 19,512 18,405 31,964 71,790 8,671 11,857 64,329 58,005 4,993 42,152 Aug 274,982 274,955 230,214 154,020 19,508 18,277 31,967 75,596 8,671 11,853 64,341 58,078 4,929 42,479 Sept 274,838 274,810 230,033 153,963 19,510 18,184 32,001 75,597 8,671 11,820 64,250 58,088 4,829 42,407 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 534 million dollars on Sept. 30, 1954) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3Includes amount held by Government agencies and trust funds, which aggregated 7,032 million dollars on Aug. 31, 1954. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5Includes 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 Held by the public U. S. Government End of month (i gd n re c ob l s u ts d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks2 banks com- rations govern- Savings Other invessecuri- issues issues panies ments bonds securities tors 3 ties) 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 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 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 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 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—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—Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 267,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,400 8,700 49,900 17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 19,700 8,800 49,600 16,700 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,000 9,400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 20,500 9,600 49,100 15,700 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 18,900 10,400 49,000 15,600 11,600 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 20,200 11,100 49,200 15,700 11,700 1953—June 266,123 40,538 7,022 218,563 24,746 58,800 9,500 16,000 18,700 12,000 49,300 16,800 12,800 1953—July 21'2,732 40,594 7,007 225,131 24,964 63,500 9,500 16,000 20,000 12,200 49,300 16,600 13,200 Aug 273,269 40,988 6,986 225,295 25,063 62,700 9,500 16,000 20,700 12,300 49,300 16,300 13,400 Sept 273,001 40,958 7,076 224,967 25,235 62,600 9,500 15,900 20,400 12,400 49,300 16,400 13,300 Oct 273,452 40,888 7,078 225,486 25,348 62,800 9,300 15,900 20,900 12,400 49,200 16,100 13,500 Nov 275,282 41,013 7,156 227,113 25,095 63,900 9,300 15,900 21,700 12,500 49,300 16,000 13,500 Dec 275,244 41,197 7,116 226,931 25,916 63,700 9,200 15,800 21,500 12,500 49,300 16,100 12,900 1954—Jan 274,924 41,009 7,245 226,670 24,639 64,100 9,200 15,700 21,500 12,600 49,400 16,200 13,300 Feb 274,859 41,070 7,223 226,566 24,509 63,100 9,200 15,700 22,100 12,600 49,400 16,300 13,600 Mar 270,312 41,002 7,203 222,107 24,632 60,900 9,200 15,600 19,500 12,700 49,400 16,700 13,500 Apr 271,127 41,049 7,151 222,927 24,632 62,500 9,200 15,600 18,900 12,800 49,500 16,400 13,500 May 273,555 41,367 7,182 225,006 24,812 63,500 9,200 15,500 19,300 13,100 49,500 16,600 13,500 June 271,341 42,229 7,111 222,001 25,037 63,700 9,100 15,300 16,100 13,200 49,600 16,500 13,700 July 271,005 42,152 7,081 221,771 24,325 64,900 9,000 15,100 15,900 13,100 49,600 16,300 13,700 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1954. 3 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. 1088 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 September 30, 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 Treasurybonds Treasury bonds—Cont. Feb. 15, 1955 1% 7,007 Dec. 15,1954 8,662 Dec. 15, 1963-68. . .2H 2,826 Oct. 7,1954 1,501 Mar. 22, 19552 1 3,734 Dec. 15, 19543 510 June 15, 1964-69. 3,754 Oct. 14, 1954 1,500 May 17, 1955 \V% 3,886 Mar. 15, 1955-60*.. 2 2,611 Dec. 15, 1964-69. 3,830 Oct. 21, 1954 1,500 Aug. 15, 1955 1H 3,558 Mar. 15, 1956-58. . .2 1,449 Mar. 15, 1965-70. 4,71f Oct. 28, 1954 1,500 Sept. 15, 1956-59*..2 982 Mar. 15, 1966-71 s 2,961 Treasury notes Sept. 15, 1956-59...2 3,822 June 15, 1967-72 « 1,888 N N o o v v . . 1 4 2, , 1 1 9 9 5 5 4 4 5 5 0 0 1 1 D M e a c r . . 1 1 5 5 , , 1 1 9 9 5 5 4 5 1 \ " y % 5 8, , 1 3 7 6 5 5 J M un ar e . 1 1 5 5 , , 1 1 9 9 5 5 8 7 -59... 2 2 4,2 9 4 2 5 7 S D e e p c. t . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . * . . . . 2 2 H H 3 2 , , 8 71 2 6 2 Nov. 18, 1954 501 Dec. 15, 1955 \\ 6,854 June 15, 1958-63*..2 919 June 15, 1978-83...3M 1,606 Nov. 26, 1954 501 Apr. 1956 13 1,007 Dec. 15,1958 2j 2,368 Dec. 2, 1954 1,500 O M c a t r . . 15 , , 1 1 9 9 5 5 7 6 1 2 3 % 2,9 5 9 5 7 0 J D u e n c e . 1 1 5 5 , ,1 1 9 9 5 5 9 9 - - 6 6 2 2 . . . . . . 2 2 3 5 , , 4 2 6 7 5 7 P b o o s n ta d l s Savings 2}$ 35 Dec. 9, 1954 1,502 Apr. 1,1957 13 531 Nov. 15,1960 23 3,806 Panama Canal Loan. .3 50 Dec. 16, 1954 1,500 Oct. 1, 1957 824 Dec. 15,1960-65*. .2 1,485 Dec. 23, 1954 1,500 Apr. 1,1958 } 383 Sept. 15,1961 2 2,239 Dec. 30, 1954 1,502 Oct. 1,1958 1} 121 Nov. 15,1961 2 11,177 Convertible bonds Feb. 15, 1959 13 5,102 June 15, 1962-67. ,.2 2,116 Investment Series B Apr. 1, 1959 3 91 Apr. 1, 1975-80... 2M 11,820 ^old on discount basis. See table on Open Market Money Rates, p. 1083. 2Tax anticipation series. 3 Called for redemption. 4Partially tax-exempt. 6Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U.S. U.S. End of month s T t o i a o n u n t g t a - d l - G a t a c r g o n u i e e v d s n s t t - . 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 i e n m a r k l - - s M t s in u a u g v a - - l s c I o n m su p r a a n n i c e e s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o n u i e e d v s n s t t - . B s F e R a e e r r n e d a v - k l - e s b C m c a o i e n m a r k l - - s b M t s i a n u a n v u g a k - - l s s c I o n m su p r a a n n i c e e s 0ther funds banks Life Other funds Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1951—Dec 154,745 6,251 23 80154 302 9,123 1C,289 4,301 46 679 Series B): 1952—June 153,502 6,467 22 90654 038 8,843 S,613 4,246 47 391 1951—Dec 12 060 2,905 1,214 172 1,246 2,923 318 3,281 Dec 161,081 6,613 24 69755 828 8,740 ,514 4,711 50 979 1952—June 13,095 3,437 714 191 1,356 3,172 362 3,864 1953—June 159,675 6,899 24,746 51 365 8,816 ,347 4,808 53 694 Dec 12,500 3,438 185 1,352 3,179 360 3,987 Dec 166,619 6,989 25,916 55 933 8,524 c,120 4,905 55 233 1953—june 12 340 3 439 182 1,314 3,133 353 3,919 Dec 11 989 3,439 168 1,264 2,935 328 3,854 1954—June 162,216 6,985 25,037 56 199 8,353 ,667 4,854 52 121 July 162,199 6,955 24 32557 362 8,287 g,526 4,842 51 903 1954—June 11 861 3 439 165 1,265 2,876 317 3 800 Treasury bills: July .•;.'.•; 11 857 3^439 165 1,264 2,876 316 3,798 1951—Dec 18,102 50 596 6 773 71 428 104 10 080 Marketable secu- 1952—June 17,219 41 381 5 828 103 504 92 10 268 rities, maturing: Dec 21,713 86 1341 7047 137 464 119 12 518 Within 1 year: 1953—June 19,707 106 1455 4 411 120 327 132 13 155 1951—Dec 48 204 112 13,437 14 081 182 648 576 19,167 Dec 19,511 102 2 993 4 368 126 410 109 11 402 1952—June 45 642 101 12,202 12 705 223 581 470 19,360 Dec 56 953 133 14,749 16 996 263 532 733 23,547 1954—June 19,515 46 2 316 4 187 98 520 101 12 248 1953—June 64 589 163 15,505 19 580 476 390 1,082 27,393 July 19,512 36 1 604 5 167 107 441 101 12 055 Dec 73,235 175 16,972 25 062 475 468 1,061 29,023 Certificates: 1951—Dec 29 078 49 12 793 6 773 41 217 445 8 761 1954—June 60 123 107 16,280 17 684 294 537 652 24,568 1952—June 28 423 60 11 821 6 877 120 76 378 9 092 July 60 154 104 15,568 18 649 310 463 644 24,416 Dec 16 712 27 5 061 4 791 37 56 317 6 424 1-5 years: 1953—June 15 854 30 4 996 4 351 87 27 310 6 052 1951—Dec 44 401 45 6,688 27 991 419 132 992 8,133 Dec 26 386 63 5 967 9 215 184 37 445 10 475 1952—June 44 945 46 7,188 27 858 370 63 996 8,424 Dec 37 713 31 7,146 22 381 259 48 910 6,938 1954—June... . 18 405 41 6 600 4 942 101 7 202 6 511 1953—June 32 330 152 6,452 18 344 464 109 914 5,895 July 18 405 39 6 600 4 949 95 3 199 6 520 Dec 29 367 192 6,155 16 056 431 123 980 5,430 Treasury notes: 1951—Dec 18 409 3 5 068 10 465 67 1 315 2 489 1954—June 27 965 205 6,307 14 624 476 155 890 5,308 1952—June 18 963 2 5 568 10 431 42 5 327 2 587 July 27 923 173 6,307 14 693 459 119 887 5,284 Dec 30 266 16 13 774 10 955 49 8 486 4 978 5-10 years: 1953—June 30 425 23 13 774 10 355 62 5 529 5 678 1951—Dec 8 914 152 34 6,881 73 118 201 1,454 Dec 31 406 8 13 289 11 510 130 52 605 5 814 1952—June 15 122 387 693 7,740 1,357 497 765 3,684 Dec 22 834 546 1,387 11,058 1,775 885 1,348 5,835 1954—June 31960 64 13 029 11 423 221 99 592 6 531 1953—June 18 677 422 1,374 8,772 1,395 745 1,104 4,865 July 31964 72 13 029 11 468 204 69 599 6 523 Dec 20 292 418 1,374 10,051 1,315 725 1,198 5,211 Marketable bonds:1 1951—Dec 77,097 3,243 4 13030,119 7697 6,720 3,120 22,068 1954—June 30 542 494 1,035 18,741 1,389 516 1,655 6,711 1952—June 75 802 2,928 4,42230,710 7221 5,855 3,087 21,580 July 30 542 497 1,035 18,745 1,383 521 1,662 6,698 Dec 79 890 3,046 4,522 32,849 7 165 5,807 3,429 23,072 After 10 years: 1953—June 81 349 3,300 4,522 32,066 7232 5,855 3,484 24,890 1951—Dec 41 168 3,036 2,428 5,177 7,202 6 470 2,213 14,643 Dec 77327 3,377 3,66730,671 6820 5,686 3,418 23,688 1952—June 34 698 2,496 2,109 5,544 5,537 5 301 1,652 12,059 Dec 31 081 2,464 1,415 5,207 5,091 4 870 1,361 10,673 1954—June 80 474 3,395 3,09335,481 6 669 5,164 3,641 23 032 1953—June 31 739 2,723 1,415 4,488 5,167 4 969 1,356 11,621 July 80 462 3,369 3,09335,613 6 616 5,136 3,627 23,008 Dec 31 736 2,765 1,415 4,595 5,039 4 868 1,339 11,716 1954—June 31 725 2,740 1,415 4,985 4.930 4 582 1,339 11,734 July 31 724 2,742 1,415 5,111 4,870 4 547 1,333 11,708 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. 1 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. OCTOBER 1954 1089 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW SECURITY ISSUES ] [Estimates, in millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G m U o e v . n S e t r . s n- ag F e e e r n a d c l - y S n m a p t i n a c a u d t i l - e - Other« Total Total o B P f l o f i u e c n b r l e d y - d s p v P l a a r t c i e - e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total mo N n e e w y7 p l M p a c o o u e n u i s l s r e e s - - - - s d m b e t R i e t a o r e c e b n e f n . - t k s - , t m s r t i e i t o r e c i e f e u n - s - t 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 87 420 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1 1 1 9 9 9 4 4 4 3 5 4 4 5 5 4 4 6 , , , 5 7 3 1 1 1 2 8 0 4 4 5 2 7 2 , , , 8 3 4 1 5 2 5 3 4 50 2 6 1 4 6 7 3 6 9 5 1 5 9 4 2 7 7 2 3 6 1 , , , 0 2 1 1 0 7 1 2 0 4 2 , , 9 8 6 5 9 7 5 0 0 3 1 , , 8 6 8 5 2 9 1 1 2 1, 3 0 7 6 0 7 9 8 4 3 1 7 6 5 2 9 8 4 3 1 5 9 6 6 7 3 1, 4 3 7 4 0 5 7 8 3 1, 3 6 0 0 8 5 0 8 7 1 2 4 3 7 7 3 1 4 7 3 9 3 4 4 2 , , 5 3 7 5 8 8 5 9 9 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 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5,115 4,591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6,651 5,929 234 488 307 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 9,687 30 3,532 282 6,361 4,920 2,360 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 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1953—Aug... 1,453 853 260 4 336 263 110 153 7 65 325 270 55 5 Sept.. 2,599 1,320 476 36 768 676 449 226 44 48 753 691 62 4 Oct.. . 2,291 1,070 76 483 60 603 375 153 222 18 210 577 550 28 12 Nov.. 3,506 2,610 411 27 459 353 95 258 37 69 429 406 23 22 Dec. 2,736 777 57 1,478 1,385 1,057 327 43 51 1,438 1,413 25 26 1954—Jan... 1,655 561 399 123 571 462 284 178 20 90 544 531 13 18 Feb... 1,386 515 414 1 456 366 178 188 27 63 439 410 29 9 Mar.. 602 522 63 726 513 226 286 69 144 660 590 70 53 Apr... 1^947 511 71 735 1 628 408 216 192 110 111 486 471 16 129 May.. 4,386 2,669 80 783 5 850 647 424 224 130 73 652 614 38 183 June.. 2,438 855 4 1,057 808 343 465 131 118 859 812 47 182 July .. ••1,970 508 123 '280 2 1,057 920 714 206 49 87 727 684 42 316 Aug. . 1,219 546 227 6 439 364 166 198 46 29 338 304 34 94 Proposed uses of net proceeds, by major groups of corporate issuers Year or 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 ea f l i e n s a t n a c te ial month T c p n e o r e e o t d a t - s l i N c t a a e p l w * - m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l N i c t a a e p l w - " m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l N i c t a e a p w l - ' m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d t a - s l N i c t a e a p w l - ' m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d t a - s l N i c t a e a p w l - ' m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d a t - s l i N c t a a e p l w * - m R e e n ti t r s e 1 - 0 1948 2,180 2,126 54 403 748 56 2,150 2,005 144 891 890 587 557 30 1949 1,391 1,347 44 338 310 795 784 11 2,276 2,043 233 567 517 593 558 35 1950 1,175 1,026 149 538 474 806 609 196 2,608 1,927 682 395 314 739 639 100 1951 3,066 2,846 221 518 462 490 437 53 2,412 85 605 600 515 449 66 1952 3,973 3,712 261 536 512 983 758 225 2,626 2^539 88 753 747 508 448 60 1953 2,218 2,128 90 542 502 589 553 36 2,972 2,905 67 874 871 1,561 1,536 24 1953—August.... 46 44 2 19 17 15 15 97 97 30 30 123 122 September. 132 131 1 19 18 32 32 242 241 89 88 243 242 October... 56 53 2 49 47 36 36 356 350 13 13 80 77 November. 99 93 25 25 32 32 245 5 5 45 45 December. 418 409 104 100 88 84 200 191 608 47 46 1954—January... 134 118 16 50 48 65 65 276 275 26 12 12 February.. 52 51 26 25 43 36 269 269 7 51 51 March.... 107 107 68 62 58 57 362 316 46 30 88 88 April 86 79 86 72 58 46 309 237 73 26 51 27 25 May 204 196 44 42 20 20 501 328 173 40 26 25 1 June 305 284 88 84 37 37 442 60 9 159 63 97 July 415 412 60 31 78 54 25 295 165 129 3 191 61 130 August 113 96 76 56 43 43 156 102 54 27 19 15 4 r Revised. 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. 3 Includes issues guaranteed. 4 Issues not guaranteed. 5Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. ^Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. 9Includes all issues other than those for retirement of securities. "•Retirement of securities only. Source.—Securities and Exchange Commission. 1090 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 1954 1948 1949 1950 1951 1952 1953 4 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 38,34137,94845,35152,44453,905 62,665 15,316 15,739 16,566 15,459 14.902 14,232 14,758 Profits before taxes 5,468 5,168 8,042 8,702 7,147 8,225 1,998 2,254 2,484 2,093 1,395 1,753 1,925 Profits after taxes 3,411 3,186 4,143 3,486 3,117 3,560 928 855 928 885 892 880 965 Dividends 1,446 1,710 2,295 2,036 2,036 2,110 565 493 491 495 631 524 523 Nondurable goods industries (94 corps.):1 Sales 14,73914,051 15,994 18,670 18,908 20,276 4,987 4,994 5,116 5,082 5,084 4 960 4,973 Profits before taxes 2,360 1 97S 9 847 3 394 9 71 S 9,908 671 761 782 783 581 660 677 Profits after taxes 1,574 1,297 1,599 1,481 1,313 1,446 349 345 355 376 371 364 375 Dividends 698 759 949 894 919 934 9SS 218 219 222 97S 998 990 Durable goods industries (106 corps.)2 Sales . . .. 23,60223,897 29,35733,77434,99742,390 10,329 10,745 11,450 10,377 9,817 9 272 9,786 Profits before taxes 3,108 3,193 5,195 5,378 4,432 5,317 1,328 1,493 1,702 1,309 814 1 084 1,248 Profits after taxes. 1,837 1,888 2,544 2,005 1,804 2,114 579 511 573 509 521 515 590 Dividends 748 9S0 1,3S9 1,14? 1,119 1,176 30 S ?7S ?79 ?74 3S6 706 90S Selected industries: Foods and kindred products (28 corps.): Sales 4,528 4,??S 4,409 4,909 s,049 s411 1 31S t,316 1 346 1 3SS 1 304 t 337 1,3-SI Profits before taxes 455 434 S39 473 446 46 S 104 100 1?8 131 107 00 137, Profits after taxes 285 96R 989 997 904 911 SO 46 S4 57 54 46 63 Dividends 148 149 161 159 154 154 43 35 37 37 45 36 37 Chemicals and allied products (26 corps.) Sales 3,674 3 680 4 S77 S S74 S 60S 6 071 1 570 1 S4S 1 S68 1 S06 1 4S3 1 434 1 470 Profits before taxes 674 693 1 133 1 491 1 900 1 960 304 360 346 330 224 ?79 ?73 Profits after taxes 420 415 572 496 458 493 128 123 125 124 121 133 136 Dividends 263 S?1 448 363 381 398 114 90 90 91 127 07 08 Petroleum refining (14 corps.): Sales . .. 3,983 3 907 4 960 4 966 s 9Q0 s 757 1 304 1,376 1 410 1 473 1 408 1 470 1 44? Profits before taxes 775 ss9 673 869 680 796 164 10S 10S ??0 176 ?14 180 Profits after taxes 588 498 164 S39 40 S S71 197 131 190 155 157 147 137 Dividends 184 191 993 947 968 ?74 79 66 66 67 74 68 68 Primary metals and products (39 corps.): Sales . . 9,066 8 187 10 446 19 497 11 SS7 13 7 SO 3 404 3,498 3 6S3 3 476 3 104 9 010 3 000 Profits before taxes 1,174 99 3 1 700 7 09? 1 161 1 8?4 431 4S7 S60 S10 70S 301 .359 Profits after taxes. . 720 S78 RS4 776 S7S 793 917 183 ?1? 203 196 140 170 Dividends 270 ?8S 377 381 367 377 106 88 88 88 113 100 0? Ma S c a h le i s nery (27 corps.): 4,563 4 363 5 071 6 183 7089 8 009 ? 066 1,067 ? 04 S 1 oso 9 038 1 017 1 037 Profits before taxes 570 S?0 8 SO 1 00,3 974 1 009 ?00 776 ?08 ?41 10,3 ?,s? 237 Profits ater taxes 334 391 49 S 370 380 409 198 80 103 OS 11S 117 107 Dividends 127 138 ?08 19? ?00 7.30 S3 SO 40 40 00 S8 64 Automobiles and equipment (15 corps.): Sales 8,093 9 S77 11 80S 1? 496 1? 87S 16 377 3 684 4 308 4 6S7 3 017 ,340S 3 48 S 3 731 Profits before taxes . . 1,131 1 473 9 30 S 1 Q13 1 04S 9 048 SO 3 648 714 4S1 73S 434 5.3? Profits after taxes 639 861 1 087 705 698 747 190 200 211 168 168 204 746 Dividends 282 4S1 671 470 469 463 117 117 114 114 117 114 11.3 Public Utility Railroad: Operating revenue 9,672 8 S80 0 473 10 391 10 581 10 664 9 898 ? S06 9 739 9 7SS 9 S89 9, 97S 9 33S Profits before taxes 1,146 700 1 38S 1 960 1 4S1 1 404 407 336 ,307 300 ?7? 1S6 100 Profits after taxes 698 438 784 693 839 871 304 186 931 934 219 88 136 Dividends 289 252 312 328 338 412 118 97 73 79 162 96 73 Electric power: Operating revenue 4,830 S 060 S S?8 6 OSS 6 S40 7 113 1 797 1 8S0 1 7?S 1 716 1 891 1 074 1 800 Profits before taxes 983 1 ,190 1 313 1 ,489 1 ,740 1 ,8Q3 446 SSI 4S6 498 4S8 S71 487 Profits after taxes 657 7S7 899 814 047 1 046 9 S3 ?04 ?40 93S ?68 ,3?4 968 Dividends 493 S60 619 6S1 7?S 771 103 189 180 194 906 91? 210 Telephone: Operating revenue 2,694 9, 967 3,349 3,7?9 4 136 4 S9S 1 084 1 00? 1 1?6 1 190 1 178 1 ,174 1 910 Profits before taxes 292 333 S80 691 787 99 S 906 ??3 934 220 948 ?49 262 Profits after taxes 186 907 331 341 384 45? 104 100 114 107 17? 116 175 Dividends 178 213 276 318 355 412 93 100 101 104 108 109 111 1 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). OCTOBER 1954 1091 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 Year or Y qu e a a r r t o er r P b t r a e o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d f t i i t e s s - d quarter i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge 1939 6.4 1.4 5.0 3.8 1.2 1945 6,457 6,906 -449 4,924 5,996 -1,072 1,533 910 623 1941 17.0 7.6 9.4 4.5 4.9 1943 24.6 14.1 10.5 4.5 6.0 1946 7,180 4 798 2.38? 4,721 3 625 1,096 ?,4SQ 1,173 1 ?86 1945 19.0 10.7 8.3 4.7 3.6 1947.. . 6,882 ?,523 4 5,015 ?,011 3,004 1 867 512 1, 355 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 1946 22.6 9.1 13.4 5.8 7.7 1949.. 6,731 1,875 4,856 4,867 1,583 3,284 1 864 292 1 57?. 1947 29.5 11.3 18.2 6.5 11.7 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,77,0 1948 32.8 12.5 20.3 7.2 13.0 1949 26.2 10.4 15.8 7.5 8.3 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 666 2,700 1950 40.0 17.8 22.1 9.2 12.9 1952 10,679 ?, 7S1 7 Q?7 7,344 ? 403 4,940 3 3,3 S 348 7,987 1953 9,594 ?,335 7,?SQ 6,705 1,820 4,885 ?,889 514 ? 37.S 1951 41.2 22.5 18.7 9.1 9.6 1952 37.2 20.0 17.2 9.1 8.1 1953—2. . . 2,932 607 2,325 2,096 458 1,638 836 148 687 1953 39.4 21.1 18.3 9.4 8.9 3... 1,867 530 1,337 1,327 417 910 540 113 427 4... 2,465 584 1,882 1,789 464 1,325 676 119 557 1953—1 42.4 22.7 19.7 9.1 10.6 2 41.9 22.5 19.5 9.3 10.2 1954—1. .. 2,700 977 1,724 1,619 758 862 1,081 219 862 3 40.9 21.9 19.0 9.5 9.5 2. .. 2,858 1,139 1,719 1,863 847 1,016 995 292 703 4 32.5 17 A 15.1 9.6 5.5 1 Reflects cash transactions only. As compared with data shown on p. 1090, new 1954—1 34.5 17.0 17.5 9.6 7.9 issues exclude foreign and include investment company offerings, sales of securities 21. .. 34.5 17.0 17.5 9.6 7.9 held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Rei Preliminary estimates by Council of Economic tirements include the same types of issues, and also securities retired with internal Advisers. funds or with proceeds of issues for that purpose shown on p. 1090. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. or quarter working U. S. receivable payable Federal capital Total Cash er G n o m v e - nt I t n o v r e ie n s - Other Total inc ta o x me Other securities G U o . v S t. . 2 Other G U o . v S t. . 3 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 .4 30.0 .0 21.9 1.2 6.9 1941 32.3 72.9 13.9 4.0 .6 27.4 25.6 .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 .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 .4 45.8 .9 24.8 10.4 9.7 1946 56.2 108.1 22.8 15.3 .7 30.0 37.6 .7 51.9 .1 31.5 8.5 11.8 1947 62.1 123.6 25.0 14.1 38.3 44.6 .6 61.5 37.6 10.7 13.2 1948 68.6 133.0 25.3 14.8 42.4 48.9 .6 64.4 39.3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 .4 60.7 37.5 9.3 14.0 1950 81.7 161.5 28.1 19.7 1.1 55.7 55.1 .7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.6 20.4 2.8 64.7 65.4 2.4 96.1 2.3 57.8 17.7 18.3 1953—3 93.5 191.0 30.0 20.6 2.7 66.9 68.3 2.4 97.5 2.5 57.5 17.9 19.6 4 92.6 189.7 30.7 21.5 2.6 65.0 67.5 2.4 97.1 2.2 57.3 18.7 18.9 1954—1 92.9 183.3 27.8 19.7 2.8 63.2 67.3 2.5 90.4 2.5 53.9 14.9 19.1 2 94.1 178.7 28.7 16.8 2.4 62.9 65.3 2.6 84.6 2.4 52.0 11.6 18.6 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 ind. utili- other* 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—4 7 206 3 490 728 1 150 1 839 1945. . .. 8,692 3,983 383 548 574 505 321 2,378 1953—1 6,339 2,972 650 925 1,792 1946 14,848 6,790 427 583 923 792 817 4,516 2. 7 289 3 426 725 1 158 1 979 1947 20,612 8,703 691 889 1 298 1 539 1,399 6 093 3 7 098 3 210 686 1 219 1 984 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5 154 4. 7 666 3 680 717 1 246 2 023 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 1950 20,605 7,491 707 L ,111 1,212 3,309 1,104 5,671 1954—i 6,240 2,864 608 910 1,859 2 6,918 3,198 600 1,108 2,013 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 3* 6,980 3,255 559 1,179 1,987 1952 26,493 11,632 985 1,396 1,500 3,887 7,094 44. .. 6,549 3,022 490 1,078 1,960 1953 28.391 12.276 1.011 I 312 1.464 4.548 7.778 1954* 26,687 11,332 1,008 851 1,405 4,274 7,818 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. 1092 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 ^onfarm Farm E o n r d q o u f a 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 t l i n n - - s S F e a e c l g d e i e e e c n r h s t O a e - o l d l t d h v e e o i r r I d a t s n h u n d e a d 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 o a a i t l i l n n y - s - ho O h u e o s th r e ld s s e - r c T o o m t M a m l u e lt r i c t F - u i i f a i n a c t n l i i m s o a a t p i l n n i - r l s - o y p a e O n h rt e d o t i r h e ld s e s - 1 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 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 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 L.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 i.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 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 1.3 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 S 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 1 9 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 91 1 66 8 2 4 21 9 84 0 58.7 47.0 11.7 25.3 17.0 8.3 7 2 2 8 4 3 1953 100.9 75.0 2.8 23.1 93.2 65.9 53.4 12.5 27.3 18.6 8.8 7.7 3.0 4 7 1952—September 88.9 65.0 2.3 21.6 81.8 57.0 45.6 11.4 24.9 16.6 8.2 7.1 2.8 4.3 December 91.1 66.8 2.4 21.9 84.0 58.7 47.0 11.7 25.3 17.0 8.3 7.2 2.8 4.3 1953—March 93.4 68.6 2.6 22.2 86.0 60.3 48.4 11.9 25.7 17.3 8.4 7.3 2.9 4.4 June 96.1 70.9 2.7 22.5 88.6 62.4 50.2 12.2 26.2 17.7 8.5 7.5 3.0 4.5 September.... 98.6 73.0 2.8 22.8 91.1 64.3 51.9 12.4 26.7 18.1 8.6 7.6 3.0 4.6 December. . . . 100.9 75.0 2.8 23.1 93.2 65.9 53.4 12.5 27.3 18.6 8.8 7.7 3.0 4.7 1954—MarchP 102.9 76.8 2.7 23.4 95.1 67.4 54.8 12.6 27.7 18.9 8.8 7.8 3.1 4 8 June? 106.0 79.5 2.6 23.9 98.0 69.5 56.8 12.7 28.5 19.5 9.0 8.0 3.2 4.8 p Preliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2 Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller ofithe^Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm ]Vonfarm End of year or quarter Total Residential^ Residential 3 Farm Total Farm Total Other Total Other FHA- VA- Con- FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 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 3,256 802 463 4,420 4,395 3,558 837 25 1944 4 430 3,967 3,218 749 463 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 4,415 3,588 8?7 26 1947. 9,446 8,623 6,933 1,690 823 4,856 4,828 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 10Q9 37 1950. 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951 14,732 13,728 11,270 3 '2*921 4 Q?Q 2,458 1 004 9,916 9,869 8,595 ry S67 1,726 4 303 1 ?74 47 1952. 15,867 14,809 12,188 3 67S 3,012 501 2,621 1 058 11,379 11,327 9,883 3 168 2,237 4 477 1 444 53 1953 16,850 15,768 12,925 3 Q1? 3,061 s9S1 2,843 1 08? 12,943 12,890 11,334 3 489 3,053 4 79? 1 SS6 53 1952—September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,06010,940 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 1,05811,379 11,327 9,883 3 168 2,237 4 477 1,444 53 1953—Marrh 16,080 15,000 12,320 3 719 3,010 SQ1 2,680 08011,680 11,630 10,165 3 ?30 2,395 4 540 1465 50 Tune 16,387 15,283 12,545 3 798 3,013 5 734 2,738 1 104 12,112 12,062 10,574 3 2,590 4 658 1 488 50 September 16,640 15,550 12,770 3,860 3,040 5,870 2,780 1,09012,500 12,450 10,930 3 405 2,785 4 740 1,520 50 December 16,850 15,768 12,925 3,912 3,061 5,951 2,843 1,082 12,943 12,890 11,334 3 489 3,053 4 792 1,556 53 1954—MarrhP 16,960 15,865 13,000 3 940 3,100 S960 2,865 109 S13,355 13,300 11,710 3 S90 3,290 4 830 1 5Q0 55 June? 17,350 16,225 13,275 3,975 3,175 6,125 2,950 1,12513,907 13,850 12,210 3 700 3,600 4 910 1,640 57 P Preliminary. includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency, and Federal Reserve. OCTOBER 1954 1093 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) Nonfarm Nonfarm Year or month Total VA- Farm Total VA- Farm Total in F s H ur A ed - a g n u t a e r e - d Other Total in F s H ur A ed - a g n u t a e r e - d Other 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 ,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 ,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 ,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 ,705 1953 4,335 3,918 819 457 2,642 417 23,275 21,403 6,015 3,563 11,825 ,872 1953—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 1,849 November 352 327 60 56 211 25 23,017 21,161 5,983 3,511 11,667 ,856 December . 478 433 66 81 286 45 23,275 21,403 6,015 3,563 11,825 ,872 1954—January . . 318 282 51 57 174 36 23,435 21,538 6,027 3,599 11,912 ,897 February 319 277 44 46 187 42 23,570 21,660 6,037 3,626 11,997 ,910 March 419 372 68 77 227 47 23,769 21,845 6,066 3,683 12,096 L.924 443 403 47 86 270 40 24,005 22,060 6,081 3,746 12,233 11,945 May. . . 342 318 48 85 185 24 24,174 22,212 6,088 3,804 12,320 ,962 June.. 451 410 60 100 250 41 24,384 22,403 6,091 3,886 12,426 1,981 July 421 393 51 98 244 28 24,572 22,575 6,095 3,951 12,529 1,997 August 464 435 53 133 249 29 24,795 22,786 6,100 4,048 12,638 2,009 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 JACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 ORLESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions ofdollars] [In millions of dollars] Loans madeby purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m e o ar n o th r Total s N c t tr i 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 u s h r e e - s r 1 Total* F su H in r A e - d - a g n V u t A a ee r - d - t C i v o o e n n n a - - l' 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 a s a s n v n s - & . p I c a n a o n s n m c u i e 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 co m l ( a d r r r e o 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 ig46 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 8,3131949 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 9,8121950 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 18,336 904 3,385 14,0471952 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 1,048 3.973 16,9081953 3,164 19,747 7,365 1,480 3.680 1,327 5,895 6,241 1953-Aug .. 707 218 340 149 1953-Aug... 273 J 7ftQ 671 122 310 111 495 6,270 Sept... 684 208 328 148 21,145 1,015 3,745 16,385 Sept... 275 1,729 654 125 315 123 512 6,276 Oct.... 688 219 318 151 Oct.... 278 1,746 658 123 320 123 522 6,283 Nov... 586 190 265 131 Nov... 845 1,549 564 114 290 113 468 6,311 Dec.... 584 187 259 138 21,929 1,048 3,973 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 Feb.... 539 176 220 143 Feb.... 229 1,425 517 105 274 85 444 6,223 Mar... 710 246 288 176 22,684 1,083 4,106 17,495 Mar... 281 1,784 666 124 335 103 556 6,339 Apr... 732 257 298 177 Apr... 280 1,793 669 130 333 112 550 6,411 May 728 254 301 173 May. 278 1,805 675 124 330 118 558 6 484 June.... 810 283 341 185 23,809 1,101 4,271 18,437 June... 303 1,990 741 146 368 133 602 6,573 July.. 802 281 349 173 July . . 306 > 027 734 155 371 141 626 6,625 Aug... 841 289 372 180 Aug... 312 2,086 770 166 369 138 643 6,684 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 2Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board, 1094 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 p e 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 p l n i t a o e d i n r r - 2 q y E u e n a a d r r t o e o 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 1952P 58 7 25 4 10 8 14 6 33 3 1953—Aug.... 597 349 106 87 23 133 248 166 82 .3 1953? 65.9 28.1 12.0 16.1 37.8 O Se c p t t 6 6 2 6 9 1 3 3 2 6 0 8 1 1 0 1 6 3 8 8 0 0 2 1 3 2 1 1 2 5 2 1 3 29 0 3 9 1 1 9 9 7 3 1 9 1 9 2 . . 4 5 1951—Sept.. 50.4 22.0 9.5 12.5 28.4 Nov... 694 408 105 68 25 210 286 192 93 .5 Dec... 51.9 22.9 9.7 13.2 29.0 Dec.. .. 556 304 110 63 15 116 252 170 82 .4 1952—Mar. . 53.3 23.5 9.9 13.6 29.8 1954—Jan 512 265 117 66 12 69 247 174 73 4 June.. 55.1 24.0 10.1 13.9 31.1 Feb.... 488 221 94 60 13 54 267 188 79 .4 Sept.. 57.0 24.7 10.4 14.3 32.3 Mar. .. 471 246 95 67 16 69 225 160 65 .4 Dec... 58.7 25.4 10.8 14.6 33.3 Apr.... 493 245 83 70 17 76 248 163 85 .8 May... 512 243 74 72 25 71 269 171 98 .3 1953—Mar. . 60.3 26.1 11.1 15.0 34.2 June ... 579 270 86 79 24 82 309 200 109 .3 June.. 62.4 26.7 11.4 15.3 35.7 July.... 531 238 75 79 14 70 293 178 115 .3 Sept.. 64.3 27.5 11.7 15.8 36.8 Aug.. . . 680 262 72 79 40 71 418 251 167 .2 Dec... 65.9 28.1 12.0 16.1 37.8 1954—Mar. P. 67.4 28.6 12.2 16.4 38.8 1 a F M H o A n - t i h n ly su f r i e g d u r p e r s o d p o e r n ty o t im re p fl r e o c v t e m m o e r n t t g a lo g a e n a s m a e re n d n m ot e o n r ts d i i n n a c r l i u ly d e s d e c i u n r e a d n n b u y a m l o t r o tg ta a l g s e . s ; VA- JuneP. 69.5 29.2 12.4 16.8 40.3 guaranteed alteration and repair loans of $1,000 or less neea ilot De secured,wnereas tnose for more than that amount must be. P Preliminarv. •Prior to 1949, data are not available for chissifications shown. NOTE.—For total debt outstanding, figures for NOTE.—FHA-insurec loans represent gross amount of insurance written: VA-guar- first three quarters are Federal Reserve estimates. anteed loans, gross amount of loans closed. Figures do not take account of principal repay- For conventional, figures are derived. ments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by Sources.—Home Loan Bank Board.Federal Houstype are derived from data on number and average amount of loans closed. ing Administration, Veterans Administration, and Sources.—Federal Housing Administration and Veterans Administration. Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] End of year A f u i u z t n e h d d o s r- m C m e o i n m t- ts - Mortgage holdings M p g u o a r g r - t e - M ga o g r e t- Ad- Repay- Adv ( a e n n c d e s o f o p u e ts r t io an d) ding or month un- un- FHA- VA- chases sales Year or month vances ments m c i o t m te - d bu d r i s s- ed Total su in re - d a g n u te a e r- d ( p d e u ri r o in d g ) ( p d e u r r i i o n d g ) Total S t h e o r r m t 1 - L t o e n r g m - 2 1948 528 227 199 188 11 198 1945 278 213 195 176 19 1 1 1 1 1 9 9 9 9 9 5 4 5 5 5 3 9 2 0 1. 1.0 8 9 6 5 8 5 4 1 6 5 0 8 8 1 8 4 3 6 2 8 2 3 2 3 8 5 4 3 9 2 2 1 1 , , , , 3 4 8 2 8 4 5 6 4 2 7 0 2 2 8 4 2 6 3 1 0 2 0 2 6 1 3 4 0 9 1 1 1 1 , . , , 9 1 8 6 4 2 7 4 4 2 2 8 1 6 5 1,0 6 6 5 5 4 7 4 7 3 4 2 2 7 8 4 2 1 6 2 2 5 1 1 0 9 6 1 1 1 1 1 1 1 9 9 9 9 9 9 4 5 4 4 4 5 6 1 7 8 9 0 3 3 3 2 6 4 2 5 7 5 6 2 9 1 5 6 0 3 2 2 2 3 2 4 3 0 8 3 3 9 1 9 0 7 3 2 2 4 4 5 8 8 9 3 3 1 1 0 3 6 3 5 6 6 2 2 2 5 5 1 3 5 1 4 8 0 1 7 8 7 4 8 2 2 2 2 2 1 1 5 0 6 0 9 7 8 2 9 9 8 1953— O S c e t p o t b e e m r ber... 5 5 5 6 6 6 5 5 4 6 4 8 2 2 , , 5 5 2 4 6 0 5 58 5 5 6 1 1 , , 9 9 4 8 1 4 3 2 9 6 4 1 4 9 1 19 9 5 5 3 2 5 6 8 7 6 4 5 61 2 1 8 8 95 6 2 4 5 6 6 3 5 4 2 3 9 1 9 7 D N e o c v e e m mb b e e r r .. . . . . . 5 5 5 5 2 0 6 6 0 3 8 8 2 2, , 4 4 6 9 2 0 6 5 2 9 1 4 1 1 , , 8 8 9 4 6 1 4 3 2 0 5 6 9 1 1953— O Se c p t t o e b m e b r e .. r . . 8 6 3 2 4 2 5 8 8 8 0 1 1 9 5 5 5 6 7 4 2 25 4 5 4 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 March 539 745 2,366 653 1,713 49 98 J A S A M T u e u p u n a l p r g y y e i t u l e s m t ber... 6 5 5 5 5 5 3 9 4 7 6 3 1 4 0 0 0 9 6 7 7 7 7 8 5 0 3 7 9 1 4 0 7 9 1 2 2 2 2 2 2 2 , , , , , , 3 3 3 3 2 2 6 7 5 0 9 9 2 1 5 1 9 9 6 6 7 7 7 7 4 3 2 8 6 0 5 3 4 0 7 0 1 1 1 1 1 1 , , , , , , 6 6 6 6 6 6 2 3 4 0 1 1 2 2 7 1 9 8 1 3 3 3 5 5 2 3 8 8 0 0 0 1 3 3 3 3 1 0 9 9 7 0 7 8 1954— J J F A M M J u u e p a l a n a b y n r y e r i r u l c u a h a r r . y y .. . . .. 1 2 3 3 2 5 0 1 6 6 5 8 3 6 5 2 3 3 9 2 8 8 5 3 9 8 6 8 4 1 6 6 6 6 6 6 7 7 1 7 3 0 5 3 5 3 7 0 8 1 0 4 4 3 3 3 4 4 9 3 8 9 2 7 0 6 8 2 6 8 7 6 2 2 2 2 2 2 2 3 3 5 3 4 3 2 1 1 5 3 7 9 3 August 59 31 659 422 236 Source.—Federal National Mortgage Association. September. 69 38 689 452 237 1 Secured or unsecured loans maturing in one year or less. 2 Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. OCTOBER 1954 1095 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 ap m e o r b i 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 R l n d o i e z a m p a n 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 1Q42 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 R4«? 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 ,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 3,486 887 2,444 5,588 1,532 2,680 ,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 ,496 1951 . .. 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 ,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 .707 1953 28,896 21,807 10,289 5,605 1,606 4,307 7,089 2,127 3,249 1,713 1953—August 27,810 21,218 10,136 5.362 I 534 4 186 6,592 2,131 2,668 1,793 September 27.979 21,347 10,232 5.352 1,562 4 201 6,632 2,130 2,716 1,786 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 February 27,478 21 151 9,915 5,377 1 ,570 4.289 6,327 2,054 2,550 1,723 March 27,151 20.900 9.800 5,220 1,554 4.326 6,251 2,073 2,438 1,740 April 27.330 20,909 9.798 5,188 1,554 4,369 6,421 2,105 2,566 1,750 May 27,520 20,932 9,838 5,142 1,565 4,387 6,588 2,181 2,639 ,768 Tune 27,791 21,122 9,980 5,134 1,563 4,445 6,669 2,215 2,679 1,775 July 27,835 21,246 10,103 5.004 1 ,566 4,483 6,589 2 ,193 2,614 1,782 August 27,932 21,310 10,158 5,069 1,569 4,514 6,622 2,203 2,642 1,777 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 i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n i s t t 1 - F s t t u o u r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m A ea o u l b t e o i r l - s e 2 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 1,876 470 604 127 159 516 1949 11 .516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 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—August 21 ,218 18,205 8.879 5.924 L 009 2 393 3 013 931 813 263 396 610 September 21.347 18.328 8,893 6,005 L.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 I ,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 February 21 151 17,999 8.534 5.974 I .055 2.436 3 152 1 .094 814 265 393 586 March 20,900 17,845 8,452 5,892 1,074 2.427 3.055 1,056 795 261 388 555 April . . 20,909 17.859 8,417 5.901 1.096 2,445 3.050 1,058 789 260 388 555 May 20,932 17,896 8,386 5,944 1,115 2,451 3.036 1,051 787 257 390 551 June 21 ,122 18,069 8,401 6,060 1,145 2,463 3.053 1,061 78 S 259 397 551 July- 21.246 18.198 8.379 6.189 1,165 2.465 3.048 1 .055 783 262 404 544 August 21,310 18,258 8,348 6,256 1,185 2,469 3,052 1,056 785 260 408 543 includes mail-order houses. 3Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets 1096 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 o o f n y t e h ar i c T m n n r s o o e e t t d n n a a - i l t l t - C m m ( i o n s e e m i r s n n - t - g t i t l u e l t o - i O p a o a n t n y h s s - ) er p D a a e r c - t ( o - 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 t d n a 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 s r r e R m l r t a o e n i n o a p o iz d n d a n a s - ir - s l P o o a e n n r a - s l cial ment banks stores1 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 1 1 9 9 4 4 2 1 3 2, , 8 0 1 8 7 7 6 5 9 9 3 3 1 1 5 2 2 0 2 21 7 7 5 1 1, , 2 3 2 7 7 0 6 59 6 7 0 1 1 9 9 4 4 5 6 1,5 7 6 4 7 5 1 6 6 6 9 3 1 1 4 1 3 2 1 9 1 9 4 2 1 4 1 2 0 3 5 1 4 2 6 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 5 4 4 5 4 4 7 1 8 5 0 6 9 3 4 4 6 6 5 5 , , , . , , , 6 2 8 3 2 4 5 3 1 7 2 4 0 8 1 2 5 3 3 3 8 1 1 L 1 L 1, , , , . . 6 3 0 2 6 5 2 8 3 0 0 7 7 6 4 4 8 3 4 6 1 2 2 1 1 1 1 4 5 7 8 5 1 9 5 0 2 4 3 4 8 2 4 6 6 5 5 5 5 8 4 7 8 9 3 2 5 1 S 4 0 2 2 2 2 2 1 1 1 , , , , , , , 4 3 0 6 3 8 1 2 2 2 1 9 6 3 2 4 1 1 6 5 8 1 1 1 1 1 1, , , , , , 6 2 3 4 0 1 8 0 8 7 9 1 6 4 1 5 6 6 4 6 5 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 4 4 5 4 2 3 1 9 7 0 8 3 4 8 2 5 5 7 , , , , , , , 4 7 6 5 8 7 5 7 3 2 5 2 2 9 1 9 5 6 9 4 8 1 1 1 1 1 1 J. , , , 1 1 6 1 3 5 8 7 3 3 3 5 4 7 2 9 5 7 3 5 5 1 1 1 1 , , , , 6 8 3 2 9 5 7 2 8 1 9 4 3 5 9 4 1 4 6 9 3 2 1 1 1 1 , , , , , 3 7 0 4 0 5 7 1 5 1 5 3 5 9 5 1 6 6 8 0 4 1 1 , , 1 3 4 5 8 8 7 3 0 3 3 6 8 1 4 7 8 8 7 1 5 1 1 1 1 . , , , 1 3 0 4 9 8 7 2 7 3 9 1 3 4 2 4 7 8 3 9 7 1 1 1 9 9 9 5 5 5 2 3 3—August 7 7 6 , , , 1 5 0 4 9 8 3 2 9 1 1 , , , 8 8 8 7 4 4 0 8 4 2 2 26 5 7 1 0 9 4 7 7 5 6 3 3 9 0 2 2 2 . , , 6 4 2 1 8 1 2 0 5 1 1 L , , 7 7 , 0 1 7 7 3 93 1953— S O N A e c o u p t v g o t u e e b m s m e t r b b . e e . r r . . . 8 8 8 8 , , , , 8 9 8 8 8 0 7 9 1 8 9 3 ' r :> > ' > x A , , , , 1 1 1 1 5 4 2 5 7 1 3 0 1 1 1 1 , , , , 9 9 9 9 2 5 4 3 0 7 8 9 2 2 2 2 , , , , 0 0 0 0 3 2 3 5 2 7 6 6 1 L 1 1 , , , , 2 3 2 2 9 0 5 7 1 3 1 3 1 1 1 1 , , , , 4 4 4 4 9 8 9 8 2 1 5 9 S O e c p t t o e b m er b . e . r . . 6 6 , , 6 6 3 8 2 0 1 1, , 8 8 6 5 7 7 2 2 7 6 3 4 5 5 0 2 0 4 2 2, , 2 2 8 1 7 6 1 L , 7 , 8 7 6 38 December. 8,856 2,135 1,884 2,038 1,301 1,498 November. 6,666 L .798 302 578 2,262 1,726 1954—January.. . 8,723 >,079 1,834 2,037 1,283 1,490 December. 7,089 L.848 279 769 2,480 1,713 February.. 8,534 >,024 1,809 1,937 1,267 1,497 1954— J A F M M J u a e p a n a n b r y e i u r r l c a u r h a y r . - y . . • . . . • 6 6 6 6 6 6 , , , , , , 4 6 5 2 6 3 2 8 5 8 6 2 1 1 1 8 9 7 L , , , , , 8 8 8 7 8 , 1 7 4 9 8 2 2 8 1 3 0 4 2 3 3 2 2 2 2 2 4 9 7 9 5 2 0 3 2 3 9 4 5 5 5 5 6 9 1 1 0 4 3 7 5 2 9 1 1 2 2 2 2 2 1 , , , , . , 1 0 9 1 0 2 4 2 5 7 6 0 1 7 1 0 2 9 1 L , , , , , 7 7 7 7 7 , 0 7 7 4 5 6 5 2 5 0 0 8 3 A A J J M M u u p u a n l a r y g y e i r l u c s h t . . . . . . . . 8 8 8 8 8 8 , , , , , , 4 4 4 3 3 3 0 1 5 4 8 7 1 7 2 8 6 9 , , , , , , 9 9 9 9 9 9 7 6 7 7 9 8 1 9 9 8 4 0 1 1 1 1 1 1 , , , , , , 7 7 7 7 7 7 9 6 9 9 9 8 2 9 4 1 9 3 1 1 1 1 1 1 , , , , , , 8 8 8 8 7 7 6 2 6 8 3 9 2 1 7 7 9 1 1 1 1 1 L L , , , , , 2 2 2 2 2 . 5 5 6 2 6 5 7 9 1 5 2 3 2 1 1 1 1 1 1 , , , , , , 5 5 5 5 5 5 5 7 2 6 2 1 2 9 9 6 8 9 July 6,589 ,908 285 459 2,155 ,782 August.... 6,622 ,907 296 457 2,185 ,777 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 [Estimated amounts outstanding, in millions of dollars] Total Other Repair 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 t d n a 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 p o h n d e e e - r s r r m i R z lo o a e a n a d p ti n d e a o s r i n r n- s l P o o a e n n r a - s l 1939 E o n r d m o o f n y t e h ar i c m n r s 7 e e t 8 d a n 9 i l t t - m A pa o u p b 8 t e 1 o il r - e s p g c u o a o m p o 2 n d 4 e e - r s r m iz lo o a a a n d t 1 i n d e o 5 s r n n- s l P o o 6 a e n 6 n r a 9 - s l 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—August 3,402 552 315 211 2,324 1953 6,147 5,306 367 83 391 September. . . 3,430 558 321 215 2,336 October 3,438 563 321 218 2,336 1953—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 February.... 3,491 539 330 218 2,404 March 3,501 540 326 217 2,418 1954—January 6,062 5,228 359 86 389 April 3,541 547 328 218 2,448 February.... 5,974 5,150 351 85 388 May 3,566 552 326 223 2,465 March 5,892 5,079 340 84 389 June 3,608 563 326 223 2,496 April 5,901 5,089 336 84 392 July 3,630 567 324 223 2,516 May 5,944 5,136 331 83 394 August 3,654 574 323 225 2,532 June 6,060 5,249 331 83 397 July 6,189 5,371 335 82 401 August 6,256 5,436 335 82 403 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. OCTOBER 1954 1097 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] Total Aut p o a m pe o r bile Ot g h o e o r ds c o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Year or mouth 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 1S,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 WITHOUT SEASONAL ADJUSTMENT 1953—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 February 1,864 2,157 776 945 470 588 81 98 537 526 March 2,285 2,536 985 1,100 540 697 94 110 666 629" April 2,315 2,306 998 1,000 594 626 98 98 625 582 May . . 2,299 2,276 1,005 965 580 626 113 102 601 583 June 2,603 2,413 1,202 1,060 624 632 101 103 676 61& July 2.472 2,348 1 ,136 1,013 591 631 103 100 642 604 August . . . 2,424 2,360 1,092 1,037 594 619 107 104 631 600 SEASONALLY ADJUSTED* 1953—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 February 2,243 2,320 919 1,028 586 612 109 99 629 581 March 2,200 2,412 924 1,042 566 667 103 107 607 596 April 2,272 2,308 926 1,009 621 610 101 104 624 585 May. . ... 2,224 2,333 943 988 577 635 107 113 597 597 June 2,398 2,354 1,075 1,038 614 628 88 103 621 585 July 2,379 2,296 1,035 987 633 637 94 95 617 577 August . . . 2,355 2,413 1,013 1,041 599 655 96 102 647 615 * Includes adjustment for differences in trading days. NOTE.—Back figures by months beginning January 1940, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en m t p a o g r n e e t c h e c d h i a n n g ge f m P ro o e m r n c t e h c n o o t y a r f e r g e a e p s r r p c e o h c n e a d d n i i g n n e g g Instalment accounts a C cc h o ar u g n e ts Item A 19 u 5 g 4 . J 1 u 95 ly 4 J 1 u 9 n 5 e 4 A 19 u 5 g 4 . J 1 u 95 ly 4 1 T 9 u 5 n 4 e Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t l o i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1953 Total +7 -3 +2 -6 -4 -8 August 14 12 10 45 C C r a e s d h it s a s l a e l s es: +4 -2 0 -7 -7 -9 S O e c p to te b m er ber 1 1 4 4 1 1 2 2 1 1 0 0 4 48 6 Instalment +7 -3 +2 -6 -4 -9 November 14 11 9 47 Charge account + 14 -2 0 +2 +3 -5 December 14 11 9 46 Accounts receivable, end 1954 of month: Total .. 0 0 -3 -4 -5 January 13 12 9 45 Instalment 0 0 -3 -4 -3 February 14 11 9 43 Charge accounts + 7 + 1 -1 -2 -6 -10 March 15 13 10 48 April 14 12 9 45 Inventories, end of May 14 12 10 46 month, at retail value. 0 •? -5 -9 -9 -9 June 14 12 10 47 July 14 12 10 45 August 13 12 10 45 1 Collections during month as percentage of accounts outstanding at beginning of month. 1098 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 ( c v t a s l 2 ue) Employ 1 m 94 e 7 n - t 49 an = d 10 p 0 ayrolls3 (1947-49 = 100) 1947-49 = 100 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices3 modity Year Manufactures agri- production workers 1947-49 (retail 1947-49 prices3 or month Total M era in ls - Total R de e n si - - other t c u u r l a - l = 100 1 v 9 a 4 l 7 u - e 4 ) 9 4 -1C0 19 = 4 1 7 0 - 0 49 Total r D ab u l - e N ra d o b u n - l - e tial p m e l m o en y - t - Em m p e l n o t y- P ro a l y ls - = 100 Ad- Unad- Ad- Ad- Ad- Ad- t 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 4 68 7 31 1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.0 69 0 37 1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76 4 1922 39 39 37 40 45 43 41 43 58 5 58 4 25 7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63 5 62 1 30 4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.6 65.5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 68.0 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35 0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.7 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.5 42 6 14 8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.7 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58 8 55 1 20 4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70 3 70 1 32 6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69 3 66 2 29 9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82.7 87.9 49 3 98 44 62 9 56 8 1942....... 106 110 126 93 84 89 49 116 90.8 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96 2 121 4 99 0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 94 9 118 1 102 8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 91.7 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94 8 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 2 106 4 129 8 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.5 106.3 136.6 95 110 113.5 111.6 1953 ?134 P136 P153 P118 P116 192 178 201 113.6 112.0 151.6 96 112 114.4 110.1 1953 April 136 136 138 155 121 115 179 179 179 113 8 113.6 112.7 152.0 97 111 113.7 109.4 May 137 136 139 156 123 117 161 164 159 113.9 114.0 112.3 151.9 98 117 114 0 109.8 June 136 136 138 154 121 119 169 174 166 114.1 114.0 113.1 153.9 97 115 114.5 109.5 July 137 129 139 157 121 120 172 175 170 114.2 113.6 112.2 151.1 93 113 114 7 110 9 August . 136 136 138 157 119 119 205 184 220 114 1 112 7 113 8 154 0 98 112 115 0 110 6 September.. 133 135 135 152 117 118 218 180 243 113.7 111.7 113.7 153.4 96 107 115.2 111.0 October 132 136 134 151 117 114 230 183 262 113.7 110.6 112.0 152.6 95 110 115.4 110.2 November.. 129 130 131 146 115 111 224 176 255 113.1 108.7 109.4 148.0 92 113 115.0 109.8 December. . 126 124 127 142 112 113 208 177 229 112.4 107.1 107.7 147.2 88 112 114.9 110.1 1954 January.. . . 125 124 127 141 113 113 195 185 202 111.7 105.6 105.1 140.8 90 107 115.2 110.9 February.. . 125 126 126 139 114 113 196 201 192 111.2 104.6 104.3 140.5 88 109 115.0 110.5 March 123 126 125 135 114 112 191 205 182 110 8 103.8 103.6 138.4 85 105 114.8 110.5 April 123 124 125 134 '115 109 196 213 184 110.4 102.7 101.8 135.0 84 111 114.6 111.0 May 125 '•124 126 '136 117 111 193 216 178 110 2 102.1 100.5 135 1 84 108 115 0 110 9 June 124 124 125 ••135 '116 114 207 227 193 110 1 101.8 100.9 136.6 84 112 115 1 110 0 July '123 116 r124 134 115 '112 206 233 188 109.8 '100.0 '98.7 '132.3 82 111 115.2 110.4 August 124 124 125 135 115 109 218 244 202 109.7 99.7 100.6 135.1 84 P112 115.0 110.5 September.. P124 P126 P125 P135 P116 P109 P109.9 P99.9 P101.8 "138.2 84 "108 110.0 Estimated. ^Preliminary. 'Revised. *Average per working day. 1 Revised index; for description see BULLETIN for December 1953. 2 Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 1107. 3The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by the Bureau of Labor Statistics. Seasonably adjusted employment figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. 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. 1109-1113. Back figures in BULLETIN.—Industrial production, Dscember 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. OCTOBER 1954 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 Industry p pr o o r - tion 1952 1953* Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. SEASONALLY ADJUSTED Industrial Production—Total 100.00 124 134 136 133 132 129 126 125 125 123 123 125 124 123 124 Manufactures—Total 90.02 125 136 138 135 134 131 127 127 126 125 125 126 125 124 125 Durable Manufactures—Total 43.17 136 153 137 132 131 146 142 141 139 135 134 °136 134 135 Primary metals 6.70 116 132 137 130 128 122 113 111 109 103 103 106 108 103 106 Metal fabricating 28.52 146 167 171 166 166 159 156 155 151 147 147 "148 '147 '147 148 Fabricated metal products 5.73 121 136 140 135 134 130 126 126 123 120 119 121 122 122 124 Machinery 13.68 147 160 165 161 159 152 146 143 141 138 138 138 139 '141 145 Nonelectrical machinery 9.04 136 143 145 141 141 136 133 130 130 125 125 124 124 125 126 Electrical machinery 4.64 167 194 203 200 193 184 172 169 163 163 163 163 170 173 181 Transportation equipment 7.54 154 189 191 186 189 180 182 185 179 173 174 "178 '170 170 167 Instruments and related products... 1.29 142 155 156 155 154 155 154 148 147 144 139 138 135 136 136 Clay, glass, and lumber products 5.91 118 125 125 124 124 123 119 120 125 123 121 125 118 113 113 Stone, clay, and glass products 2.82 125 133 135 134 133 132 129 125 130 130 128 130 129 131 131 Lumber and products 3.09 111 118 116 114 117 115 110 115 120 116 114 108 96 97 Furniture and misc. manufactures 4.04 118 131 135 129 129 126 124 120 120 119 117 120 nzo 123 Furniture and fixtures 1.64 113 117 119 114 113 109 106 105 103 104 103 102 104 106 109 Miscellaneous manufactures 2.40 122 140 146 140 140 138 136 130 132 130 127 128 131 130 132 Nondurable Manufactures—Total 44.85 114 118 119 117 117 113 112 113 114 114 115 117 nu 125 Textiles and apparel 11.87 105 107 106 102 102 98 95 97 98 99 101 '101 r99 '100 99 Textile mill products 6.32 103 104 104 100 98 95 90 90 90 91 93 95 92 '95 93 Apparel and allied products1 5.55 108 110 109 104 107 101 101 104 106 108 1 09 108 106 106 105 Rubber and leather Products 3.20 107 113 111 105 105 103 104 103 102 103 103 106 '107 '98 96 Rubber products 1.47 116 128 127 121 120 118 116 112 110 113 113 119 ••120 96 95 Leather and products 1.73 99 99 97 91 93 91 93 94 94 93 94 94 95 100 96 Paper and Printing 8.93 118 125 126 126 126 125 122 122 123 124 125 126 126 126 126 Paper and allied products 3.46 120 132 133 135 132 132 125 126 129 131 133 137 136 133 135 Printing and publishing 5.47 116 121 121 121 123 121 120 119 119 120 120 121 12,1 121 Chemical and Petroleum products 9.34 133 142 143 143 142 141 140 138 141 139 140 142 142 142 Chemicals and allied products 6.84 137 147 148 147 146 145 145 143 146 146 146 148 148 148 149 Petroleum and coal products 2.50 123 130 132 131 129 129 128 124 126 122 124 125 124 122 P121 Foods, beverages, and tobacco 11.51 106 107 108 108 108 108 103 105 105 106 106 110 '108 rlO5 106 Food and beverage manufactures. . . 10.73 105 107 108 '108 108 108 103 105 106 106 107 110 108 105 106 Tobacco manufactures .78 110 108 104 104 106 108 112 100 98 103 103 108 107 101 Minerals—Total 9.98 114 116 119 118 114 111 113 113 113 112 109 111 114 '112 109 Mineral fuels 8.35 113 115 119 118 113 111 112 114 113 112 HI 112 114 112 PIIO Coal 2.68 83 78 86 81 76 70 69 70 68 62 58 65 69 70 68 Anthracite .36 78 57 59 57 54 50 55 62 59 52 46 44 48 56 50 Bituminous coal. .. 2.32 84 81 90 84 80 73 71 72 69 63 60 68 72 72 71 Crude oil and natural gas 5.67 128 133 135 136 131 131 133 134 135 137 136 134 136 133 P130 Metal, stone, and earth minerals 1.63 115 119 120 120 116 114 114 111 112 110 99 106 110 108 106 Metal mining .82 108 113 117 117 108 103 101 103 101 96 78 91 rOQ 91 P90 Stone and earth minerals .81 123 124 123 124 125 127 119 124 124 120 121 122 125 122 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 124 134 136 135 136 130 124 124 126 126 124 124 124 116 124 MANUFACTURES—TOTAL 90.02 125 136 137 137 138 132 125 126 128 128 125 125 125 116 125 Durable Manufactures—Total.. 45.17 136 153 153 151 154 146 140 140 141 140 137 136 135 125 132 Primary metals 6.70 116 132 130 127 129 122 110 113 113 108 107 108 109 '94 101 Ferrous metals 5.03 115 133 131 127 130 122 110 111 111 104 102 104 105 91 95 Pig iron and steel 3.51 115 138 138 134 136 128 114 115 113 105 104 107 108 95 96 Pig iron .37 107 130 131 130 132 127 117 113 108 100 93 94 99 94 93 Steel 3.05 117 139 138 134 136 129 114 115 114 106 105 108 109 96 97 Carbon steel 2.62 112 135 133 131 138 131 116 115 113 105 103 108 111 96 96 Alloy steel .43 144 165 169 152 126 113 105 115 119 114 113 109 102 93 104 Ferrous castings and forgings.. 1.52 114 121 116 113 117 108 101 103 106 101 98 97 97 80 Iron and steel castings 1.29 109 115 112 109 113 103 98 98 103 100 98 96 96 79 Steel forgings .23 143 154 141 137 139 134 122 130 125 111 104 100 101 87 * Preliminary. «• Revised. e Corrected. 1 Indexes for women's outerwear have been revised beginning Jaauary 1954 on the basis of a change from quarterly to monthly reporting by the Bureau of the Census. NOTE.—A number of groups and subgroups include individual series not published separately, 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. 1100 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 1952 1953 Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued Mmary metals—Continued Nonferrous metals 1.67 119 129 128 126 128 121 108 118 120 120 122 103 P117 Primary nonferrous metals .38 123 144 141 147 147 146 145 145 147 147 147 147 149 142 P138 Copper smelting .09 106 112 105 111 114 109 109 104 102 101 99 97 109 '93 74 Copper refining .06 99 116 107 116 124 121 121 110 113 115 114 107 114 105 102 Lead .04 100 101 84 97 99 120 108 108 103 113 107 109 97 79 98 Zinc .10 112 113 115 115 115 107 108 107 102 97 100 102 102 97 P98 Aluminum .09 156 209 217 222 213 215 217 228 240 240 245 246 245 248 246 Secondary nonferrous metals .13 114 114 110 107 111 106 101 96 103 107 115 108 109 Nonferrous shapes and castings.. 1.16 119 126 125 121 123 114 96 112 113 111 114 113 115 piii' Copper mill shapes .63 113 112 112 108 110 103 78 100 100 96 101 102 101 76 100 Aluminum mill shapes .20 140 168 169 163 158 136 126 136 139 143 154 149 162 145 163 Nonferrous castings .33 115 130 124 122 127 121 114 120 122 118 116 112 112 Metal Fabricating 28.52 146 167 166 164 167 158 155 155 155 153 150 '148 138 145 Fabricated metal products 5.73 121 136 140 137 137 130 126 124 123 121 120 121 122 '116 124 Structural metal parts 2.68 121 137 137 135 136 134 135 129 127 125 123 125 126 123 124 Stampings and misc. metal products. 2.12 121 138 136 133 133 130 131 127 124 121 117 116 114 106 109 Tin cans .30 122 129 199 182 139 124 69 104 107 105 122 125 143 153 Furnaces, gas ranges, and heaters... .63 89 93 108 106 113 82 63 74 73 78 84 '93 75 Machinery 13.68 147 160 157 158 161 154 149 146 147 145 141 138 137 128 138 Nonelectrical machinery 9.04 136 143 137 137 138 135 137 132 134 132 128 126 125 119 118 Farm and industrial machinery 8.13 135 139 136 135 135 133 134 130 129 127 124 122 121 '117 116 Farm machinery 1.02 103 96 93 86 79 73 74 76 80 84 85 84 84 79 75 Industrial and commercial machinery 7.11 140 145 142 142 143 141 142 138 136 134 129 127 127 '122 122 Machine tools and presses .68 179 188 183 187 188 185 186 181 181 177 167 161 157 152 150 Laundry and refrigeration appliances .69 108 128 94 104 112 99 110 106 129 122 120 112 111 91 Electrical machinery 4.64 167 194 197 200 205 191 172 172 172 172 166 162 162 145 176 Electrical apparatus and parts. 3.23 162 179 178 179 178 176 176 169 167 164 160 159 156 151 153 Radio and television sets .74 184 230 242 249 276 230 157 173 170 182 172 156 166 116 234 Transportation equipment. 7.54 154 189 189 182 189 173 174 183 183 182 181 «180 '175 '165 165 Autos, trucks, and parts 4.80 102 126 126 114 122 103 101 115 114 114 117 116 111 '96 98 Autos 1.50 103 146 153 134 151 107 107 135 138 142 151 146 143 125 123 Trucks .66 111 118 127 115 106 95 98 103 103 101 101 101 96 •78 80 Light trucks .22 105 112 118 114 106 85 100 112 103 104 104 104 99 86 81 Medium trucks .19 69 58 62 54 50 47 56 67 62 66 68 63 64 57 54 Heavy trucks .14 194 183 186 151 146 134 150 145 164 152 150 148 132 99 113 Truck trailers .07 137 229 282 275 232 229 149 137 143 133 132 141 146 102 Auto and truck parts 2.58 98 117 110 102 109 102 99 106 104 100 101 102 96 85 Aircraft and parts 1.30 368 465 473 480 481 463 483 483 489 485 475 472 472 '469 466 Shipbuilding and repair .81 136 135 135 130 127 124 127 124 124 124 120 '118 '115 '112 109 Railroad equipment .53 74 72 66 64 83 67 53 59 54 54 49 43 39 "•26 33 Railroad cars 62 41 22 .35 64 56 55 83 61 49 42 44 39 32 25 17 Instruments and related products.. 142 155 134 1.29 155 153 155 156 156 148 147 145 140 138 135 132 Clay, Glass, and Lumber Products. 118 113 117 5.91 125 129 128 131 123 112 120 122 124 126 122 109 Stone, clay, and glass products 2.82 125 133 137 136 139 134 128 126 128 128 130 131 '128 134 Glass and pottery products 1.09 114 123 123 122 128 122 116 122 120 121 117 117 115 107 117 Flat glass and vitreous products. . . .60 122 136 134 136 141 139 136 115 130 130 124 124 123 '119 127 Flat and other glass .47 124 139 135 139 145 143 140 130 133 131 126 126 125 '119 128 Glass containers .26 112 120 132 121 127 114 102 132 121 125 121 126 127 118 125 Home glassware and pottery .23 94 91 86 84 93 86 77 115 92 93 93 87 81 '63 84 Cement .32 124 132 143 144 145 137 119 79 110 118 132 137 138 150 151 Structural clay products .35 112 110 114 116 116 112 106 104 101 107 111 111 115 '111 116 C B l r a ic y k firebrick, pipe, and tile . . 1 2 2 0 1 11 0 6 8 1 1 0 1 6 5 1 1 1 1 4 7 1 11 1 5 8 1 1 1 1 6 8 1 1 0 1 9 6 1 9 1 7 3 9 8 7 1 1 9 1 0 0 1 11 0 1 2 1 11 1 5 0 1 1 1 1 3 2 1 11 2 1 4 ' 1 1 1 0 6 9 iii' C M o i n sc c . r e s t t e o n a e n d a n p d l a e s a te rt r h p r m o a d n u u ct f s actures.. . .5 4 8 8 1 1 3 5 1 5 1 1 4 6 3 3 1 1 4 7 3 5 1 14 6 5 9 1 14 7 6 0 1 14 6 3 3 1 1 4 5 6 7 1 1 4 1 3 0 1 1 4 4 1 8 1 1 5 3 2 9 1 13 5 5 7 1 1 6 3 1 5 1 13 6 6 4 ' '1 1 3 7 4 0 1 1 7 3 2 8 140 Lumber and products.. 3.09 111 118 122 121 123 114 99 104 116 117 119 122 115 90 102 Lumber 2.05 105 112 123 118 120 110 93 98 109 109 113 117 106 91 98 Mill work and plywood. .60 138 149 135 147 148 141 124 140 160 164 163 161 154 92 127 Millwork .39 118 118 115 117 116 101 87 96 110 109 111 119 128 88 115 Softwood plywood. . . .12 167 199 164 194 198 206 184 212 241 253 248 229 195 95 145 Wood containers .29 99 99 98 94 96 94 94 88 90 90 90 91 92 '85 83 Furniture and Misc. Manufactures 4.04 118 131 132 132 135 132 127 119 122 121 115 114 116 112 121 Furniture and fixtures 1.64 113 117 116 115 116 114 112 106 107 106 101 98 100 '99 107 Household furniture 1.10 113 118 116 114 116 113 109 103 105 105 100 96 98 98 107 Fixtures and office furniture... .54 112 116 117 118 117 115 117 113 110 107 103 103 105 '100 106 Miscellaneous manufactures. 2.40 122 140 143 144 148 145 138 128 133 131 125 124 127 121 130 v Preliminary. r Revised. e Corrected. For other footnotes see preceding page. OCTOBER 1954 1101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1953 Industry proportion 952 1953P Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug, WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total... 44.85 114 118 121 122 122 118 110 111 115 115 114 114 115 107 117 Textiles and Apparel. 11.87 105 107 HI 104 103 98 92 99 105 104 100 98 95 '86 103 Textile mill products 6.32 103 104 107 102 100 96 87 91 95 94 93 94 92 '81 96 Cotton and synthetic fabrics. 3.72 105 107 110 105 101 102 90 97 100 100 99 99 96 85 99 Cotton consumption 2.30 104 104 107 104 103 101 89 100 101 100 97 95 92 80 99 Synthetic fabrics .97 112 115 119 109 102 105 95 89 98 100 102 107 110 105 102 Fabric finishing .45 102 101 100 100 87 96 83 91 97 97 92 91 76 62 93 Wool textiles .97 85 78 82 73 74 64 61 58 58 60 63 68 '70 68 Wool apparel yarns .16 96 91 102 93 82 68 59 68 72 72 80 84 81 78 Wool fabrics .75 83 75 77 68 73 63 62 56 54 58 59 64 '68 66 71 Knit goods 1.15 115 116 118 116 115 108 97 103 109 105 103 105 106 '89 109 Hosiery .65 116 113 114 115 114 109 94 113 119 112 111 110 106 78 106 Full-fashioned hosiery... .45 121 118 117 119 118 114 97 120 127 120 119 116 110 79 108 Seamless hosiery .20 105 102 105 104 104 98 87 96 102 93 91 95 98 77 100 Knit garments .50 113 119 125 117 116 107 101 90 95 96 93 99 106 103 114 Floor coverings .48 95 99 94 97 101 87 88 89 96 94 90 81 80 '64 Woven carpets .31 80 86 80 83 89 69 72 76 85 83 77 68 66 Apparel and allied products. . . 5.55 108 110 115 106 107 100 98 107 115 116 108 103 99 91 110 Men's outerwear 1.78 105 113 117 113 105 104 87 111 117 102 111 108 95 '80 110 Men's suits and coats .73 87 96 107 94 90 88 78 96 92 77 79 88 81 '56 98 Men's suits .50 83 92 94 83 83 86 81 102 96 80 78 84 75 52 92 Men's outercoats .13 83 89 133 115 94 71 46 52 56 48 65 80 87 57 98 Shirts and work clothing .99 114 124 122 125 114 113 90 120 133 118 132 121 101 94 118 Women's outerwear1 1.85 108 103 111 92 96 83 98 113 126 138 116 105 104 96 114 Women's suits and coats .76 123 117 145 106 118 90 122 144 164 165 102 80 114 127 147 Misc. apparel and allied mfrs.. . 1.92 111 112 112 108 114 109 105 98 104 107 96 97 98 '97 105 Rubber and Leather Products. 3.20 107 113 112 107 111 103 98 103 108 108 104 103 106 86 97 Rubber products 1.47 116 128 122 122 127 120 111 114 114 118 116 118 121 85 92 Tires and tubes .70 115 117 106 103 108 101 93 96 112 108 111 111 119 84 75 Auto tires .40 106 117 112 104 109 99 89 92 111 113 120 122 133 94 81 Truck and bus tires .30 128 118 99 102 106 103 99 102 114 101 99 96 100 71 69 Miscellaneous rubber products. .77 117 137 Leather and products 1.73 99 99 103 94 97 89 87 94 102 100 94 89 '94 '87 102 Leather .44 87 91 93 85 91 87 81 87 95 89 86 90 '89 72 Cattlehide leathers .29 87 92 94 86 94 91 86 93 101 92 93 96 '93 75 Skin leathers .15 86 89 90 83 87 79 72 74 82 82 73 79 81 65 Shoes and slippers .90 104 103 109 97 97 85 88 102 110 109 103 93 100 94 111 Miscellaneous leather products. .39 101 102 96 101 99 92 85 91 91 82 79 84 87 94 Paper and Printing 8.93 118 125 123 127 132 129 121 120 124 127 128 126 126 116 124 Paper and allied products.... 3.46 120 132 135 135 140 135 119 126 133 135 136 134 136 120 137 Pulp and paper 1.76 120 130 133 130 138 133 117 128 132 133 131 132 136 116 135 Wood pulp .51 132 142 146 141 151 147 129 142 145 148 146 148 153 133 150 Paper and board 1.25 116 125 127 126 132 127 113 122 127 127 125 125 129 109 128 Printing paper .22 111 119 121 118 124 120 112 120 122 124 121 117 120 99 121 Fine paper .14 117 116 118 118 121 120 109 112 121 121 121 120 123 96 122 Coarse paper .20 112 118 118 118 127 124 113 122 125 122 116 117 119 102 121 Miscellaneous paper .18 123 129 127 128 136 131 123 135 139 138 137 134 136 126 137 Paperboard .41 117 134 141 137 143 137 115 128 130 131 128 132 136 "112 133 Building paper and board. .10 112 118 121 122 123 108 92 96 113 121 124 125 137 123 131 Converted paper products 1.70 120 134 137 140 143 136 121 123 134 137 141 136 135 124 139 Shipping containers .51 120 133 138 141 140 135 118 115 126 133 135 133 132 119 136 Sanitary paper products.... .11 126 138 134 139 151 139 131 147 155 149 158 144 144 139 146 Printing and publishing 5.47 116 121 116 122 126 126 122 116 118 121 122 121 119 113 116 Newsprint consumption 1.85 115 118 106 119 129 131 117 108 114 120 129 125 119 102 107 Job printing and periodicals. 3.62 117 122 121 123 125 123 125 121 120 121 119 119 120 '119 120 Chemical and Petroleum Products 9.34 133 142 141 142 145 145 141 140 144 142 140 139 139 rl33 139 Chemicals and allied products 6.84 137 147 143 145 151 150 146 146 150 150 147 145 144 138 145 Industrial chemicals 2.54 140 154 157 151 151 149 147 145 150 150 150 150 152 146 Basic inorganic chemicals .57 137 149 147 138 153 153 148 141 157 159 157 159 155 148 151 Industrial organic chemicals 1.97 141 155 160 154 150 148 147 145 148 148 148 147 151 '145 Plastics materials .24 157 183 175 181 179 173 166 168 192 193 190 179 183 148 150' Synthetic rubber .11 175 186 176 162 147 152 153 148 152 144 127 120 122 121 S M y i n sc th e e ll t a i n c eous or f g ib a e n r i s c chem # icals. 1. . 0 5 3 9 1 1 4 3 1 3 1 1 5 4 6 4 1 1 6 5 7 0 1 1 4 5 8 0 1 1 4 4 3 8 1 1 3 4 5 9 1 1 3 4 6 9 1 1 3 4 3 7 1 1 3 4 5 4 1 14 4 1 2 1 14 4 1 6 1 14 4 1 9 1 14 5 3 7 1 1 5 4 1 3 1 1 5 2 5 6 Vegetable and animal oils .64 112 116 94 109 140 141 135 138 138 122 114 104 96 91 146 Vegetable oils .48 110 112 83 106 144 141 137 138 138 122 109 95 85 80 96 Grease and tallow .16 119 131 125 120 129 140 127 138 140 122 131 132 127 126 84 Soap and allied products .71 110 113 97 116 134 128 117 118 124 127 111 104 99 69 129 Paints .66 112 118 119 118 117 117 116 114 115 115 116 116 117 117 104 Fertilizers .23 122 124 104 112 108 101 106 112 136 170 173 137 107 95 117 100 P Preliminary. r Revised. iIndexes have been revised beginning January 1954 on the basis of a change from quarterly to monthly reporting by the Bureau of the Census. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 1102 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 1952 1953P Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 135 133 131 131 128 125 126 121 120 123 124 122 P124 PePtretorloelueumm a rnedfi ncinogal products 1.97 128 135 138 136 135 137 137 134 136 129 128 130 131 130 P\31 Gasoline. . . 1.04 132 144 150 147 143 147 146 140 141 135 137 140 141 141 P141 Automotive gasoline .98 128 139 144 141 138 143 141 136 136 131 132 136 136 136 Aviation gasoline .06 194 227 243 247 220 211 228 214 227 212 215 218 235 229 Fuel oil .56 128 130 128 128 128 130 129 131 135 127 121 121 122 122 P122 Distillate fuel oil .30 151 155 152 153 155 155 153 156 164 155 146 145 148 150 Residual fuel oil .26 102 101 100 98 97 100 102 104 102 96 93 94 92 89 Kerosene .10 119 117 105 108 116 116 124 128 135 116 106 99 100 97 Lubricating oil .17 112 106 110 112 111 112 109 105 111 104 103 109 111 104 Coke .26 97 111 112 110 109 107 102 97 90 86 80 80 79 77 75 .15 102 99 139 123 121 90 53 57 67 78 103 118 135 110 127 Foods, Beverages, and Tobacco 11.51 106 107 118 123 120 111 98 97 96 98 98 rlO4 no rlO8 115 Food and beverage manufactures.. 10.73 105 107 118 124 120 111 99 97 96 98 98 103 110 '109 115 Food manufactures 8.49 106 108 118 127 121 114 102 101 98 98 97 100 107 116 Meat products 1.48 114 115 102 111 123 135 125 126 112 115 106 105 108 '102 108 Beef .46 100 129 132 139 144 139 134 141 129 132 127 132 137 135 138 Pork .83 119 104 82 92 107 128 116 114 99 102 91 87 89 81 88 Dairy products .69 98 105 118 99 85 80 81 86 96 104 119 135 145 129 115 Butter .14 92 108 111 88 82 86 94 110 115 124 128 152 145 115 Q9 Natural cheese .07 103 112 116 102 89 86 93 100 109 117 133 159 161 129 113 Concentrated milk .19 91 93 94 72 67 68 74 78 84 95 11 5 139 139 109 94 Ice cream .28 102 106 135 118 94 80 73 72 87 92 107 110 139 144 133 Canned and frozen foods 1.13 117 121 209 233 154 104 86 76 72 71 75 85 99 138 194 Grain-mill products 1.16 108 106 109 111 111 103 101 106 104 101 99 106 114 112 111 Wheat flour .46 84 81 83 84 90 82 76 86 83 78 75 76 78 78 Cereals and feeds .70 124 122 126 128 125 117 117 119 118 116 114 127 137 130 Bakery products 1.64 101 100 101 102 101 99 97 95 97 96 96 '98 '99 98 Sugar .27 104 113 75 106 250 277 177 89 63 58 63 76 73 Cane sugar .11 109 113 124 121 105 97 96 97 104 116 103 109 121 112 Beet sugar .13 94 108 27 89 370 429 242 77 24 2 24 42 43 32 Confectionery .71 102 102 92 135 135 128 88 111 110 99 89 81 80 66 91 Miscellaneous food preparations ... 1.41 100 104 108 113 110 107 102 100 103 105 103 105 108 '109 107 Beverages 2.24 102 105 118 113 116 99 84 82 89 98 103 115 126 '118 112 Bottled soft drinks .54 116 Alcoholic beverages 1.70 98 100 108 108 118 100 80 78 86 98 100 108 114 '103 98 Beer and ale 1.02 102 103 129 111 100 79 76 79 86 102 106 117 128 122 112 Liquor distilling . . .17 54 60 33 67 122 88 65 61 71 69' 64 64 62 42 39 Liquor bottling .37 99 107 92 115 148 146 89 79 88 101 98 104 104 85 85 Tobacco manufactures .78 110 108 117 111 116 111 92 98 96 101 99 108 113 92 Cigarettes .46 114 111 123 115 118 110 96 105 100 106 103 112 119 98 Cigars .17 105 108 110 110 120 122 90 90 96 97 95 109 111 83 MINERALS—TOTAL 9.98 114 116 122 122 118 113 111 111 110 109 109 112 114 '110 111 Mineral Fuels 8.35 113 115 119 119 116 113 113 115 113 112 111 111 113 108 P110 Coal 2.68 83 78 85 84 84 76 71 74 68 61 58 62 63 57 68 Anthracite .36 78 57 56 60 66 55 51 6? 59 48 44 45 50 44 48 Bituminous coal 2.32 84 81 90 88 87 79 74 75 69 63 60 65 65 59 71 Crude oil and natural gas 5.67 128 133 135 136 131 131 133 134 135 137 136 134 136 133 Oil and gas extraction 4.82 125 129 131 130 126 128 128 128 130 131 132 129 129 124 Crude oil 4.12 120 124 126 126 120 120 120 120 122 125 127 124 125 120 P118 Natural gas .34 159 167 156 150 -165 179 188 190 182 182 Natural gas liquids .36 145 157 158 160 159 162 166 163 167 161 156 155 156 151 Oil and gas well drilling .85 144 154 160 167 158 147 163 170 163 165 163 163 176 179 Metal, Stone, and Earth Minerals . 1.63 115 119 137 135 127 110 98 91 94 93 99 116 123 119 119 Metal mining .82 108 113 140 139 122 95 74 74 76 73 79 108 119 108 P109 N Iro on n f e o r r r e ous metal mining . .3 49 3 1 1 1 0 0 4 1 1 2 04 8 1 1 9 00 9 1 10 9 0 8 1 10 5 0 5 1 8 01 5 9 4 7 0 3 98 9 4 98 2 3 95 9 5 93 8 96 1 '9 5 8 2 1 8 3 7 9 Copper mining .24 114 114 112 112 114 116 110 111 105 102 102 106 108 95 Lead mining .09 97 86 80 81 79 78 80 75 91 87 82 78 '80 74 Zinc mining .06 107 87 80 76 72 74 71 75 80 77 78 78 79 72 75 Stone and earth minerals .81 123 124 133 131 132 126 122 108 113 114 119 125 127 '130 130 P Preliminary. r Revised. For other footnotes see preceding page OCTOBER 1954 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve index numbers, 1947-49 average=100] 1947-49 Annual 1953 1954 Product prc~ portion 1952 1953 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 105 127 129 121 118 112 109 112 113 112 116 119 119 '117 115 69.72 109 138 142 130 126 117 114 119 121 119 126 130 128 '127 126 AutO8 • 32 10 103 146 150 137 132 127 127 133 134 133 139 145 136 127 121 Major household goods 36.13 115 132 136 125 121 110 104 108 110 109 116 120 124 '128 131 15.32 109 113 115 109 107 102 99 98 99 99 97 96 96 102 107 Household furniture 11.31 113 118 118 113 112 109 104 102 103 103 102 100 102 104 110 4.01 95 99 104 98 93 84 87 87 87 86 82 84 79 '97 98 Appliances and heaters 15.60 99 118 109 99 101 93 95 104 111 105 114 117 110 '115 109 11.88 100 123 111 101 104 98 100 108 117 109 117 120 111 '119 113 Ranges . • 2 60 75 90 89 85 77 68 67 70 85 84 76 83 81 83 Refrigeration appliances 4.98 106 137 113 96 105 98 108 114 131 118 136 144 131 135 125 2.51 115 141 143 136 137 136 125 145 140 129 134 124 113 136 146 Heating apparatus 3.72 94 100 101 91 92 79 79 90 89 91 103 106 107 101 Radio and television sets 5.21 184 230 279 248 221 185 145 148 142 151 178 198 246 245 270 3.42 53 67 72 60 65 66 59 58 47 43 43 43 45 47 56 Television sets 1.79 436 541 676 606 518 413 307 321 325 356 436 493 631 624 678 Other Consumer Durables 30.28 95 102 101 101 101 101 97 95 96 94 93 93 96 '93 92 Auto parts and tires 14 00 90 91 89 89 88 89 88 ' 88 90 88 89 90 96 89 Misc. home and personal goods 16.28 100 111 111 111 112 110 106 101 102 100 96 96 96 '96 98 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 105 127 127 122 131 110 103 112 117 119 119 116 116 '102 113 69.72 109 138 138 130 142 113 106 121 127 129 131 126 125 '107 121 Autos 32.10 103 146 153 134 151 107 107 135 138 142 151 146 143 125 123 Major household goods 36.13 115 132 125 129 137 120 106 109 119 120 116 110 112 '92 121 Furniture and floor coverings 15 32 109 113 110 110 112 106 104 99 103 102 97 92 93 89 102 Household furniture 11.31 113 118 116 114 116 113 109 103 105 105 100 96 98 98 108 Floor coverings . • 4.01 95 99 94 97 102 87 88 89 96 94 90 81 80 '64 88 Appliances and heaters 15.60 99 118 101 108 114 96 92 98 117 117 116 112 112 '88 101 11.88 100 123 95 105 110 98 100 106 130 129 124 117 114 '88 95 Ranges . . .. 2.60 75 90 83 92 86 75 66 71 91 93 79 80 76 53 Refrigeration appliances 4.98 106 137 89 95 100 86 111 114 145 144 153 147 141 109 99 Laundry appliances 2.51 115 141 126 145 160 149 122 135 159 151 130 111 117 90 128 Heating apparatus 3.72 94 100 120 117 127 90 68 73 75 79 91 96 104 86 Radio and television sets 5.21 184 230 242 249 276 230 156 173 170 182 172 155 165 116 234 Radio sets 3.42 53 67 65 62 68 68 57 58 51 49 49 48 44 29 51 Television sets 1.79 436 541 581 606 673 541 347 391 397 435 406 360 397 281 583 Other Consumer Durables 30.28 95 102 104 103 106 103 96 92 95 94 92 92 94 '90 94 Auto parts and tires 14 00 90 91 95 93 93 89 84 84 87 85 87 90 96 91 Misc. home and personal goods 16.28 100 111 111 112 117 115 107 99 103 102 96 94 93 '89 98 ••Revised. NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics. In thousands of persons] 1953 1954 Industry group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. SEASONALLY ADJUSTED Total 13,821 13,680 13,447 13,251 13,063 12,935 12,840 12,705 12,632 12,589'1? 371 1?J&35 12,361 8,154 8,062 7,868 7,748 7,621 7,509 7,405 7,295 7,227 7,182 '7,020 6,974 6,974 Ordnance and accessories 194 193 187 184 177 165 150 H7 125 120 '117 113 113 Lumber and wood products 697 699 685 667 653 657 663 656 676 684 '592 586 635 Furniture and fixtures 313 307 300 70S 289 786 287 784 284 284 9Q? 294 Stone, clay, and glass products.. 465 463 457 446 432 431 429 426 427 425 430 432 430 Primary metal industries 1,129 1,112 1,088 1,069 1,044 1 0?7 1,005 Q91 981 983 rQ7Q 074 969 Fabricated metal products 939 919 898 866 865 855 844 836 837 839 '834 827 819 Machinery except electrical 1,294 1,280 1,253 1,226 1,212 1,202 1,184 1,169 1,153 1,140 '1 ,119 1,125 1,129 941 924 900 866 847 831 819 811 799 784 r7QS 700 807 Transportation equipment 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1,380 1,342 1,324 '1,277 1,237 1,183 Instruments and related products 242 241 74? 739 236 737 228 773 221 216 r?H 91S 216 Misc. manufacturing industries.. 420 417 409 403 396 393 387 382 382 383 '382 376 379 5,667 5,618 5,579 5,503 5,442 5,426 5,435 5,410 5,405 5,407 '5,351 5,361 5,387 Food and kindred products 1,133 1,122 1,135 1,114 1,102 1,103 1,109 1,110 1,111 1,106 '1,084 1,081 1,077 Tobacco manufactures 93 92 04 97 96 94 93 03 94 94 95 93 95 Textile-mill products 1,099 1,067 1,036 1,013 987 980 979 979 974 986 977 1,002 998 Apparel and other finished tex- 1,072 1,087 1,085 1,068 1,051 1,051 1,064 1,046 1,037 1,034 '1,026 1,025 1,028 Paper and allied products 452 448 442 435 436 435 434 433 435 438 439 438 444 Printing, publishing and allied industries . 521 520 S17 517 514 517 517 519 518 519 '518 517 520 Chemicals and allied products... 552 547 543 537 540 533 531 529 530 525 '523 523 525 Products of petroleum and coal. 185 185 184 182 180 180 179 178 180 180 '179 176 176 Rubber products 221 214 ?07 ?06 204 70? 199 196 198 199 178 176 195 Leather and leather products. .. 339 336 336 334 332 331 330 327 328 326 '332 330 329 For footnote see following page. 1104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Compiled by Bureau of Labor Statistics. In thousands of persons] 1953 1954 Industry group Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept, WITHOUT SEASONAL ADJUSTMENT Total 14,061 13,852 13,534 13,319 13,00 12,906 12,818 12,590 12,437 12,480 12,212 12,448 12,593 Durable goods 8,161 8,088 7,910 7,791 7,616 7,520 7,430 7,309 7,208 7,177 '6,917 6,936 6,979 Ordnance and accessories 194 193 187 184 177 165 150 137 125 120 '117 113 113 Lumber and wood products 721 713 695 654 617 627 643 649 679 701 '604 609 657 Furniture and fixtures 315 313 308 301 293 292 290 283 277 275 '272 288 295 Stone, clay, and glass products.. 467 465 459 448 428 427 429 428 427 427 424 434 432 Primary metal industries 1,129 1,112 1,088 1,074 1,049 1,027 1,010 991 976 983 '969 969 969 Fabricated metal products 939 924 902 875 874 864 852 840 833 831 '809 819 819 Machinery except electrical 1,262 1,254 1,240 1,238 1,230 1,220 1,202 1,187 1,165 1,151 '1,108 1,097 1,101 Electrical machinery 941 933 913 883 855 839 827 811 791 776 '765 783 807 Transportation equipment 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1,380 1,342 1,324 '1,277 1,237 1,183 Instruments and related products 242 242 243 241 237 233 229 224 220 215 '210 211 216 Misc. manufacturing industries.. 430 434 425 407 386 393 389 380 375 '363 376 388 374 Nondurable goods 5,900 5,764 5,624 5,528 5,386 5,386 5,388 5,281 5,303 '5,295 5,512 5,614 5,229 Food and kindred products 1,326 1,224 1,149 1,083 1,024 1,009 1,009 1,011 1,079 '1,142 1,222 1,264 Tobacco manufactures 112 109 101 104 97 90 84 82 1,031 82 83 102 114 Textile-mill products 1,088 1,067 1,046 1,028 997 995 989 979 82 981 953 987 988 Apparel and other finished tex- 969 tiles 1,099 1,103 1,085 1,084 1,062 1,088 1,101 1,030 985 987 '980 1,045 1,054 Paper and allied products 450 448 446 442 438 437 436 433 433 436 430 436 442 Printing, publishing and allied industries 521 525 522 525 514 514 517 516 515 519 '513 512 520 Chemical and allied products.... 555 552 548 540 540 536 539 534 525 517 '513 515 528 Products of petroleum and coal. 188 185 184 181 178 178 177 176 179 181 '181 180 179 Rubber products 221 216 210 209 206 203 199 195 197 198 173 174 195 Leather and leather products. .. 341 334 334 332 332 339 338 325 315 324 '327 338 331 'Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for September 1954 are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1953 1954 1953 1954 1953 1954 Sept. July Aug. Sept. Sept. July Aug. Sept. Sept. July Aug. Sept. Total 71.42 70.92 71.06 71.86 39.9 39.4 39.7 39.7 1.79 1.80 1.79 1.81 Durable goods 77.14 75.83 76.59 76.99 40.6 39.7 40.1 40.1 1.90 1.91 1.91 1.92 Ordnance and accessories 79.13 '79.80 80.20 78.01 41.0 -•40.1 40.1 39.4 1.93 1.99 1.98 Lumber and wood products 66.97 '63.24 66.04 70.38 40.1 '40.8 41.8 41.4 1.67 '1.55 Furniture and fixtures 62.78 62.02 63.59 63.43 40.5 39.5 40.5 40.4 1.55 1.57 1.57 Stone, clay, and glass products 71.10 '71.33 72.04 72.67 40.4 '40.3 40.7 1.76 1.77 Primary metal industries 85.63 '80.81 81.27 82.47 40.2 38.7 38.9 2.13 2.11 Fabricated metal products 75.70 '75.60 76.55 76.95 40.7 40.0 40.5 40.5 1.86 '1.89 1.90 Machinery except electrical 82.57 80.60 81.20 80.60 41.7 40.1 40.2 39.9 1.98 2.01 2.02 Electrical machinery 72.09 '71.53 72.22 72.76 40.5 '39.3 39.9 40.2 1.78 1.82 1.81 Transportation equipment 84.23 84.38 85.20 85.60 40.3 39.8 40.0 40.0 2.09 2.12 2.14 Instruments and related products 74.16 '72.29 72.83 73.60 41.2 '39.5 39.8 40.0 1.80 1.83 1.84 Miscellaneous manufacturing industries. 63.36 '62.79 64.00 64.48 40.1 39.0 40.0 39.8 1.58 '1.61 1.60 1.62 Nondurable goods 63.57 64.74 64.45 64.91 39.0 39.0 39.3 39.1 1.63 1.66 1.64 1.66 Food and kindred products 67.04 69.72 67.98 68.56 41.9 41.5 41.3 1.68 1.65 1.66 Tobacco manufactures 46.92 '51.54 49.54 48.19 39.1 •37.9 39.5 '1.36 1.29 1.22 Textile-mill products 51.65 '51.41 52.36 52.33 37.7 •37.8 38.2 1.36 1.36 1.37 Apparel and other finished products.... 47.12 47.17 48.78 48.96 34.9 35.2 36.0 1.35 1.34 1.34 1.36 Paper and allied products 73.87 '74.62 74.80 75.65 42.7 42.4 42.5 42.5 1.73 '1.76 1.76 1.78 Printing, publishing and allied products. 87.14 '86.94 87.62 87.78 38.9 •38.3 38.6 38.5 2.24 '2.27 2.27 2.28 Chemicals and allied products 77.83 '79.35 78.72 79.90 41.4 40.9 41.0 41.4 88 '1.94 1.92 1.93 Products of petroleum and coal 94.35 '94.53 92.84 94.76 41.2 41.1 40.9 41.2 29 '2.30 2.27 2.30 Rubber products 74.88 '76.83 76.05 n.a. 39.0 -39.4 38.8 n.a. 1.92 1.95 1.96 n.a. Leather and leather products 48.99 51.38 51.10 49.90 35.5 37.5 37.3 35.9 1.38 1.37 1.37 1.39 'Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for September 1954 are preliminary. Back data may be'obtained from the Bureau of Labor Statistics. OCTOBER 1954 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining :o C n o s n tr t u ra ct 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 a l nd 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 47,289 16,104 916 2,603 4,166 10,012 1,862 5,278 6,348 1952 48,306 16,334 885 2,634 4,185 10,281 1,957 5,423 6,609 1953 49,660 17,259 844 2,644 4,224 10,533 2,025 5,486 6,645 SEASONALLY ADJUSTED 1953—September 49,707 17,263 835 2,679 4,247 10,523 2.041 5.484 6,635 October 49,711 17,125 826 2,725 4,245 10,563 2,050 5,506 6.671 November 49,422 16,901 825 2,708 4,205 10,577 2,044 5,494 6,668 December 49,109 16,704 818 2,686 4,176 10,579 2,050 5,490 6,606 1954—January 48,812 16,497 805 2,581 4,118 10,577 2,054 5,487 6,693 February 48,607 16,349 794 2,618 4,087 10,543 2.065 5,490 6.661 March 48,441 16,262 772 2,654 4,012 10,552 2,067 5,488 6,634 April 48,268 16,122 753 2,641 4,015 10,524 2,075 5,506 6,632 May 48,177 16,038 744 2,634 4,011 10,494 2,081 5,508 6,667 June 48,102 15,994 740 2,624 4,016 10,480 2,083 5,518 6,647 July '•47,982 ••15,775 742 '2,637 '4,014 "10,507 2,095 '5,555 '6,657 August 47,939 15,736 729 2,630 3,999 10,508 2,094 5,552 6,691 September 48,031 15,769 722 2,623 4,012 10,483 2,111 5,522 6,789 WITHOUT SEASONAL ADJUSTMENT 1953—September 50,200 17,510 839 2,866 4,265 10,523 2,041 5,566 6,590 October 50,180 17,301 826 2,889 4,257 10,669 2,040 5,506 6,692 November 49,851 16,988 829 2,789 4,216 10,828 2,034 5,467 6,700 December 50,197 16,765 822 2,632 4,187 11,361 2,040 5,435 6,955 1954—January 48,147 16,434 805 2,349 4,069 10,421 2,033 5,377 6,659 February 47,880 16,322 790 2,356 4,039 10,310 2,044 5,380 6,639 March 47,848 16,234 772 2,415 3,992 10,305 2,057 5,406 6,667 April 48,068 16,000 749 2,535 4,008 10,496 2,075 5,506 6,699 May 47,935 15,836 737 2,634 4,008 10,375 2.081 5,563 6,701 June 48,137 15,888 744 2,729 4,032 10.414 2.104 5,601 6,625 July '47,808 '15,627 735 '2,795 '4,043 '10,377 2,126 '5,638 '6,467 August 48,031 15,860 736 ,840 4,028 10,3 S3 2,125 5,635 6,454 September 48,511 16,007 726 2,807 4,028 10,483 2,111 5,605 6,744 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau ofthe Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor labor force population force Total Unem- Total In nonagricul- In ployed 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 J .879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 L,673 46,710 1953 115,046 66,965 63,417 61,894 55,366 6,528 1,523 48,081 1953—August 115,232 68,238 64,648 63,408 56,134 7,274 L,240 46,994 September 115,342 67,127 63,552 62,306 55,044 7,262 1,246 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 1,850 49,528 1954—January2 115,738 66,292 62,840 59,753 54,469 5,284 $,087 49,447 February 115,819 67,139 63,725 60,055 54,351 5,704 5,671 48,679 March 115,914 67,218 63,825 60,100 54,225 5,875 5,725 48,696 April 115,987 67,438 64,063 60,598 54,522 6,076 5,465 48,549 May 116,083 67,786 64,425 61,119 54,297 6,822 5,305 48,297 June 116,153 68,788 65,445 62,098 54,470 7,628 5,347 47,365 July 116,219 68,824 65,494 62,148 54,661 7,486 5,346 47,395 August 116,329 68,856 65,522 62,276 55,349 6,928 3,245 47,473 September 116,432 68,565 65,243 62,144 54,617 7,527 3,099 47,866 "Corrected 1 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 may be obtained from the Bureau of the Census. 1106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
VALUE OF NEW CONSTRUCTION ACTIVITY [Seasonally adjusted. In millions of dollars] Private Public Total Business Other Year or month Total d R en e t s i i a - l Total Indus- Com- Public n d re o e s n n i- - - Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r trial mercial utility tial 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 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35,256 23,877 11,930 8,436 2,229 1,787 4,416 3,511 11,379 1,307 3,165 830 6,077 1953—September 2,925 1,994 995 710 173 163 374 289 931 97 287 60 487 October. 2,880 1,982 979 710 164 173 373 293 898 79 267 58 494 November. 2,936 2,002 976 726 164 187 375 300 934 75 277 59 523 December 2,955 1,992 981 718 164 188 366 293 963 69 289 64 541 1954—January 2,956 1,992 971 729 170 189 370 292 964 80 271 62 551 February.... 3,050 2,004 972 736 176 187 373 296 1,046 81 329 61 575 March.. .. 3,001 2,017 981 738 182 176 380 298 984 75 302 64 543 April 3,025 2,063 1,032 726 184 165 377 305 962 73 295 66 528 May. . 3,066 2,116 1,081 722 176 171 375 313 950 68 299 66 517 June 3,070 2,113 1,085 718 171 172 375 310 957 88 294 63 512 July? .. 3,084 2,161 1,128 718 168 174 376 315 923 74 294 62 493 August? 3,123 2,199 1,160 730 165 187 378 309 924 68 289 59 508 Septembers 3,160 2,210 1,178 727 157 191 379 305 950 68 301 55 526 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 By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 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—September 1,742 725 1,017 507 383 145 138 116 451 October 1,892 689 1,203 635 235 171 153 200 500 November 1,394 483 911 484 232 101 140 138 298 December 1,300 479 821 434 136 97 176 131 326 1954—January.... . . 1,152 363 789 462 111 114 132 117 216 February 1,221 436 785 509 106 93 144 125 244 March 1,528 484 1,043 668 80 134 179 140 328 April 1 692 477 1,215 796 94 178 171 163 290 May 1,925 669 1,256 825 86 179 189 218 428 June 1,733 625 1,108 720 107 192 186 172 357 Tulv 1,837 681 1,156 745 108 145 201 187 450 August 1 ,573 509 1,064 693 93 141 181 136 330 Se tember 1,816 589 I 227 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total Month (11 districts) Boston 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 1953—Tune 1,116 63 223 79 165 115 112 156 74 -10 41 98 July 1 .793 94 299 117 221 149 199 334 121 98 63 99 August 1,414 90 242 77 221 152 123 217 90 48 59 94 1954—June 1,733 93 267 117 177 165 208 343 105 57 91 111 July 1,837 95 270 143 207 163 167 394 110 86 90 112 August 1,573 109 198 106 193 133 175 306 85 76 90 102 OCTOBER 1954 1107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PERMANENT NONFARM DWELLING UNITS STARTED fin. thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - 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 S3 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 19531 1,104 565 539 1,068 933 42 94 36 407 252 155 1953—September 95 47 48 92 81 3 8 3 36 22 14 October 90 43 47 90 79 4 7 0) 37 22 15 November . . 82 39 43 80 70 3 7 2 33 20 13 December 66 35 31 65 54 3 8 1 27 15 12 1954—January »66 n.a. n.a. >65 53 2 10 91 25 13 12 February *75 n.a. n.a. »74 65 2 7 91 30 16 11 March J>95 n.a. n.a. *93 83 3 7 »2 37 21 16 April.. P108 n.a. n.a. P107 96 3 7 J»l 44 24 20 May *109 n.a. n.a. P107 98 3 7 91 49 24 25 P117 n.a. n.a. P113 n.a. n.a. n.a. P4 56 28 28 July . J>112 n.a. n.a. J»109 n.a. n.a. n.a. P3 52 25 27 August Pill n.a. n.a. PllO n.a. n.a. n.a. PI 60 27 33 September P114 n.a. n.a. P112 n.a. n.a. n.a. P2 60 26 34 P Preliminary. n.a. Not available. 1Less 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—without seasonal adjustment Annual Class 1953 1954 1953 1954 1952 1953 Aug. Mar. Apr. May June July Aug. Aug. Mar. Apr. May June July Aug. Total 126 127 130 112 Ill 112 111 109 Ill 134 105 108 114 116 114 114 Coal 109 103 112 78 79 84 85 80 90 112 78 79 84 85 80 90 Coke 168 171 169 104 98 94 95 94 90 162 105 96 93 93 91 87 Grain 142 135 131 127 134 144 155 151 138 142 117 118 127 158 181 149 Livestock 69 63 58 64 62 58 54 54 59 55 51 55 53 41 47 56 144 143 145 126 127 128 127 119 119 153 126 127 133 132 120 125 Ore 181 215 221 177 136 136 164 159 145 331 51 88 224 255 255 217 Miscellaneous 140 143 145 132 130 128 125 125 126 146 125 128 130 129 126 129 Merchandise, 1. c. 1 46 43 44 41 39 39 38 38 40 44 41 40 39 38 38 40 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Mer m ch il a it n a d r i y s - e a i e d x p sh o i r p ts m e e x n c t l s u 2 ding Merchandise imports3 Month 1952 1953 1954 1952 1953 1954 1952 1953 1954 January 1,254 1.293 1,092 1,189 1,016 922 922 922 833 February . . 1,344 1,199 1,182 1,260 926 '998 893 856 809 March 1,447 1,391 1,124 1,330 1,053 921 964 1,005 858 April 1,355 1,394 •"1,426 1,187 1,054 '1,258 933 1,013 r957 May . . ... 1,480 1,453 1,399 1,244 1,085 1,135 835 902 829 June 1,171 1L,384 1,474 1,058 1,013 1,114 861 933 945 July 1,030 11,358 Pl.290 893 960 Pl.022 839 908 P821 August 1,087 1,187 •1,177 916 911 e974 818 840 •835 September 1,229 1,256 981 1,051 877 926 October 1,216 r]_1.259 1,043 1,019 918 814 1,190 1,253 995 1,031 805 849 December 1,391 1 353 1,108 1,137 1,053 907 January-August . . . 10,168 10,659 no ,164 9,077 8,018 «8,344 7,065 7,379 «6,887 ^Preliminary. •Estimated. 'Revised. 1 Exports of domestic and foreign merchandise. a Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 'General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 1108 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 Year or month U S n t i a t te e s d 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 a t n - ta c C a h g i- 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 - SALESi 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—August 112 99 99 116 120 116 130 109 110 102 112 127 114 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 107 105 101 106 104 109 122 106 108 104 110 119 108 February 109 109 102 111 104 117 123 107 112 108 109 121 107 March ... 105 102 99 106 92 '119 117 101 108 95 103 115 111 111 105 102 109 104 122 127 111 114 100 113 120 111 May 108 102 100 105 98 ••115 122 108 106 104 109 123 114 112 106 102 109 107 120 129 110 122 103 115 127 114 July . 111 107 101 109 105 ••117 132 106 ••112 105 118 132 ••115 August P112 104 105 107 108 120 P131 107 110 105 112 127 116 WITHOUT SEASONAL ADJUSTMENT 1953—August 98 79 75 92 104 99 114 98 100 97 104 115 109 September 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 83 83 81 80 80 80 94 82 83 75 83 94 85 February 86 81 83 84 80 89 101 83 88 83 86 98 86 March 89 86 85 91 82 ••97 110 86 92 79 90 102 88 April.... 110 108 101 109 105 ••124 129 109 112 101 110 119 107 May 106 102 98 104 98 ••114 120 108 106 104 109 119 107 June 106 106 99 104 100 ••113 114 108 110 96 108 112 105 July .. 88 77 73 78 82 93 106 86 ••89 ••84 97 111 100 August . . 2>97 83 80 85 94 102 P115 97 100 99 104 115 111 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—August 131 119 121 122 124 149 141 128 134 120 145 142 135 September 128 117 117 122 121 139 148 127 129 122 141 141 132 October 128 117 116 122 124 143 148 126 124 113 138 139 132 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 13i 131 129 1954—January . . 120 114 111 114 115 133 142 117 117 106 128 128 123 February 119 112 107 113 113 132 141 117 127 110 128 130 121 March 121 118 111 112 112 ••136 141 121 120 111 129 127 124 April '120 117 113 114 113 ••135 135 122 116 111 125 127 116 M!ay 121 120 115 116 117 ••137 137 122 118 111 127 128 119 122 117 114 117 115 ••139 135 122 119 112 131 131 122 July 124 116 117 116 117 ••139 137 122 129 113 133 133 129 August *124 119 115 115 116 139 P136 124 116 119 P138 P131 129 WITHOUT SEASONAL ADJUSTMENT 1953—August 126 114 rH7 116 119 ••148 141 121 130 115 137 139 128 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 November 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 108 102 98 99 104 120 130 108 99 100 118 115 111 February 114 106 104 111 111 127 139 114 108 106 125 127 113 March 126 120 116 120 119 142 147 126 123 115 133 136 125 April ••127 122 118 123 120 146 143 126 124 116 134 135 125 May 126 121 118 119 119 146 138 124 123 113 134 130 129 June 116 110 107 109 109 133 128 116 119 107 127 121 122 July 115 105 104 103 106 135 128 114 120 109 125 123 125 August P120 115 111 109 112 139 P136 118 119 114 P129 P129 122 'Preliminary. 'Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end ot the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. OCTOBER 1954 1109 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 Year or month m S (t o a f o l o n e t r t a s h l 2 ) S m t ( o o e o n c n f k t d h s ) 2 o m ( s e r O t o n d i a n u d n e n g t t r d - o h s - ) 2 f m c ( e o R t f i o o n p e t r - t t a h s l 3 ) o m ( r N o t d f o o e n e t w r t r a h s l 3 ) Stocks s o O t r i a d n u n e g t d r - s - S s o t o p t r i a o d l u n n u c e g t s d - k rs - s ce R i e p - ts 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average. 276 604 775 277 291 2.3 3.0 5.3 1 0 1946 average 345 767 964 373 354 2.3 3.0 5.3 1.1 1947 average 365 887 588 366 364 2.5 1 .7 4 3 1 0 1948 average... 381 979 494 386 363 2.7 L.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 L.I 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 L.4 4.2 1.1 1951 average 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 average 397 1,097 435 397 401 2.9 L .2 4 1 1 0 1953 average.. 402 1,157 421 403 397 3.0 L.I 4.2 1.0 1953—August '345 rl,142 '492 '403 '369 3.3 L.4 4.7 n.2 September 388 1,206 492 '452 ••452 3.1 3 4.4 1.2 October 440 1,297 462 531 501 2.9 L.I 4.0 1.2 November 477 1,327 371 507 416 2.8 0.8 3.6 1.1 December 725 1,042 288 440 357 1.4 0.4 1.8 0.6 1954—January . 310 1,010 370 278 360 3.3 1.2 4.5 0.9 February 299 1,075 403 364 397 3.6 1.3 4.9 1.2 March 351 1,176 343 452 392 3.4 1.0 4.3 1.3 April 402 1,183 279 409 345 2.9 0.7 3.6 1.0 May 372 1,161 247 350 318 3.1 0.7 3.8 0.9 Tune. 378 1,067 386 284 423 2.8 1.0 3.8 0 8 Tuly. 306 1,042 468 281 363 3.4 1.5 4.9 0.9 August? 349 1,096 460 403 395 3.1 1.3 4.5 1.1 pPreliminary. 'Revised. *The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2These 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. 3Receipts 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 1951 1952 1953 1954 Nov. 4 109 Nov. 3 121 Nov. 1 115 Nov. 7 121 VI ay 5 113 May 3 111 May 2 114 May 1 .... 112 11 118 10 127 8 118 14 133 12 110 10.... 117 9. ... 128 8 123 18 127 17 130 15 130 21 131 19.... 99 17 99 16 105 15. ... 97 25 110 24 123 22 134 28 133 26 100 24.... 105 23.... 112 22 106 29 138 31 97 30 97 29 104 Dec. 2 153 Dec. 1 161 Dec. 6 195 Dec. 5 190 une 2. ... 95 June 7 111 June 6. ... 118 June 5 97 9 191 8 191 13 223 12 216 9 108 14 116 13 112 12 111 16 220 15 213 20 237 19 234 16 106 21. ... 98 20.... 111 19. . . . 115 23 221 22 228 27 146 26 163 23.... 92 28 91 27 94 26 97 30 82 29 92 30 89 1951 1952 1953 1954 Jan. 6 98 Jan. 5 78 Jan. 3 81 Jan. 2 81 [uly 7 75 July 5 79 July 4 79 July 3 93 13 105 12 92 10 89 9 94 14 83 12 83 11 92 10 77 20 104 19 90 17 92 16 85 21 .... 81 19 82 18 84 17 88 27 96 26 83 24 86 23 86 28 80 26 79 25. ... 83 24.... 84 31 87 30 85 31 87 Feb. 3 81 Feb. 2 84 Feb. 7 88 Feb. 6 86 Aug. 4 88 Aug. 2 87 Aug. 1 86 Aug. 7 92 10 94 9 87 14 92 13 91 11 .... 87 9 90 8 92 14 97 17 94 16 89 21 85 20 86 18 93 16 95 15.. . . 95 21 . . . . 100 24 95 23 83 28 93 27 90 25 97 23 100 22 100 28 102 30 110 29 101 Mar. 3 99 Mar. 1 85 Mar. 7 96 Mar 6 85 Sept. 1. . . . 105 Sept. 6 100 Sept. 5 101 Sept. 4 '•113 10 105 8 88 14 100 13 92 8 100 13.... 114 12. . .. 102 11 97 17 101 15 90 21 109 20 95 15 114 20 113 19 120 18 120 24 105 22 94 28 112 27 10C 22 111 27. . . . 112 26 114 25 117 31 89 29 101 29 114 Apr. 7. . . . 101 Apr. 5 109 Apr. 4 118 Apr. 3 103 Oct. 6 110 Oct. 4 116 Oct. 3 112 Oct. 2. . . ..110 14.... 100 12 111 11. . . . 97 10.. . . 113 13 117 11 126 10 120 9 21 97 19 97 18 105 17 118 20 116 18 124 17 118 16 28 101 26.... 105 25 104 24.... 101 27 113 25 122 24 113 23. 31 113 30.... r Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 1110 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] Fe a d r e e d r a i a , s l t o r R i r c e c t, s i e ty rve A 19 u 5 g 4 . 1 Ju 95 ly 4 r 1 n 9 o 5 s 4 . Fe a d r e e d r a i a , s l t o r R i r c e t c , s i e ty rve 1954 J 1 u 95 lv 4 19 8 54 Fe a d r e e d r a i a , s l t o r R r ic e c t s , i e ty rve A 19 u 5 g 4 . 1 T 9 u 5 ly 4 m 19 o 5 s 4 . Fe a d r e e d r a i a , s l t o r R r ic e c t s , i e ty rve Aug. July 1954 United States 3 Cleve.-cont. Chicago-cont. Kan. City-cont. Met. Areas-cont. Met. Areas-cont. Met. Areas-cont. Boston +4 + 1 Wheeling- Decatur2 -7 -3 Wichita + 13 +7 -4 Met. Areas* Steubenville2 -3 -1 -8 P R e o o ck ri f a o 2 rd ~ — 7 Q | O St m . J a o h s a eph +2 i + -2 7 + - 4 6 - P B o o r s t t l o a n nd +7 + + 1 + -2 2 \C P i o ty rtsmouth2. . . -4 + r +2 T ( r M i-C ol i i t n ie e s , 2 c A Ok lb la u h q o u m er a q u C e i . t y . + 10 + +4 Downtown Rockland; Tulsa -4 -1 Boston + 7 Richmond C -3 Davenport) +20 C N M W N A L S P i e L A e p S t o r e l w i t o b o r w a e u w B . n l i r a b w s v n C b e e o c n Y a A g i u l c r B s a e d l y n f e r t o t r - m s i e - e a o y e n b e r t S d d a n n c b a l e k d c s f y e c n r r 1 o h 2 i e - . d e r T 2 . d . - g . r . . e . o . . . . . y . . + + + + + - - - 2 9 3 8 5 6 3 3 0 + + + + + _ - - - 3 6 3 8 2 2 3 0 1 + + + - - - - - - 2 2 5 5 2 3 6 2 1 [M W A W C R C N B R C G R D P s h a o h e i a o o r i a W W c h o e t l a l n o r a l a s . e h t u f e e r r r s w n h i . o a i l A m l v n m t m t g o e e i s l s o n V i v r k n h h s s k o m l b o n t e i l - t g t 2 a o e n l i a e r o - o o l a t . 2 w e S 2 d s e n 2 n o 2 u 2 1 2 2 a , , n n t l S 2 h e . 2 m . C . . 2 . . . 5 - - + + + + 1 — - - - I 8 4 8 1 - 7 3 2 ? Q 0 0 2 1 + + + - + + + + + 1 — — - - 3 7 1 1 1 l 8 9 - 4 f 3 1 1 2 1 c + + + - - - - - _ - - - 5 2 1 5 5 2 4 9 7 4 2 0 1 S S W F T D J S D C D F G L I K G M n a i o a o l e a e e u r r a e o c a a i d g u e r r a n d s l n t b u k d t t r i i a e n t r s a e e a x t n u h s i o n M m d i 2 r r W s n a o q n i l o H C w a a o t n o g u B R B n 2 a z R p o 2 i 2 e i a a a e y t o n o y u a y p n o n e l p t i i d s e e d s i . 2 2 d 2 2 s . . . . . s . . . . . 2 . . . P + - - + + + + + + 1 1 - - - - - - - 1 9 4 1 3 6 1 2 6 1 8 2 2 0 0 3 1 1 1 + - + + + + + - - — - - — - 1 1 6 7 6 5 6 4 6 8 2 8 9 4 4 0 r 1 - + + + + 1 - - - - - - 3 5 5 4 6 8 8 6 2 5 3 7 c D C M J F W S D C H G H E K E i o a e o t h l n o a r o a u i p a t l e r e i r r l . n u l P t c l t d e l p e s a c i s o s a a A l n u v W a h s e t s s s r o . s y e 2 o i e n n o p a C C 2 s r o s h o t i r h t r n t y . i . . s . . . . t . . . i . . . + + - - - - 1 1 4 4 3 0 1 ^ 1 + + + + + + + + + + + - - 1 1 1 6 4 5 8 6 8 8 4 2 9 2 5 8 - _ - - - - - - - - - - 7 2 3 6 3 3 3 2 2 5 2 3 2 Schenectady.. +4 -8 2 iCities Milwaukee2 +2 -1 C C C P M W S P S W Y U N T B B R L B R E P i i h l N N U N e B H c y t o t u h r a l e o i e e r o t y i t i i m N i r e n i r f i u e n u v w . . i i a t e c l a l r l c a f d a a l i n k s a g f k g c d e w h e m z a i c Y a a n c f g g A e r t d 2 w l a l h l i h e a Y a d - t a o u o a a a s e e n . i r s o s R a e l k e - n s r n e r t o p n o g t t n J m l B a k e o C l e e a o e 2 g 2 r o 2 d p e p 2 2 e n r k s r m a t r t i r h 2 F h 2 p 2 o r - o s t t 2 e i r i a N s y e n n a . a e . l i y 2 . . 2 l - e . . . . . . s . . . . . . . E . . . . . . . . . . . . . . . + + + - - + + + + + + - - - - - - - - 1 1 1 1 1 1 1 1 8 1 9 3 7 4 8 6 2 7 4 5 1 ^ 5 1 1 - z + + _ 1 - - - - - - - - - - - - 7 1 4 7 6 8 0 2 6 2 4 9 2 1 4 2 l 0 0 0 ^ 2 - - + + + + + - - - 1 1 - - - - - - - - 2 3 3 7 8 2 3 1 5 5 6 0 0 2 4 0 1 1 1 5 i < I A M J S A C N O A J L H S S P M M B M N C N K M B C a t a S e T H p t a a y u o r u e a t i e u l n h a . c c o t o i a T t v l l r r a a a n . m w w t a l g a o . n k a a k s a b c k m n o u P a r a m n g c u m x n t h s t n s i o p e b n t t A m n P m e t h e l i i t s o g o v d a O t r n v o e p e a n n n i t a r e r t b a s o n b n i o n 2 e p 2 r a r R s n e a i r g a t g l . 2 b u t l u 2 v r b m t l a e a l 2 l h o a t h o o s e u r l e s i r u s o N n o b g e 2 e l a w u s a r 1 r l n 2 d 2 u g g b r m n e g e g . n 2 y - . r u a w . 2 s e . . 2 g . . . 2 . 2 r . . 2 . . . s . . - . g . . . . . . . . . . . . . P P P - + + + + + + + + + + 1 - - + + - - - - - - - — 5 8 8 3 3 6 1 8 8 5 P 3 2 1 5 6 6 3 5 7 4 8 Q 0 ^ 6 o 1 + + + + + + + + + + + + + + + + + _ - - - — - - - 1 1 1 1 1 4 4 9 7 2 3 4 4 2 3 6 8 7 5 7 3 3 2 7 4 0 6 0 0 1 2 c - - + + + + + 1 + 1 - - + - - - - - - - - - - - - - 9 1 4 7 5 2 2 1 5 3 8 6 3 2 4 1 0 2 2 3 Q 0 1 0 1 1 1 C S M M C M C S S D F S Q P L L S B M M P E M t i i i S e M p h i t e t o . o a o i t v i u a a t o . i u i t p t r i t e n e t d r r e u n e t a . i L t e . i . u s i t t l L n t b s l m n u n s i n v s n s l x k e s o A c P o A g e o c . S s H i e n v e - y p u l y r f a a v u r F R m a S g e l i i C e u e h g h e u i l i i e a a p o t s a o l l s a r i a l . r l i l e p l n t 2 d s o o 2 s c n e e s l h 2 o 1 s P 2 2 n l e k . . i l . k a 2 i . s . u s . . . . . . 2 . l . . . . - . ' . . . - - + + + + + + + + 1 1 - - - - - 1 2 4 9 6 1 3 4 4 4 2 3 8 2 0 1 + + + - + + + + + + + + + 1 - = - 1 1 1 4 5 ? 7 5 7 3 9 3 3 2 6 3 0 7 1 0 - - - - - + + + + 1 1 2 1 + 1 - - - - - - - -1 2 2 4 4 1 9 2 2 2 5 3 2 1 1 0 0 1 1 1 S M S S S S S F R S S L P S P T a S O V L P S a e a a a a t r e p h o o i a n o S W n O n D t e n v n B l a a c a a o s o o r c a a . t c s a L D a n e n s t r t n l k o e k a o e F A F l n J D e t l k n r r a a O L t A . g n k l e m a a l o w r d s o a s F o r r d m t a e n i j i a r A n k n i l a w t o a i s B a 2 o e n r x e n 2 d a a e s g B k n e M k d n e e e a n g . n n 2 2 i d n e t a n e e e o 2 2 2 2 c d n n l l o 2 e o a - s r t c l d a o e i e c o w t - e 1 a 2 s i C 2 a n o n y i s w s c c L n n s 2 2 d i 2 i c o h . . c c . d n t 2 A o . . - y 2 a o . . . . . . . 2 . . 2 . . * . . P P P - - + + + + + - - - + + + - - - 1 4 2 3 7 3 4 3 3 3 3 2 5 0 4 5 3 0 0 0 c + r - + + + + + + + + + + - + + - + - + + - - - - 1 1 5 5 1 2 3 2 4 4 2 6 6 3 7 0 4 8 1 4 4 3 7 3 1 2 - - - - - - - - - - - - - - - 1 - - - - - 1 5 4 1 1 9 4 3 3 4 1 5 4 2 3 5 8 1 3 6 2 -2 Met. Areas Cities Mankato , + 1 +7 +3 A S L C C T C C p e o i l k o a e n x r l n r l e v c i u i o t n n d e i m o n n g g l o 2 n a n b t 2 f 2 o n a u i n d e t s i 2 l 2 2 d 2 . .. . . . . . - - — - - 3 1 5 1 7 2 - + 1 - - - - 4 8 6 8 1 2 -J -1 - - - - - 7 9 4 1 2 0 y C M M C R B h A e o r h e t i i . m u i s r c c i t r a e o d A a o g l i g r r a o e a o n . a 2 . s . . . . 1 . . . . P - + 1 — — - -3 8 1 1 5 7 + - — - - 2 2 2 7 0 4 -1 - - - - 6 9 3 3 2 0 K D G G L S a a r u r u n C e a l a n u p s r t d a o t e h s s r F - F s i a o C e o l r l i r 2 s t . k y . s . . . . . . + + + - - 4 1 3 7 2 + + + - - 5 3 2 8 1 + - - - 4 2 5 2 C T T B B B I i d N t u w a o e i a c e l k i a i h s l s s n e i m e o o n r n s g F p a F f h a a n i a e a l d l l m l s l d s 2. . . '+ + + - 1 1 5 9 0 0 + + -6 1 1 - - - - - 1 6 4 6 7 1 2 Youngstown2... -10 -10 -11 Elgin. +3 r+3 0 Met. Areas Everett2 -12 -6 -13 Erie2 -12 -6 -9 Joliet2 +2 -1 -8 Denver. . . +6 +2 Walla Walla2.. . v —' Q — 14 Pittsburgh2.... Gary. -12 -17 -13 Topeka.. . -3 + 10 Yakima2 P—\ -4 -7 lecessarily include all portions of such areas, these areas and cities and may be obtained upon request from the Federal 1111 OCTOBER 1954 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 Ratio of ]federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales1 1947-49 average = 1002 Sales Stocks Department d p u er r i i o n d g m (e o nd n t o h f ) July Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd Seven 1954 1953 1954 1953 J 1 u 9 l 5 y 4 m 1 o 9 n 5 th 4 s J 1 u 9 l 5 y 4 1954 1953 July June July July June July GRAND TOTAL—entire stores -2 -3 -4 3 7 3 8 MAIN STORE—total -1 -3 -4 4.0 4.1 75 94 76 106 110 111 Piece goods and household textiles . . -2 -2 -5 4.3 4.4 73 75 74 101 99 106 Piece goods 0 0 -7 4.7 5.1 49 60 49 82 78 89 Silks, velvets, and synthetics -8 -4 -10 5.9 6.0 35 43 38 73 71 82 Woolen yard goods +2 -11 -11 9.4 10.7 27 14 27 86 77 97 +8 +7 0 2.8 3.1 91 118 84 102 98 102 Household textiles —3 —2 —4 4 0 4 1 89 85 92 110 111 115 Linens and towels _2 -4 -4 4.6 4.6 83 82 85 102 102 105 Domestics—muslins, sheetings -4 -6 3.3 3.4 104 84 109 135 135 143 Blankets, comforters, and spreads -1 -1 -3 4.4 4.5 83 91 84 111 106 114 Small wares 0 -1 0 4.5 4.6 74 95 74 105 111 106 Laces, trimmings, embroideries, and ribbons -4 — 5 2 4.7 4.6 65 96 68 97 109 99 Notions -4 -2 2 4.2 4.1 80 116 84 117 125 119 Toilet articles, drug sundries +3 0 0 3.7 3.8 91 105 88 101 105 100 Silverware and jewelry +2 0 0 5.7 5.9 65 96 64 106 113 106 Silverware and clocks 0 -1 7.8 8.3 61 95 61 121 127 130 Costume jewelry +3 + 1 +1 3.1 3.1 74 97 72 91 96 91 Fine jewelry and watches 0 +3 10.1 10.2 54 93 52 92 116 89 +5 Art needlework —4 -5 -1 6.1 5.9 60 61 63 101 104 102 Books and stationery 0 0 0 4.7 4.7 66 82 66 108 113 108 Books and magazines -2 -3 2 3.9 3.9 67 74 68 98 102 100 Stationery + 1 + 1 +2 5.0 5.0 66 87 65 112 118 110 Women's and misses' apparel and accessories -3 -3 -4 3.3 3.4 70 91 72 107 106 112 Women's and misses' ready-to-wear accessories -2 -2 -3 4.0 4.0 70 91 71 109 112 112 -2 -3 -1 2.7 2.6 79 104 80 111 115 111 Handkerchiefs -8 -6 -9 5.0 5.0 39 51 43 63 66 70 Millinery -12 -7 -10 2.0 2.0 36 53 41 69 68 76 Women's and children's gloves -6 -7 — 7 9.9 10.0 29 45 31 81 81 87 Corsets and brassieres +2 +2 +3 3.3 3.3 109 144 106 132 140 129 Women's and children's hosiery 0 3.3 3.2 57 71 59 104 110 104 Underwear, slips, and negligees -1 2.8 3.0 78 96 78 96 106 101 Knit underwear + 1 0 -5 3.0 3.2 92 107 92 122 138 128 Silk and muslin underwear, and slips +2 -7 2.8 3.1 73 95 72 88 97 95 Negligees, robes, and lounging apparel . . -8 -5 0 2.3 2.1 71 85 77 78 88 79 Infants' wear -3 -1 -4 4.0 4.0 74 84 76 113 110 119 Handbags and small leather goods +2 0 -2 3.2 3.3 64 93 63 97 102 99 ^Tomen's and children's shoes -1 -1 -2 6.5 6.6 74 105 75 128 128 130 Children's shoes -2 0 -1 6.7 6.7 67 91 68 129 128 131 ^Vomen's shoes . .. -1 -1 -3 6.4 6.5 75 110 76 126 130 129 -4 -3 -6 2.8 2.8 70 91 73 105 98 111 Women's and misses' coats and suits ... -15 -10 -15 4.6 4.6 33 27 39 91 65 107 Coats -16 -9 -17 5.0 5.0 29 22 35 91 58 109 Suits -10 -12 -16 3.8 4.1 41 37 45 80 71 96 Juniors' and girls' wear 0 -1 -4 3.0 3.1 70 89 70 118 100 123 Juniors' coats, suits, and dresses -3 •? 0 2.3 2.2 68 88 69 107 90 107 Girls' wear +2 -6 3.8 4.2 73 90 71 128 108 136 -4 -3 + 1 1.6 1.6 74 113 77 80 98 79 Inexpensive dresses -6 -4 +4 1.2 1.1 79 129 84 77 101 74 Better dresses . -2 -3 -2 2.2 2.2 70 96 72 81 92 83 Blouses skirts and sportswear .... 0 0 -3 2.5 2.6 104 136 104 133 129 137 Aprons, housedresses, and uniforms -6 -3 +2 1.7 1.6 102 148 109 94 114 92 Furs +3 -3 -12 9.8 11.5 42 15 41 112 88 128 Men's and boys' wear -1 -3 _3 5.2 5.3 70 119 70 110 118 114 Men's clothing +2 -4 -2 5.7 5.9 75 121 74 119 130 121 -2 -4 4.4 4.5 70 129 71 104 115 108 -2 -2 -7 6.3 6.7 56 81 57 103 99 111 Men's and boys' shoes and slippers +1 -2 +1 6.4 6.4 84 132 83 119 128 117 For footnotes see following page. 1112 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 Ratio of FederalReserve indexnumbers change from a stocks to without seasonal adjustment, year age sales1 1947-49 average =1002 Sales Stocks during (end of July Sales during Stocks at end Department period month) period of month Seven 1954 1953 1954 1953 J 1 u 9 l 5 y 4 months J 1 u 9 l 5 y 4 1954 1953 1954 July June July July June July Homef urnishings. _i -5 -6 4.3 4.5 85 94 87 107 113 113 Furniture and bedding -2 — 7 -8 3.7 4.0 110 104 112 109 116 119 Mattresses, springs, and studio beds.... -2 -6 -11 1.7 1.9 134 121 137 119 130 134 Upholstered and other furniture -3 -8 -8 4.6 4.8 102 98 105 109 117 119 Domestic floor coverings — 1 -9 -9 5.9 6.5 61 62 61 97 99 106 Rugs and carpets — 2 -10 _9 6.0 6.5 63 65 64 103 105 114 Linoleum -15 -13 -16 4.8 4.8 49 53 58 60 61 71 Draperies, curtains, and upholstery -4 c -3 5.1 5.1 76 98 80 106 113 110 Lamps and shades -6 -6 -6 5.4 5.4 59 68 63 101 109 107 China and glassware — 6 — 5 _3 9.9 9.6 71 92 75 126 129 130 Major household appliances + 11 -4 -10 1.9 2.4 92 88 83 84 90 93 Housewares (including small appliances). . — 2 9 +2 4.0 3.9 93 118 96 117 125 115 Gift shop — 5 -4 — 2 6.6 6.4 79 96 83 127 133 129 Radios, phonographs, television, records, etc.. -1 -3 -15 3.5 4.2 73 73 73 91 96 108 Radios, phonographs, television -4 -9 -21 3.0 3.6 72 65 75 87 86 111 Records, sheet music, and instruments + 4 + 13 -1 5.3 5.6 76 73 73 105 93 106 Miscellaneous merchandise departments. . 0 -1 -2 3.2 3.2 79 93 7) 131 ir»3 103 Toys, games, sporting goods, cameras 1 -1 -1 4.7 4.7 77 93 78 114 115 115 Toys and games c -1 -3 5.2 5.0 62 75 65 118 127 m Sporting goods and cameras + 2 -2 + 1 4.3 4.4 102 126 100 109 105 109 Luggage. -3 _q _7 3.3 3.5 102 134 105 105 110 113 Candy... + 1 + ? +8 1.4 1 .3 62 68 61 78 83 72 BASEMENT STORE—total -6 -4 -6 2.7 2.7 74 l?A 7) 98 102 104 Domestics and blankets 9 -6 -6 3.0 2.9 90 93 100 111 111 118 Women's and misses' ready-to-wear -7 -5 -7 2.1 2.1 71 99 77 92 96 99 Intimate apparel —3 -1 -3 2.4 2.4 89 110 92 106 109 109 Hosiery — 5 -^ -4 2.6 2.5 (4) (4) (4) (4) (4) (4) Underwear, corsets and brassieres -3 0 -2 2.3 2.3 (4) (4) (4) (4) (4) (4) Coats and suits -15 -12 — 22 4.0 4.4 25 28 29 74 58 95 Dresses -13 — 9 _5 1.0 0.9 83 133 96 76 95 80 Blouses, skirts, and sportswear 0 0 n 1.6 1.8 102 140 102 98 107 108 Girls' wear -1 + 1 -8 2.7 3.0 69 100 69 109 103 118 Infants' wear — ~> _ 1 — 6 3.1 3.3 75 • 92 77 111 107 118 Aprons, housedresses, uniforms -22 -11 — 7 1.8 1 .5 (4) (4) (4) (4) (4) (4) Men's and boys' wear — 1 + 1 -4 3.0 3.1 81 137 82 104 111 108 Men's wear -1 + 1 — 2 2.8 2.8 85 149 86 104 114 106 Men's clothing + * + ^> -1 3.0 3.1 92 147 88 111 122 112 Men's furnishings 4 0 -3 2.6 2.6 83 154 87 99 110 102 Boys' wear — 1 0 -9 3.8 4.1 69 93 69 111 102 122 Homef urnishings -5 -7 -6 4.0 4.0 66 84 70 105 109 111 Shoes -6 -2 -3 4 2 4.0 78 113 83 1C4 108 1C7 NONMERCHANDISE—total 0 0 (4) (4) (4) 97 107 97 (4) (4) (4) Barber and beauty shop + 5 +8 (0 0) (4) 145 145 137 0) (4) (4) JThe 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 tor the United States on p. 1109. 4 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. OCTOBER 1954 1113 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 t l h te e r r i e a G l n e a c d s - S f a u o n e l l d i s d H n f o i u s u r h s - e - - H o h p o o e u l r s d a e - - p A a p re - l T p t o r i a o r 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 a t i c i n n o re g d n a- g s a i o e c n o r e d v 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—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 Feb.. .. 115.0 112.6 118.9 127.9 107.5 126.2 107.2 117.3 104.7 129.4 124.1 113.9 108.0 120.2 Mar.... 114.8 112.1 119.0 128.0 107.6 125.8 107.2 117.5 104.3 129.0 124.4 114.1 108.2 120.1 Apr.. .. 114.6 112.4 118.5 128.2 107.6 123.9 106.1 116.9 104.1 129.1 124.9 112.9 106.5 120.2 May... 115.0 113.3 118.9 128.3 107.7 120.9 105.9 117.2 104.2 129.1 125.1 113.0 106.4 120.3 June... 115.1 113.8 118.9 128.3 107.6 120.9 105.8 117.2 104.2 128.9 125.1 112.7 106.4 120.1 July... 115.2 114.6 119.0 128.5 107.8 121.1 105.7 117.2 104.0 126.7 125.2 113.3 107.0 120.3 Aug.... 115.0 113.9 119.2 128.6 107.8 121.9 105.4 117.3 103.7 126.6 125.5 113.4 106.6 120.2 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 o ie 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 a t 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 n c i o d t n h t d d e s s e s - , r , p l F t o i e a m i g u w n r n h e i a g d a e l - t , l - r s ,C a p i u h a l c r l c n e o a ie t m d l d 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 n c o e m o t d d r s d - - p a P p u a l a r u l n c o p i l e t d d e p s d r - , , M m p u a r e e n c o t t t d a d a s l - l s p c M u m t a e h r i c n o r v i o a y t d n d e - s - - - F h d o h t a b o u u t u o n l h u r r r e l d n e s a e d s e r - i- - e s N t t m r t m a u a r o l l i r u e l s n n a - i c — c - - l - b b e m o b a T a r t e n a f c o t r d v g l 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 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 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 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1953 August 110.6 96.4 104.8 114.9 97.5 99.9 111.0 106.3 123.5 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96.4 September 111.0 98.1 106.6 114.7 96.9 99.7 110.9 106.7 124.0 119.2 116.9 128.5 124.0 114.9 120.7 116.2 94.7 October 110.2 95.3 104.7 114.6 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 93.7 103.8 114.5 96.2 97.1 111.2 107.2 124.3 117.3 117.3 127.9 124.2 114.9 120.8 118.1 93.2 December... 110.1 94.4 104.3 114.6 95.8 95.6 111.1 107.1 124.8 117.4 117.1 127.5 124.3 115.0 120.8 118.1 100.1 1954 January 110.9 97.8 106.2 114.6 96.1 95.3 110.8 107 124.8 117.0 117.0 127.2 124.4 115.2 120.9 118.2 101.1 February 110.5 97. 104.8 114.4 95.3 94.9 110.5 107 124.6 116.8 117.1 126 124.5 115.1 121.0 118.0 102.8 March 110.5 98.4 105.3 114.2 95.0 94 109. 107 124.9 116.7 116.6 126.3 124.5 115.0 121.0 117.9 104.9 April 111.0 99.4 105.9 114 94. 94.6 108.6 107 125.0 116.2 116.3 126.8 124.4 115.6 120.8 121.5 110.3 May 110.9 97.9 106.8 114.5 94.8 96.0 108. 107 125.1 116.1 115.8 127 124.4 115.5 119.3 121.4 109.2 June 110.0 94.8 105.0 114.2 94.9 95.6 107.8 106 126.1 116.3 115.8 127.1 124.3 115.4 119.1 121.4 105.1 July 110.4 96.2 106.5 114.3 95.1 '94.9 106.2 106 126.8 '•119.1 116.2 128.0 124.3 115.3 120.4 121.4 103.9 August 110.5 95. 106.3 114.4 95.3 94.2 106.8 106.8 126.4 119.2 116.3 128.6 124.3 115.4 120.5 121.5 102.3 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1114 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 Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 98.0 96.6 110.9 108.3 Grains 86.5 86.5 88.1 91.2 Paperboard 123.6 124.2 124.2 124.2 Livestock and poultry 88.1 87.7 83.2 83.4 Converted paper and paperboard.. 112.1 111.5 111.9 112.0 Plant and animal fibers 103.9 106.9 107.2 106.7 Building paper and board 123.0 127.9 127.9 127.9 Fluid milk 97.6 83.7 ••87.7 88.8 Eggs 113.8 70.8 '84.4 86.4 Metals and Metal Products: Hay and seeds 85.1 96.0 94.8 94.2 Other farm products 144.3 181.7 184.0 168.8 Iron and steel 136.2 131.8 133.6 133.8 Nonferrous metals 124.5 123.7 124.2 125.1 Processed Foods: Metal containers 128.6 130.0 130.3 131.2 Hardware 135.6 137.9 138.2 138.5 Cereal and bakery products 108.4 113.5 114.0 113.2 Plumbing equipment 118.7 118.5 118.5 118.5 Meats, poultry, and fish 93.6 92.3 94.1 92.0 Heating equipment 115.6 113.8 114.0 114.0 Dairy products and ice cream 110.7 102.4 105.1 105.8 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 117.8 115.9 115.9 117.7 bles 104.7 104.7 104.7 104.6 Fabricated nonstructural metal Sugar and confectionery 110.5 113.3 113.7 114.5 products 126.3 125.3 125.3 126.0 Packaged beverage materials 169.8 231.3 231.3 226.5 Other processed foods 116.7 96.8 101.4 109.6 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.3 122.3 122.3 122.4 Cotton products 94.1 88.4 88.9 89.1 Construction machinery and equip- Wool products 111.8 110.1 109.8 110.3 ment 130.5 131.5 131.5 131.5 Synthetic textiles 86.7 85.6 '85.7 85.7 Metal working machinery 131.9 132.6 132.6 132.6 Silk products 134.7 123.9 124.2 126.3 General purpose machinery and Apparel 99.3 98.1 »-98.4 98.6 equipment 126.9 128.2 127.8 127.9 Other textile products 86.5 79.0 79.1 79.8 Miscellaneous machinery 123.9 125.5 125.5 125.6 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 125.6 125.9 125.8 125.8 Motor vehicles 118.6 118.9 118.9 118.9 Hides and skins 74.6 60.6 58.2 55.8 Leather 95.0 87.4 86.5 84.2 Furniture and Other Household Dura- Footwear 111.8 111.9 111.8 112.3 bles: Other leather products 99.5 97.5 '97.0 96.8 Household furniture 113.8 113.1 112.8 112.9 Fuel, Power, and Lighting Materials: Commercial furniture 125.8 126.2 126.2 126.2 Floor covering 125.3 122.6 122.7 123.5 Coal 111.7 104.7 104.9 105.2 Household appliances 108.9 109.8 109.7 109.7 Coke 131.8 132.4 132.4 132.4 Radio 95.0 95.6 95.6 95.6 Gas 105.7 107.8 105.4 105.4 Television 74.0 70.6 '70.3 70.3 Electricity 99.1 101.8 101.8 101.8 Other household durable goods 126.9 130.4 130.4 130.5 Petroleum and products 116.5 110.9 108.2 109.3 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124.7 124.7 124.7 124.7 Industrial chemicals 120.2 117.0 117.1 117.4 Concrete ingredients 118.6 120.1 122.1 122.2 Prepared paint 110.7 112.8 112.8 112.8 Concrete products 116.1 117.5 117.7 118.1 Paint materials 96.0 96.8 97.6 97.8 Structural clay products 131.4 132.0 132.0 132.1 Drugs, Pharmaceuticals, cosmetics 93.5 94.0 94.0 94.0 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 46.9 55.7 52.0 53.5 Prepared asphalt roofing 105.8 94.2 '98.5 98.6 Mixed fertilizers 111.2 109.9 109.7 109.8 Other nonmetallic minerals. 117.8 120.2 120.2 120.2 Fertilizer materials 113.8 111.6 112.1 112.1 Other chemicals and products 102.9 107.7 107.9 107.7 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 120.0 122.8 126.5 123.5 Cigars 103.5 103.5 103.7 103.7 Tires and tubes 125.1 129.3 129.3 129.6 Other tobacco products 120.7 120.7 121.4 121.4 Other rubber products 123.2 123.7 123.7 123.7 Alcoholic beverages 110.0 114.2 114.2 114.3 Nonalcoholic beverages 125.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 119.3 115.5 118.6 118.7 Millwork 131.7 130.8 130.7 130.1 Toys, sporting goods, small arms.. 114.0 113.6 113.5 113.5 Plywood 112.4 99.7 103.0 105.4 Manufactured animal feeds 85.0 100.6 98.3 95.2 Notions and accessories 93.5 101.6 101.6 101.6 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.8 102.7 102.7 102.7 Other miscellaneous 119.6 121.3 121.2 121.2 Woodpulp 108.8 109.7 109.6 109.6 Wastepaper 98.5 70.1 79.2 80.0 Paper 125.9 126.5 126.5 126.5 ••Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. 1115 OCTOBER 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 1953 1954 1929 1933 1941 Gross national product 104.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364 9 369 9 367.2 360.5 355.8 356.0 Less: Capital consumption allowances.. 8.6 7.2 9.0 16.5 18.4 20.5 23.5 25.3 27.2 27.4 27.4 27.9 28.2 29.0 Indirect business tax and related liabilities 7.0 7.1 11.3 20.4 21.6 23.7 25.6 28.0 30.0 30.2 30.1 30.3 30.3 30.2 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 3 6 . . 7 9 . . 4 5 .7 . . 8 1 . . 8 2 1 1 . . 0 3 1.0 1 1 . . 0 0 2 1 . . 6 0 2 1 . . 1 0 1.0 1.0 n 1 . . a 0 . Plus: Subsidies less current surplus of -2.1 .6 .6 -3.0 government enterprises -.1 .0 .1 -.2 .2 .2 -.5 -.6 -.4 -.2 -.2 -.8 -.4 Equals: National income 87.8 40.2 104 7 216.2 240.0 277.0 305.0 308.2 306.2 221.6 291.0 299.9 298.9 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 30.6 28.1 35.1 39.9 38.2 38.5 41 0 38.3 33.1 34.1 n.a. Contributions for social insurance. .2 .3 2.8 5.2 5.7 6.9 8.2 8.7 8 8 8 9 8.7 8.6 9.8 9.7 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .1 .0 - 1 - 1 -.1 -.1 .0 .0 Plus: Government transfer payments... .9 1.5 2.6 10.5 11.6 14.3 11.6 12.1 12 8 12 6 12.6 13.3 14.2 14.8 Net interest paid by government. . 1.0 1.2 1.3 4.4 4.6 4.7 4.8 4.9 5 0 5 0 5.1 5.2 5.2 5.3 Dividends 5.8 2.1 4.5 7.2 7.5 9.2 9.1 9.1 9.4 9 3 9.5 9.6 9.6 9.6 Business transfer payments .6 .7 .8 1.0 1.0 1.0 1 0 1.0 1.0 1.0 1.0 .5 .7 Equals: Personal income 85.8 96.3 208.7 206.8 227.1 255.3 271.2 286 1 286 4 287.5 287.3 285.1 285 7 47.2 Less: Personal tax and related payments.. 2.6 3.3 21.1 18.7 20.9 29.3 34.4 36 0 35 9 36.3 36.1 32.8 32.9 Federal 1.3 15 2.0 19.0 16.2 18.2 26.3 31.1 32.5 32 5 32.8 32.6 29.1 29.2 1.4 .5 1.3 2.1 2.5 2.7 3.5 State and local 3.0 3.2 3.5 3 5 3.6 3.7 3.7 83.1 1.0 93 0 187.6 188.2 206.1 251.2 Equals: Disposable personal income. 226.1 236.9 250.1 250.4 251.2 252.3 252.9 79.0 45.7 81.9 177.6 180.6 194.0 231.2 Less: Personal consumption expenditures 208.3 218.4 230.1 230.8 229.7 230.5 233.1 4.2 46.4 11.1 10.0 7.6 12.1 20.0 Equals: Personal saving. .. 17.7 18.4 20.0 19.6 21.5 21.8 19.7 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1953 1929 1933 1941 1948 1949 1950 1952 1953 National income 87.8 40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 308.2 306.2 299.9 298.9 n.a. Compensation of employees 51.1 29.5 64 8 140.9 140.9 154.3 180.4 195.4 209.1 210.0 211.4 208.8 206.4 206.6 Wages and salaries1 50.4 29.0 62.1 135.2 134.3 146 170 9 185 0 198.0 198.9 200.3 197.6 194.6 194.9 Private 45.5 23.9 51.9 116.4 113.9 124.3 142.1 152.2 164.5 165.3 166.7 164.1 161.2 161.5 Military .3 .3 1.9 4.0 4.2 5.0 8.7 10.5 10.2 10.4 10.2 9.9 9.7 9.5 Government civilian 4.6 4.9 8.3 14.8 16.2 17.2 20.1 22.4 23.3 23.2 23.4 23.5 23.7 23.8 Supplements to wages and salaries.. .7 .5 2.7 5.8 6.5 7.8 9.5 10.4 11.1 11.1 11.1 11.2 11.8 11.7 Proprietors* and rental income2... 20.2 7.6 20.9 45.6 42.0 44.6 49.9 49.9 49.0 48.9 47.8 49.1 49.4 49 0 Business and professional 8.8 3.2 10.9 21.6 21.4 22.9 24.8 25.7 26.2 26 3 26.1 25.9 25.6 25.9 • Farm 6.0 2.4 6.5 16.7 12.7 13.3 16.0 14.2 12.2 12.1 11.1 12.3 13.0 12.2 Rental income of persons 5.4 2.0 3.5 7.2 7.9 8.5 9.1 10.0 10.6 10.5 10.6 10.8 10.8 10.9 Corporate profits and inventory valuation adjustment 10 1 -2.0 14 5 30 6 28 1 35 1 39 9 38 2 38.5 41.0 38.3 33 1 34.1 n.a. Corporate profits before tax 9.6 .2 17 0 32 8 26 2 40 0 41 2 37 2 39 4 41.9 40.9 32.5 34.5 n.a Corporate profits tax liability.... 1.4 .5 7.6 12.5 10.4 17.8 22 20.0 21.1 22.5 21.9 17.4 17.0 n.a. Corporate profits after tax 8.3 -.4 9.4 20.3 15.8 22.1 18 17 2 18 3 19.5 19.0 15.1 17.5 n.a. Inventory valuation adjustment.. . . -2.1 -2.5 -2.2 1.9 -4.9 -1 1.0 -1.0 - 9 -2.6 .6 -.4 .4 Net interest 6.4 5.0 4 5 4.5 5 2 5.9 6 8 7.4 8.4 8 3 8 6 8 9 9 0 9.1 n.a. Not available. 1 Includes employee contributions to social insurance funds. 2Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1116 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 b a y d ju q s u t a e r d t e a rs nnual rates 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 Gross national product 104.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 369.9 367.2 360.5 355.8 356.0 Personal consumption expenditures 79.0 46.4 81.9 177.6 180.6 194.0 208.3 218.4 230.1 230.8 231.2 229.7 230.5 233.1 Durable goods 9.2 3.5 9.7 22.2 23.6 28.6 27.1 26.8 29.7 30.3 30.3 28.0 28.0 28.8 Nondurable goods 37.7 22.3 43.2 98.7 96.9 100.4 111.1 116.0 118.9 119.6 118.6 118.7 118.8 120.0 Services 32.1 20.7 29.0 56.7 60.1 65.0 70.1 75.6 81.4 80.9 82.3 83.0 83.6 84.3 Gross private domestic investment 16.2 1.4 18.1 41.2 32.5 51.2 56.9 50.7 51.4 55.9 52.4 45.5 44.5 45.6 New construction1 8.7 1.4 6.6 17.9 17.5 22.7 23.3 23.7 25.5 25.9 25.6 25.7 26.0 27.0 Residential, nonfarm 3.6 .5 3.5 8.6 8.3 12.6 11.0 11.1 11.9 12.2 12.1 11.7 11.7 12.8 Other 5.1 1.0 3.1 9.3 9.2 10.1 12.4 12.6 13.6 13.7 13.5 13.9 14.3 14.2 Producers' durable equipment 5.9 1.6 6.9 19.1 17.8 21.1 23.2 23.3 24.4 24.6 24.8 24.0 22.7 22.4 Change in business inventories.... 1.7 -1.6 4.5 4.2 -2.7 7.4 10.4 3.6 1.5 5.4 2.0 -4.2 -4.2 -3.8 Nonfarm only 1.8 -1.4 4.0 3.0 -1.9 6.4 9.0 3.0 2.2 6.2 2.9 -3.7 -4.2 -4.0 Net foreign investment .8 .2 1.1 2.0 .5 -2.2 .2 -.2 -1.9 -3.3 -1.8 -.6 -1.1 -1.0 Government purchases of goods and services 8.5 8.0 24.8 36.6 43.6 42.0 62.8 77.2 85.2 86.6 85.4 86.0 81.9 78.3 Federal 1.3 2.0 16.9 21.0 25.4 22.1 41.0 54.0 60.1 62.2 60.3 59.8 55.0 51.3 O N t a h ti e o r nal security 1.3 2.0 1 3 3 . . 2 8 1 5 6 . . 6 0 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 . . 2 3 4 5 8 . . 8 5 5 8 2 . . 5 0 5 8 4 . . 3 3 5 8 2 . . 4 3 5 9 0 . . 6 6 4 8 6 . . 4 9 4 6 4 . . 9 7 Less: Government sales2 .0 .0 .0 .5 .4 .3 .4 .4 .4 .4 .4 .3 .3 .3 State and local 7.2 6.0 7.8 15.6 18.2 19.9 21.8 23.2 25.1 24.4 25.1 26.2 26.9 27.0 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary disbursements Divi- Less Pro- dends personal Year or month in s P c o e o n r m a - l e Total 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 e u v r s i s e b - - S in e tr r d i v u e i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e3 i p n r r c e a i o n e n m t t d o a e l rs 4 ' i i n n s p a t c o e n e o n r r d m a e - l s e t m T p r e f a a e n y n r ts - s - 5 b c i a s u o n o n f t n s c o i c u o t i r e r a r n i 8 l - - s i a n g N t c u r o o i r c m a n u l - e l- 7 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.2 1933 47 2 29 0 9 8 8.8 5.2 5 1 4 7 6 8 3 2 1 2 43 4 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1947 190 5 122 8 54 3 35.2 16 0 17 3 2 3 40 9 14 7 11 8 2 1 172 8 1948 208.7 135.1 60.2 38.8 17.4 18.7 2.7 45.6 16.2 11.3 2.2 188.5 1949. . . 206 8 134 4 56 9 39 0 18 0 20 5 3 0 42 0 17 2 12 4 2 2 190 8 1950 227.1 146.5 63.5 41.3 19.5 22.2 3.8 44.6 19.8 15.1 2.9 210.5 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.2 185.1 80.6 48.7 23.0 32.8 5.5 49.9 21.4 13.1 3.8 253.3 1953 286.1 198 1 88.1 51.7 24.8 33.6 6.3 49.0 22.8 13 8 4 0 270 0 1953—August. 286.4 200.6 89.2 52.4 25.2 33.8 6.5 46.6 23.2 13.6 4.1 272.6 September 287.7 199.2 88.0 52.5 24.9 33.8 6.5 48.9 23.4 13.7 4.0 271.9 October. . 287 8 199 1 87 9 52.5 25.0 33.7 6.6 48.0 23 5 14 6 4 0 272 7 November 287.2 197.9 87.0 52.4 25.0 33.5 6.6 49.1 23.7 13.9 4.0 271.3 December 287.0 196.0 85.5 52.1 25.0 33.4 6.7 50.2 23.8 14.4 4.1 269.6 1954—January. 284.9 194.7 84.5 51.9 24.8 33.5 6.6 49.6 23.9 14.8 4.7 267.9 February 285.0 194.7 84.6 51.8 24.9 33.4 6.6 49.6 23.9 15.0 4.8 268.2 March.... 285 0 194 5 84 2 52 0 25.0 33 3 6.6 48 9 23 9 15 8 4 7 268 8 April 284.4 194.3 83.7 52.0 25.2 33.4 6.6 48.2 24.0 15.9 4.6 269.1 May 286.2 195.0 84.2 52.3 25.2 33.3 6.6 49.4 24.0 15 8 4 6 269 7 June .. . 286 5 195 5 84 0 52.5 25.5 33.5 6.6 49.2 24 1 15 8 4 7 270 3 July 285.7 195.7 83.4 53.1 25.4 33.8 6.6 47.9 24.2 15.8 4.5 270.6 August? 285.4 195.5 82.9 52.9 25.7 34.0 6.6 48.2 24.3 15.5 4.7 270.1 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 4Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. eIncludes 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. 6Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 7 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1117 OCTOBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEMBER BANK EARNINGS ALL MEMBER BANKS, BY CLASSES, FIRST HALF OF 1954 [Amounts in thousands of dollars] All member banks cit C y e m nt e ra m l b r e e r s e b rv an e ks Re c s it e y rve Country member member Iten New York Chicago banks banks First half Second half First half of 1953 of 1953 of 1954 First half of 1954 Earnings 2,237,645 2,352,591 2,365,720 384,311 96,147 926,087 959,175 Interest on U. S. Government securities. . . 495,002 515,998 521,876 72,336 27,784 197,347 224,409 Interest and dividends on other securities. 122,293 129,484 132,520 23,404 6,486 48,644 53,986 Interest and discount on loans 1,260,124 1,331,359 1,312,836 207,280 46,059 522,195 537,302 Service charges and fees ^n loans 20,797 19,741 23,260 3,876 785 12,474 6,125 Service charges on deposit accounts 106,650 112,181 123,093 10,374 1,037 50,298 61,384 Other charges, commissions, fees, etc 44,021 48,303 49,467 8,851 2,321 17,827 20,468 Trust department 99,022 108,196 109,455 37,119 8,701 41,379 22,256 Other current earnings 89,736 87,329 93,213 21,071 2,974 35,923 33,245 Expenses 1,320,143 1,461,375 1,437,979 211,035 52,151 563,591 611,202 Salaries—officers 209,589 237,553 224,619 27,189 7,373 75,452 114,605 Salaries and wages—others 435,001 489,347 467,351 85,539 18,135 195,759 167,918 Directors' and committee members' fees. . . 10,772 12,942 11,750 852 128 2,171 8,599 Interest on time deposits 200,880 223,858 240,969 19,986 7,889 100,985 112,109 Interest on borrowed money 13,474 9,183 4,298 1,270 412 1,743 875 Taxes other than on net income 61,039 64,153 68,053 7,001 2,312 29,989 28,751 Recurring depreciation 29,832 37,215 33,658 2,088 527 12,592 18,451 Other current expenses 359,556 387,125 387,281 67,110 15,375 144,900 159,896 Net current earnings before income taxes. 917,502 891,216 927,741 173,276 43,996 362,496 347,973 Recoveries, profits, etc 60,127 72,147 306,603 51,630 On securities: 16,163 138,967 99,843 Recoveries 3,471 6,376 6,530 1,074 Transfers from valuation reserves 11,889 13 Q88 15,406 1,614 86 2,820 2,550 Profits on securities sold or redeemed. 11,600 23,003 246,145 39,049 395 11,232 2,165 On loans: 12,837 114,097 80,162 Al T l R r o e a c t n h o s e v f r e e r r i s e s from valuation reserves 1 1 8 2 1 , , , 5 7 8 5 8 ? 1 8 8 1 1 6 1 0 , , , 9 5 3 4 0 3 1 9 0 1 1 1 3 1 3 , , , 6 3 5 0 8 3 0 8 4 3 5 1 , , , 3 4 0 3 8 * 5 9 9 2, 4 37 0 6 6 0 9 2 6 1 , , ,4 8 5 0 8 3 2 6 0 4 5 5, , , 1 4 3 6 3 7 3 0 3 Losses, charge-offs, etc 148,181 235,296 202,671 27,050 9,335 104,223 62,063 On securities: Losses and charge-offs 43,050 96,830 32,156 1,759 3,057 15,622 11,718- Transfers to valuation reserves 22,587 25,712 71,158 11,732 3,554 45,536 10,336 On loans: Losses and charge-offs 7,574 12,842 6,601 37 194 745 5,625 Transfers to valuation reserves 47,660 64,316 55,752 7,529 1,880 24,792 21,551 All other 27,310 35,596 37,004 5,993 650 17,528 12,833 Profits before income taxes 829,448 728,067 1,031,673 197,856 50,824 397,249 385,753 Taxes on net income 391,836 300,416 472,503 88,821 22,383 192,343 168,956 Federal 375,593 284-, 613 450,778 79,736 22.383 184,123 164,536 State 16,243 15,802 21,725 9,085 8,220 4,420 Net profits 437,612 427,651 559,170 109,035 28,441 204,897 216,797 Gash dividends declared 192,701 225,951 210,816 51,111 12,079 86,327 61,299 On preferred stock1 942 1,013 980 28 34 123 795 On common stock 191,759 224,938 209,836 51,083 12,045 86,204 60,504 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 246 521 1.227 42 328 857 On loans 14,461 14,469 18,995 1,279 1,564 8,998 7,154 Losses charged to reserves (not included in losses above) On securities 13,396 20,530 10,122 5 121 8,550 1,446 On loans 24,055 50,439 32,853 5,491 1,040 13,008 13,314 Number of officers at end of period 54,010 54,639 55,851 3,766 986 15,286 35,813 Number of employees at end of period 315,601 315,972 324,243 48,533 10,214 129,379 136,117 Number of banks at end of period 6,765 6,743 6,721 22 13 310 6,376 Ratios: Percentage of total capital accounts:2 Net current earnings before income taxes 16.9 15.9 16.1 13.3 15.4 17.9 16.3 Net profits 8.0 7.6 9.7 8.4 10.0 10.1 10.2 Cash dividends declared1 , 3.5 4.0 3.7 3.9 4.2 4.3 2.9 Percentage of total assets:2 Total earnings 2.89 2.97 2.96 2.57 2.41 3.18 Net current earnings before income taxes 1.18 1.13 1.16 1.16 1.10 1.15 Net profits .56 .54 .70 .73 .71 .72 Percentage of earnings to related assets:2 Earnings on loans 4.62 4.76 4.68 3.57 3.60 4.75 5.39 Interest on U. S. Government securities 1.97 2.00 2.00 1.84 2.01 2.02 2.03 Interest and dividends on other securities 2.06 2.16 2.13 2.10 2.24 2.12 2.13 Total capital accounts to: Total assets 7.0 7.1 7.2 8.7 7.2 6.5 7.1 Total assets less Govt. securities and cash assets. . . 15.7 15.8 16.0 17.8 17.7 14.5 16.5 Total deposits 7.7 7.8 7.9 9.9 7.8 7.1 7.7 Time deposits to total deposits 24.1 24.6 25.5 12.1 17.1 25.9 32.5 Interest on time deposits to time deposits2 1.18 1.27 1.30 1.26 1.26 1.37 1.24 1 Includes interest on capital notes and debentures. 2Annual basis. NOTE.—The figures of assets, deposits, and capital accounts used in computing ratios are averages of the amounts reported for the call dates at the beginning and end of each period plus the last-Wednesday-of-the-month figures for the intervening months. Data may not add to totals because of rounding. 1118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 1120-1124 Gold production 1124 Estimated foreign gold reserves and dollar holdings 1125 Reported gold reserves of central banks and governments 1126 Net gold purchases and gold stock of the United States. 1127 International Monetary Fund and Bank 1128 Central banks 1128-1132 Money rates in foreign countries 1133 Commercial banks 1134 Foreign exchange rates 1135 Price movements in principal countries: Wholesale prices 1136 Consumers' price indexes 1137 Security prices 1137 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. OCTOBER 1954 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries terna- United Neth- Switz- Date t i i n o s n t a i- l Official K d i o n m g- France la e n r- ds la er n - d 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 tutions2 and Official* private 1950—Dec. 31... 1,527.8 7,116.9 3,620.3 656.6 260.7 193.6 553.0 314.7 1,007.8 2,986.3 899.0 1,612.9 1,364.2254.5 1951—Dec. 31... 1,641.1 7,661.1 3,547.6 642.6 289.4 148.8 521.3 300.5 1,103.4 3,005.9 1,307.1 1,455.2 1,595.5297.4 1952—Dec. 31 .. 1,584.9 8,961.2 4,654.2 817.9 342.6 203.1 641.8 308.91.441.3 3,755.5 1,420.7 1,612.9 1.836.5335.6 1953—Aug. 31.. 1,511.2 9,685.9 5,242.0 890.0 362.6 243.1 663.7 353.91,910.7 4,424.1 1,147.5 1,815.4 1,955.0343.9 Sept. 30.. 1,501.8 9,902.0 5,453.6 900.8 375.8 230.7 664.4 368.2 1,985.3 4,525.2 1,197.1 L,839.7 1,986.9353.2 Oct. 31.. 1,575.6 9,946.3 5,511.9 916.3 425.6 241.2 661.2 390.82,037.3 4,672.5 1,205.7 1,734.9 1,984.2349.0 Nov. 30.. 1,563.9 10,127.5 5,651.9 907.8 423.4 252.8 653.7 430.12,127.7 4,795.3 1,260.3 1,762.4 1,985.7323.8 Dec. 31.. 1,629.4 10,019.0 5,666.9 708.9 428.5 242.9 674.2 465.72,213.4 4,733.6 1,295.5 1,768.4 1,895.5326.1 1954—Jan. 31.. 1,702.1 10,127.0 5,741.2 714.0 412.0 211.6 670.4 474.52,315.8 4,798.3 1,334.9 1,772.5 1,901.9319.3 Feb. 28.. 1,677.6 10,300.1 5,903.1 734.4 435.6 215.6 671.7 491.82,391.7 4,940.8 1,348.4 L,788.1 1,892.0330.8 Mar. 31*. 1,698.5 10,350.0 5,925.2 797.9 419.9 215.4 665.2 494.62,417.3 5,010.3 1,340.4 1,866.8 1,801.7330.9 Apr. 306 1,678.0 10,460.6 6,062.9 899.5 285.9 226.9 664.8 519.22,501.4 5,097.7 1,282.3 1,998.6 L,762.1319.9 May 31. . 1,679.0 10,575.7 6,265.0 952.2 387.0 250.4 651.8 483.02,550.9 5,275.4 1,286.6 L.993.9 L, 711.0308.7 June 30P. 1,633.0 10,570.7 6,303.5 986.1 439.5 272.3 638.2 456.62,515.8 5,308.6 1,320.0 1,955.5 L,688.1 298.5 July 31 P. 1,649.7 10,751.3 6,422.2 942.2 375.1 305.7 674.0 456.82,636.6 5,390.4 1,342.0 2,040.6 L.692.7 285.6 Aug. 31 P. 1,745.2 10,627.4 6,265.5 851.0 414.8 252.8 679.6 500.72,646.4 5,345.3 1,343.4 1,916.6 1,747.6274.5 Table la.—Other Europe Ger- Date E O u t r h o e p r e A tr u i s a - g B iu el m - C o z s e l c o h - - m De a n rk - l F a i n n d - m F a ed ny . , Greece N w o a r y - l P a o n - d t P ug o a r- l m R a u n - iaSpain S d w e e n - T k u e r y - U.S.S.R. Y sla u v g i o a - ot A h l e l r vakia Rep. of 1950—Dec. 31.. 1,007.8 41.9 128.2 5.6 45.5 18.3 221.6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 14.3 4.0 13.2246.8 1951—Dec. 31.. 1,103.4 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 14.1 2.5 7.1 124.7 1952—Dec. 31.. 1,441.3 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 8.4 1.7 12.0218.8 1953—Aug. 31.. 1,910.7 144.4 139.8 .6 77.2 32.8 773.3 73.3110.3 2.9 70.3 5.8 22.1 94.3 8.4 8.0 13.2334.0 Sept. 30. . 1,985.3 161.1 148.0 .5 81.7 30.7 793.7 77.9 113.7 3.4 66.7 5.8 23.4 103.5 14.2 8.3 7.4 345.3 Oct. 31. . 2,037.3 169.9 118.2 .5 88.1 33.5 827.2 85.1 115.7 2.2 70.0 5.8 32.7 96.0 16.7 2.0 9.0 364.8 Nov. 30. .2,127.7 182.2 126.9 .6 92.8 35.7 850.0 92.0 117.6 2.9 73.1 6.0 35.9 105.2 22.6 2.8 7.7 373.6 Dec. 31.. 2,213.4 190.9 130.3 .6 95.7 37.9 898.8 100.9118.5 2.2 72.4 5.8 36.0 116.7 14.2 2.0 6.9 383.5 1954—Jan. 31.. 2,315.8 199.7 135.1 .6 104.2 39.7 943.1 106.5 118.5 2.9 71.9 5.7 32.6 124.7 10.9 3.1 6.1 410.4 Feb. 28.. 2,391.7 208.4 133.9 .6 97.0 42.5 971.7 110.8118.7 3.8 74.2 7.8 22.0 129.4 8.8 2.3 6.3 453.3 Mar. 31*. 2,417.3 217.4 142.1 .6 102.4 44.7 994.3 112.4 122.0 2.4 76.1 7.9 21.9 119.2 9.4 1.8 5.8 436.8 Apr. 30«. 2,501.4 227.6 121.2 .9 102.0 39.1 1,039.3 109.3130.1 2.8 77.0 7.8 20.5 121.0 9.2 2.5 4.8 486.3 May 31.. 2,550.9 234.3 122.9 .7 92.4 41.6 1,051.2 116.0130.6 2.2 83.5 7.8 22.1 120.4 7.9 2.2 6.2 509.0 June 30P . 2,515.8 238.5 111.6 .6 92.7 44.3 1,084.9 114.0131.2 2.2 86.3 7.9 26.2 123.1 7.4 3.1 5.9 435.9 July 31 P. 2,636.6 258.0 118.0 .6 80.7 42.4 1,222.1 112.1 127.2 2.2 88.5 7.9 37.5 157.0 6.4 2.8 6.8 366.4 Aug. 31P. 2,646.4 273.1 99.3 .6 79.5 41.0 1,225.1 104.5 129.1 1.7 83.8 7.9 46.0 173.6 6.2 3.0 6.4 365.5 Table lb.—Latin America Neth- Do- er- Panmin- lands ama, El Other Latin Co- ican Guate- Mex- West Re- Peru Sal- Uru- Vene- Latin Date Amer- Argen- Bo- Brazil Chile lom- Cuba Re- mala ico Indies pub- vador guay zuela America tina livia bia pub- and lic of ica lic Surinam 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 59.2 60.2 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 67.7 47.2 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 80.8 60.9 25.6 94.1 145.5 117.4 1953—Aug. 31. 1,815.4 145.9 20.6 132.5 84.1 129.9 402.1 48.9 40.3 160.5 45.1 108.1 62.0 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 43.6 101.9 60.0 33.7 89.0 197.8 131.7 Oct. 31. 1,734.9 143.1 19.9110.0 86.0 116.2 385.0 41.9 32.7 180.2 49.0 82.8 68.2 28.7 93.5 173.1 124.6 Nov. 30. 1,762.4 137.1 18.8148.9 81.5 132.0 352.6 42.4 32.1 189.3 52.2 79.9 73.5 24.9 89.4 184.1 123.5 Dec. 31. 1,768.4 130.0 19.1 101.7 78.8 150.2 340.8 39.3 37.9 183.2 51.5 89.9 68.0 26.8 109.6 222.4 119.2 1954—Jan. 31. 1,772.5 139.2 18.8 101.4 68.6 152.5 345.1 42.8 44.7 184.9 53.3 87.8 73.7 38.0 99.5 201.4 120.8 Feb. 28. 1,788.1 160.8 20.3 90.1 65.7 151.2 353.5 45.4 52.0 187.4 55.7 89.3 69.9 42.5 99.1 179.2 126.0 Mar. 31* L.866.8 170.4 27.1 110.1 60.5 160.6 362.2 49.2 53.1 167.1 52.4 92.8 73.0 47.2 102.3 188.7 150.2 Apr. 30« 1,998.6 175.4 26.5 100.7 56.4 170.5 376.0 52.7 53.5 233.5 52.8 94.3 68.9 50.2 104.9 241.0 141.1 May 31. 1,993.9 173.8 28.5 92.6 55.8 190.5 377.1 53.4 54.1 203.5 49.1 88.3 67.2 44.9 105.2 269.8 140.3 June 30P L.955.5 176.7 31.4 96.1 63.7 232.6 346.5 55.8 48.0 201.5 51.5 87.4 66.6 41.6 104.1 218.0 134.0 July 31 P 2,040.6 181.8 28.0 167.4 73.9 236.2 332.4 61.1 44.9 210.0 50.9 91.6 66.6 36.3 112.6 208.2 138.7 Aug. 31 P 1,916.6 191.1 27.3 102.6 78.9 215.0 296.0 60.9 40.4 236.8 50.1 86.2 69.2 30.5 104.1 191.1 136.6 ^Preliminary. For footnotes see following page. 1120 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 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- Ko- Egypt Date Asia C m M a h n o a i d s n in a a - H K o o n n g g Indian In es d i o a - Iran IsraelJapan p r R u l e i e b a c - - , ip P p h in il e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a C g B o i e n a l n g - o A E t a n g i n a g y d n l p o - - A S U f o r o n u i f i c t o a h n Other land of« Sudan 1950—Dec. 31. 1,364.2 81.7 86.1 55.7114.7 20.3 12.6458.5 19.5 374.4 48.2 92.4 254.5 19.1 58.1 75.6 44.0 57.7 1951—Dec. 31. 1,595.5 87.4 62.4 62.1140.6 25.5 26.6596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7 7.0 86.8 1952—Dec. 31. 1,836.5 76.4 70.9 64.6 61.0 19.2 18.8808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7 23.6 86.5 1953—Aug. 31. 1,955.0 73 3 68.5 93.5 33.6 22.9 19.6919.4 76.2 309.8 188.2 150.2 343.9 53.9 112.5 44.5 39.6 93.4 Sept. 30. 1,986.9 75.9 68.8 92.7 35.1 31.0 19.5932.2 76.5 308.8 191.3 155.1 353.2 54.0 116.8 43.9 38.9 99.4 Oct. 31. 1,984.2 77.1 67.9 95.3 34.7 47.4 18.3912.0 76.8 303.3 187.1 164.2 349.0 58.9 110.6 44.7 44.7 90.1 Nov. 30. 1,985.7 77.2 68.7 100.0 34.0 42.6 14.4914.9 88.2 299.2 177.0 169.6 323.8 58.5 94.0 40.9 38.0 92.4 Dec. 31. 1,895.5 73.6 68.0 99.0 39.3 43.6 18.0827.9 91.5 295.5 167.9 171.2 326.1 59.2 89.6 43.3 38.2 95.7 1954—Jan. 31. 1,901.9 77.0 68.0 97.5 75.7 41.5 26.0795.4 98.7 298.1 153.3 170.7 319.3 51.5 91.1 44.0 34.5 98.1 Feb. 28. 1,892.0 79.2 65.8120.2 74.6 40.5 20.0737.7 95.5 313.0 157.5 188.0 330.8 53.4 87.7 45.9 44.8 99.0 Mar. 314 1,801.7 79.6 65.3 82.2 68.3 47.7 33.7675.8102.8 309.9 155.1 181.2 330.9 49.6 83.3 49.7 43.9 104.3 Apr. 305 1,762.1 79.0 66.3 85.1 65.2 45.4 31.0639.7103.7 317.7 144.6 184.3 319.9 49.5 81.1 51.8 32.8 104.8 May 31. 1,711.0 76.7 66.8 86.7 63.8 39.4 27.4616.9104.7 303.1 139.3 186.3 308.7 49.6 74.1 51.3 34.2 99.5 June 30P 1,688.1 75.8 73.1 91.3 59.2 34.0 28.9615.0105.9 296.9 130.1 177.8 298.5 48.0 63.6 51.7 37.8 97.4 July 31* 1,692.7 75.1 64.6 79.2 60.5 28.6 25.1612.1104.6 308.2 127.1 207.6 285.6 42.8 51.3 51.5 38.6 101.3 Aug. 31 P 1,747.6 74.2 63.7 75.5 81.9 23.3 36.0639.9101.5 314.2 126.2 211.2 274.5 41.3 45.5 47.7 37.9 102.1 Table Id.—Supplementary Areas and Countries 7 End of year End of year Area or country Area or country 1950 1951 1952 1953 1950 1951 1952 1953 Other Europe: Other Asia: Albania n.a. Afghanistan 8.3 10.6 4.0 n.a. Azores n.a. British dependencies. 23.7 21.0 25.5 19.8 British dependencies. .4 Burma. .4 9.5 16.9 n.a. Bulgaria .6 .6 .6 .6 Ceylon 3.4 19.2 13.9 n.a. Estonia 2.9 2.7 1.9 1.9 French India .8 1.3 1.8 n.a. Hungary 1.1 1.0 1.0 1.0 Indochina 3.1 7.3 7.7 6.9 Iceland 2.1 3.5 3.7 7.5 Iraq 2.9 12.9 14.1 13.8 Ireland, Republic of. 9.2 15.9 12.6 n.a. Jordan .5 .5 .6 .9 Latvia 6.4 1.3 1.3 1.3 Lebanon 12.3 15.3 19.3 23.9 Lithuania 1.0 .6 .6 .4 Pakistan 13.0 13.1 14.4 9.7 Luxembourg 11.9 11.8 5.0 4.0 Portuguese dependencies . .7 2.7 2.8 5.3 Monaco 2.9 3.2 2.6 3.0 Saudi Arabia 7.9 13.2 15.9 18.5 Trieste 4.1 5.6 4.1 2.5 Syria 6.8 5.4 11.4 20.5 Other Latin America: All other: British dependencies 8.7 14.6 14.6 18.0 British dependencies .9 1.2 1.6 1.6 Costa Rica 6.5 8.7 12.1 13.4 Ethiopia 3.3 6.9 3.0 n.a. Ecuador 19.3 11.4 23.7 17.7 French dependencies 26.5 36.5 27.0 22.2 French West Indies and French Italian Somaliland .2 .1 1.1 .3 Guiana .2 .8 2.2 .6 Liberia 1.6 6.1 10.3 11.8 Haiti 7.7 10.3 11.6 9.3 Libya .3 .5 2.3 n.a. Honduras 9.8 17.2 15.4 n.a. New Zealand 2.7 5.2 3.5 2.1 Nicaragua 5.7 8.3 13.4 16.0 Portuguese dependencies 3.0 4.3 6.3 5.0 Paraguay 4.1 5.4 5.0 6.0 Spanish dependencies .2 .2 .2 .2 Tangier 16.9 21.5 26.7 36.1 pPreliminary. n.s. Not available. i "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. 2Includes International Bank for Reconstniction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes Bank for International Settlements, reported under "Other Europe." 3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 4Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 15.9 million dollars of such liabilities on that date. 6Beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks reported a total of 16 million dollars of such liabilities on that date. •Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 7These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in the "other" categories. NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms and instructions were made as of Mar. 31, 1954, and there were also changes, beginning with the BULLETIN for June 1954, in the content, order, and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. 1121 OCTOBER 1954 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 CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T ur o o ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1950—Dec. 31 898.0 105.7 31.4 3.4 8.7 20.7 68.0 237.9 125 8 378.8 95 4 60.0 1951—Dec. 31 968.4 35.0 10.1 5.0 11.2 10.3 111.8 183.4 92 0 489.3 161 8 41.9 1952—Dec. 31 1,048.7 30.3 31.9 4.4 7.1 17.8 120.7 212.2 62 3 662.0 89.8 22.4 1953—July 31 919.5 28.5 10.5 5.2 14.0 22.1 84.1 164.3 49 6 590.2 94 9 20.4 Aug. 31 917.8 26.6 9.7 5.7 13.4 22.2 88.5 166.2 42 0 594.1 95 7 19.8 Sept. 30 901.8 33.9 9.9 7.2 14.7 21.7 91.7 179.1 56 7 540.4 105.3 20.3 Oct. 31 906.5 39.5 9.8 9.1 15.4 20.0 103.1 196.8 80 7 502.4 104 3 22.3 Nov. 30 910.0 48.1 8.2 6.3 16.8 20.3 97.6 197.2 67 1 506.5 117 7 21.6 Dec. 31 904.5 70.5 10.6 8.6 17.9 18.8 109.5 235.9 56 4 472.7 114 8 24.9 1954—Jan. 31 923.8 66.9 7.4 6.2 18.1 16.7 132.3 247.6 51 7 473.3 125 5 25.7 Feb. 28 901.5 59.9 7.1 9.4 16.1 17.5 131.1 241.2 59.2 450.4 126 7 24.0 A M p a r r . . 3 3 1 0 2 9 8 8 1 6 7 5 7 9 . . . 4 1 9 5 8 7 9 7 9 . . . 5 7 0 9 9 8 . . . 2 6 9 1 7 8 3 . . . 8 9 1 1 1 1 2 2 0 . . 5 7 8 1 1 1 3 4 4 . . . 7 4 4 1 1 1 3 3 4 4 8 9 . . . 7 2 3 2 2 2 4 7 6 1 9 3 . . . 2 7 5 6 4 5 7 2 0. . . 0 5 6 4 4 4 4 2 3 7 6 3. . .4 9 3 1 1 1 1 0 1 1 1 4 .4 6 9 2 2 2 5 7 8 . . . 8 9 6 May 31 967.1 79.7 10.7 11 .9 12.1 15.3 129.8 259.5 65.2 495 8 113.3 33.3 June 30P 1,111.1 86.0 9.5 9.3 14.6 16.7 128.4 264.5 66.4 627.3 116.7 36.2 July 31 J» Table 2a.—Other Europe Ger- 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 en rk - l F a i n n d - m F a e n d y . , Greece N w o ay r- t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - o A th l e l r Rep. of 1950—Dec. 31 68.0 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 .9 4.0 1951—Dec. 31 111.8 (J) 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 .6 3.9 4.0 1952—Dec. 31... 120.7 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11.2 2.5 38.8 8.6 5.4 1953—July 31 84.1 .2 12.2 2.3 3.5 27.0 .1 .8 .5 14.4 2.6 8.7 5.3 6.4 Aug. 31 88.5 .4 10.3 3.5 3.4 30.3 .2 .8 .4 20.3 1.8 4.5 5.8 6.9 Sept. 30 91.7 .3 11.1 4.3 2.3 33.6 .4 1.0 .5 24.1 2.2 1.0 4.2 6.7 Oct. 31 103.1 .1 11.0 5.7 2.7 37.3 .5 .9 .4 22.6 1.7 7.7 5.3 7.1 Nov. 30 97.6 .2 12.3 5.3 1.8 31.3 .7 .8 .6 22.8 2.4 7.7 4.3 7.5 Dec. 31 109.5 .8 13.0 6.2 1.9 30.5 1.3 1.0 .6 24.3 2.7 15.7 4.8 6.8 1954—Jan. 31 132.3 .2 13.4 6.0 1.5 40.1 [A 1.2 .4 24.4 2.1 29.2 4.5 7.9 Feb. 28 131.1 .2 14.3 4.1 1.3 43.6 L.4 1.6 .5 19.8 1.7 31.0 5.4 6.2 Mar. 312 134.7 .2 13.2 2.9 1.3 53.4 L.5 1.3 .4 12.2 1.4 35.4 5.9 5.6 Apr. 30 138.2 .2 14.9 4.3 1.6 58.9 >.O 1.4 .6 10.6 2.2 29.8 5.2 6.6 May 31 149.3 .1 15.2 3.5 1.6 57.0 1.9 1.3 .6 5.7 1.9 49.2 5.1 6.1 June 30P 129.8 .2 14.8 4.1 1.9 52.0 1.8 1 .3 .6 3.5 2.4 35.9 5.3 6.2 July 31P 128.4 .1 15.3 4.2 1.8 52.5 1.6 1.5 .7 2.1 2.7 32.7 5.7 6.5 Table 2b.—Latin America Neth- 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 i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o 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 e d u n n r e i r d d - e s i s - s t l a p P i R m c u a e b n a o - - - , f Peru 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 - O A L i a t m c h t a i e e n r r nam 1950—Dec. 31.. 378 8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 3.1 11.0 6 8 8.0 49.4 14.6 1951—Dec. 31.. 489 3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 3.0 11.8 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 1.3 6.5 14.8 9 1 14.3 36.7 13.7 1953—July 31. . 590 2 8.0 14.3 316.2 7.7 44.4 28.8 1.9 3.2 86.4 2.4 5.6 13.7 3 3 3.3 35.6 15.5 Aug. 31. . 594 1 7.6 13.4 319.6 7.5 48.9 24.0 1.9 3.0 89.0 2.2 5.4 15.1 3 7 3.2 35.4 14.2 Sept.30. . 540 4 7.5 13.2 273.7 7.5 47.4 21.6 1.7 3.6 79.3 1.8 5.8 16.8 4 8 3.4 36.3 16.1 Oct. 31. . 502 4 7.0 11.9 203.6 6.1 47.1 41.7 1.7 4.2 86.3 3.0 4.9 17.7 6 0 3.8 39.2 18.2 Nov.30.. 506 5 6.7 9.7 186.5 7.1 52.0 49.4 1.7 4.7 90.1 1.6 7.4 18.5 7 9 4.4 40.3 18.6 Dec. 31. . 472 7 7.1 10.8 125.1 22.6 56.9 51.2 1.9 4.1 92.9 2.6 4.6 20.2 8 2 3.7 41.6 19.3 1954—Jan. 31. . 473 3 7.3 9.2 121.9 20.9 53.1 60.0 2.0 3.4 98.1 2.6 5.7 18.8 8.9 2.8 40.8 17.8 Feb. 28. . 450 4 7.2 8.7 116.7 20.1 50.6 62.2 1.8 3.4 87.2 1.8 6.2 17.2 7.4 3.3 38.8 17.8 Mar. 312. 426 4 5.4 1.9 117.3 19.9 47.8 58.4 1.6 2.6 85.3 1.1 7.1 14.7 5.5 2.1 38.9 16.9 Apr. 30.. 433 3 6.2 1.7 117.4 19.6 54.4 55.2 2.2 3.2 77.3 1.5 7.4 16.4 5.0 2.7 45.7 17.3 May 31.. 447 9 5.6 2.3 129.1 18.5 59.1 55.9 2.4 3.0 76.6 1.8 6.2 15.2 4.1 3.2 47.7 17.1 June 30P. 495 8 7.7 2.0 164.2 12.2 66.4 56.8 2.5 2.9 81.7 2.5 7.7 16.0 4.6 6.3 44.5 17.6 July 31P. 627 3 5.8 2.9 278.0 21.0 64.6 56.9 2.4 3.0 85.5 2.1 8.5 15.7 5.4 3.9 51.6 20.1 ^Preliminary. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. a Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported ft total of 9.6 million dollars of such claims on that date. •Less than $50,000. 1122 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 CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt Date Asia M m C a h n o a i s d i n n a a - H K o o n n g g India I n n e d si o a - Iran IsraelJapan K l p i R o c u r e b o e - - a f1 , ip P p h in il e - s T la h n a d i- O A t s h i e a r ot A h l e l r t A ra u l s i - a C g B o i n e a l g n - o A E t a n i g n a g y d n l p o - - A S U f o r n o u i f i c t o a h n Other land Sudan 1950—Dec. 31. . 95.4 18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—Dec. 31. . 161 8 10 1 3 1 13.4 .3 9.3 30.0 12.2 29.3 2 5 51.6 41 9 22 8 5 7 2 6 7 6 5 1952—Dec. 31.. 89.8 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 24.6 22.4 10.1 6.0 .5 2.0 3.8 I953_july 3i. 94.9 8.2 2.3 2.5 1.2 13.3 17.8 18.8 10.8 4 5 15.5 20.4 6.3 7.1 .2 2.9 3.9 Aug. 31 95 7 7 9 2 9 2 7 1 6 13 9 18 8 17.1 10 1 5 2 15 5 19 8 6 3 5 9 .2 2 9 4 6 Sept. 30. . 105.3 8.5 2.9 2.9 1.1 13.0 24.4 20.5 9.4 5.9 16.7 20.3 7.0 5.7 .1 2.3 5.1 Oct. 31. . 104.3 8.5 2.6 3.4 .6 14.2 25.9 17.7 5.5 6.2 19.7 22.3 5.8 5.7 .2 2.7 7.8 Nov. 30. . 117.7 8.5 4.3 4.1 .6 13.3 23.4 26.6 5.2 6.8 24.9 21.6 5.7 5.8 .4 2.3 7.4 Dec. 31. . 114.8 8.1 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—Jan. 31.. 125.5 8.1 2.3 2.9 1.0 14.7 32.7 28.5 6.0 5.5 23.9 25.7 6.9 6.5 .7 4.7 6.8 Feb. 28. . 126.7 8.1 2.2 3.2 .9 14.7 27.6 31.7 ...... 8.0 5.2 25.0 24.0 7.2 6.5 .5 5.1 4.6 Mar. 312. 111.4 8.4 2.2 4.1 .7 14.3 22.1 32.8 4.9 4.3 17.5 25.8 7.6 6.7 1.3 4.5 5.7 Apr. 30. . 101.9 8.1 3.2 3.9 .5 15.1 16.2 30.6 (•) 6.4 4.9 13.0 27.9 8.7 6.4 .3 5.5 7.0 May 31 .. 114.6 8.2 3.4 5.1 1.4 15.3 8.8 36.7 .1 10.5 5.7 19.5 28.6 7.7 7.1 .5 5.8 7.6 Tune 30P. 113.3 8.1 3.1 3.5 .6 16.0 8.0 38.6 .2 8.7 6.2 20.1 33.3 8.2 7.8 .3 5.9 11.1 July 31 P. 116.7 8.1 3.6 3.4 .6 17.5 8.4 33.3 .2 9.7 5.6 26.3 36.2 12.1 7.9 .2 5.3 10.7 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES* [In millions of dollars] U. S. Government bonds U. S. corporate Donds and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net pur- pur- pur- pur- Pur- Sales chases Pur- Sales chases Pur- Sales chases Pur- Sales chases chases or sales chases or sales chases or sales chases or sales (-) (-) (-) (-) 1950 1 236 4 294 3 942 1 774 7 772 3 2 4 589 2 710 2 — 121 0 173 8 198 2 —24 4 1951 673.6 1,356.6 -683.0 859.8 761.0 98.7 500.4 801.0 -300.6 272.3 348.7 -76.4 1952 533 7 231 4 302 3 850 3 837 7 12 6 495 3 677 4 — 182 1 293 9 329 6 —35 8 1953 646.0 728.0 -82.0 801.9 731.4 70.5 542.5 621.5 -79.0 310.1 303.4 6.8 1953—July 36.6 82.3 -45.7 56.2 48.3 7.9 46.2 50.3 -4.1 23.1 21.2 2.0 August 30.1 29.3 .8 49.7 47.3 2.4 20.0 17.9 2.1 18.6 18.5 .1 September 43.1 116.4 -73.3 68.2 45.1 23.1 23.2 16.9 6.3 23.9 16.3 7.7 October. 24.4 28.8 -4.4 53.3 50.8 2.5 83.9 120.6 -36.7 23.1 18.4 4.7 November 37.0 38.6 -1.6 57.5 60.4 -3.0 34.6 79.6 -45.0 25.6 25.6 (3) December 191.1 192.6 -1.5 75.4 64.1 11.3 39.5 64.0 -24.4 34.5 30.9 3.6 1954—January 33.7 38.0 -4.3 68.7 71.6 -2.9 58.6 234.4 -175.9 28.1 26.9 1.2 February 87.4 99.9 -12.6 77.1 85.7 -8.6 64.8 35.6 29.1 26.9 38.9 -12.0 March 55.0 22.1 32.9 98.0 95.8 2.2 46.8 82.6 -35.8 32.6 41.6 -9.0 April 65.2 30.0 35.2 112.1 96.5 15.6 54.3 80.0 -25.7 31.3 46.5 -15.2 May 87.3 88.4 -1.2 110.8 96.4 14.4 37.3 34.3 3.0 29.5 56.1 -26.6 June? 48.9 27.3 21.6 107.2 99.9 7.3 53.2 43.1 10.0 28.7 79.0 -50.3 JulyP .. 33.4 24.3 9.1 132.8 100.5 32.2 46.0 51.6 -5.7 34.8 38.6 -3.8 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Inter- Total Y m e o a n r t o h r n t a u in t t i s i o o t n i n - a s l fo c t o r r e i u e i n g s - n U K d n i o i n t m g e - d France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e in r- Asia ot A h l e l r 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 1953 22^7 —34! 3 71.3 —41.7 —21.3 57.1 -.5 -2.5 62.4 — 120.6 24.9 (3) — .9 1953—July. .. .5 -38.3 9.0 -49.0 -1.9 2.5 .4 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 (3) .5 12.7 -50.5 .3 .4 1.0 Oct.... -8.2 6.3 4.2 .3 -2.8 1.3 (3) 1.6 4.7 -9.9 11.8 .1 3 Nov.... 8.5 -13.0 -2.5 .2 -.1 2.1 (3) -.7 -14.9 3.9 -.5 -.8 Dec.... -4.4 14.2 25.7 1.1 -1.1 1.2 A 1.6 28.5 -17.4 2.7 -.5 .9 1954—Jan .9 -8.1 9.0 -7.1 -2.0 1.1 (3) 1.0 2.1 -6.8 -3.3 -.3 .3 Feb.. .. .7 -21.8 6.1 -16.2 -2.9 .1 -.1 1.9 -11.1 -6.7 -2.9 -.1 -1.0 Mar.... .5 34.5 9.2 21.4 -3.7 2.3 -.4 1.4 30.2 -.3 3.2 (3) 1.4 Apr,.-. . .6 50.1 5.0 36.1 -4.6 10.5 .1 2.7 49.7 -5.2 3.3 .8 1.4 May. . . 21.8 -8.6 3.4 2.2 -3.4 5.4 -.4 3.6 10.8 -34.3 14.8 -.2 .4 June?.. .5 28.3 3.5 1.5 -1.9 _ 2 .2 1.5 4.6 -8.3 31.2 .1 .7 Julyp. . -4.4 45.7 5.7 3.0 -1.5 24.8 (3) .9 32.8 -3.5 15.8 .6 .1 P Preliminary. *Not reported separately until Mar. 31, 1954. 2 See footnote 2 on opposite page. 3Less than $50,000. 4 Includes transactions of international institutions. OCTOBER 1954 1123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS * [Net sales, (-). In millions of dollars] [In millions of dollars] Y m e o a n r t o h r n t I u a i n n t t i i s t o o e t n i n r - - a s l f c o T t o r r o e i u t e i n a g s - l n E T u o ro ta p l e C a a d n a - A L i a m c t a i e n r- r A is c i i a a o A th l e l r Date Deposits U. A S. s s G e o ts v i t. n cu M st i o sc d e y lsecurities2 laneous3 1950 -3.6 -141.8 13.4 -190.0 29.8 1.0 3.9 1951 —152.7 —224 3 28 5 —258.6 33.8 -36.0 7.9 1952—Dec. 31.. 550 2,156 86 1952 —118.1 -99.8 19.9 -141.0 25.3 -10.0 6.0 1953 -61.2 -11.0 96.3 -137.8 34.6 -29.9 25.8 1953—Sept. 30. . 512 2,641 94 Oct. 31. . 448 2,674 97 1953—July... -2.2 .1 .5 -18.0 2.1 -2.7 18.1 Nov. 30. . 417 2,694 99 Aug.. . -.3 2.5 — .2 .3 1.4 -.4 1.4 Dec. 31. . 423 586 106 Sept... ^) 14.0 6.5 5.1 2.4 — .7 .7 1954—Jan. 31. . 440 632 99 Oct.... -73.1 41.1 33.7 -9.8 9.3 -.8 8.8 Feb. 28. . 490 716 88 Nov.. . .6 -45.5 4.8 -49.6 2.2 -3.5 .5 Mar. 31. . 494 784 92 Dec... — .5 -20.3 4.7 -23.3 1.6 -5.4 2.1 Apr. 30. . 471 840 96 May 31. . 527 969 93 1954—Jan.... -100.6 -74.0 8.9 -95.3 5.6 -2.6 9.4 June 30. . 545 2,900 87 Feb. .. 10.5 6.7 10.7 8.0 .1 -4.8 -7.4 July 31.. 533 3,033 85 Mar... .1 -44.8 8.3 -53.2 1.3 -2.2 1.0 Aug. 31. . 477 2,989 82 Apr.... .7 -41.6 -5.9 -35.9 1.7 -2.5 .9 Sept. 30. . 461 3,013 101 May. . -4.7 -18.8 -18.6 -.9 3.9 -3.6 .4 June?. 0) -40.3 -9.9 -28.5 2.6 -4.7 .3 1954—Sept. 1. . 483 2,981 82 Julyp.. -1.1 -8.4 2.2 -18.0 2.4 -3.0 8.0 S S e e p p t t . . 1 8 5 . . . . 5 5 2 0 4 6 2 2 , ,9 9 8 5 2 7 8 8 1 4 Sept. 22. . 524 2,993 99 » Preliminary. Sept. 29. . 489 2,995 100 iLess than $50,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1127, 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. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America Other month production Total outside reported U.S.S.R.i monthly A So fr u ic th a d R e h s o ia - A W fr e ic s a t * C B o el n g g ia o n 2 U St n a i t t e e s d 3 C ad an a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 4 Au li s a tra- India3 $1 = 15 Hi grainsof gold tfo fine: i.e., an ounee of fine gold = Uj5. 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 17 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 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 ... '776.5 417.9 17.5 25.4 13.0 ••69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1953—July 67.0 35.9 1 S 2.1 1.1 6.8 12.9 1.1 1.1 .3 .9 2.8 .7 August.. 66 0 35.6 5 2.1 1.2 6.2 11.5 1.4 1.1 .3 .8 3.7 .6 September. 65.7 35.0 L.5 2.1 1.2 6.2 11.7 1.3 1.9 .4 .7 3.0 .7 October 64 9 35.6 2.2 1.2 6.8 10.0 1.4 1.3 .5 8 3 1 .6 November. 64.3 35.1 1.5 2.2 1.1 6.2 9.6 2.0 1.6 .4 .7 3.3 .6 December. 64.4 35.7 L.5 2.2 .9 6.1 9.6 2.1 1.1 .4 .7 3.7 .5 1954—January 35.7 s 2.1 1.5 5.1 10.3 1 4 4 7 2 9 6 February.. 34.5 s 2.2 1.1 4.9 10.9 1.2 .3 .7 3 0 .6 March 37.5 «; 2.2 1.2 5.4 12.9 1 l .7 3.2 .7 April...... 37.0 1 6 2.2 1.1 4.9 12.5 .9 .7 .7 May 38 3 1 6 2 3 1 0 5 0 13 4 1 0 7 6 June 38 3 2 3 1.0 6.1 13 2 1 2 7 7 July 39.4 2.3 1.0 6.1 13.3 8 .7 'Revised. Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. i Estimates of United States Bureau of Mines. 3 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. *Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 1124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [Amounts outstanding, in millions of dollars] 1950 1951 1952 1953 1954 Area and country Dec. 31 Dec. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30* Continental Western Europe: Austria 92 107 102 126 143 154 166 208 238 267 289 Belgium-Luxembourg (and Belgian Congo) 848 898 969 1,036 1,035 1,052 1,044 1,081 1,098 1,124 1,055 France (and dependencies) * . 834 896 906 1,022 967 883 926 1,003 1,049 1,060 1,090 Germany (Federal Republic of) . . . 222 434 545 604 691 770 893 1,053 1,225 1,381 1,503 Italy.. 571 633 613 638 655 651 660 714 812 841 803 Netherlands (and Netherlands West Indies and Surinam) 559 524 603 734 815 905 953 1,022 1,055 1,064 1,122 Norway 94 150 145 154 160 171 164 169 171 169 178 Portugal (and dependencies) 257 331 342 356 374 391 412 437 469 499 516 Spain (and dependencies) 132 128 129 131 130 130 134 138 150 136 142 Sweden 205 224 281 280 275 283 280 309 335 337 342 Switzerland . 2,023 1,973 2,009 2,010 2,053 2,051 2,091 2,120 2,133 2,134 2,107 Turkey 164 165 171 155 151 153 152 157 157 153 151 Others 828 651 822 947 919 980 1,032 1,091 1,183 1,292 1,320 Total 6,829 7,114 7,637 8,193 8,368 8,574 8,907 9,502 10,075 10,457 10,618 Sterling Area: United Kingdom 3,557 2,843 2,218 2,241 2,318 2,627 2,886 3,051 3,009 3,198 3,536 United Kingdom dependencies.... 120 99 103 109 113 113 109 111 108 105 113 India 303 309 306 302 312 323 334 340 346 329 338 Union of South Africa 241 197 159 170 194 207 212 214 214 221 225 Other 232 326 348 353 347 356 369 354 375 372 376 Total . . . 4,453 3,774 3,134 3,175 3,284 3,626 3,910 4,070 4,052 4,225 4,588 Canada 1,988 2,157 2,396 2,437 2,492 2,435 2,238 2,292 2,417 2,487 2,462 Latin America: Argentina 518 518 415 398 427 485 519 520 503 543 550 Brazil. . 543 417 398 406 390 393 451 481 423 431 417 Chile 120 99 96 100 121 128 129 134 121 102 106 Cuba 530 575 635 601 515 527 579 587 531 548 532 Mexico . . 415 366 266 320 375 393 339 325 341 329 3288 Uruguay 311 306 309 302 301 309 311 311 337 329 331 Venezuela 458 445 503 527 519 490 530 571 595 562 621 Other 560 634 679 683 721 812 814 779 772 868 879 Total 3,455 3,360 3,301 3,337 3,369 3,537 3,672 3,708 3,623 3,712 3,724 Asia: Indonesia . . .. 324 421 456 367 296 275 246 198 184 166 140 Iran 160 163 159 156 157 156 155 168 181 185 171 Japan 587 729 849 898 936 1,026 1,022 1,062 958 807 747 Philippines 377 337 341 329 324 334 316 318 304 319 306 Thailand 166 210 240 271 294 306 311 304 281 268 243 Other 256 325 310 355 360 401 363 374 401 451 444 Total 1,870 2,185 2,355 2,376 2,367 2,498 2,413 2,424 2,309 2,196 2,051 Eastern Europe4 344 309 307 310 307 307 306 314 306 308 309 All other: Egypt 173 285 292 266 234 227 229 218 217 224 226 Other 28 42 38 44 49 57 61 63 67 74 68 Total 201 327 330 310 283 284 290 281 284 298 294 Total foreign countries 19,140 19,226 19,460 20,138 20,470 21,261 21,736 22,591 23,066 23,683 24,046 International5 3,090 3,171 3,150 3,266 3,287 3,249 3,272 3,212 3,331 3,401 3,360 Grand total 22,230 22,397 22,610 23,404 23,757 24,510 25,008 25,803 26,397 27,084 27,406 P Preliminary. 1 Includes gold reserves of Bank of France and French dependencies only. 2 Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements, (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3Includes latest available figure for Mexican gold reserves (May 31). Estimated change for remainder of quarter is included in "Other Latin America." 4Excludes gold reserves of the U. S. S. R. includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings as shown in Tables 1 and la-Id of the preceding section, as well as certain longer term U. S. Government securities reported as purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245. OCTOBER 1954 1125 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 i e u l 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- U.S.S.R.)1 Treasury TotaP 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 36,280 23,186 23,252' 706 21 317 896 42 214 31 23 1953—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 21 317 976 42 186 31 23 Nov.. . . 22,028 22,112 766 21 317 984 42 186 31 23 Dec 36,710'' 22,030 22,091 776 21 321 996 42 186 31 23 1954—Jan 21,956 22,044 779 21 321 ,005 42 186 31 23 Feb. 21,958 22,036 787 21 321 ,017 42 186 31 23 Mar. . . 36,920 21,965 22,035 787 321 L,022 42 186 31 23 Apr 21,969 22,083 788 321 1,030 42 186 31 23 May. . . 21,973 22,039 779 321 1,034 42 186 31 23 June... P37,095' 21,927 22,027 765 321 1,042 42 186 31 23 Tuly . 21,908 21,960 765 322 I ,050 42 31 23 Aug.. . . 21,809 21,897 756 052 31 23 Ger- E m n o d n t o h f Egypt France3 R F m e e p d a u n e b r y a l , i l c 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 e s r- N w o a r y - Pa ta k n is- Peru of 1949—Dec 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—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 46 Oct, 174 576 282 27 247 150 137 346 156 733 55 38 36 Nov 174 576 303 27 247 150 137 346 158 733 55 38 36 Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 1954—Jan 174 576 340 27 247 137 346 160 787 48 38 36 Feb 174 576 369 27 247 137 346 161 772 47 38 36 Mar 174 576 387 27 247 137 346 162 772 47 38 36 Apr 174 576 414 27 247 137 86 772 47 38 36 May... 174 576 406 27 247 137 87 772 47 38 36 June... 174 576 418 27 247 137 P774 47 38 36 July.. .. 174 576 478 247 137 P794 45 38 34 Aug 174 576 137 45 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 L.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 1,495 167 1951—Dec 265 26 190 51 152 L.452 113 151 42,335 221 373 1,530 115 1952—Dec... 286 29 170 51 184 L ,411 113 143 41,846 207 373 1,692 196 1953—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 1,459 113 143 42,518 227 373 1,702 193 1954—Jan.... 373 29 176 54 218 1,458 113 144 42,543 227 373 1,702 194 Feb.... 379 29 177 54 218 1,469 113 144 42,583 227 373 1,702 190 Mar.. . 386 29 177 54 218 1,469 113 144 42,685 227 373 1,703 199 Apr 391 29 180 54 218 1,471 113 144 42,820 227 373 1,719 197 May... 393 29 180 55 218 1,450 113 144 42,985 227 373 1,727 186 June... 393 29 187 56 219 1,469 144 43,017 403 1,727 182 July... 403 29 188 56 219 1,485 144 43,013 403 1,733 186 Aug.... 29 219 1,515 144 42,918 403 193 ^Preliminary. 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 Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." ^Represents 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. 1126 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] Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o he p r e1 Canada A t r i g n e a n- Cuba Mexico 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 -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 -27.3 7.2 -20.0 87.7 1953 1,164.3 -480.0 -84.9 -65.0 -59.9 -65.0 3-241.8 -84.8 -28.1 1952 Jan.-Mar 557.3 22.5 11.3 Apr.-June... . 105.7 6.9 101.4 July-Sept — 1.3 .3 Oct.-Dec -268.C -80.0 -5.0 -17.2 -20.0 -25.0 1953 Jan.-Mar -599.1 -320.0 -36.5 -25.0 -15.0 -10.0 -20.0 -75.0 -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 "0-15.0 -15.0 -82.8 -10.0 Oct.-Dec -130.3 -32.6 -15.0 -5.0 -65.3 1954 Jan.-Mar -63.0 -20.0 3 -42.3 Apr.-June... . -19.6 -50.0 -5.0 3-16.8 80.3 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 Ear- Y qu e a a r r t o er r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th a n o A th l e l r P(;riod T e r n e d a s o - f p T e o ri t o a d l 1 I i n n s g c to o r t e o l c d a t k a se l g p e o o x N ld r p e t o i t o r m t r -g m o c c o l r r a r d e e r : a a k i n s s d e e e - d e- p D ti r c o t o i m o d g u n o e l c s d - ury (-) 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 1949 -14.4 -50.0 -7.5 -52 .1 195.7 -1.6 1945. 20,065 20,083 -547.8 -106.3 -356. 7 32.0 1950 —64 8 — 17 2 —35 4 13 15—47 2 1946 20,529 20,706 623.1 311.5 465.4 51 2 1951 22.2 p -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 -7.0 11.5 -2.0 1948. 24,244 24,399 1,530.4 1,680.4 -159. 2 70.9 1953 — 15 0 —3 8 —6.1 -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 1952 1951 22,695 22 873 52 7 —549.0 617 6 66 3 1952. 23,186 23,252 378.9 684.3 -304. 8 67.4 Jan -Mar 10 0 — 17 6 -3 2 4 3 1953 22,030 22,091 — 1,161.0 2.2 -1,170.8 69.7 Apr -June -7.4 -2.4 7.2 July-Sept -2.0 .4 -.1 1953—Sept. . 22,128 22,220 -55.6 -.1 -55 0 6.2 Oct.-Dec 4^8 2.0 -1.8 -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 — 1 1 1954—Jan.. . 21,956 22,044 -46.6 -5.5 -43 3 5.1 Apr.-June -5.0 -1.2 Feb... 21,958 22,036 -7.7 1 .6 Q 9 4.9 J O u c l t y - - S D e e p c t - - . . 1 1 - - 1 2 . . 4 4 -9.9 A M p a r r . . .. . 2 2 1 1 , , 9 9 6 6 5 9 2 2 2 2 , , 0 0 3 8 5 3 - 4 1 7 . . 5 9 9 2. . 4 0 - 3 2 7 0 5 4 5 . . 9 4 May. . 21,973 22,039 -44.1 1.2 -48 4 5.0 1954 Tune.. 21,927 22,027 — 11.6 3.3 -16 9 6.1 July. . 21,908 21,960 -66.5 1.5 -72 7 6.1 Jan -^lar —5 0 13.2 -8.9 Aug.. . 21,809 21,897 -63.6 1 .7 -65 4 5.8 Apr.-June -30.0 2.0 -.1 Sept.. . P21.810 P21,863 P-33A (3) 4-34 6 (3) includes Bank for International Settlements. ^Preliminary. 2 Includes sale of 114.3 million dollars of gold to Italy. 1See footnote 2 on opposite page. 3Includes sales of gold to Federal Republic of Germany as follows: 2Change includes transfer of 687.5 million dollars gold subscrip- 1953, 130.0 million dollars; 1954, Jan.-Mar., 40.0 million; Apr.-June, tion to International Monetary Fund. 15.6 million. 3 Not yet available. 4Includes sales of 185.3 million dollars of gold to China. 4 Gold held under earmark at the Federal Reserve Banks for foreign ^Includes sales of gold to Egypt as follows: 1950, 44.8 million account, including gold held for the account of international institudollars; and 1951, 76.0 million. tions, amounted to 6,739.4 million dollars on Sept. 30, 1954. Gold 6Includes sales of 45.0 million dollars of gold to Indonesia. under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. OCTOBER 1954 1127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] 1954 1953 1954 1953 International Bank Monetary Fund June Mar. Dec. Sept. June July Apr. Jan. Oct. July Dollar deposits and U. S. securities 415 468 427 379 414 Gold 1,733 1,719 1,702 1,700 1,699 Other currencies and securities1. 1,034 990 1,011 1,018 1,035 Currencies:1 Effective loans2 1,663 1,562 1,535 1,408 1,417 United States 1,472 1,408 1,386 1,310 1,332 Other assets3 31 33 25 21 16 Other 4,746 4,824 4,847 4,920 4,885 IBRD bonds outstanding 777 742 653 567 556 Unpaid member subscriptions... 892 889 796 799 812 Undisbursed loans 380 357 401 325 398 Member subscriptions 8,853 8,849 8,739 8,739 8,737 Other liabilities 10 7 5 6 Accumulated net income —9 -8 Reserves 146 137 129 122 114 Capital3 1,830 1,808 1,808 1,807 Cumulative net drawings Sub- on the Fund 9 Loans as of August 31, 1954 scrip- Country8 Quota p ti a o i n d 1954 1953 Outstanding in Country* gold Prin- Dis- Undis- Re- July June May July cipal bursed bursed paid Sold Total to others5 Australia 200 8.4 26.0 26.0 32.0 50.0 Brazil 150 37.5 65.5 65.5 65.5 37.5 Denmark 68 5.9 10.2 10.2 10.2 10.2 Australia 204.0 162.6 41.4 162.6 France 525 108.1 105.0 125.0 125.0 125.0 Belgium 86.0 86.0 1.0 85.0 17.4 Germany 330 33.0 —46.1 -46.1 -46.1 Brazil 194.1 128.5 65.6 1.8 126.7 4.3 India 400 27.5 53.2 63.8 63.8 100.0 Chile 37.3 17.0 20.3 3.2 13.7 .2 Japan 250 62.5 62.4 62 62.4 Colombia 69.3 37.1 32.2 2.9 34.2 .9 Mexico 90 22.5 22.5 22.5 22.5 Denmark 40.0 40.0 1.2 38.8 1.0 Turkey 43 10.8 27.0 27.0 27.0 10.0 Finland 38.1 31.5 6.6 4.7 26.8 United Kingdom.. 1,300 236.3 108.3 108.3 108.3 266.0 France 257.5 250.0 7.5 5.3 244.7 3.5 United States.... 2,750 687.5 -558.7 -584.2 -589.7 -704.2 India 100.5 56.0 44.5 12.5 43.5 4.9 J N M N a o e p e t r x a h w i n e c a r o y lands 2 1 4 2 2 4 0 5 1 1 . . . . 2 0 5 3 2 2 6 2 9 0 3 1 . . . . 0 0 5 1 3 7 5 1 8 . . . 2 0 3 7 2 2 . . 9 7 1 6 2 4 9 0 0 8 . . . . 0 1 0 8 1 6 2 2 . . . . 0 1 0 2 eff 2 e 1 c R C ti e u v p r e r r , e e n s r c e e i n e p t s s a y i t n m o c t e l a u n l d ts e p , r d i t n e h m c e i p a n a n e l d t o o a f b m l a i o g u u a th t n i o t o r n i o z s u e h t d s e t l a l d o n a d in n in s l , g i e l u e o s n o s f l l o o d a a e n n p s s o s n s it o o s l . t d y o e r t T T Pa u h k r a k i i s l e a t y a n n d 2 4 6 5 4 3 . . . 4 5 4 2 2 1 2 3 4 . . . 1 4 8 4 2 3 0 9 . . . 3 6 0 1. . . 2 1 3 2 2 1 1 3 3 . . . 8 3 6 . . . 2 5 1 agr 4 3 e L E e o x d a c n t lu o s d b e t e s o u so d n l e c d p a l e t l o n e d d o e t n p h c o e i r r e t s s i , o n a o s n f d o m f e x e c c m a h p b a i n e ta r g l e c su o a b u d s n ju c tr r s i i t e p m s t i e o n a n t r s . e . included with Union of S. Africa. 110.0 96.2 13.8 .6 95.6 6.1 member. U O U Y r t n u h u g it e g o e r u s d a l a y K vi i a ngdom... 1 4 3 6 3 2 3 0 2 . . . . 0 7 0 3 3 4 2 7 4 8 6 1 . . . . 2 4 1 9 6 1 6 7 0 2 . . . . 8 6 4 6 2 2 . . 3 7 3 2 4 6 4 6 9 5 . . . . 2 4 7 4 4 3" . . A 9 5 ' not 8 7 8 ^ O I I I g n n n f u c c c a l l l t u u u r h a d d d i n s e e e t s s s e a a e m 1 c l d 6 o s o o 1 u u b n e m n y t f t r f i , t i e l e h l c 2 i s e o t 5 i n v h B e m a d a v i o l n l o i l l k n i l a o a . g n r n s s c a d u i g n o m r l e l l u o a e l r a d a s n t i s t i v o s n e b g o e u n t a e s y r o t e a ld t n d r t e b e a f e w u fe d t i c n n t a g i o v n s e t d . y o 4 e f 3 t 1 d m 0 is i b l m l u i i o r l s n li e o d i n s . Total 61,966.0 1,459.3 506.8 115.5 1,343.8768.1 dol • l R ar e s p r ( e + s e o n r t s — fo ) r o n e a t c h h e l c a o te u s n t t r d y a t p e. urchases of other currencies from Fund less purchases of own currency by it or other countries. CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fi p g o ur u e n s d i s n s m ter il l l i i n o g n ) s of Goldi 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 3 a- Bankers' Pub D li e c p osit E s CA Other t c l i O i e a a s p t b h i a i t e l a n i r - l d 1944—Dec. 27 .2 ,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 ,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 ,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18. 1947—Dec. 31 .2 ,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18. 1948—Dec. 29 .2 ,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18. 1949—Dec. 28 .4 ,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18. 1950—Dec. 27 .4 ,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18. 1951—Dec. 26 .4 ,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 .4 ,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18. 1953—Sept. 30 .4 ,575.0 45.2 5.2 356.6 1,532.7 287.3 10.7 19.9 70.6 18.6 Oct. 28 .4 ,575.0 45.5 12.9 343.2 1,532.4 287.3 9.9 17.6 68.9 17.8 Nov. 25 .4 ,575.0 27.9 7.6 362.9 1,549.9 288.8 10.4 11.5 69.9 17.9 Dec. 30 .4 ,675.0 57.8 4.9 338.1 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 Feb. 24 .4 ,575.0 29.9 14.0 340.1 1,547.9 284.0 10.9 4.7 65.9 18.4 Mar. 31 .4 ,625.0 51.3 15.2 319.3 1,576.9 262.7 30.6 1.0 72.9 18.6 Apr. 28 .4 ,625.0 15.5 7.5 369.5 1,612.6 289.3 11.7 6.6 67.1 17.8 May 26 .4 ,625.0 14.7 7.0 352.5 1,613.4 267.8 14.0 4.6 69.8 18.0 June 30 .4 ,675.0 30.2 11.7 374.6 1,647.4 307.7 10.6 8.7 71.3 18.2 July 28 .4 M, 750.0 36.8 8.2 338.7 1,715.8 269.1 14.8 10.2 71.3 18.3 Aug. 25 .4 41,700.0 48.7 7.0 310.1 1,654.0 267.2 14.6 1.7 63.8 18.4 *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking departments ^Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27 and increased by 50 million on Mar. 17, June 2 and July 13, by 25 million on July 28, and by 50 million on Aug. 18. For details on previous charges, see BULLETIN for February 1954, p. 222. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 1128 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 (Figures in millions of Sterling securities Other Canadian dollars) Gold» and S t U at n e i s ted O as t s h e e t r s circ N ul o a t t e ion1 liab a i n li d ties dollars S te h r o m rt 3 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital4 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—Sept. 30. 69.0 ,385.7 824.9 81.0 ,552.5 616.9 15.4 37.8 138.0 Oct. 31. 70.5 ,469.9 812.1 118.6 ,555.9 733.6 3.8 37.2 140.8 Nov. 30. 61.2 ,378.6 894.9 89.7 ,559.3 625.6 50.3 43.4 145.7 Dec. 31. 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Jan. 30. 61.6 ,328.3 880.6 103.1 ,519.2 634.4 48.8 29.5 141.6 Feb. 27. 53.0 ,374.8 900.8 116.7 ,506.2 676.6 126.1 34.4 102.0 Mar. 31. 50.0 ,552.8 636.3 146.2 ,512.6 660.0 81.8 28.9 102.0 Apr. 30. 58.3 ,703.8 568.0 101.2 ,535.7 661.7 86.0 27.3 120.6 May 31. 61.5 ,740.4 520.5 103.2 ,546.6 589.3 143.8 30.3 115.7 June 30. 54.2 1,568.5 702.0 112.9 ,553.5 624.4 99.0 41.4 119.2 July 31. 53.6 1,651.2 502.3 109.9 ,572.1 543.9 50.5 30.9 119.5 Aug. 31. 56.9 1,669.9 502.4 77.2 1,573.0 531.0 49.6 31.5 121.3 Assets Liabilities Ban (F k i g o u f r e F s r i a n nce Foreign Domestic bills G A o d v v e a r n n c m es e n to t6 Other Note Deposits7 l O ia t b h i e l r millions of francs) Gold* ch e a x n ge Open Special Other Current Other assets0 ci t r i c o u n la- G m ov e e n r t n- ECA Other ca i a t p n ie i d t s al market 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 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 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 2,123,514 27 897 137,727 49,305 1953—Sept. 24. 201,282 4,803 260,777 23,441 905,862 200,000 617,049 133,3852,141,807 73 394 139,313 65,011 Oct. 29. 201,282 9,319 272,559 49,968 877,283 200,000 632,149 152,0852,193,383 96 479 139,662 61,023 Nov. 26. 01,282 12,444 255,680 59,533 836,117 200,000 654,949 150,2222,168,977 78 458 131,490 69,224 Dec. 31. 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,964 2,310,452 21 2,061 142,823 56,292 1954—Jan. 28. 201,282 18,596 262,211 56,988 895,508 195,000 657,549 162,772 ,253,485 72 628 133,398 62,323 Feb. 25. 201,282 20,807 272,186 51,577 870,066 195,000 667,549 159,027 ,257,405 42 627 131,996 47,425 Mar. 25. 201,282 23,646 227,003 40,319 905,854 195,000 672,949 146,195 ,235,417 70 79 114,617 62,064 Apr. 29. 201,282 27,862 218,436 33,162 982,829 195,000 663,349 192,424 ,322,140 15 98 132,387 59,704 May 26. 201,282 31,344 208,288 26,612 934,538 195,000 651,849 210,331 ,272,409 17 134 128,816 57,869 June 24. 201,282 34,133 217,399 18,317 946,002 195,000 656,749 185,682 ,270,081 84 202 119,155 65,043 July 29. 201,282 37,884 264,197 12,206 1,018,726 195,000 652,449 196,282 ,386,357 70 348 132,203 59,047 Aug. 26., 201,282 41,059 265,330 5,129 980,146 195,000 648,049 9191,874 2,333,133 100 83 128,178 66,377 *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). Securities maturing in two years or less. 3 Includes notes held by the chartered banks, which constitute an important part of their reserves. 4 Beginning November 1944, includes a certain amount of sterling and United States dollars. 6For 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: 1941, 64,580; 1942, 16,857; 1943, 10,724. ^Includes advance to Stabilization Fund, amounting to 61.9 billion francs on Aug. 26. 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. OCTOBER 1954 1129 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 623 1,623 1,623 Loans and discounts 395,838 365,792 163,019 342,459 Other gold and foreign exchange. 707 1,767 1,063 Government loans and securities. 289,645 57,266 158,912 198,446 Government securities 758 3,771 3,201 Other assets 20,762 38,625 37,594 100,103 Rediscounts and loans to banks.. 109 62,798 53,796 Note circulation 547,218 568,904684,064 545,237 Other assets 305 254 316 Deposits 16,874 501,550472,697 382,375 Currency circulation 406 26,213 22,756 Other liabilities and capital 21,941 15,416 19,765 86,922 Deposits—Nationalized 077 39,124 33,063 Central Bank of Costa Rica Other sight obligations 529 464 465 (thousands of colones): Other liabilities and capital 490 4,412 3,715 Gold 11,503 11,503 11,503 11,511 Commonwealth Bank of Aus- Foreign exchange 72,251 83,957 96,939 105,861 tralia (thousands of pounds): Net claim on Int'l. Fund3 7,032 7,032 7,032 7,031 Gold and foreign exchange 449,507 460 ;05,414 496,335 Loans and discounts. 09,112 08,471 01,828 77,379 Checks and bills of other banks.. 7,054 445 13,552 5,275 Securities 3,762 1,963 1,195 1,376 Securities (incl. Government and Other assets 24,847 25,468 24,813 23,736 Treasury bills) 438,647 447,073457,739 410,094 Note circulation 36,752 37,908 38,440 133,722 Other assets 67,872 70,566 64,936 47,485 Demand deposits 62,046 71,358 76,303 67,060 Note circulation 347,577 345,077343,827 331,863 Other liabilities and capital 29,709 29,128 28,567 26,113 Deposits of Trading Banks: National Bank of Cuba Special 331,370334 670351,920 278,230 (thousands of pesos): Aust O ri t O a h n e t r h e N l r ia a b t i i l o it n ie a s l a B n a d n c k a p (m it i a ll l io .. n . s .. 25 3 2 1 , , 3 8 0 2 7 6 25 5 8 0 ,9 8 3 5 9 9 29 5 1 4, , 4 4 0 9 5 0 3 3 1 7 1 , , 2 8 7 2 2 4 F G F o o o r r l e e d i i g g n n e e x x c c h h a a n n g g e e (n (S e t t a ) bilization 1 2 85 7 , , 8 5 7 7 1 9 19 5 5 7 , , 7 4 4 9 8 4 Na o t f i O N D F G L C o s o c o n l o t e o a h h r a l p a t e i d e e i n m o l l i r s l g s c i B n i a n i a a t r a s g s g n c e s — n s a d u x e ) k i l : c t n B d O B a s h s . o t i a l t a t i s o f h 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 9 3 5 1 1 1 , , , , , , 2 7 2 4 1 7 8 7 6 5 1 5 9 7 2 7 8 5 3 1 8 9 7 9 7 4 , , , , , , 3 6 9 4 8 1 3 7 2 7 3 0 2 6 8 0 7 8 6 2 1 3 3 2 2 7 1 2 8 5 0 1 1 , , , , , , 9 8 9 2 2 7 7 7 5 7 1 1 3 9 9 7 3 9 1 3 9 0 7 3 8 7 9 2 5 6 1 1 , , , , , , 1 1 6 1 0 8 4 1 3 9 0 6 0 8 6 3 0 9 3 9 5 8 4 8 1 1 Nati S O O N C N D L o i n o r t t e e o l F h h e v a t p a t d e e e u e n l o c r r r i n s s l t B c a s d i l a i a 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 n o t t i o i i s f e o v I c s n C n e o r t a u z ' n l n n e . m d t c s F e h c u n o a t n s p d l i o 3 ta v l akia4 3 4 2 2 0 4 4 3 1 7 1 0 4 5 1 3 2 7 7 , , , , , , , , 0 4 7 9 5 0 4 1 7 2 8 2 1 9 9 7 1 2 0 9 2 8 6 6 2 4 2 4 1 3 4 2 6 1 1 1 7 6 2 2 8 7 2 2 4 , , , , , , , , , 5 2 6 9 7 5 4 4 8 6 5 4 1 9 6 1 1 7 1 1 1 1 7 5 2 9 3 (millions of francs): National Bank of Denmark Cent O G F D L C N O G r o o o o t e t o o a h h r a l n p l t v e d e e e n s o e i r r s o g B s r c l n n i a l a i i a t i r m s d s a n c n c s — a b d l u e e k t a i n t l e l i D s d E a i d t m t t i o C e i i s s s e o f G m c A e s n a o c o a n B a u u v n d n r n o d e i d t t l b r s i i n a e v c m s l a i a a p e n — i n c t t e a M s l d ( o e n n b e e t t . - ) . 1 3 3 1 0 7 4 8 4 8 1 3 0 1 , , , , , , , , , 7 6 1 4 1 4 8 6 4 1 7 4 6 4 6 8 9 2 9 5 7 7 0 0 3 5 0 0 8 4 1 3 3 1 1 0 8 4 4 0 0 0 7 , , , , ' 2 8 6 4 8 9 9 7 7 1 3 5 7 5 0 0 6 6 0 1 5 7 0 1 6 : 6 0 8 4 3 3 9 1 8 4 6 8 1 8 4 4 1 , , , , , , , , , 2 9 2 6 6 4 2 2 6 1 6 8 1 6 5 5 3 7 5 1 5 6 6 0 8 3 8 3 9 3 3 9 1 5 8 4 7 4 5 9 5 1 , , , , , , , , , 1 9 7 4 3 3 1 6 2 1 9 4 0 6 8 9 4 0 6 9 2 5 ' 3 7 4 3 7 0 0 (m F L S G O O G N D il o e o l o t t o o e i c h r h a l o p v t e u d e e e n n t o i r r r s . g s i s c t n c a l a i i i o i r e t o s a n f c e s s s m b d u x — e k i t c l p l d O s r a i h e G o t i t t a i n s i n h e o o n c s s e e n v a o g r r t e e u a ) i : r n n o n n t d s m c a e a c n p c t i o t . u a .. l n . t. . . . 3 1 1 1 , , , , 8 3 2 5 2 2 7 8 1 1 3 6 8 7 3 1 1 2 9 0 7 9 1 8 4 1 6 2 6 3 1 1 1 , , , , 8 2 2 5 2 5 2 9 1 1 8 1 3 6 9 1 6 5 5 2 6 3 5 9 0 3 8 6 4 3 2 1 1 , , , , 2 9 5 2 5 0 3 1 1 3 5 5 1 1 6 9 3 0 0 1 8 7 9 1 2 1 9 3 0 3 1 1 1 , , , , 4 2 8 4 8 4 1 1 1 5 1 3 0 5 6 0 5 5 9 5 0 9 6 0 9 6 3 8 0 tary dept. (millions of bolivianos): Mar.)* Central Bank of the Dominican Gold at home and abroad 1,903 4,418 Republic (thousands of pesos): Foreign exchange (net)x 12,643 7, Gold 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 6 2 , , 4 5 0 0 1 5 2 2 , , 8 5 9 0 3 5 F N o e r t e i c g la n i m ex c o h n a n In g t e ' l. ( n F e u t n ) d3 27 1 , , 3 2 3 5 3 0 26 1 , , 7 2 7 5 8 0 25 1 , , 0 2 2 5 4 0 17 1 , , 8 2 3 5 2 0 Other assets 220 19 Loans and discounts 2,371 2,284 2,310 1,059 Note circulation 13,229 9,77 Government securities 9,420 9,420 9,420 9,950 Deposits 3,929 1,885 Other assets 7,131 7,078 7,015 1,517 Other liabilities and capital 6,51 6,238 Note circulation 38,010 39,156 37,373 33,880 Central Bank of Ceylon (thousands Demand deposits 19,356 17,565 17,60: 7,828 of rupees): Other liabilities and capital 2,214 2,166 2,120 1,975 Foreign exchange 450,108 437,919446,213 326,525 Central Bank of Ecuador Advances to Government 25,000 ,700 13,300 (thousands of sucres): Government securities 25,212 ,293 47,53 163,497 Gold 342,656 342,633 342,539 339,373 O Cu th r e re r n a c s y s e i t n s circulation 368 9 , , 7 1 0 2 0 0 , ,6 3 3 3 1 8 357 4 , , 5 2 2 0 6 9 376 7 ,7 ,6 O 4 C 3 F N o e r t e c ig la n i m ex o ch n a I n n g t e ' l. (n F e u t n ) d . 3 . . . . . 12 1 6 8 , , 6 75 4 7 0 13 1 7 8, , 7 4 5 6 ' 4 10 1 6 8 , , 4 7 4 5 2 7 11 1 5 8 , , 7 7 7 5 9 7 Deposits—Government 3,108 ,467 14,98 44 Credits—Government 383,947 361,760358,147 308,705 Banks 88,32. ,759 78,815 91,45i Other 266,308 241,819 216,907 256,983 Other liabilities and capital.... 49,309 ,393 46,63 42,37 Other assets 209,616 191,486 213,895 182,645 Central Bank of Chile (millions Note circulation 713,130691,330646,867 602,855 of pesos): Demand deposits—Private banks. 223,968 208,081 222,168 177,898 Golds 5,710 1,253 Other 172,176 169,028 154,903 192.332 Foreign exchange (net) 758 273 Other liabilities and capital 238,650 225,479 232,74< 249,156 Net claim on Int'l. Fund3 38 National Bank of Egypt (thou Discounts for member banks. . . 772 2,870 2,86 sands of pounds): Loans to Government 46" 11,469 4,021 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 08 9,437 10,92 Foreign exchange 20,000 22,26: 20,627 19,831 Other assets 309 3,45' 1,99 Foreign and Egyptian Note circulation 843 21,372 15,07 Government securities 243,079 243,753 247,429 281,252 Deposits—Bank 52' 4,69 3,29? Loans and discounts 22,575 21,108 12,998 15,143 Other 865 9V 46' Advances to Government 11 1,142 Other liabilities and capital.... 135 6,72 2,87? Other assets 3,228 2,510 2,009 2,479 Bank of the Republic of Colombia Note circulation 163,102 168,143 166,54- 175,762 (thousands of pesos): Deposits—Government 47,573 47,737 51,968 60,689 Gold and foreign exchange 455,409 492,623 349,15 Other 129,110 124,852 114,551 133,829 Net claim on Int'l. Fund3 24,377 24 24,377 24,374 Other liabilities and capital.... 9,661 9,455 10,553 10,120 •Latest month available. 1 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso. 3 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 4For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 1130 FEDERAL RESERVE BULLETIN 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 6,212 6,031 5,938 4,840 Gold . . 72,089 72,157 72,223 72,940 Deposits—ECA 495 495 495 495 Foreign exchange (net) 45,287 54,538 65,584 58,665 Other 2,116 1,890 1,532 1,115 Net claim on Int'l. Fund1 1,568 1,568 1,568 1,566 Other liabilities and capital 482 468 466 457 Loans and discounts 33,182 27,890 17,205 16,891 Central Bank of Ireland (thousands Government debt and securities.. 7,103 7,774 11,549 4,078 of pounds): Other assets 7,246 7,652 8,001 2,362 Gold 2,646 2,646 2,646 2,646 Note circulation 90,849 93,779 94,554 85,420 Sterling funds 64,135 65,288 64,003 61,076 Deposits 65,053 67,338 71,077 62,888 Note circulation 66,781 67,934 66,649 63,722 Other liabilities and capital 10,573 10,462 10,499 8,193 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 4 kaa): Foreign exchange 77 74 71 56 Gold 6,973 6,973 6,973 5,862 Advances to Treasury 567 567 567 567 Foreign assets (net) .... 17,397 16,671 14,865 10,690 Loans and discounts 364 333 349 307 Clearings (net) 7,722 7,962 8,503 5,938 Government securities 311 320 290 256 33 059 36,321 41 924 41 278 Other assets .. . 774 791 725 734 Securities 2,244 2,212 2,217 1,661 Note circulation 1,395 1,392 1,341 1,289 Other assets . . 1,985 2,425 2,142 2,386 Deposits—Government 30 29 35 65 Note circulation 45,850 44,720 44,605 45,075 Demand 69 58 71 66 Deposits 7,996 12,900 17,347 4,605 Other 475 479 435 389 Other liabilities and capital. . . 15,534 14,943 14,671 18,136 Other liabilities and capital. . . 129 131 126 114 Bank of German States2 Bank of Japan (millions of yen): (millions of German marks): Bullion 448 448 448 448 Gold 2,006 1,754 1,035 Advances to Government 1,400 1,400 1,400 37,344 Foreign exchange 8,177 8,154 6,045 Loans and discounts 435,759 430,667 444,595 458,828 Loans and discounts 1,828 2,370 2,195 Government securities 193,934 199,245 202,991 136,644 Loans to Government 4,794 4,452 6,707 Other assets 82,562 87,952 93,369 134,559 Other assets 809 936 998 Note circulation 521,725 524,002 534,215 526,992 Note circulation 11,732 11,542 11,124 Deposits—Government 42,423 40,743 63,217 137,111 Deposits—Government 1,155 1,162 1,335 Other 75,366 78,043 68,573 55,687 Banks 2,632 2,843 2,477 Other liabilities 74,590 76,923 76,799 48,033 Other 263 248 241 Bank of Mexico (millions of pesos): Other liabilities and capital 1,832 1,870 1 ,801 Monetary reserve8 1,271 1,218 1,201 1,155 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc 3,393 3,210 3,277 2,775 Gold and foreign exchange (net). 4,866 4,886 4,500 Bills and discounts 475 495 793 723 141 148 164 Other assets... . 729 734 1,054 456 Advances—Government 9,147 8,690 8,766 Note circulation 3,745 3,666 3,537 3,141 Other 4,386 4,082 3,248 Demand liabilities 1,340 1,207 1,268 1,479 Other assets 1,809 1,925 2,172 Other liabilities and capital... 783 784 1,520 488 Note circulation 3,376 3,272 2,760 Netherlands Bank (millions of Deposits—Government 1,343 1,246 1,298 guilders): Gold 3,015 3,006 2,930 2,588 relief acts 6,749 6,749 7,023 Silver (including subsidiary coin). 18 17 16 16 Other 3,710 3,217 2,291 Foreign assets (net) 1,335 1,547 1,628 1,510 Other liabilities and capital 5,169 5 246 5 469 Loans and discounts 28 30 37 32 Bank of Guatemala (thousands of Govt. debt and securities 695 670 713 1,217 quetzales): Other assets 436 439 421 461 Gold 27,228 27,228 Note circulation—Old 29 29 29 32 Foreign exchange (net) . . 12,803 13,761 New 3,418 3,395 3,357 3,176 Gold contribution to Int'l Fund 1,250 1 250 Deposits—Government 406 550 624 691 Rediscounts and advances 13,003 9,927 ECA 801 821 797 1,195 Other assets 35 312 28 299 Other 640 685 723 521 Circulation—Notes 54,131 43,816 Other liabilities and capital 232 229 214 209 Coin 3,695 3,516 Reserve Bank of New Zealand Deposits—Government . 2,506 6,031 (thousands of pounds): Banks 13 577 11 062 Gold 6,172 6,171 6,170 6,024 Other liabilities and capital 15,686 16,039 Foreign exchange reserve 85,822 89,442 93,957 66,421 National Bank of HungaryS Loans and discounts 13,369 13,542 10,556 6,019 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings . 30,847 28,154 36,300 58,719 Issue department: Investments 23,964 23,957 23,950 36,990 Gold at home and abroad 400 400 400 Other assets 1,475 1,615 1,412 1,517 Foreign securities 6,232 6 532 5,582 Note circulation 67,930 66,979 67,479 62,647 Indian Govt. securities .... 4,212 4,212 4,249 Demand deposits 85,469 87,974 96,969 105,036 Rupee coin . . 1 ,027 983 943 Other liabilities and capital 8,249 7,927 7,896 8,007 Note circulation 11,427 11,745 10,829 Bank of Norway (millions of kroner): Banking department: Gold 203 203 2*18 281 Notes of issue department 444 382 344 Foreign assets (net) 176 185 132 69 Balances abroad 1 ,091 904 1,412 Clearing accounts (net) -75 -78 -68 39 Bills discounted 14 67 48 Loans and discounts 52 55 62 53 Loans to Government 11 4 Securities 26 30 30 43 Other assets 1,188 1,252 1,049 Occupation account (net) 5,546 5,546 5,546 5,546 Deposits 2,370 2,237 2,648 Other assets 57 76 62 49 Other liabilities and capital 367 378 210 Note circulation 3,119 3,122 3,078 2,914 Bank Indonesia4(millions of rupiah): Deposits—Government 1,341 1,453 1,708 1,672 Gold and foreign exchange (net) 5. 582 444 366 1,915 Banks 741 699 532 759 Loans and discounts 717 639 569 644 FOA—MSA 207 205 174 278 Advances to Government 7,707 7,514 7,249 4,092 Other liabilities and capital 578 539 491 456 Other assets 299 287 247 257 lThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Combined figures for the Bank of German States and the nine Land Central Banks. 3For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 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. 5Gold not reported separately beginning January 1954. 6Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 1131 OCTOBER 1954 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) Aug. July June Aug. date of month) Aug. July June Aug. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 37,138 37,389 30,777 Issue department: Note circulation 39,446 37,728 37,124 Gold at home and abroad... 81 81 81 81 Deposits—Government 6,236 7,104 3,721 Sterling securities 381 400 416 424 Other 3,438 3,329 2,983 Pakistan Goyt. securities. . . 1,300 ,281 1,367 1,118 Other liabilities and capital. .... 31,953 32,548 26,957 Govt. of India securities.... 147 147 146 126 Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 482 482 482 450 Rupee coin 57 58 55 68 Foreign assets (net) 1,359 1,331 1,356 1,327 Notes in circulation 2,164 ,167 2,240 2,009 Net claim on Int'l.*Fund3 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 102 99 124 108 vances to National Debt Office4 2,572 2,530 2,405 2,376 Bills discounted 6 5 1 Other domestic bills and advances 46 56 433 365 Loans to Government 73 65 75 124 Other assets 860 849 896 856 Other assets 420 424 304 492 Note circulation 4,523 4,463 4,593 4,321 Deposits 508 496 387 640 Demand deposits—Government.. 150 100 376 228 Other liabilities and capital.. 93 98 115 85 Other 78 121 40 233 Central Bank of Paraguay1 Other liabilities and capital 697 693 693 720 (thousands of guaranies): (May)* Swiss National Bank (millions of Gold2 2,846 1,138 francs): Foreign exchange (net) 91,307 54,782 Gold 6,221 6,198 6,131 6,056 Net claim on Int'l. Fund3 28 11 Foreign exchange 530 509 537 536 Loans and discounts 450,566 248,398 Loans and discounts 102 108 117 211 Government loans and securities. 537,452 363,569 Other assets 92 90 93 56 Other assets 229,189 361,105 Note circulation 4,957 4,956 4,967 4,861 Note and coin issue 625,964 465,554 Other sight liabilities 1,785 1,746 1,706 1,787 Deposits—Government 138,965 121,746 Other liabilities and capital 203 203 204 211 Other 155,762 152,512 Central Bank of the Republic of Other liabilities and capital 390,697 289,192 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 325 327 470 clearings 216 225 237 184 Net claim on Int'l. Fund3 67 67 67 Loans and discounts 2,385 2,310 2,190 1,831 Loans and discounts to banks. . . 689 575 461 Securities 30 30 30 26 Loans to Government ,216 1,225 1,023 Other assets 92 88 90 108 Other assets t 73 100 181 Note circulation 1,469 1,449 1,432 1,370 Note circulation ,801 1,703 1,545 Deposits—Gold 154 154 154 153 Deposits 356 355 386 Other 983 957 875 711 Other liabilities and capital 212 237 272 Other liabilities and capital 519 495 488 316 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (May)* Gold 18 18,813 18,813 Gold 344,167 336,572 Foreign exchange 438 474 447,130 452,098 Silver 8,672 9,276 Net claim on Int'l. Fund3 29 504 29,504 29,504 Advances to State and Govern- L D o o a m n e s stic securities 227 9 7 7 1 0 4 24 1 0 , , 5 0 8 6 4 6 22 1 4 7 , , 0 3 6 7 1 4 Ot m he e r n l t o b a o n d s i a es nd discounts 3 1 7 2 5 3 , , 7 3 1 4 5 3 3 1 4 1 1 6 , , 2 4 9 6 3 0 Other assets 161 156,923 155,835 Other assets 609,949 601,562 Circulation—Notes 584 708 587,486 551,447 Note circulation 456,400 400,046 Coin 84 802 84,701 86,106 Deposits—Government 148,591 128,965 Demand deposits 154 484 170,775 204,202 Other 333,215 367,271 Other liabilities and capital 53 048 51,058 55,931 Other liabilities and capital 523,640 508,881 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold ,381 5,345 4,768 Gold 1,232 1,232 1,232 1,141 Foreign exchange (net) ,204 13,198 12,146 Foreign exchange (net) 212 277 374 197 Loans and discounts 639 645 677 Other assets 142 149 123 83 Advances to Government ,408 1,412 1,427 Note circulation 992 986 999 917 Other assets 979 978 668 Deposits 223 258 269 293 Note circulation ,525 9,501 9,137 Other liabilities and capital 371 414 463 211 Demand deposits—Government.. ,761 1,734 1,690Bank for International Settle- ECA 6 6 6 ments (thousands of Swiss gold Other 177 8,178 6,703 francs): Other liabilities and capital ,143 2,161 2,150 Gold in bars 591,111570,287558,106 575,696 South African Reserve Bank Cash on hand and with banks. .. 88,699 99,151 51,144 75,439 (thousands of pounds): Sight funds at interest 1,528 1,484 1,491 3,322 Gold 66,615 66,120 62,259 Rediscountable bills and accept- Foreign bills 41,174 47,589 26,389 ances (at cost) 293,325300,056174,970 288,133 Other bills and loans 14,137 7,041 30,914 Time funds at interest 386,345409,462374,355 23,706 Other assets 44,262 47,517 39,634 Sundry bills and investments.... 441,820508,495539,690 254,143 Note circulation 100,218 98,988 93,468 Funds invested in Germany 297,201297,201297,201 297,201 Deposits 47,686 51,956 47,665 Other assets 6,615 7,105 8,555 1,399 Other liabilities and capital 18,283 17,323 18,063 Demand deposits (gold) 435,794 432,775434,282 433,012 Bank of Spain (millions of pesetas): Short-term deposits: Gold 613 613 596 Central banks—Own account.. 1,133,8981,231,9041,032,386 540,115 Silver 323 323 338 Other 26,598 19,089 26,373 42,848 Government loans and securities. ,247 15,743 15,991 Long-term deposits: Special 228,909 228,909 228,909 228,909 Other loans and discounts ,751 26,642 23,082 Other liabilities and capital 281,446 280565 283,561 274,154 * Latest month available. !The 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. 2On Jan. 1, 1954, gold revalued from 0.148112 to 0.0592447 grams of fine gold per guarani. 3This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 4 Includes small amount of non-Government bonds. 1132 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 annumj Central bank of— eff D ec a t t i e ve U K d n i o i n m t g e - d 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 l w a e n r i - d tz- ba C n e k n tr o a f— l A R 3 u a 1 g te . eff D ec a t t i e ve ba C n e k n tr o a f— l A R 3 u a 1 t g e . 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 IX Austria June 3, 1954 Italy 4 Apr. 6, 1950 May 27, 1949 Belgium 2% Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 July 14 14 2 Bolivia 6 Sept. 30, 1950 Mexico 434 June 4, 1942 Oct 6 3M June 8, 1950. . 234 Sept 11 3% O S D e e c p c t . t . 2 2 7 6 1 . . . . . . 16 3 "3" C C Ch e a y n il l a e o d n a 2 J O J u u c n n t e . e 1 1 1 3 1 7 , , . 1 1 1 9 9 9 5 3 5 4 5 0 N N N e o e w t r h w e Z a r y e la al n a d n s d . . 3 iy y2 2 A A Ja p p n r r . . . 1 9 2 7 , , , 1 1 1 9 9 9 4 5 5 6 4 3 Apr. 17, 1951. . 4 Colombia 4 2 July 18, 1933 Pakistan. . . . July 1, 1948 July 5... 31/ Costa Rica 4 Feb. 1, 1950 Sept 13 3H Oct. 11.. 3 N N o o v v . . 9 8 iy2 4 Denmark.... June 23, 1954 Peru 6 Nov. 13, 1947 Jan. 22, 1952. . 3}/ Ecuador 10 2 May 13, 1948 Portugal.... 2Y2 Jan. 12, 1944 Mar. 12 4 Egypt 3 Nov. 15, 1952 South Africa. 4 Mar. 27, 1952 May 29 15 El Salvador. . . 3 Mar. 22, 1950 Spain July 1, 1954 Aug. 1 .. 3 Finland.... 5M Dec. 16, 1951 Sweden Nov. 20, 1953 Aug. 21 1434 Dec 18 3 Jan. 8, 1953 14 "ilk Apr 7 France 3M Feb. 4, 1954 Switzerland.. Nov. 26, 1936 June 11 13 V Germany 13 May 20, 1954 Turkey 3 Feb. 26, 1951 Sept. 17 334 334 Greece Jan. 1, 1954 United King- Oct. 29 .. 2% India 10 Nov. 15, 1951 dom 3 May 13, 1954 Nov 20 "2% Indonesia Apr. 1, 1946 U.S.S.R 4 July 1, 1936 Feb. 4, 1954. . 3H 3 May 13 3 May 20 13 1 Rates established for the Land Central banks. In effect Aug. NOTE.—Changes since Aug. 31: None. 31, 1954 3 3M 13 2% 2Y2 2M IX 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 I944—July .38 1.03 1.00 1.13 .50 1.49 3-534 1 .25 1945—July .36 1.03 1.00 1.13 .50 1 .25 2 34-5 1.25 1946—July .40 .53 .51 .63 .50 1.30 L.52 "" "i'.ii" * " 2 3^-43^ 1.25 1947—July .41 .53 .51 .63 .50 1.51 L.52 1.09 21^—41^ 1.25 1948—July .41 .56 .51 .63 .50 2.04 L.56 1.35 2 34^434 1.63 1949—July .51 .63 .52 .63 .50 P2.34 L.43 .83 234~434 1.50 1950—July .51 .69 .51 .63 .50 2.59 L.57 1.10 21^-41^ 1.50 1951—July .77 .93 .51 .63 .50 2.57 L.39 .91 3-5 1.50 1952—July 1 .11 3.00 2.46 2.25 2.00 3.84 L.05 .75 3-5 1.50 1953—July 1.76 3.00 2.35 2.25 2.00 4.13 .50 .50 3-5 1.50 1953—August 1 .80 3.00 2.36 2.25 2.00 4.18 .50 .50 3-5 1.50 September. . . . 1.91 2.67 2.27 2.09 .88 4.34 .43 .50 3-5 1.50 October 1.93 2.19 2.11 1.94 L.75 3.91 .38 .50 3-5 1.50 November.... 1.90 2.19 2.10 .94 L.75 4.00 .28 .50 3-5 1.50 December 1.88 2.19 2.11 .94 L.75 3.75 .03 .50 3-5 1.50 1954—January 1.88 2.19 2.12 .94 L.75 3.66 .23 .50 2H-5 1.50 February 1.74 2.15 2.07 .94 L.75 3.55 .25 .50 2%—S 1.50 March 1.61 2.16 2.10 .94 1.75 3.42 .45 .50 2%-h 1.50 April 1.56 2.17 2.09 L.94 L.75 3.55 .41 .50 2%—5 1.50 Mav 1.59 1.89 1.79 .63 1.44 3.54 .38 .50 2%—5 1.50 June 1 60 1 .66 1 .61 .44 L.25 3.57 .38 .50 2%-S 1 .50 July 1.39 1.60 1.57 .44 1.25 3.79 .40 .50 2H-5 1.50 P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 1 72, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. OCTOBER 1954 1133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS United Kingdom* Assets Liabilities ( b m 1 a 1 i n l l L k io o s s n . n t e s d r o F l o i n i n f g g p u c ) l o r e e u a s n r i i d n n s g re C se a r s v h es M c n a s o l o h n l t o e i a c r y n t e d at B co il u ls n t d e i d s- T r d e r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs O as t s h e e ts r 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 1,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 1,660 735 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 1,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—September 515 476 1,376 2,137 ,675 623 6,320 4,004 2,316 482 October... 518 476 1,340 2,238 ,666 607 6,373 4,041 2,332 472 November 520 469 1,354 2,245 ,687 626 6,419 4,080 2,339 483 December. 542 501 1,417 2,275 ,725 729 6,694 4,327 2,368 495 1954—January. . 526 483 1,330 2,277 ,706 633 6,457 4,124 2,333 499 February. 504 454 1,113 2,275 ,754 638 6,237 3,954 2,283 501 March.... 512 468 1,078 2,269 ,773 632 6,243 3,957 2,286 489 April 535 489 1,088 2,280 ,786 699 6,378 4,056 2,321 499 May 501 463 1,122 2,305 ,804 643 6,335 4,005 2,330 502 June 531 455 1,170 2,311 ,856 711 6,533 4,193 2,340 501 July 534 428 1,185 2,351 ,836 643 6,466 4,121 2,345 510 August. . . 534 438 1,209 2,348 ,840 656 6,519 4,173 2,346 505 Assets Liabilities Canada8 Security Deposits payable in Canada (11 chartered banks. Entirely in Canada loans excluding interbank deposits En C d a i n n o a f m d m i i a l o n li n o d t n h o s l l o f a i f g rs u ) res Cash Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d a a f u b n o b e a r d r e n o f i r n k g a o e s d n m t Securities O as t s h e e ts r Notes* Total Demand Time L c i O a a a b p t n h i i l d t e it a r 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—July 877 125 3,649 328 3,872 ,359 8,496 3,344 5,152 ,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 ,801 December. 906 154 3,897 424 3,831 ,510 8,881 3,847 5,034 ,841 1954—January. . 881 143 3,929 370 3,944 ,337 8,772 3,679 5,093 ,832 February. 898 197 3,951 370 3,885 ,332 8,843 3,681 5,162 ,791 March.... 923 167 3,899 421 3,775 ,426 8,780 3,535 5,245 ,830 April 892 144 3,925 398 3,780 ,408 8,708 3,397 5,312 ,839 May 8 87 6 2 6 2 2 3 1 8 5 3 3 , , 9 9 2 4 5 3 3 3 8 6 2 0 3 3 , , 7 8 8 0 0 6 1 1 , , 4 5 8 4 1 0 8 8 , , 8 9 1 2 8 9 3 3 , , 4 5 4 0 1 6 5 5 , , 3 4 7 2 8 3 1, , 8 8 2 3 9 0 June Assets Liabilities France (4 large banks. End Deposits Own Other o m f i m lli o on nt s h o f f i g f u ra r n es c s i ) n re C se a r s v h es Du ba e n f k ro s m B co il u ls n t d e i d s- Loans Other a a c n c c e e p s t- liab a i n li d ties Total Demand Time capital 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—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 December P 50,763 85,739 743,686 183,302 68,819 1,029,660 987,111 42,549 30,308 72,341 1954—January... 46,077 76,601 782,293 180,524 37,840 ,056,908 1,013,546 43,363 31,301 35,126 February.. 44,083 75,183 770,445 193,050 40.242 ,054,531 1,010,245 44,286 32,539 35,933 March 43,889 80,266 714,717 201,349 45,611 ,011,093 968,648 42,444 34,322 40,416 April 43,467 78,411 710,596 206,008 45,340 ,007,632 967,024 40,608 31,538 44,652 May 49,186 79,438 719,284 213,557 46,594 ,030,758 989,474 41,284 29,721 47,580 June 45,701 85,313 721,240 214,988 48,348 ,034,079 993,533 40,546 28,422 53,090 P Preliminary. !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of */% per cent after October 1945. 3Beginning December 1953, when a new bank was added, figures are for 11 banks. * In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 1134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE RATES Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] \rgentina Canada Year or month (peso) (p t A r o a u u l s n i - a d) ( A sc u h s il t l r in ia g) B (f e r l a g n i c u ) m (c B r r u a z z ei i r l o 1 ) M Br a s i i l t a a is y h - (dollar) Basic P e r n e t f i e a r l - Free (dollar) 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 4406 32 788 90 909 91 474 1951 20.000 13.333 7.067 223.07 1.9859 5.4406 32 849 94 939 1952 . .. 20 000 13 333 7 163 222 63 1 9878 5 4406 32 601 102 149 1953 20.000 13.333 7.198 224.12 23.8580 2.0009 »5.4420 32.595 101.650 1953—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 Wtfi 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 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 20.000 13.333 7.198 224.27 3.8580 1.9152 4.2808 3 5261 32 668 102 996 April 20.000 13.333 7.198 224.55 3.8580 1.9868 4.2808 3.5261 32.689 101.786 May 20 000 13.333 7.198 224.58 3.8580 1 9909 4.2808 3 5261 32 681 101 575 June • 20 000 13 333 7 198 224 56 3 8580 2 0032 4 2808 3 5261 32 666 101 882 July 20 000 13 333 7.198 224.51 3.8580 2 0009 4 2808 3 5261 32 689 102 611 August • 20 000 13 333 7 198 224 13 3 8580 1 9994 44 2808 43 5261 32 644 103 060 September 20.000 13.333 7.198 223.18 3.8580 2.0007 32.558 103.112 France Year or month Ceylon m De a n rk - Finland (franc) G (d e e r u m ts a c n h y e 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—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 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 March 21.052 .4354 .2856 21.056 281.45 11.608 26.408 278.67 April 21.079 .4354 .2856 623.838 21.084 281.81 69,965 26.413 279.02 May 21.078 .4354 .2856 23.838 21.084 281.85 7.995 26.418 279.06 June 21.077 .4354 .2856 23.838 21.085 281.82 7.995 26.426 279.03 July 21.094 .4354 .2856 23.838 21.094 281.76 8.000 26.415 278.97 August 21.059 .4354 .2856 23 838 21 061 281 29 8 005 26 396 278 50 September 20.968 .4354 .2856 23.838 20.970 280.08 8.005 26.364 277.31 Year or month Norway P p h i i n li e p- Po g r a t l u- A So fr u ic th a S d w e e n - e S r w la i n tz d - U K n i i n t g e - d Uruguay7 (krone) Re (p p e u so b ) lic (escudo) (pound) (krona) (franc) (p d o o u m nd) (peso) 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 23.316 281.27 865.833 856.180 842.553 934.217 1953—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 14.015 49.677 3.4900 279.98 19.323 23.289 281.03 865 833 856 180 842 553 832 573 1954—January 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 March 14.008 49 677 3.4900 280.40 19.333 23 308 281 45 14.008 49.677 3.4900 280.76 19.333 23.313 281 81 May 14.008 49.677 3.4900 280.80 19.333 23.333 281.85 June 14.008 49.677 3.4900 280.76 19.333 23.334 281.82 July 14.008 49.677 3.4900 280.71 19.333 23.320 281.76 August 14.008 49.677 3.4900 280.24 19.333 23.322 281.29 September 14.008 49.677 3.4900 279.04 19.333 23.325 280.08 JFor figures on free rate for the period Feb. 25-Oct. 9, 1953, inclusive, see BULLETIN for November 1953, p. 1231. The average for this period was 2.3274. 2Based 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. 4Based on quotations through Aug. 13, 1954. 5Based on quotations beginning Apr. 1, 1954. •The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 7Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4, 1953, inclusive; the average for this period was 53.1914. •Based on quotations through Dec. 4, 1953. 9Free rate, based on quotations Feb. 10-Dec. 4, 1953, inclusive. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409. 1135 OCTOBER 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 1 S = 9 1 n t 4 a 0 i 7 t t 0 e e - ) 4 d s 9 ( C 1 = a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (1 1 e 9 0 x 3 0 i ) 9 c = o K U ( i 1 n 1 n 9 g 0 i 3 0 t d ) e 0 o d = m F (1 r 1 9 a 0 4 0 n ) 9 c = e (1 I 1 t 9 0 a 3 0 l 8 y ) = ( a 1 J v 9 = a e 3 p 1 r 4 ) a a - g n 3 e 6 N ( l 1 e a 1 9 t 0 n h 4 0 d e ) 8 s r = - S (1 w 1 9 0 e 3 0 d ) 5 e = n ( S A = w u l 1 a g i 0 t . n z 0 d 1 e ) 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 110 221 393 328 138 5,250 354 134 298 213 1953—August 111 222 395 327 137 5,270 355 133 296 212 September 111 221 398 326 137 5,246 357 133 295 212 October 110 220 401 326 136 5,237 359 133 295 212 November 110 219 396 328 137 5,222 360 134 297 212 December 110 219 396 326 138 5,256 361 134 296 211 1954—January 111 220 396 326 138 5,286 368 135 296 213 February 111 219 397 326 138 5,328 369 136 296 213 March 111 219 401 329 136 5,336 368 135 296 214 April 111 218 411 330 137 5,295 364 136 297 215 May 111 218 431 331 139 ••5,292 358 137 296 214 June 110 218 437 P332 135 5,262 137 298 215 July 110 217 437 P333 P134 134 P297 214 August 111 216 441 P330 P136 214 P 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 Raw and Fully and pr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r u o n t r d l u e y s - d fa c m g c h o t a i u e o n f r d u l e y s - d Foods p I r n o tr d d ia u u l s c - ts Foods t p r I r i n o al d d u u ra s c - w ts p f I r i n n o tr d i d i s a u u h 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 107 109 113 250 219 231 284 *352 129 166 135 1953 97 105 114 220 207 229 307 123 156 132 1953—August 96 105 115 214 210 230 309 119 155 131 September 98 107 115 209 207 230 307 121 155 132 October 95 105 115 209 205 229 304 120 154 132 November 94 104 115 205 203 228 305 122 153 132 December 94 104 115 207 204 228 302 122 153 132 1954—January 98 106 115 209 207 228 302 127 153 133 February 98 105 114 209 205 227 305 128 153 133 March 98 105 114 207 204 227 311 126 154 133 April 99 106 115 206 206 225 310 127 1.S3 133 May 98 107 115 210 208 225 310 129 155 133 June 95 105 114 210 207 225 P311 131 155 134 July 96 '107 114 214 207 224 P313 118 154 133 August 96 106 114 208 205 222 P304 n.a. Not available. P Preliminary. rRevised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1136 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 = 1 t 9 n 1 a 4 i 0 t 7 t e 0 e - s ) 4 d 1 9 = C ( a 1 a 1 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 n 0 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 u 9 - d g = . ( U S 1 = 9 n t 1 a 4 i 0 7 t t 0 e e - ) 4 d s 1 9 = C ( a 1 a 1 d 9 0 n 4 a 0 - 9 ) 1 K 5 d ( , J i o n a 1 m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N l = ( e a 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 n r u 9 - d g = . - = 100) 100) = 100) 100) 1946 83 78 35 152 79 36 160 1947 96 85 57 158 96 67 57 170 1948 103 97 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 114 115 106 144 120 170 113 113 112 137 124 184 1953—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 115 116 106 142 120 170 112 112 110 134 122 186 1954—January 115 116 106 143 123 170 113 112 110 136 124 185 February 115 116 106 144 124 170 113 112 110 137 126 185 March 115 116 107 144 124 169 112 111 112 136 127 184 April 115 116 107 142 125 170 112 110 113 134 129 185 May 115 116 107 144 126 170 113 110 112 137 131 186 June 115 116 107 144 127 171 114 112 114 136 134 187 July 115 116 109 142 127 171 115 112 118 133 132 188 August 115 117 P142 126 P172 114 114 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 S U g t ( r n a h a i t i d g t e e e h s d ) ^ ( C 1 = a 9 1 n 3 0 5 a 0 - d 3 ) a 9 1 K (D 9 U i 2 e n n 1 c g i e = t d m 1 e o d 0 b m 0 e ) r F = ( r 1 1 a 9 0 n 4 0 c 9 ) e N la e n th d e s r 2 - ( U 1 S = 9 t n 1 3 a i 0 5 t t 0 e e -3 ) d s 9 C (1 = a 9 1 n 3 0 5 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) (1 F 94 ra 9 n = c 1 e 00) N la e n th d e s r 3 - Number of issues. . . 17 87 60 14 480 99 278 295 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 '121.9 109.6 121.2 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 92.2 159 212 1953—August 111.4 82.6 112.0 114.1 101.8 187.3 161.2 92.5 162 218 September. .. 110.9 82.3 112.8 115.0 102.1 179.2 152.9 91.4 165 215 October C112.5 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 93.7 169 223 December 113.5 85.3 114.2 113.8 103.4 190.7 153.6 93.5 170 230 1954—January «114.6 87.0 114.3 114.6 103.7 195.4 157.4 94.1 180 239 February.... 116.5 88.7 114.8 114.9 101.8 199.6 163.2 95.8 184 245 March 117.9 95.5 115.3 116.0 100.0 204.9 165.0 95.6 187 250 April 118.1 99.8 116.6 115.7 100.6 212.7 173.6 97.0 194 256 May 117.5 100.3 117.3 115.4 103.4 219.8 179.5 97.8 199 261 June 117.0 100.3 116.0 114.9 106.3 221.8 180.5 98.5 194 269 July 117.5 102.1 118.5 114.9 104.3 231.1 182.3 100.0 198 282 August 117.8 102.8 119.7 103.7 236.4 187.0 101.7 285 e Corrected. 1 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. OCTOBER 1954 1137 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 A. L. MILLS, JR. PAUL E. MILLER JAMES K. VARDAMAN, JR. J. L. ROBERTSON C. CANBY BALDERSTON 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 H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser on Economic Research 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 GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE 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 C. CANBY BALDERSTON J. L. ROBERTSON GEOFFREY S. SMITH, PHILADELPHIA DISTRICT MALCOLM BRYAN M. S. SZYMCZAK H. G. LEEDY JAMES K. VARDAMAN, JR. GEORGE GUND, CLEVELAND DISTRICT PAUL E. MILLER ALFRED H. WILLIAMS ROBERT V. FLEMING, RICHMOND DISTRICT A. L. MILLS, JR. C. S. YOUNG Vice President WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT KARL R. BOPP, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT GEORGE W. MITCHELL, Associate Economist EARLE L. RAUBER, 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 1138 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 Preside l n o t w s e i r n s e c c h t a io r n g e o f o f t h b is r a p n a c g h e e ) s are listed in Boston. Harold D. Hodgkinson J. A. Erickson Robert B. Harvey 3 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 John E. Exter T. G. Tiebout H. H. Kimball - 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. Poorman 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 Dwight L. Allen Martin Morrison Leo L. Rummell Donald S. Thompson Roger R. Clouse H. E. J. Smith A. H. Laning 3 Paul C. Stetzelberger Richmond. John B. Woodward, Jr. Hugh Leach N. L. Armistead James M. Slay W. G. Wysor Edw. A. Wayne Aubrey N. Heflin C. B. Strathy Upton S. Martin Chas. W. Williams J. M. Nowlan 2 Atlanta. Rufus C. Harris Malcolm Bryan V. K. Bowman L. B. Raisty Paul E. Reinhold Lewis M. Clark J. E. Denmark Earle L. Rauber 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. Ha 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. . . Leslie N. Perrin O. S. Powell H. C. Core Otis R. Preston A. W. Mills E. B. Larson M. H. Strothman, Jr. H. G. McConnell 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 I. L. Cook 3 Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco.., A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade 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 Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner 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 Fred Burton Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 1 Counsel. OCTOBER 1954 1139 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 subscription to monthly chart book includes one the Division of Administrative Services, Board of issue of supplement. Single copies, 60 cents each; Governors of the Federal Reserve System, Wash- in quantities of 10 or more copies for single ington 25, D. C. Where a charge is indicated, shipment, 50 cents each. (Domestic rates) remittance should be made payable to the order of the Board of Governors of the Federal Reserve BANKING AND MONETARY STATISTICS. Statistics of System. banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per THE FEDERAL RESERVE SYSTEM—PURPOSES AND copy. No charge for individual sections (un- FUNCTIONS. Revised edition. July 1954. 224 bound). pages. A STATISTICAL STUDY OF REGULATION V LOANS. ANNUAL REPORT of the Board of Governors of the September 1950. 74 pages. 25 cents per copy; Federal Reserve System. Issued each year. in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Rica, Cuba, Dominican Republic, Ecuador, INGS AND THEIR USE IN ECONOMIC ANALYSIS. Guatemala, Haiti, Republic of Honduras, Mexico, January 1952. 175 pages. 25 cents per copy; in Nicaragua, Panama, Paraguay, Peru, El Salvador, quantities of 10 or more copies for single ship- Uruguay, and Venezuela is $2.00 per annum or ment, 15 cents each. 20 cents per copy; elsewhere $2.60 per annum or 25 cents per copy. Group subscriptions in the THE FEDERAL RESERVE ACT, as amended to Novem- United States for 10 or more copies to one ad- ber 1, 1946, with an Appendix containing prodress, 15 cents per copy per month, or $1.50 visions of certain other statutes affecting the for 12 months. Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 COMPILATION OF FEDERAL AND STATE LAWS RELATper annum including edition of historical supple- ING TO BRANCH BANKING WITHIN THE UNITED ment (listed below) available when subscription STATES. (July 1, 1951.) December 1951. 33 is entered or renewed. 60 cents per copy; in pages. quantities of 10 or more copies of a particular issue for single shipment, 50 cents each. (Do- RULES OF ORGANIZATION AND RULES OF PROCEDURE mestic rates) —Board of Governors of the Federal Reserve System (with Amendments). September 1946. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE 31 pages. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. Annual REGULATIONS OF THE BOARD OF GOVERNORS OF THE aA more complete list, including periodic releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 676-79 of the June 1954 BULLETIN. with amendments and supplements thereto. 1140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS REVISED INDEXES OF DEPARTMENT STORE SALES AND (From Federal Reserve Bulletin unless preceded by an asterisk.) STOCKS, BY MAJOR DEPARTMENTS. November 1953. 65 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 6 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. % EXCESS PROFITS TAXES OF COMMERCIAL BANKS. pages. June 1952. 18 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- STALMENT CREDIT. January 1954. 14 pages. LATION X. June 1952. 18 pages. BANK CREDIT AND MONEY IN 1953. February 1954. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 6 pages. 9 pages. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. REVISED SERIES ON DEPARTMENT STORE SALES, March 1954. 9 pages. (Also, similar article from STOCKS, AND ORDERS. October 1952. 5 pages. March 1953 BULLETIN.) RECENT CREDIT EXPANSION. December 1952. 7 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY pages. FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES. March 1954. 4 pages. PURCHASES OF CREDIT AND MONETARY REVIEW FOR 1952. February DURABLE GOODS AND HOUSES IN 1953. June 1954. 1953. 7 pages. 17 pages. THE FINANCIAL POSITION AND COM- MITMENTS OF CONSUMERS. July 1954. 20 pages. THE MONETARY SYSTEM OF THE UNITED STATES. Also, similar surveys for earlier years from 1946, February 1953. 16 pages. 1947, 1948, 1949, 1950, 1951, 1952, and 1953 INFLUENCE OF CREDIT AND MONETARY MEASURES ON BULLETINS.) ECONOMIC STABILITY. March 1953. 16 pages. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- GOODS. May 1954. 15 pages. (Also, similar re- BILITY. May 1953. 7 pages. print from October 1951 BULLETIN.) REVISION OF CONSUMER CREDIT STATISTICS. April ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS 1953. 19 pages. AND BUSINESSES. July 1954. 2 pages. (Also, similar article from July 1953 BULLETIN.) ^DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE- MONETARY AND CREDIT DEVELOPMENTS SINCE MID- TERM CONSUMER CREDIT STATISTICS (supplemen- 1953. July 1954. 8 pages. tary details for item listed above), April 1953. FINANCING OF LARGE CORPORATIONS IN 1953. August 25 pages. 1954. 9 pages. THE TRANSITION TO FREE MARKETS. April 1953. THE BALANCE SHEET OF AGRICULTURE, 1954. August 6 pages. 1954. 13 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- 1953. 5 pages. tember 1954. 10 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN WORLD TRADE AND PRODUCTION IN 1953-54. October AMERICA. May 1953. 6 pages. 1954. 8 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE RECENT FINANCIAL CHANGES IN WESTERN GER- CORPORATIONS. July 1953. 12 pages. MANY. October 1954. 10 pages. 1141 OCTOBER 1954 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 j w w == BOUNDARIES OF FEDERAL RESERVE DISTRICTS J0 BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <S> FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1954, September 30). Federal Reserve Bulletin, 1954-10. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_195410
@misc{wtfs_bulletin_195410,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1954-10},
year = {1954},
month = {Sep},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_195410},
note = {Retrieved via When the Fed Speaks corpus}
}