federal reserve bulletin october 1954 - st. louis fed

F E D E R A L R E S E R V E

BULLETINOCTOBER 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 BULLETINVOLUME 40 October 1954 NUMBER 10

WORLD TRADE AND PRODUCTION IN 1953-54United States exports, after a year and a

half of little change, increased moderatelyin the spring and early summer of 1954, re-sponding to foreign demand associated withhigh levels of economic activity abroad.Despite the decline in United States in-dustrial production and imports in the latterhalf of 1953, production in Western Europecontinued to rise, and advanced further inthe first eight months of 1954. World mar-kets showed on the whole a high degree ofstability, with considerable strength for someindustrial materials.

European countries made further progressin relaxing restrictions upon expenditures ofdollars. Foreign holdings of gold and dol-lars continued to rise as outpayments fromthe United States remained in excess of for-eign purchases from the United States.

UNITED STATES EXPORTS

From March through August—the latestsix months for which data are available—United States exports were at an annual rateof 12.9 billion dollars, exclusive of militaryshipments under the Mutual Security Pro-gram. After allowance for seasonal varia-tions, this was a gain of about half a billiondollars over the 12.2 billion level of the pre-ceding year and a half. The increase wasone of the factors that checked the declinein United States production. In view ofcontinuing large exports by other countries,the gain in United States exports indicatedimpressive strength of world demand.

INDUSTRIAL PRODUCTIONSeasonally adjusted, 1950=100

WESTERN EUROPE /

UNITED STATES

140

120

100

80

601948 1950 1952 1954NOTE.—Federal Reserve index for United States; latest fig-

ure shown for third quarter. Organization for European Eco-nomic Cooperation (OEEC) index for member countries. Dotrepresents preliminary data for July-August, seasonally adjustedby Federal Reserve.

A rising trend of exports first became evi-dent in the latter part of 1953 in sales toJapan, the Netherlands, and certain LatinAmerican countries. In other markets im-provement waited until the spring of 1954.Relatively small exports in March, whenmany shipments were delayed by the NewYork port strike, were followed by excep-tionally heavy movements in April, andaverage exports for the two months togethershowed an increase. In May-August exportsremained close to the March-April level.

Gains in export markets were widespread.Even in those countries where United Statesexports in the first half of 1954 failed tomatch those of the first half of 1953, declinesdid not continue during the spring.

OCTOBER 1954 1033


WORLD TRADE AND PRODUCTION IN 1953-54

UNITED STATES FOREIGN TRADEMillions of dollars

V

I W 1 military aid A

V —IMPORTS

—

I 1 1

1600

— 1200

— 800

400

1948 1950 1952 1954NOTE.—Three-month moving averages with double weight for

center month, based on Department of Commerce data. Latestfigures shown are for August.

The sole instance of significant downturnbeginning this year was in exports to Japan,which rose sharply up to February 1954 anddeclined thereafter. The downturn was theconsequence of measures that the JapaneseGovernment took to cope with a criticalbalance-of-payments situation.

Almost all major commodities and com-modity groups shared in the increase inUnited States exports in the first half of1954. The principal exceptions were fuels,textiles, certain types of machinery, andwheat. These are commodities for whichabnormal shortages of world supply existedin the earlier postwar period; United Statesexports of these goods have tended to declinein the past two years.

IMPORTS AND BALANCE OF TRADE

At the beginning of 1953 import demandsin this country were exceptionally strong.Subsequently, with the downturn in UnitedStates industrial production and a slacken-ing in the rate of strategic stockpiling, im-ports of metals and other raw materials de-

clined. Apart from coffee imports, the lowpoint (on a daily average basis) was reachedin December and January, when the declinefrom peak months of 1953 exceeded 15 percent. After a partial recovery in the spring,the total value of United States imports inthe first half of 1954, excluding coffee, was11 per cent smaller than the value in thefirst half of 1953. Including coffee the de-cline was only 7 per cent.

With imports reduced in the first half of1954, the surplus of merchandise exportsover imports was at an annual rate of 2.2billion dollars as compared with LI bil-lion in the corresponding period of 1953.Including United States military expendi-tures abroad, other service transactions, andremittances, the current account surplus wasat a rate of 1.0 billion dollars, against a smallnegative figure the year before.

The decline during 1953 in United Statespayments for imports was smaller thanmany observers in foreign countries hadfeared, and the subsequent rise in foreignpurchases from the United States was gen-erally unexpected. Apprehensions had beenwidely expressed that even a moderate de-cline in United States imports would createbalance-of-payments troubles for other coun-tries and would bring deflationary pressuresin world markets. Such fears proved ill-founded. Foreign reserves of gold and dol-lars continued to increase, especially inWestern Europe, and world markets were in-fluenced by a steady growth of real incomein Europe.

Declines in imports of the United Statesin 1953-54 were heaviest in purchases fromWestern Europe, where few adverse effectswere felt; from the sterling area; and fromcertain Latin American countries which donot produce coffee or petroleum. Many ofthe raw material producers that sold less tothe United States sold more to Europe than

1034 FEDERAL RESERVE BULLETIN



before. In some cases this meant replacingdollar earnings with earnings of sterling orof other nondollar currencies. In view ofthe strength of sterling in international ex-change markets, pressures to maximize netearnings of dollars were not so heavy as inearlier years.

ADDITIONS TO FOREIGN RESERVES

At mid-1954 the gold reserves and officialand private holdings of dollars of foreigncountries (excluding the U.S.S.R.) and ofinternational institutions totaled 27.4 billiondollars, as compared with 22.6 billion twoyears earlier. The increase in 1953-54 was2.4 billion dollars, the same as the yearbefore. Net transfers from the UnitedStates in 1953-54 amounted to 1.7 billiondollars, compared with 2.1 billion in thepreceding twelve-month period, but ad-ditions to foreign reserves of gold from newproduction and other sources greatly ex-ceeded those of the previous year.

In the first half of 1954 foreign gains ofgold and dollars from transactions with theUnited States were considerably smaller thanin earlier half-year periods. They neverthe-less amounted, as shown in the table, to morethan 600 million dollars—an annual rate ofalmost 1.3 billion dollars.

United States military expenditures forgoods and services to be used abroad ortransferred to other nations were 1.2 billiondollars in the first half of 1954, only slightlymore than in the corresponding period of1953. An increase in payments for offshoreprocurement in Europe was offset by a de-cline in military expenditures in Japan.Changes in private service transactions andremittances were relatively small. The prin-cipal factors altering the current accountbalance were the decline in payments forcommercial imports and the rise in exports.

Another significant change in the over-

UNITED STATES BALANCE OF PAYMENTS AND INCREASE IN

FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS

[In billions of dollars]

Item

Payments from United States:Merchandise imports1

Services and remittances1

Military expendituresGovt. economic aid and loans (net)U. S. private direct investment (net)

Total

Foreign payments to United States:Merchandise exports2

Private investment incomeOther exports of services2

Total

Balance available for increase in foreignassets, etc.:

Unidentified transactionsNet repayments to private U. S. creditors

and repatriation of foreign securitiesMiscellaneous foreign assets in U. S

Foreign U. S. dollar holdings3

Gold purchased from U. S

Increase in foreign gold reserves anddollar holdings:

From transactions with United StatesGold entering reserves from other sources...

Totals

January-June

1954 v

5.271.661.20

.62

.36

9 .10

6.36.86

1.43

.8.64

+ .46

- . 0 1

- . 2 9+ .13

+ .56+ .06

+ .63+ .38

+1.01

1953

5.681.721.161.02

.42

10.00

6.23.83

1.40

8.46

+1.55

+ .12

+ .27+ .02

+ .40+ .73

+ 1.13+ .12

+1.25

P Preliminary.1 Excluding military expenditures, shown separately.2 Excluding military transfers under aid programs (1954, 1.82

billion dollars; 1953, 2.66 billion).3Federal Reserve data, including holdings of international

institutions. Dollar holdings include holdings of short-term U. S.Government securities and also certain long-term U. S. Govern-ment securities held for foreign official accounts.

NOTE.—Department of Commerce data, except dollar holdingsand gold entering foreign reserves from sources other than trans-actions with the United States. Details may not add to totalsbecause of rounding. The current account balance (on goods,services, and remittances) may be derived by deducting the firstthree items of "payments from United States" from total "foreignpayments to United States."

all balance of payments was a decline of 400million dollars in the net outflow of Govern-ment aid and loans. There was also a smalldecline in the outflow of United States pri-vate capital for direct investment abroad.The balance of funds from these sources andfrom current account transactions, availablefor additions to foreign official gold reserves,for additions to foreign official and privateassets in the United States, and for repay-ment of foreign debts to private persons inthe United States or repatriation of foreignsecurities, amounted to about 450 million

OCTOBER 1954 1035



dollars, as against 1,550 million in the firsthalf of 1953.

In the first half of 1953 part of the verylarge balance of funds had been absorbed,as the table on the preceding page shows, bya substantial flow of repayments and repatria-tion of securities. In the first half of 1954, onthe other hand, net movements of UnitedStates short-term and portfolio capital wereoutward, providing additional funds to for-eigners. Thus net acquisitions of dollar hold-ings and of gold from the United States inthe first half of 1954 amounted, as notedabove, to about 600 million dollars. Goldentering foreign reserves from other sourcesamounted to about 400 million, so that thetotal gain for the half year reached 1 billiondollars. Since midyear there have been fur-ther additions to foreign reserves.

RELAXATION OF EXCHANGE CONTROLS

The marked improvement in reserve posi-tions of foreign countries, particularly inEurope, has had two major consequences.In conjunction with the maintenance ofstable price levels, it has given Europeangovernments and central banks a wider mar-gin of freedom to allow expansion of in-ternal demand without risk of balance-of-payments crises, and it has brought a gradualrelaxation of trade and exchange controls.

A notable development in the field of ex-change controls occurred in March 1954,when the United Kingdom simplified its con-trols over transfers of foreign-held sterlingamong foreigners. "Transferable sterling"still cannot be paid to or used directly by per-sons in the dollar area, but its other uses areno longer limited by British regulations. Be-sides normal trade purchases in nondollarcountries and purchases in London of suchdollar commodities as copper, zinc, sugar,and coffee, these uses now include capitaltransfers among nondollar countries, and the

purchase of dollar funds in free markets out-side the sterling countries. Throughout thespring and summer the free exchange ratefor transferable sterling against dollars waswithin 2 per cent of the dollar rate forAmerican-held (convertible) sterling.

Western Germany, Belgium, and theNetherlands have established somewhat sim-ilar arrangements for foreign use of their cur-rencies. They have also relaxed restrictionson the withdrawal of foreign long-term in-vestments. American and Swiss holders, likeothers, may now withdraw in their own cur-rency from the Netherlands or Belgium theproceeds of securities liquidated in thosecountries. Blocked accounts in Germanywere replaced in September 1954 by "liberal-ized capital accounts," which have wider useswithin Germany and may be converted at of-ficial rates into other currencies except dollars.

Residents of these continental countriesnow have considerable freedom to make in-vestments abroad. Residents of the UnitedKingdom have recently been allowed greaterlatitude to invest in Canada.

In the field of trade and exchange controlsaffecting imports, where liberalization ofintra-European and intra-sterling area trans-actions was far advanced by mid-1953, thegradual removal of quotas and other directrestrictions on imports of dollar goods wasaccelerated in 1954. Among recent ac-tions of this kind were those of Sweden inSeptember and Italy in August. Switzer-land, Belgium, the Netherlands, and SouthAfrica are still in the lead among Europeanand sterling area countries in this respect.

In the United Kingdom, imports of mostraw materials and foodstuffs from the dollararea have been completely freed from con-trols, but manufactured goods, though morefreely admitted than in 1951, are still subjectto discriminatory restriction. In Germany,on the other hand, many types of dollar




manufactures are admitted freely, while im-ports of foodstuffs and of some materialsare still under direct control.

Germany, Italy, and Japan still make con-siderable use of bilateral trade agreementswith raw-material-producing countries. Un-der present conditions these agreements ap-pear to be employed not so much for thepurpose of economizing on dollar expendi-ture as for obtaining reciprocal advantagesin exporting.

In those countries which have gone thefarthest in removing old restrictions on dol-lar transactions, important new fields havebeen opened up for competition by UnitedStates exporters. At the same time theloosening of controls has benefited indus-tries abroad that depend upon importedmaterials and equipment that they arenow free to buy in the most advantageousmarkets. It has stimulated greater efficiencyin those industries which must compete in-creasingly at home and abroad with prod-ucts of the United States and other nations.

WORLD EXPORTSBillions of U. S. dollars, annual rates

OEEC EUROPETO OUTSIDE-

LATIN AMERICA

JAPAN

I I 1

OUTER STERLINGAREA

OTHERS

CANADA

1 I I

15

10

1950 1952 1954 1950 1952 1954

NOTE.—Based on data from Department of Commerce,Dominion Bureau of Statistics (Canada), OEEC, and Inter-national Monetary Fund. OEEC exports shown are those ofmember countries to all others, including dependencies. Outersterling area excludes sterling OEEC members: United King-dom, Ireland, and Iceland. Latest figures shown are for firsthalf of 1954.

WORLD IMPORTSBillions of U. S. dollars, annual rates

OEEC EUROPEFROM OUTSIDE

UNITED STATES

_ ' LATIN AMERICA _

JAPAN

OUTER STERLINGAREA

OTHERS

— CANADA

1 I (

20

15

10

1950 1952 1954 1950 1952 1954NOTE.—See note for preceding chart. Data are on c.i.f.

basis, except for United States and Canada, which are on f.o.b.basis. Latest figures shown are for first half of 1954.

EXPANSION OF WORLD TRADE

International trade in general expandedsteadily after the summer of 1952, and therise in United States exports this year laggedconsiderably behind increases in the exportsof Europe, Japan, and Latin America, asshown in the chart at the left. Industrialcountries abroad made progress in 1953 to-ward regaining their prewar shares of worldtrade. Latin American exports increased involume, and their value was further enlargedin 1953-54 by rising coffee prices.

A factor of great significance in maintain-ing growth of world trade after UnitedStates imports turned down in 1953 was therise in imports of Western Europe fromother areas, shown in the chart above. Thisrise started from a low point in September1952. By the first half of 1953, though pricesand value were lower than in the 1951 boom,the physical volume of imports into WesternEurope from outside sources had fully re-

OCTOBER 1954 1037



gained the 1951 level. By the first half of1954 there was a further increase of 5 percent in volume and 3 per cent in value.

Another source of increasing demand inworld trade in the latter part of 1953 wasJapan. Unlike the increase in European im-ports, the financing of which caused no seri-ous difficulties, the 25 per cent rise in Japa-nese imports during 1953 led to drains onJapan's reserves of dollars and sterling, whichwere also showing the effect of a decline inUnited States military expenditures in Japan.Late in 1953 the Japanese Governmentadopted new policies of import control andinternal stabilization. Import purchaseswere cut back considerably and import ar-rivals declined after March 1954. The finan-cial stabilization program was apparentlysuccessful in halting the inflation of pricesand costs which previously had been retard-ing exports and overstimulating imports.

EUROPEAN INDUSTRIAL PRODUCTION

The rise in European imports from mid-1952 to mid-1954 reflected increasing needsbased on rising consumption, replenishmentof business inventories, and expansion of pri-vate investment. Over the two years indus-trial production advanced by about 7 percent a year.

The purchasing power of European con-sumers was enlarged by rising money in-comes while prices of finished goods re-mained stable. Moderately rising hourlywage costs were offset by increasing pro-ductivity and by the availability of importedmaterials at prices substantially lower thanin 1951. There was progressive relaxationof governmental controls affecting prices orpurchases in domestic trade. Saving fromcurrent incomes was generally much higherthan in 1951 and earlier postwar years.

In the first phase of the European recoveryafter mid-1952, textile production rebounded

sharply, especially in England. The over-allrise in European industrial production at thistime was not so rapid as the advance thenoccurring in the United States, but after mid-1953 European output continued to gain.

A number of sources of demand contrib-uted to the further advance in Europeanproduction in 1953-54. Housing construc-tion was an important factor in the UnitedKingdom and Germany. European exportsto nondollar countries rose throughout 1953and the first half of 1954, while exports tothe United States remained high until nearthe end of 1953. Differences in the timingof the recovery in different countries alsoplayed a part: in France demand did notbegin to pick up with fresh momentum un-til the latter half of 1953.

Perhaps the most important factor in thecontinuation of the advance of Europeanproduction after mid-1953 was the upturnin business expenditures for fixed capitalinvestment. With demand for industrialproducts generally at a high level, numerous

WESTERN EUROPEAN INDUSTRIAL PRODUCTIONSeasonally adjusted, 1950000

_L

140

130

120

110

100

9 0

80

1950 19521952NOTE.—OEEC indexes for member countries. Seasonal ad-

justment for metal products estimated by Federal Reserve.Latest data shown are preliminary for second quarter 1954.




opportunities have been found for modern-ization and expansion of productive capacity.

As foreign and domestic orders for newproducers' equipment—-as well as sales ofautomobiles and other consumers' dura-ble goods—increased, metal-using industriesfound their stocks of material inadequate.In the first half of 1954 output of steel andother metal-producing industries was risingin all European countries. New orders forsteel in the summer were at record levels.

PRODUCTION IN CANADA AND JAPAN

While rising industrial production andbusiness activity in Europe exerted a majorinfluence on world business conditions, aleveling off in demand in the much smallerCanadian economy had considerable directeffect on United States exports. Canada'sindustrial production is less than one-tenthof Western Europe's, but our exports toCanada are about as large as our exports toWestern Europe: each accounts for aboutone-fifth of total United States commercialexports. In the first half of 1954, when ex-ports to Western Europe were 8 per centgreater than the year before, exports toCanada were down by 11 per cent.

Canadian industrial production in 1953-54followed a course somewhat similar to thatof United States production, but the net de-cline from the average for May-July 1953 tothat for May-July 1954 was only 3 per centcompared with the 9 per cent decline in thiscountry. Output in manufacturing wasdown 6 per cent compared with 10 percent here. New investment activity, thoughsomewhat reduced, continued strong. Farmincome was reduced in consequence of lowerprices for wheat and other grains, and thevalue of wheat exports fell sharply. Cana-dian imports continued to exceed total ex-ports, the deficit in trade being covered bythe inflow of investment capital.

OCTOBER 1954

Japanese industrial production rose verysharply in 1953. A gain of about 20 per centbrought Japanese manufacturing and miningactivity at the beginning of 1954 to a levelapproximately 15 per cent above the prewaryear 1938. This spring and summer therewas a slight recession from that level.

WORLD COMMODITY MARKETS

Intimately related to the continuinggrowth of European production in 1953-54was the absence of deflationary tendenciesin world markets. From the point of viewof the nondollar world, the strength of rawmaterial prices meant, on the whole, thatUnited States purchases yielded more dol-lars than if price levels had fallen; thiswas a factor in the continuing growth ofmonetary reserves. Even more important,and quite apart from currency questions, in-come within primary producing countrieswas well maintained. Active markets over-seas were thus provided for the exports ofindustrial countries.

While stability in world markets con-tributed to growth of European production,the high and rising demand of Europe forimports of raw materials was itself a stronginfluence toward stability in primary marketsin the face of reduced demand in the UnitedStates and generally ample supply.

Demand and supply conditions variedamong commodities. For many industrialraw materials prices in foreign markets inthe spring of 1954 were higher than in thelast few months of 1953. For some com-modities, moreover, price advances had oc-curred in 1953 at the same time that UnitedStates business activity was declining. Suchcommodities included lead, zinc, and jute,for which European demand was rising in1953, as well as the beverage commodi-ties—coffee, cocoa, and tea—for which de-mand was strong in all countries.

1039



PRICES IN SELECTED COMMODITY MARKETS

[U. S. cents per pound]

Commodity (and market)

Prices higher in April-June 1954than in April-June 1953:

Coffee (New York)Cocoa (British W. Africa)Tea (Ceylon)

Tobacco (Turkey)Crude petroleum (Venezuela).Newsprint (Sweden) ,

Zinc (London)....Lead (London)....Jute (Pakistan). . .Cotton (Pakistan).

Prices lower in April-June 1954than in April-June 1953:

Copper (London)Tin (Malaya)Rubber (Malaya)Wood pulp (Sweden).

Wool (Australia)Sugar (Cuba)Copra (Philippines)Wheat (Canada)

April-June1954

875061

601195

5.9

9.912.01038

30.48920.58.0

713.36.7

2183

Oct.-Dec.1953

603251

60*195

5.6

9.411.71034

29.67618.97.6

813.28.6

2196

April-June1953

563049

50160

5.5

31.59022.68.2

763.558.0

2213

1 Cents per barrel.2 Cents per bushel.NOTE.—Averages of monthly data published by International

Monetary Fund. Jute and cotton averages for April-June 1954partly estimated by Federal Reserve.

Foreign growers' prices for raw cottonwere relatively low in 1953, but strengthenedearly in 1954 when it became clear thatEuropean stocks were no longer being re-duced and that European consumption wasbeing maintained at a relatively high level.

For certain other commodities, potentiallyin very heavy supply, prices weakened dur-ing the greater part of 1953 but advancedmoderately in the first half of 1954. In thecase of copper, rising European consumptionand replenishment of stocks were accom-panied by curtailment of production—inChile from October 1953 onward and in theUnited States somewhat later. In the caseof rubber, most of the decline in UnitedStates consumption was offset by curtail-ment of synthetic rubber output when lowprices made natural rubber more attractive.

Prices for wool and certain agriculturalproducts were also lower in the spring of

1954 than they had been a year earlier. Eu-ropean consumption of wool in 1953-54 wasat a very high level but was not rising. TheCuban sugar price was influenced by ex-panding production of sugar in other coun-tries. The supply situation for copra andcoconut oil eased considerably in 1954.Wheat continued to be heavily in surplussupply on world markets.

5-5 INFLUENCE OF THE BALANCE OF PAYMENTS

For countries that depend greatly on for-eign trade, domestic expansion always bringsthe risk of a worsened balance of payments.Gold and foreign exchange reserves give pro-tection against this risk, and may thereforesupport expansion. When reserves are notfully adequate for all contingencies, sup-port of the same kind may be given by abalance-of-payments situation in which re-serves are increasing. This, in general, wasthe case in Western Europe in 1953-54.

In such a situation, governments and cen-tral banks were able to relax foreign tradecontrols and could allow a steady growth ofdomestic incomes. The consequent growthof demand for imports presented no seriousdanger. Since opportunities were availablefor more efficient use of resources, growth ofreal income was rapid. Europe's purchasesof imports were large, and provided an ele-ment of strength in world markets.

The large flow of dollar payments fromthe United States in recent years, by con-tributing to the maintenance of a favorablebalance-of-payments situation for Europe,has proved to be a basic influence towardstability and growth in world trade and pro-duction. Against this background, the in-crease in United States exports this spring,responding to world demand, was a sign ofincreased strength in the world economy.



REGENT FINANCIAL CHANGES IN WESTERN GERMANY1

After heavy reliance on foreign assistancein the postwar period, Western Germanyafter 1951 began to accumulate monetaryreserves in the form of gold and foreign ex-change, and also to provide credit to manyof its trading partners. This improvementin Western Germany's international positionwas accomplished within the framework ofa rising standard of living, progressive aboli-tion of direct controls, and over-all financialstability.

Wholesale prices and the cost of living atthe end of 1953 were both somewhat lowerthan in mid-1951, that is to say, at the end ofthe last 12-month period when Western Ger-many had a foreign deficit on current ac-count. Fluctuations during the interveningperiod were very small. After rising sub-stantially in the first year after the outbreakof war in Korea, wholesale and consumerprices continued to rise very slightly for sometime, remained practically constant through-out calendar year 1952, and then declinedabout 3 per cent in 1953.

This large measure of internal financialstability was maintained over a period whenWestern Germany's foreign position on cur-rent account shifted from deficit to surplusby an amount equivalent to about half thevalue of the country's private investment inplant and equipment in 1953. There was aconcurrent shift of the same order of mag-nitude, also from deficit to surplus, inthe balance of the current payments andreceipts of the government sector with the

1This article was prepared by Henry K. Heuser, Chief ofthe Central and Eastern European Section of the Board's Divi-sion of International Finance. Presentation and analysis owemuch to the methodology developed in recent years by theCentral Planning Bureau of the Netherlands and the Neder-landsche Bank.

private sector and foreign countries. And,while the value of total supplies—domesticoutput and imports—was almost a thirdlarger in 1953 than in the 12-month periodending June 1951, domestic use of such sup-plies had expanded by little more than one-fourth.

These developments suggest that, broadlyspeaking, internal financial stability in West-ern Germany was maintained during thepast three years because the effects of twomajor financial changes—the shifts fromdeficit to surplus on both foreign and gov-ernment accounts—served as offsets to eachother. Such an interpretation assumes that,in the absence of a government surplus, pri-vate spending would have been greaterrather than private borrowing less.

To recognize that the effects of two majorfinancial forces offset each other and thushelped to maintain internal financial sta-bility does not advance the explanation ofstability very far. It would seem worth-while, therefore, to explore in some detailthe train of causation in the stabilizing proc-ess; to ask which of the two forces was theoriginating and which the reacting one atdifferent times during the period.

Examination of major economic changesover the period seems to support the viewthat it was the development of a slack indomestic demand relative to productive ca-pacity that twice served as the originatingfactor in the process of mutual offsetting bydifferent forces. This was near the begin-ning (second half of 1951) and again towardthe end of the period (latter part of 1952 andthe first half of 1953). Rising net exportsappear to have been the originating factorduring the middle of the period (most of

OCTOBER 1954 1041


RECENT FINANCIAL CHANGES IN WESTERN GERMANY

1952) and perhaps once more at the very end(second half of 1953).

In the last few years monetary policy wasapplied in a manner to meet three differenttypes of conditions. When, as in 1950-51,it was imperative to restrain domestic de-mand in an effort to maintain external sol-vency, monetary policy was restrictive. Asthe need for restriction began to recede inmid-1952, monetary policy responded with agradual reduction in the cost of central bankcredit. Finally, with the further restrictive

effects of growing government surplusesabout balanced by the expansionary forces ofrising net exports during much of 1953,monetary policy remained largely neutral,permitting internal financial stability to bemaintained by existing forces.

NOTE ON METHOD

In examining the factors that may havebeen responsible for the shifts in the dis-tribution of Western Germany's rising out-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]

Sources and usesDomestic economy1

1953 1950-51

Public sector

1953 1950-51

Private sector

1953 1950-51

Nonfinancial sources, net (foreign balance on current accountfor domestic economy)2

3.9 -1 .5 3.5 -0 .6 0 . 5 -0.9

Disposable income plus capital consumption allowances...Gross national product receipts

National income and net national product receiptsCapital consumption allowances

Government transfers and interestContribution to social insurance, netPersonal and business direct taxes and related payments . . . .

Domestic gross product expendituresConsumptionInvestment

Fixed assets, grossInventories

141.3141.3130.610.7

106.5106.599.07.5

Financial sources, net. ..

137.4103.833.529.04.5

5.5

108.081.826.222.14.1

6.2

33.322.121.01.1

-5.71.5

15.4

29.8322.0

7.87.8

19.214.713.90.8

-4 .61.57.6

19.7315.2

4.54.5

0.5 1.2

108.0119.2109.6

9.65.7

-1.5-15.4

107.581.825.721.24.5

4.9

87.391.885.1

6.74.6

— 1.5- 7 . 6

98.266.531.727.64.1

5.0Borrowing, net:

From domestic banksFrom private sector (by public sector) .From foreign countries 5 6

Grants from foreign countries

5 . 6 4.7

- 0 . 40.3

-0 .72.2

()0.4

-0.10.3

-0.9-0.1

5.6-0 .4-0.3

Total, above net sources of funds2

Changes in holdings of domestic liquid assets:Short-term claims on public sector

Holdings of securitiesRedemption of loans

Demand depositsTime depositsSavings depositsCurrency

Total, above net uses of funds2 6

9.4 4.7 4.0 0.6 5.4

5.60.1

-0.7

4.1

2.31.84.01.2

1.22.70.40.4

0.4-0.10.51.30.9

*1.4

0.2-0.2

0.4-0 .5

1.5*-0.6

-0.40.1

-0.51.00.9

*2.71.2

-0 .20.2

-0.41.71.2

*1.00.4

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, andredemption 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.




public sector, and exports, this analysis makesuse of an experimental technique. The un-derlying principle of this technique is an at-tempt to trace simultaneously, but as separatequantities, the development of incomes, bor-rowings, and liquid assets. This is accom-plished by means of a statistical frameworkthat combines national accounts and mone-tary information in consistent statements, asin Tables 1 and 2.

Table 1 presents the transactions of thedomestic economy (excluding the bankingsystem) broken down into a public and aprivate sector. Table 1 is not a complete sys-tem of accounts. Table 2 completes the sys-tem of accounts by integrating statements forthe domestic banking system and the rest ofthe world with a summary of the transactionsof the domestic economy.

The price paid for the degree of condensa-

tion in Tables 1 and 2—and it rises as thestatement consolidates different economicgroups into fewer and fewer sectors—is theconcealment of financial or other economicrelationships which may provide clues in thesearch for causal connections between pastevents. At this point of development, con-clusions drawn are necessarily subject to thislimitation. Awareness of this possibilityshould permit the advantages of this presen-tation to outweigh its shortcomings.

It is likely that, as the method of presenta-tion is increasingly tailored to fit specificcountry situations, the risk of its hiding sig-nificant movements will decrease. Analysisfrom a distance, however, always runs therisk of arriving at conclusions that may beconsidered odd by informed observers orpolicy makers on the spot. It is hoped that,even where findings may be questioned, the

TABLE 2

FLOW OF FUNDS AMONG DOMESTIC ECONOMY, BANKING SYSTEM, AND REST OF THE WORLD



Sources and uses of funds

Nonfinancial sources of funds, net (foreign balance on currentaccount) .

Domestic exports of goods and servicesDomestic imports of goods and services

Borrowing, net3 . . .

From domestic economyFrom domestic banksFrom rest of the world (including grants)4

Total, above net sources of funds 5

Changes in holdings of domestic liquid assets6

Demand depositsTime depositsSavings deposits . .Currency

Changes in holdings of gold and dollars

Total, above net uses of funds5 . . .

Domestic economy1

1953

3 9

22 3— 18 4

5 . 5

5.6- 0 . 1

9 . 4

9 . 3

2 31.84.01.2

9 . 4

1950-51

— 1 5

12 7— 14 2

6 . 2

4 . 71.5

4 . 7

4 . 7

1 22 .70 . 40 . 4

4 . 7

Domestic banks

1953

- 5 . 8

-5 .6

-6.2- 5 . 8

- 9 . 3

—2 3-1 .8-4 .0-1 .2

3.6

-5.8

1950-51

- 3 . 9

-4 .7

0.8' '

- 3 . 9

-4 .7

— 1 2- 2 . 7- 0 . 4- 1 . 2

0.8

- 3 . 9

Rest of the world2

1953

- 3 9

—22 318.4

0.3

0.10.2

- 3 . 6

- 3 . 6

- 3 . 6

1950-51

1 5

— 12 714.2

- 2 . 3

- 1 . 5- 0 . 8

- 0 . 8

- 0 . 8

- 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



route by which they were reached may never-theless be of interest to those more familiarwith the sequence of events.

From a time analysis standpoint, the rele-vant comparisons are between two separateperiods: 1950-51 as approximately the last 12months when Western Germany and WestBerlin had a deficit on foreign account, and1953 as the most recent 12-month period forwhich the material essential for a financialanalysis is available.

ALLOCATION OF PHYSICAL RESOURCES

The value of total supplies, that is, ofdomestic output plus imports, was about32 per cent (22 per cent in 1953 prices)larger in 1953 than in 1950-51. The valueof domestic output had risen about 33 percent and that of imports about 30 per cent,as shown in Table 3. To achieve the im-provement of nearly 5.4 billion marks (1.3billion dollars) in the foreign position oncurrent account, it was necessary for West-ern Germany to reduce slightly the propor-tion of total supplies used at home. The in-crease in total supplies, while sufficient to

TABLE 3

SUPPLY AND USE OF RESOURCES1


[In billions of deutsche marks at current

Supply and use

Gross nationalproduct

Imports of goods andservices

Total supply

ExportsDomestic use

Public sectorPrivate sector

Total use4

1953 2

141.3

18.4

159.7

22.3137.429.8

107.5

159.7

1950-513

106.5

14.2

120.7

12.7107.910.788.2

120.7

Per-cent-age

increase

33

30

32

76275122

32

prices]

Share (per cent)

1953

100.0

14.086.018.767.3

100.0

1950-51

100.0

10.689.416.373.1

100.0

xFor sources see Table 1.2 Calendar year.3The 12-month period ending June 1951.4Details may not add to totals because of rounding.

permit the value of resources used domesti-cally to grow by about 27 per cent, was notlarge enough to prevent a decline of nearly4 per cent in the relative share of domesticuses in total supplies. The relative share ofexports in total supplies rose by more than33 per cent from 1950-51 to 1953, with theirvalue up more than 75 per cent.

The slower rate of increase in the domesticuse of resources concealed the increase inthe public sector's relative share in totalsupplies, which rose by 15 per cent. Theshare of the private sector fell about 8 percent. This decrease occurred at a time whendirect domestic controls had been largelyabolished and when import restrictions werebeing progressively relaxed. Since total sup-plies available to the private sector wererising despite the decline in its share, thestandard of living rose: Annual per capitaconsumption is estimated to have increasedfrom 1,380 marks to 1,580 marks, or fromthe equivalent of about $330 to $375, from1950-51 to 1953.

SOURCES AND USES OF FUNDS

A comprehensive review of sources anduses of funds provides a framework withinwhich it is possible not only to analyze theeffects of changes in the relationship betweenincome and expenditures of one sector on theincome of other sectors but also to check thetotal net sources of funds for each sectoragainst its total net uses of funds. The avail-ability of such a check should reduce the riskof misinterpretation of the effects of fiscaland monetary policy.

To maintain internal financial stability inWestern Germany, the effects of fiscal meas-ures—planned as well as unplanned—seemat one time to have operated as an influencecounteracting the unstabilizing effects of de-velopments in other sectors, and at another




time to have stood in need of being at leastpartly offset themselves. In the final anal-ysis, however, it would seem that the re-luctance with which fiscal policy respondedto unplanned surpluses with reduction intaxes stood general financial policy in goodstead. Restrictive fiscal policies in the pastmay well have furthered the progressivestrengthening of general confidence by theirvery cautiousness.

Monetary policy, especially in the latterpart of the period, when market forces wereoffsetting each other and resulting in high-level equilibrium at home and solvencyabroad, appears to have neither strongly en-forced nor appreciably weakened any spe-cific financial trend.

TABLE 4

SUMMARY OF N E T SOURCES AND N E T USES OF FUNDS1



Sources and uses

Sources of funds:Nonfinancial sources, net

Gross national productDomestic gross product expenditures. . .

Financial sources, netBorrowing from domestic banksBorrowing and grants from abroad 4 . . . .

Total, above net sources5

Financial uses of funds, net:Increases in—

Demand depositsTime depositsSavings depositsCurrency

Total, above net uses4 5

19532

3.9141.3137.4

5.55.6

- 0 . 1

9.4

2.31.84.01.2

9 . 4

1950-513

- 1 . 5106.5108.0

6.24.71.5

4.7

1.22.70.40.4

4 . 7

1For sources, derivation, and sector breakdown, see Table 1.2 Calendar year.3The 12-month period ending June 1951.4See note 6, Table 1.6Details may not add to totals because of rounding.

In both the public sector and the privatenonbank sector, disposable income rose morethan expenditures from 1950-51 to 1953; inother words, there was an increase of whatin this article are called net nonfinancialsources of funds, as is shown in Table 4.There was no decline in net bank creditto the private sector. In the private and

public sectors taken together, net financialsources of funds, that is, borrowing fromforeign countries (including grants) as wellas from domestic banks, declined somewhat.Changes in the distribution of net uses offunds—various types of bank deposits, cur-rency, and holdings of short-term govern-ment paper—reflected in a general way theshift from deficit to surplus in the publicsector and also an increase in personal saving.

Net nonfinancial sources. Net nonfinan-cial sources of funds for the domestic econ-omy are equal to the sum of the net nonfinan-cial sources of funds for the public and privatesectors. For each of these, the net nonfinan-cial source of funds in this article is thedifference between the sector's disposable in-come plus capital consumption allowancesand its purchases of final product from theprivate sector and foreign countries. For thedomestic economy as a whole, this differenceis the foreign balance on current account (ex-cluding grants), transactions within thedomestic economy having dropped out as aresult of consolidation.

In 1953, net nonfinancial sources for West-ern Germany were 5.4 billion marks largerthan in 1950-51, as reflected in the shift froma 1.5 billion mark deficit on foreign ac-count in 1950-51 to a surplus of 3.9 billion in1953. Both domestic sectors moved fromover-all deficit to over-all surplus, the privatesector by 1.4 billion marks and the publicsector by a shift of 4.1 billion (Table 1).

In Western Germany, foreign transactionson current account (excluding grants fromabroad) are negligible for the public sectorbut sizable for the private sector. Hence theshift of the private sector from deficit to sur-plus had no contracting effect on the publicsector's income, as it would have had ifchanges in private expenditures had affectedonly payments to the public sector. As it

OCTOBER 1954 1045



was, the private sector's shift to surplus wasthe result of an improvement of 5.4 billionmarks in the sector's balance with foreigncountries and a change of about 4 billionfrom surplus to deficit in the balance withthe public sector.

On the other hand, the shift from deficitto surplus for the public sector, since it im-pinged directly only on the domestic econ-omy, tended to have a restraining effect onthe private sector's disposable income. Cur-rent revenues in the form of taxes and re-lated payments rose by nearly 14 billionmarks against increased purchases of goodsand services of 10 billion.

Monetary and fiscal policies. Keepingdomestic demand in check was not, exceptat the beginning, a necessary aim of mone-tary policy during the larger part of theperiod under consideration. In an effort tocorrect the balance-of-payments difficultieswhich had resulted primarily from inventorypurchases after the outbreak of the KoreanWar, credit was tightened from the fall of1950 to the early spring of 1951 through arise in the discount rate, higher reserve re-quirements, and ceilings on short-term loans.From May 1952 until mid-1953, however, thediscount rate was lowered four times andreserve requirements were reduced threetimes. The decline in the private sector'sdemand relative to its disposable income isnot readily explained by changes in monetarypolicy, except that the previous rigorous useof monetary policy gave confidence that thisinstrument of public financial policy wouldbe used, if necessary, to safeguard the valueof the mark. Monetary policy in this waycontributed to the climate of financial con-fidence so essential in fostering a flow ofprivate savings.

Fiscal operations on the other hand appearto have played an important role in keeping

domestic demand in check. Gross receiptsof the public sector were about 55 per centgreater in 1953 than in 1950-51, comparedwith an estimated increase of about 33per cent in the value of national output. Therise in gross receipts resulted in part froman increase in taxation enacted in July 1951;in part it was brought about by an increasein taxable income and transactions as na-tional output grew. In 1953 taxes werereduced but the change probably did notaffect receipts until the last quarter of theyear.

There is no certainty as to the amountsby which private consumption or investmentmight have risen had not the increase inprivate disposable income been restrained bytaxation. Consumption would almost cer-tainly have been somewhat greater, and prob-ably investment also. Balance, instead of asurplus, on government account would havetended to result in a greater demand some-where—either the public sector would haveraised its expenditures to the level of its reve-nues and thus increased its own demand forresources, or a reduction in tax collectionsdown to the level of public expenditureswould have led to an increase in the demandof the private sector. The restraint on de-mand exerted by fiscal policy may havebeen greater, especially toward the end ofthe period, than was required for the main-tenance of internal financial stability. Buthad there been no restrictive effects of fiscalpolicy during 1951 and 1952, monetary policywould have been confronted by a far differ-ent task.

Net financial sources. For the domesticeconomy, net borrowing from the banksand net borrowing from abroad (includinggrants and short-term capital movements)are designated in this article as financialsources of funds; for individual sectors, long-




term borrowing from each other is shownwith financial sources in Table 1, but changesin short-term lending between nonbank sec-tors are shown with other uses of funds foracquiring liquid assets.

The private sector's net borrowing fromdomestic banks expanded as much in 1953as in 1950-51. The shift from deficit to sur-plus on private nonfinancial account was notassociated with a lower level of net borrow-ing from the banks, as might have been thecase had business borrowers not expected acontinued upturn of domestic economic ac-tivity. In the public sector the main changesin net financial sources were the lower levelof foreign aid and the related decrease inthe flow of funds from the public sector tothe commercial banks.

The shift from deficit to surplus for theprivate sector of the Western Germaneconomy hides the decrease in saving by busi-nesses which is estimated to have occurredbetween 1950-51 and 1953 (Table 5). Itwould have been surprising, therefore, ifprivate net borrowing from the banks hadbeen less in 1953 than in 1950-51, in view ofprobably optimistic expectations in 1953 as awhole. Gross bank loans to the private sectorin 1953 exceeded the level in 1950-51 by aboutthe estimated increase in private investment.

Total domestic net borrowing from thebanks was greater in 1953 than in 1950-51but this was due entirely to a decline in pub-lic funds put at the disposal of the commer-cial banks from nearly one billion marks in1950-51 to virtually zero in 1953—largelybecause the flow to the Federal Governmentof Marshall aid counterpart funds, formerlypassed on to the banks for limited periods,had declined to an amount far below itsvolume in 1950-51.

The principal change in nonbank netfinancial sources, that is, in long-term bor-

rowing by sectors from each other andfrom foreign countries (including foreigngrants) was a decline in foreign aid. Forthe public sector this decline was made uponly in part by a small increase in its long-term borrowing from the private sector.

Saving and investment. The public sec-tor provided much the greater part of theincrease in total saving required to offsetthe expansionary impact of rising net exportsand domestic investment (Table 5). Savingby all public agencies (excess of revenue fromtaxation and similar current receipts overexpenditures for all current purposes) isestimated to have been about 10 billion marksin 1953 as compared with slightly more than3 billion in 1950-51.

Private saving rose by 2.5 billion markscompared with the 7 billion increase in publicsaving. More than half of the estimatedincrease in saving by households appears tohave been offset by lower retained earningsby businesses. The share of households innational income was considerably larger in

TABLE 5

N E T SAVING AND INVESTMENT ACCOUNT



Item

Net saving, total1

Public sector2

Private sector2

Business**Households*

Net investment, total

Fixed assetsPublicPrivate

Inventor ies . .Foreign balance (export surplus + ) • • • •

1953

26.7

10.216.69.07.6

26.7

18.36.7

11.64.53.9

1950-51

17.2

3.214.112.71.4

17.2

14.63.7

10.94.1

- 1 . 5

1 Details may not add to totals because of rounding.2 Difference between disposable income and consumption. See

Table 1 for basic figures.3 Ratio between saving by businesses and saving by households

as estimated for Western Germany by the Deutsches Institut fuerWirtschaftsforschung was applied to total private saving for West-ern Germany and West Berlin as estimated from material ofBundesministerium fuer Wirtschaft and Deutsches Institut fuerWirtschaftsforschung.

Sources.—See Table 1.

OCTOBER 1954 1047



1953 than in 1950-51, a development whichhelped to raise personal saving as nationalincome grew. On the other hand, businesssaving appears to have been adversely affectedin 1953 by the tendency of wage costs torise and of producers' gross returns to fallor at least to rise less.

Net financial uses of funds. Nonfinancialsources of funds less expenditures plus netfinancial sources as used in this article areequal to net changes in liquid asset holdings,that is, to net changes in demand and timeand savings deposits, currency, and short-term lending between sectors. Changes inthese liquid assets are designated as net finan-cial uses.

In Western Germany the changes from1950-51 to 1953 in net financial uses offunds as defined in this article reflected ina rough general way the shift from deficitto surplus in the public sector as well as thehigher level of saving by the householdgroup of the private sector. Total depositsof public authorities, including an estimatedchange in their savings deposits, rose by 3.6billion marks in 1953, compared with anestimated increase of around 0.4 billion in1950-51. A large part of the increase inpublic deposits is reported to have repre-sented funds made available by the Germanauthorities to the occupation forces but notspent. Total savings deposits, which in 1950-51 rose by only 0.4 billion marks, increasedby 4.0 billion in 1953.

The principal factors that led to a greaterincrease in cash resources in Germany in1953 than in 1950-51 are summarized inTable 6. They were a large rise in the an-nual increase in official gold and dollar re-serves and a moderate rise in domestic bankcredit expansion. The 3.8 billion mark im-provement in 1953 of the net foreign assetposition of the banking system, as compared

with an unchanging position in 1950-51,reflected the shift in Western Germany'sbalance of payments. Net credit by the bank-ing system to the private sector did not showan increase since there was an offsetting risefrom 1950-51 to 1953 in the annual volumeof funds flowing into commercial banks inexchange for bonds issued by these banks inan effort to attract money to be used for long-term investment.

TABLE 6

CONSOLIDATED CONDITION STATEMENT OF THE

BANKING SYSTEM



Changes

Changes in net assets, total

C r e d i t t o t h e d o m e s t i c e c o n o m y , n e t . . . .Public sector. . . .Private sector

Increase in gold and dollar reserves

Less: net change in other foreignliabilities (decrease —)

Changes in deposits and currency, total2 .

Demand depositsPublic sectorPrivate sector

Time deposits. . ' iPublic sector .Private sector

Savings deposits . . . .

Currency

1953

9 4

5 . 6

5.6

3 . 6

—0 2

9 . 4

2.31.31 0

1.80 90 9

4 . 0

1.2

1950-51

4 7

4.7-0.9

5.6

0 . 8

0 8

4 . 7

1.2-0.5

1 7

2 . 71.51 2

0 . 4

0 . 4

1Less than 50 million deutsche marks.2 Details may not add to totals because of rounding.Sources.—Bank deutscher Laender and Berliner Zentralbank.

Net uses of funds other than changes inbank deposits appear to have moved in thesame direction as the bilateral balance ofpayments and receipts between the publicand private sectors. Thus, as is shown inTable 1, the private sector's net short-termclaims on the public sector declined twiceas much in 1953, when the public sector hada surplus, as it did in 1950-51, when thepublic sector had a deficit with the privatesector.




CONCLUSIONS

This article provides no objective proofthat in the last few years a growing govern-ment surplus and rising net exports servedas offsets to each other in Western Germany.There is a strong presumption, however, thattotal demand would have been greater in theabsence of a rising government surplus.With a lower level of taxation, private con-sumption would have tended to be greater.The disposable income of households wouldhave tended to rise more than the net earn-ings of businesses since the larger part oftaxes is probably paid directly or indirectlyby households. At the same time it is prob-ably more difficult for households to makeup for a lower current income by increasedborrowing from the banks. In addition,business borrowing might well have beenlarger rather than smaller in the absence ofa government surplus.

Internal financial stability, therefore, wasprobably maintained by a process in whichopposite financial forces offset each other.The offsetting process did not consist in acancelling of the over-all deficit of one sectoragainst an over-all surplus of the other—inthis case there could have been no foreigndeficit or surplus—but rather in the effectsof shifts in bilateral balances between thepublic and private sectors and, in principle,in the bilateral balance of each with foreigncountries.

According to whether one sector ratherthan another operated as the originatingfactor in the stabilization process, the spanof time reviewed in this article may bedivided into at least three separate periods.

There were two periods when a weaken-ing of domestic demand relative to produc-tive capacity appears to have been the origi-nating factor. The first of these covered thesecond half of 1951 when Western Ger-

many's foreign position began to shift fromdeficit to surplus. Domestic prices at thattime rose by about 2 per cent. Without thefavorable response by net exports to whatmust have been at least moderately depressiveeffects of restrictive monetary and fiscal poli-cies, the predominating influence on pricesat that time might well have been down-ward rather than upward.

The second time when domestic down-ward pressures on prices seem to have beenat least in part offset by rising net exportswas the first half of 1953. According to in-formed German observers, domestic demandat that time failed to rise with the increasein productive capacity, especially in the capi-tal goods industries. An increase in the ratioof the value of foreign to total transactionslends support to this view. Without a con-tinued increase in net exports, domestic pricesmight well have fallen more than they did.

Even with an export surplus at the 1953annual rate, and assuming no change inmonetary policy, only part of the surplus ongovernment account was probably needed inthe first half of 1953 to maintain financialstability. Without a 2.5 billion mark in-crease (annual rate) in the surplus of thegovernment sector from 1952 to the first halfof 1953, compared with a rise (annual rate)in net exports of about 1.5 billion, demandwould probably have risen. The increase,while it might have prevented prices fromfalling in the first half of 1953, possiblywould not have been enough to force a rise.

In at least one period, and perhaps two,assuming no change in monetary policies,it was necessary for a growing surplus ongovernment account to counteract whatmight otherwise have become an undulyexpansionary influence of growing net ex-ports. The first of these periods covered mostof 1952. There was a 22 per cent rise in the

OCTOBER 1954 1049



average value of German export goods be-tween 1950-51 and 1952, suggesting that netexports, rather than requiring domestic en-couragement as in 1951, would have riseneven without restrictive policies at home. Ifnot offset by some decline in domestic de-mand, this increase would have tended toexert an unopposed upward pressure ondomestic prices. There was progressive re-laxation of restrictive monetary measuresfrom mid-1952 on, implying that the au-thorities were relying on the restrictive in-fluence of growing public surpluses to pre-vent the upward movement in German prices—slight at that time—from becoming exces-

sive.The slackening of domestic demand in

relation to rising productive capacity, ob-served in the first half of 1953, did not con-tinue in the second half of the year. It ispossible, therefore, that domestic priceswould have risen at that time instead offallen, if there had been no surplus what-ever on government account, unless mone-tary policy had once more become restrictive.

Favorable events as well as policy playeda part in maintaining financial stability underconditions of a large shift in the balanceof payments. The continued growth in thepublic sector's surplus was not planned asan offset to the expansionary effect of risingnet exports; a large part of it would not haveemerged had expenditures risen as originallyenvisaged. Policy, however, both fiscal andmonetary, played a major part in 1951 ininitiating the process of improvement in thebalance of payments. While this improve-ment under cautious fiscal policies turned outto exceed the needs of a restoration of ex-ternal solvency, a more rapid relaxation offiscal restrictiveness might not have beenappropriate at a time when restoration ofconfidence was still an important task offinancial policy. After 1951, when strongforces in opposite directions tended to offseteach other and to produce stability at a highlevel of output, monetary policy served theinterests of such stability best by neitherstrongly enforcing nor appreciably weaken-ing the power of these forces.



MEMBER BANK EARNINGS, FIRST HALF OF 19541

Net profits after taxes amounted to 559million dollars for all member banks in thefirst half of this year. On an annual basis,they were 9.7 per cent of average total cap-ital accounts compared with 8.0 per cent forthe same period in 1953. Profits on the sale ofsecurities largely accounted for the increase.

Net current earnings before income taxescame to 928 million dollars, which was 10million dollars above those reported for thefirst half of last year.2 Cash dividends andtaxes on net income also increased, but both

1 This article was prepared by Oliver H. Jones of theBoard's Division of Bank Operations.

2 Net current earnings are gross current operating earningsless gross current operating expenses, before adjustments forlosses, recoveries, and transfers to and from valuation reserves,and before taxes on net income.

were a slightly smaller percentage of profitsbefore income taxes than in the first half of1953.

E a rn i ngs . Gross operating earningsamounted to 2,366 million dollars in the firsthalf of this year, which was 128 million dol-lars above the same period last year. Changesin the factors affecting earnings were mixed,however, with some factors tending to holddown the over-all increase.

Substantial declines in the total of com-mercial and industrial loans, especially in thecentral reserve cities, were partly offset in thefirst half of this year by increases in real estateloans and loans for purchasing securities.The net result was a decline of 565 milliondollars from the year-end total of all loans.

MEMBER BANK EARNINGS

[Amounts in millions of dollars]

Item

1950

Firsthalf

Secondhalf

1951

Firsthalf

Secondhalf

1952

Firsthalf

Secondhalf

Firsthalf

Secondhalf

Firsthalf

EarningsOn U. S. Government securitiesOn other securitiesOn loansService charges on deposit accountsOther earnings

^ExpensesSalaries and wagesInterest on time depositsTaxes other than on net incomeOther expenses

'Net current earnings before income taxes...

•Recoveries and profits1

Losses and charge-offs2

Net increase in valuation reserves3

Profits before income taxes

Taxes on net income

Net profits

"Gash dividends declared4

Number of banks at end of period

1,557435

9176084

187

96546513554

310

593

826741

566

169

397

155

1,707430

99874

88216

1,05553513655

329

652

938180

584200

384

190

1,77140610296093

209

1,07552914658

342

697

598637

633

252

381

170

1,898426108

1,04394

227

1,15759716057

344

740

8011690

614

239

375

200

1,978441113

1,10598

221

1,19058617659

370

788

577124

751

337

414

185

2,141488121

1,201100231

1,31165818859

405

830

5615544

686

271

416

205

2,238495122

1 ,281107233

1,320645201

61414

918

5411527

829

392

438

193

2,353516129

1,351112244

1,461727224

64446

891

66216

13

728300

428

226

6,885 6,873 6,859 6,840 6,815 6,798 6,765 6,743

2,366522133

1,336123252

1,438692241

68437

928

298119

75

1,032

473

559

2116,721

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


MEMBER BANK EARNINGS, FIRST HALF OF 1954

At the same time holdings of United StatesGovernment securities continued the expan-sion begun during the last half of 1953, ris-ing by 509 million dollars. In addition toshifts from loans to investments in UnitedStates Government securities, there was asignificant extension in the average maturityof holdings of Government securities. In-vestments in other types of securities, includ-ing State and local government securities,increased 820 million dollars. The combinedtotal of loans and investments rose 764 mil-lion dollars above the preceding year-end.

An ample supply of reserve funds sup-ported the greater volume of loans and in-vestments handled during the first half ofthe year. As the average rate of return onloans and United States Government securi-ties rose only slightly, the higher level ofgross operating earnings reflected the in-creased volume of loans and investments.The average rate of return was 4.68 per centon loans and 2.00 per cent on United StatesGovernment securities in the first half of thisyear as compared with rates of 4.62 per centand 1.97 per cent in the first half of last year.

Expenses. Gross operating expenses were1,438 million dollars in the first half of 1954.This was 118 million dollars or about 9 percent above the same period last year. Salariesand wages continued to be the major expenseitem, accounting for about 48 per cent oftotal expenses compared with 49 per centlast year.

A rise of 40 million dollars in the amountof interest paid on time deposits was dueboth to the larger volume and the higheraverage rate of interest paid. The averagevolume of time deposits was about 3 billiondollars larger than during the first half of1953, and the average rate of interest paidwas 1.30 per cent as compared with 1.18 percent in the first half of last year.

Profits, recoveries, losses, and transfersto reserves. During the first six months ofthis year, profits from the sale of securitiesamounted to 246 million dollars. Total re-coveries and profits rose 244 million dollarsabove the same period last year to a totalof 298 million dollars, of which 83 per centrepresented profits on the sale of securities.Losses and charge-offs were 119 million dol-lars, an increase of 4 million dollars. Valu-ation reserves were increased by 75 milliondollars; this was 48 million dollars morethan the increase in the first half of 1953.

Nonoperating profit, recovery, and lossitems, together with transfers to and fromvaluation reserves, changed from a net lossof 88 million dollars in the first half of 1953to a net recovery of 104 million dollars inthe first half of this year. The increase innet profits after taxes between the two pe-riods was largely due to the shift from lossesto profits on security sales.

Taxes and net profits. Profits before in-come taxes were 1,032 million dollars, 24per cent greater than in the first half of1953, and provisions for income taxes were21 per cent higher. Net profits after taxesaggregated 559 million dollars, exceedingthe figure for the first six months of 1953by 121 million.

Cash dividends. Thirty-eight per centof net profits after taxes was distributed asdividends in the first half of this year. The211 million dollars paid in dividends repre-sented an annual yield of about 3.7 per centon average total capital accounts comparedwith 3.5 per cent in the first half of 1953,.when cash dividends amounted to 44 percent of net profits.

Details of earnings and expenses for thefirst half of 1954 and both halves of 1953are shown on page 1118 of this BULLETIN.

1052 FEDERAL RESERVE BULLETIN:


LAW DEPARTMENTAdministrative interpretations of banking laws, new regulations issued by the

Board of Governors, and other similar material

Foreign Banking CorporationsAmendments to Regulation K

The Board of Governors of the Federal ReserveSystem, effective September 29, 1954, amended sec-tions XI and XV of Regulation K entitled "Bank-ing Corporations Authorized to Do Foreign Bank-ing Business under the Terms of Section 25(a) ofthe Federal Reserve Act" commonly known asEdge Act Corporations, so as to broaden the powersto raise funds through the sale of their notes ordebentures if such corporations are not engaged inthe business of receiving deposits. The amend-ment also increases the amount of credit that sucha corporation can extend to a single borrower. Thetext of the amendment to Regulation K is asfollows:

AMENDMENT TO REGULATION K

Issued by the Board of Governors of the FederalReserve System

Effective September 29, 1954, Regulation K ishereby amended in the following respects:

1. By adding the following new subsection (c)after subsection (b) of section XI, and reletteringthe present subsection (c) to (d):

(c) Notwithstanding subsections (a) and (b) ofthis section, a corporation may, at its option, com-ply with the following requirements in lieu of thosestated in said subsections (a) and (b):

(1) The corporation shall not engage, eitherwithin the United States or abroad, in the busi-ness of receiving deposits.

(2) Loans or other credits acquired or guaran-teed by the corporation shall have a maturity ofnot more than 5 years at the time they are so ac-quired or guaranteed: Provided, however, That thislimitation shall not apply (i) to a loan or othercredit, or any scheduled installment of a loan orcredit, maturing within 10 years, but the aggregateamount of loans or credits or installments of loansor credits excepted under this clause (i) shall notexceed 100 per cent of the corporation's capital andsurplus; or (ii) to other loans or credits, or sched-

uled installments of loans or credits, maturingwithin 10 years to the extent that they are securedor covered by unconditional guaranties, commit-ments or agreements to take over or purchase madeby the United States or by any department or estab-lishment of, or corporation wholly owned by, theUnited States.

(3) The corporation shall carry on its businessin accordance with sound financial policies includ-ing, among other considerations, a proper regardto the relationship between its assets and the maturi-ties of its obligations, so as to give reasonable as-surance that the corporation will be in a positionto pay its obligations as they mature.

(4) All obligations of any kind, regardless ofmaturity or payee, issued by the corporation shallcontain a provision, or shall be issued under anagreement, which shall provide that the corporationwill not, during the time any such obligations re-main outstanding—

(/) Issue any obligations if immediately there-after the assets of the corporation, excludingnotes, drafts, bills of exchange and other evi-dences of indebtedness that are in default as toeither principal or interest, would be less than110 per cent of the aggregate principal amountof all obligations of the corporation;

(ii) Mortgage, pledge or otherwise subject anyof its assets to any lien or charge to secure anyindebtedness for borrowed money or to secureany other obligation of the corporation, unlesseach person holding any of the corporation's un-secured obligations, which would remain out-standing after such transaction, eithef grants hisconsent or is provided with security substantiallyequivalent in value to that provided by suchmortgage, pledge, lien or charge;

(///') Sell, lease, assign or otherwise dispose ofall or substantially all its assets; or

(iv) Declare or pay any dividend (other thana dividend payable in stock of the corporation)or authorize or make any other distribution onany stock of the corporation otherwise than out

'OCTOBER 1954 1053


LAW DEPARTMENT

of the earned surplus of the corporation as de-termined in accordance with generally acceptedaccounting principles.2. By adding the following sentence at the end

of the first paragraph of section XV:In the case of a corporation which does not en-gage, either within the United States or abroad,in the business of receiving deposits, the limita-tions contained in this paragraph regarding thetotal liabilities of one borrower (1) shall be in-creased from 10 per cent to 20 per cent, and (2)shall not apply to the extent that the liabilitiesare secured or covered by unconditional guaran-ties, commitments or agreements to take over orto purchase, made by the United States or by anydepartment or establishment of, or corporationwholly owned by, the United States.

LegislationCorrection of Obsolete References

The Act of Congress approved September 3, 1954(Public Law 779—83d Congress) amended variousstatutes and certain titles of the United States Codeprincipally for the purpose of correcting obsoletereferences. Among such amendments were thefollowing, amending sections 9 and 22(f) of theFederal Reserve Act and section 5144(d) of theRevised Statutes of the United States:

SEC. 21. Paragraph (d) of section 5144 of theRevised Statutes, as amended (12 U. S. C, sec.61 (d)), is amended by striking out the reference"5209 of the Revised Statutes, as amended (U. S. C,title 12, sec, 592)," and in lieu thereof inserting"1005 of title 18, United States Code", so that suchparagraph will read as follows:

"(d) Every officer, director, agent, and employeeof every such holding company affiliate shall besubject to the same penalties for false entries inany book, report, or statement of such holdingcompany affiliate as are applicable to officers, direc-tors, agents, and employees of member banks undersection 1005 of Title 18, United States Code; and".

* # #

SEC. 27. The sixth paragraph of section 9 of theFederal Reserve Act as amended (12 U. S. C, 324),is amended by striking out, in the second sentenceof such paragraph, the reference "section fifty-twohundred and nine of the Revised Statutes", and inlieu thereof inserting "sections 334, 656, and 1005of Title 18, United States Code", so that such para-graph will read as follows:

"All banks admitted to membership under au-thority of this section shall be required to complywith the reserve and capital requirements of thisAct and to conform to those provisions of law im-posed on national banks which prohibit such banksfrom lending on or purchasing their own stockywhich relate to the withdrawal or impairment oftheir capital stock, and which relate to the paymentof unearned dividends. Such banks and the offi-cers, agents, and employees thereof shall also besubject to the provisions of and to the penaltiesprescribed by sections 334, 656, and 1005 of Title 18,United States Code, and shall be required to makereports of condition and of the payment of divi-dends to the Federal Reserve bank of which theybecome a member. Not less than three of such re-ports shall be made annually on call of the FederalReserve bank on dates to be fixed by the Board ofGovernors of the Federal Reserve System. Failureto make such reports within ten days after the datethey are called for shall subject the offending bankto a penalty of $100 a day for each day that it failsto transmit such report; such penalty to be collectedby the Federal Reserve bank by suit or otherwise.Such reports of condition shall be in such formand shall contain such information as the Board ofGovernors of the Federal Reserve System may re-quire and shall be published by the reporting banksin such manner and in accordance with such regu-lations as the said Board may prescribe.".

SEC. 28. Subsection (f) of section 22 of the Fed-eral Reserve Act, as amended (12 U. S. C, 503),.is amended by inserting, after "thereof,", where itappears in such subsection, the words "or any ofthe provisions of sections 217, 218, 219, 220, 655,.1005, 1014, 1906, or 1909 of Title 18, United StatesCode,", so that such subsection will read as follows:

"(f) If the directors or officers of any memberbank shall knowingly violate or permit any of theagents, officers, or directors of any member bank toviolate any of the provisions of this section or regu-lations of the board made under authority thereof,,or any of the provisions of sections 217, 218, 219,.220, 655, 1005, 1014, 1906, or 1909 of Title 18^United States Code, every director and officer par-ticipating in or assenting to such violation shall beheld liable in his personal and individual capacityfor all damages which the member bank, its share-holders, or any other persons shall have sustained inconsequence of such violation.".

1054 FEDERAL RESERVE BULLETIN;


CURRENT EVENTS AND ANNOUNCEMENTS

Federal Reserve Meetings

The Federal Advisory Council held a meeting inWashington on September 19-21, 1954, and metwith the Board of Governors of the Federal ReserveSystem on September 21.

A meeting of the Presidents of the Federal Re-serve Banks was held in Washington on September20 and 21, and on September 22 the Presidentsmet with the Board of Governors of the FederalReserve System.

On September 22 a meeting of the Federal OpenMarket Committee was held.

Appointments of Branch Directors

On October 4, 1954, the Board of Governors ofthe Federal Reserve System announced the appoint-ment of Mr. John A. Hannah, President, MichiganState College, East Lansing, Michigan, as a directorof the Detroit Branch of the Federal Reserve Bankof Chicago for the term ending December 31, 1954.He succeeded Mr. C. M. Hardin, Dean of Agricul-ture, Michigan State College, East Lansing, Michi-gan, who resigned. Mr. Hannah formerly servedas a director of the Detroit Branch from January 1,1951 to March 13, 1953, when he resigned to be-come Assistant Secretary of Defense.

On October 6, 1954, the Federal Reserve Bankof San Francisco appointed Mr. R. S. Hanson, Vice

President and Cashier, The First National Bank ofLogan, Logan, Utah, as a director of the Salt LakeCity Branch of the Federal Reserve Bank of SanFrancisco for the term ending December 31, 1954.Mr. Hanson succeeded Mr. James W. Collins,Chairman of the Board, Tracy-Collins Trust Com-pany, Salt Lake City, Utah, deceased.

Admission of State Bank to Membership in theFederal Reserve System

The following State bank was admitted to mem-bership in the Federal Reserve System during theperiod August 16, 1954 to September 15, 1954:

VirginiaRichmond—The Bank of Virginia.

Tables Published Annually and Semiannually, withLatest BULLETIN Reference

Semiannually Issue PageBanking offices:

Analysis of changes in number of. . . Aug. 1954 903On, and not on, Federal Reserve Par

List, number of Aug. 1954 904

Annually

Earnings and expenses:Federal Reserve Banks Feb. 1954 208-209Member banks:

Calendar year May 1954 524-534First half of year Oct. 1954 1118

Insured commercial banks May 1954 535Banks and branches, number of, by class

and State May 1954 536-537Operating ratios, member banks Aug. 1954 900-902

OCTOBER 1954 1055


NATIONAL SUMMARY OF BUSINESS CONDITIONS{Released for publication October 14]

Industrial production and employment continuedto show little change in September. Constructionactivity was maintained in record volume and re-tail sales remained close to the levels reached atmidyear. Increased demands were reflected inhigher prices for a number of industrial materials.Prices of foodstuffs declined with supplies ex-panding.

INDUSTRIAL PRODUCTION

Industrial production continued to rise seasonallyin September and the Board's preliminary adjustedindex was 124 per cent of the 1947-49 average, un-changed from August and 1 point above the re-vised July figure. In September a year ago theseasonally adjusted index was 133.

Production of durable goods in September wasmaintained at a seasonally adjusted rate of 135per cent of the 1947-49 average, or about the levelprevailing since March. Curtailment in auto as-semblies was oflset by a rise in steel output andrecovery in lumber production following settlementof work stoppages. Auto output has been sharplyreduced in September and October, owing mainlyto major model changeovers for leading makes,but is scheduled to rise rapidly in November.Steel mill operations increased further by mid-October to a scheduled rate of 72 per cent of rated

INDUSTRIAL PRODUCTION

capacity, as compared with 63 per cent duringJuly and August and 66 per cent in September.Production of most major household goods inAugust and September remained at the advancedlevels reached at midyear.

Nondurable goods output in September showedsomewhat more than the usual seasonal rise, re-flecting mainly further increases in chemicals andpaper production to very high levels and recoveryin tire output following settlement of work stop-pages. Output of coal and other minerals showedlittle change in September and early October.

CONSTRUCTION

Expenditures for new construction, seasonally ad-justed, increased slightly further in September.Construction awards, following a decline in Au-gust, rose substantially in September, as contractsfor all major types of private and public construc-tion increased. Preliminary indications suggestthat the number of housing starts rose contra-seasonally in September to an annual rate of wellover 1.2 million.

EMPLOYMENT

Employment at nonagricultural establishmentsshowed about the usual large seasonal rise in Sep-

CONSTRUCTION CONTRACTS AWARDEDMillions of dollo

RESIDENTIAL

PRIVATENONRESIDENTIAL

0

800

Federal Reserve indexes. Monthly figures, latest shown arefor September.

F. W. Dodge Corporation data for 37 Eastern States.Monthly figures, latest shown are for September.



NATIONAL SUMMARY OF BUSINESS CONDITIONS

tember, reflecting mainly gains in State and localgovernment and factory employment. The fac-tory workweek at 39.7 hours was unchanged fromAugust and average weekly earnings were up 80cents to $71.86, reflecting a rise of 2 cents in hourlyearnings. Unemployment declined about season-ally in September to 3.1 million.

AGRICULTURE

Crop prospects generally changed little duringSeptember, with an, improvement indicated forcotton. Total meat production, after seasonalallowance, was about 8 per cent larger than inthe first half of this year and close to that amountabove a year earlier. Egg output in the thirdquarter was 6 per cent larger than last year,while milk production was about the same.

COMMODITY PRICES

The average level of wholesale commodity pricesdeclined slightly further from mid-September tomid-October as prices of foodstuffs continued todecrease. Sharply expanded marketings of thisyear's larger spring pig crop reduced prices of hogsand products and continuing large egg suppliesresulted in a contraseasonal decrease in prices.Cocoa prices declined considerably further. Pricesof industrial materials, on the other hand, strength-ened further. Steel scrap and nonferrous metalprices continued to rise, and cotton and synthetic

PRICES AND TRADE

WHOLESALE PRICES

RETAIL SALES

| | ,,

20

100

80

140

120

100

-^ ^ • • • • — . — -

/ " " " "CONSUMER^yT/ PRICES

-1JAM 1 11111,

DEPARTMENT STOR

1 \ STOCKS

' X T SALES

~rjmimn nun Ilimillll

I U[)]

: TRADE

,/v:| M m m m | „„.,

Seasonally adjusted, except for price indexes. Prices, Bureauof Labor Statistics; disposable personal income and total retailsales, based on Department of Commerce data; departmentstore trade, Federal Reserve. "Other" wholesale prices excludeprocessed foods, included in total but not shown separately.Monthly figures, latest shown: August for income and depart-ment store stocks; September for other series. September con-sumer prices estimated by Federal Reserve.

textiles and rubber increased. Prices of televisionreceivers were advanced.

Consumer prices declined slightly in August,owing chiefly to decreases in foods—meats, freshfruits, and vegetables; since mid-August foods havedeclined somewhat further.

DISTRIBUTION

Seasonally adjusted retail sales in September re-mained at the August level and slightly above ayear ago. Sales of new autos were maintained wellabove output in the current changeover period, anddealers' stocks were reduced further. Sales at de-partment stores were slightly above a year ago.Stocks at department stores were unchanged inAugust after seasonal allowance, continuing 5 percent below a year ago.

BANK CREDIT AND RESERVES

Bank holdings of U. S. Government securities in-creased substantially in early October reflectingmainly purchases of new intermediate-term notesoffered by the Treasury. Business loans at citybanks increased during September and early Oc-tober as seasonal borrowing by food processors,commodity dealers, and trade concerns more thanoffset loan repayments by metal manufacturers andsales finance companies. Real estate loans con-tinued to rise.

Interest rates charged on short-term businessloans by commercial banks in 19 cities averaged3.56 per cent in the first half of September, as com-pared with 3.60 per cent in June and 3.72 per centin March.

Free reserves of member banks averaged close to800 million dollars in late September and earlyOctober. The Federal Reserve System made largepurchases of Treasury bills during this period tosupply reserves needed primarily because of asharp increase in required reserves after paymentwas made for the new Treasury note.

SECURITY MARKETS

During September and early October, yields onmost Government securities advanced slightly. OnOctober 4 the Treasury received payment for 4.2billion dollars of 1% per cent notes maturing inMay 1957. Corporate bond yields were stablewhile yields on high-grade municipals rose in thefirst half of September and then leveled off. Com-mon stock prices advanced further.

OCTOBER 1954 1057


FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED 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 tofinancial and business developments in the United States. The data relating to Federal ReserveBanks, member banks of the Federal Reserve System, and department store trade, and the consumercredit estimates are derived from regular reports made to the Board; index numbers of productionare compiled by the Board on the basis of material collected by other agencies; figures for goldstock, money in circulation, Treasury finance, and operations of Government credit agencies areobtained from statements of the Treasury; the remaining financial data and other series on businessactivity are obtained largely from other sources. Back figures through 1941 for banking andmonetary 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 earlierBULLETINS.

OCTOBER 1954 1059


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMSWednesday Figures, 1946-1950, Weekly Averages of Daily Figures, )95)- Billions of Dollars

25

* » V * ^ ^

15

0

35

— 30

*— 25

20

-

-

MONEY IN (

GOLD

\

V

:IRCULATION

5TOCK

A1 JT

»ERVE BANKCREDIT

TREASURY C

NONMEMBER DEPOSITS "^

I J~—

\SH AND DEP(3SITS

0

30

1946 1947 1948 1949 1950 1951 1952 1953 1954

Latest averages shown are for week ending Sept. 29. See p. 1062.



MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars]

Date

Reserve Bank credit outstanding

U.S. Govt. securities

TotalBought

out-right

Heldunderrepur-chaseagree-ment

Dis-countsandad-

vances

FloatAlloth-er

Total

Goldstock

Treas-urycur-

rencyout-

stand-ing

Moneyin

cir-cula-tion

Treas-urycashhold-ings

Deposits, otherthan member bankreserve balances,with F. R. Banks

Treas-uryde-

posits

For-eignde-

posits

Oth-er

de-pos-its

OtherFed-eralRe-

serveac-

counts

Member bankreserve balances

TotalRe- Ex-

cess2

Wednesday

1953Aug. 5Aug. 12Aug. 19Aug. 26

Sept. 2Sept. 9Sept. 16Sept. 23Sept. 30. . . .

Oct. 7Oct. 14Oct. 21Oct. 28

Nov. 4 . . . .Nov. 11Nov. 18. . . .Nov. 25

Dec. 2Dec. 9Dec. 16Dec. 23Dec. 30

1954Jan. 6Jan. 13Jan. 20Jan. 27

Feb. 3Feb. 10Feb. 17Feb. 24

Mar. 3Mar. 1 0 . . . .Mar. 17Mar. 24Mar. 31

Apr. 7Apr. 1 4 . . . .Apr. 21Apr. 28

May 5May 12May 19. . . .May 26

June 2 . . . .June 9 . . . .June 16 . . . .June 2 3 . . . .June 3 0 . . . .

July 7 . . . .July 14July 21July 2 8 . . . .

Aug. 4Aug. 1 1 . . . .Aug. 18Aug. 25

Sept. 1Sept. 8 . . . .Sept. 1 5 . . . .Sept. 22Sept. 29

End ofmonth

1953AugSeptOctNovDec

1954JanFebMarAprMayJuneJulyAugSept

24,96424,96425,00825,017

25,06725,12625,20725,18525,235

25,34825,36325,34825,348

25,44725,12324,95825,022

25,08125,34525,45725,88625,902

25,38425,31825,36424,661

24,77424.86324,80624,559

24,55924,68224,58224,70524,632

24,63224,63224,63224,632

24,63224,63224,68724,737

24,81224,98724,91025,23125,037

25,03724,90224,71424,517

24,32524,02323,95623,908

24,02324,04423,98723,77024.045

25,06325,23525,34825,09525,916

24,64024,50924,63224,63224,81225,03724,32524,02324,270

24,96424,96424,98924,989

25,01425,03425,08425,18525,235

25,34825,34825,34825,348

25,39824,95824,95824,993

25,04325,14325,24325,31825,318

25,31825,31825.36424,661

24,71724,80624,80624,559

24,55924,68224,58224,63224.632

24,63224,63224,63224,632

24,63224,63224,68724,737

24,81224,98724,91025,13925,037

25,03724,90224,71424,517

24,32524,02323,87623,824

23,89424,04423,98723,no24,045

24,98925,23525,34824,99325,318

24,64024,50924,63224,63224,81225,03724,32523,89424,270

1928

5392123

15

49165

29

38202214568584

66

73

92

8084

129

74

102598

129

561776815524

391491311228329

281271260359

822365594768

427727268435100

17015670110

515440291249

267411265349147

177171155217

140268177202

17517713660937

848393220

170487460313

293154198170299

34332941336928

15635014717224537184200132

625609751587

610559943813685

606685826599

559622933636

792606

1,1931,369973

963754977722

569509798503

861543855569535

546599704533

501582662550

593574797751567

614683654525

609554766637

573506834709511

549685787667935

640827535576723567672473779

26,15326,35226,57726,131

26,07126,17926,46426,22826,252

26,23826,32226,43726,309

26,83026,11126,48726,428

26,30226,68126,92127,69226,977

26,51926,23026,41225,495

25,86025,81525,89725,312

25,68925,638.5,70425,62525,316

25,35725,40425,49325,383

25,27425,48425,52825,490

25,58225,74025,84426,59325,642

25,73625,66925,46325,263

25,10525,06625,18324,859

24,890.4,70525,02024,65124,857

25,95826,25226,55026,13326,880

25,43725,68825,31625,38225,78125,64225,18324,69625.183

22,22722,22822,22822,228

22,17822,17822,17822,17922,128

22,12822,12822,07722,077

22,07622,07722,07622,027

22,02822,02822,02822,02922,029

22,02922,03022,00622,006

21,95621,95721,95721,958

21,95821,96321,96421,96421,965

21,96621,96621,96721,968

21,96921,97021,97121,972

21,92321,92421,92521,92621,927

21,92821,92921,93121,907

21,90821,85821,85821,858

21,80921,80921.80921,81021,810

22,17822,12822,07722,02822,030

956958965969973927908809810

4,8584,8594,8614,862

4,8654,8654,8684,8694,872

4,8724,8734,8744,874

4,8774,8784,8784,879

4,8824,8834,8844,8864,889

4,8904,8904,8904,890

4,8994,9024,9054,906

4,9124,9174,9204,9254,935

4,9354,9434,9454,947

4,9514,9524,9564,957

4,9584,9574,9564,9554,959

4,9594,9584,9584,959

4,9594,9604,9604,961

4,9654,9674,9674,9684,971

4,8674,8724,8794,8854,894

899913935951957959960966971

30,13930,15830,14530,105

30,24030,47930,33530,21030,275

30,37430,41230,30530,268

30,42830,54030,48730,691

30,79130,90430,95331,15630,890

30,59130,28430,08329,900

29,93029,92329,82129,838

29,88529,87029,76929,63229,707

29,79529,79329,67329,645

29,75629,75929,70729,697

29,93429,87329,80329,73529,922

30,15429,98129,85429,776

29,89329,91129,86629,786

29,92330,11529,99829,88829,922

30,24830,27530,39830,80730,781

29,98129,90429,70729,73529,87029,92229,89229,929P29.979

,276,275,280,273

,278,274,278,277,283

,284,271,270,282

1,283784786777

774778769763773

770775782795

807818820824

820820823810819

823831839829

837840841834

831825810812811

826810808812

808799812812

809808797801796

1,2691,2831,275766761

793811819819820811798811

460675738669

541574356619642

524348530644

664322503522

526488224799377

222865

236

457638533509

52844751

539722

570639565499

617542418505

448250459

1,220875

300557536548

677593646596

591446510515769

496642654451346

405542722579408875716511704

557551610518

538569507543512

484461461471

453449419429

431491464461474

440500443493

477473482461

476487528517494

491469443469

601579533502

520563543544545

571771629549

525559548562

483524506524489

524512448417423

440490494471527545533477461

332329390354

333363381259352

370375358366

376534398335

339331259427380

397441286278

345338346359

402346191358363

371353388305

328357390383

379201199339377

380400402398

428387427417

391409388398

325352468367493

459491363321645377503501422

860 19,614859862862

859859882881880

899899897895

801808805805

878880

19,59319,64119,440

19,32519,10419,77119,48619,309

19,30319,55719,56719,334

19,77919,63020,04419,775

19,47419,720

936 20,229937936

20,06420,066

836 20,184836 20,228833 20,874831

829828912911

908 19,540

19,859

19,87019,65419,84519,273

907919919917

936935931852

849848

19,64020,30719,73919,194

19,27219.29319,56619,699

19,20719,481

880 19,686881

877876997

19,617

19,47420,03219,914

999 19,825988

987985983911

907905928927

924923935934932

862880802804839

830909917850878988908925931

19,011

19,40619,05219,14119,136

18,73318,73118,77618,579

18,53018,27418,64218,37918,331

19,27819,30919,46019,43420,160

19,38419,41219,19419,52819,56319,01118,70218,31618,676

18,95918,94218,86518,860

18,88418,73118,88518,86818,816

18,75718,72818,81718,796

18,84519,02619,18719,150

19,16119,05319,30919,29719,364

19,39019,25019,33519,217

19,08918,93718,92118,853

18,82718,79219,22418,86918,689

18,65118,58518.64818,759

18,83718,71718,93718,961

18,89818,90618,99318,82818,412

18,42018,34018,36618.377

17,70417,66517,68317,619

17,59217,53217,63617,60217,640

18,80218,81618,82619,08719,397

19,01618,82118,68918,84418,89118,41217,76317,57217,669

655651776580

441373886618493

546829750538

934604857625

313667920767702

794978

1,539642

781717924420

713848

1,083870505

621708918940

370764749656

5761,126921997599

986712775759

1,0291,0661,093960

938742

1,006P777P691

476493634347763

368591505684672599939744,007

* Preliminary. For footnotes see following page.

OCTOBER 1954 1061


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued[In millions of dollars]

Dateor

period

Reserve Bank credit outstanding

U. S. Govt. securities

TotalBought

out-right

Heldunderrepur-chaseagree-ment

Dis-countsandad-

vances

FloatAlloth- Total

Goldstock

Treas-urycur-

rencyout-

stand-ing

Moneyin

cir-cula-tion


Deposits, otherthan member bankreserve balances,with F. R. Banks

Treas-uryde-

posits

3635

634867977870821668247333389132

537557497602201568490584486602498591541

452342341757

1,010

464392499551

742584558566

551479558446652

For-eignde-

posits

615

397774862392767895526548550527

538463434466453470494481531553632536522

521549549547579

588765651569

526544579557

465518559514511

Oth-erde-pos-its

OtherFed-eralRe-

serveac-

counts

Member bankreserve balances

Total Re-quired2

Ex-

End ofmonth:

1929—June.1933—June.1939—Dec..1941—Dec..1945—Dec.1947—-Dec..1949—Dec..1950—Dec.1951—Dec.1952—June.

Dec.1953—June.

Averagesof dailyfigures

Monthly:1953—Sept

Oct..Nov.Dec.

1954—Jan..Feb..Mar.

May".June.July.Aug..Sept..

Weekending:

1954

2161,9982,4842,25424,26222,55918,88520,77823,80122,90624,69724,746

25,16825.34425.17225,63925,26324,77024,63324,63524,68924,99824,77123,98923,941

24,81224,96024,95525,01825,113

25,08224,91224,76524,517

24,32524,04023,98023,813

1481,9982,4842,25424,26222,55918,88520,72523,60522,76424,03424,718

25,09725,34125,07825,21825,14924,72924.62024,63224,68024,96024,76123,93023,928

24,81224,96024,95524,98624,980

25,03824,91224,76524,517

24,325

68

5319614266328

71394

42111441133938105913

32133

44

Sept. 1.Sept. 8.Sept. 15.Sept. 22.Sept. 29.

23,93824,01324,03523,78923,868

24,02323,87623,747

23,84523,97724,03523,78923,868

1710466

9336

1,03716473

249857867195915664

468367494448118308205151172166104210170

216170142194157

716873168

175287229178

185147189141191

5249194578535534

1,3681,184581967601

771800744

1,018861667712696640710695654725

613670665920630

675710833590

653598723698

576598714977627

1,4002,2202,5932,36125,09123,181

25,00923,55125,82525,414

4,0374,03117,64422,73720,06522,754

19,499 24,42722,216 22,706

22,69523,34623,18722,463

2,0192,2862,9633,2474,339 284,562

4,4595,4347,59811,160

,51528,86827,60027,741

709 29.206,026

30,43330,125

44,4444,854

754 29812

26,410 2226,514 2226,41327,10726,24325,746 2125,55325,483 2125,50325,876 2125,57124,85524,838 21

,176,102

22,05722,02822,015

,95721,963

,96621,971

,92721,92621,871

,809

4,8674,8734,4,8854,8914,4,4,9414,4,4,4,4,967

878 30

904 29920 29

954 29956 29959 29960 29

30.32830.366

.55530.96730,282

,903,800

29,755,773,856,968,896

29,991

25,64225,80225,764 2126,134 2125,901

21,96621,924

,925,926

21,926

4,958 294,958 294,9574,4,956,955 29

,874,928

29,870,793

29,813

25,829 2125,69125,673 2125,277 21

,92721,929

,931,924

4,9594,958 304.958 294.959 29

30,066,099,932,815

25,15424,24,933 2124,

21,908,901,858,858

4,4,959 294,4,961

,889,932,919

29,850

24,699 2124,75924,939 2124,90824,687

,83721,809

,80921,81021,810

4,9624,965 304,967 304,9674,968

29,887,046,073

29,96929,888

204264

2,4092,2152,2871,3361,3121,2931,2701,2831,2701,259

1,2731,274915767778811813825830815810806796

827823813806812

821811807806

803803805807

808802795793795

21151256586446569750565363298455176

354406424390422429352427412321409464431

458358227296384

413359428420

430452

516428432435437

374346251291495563706714

2,3562,29211.65312.45015,91517,89916.56817,681

746 20.056783777951

871889805908834870913926864941973

878877

19,38119.95019,561

19,55219,53619,71819,92020.17919,55719,57319,39219.53319,67019,16418,47818,403

19.55519,805

2,3331.8176,4449,36514,45716,40015.55016.50919.66719,57320,52019,459

18,83418,78419,03519.22719,24318,92518,88118,62718,81718,81318,32917,638

23475

5,2093,0851,4581,4991,0181,172389

-192-570102

718752683693936632692765716857835840

910 19,934998996

986986983963

905914

926923925934933

19,81819,188

19,37719,16619,26119,036

18.6Q818,1818,353

18,34618,33618,37318,59618,250

18,91218,88519,04318,95818,349

18,41918,40418,35618,347

17,66617,68817.66217,627

17,60317,55617,594

P17,659P17.631

643920891860839

958762905689

1,032898863726

743780779

P937

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[Per cent per annum]

Nov. 1, 1933-Jan. 31, 1935

Savings depositsPostal Savings depositsOther deposits payable:

In 6 months or moreIn 90 days to 6 months. . .In less than 90 days

Dec. 31, 1935 Jan. 1,1936Feb. 1,1935- Effective

NOTE.—Maximum rates that may be paid by member banks asestablished by the Board of Governors under provisions of Regula-tion Q. Under this Regulation the rate payable by a member bankmay not in any event exceed the maximum rate payable by Statebanks or trust companies on like deposits under the laws of the Statein which the member bank is located. Maximum rates that may bepaid by insured nonmember banks as established by the F.D.I.C.,effective Feb. 1, 1936, are the same as those in effect for member banks.

MARGIN REQUIREMENTS »[Per cent of market value]

Prescribed in accordance withSecurities Exchange Act of 1934

Regulation T:For extensions of credit by brokers

and dealers on listed securitiesFor short sales

Regulation U:For loans by banks on stocks

Mar. 30,1949-

Jan. 16,1951

5050

50

Jan. 17,1951-

Feb. 19,1953

7575

75

Effec-tive

Feb. 20,1953

5050

50

1 Regulations T and U limit the amount of credit that may be ex-tended on a security by prescribing a maximum loan value, which is aspecified percentage of its market value at the time of extension; the"margin requirements" shown in this table are the difference betweenthe market value (100%) and the maximum loan value.

Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,and BULLETIN for March 1946, p. 295, February 1947, p. 162, andFebruary 1953, p. 130.



FEDERAL RESERVE BANK DISCOUNT RATES[Per cent per annum]

Federal Reserve Bank

Discounts for and advances to member banks

Advances secured by Governmentobligations and discounts of and

advances secured by eligible paper(Sees. 13 and 13a)1

Rate onSept. 30

In effectbeginning—

Previousrate

Other secured advances[Sec. 10(b)]

Rate onSept. 30


Previousrate

Advances to individuals,partnerships, or corpora-tions other than memberbanks secured by directobligations of the U. S.

(last par. Sec. 13)

Rate onSept. 30


Previousrate

BostonNew York.. .,Philadelphia. ,ClevelandRichmondAtlantaChicagoSt. Louis . . . .Minneapolis. .Kansas City.DallasSan Francisco

Apr. 27,Apr. 16,May 21,Apr. 23,May 15,May 15,Apr. 14,Apr. 23,Apr. 29,Apr. 23,Apr. 23,Apr. 16,

195419541954195419541954195419541954195419541954

222222222

2

Apr. 27,Apr. 16,May 21,Apr. 23,May 15.May 15,Sept. 13,Apr. 23.Apr. 29,Feb. 12,Apr. 23,Apr. 16,

195419541954195419541954195419541954195419541954

3

V3

T2H33

Feb. 5,Jan. 16,Jan. 16,Aug. 17,Jan. 23,Feb. 9,Aug. 13,May 18,Jan. 26,Jan. 16,Jan. 23,Jan. 20,

195419531953195319531954194819531953195319531953

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 exceeding6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months arelimited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporationsunder 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 ONACCEPTANCES

[Per cent per annum]

Maturity

1- 90 days91-120 days

121-180 days

Rate onSept. 30

1V2

\%

In effect be-ginning—

Apr. 16, 1954Apr. 16, 1954Apr. 16, 1954

Previousrate

IMIK

NOTE.—Effective minimum buying rates on prime bankers' accept-ances payable in dollars. Back figures.—See Banking and MonetaryStatistics, Table 117, pp. 443-445.

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANSAND COMMITMENTS UNDER SECTION 13B

OF THE FEDERAL RESERVE ACTMaturities not exceeding five years

[In effect September 30. Per cent per annum]

FederalReserve

Bank

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. . . .Kansas C i t y . . . .DallasSan Francisco...

To industrial orcommercialbusinesses

Onloans1

3-5343-5^2^-5234-52H~52%-52^-53-53-5K2H-s3-5 y23-534

Oncommit-

ments

34-1M

To financing institutions

On discounts orpurchases

Portionfor whichinstitu-tion is

obligated

4(2) 4

Re-mainingportion

• /̂2 J

Oncommit-ments

^-134H-iHM-iH34-1HX-iX

H-iHM-iKX-iX34-1H

6 3 4 - i ^6 K - i ^

1 Including loans made in participation with financing institutions.2Rate charged borrower less commitment rate.3 Rate charged borrower. 4Rate charged borrower but not

to exceed 1 per cent above the discount rate.5Charge of 3^ per cent per annum is made on undisbursed portion

of loan.6Charge of }£ per cent per annum is made on undisbursed portion

of loan.Back figures.—See Banking and Monetary Statistics, Table 118, pp.

446-447.

MEMBER BANK RESERVE REQUIREMENTS[Per cent of deposits]

Effective dateof change

1917—June 211936—Aug. 161937—Mar. 1

May 11938—Apr. 161941—Nov. 11942—Aug. 20

Sept. 14- Oct. 3

1948—Feb. 27June 11Sept. 16Sept. 24

1949_May 1May 5June 30July 1 . . . . . .Aug. 1 . . .Aug. 11Aug. 16Aug. 18Aug. 25Sept. 1

1951—Jan. 11Jan. 16Jan. 25Feb. 1

1953_july 1July 9

1954—June 16June 24July 29Aug. 1

In effect Oct. 1, 19544....

Net demand deposits 1

Centralreserve

citybanks

13

22f|2622*4262422202224

26

24

23X

2322H2223

24

22

2120

20

Reservecity

banks

1015

20 2

20

22

2120

19X

19

1819

20

19

18

18

Countrybanks

7

ioxa*1214

16

15

1413

12

13

1413

1212

Timedeposits

(allmemberbanks)

3

5 j |656

271^

27373626

3525

362 6

. 2535

5

1 Demand deposits subject to reserve requirements, which beginningAug. 23, 1935, have been total demand deposits minus cash itemsin process of collection and demand balances due from domestic banks(also minus war loan and series E bond accounts during the periodApr. 13, 1943-June 30, 1947).

2 Requirement became effective at country banks.3 Requirement became effective at central reserve and reserve city

banks.4 Present legal minimum and maximum requirements on net demand

deposits—central reserve cities, 13 and 26 per cent; reserve cities,10 and 20 per cent; country, 7 and 14 per cent, respectively; on timedeposits at all member banks, 3 and 6 per cent, respectively.

OCTOBER 1954 1063


MEMBER BANK RESERVES AND BORROWINGS[Averages of daily figures. In millions of dollars]

Month, orweek ending Wednesday

Allmem-ber

banks i

20,28719,65319,52619,67019,16418,478

18,52518,35318,34718,33718,37318,59518,250

19,49918,86818,88218,81318,32917,638

17,66217,62717,60317,55617,594

P17.659P17.631

Central reservecity banks

NewYork

5.1554,8384,7134,8124,5084,311

4,3374,2804,3094,2284,2824,2964,273

5,0284,7864,7064,7494,4684,320

4,3164,2854,2844,2394,2614,2674,285

Chi-cago

1,3201,2921,2931,2511,1981,171

1,1821,1661,1711,1601,1441,1531,139

'.

1,3161,2881,2921,2401,1871,172

1,1751,1691,1681,159t ,1471,1471,148

Re-

servecitybanks

7,9337,8087,8057,8397,7807,502

7,5117,4897,4887,4927,4937,5607,492

7,7697,6787,7067,6867,6147,390

7,4217,4077,3897,3647,3937,4377,414

Coun-try

banks1

5,8785,7135,7145,7675,6785,493

5,4955,4135,3795,4565,4545,5865,346

5,3875,1175,1775,1385,0584,757

4,7504.7664,7624,7944,793

P4.808P4.784

Month, orweek ending Wednesday

Allmem-

berbanks1

787784643858836839

865725745780779

P936P620

423418650146

66115

139889557843678


NewYork

12853

66340

—9

22—525

- 1 12129

- 1 1

11125314

30

202310

Chi-cago

451

1111

7- 4

41

- 36

- 9

224079

41

11

22292

2018

Re-servecity

banks

164130

99153166112

918299

128100123

78

195245365

612637

58323821292238

Coun-try

banks i

Total reserves held:

1953—JuneJulyAugust


Aug. 18Aug. 25Sept. 1Sept. 8Sept. 15Sept. 22 . . . .Sept. 29

Required reserves:2



Aug. 18Aug. 25Sept. 1Sept. 8Sept. 15Sept. 22Sept. 29

Excess reserves:




Borrowings at FederalReserve Banks:

1953—June...JulyAugust



491597537630619736

745652617662661

P778P562

195121154673817

39313834351332

* 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]

ItemAll

mem-ber

banks


NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

Allmem-ber

banks


NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

August 1954 August 1953

Gross demand deposits:Total

InterbankOther

Net demand deposits2

Time deposits

Demand balances due from domestic banks...

Reserves with Federal Reserve Banks:Total

Required3

Excess

Borrowings at Federal Reserve Banks

10813959438

6

1817

,962,082,880,891,906

,789

,478,638839

115

22,8113,999

18,81220,6853,660

41

4,3114,320

—9

30

6,1291,3414,7885,5381,282

121

1,1711,172

11

42,4136,481

35,93236,80615,297

2,028

7,5027,390

112

37

37,6091,262

36,34731,86118,667

4,600

5,4934,757

736

37

107,29111,80695,48594,24134,926

6,013

19,52618,882

643

650

22,5833,747

18,83620,7342,416

37

4,7134,706

6

53

6,1451,2384,9065,5471,198

119

1,2931,292

1

79

41,6745,782

35,89236,17013,901

1,871

7,8057,706

99

365

36,8891,039

35,85031,79017,411

3,987

5,7145,177

537

154

1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required arebased 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 anddemand balances due from domestic banks.

3See table on preceding page for changes in reserve requirements.



STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS[In thousands of dollars]

Item

Wednesday figures

1954

Sept. 29 Sept. 22 Sept. 15 Sept. 8 Sept. 1

End of month

1954

Sept. Aug.

1953

Sept.

AssetsGold certificatesRedemption fund for F. R. notes

Total gold certificate reserves

F. R. notes of other BanksOther cashDiscounts and advances:

For member banksFor nonmember banks, etc

Industrial loansU. S. Government securities:

Bought outright:BillsCertificates:

SpecialOther

NotesBonds

Total bought outrightHeld under repurchase agreement.

Total U. S. Government securities.

Total loans and securities

Due from foreign banksUncoltected cash itemsBank premisesOther assets

Total assets. .

LiabilitiesFederal Reserve notesDeposits:

Member bank—reserve accountsU. S. Treasurer—general accountForeignOther

Total deposits.

Total liabilities.

20,287,101842,262

20,277,100 20847,052

,277,100847,052

3,287,103837,051

20,287,103840,241

20,287,101842,262

20,277,105840,241

20,071,104862,363

21,129,363

136,982349,737

173,899125,000

870

1,324,250

21,124,152

147,683349,774

64,939105,000

934

1,049,250

21,124,152

141,080346,038

93,009105,000

973

1,266,150

21,124,154 21,127,344 21,129,363 21,117,346 20,933,467

109,374327,998

63,87990,000

769

1,323,150

129,535361,198

203,18590,000

605

1,173,150

132,036351,911

27,374105,000

978

1,549,250

121,210362,063

109,76990,000

616

1,173,150

198,242344,110

329,347

' "2,968

1,943,312

6,599,79113,029,0213,092,550

6,599,79113,029,0213,092,550

029,0216,599,791

13,029,0213,092,550

13,599,791,029,021,092,550

6,59913,0293,092

6,599,79113,029,0213,092,550

13,851,541,773,671,666,150

24,045,612 23,770,612 23,987,512 24,044,512 23 894,512128,600

24,270,612 23,894,512128,600

25,234,674

24,045,612 22,770,612 23,987,512 24,044,512 24,023,112 24,270,612 24,023,112 25,234,674

24,345,381

223,624,895

53,545158,619

23,941,485

224,129,324

53,656151,106

24,186,494

224,777,814

53,400143,733

24,199,160 24,316,902

223,238,254

53,385148,486

22,440,09553,731140,747

24,403,964

223,547,

53,159

24,223,497

223,157,669

53,724138,750

25,566,989

22,843,87850,041192,809

49,798,544 49,897,202 50,772,733 49,200,833 49,569,574 49,777,564 49,174,281 51,129,558

25,553,572

18,330,877769,192489,198398,344

25,532,604 25,630,101 25,708,879

18,379514.524!388

162506282050

18,641,889509,566506,171408,893

18,274446523390

25,576,049

18,530,107591,043483,138404,386

25,601,422

18,676,139704,485461,465421,781

26,033,313

18,316511.476.501,

19,308,535642,404512,255351,631

Deferred availability cash itemsOther liabilities and accrued dividends

19,987,611

3,113,55817,719

19,806,000 20,066,519 19,635,011

3,42017

,943,94017,128

2,732,15,

20,008,674

2,866,73614,725

20,263,870

2,768,03817,376

19,805,127

2,68415

978080

20,814,825

,158,66820,693

48,672,460 48,776,502 49,657,688 48,091,706 48,466,184 48,650,706 48,071,546

Capital AccountsCapital paid inSurplus (Section 7)Surplus (Section 13b)Other capital accounts

Total liabilities and capital accounts

Ratio of gold certificate reserves to deposit andF. R. note liabilities combined (per cent)

Contingent liability on acceptances purchasedfor foreign correspondents

Industrial loan commitments

275,842625,01327,543

197,686

275,809625,01327,543

192,335

275,628625,013

27,543186,861

275,066625,013

27,543181,505

274,872625,013

27,543175,962

275,870625,013

27,543198,432

274,838625,013

27,543175,341

50,027,499

261,550584,67627,543

228,290

49,798,544 49,897,202 50,772,733 49,200,833 49,569,574 49,777,564 49,174,281 51,129,558

6,2782,240

5,4812,180

5,5852,156

46.6

5,2792,361

46.3

5,3342,793

6,4531,943

46.5

5,2642,795

44.7

26,2553,342

Maturity Distribution of Loans and U. S. Government Securities1

Discounts and advances—totalWithin 15 days16 days to 90 days91 days to 1 year

Industrial loans—totalWithin 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 years

U. S. Government securities—totalWithin 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 yearsOver 5 years to 10 yearsOver 10 years

298190107

24,045363

8,2436,6896,3201,0131,414

,899,911,984

487057111

25236

,612,700,100,591,750,614,857

169,93962,092107,843

493462412

26236

23,770,612315,750,016,050

6,689.5916,320,7501,013,6141,414,857

198,00990,080107,873

5697364718

27236

23,987,512344,900921,250

13,972,141320,750013,614414,857

153,87959,89393,895

917692

44928137

24,044,512347,500975,650

13,972,1416,299,060,035,304,414,857

293,185197,14695,814

2256052

36120537

24,023,112668,500633,250972,141299,060035,304414,857

132,37434,19298,178

49783

73020936

24,270,612283,000,548,800689,591320,750013,614414,857

199,769103,88095,664

2256165

36420839

24,023,112485,600816,150

13,972,1416,299,060035,304414,857

25

329,347316,33713,010

"2,968840423

1,62481

,234,674494,900,940,162,558,091,452,264,374,400,414,857

1 Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agree-ments.

OCTOBER 1954 1065


STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1954[In thousands of dollars]

Item Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Assets

Gold certificates.Redemption fund

for F. R. notes.

Total gold certifi-cate reserves. .

F. R. notes ofother Banks.. .

Other cashDiscounts and

advances:Secured by

U. S. Govt.securities. . .

OtherIndustrial loans..U. S. Government

securities:Bought out-

rightHeld under

repurchaseagreement...

Total loans andsecurities

Due from foreignbanks

Uncollected cashitems

Bank premises.. .Other assets

Total assets

Liabilities

F. R. notesDeposits:

Member bk.—reserve accts.

U. S. Treas.—gen. acct.. . .

ForeignOther

Total deposits...Deferred avail-

ability cashitems

Other liabilitiesand accrueddividends

Total liabilities. .

CapitalAccounts

Capital paid in. .Surplus (Sec. 7) . .Surplus (Sec. 13b)Other capital

accounts

Total liabilitiesand capitalaccounts

20,287,101

842,262

1,063,858

50,523

5,477,248

167,297

1,184,304

54,590

1,716,207

76,395

1,106,665

70,580

925,891

54,765

3,615,504

145,354

810,279

47,594

422,950

24,799

866,161

40,081

808,753

29,094

2,289,281

81,190

21,129.363

132,036351,911

26,676105,698

978

24,270,612

1,114,381

9,63924,026

9506,464

5,644,545

26,73664,764

2,34530,450

1,339,204 6,199,491

1,238,894

9,12920,473

7507,770895

1,477,061

1,792,602

7,08539,167

1,9409,660

1,177,245

10,71617,160

4,1895,355

980.656

15,48431,798

1004,515

3,760,858

14,63360,784

9,05014,595

857,873

6,46918,652

1,9103,990

2,080,161 1,429,491 1,236,127 4,242,940 1,015,604

447,749

8,3599,275

2002,625

83

596,013

906,242

5,75312,376

4,8023,990

837,847

5,74513,969

1445,574

2,370,471

12,28839,467

29610,710

1,047,131 953,689 2,653,700

24,403,964

22

3,547,35853,506159,404

1,346,618

1

243,1195,9298,705

6,232,286

16

692,8177,255

39,629

1,486,476

2

219,5315,1689,323

2,091,761

2

342,7755,036

13,946

1,439,035

300,9134,5499,296

1,240,742 4,266,585

1

237,0163,9208,595

577,2636,330

27,726

1,021,504

1

152,6062,8496,849

598,921

1

110,8391,0193,848

1,055,923

1

191,5252,4587,128

959,407

1

170,106559

7,254

2,664,706

2

308,8488,434

17,10549,777,564 2,752,418 12,708,038 2,988,996 4,292,374 2,958,915 2,518,212 8,714,182

25,601,422

18,676,139

704,485461,465421,781

,564,243

830,563

41,12727,511

4,617

5,746,734

5,569,359

129,9682141,236343,326

1,780,319 2,367,970 1,794,028

853,263

55,61033,37410,769

1,422,467

79,91541,49210,479

784,707

45,39223,001

2,757

1,365,481

836,923

46,52519,393

1,158

4,952,850

2,979,017

107,65162,689

4,795

2,066,803

1,141,914

679,474

52,73317,1387,719

1,180,011 2,181,406 1,994,888 5,421,321

586,319

436,272

21,87311,275

1,210

1,005,183

923,278

36,34517,1382,990

732,894 2,563,487

992,586 2,368,230

39,92321,197

782

47,42346,02131,179

20,263,870

2,768,038

17,376

903,818

214,759

787

6,183,889

457,193

5,296

953,016

172,155

989

1,554,353

265,380

1,942

855,857

248,192

748

903,999 3,154,152

196,593

816

444,471

2,809

757,064

122,164

640

470,630

92,852

563

979,751

151,315

635

1,054,488 2,492,853

154,781

598

248,183

1,553

48,650,706

275,870625,013

27,543

198,432

2,683,607

14,78938,779

3,011

12,232

12,393,112

83,595176,633

7,319

47,379

2,906,479 4,189,645 2,898,825 2,466,889 8,554,282

18,71245,909

4,489

13,407

26,73857,648

1,006

17,337

12,47131,7503,349

12,520

11,95428,034

762

10,573

36,50190,792

1,429

31,178

2,021,782

9,57025,465

521

9,465

1,150,364 2,136,884

6,14016,2191,073

6,215

10,59623,456

1,137

9,333

1,942,761

13,98128,146

1,307

8,693

5,306,076

30,82362,1822,140

20,100

49,777,564 2,752,418 12,708,038 2,988,996 4,292,374 2,958,915 2,518,212 8,714,182 2,066,803 1,180,011

Reserve ratio

Contingent lia-bility on ac-ceptances pur-chased for for-eign corre-spondents

Industrial loancommitments..

46.1%

6,453

1,943

45.2%

384

47.3%

31,980

45.3%

466

480

45.7%

580

598

44.4%

321

39

43.2%

271

110

46.4%

876

19

45.2%

239

42.4%

158

2,181,406

45.7%

239

697

1,994,888 5,421,321

46.9%

296

46.9%

643

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.



FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS

FEDERAL RESERVE BANKS COMBINED

[In thousands of dollars]

Item

Wednesday figures

1954

Sept. 29 Sept. 22 Sept. 15 Sept. 8 Sept. 1

End of month

1954

Sept. Aug.

1953

Sept.

27,107,943

11,463,000191,182

16,620,000

F. R. notes outstanding (issued to Bank).Collateral held against notes outstanding:

Gold certificatesEligible paperU. S. Government securities

Total collateral

26,557,599 26,565,598 26,645,867 26,563,726 26,517,599 26,539,310 26,533,486

11,093,00055,846

16,865,000 16

11,093,00033,430

,865,000

11,093,C37,260

16,865,000 16

093,00029,570

,865,000

11,093,00013,156

16,865.000

11,093,00049,565

16,865,000

28,013,846 26,991,430 27,995,260 27,987,570 27,996,581 27,971,156 28,007,565 28,274,182

EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1954

[In thousands of dollars]

Item

F. R. notes out-standing (issuedto Bank)

Collateral held:Gold certificatesEligible paper..U. S. Govt. se-curities

Total collateral..

Total

26,539,310

11,093,00013,156

16,865,000

27,971,156

Boston

1,627,801

640,0001,009

1,200,000

1,841,009

NewYork

5,917,492

2,670,000

Phila-delphia

800,000750

3,600,000 1,200,000

6,270,000 2,000,750 2,500,000

Cleve-land

1,864,174 2,480,738

1,000,000

Rich-mond

1,845,293

625,0004,189

1,929,189

Atlanta

1,500,000 1,300,000 1,000,000 2,700,000

Chicago

1,410,872 5,058,364

485,000 2,400,000

1,485,000 5,100,000

St.Louis

1,198,302 624,384

355,0001,910

920,000 500,000

1,276,910 675,200

Minne-apolis

175,000200

KansasCity Dallas

1,030,010 771,080 2,710,800

280,000 283,000 1,380,0004,802 296

800,000 525,000 1,620,000

1,084,802 808,000 3,000,296

SanFran-cisco

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

[Amounts in thousands of dollars]

End ofyear ormonth

19451946194719481949195019511952

1953

Augus t . . . .September.October. . .November.December..

1954

January. . .February. .MarchAprilMayTuneJulyAugus t . . . .

Applicationsapprovedto date

Num-ber

3,5113,5423,5743,6073,6493,6983,7363,753

3,7603,7603,7623,7643,765

3,7653,7653,7663,7673,7673,7683,7683,768

Amount

544,961565,913586,726615,653629,326651,389710,931766,492

793,196795,496797,656800,420803,429

805,115806,648808,505810,051810,779812,433813,465814,765

Ap-provedbut not

com-pleted1

(amount)

3204,577

945335539

4,8193,5131,638

1,492997

1,2421,6821,951

1,2341,3451,720

40545

1954545

Loansout-

standing2

(amount)

1,995554

1,387995

2,1782,6324,6873,921

2,8012,9932,6852,5461,900

1,8851,7921,4871,3021,2981,2471,130

630

Commit-mentsout-

standing(amount)

1,6448,3097,4341,6432,2883,7546,0363,210

3,3553,3413,3813,0973,569

3,5323,1452,9572,8912,3732,3952,3542,794

Partici-pations

of financ-ing insti-

tutionsout-

standing3

(amount)

1,0862,6704,8691,9902,9473,745

11,9853,289

2,9553,1342,9703,6403,469

3,4143,3442,6662,4121,8691,8551,8121,773

1 Includes applications approved conditionally by the Federal Re-serve Banks and under consideration by applicant.

2 Includes industrial loans past due 3 months or more, which are notincluded in industrial loans outstanding in weekly statement of con-dition of Federal Reserve Banks.

3Not covered by Federal Reserve Bank commitment to purchase ordiscount.

NOTE.—The difference between amount of applications approved andthe sum of the following four columns represents repayments of ad-vances, and applications for loans and commitments withdrawn orexpired.

LOANS GUARANTEED THROUGH FEDERAL RESERVEBANKS UNDER REGULATION V, PURSUANT TO

DEFENSE PRODUCTION ACT OF 1950


End ofyear ormonth

195019511952

1953

AugustSeptemberOctober. . .November.December.

1954

January. . .February..M a r c h . . . .AprilMayJuneJulyAugust. . . .

Guaranteed loansauthorized

to date

Num-ber

:

62854

1,159

1,2591,2691,2791,2841,294

1,3041,3101,316L.3221,324L ,3311,3421,350

Amount

31,3261,395,4442,124,123

2,301,9872,310,1822,320,1872,324,6122,358,387

2,377,6282,380,1862,399,3212,406,6512,408,2262,420,3262,443,0212,457,689

Guaranteedloans

outstanding

Totalamount

8,017675,459979.428

868,274860,874842,529837,238804,686

788,320772,647737,605684,631664,122640,636604,750559,859

Portionguaran-

teed

6,265546,597803,132

716,618709,488695,550691,727666,205

652,706640,121612,265569,551552,738534,695502,902466,089

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

8,299472,827586,303

444,265438,091416,690375,977363,667

347,969355,056321,619347,823330,408299,465311,191300,676

NOTE.—-The difference between guaranteed loans authorized andsum of loans outstanding and additional amounts available to bor-rowers under guarantee agreements outstanding represents amountsrepaid, guarantees authorized but not completed, and authorizationsexpired or withdrawn.

OCTOBER 1954 1067


FEES AND RATES ESTABLISHED UNDER REGULATION VON LOANS GUARANTEED PURSUANT TO DEFENSE

PRODUCTION ACT OF 1950[In effect September 30]

Fees Payable to Guaranteeing Agency by Financing Institution onGuaranteed Portion of Loan

Percentage ofloan guaranteed

70 or less7580859095Over 95

Guarantee fee(percentage of

interest payableby borrower)

101520253035

40-50

Percentage ofany commitment

fee chargedborrower

101520253035

40-50

Maximum Rates Financing Institution May Charge Borrower[Per cent per annum]

Interest rateCommitment rate.

POSTAL SAVINGS SYSTEM[In millions of dollars]

End of month

1945—December..1946—December..1947—December..1948—December..1949—December..1950—December..1951—December..1952—December..

1953—MayJ u n e . . . . . . .JulyA u g u s t . . . .September.OctoberNovember.December..

1954—January...February..,MarchAprilMay

TulvAugust

Depos-itors'bal-

ances l

2,9333,2843,4173,3303,1882,9242,7052,547

2,4772,4572,4382,4192,4012,3872,3732,359

2,3432,3262,3092,2902,271

J>2,251

P2.2O8

Assets

Total

3,0223,3873,5253,4493,3123,0452,8352,736

2,6652,6532,6482,6352,6182,5962,5772,558

2,5402,5052,4702,4342,416

Cashin

deposi-tory

banks

66677

112833

3333333333333131

3131313131

U. S.Govern-

mentsecuri-

ties

2,8373,1823,3083,2443,1182,8682,6442,551

2,4882,4772,4692,4522,4352,4282,4072,389

2,3732,3362,2992,2782,256

Cashreservefunds,

etc.'

179200212198187166162151

144143146151150135139138

136139140125130

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 onbond investments, and miscellaneous receivables.

Back figures.—See Banking and Monetary Statistics, p. 519; fordescription, see p. 508 in the same publication.

BANK DEBITS AND DEPOSIT TURNOVER[Debits in millions of dollars]

Year or month

1943194419451946,1947194819491950195119521953

1953—JulyAugustSeptember. . . .OctoberNovemberDecember

1954—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

Debits to demand deposit accounts,except interbank and

U. S. Government accounts

Total, allreportingcenters

757,356848,561924,464

1,017,0841,103,7201,227,4761,206,2931,380,1121,542,5541,642,8531,759,069

147,957134,386147,699149,606140,992168,596

154,287'141,931171,357154,763149,814163,512

'154,856'151,510149,907

NewYorkCity

281,080327,490382,760406,790398,464443,216446,224509,340544,367597,815632,801

51,79945,51654,88854,15250,47065,367

62,30656,11567,91360,47959,53564,96561,15558,31656,744

6other

centers1

175,499194,751200,202218,477246,739270,912260,897298,564336,885349,904385,831

32,68329,95831,42231,77830,47735,557

30,80629,34136,66633,15231,15933,78531,55631,52630,922

338 otherreportingcenters

300,777326,320341,502391,817458,517513,348499,172572,208661,302695,133740,436

63,47658,91361,39063,67660,04667,672

61,17656,47566,77961,13259,12064,761

'62,144'61,66862,241

Annual rate of turnover of demand deposits exceptinterbank and U. S. Government deposits

Without seasonal adjustment

NewYorkCity

20.422.324.125.123.826.927.931.131.934.436.7

36.032.240.235.838.443.1

42.742.744.641.341.944.241.640.040.4

6other

centers1

18.018.317.518.319.721.620.922.624.024.125.6

25.723.625.923.926.426.8

24.125.529.227.625.526.824.924.8

P25.3


15.314.613.514.115.516.615.917.218.418.418.9

19.217.819.318.420.219.7

18.619.219.718.818.819.718.818.5

P19.4

Seasonally adjusted2

NewYorkCity

36.937.239.236.938.838.1

42.543.843.541.943.040.942.746.239.4

6other

centers1

26.225.826.224.626.025.6

24.626.226.726.825.926.325.427.1

P25.6


19.518.919.018.419.118.7

18.419.319.819.419.219.719.119.7

P19.1

«• Revised.P Preliminaryi Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.2These data are compiled by the Federal Reserve Bank of New York.NOTE.—For description of ear l ier----- --- "---1*-- --•-» " °- ••for August 1943,

are compnea Dy tne federal Reserve Bank ot New York.description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETINp. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357.



UNITED STATES MONEY IN CIRCULATION BY DENOMINATIONS[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of year ormonth

Totalin cir-cula-tion1

Coin and small denomination currency2

Total Coin *$1 $5 $10 $20

Large denomination currency3

Total $50 $100 $500 $1,000 $5,000 $10,000

Unas-sorted

19391940194119421943194419451946194719481949195019511952

1953—AugustSeptemberOctober. . ,NovemberDecember.

1954—January.. ,February..MarchAprilMayJuneJulyAugust....

7,5988,73211,16015,41020,44925,30728,51528,95228,86828,22427,60027,74129,20630,433

30,24830,27530,39830,80730,781

29,98129,90429,70729,73529,87029,92229,89229,929

5,5536,2478,12011,57614,87117,58020,68320,43720,02019,52919,02519,30520,53021,450

21,33121,32121,41421,77121,636

20,93920,90820,75720,79920,94620,99920,98421,015

590648751880

1,0191,1561,2741,3611,4041,4641,4841,5541,6541,750

1,7781,7921,8021,8161,812

1,7751,7701,7761,7831,7871,7951,7931,801

559610695801909987

1,0391,029,048,049,066,113,182,228

,182,207,214,232,249

,180,170,166,173

1,1821,1831,1741,183

3639445570817367656462646771

7069707172

7070707069717070

,019,129,355,693,973

2,1502,313,173

2,1102,0472,004,049,120

2,143

2,0612,0602,0712,1232,119

2,0312,0212,0102,0062,0362,0232,0162,023

1,7722,0212,7314,0515,1945,9836,7826,4976,2756,0605,8975,9986,3296,561

6,5316,4996,5246,6596,565

6,3516,3656.3046,3256,3756,3776,3666,361

1,5761,8002,5454,0965,7057,2249,2019,3109,1198,8468,5128,5299,1779,696

9,7099,6949,7349,8719,819

9,5319,5129,4319,4439,4969,5519,5649,578

2,0482,4893,044

837580730

7,8348,5188,8508,6988,5788,4388,6788,985

8,9188,9568,9869,0389,146

9,0458,9998,9528,9368,9268,9248,9108,916

460538724

1,0191,4811,9962,3272,4922,5482,4942,4352,4222,5442,669

2,6552,6592,6652,6892,732

2,6932,6742,6542,6512,6512,6592,6542,653

9191,1121,4331,9102,9124,1534,2204,7715,0705,0745,0565,0435,2075,447

5,4235,4585,4885,5195,581

5265,5025,4735,4705,4635,4575,4515,461

191227261287407555454438428400382368355343

334334333332333

331330328327325324322321

425523556586749990801783782707689588556512

494493489487486

484482481478475473471469

203024991078554444

44444

4444444

3260462522242426171711121210

888811

8812888

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]

GoldGold certificatesFederal Reserve notesTreasury currency—total

Standard silver dollarsSilver bullionSilver certificates and Treasury notes of 1890. .Subsidiary silver coinMinor coinUnited States notesFederal Reserve Bank notesNational Bank notes

Total—Aug. 31, 1954July 31, 1954Aug. 31, 1953

Total out-standing,Aug. 31,

1954

21,80921,15326,5334,966

4912,162

*2,3981,280

438347179

70

(4)(4)(4)

Money held in the Treasury

As securityagainst

gold andsilver

certificates

21,153

' "s'2,398' '

2372,162

23,55123,66623,408

Treasurycash

2657

5599

36

5 5 "52

(5)(5)

811798

1,269

ForFederalReserve

Banks andagents

18,302

18,30218,40418,177

Moneyheld byFederalReserve

Banks andagents

2,8161,088

362

4

2606011252

(5)

4,2664,3414,274

Money in circulation1

Aug. 31,1954

3525,3904,504

214

2,1381,165

42131917769

29,929

July 31,1954

3525,3774,479

213

2,1231,161

41931617970

29,892

Aug. 31,1953

3625,7384,474

205

2,1081,156

41631919773

30,248

1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totalsfor 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 onreceipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the faceamount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amountof such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal ReserveBank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificatesand 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 circula-tion. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as aredemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payablein gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement.

OCTOBER 1954 1069


CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEMALL 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]

Date

Assets

Gold

Treas-urycur-

rencyout-

stand-ing

Bank credit

Total Loans,net

U. S. Government obligations

Total

Com-mercial

andsavingsbanks

FederalReserveBanks

Other

Othersecu-rities

Totalassets,net—Totalliabil-itiesand

capital,net

Liabilitiesand Capital

Totaldeposits

andcurrency

Capitaland

misc.ac-

counts,net

1929—June 291933—June 301939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311949—Dec. 311950—Dec. 301951—Dec. 311952—June 30

Dec. 311953—June 30

Aug. 26Sept. 30Oct. 28Nov. 25Dec. 31

1954—Jan. 27Feb. 24Mar. 31Apr. 28May 26June 30July 28Pf

Aug. 25P

4,0374,031

17,64422,73720,06522,75424,42722,70622,69523,34623,18722,463

22,20022,10022,10022,00022,030

22,00022,00022,00022,00022,00021,92721.90021,900

2,0192,2862,9633,2474,3394,5624,5984,6364,7094,7544,8124,854

4,9004,9004,9004,9004,894

4,9004,9004,9004,9005,0004,9595,0005,000

58,64242,14854,56464,653167,381160,832162,681171,667181,323182,980192,866190,277

195,400195,900196,700198,200199,791

198,00C197,300196,100197,200198,800200,628200,600202,500

41,08221,95722,15726,60530,38743,02349,60460,36667,59769,71275,48477,071

77,70078,40079,10079,50080,486

79,10079,30080,30079,90080,10081,21080,80080,200

5,74110,32823,10529,049128,417107,086100,45696,56097,80896,266100,00895,350

99,60099,30099,500100,400100,935

100,40099,10096,80098,20099,40099,827100,000102,300

5,4998,19919,41725,511101,28881,19978,43372,89471,34370,78372,74068,108

72,10071,60071,70073,00072,610

73,40072,00069,80071,20072,40072,52573,30076,200

2161,9982,4842,254

24,26222,55918,88520,77823,80122,90624,69724,746

25,00025,20025,30025,00025,916

24,70024,60024,60024,60024,70025,03724,50023,900

26131

1,2041,2842,8673,3283,1382,8882,6642,5772,5712,496

2,5002,5002,4002,4002,409

2,4002,4002,3002,3002,3002,2652,2002,200

11,8199,8639,3028,9998,57710,72312,62114,74115,91817,00217,37417,856

18,20018,20018,20018,20018,370

18,50018,90019,00019,20019,30019,59119,80019,900

64,69848,46575,17190,637191,785188,148191,706199,009208,727211,080220,865217,594

222,500222,900223,700225,100226,715

224,900224,100223,000224,100225,800227,514227,500229,300

55,77642,02968,35982,811180,806175,348177,313184,385193,410194,960204,220200,360

204,800204,900205,500207,100209,175

207,100206,200205,100206,200207,600209,354209,100210,500

8,9226,4366,8127,826

10,97912,80014,39214,62415,31716,12016,64717,234

17,70018,00018,10018,00017,538

17,80017,90017,80017,90018,20018,16118,40018,800

Date

Deposits and Currency

TotalForeign

bankdeposits,

net

U. S. Government balances


At com-mercial

andsavingsbanks

AtFederalReserveBanks

Deposits adjusted and currency

Total Demanddeposits2

Time deposits3

TotalCom-

mercialbanks

Mutualsavingsbanks*

PostalSavingsSystem

Cur-rencyoutsidebanks

1929—June 29...1933—June 30...1939—Dec. 30...1941—Dec. 31. ..1945—Dec. 31...1947—Dec. 31...1949—Dec. 31...1950—Dec. 30. ..1951—Dec. 31...1952—June 30. ..

Dec. 31...1953—June 30...

Aug. 26...Sept. 30. ..Oct. 28...Nov. 25...Dec. 31...

1954—Jan. 27...Feb. 24. ..Mar. 31...Apr. 28...M a y 26...June 30...July 2%pr.Aug. 25P. .

55,77642,02968,35982,811180,806175,348177,313184,385193,410194,960204,220200,360

204,800204,900205,500207,100209,175

207,100206,200205,100206,200207,600209,354209,100210,500

36550

1,217498

2,1411,6822,1502,5182,2792,3192,5012,467

2,4002,5002,6002,7002,694

2,8002,9003,0003,1003,1003,2563,4003,400

204264

2,4092,2152,287,336,312,293,270,283,270,259

,300,300,300800761

800800800800800811800800

381852846

1,89524,6081,4523,2492,9893,6156,1215,2593,942

7,0006,2003,8005,7004,457

3,4004,5005,4004,5005,1005,8953,9005,500

3635

634867977870821668247333389132

700600600500346

200500700500500875500600

54,79040,82863,25376,336

150,793170,008169,781176,917185,999184,904194,801192,560

193,400194.300197,300197,400200,917

199,800197,400195,200197,300198,000198,517200,400200,300

22,54014,41129,79338,99275,85187,12185,75092,27298,23494,754101,50896,898

97,50097,700100,300100,200102,451

102,30099,60096,70098,60098,70098,132100,00099,400

28,61121,65627,05927,72948,45256,41158,61659,24761,45063,67665,79968,293

68,70069,10069,60069,30070,375

70,60071,00071,70072,00072,50073,29273,70074,000

19,55710,84915,25815,88430,13535,24936,14636,31437,85939,30240,66642,245

42,50042,80043,20042,90043,659

43,70044,00044,50044,70045,00045,65346,00046,200

8,9059,62110,52310,53215,38517,74619,27320,00920,88721,75522,58623,589

23,80024,00024,10024,00024,358

24,60024,70024,90025,00025,20025,38825,50025,600

1491,1861,2781,3132,9323,4163,1972,9232,7042,6192,5472,459

2,4002,4002,4002,4002,359

2.3002,3002,3002,3002,3002,2512,2002,200

3,6394,7616,4019,615

26,49026,47625,41525,39826,31526,47427,49427,369

27,30027,50027,40027,90028,091

26,90026,90026,90026.70026,80027,09326,80026,900

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. Totaldeposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figuresare 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 figuresfor deposits and currency.



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]

Class of bankand date

All banks :1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 3131950—Dec. 301951—Dec. 311952—Dec. 311953—June 30

Aug. 26Dec. 31

1954—Mar. 31Apr. 28May 26June 30July 28*"-Aug. 25P

All commercial banks:1939—Dec. 301941—Dec. 31.1945—Dec. 311947—Dec. 3131950—Dec. 301951—Dec. 311952—Dec. 311953—June 30

Aug. 26 . .Dec. 31

1954—Mar. 31Apr. 28May 26June 30J u l y 28pr....Aug. 25P

All member banks:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—June 30

Aug. 26Dec. 31

1954—Mar. 31Apr. 28May 26June 30July 28PAug. 25P

All mutual savings

1939—Dec. 301941—Dec 311945—Dec. 311947—Dec. 31 3

1950—Dec. 301951—Dec. 31. . . . . .1952—Dec. 311953—June 30

Aug. 26Dec. 31

1954—Mar. 31Apr. 28May 26June 30July 28prAug. 25P

Loans and investments

Total

50,88461,126

140,227134,924148,021154,869165,626163,082168,590171,497169,190170,710172,560173,343174,380176,790

40,66850,746

124,019116,284126,675132,610141,624137,957143,130145,687142,790144,110145,690146,383147,280149,490

33,94143,521

107,18397,846

107,424112,247119,547115,789120,398122,422119,840121,125122,602123,185123,915126,001

10,21610,37916,20818,64121,34622^25924,00325,12425,46025,81026,40026,60026,87026,95927,10027,300

Loans

22,16526,61530,36243,00260,38667,60875,51277,11778,37080,51880,38080,28080,87081,22781,34080,690

17,23821,71426,08338,05752,24957,74664,16365,02566,04067,59367,05066,75067,12067,33767,29066,450

13,96218,02122,77532,62844,70549,56155,03455,61356,49157,76257,10956,80457,20557,19757,11456,453

4,9274,9014,2794,9448 1379,862

11,34912,09112,33012,92513,33013,53013,75013,89014,05014,240

U. S.Govern-

mentobliga-tions

19,41725,511

101,28881,19972,89471,34372,74068,10872,07072,61069,80071,24072,39072,52573,27076,210

16,31621,80890,60669,22162,02761,52463,31858,64462,59063,42660,65062,13063,28063,50864,34067,300

14,32819,53978,33857,91452,36551,62152,76348,31851,85952,60350,24151,69052,72653,11153,83256,476

3,1013,704

10,68211,97810 8689,8199,4229,4649,4809,1849,1509,1109,1109,0178,9308,910

Othersecu-rities

9,3028,9998,577

10,72314,74115,91817,37417,85618,15018,37019,01019,19019,30019,59119,77019,890

7,1147,2257,3319,006

12,39913,33914,14314,28714,50014,66815,09015,23015,29015,53815,65015,740

5,6515,9616,0707,304

10,35511,06511,75111,85812,04812,05712,49012,63112,67112,87612,96913,072

2,1881,7741,2461,7182 3422,5793,2313,5693,6503,7013,9203,9604,0104,0524,1204,150

Cashassetsl

23,29227,34435,41538,38841,08645,53145,58442,02339,06045,81141,50040,78040,21042,55640,23039,480

22,47426,55134,80637,50240,28944,64544,66641,15638,26044,82840,49039,83039,33041,56939,26038,540

19,78223,12329,84532,84535,52439,25239,25536,46733,73039,38135,64035,04334,54536,72234,51433,819

818793609886797886918867800983

1,010950880987970940

Totalassets—

Totalliabilities

andcapital

accounts2

77,06890,908

177,332175,091191,317202,903213,837207,758210,410220,140213,530214,450215,820218,900217,640219,300

65,21679,104

160,312155,377168,932179,465188,603181,425183,790193,010185,740186,520187,670190,585189,190190,670

55,36168,121

138,304132,060144,660153,439160,826154,258156,217163,983157,647158,438159,478162,203160,748162,136

11,85211,80417,02019,71422 38523,43925,23326,33326,62027,13027,79027,93028,15028,31528,45028,630

Deposits

Total i

68,24281,816

165,612161,865175,296185,756195,552189,159190,350201,100194,160194,450195,300199,508197,310198,780

57,71871,283

150,227144,103155,265164,840172,931165,531166,520176,702169,220169,400170,080174,068171,770173,130

49,34061,717

129,670122,528133,089141,015147,527140,830141,507150,164143,608143,913144,513148,252145,975147,179

10,52410,53315,38517,76320 03120,91522,62123,62823,83024,39824,94025,05025,22025,44025,54025,650

Inter-bank i

9,87410,98214,06513,03314,03915,08715,32113,60012,92015,95714,49014,26014,11015,50014,94015,210

9,87410,98214,06513,03214,03915,08615,31913,59812,92015,95514,49014,26014,11015,49714,94015,210

9,41010,52513,64012,403

«13,44814,42514,61712,93312,27815,17013,80113,57513,42714,73314,20414,437

1

2233

*3222333

Other

De-mand

32,51644,355

105,93595,727

104,744111,644116,633109,389110,850116,788109,960110,180110,630112,637110,590111,430

32,51344,349

105,92195,711

104,723111,618116,600109,352110,810116,750109,920110,140110,590112,588110,540111,380

28,23138,84691,82081,78590,30695,968

100,02093,78094,99599,78093,90594,27794,70296,62094,61695,362

36

1417222633374038404040505050

Time

25,85226,47945,61353,10556,51359,02563,59866,17066,580

"68,35469,71070,01070,56071,37171,78072,140

15,33115,95230,24135,36036,50338,13741,01242,58142,79043,99744,81045,00045,38045,98346,29046,540

11,69912,34724,21028,34029,33630,62332,89034,11734,23435,21335,90236,06136,38436,90037,15537,380

10,52110 52715,37117,74520,00920,88822,58623,58923,79024,35824,90025,01025,18025,38825,49025,600

Totalcapital

accounts

8,1948,414

10,54211,94813,83714,62315,36715,79115,89016,11816,35016,48016,55016,66416,69016,770

6,8857,1738,950

10,05911,59012,21612,88813,27513,35013,55913,75013,87013,93014,03814,06014,120

5,5225,8867,5898,4649,695

10,21810,76111,07011,11611,31611,48411,58511,63811,70911,72411,794

1,3091,2411,5921,8892 2472,4072,4792,5162,5402,5592,6002,6102,6202,6262,6302,650

Numberof

banks

15,03514,82614,55314,71414,65014,61814,57514,53714,53214,50914,48214,47214,468

414,46514,45714,446

14,48414,27814,01114,18114,12114,08914,04614,00914,00413,98113,95413,94413,940

413,93713,92913,919

6,3626,6196,8846,9236,8736,8406,7986,7656,7596,7436,7336,7296,7246,7216,7166,713

551548542533529529529528528528528528528528528527

*> Preliminary. r Revised. "Corrected.* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember com-

mercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 3 million dollars) that became a memberbank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trustcompanies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are notavailable. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, andthe 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 525million at all insured commercial banks.

2 Includes "other" assets and liabilities, not shown separately.For other footnotes see following two pages.

OCTOBER 1954 1071


ALL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedPRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued

[Figures partly estimated except on call dates. Amounts in millions of dollars]



Total Loans

U. S.Govern-

mentobliga-tions

Othersecu-rities

Cashassets1

Totalassets—

Totalliabilities

andcapital

accounts5

Deposits

Total i Inter-bank i

Other

De-mand Time

Totalcapital

accounts

Numberof

banks

Central reserve citymember banks:

New York City:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—June 30

Aug. 26Dec. 31


Chicago:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—June 30

Aug. 26Dec. 31


Reserve city memberbanks:

1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—June 30

Aug. 26Dec. 31

1954—Mar. 31Apr. 28May 26June 30July 28?Aug. 25?

Country memberbanks:

1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—June 30

Aug. 26Dec. 31


9,33912,89626,14320,39320,61221,37922,13020,45221,40722,05821,39221,68022,42622,68122,72722,966

2,1052,7605,9315,0885,5695,7316,2405,6275,9846,2045,5685,8505,9245,9755,9806,124

272,347108I040,685,694,583,352,397,755,802,353,836,056,400,586

10,22412,51835,00236,32440,55842,44445,59445,35946,61047,40447,07847,24247,41647,47447,80848,325

3,2964,0727,3347,1799,72911,14612,37611,88312,00312,28911,72611,63512,08111,61911,57411,380

569954

1,3331,8012,0832,4682,7482,5522,6702,7762,6382,5392,5672,5892,5212,477

5,3297,1058,514

13,44917,90619,65121,69722,15022,55222,76322,48522,31722,34122,45322,40522,268

4,7685,8905,596

10,19914,98816,29618,21319,02819,26619,93420,26020,31320,21620,53720,61420,328

4,7727,265

17,57411,9728,9938,1297,6786,6397,3807,7657,3507,7018,0658,6958,7899,233

1,2031,4304,2132,8902,9112,7112,9122,5292,7582,8562,3392,7252,7742,8252,8963,077

5,1946,46729,55220,19619,08419,19419,62417,75619,33919,55918,78319,40919,78819,81320,13621,398

3,1594,37726,99922,85721,37721,58722,54921,39422,38222,42321,76921,85522,09921,77922,01122,768

1,2721,5591,2351,2421,8902,1042,0761,9302,0242,0042,3162,3442,2802,3672,3642,353

333376385397576552581546556572591586583561563570

1,7491,7762,0422,3963,6953,8494,2624,4464,5064,4344,5344,6274,7074,7914,8594,920

2,2972,2502,4083,2684,1934,5614,8324,9364,9625,0475,0495,0745,1015,1585,1835,229

6,7036,6376,4397,2617,9228,5648,4197,8796,6558,0748,0287,3056,8497,5246,6116,654

1,4461,5661,4891,7392,0342,1962,0102,0582,0062,1151,6502,0172,0132,0361,9361,902

6,7858,51811,28613,06613,99815,19915,54414,44713,54615,92513,99313,92813,83114,65613,81813,354

4,8486,40210,63210,77811,57113,29213,28112,08311,52313,26811,96911,79311,85212,50612,14911,909

16,41319,86232,88727,98228,95430,46431,05328.81428,56930,68429,96729,56429,88130,77129,94930,220

3,5954,3637,4596,8667,6497,9728,2977,7298,0378,3667,2667,9207,9958,0647,9718,077

19,68724,43051,89849,65955,36958,65461,94159,58760,79663,54760,67461,17761,58662,62462,12962,858

15,66619,46646,05947,55352,68956,34959,53558,12958,81561,38559,74059,77760,01660,74560,69960,981

=14,50717,93230,12125,21625,64626,85927,30925,24424,70627,03726,38225,87426,05827,22526,11726,151

3,3304,0577,0466,402,109

7,4027,6867,1197,3577,7246,6027,2617,2867,4197,2707,395

17,74122,31349,08546,46751,43754,46657,35754,86155,33858,66355,61455,90256,15657,66556,83857,523

13,76217,41543,41844,44348,89752,28855,17553,60654,10656,74055,01054,87655,01355,94355,75056,110

4,2384,2074,6574,4644,6384,8324,9654,5784,2675,2145,0195,2475,0575,5175,3795,241

8881,0351,3121,217

"1,2291,3071,3501,2161,2241,3871,7031,2001,2191,3391,2811,339

3,6864,4606,4485,6496,4486,9767,0016,0665,7607,2545,9606,0076,0256,6366,3666,614

598822

1,2231,0731,1331,3091,3011,0731,0271,3151,1191,1211,1261,2411,1781,243

9,53312,91724,22719,30719,28720,34820,50418,73618,60519,67319,23718,52918,88319,49218,37918,558

1,9472,5465,0154,2734,7784,9525,1324,6964,9435.0953,6954,8264,8214,8134,7334,802

9,43913,04732,87729,39533,34235,21837,09535,05235,79837,27735,12035,28635,34236,07335,48335,822

7,31210,33529,70028,81032,89935,44937,28935,29535,64937,73535,85335,63635,65636,24236,02136,180

736807

1,2361,4451,7221,6791,8401,9301,8342,1502,1262,0982,1182,2162,3592,352

495476719913

1,1031,1431,2051,2071,1901,2421,2041,2351,2461,2671,2561,254

4,6164,8069,76011,42311,64712,27213,26113,74313,78014,132'14,53414,60914,78914,95714,98915,087

5,8526,25812,49414,56014,86515,53016,58517,23717,430=17,69018,03818,11918,23118,46018,55118,687

1,5921,6482,1202,2592,3512,4252,5052,5442,5502,5722,6142,6192,6292,6302,6422,646

250288377426490513541551552566570571578583583587

1,8281,9672,5662,8443,3223,5213,7453,8743,8813,9844,0374,0894,1084,1244,1274,168

1,8511,9822,5252,9343,5323,7603,9704,1014,1334,1944,2634,3064,3234,3724,3724,393

36363737232222222222222222222222

14131214131313131313131313131313

346351359353336321319321319319309309309310309307

5,9666,2196,4766,5196,5016,4846,4446,4096,4056,3896,3896,3856,3806,3766,3726,371

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 wasadded, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercialbanks.

4 Figures revised from those shown in the BULLETIN for August 1954, p. 903; two noninsured commercial banks went out of existence priorto June 30, 1954, but this was not reported until later.

For other footnotes see preceding and opposite pages.



ALL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedPRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued

[Amounts in millions of dollars]


All insured commercialbanks:

1941—Dec. 311945—Dec. 311947—Dec. 311951—Dec. 311952—Dec. 311953—Dec. 311954—June 30

National memberbanks:


State member banks:1941—Dec. 311945—Dec. 311947—Dec. 311951—Dec. 311952—Dec. 311953—Dec. 311954—June 30

Insured nonmembercommercial banks:


Noninsured nonmem-ber, commercialbanks:


All nonmember com-mercial banks:


Insured mutual savingsbanks:

1941—Dec. 31

1947—Dec! 31.'.'.'.'..1951—Dec. 311952—Dec. 311953—Dec. 311954—June 30

Noninsured mutualsavings banks:

1941—Dec. 311945—Dec. 311947—Dec. 313

1951—Dec. 311952—Dec. 311953—Dec. 311954—June 30


Total

49,290121,809114,274130,820139,770143,796144,451

27,57169,31265,28075,25580,18081,91382,482

15,95037,87132,56636,99239,36740,50940,704

5,77614,63916,44418,59120,24221,39621,288

1,4572,2112,0091,7891,8541,8911,932

7,23316,84918,45420,38022,09623,28723,220

1,69310,84612,68316,19017,62119,25220,121

8,6875,3615,9576,0696,3826,5586,838

Loans

21,25925,76537,58357,25663,63267.08266,805

11,72513,92521,42832,31736,03437,83137,672

6,2958,85011,20017,24319,03019,93119,525

3,2412,9924,9587,7018,6059,3289,615

455318474490531511532

3,6963,3105,4328,1929,1369,838

10,147

6423,0813,5607,5238,69110,01610,804

4,2591,1981,3842,3392,6582,9103,086

U. S.Govern-

mentobliga-tions

21,04688,91267,94160,53362,30862,38162,461

12,03951,25038,67435,06335,83535,48235,759

7,50027,08919,24016,55816,92817,12117,353

1,50910,58410,0398,9239,5569,7909,362

7611,6931,280991

1,0101,0451,047

2,27012,27711,3189,91410,56710,83510,409

6297,1608,1656,9216,5936,4766,309

3,0753,5223,8132,8972,8292,7072,708

Othersecu-rities

6,9847,1318,75013,03113,83114.33315,185

3,8064,1375,1787,8758,3418,6009,051

2,1551,9332,1253,1913,4093,4573,826

1,0251,0631,4481,9672,0812,2782,310

241200255308312335354

1,2661,2621,7032,2752,3932,6132,664

421606958

1,7462,3372,7603,008

1,353641760833895941

1,044

Cashassets1

Totalassets-

Totalliabilities

andcapital

accounts2

25,78834,29236,92644,17644,22244,39841,164

14,97720,11422,02425,95126,33326,47924,636

8,1459,731

10,82213,30112,92212,90312,086

2,6684,4484,0834,9264,9705,0204,444

763514576469444430405

3,4314,9624,6595,3955,4145,4504,849

151429675695732799807

642180211191187184180

76,820157,544152,733177,151186,255190,638188,191

43,43390,22088,182102,462107,830109,804108,611

24,68848,08443,87950,97752,99654,17953,593

8,70819,25620,69123,73225,45126,67926,012

2,2832,7682,6432,3132,3482,3722,394

10,99222,02423,33426,04627,79929,05128,406

1,95811,42413,49917,12918,61220,33421,237

9,8465,5966,2156,3106,6226,7967,078

Deposits

Total i

69,411147,775141,851162,908170,971174,697172,048

39,45884,93982,02394,17398,974100,65499,362

22,25944,73040,50546,84348,55349,51048,890

7,70218,11919,34021,91223,46424,55523,819

1,8722,4522,2511,9321,9602,0052,020

9,57320,57121,59123,84325,42426.56025,838

1,78910,36312,20715,36816,78518,38319,195

8,7445,0225,5565,5475,8366,0156,246

Inter-bank1

10,65413,88312,67014,77714,99015,54815,044

6,7869,2298,4109,7889,918

10.1529,750

3,7394,4113,9934,6374,6995.0194,983

129244266353373378312

329181363308329407453

457425629661702784764

Other

De-mand

43,059104,01594,300110,382115,371115,538111,408

24,35059,48654,33563,47766,36266,34364,153

14,49532,33427,44932,49133,65833,43732,467

4,21312,19612,51514,41515,35115,75814,789

1,2911,9051,4111,2351,2291,2121,179

5,50414,10113,92615,65016,58016,97015,968

121423303547

Time

15,69929,87634,88237,74940,61043.61045,596

8,32216,22419,27820,90822,69424,16025,459

4,0257,9869,0629,71510,19611,05411,441

3,3605,6806,5587,1447,7408.4198,718

253365478388402386388

3,6136,0457,0367,5338,1428 8069,106

1,78910,35112,19215,34316,75318,34519,145

8,7385,0205,5535,5445,8336,0136,243

Totalcapital

accounts

6,8448,6719,73411,90212,56313.23913,714

3,6404,6445,4096,6537,0427,3917,686

2,2462,9453,0553,5653,7193,9254,023

9591,0831,2711,6861,8041,9252,007

329279325314326320325

Numberof

banks

13,42613,29713,39813,43913,42213.41213,380

5,1175,0175,0054,9394,9094,8564,835

1,5021,8671,9181,9011,8891,8871,886

6,8106,4166,4786,6026,6276.6726,662

852714783650624569

4557

1,2881,3621,5961,9992,1292,2452,332

1641,0341,2521,6781,7301,8191,868

1,077558637729749740758

777777

4 7

,662,130,261,252,251,241,219>

52192194202206219219

496350339327323309309

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


ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES •LOANS AND INVESTMENTS

[In millions of dollars]

Class of bankand

call date

All commercialbanks:2

1947—Dec. 3 1 . . .1951—Dec. 31 . . .1952—Dec. 31 . ...1953—Dec. 3 1 . . .1954—June 30. . .

All Insured com-mercial banks :

1941—Dec. 3 1 . . .1945—Dec. 3 1 . . .1947—Dec. 31 . . .1951—Dec. 31 . . .1952—Dec. 31 . . .1953—Dec. 31 . . .1954—June 3 0 . . .

Member banks,total:

1941—Dec# 31 . . ,1945—Dec. 31 . . .1947—Dec. 3 1 . . .1951—Dec. 31 . . .1952—Dec. 31 . . .1953—Dec. 3 1 . . .1954—June 3 0 . . .

New York City:3

1941 T)ec 31»• 7 ^ A, A^f%^.\^% KJ A, • • *

194 5 T")er "51A. 7^T«J X—'tV*« *_/ A • • •

1947—Dec. 31 . . .1951—Dec. 31 . . .1952—Dec. 31 . . .1953—Dec. 31 . . .1954—June 3 0 . . .

Chicago:3

1941—Dec. 31 . . .1945—Dec. 3 1 . . .1947—Dec. 31 . . .1951—Dec. 31 . . .1952—Dec. 31 . . .1953—Dec. 3 1 . . .1954—June 3 0 . . .

Reserve city banks:1941 Dec. 3 1 . . .1945—Dec! 31.'.'.1947—Dec. 31 . . .1951—Dec. 31 . . .1952—Dec. 31 . . .1953—Dec. 31 . . .1954—June 3 0 . . .

Country banks:1941—£)ec 311945—Dec". 31! . !1947—Dec. 31 . . .1951—Dec. 31 . . .1952—Dec. 3 1 . . .1953—Dec. 31 . . .1954—June 30. . .

All nonmemberbanks:2

1947—Dec. 31. . .1951—Dec. 31. . .1952—Dec. 31. . .1953—Dec. 3 1 . . .1954—June 3 0 . . .

Totalloansand

invest-ments

116,284132,610141,624145,687146,383

49,290121,809114,274130,820139,770143,796144,451

43,521107,18397,846

112,247119,547122,422123,185

12,89626,14320,39321,37922,13022,05822,681

2,7605,9315,0885,7316,2406,2045,975

15,34740,10836,04042,69445,58346,75547,056

12,51835,00236,32442,44445,59447,40447,474

18,45420,38022,09623,28723,220

Loans1

Total i

38,05757,74664,16367,59367,337

21,25925,76537,58357,25663,63267,08266,805

18,02122,77532,62849,56155,03457,76257,197

4,0727 3347,179

11,14612,37612,28911,619

9541,3331,8012,4682,7482,7762,589

7 1058,514

13,44919,65121,69722,76322,453

5 8905,596

10,19916,29618,21319,93420,537

5,4328,1929,1369,838

10,147

Com-mer-cial,in-

clud-ing

openmar-ketpa-per

18,16725,87927,87127,20426,120

9,2149,461

18,01225,74427,73927,08225,976

8,6718,949

16,96224,34726,23225,51924,362

2,8073,0445,3617,8528,6808,2187,447

732760

1,4181,9772,0801,9121,835

3 4563,6617,088

10,14010,84210,56810,010

1,6761,4843,0964,3774,6304,8225,071

1,2051,5331,6391,6851,758

Agri-cul-tur-al

1,6603,4083,9194,9655,143

1,4501,3141,6103,3213,8054,8675,057

972855

1,0462,1402,4163,2633,402

8

' *126144

623

1614

158134

300205225513501774953

659648818

1,6101,9012,2042,170

6141,2681,5031,7021,741

Loans forpurchasingor carryingsecurities

Tobrok-ersanddeal-ers

8301,5812,0602,3612,462

6143,164

8231,5712,0502,3442,439

5943,133

8111,5512,0322,3212,411

4122 453

'5451,2191,5311,6671,778

48211

7394

239286242

114427170203218308326

20422335435966

2030294051

Tooth-ers

1,220980

1,1031,2021,256

6623,6061,190

9601,0821,1811,228

5983,3781,065

851966

1,0601,106

1691 172

*267262286320364

52233

8763667574

1941,503

484347422456468

183471227178191210200

156130137142150

Reales-

tateloans

9,39314,58015,71216,69417,227

4,7734,6779,266

14,45015,57216,56617,101

3,4943,4557,130

11,33412,21413,02013,440

12380

111514386383390

22364670677081

1 5271,4593,1474,6515,0995,4535,639

1,8231,8813,8276,0996,6627,1147,331

2,2663,2523,5053,6813,795

Otherloans

toin-di-

vid-uals

5,72310,45112,68414,46114,462

4 , i2,3615,654

10,37812,60314,37314,370

3,<1,9004,6628,524

10,39611,91111,840

5^287564920

1,1361,2941,220

S51

149180211234206

1 f855

1,9693,5184,3474,9424,797

1 ,"707

1,9793,9064,7025,4415,618

1,0611,9272,2882,5512,622

Otherloans

1,0631,6811,7181,6661,657

451,1811,0281,6451,6831,6291,623

921,104

9521,5351,5771,5181,513

4298330551539475466

64026

109120

9674

12404366572595611629

30363229303322336345

111146141148144

Investments

Total

78,22674,86377,46178,09479,047

28,03196,04376,69173,56476,13876,71477,646

25,50084,40865,21862,68764,51464,66065,988

8,823L8,80913,21410,2339,7549,769

11,062

1,8064,5983,2873,2643,4933,4283,386

8 24331,59422,59123,04323,88623,99324,603

6,62829,40726,12526,14827,38127,47026,937

13,02112,18912,96013,44913,073


Total

69,22161,52463,31863,42663,508

21 04688,91267,94160,53362,30862,38162,461

19,53978,33857,91451,62152,76352,60353,111

7,26517 57411^9728,1297,6787,7658,695

1,4304,2132,8902,7112,9122,8562,825

6 46729,55220,19619,19419,62419,55919,813

4 37726,99922,85721,58722,54922,42321,779

11,3189,914

10,56710,83510,409

Direct

Bills

2,1937,3377,7615,0044,704

9882,4552,1247,2197,6224,8954,575

9712,2751,9876,3996,5654,0953,915

311477

1,0021,1221,079

9241,014

256133132334407123113

2951,034

3732,5242,3871,2301,241

110630480

2,4182,6921,8191,548

206939

1,196909790

Certifi-catesof in-debt-ed-ness

7,7897,6575,580

10,2375,572

19,0717,5527,5265,494

10,0765,505

16,9855,8166,0104,2558,2874,417

3 433'640616233

1,104711

1,467235332224450261

6,9822,3582,4931,7743,3571,590

5,1022,5832,5682,0243,3741,855

1,9731,6471,3251,9511,155

Notes

6,03411,40811,87812,43912,376

3,15916,0455,918

11,25611,71412.28312,223

3,00714,2714,8159,5969,835

10,30010,374

1,6233 325

'5581,4281,1701,1301,454

153749248520607684721

7515,6531,9013,6403,8544,2014,183

4814,5442,1084,0084,2044,2854,017

1,2191.8122,0432,1392,002

Bonds

53,19135,10138,07735,71340,818

12 79751,32152,33434,51137,45635,09340,121

11,72944,79245,28629,60132,08729,89034,369

3,65210 3379^7714,9605,1954,6055,510

9031,8642,2741,5261,6741,5981,731

4 24815,87815,56010,52811,59410,74612,773

2 92616,71317,68112,58713,62512,94014,355

7,9165,5106,0005,8346,460

Guar-an-teed

4 t

3,1

1421223438

102221421223338

J32161015193136

1,670

1

1

"l116

L19

L73538

142526

561965454

46322

Obli-ga-tionsof

Statesandpolit-icalsub-divi-sions

5,2769,19810,18810,82111,930

3,6513,8735,1298,9899,97710,58711,682

3,0903,2544,1997,5288,4098,8719,890

729606638

1,3851,4531,3651,851

182181213351384400387

9561,1261,3422,4582,9343,1963,585

1 2221,3422,0063,3343,6393,9114,067

1,0781,6711,7811,9512,042

Othersecu-rities

3,7294,1413,9553,8473,608

3 3333,2583,6214,0423,8543,7463,502

2 8712,8153,1053,5383,3423,1852,987

830629604719623639516

193204185201197172174

820916

1,0531,3901,3281,2381,206

1,0281,0671,2621,2271,1941,1361,090

625604613662621

* These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 3million dollars) that became a member bank on Apr. 15, 1954. During 1941 three mutual savings banks became members of the Federal ReserveSystem; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Com-parability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifica-tions 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 thetotal and are not entirely comparable with prior figures. Total loans continue to be shown net.

For other footnotes see opposite page.



ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—ContinuedRESERVES AND LIABILITIES


Class of baand

call date

All commeribanks:2

1947—Dec.1951—Dec.1952—Dec.1953—Dec.1954—June

nk

ca l

3 1 . .3 1 . .3 1 . .31. .30. .

All insured com-mercial banks:

1941—Dec.1945—Dec.1947—Dec.1951—Dec.1952—Dec.1953—Dec.1954—June

31. .31. .3 1 . .31. .31. .31. .30. .

Member banks,total:1941—Dec.1945—Dec.1947—Dec.1951—Dec.1952—Dec.1953—Dec.1954—June

31. .31. .31. .31. .31. .3 1 . .30 . .

New York City:*1941—-Dec.1945—Dec.1947—Dec.1951—Dec.1952—Dec.1953—Dec.1954—June

Chicago:*1941—Dec.1945—£)ec>1947—Dec.1951—Dec.1952—Dec.1953—Dec.1954—June

3 1 .3 1 . .3 1 . .3 1 . .31. .3 1 . .30. .

31. .31. .31. .3 1 . .3 1 . .31. .30. .

Reserve city banks:1941—Dec.1945—Dec.1947—Dec.1951—Dec.1952—Dec.1953—Dec.1954—June

31. .3 1 . .3 1 . .3 1 . .3 1 . .31 . .30 . .

Country banks:1941—Dec.1945—Dec.1947—Dec.1951—Dec.1952—Dec.1953—Dec.1954—June

3 1 . .3 1 . .31. .3 1 . .31. .31. .30. .

All n o n m e m b e rbanks : 2

1947—.£)ec<1951—Dec#1952—Dec.1953—/Dec#1954—June

313131. .3130

Re-serveswith

FederalRe-

serveBanks

1719191918

12151719191918

12151719191918

5445544

1

11111

4677787

2445555

,796,911,809,995,924

,396,810,796,911,809,995,924

,396,811,797,912,810,997,925

,105,015,639,246059846

,614

021942070407144287290

060326095582788084553

210527993676820780468

Cashin

vault

22222

1122222

1112212

1111

,216,697,753,512,660

,358,829,145,665,720,482,627

,087,438,672,062,081,870,001

93111151159148129131

43363032323430

425494562639651568611

526796929231250140230

544635672642658

Bal-anceswithdo-

mesticbanks4

1011111211

811

911111110

6767777

2222222

3434444

3 ,4 ,4 ,4 ,3 ,

,216,969,875,103,033

,570,075,736,561,489,724,688

,246,117,270,463378

,554,062

141787079847060

298200175165169166154

590174125356419463352

216665900862706855496

947507498550972

De-mand

de-posits

ad-justed6

8798

10110298

37748597

100101

96

33647383858682

10151616161515

2334443

11222529303029

9232733343533

1315151615

,123,243,506,452,117

,845,722,751,048,329,289,983

,754,184,528,100,543,127,783

,761,065,653,439,288,901,430

,215,153,737,121,126,211,844

,117,372,714,489,609,986,940

,661,595,424,051,519,029,569

595144964325334

Interbankdeposits

Do-mestic4

1113131312

9121112121312

9121012121211

3333333

1111111

4656666

111111

,362,123,109,444,470

,823,566,236,969,948,221,252

,714,333,978,634,594,858,956

,595,535,236,385,346,363,237

,027,292,196,269,308,339,287

,302,307,497,695,662,869,220

790,199,049,285,278,288,211

385489516586514

1111]1

111111

for-eign

1,4301,4131,4651,3441,328

6731,2481,3791,3811,4371,296L ,287

671,243,375,369,431,291,280

607,105,217,128,154,021,033

8202138373934

54110131192230219202

287

11111211

5544345248

Demand deposits

U. S.Gov-ern-ment

13445

123

13445

122

13435

6

1

1

1

8

1112

5

111

,343,359,941,146,591

,761,740,325,344,912,116,562

,709,179,176101567

,756,165

866940267858143778378

127552

72242343259410

491221405124814504015

225465432876267216362

167258374390426

Statesand

politicasubdi-visions

68899

3568899

3456777

1122222

1223344

1,1,1 ,2 ,2 ,

,799,426,910,546,925

,677,098,692,288,776,407,776

,066,240,504666

,029,530,839

319237290321322315404

233237285240242272297

144763282550693880877

370004647554772063261

295761881016085

Certi-fiedandoffi-cers'

checksetc.

23222

1223222

1222222

111111

,581,166,956,996,789

,077,585,559,147,938,978,765

,009,450,401,961,744,783,581

450,338,105,289,120,071,109

34666366566474

286611705822791828677

239435528783777820720

180205212213209

Indi-vidualspartner-

ships,and cor-

pora-tions

849699

10094

36728395989993

33627283858581

11151717171716

2334444

11222630313230

8212530313129

12 ,1 3 ,14,14 ,1 3 ,

,987,666,793,062,282

,544,593,723,604,746,038,306

,061950704

,240680711034

282712646880919509601

152160853404491500032

127281003722798065503

500797203234473636898

284426113351248

Inter-bank

11

11

11

1

240550744

,167,699

1587054

427605

,031,506

1406450

422592

,021,497

61712

318465831

,246

159

18

104302290

109166214

30171713131519

190128152146202

Time deposits

U. S.Gov-ern-mentand

PostalSav-ings

111278346338331

59103111278346338331

5099

105257321308300

101243595351

25434

20384585

1059897

315245

125152153148

622253030

Statesand

polit-ical

subdi-visions

8661,5361,6201,9442,319

492496826

1,4851,5641,8912,264

418399693

1,2381,3031,5951,912

2920142229

139151

911111010

243160332714739830992

146219337491525615759

172298317350407

Indi-vidualspartner

ships,and cor-

pora-tions

3436394143

15293335384143

11232729313334

111112

1111

49

1111121313

6121414151617

6778 ,8

,383,323,046,714,334

,146,277,946,986,700,381,001

878712542128266311687

778206418614752958014

476719902128190229253

542563045473417203867

082224177914908921553

858213800426669

Bor-row-ings

6534

1886255

10215

6130

1815450

4208

5426

1654338

19530

5132

231

2148

ii

4112316252026

128

231917

Capi-talac-

counts

1012121314

689

11121313

578

10101111

1222222

1223334

1223344

11222

,059,216,888,559,038

,844,671,734,902,563,239,714

,886,589,464,218,761,316,709

648120259425505572630

288377426513541566583

967566844521745984124

982525934760970194372

596999129245332

2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in thepreceding 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


WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDELOANS AND INVESTMENTS

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Totalloansand

invest-ments

Loansl

Total i

Com-mer-cial,

indus-trial,andagri-cul-tural

For purchasingor carrying securities

To brokersand dealers

U. S.Govt.

ob-liga-tions

Otherse-

curi-ties

To others

U.S.Govt.ob-liga-tions

Otherse-

curi-ties

Realestateloans

Loansto

banksOtherloans

Investments

Total


Total Bills

Cer-tifi-

catesof in-debt-ed-ness

Notes Bonds2

Othersecu-rities

Total—Leading Cities

1953—September.

1954—JulyAugust . . . .September.

1954—July 1...July 14 . . .July 21 . . .July 2 8 . . .

Aug. 4 . . .Aug. 11. . .Aug. 18. . .Aug. 25 . . .

Sept. 1. . .Sept. 8...Sept. 15. ..Sept. 22 . . .Sept. 29. ..

New York City

1953—September.

1954—JulyAugust. . . .September.

1954—July 7 . . .July 14. . .July 21 . . .July 2 8 . . .

Aug. 4 . . .Aug. 1 1 . . .Aug. 18. . .Aug. 2 5 . . .

Sept. 1...Sept. 8...Sept. 15. ..Sept. 22 ...Sept. 29. ..

OutsideNew York City

1953—September.

1954—JulyAugust....September.

1954—July 7 . . .July 14. . .July 2 1 . . .July 2 8 . . .

Aug. 4...Aug. 11. ..Aug. 18. ..Aug. 25...

Sept. 1.Sept. 8.Sept. 15. ..Sept. 22...Sept. 29. ..

79,164

81,18383,16382,947

81,10181,07681,11181,445

83,54883,26782,86182,977

82,77882,67083,08482,98083,222

21,548

22,49223,07322,750

22,49322,40322,40022,671

23,61623,05322,71322,913

22,71922,60422,72722,80822,894

57,616

58,69160,09060,197

58,60858,67358,71158,774

59,93260,21460,14860,064

60,05960,06660,35760,17260,328

40,014

39,10338,55038,738

39,28039,31438,86738,953

38,60338,61938,40538,572

38,54138,68438,81938,61739,028

12,309

11,70511,53111,437

11,85611,76411,58111,618

11,76911,58111,34111,435

11,30511,44711,44811,43111,556

27,705

27,39827,01927,301

27,42427,55027,28627,335

26,83427,03827,06427,137

27,23627,23727,37127,18627,472

23,071

21,61420,78320,934

21,72821,64721,55821,524

20,77020,82920,75920,773

20,79820,82921,02321,00521,015

8,460

7,5197,2977,266

7,5957,5417,4867,455

7,3327,3337,2647,261

7,270

14,611

14,09513,48613,668

14,13314,10614,07214,069

13,43813,49613,49513,512

13,55213,59713,72613,72213,745

1,809

2,1512,3432,208

2,2632,2712,0672,005

2,3682,4092,3082,286

2,2282,2652,1451,9992,403

362 1,023

606 1,057705558

696659558510

731662625

590630586437547

1,0501,090

1,0711,0651,0441,047

1,0441,0551,0391,062

1,0231,0461,0501,0901,242

424

488588560

496547465448

522623607599

615589509472614

731

882901919

890891874875

884917907897

904904913932941

186

336345338

337336334336

344360344333

332332337343345

517

528541567

531534525523

525543548549

557558562575582

6,382

6,6996,7816,865

6,6746,6986,7056,718

6,7366,7666,8016,823

6,8316,8386,8716.8846,902

394

392406418

389392395392

396409408413

411417424420419

5,988

6,3076,3756,447

6,2856,3066,3106,326

6,3406,3576,3936,410

6,4206,4216,4476,4646,483

602577600

543639526699

698547456609

574650644599533

403

382323370

348347351481

447288218338

310409348457324

260

220254230

19529217218

251259238271

26424129614:209

7,980 39,150

7,809 42,0807,820 44,6137,871 44,209

7,836 41,8217,823 41,7627,790 42,2447,787 42,492

7,803 44,9457,806 44,648

44,4567,839 44,405

7,866 44,2377,856 43,986

44,2657,858 44,3637,893 44,194

1,640

,587,583,577

9,239

10,78711,54211,313

590 10,63710,63910,81911,053

,596,591,573

,582 11,847584 11,472

11,37211,478

,584,581

,572,561

11,41411,15711,27911,377

1,588 11,338

1,5861,581

6,340 29,911

6,222 31,29333,07132,896

6,2376,294

6,2466,2276,1996,214

6,2216,2226,2476, 258 32

31,18431,12331,42531,439

33,09833,17633,084

,927

6,294 326,2956,2966,276,305

,82332,82932,98632,98632,856

31,594

33,84136,32135,756

33,57533,54934,01834,221

36,60536,38936,18536,107

35,86235,52635,79035,90835,696

7,198

8,4489,2018,874

8,2788,3138,5068,697

9,4739,1539,0439,134

9,0108,7158,8298,9388,878

24,396

25,39327,12026,882

25,29725,23625,51225,524

27,13227,23627,14226,973

26,85226,81126,96126,97026,818

2,197

2,7373,5363,018

2,5182,5222,8613,045

3,7283,5783,4143,423

3,1352,8763,0903,1242,868

636

9121,172903

770784948

1,147

1,3491,0741,0801,183

1,041789883949852

1,561

1,8252,3642,115

1,7481,7381,9131,898

2,3792,5042,3342,240

2,0942,0872,2072,1752,016

5,223

2,7493,4562,520

2,7552,7292,7582,754

4,3824,2562,6142,573

2,5592,5052,5342,4972,504

1,098

676883570

669677683677

1,2411,155561573

575550566579578

4,125

2,0732,5731,950

2,0862,0522,0752,077

3,1413,1012,0532,000

1,9841,9551,9681,9181,926

6,028

6,6676,6896,662

6,6516,6656,6716,680

6,7086,6906,7016,658

6,6536,6486,6716,6686,670

1,034

1,4251,4371,429

1,4001,4271,4271,445

1,4501,4281,4351,436

1,4311,4201,4221,4271,446

4,994

5,2425,2525,233

5,2515,2385,2445,235

5,2585,2625,2665,222

5,2225,2285,2495,2415,224

18,146 7,556

688 821,22,64023, 556 8

,2398,292,453

21,65121,63321,72821,742

21,78721,86523,45623,453

23,51523,49723,49523,61923,654

8,2468,2138,2268,271

8,3408,2598,2718,298

8,3758,4608,4758,4558,498

4,430 2,041

5,4355,70925,972

2,339,341

2,439

5,4395,5,448 25,,428 2

2,359,326,313,356

5,4335,496 25,9675,942

2,374,319

2,3292,344

963 25,5,9565,5,9836,002

13,716

,4042,442,450

2,4392,460

5,515

16,25316,93117,584 6

5,9005,951,014

16,21216,208 516,280 516,314 5

5,887,887,913,915

16,354 516,36917,489 517,511

,9665,940,942

5,954

17,55217,54117,53717,63617,652

5,9716,0186,0256,0166,038

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.



WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—ContinuedRESERVES AND LIABILITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Re-serveswithFed-eralRe-

serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed3

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-sions

Certi-fiedandoffi-cers'

checks,etc.

U. S.Gov-ern-ment

Time deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-sions

U. S.Gov-ern-mentand

PostalSav-ings

Interbankdeposits

Demand

Do-mes-tic

For-eign

Time

Bor-row-ings

Cap-italac-

counts

Total-Leading Cities

1953—September

1954—JulyAugustSeptember

1954—July 7July 14July 21July 28

Aug. 4Aug. 11Aug. 18Aug. 25

Sept. 1Sept. 8Sept.-15Sept. 22

Sept. 29

New York City

1953—September


1954—July 7July 14July 21July 28Aug. 4Aug. 11Aug. 18Aug. 25

Sept. 1Sept. 8Sept. 15Sept. 22Sept. 29

OutsideNew York City

1953—September


1954—July 7July 14July 21July 28


Sept. 1Sept. 8Sept. 15Sept. 22Sept. 29

14,170

13,97913,62213,431

14,13113,92013,91313,952

13,47213,64813,74813,621

13,52213,32713,56913,29713,438

4,721

4,4974,5084,428

4,5844,4374,5314,435

4,3274,5974,6144,492

4,5374,4174,4554,1824,551

9,449

9,4829,1149,003

9,5479,4839,3829,517

9,1459,0519,1349,129

8,9858,9109,1149,1158,887

941

953918941

931986930966

883941914932

885943936951992

140

146139146

145153139147

135146134141

134150140146159

801

807779795

786833791819

748795780791

751793796805833

2,589 53,047 54,584

733 54,098 55,14554,77555,734

2,2,620 542,641

,07754,432

853 53 ,31153,652

760 54,48154,949 55

2,2,7452,2,573

54,26455,51855,436

,360

54,217 54629 54,127

53,748 5454,215

2,8162,2,5712,466

,56455,107

,73654,693

54,066 542,634 54,013

54,490 5754,547

2,544 55,043

2,489 ,74655,000

,23055,81255,884

15,272

15,59315,53015,665

15,37915,33515,71415,943

15,76015,48315,36915,508

15,50515,51315,61315,60416,092

16,275

16,47416,29716,584

16,26116,36716,54316,725

16,44216,28516,19216,267

16,37716,26616,86816,47516,932

2,550 37,775 38,309

2,6872,5832,602

2,7932,7032,7172,536

505 3838,38,54738,767

,67138,47839,150

37,93238,31738,76739,006 38

38,003,151

38,893,635

2,7792,5932,5322,430 38,707 38

38,45738,644 3838,379 38

38,122,822,544,426

2,4512,6012,7612,6922,503

38,56138,500 3838,877 4038,943 3938,951

38,369,734,362,337

38,952

3,664

3,9713,9323,753

4,0263,9053,9224,033

4,0463,9513,9043,826

3,9393,7383,7543,5793,756

268

329310306

327359293337

317334314276

307271342278334

3,396

3,6423,6223,447

3,6993,5463,6293,696

3,7293,6173,5903,550

3,6323,4673,4123,3013,422

1,712

1,9401,9021,900

1,52,3551,8131,695

2,6121,5911,7231,682

1,8641,6172,0891,7002,228

842

1,0571,0641,021

9951,454937842

1,706783866902

973820

1,144845

1,323

870

883838879

903901876853

906808857780

891797945855905

4,195

2,6663,5702,733

3,5472,6902,3352,091

3,6833,4133,6883,495

3,2472,7312,4002,6812,605

1,499

7811,262841

1,153786654530

1,3581,2671,2541,170

1,091904711773727

2,696

1 ,8852,3081,892

2,3941,9041,6811,561

2,3252,1462,4342,325

2,1561,8271,6891,9081,878

17,169

18,30118,41118,491

18,25618,30118,30918,337

18,38218,40518,41118,443

18,43318,48718,50118,51418,520

1,750

1,9541,9761,993

,948,958,945,966

,976,976,970

1,981

1,9601,9882,0042,0072,008

15,419

16,34716,43516,498

16,30816,34316,36416,371

16,40616,42916,44116,462

16,47316,49916,49716,50716,512

811

1,2481,2671,218

1,1541,2771,2771,285

1,2731,2671,2651,263

1,2571,2531,1931,1941,195

41

250278248

165276276283

275280279278

273270233233232

770

998989970

9891,0011,0011,002

998987986985

984983960961963

189

188196198

188189187186

195196197196

197197199199200

49

137143145

137138136135

143143144143

144

147

10,511

11,04011,17011,298

11,40311,30610,93610,516

11,49411,36111,11510,710

10,91111,35411,97011,27710,977

2,911

3,1423,0053,061

3,2483,1473,1703,003

3,1513,0152,9552,898

2,9633,0193,2363,0823,004

7,600

7,8988,1658,237

8,1558,1597,7667,513

8,3438,3468,1607,812

7,9488,3358,7348,1957,973

1,267

,292,323,269

,293,260,261,355

1,3451,3251,3241,297

1,3011,2721,2521,2571,262

1,026

1,0381,0561,017

1,0401,0161,0091,088

1,0791,0611,0541,031

1,0391,0121,0051,0071,022

254267252

253244252267

266264270266

262260247250240

728

1,505,543,561

,466,491,527,535

,553,539,534,547

,560,566,562

1,5651,552

1,2491,2701,287

1,2161,2411,2671,269

1,2771,2651,2611.276

1,2921,2921,2851,2871,277

256273274

250250260266

276274273271

268274277278275

486688545

548371613

533793717710

583571585451537

224

214426

183314119239

287538408470

329248261153240

566

272262299

227234252374

246255309240

254323324298297

7,483

7,8187,8527,886

7,8237,8157,8057,831

7,8487,8527,8507,859

7,8867,8887,8787,8807,897

2,526

2,6052,6112,613

2,6072,6042,6042,606

2,6162,6142,6092,606

2,6192,6162,6142,6092,609

4,957

5,2135,2415,273

5,2165,2115,2015,225

5,2325,2385,2415,253

5,2675,2725,2645,2715,288

* 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 figuresJuly 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics,pp. 127-227.

OCTOBER 1954 1077


CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS

BY INDUSTRY1

[Net declines, (—). In millions of dollars]

Period2

1951—April-June. .July-Dec

1952—Jan.-June. ..July-Dec

1953—Jan.-June. ..July-Dec.. . .

1954—Jan.-June. . .

Monthly:1954—July

AugustSeptember. .

Week ending:1954—July 7

July 14July 21: . . .July 28


Sept. 1Sept. 8 . . . .Sept. 15Sept. 22Sept. 29

Business of borrower

Manufacturing and mining

Food,liquor,

andtobacco

-243932

-868754

-621501

-505

5- 2 4164

- 3- 2 8

1521

167

- 3 1- 1 7

246

652445

Textiles,apparel,

andleather

116-361

- 7 3- 4 0

151-101

55

364020

81387

515154

66

10- 7

5

Metalsand

metalproducts

(incl.machin-ery andtrans,

equip.)

275873

1,111

446-351

-577

-133- 9 9

-174

-33- 1 4- 4 4- 4 2

- 2 2- 2 5- 4 5

- 8

- 5 0- 3 1- 1 9- 2 8- 4 6

Petro-leum,coal,

chemical,and

rubber

48125

176250

- 1 0102

- 1 0

- 6 42

24

- 2 73

- 1 2- 2 8

89

- 1 82

166

14- 5- 6

Other

60141

7636

95- 5 4

- 1

- 1 329

- 3- 4- 5

42

- 4

- 1- 6119

- 3

Trade(whole-

saleand

retail)

6216

- 1 0 5141

2081

- 4 1

- 2 79

63

41

- 1 8- 1 3

10

- 1

- 1 02528

613

Com-moditydealers

- 4 2 1722

- 6 3 4662

- 6 3 2380

- 3 6 3

6645

124

17181418

71023

6

1715204032

Salesfinance

com-panies

6330

- 2 1 7544

- 9 0- 1 3 8

- 1 7 5

- 1 4- 4 4- 8 4

8- 2 5

- 811

- 2 1- 1 3

- 3- 7

10- 8- 8

- 4 4- 3 5

Publicutilities

(incl.trans-porta-tion)

175351

- 2- 5 7

8418

126

- 8 8- 1 6

- 4 8- 1 6

- 7- 1 7

- 7- 4

— 1610

4- 211

- 4- 9

Con-struc-tion

44- 9 8

1813

18- 2 3

71

16192

11

5

8335

- 316

- 42

Allothertype9

ofbusiness

837

- 2 8191

- 898

106

- 2 93

81

- 2 84

- 1 16

- 2 015

- 211

212

415

12

Netchangesclassi-

fied

1862,769

-5462,494

-360433

-1 ,314

-245- 6 4229

-102- 3 9- 6 8- 3 6

- 2 531

- 7 12

3413

180- 810

Comm'I.ind'l,and

agr'l.change—

totals

182,372

-6372,435

-593583

-1 ,496

-360-751

242

-156- 8 1- 8 9- 3 4

-75459

- 7 014

2531

194- 1 8

10

1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent oftotal 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)

End of month

1948—December1949—December1950—December1951—December1952—December

1953—AugustSeptember... .OctoberNovemberDecember

1954—JanuaryFebruaryMarch

MayJuneJulyAugust

Commer-cial

paperout-

standing1

269257333434539

451475535582552

620701720672618656749794

Dollar acceptances outstanding

Totalout-

standing

259272394490492

478515517534574

586545580623616589589563

Held by

Accepting banks

Total

146128192197183

148159160170172

195185198228227220205198

Ownbills

7158

114119126

108110122125117

144149149165171164164155

Billsbought

7670787957

4049384555

5136506356564143

FederalReserve

Banks (foraccount

of foreigncorre-

spondents)

311212120

2526232024

17101317141495

Others

109133180272289

304329334344378

373350369379374355376360

Based on

Importsinto

UnitedStates

164184245235232

211237227246274

266238247270277246225205

Exportsfrom

UnitedStates

574987

133125

128135145139154

157151139142143143136134

Dollarex-

change

1

22339

6466564929

4544473836609275

Goods stored in orshipped between

points in

UnitedStates

2530285564

3640565975

7371

1071271159691

101

Foreigncountries

129

324432

3838344143

4641394645434647

*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.



PRINCIPAL ASSETS OF SAVINGS INSTITUTIONSUNITED STATES LIFE INSURANCE COMPANIES


End of1939.1940.19411942.19431944.19451946.19471948.19491950.1951.1952 .1953.

End of1951-

Date

year:4

month:5

—December1952—December

1953—AlienistSeptemberOctoberNovemberDpcemher

1954—TannarvFebruary . .MarchApril

JulyAugust

Totalassets

2930

3437414448

555964687378

6773

7676777778

7879798080808181

,243,802,731,931,766,054,797,191,743,512,630,020,278,375,533

,983,034

,244,612,121,552,201

,866,251,649,114,547,981,510965

Government securities

Total

7,6978,3599,478

11,85114,99418,75222,54523,57522,00319,08517,81316,06613,66712,77412,405

13,57912,683

12,43612,39712,39512,36512,322

12,47012,49812,41612,42412,45212,29412,22212,197

UnitedStates

5,3735,8576,7969,295

12,53716,53120,58321,62920,02116,74615,29013,45911,00910,2529,829

10,95810,195

9,9949,9309,9139,8309,767

9,7799,7819,6619,6359,5399,3439,1899,171

State anclocal1

2,2532,3872,2862,0451,7731,4291,047

936945

1,1991,3931,5471,7361,7671,990

1,7021,733

1,8611,8801,8971,9451,968

2,1052,1222,1702,2082,3262,3632,456n.a.

Foreign2

71115396511684792915

1,0101,0371,1401,1301,060

922755586

919755

581587585590587

586595585581587588577

n.a.

Business securities

Total

89

1010101011131620732528

34

7831

3333333434

343435

353S3536

,465,178,174,315,494,715,059,024,144,322,179,403,204,646,570

,042,404

,349,614,887,096,395

,639,816,053,216,371,683,943,094

Bonds3

789999

10111418712325?931

29

313131313?

373?373?32333333

,929,624,573,707,842,959,060,775,754,894,461,300,983,200,997

,975,226

,079,319,585,781,056

,266,430,635,759,871,150,369,498

Stocks

111122

2

72

2227

7

7

2722

536554601608652756999

,249,390,428,718,103,221,446,573

,067,178

,270,295,302,315,339

,373,386,418,457,500533

,574,596

Mort-gages

5,6695,9586,4426,7266,7146,6866 6367,1558 675

10,83312 90616,10219,31421,25123,322

19,29121,245

22,55222,69822,84223,01723,275

23,43523,57023,76924,00524,17424,38424,57224,795

Realestate

221111

111112

11

11121

7

222

22

,134,060878

,663352

,063857735860

,055,247,445,631,903,020

,617,868

,967,972,990,000,994

,039,053,066,086,102,129,147,177

Policyloans

337

2

2

1129

22

2

92

9

7

27

779

73333

,248,091,919,683373

,134962

,894937

,057240

,413,590,713,914

,575,699

,819,831,851,873,894

,905,923,956,978,000,023,045,066

Otherassets

2,0302,156L 8401,693L 8391,704

7.3 X1,8082 1242,1602 2452,5912,8723 0883,302

2 - 879

•x

~\

7

3

13

33

M35

,121,100,156,201,321

378,391389

,405,448468

,581,636

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]

End ofyear

193919401941194219431944194519461947194819491950195119521953?

Assets

Total1

5,5975,7336,0496,1506,6047,4588,747

10,20211,68713,02814,62216,84619,16422,58526,726

Mort-gages2

3,8064,1254,5784,5834,5844,8005,3767,1418,856

10,30511,61613,62215,52018,33621,929

U. S.Govern-

mentobli-

gations

7371

107318853

1,6712,4202,0091,7401,4551,4621,4891,6061,7911,923

Cash

274307344410465413450536560663880951

1,0821,3061,481

Others

1,124940775612493391356381416501566692866

1,0721,315

Savingscapital

4,1184,3224,6824,9415,4946,3057,3658,5489,753

10,96412,47113,97816,07319,14322,823

End ofquarter

1951—3. . . .4

1952—123 . . . .4. . . .

1953—1P...2 P . . .3 P . . .4 P . . .

1954—1 P . . .2 P . . .

Assets

Total i

18,42919,164

19,68820,59921,29522,585

23,50624,77225,63326,726

27,65929,080

Mort-gages2

15,05815,520

16,05716,87517,69618,336

19,10520,13321,14521,929

22,68423,809

U. S.Govern-

mentobli-

gations

1,5771,606

1,6901,6871,7651,791

1,9312,0031,9901,923

1,9421,976

Cash

8521,082

1,0801,1821,0441,306

1,2631,3371,2001,481

1,6161,785

Others

852866

774770708

1,072

1,1211,2161,2151,315

1,3411,438

Savingscapital

15,31716,073

16,81117,65618,19819,143

20,10521,15421,74222,823

23,88025,129

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


GOVERNMENT CORPORATIONS AND CREDIT AGENCIESSELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY *•[Based on compilation by United States Treasury Department. In millions of dollars]

Asset or liability, and agency

End of year

1944 1945 1946 1947 1948 1949 1950 1952

End of quarter

1953 1954

Loans, by purpose and agency:To aid agriculture, total

Banks for cooperativesFederal intermediate credit banksFederal land banks2

Federal Farm Mortgage Corporation..Farmers Home Administration3

Rural Electrification Administration. .Commodity Credit CorporationOther agencies

To aid home owners, totalFederal National Mortgage AssnRFC Mortgage Corporation4

Home Owners' Loan Corporation2

Reconstruction Finance Corporation5.Other agencies

To railroads, totalReconstruction Finance Corporation5. .Other agencies

To other industry, totalReconstruction Finance Corporation 5 7 .Other agencies

To financing institutions, totalReconstruction Finance Corporation5.Federal home loan banksOther agencies

Foreign, totalExport-Import BankReconstruction Finance Corporation5 7 .Other agencies11

All other purposes, totalReconstruction Finance Corporation 5 7 .Public Housing Administration12

Other agencies

Less: Reserve for losses

Total loans receivable (net).

Investment in international institutions.

Other securities, totalReconstruction Finance Corporation 5 .Production credit corporationsOther agencies

Commodities, supplies, and materials, total.Commodity Credit CorporationReconstruction Finance Corporation 5 7

Other agencies

Land, structures, and equipment, totalPublic Housing Administration12

Reconstruction Finance Corporation5 7

Tennessee Valley AuthorityU. S. Maritime Commission2

War Shipping Administration2

Federal Maritime Board and Maritime Adm.2.Other agencies13

3,385189257

1,220351643361353

10

1,2375281

1,09112

1

343321

21

19111873

21666

13120

225225

0°)(10)

2,878197231

1,088242604407

999

8967

24852

121

223205

18

23214983

26760

19512

526252274

Investments:U. S Government securities, total

Banks for cooperativesFederal intermediate credit banksProduction credit corporationsFederal land banks2

Federal home loan banksFederal Savings and Loan Insurance CorpHome Owners' Loan Corporation2

Federal Housing AdministrationPublic Housing Administration12

Reconstruction Finance Corporation5 7

Federal Deposit Insurance CorporationOther agencies

1,237"827

305

"106

448

6,387

1,630433960

220144151

1587

775

76028

707309286112

438

5,290

1,683434367

145118161

15106

849

89730

4242896371

2,9421,4501,053

438

325244

5526

2,2881,0341,131

122

2,884232273986149590528120

6

65966

636101

171153

18

19215141

31414

2937

2,2841,249

235800

623232278113

478

6,649

1,873434770

13614517217

1228

481,045

20

318

2301594624

1,265463667134

2,299276336

3,632305426

4,362302437

3,8345510

4,161425633

5,070424673

5,512336781

6,811377590

7,370354658

109558734280

7

5564

80525999

1,2935

60523

1,3011,729

9

45535

1,543898

7.

34539

1,742782

6

25596

1,9201,426

6

20658

2,0621,651

5

18648

2,0963,076

5

17739

2,1303,468

5

768 1,251199 828

1,528 2,142 2,6031,347 ,850 2,242

2,986 2,930 2,8582,540 2,462 2,366

4866165

147145

3

27224131

4477

4364

5,6731,978

2463,450

7146340278

96

395

9,714

1,685484872

36917722

140138

3

31027238

5256

5154

6,1022,145

2063,750

584190294100

368

23116824

114112

3

462423

38

4458

4334

6,0902,187

1543,750

48488

29799

476

1013735

110108

2

458400

58

8248

816

123169

10199

2

488415

74

8148

806

115246

82802

516457

58

864

864

110337

79772

53647363

802(9)801

108361

79772

50982948214

P52

952

106386

79772

492270223

630(9)630

11,692 12,733

1,854434466

2,047437439

6,0782,226

1013,750

53159

366

105

185

13,228

2,075434642

6,1102,296

643,750

77961

609109

173

7,7362,496

585,182

1,09550

919126

140

14,422 17,826

2,226435143

2,421436043

8,0102,758

525,199

83057

612

160

252

18,502

2,586436245

8,0432,833

525,157

76357

535

171

203

19,883

2,602436345

7,9872,783

455,159

64129

428

184

181

19,877

2,969435043

16,237 21,017 16200

6,526710

3,1135,427

2226,919

7213,3957,813

,924227

2,861727

3,3017,764

13918412

132

1,02021

3,385

1541083511

822448235138

12,600204

35754

3,3056,507

27419912

144

1,0641

3,385

1339829

6

62743715732

3,0601,448

630793

275214

188

199193

249200

311208

397211

387217

706222

244 285 316 319 310

1,205

1

3,385

1078322

21,5491,376

14230

2,9621,352

611830

()1,307

1

3,385

71161

1,7741,638

10828

2,9451,248

605886

1,3531

3,385

7866111

1,4611,174

129159

3,3581,251

5941,048

1,4371

3,385

1,280978172131

3,2131,173

1991,251

1,5091

3,385

4438

51

2,2591,884

134241

7,9111,030

1811,405

1,5261

3,385

4035

51

2,5142,086

156272

8,0621,018

1751,475

1,593

1

3,385

4035

51

2,6962,202

168327

8,035958169

1,549

Bonds, notes, and debentures payableguaranteed), totalBanks for cooperativesFederal intermediate credit banksFederal land banks2

Commodity Credit CorporationFederal home loan banks

(not

262

1,39524

27481821267

1,948

1,1138

245792

2,044

1,25233

293756

1,793

68969

358

189

96570

480

168

77278

490

206

1,190110520

465

1,369170674

590

1,330181704

P 4 , 8 0 2493

1,243119776

4,834561

1,182150619

4,849511

949133626

69 169 262 415 204 560 445 349 414 190

For footonotes see following page.



GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—ContinuedPRINCIPAL ASSETS AND LIABILITIES

[Based on compilation by United States Treasury Department. In millions of dollars]

Date, and corporation or agency

Assets, other than interagency items1

Total Cash

Loansre-

ceiv-able

Com-modi-ties,sup-plies,and

mate-rials

Invest-ments

U. S.Govt.secu-rities

Othersecu-rities

Land,struc-tures,and

equip-ment

Otheras-sets

Liabilities, other thaninteragency items

Bonds, notes,and deben-

tures payable

Fullyguar-

anteedby

U. S.

Other

Otherliabil-ities

U. S.Gov-ern-mentinter-

est

Pri-vatelyownedinter-

est

All agencies:1944—Dec. 311945—Dec. 311946—Dec. 311947—Dec. 312

1948—Dec. 312

1949—Dec. 311950—Dec. 311951—Dec. 312

1952—Dec. 312

1953—Sept. 302

Dec. 311954—Mar. 31

Classification bv agency,Mar. 31, 1954

Farm Credit Administration:Banks for cooperativesFederal intermediate credit banksProduction credit corporationsAgricultural Marketing ActFederal Farm Mortgage Corp

31,48833,84430,40930,96621,71823,73324,63526,74429,945

37,14138,93739,313

42173049

756925

1,3981,481

6,387290

6,6499,714

630 11,69212,73313,22814,42217,826

441642931944

1,0961,1901,139

18,50219,88319,877

351658

2,9422,2881,265822627

1,5491,7741,4611,280

2,2592,5142,696

1,6321,6831,8731,6851,8542,0472,0752,2262,421

2,5862,6022,969

424 16,237325 21,017547

3,5393,5183,4923,4733,4633,429

3,4293,4253,425

16,92412,600

,0602,9622,9453,3583,213

7,9118,0628,035

3,1112,3171,7531,125

337509499882832

1,3571,2611,173

1,537555261823828234353

6375

1,3951,1131,252689965772

1,1901,3691,330

1,2431,182949

133626

4,1964,2123,5882,0371,6631,720 211,1931,1611,728 26

23,85727,49224,81028,01518,886

,03021,99523,842

,456

2,0753,8184,920

Department of Agriculture:Rural Electrification AdministrationCommodity Credit CorporationFarmers Home Administration3

Federal Crop Insurance Corp

Housing and Home Finance Agency:Home Loan Bank Board:

Federal home loan banksFederal Savings and Loan Insurance Corp.

Public Housing AdministrationFederal Housing AdministrationOffice of the Administrator:

Federal National Mortgage Association..Other

Reconstruction Finance Corporation:Assets held for U. S. Treasury 5 "Other 5

Export-Import BankFederal Deposit Insurance CorpTennessee Valley AuthorityFederal Maritime Board and Maritime Adm...All other

2,2685,994

72927

1,374246

1,565543

2,3

367591

2,8111,6101,15,432

10,126

27

303178187

17

2,1283,448

6282,202

1115

630

43643

2,36687

1491

2,793

706222

310

168

9581

168

5,801

2647

253

1,593

3,385

()1,5494,849372

95217251

57

96127

114

2816181510

357128

190

75

()3,348

75

745

29218

29681365717973

33,33533,42932,899

2599648

2,2682,646

72322

-4238

1,536250

2,376139

367562

2,7441,4751,8305,25310,053

504472498143166183234329378

424434470

27

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 followingagencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation afterJune 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to reportto the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Admin-istration beginning June 1953.

3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figureshave been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administra-tion, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities ofwhich have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported cur-rently 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 parenteffective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equip-ment."

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 activi-

ties were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown onthe 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 inearlier 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 theTreasury 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 smallones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) theadoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figuressee Banking and Monetary Statistics, Table 152, p. 517.

OCTOBER 1954 1081


SECURITY MARKETS1

Year, month,or week

Number of issues..

1951 average1952 average1953 average

1953—SeptOctNovDec

1954—jan

FebMarApr.MayJuneJulyAugSept

Week ending:Sept. 4Sept. 11Sept. 18Sept. 2 5 . . . .Oct. 2

Bond

U. S. Govt.(long-term)

Oldse-

ries2

3-7

98.8597.2793.90

93.4095.2894 9895.85

97.4298 6299.87

100 3699.6899 49

100 36100.2899.92

99.9699.9699.9099.9199.88

Newse-

ries3

1

101.00103.30103.67104.93

106.16107 04109.11109 65109.39109 74111.07111.50110.68

110.89110.80110.68110.62110.45

prices

Mu-nicipal(high-

grade)*

15

133.0129.3119.7

116.9119.7121.4122.3

123.6125.5125.6123 9123.6123 9126.9128.4127.2

128.2127.9126.9126.6126.6

Cor-po-rate(high-

grade)4

17

117.7115.8112.1

110.9112.6113.6113.5

"114.6116 5117.9118 1117.5117 0117.5117.8117.6

117.6117.5117.5117.6117.6

Stock prices

Pre-ferred*

15

170.4169.7164.0

162.8167.3168.8166.5

168.7171.8173.3174.3173.8172 9173.3174.7115.8

174.8174.2175.8176.9177.2

Common

Standard and Poor's series(index. 1935-39=100)

To-tal

480

177188189

179183188191

195200205213220222231236239

233235238242245

In-dus-tri-al

420

192204204

193197202206

"212217223233242244255261264

257259264269273

Rail-road

20

149169170

156157159157

160166165164173176184187182

178180184185182

Pub-lic

util-ity

40

112118122

120122124125

127129131133135135140142141

140141140141141

Securities and Exchange Commissi(index. 1939—100)

To-tal

265

185195193

181187191193

198203207216223224233237240

235237242247246

Manufacturing

To-tal

170

207220220

205214219222

228234240253263263275280286

278281289295294

Du-ra-ble

98

179189193

175184190192

199204210223233237254257260

253257263269268

Non-du-ra-ble

72

233249245

232240245249

256261268280291288294

"301309

300304312320317

Trans-porta-tion

21

199221219

199202204200

206215212212221225234237236

231234237242237

Pub-lic

util-ity

29

113118122

119121123125

126128130132134134139141140

140139140140140

on series

Trade,fin-

ance,and

serv-ice

31

208206207

198201207209

213216215220226228236243247

242245248253251

Min-ing

14

205276241

219219231230

239250259266270266257263268

266269268269270

Vol-umeof

trad-ing6

(inthou-sands

ofshares)

1,6841,3131,419

1,2941,2251,482

.644

1,6691,7521,9192,0892,0961,9192,4692,5881,963

1,9231,8492,0802,1551,899

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, andcommon 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. Priorto 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 EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]

End of month

1951—JuneDecember...

1952—JuneDecember...

1953—June

1953—AugustSeptember. .OctoberNovember..December...

1954—January.. . .February . . .MarchAprilMayJuneJulyAugust

Debit balances

Customers'debit

balances(net)i

1,2751.2921,3271,3621,684

31.68231,62431,64131,654

1.69431,69031,68831,71631,78631,841

1,85731,92631,998

Debitbalances in

partners'investmentand trading

accounts

1012987

8

10

Debitbalances in

firminvestmentand trading

accounts

375392427406347

404

492

Cash onhand

and inbanks

364378365343282

297

309

Credit balances

Moneyborrowed2

680695912920

1,216

31,18231,07031,09831,127

1,17031,10831,06231,05431,09431,186

1,17331,16931,194

Customers'credit balances1

Free

834816708724653

364136743672*682709

37413 7683 78738193836838

38773910

Other(net)

225259219200163

208

248

Other credit balances

In partners'investmentand trading

accounts

2642233523

28

23

In firminvestmentand trading

accounts

1311169

16

31

45

In capitalaccounts

(net)

319314324315319

313

372

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 lastcolumn 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.



OPEN MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week


1953—September.OctoberNovember.December..

1954—January...February. .MarchAprilMayJuneJulyAugust.. . .September.

Week ending:Sept. 4 . . .Sept. 11. . .Sept. 18. . .Sept. 2 5 . . .Oct. 2 . . .

Primecom-

mercialpaper,4- to 6-months1

2.172.332.52

2.742.552.322.25

2.132.002.001.771.591.561.431.331.31

1.311.311.311.311.31

Primebank-

ers'accept-ances,

90days1

111

1

]

1\111

1.601.751.88

L .88L .88L .88L.88

1.88L.691.48.25

L .251.25.25

L .25.25

.25

.25

.25

.25

.25

U. S. Governmentsecurities (taxable)

3-month bills

Marketyield

1

\\\

L.52L.721.90

L .79L.38L.44L.60

L.18.97

1.03.96.76.64.72.92

L .01

.03

.02L.02.99.99

Rateon newissues

1.5521.7661.931

1.8761.4021.4271.630

1.214.984

1.0531.011

.782

.650

.710

.8921.007

1.0231.0161.024

.986

.984

9- to 12-monthissues2

1L .73L.812.07

' .17L.72L .53L .61

L33L.01L.02.90.76.76.65.64.89

.80

.85

.89

.91

.97

3- to 5-year

issues3

1.932.132.57

2.692.362.362.22

2.041.841.801.711.781.791.691.741.80

1.751.771.791.821.84.

1 Monthly figures are averages of weekly prevailing rates.2Series includes certificates of indebtedness and selected note and

bond issues.3 Series includes selected note and bond issues.Back figures.—See Banking and Monetary Statistics, Tables 120-121,

pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October1947, pp. 1251-1253.

BANK RATES ON BUSINESS LOANSAVERAGE OF RATES CHARGED ON SHORT-TERM LOANS

TO BUSINESS BY BANKS IN SELECTED CITIES[Per cent per annum]

Area and period

Annual averages:19 cities:194519461947194819491950195119521953

Quarterly:19 cities:

1953—Dec1954—Mar

JuneSept

New York City:1953—Dec1954—Mar

JuneSept

7 Northern and East-ern cities:

1953—Dec1954—Mar

JuneSept

11 Southern andWestern cities:

1953—Dec1954—Mar

JuneSept

Allloans

2.22.12.12.52.72.73.13.53.7

3.763.72

.60

.56

3.513.503.343.29

3.793.743.613.57

4.104.033.983.95

Size of loan

$1,000-$10,000

4.34.24.24.44.64.54.74.95.0

4.984.994.974.99

4.704.794.754.81

5.075.065.045.07

5.065.055.055.03

$10,000- $100,000-$100,000

3.23.13.13.53.73.64.04.24.4

4.394.374.354.32

4.254.274.244.21

4.404.364.314.34

4.464.434.434.39

$200,000

2.32.22.52.83.03.03.43.73.9

3.963.943.893.82

3.773.753.713.54

3.963.973.833.94

4.094.034.053.91

$200,000and over

2.01.71.82.22.42.42.93.33.5

3.573.523.373.32

3.383.373.193.13

3.633.573.423.36

3.863.763.673.68

NOTE.—For description of series see BULLETIN for March 1949,pp. 228-237.

BOND AND STOCK YIELDS i[Per cent per annum]

Year, month,or week

Number of issues...


1953—September...OctoberNovember...December...

1954—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...

Week ending:Sept. 4Sept. 11Sept. 18Sept. 25Oct. 2

Bonds

U. S. Govt.(long-term)

Oldseries2

3-7

2.572.682.93

2.972.832.852.79

2.682.602.512.472.522.542.472.482.51

2.502.512.512.512.51

Newseries^

1

3.16

3.193.063.042.96

2.902.852.732.702.722.702.622.602.64

2.632.642.642.652.65

Munic-ipal

(high-grade) 4

15

2.002.192.72

2.882.722.622.59

2.502.392.382.472.492.482.312.232.29

2.242.262.312.332.33

Corporate (Moody's) 5

Total

120

3.083.193.43

3.543.453.383.39

3.343.233.143.123.133.163.153.143.13

3.133.133.133.143.14

By ratings

Aaa

30

2.862.963.20

3.293.163.113.13

3.062.952.862.852.882.902.892.872.89

2.882.892.892.892.89

Aa

30

2.913.043.31

3.433.333.263.28

3.223.123.033.003.033.063.043.033.04

3.033.043.043.053.05

A

30

3.133.233.47

3.563.473.403.40

3.353.253.163.153.153.183.173.153.13

3.133.133.133.143.14

Baa

30

3.413.523.74

3.883.823.753.74

3.713.613.513.473.473.493.503.493.47

3.473.473.473.483.48

By groups

Indus-trial

40

2.893.003.30

3.403.333.273.28

3.233.123.053.043.063.103.103.073.07

3.063.063.073.073.06

Rail-road

40

3.263.363.55

3.653.563.513.52

3.473.353.243.193.213.233.233.213.22

3.213.213.213.223.23

Publicutility

40

3.093.203.45

3.583.463.383.37

3.313.233.143.133.133.153.133.123.13

3.123.123.133.133.12

Industrial stocks

Dividends/price ratio

Pre-ferred 6

15

4.114.134.27

4.304.194.154.21

4.154.084.044.024.034.054.044.013.98

4.014.023.983.963.95

Com-mon7

125

6.295.555.51

5.765.605.535.54

5.285.295.074.864.814.744.544.664.31

4.574.494.404.314.31

Earn-ings/priceratio

Com-mon*

125

10.429.49

10.14

10.76

10.49

9.06

r8.74

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 a n d 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 num-

ber 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.

1083OCTOBER 1954


TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS[On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars]

Period

Cal. yr.—1950195119521953

Fiscal yr.—1951. . .1952.. .1953. . .19542. .

Semiannual totals:1951—Jan.-June.

July-Dec..1952—Jan.-June.

July-Dec..1953—Jan.-June.

July-Dec..1954—Jan.-June2

Monthly:1953—Sept

OctNov.Dec

1954—JanFeb.2

MarAprMayJuneJulyAugSept

Period

Cal. yr.—1950195119521953

Fiscal yr.—1951....1952... .1953.. . .19542...

Semiannual totals:1951—Jan.-June..

July-Dec. .1952—Jan.-June..

July-Dec. .1953—Jan.-June..

July-Dec2.Monthly:

1953—AugSeptOctNov, , .Dec

1954—JanFeb.2

MarAprMayJuneJulyAug

Summary

Budget receipts andexpenditures

Netreceipts

37,83453,48865,52364,46948,14362,12965,21864,550

29,67923,80938,32027,20438,01426,454

n.a.

6,0412,6594,6955,183

34,4715,444

11,4342,7513,592

10,5392,8273,911n.a.

Ex-pendi-tures

138,25556,84671,36673,626

144,63366,14574,60767,579

25,57031,27634,86936,49738,11035.515

n.a.

6,1195,4775,4236,387

35,0714,7075,5555,2965,2037,1154,8276,731n.a.

Surplusor

deficit(-)

1-422-3,358-5,842-9,15713,510

-4,017-9,389-3,029

4,109-7,467

3,451-9,293

-96-9,061

n.a.

- 7 9-2,818

-728-1,204

-600737

5,879-2,545-1,611

3,424-2,000-2,820

n.a.

Excess of receiptsor expenditures (—)

Trustand

otherac-

counts

i -387594982

1295219462393

468291

-72121341

-259n.a.

- 4 0-149-37-72

-144527253

-37527142

-150387n.a.

Sales andredemptionsin marketof Govt.agency

obligations

34956

- 9 019

384-72- 2 5

- 4

- 864

-13646

- 7 190

n.a.

75- 7 0116

- 5 9- 2 8

-117- 6 0- 5 312332

- 3 4- 8 3n.a.

Clear-ingac-

count

87-106-319-209-214-401-312-452

40-146-255- 6 4

-24840

n.a.

117235

-37629

559-135-160

593-511

- 3-82

-222n.a.

Increase ordecrease (—)during period

Grossdirectpublicdebt

-4232,7117,9737,777

-2,1353,8836,9665,189

-1,4864,197-3138,286

-1,3209,097

-3,909

-269449

1,822- 4 0

-320-67

-4,546811

2,428-2,215

-2763,971-145

Generalfund

balance

-44762

1,770-1,488

1,839-388

-2,2992,096

3,124—3,062

2,674-904

-1,394- 9 4

2,190

-196-2,352

797-1,346

-533944

1,366-1,567

7001,280

-2,5421,233-313

General fund of the Treasury(end of period)

Bal-ance

ingen-eralfund

4,2324,2956,0644,5777,3576,9694,6706,766

7,3574,2956,9696,0644,6704,5776,766

7,4785,1265,9234,5774,0444,9886,3554,7875,4876,7664,2245,4575,145

Deposits in

F. R. Banks

Avail-able

funds

690321389346338333132875

338321333389132346875

642662451346404548722579422875727511704

In proc-ess ofcollec-

t ion

129146176131250355210274

250146355176210131274

183185

81131363167462180146274196101170

Specialdepos-itaries

2,3442,6934,3683,3585,6805,1063,0714,836

5,6802,6935,1064,3683,0713,3584,836

5,2552,8924,5453,3582,4063,4584,3793,2734,0954.8362,5384,0783,469

Othernetas-sets

1,0691,1341,132

7421,0891,1751,256

781

1,0891,1341,1751,1321,256

742781

1,3981,387

847742871816792756824781764767801

Budget expenditures

Total

38,25556,84671,36673,62644,63366,14574,60767,579

25,57031,27634,86936,49738,11035,515

6,0426,1195,4775,4236,387

35,0714,7075,5555,2965,2037,1154,8276,731

Major national security programs

Total*

18,50937,15451,12152,81725,89146,31952,847

P48.259

16,04121,11325,20625,91526,93225,885

4,1724,3924,2664,0344,377

P3,681P3.809P3.916P3.847P3,565P4.245P3.188P3.553

Na-tional

de-fense

13,47630,27543,17644,46519,95539,03344,584

P40.638

12,45017,82521,20821,96822,61621,848

3,5193,7873,6473,5403,4653,001

P 3 , 2 2 5P3.339P3,195P2.884P 3 , 554P2.565P 2 , 9 8 4

Mili-tary

assist-ance

abroad

2911,5592,9753,810

8842,2283,7603,520

637921

1,3061,6692,0921,718

197232155198484385194321343331407334228

Inter-na-

tionaleco-

nomicaid*

4,0123,5602,6522,1903,8632,9042,272

P I . 5 9 9

2,1701,3891,5141,1371,1341,056

258169175162141

*104P183

P54P117P126P52P84

P100

AtomicEnergyCom-mis-sion

6111,2781,8131,889

9081,6481,8021.893

567711937876926963

15715520895

231142160181164169109174169

Inter-eston

debt

5,5805,9836,0656,3575,6135,8596,5086,371

3,2232,7613,0992,9663,5422,816

206560354164

1,294245372588350249

1,752213332

Vet-erans

Admin-istra-tion*

5,7145,0884,4334,1575,2884,7484,2504,176

2,6102,4792,2692,1642,0862,072

330323336343371340340334375346370333333

Socialse-

curitypro-

grams8

1,3511,4631,5081,6301,4151,4241,593

Pl.670

745718706802791839

120101211123108172

P128P114P120P124P171P141P121

Agri-cul-

ture7

1,4991,0101,5643,238

6351,2193,063

P2.842

470540679885

2,1781,059

377275

-12302

-137309

P - 1 3 5P194P468P694P248P27O

P2.039

Hous-ingand

homefi-

nance

- 1 7694646

-159460614382

-614

302392222424

—42-117

9534

—46- 8 9-32- 3 1

-104- 5 4

-195- 1 4- 8 4

49-39

Publicworks

p

1,5511,4381,573L.6851,4581,5151,655L,513

580858657916740945

155158161157140

97P90

P102P116P109P109P156*>137

Postofficedef-icit

643684775525624740660462

364320420355305220

160

60

" 4 2 *91

'in'

Trans-fersto

trustac-

counts

9611,0161,193

783972

1,3051,079

152

168848457737342441

15760189557

31656956

55P2

Other

2,4642,3152,4872,5932,2762,4022,570

P2.747

1,0661,2491,1531,3331,2361,357

270217189234209

P241P161P263P205P123P188P421P253

pPreliminary. n.a. Not available.1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget ex-

penditures, 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 transfersto trust accounts, which are shown separately. 7 Includes Farm Credit Administration and Agriculture Department, except expenditures forforest development of roads and trails which are included with public works.



TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued[On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars]

Period

Cal. yr.—1950195119521953

Fiscal yr.—1951 . . .19521953 . .19541 . . .

Semiannual totals:1951—Jan.-June...

July D e c . . .1952—Jan.-June...

July-Dec.. .1953—Jan.-June...

July-Dec.1 .Monthly:

1953—AugSeptOctNovDec

1954—janFeb.iMar.AprM a yJuneJulyAug

Period

Cal. yr.—1950195119521953 . . .

Fiscal yr.—195119521953. . . .1954

Semiannual totals:1951—July-Dec...1952—Jan.-June..

July-Dec..1953—Jan.-June..

July-Dec..1954—Jan.-June..

Monthly:1953—Aug

Sept.Oct.NovDec.

1954—JanFebMar. . .AprMayJuneTulvAug

Treasury receipts

Budget receipts, by principal sources

Incomeand old-age

insurance taxes

With-heldby

em-ployers

13,77519,39223,65826,32316,65421,88925,05826,210

9,4459,947

11,94211,71613,34212,981

3,5001,8371,1383,4161,838

9043,6642,0021 3873,3601,8161 2523,321

Other

Indi-vidual

17 ,26,34,30,24,3 3 ,3 3 ,

10,761

17,9,

23,10,22,

2,799

791,689

15989

3092,1221,0442,454

808140

1,357252

93

Corpo-ration

36187617452421802610121,483

376499526647454

5,272

3261,636

385336

1,938490396

7,353645358

6,916532300

Mis-cella-

in-ternal

enue

8,7719,392

10,41611,2119,4239,726

10,87010,987

4,6444,7484,9785,4385,4325,779

955981

1,019968919749860954860877852790828

Taxeson

carriersand on

em-ployersof 8 ormore

770944902896811994902888

494449545357545352

1065516

1074821

261562688472392

•A4.U —

re-ceipts

L9802,3372,6392,5702,2632,3642,5252.737

1,2231,1141,251L,388[,137,433

187203176229351332199193231214253299167

Totalbudget

re-ceipts

42,65758,94171,78871,52453,36967,99972,45573,067

33,18425,75742,24229,54642,91028,614

5,1536,4022,8945,1445,4034,6196,425

13,0133,9565,037

11,2413 1484,801

Treasury receipts—Continued

Internal revenue collections—cont.(on basis of Internal Revenue Service)

Total

8,1508,6829,5589,7148,7048,9719,9469,517

4,4404,5315,0274,9194,7954,722

793H72608

1,442587395

1 316629477

1,343561713

n.a.

Excise4 and miscellaneous taxes

Liquor

2,4192,4602,7272,8192,5472,5492,7812,783

1,3041,2451,4821,2991,5211,262

225266294276216166181224223222246226

n.a.

Tobacco

1,3481,4461,6621,6141,3801,5651,6551,580

748817845810804777

145140147126120123111135130130147123

n.a.

Manufacturers'and retailers'

excise

2,5192,7903,0543,2622,8412,8243,3593,127

1,3431,4811,5731,7861,4761,651

2674

74773

4645

7576050

7271138

n.a.

Other

11??1222

1

11

1

,864987115070936

,032,152,027

,045988

,127,025995

,032

1566194

?6720461

267211

74263157

n.a.

Deduct

Appro-pria-tions

to old-age

trustfund

2,6673,3553,8143,9183,1203,5694,0864,537

1,7091,6461,9221,8912,1951,723

519299160388151

84598589278759507217743

Re-funds

ofre-

ceipts

2,1562,0982,4513,1372,1072,3023,1513,377

1,796302

2,000451

2,700437

656375606964

306940906616150

8570

Netbudget

re-ceipts

37,83453,48865,52364,46948,14362,12965,21864,550

29,67923,80938,32027,20438,01426,454

4,5686,0412,6594,6955,183

24,47135,44411,4342 7513,592

10,5392 8273,911

Internal revenue collec(on basis of Internal Re

Service)

Individual in-come and old-age insurance

taxes

With-held

12,96318,84023,09026,16215,90121,31324,750

9,0439,798

11,51511,57413,17612,986

4,434313

1,9344,398

1151,115n.a.

(4)

Other

7,10,11 ,11,9,

It ,11 ,

8,2,9,2,8,2,

1

2

384362980401908S4S604

027335210770834567

91631

7977

364372

n.a.ro

Corpo-ration

in-comea n d

profitstaxes

9,93716,56522,14019,19514,38821,46721,595

9,4167,149

14,3187,821

13,7735,422

3261,767

478318

1,882445

n.a.(4)

tionsvenue

Es-tateandgift

taxes

658801849923730833891935

427374459390502422

60649656636586

11996737377

n.a.

Trust and other accounts

l

- 3 87594982

295219462

1393

291-72121341

-259n.a.

299—40

-149- 3 7- 7 2

-144!527253

-375271

42-150

387

Social securityretirement, and

insurance accounts

Re-ceipts

6,5437,9068,3158,1237,2518,2108,5318,698

3,9674,2424,0734,4583,665

n.a.

1,070449328817597207965768436

1,2121,458

3751,200

Invest-ments

563,1553,5042,3873,3603,3613,0591,687

1,3522,0091,4951,564

823n.a.

40916

- 8 0199188

-33428

- 7 425

330888

- 9 8281

Expendi-tures

6,2144,5074,9425,8113,7524,8855,2576,846

2,3982,4862,4562,8023,009

n.a.

462506537502533581627689665630651648606

Other accounts7

Invest-ments8

- 2 2271329153196275242357

5222310613617

n.a.

- 1 455

440

- 3 928827441861

- 9 07

30

Others

-333786508310353530489584

126404105385

- 7 4n.a.

8687

— 16- 1 1 3

14184244144

- 1 0 2803432

104

reasury sreasury's

n.a. Not available. lBeginning February 1954, on new reporting basis. See footnote 2 on preceding page. 2 N o t adjusted for T:revised t rea tment of carriers' taxes. 3 Carriers ' taxes deducted. 4 Beginning March, income and profits taxes announced in the TiMonthly 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 Govern-ment corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government depar tments . Investmentsof wholly owned Government corporations are included as specified in footnote 8, but their operating transactions are included in Budget expend-itures.

8Consists of net investments in public debt securities of quasi Government corporations and agencies and other t rust funds beginning withJuly 1950, which prior to tha t date are not separable from the next column; and, in addition, of net investments of wholly owned Governmentcorporations and agencies beginning with November 1950, which prior to tha t date are included with Budget expenditures (for exceptions seefootnote 1 on previous page). 9Includes undistributed depositary receipts.

OCTOBER 1954 1085


TREASURY CASH INCOME, OUTGO, AND BORROWINGDERIVATION 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]

Period

Cal. yr.—1950195119521953

Fiscal yr.—195119521953... .19547...

Semiannual totals:1951—Jan.-June. .

July-Dec.. .1952—Jan.-June. .

July-Dec.. .1953—Jan.-June. .

July-Dec7.Monthly:


1954—JanFeb. i,MarAprMayJuneJulyAugSept

Cash operating income, other than debt

Net Budgetreceipts

Totalnet

receipts

37,83453,48865,52364,46948,14362,12965,21864,550

29,67923,80938,32027,20438,01426,454

6,0412,6594,6955,183

84,4715,444

11,4342,7513,592

10,5392,8273,911n.a.

Less:Non-cash1

171222184275256138210n.a.

1645877

107104171

43104

8051

n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Plus: Trustacct. receipts

Total

7,0018,5828,7078,5967,7968,8078,9329,152

4,2344,3494,4584,2484,6833,913

482378839627237993824479

1,2301,445

4191,224n.a.

Less:Non-cash 2

>,211>,508>,649>,3471,244:1,7051,595n.a.

1,2101,2981,4061,2431,351

996

10778

133391855n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Equals:Cash

operat-ing

income

42,45159,33871,39670,44053,43968,09371,34471,781

32,53726,79941,29330,10441,24129,199

6,3732,9505,3965,3394,6026,529

12,2603,0364,882

11,2652,9565,3755,280

Cash operating outgo, other than debt

Budget expenditures

Total

38,25556,84671,36673,62644,63366,14574,60767,579

25,57031,27634,86936,49738,11035,515

6,1195,4775,4236,387

«5,O714,7075,5555,2965,2037,1154,8276,731

n.a.

Less: Noncash

Accru-als topublic3

503567734575477710694509

196371338396298277

21- 1408272168

194376703857

Intra-Govt.trans.4

2,3072,6252,8072,5852,3602,8372,774n.a.

1,2791,3461,4881,3191,4561,129

10891


Plus: Tr. acct.expenditures

Total

6,9234,3974,8255,9743,9454,9525,1696,716

1,7442,6532,2982,5272,6423,332

451604636549427411601810568604660526n.a.

Less:Non-cash s

65902834

1385

31n.a.

828

—432

- 236

41- 3

3- 1 2


Plus:

Exch.Stabi-liza-tion

Fund 6

-262- 2 6

38- 8 2- 1 3

9- 2 8

-109

- 1 3- 1 3

2216

- 4 4- 3 8

11

- 6 0- 1 2

- 3 913

—33

- 3 116

-112

Clear-ing ac-count

- 8 7106319209214401312452

- 4 0146255

64248

- 4 0

-117-235

376- 2 9

-559135160

- 5 9 3511

382

222n.a.

Equals:Cash

operat-ing

outgo

41.96958,03472,98076,52945,80467,95676,56171,933

25,70032,33435,62237,35739,20337,326

6,2945,7596,2586,2944,7495,3006,2325,3036,2286,8815,1427,7885,364

Netcash

operat-ing in-come

oroutgo

4821,304

- 1 , 5 8 3- 6 , 0 9 0

7,635137

-5 ,217-152

6,839-5 ,534

5,671-7 ,254

2,038-8 ,128

78-2 ,809

-862-956-1471,2286,028

-2 ,267-1 ,347

4,384-2 ,186-2 ,412

- 8 4

n.a. Not available. * Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by quasi Government corporations. 2 Represents principally interest on investments in U. S. Government securities, payroll deduc-tions 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 Federalsecurities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treatedas 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 fornoncash 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 bysuch corporations on their investments in the public debt (negative entry). «Cash transactions between Intl. Monetary Fund and ExchangeStabilization 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

Period

Cal. yr.—1950195119521953

Fiscal yr.—19511952195319548

Semiannual totals:1951—Jan.-June. . .

July-Dec.. . .1952—Jan.-June. . .

July-Dec.. . .1953—Jan.-June. . .

July-Dec.. . .1954—Jan.-Juneo..

Monthly:1953—Sept.

OctNov.Dec

1954_j a nFeb. 6 . .MarAprM a y . . .JuneJulyAugSept

In -

crease,or de-creasegross

dir. pub.debt

—4232 7117,9737 777

-2 ,1353,8836,9665,189

-1 ,4864,197-3138,286

- 1 , 3 2 09,097

-3 ,909

—269449

1,822—40

-320—67

-4 ,546811

2,428—2,215

—2763,971-145

Plus: Cashissuance oisecurities of

Federal agencies

Guar-anteed

—61812221016

729

513

38

- 224

6

2g2

— 12

311

—6161

Non-guar-

anteed

35537

-102- 3

374- 8 8- 3 2

- 2 5 0

- 1 351

-13937

- 6 966

n.a.

75—72108

- 6 1- 2 7

- 1 2 6- 8 9— 74

74

—21

44

Less: Noncash debt transactions

Net inv.in Fed.sec. by

Govt. agen.& tr. funds

943,4183,8332,5403,5573,6363,3012,101

2,0141,4042,2321,6011,700

840n.a.

71—76240150

—4677

- 2 035

380815

- 8 4312

- 4 0

Accruals <

Int. on sav.bonds and

Treas. bills

602718770591638779719524

301417361409308283241

22

41837317

9204476713958

,o public1

Payts. inform of

Fed. sec.

163- 1 2 5

- 7 466

— 149- 7 9

394

- 9 2- 3 3- 4 5- 2 9

343263

— 12— 1— 15911

- 138

- 1 432

— 130

- 1 7111

Equals:Net cashborrow-ing, orrepayt.(-)of

borrow-ing-929

—1,2423,3534,601

-5 ,795-5252,9182,248

-3 ,7142,472

-2 ,9986,351

-3 ,4338,034

n.a.

-274457

1,659—391-386-284

-4 ,662699

2,046—3,104

—3563,645-229

Detai s of net cash borrowing from orA / \ r t r - _ . A_ _ 4_t t_ i"_<>

repayment v —; oi

Directmktable.& conv.issues3

—2,6491,9995,77854,829

-3,9431,639

«5,2942,483

-1,1843,183

-1,5447,322

«-2,0286,857n.a.

—931—51

1,647- 7 0

— 178— 74

-4 ,304838

2,144—2,779

—853,678-113

Savingsbonds(issueprice)

751— 1,191

-406*— 344

-467-717

6-103-381

-758-432-285-121

518-362

- 1 9

—90—36—22—41—92

187532

5—57

— 13733

- 4 4

uorrowing to tne puDiic*

Savingsnotes

1,021— 1,099- 1 , 7 8 4

248- 6 5 7

- 1 , 2 0 9- 2 , 1 6 4

628

- 8 4 5- 2 5 5- 9 5 5- 8 2 9

- 1 , 3 3 51,583- 9 5 5

662618

—53— 167

- 7 3—71

—310—82

— 152—267

—88—64

- 1 0 1

PostalSav. Sys.

specialissues

—250—997— 113— 162

- 1 , 0 9 3- 1 5 5- 1 0 0—239

- 9 2 3- 7 4- 8 1- 3 2- 6 8- 9 4

- 1 4 5

— 16—7

—36— 18— 12—37- 3 7—21—22— 16

7- 7- 8

O t h e r 4

19846

—12230

365- 8 2

- 9- 2 4 3

- 551

- 1 3 411

- 2 050

n.a.

101—67123

—95—31

— 120- 8 6—67

7115

—545

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,


TREASURY CASH INCOME, OUTGO, AND BORROWING—ContinuedDETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC

[Classifications derived by Federal Reserve from Treasury data. In millions of dollars]

PeriodCash operating income

TotalDirect

taxes onindivid-

uals1

Directtaxes oncorpor-ations1

Exciseand

misc.taxes

Socialins. re-ceipts2

Othercashin-

come3

Deduct:Refunds

of re-ceipts

Cash operating outgo

TotalMajor

natl. sec.pro-

grams4

Inter-est ondebts

4,0724,1374,2304,5894,0524,0594,6584,633

2,0582,0791,9842,2462,4132,176

525322122901170352563299196877152314461

Vet-eranspro-

grams6

8,8646,1215,2094,8855,9805,8264,9204,947

3,0033,1172,7092,5002,4202,465

378456393423393411428414392444194381375

Socialsecurity

pro-grams7

4,4004,9155,6176,6484,4585,2066,124

P7.675

2,4502,4652,7412,8763,2473,401

509625572586697

P674P729P718P692P763P677P716n.a.

Other

Cal. yr.—1950195119521953

Fiscal yr.—19511952195319548...

Semiannual totals:1951—Jan.-June..

July-Dec...1952—Jan.-June..

July-Dec...1953—Jan.-June..

July-Dec.8,Monthly:


1954—JanFeb.sMarAprMayJuneJulyAugSept

42,45159,33871,39670,44053,43968,09371,34471,781

32,53726,79941,29330,10441,24129,199

6,3732,9505,3965,3394,6026,53012,2603,0364,88211,2652,9565,3755,280

19,19127,14932,72834,80724,09530,71333,37033,514

16,12411,02519,68713,04120,32914,478

3,2921,2333,1722,0593,008355185791

2,875859

1,1202,9852,936

9,93716,56522,14019,04514,38821,46721,59521,650

9,4167,14914,3187,82113,7735,272

1,636385336

1,938490469

7,356763397

6,903549302

1,108

8,1138,5919,56710,2888,6938,8939,9789,694

4,2174,3744,5195,0484,9315,357

917923912856683741673735787797702760722

5,1216,3626,5896,6935,8396,5216,8587,196

3,2283,1353,3863,2023,6563,037

399266791256170

1,093718378

1,188616304

1,17737

2,2452,7692,8232,744

,531,801,694

3,147

,348,418,383,443,252,492

192218245299315177267277251240363220204

2,1562,0982,4513,1372,1072,3023,1513,419

1,796302

2,000451

2,700437

6375606964

306940907616150826960

41,96958,03472,98076,52945,80467,95676,56171,933

25,70032,33435,62237,35739,20337,326

6,2945,7596,2586,2944,7495,3026,2315,3036,2286,8815,1427,7885,364

1837,51,52,26,46,52,

P48,

347279195753038396843164

16,13321,14625,25025,94426,89825,854

4,4044,2684,0344,318

P3,670P3,810P3,878P3,862P3.533P4.246P3,158P3.57On.a.

6,2865,5826,7297,6545,2766,4698,016P6.514

2,0563,5272,9383,7914,2253,430

47888

1,13766

p-181P55

P634P9

PI.415P552P961

P2,807n.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 1954p. 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]

Year ormonth

194519461947194819491950195119521953

1953—Aug...Sept . .Oct.. .Nov. .Dec.. .

1954—Jan.. .Feb.. .Mar . .Apr.. .May. .June. .Ju ly . .Aug...

Savings bonds

All series

Sales

12,9377,4276,6947,2955,8336,0743,9614,1614,800

371368384369423561515602511464523508546

Redemp-tions andmaturities

5,5036,2784,9154,8584,7515,3435,0934,5305,661

421457419390

2590652496525479458

1579!644513

Outstand-ing (end of

period)

48,18349,77652,05355,05156,70758,01957,58757,94057,710

57,85157,79557,77557,806

257,71057,73657,79757,90257,96758,02558,06158,00558,078

Series A-E and H

Sales

9,8224,4664,0854,2244,2083,6683,1903,5754,368

346343357339381485422474390354392393415


5,1355,6674,2074,0293,9484,4554,0223,6223,625

280331289270309330308347310289

1386!346P339


period)

34,20433,41033,73934,43835,20634,93034,72835,32436,663

36,26436,31136,39136,50936,66336,88737,02937,17537,27937,39337,48237,59737,714

Series F, G, J and K

Sales

3,1152,9622,6093,0711,6262,406

770586432

25252729427793

128122110130115131


368611708829803888

1,071908

2,035

141125129120

2281322188179169169193298

P174


period)

13,97916,36618,31420,61321,50123,08922,85922,61621,047

21,58721,48421,38521,297

221,04720,84820,76920,72820,68720,63320,57920,40920,364

Tax and savings notes

Sales

5,5042,7892,9253,0325,9713,6135,8233,7265,730

479952687

2


7,1115,3003,2663,8432,9342,5836,9295,4915,475

208290

6855

1787068

30681

156265

8664


period)

8,2355,7255,3844,5727,6108,6407,5345,7706,026

4,9775,6396,2586,2046,0265,9565,8875,5815,5005,3445,0794,9934,929

if E bonds in June and July 1954 was not broken down as to issue

OCTOBER 1954 1087


UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES[On basis of daily statements of United States Treasury. In millions of dollars]

End ofmonth

1940—Dec1941—Dec1942—Dec1943—Dec1944—Dec1945—Dec1946—Dec1947—Dec1948—Dec1949—Dec1950—June

Dec1951—June

Dec1952—June

Dec1953—June

1953—Sept..OctNovDec

1954—JanFebMarAprMayJuneJulyAugSept

Totalgrossdebt1

50,94264,262

112,471170,108232,144278,682259,487256,981252,854257,1602o7,377256,731255,251259,461259,151267,445266,123

273,001273,452275,282275,244274,924274,859270,312271,127273,555271,341271,005274,982274,838

Totalgrossdirectdebt 2

45,02557,938

108,170165,877230,630278,115259,149256,900252,800257,130257,357256,708255,222259,419259,105267,391266,071

272,937273,386275,209275,168274,849274,782270,235271,047273,475271,260270,984274,955274,810

Public issues3

Total

39,08950,46998,276

151,805212,565255,693233,064225,250218,865221,123222,853220,575218,198221,168219,124226,143223,408

229,785230,403232,115231,684231,623231,466226,821227,806229,913226,681226,528230,214230,033

Marketable

Total

35,64541,56276,488

115,230161,648198,778176,613165,758157,482155,123155,310152,450137,917142,685140,407148,581147,335

152,804152,977154,726154,631154,631154,500150,081151,104153,325150,354150,342154,020153,963

Bills

1,3102,0026,627

13,07216,42817,03717,03315,13612,22412,31913,53313,62713,61418,10217,21921,71319,707

19,50819,50919,50919,51119,51219,51021,01322,01422,01919,51519,51219,50819,510

Certifi-cates ofindebt-edness

10,53422,84330,40138,15529,98721,22026,52529,63618,4185,3739,509

29,07828,42316,71215,854

26,36926,38526,38626,38626,38625,27819,37719,37718,57718,40518,40518,27718,184

Notes

6,1785,9979,863

11,17523,03922,96710,09011,3757,1318,249

20,40439,25835,80618,40918,96330,26630,425

33,57833,73633,24931,40631,41926,86626,78726,80931,92331,96031,96431,96732,001

Bonds

Bankeligi-ble*

28,15633,56344,51955,59166,93168,40369,86668,39161,96655,28353,31944,55742,92841,04948,34358,87464,104

59,94459,94262,18163,92763,91674,17174,13474,23072,13371,80271,79075,59675,597

Bankre-

stricted

4,94512,55024,85052,21649,63649,63649,63649,63649,63649,63636,06136,04827,46021,01617,245

13,40613,40413,40213,40013,3988,6758,6748,6748,6748,6728,6718,6718,671

Con-vert-ible

bonds

'ii!57312,06013,09512,50012,340

12,16812,02512,01211,98911,97611,95711,93211,91011,89911,86111,85711,85311,820

Nonmarketable

Total«

3,4448,907

21,78836,57450,91756,91556,45159,49261,38366,00067,54468,12566,70866,42365,62265,06263,733

64,81465,40265,37765,06565,01765,00964,80764,79264,69064,46564,32964,34164,250

Sav-ings

bonds

3,1956,140

15,05027,36340,36148,18349,77652,05355,05156,70757,53658,01957,57257,58757,68557,94057,886

57,79557,77557,80657,71057,73657,79757,90257,96758,02558,06158,00558,07858,088

Taxandsav-ingsnotes

2,4716,3848,5869,8438,2355,7255,3844,5727,6108,4728,6407,8187,5346,6125,7704,453

5,6396,2586,2046,0265,9565,8875,5815,5005,3445,0794,9934,9294,829

Specialissues

5,3706,9829,032

12,70316,32620,00024,58528,95531,71433,89632,35633,70734,65335,90237,73939,15040,538

40,95840,88841,01341,19741,00941,07041,00241,04941,36742,22942,15242,47942,407

1 Includes some debt not subject to statutory debt limitation (such debt amounted to 534 million dollars on Sept. 30, 1954) and fully guar-anteed 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]

End of month

1940—Dec1941—Dec1942—Dec1943—Dec1944—Dec1945—Dec1946—Dec1947—Dec1948—Dec1949—Dec1950—June

Dec1951—June

Dec1952—June

Dec1953—June

1953—JulyAugSeptOctNovDec

1954—JanFebMarAprMayJuneJuly

Total

grossdebt(includ-

ing guar-anteedsecuri-ties)

50,94264,262

112,471170,108232,144278,682259,487256,981252,854257,160267,377256,731255,251259,461259,151267,445266,123

21'2,732273,269273,001273,452275,282275,244

274,924274,859270,312271,127273,555271,341271,005

Held byU. S. Government

agencies andtrust funds1

Specialissues

5,3706,9829,032

12,70316,32620,00024,58528,95531,71433,89632,35633,70734,65335,90237,73939,15040,538

40,59440,98840,95840,88841,01341,197

41,00941,07041,00241,04941,36742,22942,152

Publicissues

2,2602,5583,2184,2425,3487,0486,3385,4045,6145,4645,4745,4906,3056,3796,5966,7437,022

7,0076,9867,0767,0787,1567,116

7,2457,2237,2037,1517,1827,1117,081

Held by the public

Total

43,31254,722

100,221153,163210,470251,634228,564222,622215,526217,800219,547217,533214,293217,180214,816221,552218,563

225,131225,295224,967225,486227,113226,931

226,670226,566222,107222,927225,006222,001221,771

FederalReserveBanks

2,1842,2546,189

11,54318,84624,26223,35022,55923,33318,88518,33120,77822,98223,80122,90624,69724,746

24,96425,06325,23525,34825,09525,916

24,63924,50924,63224,63224,81225,03724,325

Com-mercialbanks2

17,30021,40041,10059,90077,70090,80074,50068,70062,50066,80065,60061,80058,40061,60061,10063,40058,800

63,50062,70062,60062,80063,90063,700

64,10063,10060,90062,50063,50063,70064,900

Mutualsavingsbanks

3,2003,7004,5006,1008,300

10,70011,80012,00011,50011,40011,60010,90010,2009,8009,6009,5009,500

9,5009,5009,5009,3009,3009,200

9,2009,2009,2009,2009,2009,1009,000

Insur-ancecom-

panies

6,9008,200

11,30015,10019,60024,00024,90023,90021,20020,10019,80018,70017,10016,50015,70016,10016,000

16,00016,00015,90015,90015,90015,800

15,70015,70015,60015,60015,50015,30015,100

Othercorpo-rations

2,0004,000

10,10016,40021,40022,00015,30014,10014,80016,80018,40019,70020,00020,50018,90020,20018,700

20,00020,70020,40020,90021,70021,500

21,50022,10019,50018,90019,30016,10015,900

Stateandlocal

govern-ments

500700

1,0002,1004,3006,5006,3007,3007,9008,1008,7008,8009,4009,600

10,40011,10012,000

12,20012,30012,40012,40012,50012,500

12,60012,60012,70012,80013,10013,20013,100

Individuals

Savingsbonds

2,8005,400

13,40024,70036,20042,90044,20046,20047,80049,30049,90049,60049,10049,10049,00049,20049,300

49,30049,30049,30049,20049,30049,300

49,40049,40049,40049,50049,50049,60049,600

Othersecurities

7,8008,200

10,30012,90017,10021,40020,10019,40017,60017,00017,60016,70016,40015,70015,60015,70016,800

16,60016,30016,40016,10016,00016,100

16,20016,30016,70016,40016,60016,50016,300

Miscel-laneousinves-tors 3

700900

2,3004,4007,0009,1008,1008,4008,9009,4009,700

10,50010,70010,60011,60011,70012,800

13,20013,40013,30013,50013,50012,900

13,30013,60013,50013,50013,50013,70013,700

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 institutionsNOTE.—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.



UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIESDirect 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

Oct. 7,1954Oct. 14, 1954Oct. 21, 1954Oct. 28, 1954

Nov. 4, 1954Nov. 12, 1954Nov. 18, 1954Nov. 26, 1954

Dec. 2, 1954Dec. 9, 1954Dec. 16, 1954Dec. 23, 1954Dec. 30, 1954

1,5011,5001,5001,500

501501501501

CertificatesFeb. 15, 1955 1%Mar. 22, 19552 1May 17, 1955 \V%Aug. 15, 1955 1H

Treasury notesDec. 15, 1954 \y%Mar. 15, 1955 1"Dec. 15, 1955 \\

1,5001,5021,5001,5001,502

Apr.Oct.

1956 13, 1956 13Mar. 15, 1957 2%

Apr. 1,1957 13Oct. 1, 1957Apr. 1,1958 }Oct. 1,1958 1}Feb. 15, 1959 13Apr. 1, 1959 3

7,0073,7343,8863,558

8,1755,3656,8541,007

5502,997

531824383121

5,10291

TreasuryDec. 15,Dec. 15,Mar. 15,Mar. 15,Sept. 15,Sept. 15,Mar. 15,June 15,June 15,Dec. 15,June 15,Dec. 15,Nov. 15,Dec. 15,Sept. 15,Nov. 15,June 15,

bonds1954195431955-60*.. 21956-58. . .21956-59*..21956-59...21957-59... 21958 21958-63*..21958 2j1959-62... 21959-62... 21960 231960-65*. .21961 21961 21962-67. ,.2

8,662510

2,6111,449

9823,822

9274,245

9192,3685,2773,4653,8061,4852,239

11,1772,116

Treasury bonds—Cont.Dec. 15, 1963-68. . .2HJune 15, 1964-69.Dec. 15, 1964-69.Mar. 15, 1965-70.Mar. 15, 1966-71 s

June 15, 1967-72 «Sept. 15, 1967-72. . .2HDec. 15, 1967-72 *.. 2HJune 15, 1978-83...3M

Postal Savingsbonds 2}$

Panama Canal Loan. .3

Convertible bondsInvestment Series BApr. 1, 1975-80... 2M

2,8263,7543,8304,71f2,9611,8882,7163,8221,606

3550

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]

End of month

Type of security:Total marketable

and convertible:1951—Dec1952—June

Dec1953—June

Dec

1954—JuneJ u ly

Treasury bills:1951—Dec1952—June

Dec1953—June

Dec

1954—JuneJuly

Certificates:1951—Dec1952—June

Dec1953—June

Dec

1954—June.. . .July

Treasury notes:1951—Dec1952—June

Dec1953—June

Dec

1954—JuneJuly

Marketable bonds:1

1951—Dec1952—June

Dec1953—June

Dec

1954—JuneJuly

Totalout-

stand-ing

154153161159166

162162

1817211919

1919

2928161526

1818

1818303031

3131

,745,502,081,675,619

,216,199

,102,219,713,707,511

,515,512

078423712854386

405405

409963266425406

960964

77,09775798177

8080

802890349327

474462

U.S.Govt.agen-ciesand

trustfunds

6,2516,4676,6136,8996,989

6,9856,955

504186

106102

4636

4960273063

4139

32

1623

8

6472

3,2432,9283,0463,3003,377

3,3953,369

Fed-eralRe-

serveBanks

2322242425

2524

112

21

1211545

66

55

131313

1313

44,4,4,3,

3 ,3,

801906697

,746,916

,037325

596381341455993

316604

793821061996967

600600

068568774774289

029029

130422522522667

093093

Com-mer-cial

banks

5454555155

5657

65744

45

66449

44

1010101011

1111

30,30,32,32,30,

35,35,

302038828365933

199362

773828047411368

187167

773877791351215

942949

465431955355510

423468

119710849066671

481613

Mu-tualsav-ings

banks

98888

88

77776

66

,123,843,740,816,524

,353,287

71103137120126

98107

411203787

184

10195

67424962

130

221204

697221165232820

669616

1CS

c

g

65555

55

Insurancecompanies

Life

,289,613,514,347,120

,667,526

428504464327410

520441

21776562737

73

1585

52

9969

,720,855,807,855,686

,164,136

Other

4,3014,2464,7114,8084,905

4,8544,842

10492

119132109

101101

445378317310445

202199

315327486529605

592599

3,1203,0873,4293,4843,418

3,6413,627

Other

4647505355

5251

1010121311

1212

8966

10

66

22455

66

22,21,23,24,23,

2323,

679391979694233

121903

080268518155402

248055

761092424052475

511520

489587978678814

531523

068580072890688

032008

End of month

Type of security:Convertible bonds

(InvestmentSeries B):

1951—Dec1952—June

Dec1953—ju n e

Dec

1954—JuneJuly .•;.'.•;

Marketable secu-rities, maturing:

Within 1 year:1951—Dec1952—June

Dec1953—June

Dec

1954—JuneJuly

1-5 years:1951—Dec1952—June

Dec1953—June

Dec

1954—JuneJuly

5-10 years:1951—Dec1952—June

Dec1953—June

Dec

1954—JuneJuly

After 10 years:1951—Dec1952—June

Dec1953—June

Dec

1954—JuneJuly

Totalout-

stand-ing

1213121211

1111

48455664

060,095,500340989

861857

204642953589

73,235

6060

4444373229

2727

815221820

3030

4134313131

3131

123154

401945713330367

965923

914122834677292

542542

168698081739736

725724

U.S.Govt.agen-ciesand

trustfunds

2,9053,4373,4383 4393,439

3 4393^439

112101133163175

107104

454631

152192

205173

152387546422418

494497

3,0362,4962,4642,7232,765

2,7402,742

Fed-eralRe-

serveBanks

1

1312141516

1615

67766

66

111

11

22111

11

,214714

,437,202,749,505,972

,280,568

,688,188,146,452,155

,307,307

34693

,387,374,374

,035,035

,428,109,415,415,415

,415,415

Com-mer-cial

banks

1412161925

1718

2727221816

1414

6,7,

11,8,

10,

18,18,

5,5,5,4,4,

4,5,

172191185182168

165165

081705996580062

684649

991858381344056

624693

881740058772051

741745

177544207488595

985111

Mu-tualsav-ings

banks

11111

11

1111

11

75555

44

,246,356,352,314,264

,265,264

182223263476475

294310

419370259464431

476459

73,357,775,395,315

,389,383

,202,537,091,167,039

.930,870

Insurancecompanies

Life

23332

22

65444

44

,923,172,179,133,935

,876,876

648581532390468

537463

1326348

109123

155119

118497885745725

516521

470301870969868

582547

Other

11

111

11

21111

11

318362360353328

317316

576470733

,082,061

652644

992996910914980

890887

201765

,348,104,198

,655,662

,213,652,361,356,339

,339,333

0

33333

33

1919232729

2424

88655

55

13545

66

1412101111

1111

ther

,281,864,987,919,854

800,798

,167,360,547,393,023

,568,416

,133,424,938,895,430

,308,284

,454,684,835,865,211

,711,698

,643,059,673,621,716

,734,708

* Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdingsby 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


NEW SECURITY ISSUES ]

[Estimates, in millions of dollars]

Year ormonth

Gross proceeds, all issuers2

Total

Noncorporate

U.S.Govern-ments

Fed-eral

agency

Stateandmu-nici-pal

Other«

Corporate

Total

Bonds

TotalPub-licly

offered

Pri-vatelyplaced

Pre-ferredstock

Com-monstock

Proposed uses of net proceeds,all corporate issuers6

New capital

Total

903420762

1,040647408753

1,347

3,8895,1156,6515,5584,990

7,1208,7168,495

325753577429

1,438

544439660486652859727338

Newmoney7

681325569

868474308657

1,080

3,2794,5915,9294,6064,006

6,5318,1807,960

270691550406

1,413

531410590471614812684304

Mis-cel-

lane-ouspur-poses

Re-tire-ment

ofbankdebt,etc.s

Re-tire-ment

ofsecu-rities

193819391940

19411942194319441945

19461947194819491950

195119521953

1953—Aug...Sept..Oct.. .Nov..Dec.

1954—Jan...Feb...Mar..Apr...May..June..July ..Aug. .

5,9265,6876,564

15,15735,43844,51856,31054,712

18,68519,94120,25021,11019,893

21,26526,92928,824

1,4532,5992,2913,5062,736

1,6551,386

1̂ 9474,3862,438

••1,9701,219

2,4802,3322,517

11,46633,84642,81552,42447,353

10,21710,58910,32711,8049,687

9,77812,57713,957

8531,3201,0702,610

561515602511

2,669

508546

11513

109

38121

506

357

21630

110459106

76

7180

123

1,1081,1281,238

956524435661795

1,1572,3242,6902,9073,532

3,1894,1215,558

260476483411777

399414522735783855'280227

695024

305

97224756

451156132282

446237306

436602757

1231

6315426

2,1552,1642,677

2,6671,0621,1703,2026,011

6,9006,5777,0786,0526,361

7,7419,5348,898

336768603459

1,478

571456726628850

1,0571,057439

2,0441,9792,386

2,389917990

2,6704,855

4,8815,0355,9734,8904,920

5,6917,6017,083

263676375353

1,385

462366513408647808920364

1,3531,2761,628

1,578506621

1,8923,851

3,0192,8882,9632,4342,360

2,3643,6453,856

11044915395

1,057

284178226216424343714166

691703758

811411369778

1,004

1,8622,1473,0102,4552,560

3,3263,9573,228

153226222258327

178188286192224465206198

8698183

167112124369758

1,126761492424631

838564489

744183743

2027691101301314946

2587108

1103456163397

891778614736811

1,2121,3691,326

65482106951

9063144111731188729

72619

28352747133

231168234315364

21569174

1441387349134

379356488637620

226 363537535

5562282325

1329701638474234

1,2061,6951,854

1,583396789

2,3894,555

2,8681,352307401

1,271

486664260

54122226

1895312918318231694

Proposed uses of net proceeds, by major groups of corporate issuers

Year ormonth

Manufacturing

Totalnetpro-ceeds

Newcap-ital*

Retire-ments 10

Commercial andmiscellaneous

Totalnetpro-ceeds

Newcap-ital"

Retire-ments 10

Transportation

Totalnetpro-ceeds

Newcap-ital '

Retire-ments 10

Public utility

Totalnetpro-ceeds

Newcap-ital '

Retire-ments 10

Communication

Totalnetpro-ceeds

Newcap-ital '

Retire-ments 10

Real estateand financial

Totalnetpro-ceeds

Newcap-ital*

Retire-ments10

194819491950195119521953

1953—August....September.October...November.December.

1954—January...February..March.. . .AprilMayJuneJulyAugust

2,1801,3911,1753,0663,9732,218

461325699

418

13452

10786

204305415113

2,1261,3471,0262,8463,7122,128

441315393

409

11851

10779

19628441296

5444

149221261

90

212

16

403338538518536542

19194925104

5026688644886076

310474462512502

17184725100

4825627242843156

748795806490983589

1532363288

6543585820377843

784609437758553

1532363284

6536574620375443

56111965322536

25

2,1502,2762,6082,4122,6262,972

97242356245200

276269362309501442295156

2,0052,0431,927

2̂ 5392,905

97241350

191

275269316237328

165102

144233682858867

46731736012954

891567395605753874

3089135

890517314600747871

3088135

608

2673026409327

587593739515508

1,561

123243804547

125188512615919119

557558639449448

1,536

122242774546

1251882725636115

3035100666024

251971304

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.



SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS[In millions of dollars]

Industry

Manufacturing

Total (200 corps.):SalesProfits before taxesProfits after taxesDividends

Nondurable goods industries (94 corps.):1

SalesProfits before taxesProfits after taxesDividends

Durable goods industries (106 corps.)2

Sales . . . .Profits before taxesProfits after taxes.Dividends

Selected industries:Foods and kindred products (28 corps.):

SalesProfits before taxesProfits after taxesDividends

Chemicals and allied products (26 corps.)SalesProfits before taxesProfits after taxesDividends

Petroleum refining (14 corps.):Sales . . .Profits before taxesProfits after taxesDividends

Primary metals and products (39 corps.):Sales . .Profits before taxesProfits after taxes. .Dividends

Machinery (27 corps.):SalesProfits before taxesProfits ater taxesDividends

Automobiles and equipment (15 corps.):SalesProfits before taxes . .Profits after taxesDividends

Public Utility

Railroad:Operating revenueProfits before taxesProfits after taxesDividends

Electric power:Operating revenueProfits before taxesProfits after taxesDividends

Telephone:Operating revenueProfits before taxesProfits after taxesDividends

1948

38,3415,4683,4111,446

14,7392,3601,574

698

23,6023,1081,837

748

4,528455285148

3,674674420263

3,983775588184

9,0661,174

720270

4,563570334127

8,0931,131

639282

9,6721,146

698289

4,830983657493

2,694292186178

1949

37531

1411

2331

4

3

3

8

4

91

8

S1 ,

9 ,

,948,168,186,710

,05197S

,297759

,897,193,8889S0

,??S43496R149

6806 9 3415S?1

9 0 7ss94 9 8191

18799 3S78?8S

363S?0391138

S774738614S1

S80700438252

0601 9 07S7S 6 0

9 6 73 3 39 0 7213

Annual

1950

45842

1591

29521

4

41

4

101

5

1191

01

S1

3,

,351,042,143,295

,994847

,599949

,357,195,544,3S9

,409S399 8 9161

S77133572448

9 6 06731649 9 3

446700RS4377

0718 SO49 S?08

80S30 S087671

47338S784312

S?83 1 38 9 96 1 9

3 4 9S 8 0331276

1951

52832

1831

33521

4

S1

4

197

61

1?1

101

61 ,

3,

,444,702,486,036

,670394

,481894

,774,378,005,14?

,9094739 9 7159

S744 9 1496363

9 6 68 6 9S39947

4970 9 ?776381

18300,337019?

4 9 6Q13705470

3919 6 06 9 3328

OSS4 8 98146S1

7?96 9 1341318

1952

53732

1891

34411

s

S1

s

111

7

1?1

101

61 ,

4

,905,147,117,036

,90871 S

,3139 1 9

,997,432,804,119

,0494469 0 4154

60S9 0 0458381

9Q06 8 040 S9 6 8

SS7161S7S367

0 8 9974380?00

87S0 4 S698469

5814S18 3 9338

S407400477?S

136787384355

1953

62832

2091

42521

s

61

s

131

81

169

101

71 ,1

4

,665,225,560,110

,276,908,446934

,390,317,114,176

41146 S911154

0719 6 0493398

757796S71?74

7 SO8?4793377

0 0 90 0 94 0 97.30

3770 4 8747463

664404871412

1138Q3046771

S9S99 S45?412

1952

151

4

101

1

1

1

3

?

3

9

1

1

4

,316,998928565

,9876713499SS

,329,32857930 S

31S104

SO43

570304128114

3041641 9 7

79

404431917106

066?001 9 8

S3

684SO 3190117

8 9 8407304118

7974469 S31 0 3

0 8 49 0 6104

93

152

4

101

t

1

1

3

1

4

?

1

1

1

,739,254855493

,994761345218

,745,493511?7S

,316100

4635

S4S360123

90

,37610S131

66

,4984S7183

88

,067776

8 0SO

308648200117

S063 3 61 8 6

97

8S0SSI? 0 41 8 9

0 0 ???3100100

162

5

111

1

1

1

3

?

4

9

1

1

Quarterly

1953

2

,566,484928491

,116782355219

,450,702573?79

3461?8

S437

S68346125

90

41010S1 9 0

66

6S3S60? 1 ?

88

04 S?0810340

6S7714211114

739,307931

73

7?S4 S 6? 4 0180

1?69 3 4114101

152

5

101

1

1

1

3

1

3

9

1

1

3

,459,093885495

,082783376222

,377,309509?74

3SS131

5737

S06330124

91

473? ? 0155

67

476S10203

88

oso?41

OS40

0174S1168114

7SS3 0 09 3 4

79

7164 9 89 3 S194

1 9 0220107104

141

5

9

1

1

1

3

9

,3

9

1

1

4

.902,395892631

,08458137197S

,8178145213S6

304107

5445

4S3224121127

408176157

74

1047 0 S196113

03810,311S

0 0

4 0 S7 3 S168117

S89?7?219162

8914S8? 6 89 0 6

1789 4 817?108

141

4

91

t

1

1

9

1

3

9 ,

1

1 ,

1954

1

,232,753880524

960660364998

272084515706

3370 04636

434? 7 9133

07

470?14147

68

010301140100

017?,s?117

S8

48 S434204114

9 7 S1S6

8896

074S71,3?49 1 ?

174? 4 9116109

141

4

91

1

1

1

3

1

3

9

1

1

2

,758,925965523

,973677375990

,786,24859090S

,3-SI137,

6337

470?73136

08

44?1 8 0137

68

000.359170

0 ?

037237107

64

7315.3?74611.3

3 3 S1 0 0136

73

8004879 6 8210

9 1 0262175111

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 partlyestimated 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 andthe Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, whichtogether represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Dataare 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 seriesand 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


PROFITS, TAXES, AND DIVIDENDS OFUNITED STATES CORPORATIONS

[Quarterly estimates at seasonally adjustedrates. In billions of dollars]

Year orquarter

1939194119431945

19461947194819491950

195119521953

1953—1234

1954—121. . .

Profitsbeforetaxes

6.417.024.619.0

22.629.532.826.240.0

41.237.239.4

42.441.940.932.5

34.534.5

In-cometaxes

1.47.6

14.110.7

9.111.312.510.417.8

22.520.021.1

22.722.521.917 A

17.017.0

Profitsaftertaxes

5.09.4

10.58.3

13.418.220.315.822.1

18.717.218.3

19.719.519.015.1

17.517.5

Cashdivi-dends

3.84.54.54.7

5.86.57.27.59.2

9.19.19.4

9.19.39.59.6

9.69.6

annual

Undis-tributedprofits

1.24.96.03.6

7.711.713.08.3

12.9

9.68.18.9

10.610.29.55.5

7.97.9

i Preliminary estimates by Council of EconomicAdvisers.

Source.—Department of Commerce.

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *


Year orquarter

1945

19461947.. .19481949..1950

195119521953

1953—2. . .3 . . .4 . . .

1954—1. . .2. . .

Newissues

6,457

7,1806,8827,5706,7317,224

9,04810,6799,594

2,9321,8672,465

2,7002,858

All types

Retire-ments

6

4?113

2??

1

,906

798,523,683,875,501

,772, 7S1,335

607530584

977,139

Netchange

-449

2.38?4543

677

211

11

,887,856,724

,277Q?7

,?SQ

,325,337,882

,724,719

Bonds

Newissues

4,924

4,7215,0155,9384,8674,806

5,6827,3446,705

2,0961,3271,789

1,6191,863

and notes

Retire-ments

5

3?112

2?1

,996

625,011,283,583,802

,105403

,820

458417464

758847

Netchange

-1,072

1,0963,0044,6553,2842,004

3,5774,9404,885

1,638910

1,325

8621,016

Newissues

1

?1112

33?

1

,533

,4SQ867

,632864

,418

,3663,3 S

,889

836540676

,081995

Stocks

Retire-ments

910

1,173512400292698

666348514

148113119

219292

Netchange

11111

27?

623

?86, 355,23257?.

,77,0

,700,98737.S

687427557

862703

1 Reflects cash transactions only. As compared with data shown on p. 1090, newissues exclude foreign and include investment company offerings, sales of securitiesheld by affiliated companies or RFC, special offerings to employees, and also newstock issues and cash proceeds connected with conversions of bonds into stocks. Re-tirements include the same types of issues, and also securities retired with internalfunds or with proceeds of issues for that purpose shown on p. 1090.

Source.—Securities and Exchange Commission.

CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *[Estimates, in billions of dollars]

End of yearor quarter

Networkingcapital

Current assets

Total CashU. S.Gov-

ernmentsecurities

Notes and accts.receivable

U. S.Govt.2 Other

Inven-tories Other

Current liabilities

Total

Notes and accts.payable

U. S.Govt.3 Other

Federalincome

taxliabilities

Other

1939194119431945

19461947194819491950

19511952

1953—34

1954—12

24.532.342.151.6

56.262.168.672.481.7

86.590.1

93.592.6

92.994.1

54.572.993.897.4

108.1123.6133.0133.1161.5

179.1186.2

191.0189.7

183.3178.7

10.813.921.621.7

22.825.025.326.528.1

30.030.6

30.030.7

27.828.7

2.24.0

16.421.1

15.314.114.816.819.7

20.720.4

20.621.5

19.716.8

.0

.65.02.7

22.127.421.923.2

.7 30.038.342.443.0

1.1 55.7

2.72.8

2.72.6

2.82.4

58.864.7

66.965.0

63.262.9

18.025.627.626.3

37.644.648.945.355.1

64.965.4

68.367.5

67.365.3

.4

.4

.3

.4

.7

.6

.6

.4

.7

2.12.4

2.42.4

2.52.6

30.040.751.645.8

51.961.564.460.779.8

92.696.1

97.597.1

90.484.6

.0

.82.2

.9

21.925.624.124.8

.1 31.537.639.337.5

.4 47.9

1.32.3

2.52.2

2.52.4

53.657.8

57.557.3

53.952.0

1.27.1

16.610.4

8.510.711.59.3

16.7

21.317.7

17.918.7

14.911.6

6.97.28.79.7

11.813.213.514.014.9

16.518.3

19.618.9

19.118.6

1 Excludes banks and insurance companies. 2 Receivables from and payables to U. S. Government do not include amounts offset againsteach other on corporations' books. Source.—Securities and Exchange Commission.

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *[Estimates, in millions of dollars]

Year

19391945. . . .

19461947194819491950

1951195219531954*

Total

5,5128,692

14,84820,61222,05919,28520,605

25,64426,49328.39126,687

Manu-factur-

ing

1,9433,983

6,7908,7039,1347,1497,491

10,85211,63212.27611,332

Min-ing

326383

427691882792707

929985

1.0111,008

Rail-roads

280548

583889

1,3191,352L ,111

1,4741,396I 312

851

Trans-porta-tion

otherthanrail

365574

9231 2981,285

8871,212

1,4901,5001.4641,405

Publicutili-ties

520505

7921 5392,5433,1253,309

3,6643,8874.5484,274

Com-muni-

cations

302321

8171,3991,7421,3201,104

1,3197,7.7,

Other»

1,7762,378

4,5166 0935 1544,6605,671

5,916094778818

Quarter

1952—4

1953—12 .34 .

1954—i23*44. . .

Total

7 206

6,3397 2897 0987 666

6,2406,9186,9806,549

Manu-factur-

ingandmin-ing

3 490

2,9723 4263 2103 680

2,8643,1983,2553,022

Trans-porta-

tionind.rail-

roads

728

650725686717

608600559490

Publicutili-ties

1 150

9251 1581 2191 246

9101,1081,1791,078

Allother*

1 839

1,7921 9791 9842 023

1,8592,0131,9871,960

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.



REAL ESTATE CREDIT STATISTICSMORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER

[In billions of dollars]


1 9 4 1 • .194219431944194519461947194819491950195119521953

1952—SeptemberDecember

1953—MarchJuneSeptember.. . .December. . . .

1954—MarchPJune?

All properties

Allhold-ers

37 636.735.334.735.541 848.956 262.772 882.191 1

100.9

88.991.1

93.496.198.6

100.9

102.9106.0

Finan-cial

insti-tutions

20 720.720.220.221.026.031.837 842.951 659.566 875.0

65.066.8

68.670.973.075.0

76.879.5

Otherholders

SelectedFederal

agen-cies

2 01.81.41.1

.9

.6

.5

.61.11 42.02 42 . 8

2.32.4

2.62.72.82.8

2.72 . 6

Indi-viduals

andothers

14 914.213.613.313.715.116.617 818.719.720.721 923.1

21.621.9

22.222.522.823.1

23.423.9

Allhold-ers

31 230.829.929.730.836.943.950.957.166.775.684 093.2

81.884.0

86.088.691.193.2

95.198.0

^onfarm

1- to 4-family houses

Total

18.418.217.817.918.523.128.233.337.545.151.958.765.9

57.058.7

60.362.464.365.9

67.469.5

Finan-cial

insti-tutions

11.211.511.511.712.216.020.525.028.435.341.247.053.4

45.647.0

48.450.251.953.4

54.856.8

Otherhold-ers

7 .26.76.36.26.47.07.68.39.19.8

10.711.712.5

11.411.7

11.912.212.412.5

12.612.7

Multi-family andcommercial properties1

Total

12 912.512.111.812.213.815.717.619.621.623.725.327.3

24.925.3

25.726.226.727.3

27.728.5

Finan-cial

insti-tutions

8 07.87.47.27.58.49.6

10.912.414.015.717.018.6

16.617.0

17.317.718.118.6

18.919.5

Otherhold-ers

4 84.74.64.64.75.46.16.77.27.68.08.38 . 8

8.28.3

8.48.58.68.8

8.89 . 0

Farm

Allhold-ers

6 46.05.44 94.84 95.15 35.66 16.67 27.7

7.17.2

7.37.57.67.7

7.88 . 0

Finan-cial

insti-tutions

L.4i.3

31.3

S7

1 92.12 32.62 83 . 0

2.82.8

2.93.03.03.0

3.13 . 2

Otherholders2

4 94.54.13.73.43 43.33 43.53 74.04 34 7

4.34.3

4.44.54.64.7

4 84.8

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 companiesbut 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 andseparate 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 andCommerce, Federal National Mortgage Association, Veterans Administration, Comptroller ofithe^Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *

19411942.194319441945.19461947.1948.19491950.19511952.1953


1952—SeptemberDecember

1953—MarrhTuneSeptemberDecember

1954—MarrhPJune?

Total

4,9064,7464,5214 4304,7727,2349,446

10,89711,64413,66414,73215,86716,850

15,59015,867

16,08016,38716,64016,850

16,96017,350

Total

4,3404,2564,0583,9674,2516,5338,623

10,02310,73612,69513,72814,80915,768

14,53014,809

15,00015,28315,55015,768

15,86516,225

[In millions of

Commercial bank holdings2

Total

3,2923,3323,2563,2183,3955,1466,9338,0668,676

10,43111,27012,18812,925

11,97012,188

12,32012,54512,77012,925

13,00013,275

Nonfarm

Residential^

FHA-in-

sured

333

33

3333

33

67SQ1?

,580,675

719798

,860,912

940,975

VA-guar-

anteed

'2*9213,0123,061

3,0003,012

3,0103,0133,0403,061

3,1003,175

Con-ven-

tional

4

s55

555

S6

Q ? Q

5019S1

,390,501

SQ1734

,870,951

960,125

Other

1,048924802749856

1,3871,6901,9572,0602,2642,4582,6212,843

2,5602,621

2,6802,7382,7802,843

2,8652,950

dollars]

Farm

111

11

111

11

56649146346352170?8238749099680040580 8 ?

,060,058

080104

,090,082

09 S,125

Total

4,8124,6274,4204,3054,2084,4414,8565,8066,7058,2619,916

11,37912,943

10,94011,379

11,68012,11212,50012,943

13,35513,907

Total

4,7844,6014,3954,2814,1844,4154,8285,7736,6688,2189,869

11,32712,890

10,89011,327

11,63012,06212,45012,890

13,30013,850

Mutual savings bank holdings4

Total

3,8843,7253,5583,4763,3873,5883,9374,7585,5697,0548,5959,883

11,334

9,4909,883

10,16510,57410,93011,334

11,71012,210

]Vonfarm

Residential 3

FHA-in-

sured

ry

33

33

3333

33

S67168489

025168

?30

405489

S90700

VA-guar-

anteed

1,7262,2373,053

2,0692,237

2,3952,5902,7853,053

3,2903,600

Con-ven-

tional

444

44

4444

44

3034777 9 ?

396477

540658740792

830910

Other

111111

11

1111

11

9008768378057978?7891

,0150Q9

,164?74444SS6

,400,444

465488

,520,556

5Q0,640

Farm

28262524242628343744475353

5053

50505053

5557

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 CallReport and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data forinsured 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


REAL ESTATE CREDIT STATISTICS—ContinuedMORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES


Year or month

19401941194219431944194519461947194819491950195119521953

1953—AugustSeptember . . . .OctoberNovemberDecember .

1954—January . .FebruaryMarch

May. . .June..JulyAugust

Loans acquired

Total

898855935976

1,6612,7863,4073,4304,8945,1343,9784,335

305313338352478

318319419443342451421464

Nonfarm

Total

1,4832,5203,1143,1234,5324,7233,6063,918

279289309327433

282277372403318410393435

FHA-insured

4511,2021,3501,4861,058

864819

6257606066

5144684748605153

VA-guar-anteed

600366131938

1,294429457

3240425681

5746778685

10098

133

Other

1,4691,5461,6422,1082,3712,3132,642

185192207211286

174187227270185250244249

Farm

178266293307362411372417

2624292545

3642474024412829

Loans outstanding (end of period)

Total

5,9726,4426,7266,7146,6866,6367,1558,675

10,83312,90616,10219,31421,25123,275

22,55222,69822,84223,01723,275

23,43523,57023,76924,00524,17424,38424,57224,795

Nonfarm

Total

5,0735,5295,8305,8735,8865,8606,3607,7809,843

11,76814,77517,78719,54621,403

20,72220,86020,99321,16121,403

21,53821,66021,84522,06022,21222,40322,57522,786

FHA-insured

668815

1,0961,2861,4081,3941,2281,3982,3813,4544,5735,2575.6816,015

5,9245,9435,9635,9836,015

6,0276,0376,0666,0816,0886,0916,0956,100

VA-guar-anteed

256844

1,1061,2242,0263,1313,3473,563

3,4303,4483,4733,5113,563

3,5993,6263,6833,7463,8043,8863,9514,048

Other

4,8765,5386,3567,0908,1769,399

10,51811,825

11,36811,46911,55711,66711,825

11,91211,99712,09612,23312,32012,42612,52912,638

Farm

899913896841800776795895990

1

,138,327,527,705,872

1,830,838

1,849,856,872

,897,910

L.9241,945

,9621,9811,9972,009

NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differfrom end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement assetvalues, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classi-fications shown.

Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statisticsand Life Insurance News Data.

M O R T G A G E J

Year ormonth

194019411942 . ..19431944194519461947194819491950195119521953

1953-Aug ..Sept...Oct... .Nov.. .Dec....

1954-Jan.Feb....Mar...Apr. . .MayJune....Ju ly . .Aug...

ACTIVITY OF ALL SAVINGS AND LOANASSOCIATIONS


Loans made

Total

1,2001,3791 0511 1841,4541,9133,5843,8113,6073,6365,2375 2506,6177,767

707684688586584

495539710732728810802841

Newcon-

struc-tion

39943719010695

181616894

1,0461,0831,7671 6572,1052,475

218208219190187

152176246257254283281289

by purpose

Homepur-chase

426581574802

1,0641,3582,3572,1281,7101,5592,2462 3572.9553,488

340328318265259

217220288298301341349372

Otherpur-

poses1

375361287276295374611789851994

1,2241 2361,5571,804

149148151131138

126143176177173185173180

Loans outstanding (end of period)2

Total*

4,1254,5784 5834,5844,8005,3767,1418,856

10,30511,61613,62215 52018,33621,929

21,145

21,929

22,684

23,809

FHA-in-

sured

563717841864904

1,048

1,015

1,048

1,083

1,101

VA-guar-

anteed

2,3972,5862,9693 1253,3853.973

3,745

3,973

4,106

4,271

Con-ven-

tional'

7,3458,3139,812

11 53014,04716,908

16,385

16,908

17,495

18,437

1 Includes loans for repair, additions and alterations, refinancing, etc.2Prior to 1948, data are not available for classifications shown.3 Excludes shares pledged against mortgage loans.Source.—Home Loan Bank Board,

NONFARM MORTGAGE RECORDINGS OF $20,000 OR

[Number in thousands; amounts (except averages) in millions of

Yearor

month

19401941194219431944 . .1945ig461947194819491950195119521953

1953-Aug...Sept...Oct....Nov. . .D e c . . .

1954-Jan....Feb....Mar...Apr. . .May.June...July . .Aug.. .

Num-ber

1,4561,6281,3511,2741,4461,6392,4972,5672,5352,4883,0322 8783,0283,164

273275278845255

218229281280278303306312

Amount, by type of lender

Total

4,0314,7323 9433,8614,6065,650

10,58911,72911,88211,82816,17916 40518,01819,747

J 7ftQ1,7291,7461,5491,622

1,3721,4251,7841,7931,8051,990> 0272,086

Sav-ings &loan

assns.

1,2831,4901 1701,2371,5602,0173,4833,6503,6293,6465,0605 2956,4527,365

671654658564569

467517666669675741734770

Insur-ancecom-

panies

334404362280257250503847

1,0161,0461,6181 6151,4201,480

122125123114126

108105124130124146155166

Com-mer-cial

banks

1,0061,166

886753878

1,0972,7123,0042,6642,4463,3653 3703,6003.680

310315320290291

263274335333330368371369

Mutualsav-ings

banks

170218166152165217548597745750

1,0641 0131,1371,327

111123123113128

8585

103112118133141138

Other

1,2381,4541 3591,4391,7462,0693,3433,6313,8283,9405,0725 1125,4095,895

495512522468508

449444556550558602626643

LESS

dollars]

Aver-age

amountre-

corded(dol-lars)

2,7692,9062 9183,0313,1863,4484,2414,5704,6884,7555,3355 7015.9506,241

6,2706,2766,2836,3116,372

6,2926,2236,3396,4116 4846,5736,6256,684

Source.—Home Loan Bank Board.



REAL ESTATE CREDIT STATISTICS—ContinuedGOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS

Yearor

month

1939194019411942194319441945194619471948194919501951195219531953—Aug....

SeptOctN o v . . .Dec.. . .

1954—JanF e b . . . .Mar. . .A p r . . . .M a y . . .June . . .Ju ly . . . .Aug.. . .

Total

925991

1,1521,121

934877857

3,0585,0745,2225,2507,4166,8345,8306,946

597629661694556

512488471493512579531680


FHA-insured loans

Total

925991

1,1521,121

934877665756

1,7883,3413,8264,3433,2203,1133,882

349320368408304

265221246245243270238262

Homemortgages

Newprop-erties

486588728766553484257120477

1,4341,3191,6371,216

9691,259

106106113105110

11794958374867572

Ex-istingprop-erties

208175183208210224217302418684892856713974

1,0308780806863

6660677072797979

Pro-ject-type

mort-gages1

5213142185562013

360609

1,0211,157

584322259

2312232515

1213161725241440

Prop-ertyim-

prove-mentloans2

179216228126

86114171321534614594694707848

1,334133122151210116

6954697671827071

MADE

VA-guaranteed loans8

Total

1922,3023,2861,8811,4243,0733,6142.7213,064

248309293286252

247267225248269309293418

Homemortgages

Newprop-erties

7931,8652,6671,8242,045

166197193192170

174188160163171200178251

1 Monthly figures do not reflect mortgage amendments included in annual t

Ex-istingprop-erties

6291,202

942890

1,01482

112999382

7379658598

109115167

otals.aFHA-insured property improvement loans are not ordinarily secured by mortgages

guaranteed alteration and repair loans of $1,000 or lesfor more than that amount must be.

•Prior to 1949, data are notNOTE.—FHA-insurec loans

available for ch

s neea ilot De secured,

issifications shown.represent gross amount of

Alter-ationand

repair2

. 3

. 5

. 6

. 6

. 6

.3

.4

.5

.5

.4

4.4.4.8.3.3.3.2

; VA-wnereas tnose

insurance written: VA-guar-anteed loans, gross amount of loans closed. Figures do not take account of principal repay-ments on previously insured or guaranteed loans. For VA-guaranteed loanstype are derived from data on number and average amount of loans closed.

Sources.—Federal Housing Administration and Veterans Administration.

, amounts by

MORTGAGE DEBT OUTSTANDINGNONFARM

End ofyear orquarter

19391940194119421943194419451946194719481949195019511952P1953?

1951—Sept..Dec.. .

1952—Mar. .June..Sept. .Dec...

1953—Mar. .June..Sept. .Dec...

1954—Mar. P.JuneP.

1- TOON

4-FAMILY PROPERTIES[In billions of dollars]

Total

16 317 318 418 217 817 918 523 128 233 337 545 151 958 765.9

50.451.9

53.355.157.058.7

60.362.464.365.9

67.469.5

P Preliminarv.NOTE.—For total

Government-underwritten

Total

1 82 33 03 74 14 24 36 19 3

12 515 018 922 925 428.1

22.022.9

23.524.024.725.4

26.126.727.528.1

28.629.2

FHA-in-

sured

1 82 33 03 74 14 24 13 73 85 36 98 69 7

10 812.0

9 . 59 . 7

9 . 910.110.410.8

11.111.411.712.0

12.212.4

VA-guar-anteed

22 45 57 28 1

10 313 214 616.1

12.513.213.613.914.314.6

15.015.315.816.116.416.8

Con-ven-

tional

14 515 015 414 513 713 714 217 018 920 822 526 229 033 337.8

28.429.0

29.831.132.333.3

34.235.736.837.8

38.840.3

debt outstanding, figures forfirst three quarters are Federal Reserve estimates.For conventional, figures are derived.

Sources.—Home Loan Bank Board.ing Administration, VeteransFederal Reserve.

Federal Hous-Administration, and

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY


FEDERAL HOME LOAN BANK LENDING[In millions of dollars]

End of yearor month

1948194919501951.19521953

1953—September...OctoberNovember . . .December.. . .

1954—JanuaryFebruary . . . .MarchAprilMayJuneTulyAugustSeptember...

Author-ized

fundsun-

com-mitted

528848918661

1.085550

566556552550

550542539539560570540594631

Com-mit-

mentsun-dis-

bursed

227824485239323638

544568608638

666685745812791779737700654

Mortgage holdings

Total

199828

1,3471,8502,2422,462

2,5402,5262,4902,462

2,4342,4242,3662,2992,2992,3012,3712,3552,362

FHA-in-

sured

188403169204320621

556585594621

625641653667680700724733745

VA-guar-

anteed

11425

1,1781,6461.9221,841

1,9841,9411,8961,841

1,8091,7831,7131,6321,6191,6011,6471,6221,618

Mort-gagepur-

chases(duringperiod)

198672

1,044677538542

26393042

374749503850

1203338

Mort-gagesales

(duringperiod)

2046911156

221

19445961

575098

1083037373919

Year or month

Source.—Federal National Mortgage Association.

194519461947194819491950195119521953

1953—September.October.. .November.December.

1954—January...February.March . . .AprilMayJuneJulyAugustSeptember.

Ad-vances

278329351360256675423586674

83627179

2615363528106535969

Repay-ments

213231209280337292433528611

28452514

2268884513339983138

Advances outstanding(end of period)

Total

195293436515433816806864952

801819865952

751677630613608675630659689

Short-term1

176184218257231547508565634

557564589634

496438396382377428406422452

Long-term2

19109217258202269298299317

244255276317

255239233231231247223236237

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


STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDITCONSUMER CREDIT, BY MAJOR PARTS

[Estimated amounts outstanding, in millions of dollars]

End of yearor month

1939194019411Q42

1945 . . .194619471948194919501951 . . .19521953

1953—AugustSeptemberOctoberNovemberDecember

1954—JanuaryFebruaryMarchAprilMayTuneJulyAugust

Total

7,2228,3389,1725,983

5,6658,384

11,57014,41117,10420,81321,46825,82728,896

27,81027.97928,16628,25228,896

28.12527,47827,15127.33027,52027,79127,83527,932

Instalment credit

Total

4,5035,5146,0853,166

2,4624,1726,6958,968

11,51614,49014,83718,68421,807

21,21821,34721.48621,58621,807

21 44421 15120.90020,90920,93221,12221,24621,310

Automobilepaper i

1,4972,0712,458

742

455981

1,9243,0544,6996,3426,2428,099

10,289

10,13610,23210,33710,35810,289

10.0849,9159.8009.7989,8389,980

10,10310,158

Otherconsumer

goodspaper i

1,6201,8271,9291,195

8161,2902,1432,8423,4864,3374,2705,3285,605

5.3625.3525,3665,4065,605

5,4955,3775,2205,1885,1425,1345.0045,069

Repairand mod-ernization

loans2

298371376255

182405718843887

1,0061,0901,4061,606

I 5341,5621,5851.6041,606

1,5871 ,5701,5541,5541,5651,5631 ,5661,569

Personalloans

1,0881,2451,322

974

1,0091,4961,9102,2292,4442,8053,2353,8514,307

4 1864 2014,1984,2184,307

4,2784.2894.3264,3694,3874,4454,4834,514

Noninstalment credit

Total

2,7192,8243,0872,817

3,2034,2124,8755,4435,5886,3236,6317,1437,089

6,5926,6326.6806.6667,089

6.6816,3276,2516,4216,5886,6696,5896,622

Single-payment

loans

787800845713

7461,1221,3561,4451,5321,8211,9342,0942,127

2,1312,1302,1312,1002,127

2,0832,0542,0732,1052,1812,2152 ,1932,203

Chargeaccounts

1 ,4141,4711,6451 ,444

1,6122,0762,3532,7132,6803,0063,0963,3423,249

2,6682,7162,8112,8403,249

2 8932,5502,4382,5662,6392,6792,6142,642

Servicecredit

518553597660

R4«?,014,166.285,376,496,601.707

1,713

1,7931,7861,7381,7261,713

1,7051,7231,7401,750

,7681,7751,7821,777

1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by theitems purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or otherconsumer 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 consumergoods 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 theBULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed descriptionof the methods used to derive the estimates may be obtained from Division of Research and Statistics.

INSTALMENT CREDIT, BY HOLDER


End of yearor month

1939194019411942 .

1945194619471948 . . .19491950195119521953


1954—JanuaryFebruaryMarchApril . .MayJuneJuly-August

Totalinstal-mentcredit

4,5035.5146,0853.166

2.4624.1726.6958,968

11 .51614.49014.83718.68421.807

21 ,21821.34721.48621,58621.807

21.44421 15120,90020,90920,93221 ,12221.24621,310

Financial institutions

Total

3,0653,9184.4802,176

1,7763,2355,2557,0929,247

11,82012,07715,41018,534

18,20518.32818 43918 49518.534

18,27617,99917,84517.85917,89618,06918.19818,258

Com-mercialbanks

1,0791,4521,726

862

7451,5672,6253,5294,4395,7985,7717,5248,856

8.8798,8938 9088.8818.856

8,7238.5348,4528,4178,3868,4018.3798,348

Salesfinancecom-

panies

1,1971,5751,797

588

300677

1,3551,9902,9503,7853,7694,8336,147

5.9246,0056.0936.1476.147

6,0625.9745,8925.9015,9446,0606.1896,256

Creditunions

132171198128

102151235334438590635837

1.064

L 009L.0291.041I ,0501,064

1.043I .0551,0741.0961,1151,1451,1651,185

Other

657720759598

629840

1,0401,2391,4201.6471.9022.2162,467

2 3932 4012 3972 4172.467

2.4482.4362.4272,4452,4512,4632.4652,469

Total

1,4381,5961,605

990

686937

1.4401,8762,2692,6702,7603.2743,273

3 0133 0193 0473.0913.273

3.1683 1523.0553.0503.0363.0533.0483,052

Depai t-ment

stores1

354394320181

131209379470595743920

1.1171.068

931943957983

1.068

1.0311 .0941,0561,0581,0511,0611 .0551,056

Retail

Furni-ture

stores

439474496331

240319474604724791760866866

813811812826866

83681479578978778 S783785

outlets

House-hold

appli-ance

stores

183196206111

173879

127168239207244276

263265266270276

270265261260257259262260

Auto-mobile

dealers2

123167188

53

2847

101159239284255308407

396399406408407

400393388388390397404408

Other

339365395314

270324407516543613618739656

610601606604656

631586555555551551544543

includes mail-order houses.3Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets



STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT— Continued

NONINSTALMENT CREDIT, BY HOLDER


End of yearor month

1939194019411942

194519461947194819491950195119521953

1953—AugustSeptember.October. . .November.December.

1954—January- • •February..M a r c h . . . .AprilMayJuneJulyAugust . . . .

Totalnon-

instal-mentcredit

2,7192,8243,0872,817

3,2034,2124,8755,4435,5886.3236,6317,1437,089

6,5926,6326,6806,6667,089

6,6816,3276,2516,4216,5886,6696,5896,622

Financialinstitutions(single-pay-ment loans)

Com-mer-cial

banks

625636693593

6741,0081,203L.2611,334L.5761,684,844

1,848

1,8701,8571,867L .798L.848

,824L ,782,780,812,841,893,908,907

Other

162164152120

72114153184198245250250279

261273264302279

259272293293340322285296

Retailoutlets(charge

accounts)

De-part-ment

stores1

236251275217

29045253257S584641685730769

453500524578769

631541497515512509459457

Other

1,1781,2201,3701,227

1,3221,6241,8212,1382,0962,3652,4112,6122.480

2,2152,2162,2872,2622,480

2,2622,0091.9412,0512,1272,1702,1552,185

Servicecredit

518553597660

8451,0141,1661,2851,3761,4961,6011,7071,713

L ,7931,786L ,7381,7261,713

1,705L ,723,740,750,768,775,782,777

1 Includes mail-order houses.

INSTALMENT CREDIT HELD BY SALES FINANCECOMPANIES, BY TYPE OF CREDIT


End of yearor month

1939194019411942

194519461947194819491950 .195119521953

1953—AugustSeptember. . .OctoberNovember. . .December

1954—JanuaryF e b r u a r y . . . .MarchAprilMayJuneJulyAugust


1,1971,5751,797

588

3 0 0677

1,3551,9902,9503,7853,7694,8336,147

5,9246,0056,0936,1476,147

6,0625,9745,8925,9015,9446,0606,1896,256

Auto-mobilepaper

8781,1871,363

341

164377802

1,3782,4253,2573,1834,0725,306

5,1085,1865,2725,3215.306

5,2285,1505,0795,0895,1365,2495,3715,436

Othercon-

sumergoodspaper

115136167

78

2467

185232303313241332367

374375372368367

359351340336331331335335

Repairand

modern-izationloans

148190201117

58141242216

8357708283

7274767983

8685848483838282

Per-sonalloans

56626652

5492

126164139158275347391

370370373379391

389388389392394397401403

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,BY TYPE OF CREDIT


End of yearor month

1939194019411942

194519461947194819491950195119521953

1953—AugustSeptember.October. . .November.December.

1954—January.. .February..M a r c h . . . .AprilMayJuneJulyAugust . . . .


1,0791,4521,726

862

7451,5672,6253,5294,4395,7985,7717,5248,856

8,8798,8938,9088,8818,856

8,7238,5348,4528,4178,3868,4018,3798,348

Automobilepaper

Pur-chased

111

:rA

'x

237339447149

66169352575849

1,1771,1351,633J.135

>,123>,141',157>,1502,135

>,079>,024,994,980,969,979,978,971

Direct

178276338134

143311539753946

1,2941,3111,6291,884

1,9571,9481,9391,9201,884

1,8341,8091,7991,7941,7911,7921,7831,769

Other

con-sumergoodspaper

166232309153

114299550794

1,0161,4561,3151,7512,038

2,0562,0362,0322,0272,038

2,0371,9371,8871,8621,8391,8211,7911,767

Repairand

mod-erniza-

tionloans

135165161124

110242437568715834888

1,1371,301

1,251L,2731,2911,3031,301

1,2831,267L,253L .2521,2591,2571,2611 ,262

Per-sonalloans

363440471302

312546747839913

1,0371,1221,3741.498

1,4921,4951,4891,4811,498

1,4901,4971,5191,5291,5281,5521,5661,579

INSTALMENT CREDIT HELD BY FINANCIAL INSTITU-TIONS OTHER THAN COMMERCIAL BANKS AND SALES

FINANCE COMPANIES, BY TYPE OF CREDIT


End of yearor month

1939194019411942

194519461947194819491950195119521953


1954—JanuaryF e b r u a r y . . . .MarchAprilMayJuneJulyAugust


789891957726

731991

1,2751,5731,8582,2372,5373,0533,531

3,4023,4303,4383,4673,531

3,4913,4913,5013,5413,5663,6083,6303,654

Auto-mobilepaper

81102122

65

5477

130189240330358457557

552558563559557

543539540547552563567574

Othercon-

sumergoodspaper

24303627

20346999

137182209279334

315321321328334

331330326328326326324323

Repairand

modern-izationloans

15161414

1422395989

115132187222

211215218222222

218218217218223223223225

Per-sonalloans

669743785620

643858

1.0371,2261,3921,6101,8382,1302,418

2,3242,3362,3362,3582,418

2,3992,4042,4182,4482,4652,4962,5162,532

NOTE.—Institutions included are consumer finance companies (oper-ating primarily under State small-loan laws), credit unions, industrialloan companies, mutual savings banks, savings and loan associations,and other lending institutions holding consumer instalment loans.

OCTOBER 1954 1097


STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—ContinuedINSTALMENT CREDIT EXTENDED AND REPAID


Year or mouth

19401941

19451946194719481949 .1950195119521953

WITHOUT SEASONAL ADJUSTMENT


1954—JanuaryFebruaryMarchAprilMay . .JuneJulyAugust . . .

SEASONALLY ADJUSTED*


1954—JanuaryFebruaryMarchAprilMay. . . . .JuneJulyAugust . . .

Total

Extended

8.2199,425

5,3798,495

12,7131S,54018,00221,25622,79128,39729,812

2,4362,3892,4862,2972,598

1.8691,8642,2852,3152,2992,6032.4722,424

2,3582 4092,3932,4412,331

2,2112,2432,2002,2722,2242,3982,3792,355

Repaid

7.2088.854

5.0936.785

10,19013,26715,45418,28222,44424,55026,689

2,2222,2602,3472,1972,377

2,2322,1572,5362,3062,2762,4132,3482,360

2,2732,2522,2492,2942,283

2,3012,3202,4122,3082,3332,3542,2962,413

Automobilepaper

Extended

3.0863.823

9991 ,9693,6925,2807,1828,9289,362

12,30613,553

1,1261,0891,121

974947

750776985998

1,0051,2021 ,1361,092

1,0441,1021,1171,0801,035

872919924926943

1,0751,0351,013

Repaid

2,5123,436

9411,4432,7494,1505,5377,2859,462

10,44911,363

963993

1,016953

1,016

955945

1,1001,000

9651,0601,0131,037

967962963

1,0061,015

9771,0281,0421,009

9881,038

9871,041

Other consumergoods paper

Extended

2.5882,929

2,0243,0774,4985,2805,5336,4586,5187,9597,741

619625668646824

517470540594580624591594

621600589631593

661586566621577614633599

Repaid

2.3812,827

1,9992,6033,6454,5814,8895,6076,5856,9017,464

608635654606625

627588697626626632631619

643633633619604

636612667610635628637655

Repair andmodernization loans

Extended

328312

206423704702721826853

1,2431,340

12012013110898

67819498

113101103107

108112111106102

87109103101107

889496

Repaid

255307

143200391577677707769927

1,140

10292

1088996

8698

11098

102103100104

10094

1009294

8199

107104113103

95102

Personalloans

Extended

2 2172.361

2,1503,0263,8194,2784,5665,0446,0586.8897,178

571555566569729

535537666625601676642631

585595576624601

591629607624597621617647

Repaid

2.0602,284

2,0102,5393,4053,9594,3514,6835,6286,2736,722

549540569549640

564526629"58258361&604600

563563553577570

607581596585597585577615

* 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 creditextended 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, andcertain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding.

FURNITURE STORE STATISTICS

Item

Net sales:TotalCash salesCredit sales:

InstalmentCharge account

Accounts receivable, endof month:

Total ..InstalmentCharge accounts

Inventories, end ofmonth, at retail value.

Percentage changefrom preceding

month

Aug.1954

+7+4

+7+ 14

+ 7

0

July1954

- 3- 2- 3- 2

00

+ 1•?

June1954

+20

+20

00

- 1

- 5

Percentage changefrom correspondingmonth of preceding

year

Aug.1954

- 6- 7

- 6+2

- 3- 3- 2

- 9

July1954

- 4- 7

- 4+3

- 4- 4- 6

- 9

Tune1954

- 8- 9

- 9- 5

- 5- 3

- 1 0

- 9

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

Year or month

1953AugustSeptemberOctoberNovemberDecember

1954

JanuaryFebruaryMarchAprilMayJuneJulyAugust

Instalment accounts

Depart-mentstores

1414141414

1314151414141413

Furni-ture

stores

1212121111

1211131212121212

House-hold ap-pliancestores

10101099

99

109

10101010

Chargeaccounts

Depart-mentstores

4546484746

4543484546474545

1 Collections during month as percentage of accounts outstanding atbeginning of month.



BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Yearor month

1919192019211922192319241925

19261927192819291930

19311932193319341935

19361937193819391940

19411 9 4 2 . . . . . . .194319441945

19461947194819491950

195119521953

1953

AprilMayJuneJulyAugust .September..OctoberNovember..December. .

1954

January.. . .February.. .MarchAprilM a yJuneJulyAugustSeptember..

Industrial production(physical volume)*1

(1947-49 = 100)

Total

Ad-justed

136137136137136133132129126

125125123123125124

'123124

P124

Unad-justed

39413139474449

5151535949

4031374047

5661485867

87106127125107

9010010497

112

120124

?134

136136136129136135136130124

124126126124

'•124124116124

P126

Manufactures

Total

Ad-justed

38393039454348

5050525848

3930363946

5560465766

88110133130110

9010010397

113

121125

P136

138139138139138135134131127

127126125125126125

r124125

P125

Du-rable

Ad-justed

38422437474349

5249536045

3119243038

4955354963

91126162159123

8610110495

116

128136

P153

155156154157157152151146142

141139135134

'136••135134135

P135

N o n -du-

rable

Ad-justed

37363440444246

4850515651

4842484955

6164576669

8493

1039996

9599

10299

111

114114

P118

121123121121119117117115112

113114114

'115117

'116115115

P116

Min-erals

Ad-justed

45534245625759

6364636859

5142485155

6371626876

8184879392

9110010694

105

115114

P116

115117119120119118114111113

113113112109111114

'112109

P109

Constructioncontracts2

awarded (value)1947-49 = 100

Total

t Ad-justed

34343043455166

6969736349

3415141720

3032353944

6689372236

8284

102113159

171183192

179161169172205218230224208

195196191196193207206218

Resi-den-tial

Ad-justed

26182741495775

7371765230

22877

13

2225273743

5449241016

878698

116185

170183178

179164174175184180183176177

185201205213216227233244

other

Ad-justed

39453243424659

6768707062

4120182425

3536404044

74116453050

7983

105111142

172183201

179159166170220243262255229

202192182184178193188202

Employment and payrolls3

1947-49 = 100

Non-agri-cul-turalem-

ploy-ment

Ad-justed

61 462.055.258 564.463 565.2

67.667.968.071.066.7

60.453.553.758 861.3

65.970 366.169 373.3

82.790.896 294 991.7

94 899.4

101 599.1

102.3

108 2110.5113.6

113 8113.9114.1114.2114 1113.7113.7113.1112.4

111.7111.2110 8110.4110 2110 1109.8109.7

P109.9

Manufacturingproduction workers

Employ-ment

Ad-justed

113.6114.0114.0113.6112 7111.7110.6108.7107.1

105.6104.6103.8102.7102.1101.8

'100.099.7

P99.9

Unad-justed

68 769 052.858 466.962 164.2

65.564.164.268.359.5

50.242 647.255 158.8

63.970 159.666 271.2

87.9103.9121 4118 1104.0

97 9103 4102.893.899.6

106 4106.3112.0

112.7112.3113.1112.2113 8113.7112.0109.4107.7

105.1104.3103.6101.8100.5100.9'98.7100.6

P101.8

Pay-rolls

Unad-justed

31 137 124.025 732.630 432.1

33 032.432.835 028.3

21.514 815.920 423.5

27.232 625.329 934.0

49 372.299 0

102 887.8

81 297.7

105.197.2

111.7

129 8136.6151.6

152.0151.9153.9151.1154 0153.4152.6148.0147.2

140.8140.5138.4135.0135 1136.6

'132.3135.1

"138.2

Freightcarload-

ings*1947-49

= 100

Ad-justed

90988392

107105110

11511111211599

7959626769

8184677683

98104104106102

1001081048897

1019596

979897939896959288

908885848484828484

Depart-mentstoresales*(retailvalue)4

1947-49= 100

Ad-justed

27323030343436

3737373835

3224242729

3335323537

4450566270

9098

10498

105

109110112

111117115113112107110113112

107109105111108112111

P112"108

Con-sumerprices3

1947-49-1C0

Unad-justed

74 085 776 471 672 973 175.0

75 674 273.373 371.4

65.058 455.357 258 7

59.361 460.359 459 9

62 969.774 075 276.9

83 495 5

102.8101 8102.8

111 0113.5114.4

113.7114 0114.5114 7115 0115.2115.4115.0114.9

115.2115.0114.8114.6115 0115 1115.2115.0

Whole-salecom-

modityprices3

1947-49= 100

Unad-justed

65 062 062.961 956.1

47.442 142.848 752 0

52.556 151.150 151 1

56 864.267 067 668.8

78 796 4

104.499 2

103.1

114 8111.6110.1

109.4109.8109.5110 9110 6111.0110.2109.8110.1

110.9110.5110.5111.0110 9110 0110.4110.5110.0

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 havebeen compiled by the Bureau beginning September 1954. Nonagricultural employment covers employees only and excludes personnel in the armedforces. 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


INDUSTRIAL PRODUCTION[Federal Reserve indexes, 1947-49 average = 100]

Industry1947-49

pro-por-tion

Annual

1952 1953*

1953

Aug. Sept. Oct. Nov. Dec.

1954

Jan. Feb. Mar. Apr. May June July Aug.

SEASONALLY ADJUSTED

Industrial Production—Total

Manufactures—Total

Durable Manufactures—Total

Primary metals

Metal fabricatingFabricated metal productsMachinery

Nonelectrical machineryElectrical machinery

Transportation equipmentInstruments and related products. . .

Clay, glass, and lumber productsStone, clay, and glass productsLumber and products

Furniture and misc. manufacturesFurniture and fixturesMiscellaneous manufactures

Nondurable Manufactures—Total

Textiles and apparelTextile mill productsApparel and allied products1

Rubber and leather ProductsRubber productsLeather and products

Paper and PrintingPaper and allied productsPrinting and publishing

Chemical and Petroleum productsChemicals and allied productsPetroleum and coal products

Foods, beverages, and tobaccoFood and beverage manufactures. . .Tobacco manufactures

Minerals—Total

Mineral fuelsCoal

AnthraciteBituminous coal. . .

Crude oil and natural gas

Metal, stone, and earth mineralsMetal miningStone and earth minerals


INDUSTRIAL PRODUCTION-TOTAL

MANUFACTURES—TOTAL

Durable Manufactures—Total..

Primary metalsFerrous metals

Pig iron and steelPig ironSteel

Carbon steelAlloy steel

Ferrous castings and forgings..Iron and steel castingsSteel forgings

100.00

90.02

43.17

6.70

28.525.73

13.689.044.647.541.29

5.912.823.09

4.041.642.40

44.85

11.876.325.55

3.201.471.73

8.933.465.47

9.346.842.50

11.5110.73

.78

9.98

8.352.68

.362.325.67

1.63.82.81

100.00

90.02

45.17

6.705.033.51.37

3.052.62.43

1.521.29.23

124

125

136

116

146121147136167154142

118125111

118113122

114

105103108

10711699

118120116

133137123

106105110

114

113837884128

115108123

124

125

136

116115115107117112144114109143

134

136

153

132

167136160143194189155

125133118

131117140

118

107104110

11312899

125132121

142147130

107107108

116

115785781133

119113

134

136

153

132133138130139135165121115154

136

138

137

137

171140165145203191156

125135116

135119146

119

106104109

11112797

126133121

143148132

108108104

119

119865990135

120117124

136

137

153

130131138131138133169116112141

133

135

132

130

166135161141200186155

124134114

129114140

117

102100104

10512191

126135121

143147131

108'108104

118

118815784136

120117123

135

137

151

127127134130134131152113109137

132

134

131

128

166134159141193189154

124133117

129113140

117

10298107

10512093

126132123

142146129

108108106

114

113765480131

116108124

136

138

154

129130136132136138126117113139

129

131

146

122

159130152136184180155

123132115

126109138

113

9895101

10311891

125132121

141145129

108108108

111

111705073131

114103125

130

132

146

122122128127129131113108103134

126

127

142

113

156126146133172182154

119129110

124106136

112

9590101

10411693

122125120

140145128

103103112

113

112695571133

114101127

124

125

140

11011011411711411610510198122

125

127

141

111

155126143130169185148

120125115

120105130

113

9790104

10311294

122126

138143124

105105100

113

114706272

134

111103119

124

126

140

11311111511311511511510398130

125

126

139

109

151123141130163179147

125130120

120103132

114

9890106

10211094

123129119

141146126

10510698

113

113685969135

112101124

126

128

141

113111113108114113119106103125

123

125

135

103

147120138125163173144

123130116

119104130

114

9991108

10311393

124131119

139146122

106106103

112

112625263137

11096124

126

128

140

108104105100106105114101100111

123

125

134

103

147119138125163174139

121128114

117103127

115

10193

1 09

10311394

125133120

140146124

106107103

109

HI584660136

9978120

124

125

137

107102104931051031139898104

125

126

°136

106

"148121138124163"178138

125130

102128

117

'10195

108

10611994

126137120

142148125

110110108

111

112654468134

10691121

124

125

136

108104107941081081099796100

124

125

108

'147122139124170'170135

118129108

120104131

nur9992

106

'107••12095

126136121

142148124

'108108107

114

114694872

136

110rOQ122

124

125

135

109105108991091111029796101

123

124

134

103

'147122'141125173

170136

113131

96

nzo106130

'100'95

106

'9896

100

12613312,1

148122

rlO5105101

'112

112705672

133

10891

125

116

116

125

'94919594969693807987

124

125

135

106

148124145126181167136

11313197

123109132

125

9993

105

969596

126135121

142149

P121

106106

109

PIIO685071

P 1 3 0

106P90122

124

125

132

1019596939796

104

* 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 forautos, 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.



INDUSTRIAL PRODUCTION—Continued[Federal Reserve indexes, 1947-49 average = 100]

Industry1947-49

pro-por-tion

Annual

1952 1953

1953

Aug. Sept. Oct. Nov. Dec

1954

Jan. Feb. Mar. Apr. May June July Aug.

WITHOUT SEASONAL ADJUSTMENT—Continued

Mmary metals—ContinuedNonferrous metals

Primary nonferrous metalsCopper smeltingCopper refiningLeadZincAluminum

Secondary nonferrous metalsNonferrous shapes and castings..

Copper mill shapesAluminum mill shapesNonferrous castings

Metal Fabricating

Fabricated metal productsStructural metal partsStampings and misc. metal products.Tin cansFurnaces, gas ranges, and heaters...

Machinery

Nonelectrical machineryFarm and industrial machinery

Farm machineryIndustrial and commercial ma-

chineryMachine tools and presses

Laundry and refrigeration appliances

Electrical machineryElectrical apparatus and parts.Radio and television sets

Transportation equipment.Autos, trucks, and parts

AutosTrucks

Light trucksMedium trucksHeavy trucksTruck trailers

Auto and truck partsAircraft and partsShipbuilding and repairRailroad equipment

Railroad cars

Instruments and related products..

Clay, Glass, and Lumber Products.

Stone, clay, and glass productsGlass and pottery products

Flat glass and vitreous products. . .Flat and other glass

Glass containersHome glassware and pottery

CementStructural clay products

BrickClay firebrick, pipe, and tile

Concrete and plaster productsMisc. stone and earth manufactures..

Lumber and products..LumberMill work and plywood.

MillworkSoftwood plywood. . .

Wood containers

Furniture and Misc. Manufactures

Furniture and fixturesHousehold furnitureFixtures and office furniture...

Miscellaneous manufactures.

1.67.38.09.06.04.10.09.13

1.16.63.20.33

28.52

5.732.682.12.30.63

13.68

9.048.131.02

7.11.68.69

4.643.23.74

7.544.801.50.66.22.19.14.07

2.581.30.81.53

.35

1.29

5.912.821.09.60.47.26.23.32.35.12.20.48.58

3.092.05.60.39.12.29

4.04

1.641.10.54

2.40

11912310699100112156114119113140115

146

12112112112289

147

136135103

140179108

167162184

15410210311110569194137983681367462

142

118

12511412212411294124112108116155131

11110513811816799

118

113113112

122

129144112116101113209114126112168130

167

13613713812993

160

14313996

145188128

194179230

1891261461181125818322911746513572

64

155

12513312313613912091132110106115163143

11811214911819999

131

117118116

140

12814110510784115217110125112169124

166

140137136199108

157

13713693

14218394

197178242

1891261531271186218628211047313566

56

153

12913712313413513286143114114117175143

12212313511516498

132

116116117

143

12614711111697115222107121108163122

164

137135133182106

158

13713586

142187104

200179249

1821141341151145415127510248013064

55

155

12813612213613912184144116118115169145

12111814711719494

132

115114118

144

12814711412499115213111123110158127

167

137136133139113

161

13813579

143188112

205178276

1891221511061065014623210948112783

83

156

13113912814114512793145116116118170146

12312014811619896

135

116116117

148

121146109121120107215106114103136121

158

13013413012482

154

13513373

14118599

191176230

17310310795854713422910246312467

61

156

12313412213914311486137112109116163143

11411014110120694

132

114113115

145

1081451091211081082171019678126114

155

1261351316963

149

13713474

142186110

172176157

1741011079810056150149994831275341

155

113

1281161361401027711910697113157146

99931248718494

127

112109117

138

11814510411010810722896112100136120

155

12412912710474

146

13213076

138181106

172169173

1831151351031126714513710648312459

49

148

112

122115130132115791049781110143140104981409621288

119

106103113

128

120147102113103102240103113100139122

155

12312712410773

147

13412980

136181129

172167170

1831141381031036216414310448912454

42

147

1201261201301331219211010190110148141

11610916011024190

122

107105110

133

1471011151139724010711196143118

153

12112512110578

145

13212784

134177122

172164182

1821141421011046615213310048512454

44

145

12212812113013112593118107102111152139

11710916410925390

121

106105107

131

14799114107100245115114101154116

150

12012311712284

141

12812485

129167120

166160172

1811171511011046815013210147512049

39

140

12412811712412612193132111115110157135

11911316311124890

115

101100103

125

12014797107109102246108113102149112

'148

121125116125

138

12612284

127161112

162159156

«18011614610110463148141102472'11843

32

138

12613011712412612687137111113112161135

12211716111922991

114

9896103

124

12214910911497102245109115101162112

122126114143'93

137

12512184

127157111

162156166

'17511114396996413214696472'11539

25

135

12213111512312512781138115124111164136

11510615412819592

116

10098105

127

103142'931057997248

76145

P117P1387410298P98246

piii'100163

138

'11612310615375

128

119'11779

'122152

145151116

'165'96125•7886579910285

'469'112"•26

17

132

109'128107'119'119118'63150'111116'109'170'134

9091928895'85

112

'9998

'100

121

145

124124109

138

11811675

12215091

176153234

16598123808154113

4661093322

134

117

13411712712812584151116

iii'172138

1029812711514583

121

107107106

130

v Preliminary. r Revised.For other footnotes see preceding page.

e Corrected.

OCTOBER 1954 1101



Industry


—Continued

Nondurable Manufactures—Total...

Textiles and Apparel.

Textile mill productsCotton and synthetic fabrics.

Cotton consumptionSynthetic fabricsFabric finishing

Wool textilesWool apparel yarnsWool fabrics

Knit goodsHosiery

Full-fashioned hosiery. . .Seamless hosiery

Knit garmentsFloor coverings

Woven carpets

Apparel and allied products . . .Men's outerwear

Men's suits and coatsMen's suitsMen's outercoats

Shirts and work clothingWomen's outerwear1

Women's suits and coatsMisc. apparel and allied mfrs.. .

Rubber and Leather Products.

Rubber productsTires and tubes

Auto tiresTruck and bus tires

Miscellaneous rubber products.

Leather and productsLeather

Cattlehide leathersSkin leathers

Shoes and slippersMiscellaneous leather products.

Paper and Printing

P a p e r a n d a l l i e d p r o d u c t s . . . .Pulp and paper

Wood pulpPaper and board

Printing paperFine paperCoarse paperMiscellaneous paperPaperboardBuilding paper and board.

Converted paper productsShipping containersSanitary paper p roduc ts . . . .

Printing and publishingNewsprint consumptionJob printing and periodicals.

Chemical and Petroleum Products

Chemicals and allied productsIndustrial chemicals

Basic inorganic chemicalsIndustrial organic chemicals

Plastics materialsSynthetic rubberSynthetic fibers #Miscellaneous organic chemicals.

Vegetable and animal oilsVegetable oilsGrease and tallow

Soap and allied productsPaintsFertilizers

947-49pro-por-tion

44.85

11.87

6.323.722.30.97.45.97.16.75

1.15.65.45.20.50.48.31

5.551.78.73.50.13.99

1.85.76

1.92

3.20

1.47.70.40.30.77

1.73.44.29.15.90.39

8.93

3.461.76.51

1.25.22.14.20.18.41.10

1.70.51.11

5.471.853.62

9.34

6.842.54.57

1.97.24.11.59

1.03.64.48.16.71.66.23

Annual

952 1953P

114

105

1031051041121028596831151161211051139580

108105878383114108123111

107

116115106128117

99878786104101

118

120120132116111117112123117112120120126

116115117

133

137140137141157175141133112110119110112122

118

107

1041071041151017891751161131181021199986

110113969289124103117112

113

128117117118

99919289103

125

132130142125119116118129134118134133138

121118122

142

147154149155183186156144116112131113118124

1953

Aug. Sept. Oct. Nov. Dec.

121

HI

10711010711910082102771181141171051259480

11511710794133122111145112

112

12210611299137

103939490109102

123

135133146127121118118127141121137138134

116106121

141

143157147160175176167150948312597119104

122

104

1021051041091007393681161151191041179783

106113948311512592106108

107

122103104102

948586839796

127

135130141126118118118128137122140141139

122119123

142

145151138154181162148150109106120116118112

122

103

1001011031028774827311511411810411610189

10710590839411496118114

111

127108109106

9791948797101

132

140138151132124121127136143123143140151

126129125

145

151151153150179147143148140144129134117108

118

98

9610210110596646863108109114981078769

1001048886711138390109

103

12010199103

898791798599

129

135133147127120120124131137108136135139

126131123

145

150149153148173152135149141141140128117101

110

92

8790899583615962979497871018872

98877881469098122105

98

111938999

878186728892

121

11911712911311210911312311592121118131

122117125

141

146147148147166153136149135137127117116106

Jan. Feb. Mar. Apr. May June July Aug,

111

99

9197100899158685610311312096908976

107111961025212011314498

103

1149692102

9487937410285

120

12612814212212011212213512896123115147

116108121

140

146145141145168148133147138138138118114112

115

105

951001019897587254109119127102959685

115117929656133126164104

108

114112111114

102951018211091

124

133132145127122121125139130113134126155

118114120

144

150150157148192152135144138138140124115136

115

104

941001001009760725810511212093969483

116102778048118138165107

108

118108113101

10089928210991

127

135133148127124121122138131121137133149

121120121

142

150150159148193144142141122122122127115170

114

100

9399971029263805910311111991939077

10811179786513211610296

104

11611112099

9486937310382

128

136131146125121121116137128124141135158

122129119

140

147150157148190127146141114109131111116173

114

98

9499951079168846410511011695998168

1031088884801211058097

103

11811112296

899096799379

126

134132148125117120117134132125136133144

121125119

139

14515015914717912014914110495132104116137

115

95

92969211076'7081'68106106110981068066

999581758710110411498

106

121119133100

'94'89'938110084

126

136136153129120123119136136137135132144

119119120

139

144152155151183122157143968512799117107

107

'86

'81858010562687866'89787977103'64

91'80'5652579496127'97

86

85849471

'877275659487

116

1201161331099996102126"112123124119139

113102'119

rl33

138146148'14514812115114391801266911795

117

103

96999910293

71109106108100114

110110989298118114147105

97

92758169

102

11194

124

137135150128121122121137133131139136146

116107120

139

145

151

150'

1261551469684

129104117100

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.




Industry


—Continued

Petroleum and coal productsPetroleum refiningGasoline. . .

Automotive gasolineAviation gasoline

Fuel oilDistillate fuel oilResidual fuel oil

KeroseneLubricating oil

Coke

Foods, Beverages, and Tobacco

Food and beverage manufactures..Food manufactures

Meat productsBeefPork

Dairy productsButterNatural cheeseConcentrated milkIce cream

Canned and frozen foodsGrain-mill products

Wheat flourCereals and feeds

Bakery productsSugar

Cane sugarBeet sugar

ConfectioneryMiscellaneous food preparations . . .

BeveragesBottled soft drinksAlcoholic beverages

Beer and aleLiquor distilling . .Liquor bottling

Tobacco manufacturesCigarettesCigars

MINERALS—TOTAL

Mineral Fuels

CoalAnthraciteBituminous coal

Crude oil and natural gasOil and gas extractionCrude oil

Natural gasNatural gas liquids

Oil and gas well drilling

Metal, Stone, and Earth Minerals .

Metal miningIron oreNonferrous metal mining

Copper miningLead miningZinc mining

Stone and earth minerals

1947-49pro-por-tion

2.501.971.04

.98

.06

.56

.30

.26

.10

.17

.26

.15

11.51

10.738.491.48

.46

.83

.69

.14

.07

.19

.281.131.16

.46

.701.64

.27

.11

.13

.711.412.24

.541.701.02

.17

.37

.78

.46

.17

9.98

8.35

2.68.36

2.32

5.674.824.12

.34

.36

.85

1.63

.82

.33.49

.24

.09

.06

.81

Annual

1952

12312813212819412815110211911297

102

106

1051061141001199892

10391

10211710884

12410110410994

10210010211698

1025499

110114105

114

113

837884

128125120159145144

115

10810411011497

107

123

1953P

13013514413922713015510111710611199

107

107108115129104105108112

93106121106

81122100113113108102104105

10010360

107

108111108

116

115

785781

133129124167157154

119

1131281041148687

124

1953

Aug.

135138150144243128152100105110112139

118

11811810213282

11811111694

135209109

8312610175

1242792

108118

1081293392

117123110

122

119

855690

135131126156158160

137

1401991001128080

133

Sept.

133136147141247128153

98108112110123

123

124127111139929988

10272

118233111

84128102106121

89135113113

10811167

115

111115110

122

119

846088

136130126150160167

135

1391981001128176

131

Oct.

131135143138220128155

97116111109121

120

1201211231441078582896794

15411190

125101250105370135110116

118100122148

116118120

118

116

846687

131126120

-165159158

127

1221551001147972

132

Nov.

13113714714321113015510011611210790

111

1111141351391288086866880

104103

8211799

27797

42912810799

1007988

146

111110122

113

113

765579

131128120179162147

110

9585101

1167874

126

Dec.

12813714614122812915310212410910253

98

99102125134116819493747386

10176

11797

17796

24288

10284

80766589

929690

111

113

715174

133128120188166163

98

744097

1108071

122

1954

Jan.

1251341401362141311561041281059757

97

9710112614111486

110100

787276

10686

11995899777

11110082

78796179

9810590

111

115

746 ?75

134128120190163170

91

743998

1117575

108

Feb.

1261361411362271351641021351119067

96

9698

1121299996

115109

848772

10483

1189763

10424

11010389

86867188

9610096

110

113

685969

135130122182167163

94

764298

1059180

113

Mar.

121129135131212127155

961161048678

98

9898

115132102104124117959271

10178

1169658

1162

9910598

9810269'

101

10110697

109

112

614863

137131125182161165

93

733995

1028777

114

Apr.

120128137132215121146

9310610380

103

98

9897

10612791

11912813311 5107

759975

1149663

1032489

103103

1001066498

9910395

109

111

584460

136132127

156163

99

795893

1028278

119

M a y

123130140136218121145

9499

10980

118

rlO4

10310010513287

135152159139110

85106

76127

76109

4281

105115

10811764

104

108112109

112

111

624565

134129124

155163

116

108

96106

7878

125

June

124131141136235122148

9210011179

135

no110

10813789

145145161139139

99114

78137'98

1214380

108126

11412862

104

113119111

114

113

635065

136129125

156176

123

119152' 98108'8079

127

July

122130141136229122150

8997

10477

110

rlO8

'109107

'10213581

129115129109144138112

78

'9973

1123266

'109'118

'1031224285

929883

'110

108

574459

133124120

151179

119

10813987957472

'130

Aug.

P124P\31P141

P122

75127

115

11511610813888

115Q9

11394

133194111

13098

91107112

981123985

111

P110

684871

P 1 1 8

119

P109

75

130

P Preliminary. r Revised.For other footnotes see preceding page

OCTOBER 1954 1103


OUTPUT OF CONSUMER DURABLE GOODS[Federal Reserve index numbers, 1947-49 average=100]

Product

SEASONALLY ADJUSTED

CONSUMER DURABLES—TOTAL..

AutO8 •Major household goods

Household furniture

Appliances and heaters

Ranges . •Refrigeration appliances

Heating apparatusRadio and television sets

Television sets

Other Consumer DurablesAuto parts and tiresMisc. home and personal goods


CONSUMER DURABLES—TOTAL..

AutosMajor household goods

Furniture and floor coveringsHousehold furnitureFloor coverings . •

Appliances and heaters

Ranges . . . .Refrigeration appliancesLaundry appliances

Heating apparatusRadio and television sets

Radio setsTelevision sets

Other Consumer DurablesAuto parts and tiresMisc. home and personal goods

1947-49prc~

portion

100.00

69.7232 1036.1315.3211.314.01

15.6011.882 604.982.513.725.213.421.79

30.2814 0016.28

100.00

69.7232.1036.1315 3211.314.01

15.6011.882.604.982.513.725.213.421.79

30.2814 0016.28

Annual

1952

105

1091031151091139599

10075

10611594

18453

436

9590

100

105

1091031151091139599

10075

106115

94184

53436

9590

100

1953

127

138146132113118

9911812390

137141100230

67541

10291

111

127

13814613211311899

11812390

137141100230

67541

10291

111

1953

Aug.

129

142150136115118104109111

89113143101279

72676

10189

111

127

13815312511011694

101958389

126120242

65581

10495

111

Sept.

121

130137125109113

9899

1018596

13691

24860

606

10189

111

122

13013412911011497

108105

9295

145117249

62606

10393

112

Oct.

118

126132121107112

9310110477

10513792

22165

518

10188

112

131

142151137112116102114110

86100160127276

68673

10693

117

Nov.

112

117127110102109

8493986898

13679

18566

413

10189

110

110

1131071201061138796987586

14990

23068

541

10389

115

Dec.

109

114127104

99104

8795

10067

10812579

14559

307

9788

106

103

1061071061041098892

10066

111122

68156

57347

9684

107

1954

Jan.

112

119133108

98102

87104108

7011414590

14858

321

95' 88

101

112

12113510999

1038998

10671

114135

73173

58391

928499

Feb.

113

121134110

99103

87111117

8513114089

14247

325

9690

102

117

12713811910310596

117130

9114515975

17051

397

9587

103

Mar.

112

119133109

99103

86105109

8411812991

15143

356

9488

100

119

12914212010210594

117129

93144151

79182

49435

9485

102

Apr.

116

126139116

97102

82114117

76136134103178

43436

938996

119

13115111697

10090

116124

79153130

91172

49406

928796

M a y

119

130145120

96100

84117120

83144124106198

43493

939096

116

126146110929681

112117

80147111

96155

48360

929094

June

119

128136124

96102

79110111

81131113107246

45631

969696

116

125143112939880

112114

76141117104165

44397

949693

July

'117

'127127

'128102104'97

'115'119

83135136101245

47624

' 9 389

'96

'102

'107125'928998

'64'88' 8853

1099086

11629

281

'9091

'89

Aug.

115

126121131107110

98109113

125146

27056

678

92

98

113

12112312110210888

10195

99128

23451

583

94

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

Industry group

SEASONALLY ADJUSTED

Total

Ordnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass products..Primary metal industriesFabricated metal productsMachinery except electrical

Transportation equipmentInstruments and related prod-

uctsMisc. manufacturing industries..

Food and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished tex-

Paper and allied productsPrinting, publishing and allied

industries .Chemicals and allied products.. .Products of petroleum and coal.Rubber productsLeather and leather products. . .

[Compiled by Bureau of

Sept.

13,8218,154

194697313465

1,129939

1,294941

1,520

242420

5,6671,133

931,099

1,072452

521552185221339

Oct.

13,6808,062

193699307463

1,112919

1,280924

1,507

241417

5,6181,122

921,067

1,087448

520547185214336

1953

Nov.

13

7

1

1

1

51

1

1

,447,868187685300457

,088898

,253900

,449

74?409

,579,135

04,036

,085442

S17543184?07336

Labor Statistics.

Dec.

13

7

1

1

1

51

1

1

,251,74818466770S446

,069866

,226866

,487

739403

,503,114

97,013

,068435

517537182?06334

Jan.

13,0637,621

177653289432

1,044865

1,212847

1,470

236396

5,4421,102

96987

1,051436

514540180204332

In thousands of persons]

Feb.

12

7

1

1

1

51

1

,935,5091656577864310?7855

,202831

,435

737393

,426,103

94980

,051435

51753318070?331

Mar.

12,8407,405

150663287429

1,005844

1,184819

1,409

228387

5,4351,109

93979

1,064434

517531179199330

Apr.

12

7

1

1

51

1

,705

,295

H7656784426Q91836

,169811

,380

773382

,410

,11003

979

,046433

519529178196327

1954

M a y

12,632

7,227

125676284427981837

1,153799

1,342

221382

5,405

1,11194

974

1,037435

518530180198328

June

12,5897,182

120684284425983839

1,140784

1,324

216383

5,4071,106

94986

1,034438

519525180199326

July

' 1 ?

' 7

' 1

' 1

'5'1

' 1

371

,020'117'592

430rQ7Q'834,119r7QS,277

r?H'382,351,084

95977

,026439

'518'523'179178

'332

Aug.

1?6

1

1

51

1

1

J&35

,974

1135869Q?432074827

,125700

,237

91S376

,361,081

93,002

,025438

517523176176330

Sept.

12,3616,974

113635294430969819

1,129807

1,183

216379

5,3871,077

95998

1,028444

520525176195329

For footnote see following page.



PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued

[Compiled by Bureau of Labor Statistics. In thousands of persons]

Industry group1953

Sept. Oct. Nov. Dec,

1954

Jan. Feb. Mar. Apr. May June July Aug. Sept,


Total

Durable goods

Ordnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass products..Primary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related prod-

uctsMisc. manufacturing industries..

Nondurable goods

Food and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished tex-

tilesPaper and allied productsPrinting, publishing and allied

industriesChemical and allied products.. . .Products of petroleum and coal.Rubber productsLeather and leather products. . .

14,061

8,161

194721315467

1,129939

1,262941

1,520

242430

5,900

1,326112

1,088

1,099450

521555188221341

13,852

8,088

193713313465

1,112924

1,254933

1,507

242434

5,764

1,224109

1,067

1,103448

525552185216334

13,534

7,910

187695308459

1,088902

1,240913

1,449

243425

5,624

1,149101

1,046

1,085446

522548184210334

13,319

7,791

184654301448

1,074875

1,238883

1,487

241407

5,528

1,083104

1,028

1,084442

525540181209332

13,00

7,616

177617293428

1,049874

1,230855

1,470

237386

5,386

1,02497

997

1,062438

514540178206332

12,906

7,520

165627292427

1,027864

1,220839

1,435

233393

5,386

1,00990

995

1,088437

514536178203339

12,818

7,430

150643290429

1,010852

1,202827

1,409

229389

5,388

1,00984

989

1,101436

517539177199338

12,590

7,309

137649283428991840

1,187811

1,380

224380

5,281

1,01182

979

1,030433

516534176195325

12,437

7,208

125679277427976833

1,165791

1,342

220

374

5,229

1,03182

969985433

515525179197315

12,480

7,177

120701275427983831

1,151776

1,324

215375

5,303

1,07982

981

987436

519517181198324

12,212

'6,917

'117'604'272424'969'809

'1,108'765

'1,277

'210'363

'5,295

'1,14283

953

'980430

'513'513'181173'327

12,448

6,936

113609288434969819

1,097783

1,237

211376

5,512

1,222102987

1,045436

512515180174338

12,593

6,979

113657295432969819

1,101807

1,183

216388

5,614

1,264114988

1,054442

520528179195331

'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. Seasonallyadjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by theBureau 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]

Industry group

Average weekly earnings(dollars per week)

1953

Sept.

1954

July Aug. Sept.

Average hours worked(per week)

1953

Sept.

1954

July Aug. Sept.

Average hourly earnings(dollars per hour)

1953

Sept.

1954

July Aug. Sept.

Total

Durable goods

Ordnance and accessoriesLumber and wood productsFurniture and fixturesStone, clay, and glass productsPrimary metal industries

Fabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries.

Nondurable goods

Food and kindred productsTobacco manufacturesTextile-mill productsApparel and other finished products. . . .Paper and allied products

Printing, publishing and allied products.Chemicals and allied productsProducts of petroleum and coalRubber productsLeather and leather products

71.42

77.14

79.1366.9762.7871.1085.63

75.7082.5772.0984.2374.1663.36

63.57

67.0446.9251.6547.1273.87

87.1477.8394.3574.8848.99

70.92

75.83

'79.80'63.2462.02

'71.33'80.81

'75.6080.60

'71.5384.38

'72.29'62.79

64.74

69.72'51.54'51.4147.17

'74.62

'86.94'79.35'94.53'76.8351.38

71.06

76.59

80.2066.0463.5972.0481.27

76.5581.2072.2285.2072.8364.00

64.45

67.9849.5452.3648.7874.80

87.6278.7292.8476.0551.10

71.86

76.99

78.0170.3863.4372.6782.47

76.9580.6072.7685.6073.6064.48

64.91

68.5648.1952.3348.9675.65

87.7879.9094.76

n.a.49.90

39.9

40.6

41.040.140.540.440.2

40.741.740.540.341.240.1

39.0

41.939.137.734.942.7

38.941.441.239.035.5

39.4

39.7

-•40.1'40.839.5'40.3

40.040.1'39.339.8'39.539.0

39.0

41.5•37.9•37.835.242.4

•38.340.941.1-39.437.5

39.7

40.1

40.141.840.540.738.7

40.540.239.940.039.840.0

39.3

42.5

38.641.040.938.837.3

39.7

40.1

39.441.440.4

38.9

40.539.940.240.040.039.8

39.1

41.339.538.236.042.5

38.541.441.2

n.a.35.9

1.79

1.90

1.931.671.551.762.13

1.861.981.782.091.801.58

1.63

1.351.73

2.248829

1.921.38

1.80

1.91

1.99'1.551.571.772.11

'1.892.011.822.121.83

'1.61

1.66

1.68'1.361.361.34

'1.76

'2.27'1.94'2.301.951.37

1.79

1.91

1.57

1.60

1.64

1.651.291.361.341.76

2.271.922.271.961.37

1.81

1.92

1.98

1.902.021.812.141.841.62

1.66

1.661.221.371.361.78

2.281.932.30n.a.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


EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION[Compiled by Bureau of Labor Statistics. In thousands of persons]

Year or month Total Manufac-turing Mining Contract

:onstruction

Transporta-tion and

publicutilities

Trade Finance ServiceFederal,

State, andlocal

government

194519461947194819491950195119521953

SEASONALLY ADJUSTED

1953—SeptemberOctoberNovemberDecember





40,06941,41243,43844,38243,29544,69647,28948,30649,660

49,70749,71149,42249,109

48,81248,60748,44148,26848,17748,102'•47,98247,93948,031

50,20050,18049,85150,197

48,14747,88047,84848,06847,93548,137'47,80848,03148,511

15,30214,46115,29015,32114,17814.96716,10416,33417,259

17,26317,12516,90116,704

16,49716,34916,26216,12216,03815,994••15,77515,73615,769

17,51017,30116,98816,765

16,43416,32216,23416,00015,83615,888'15,62715,86016,007

826852943982918889916885844

835826825818

805794772753744740742729722

839826829822

805790772749737744735736726

1,1321,6611,9822,1692,1652,3332,6032,6342,644

2,6792,7252,7082,686

2,5812,6182,6542,6412,6342,624

'2,6372,6302,623

2,8662,8892,7892,632

2,3492,3562,4152,5352,6342,729

'2,795,840

2,807

3,8724,0234,1224,1413,9493,9774,1664,1854,224

4,2474,2454,2054,176

4,1184,0874,0124,0154,0114,016

'4,0143,9994,012

4,2654,2574,2164,187

4,0694,0393,9924,0084,0084,032

'4,0434,0284,028

7,5228,6029,1969,5199,5139,645

10,01210,28110,533

10,52310,56310,57710,579

10,57710,54310,55210,52410,49410,480

"10,50710,50810,483

10,52310,66910,82811,361

10,42110,31010,30510,49610,37510.414

'10,37710,3 S310,483

1,3941,5861,6411,7111,7361,7961,8621,9572,025

2.0412,0502,0442,050

2,0542.0652,0672,0752,0812,0832,0952,0942,111

2,0412,0402,0342,040

2,0332,0442,0572,0752.0812.1042 ,1262 ,1252 ,111

4,0554,6214,8074,9255,0005,0985,2785,4235,486

5.4845,5065,4945,490

5,4875,4905,4885,5065,5085,518

'5,5555,5525,522

5,5665,5065,4675,435

5,3775,3805,4065,5065,5635,601'5,6385,6355,605

5,9675,6075,4565,6145,8375,9926,3486,6096,645

6,6356.6716,6686,606

6,6936.6616,6346,6326,6676,647

'6,6576,6916,789

6,5906,6926,7006,955

6,6596,6396,6676,6996,7016,625

'6,4676,4546,744

[Bureau of

Year or month

19451946. . . .1947194819491950195119521953


1954—January2

FebruaryMarchAprilMayJuneJulyAugustSeptember

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENTthe Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]

Total non-institutionalpopulation

105,370106,370107,458108,482109,623110,780111,924113,119115,046

115,232115,342115,449115,544115,634

115,738115,819115,914115,987116,083116,153116,219116,329116,432

Totallaborforce

65,14060,82061,60862,74863,57164,59965,83266,41066,965

68,23867,12766,95466,87366,106

66,29267,13967,21867,43867,78668,78868,82468,85668,565

Civilian labor force

Total

53,86057,52060,16861,44262,10563,09962,88462,96663,417

64,64863,55263,40463,35362,614

62,84063,72563,82564,06364,42565,44565,49465,52265,243

Employed1

Total

52,82055,25058,02759,37858,71059,95761,00561,29361,894

63,40862,30662,24261,92560,764

59,75360,05560,10060,59861,11962,09862,14862,27662,144

In nonagricul-tural industries

44,24046,93049,76151,40550,68452,45053,95154,48855,366

56,13455,04455,08355,27455,326

54,46954,35154,22554,52254,29754,47054,66155,34954,617

Inagriculture

8,5808,3208,2667,9738,0267,5077,0546,8056,528

7,2747,2627,1596,6515,438

5,2845,7045,8756,0766,8227,6287,4866,9287,527

Unem-ployed

1,0402,2702,1422.0643,3953,142J .879L,6731,523

L,2401,2461,1621,4281,850

$,0875,6715,7255,4655,3055,3475,3463,2453,099

Not in thelabor force

40,23045,55045,85045,73346,05146,18146,09246,71048,081

46,99448,21548,49548,67149,528

49,44748,67948,69648,54948,29747,36547,39547,47347,866

"Corrected1 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 inter-

views of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data may be obtainedfrom the Bureau of the Census.



VALUE OF NEW CONSTRUCTION ACTIVITY[Seasonally adjusted. In millions of dollars]

Year or month

193919401941194219431944194519461947194819491950195119521953

1953—SeptemberOctober.November.December

1954—JanuaryFebrua ry . . . .March.. . .AprilMay. .JuneJuly? ..August?Septembers

Total

8,1988,682

11,95714,0758,3015,2595,633

12,00016,68921,67822,78928,45431,18233,00835,256

2,9252,8802,9362,955

2,9563,0503,0013,0253,0663,0703,0843,1233,160

Private

Total

4,3895,0546,2063,4151,9792,1863,2359,638

13,25616,85316,38421,45421,76422,10723,877

1,9941,9822,0021,992

1,9922,0042,0172,0632,1162,1132,1612,1992,210

Resi-dential

2,6802,9853,5101,715

885815

1,1004,0156,3108,5808,267

12,60010,97311,10011,930

995979976981

971972981

1,0321,0811,0851,1281,1601,178

Business

Total

1,2291,5612,0821,287

759989

1,6724,1954,8965,6935,3225,6807,2177,4608,436

710710726718

729736738726722718718730727

Indus-trial

254442801346156208642

1,6891,7021,397

9721,0622,1172,3202,229

173164164164

170176182184176171168165157

Com-mercial

2923484091553356

2031,132

8561,2531,0271,2881,3711,1371,787

163173187188

189187176165171172174187191

Publicutility

683771872786570725827

1,3742,3383,0433,3233,3303,7294,0034,416

374373375366

370373380377375375376378379

Othernon-resi-den-tial

480508614413335382463

1,4282,0502,5802,7953,1743,5743,5473,511

289293300293

292296298305313310315309305

Public

Total

3,8093 6285 751

10,6606 3223,0732,3982,3623,4334 8256,4057,0009,418

10,90111,379

931898934963

9641,046

984962950957923924950

Mili-tary

125385

1 6205,0162,550

837690188204158137177887

1,3881,307

97797569

808175736888746868

High-way

1,3811 3021 066

734446362398895

1,4511,7742,1312,2722,5182,8203,165

287267277289

271329302295299294294289301

Conser-vation

570528500357285163130240394629793881853854830

60585964

626164666663625955

Allother

1,7331 4132 5654,5533 0411,7111,1801,0391,3842 2643,3443,6705,1605,8396,077

487494523541

551575543528517512493508526

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]

Year or month

1947194819491950195119521953


1954—January.... . .FebruaryMarchAprilMayJuneTulvAugustSe tember

Total

7,7609,430

10,35914,50115,75116,77517,443

1,7421,8921,3941,300

1,1521,2211,5281 6921,9251,7331,8371 ,5731,816

By type ofownership

Public

2,2963,1073,7184,4096,1226,7116,334

725689483479

363436484477669625681509589

Private

5,4646,3236,641

10,0929,629

10,06411,109

1,0171,203

911821

789785

1,0431,2151,2561,1081,1561,064I 227

Resi-dential

building

3,1543,6084,2396,7416,2056,6686,479

507635484434

462509668796825720745693

By type of construction

Nonresidential building

Fac-tories

941840559

1,1422,8832,5622,051

383235232136

111106809486

107108

93

Com-mercial

785975885

1,208915979

1,489

14517110197

11493

134178179192145141

Educa-tional

392725824

1,1801,3351,4721,720

138153140176

132144179171189186201181

Other

5971,1271,3761,6511,6891,6861,695

116200138131

117125140163218172187136

Publicworks

andpublic

utilities

1,8902,1552,4762,5782,7233,4084,008

451500298326

216244328290428357450330

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]

Month

1953—TuneJulyAugust


Total(11 dis-tricts)

1,1161 .7931,414

1,7331,8371,573

Federal Reserve district

Boston

639490

9395

109

NewYork

223299242

267270198

Phila-delphia

7911777

117143106

Cleve-land

165221221

177207193

Rich-mond

115149152

165163133

Atlanta

112199123

208167175

Chicago

156334217

343394306

StLouis

7412190

10511085

Minne-apolis

- 1 09848

578676

KansasCity

416359

919090

Dallas

989994

111112102

OCTOBER 1954 1107


PERMANENT NONFARM DWELLING UNITS STARTEDfin. thousands of units]

Year or month

193919411945194619471948194919501951195219531

1953—SeptemberOctoberNovember . .December

1954—JanuaryFebruaryMarchApril..May

July .AugustSeptember

Total

515706209671849932

1,0251,3961,0911,1271,104

95908266

»66*75J>95

P108*109P117J>112P i l lP114

Urban

359434134404480525589828595610565

47433935

n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Ruralnon-farm

156272

75267369407436568496517539

48474331

n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Private

Total

458620208663846914989

1,3521,0201,0691,068

92908065

>65»74*93

P107P107P113J»109PllOP112

1-family

373533185590740763792

1,151892939933

81797054

5365839698

n.a.n.a.n.a.n.a.

2-family

2028

92434463542404642

3433

22333

n.a.n.a.n.a.n.a.

Multi-family

6658154872

104162159

888494

8778

107777

n.a.n.a.n.a.n.a.

Public

5787

183

183644715836

30)2

1

9191»2J»l91P 4P 3P IP2

Government-underwritten

Total

158220

47152440393466686413420407

36373327

253037444956526060

FHA

158220

4169

229291361486264279252

22222015

131621242428252726

VA

6S3

211102105200149141155

14151312

121116202528273334

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, estimatesbased 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]

Class

Total

CoalCokeGrainLivestock

OreMiscellaneousMerchandise, 1. c. 1

Annual

1952

126

109168142

6914418114046

1953

127

103171135

6314321514343

Monthly—seasonally adjusted

1953

Aug.

130

112169131

5814522114544

1954

Mar.

112

78104127

6412617713241

Apr.

I l l

7998

13462

12713613039

M a y

112

8494

14458

12813612839

June

111

8595

15554

12716412538

July

109

8094

15154

11915912538

Aug.

I l l

9090

13859

11914512640

Monthly—without seasonal adjustment

1953

Aug.

134

112162142

5515333114644

1954

Mar.

105

78105117

51126

5112541

Apr.

108

7996

11855

12788

12840

M a y

114

8493

12753

13322413039

June

116

8593

15841

13225512938

July

114

8091

18147

12025512638

Aug.

114

9087

14956

12521712940

NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled byAssociation of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Inter-state Commerce Commission.

MERCHANDISE EXPORTS AND IMPORTS[In millions of dollars]

Month

JanuaryFebruary . .MarchAprilMay . . . . .JuneJulyAugustSeptemberOctober

December

January-August . . .

Merchandise exports1

1952

1,2541,3441,4471,3551,4801,1711,0301,0871,2291,2161,1901,391

10,168

1953

1.293

11

r]_

1,1991,3911,3941,453L,3841,3581,1871,2561.259

1,2531 353

10,659

1954

1,0921,1821,124

•"1,4261,3991,474

Pl.290•1,177

no ,164

Merchandise exports excludingmilitary-aid shipments2

1952

1,1891,2601,3301,1871,2441,058

893916981

1,043995

1,108

9,077

1953

1,016926

1,0531,0541,0851,013

960911

1,0511,0191,0311,137

8,018

1954

922'998921

'1,2581,1351,114

Pl.022e974

«8,344

Merchandise imports3

1952

922893964933835861839818877918805

1,053

7,065

1953

922856

1,0051,013

902933908840926814849907

7,379

1954

833809858

r957829945

P821•835

«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.



DEPARTMENT STORE STATISTICS[Based on retail value figures]

SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS[Index numbers, 1947-49 average = 100]

Year or month

SALESi1947194819491950 .19511952 .1953

SEASONALLY ADJUSTED

1953—AugustSeptemberOctober . .NovemberDecember

1954—JanuaryFebruaryMarch . . .

May

July .August



1954—JanuaryFebruaryMarchApril....MayJuneJuly ..August . .

STOCKS i19471948. . .19491950... .19511952... .1953

SEASONALLY ADJUSTED


1954—January . .FebruaryMarchAprilM!ay

JulyAugust



1954—JanuaryFebruaryMarchAprilMayJuneJulyAugust

UnitedStates

9810498105109110112

112107110113112

107109105111108112111

P112

98112115136192

83868911010610688

2>97

93107100109129118126

131128128127123

120119121'120121122124

*124

126132141142109

108114126••127126116115

P120

Federal Reserve district

Boston

9910299103105104105

99105107107108

105109102105102106107104

79112107129194

8381861081021067783

95105100109124111116

119117117115112

114112118117120117116119

114120132134105

102106120122121110105115

NewYork

9910398101105101102

9998104102101

10110299102100102101105

75102110129178

81838510198997380

9810597105124113116

121117116115113

111107111113115114117115

rH7123130132104

98104116118118107104111

Phil-adel-phia

96104100106109109110

116104106108108

106111106109105109109107

92108114142188

8084911091041047885

9310799108127113119

122122122120117

114113112114116117116115

116127139137103

99111120123119109103109

Cleve-land

9710598105111110113

120109110115112

1041049210498107105108

104114115142187

808082105981008294

93107100106128111119

124121124121121

115113112113117115117116

119127137136106

104111119120119109106112

Rich-mond

97103100105113118119

116114117118121

109117'119122••115120••117120

99121122144211

8089••97

••124••114••11393102

94105101113133130141

149139143144132

133132••136••135••137••139••139139

••148143154151115

120127142146146133135139

At-lanta

96103101109115124126

130119128128127

122123117127122129132

P131

114122130146219

94101110129120114106

P115

90108102120140135146

141148148149142

142141141135137135137

P136

141152161165125

130139147143138128128

P136

Chi-cago

9910497104108106111

109106109113115

106107101111108110106107

98113112137188

8283861091081088697

89111100110128115123

128127126124122

117117121122122122122124

121129139143111

108114126126124116114118

St.Louis

9710498104107110112

110102108114113

108112108114106122••112110

100109119136185

838892112106110••89100

9310296107128117126

134129124121118

117127120116118119129116

130138138132104

99108123124123119120119

Minne-apolis

9810499105104104104

102100103105107

10410895100104103105105

97110118121171

75837910110496••8499

91110100104117107115

120122113115111

106110111111111112113119

115123126128101

100106115116113107109114

KansasCity

9810399108111113112

112103108112114

110109103113109115118112

104109114129189

83869011010910897104

93108100113132124136

14514113813713i

128128129125127131133P138

137144149152117

118125133134134127125P129

Dallas

94105102113117124125

127112122127125

119121115120123127132127

115119128144209

9498102119119112111115

89110101112132126138

142141139136131

128130127127128131133

P131

139147152151120

115127136135130121123

P129

SanFran-cisco

9910498105109114115

114110111112109

108107111111114114

••115116

109111111131195

858688107107105100111

93107100110131125133

135132132133129

123121124116119122129129

128137148144108

111113125125129122125122

'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


DEPARTMENT STORE STATISTICS—Continued[Based on retail value figures]

DEPARTMENT STORE MERCHANDISING DATA

Year or month

1944 average1945 average.1946 average1947 average1948 average . . .1949 average1950 average1951 average1952 average1953 average. .


1954—January .FebruaryMarchAprilMayTune.Tuly.August?

Amounts (In millions

Sales2

(totalfor

month)

246276345365381361376391397402

'345388440477725

310299351402372378306349

Stocks2

(endof

month)

574604767887979925

1,0121,2021,0971,157

rl ,1421,2061,2971,3271,042

1,0101,0751,1761,1831,1611,0671,0421,096

Out-stand-

ingorders2

(end ofmonth)

596775964588494373495460435421

'492492462371288

370403343279247386468460

of dollars)

Re-ceipts3

(totalfor

month)

244277373366386358391390397403

'403'452531507440

278364452409350284281403

Neworders3

(totalfor

month)

256291354364363358401379401397

'369••452501416357

360397392345318423363395

Stocks

2.42.32.32.52.72.72.83.22.93.0

3.33.12 . 92.81.4

3 . 33.63.42 . 93.12.83 . 43 . 1

Ratios to sales1

Out-stand-

ingorders

2.53.03.01 .7L.4L.IL.41.3L .2L.I

L.43

L.I0.80.4

1.21.31.00 . 70.71.01.51.3

Stocksplusout-

stand-ing

orders

5.05.35.34 34.13.84.24.44 14.2

4.74.44 . 03.61.8

4 . 54.94.33 . 63.83.84 . 94 . 5

Re-ceipts

1.01 01.11 01.01.01.11.01 01.0

n . 21.21.21.10.6

0 . 91.21.31.00.90 80 . 91.1

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 estimatedtotal 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 onoutstanding 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

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

1950

4111825

29

162330

1951

6132027

3101724

310172431

7. . . .1 4 . . . .2128

109118127110

153191220221

82

98105104

96

81949495

99105101105

89

101100

97101

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

1951

3101724

18

152229

1952

5121926

29

1623

18

152229

512192 6 . . . .

121127130123

161191213228

92

78929083

84878983

85889094

101

109111

97105

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

1952

18

152229

6132027

1953

310172431

7142128

7142128

411. . . .1825

115118130134138

195223237146

8189928687

88928593

96100109112

11897

105104

Nov.

Dec.

Jan.

Feb.

Mar

Apr.

1953

7142128

5121926

1954

29

162330

6132027

6132027

31 0 . . . .172 4 . . . .

121133131133

190216234163

8194858685

86918690

859295

10C

103113118101

VI ay

une

[uly

Aug.

Sept.

Oct.

1951

5121 9 . . . .26

2 . . . .9

162 3 . . . .30

71421 . . . .28

411 . . . .1825

1. . . .8

152229

6132027

113110

99100

95108106

9289

75838180

88879397

105100114111114

110117116113

M a y

June

July

Aug.

Sept.

Oct.

1952

31 0 . . . .172 4 . . . .31

7142 1 . . . .28

5121926

29

162330

61 3 . . . .2027. . . .

4111825

111117

99105

97

111116

9891

79838279

879095

100110

100114113112

116126124122

M a y

June

July

Aug.

Sept.

Oct.

1953

29 . . . .

162 3 . . . .30

6 . . . .132 0 . . . .27

4111825 . . . .

18

1 5 . . . .2229

512. . . .1926

310172431

114128105112

97

118112111

94

79928483

869295

100101

101102120114

112120118113113

M a y

June

July

Aug.

Sept.

Oct.

1954

1 . . . .8

15. . . .2229

51219. . . .26

310172 4 . . . .31

71421 . . . .28

4111825

2 . . . .9

162 3 .3 0 . . . .

112123

97106104

97111115

97

9377888487

9297

100102

'•11397

120117

.110

r Revised.N O T E . — F o r description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362.



DEPARTMENT STORE STATISTICS—Continued[Based on retail value figures]

SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES[Percentage change from corresponding period of preceding year]

Federal Reservedistrict,

area, or cityAug.1954

July1954 rnos.

1954


area, or city 1954

- 3

- 4

C

-I-Q

+7+3

- 1 1— 1

+200

- 8

- 4+?

2

- 8

- 5- 8- 8

0- 8- 3

P + 1

- 3+6+ 1+3+5+6+5+7+4

P + 3o

PQ

- 1 2^

- 1P+6

— 6- 8+8- 5

- 1 1— 7— 5

P - 3

+ 1- 8+3+2

- 1 2

Julv1954

- 1

+ r

+ 4

— 3— 2

+ 1+ 1+38- 1

+ 11+9- 7

+-c+ lf

- 1 1

_ 4- 4

0- 9

c- 4

+4

+3+6

+ 16+ 10+2

+ 14+8

+ 10+7+7+3

+ 12— 1

- 7+ 7- 3+5- 2+ 2+3

—4+7- 2

- 2

0- 2

r+3- 1

- 1 7

8

1954

- 8

+2

- 3

+ 1- 2- 1- 5- 5+4

0+2- 5

_ 7

- 2- 4

- 9

- 9Q

- 4- 1 0

- 7- 1 1

- 1

- 5- 2- 2+2+ 1+2- 1

- 3

+ 1+ 1- 5

0- 8- 6

0

+ 1- 3- 2+3- 4

- 9- 3- 6

- 3

0- 1 2

0- 8

- 1 3


area, or cityAug.1954

Tuly1954 mos.

1954


area, or cityAug. July

1954

United States

Boston

Met. Areas*PortlandBostonDowntown

BostonSuburban

BostonCambridge.

Lowell-Lawrence . . .

New Bedford.. .Worcester2.. . .

CitiesSpringfieldProvidence2.. .

New York

Met. Areas1

Albany-Sche-nectady-Troy

AlbanySchenectady..

Binghamton... .Buffalo

Buffalo2

Niagara Falls.New York-N. E.

New Jersey.. .Newark2

N. Y. C i ty 2 . . .Rochester2

Syracuse2

Utica-Rome. . . .Utica

CitiesBridgeport2. . . .ElmiraPoughkeepsie...

Philadelphia . .Met. AreasWilmington. . . .Trenton2

Lancaster2

Philadelphia2..Reading2

ScrantonWilkes-Barre-

Hazleton2

CityYork2

ClevelandMet. AreasLexingtonAkron2

Canton2

Cincinnati2 . . . .Cleveland2

Columbus2

Springfield2 . . . .Toledo2

Youngstown2...Erie2

Pi t t sburgh 2 . . . .

+4

+7

+ 7

+8

-2-9+5

0-3

+6

+3+3+4-1-1-1+4

+8+ 11+6+ 15+ 11̂

+ 1

+ 1

3 Cleve.-cont.Met. Areas-cont.Wheeling-Steubenville2

+2

-8

+5-1-9-3-14-7

-17

— 7-52

-1-3-1-10-12

++ 1

+8+ 1

+_3-6

+2+3

-2

-30

-80

zl0

_2-6-2-4-90

+4

-2-1+2

- 7

- 1- 4

- 7^

- 6

- 1 0

2- 8

- 4

- 1 1-J

- 8+2- 8-6

- 1 0-6

- 2+2

+6+2- 2- 5- 5

+ 1- 3

- 2- 2

2- 2- 3- 3+2

+ 1i

0+4- 1- 5

<

- 7

+ 1- 5

+ 1- 1 0

5- 2- 8- 3

- 6- 1 0

- 2- 7- 9- 4

y- 1

- 1 0

\CityPortsmouth2. . .

Richmond[Met. Areas1

Washington2 . . .Downtown

WashBaltimore2

Asheville2

Raleigh2

Winston-Salem2

Charleston, S.C.5Columbia2

Greenville2

Norfolk-Portsmouth2. .

Richmond2

Roanoke2

Charleston,W. Va.2

iCitiesCumberland-

I Hagerstown . . .Spartanburg.. . .Lynchburg2

Newport News.Huntington2. .Parkersburg. . . .

AtlantaMet. Areas1

Birmingham2..MobileMontgomery. . .Jacksonville2. . .Miami2.

- 1 1- 9

OrlandoSt. Petersburg-

TampaSt. PetersburgTampa2

Atlanta2

AugustaColumbusMacon2

SavannahBaton Rouge2.New Orleans2. .Jackson2

Chattanooga2.Knoxville2

Nashvi l le 2 . . . .CitiesRomeMeridianBristol

Chicago. . .Met. Areas1

Chicago2...Aurora.. . .Elgin.Joliet2

Gary.

Chicago-cont.Met. Areas-cont.Decatur2

Peoria2

Rockf ordTri-Cities2

(Moline,Rockland;Davenport)

Fort Wayne2. .Indianapolis2. .South Bend2.Terre Haute2 . .Cedar Rapids.. .Des Moines. . . .DubuqueSioux CityWaterlooDetroit2

Flint2

Grand Rapids2

Jackson2

KalamazooLansing2

SaginawGreen BayMadisonMilwaukee2

CitiesDanvilleBattle Creek. . .MuskegonPort Huron. . . .Sheboygan

St. Louis

Met. AreasFort SmithLittle Rock2... .Evans ville2

Louisville2

SpringfieldSt. Louis2

Memphis 2 . . . .

CitiesQuincyPaducah

Minneapolis. .

Met. Areas1

Mpls.-St. Paul-'Minneapolis2. .St. Paul2

Sioux Falls.

CitiesMankato ,Duluth-Superior2.. . . .

Great FallsGrand Forks. . .LaCrosse

Kansas City

Met. AreasDenver. . .Topeka.. .

- 7 - 3

~ 7 |—Q

c

+ 13- 4

- 1 8- 2- 3

0+ 1

- 1 10

- 6- 1+ 1- 9+ 1+2-1

P+6+2+2

- 1 1- 9- 6

- 1 3+8- 1

- 4- 2+ 1+2

+2

+3

+4+4+4

0

+ 1+ 2+3+7- 4

- 1

+6- 3

+8-6-18—5+9+4-7

+2-6+4

r

-6—4

+ 11-60

-1+ 1- 4

= ?-17- 5+6

+ 10+9

+ 17+3

+ 13+5+7

+3

+2+3

0

+7- 5+ 1+2- 3

+8

+2+ 10

+6- 1 8

7

+2- 3

c- 5- 6- 5- 4

+5- 8+3

- 9-12-12-12

- 2

- 2

- 2+1

- 1 3- 4- 4- 1

0

+ 1- 2 5

- 1

+ 1+ 1

0+1+3- 4+2- 5

- 2

Kan. City-cont.Met. Areas-cont.WichitaSt. JosephOmahaAlbuquerque. .Oklahoma CityTulsa

CitiesGreeleyHutchinson...JoplinKansas City..Enid

Dallas.

Met. AreasShreveport.. . .Corpus Christi.Dallas2

El PasoFort Worth. . .Houston2

Waco

San Francisco.

Met. Areas1

Phoenix2

Fresno2

Los Angeles2 . .Downtown

L. A.2

Westside L.A.*Long Beach2 . .PasadenaSanta Monica..

Riverside andSan Ber-nardino

Sacramento2. . .San Diego2

San Francisco-Oakland2

Oakland-Berkeley2 . . . .Downtown

Oakland2.San Francisco2

VallejoSan Jose2

Stockton2

Portland2

Salt Lake City2.Seattle2

Spokane2

Tacoma2

CitiesTucsonBakersfield2. . .Boise andNampa

Idaho FallsTwin FallsBellinghamEverett2

Walla Walla2.. .Yakima2

+ 13i

+2

+ 10-4

^-3

+ 11+ 1-1-40

-4

-3-7

c

+300

+3

-3+5

P-4

P+2

-4

-3+40

-3-10P+2

+3

+5

-1

'+10+5+90

-12v —'P—\

+7-2+7

++ 2 0

-6-4+8+ 12+ 18

+6

+9+8+8+2+5+4+ 15

+2

-5-5+3

-1+4+ 1+2+6

+6+7-1

+4

+4

+8+4-3

+ 1 2-10+3r-2+7-4+3

+ 1-6

+ 1-6

Q

-4

-4-6+4-

+4-1

-7-3-2_22

-3

-2-3-2-6-5-3-3

-5

-13-9

-2

-4-1-4-1-3

-3-4

-5-2-4-1-12-5-8-1-6-3

-11-6

-4-6-72

-13— 14-7

lecessarily include all portions of such areas,these areas and cities and may be obtained upon request from the Federal

OCTOBER 1954 1111


DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS

[Based on retail value figures]

Department

GRAND TOTAL—entire stores

MAIN STORE—total

Piece goods and household textiles . .

Piece goodsSilks, velvets, and syntheticsWoolen yard goods

Household textilesLinens and towelsDomestics—muslins, sheetingsBlankets, comforters, and spreads

Small wares

Laces, trimmings, embroideries, and ribbonsNotionsToilet articles, drug sundries

Silverware and jewelrySilverware and clocksCostume jewelryFine jewelry and watches

Art needlework

Books and stationeryBooks and magazinesStationery

Women's and misses' apparel and accessories

Women's and misses' ready-to-wear accessories

HandkerchiefsMillineryWomen's and children's glovesCorsets and brassieresWomen's and children's hosiery

Underwear, slips, and negligeesKnit underwearSilk and muslin underwear, and slipsNegligees, robes, and lounging apparel . .

Infants' wearHandbags and small leather goods

^Tomen's and children's shoesChildren's shoes^Vomen's shoes . . .

Women's and misses' coats and suits . . .CoatsSuits

Juniors' and girls' wearJuniors' coats, suits, and dressesGirls' wear

Inexpensive dressesBetter dresses .

Blouses skirts and sportswear . . . .Aprons, housedresses, and uniformsFurs

Men's and boys' wear

Men's clothing

Men's and boys' shoes and slippers

Percentagechange from a

year ago

Salesduringperiod

July1954

- 2

- 1

- 2

0- 8+2+8—3_ 2- 4- 1

0

- 4- 4+3+2

0+3+5—4

0- 2+ 1- 3

- 2- 2- 8

- 1 2- 6+2

- 1

+ 1+2- 8

- 3+2- 1- 2- 1

- 4- 1 5- 1 6- 1 0

0- 3+2- 4- 6- 2

0- 6+3- 1

+2

- 2+1

Sevenmonths

1954

- 3

- 3

- 2

0- 4

- 1 1+7—2- 4

- 1

- 1

— 5- 2

0

0- 1+ 1

0

- 5

0- 3+ 1- 3

- 2- 3- 6- 7- 7+2

0

- 5

- 10

- 10

- 1

- 3- 1 0

- 9- 1 2

- 1•?

- 3- 4- 3

0- 3- 3

- 3

- 4- 2- 2- 2

Stocks(end ofmonth)

July1954

- 4

- 4

- 5

- 7- 1 0- 1 1

0

—4- 4- 6- 3

0

220

0

+1+3- 1

02

+2- 4

- 3- 1- 9

- 1 0— 7+3

0

- 5- 7

0

- 4- 2

- 2- 1- 3

- 6- 1 5- 1 7- 1 6

- 40

- 6

+ 1+4- 2

- 3+2

- 1 2_ 3

- 2- 4- 7+1

Ratio ofstocks to

sales1

July

1954

3 7

4.0

4.3

4.75.99.42.8

4 04.63.34.4

4.5

4.74.23.7

5.77.83.1

10.1

6.1

4 . 73 . 95.0

3.3

4.02 . 75 . 02 . 09 . 93 . 33.3

2.83 . 02 . 82.3

4.03.2

6.56 . 76 . 4

2 . 84 . 65 . 03 . 8

3 . 02 . 33 . 8

1.61.22 . 2

2 . 51.79.8

5.2

5 . 74 . 46 . 36 . 4

1953

3 8

4.1

4.4

5.16.0

10.73.1

4 14.63.44.5

4.6

4.64.13.8

5.98.33.1

10.2

5.9

4 . 73 . 95.0

3.4

4.02 . 65 .02 . 0

10.03 . 33.2

3.03 . 23 . 12.1

4.03.3

6.66 .76 . 5

2 . 84 . 65 . 04 . 1

3 . 12 . 24 . 2

1.61.12 . 2

2 . 61.6

11.5

5 . 3

5 . 94 . 56 . 76 . 4

]federal Reserve index numberswithout seasonal adjustment,

1947-49 average = 1002

Sales duringperiod

1954

July

75

73

49352791

8983

10483

74

658091

65617454

60

666766

70

7079393629

10957

78927371

7464

746775

70332941

706873

747970

10410242

70

75705684

June

94

75

604314

118

85828491

95

96116105

96959793

61

827487

91

91104515345

14471

961079585

8493

10591

110

91272237

898890

11312996

13614815

119

121129

81132

1953

July

76

74

49382784

9285

10984

74

688488

64617252

63

666865

72

7180434131

10659

78927277

7663

756876

73393545

706971

778472

10410941

70

74715783

Stocks at endof month

1954

July

106

101

827386

102

110102135111

105

97117101

1061219192

101

10898

112

107

109111636981

132104

96122

8878

11397

128129126

105919180

118107128

807781

13394

112

110

119104103119

June

110

99

78717798

111102135106

111

109125105

11312796

116

104

113102118

106

112115666881

140110

1061389788

110102

128128130

98655871

10090

108

9810192

12911488

118

13011599

128

1953

July

111

106

898297

102

115105143114

106

99119100

1061309189

102

108100110

112

112111

707687

129104

1011289579

11999

130131129

11110710996

123107136

797483

13792

128

114

121108111117

For footnotes see following page.



DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS—Continued

[Based on retail value figures]

Department

Homef u rn ish ings .

Furniture and beddingMattresses, springs, and studio beds . . . .Upholstered and other furniture

Domestic floor coveringsRugs and carpetsLinoleum

Draperies, curtains, and upholsteryLamps and shadesChina and glasswareMajor household appliancesHousewares (including small appliances). .Gift shop

Radios, phonographs, television, records, etc..Radios, phonographs, televisionRecords, sheet music, and instruments

Miscellaneous merchandise depa r tmen t s . .

Toys, games, sporting goods, camerasToys and gamesSporting goods and cameras

Luggage.Candy. . .

BASEMENT STORE—total

Domestics and blankets

Women's and misses' ready-to-wear

Intimate apparelHosieryUnderwear, corsets and brassieres

Coats and suitsDressesBlouses, skirts, and sportswearGirls' wearInfants' wearAprons, housedresses, uniforms

Men's and boys' wear

Men's wearMen's clothingMen's furnishings

Boys' wear

Homef urnishings

Shoes

NONMERCHANDISE—total

Barber and beauty shop

Percentagechange from a

year age

Salesduringperiod

July1954

_i

-2-2-3

— 1— 2

-15

-4-6— 6+ 11— 2— 5

-1-4+ 4

0

1c

+ 2

-3+ 1

-6

9

-7

—3— 5-3

-15-13

0-1— ~>

-22

— 1

-1

+ *4— 1

-5

-6

0

+ 5

Sevenmonths1954

-5

— 7-6-8

-9-10-13

c

-6— 5-49

-4

-3-9+ 13

-1

-1-1-2

_ q

+ ?

-4

-6

-5

-1-̂0

-12— 90

+ 1_ 1

-11

+ 1

+ 1+ ̂>00

-7

-2

0

+8

Stocks(end ofmonth)

July1954

-6

-8-11-8

-9_9

-16

-3-6_3

-10+2— 2

-15-21-1

-2

-1-3+ 1_7+8

-6

-6

-7

-3-4-2— 22_5n

-8— 6— 7

-4

— 2-1-3

-9

-6

-3

(4)

(0

Ratio ofstocks tosales1

July

1954

4.3

3.71.74.6

5.96.04.8

5.15.49.91.94.06.6

3.53.05.3

3.2

4.75.24.3

3.31.4

2.7

3.0

2.1

2.42.62.34.01.01.62.73.11.8

3.0

2.83.02.6

3.8

4.0

4 2

(4)

0)

1953

4.5

4.01.94.8

6.56.54.8

5.15.49.62.43.96.4

4.23.65.6

3.2

4.75.04.4

3.51 .3

2.7

2.9

2.1

2.42.52.34.40.91.83.03.31 .5

3.1

2.83.12.6

4.1

4.0

4.0

(4)

(4)

Federal Reserve index numberswithout seasonal adjustment,

1947-49 average =

Sales duringperiod

1954

July

85

110134102

616349

765971929379

737276

79

7762102

10262

74

90

71

89(4)(4)25831026975

(4)

81

859283

69

66

78

97

145

June

94

10412198

626553

9868928811896

736573

93

9375126

13468

l?A

93

99

110(4)(4)28133140100

• 92(4)

137

149147154

93

84

113

107

145

1953

July

87

112137105

616458

806375839683

737573

7)

7865100

10561

7)

100

77

92(4)(4)29961026977(4)

82

868887

69

70

83

97

137

1002

Stocks at endof month

1954

July

107

109119109

9710360

10610112684117127

9187105

131

114118109

10578

98

111

92

106(4)(4)747698109111(4)

104

10411199

111

105

1C4

(4)

0)

June

113

116130117

9910561

11310912990125133

968693

ir»3

115127105

11083

102

111

96

109(4)(4)5895107103107(4)

111

114122110

102

109

108

(4)

(4)

1953

July

113

119134119

10611471

11010713093115129

108111106

103

115

m10911372

104

118

99

109(4)(4)9580108118118(4)

108

106112102

122

111

1C7

(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 numberof 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 stocksindexes, 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 thedepartments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

OCTOBER 1954 1113


PRICESCONSUMER PRICES

[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100]

Year ormonth

1929

1933

1941194219431944194519461947194819491950195119521953

1953—Aug....Sept . . .OctNovDec. . . .

1954—JanFeb.. . .Mar.. . .Apr.. . .May . . .June . . .J u l y . . .Aug.. . .

Allitems

73.3

55.3

62.969.774.075.276.983.495.5

102.8101.8102.8111.0113.5114.4

115.0115.2115.4115.0114.9

115.2115.0114.8114.6115.0115.1115.2115.0

Foods

65.6

41.6

52.261.368.367.468.979.095.9

104.1100.0101.2112.6114.6112.8

114.1113.8113.6112.0112.3

113.1112.6112.1112.4113.3113.8114.6113.9

Housing

Total

95.0101.7103.3106.1112.4114.6117.7

118.0118.4118.7118.9118.9

118.8118.9119.0118.5118.9118.9119.0119.2

Rent

117.4

83 6

88 490 490 390 690.991 494.4

100.7105.0108.8113.1117.9124.1

125.1126.0126.8127.3127.6

127.8127.9128.0128.2128.3128.3128.5128.6

Othershelter i

Gasandelec-

tricity

97.6100.0102.5102.7103.1104.5106.6

106.9106.9107.0107.3107.2

107.1107.5107.6107.6107.7107.6107.8107.8

Solidfuelsand

fuel oil

88.8104.4106.8110.5116.4118.7123.9

123.9124.6125.7125.9125.3

125.7126.2125.8123.9120.9120.9121.1121.9

House-fur-nish-ings

97.2103.299.6

100.3111.2108.5107.9

107.4108.1108.1108.3108.1

107.2107.2107.2106.1105.9105.8105.7105.4

House-hold

opera-tion

97.2102.6100.1101.2109.0111.8115.3

115.8116.0116.6116.9117.0

117.2117.3117.5116.9117.2117.2117.2117.3

Ap-parel

60.3

45.9

55 664 967 872 676.383 797.1

103.599.498.1

106.9105.8104.8

104.3105.3105.5105.5105.3

104.9104.7104.3104.1104.2104.2104.0103.7

Trans-porta-tion

90.6100.9108.5111.3118.4126.2129.7

130.6130.7130.7130.1128.9

130.5129.4129.0129.1129.1128.9126.7126.6

Med-icalcare

94.9100.9104.1106.0111.1117.3121.3

121.8122.6122.8123.3123.6

123.7124.1124.4124.9125.1125.1125.2125.5

Per-sonalcare

97.6101.3101.1101.1110.5111.8112.8

112.7112.9113.2113.4113.6

113.7113.9114.1112.9113.0112.7113.3113.4

Read-ingand

recrea-tion

95.5100.4104.1103.4106.5107.0108.0

107.6107.8108.6108.9108.9

108.7108.0108.2106.5106.4106.4107.0106.6

Othergoodsandserv-ices

96.1100.5103.4105.2109.7115.4118.2

118.4118.5119.7120.2120.3

120.3120.2120.1120.2120.3120.1120.3120.2

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]

Year ormonth

Allcom-modi-ties

Farmprod-ucts

Proc-essedfoods

Other commodities

Total

Tex-tile

prod-uctsandap-

parel

Hides,skins,and

leatherprod-ucts

Fuel,power,

andlight-ingma-

terials

Chem-icalsand

alliedprod-ucts

Rub-berand

prod-ucts

Lum-berand

woodprod-ucts

Pulp,paper,and

alliedprod-ucts

Metalsand

metalprod-ucts

Ma-chin-eryandmo-tive

prod-ucts

Furni-tureand

otherhouse-holddura-bles

Non-me-

tallicmin-

erals—struc-tural

T o -baccomfrs.a n d

bottledbev-erages

Mis-cella-neous

1947194819491950195119521953

1953AugustSeptemberOctoberNovember...December...

1954JanuaryFebruaryMarchAprilMayJuneJulyAugust

96.4104.499.2

103.1114.8111.6110.1

110.6111.0110.2109.8110.1

110.9110.5110.5111.0110.9110.0110.4110.5

100.0107.392.897.5

113.4107.097.0

96.498.195.393.794.4

97.897.98.499.497.994.896.295.

98.2106.195.799.8

111.4108.8104.6

104.8106.6104.7103.8104.3

106.2104.8105.3105.9106.8105.0

106.5106.3

95.3103.4101.3105.0115.9113.2114.0

114.9114.7114.6114.5114.6

114.6114.4114.2114114.5114.2114.3114.4

100.1104.495.599.2

110.699.897.3

97.596.996.596.295.8

96.195.395.094.94.894.995.195.3

101.0102.196.9

104.6120.397.298.5

99.999.797.197.195.6

95.394.99494.696.095.6

'94.994.2

90.9107.1101.9103.0106.7106.6109.5

111.0110.9111.2111.2111.1

110.8110.5109.108.6108.107.8

106.2106.8

101.4103.894.896.3

110.0104.5105.7

106.3106.7106.7107.2107.1

107107107107107106106106.8

99.0102.198.9

120.5148.0134.0125.0

123.5124.0124.2124.3124.8

124.8124.6124.9125.0125.1126.1126.8126.4

93.7107.299.2

113.9123.9120.3120.2

120.4119.2118.1117.3117.4

117.0116.8116.7116.2116.1116.3

'•119.1119.2

98.6102.998.5

100.9119.6116.5116.1

116.2116.9117.5117.3117.1

117.0117.1116.6116.3115.8115.8116.2116.3

91.3103.9104.8110.3122.8123.0126.9

129.4128.5127.9127.9127.5

127.2126126.3126.8127127.1128.0128.6

92.5100.9106.6108.6119.0121.5123.0

123.7124.0124.1124.2124.3

124.4124.5124.5124.4124.4124.3124.3124.3

95.6101.4103.1105.3114.1112.0114.2

114.8114.9114.8114.9115.0

115.2115.1115.0115.6115.5115.4115.3115.4

93.9101.7104.4106.9113.6113.6118.2

119.6120.7120.7120.8120.8

120.9121.0121.0120.8119.3119.1120.4120.5

98.0100.4101.6102.4108.1110.6115.7

115.6116.2118.1118.1118.1

118.2118.0117.9121.5121.4121.4121.4121.5

100.8103.196.196.6

104.9108.397.8

96.494.794.493.2

100.1

101.1102.8104.9110.3109.2105.1103.9102.3

r Revised.Source.—Bureau of Labor Statistics, Department of Labor.Back figures.—See BULLETIN for March 1952, pp. 311-313.



PRICES—ContinuedWHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued

[Index numbers of the Bureau of Labor Statistics, 1947-49=100]

Subgroup1953

Aug.

98.086.588.1

103.997.6

113.885.1

144.3

108.493.6

110.7

104.7110.5169.8116.7

94.1111.886.7

134.799.386.5

74.695.0

111.899.5

111.7131.8105.799.1

116.5

120.2110.796.093.546.9

111.2113.8102.9

120.0125.1123.2

119.3131.7112.4

108.898.5

125.9

1954

June

96.686.587.7

106.983.770.896.0

181.7

113.592.3

102.4

104.7113.3231.396.8

88.4110.185.6

123.998.179.0

60.687.4

111.997.5

104.7132.4107.8101.8110.9

117.0112.896.894.055.7

109.9111.6107.7

122.8129.3123.7

115.5130.899.7

109.770.1

126.5

July

110.988.183.2

107.2••87.7'84.494.8

184.0

114.094.1

105.1

104.7113.7231.3

101.4

88.9109.8'85.7124.2»-98.479.1

58.286.5

111.8'97.0

104.9132.4

105.4101.8108.2

117.1112.897.694.052.0

109.7112.1107.9

126.5129.3123.7

118.6130.7

103.0

109.679.2

126.5

Aug.

108.391.283.4

106.788.886.494.2

168.8

113.292.0

105.8

104.6114.5226.5109.6

89.1110.385.7

126.398.679.8

55.884.2

112.396.8

105.2132.4105.4101.8109.3

117.4112.897.894.053.5

109.8112.1107.7

123.5129.6123.7

118.7130.1105.4

109.680.0

126.5

Subgroup1953

Aug.

1954

June July Aug.

Farm Products:

Fresh and dried produceGrainsLivestock and poultryPlant and animal fibersFluid milkEggsHay and seedsOther farm products

Processed Foods:

Cereal and bakery productsMeats, poultry, and fishDairy products and ice creamCanned, frozen fruits, and vegeta-

blesSugar and confectioneryPackaged beverage materialsOther processed foods

Textile Products and Apparel:

Cotton productsWool productsSynthetic textilesSilk productsApparelOther textile products

Hides, Skins, and Leather Products:

Hides and skinsLeatherFootwearOther leather products

Fuel, Power, and Lighting Materials:

CoalCokeGasElectricityPetroleum and products

Chemicals and Allied Products:

Industrial chemicalsPrepared paintPaint materialsDrugs, Pharmaceuticals, cosmeticsFats and oils, inedibleMixed fertilizersFertilizer materialsOther chemicals and products

Rubber and Products:

Crude rubberTires and tubesOther rubber products

Lumber and Wood Products:

LumberMillworkPlywood

Pulp, Paper, and Allied Products:

WoodpulpWastepaperPaper

Pulp, Paper and Allied Products—Continued

PaperboardConverted paper and paperboard..Building paper and board

Metals and Metal Products:

Iron and steelNonferrous metalsMetal containersHardwarePlumbing equipmentHeating equipmentFabricated structural metal prod-

uctsFabricated nonstructural metal

products

Machinery and Motive Products:

Agricultural machinery and equip-ment

Construction machinery and equip-ment

Metal working machineryGeneral purpose machinery and

equipmentMiscellaneous machineryElectrical machinery and equip-

mentMotor vehicles

Furniture and Other Household Dura-bles:

Household furnitureCommercial furnitureFloor coveringHousehold appliancesRadioTelevisionOther household durable goods

Nonmetallic Minerals—Structural:

Flat glassConcrete ingredientsConcrete productsStructural clay productsGypsum productsPrepared asphalt roofingOther nonmetallic minerals.

Tobacco Manufactures and BottledBeverages:

CigarettesCigarsOther tobacco productsAlcoholic beveragesNonalcoholic beverages

Miscellaneous:

Toys, sporting goods, small arms..Manufactured animal feedsNotions and accessoriesJewelry, watches, photo equipment.Other miscellaneous

123.6112.1123.0

136.2124.5128.6135.6118.7115.6

117.8

126.3

122.3

130.5131.9

126.9123.9

125.6118.6

113.8125.8125.3108.995.074.0

126.9

124.7118.6116.1131.4122.1105.8117.8

124.0103.5120.7110.0125.1

114.085.093.5

101.8119.6

124.2111.5127.9

131.8123.7130.0137.9118.5113.8

115.9

125.3

122.3

131.5132.6

128.2125.5

125.9118.9

113.1126.2122.6109.895.670.6

130.4

124.7120.1117.5132.0122.194.2

120.2

124.0103.5120.7114.2148.1

113.6100.6101.6102.7121.3

124.2111.9127.9

133.6124.2130.3

138.2118.5114.0

115.9

125.3

122.3

131.5132.6

127.8125.5

125.8118.9

112.8126.2122.7109.795.6

'70.3130.4

124.7122.1

117.7132.0122.1'98.5120.2

124.0103.7121.4114.2148.1

113.598.3

101.6102.7121.2

124.2112.0127.9

133.8125.1131.2138.5118.5114.0

117.7

126.0

122.4

131.5132.6

127.9125.6

125.8118.9

112.9126.2123.5109.795.670.3

130.5

124.7122.2118.1132.1122.198.6

120.2

124.0103.7121.4114.3148.1

113.595.2

101.6102.7121.2

••Revised.Source.—Bureau of Labor Statistics, Department of Labor.Back figures.—See BULLETIN for March 1952, pp. 131-313.

OCTOBER 1954 1115


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

Annual totals

1929 1933 1941

Seasonally adjusted annual ratesby quarters

1953 1954

Gross national product

Less: Capital consumption allowances..Indirect business tax and related

liabilitiesBusiness transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus ofgovernment enterprises

Equals: National income

Less: Corporate profits and inventoryvaluation adjustment

Contributions for social insurance.Excess of wage accruals over dis-

bursementsPlus: Government transfer payments...

Net interest paid by government. .DividendsBusiness transfer payments

Equals: Personal income

Less: Personal tax and related payments..Federal

State and local

Equals: Disposable personal income.

Less: Personal consumption expenditures

Equals: Personal saving. . .

104.4

8.6

7.0.6.3

- . 1

87.8

10.1.2

.0

.91.05.8

.6

85.8

2.61.31.4

83.1

79.0

4.2

56.0

7.2

7.1.7.9

.0

40.2

-2 .0.3

.01.51.22.1

.7

47.2

15.5

1.0

45.7

46.4

- . 6

125.8

9.0

11.3.5.4

.1

104 7

14.52.8

.02.61.34.5

.596.3

3.32.01.3

93 0

81.9

11.1

257.3

16.5

20.4.7

- 2 . 1

- . 2

221.630.6

5.2

.010.54.47.2

.7

208.7

21.119.02.1

187.6

177.6

10.0

257.3

18.4

21.6.8.1

- . 2

216.2

28.15.7

.011.64.67.5

.8

206.8

18.716.22.5

188.2

180.6

7.6

285.1

20.5

23.7.8.2

.2

240.0

35.16.9

.014.34.79.2

227.1

20.918.22.7

206.1

194.0

12.1

328.2

23.5

25.61.01.3

.2

277.0

39.98.2

.111.64.89.11.0

255.3

29.326.3

3.0

226.1

208.3

17.7

346.1

25.3

28.01.0

.6

- . 2

291.038.28.7

.012.14.99.11.0

271.2

34.431.1

3.2

236.9

218.4

18.4

364 9

27.2

30.01.01.0

- . 5

305.0

38.58 8

- 112 85 09.41.0

286 1

36 032.5

3.5

250.1

230.1

20.0

369 9

27.4

30.21.02.6

- . 6

308.2

41 08 9

- 112 65 09 31 0

286 4

35 932 5

3 5

250.4

230.8

19.6

367.2

27.4

30.11.02.1

- . 4

306.2

38.38.7

- . 112.65.19.51.0

287.5

36.332.83.5

251.2

231.2

20.0

360.5

27.9

30.31.0

.6

- . 8

299.933.1

8.6

- . 113.35.29.61.0

287.3

36.132.6

3.6

251.2

229.7

21.5

355.8

28.2

30.31.0

- 3 . 0

- . 4

298.9

34.19.8

.014.25.29.61.0

285.1

32.829.1

3.7

252.3

230.5

21.8

356.0

29.0

30.21.0n.a.

n.a.9.7

.014.85.39.61.0

285 7

32.929.2

3.7

252.9

233.1

19.7

NATIONAL INCOME, BY DISTRIBUTIVE SHARES

National income

Compensation of employeesWages and salaries1

PrivateMilitaryGovernment civilian

Supplements to wages and salaries..

Proprietors* and rental income 2 . . .Business and professional

• FarmRental income of persons

Corporate profits and inventoryvaluation adjustment

Corporate profits before taxCorporate profits tax l iabil i ty. . . .Corporate profits after tax

Inventory valuation adjustment.. . .

Net interest

Annual totals

1929

87.8

51.150.445.5

.34.6

.7

20.28.86.05.4

10 19.61.48.3

6.4

1933

40.2

29.529.023.9

.34.9

.5

7.63.22.42.0

- 2 . 0.2.5

- . 4- 2 . 1

5.0

1941

104.7

64 862.151.9

1.98.32.7

20.910.96.53.5

14 517 07.69.4

- 2 . 5

4 5

1948

221.6

140.9135.2116.4

4.014.85.8

45.621.616.77.2

30 632 812.520.3

- 2 . 2

4.5

1949

216.2

140.9134.3113.9

4.216.26.5

42.021.412.77.9

28 126 210.415.8

1.9

5 2

1950

240.0

154.3146124.3

5.017.27.8

44.622.913.38.5

35 140 017.822.1

- 4 . 9

5.9

277.0

180.4170 9142.1

8.720.19.5

49.924.816.09.1

39 941 22218

- 1

6 8

1952

291.0

195.4185 0152.210.522.410.4

49.925.714.210.0

38 237 220.017 2

1.0

7.4

1953

305.0

209.1198.0164.510.223.311.1

49.026.212.210.6

38.539 421.118 3

- 1 . 0

8.4


1953

308.2

210.0198.9165.310.423.211.1

48.926 312.110.5

41.041.922.519.5- 9

8 3

306.2

211.4200.3166.7

10.223.411.1

47.826.111.110.6

38.340.921.919.0

- 2 . 6

8 6

299.9

208.8197.6164.1

9.923.511.2

49.125.912.310.8

33 132.517.415.1

.6

8 9

298.9

206.4194.6161.2

9.723.711.8

49.425.613.010.8

34.134.517.017.5- . 4

9 0

n.a.

206.6194.9161.5

9.523.811.7

49 025.912.210.9

n.a.n.an.a.n.a.

.4

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.



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

1929 1933 1941 1948 1949 1950 1951 1952 1953


1953 1954

Gross national product

Personal consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment

New construction1

Residential, nonfarmOther

Producers' durable equipmentChange in business inventories. . . .

Nonfarm only

Net foreign investment

Government purchases ofgoods and services

FederalNational securityOtherLess: Government sales2

State and local

104.4

79.09.2

37.732.1

16.28.73.65.15.91.71.8

.8

8.51.31.3

.07.2

56.0

46.43.5

22.320.7

1.41.4

.51.01.6

-1.6-1.4

.2

8.02.02.0

.06.0

125.8

81.99.7

43.229.0

18.16.63.53.16.94.54.0

1.1

24.816.913.83.2

.07.8

257.3

177.622.298.756.7

41.217.98.69.3

19.14.23.0

2.0

36.621.016.05.6

.515.6

257.3

180.623.696.960.1

32.517.58.39.2

17.8-2.7-1.9

.5

43.625.419.36.6

.418.2

285.1

194.028.6

100.465.0

51.222.712.610.121.1

7.46.4

-2.2

42.022.118.53.9

.319.9

328.2

208.327.1

111.170.1

56.923.311.012.423.210.49.0

.2

62.841.037.34.2

.421.8

346.1

218.426.8

116.075.6

50.723.711.112.623.3

3.63.0

- . 2

77.254.048.55.8

.423.2

364.9

230.129.7

118.981.4

51.425.511.913.624.4

1.52.2

- 1 . 9

85.260.152.08.5

.425.1

369.9

230.830.3

119.680.9

55.925.912.213.724.65.46.2

-3.3

86.662.254.38.3

.424.4

367.2

231.230.3

118.682.3

52.425.612.113.524.82.02.9

- 1 . 8

85.460.352.38.4

.425.1

360.5

229.728.0

118.783.0

45.525.711.713.924.0

- 4 . 2- 3 . 7

- . 6

86.059.850.69.6

.326.2

355.8

230.528.0

118.883.6

44.526.011.714.322.7

- 4 . 2- 4 . 2

- 1 . 1

81.955.046.98.4

.326.9

356.0

233.128.8

120.084.3

45.627.012.814.222.4

- 3 . 8- 4 . 0

- 1 . 0

78.351.344.76.9

.327.0

PERSONAL INCOME[Seasonally adjusted monthly totals at annual rates]

Year or month

192919331941194719481949. . .1950195119521953

1953—August.SeptemberOctober. .NovemberDecember

1954—January.FebruaryMarch . . . .AprilMayJune . . .JulyAugust?

Per-sonal

income

85.847 296.3

190 5208.7206 8227.1255.3271.2286.1

286.4287.7287 8287.2287.0

284.9285.0285 0284.4286.2286 5285.7285.4

Wage and salary disbursements

Total

50.429 062.1

122 8135.1134 4146.5170.8185.1198 1

200.6199.2199 1197.9196.0

194.7194.7194 5194.3195.0195 5195.7195.5

Com-modityproduc-ing in-

dustries

21.59 8

27.554 360.256 963.574.980.688.1

89.288.087 987.085.5

84.584.684 283.784.284 083.482.9

Distrib-utiveindus-tries

15.68.8

16.335.238.839 041.345.848.751.7

52.452.552.552.452.1

51.951.852 052.052.352.553.152.9

Serviceindus-tries

8.45.28.1

16 017.418 019.521.323.024.8

25.224.925.025.025.0

24.824.925.025.225.225.525.425.7

Gov-ern-ment

4.95 1

10.217 318.720 522.228.832.833.6

33.833.833.733.533.4

33.533.433 333.433.333.533.834.0

Otherlabor

income3

.64

.72 32.73 03.84.85.56.3

6.56.56.66.66.7

6.66.66.66.66.66 . 66.66.6

Pro-prietors'

andrental

income4

20.27 6

20.940 945.642 044.649.949.949.0

46.648.948.049.150.2

49.649.648 948.249.449.247.948.2

Divi-dendsandper-

sonalinterestincome

13.28 3

10.314 716.217 219.820.721.422.8

23.223.423 523.723.8

23.923.923 924.024.024 124.224.3

Trans-fer

pay-ments 5

1.52 13.1

11 811.312 415.112.613.113 8

13.613.714 613.914.4

14.815.015 815.915 815 815.815.5

Lesspersonalcontri-butions

forsocialinsur-ance8

.12

.82 12.22 22.93.43.84 0

4.14.04 04.04.1

4.74.84 74.64 64 74.54.7

Non-agricul-

turalincome7

77.243 488.0

172 8188.5190 8210.5235.7253.3270 0

272.6271.9272 7271.3269.6

267.9268.2268 8269.1269 7270 3270.6270.1

^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 arenot included in personal income.

7 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividendspaid by agricultural corporations.

NOTE.—Details may not add to totals because of rounding.Source.—Department of Commerce.

OCTOBER 1954 1117


MEMBER BANK EARNINGS

ALL MEMBER BANKS, BY CLASSES, FIRST HALF OF 1954


Iten

EarningsInterest on U. S. Government securities. . .Interest and dividends on other securities.Interest and discount on loansService charges and fees ^n loansService charges on deposit accountsOther charges, commissions, fees, etcTrust departmentOther current earnings

ExpensesSalaries—officersSalaries and wages—othersDirectors' and committee members' fees. . .Interest on time depositsInterest on borrowed moneyTaxes other than on net incomeRecurring depreciationOther current expenses

Net current earnings before income taxes.

Recoveries, profits, etcOn securities:

RecoveriesTransfers from valuation reservesProfits on securities sold or redeemed.

On loans:RecoveriesTransfers from valuation reserves

All other

Losses, charge-offs, etcOn securities:

Losses and charge-offsTransfers to valuation reserves

On loans:Losses and charge-offsTransfers to valuation reserves

All other

Profits before income taxes

Taxes on net incomeFederalState

Net profits

Gash dividends declaredOn preferred stock1

On common stock

Memoranda items:Recoveries credited to reserves (not included in recov-

eries above):On securitiesOn loans

Losses charged to reserves (not included in losses above)On securitiesOn loans

Number of officers at end of periodNumber of employees at end of periodNumber of banks at end of period

Ratios:Percentage of total capital accounts:2

Net current earnings before income taxesNet profitsCash dividends declared1 ,

Percentage of total assets:2

Total earningsNet current earnings before income taxesNet profits

Percentage of earnings to related assets:2

Earnings on loansInterest on U. S. Government securitiesInterest and dividends on other securities

Total capital accounts to:Total assetsTotal assets less Govt. securities and cash assets. . .Total deposits

Time deposits to total depositsInterest on time deposits to time deposits2

All member banks

First halfof 1953

2,237,645495,002122,293

1,260,12420,797106,65044,02199,02289,736

1,320,143209,589435,00110,772

200,88013,47461,03929,832

359,556

917,502

60,127

3,47111,88911,600

11,8?88,78812,551

148,181

43,05022,587

7,57447,66027,310

829,448

391,836375,59316,243

437,612

192,701942

191,759

24614,461

13,39624,05554,010

315,6016,765

16.98.03.5

2.891.18.56

4.621.972.06

7.015.77.7

24.11.18

Second halfof 1953

2,352,591515,998129,484

1,331,35919,741

112,18148,303108,19687,329

1,461,375237,553489,34712,942

223,8589,18364,15337,215

387,125

891,216

72,147

6,37613 Q8823,003

11,3306,94110,509

235,296

96,83025,712

12,84264,31635,596

728,067

300,416284-, 61315,802

427,651

225,9511,013

224,938

52114,469

20,53050,43954,639

315,9726,743

15.97.64.0

2.971.13.54

4.762.002.16

7.115.87.8

24.61.27

First halfof 1954

2,365,720521,876132,520

1,312,83623,260123,09349,467109,45593,213

1,437,979224,619467,35111,750

240,9694,29868,05333,658387,281

927,741

306,603

6,53015,406

246,145

11,38813,60013,534

202,671

32,15671,158

6,60155,75237,004

1,031,673

472,503450,77821,725

559,170

210,816980

209,836

1.22718,995

10,12232,85355,851

324,2436,721

16.19.73.7

2.961.16.70

4.682.002.13

7.216.07.9

25.51.30

Central reservecity member banks

New York Chicago

Reservecity

memberbanks

Countrymemberbanks

First half of 1954

384,31172,33623,404

207,2803,87610,3748,851

37,11921,071

211,03527,18985,539

85219,9861,2707,0012,08867,110

173,276

51,630

1,0741,614

39,049

3, 0*95,3891,435

27,050

1,75911,732

377,5295,993

197,856

88,82179,7369,085

109,035

51,11128

51,083

421,279

55,4913,766

48,53322

13.38.43.9

2.571.16.73

3.571.842.10

8.717.89.912.11.26

96,14727,7846,486

46,059785

1,0372,3218,7012,974

52,1517,373

18,135128

7,889412

2,312527

15,375

43,996

16,163

86395

12,83760

2,379406

9,335

3,0573,554

1941,880650

50,824

22,38322.383

28,441

12,07934

12,045

1,564

1211,040986

10,21413

15.410.04.2

2.411.10.71

3.602.012.24

7.217.77.817.11.26

926,087197,34748,644522,19512,47450,29817,82741,37935,923

563,59175,452195,7592,171

100,9851,743

29,98912,592

144,900

362,496

138,967

2,82011,232114,097

2,8861,4026,530

104,223

15,62245,536

74524,79217,528

397,249

192,343184,123

8,220

204,897

86,327123

86,204

3288,998

8,55013,00815,286

129,379310

17.910.14.3

4.752.022.12

6.514.57.1

25.91.37

959,175224,40953,986

537,3026,125

61,38420,46822,25633,245

611,202114,605167,918

8,599112,109

87528,75118,451

159,896

347,973

99,843

2,5502,165

80,1625,3734,4305,163

62,063

11,718-10,336

5,62521,55112,833

385,753

168,956164,536

4,420

216,797

61,299795

60,504

8577,154

1,44613,31435,813

136,1176,376

16.310.22.9

3.181.15

.72

5.392.032.13

7.116.57.7

32.51.24

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 totalsbecause of rounding.



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 relatingto 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 com-mercial 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 ReserveBanks from banks, bankers, brokers, and dealers in the United States in accordance with the TreasuryRegulation of November 12, 1934. Back figures for all except price tables, together with descriptivetext, may be obtained from the Board's publication, Banking and Monetary Statistics.

OCTOBER 1954 1119


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESTABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY COUNTRIES 1

Date

1950—Dec. 3 1 . . .1951—Dec. 3 1 . . .1952—Dec. 31 . .

1953—Aug. 3 1 . .Sept. 30 . .Oct. 3 1 . .Nov. 30 . .Dec. 3 1 . .

1954—Jan. 31..Feb. 28. .Mar. 31*.Apr. 306May 31. .June 30P .July 31 P.Aug. 31 P.

In-terna-tionalinsti-

tutions2

1,527.81,641.11,584.9

1,511.21,501.81,575.61,563.91,629.4

1,702.11,677.61,698.51,678.01,679.01,633.01,649.71,745.2

Total foreigncountries

Officialand

private

7,116.97,661.18,961.2

9,685.99,902.09,946.3

10,127.510,019.0

10,127.010,300.110,350.010,460.610,575.710,570.710,751.310,627.4

Official*

3,620.33,547.64,654.2

5,242.05,453.65,511.95,651.95,666.9

5,741.25,903.15,925.26,062.96,265.06,303.56,422.26,265.5

[Amounts outstanding, i

UnitedKing-dom

656.6642.6817.9

890.0900.8916.3907.8708.9

714.0734.4797.9899.5952.2986.1942.2851.0

France

260.7289.4342.6

362.6375.8425.6423.4428.5

412.0435.6419.9285.9387.0439.5375.1414.8

Neth-er-

lands

193.6148.8203.1

243.1230.7241.2252.8242.9

211.6215.6215.4226.9250.4272.3305.7252.8

n millions of dollars]

Switz-er-

land

553.0521.3641.8

663.7664.4661.2653.7674.2

670.4671.7665.2664.8651.8638.2674.0679.6

Italy

314.7300.5308.9

353.9368.2390.8430.1465.7

474.5491.8494.6519.2483.0456.6456.8500.7

OtherEurope

1,007.81,103.41.441.3

1,910.71,985.32,037.32,127.72,213.4

2,315.82,391.72,417.32,501.42,550.92,515.82,636.62,646.4

TotalEurope

2,986.33,005.93,755.5

4,424.14,525.24,672.54,795.34,733.6

4,798.34,940.85,010.35,097.75,275.45,308.65,390.45,345.3

Can-ada

899.01,307.11,420.7

1,147.51,197.11,205.71,260.31,295.5

1,334.91,348.41,340.41,282.31,286.61,320.01,342.01,343.4

LatinAmerica

1,612.91,455.21,612.9

1,815.4L,839.71,734.91,762.41,768.4

1,772.5L,788.11,866.81,998.6L.993.91,955.52,040.61,916.6

Asia

1,364.21,595.51.836.5

1,955.01,986.91,984.21,985.71,895.5

1,901.91,892.01,801.7L,762.1L, 711.0L,688.1L.692.71,747.6

Allother

254.5297.4335.6

343.9353.2349.0323.8326.1

319.3330.8330.9319.9308.7298.5285.6274.5

Table la.—Other Europe

Date

1950—Dec. 3 1 . .1951—Dec. 3 1 . .1952—Dec. 3 1 . .

1953—Aug. 3 1 . .Sept. 30. .Oct. 31. .Nov. 30. .Dec. 3 1 . .

1954—Jan . 3 1 . .Feb. 28..Mar. 31*.Apr. 30«.May 31 . .June 30P .July 31 P .Aug. 31P .

OtherEurope

1,007.81,103.41,441.3

1,910.71,985.32,037.32,127.72,213.4

2,315.82,391.72,417.32,501.42,550.92,515.82,636.62,646.4

Aus-tria

41.957.191.1

144.4161.1169.9182.2190.9

199.7208.4217.4227.6234.3238.5258.0273.1

Bel-gium

128.2134.7123.9

139.8148.0118.2126.9130.3

135.1133.9142.1121.2122.9111.6118.099.3

Czech-oslo-vakia

5 . 61.3

.6

.6

.5

.5

.6

.6

.6

.6

.6

.9

.7

.6

.6

.6

Den-mark

45.545.370.4

77.281.788.192.895.7

104.297.0

102.4102.092.492.780.779.5

Fin-land

18.327.028.5

32.830.733.535.737.9

39.742.544.739.141.644.342.441.0

Ger-many,Fed.Rep.

of

221.6405.6551.1

773.3793.7827.2850.0898.8

943.1971.7994.3

1,039.31,051.21,084.91,222.11,225.1

Greece

32.345.847.3

73.377.985.192.0

100.9

106.5110.8112.4109.3116.0114.0112.1104.5

Nor-way

43.699.7

110.3

110.3113.7115.7117.6118.5

118.5118.7122.0130.1130.6131.2127.2129.1

Po-land

4 . 22 . 83 . 4

2 . 93 . 42 . 22 . 92 . 2

2 . 93 . 82 . 42 . 82 . 22 .22 . 21.7

Por-tugal

45.740.757.4

70.366.770.073.172.4

71.974.276.177.083.586.388.583.8

Ru-mania

6 . 16 . 16 . 1

5 . 85 . 85 . 86 . 05 . 8

5 . 77 .87 . 97 . 87 .87 .97 .97 .9

Spain

21.317.119.2

22.123.432.735.936.0

32.622.021.920.522.126.237.546.0

Swe-den

115.371.791.0

94.3103.596.0

105.2116.7

124.7129.4119.2121.0120.4123.1157.0173.6

Tur-key

14.314.1

8 . 4

8 . 414.216.722.614.2

10.98 . 89 . 49 . 27 .97 .46 . 46 .2

U.S.S.R.

4 . 02 . 51.7

8 . 08 . 32 . 02 . 82 . 0

3 . 12 . 31.82 . 52 . 23 . 12 . 83 . 0

Yugo-slavia

13.27 .1

12.0

13.27 .49 . 07.76 . 9

6 . 16 . 35 . 84 . 86 .25 . 96 . 86 . 4

Allother

246.8124.7218.8

334.0345.3364.8373.6383.5

410.4453.3436.8486.3509.0435.9366.4365.5

Table lb.—Latin America

Date

1950—Dec. 31.1951—Dec. 31.1952—Dec. 31.

1953—Aug. 31.Sept. 30.Oct. 31.Nov. 30.Dec. 31.

1954—Jan. 31.Feb. 28.Mar. 31*Apr. 30«May 31.June 30PJuly 31 PAug. 31 P

LatinAmer-

ica

1,612.91,455.21,612.9

1,815.41,839.71,734.91,762.41,768.4

1,772.51,788.1L.866.81,998.61,993.9L.955.52,040.61,916.6

Argen-tina

301.8249.7138.8

145.9146.6143.1137.1130.0

139.2160.8170.4175.4173.8176.7181.8191.1

Bo-livia

20.427.824.5

20.620.319.918.819.1

18.820.327.126.528.531.428.027.3

Brazil

226.0100.372.5

132.5164.4110.0148.9101.7

101.490.1

110.1100.792.696.1

167.4102.6

Chile

79.554.079.3

84.192.186.081.578.8

68.665.760.556.455.863.773.978.9

Co-lom-bia

53.4106.4118.2

129.9115.6116.2132.0150.2

152.5151.2160.6170.5190.5232.6236.2215.0

Cuba

259.1263.6301.2

402.1391.0385.0352.6340.8

345.1353.5362.2376.0377.1346.5332.4296.0

D o -min-icanRe-

pub-lic

42.745.844.2

48.945.041.942.439.3

42.845.449.252.753.455.861.160.9

Guate-mala

25.427.334.3

40.336.432.732.137.9

44.752.053.153.554.148.044.940.4

Mex-ico

207.1158.2231.2

160.5170.3180.2189.3183.2

184.9187.4167.1233.5203.5201.5210.0236.8

Neth-er-

landsWestIndiesandSuri-n a m

30.234.944.3

45.143.649.052.251.5

53.355.752.452.849.151.550.950.1

Pan-ama,Re-

pub-lic of

59.267.780.8

108.1101.982.879.989.9

87.889.392.894.388.387.491.686.2

Peru

60.247.260.9

62.060.068.273.568.0

73.769.973.068.967.266.666.669.2

ElSal-

vador

16.127.825.6

39.233.728.724.926.8

38.042.547.250.244.941.636.330.5

Uru-guay

75.184.794.1

89.689.093.589.4

109.6

99.599.1

102.3104.9105.2104.1112.6104.1

Vene-zuela

85.271.9

145.5

165.2197.8173.1184.1222.4

201.4179.2188.7241.0269.8218.0208.2191.1

OtherLatinAmer-

ica

71.387.8

117.4

141.2131.7124.6123.5119.2

120.8126.0150.2141.1140.3134.0138.7136.6

^Preliminary.For footnotes see following page.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY COUNTRIES—Continued

[Amounts outstanding, in millions of dollars]

Table lc—Asia and All Other

Date

1950—Dec. 31.1951—Dec. 31.1952—Dec. 31.

1953—Aug. 31.Sept. 30.Oct. 31.Nov. 30.Dec. 31.

1954—Jan. 31.Feb. 28.Mar. 314Apr. 305May 31.June 30PJuly 31*Aug. 31 P

Asia

1,364.21,595.51,836.5

1,955.01,986.91,984.21,985.71,895.5

1,901.91,892.01,801.71,762.11,711.01,688.11,692.71,747.6

For-mosaand

ChinaMain-land

81.787.476.4

73 375.977.177.273.6

77.079.279.679.076.775.875.174.2

HongKong

86.162.470.9

68.568.867.968.768.0

68.065.865.366.366.873.164.663.7

India

55.762.164.6

93.592.795.3

100.099.0

97.5120.282.285.186.791.379.275.5

Indo-nesia

114.7140.661.0

33.635.134.734.039.3

75.774.668.365.263.859.260.581.9

Iran

20.325.519.2

22.931.047.442.643.6

41.540.547.745.439.434.028.623.3

Israel

12.626.618.8

19.619.518.314.418.0

26.020.033.731.027.428.925.136.0

Japan

458.5596.0808.0

919.4932.2912.0914.9827.9

795.4737.7675.8639.7616.9615.0612.1639.9

Ko-rea,Re-

pub-licof«

19.526.254.4

76.276.576.888.291.5

98.795.5

102.8103.7104.7105.9104.6101.5

Phil-ippines

374.4329.7315.1

309.8308.8303.3299.2295.5

298.1313.0309.9317.7303.1296.9308.2314.2

Thai-land

48.296.7

181.0

188.2191.3187.1177.0167.9

153.3157.5155.1144.6139.3130.1127.1126.2

OtherAsia

92.4142.2167.1

150.2155.1164.2169.6171.2

170.7188.0181.2184.3186.3177.8207.6211.2

Allother

254.5297.4335.6

343.9353.2349.0323.8326.1

319.3330.8330.9319.9308.7298.5285.6274.5

Aus-tralia

19.138.547.2

53.954.058.958.559.2

51.553.449.649.549.648.042.841.3

Bel-gian

Congo

58.154.5

118.6

112.5116.8110.694.089.6

91.187.783.381.174.163.651.345.5

Egyptand

Anglo-Egyp-tian

Sudan

75.6110.759.7

44.543.944.740.943.3

44.045.949.751.851.351.751.547.7

Unionof

SouthAfrica

44.07 . 0

23.6

39.638.944.738.038.2

34.544.843.932.834.237.838.637.9

Other

57.786.886.5

93.499.490.192.495.7

98.199.0

104.3104.899.597.4

101.3102.1

Table Id.—Supplementary Areas and Countries 7

Area or countryEnd of year

1950 1951 1952 1953

Area or country

End of year

1950 1951 1952 1953

Other Europe:AlbaniaAzoresBritish dependencies.BulgariaEstoniaHungaryIcelandIreland, Republic of.LatviaLithuaniaLuxembourgMonacoTrieste

Other Latin America:British dependenciesCosta RicaEcuadorFrench West Indies and French

GuianaHaitiHondurasNicaraguaParaguay

.62.91.12.19.26.41.0

11.92.94.1

8.76.5

19.3

.27.79.85.74.1

.62.71.03.5

15.91.3

.611.83.25.6

14.68.7

11.4

.810.317.28.35.4

.61.91.03.7

12.61.3

.65.02.64.1

14.612.123.7

2.211.615.413.45.0

n.a.n.a.

.4

.61.91.07.5n.a.1.3

.44.03.02.5

18.013.417.7

.69.3n.a.

16.06.0

Other Asia:AfghanistanBritish dependencies.Burma.CeylonFrench IndiaIndochinaIraqJordanLebanonPakistanPortuguese dependencies .Saudi ArabiaSyria

All other:British dependenciesEthiopiaFrench dependenciesItalian SomalilandLiberiaLibyaNew ZealandPortuguese dependenciesSpanish dependenciesTangier

8.323.7

.43.4

.83.12.9

.512.313.0

.77.96.8

.93.3

26.5.2

1.6.3

2.73.0

.216.9

10.621.09.5

19.21.37.3

12.9.5

15.313.12.7

13.25.4

1.26.9

36.5.1

6.1.5

5.24.3

.221.5

4.025.516.913.91.87.7

14.1.6

19.314.42.8

15.911.4

1.63.0

27.01.1

10.32.33.56.3

.226.7

n.a.19.8n.a.n.a.n.a.6.9

13.8.9

23.99.75.3

18.520.5

1.6n.a.

22.2.3

11.8n.a.2.15.0

.236.1

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 andcommercial 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 internationalorganizations. 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 banksand by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consularestablishments, etc.).

4Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemptionreported 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 banksreported 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 amountin the "other" categories.

NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting formsand 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 instruc-tions, see BULLETIN for May 1954, pp. 540-545.

OCTOBER 1954 1121


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY COUNTRIES *


Date Total

898.0968.4

1,048.7

919.5917.8901.8906.5910.0904.5

923.8901.5867.1879.9915.4967.1

1,111.1

UnitedKing-dom

105.735.030.3

28.526.633.939.548.170.5

66.959.959.587.079.779.786.0

France

31.410.131.9

10.59 . 79 . 99 . 88 .2

10.6

7 . 47 .19 . 69 . 28 .9

10.79 . 5

Neth-er-

lands

3 . 45 . 04 . 4

5 .25 . 77 .29 . 16 . 38 . 6

6 .29 . 4

13.17 . 98 .8

11 .99 . 3

Switz-er-

land

8 .711.2

7 . 1

14.013.414.715.416.817.9

18.116.112 812.510.712.114.6

Italy

20.710.317.8

22.122.221.720.020.318.8

16.717.513.714.414.415.316.7

OtherEurope

68111120

848891

10397

109

132131134138149129128

.0

.8

.7

.1

.5

.7

.1

.6

.5

.3

.1

.7

.2

.3

.8

.4

TotalEurope

237.9183.4212.2

164.3166.2179.1196.8197.2235.9

247.6241.2243.5269.2271.7259.5264.5

Can-ada

1259262

494256806756

5159

803

607714

7.2

60.047526566

.5

.6

.2

.4

LatinAmer-

ica

378.489.662.

590.594.540.502.506.472.

473.450.426.433.447.495627.

830

214457

3443983

Asia

95161

48

89.8

9495

97

105.3104117114

125126111101114113116

378

57

.496

.3

.7

Allother

1950—Dec. 311951—Dec. 311952—Dec. 31

1953—July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1954—Jan. 31Feb. 28Mar. 312Apr. 30May 31June 30PJuly 31 J»

60.041.922.4

20.419.820.322.321.624.9

25.724.025.827.928.633.336.2

Table 2a.—Other Europe

Date

1950—Dec. 311951—Dec. 311952—Dec. 3 1 . . .

1953—July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1954—Jan. 31Feb. 28Mar. 312Apr. 30May 31June 30PJuly 31P

OtherEurope

68.0111.8120.7

84.188.591.7

103.197.6

109.5

132.3131.1134.7138.2149.3129.8128.4

Aus-tria

.2(J).8

.2

.4

.3

.1

.2

.8

.2

.2

.2

.2

.1

.2

.1

Bel-gium

21.539.616.2

12.210.311.111.012.313.0

13.414.313.214.915.214.815.3

Den-mark

3.24.82.1

2.33.54.35.75.36.2

6.04.12.94.33.54.14.2

Fin-land

2.23.15.6

3.53.42.32.71.81.9

1.51.31.31.61.61.91.8

Ger-many,Fed.

Rep. of

25.428.326.8

27.030.333.637.331.330.5

40.143.653.458.957.052.052.5

Greece

.2

.2

.2

.1

.2

.4

.5

.71.3

[AL.4L.5>.O1.91.81.6

Nor-w a y

1.42.51.9

.8

.81.0

.9

.81.0

1.21.61.31.41.31 .31.5

Por-tugal

.5

.8

.5

.5

.4

.5

.4

.6

.6

.4

.5

.4

.6

.6

.6

.7

Spain

1.618.811.2

14.420.324.122.622.824.3

24.419.812.210.65.73.52.1

Swe-den

6.95.42.5

2.61.82.21.72.42.7

2.11.71.42.21.92.42.7

Tur-key

.9

.638.8

8.74.51.07.77.7

15.7

29.231.035.429.849.235.932.7

Yugo-slavia

3.98.6

5.35.84.25.34.34.8

4.55.45.95.25.15.35.7

Allother

4.04.05.4

6.46.96.77.17.56.8

7.96.25.66.66.16.26.5

Table 2b.—Latin America

Date

1950—Dec.1951—Dec.1952—Dec.

1953—JulyAug.Sept.Oct.Nov.Dec.

1954—Jan.Feb.Mar.Apr.MayJuneJuly

3 1 . .3 1 . .3 1 . .

31. .31. .30. .31. .30 . .31. .

31. .28. .312.30. .3 1 . .30P.31P .

LatinAmer-

ica

378489662

590594540502506472

473450426433447495627

830

214457

3443983

Argen-tina

4578

877767

7756575

.9

.6

.2

.0

.6

.5

.0

.7

.1

.3

.2

.4

.2

.6

.7

.8

Bo-livia

8 .77 . 55 . 8

14.313.413.211.99 . 7

10.8

9 .28 .71.91.72 . 32 . 02 . 9

Brazil

78.0185.0356.4

316.2319.6273.7203.6186.5125.1

121.9116.7117.3117.4129.1164.2278.0

Chile

6 . 824.826.4

7.77 .57 .56 .17 .1

22.6

20.920.119.919.618.512.221.0

Co-lom-bia

42.543.741.7

44.448.947.447.152.056.9

53.150.647.854.459.166.464.6

Cuba

27.632.332.5

28.824.021.641.749.451.2

60.062.258.455.255.956.856.9

Do-min-icanRe-pub-lic

1.91.81.6

1.91.91.71.71.71.9

2 . 01.81.62 . 22 . 42 . 52 . 4

Guate-mala

2 . 63 . 84 . 2

3 . 23 . 03 . 64 . 24 . 74 . 1

3 . 43 . 42 . 63 . 23 . 02 . 93 . 0

Mex-ico

70.690.688.6

86.489.079.386.390.192.9

98.187.285.377.376.681.785.5

Neth-er-

landsWest

IndiesandSuri-n a m

1.31.21.3

2 . 42 . 21.83 . 01.62 . 6

2 . 61.81.11.51.82 . 52 . 1

Pan-ama,Re-pub-lic of

3 . 13 . 06 . 5

5 . 65 . 45 . 84 . 97 . 44 . 6

5.76 .27 . 17 . 46 .27 .78 .5

Peru

11.011.814.8

13.715.116.817.718.520.2

18.817.214.716.415.216.015.7

ElSal-

vador

699

334678

8755445

851

378092

.9

.4

.5

.0

.1

.6

.4

Uru-guay

81014

333343

2322363

.0

.5

.3

.3

.2

.4

.8

.4

.7

. 8

.3

.1

.7

.2

.3

.9

Vene-zuela

494136

353536394041

40383845474451

.4

.7

.7

.6

.4

.3

.2

.3

.6

.8

.8

.9

.7

.7

.5

.6

OtherLatinAmer-

ica

14.614.513.7

15.514.216.118.218.619.3

17.817.816.917.317.117.620.1

^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 bank-ing institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and theircustomers 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 foreignsubsidiaries 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 reportedft total of 9.6 million dollars of such claims on that date.

•Less than $50,000.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 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

Date

1950—Dec. 31 . .1951—Dec. 31 . .1952—Dec. 3 1 . .

I 9 5 3 _ j u l y 3 i .Aug. 31Sept. 30. .Oct. 31 . .Nov. 30. .Dec. 31 . .

1954—Jan. 3 1 . .Feb. 28 . .Mar. 3 1 2 .Apr. 30. .May 31 ..Tune 3 0 P .July 31 P.

Asia

95.4161 889.8

94.995 7

105.3104.3117.7114.8

125.5126.7111.4101.9114.6113.3116.7

For-mosaand

ChinaMain-land

18.210 110.1

8 .27 98 .58 .58 .58 .1

8 .18 .18 . 48.18 .28 .18 .1

HongKong

3 . 03 11.2

2 . 32 92 . 92 . 64 . 33 . 1

2 . 32 . 22 .23 . 23 . 43 .13 . 6

India

16.213.4

4 . 3

2 .52 72 . 93 . 44 . 13 . 7

2 . 93 . 24 .13 . 95 .13 . 53 . 4

Indo-nesia

.2

.3

.9

1.21 61.1

.6

.6

.8

1.0.9.7.5

1.4.6.6

Iran

6 . 69 . 3

10.2

13.313 913.014.213.313.8

14.714.714.315.115.316.017.5

Israel

18.930.015.1

17.818 824.425.923.422.9

32.727.622.116.2

8 . 88 . 08 . 4

Japan

12.112.212.5

18.817.120.517.726.625.6

28.531.732.830.636.738.633.3

Korea,Re-pub-lic of1

. . . . . .

(•).1.2.2

Phil-ippines

4 . 929.3

7.6

10.810 1

9 . 45 .55 .25 . 8

6 . 08 . 04 . 96 . 4

10.58.79 .7

Thai-land

1.52 53 . 3

4 55 25 . 96 .26 . 86.1

5 . 55 .24 . 34 . 95 . 76 .25 .6

OtherAsia

13.951.624.6

15.515 516.719.724.924.7

23.925.017.513.019.520.126.3

Allother

60.041 922.4

20.419 820.322.321.624.9

25.724.025.827.928.633.336.2

Aus-tralia

40.822 810.1

6 . 36 37 .05 . 85 .78 . 0

6 . 97 .27 .68 .77.78.2

12.1

Bel-gian

Congo

4 . 45 76 . 0

7.15 95 .75 . 75 . 86 . 3

6 .56 .56 .76 . 47.17 .87 .9

Egyptand

Anglo-Egyp-tian

Sudan

.32

.5

.2

.2

.1

.2

.4

.5

.7

.51.3

.3

.5

.3

.2

Unionof

SouthAfrica

7.36 72 . 0

2 . 92 92 . 32 .72 . 32 . 4

4 .75.14 . 55 .55 . 85 .95 . 3

Other

7.26 53 . 8

3 . 94 65 .17 .87 .47 .8

6 . 84 . 65 .77 .07 .6

11.110.7

TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES*


Year or month

1950195119521953

1953—JulyAugustSeptemberOctober.NovemberDecember

1954—JanuaryFebruaryMarchAprilMayJune?JulyP ..

U. S. Government bondsand notes

Pur-chases

1 236 4673.6533 7646.0

36.630.143.124.437.0

191.1

33.787.455.065.287.348.933.4

Sales

294 31,356.6

231 4728.0

82.329.3

116.428.838.6

192.6

38.099.922.130.088.427.324.3

Netpur-

chasesor sales

(-)

942 1-683 .0

302 3- 8 2 . 0

- 4 5 . 7.8

- 7 3 . 3- 4 . 4- 1 . 6- 1 . 5

- 4 . 3- 1 2 . 6

32.935.2

- 1 . 221.6

9.1

U. S. corporateand stocks

Pur-chases

774 7859.8850 3801.9

56.249.768.253.357.575.4

68.777.198.0

112.1110.8107.2132.8

Sales

772 3761 .0837 7731.4

48.347.345.150.860.464.1

71.685.795.896.596.499.9

100.5

Donds

Netpur-

chasesor sales

(-)

2 498.712 670.5

7.92.4

23.12.5

- 3 . 011.3

- 2 . 9- 8 . 6

2.215.614.4

7.332.2

Foreign bonds

Pur-chases

589 2500.4495 3542.5

46.220.023.283.934.639.5

58.664.846.854.337.353.246.0

Sales

710 2801.0677 4621.5

50.317.916.9

120.679.664.0

234.435.682.680.034.343.151.6

Netpur-

chasesor sales

(-)

— 121 0- 3 0 0 . 6— 182 1- 7 9 . 0

- 4 . 12.16.3

- 3 6 . 7- 4 5 . 0- 2 4 . 4

- 1 7 5 . 929.1

- 3 5 . 8- 2 5 . 7

3.010.0

- 5 . 7

Foreign stocks

Pur-chases

173 8272.3293 9310.1

23.118.623.923.125.634.5

28.126.932.631.329.528.734.8

Sales

198 2348.7329 6303.4

21.218.516.318.425.630.9

26.938.941.646.556.179.038.6

Netpur-

chasesor sales

(-)

—24 4- 7 6 . 4—35 8

6.8

2.0.1

7.74.7

(3)3.6

1.2- 1 2 . 0

- 9 . 0-15 .2- 2 6 . 6- 5 0 . 3

- 3 . 8

TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES[Net sales, (—). In millions of dollars]

Year ormonth

1950195119521953

1953—July. . .AugSept . . .Oct . . . .Nov. . . .Dec....

1954—JanFeb.. . .Mar....Apr,.-. .May. . .June?. .Julyp. .

Inter-national

insti-tutions

121.2— 15.9

14.722^7

.5- 4 . 2

- 1 4 . 1- 8 . 2

8 .5- 4 . 4

. 9

.7

.5

.621.8

.5- 4 . 4

Totalforeigncoun-tries

823.2—568.4

300.2—34! 3

- 3 8 . 37 .4

- 3 6 . 26 . 3

- 1 3 . 014.2

- 8 . 1- 2 1 . 8

34.550.1

- 8 . 628.345.7

UnitedKing-dom

64.021.470.471.3

9 . 06 . 82 . 64 . 2

- 2 . 525.7

9 . 06 . 19 . 25 . 03 . 43 . 55.7

France

197 86 . 05 .5

—41.7

- 4 9 . 01.0

.7

.3

.21.1

- 7 . 1- 1 6 . 2

21.436.1

2 . 21.53 . 0

Nether-lands

—6.3—22.2—21.9—21.3

- 1 . 9- . 5- . 8

- 2 . 8- . 1

- 1 . 1

- 2 . 0- 2 . 9- 3 . 7- 4 . 6- 3 . 4- 1 . 9- 1 . 5

Switzer-land

19.045.950 757.1

2 . 55 .59 . 61.32 .11.2

1.1.1

2 . 310.5

5 . 4_ 2

24.8

Italy

- . 71.9

5- . 5

.4

.1(3)( 3 )

A

( 3 )- . 1- . 4

.1- . 4

.2(3)

OtherEurope

73.8- 4 3 . 8

6 .2- 2 . 5

2 . 6- 1 . 5

.51.6

( 3 )1.6

1.01.91.42 . 73 . 61.5

.9

TotalEurope

347.59 .2

111.462.4

-36.311.412.7

4 . 7- . 728.5

2 . 1- 1 1 . 1

30.249.710.8

4 . 632.8

Canada

458.2-595.5

191 6— 120.6

- 3 . 1- 6 . 5

- 5 0 . 5- 9 . 9

- 1 4 . 9- 1 7 . 4

- 6 . 8- 6 . 7

- . 3- 5 . 2

- 3 4 . 3- 8 . 3- 3 . 5

LatinAmer-

ica

30.113.9

4 . 724.9

1.52 . 3

.311.8

3 . 92 .7

-3.3- 2 . 9

3 . 23 . 3

14.831.215.8

Asia

— 15 .34.8

—9 5( 3 )

— .2.5.4.1

- . 5- . 5

- . 3- . 1

(3).8

- . 2.1.6

Allother

2 .77

1.9— .9

- . 1- . 31.0

3-.8

.9

.3- 1 . 0

1.41.4

.4

.7

.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


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued

TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE

UNITED STATES, BY AREAS

Year ormonth

1950195119521953

1953—July...Aug.. .Sept. . .Oct . . . .Nov.. .D e c . . .

1954—Jan....Feb. . .Mar . . .Apr.. . .May. .June? .Julyp..

[Net sales, ( - ) .

Inter-national

insti-tutions

- 3 . 6—152.7—118.1

-61.2

- 2 . 2- . 3^ )

-73 .1.6

— .5

-100 .610.5

.1

.7- 4 . 70)- 1 . 1

Totalforeigncoun-tries

-141.8—224 3-99.8-11.0

.12 . 5

14.041.1

-45.5-20.3

-74.06 . 7

-44.8-41.6-18.8-40.3-8 .4

In millions of dollars]

TotalEurope

13.428 519.996.3

.5— .26 . 5

33.74 . 84 . 7

8 .910.7

8 . 3-5 .9

-18.6-9 .9

2.2

Can-ada

-190.0—258.6-141.0-137.8

-18.0.3

5 .1-9 .8

-49.6-23.3

-95.38 .0

-53.2-35.9

- . 9-28.5-18.0

LatinAmer-

ica

29.833.825.334.6

2 . 11.42 . 49 . 32 . 21.6

5 . 6.1

1.31.73 . 92.62.4

Aciarisia

1.0- 3 6 . 0- 1 0 . 0- 2 9 . 9

- 2 . 7- . 4— .7- . 8

- 3 . 5- 5 . 4

- 2 . 6- 4 . 8- 2 . 2- 2 . 5- 3 . 6- 4 . 7- 3 . 0

Allother

3 . 97 . 96 . 0

25.8

18.11.4

.78 .8

.52 . 1

9 . 4-7 .4

1.0.9.4.3

8.0

» Preliminary.iLess than $50,000.

TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELDAT FEDERAL RESERVE BANKS FOR FOREIGN

CORRESPONDENTS *


Date

1952—Dec. 31..

1953—Sept. 30. .Oct. 31. .Nov. 30. .Dec. 31. .

1954—Jan. 31. .Feb. 28. .Mar. 31. .Apr. 30. .May 31. .June 30. .July 31..Aug. 31. .Sept. 30. .

1954—Sept. 1. .Sept. 8. .Sept. 15..Sept. 22. .Sept. 29. .

Deposits

550

512448417423440490494471527545533477461

483524506524489

Assets in custody

U. S. Govt.securities2

2,156

2,6412,6742,694

586632716784840969

2,9003,0332,9893,013

2,9812,9572,9822,9932,995

Miscel-laneous3

86

9497991069988929693878582101

82818499100

1 Excludes assets held for Intl. Bank and Monetary Fund and ear-marked gold. See footnote 4, p. 1127, for total gold under earmarkat 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 PRODUCTIONOUTSIDE U. S. S. R.


Year ormonth

1947194819491950195119521953 . . .

1953—JulyAugust..September.OctoberNovember.December.

1954—JanuaryFebruary..MarchApr i l . . . . . .M a yJuneJuly

Estimatedworld

productionoutside

U.S.S.R.i

766 5805 0840.0864.5840 0864.5

Totalreportedmonthly

705 5728 1753.2777.1758 3780.9

'776.5

67.066 065.764 964.364.4

Production reported

Africa

SouthAfrica

Rho-desia

$1 = 15 H

392.0 18.3405.5409.7408.2403.1413.7417.9

35.935.635.035.635.135.7

35.734.537.537.038 338 339.4

18 018.517.917 017.417.5

1 S5

L.5

1.5L.5

ss«;

1 61 6

WestAfrica*

i grains

19.323.423.124.122.923.825.4

2.12.12.12.22.22.2

2.12 . 22.22.22 32 32 . 3

BelgianCongo2

of gold tf

10.811.112.912.012.312.913.0

1.11.21.21.21.1

.9

1.51.11.21.11 01.01.0

monthly

North and South America

UnitedStates 3

o fine: i.

75.870.967.380.166.367.4

••69.0

6.86.26.26.86.26.1

5.14 . 95.44.95 06 . 16 . 1

Can-ada

e., an ou

107.5123.5144.2155.4153.7156.5142.4

12.911.511.710.09.69.6

10.310.912.912.513 413 213.3

Mex-ico

nee of fin

16.312.914.214.313.816.116.9

1.11.41.31.42.02.1

Colom-bia

e gold = j

13.411.712.613.315 114.815.3

1.11.11.91.31.61.1

1 41.21 l

.91 01 2

Chile

U5.

5.95 . 76.36.76 16 . 24.6

.3

.3

.4

.5

.4

.4

4. 3

Nica-ragua4

7 . 47 87.78.08 88 . 99.1

.9

.8

.78

.7

.7

7.7.7.7778

Other

Austra-lia

32.831 231.330.431 334.337.7

2.83.73.03 13.33.7

2 93 03 .2

India3

6 . 16 55.76.77 . 98 . 97.8

.7

.6

.7

.6

.6

.5

6. 6.7.767

.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 annualproduction 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 annualestimates 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.



ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS


Area and country

Continental Western Europe:AustriaBelgium-Luxembourg (and Belgian

Congo)France (and dependencies) * .Germany (Federal Republic of) . . .Italy..Netherlands (and Netherlands

West Indies and Surinam)NorwayPortugal (and dependencies)Spain (and dependencies)SwedenSwitzerland .TurkeyOthers

Total

Sterling Area:United KingdomUnited Kingdom dependencies.. . .IndiaUnion of South AfricaOther

Total . . .

Canada

Latin America:ArgentinaBrazil. .ChileCubaMexico . .UruguayVenezuelaOther

Total

Asia:Indonesia . . . .IranJapanPhilippinesThailandOther

Total

Eastern Europe4

All other:EgyptOther

Total

Total foreign countries

International5

Grand total

1950

Dec. 31

92

848834222571

55994

257132205

2,023164828

6,829

3,557120303241232

4,453

1,988

518543120530415311458560

3,455

324160587377166256

1,870

344

17328

201

19,140

3,090

22,230

1951

Dec. 31

107

898896434633

524150331128224

1,973165651

7,114

2,84399

309197326

3,774

2,157

518417

99575366306445634

3,360

421163729337210325

2,185

309

28542

327

19,226

3,171

22,397

1952

June 30

102

969906545613

603145342129281

2,009171822

7,637

2,218103306159348

3,134

2,396

415398

96635266309503679

3,301

456159849341240310

2,355

307

29238

330

19,460

3,150

22,610

Sept. 30

126

1,0361,022

604638

734154356131280

2,010155947

8,193

2,241109302170353

3,175

2,437

398406100601320302527683

3,337

367156898329271355

2,376

310

26644

310

20,138

3,266

23,404

Dec. 31

143

1,035967691655

815160374130275

2,053151919

8,368

2,318113312194347

3,284

2,492

427390121515375301519721

3,369

296157936324294360

2,367

307

23449

283

20,470

3,287

23,757

1953

Mar. 31

154

1,052883770651

905171391130283

2,051153980

8,574

2,627113323207356

3,626

2,435

485393128527393309490812

3,537

275156

1,026334306401

2,498

307

22757

284

21,261

3,249

24,510

June 30

166

1,044926893660

953164412134280

2,091152

1,032

8,907

2,886109334212369

3,910

2,238

519451129579339311530814

3,672

246155

1,022316311363

2,413

306

22961

290

21,736

3,272

25,008

Sept. 30

208

1,0811,0031,053

714

1,022169437138309

2,120157

1,091

9,502

3,051111340214354

4,070

2,292

520481134587325311571779

3,708

198168

1,062318304374

2,424

314

21863

281

22,591

3,212

25,803

Dec. 31

238

1,0981,0491,225

812

1,055171469150335

2,133157

1,183

10,075

3,009108346214375

4,052

2,417

503423121531341337595772

3,623

184181958304281401

2,309

306

21767

284

23,066

3,331

26,397

1954

Mar. 31

267

1,1241,0601,381

841

1,064169499136337

2,134153

1,292

10,457

3,198105329221372

4,225

2,487

543431102548329329562868

3,712

166185807319268451

2,196

308

22474

298

23,683

3,401

27,084

June 30*

289

1,0551,0901,503

803

1,122178516142342

2,107151

1,320

10,618

3,536113338225376

4,588

2,462

550417106532

3288331621879

3,724

140171747306243444

2,051

309

22668

294

24,046

3,360

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 unpublishedgold 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 LatinAmerica."

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 l a - Id of the preceding section, as well as certain longer term U. S. Government securities reported aspurchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245.

OCTOBER 1954 1125


REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End ofmonth

1949—Dec1950—Dec1951—Dec.. . .1952—Dec

1953—AugSept. . . .OctNov.. . .Dec

1954—JanFeb.Mar. . .AprMay. . .J u n e . . .Tuly .Aug.. . .

End ofmonth

1949—Dec1950—Dec1951—Dec1952—Dec

1953—AugSept.. . .Oct,NovDec

1954—JanFebMarAprMay. . .June . . .July. . . .Aug

End ofmonth

1949—Dec1950—Dec1951—Dec1952—Dec...

1953—Aug....Sept.. .Oct.. . .Nov.. .D e c . . .

1954—Jan....Feb . . . .Mar.. .AprMay. . .June . . .Ju ly . . .Aug.. . .

Estimatedotal world

(excl.U.S.S.R.)1

35,41035,82035,97036,280

36,480

36,710 ' '

36,920

P37,095'

Egypt

5397

174174

174174174174174

174174174174174174174174

Portu-gal

178192265286

331337348350361

373379386391393393403

United States

Treasury

24,42722,70622,69523,186

22,17822,12822,07722,02822,030

21,95621,95821,96521,96921,97321,92721,90821,809

France3

523523548573

576576576576576

576576576576576576576576

El Sal-vador

17232629

2929292929

2929292929292929

TotaP

24,56322,82022,87323,252'

22,27522,22022,14622,11222,091

22,04422,03622,03522,08322,03922,02721,96021,897

Ger-many,

FederalRepublic

of

28*140

247259282303326

340369387414406418478

SouthAfrica

128197190170

176175175175176

176177177180180187188

Argen-tina

216216268

Guate-mala

27272727

2727272727

272727272727

Spain

85615151

5454545454

54545454555656

Bel-gium

698587621706

715721754766776

779787787788779765765756

India

247247247247

247247247247247

247247247247247247247

Sweden

7090

152184

204206219219218

218218218218218219219219

Bolivia

23232321

2121212121

2121

Indo-nesia

178209280235

168163150150145

Switz-er-

land

L.5041,470L.452L ,411

1,4521,4561,4601,4601,459

1,4581,4691,4691,4711,4501,4691,4851,515

Brazil

317317317317

317317317317321

321321321321321321322

Iran

140140138138

137137137137137

137137137137137137137137

Thai-land

118118113113

113113113113113

113113113113113

Canada

496590850896

960970976984996

,005,017

L,0221,0301,0341,042I ,050

052

Italy

256256333346

346346346346346

346346346

Turkey

154150151143

143143143143143

144144144144144144144144

Chile

40404542

4142424242

42424242424242

Mexico

52208208144

174155156158158

1601611628687

UnitedKing-dom

41,68843,30042,33541,846

42,46942,48642,52042,56142,518

42,54342,58342,68542,82042,98543,01743,01342,918

Co-lombia

5274

Nether-lands

195311316544

683723733733737

787772772772772

P774P794

Uru-guay

178236221207

222222222222227

227227227227227

Cuba

299271311214

196196186186186

186186186186186186

Nor-way

51505050

5555555552

4847474747474545

Vene-zuela

373373373373

373373373373373

373373373373373403403403

Den-mark

32313131

3131313131

3131313131313131

Pakis-tan

27272738

3838383838

3838383838383838

Inter-nationalMone-tary

Fund

1,4511,4951,5301,692

1,7001,7001,7001,7011,702

1,7021,7021,7031,7191,7271,7271,733

Ecua-dor

21192223

2323232323

2323232323232323

Peru

28314646

4646363636

36363636363634

Bank forInter-

nationalSettle-ments

68167115196

188198195190193

194190199197186182186193

^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 (Treasurygold) 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 andMonetary 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 subse-quent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised backfigures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.



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 UnitedKingdom

Bel-gium France

Neth-er-

landsPortu-

galSwe-den

Switz-er-

landOther

Europe1 Canada Argen-tina Cuba Mexico

194519461947194819491950195119521953

1952

Jan.-MarApr.-June... .July-SeptOct.-Dec

-452 .9721.3

2,864.41,510.0

193.31,725.2

75.2393.7

1,164.3

557.3105.7— 1.3

-268.C

- . 2406.9734.3446.3

-1,020.0469.9440.0

-480 .0

31.114.2

222.869.8

- 4 1 . 0- 5 5 . 0- 1 0 . 3

- 3 . 8- 8 4 . 9

278.5

264.615.8

-84.8-20.0

130.840.7

-23.5-79.8-4 .5

-100.0-65.0

-47.9-10.0116.063.014.0

-15.0-34.9-5 .0-59.9

80.2238.0

3.0

-22 .9-32.0

-86.8-29.9

10.0-5 .6

-40.0-38.0-15.0

22.5-65.0

22.5

-7 .427.386.65.8

2-159.9-68.0-60.1-27.3

3-241.8

36.8337.9311.2

-100.0-10.0

7.2

-224.9153.2727.5114.1

-49.9

-49^9-20.0-84.8

-85.0-30.0-65.0-10.0-10.028.2

-20.0

1953

Jan.-MarApr.-June... .July-SeptOct.-Dec

1954

Jan.-MarApr.-June... .

-599.1-128.2-306.6-130.3

-63.0-19.6

-80.0

-320.0-40.0-120.0

-5.0

-36.5-3.4-12.4-32.6

-25.0

-40 "0

-50.0

-15.0-15.0-15.0-15.0

-20.0-5.0

-10.0 -20.0-25.0-15.0-5.0

-17.2

-75.0-18.8-82.8-65.3

3 -42.33-16.8

6.9.3

-20.0

-54.9-20.0-10.0

-23.836.945.461.6

-16.1-118.2-60.287.7

-28.1

11.3101.4

-25.0

-28.1

80.3

NET GOLD PURCHASES BY THE UNITED STATES,BY COUNTRIES—Continued

(Negative figures indicate net sales by the United States)

[In millions of dollars at $35 per fine troy ounce]

Year orquarter

194519461947194819491950195119521953

1952

Jan -MarApr -JuneJuly-SeptOct.-Dec

1953

Jan.-Mar. ..Apr.-JuneJuly-SeptOct -Dec

1954

Jan -^larApr.-June

Uru-guay

- 3 7 . 9—4 925.110 7

- 1 4 . 4—64 8

22.214.9

— 15 0

10 0

4^8

— 10 0- 5 . 0

—5 0

Vene-zuela

- 7 3 . 1—9 2- 3 . 7

— 108 0- 5 0 . 0

p

- 3 0 . 0

OtherLatinAmer-

ica

- 2 7 . 825 079.113 4

- 7 . 5— 17 2- 1 7 . 2- 2 5 . 1

—3 8

— 17 6- 7 . 4- 2 . 0

2.0

—3 6

- . 1- . 1

13.22.0

Asiaand

Oceania

4-188.313 71.0

—4 1- 5 2 .1—35 4

6-50.1- 7 . 0—6.1

- 3 2- 2 . 4

.4- 1 . 8

— 1 1-1 .2- 1 . 4- 2 . 4

- 8 . 9

Unionof

SouthAfrica

94 3256.0498 6195.7

13 152.111.5

4 37.2

Allother

3.722 911.96 9

- 1 . 65—47 25-84.0

- 2 . 0- 9 . 9

- . 1- 1 . 9

- 9 . 9

- . 1

includes Bank for International Settlements.2 Includes sale of 114.3 million dollars of gold to Italy.3Includes sales of gold to Federal Republic of Germany as follows:

1953, 130.0 million dollars; 1954, Jan.-Mar., 40.0 million; Apr.-June,15.6 million.

4Includes sales of 185.3 million dollars of gold to China.^Includes sales of gold to Egypt as follows: 1950, 44.8 million

dollars; and 1951, 76.0 million.6Includes sales of 45.0 million dollars of gold to Indonesia.

ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES


P(

1942.1943.1944.1945.19461947.1948.1949.1950.19511952.1953

;riod

1953—Sept. .Oct.. .Nov. .Dec.. .

1954—Jan.. .Feb . . .Mar. .Apr. . .May. .Tune..July. .Aug.. .Sept.. .

Gold stock atend of

Treas-ury

22,72621,93820,61920,06520,52922,75424,24424,42722,70622,69523,18622,030

22,12822,07722,02822,030

21,95621,95821,96521,96921,97321,92721,90821,809

P21.810

period

Total 1

22,73921,98120,63120,08320,70622,86824,39924,56322,82022 87323,25222,091

22,22022,14622,11222,091

22,04422,03622,03522,08322,03922,02721,96021,897

P21,863

Increasein total

goldstock

- 2 3 . 0-757.9

-1 ,349 .8-547 .8

623.122,162.11,530.4

164.6-1 ,743 .3

52 7378.9

— 1,161.0

- 5 5 . 6- 7 3 . 3- 3 4 . 0- 2 1 . 9

- 4 6 . 6- 7 . 7- 1 . 547.9

- 4 4 . 1— 11.6- 6 6 . 5- 6 3 . 6

P-33A

Netgold im-port orexport

315.768.9

-845.4-106.3

311.51,866.31,680.4

686.5-371.3—549.0

684.32 .2

- . 1.6

- . 6— 1.4

- 5 . 51 .69 . 02 . 41.23 . 31.51 .7

(3)

Ear-marked

gold: de-creaseor in-crease

( - )

- 4 5 8 .- 8 0 3 .-459 .-356 .

465.210.

-159 .- 4 9 5 .

-1,352.617

-304 .-1,170.

- 5 5- 7 2- 3 5- 2 1

- 4 3Q

- 237

- 4 8- 1 6- 7 2- 6 5

4 - 3 4

468740274688

0512

390549746

Domes-tic goldproduc-

tion

125.448.335.832.051 275.870.967.380.166 367.469.7

6 .26 . 86.26 .1

5 .14 . 95 .44 . 95 . 06 .16 .15 . 8(3)

^Preliminary.1See footnote 2 on opposite page.2Change includes transfer of 687.5 million dollars gold subscrip-

tion to International Monetary Fund.3 Not yet available.4 Gold held under earmark at the Federal Reserve Banks for foreign

account, including gold held for the account of international institu-tions, amounted to 6,739.4 million dollars on Sept. 30, 1954. Goldunder earmark is not included in the gold stock of the United States.

NOTE.—For back figures and description of statistics, see Bankingand Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

OCTOBER 1954 1127


INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENTAND INTERNATIONAL MONETARY FUND

[End-of-month figures. In millions of dollars]

International Bank

Dollar deposits and U. S. securitiesOther currencies and securities1.Effective loans2

Other assets3

IBRD bonds outstandingUndisbursed loansOther liabilitiesReservesCapital3

1954

June Mar.

4151,0341,663

31777380

10146

1,830

468990

1,56233

742357

7137

1,808

1953

Dec. Sept. June

4271,0111,535

25653401

1291,808

3791,0181,408

21567325

5122

4141,0351,417

16556398

6114

1,807

Country*

AustraliaBelgiumBrazilChileColombiaDenmarkFinlandFranceIndiaJapanMexicoNetherlandsNorwayPakistanThailandTurkeyUnion of S. Africa.United Kingdom...UruguayYugoslaviaOther

Total

Loans as of August 31, 1954

Prin-cipal

204.086.0

194.137.369.340.038.1

257.5100.540.2

141.3221.525.044.525.463.4

110.042.033.060.7

132.3

61,966.0 1,459.3

Dis-bursed

162.686.0

128.517.037.140.031.5

250.056.09.0

63.1221.520.014.822.123.496.234.426.248.171.9

Undis-bursed

41.4

65.620.332.2

6.67.5

44.531.278.3

5.029.63.3

40.013.87.66.8

12.660.4

506.8 115.5

Re-paid

1.01.83.22.91.24.75.3

12.5

2.972.71.3

.2

.1

.6

2.72.3

Outstanding

TotalSoldto

others5

162.685.0

126.713.734.238.826.8

244.743.59.0

60.1148.820.013.621.823.395.634.426.245.469.7

1,343.8

17.44.3

.2

.91.0

3.54.96.1

.212.02.0

.5

.2

.16.14.9

.5

3"A'

768.1

Monetary Fund

GoldCurrencies:1

United StatesOther

Unpaid member subscriptions...Member subscriptionsAccumulated net income

1954

July Apr. Jan.

1,733

1,4724,746

8928,853

—9

1,719

1,4084,824

8898,849

1,702

1,3864,847

7968,739

1953

Oct. July

1,700

1,3104,920

7998,739

1,699

1,3324,885

8128,737

- 8

Country8

AustraliaBrazilDenmarkFranceGermanyIndiaJapanMexicoTurkeyUnited Kingdom..United S ta tes . . . .

Quota

20015068

5253304002509043

1,3002,750

Sub-scrip-tionpaidin

gold

8.437.55.9

108.133.027.562.522.510.8

236.3687.5

Cumulative net drawingson the Fund 9

1954

July June May

26.065.510.2

105.0—46.1

53.262.422.527.0

108.3-558.7

26.065.510.2

125.0-46 .1

63.86222.527.0

108.3-584.2

32.065.510.2

125.0-46 .1

63.862.422.527.0

108.3-589.7

1953

July

50.037.510.2

125.0

100.0

10.0266.0

-704.2

1 Currencies include demand obligations held in lieu of deposits.2 Represents total principal of authorized loans, less loans not yet

effective, repayments, the net amount outstanding on loans sold oragreed to be sold to others, and exchange adjustment.

3 Excludes uncalled portions of capital subscriptions.4 Loans to dependencies of member countries are included with

member.^Includes also effective loans agreed to be sold but not yet disbursed.8 Includes 161 million dollars in loans not yet effective.7Of this amount, 25 million dollars is guaranteed and 43 million is

not guaranteed by the Bank.8Includes countries having cumulative net drawings of 10 million

dollars ( + or —) on the latest date.•Represents for each country purchases of other currencies from

Fund less purchases of own currency by it or other countries.

CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

1944—Dec. 271945—Dec. 261946—Dec. 251947—Dec. 311948—Dec. 291949—Dec. 281950—Dec. 271951—Dec. 261952—Dec. 31

1953—Sept. 30Oct. 28Nov. 25Dec. 30

1954—Jan. 27Feb. 24Mar. 31Apr. 28May 26June 30July 28Aug. 25

Assets of issuedepartment

Goldi

.2

.2

.2

.2

.2

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

Otherassets2

,250.0,400.0,450.0,450.0,325.0,350.0,375.0,450.0,575.0

,575.0,575.0,575.0,675.0

,575.0,575.0,625.0,625.0,625.0,675.0

M, 750.041,700.0

Assets of bankingdepartment

Notesandcoin

13.520.723.4

100.836.133.719.214.151.3

45.245.527.957.8

42.629.951.315.514.730.236.848.7

Dis-countsand ad-vances

5.18.4

13.615.216.714.829.218.211.2

5.212.97.64.9

15.414.015.27.57.0

11.78.27.0

Securi-ties

317.4327.0327.6331.3401.1489.6384.0389.2371.2

356.6343.2362.9338.1

330.2340.1319.3369.5352.5374.6338.7310.1

Notecircula-tion3

1,238.61,379.91,428.21,349.71,293.11,321.91,357.71,437.91,525.5

1,532.71,532.41,549.91,619.9

1,535.21,547.91,576.91,612.61,613.41,647.41,715.81,654.0

Liabilities of banking department

Deposits

Bankers' Public ECA Other

260.7274.5278.9315.1314.5299.2313.5299.8302.8

287.3287.3288.8290.2

278.6284.0262.7289.3267.8307.7269.1267.2

5.25.3

10.318.611.711.615.413.410.0

10.79.9

10.414.9

10.710.930.611.714.010.614.814.6

17.497.9

.4

.624.3

19.917.611.57.2

12.54.71.06.64.68.7

10.21.7

52.358.557.395.592.1

111.285.089.878.5

70.668.969.970.4

68.165.972.967.169.871.371.363.8

Otherliabili-

ties andcapital

17.817.818.18.18.18.18.18.18.

18.617.817.918.2

18.318.418.617.818.018.218.318.4

*On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepenceper 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 forinternal 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 samepublication.



CENTRAL BANKS—Continued

Bank of Canada(Figures in millions of

Canadian dollars)

Assets

Gold»Sterling

and UnitedStatesdollars

Dominion and provin-cial government

securities

Short-term3 Other

Otherassets

Liabilities

Notecirculation1

Deposits

Charteredbanks

Dominiongovern-

mentOther

Otherliabilities

andcapital4

1941—Dec. 31.1942—Dec. 31.1943—Dec. 31.1944—Dec. 30.1945—Dec. 31.1946—Dec. 31.1947—Dec. 31.1948—Dec. 31.1949—Dec. 31.1950—Dec. 30.1951—Dec. 31.1952—Dec. 31.

1953—Sept. 30.Oct. 31.Nov. 30.Dec. 31.

1954—Jan. 30.Feb. 27.Mar. 31.Apr. 30.May 31.June 30.July 31.Aug. 31.

200.9.5.6

172.3156.8

1.02.0

.474.1

111.4117.877.1

69.070.561.254.9

61.653.050.058.361.554.253.656.9

391.8807.2787.6906.9

,157.3,197.4,022.0,233.7,781.4,229.3,141.8,459.8

,385.7,469.9,378.6,376.6

,328.3,374.8,552.8,703.8,740.4

1,568.51,651.21,669.9

216.7209.2472.8573.9688.3708.2858.5779.1227.8712.5

1,049.3767.2

824.9812.1894.9893.7

880.6900.8636.3568.0520.5702.0502.3502.4

33.531.347.334.329.542.143.745.442.5

297.1135.277.3

81.0118.689.7

112.0

103.1116.7146.2101.2103.2112.9109.977.2

496.0693.6874.4

,036.0,129.1,186.2,211.4,289.1,307.4,367.4,464.2,561.2

,552.5,555.9,559.3,599.1

,519.2,506.2,512.6,535.7,546.6,553.5,572.1

1,573.0

232.0259.9340.2401.7521.2565.5536.2547.3541.7578.6619.0626.6

616.9733.6625.6623.9

634.4676.6660.0661.7589.3624.4543.9531.0

73.851.620.512.9

153.360.568.898.130.724.794.916.2

15.43.8

50.351.5

48.8126.181.886.0

143.899.050.549.6

6.019.117.827.729.893.867.581.0

126.9207.166.144.5

37.837.243.429.5

29.534.428.927.330.341.430.931.5

35.124.055.4

209.1198.542.742.443.1

119.2172.6200.0132.9

138.0140.8145.7133.1

141.6102.0102.0120.6115.7119.2119.5121.3

Bank of France(Figures in

millions of francs)

Assets

Gold*Foreign

ex-change

Domestic bills

Openmarket

Special Other

Advances toGovernment6

Current Other

Otherassets0

Liabilities

Notecircula-

tion

Deposits7

Govern-ment ECA Other

Otherliabil-itiesand

capital

1941—Dec. 31.1942—Dec. 31.1943—Dec. 30.1944—Dec. 28.1945—Dec. 27.1946—Dec. 26.1947—Dec. 31.1948—Dec. 30.1949—Dec. 29.1950—Dec. 28.1951—Dec. 27.1952—Dec. 31.

1953—Sept. 24.Oct. 29.Nov. 26.Dec. 31.

1954—Jan. 28.Feb. 25.Mar. 25.Apr. 29.May 26.June 24.July 29.Aug. 26.,

84,59884,59884,59875,151129,81794,81765,22565,22562,274182,785191,447200,187

201,282201,28201,282201,282

201,282201,282201,282201,282201,282201,282201,282201,282

383737426871230

61,943162,01728,32031,068

4,8039,31912,44415,421

18,59620,80723,64627,86231,34434,13337,88441,059

6,8128,4209,51812,17017,98037,61867,39597,447137,689136,947234,923274,003

260,777272,559255,680292,465

262,211272,186227,003218,436208,288217,399264,197265,330

121692948

3033,135

648,57728,54834,08131,95657,042

23,44149,96859,53361,108

56,98851,57740,31933,16226,61218,31712,2065,129

4,5175,3687,54318,59225,54876,254117,826238,576335,727393,054741,267937,459

905,862877,283836,117891,560

895,508870,066905,854982,829934,538946,0021,018,726980,146

69,50068,25064,40015,850

67]900147,400150,900157,900158,900160,000172,000

200,000200,000200,000200,000

195,000195,000195,000195,000195,000195,000195,000195,000

182,507250,965366,973475,447445,447480,447558,039558,039560,990481,039481,039479,982

617,049632,149654,949679,849

657,549667,549672,949663,349651,849656,749652,449648,049

17,42416,99016,60120,89224,73433,13359,02457,622112,658212,822190,830159,727 2

270,144382,774500,386572,510570,006721,865920,831987,621,278,211,560,561,841,608,123,514

133,385152,085150,222169,964 2

162,772159,027146,195192,424210,331185,682196,2829191,874 2

2,141,8072,193,3832,168,977,310,452

,253,485,257,405,235,417,322,140,272,409,270,081,386,357,333,133

1,517770578748

12,048765733806

1,168702927

73967821

72427015178470100

15,05810,587

897

394479458

2,061

628627799813420234883

25,27229,93533,13737,85557,75563,46882,479171,783158,973161,720166,226137,727

139,313139,662131,490142,823

133,398131,996114,617132,387128,816119,155132,203128,178

868,474821,318815,5967,0784,0877,21310,94216,20619,37724,23441,33249,305

65,01161,02369,22456,292

62,32347,42562,06459,70457,86965,04359,04766,377

*On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN forJuly 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; Sep-

tember 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 arenot 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



Central Bank(Figures as of last report

date of month)

1954

Aug. July June

1953

Aug.


date of month)

1954

Aug. July June

1953

Aug.

Central Bank of the ArgentineRepublic (millions of pesos):

Gold reported separatelyOther gold and foreign exchange.Government securitiesRediscounts and loans to banks..Other assetsCurrency circulationDeposits—NationalizedOther sight obligationsOther liabilities and capital

Commonwealth Bank of Aus-tralia (thousands of pounds):

Gold and foreign exchangeChecks and bills of other banks..Securities (incl. Government and

Treasury bills)Other assetsNote circulationDeposits of Trading Banks:

SpecialOther

Other liabilities and c a p i t a l . . . . .Austrian National Bank (millions

of schillings):GoldForeign exchangeLoans and discountsClaim against GovernmentOther assets.Note circulationDeposits—Banks

OtherBlocked

National Bank of Belgium(millions of francs):

GoldForeign claims and balances (net)Loans and discountsConsolidated Government debt. .Government securitiesOther assetsNote circulationDeposits—Demand

ECAOther liabilities and capital

Central Bank of Bolivia—Mone-tary dept. (millions of bolivianos):

Gold at home and abroadForeign exchange (net)x

Loans and discountsGovernment securitiesOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of Ceylon (thousandsof rupees):

Foreign exchangeAdvances to GovernmentGovernment securitiesOther assetsCurrency in circulationDeposits—Government

BanksOther liabilities and c a p i t a l . . . .

Central Bank of Chile (millionsof pesos):

GoldsForeign exchange (net)Net claim on Int'l. Fund3

Discounts for member banks. . .Loans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities and c a p i t a l . . . .

Bank of the Republic of Colombia(thousands of pesos):

Gold and foreign exchangeNet claim on Int'l. Fund3

623707758109305406077529490

449,5077,054

460445

438,64767,872

447,70,

073566

347,577 345,077

670859939

331,37031,826

252,307

4139,7585,1991,777

2911,2653,257

7711,884

37,77711,1478,463

34,6608,8804,490

100,1401,498

1253,654

33450

258,

328,423,182,77732

,302,901676,863

1,6231,7673,771

62,798254

26,21339,124

4644,412

;05,41413,552

457,73964,936

343,827

351,92054,405

291,490

2718,9195,2981,777

3310,9592,817

7301,793

38,10,10,34,74'

100

27085773566080640695190811476:

450,108 43725,00025,2129,120

368,7003,10888,32.49,309

,919,700,293,338,631,467,759,393

38,26511,9866,658

34,6608,2384,453

98,2161,65

1194,273

Mar.)*1,903

12,6436,4012,505

22013,2293,9296,51

446,213

47,534,209

357,52614,9878,81546,63

5,710758

455,40924,377 24

77246"0830984352'865135

2,87011,4699,4373,45'

21,3724,69

9V6,72

492,62324,377

1,6231,0633,20153,796

31622,75633,063

4653,715

496,3355,275

410,09447,485331,863

278,23037,272

311,824

1015,1096,1651,893

319,6081,139

4682,084

35,76'15,1877,192

34,6608,9454,394

99,2071,403

1905,343

4,4187,2,8932,505

199,771,8856,238

326,52513,300

163,4977,643

376,7OC44

91,45i42,37

1,25327338

2,864,021

10,921,99

15,073,29?

46'2,87?

349,1524,374

Bank of the Republic of Colom-bia—Cont.

Loans and discountsGovernment loans and securities.Other assetsNote circulationDepositsOther liabilities and capital

Central Bank of Costa Rica(thousands of colones):

GoldForeign exchangeNet claim on Int'l. Fund3

Loans and discounts.SecuritiesOther assetsNote circulationDemand depositsOther liabilities and capital

National Bank of Cuba(thousands of pesos):

GoldForeign exchange (net)Foreign exchange (Stabilization

Fund)SilverNet claim on Int'l. Fund3

Loans and discountsCredits to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

National Bank of Czechoslovakia4

National Bank of Denmark(millions of kroner):

GoldForeign exchangeLoans and discountsSecuritiesGovt. compensation account. . . .Other assetsNote circulationDeposits—Government....

OtherOther liabilities and capital

Central Bank of the DominicanRepublic (thousands of pesos):

GoldForeign exchange (net)Net claim on Int'l. Fund3

Loans and discountsGovernment securitiesOther assetsNote circulationDemand depositsOther liabilities and capital

Central Bank of Ecuador(thousands of sucres):

GoldForeign exchange ( n e t ) . . . .Net claim on Int'l. Fund 3 . .Credits—Government

OtherOther assetsNote circulationDemand deposits—Private banks.


National Bank of Egypt (thousands of pounds):

GoldForeign exchangeForeign and Egyptian

Government securitiesLoans and discountsAdvances to GovernmentOther assetsNote circulationDeposits—Government

OtherOther liabilities and c a p i t a l . . . .

395,838289,64520,762547,21816,87421,941

11,50372,2517,032

09,1123,76224,84736,75262,04629,709

365,79257,26638,625568,904501,55015,416

11,50383,9577,032

08,4711,963

25,46837,90871,35829,128

163,019158,91237,594

684,064472,697

19,765

11,50396,939

7,03201,8281,195

24,81338,44076,30328,567

185,87127,579

304,480

12,51233,09841,92977,496

420,071245,72217,176

69810181514

3,216337

1,8961,2711,722238

12,07627,3331,2502,3719,4207,131

38,01019,3562,214

342,656126,64018,757

383,947266,308209,616713,130223,968172,176238,650

60,55320,000

243,07922,575

113,228

163,10247,573129,1109,661

69886212513

3,218150

1,9541,2661,593235

12,07626,7781,2502,2849,4207,078

39,15617,5652,166

342,633137,46418,75'

361,760241,819191,486691,330208,081169,028225,479

60,55322,26:

243,75321,108

69958191517

3,219132

2,0001,3031,551231

12,07625,0241,2502,3109,4207,015

37,37317,60:2,120

342,539106,44218,757

358,147216,907213,895646,867222,168154,903232,74<

60,55320,627

247,42912,998

2,510168,14347,737124,8529,455

2,009166,54-51,968114,55110,553

342,459198,446100,103545,237382,37586,922

11,511105,8617,031

77,3791,376

23,736133,72267,06026,113

195,74857,494

247,56112,41212,51142,25127,41968,941

416,697232,76514,873

69830106455

3,258150

1,8031,4501,419

196

12,07617,8321,2501,0599,9501,517

33,8807,8281,975

339,373115,77918,757

308,705256,983182,645602,855177,898192.332249,156

60,55319,831

281,25215,1431,1422,479

175,76260,689133,82910,120

•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.





date of month)

Central Reserve Bank of El Salva-dor (thousands of colones):

Gold . .Foreign exchange (net)Net claim on Int'l. Fund1

Loans and discountsGovernment debt and securities..Other assetsNote circulationDepositsOther liabilities and capital

Bank of Finland (millions of mark-kaa):

GoldForeign assets (net) . . . .Clearings (net)

SecuritiesOther assets . .Note circulationDepositsOther liabilities and capital. . .

Bank of German States2

(millions of German marks):GoldForeign exchangeLoans and discountsLoans to GovernmentOther assetsNote circulationDeposits—Government

BanksOther

Other liabilities and capitalBank of Greece (billions of drach-

mae):Gold and foreign exchange (net).

Advances—GovernmentOther

Other assetsNote circulationDeposits—Government

relief actsOther

Other liabilities and capitalBank of Guatemala (thousands of

quetzales):GoldForeign exchange (net) . .Gold contribution to Int'l FundRediscounts and advancesOther assetsCirculation—Notes

CoinDeposits—Government .

BanksOther liabilities and capital

National Bank of HungarySReserve Bank of India (millions of

rupees):Issue department:

Gold at home and abroadForeign securitiesIndian Govt. securities . . . .Rupee coin . .Note circulation

Banking department:Notes of issue departmentBalances abroadBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital

Bank Indonesia4(millions of rupiah):Gold and foreign exchange (net) 5.Loans and discountsAdvances to GovernmentOther assets

1954

Aug.

72,08945,287

1,56833,182

7,1037,246

90,84965,05310,573

6,97317,3977,722

33 0592,2441,985

45,8507,996

15,534

582717

7,707299

July

72,15754,538

1,56827,890

7,7747,652

93,77967,33810,462

6,97316,6717,962

36,3212,2122,425

44,72012,90014,943

2,0068,1771,8284,794

80911,732

1,1552,632

2631,832

4,866141

9,1474,3861,8093,3761,343

6,7493,7105,169

4006,2324,2121 ,027

11,427

4441 ,091

14

1,1882,370

367

444639

7,514287

June

72,22365,584

1,56817,20511,5498,001

94,55471,07710,499

6,97314,8658,503

41 9242,2172,142

44,60517,34714,671

1,7548,1542,3704,452

93611,542

1,1622,843

2481,870

4,886148

8,6904,0821,9253,2721,246

6,7493,2175 246

27,22812,803

1,25013,00335 31254,1313,6952,506

13 57715,686

4006 5324,212

98311,745

382904

6711

1,2522,237

378

366569

7,249247

1953

Aug.

72,94058,665

1,56616,8914,0782,362

85,42062,888

8,193

5,86210,6905,938

41 2781,6612,386

45,0754,605

18,136

1,0356,0452,1956,707

99811,124

1,3352,477

2411 ,801

4,500164

8,7663,2482,1722,7601,298

7,0232,2915 469

27,22813,761

1 2509,927

28 29943,816

3,5166,031

11 06216,039

4005,5824,249

94310,829

3441,412

484

1,0492,648

210

1,915644

4,092257


date of month)

Bank Indonesia—Cont.Note circulationDeposits—ECA


Central Bank of Ireland (thousandsof pounds):

GoldSterling fundsNote circulation

Bank of Italy (billions of lire):GoldForeign exchangeAdvances to TreasuryLoans and discountsGovernment securitiesOther assets .. .Note circulationDeposits—Government

DemandOther

Other liabilities and capital. . .Bank of Japan (millions of yen):

BullionAdvances to GovernmentLoans and discountsGovernment securitiesOther assetsNote circulationDeposits—Government

OtherOther liabilities

Bank of Mexico (millions of pesos):Monetary reserve8

"Authorized" holdings of secu-rities, etc

Bills and discountsOther assets... .Note circulationDemand liabilitiesOther liabilities and capi ta l . . .

Netherlands Bank (millions ofguilders):

GoldSilver (including subsidiary coin).Foreign assets (net)Loans and discountsGovt. debt and securitiesOther assetsNote circulation—Old

NewDeposits—Government

ECAOther

Other liabilities and capitalReserve Bank of New Zealand

(thousands of pounds):GoldForeign exchange reserveLoans and discountsAdvances to State or State un-

dertakings .InvestmentsOther assetsNote circulationDemand depositsOther liabilities and capital

Bank of Norway (millions of kroner):GoldForeign assets (net)Clearing accounts (net)Loans and discountsSecuritiesOccupation account (net)Other assetsNote circulationDeposits—Government

BanksFOA—MSA

Other liabilities and capital

1954

Aug.

6,212495

2,116482

2,64664,13566,781

477

567364311774

1,3953069

475129

4481,400

435,759193,93482,562

521,72542,42375,36674,590

1,271

3,393475729

3,7451,340

783

3,01518

1,33528

695436

293,418

406801640232

6,17285,82213,369

30,84723,964

1,47567,93085,4698,249

203176

- 7 55226

5,54657

3,1191,341

741207578

July

6,031495

1,890468

2,64665,28867,934

474

567333320791

1,3922958

479131

4481,400

430,667199,24587,952

524,00240,74378,04376,923

1,218

3,210495734

3,6661,207

784

3,00617

1,54730

670439

293,395

550821685229

6,17189,44213,542

28,15423,957

1,61566,97987,974

7,927

203185

- 7 85530

5,54676

3,1221,453

699205539

June

5,938495

1,532466

2,64664,00366,649

471

567349290725

1,3413571

435126

4481,400

444,595202,99193,369

534,21563,21768,57376,799

1,201

3,277793

1,0543,5371,2681,520

2,93016

1,62837

713421

293,357

624797723214

6,17093,95710,556

36,30023,950

1,41267,47996,969

7,896

2*18132

- 6 86230

5,54662

3,0781,708

532174491

1953

Aug.

4,840495

1,115457

2,64661,07663,722

456

567307256734

1,2896566

389114

44837,344

458,828136,644134,559526,992137,11155,68748,033

1,155

2,775723456

3,1411,479

488

2,58816

1,51032

1,217461

323,176

6911,195

521209

6,02466,421

6,019

58,71936,990

1,51762,647

105,0368,007

28169395343

5,54649

2,9141,672

759278456

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.

OCTOBER 1954 1131




date of month)

1954

Aug. July June

1953

Aug.


date of month)

1954

Aug. July June

1953

Aug.

State Bank of Pakistan (millions ofrupees):

Issue department:Gold at home and abroad. . .Sterling securitiesPakistan Goyt. securities. . .Govt. of India securit ies. . . .India currencyRupee coinNotes in circulation

Banking department:Notes of issue department. .Bills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital..

Central Bank of Paraguay1

(thousands of guaranies):Gold2Foreign exchange (net)Net claim on Int'l. Fund3

Loans and discountsGovernment loans and securities.Other assetsNote and coin issueDeposits—Government


Central Reserve Bank of Peru(millions of soles):

Gold and foreign exchangeNet claim on Int'l. Fund3

Loans and discounts to banks. . .Loans to GovernmentOther assets tNote circulationDepositsOther liabilities and capital

Central Bank of the Philippines(thousands of pesos):

GoldForeign exchangeNet claim on Int'l. Fund3

LoansDomestic securitiesOther assetsCirculation—Notes

CoinDemand depositsOther liabilities and capital

Bank of Portugal (millions ofescudos):

GoldForeign exchange (net)Loans and discountsAdvances to GovernmentOther assetsNote circulationDemand deposits—Government..

ECAOther

Other liabilities and capitalSouth African Reserve Bank

(thousands of pounds):GoldForeign billsOther bills and loansOther assetsNote circulationDepositsOther liabilities and capital

Bank of Spain (millions of pesetas):GoldSilverGovernment loans and securities.Other loans and discounts

81381

1,300147300

572,164

1026

73420508

93

81400

,281147300

58,167

995

65424496

98

81416

1,367146300

552,240

124

18438

29

227161584

8415453

32567

689,216

73,801356212

75304387115

(May)*2,846

91,30728

450,566537,452229,189625,964138,965155,762390,697

32767

5751,225

1001,703

355237

504714

18,813474 447,130

29,5041,584

970 240,066156,923

708 587,48684,701

170,77551,058

802484048

66411444

1004718

,381,204639

,408979,525,761

6177

,143

,615,174,137,262,218,686,283

613323

,247,751

5,34513,198

6451,412

9789,5011,734

68,1782,161

66,12047,589

7,04147,51798,98851,95617,323

613323

15,74326,642

81424

1,118126300

682,009

1081

124492640

85

1,13854,782

11248,398363,569361,105465,554121,746152,512289,192

47067

4611,023

1811,545

386272

18,813452,09829,50417,374

224,061155,835551,44786,106204,20255,931

4,76812,146

6771,427668

9,1371,690

66,7032,150

62,25926,38930,91439,63493,46847,66518,063

596338

15,99123,082

Bank of Spain—Cont.Other assetsNote circulationDeposits—Government

OtherOther liabilities and capital. . . . .

Bank of Sweden (millions of kronor):GoldForeign assets (net)Net claim on Int'l.*Fund3

Swedish Govt. securities and ad-vances to National Debt Office4

Other domestic bills and advancesOther assetsNote circulationDemand deposits—Government..


Swiss National Bank (millions offrancs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationOther sight liabilitiesOther liabilities and capital

Central Bank of the Republic ofTurkey (millions of pounds):

GoldForeign exchange and foreign

clearingsLoans and discountsSecuritiesOther assetsNote circulationDeposits—Gold


Bank of the Republic of Uruguay(thousands of pesos):

GoldSilverAdvances to State and Govern-

ment bodiesOther loans and discountsOther assetsNote circulationDeposits—Government


Central Bank of Venezuela (mil-lions of bolivares):

GoldForeign exchange (net)Other assetsNote circulationDepositsOther liabilities and capital

Bank for International Settle-ments (thousands of Swiss goldfrancs):

Gold in barsCash on hand and with banks. . .Sight funds at interestRediscountable bills and accept-

ances (at cost)Time funds at interestSundry bills and investments. . . .Funds invested in GermanyOther assetsDemand deposits (gold)Short-term deposits:

Central banks—Own account..Other

Long-term deposits: SpecialOther liabilities and capital

4821,359129

2,57246860

4,52315078

697

6,22153010292

4,9571,785203

402

2162,385

3092

1,469154983519

37,13839,4466,2363,43831,953

4821,331129

2,53056849

4,463100121693

6,19850910890

4,9561,746203

402

2252,310

3088

1,449154957495

1,232212142992223371

591,11188,6991,528

1,232277149986258414

570,28799,1511,484

293,325386,345441,820297,2016,615

435,794 432

300,056409,462508,495297,2017,105,775

37,38937,7287,1043,32932,548

4821,356129

2,405433896

4,59337640693

6,13153711793

4,9671,706204

402

2372,190

3090

1,432154875488

(May)*344,1678,672

123,343375,715609,949456,400148,591333,215523,640

1,232374123999269463

558,10651,1441,491

174,970374,355539,690297,2018,555

434,282

1,133,89826,598228,909 228,909 228281,446 280

1,231,90419,089

1,032,38626,373

,909565 283,561

30,77737,1243,7212,983

26,957

4501,327

129

2,376365856

4,321228233720

6,05653621156

4,8611,787211

402

1841,831

26108

1,370153711316

336,5729,276

116,460341,293601,562400,046128,965367,271508,881

1,14119783

917293211

575,69675,4393,322

288,13323,706254,143297,201

1,399433,012

540,11542,848228,909274,154

* Latest month available.!The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary De-

partment 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.



MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS

[Per cent per annumj

Dateeffective

In effect Dec. 31,1948

May 27, 1949July 14Oct 6June 8, 1950. .Sept 11Sept. 26 . . .Oct 27Dec. 1 . . .Apr. 17, 1951. .July 5 . . .Sept 13Oct. 11 . .Nov. 8Nov. 9Jan. 22, 1952. .Mar. 12May 29Aug. 1 . .Aug. 21Dec 18Jan. 8, 1953Apr 7June 11Sept. 17Oct. 29 ..Nov 20Feb. 4, 1954. .May 13May 20In effect Aug.

31, 1954

Central bank of—

UnitedKing-dom

2

iy2

4

334

3

3

France

3

234

3

4

334

3H

3M

Ger-many

15

14 2

16

15

1434

14

13 V

13

13

Bel-gium

3M

3%

3 1 /

3H

3

2%

2%

Neth-er-

lands

3

4

3}/

3

"ilk

2Y2

Swe-den

"3"

"2%

2M

Switz-er-

land

I X

I X

Centralbank of—

ArgentinaAustriaBelgiumBolivia

CanadaCeylonChileColombiaCosta Rica

Denmark. . . .EcuadorEgyptEl Salvador. . .F in land. . . .

FranceGermanyGreeceIndiaIndonesia

RateAug.

31

2%6

2

4 2

4

10 2

335M

3M13

10

3

Dateeffective

Mar. 1, 1936June 3, 1954Oct. 29, 1953Sept. 30, 1950

Oct. 17. 1950June 11, 1954June 13, 1935July 18, 1933Feb. 1, 1950

June 23, 1954May 13, 1948Nov. 15, 1952Mar. 22, 1950Dec. 16, 1951

Feb. 4, 1954May 20, 1954Jan. 1, 1954Nov. 15, 1951Apr. 1, 1946

Centralbank of—

IrelandItalyJapanMexico

Netherlands.New Zealand.NorwayPakistan. . . .

PeruPor tuga l . . . .South Africa.SpainSweden

Switzerland..TurkeyUnited King-

domU.S.S.R

RateAug.

31

45.84434

iy23y2

62Y24

3

34

Dateeffective

Mar. 25, 1952Apr. 6, 1950Oct. 1, 1951June 4, 1942

Apr. 7, 1953Apr. 12, 1954Jan. 9, 1946July 1, 1948

Nov. 13, 1947Jan. 12, 1944Mar. 27, 1952July 1, 1954Nov. 20, 1953

Nov. 26, 1936Feb. 26, 1951

May 13, 1954July 1, 1936

1 Rates established for the Land Central banks.NOTE.—Changes since Aug. 31: None.

OPEN MARKET RATES[Per cent per annum]

Month

I944—July1945—July1946—July1947—July1948—July1949—July1950—July1951—July1952—July1953—July

1953—AugustSeptember. . . .OctoberNovember . . . .December

1954—JanuaryFebruaryMarchAprilMavJuneJuly

Canada

Treasurybills

3 months

.38

.36

. 4 0

.41

.41

.51

.51

.771 .111.76

1 .801.911.931.901.88

1.881.741.611.561.591 601.39

United Kingdom

Bankers'acceptances

3 months

1.031.03

.53

.53

.56

.63

. 6 9

.933.003.00

3.002.672.192.192.19

2.192.152.162.171.891 .661.60

Treasurybills

3 months

1.001.00

.51

.51

.51

.52

.51

.512.462.35

2.362.272.112.102.11

2.122.072.102.091.791 .611.57

Day-to-day

money

1.131.13

. 6 3

.63

.63

. 6 3

.63

.632.252.25

2.252.091.94

.94

.94

.94

.94

.94L.94

.63

.44

.44

Bankers 'allowance

on deposits

.50

.50

.50

.50

.50

.50

.50

.502.002.00

2.00.88

L.75L.75L.75

L.75L.751.75L.751.44L.251.25

France

Day-to-day

money

1.491 .251.301.512.04

P2.342.592.573.844.13

4.184.343.914.003.75

3.663.553.423.553.543.573.79

Netherlands

Treasurybills

3 months

L . 5 2L.52L.56L.43L.57L.39L.05

.50

.50

.43

.38

.28

.03

.23

.25

.45

.41

.38

.38

.40

D a y - t o -d a y

money

"" "i'.ii" * "1.091.35

.831.10

.91

.75

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

Sweden

Loansup to

3 months

3-5342 34-52 3^-43^2 1 ^ — 4 1 ^

2 34^434234~43421^-41^

3-53-53-5

3-53-53-53-53-5

2H-52%—S2%-h2%—52%—52%-S2H-5

Switzer-land

Privatediscount

rate

1 .251.251.251.251.631.501.501.501.501.50

1.501.501.501.501.50

1.501.501.501.501.501 .501.50

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


COMMERCIAL BANKS

United Kingdom*

(11 London clearingbanks. Figures inmillions of pounds

sterling)

Assets

Cashreserves

502532540531549

515518520542

526504512535501531534534

Money atcall and

shortnotice

485571592598529

476476469501

483454468489463455428438

Bills dis-counted

7411,1091,408

9721,2481,3761,3401,3541,4171,3301,1131,0781,0881,1221,1701,1851,209

Treasurydeposit

receipts2 Securities Loans tocustomers

Otherassets

Liabilities

Deposits

Total Demand Time

Otherliabilities

andcapital

1948—December.1949—December.1950—December.1951—December.1952—December.

1953—SeptemberOctober...NovemberDecember.

1954—January. .February.March....AprilMayJuneJulyAugust. . .

1,397793456102

1,4781,5121,5281,9652,148

2,1372,2382,2452,275

2,2772,2752,2692,2802,3052,3112,3512,348

1,3961,5341,660

,950,764

,675,666,687,725

,706,754,773,786,804,856,836,840

621579735867748

623607626729

633638632699643711643656

6,2006,2026,3686,3336,460

6,3206,3736,4196,694

6,4576,2376,2436,3786,3356,5336,4666,519

4,1594,1614,2624,2904,232

4,0044,0414,0804,327

4,1243,9543,9574,0564,0054,1934,1214,173

2,0412,0412,1062,0422,228

2,3162,3322,3392,368

2,3332,2832,2862,3212,3302,3402,3452,346

420427550651528

482472483495

499501489499502501510505

Assets Liabilities

Canada8

(11 chartered banks.End of month figures

in millions ofCanadian dollars)

Entirely in Canada

Cash Securityloans

Otherloans anddiscounts

Securityloans

abroadand netdue fromforeignbanks

Securities Otherassets Notes*

Deposits payable in Canadaexcluding interbank deposits

Total Demand Time

OtherLiabilities

andcapital

1948—December.1949—December.1950—December.1951—December.1952—December.

1953—JulyAugust. . .SeptemberOctober...NovemberDecember.

1954—January. .February.March....AprilMayJune

749765824907916

877883897962899906

881898923892866872

101133134107155

125135110144152154

143197167144215238

2,1482,2712,7763,0283,289

3,6493,7323,7723,8383,9773,897

3,9293,9513,8993,9253,9253,943

144146171227326

328353330342390424

370370421398382360

4,2684,3454,2863,8763,955

3,8723,8863,9183,7893,7893,831

3,9443,8853,7753,7803,7803,806

1,1691,0581,304

,464,516

,359,329,372,432,512,510

,337,332,426,408

1,4811,540

1614

7,0277,2277,8287,8968,421

8,4968,6518,6928,7448,9188,881

8,7728,8438,7808,7088,8188,929

2,9702,7943,2703,2843,497

3,3443,4453,4663,5963,8513,847

3,6793,6813,5353,3973,4413,506

4,0574,4334,5584,6124,924

5,1525,2065,2265,1485,0685,034

5,0935,1625,2455,3125,3785,423

,537,477,667,714,736

,713,667,706,763,801,841

,832,791,830,839,830

1,829

France(4 large banks. Endof month figures inmillions of francs)

Assets

Cashreserves

Due frombanks

Bills dis-counted Loans Other

Liabilities

Deposits

Total Demand Time

Ownaccept-ances

Otherliabilities

andcapital

1948—December .1949—December.1950—December.1951—December.1952—December.

1953—JulyAugust....September.October. . .November.December P

1954—January...February..MarchAprilMayJune

45,39740,93748,13160,21551,155

47,90350,45147,17746,00347,10350,763

46,07744,08343,88943,46749,18645,701

35,63342,31152,93372,55968,243

85,80689,19781,64974,96478,79785,739

76,60175,18380,26678,41179,43885,313

354,245426,690527,525627,648636,624

661,082651,314644,000694,021696,942743,686

782,293770,445714,717710,596719,284721,240

126,246129,501135,289165,696170,298

189,591198,784199,498185,109189,753183,302

180,524193,050201,349206,008213,557214,988

34,03029,84331,61438,11429,734

49,26949,22650,25054,39360,63668,819

37,84040.24245,61145,34046,59448,348

552,221627,266749,928906,911902,547

952,454956,528939,282965,798978,019

1,029,660

,056,908,054,531,011,093,007,632,030,758,034,079

545,538619,204731,310879,767870,504

913,188917,027900,010924,602935,267987,111

1,013,5461,010,245968,648967,024989,474993,533

6,6838,06218,61827,14532,043

39,26539,50139,27241,19642,75242,549

43,36344,28642,44440,60841,28440,546

30,63826,35528,24833,77424,957

27,44625,20922,92824,35528,14230,308

31,30132,53934,32231,53829,72128,422

12,69115,66217,31623,54728,551

53,75157,23460,36464,33867,07072,341

35,12635,93340,41644,65247,58053,090

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 commer-

cial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publi-cation.



FOREIGN EXCHANGE RATESAverage of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

Year or month

19481949195019511952 . . .1953

1953—OctoberNovember . .December

February #

AprilMayJune •JulyAugust •September

Year or month

194819491950195119521953

1953—OctoberNovemberDecember

FebruaryMarchAprilMayJuneJulyAugustSeptember

Year or month

194819491950195119521953

1953—OctoberNovember . . . .

1954—January

March

MayJuneJulyAugustSeptember

Basic

29.77329.77426 57120.00020 00020.000

20.00020 00020.000

20.00020 00020.00020.00020 00020 00020 00020 00020.000

Ceylon(rupee)

27.83920.85020.84920.90321.046

21.00421.04121.037

21.03821.04421.05221.07921.07821.07721.09421.05920.968

Norway(krone)

20.15918.48114 01514.01514 01514.015

14.01514.01514.015

14 00814.00814.00814.00814.00814.00814.00814.00814.008

\rgentina(peso)

Prefer-ential

13 33313.33313 33313.333

13.33313 33313.333

13.33313 33313.33313.33313.33313 33313 33313 33313.333

Den-mark(krone)

20 85719.11714.49414.49114.492

Philip-pine

Republic(peso)

49.72349 62149.63949 67549.676

49.67749.67749.677

49.67749.67749 67749.67749.67749.67749.67749.67749.677

Free

8 2897.0677 1637.198

7.1987 1987.198

7.1987 1987.1987.1987.1987 1987.1987 1987.198

Finland(markka)

.4354

.4354

.4354

.4354

.4354

.4354

.4354

.4354

.4354

.4354

.4354

.4354

.4354

.4354

.4354

Portu-gal

(escudo)

4.01833.88003.47043.47393.48533.4887

3.48963.48993.4900

3.49003.49003.49003.49003.49003.49003.49003.49003.4900

Aus-tralia

(pound)

321.22293.80223.15223.07222 63224.12

223.57223 97223.93

224.01224 13224.27224.55224.58224 56224.51224 13223.18

Austria(schilling)

23.8580

23 85803.8580

3.85803 85803.85803.85803.85803 85803.85803 85803.8580

France(franc)

Official

.4929

.4671

SouthAfrica(pound)

400.75366.62278.38278.33278.20280.21

279.53280.04279.98

280.09280.23280.40280.76280.80280.76280.71280.24279.04

Free

.3240

.3017

.2858

.2856

.2856

.2856

.2856

.2856

.2856

.2856

.2856

.2856

.2856

.2856

.2856

.2856

.2856

.2856

Swe-den

(krona)

27.82425.48019 33219.32719.32619.323

19.32319.32319.323

19.33319.33319.33319.33319.33319.33319.33319.33319.333

Belgium(franc)

2.28162.20091 99081.98591 98782.0009

2.00632 00622.0053

2.00232 00361.91521.98681 99092 00322 00091 99942.0007

Germany(deutsche

mark)

23.83823.83823.838

623.83823.83823.83823.83823 83823.838

Switz-erland(franc)

23.36323.31423 13623.06023 14823.316

23.31023.25523.289

23 30823.31523 30823.31323.33323.33423.32023.32223.325

Brazil 1(cruzeiro)

5.44065.44065 44065.44065 4406

»5.442035.4466

4 2808 3 Wtfi4.2808

4.28084 28084.28084.28084.28084 28084 2808

44 2808

India(rupee)

30.16927.70620.87020.86920.92221.049

21.00521.04421.039

21.03921.04721.05621.08421.08421.08521.09421 06120.970

UnitedKing-dom

(pound)

403.13368.72280 07279 96279 26281.27

280.58281.09281.03

281 14281.29281 45281 81281.85281.82281.76281.29280.08

3.5261

3 52613 52613 52613.52613 52613 52613 5261

43 5261

Ireland(pound)

280.38279 68281.27

280.58281.09281.03

281.14281.29281.45281.81281.85281.82281.76281 29280.08

BritishMalay-

sia(dollar)

42.97332 78832 84932 60132.595

32 59632 64132.635

32 64632 65632 66832.68932 68132 66632 68932 64432.558

Mexico(peso)

18.86012 62011.57011.56411 58811.607

11.62411.62711.626

11.61911.61411.60869,9657.9957.9958.0008 0058.005

Canada(dollar)

Official

100 00097.49190 909

Neth-erlands(guilder)

37.66834 52826 25226.26426 31526.340

26.40026.41026.410

26.40526.40826.40826.41326.41826.42626.41526 39626.364

Free

91 69192.88191 47494 939

102 149101.650

101 762102 266102.754

102 781103 439102 996101.786101 575101 882102 611103 060103.112

NewZealand(pound)

350.48365 07277.28277.19276.49278.48

277.80278.30278.25

278.35278.50278.67279.02279.06279.03278.97278 50277.31

Uruguay7

(peso)

65 83065.83065 83365 83365 833

865.833

65.83365.833

865 833

56 18256.18056 18056 18056 180

856.180

56.18056.180

856 180

42.55342 55342 55342 553

842.553

42.55342.553

842 553

934.217

34.79133.567

832 573

JFor figures on free rate for the period Feb. 25-Oct. 9, 1953, inclusive, see BULLETIN for November 1953, p. 1231. The average for thisperiod 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 ratiosfor Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the formerrate 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 thesetwo 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.

OCTOBER 1954 1135


PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

1944194519461947194819491950195119521953



UnitedStates

(1947-49=100)

68697996

10499

103115112110

111111110110110

111111111111111110110111

Canada(1935-39=100)

131132139163193198211240226221

222221220219219

220219219218218218217216

Mexico(1939=

100)

179199229242260285311386400393

395398401396396

396397401411431437437441

UnitedKingdom

(1930=100)

166169175192219230262320328328

327326326328326

326326329330331

P332P333P330

France(1949=

100)

1420345289

100108138145138

137137136137138

138138136137139135

P134P136

Italy(1938=

100)

5,1595,4435,1694,8975,5815,2705,250

5,2705,2465,2375,2225,256

5,2865,3285,3365,295

••5,2925,262

Japan(1934-36average

= 1 )

24

1648

128209246343349354

355357359360361

368369368364358

Nether-lands

(1948=100)

100104117143140134

133133133134134

135136135136137137134

Sweden(1935=

100)

196194186199214216227299317298

296295295297296

296296296297296298

P297

Switzer-land

(Aug. 1939=100)

207205200208217206203227220213

212212212212211

213213214215214215214214

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]

Year or month

1944194519461947 . ,194819491950195119521953



United States(1947-49=100)

Farmproducts

697283

1001079398

11310797

9698959494

9898989998959696

Processedfoods

n.a.n.a.n.a.

9810696

100111109105

105107105104104

106105105106107105

'107106

Othercommod-

ities

70717895

103101105116113114

115115115115115

115114114115115114114114

Canada(1935-39=100)

Farmproducts

155165177190230226237269250220

214209209205207

209209207206210210214208

Raw andpartlymanu-

facturedgoods

134136140164196197213238219207

210207205203204

207205204206208207207205

Fully andchieflymanu-

facturedgoods

129130138162192199211242231229

230230229228228

228227227225225225224222

United Kingdom(1930=100)

Foods

158158158165181197221247284307

309307304305302

302305311310310

P311P313P304

Indus-trial

products

170175184207242249286

»364*352

Netherlands(1948=100)

Foods

100101112122129123

119121120122122

127128126127129131118

Indus-trial rawproducts

100108128171166156

155155154153153

1531531541.S3155155154

Indus-trial

finishedproducts

100104116143135132

131132132132132

133133133133133134133

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.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedCONSUMERS' PRICE INDEXES

Year or month

All items

UnitedStates(1947-49= 100)1

Can-ada(1949= 100)

UnitedKing-dom(Jan.

15, 1952= 100)

France(1949= 100)

Nether-lands(1949= 100)

Switz-er-

land(Aug.

1939 =100)

Food

UnitedStates

(1947-49= 100)1

Can-ada(1949= 100)

UnitedKing-dom(Jan.

15, 1952= 100)

France(1949= 100)

Nether-lands(1949= 100)

Switz-er-

land(Aug.

1939=-100)

19461947194819491950195119521953



8396103102103111114114

115115115115115

115115115115115115115115

788597100103114116115

116116117116116

116116116116116116116117

848695103106

106106106106106

106106107107107107109

355790100111130145144

143141141141142

143144144142144144142

P142

100109119120120

120121121120120

123124124125126127127126

152158163162159167171170

170170170170170

170170169170170171171P172

7996104100101113115113

114114114112112

113113112112113114115114

100103117117113

113114116113112

112112111110110112112114

6772768291105112

112111111111110

110110112113112114118

365792100111128141137

136132132132134

136137136134137136133

100111121123124

123126125124122

124126127129131134132

160170176174176181184184

185186187187186

185185184185186187188

P Preliminary.1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to Jan-

uary 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), seeB U L L E T I N for December 1952, p. 1357.

SECURITY PRICES[Index numbers except as otherwise specified]

Year or month

Number of issues. . .

194719481949 . . .1950195119521953


1954—JanuaryFebruary.. . .MarchAprilMayJuneJulyAugust

Bonds

UnitedStates^

(highgrade)

17

122.1118.3121.0

'121.9117.7115.8112.1

111.4110.9

C112.5113.6113.5

«114.6116.5117.9118.1117.5117.0117.5117.8

Canada(1935-39=100)

118.5105.0107.6109.695.786.183.6

82.682.382.884.285.3

87.088.795.599.8

100.3100.3102.1102.8

UnitedKingdom(December1921=100)

87

130.8129.9126.5121.2117.6108.3112.0

112.0112.8114.2114.9114.2

114.3114.8115.3116.6117.3116.0118.5119.7

France(1949

=100)

60

120.0106.4100.099.8

101.4111.1113.5

114.1115.0114.7114.4113.8

114.6114.9116.0115.7115.4114.9114.9

Nether-lands2

14

105.6107.1106.8106.787.085.6

100.2

101.8102.1104.0104.0103.4

103.7101.8100.0100.6103.4106.3104.3103.7

Common stocks

UnitedStates

(1935-39=100)

480

123.0124.4121.4146.4176.5187.7189.0

187.3179.2183.4187.5190.7

195.4199.6204.9212.7219.8221.8231.1236.4

Canada(1935-39=100)

99

106.0112.5109.4131.6168.3173.1160.3

161.2152.9151.9154.2153.6

157.4163.2165.0173.6179.5180.5182.3187.0

UnitedKingdom(1926=100)

278

94.692.087.690.097.191.192.2

92.591.492.193.793.5

94.195.895.697.097.898.5

100.0101.7

France(1949=100)

295

10090

112143159

162165167169170

180184187194199194198

Nether-lands3

27

233240219217215192212

218215217223230

239245250256261269282285

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


BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

W M . 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 BoardWOODLIEF THOMAS, Economic Adviser to the Board

WINFIELD W. RIEFLER, Assistant to the ChairmanALFRED K. CHERRY, Legislative Counsel

OFFICE OF THE SECRETARYS. R. CARPENTER, SecretaryMERRITT SHERMAN, Assistant SecretaryKENNETH A. KENYON, Assistant Secretary

LEGAL DIVISIONGEORGE B. VEST, General CounselFREDERIC SOLOMON, Assistant General CounselHOWARD H. HACKLEY, Assistant General CounselDAVID B. HEXTER, Assistant General CounselG. HOWLAND CHASE, Assistant General Counsel

DIVISION OF RESEARCH AND STATISTICSRALPH A. YOUNG, Director

FRANK R. GARFIELD, Adviser on Economic ResearchKENNETH B. WILLIAMS, Assistant DirectorSUSAN S. BURR, Assistant DirectorGUY E. NOYES, Assistant DirectorC. RICHARD YOUNGDAHL, Assistant Director

DIVISION OF INTERNATIONAL FINANCEARTHUR W. MARGET, DirectorLEWIS N. DEMBITZ, Assistant Director

DIVISION OF EXAMINATIONSGEORGE S. SLOAN, DirectorC. C. HOSTRUP, Assistant DirectorFRED A. NELSON, Assistant DirectorARTHUR H. LANG, Chief Federal Reserve ExaminerROBERT C. MASTERS, Assistant DirectorGLENN M. GOODMAN, Assistant DirectorHENRY BENNER, Assistant Director

DIVISION OF BANK OPERATIONSROBERT F. LEONARD, DirectorJ. E. HORBETT, Assistant DirectorLOWELL MYRICK, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATIONH. FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICESLISTON P. BETHEA, DirectorJOSEPH E. KELLEHER, Assistant Director

OFFICE OF DEFENSE LOANSGARDNER L. BOOTHE, II, Administrator

OFFICE OF THE CONTROLLEREDWIN J. JOHNSON, Controller

Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER

FEDERAL OPENMARKET COMMITTEE

W M . MCC. MARTIN, JR., ChairmanALLAN SPROUL, Vice Chairman

C. CANBY BALDERSTON J. L. ROBERTSON

MALCOLM BRYAN M. S. SZYMCZAK

H. G. LEEDY JAMES K. VARDAMAN, JR.

PAUL E. MILLER ALFRED H. WILLIAMS

A. L. MILLS, JR. C. S. YOUNG

FEDERALADVISORY COUNCIL

WINFIELD W. RIEFLER, SecretaryELLIOTT THURSTON, Assistant SecretaryGEORGE B. VEST, General CounselFREDERIC SOLOMON, Assistant General CounselWOODLIEF THOMAS, EconomistKARL R. BOPP, Associate EconomistGEORGE W. MITCHELL, Associate EconomistEARLE L. RAUBER, Associate EconomistH. V. ROELSE, Associate EconomistCLARENCE W. TOW, Associate EconomistRALPH A. YOUNG, Associate EconomistROBERT G. ROUSE, Manager of System Open

Market Account

WILLIAM D. IRELAND,

HENRY C. ALEXANDER,

GEOFFREY S. SMITH,

GEORGE GUND,

ROBERT V. FLEMING,

Vice President

WALLACE M. DAVIS,

EDWARD E. BROWN,

President

W. W. CAMPBELL,

JOSEPH F. RINGLAND,

CHARLES J. CHANDLER,

GEO. G. MATKIN,

JOHN M. WALLACE,

BOSTON DISTRICT

N E W YORK DISTRICT

PHILADELPHIA DISTRICT

CLEVELAND DISTRICT

RICHMOND DISTRICT

ATLANTA DISTRICT

CHICAGO DISTRICT

ST. LOUIS DISTRICT

MINNEAPOLIS DISTRICT

KANSAS CITY DISTRICT

DALLAS DISTRICT

SAN FRANCISCO DISTRICT

HERBERT V. PROCHNOW, Secretary



CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal ReserveBank of

Chairman 1

Deputy ChairmanPresident

First Vice PresidentVice Presidents

(Vice Presidents in charge of branches are listed inlower section of this page)

Boston.

New York

Philadelphia. . .

Cleveland.

Richmond.

Atlanta.

Chicago.

St. Louis

Minneapolis. . .

Kansas City. . .

Dallas

Harold D. HodgkinsonAmes Stevens

Jay E. CraneWilliam I. Myers

William J. MeinelHenderson Supplee, Jr.

John C. VirdenLeo L. Rummell

John B. Woodward, Jr.W. G. Wysor

Rufus C. HarrisPaul E. Reinhold

John S. ColemanBert R. Prall

M. Moss AlexanderCaffey Robertson

Leslie N. Perrin

San Francisco..,

Raymond W. HallCecil Puckett

J. R. PartenRobert J. Smith

A. H. BrawnerY. Frank Freeman

J. A. EricksonAlfred C. Neal

Allan SproulWilliam F. Treiber

Alfred H. WilliamsW. J. Davis

W. D. FultonDonald S. Thompson

Hugh LeachEdw. A. Wayne

Malcolm BryanLewis M. Clark

C. S. YoungE. C. Ha

Delos C. JohnsFrederick L. Deming

O. S. PowellA. W. Mills

H. G. LeedyHenry O. Koppang

Watrous H. IronsW. D. Gentry

C. E. EarhartH. N. Mangels

Robert B. Harvey 3

E. O. Latham

H. A. Bilby *John E. ExterH. H. Kimball -A. PhelanH. V. Roelse

Karl R. BoppRobert N. HilkertE. C. HillWm. G. McCreedy

Dwight L. AllenRoger R. ClouseA. H. Laning 3

N. L. ArmisteadAubrey N. HeflinUpton S. MartinJ. M. Nowlan 2

Carl B. PitmanO. A. SchlaikjerR. F. Van Amringe

Robert G. RouseT. G. TieboutV. Willis *R. B. WiltseJ. H. Wurts -

P. M. PoormanJ. V. Vergari4

Richard G. Wilgus 2

Martin MorrisonH. E. J. SmithPaul C. Stetzelberger

James M. SlayC. B. StrathyChas. W. Williams

V. K. Bowman L. B. RaistyJ. E. Denmark Earle L. RauberJohn L. Liles, Jr.3 S. P. SchuesslerHarold T. Patterson .

Neil B. DawesW. R. DiercksW. A. HopkinsL. H. Jones 2

Dale M. LewisWm. E. Peterson

H. C. CoreE. B. LarsonH. G. McConnell

John T. Boysen 2

Clarence W. Tow

E. B. AustinI. L. Cook 3

T. W. Plant

E. R. MillardH. F. Slade

L. G. MeyerGeorge W. MitchellA. L. OlsonAlfred T. SihlerW. W. Turner

H. H. WeigelJ. C. Wotawa

Otis R. PrestonM. H. Strothman, Jr.Sigurd Ueland

E. D. VanderhoofD. W. Woolley

L. G. PondromMorgan H. RiceHarry A. Shuford

Eliot J. Swan 3

O. P. Wheeler

VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS


New YorkCleveland

Richmond

Atlanta

ChicagoSt. Louis

Branch

BuffaloCincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew OrleansDetroitLittle RockLouisvilleMemphis

Vice Presidents

I. B. SmithR. G. JohnsonJ. W. KossinD. F. HagnerR. L. CherryH. C. FrazerT. A. LanfordR. E. Moody, Jr.M. L. ShawR. A. SwaneyFred BurtonV. M. LongstreetDarryl R. Francis


Minneapolis

Kansas City

Dallas

San Francisco....

Branch

Helena

DenverOklahoma CityOmaha

El PasoHoustonSan Antonio

Los AngelesPortlandSalt Lake CitySeattle

Vice Presidents

C. W. Groth

G. A. GregoryR. L. MathesP. A. Debus

C. M. RowlandW. H. HollowayW. E. Eagle

W. F. VolbergJ. A. RandallW. L. PartnerJ. M. Leisner

1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 1 Counsel.

OCTOBER 1954 1139


FEDERAL RESERVE BOARD PUBLICATIONS

The material listed below may be obtained fromthe Division of Administrative Services, Board ofGovernors of the Federal Reserve System, Wash-ington 25, D. C. Where a charge is indicated,remittance should be made payable to the orderof the Board of Governors of the Federal ReserveSystem.

THE FEDERAL RESERVE SYSTEM—PURPOSES AND

FUNCTIONS. Revised edition. July 1954. 224pages.

ANNUAL REPORT of the Board of Governors of theFederal Reserve System. Issued each year.

FEDERAL RESERVE BULLETIN. Issued monthly. Sub-scription price in the United States and its pos-sessions, Bolivia, Canada, Chile, Colombia, CostaRica, Cuba, Dominican Republic, Ecuador,Guatemala, Haiti, Republic of Honduras, Mexico,Nicaragua, Panama, Paraguay, Peru, El Salvador,Uruguay, and Venezuela is $2.00 per annum or20 cents per copy; elsewhere $2.60 per annum or25 cents per copy. Group subscriptions in theUnited States for 10 or more copies to one ad-dress, 15 cents per copy per month, or $1.50for 12 months.

FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEYRATES, AND BUSINESS. Issued monthly. $6.00per annum including edition of historical supple-ment (listed below) available when subscriptionis entered or renewed. 60 cents per copy; inquantities of 10 or more copies of a particularissue for single shipment, 50 cents each. (Do-mestic rates)

HISTORICAL SUPPLEMENT TO FEDERAL RESERVE

CHARTS ON BANK CREDIT, MONEY RATES, ANDBUSINESS. Issued annually in September. Annual

aA more complete list, including periodic releases andreprints, appeared on pp. 676-79 of the June 1954 BULLETIN.

subscription to monthly chart book includes oneissue of supplement. Single copies, 60 cents each;in quantities of 10 or more copies for singleshipment, 50 cents each. (Domestic rates)

BANKING AND MONETARY STATISTICS. Statistics ofbanking, monetary, and other financial develop-ments. November 1943. 979 pages. $1.50 percopy. No charge for individual sections (un-bound).

A STATISTICAL STUDY OF REGULATION V LOANS.September 1950. 74 pages. 25 cents per copy;in quantities of 10 or more copies for singleshipment, 15 cents each.

THE DEVELOPMENT OF BANK DEBITS AND CLEAR-

INGS AND THEIR USE IN ECONOMIC ANALYSIS.

January 1952. 175 pages. 25 cents per copy; inquantities of 10 or more copies for single ship-ment, 15 cents each.

THE FEDERAL RESERVE ACT, as amended to Novem-ber 1, 1946, with an Appendix containing pro-visions of certain other statutes affecting theFederal Reserve System. 372 pages. 50 cents perpaper-bound copy; $1.00 per cloth-bound copy.

COMPILATION OF FEDERAL AND STATE LAWS RELAT-ING TO BRANCH BANKING WITHIN THE UNITEDSTATES. (July 1, 1951.) December 1951. 33pages.

RULES OF ORGANIZATION AND RULES OF PROCEDURE—Board of Governors of the Federal ReserveSystem (with Amendments). September 1946.31 pages.

REGULATIONS OF THE BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM. Individual regulationswith amendments and supplements thereto.



FEDERAL RESERVE BOARD PUBLICATIONS

REPRINTS(From Federal Reserve Bulletin unless preceded by an asterisk.)

CHANGES IN INSTALMENT CREDIT TERMS. May 1952.

6 pages.

EXCESS PROFITS TAXES OF COMMERCIAL BANKS.

June 1952. 18 pages.

REAL ESTATE LOANS OF REGISTRANTS UNDER REGU-

LATION X. June 1952. 18 pages.

PROBLEMS OF TRADE EQUILIBRIUM. October 1952.

9 pages.

REVISED SERIES ON DEPARTMENT STORE SALES,

STOCKS, AND ORDERS. October 1952. 5 pages.

RECENT CREDIT EXPANSION. December 1952. 7

pages.

CREDIT AND MONETARY REVIEW FOR 1952. February

1953. 7 pages.

T H E MONETARY SYSTEM OF THE UNITED STATES.

February 1953. 16 pages.

INFLUENCE OF CREDIT AND MONETARY MEASURES ON

ECONOMIC STABILITY. March 1953. 16 pages.

FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA-

BILITY. May 1953. 7 pages.

REVISION OF CONSUMER CREDIT STATISTICS. April

1953. 19 pages.

^DETAILED DESCRIPTION OF SOURCES AND METHODS

USED IN REVISION OF SHORT- AND INTERMEDIATE-

TERM CONSUMER CREDIT STATISTICS (supplemen-

tary details for item listed above), April 1953.25 pages.

T H E TRANSITION TO FREE MARKETS. April 1953.

6 pages.

FEDERAL RESERVE BANK RESPONSIBILITIES. May

1953. 5 pages.

UNITED STATES POSTWAR INVESTMENT IN LATIN

AMERICA. May 1953. 6 pages.

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE

CORPORATIONS. July 1953. 12 pages.

REVISED INDEXES OF DEPARTMENT STORE SALES AND

STOCKS, BY MAJOR DEPARTMENTS. November

1953. 65 pages.

FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL

PRODUCTION, 1953 Revision. December 1953. %pages.

EXTENSIONS AND REPAYMENTS OF CONSUMER IN-

STALMENT CREDIT. January 1954. 14 pages.

BANK CREDIT AND MONEY IN 1953. February 1954.

6 pages.

INTERNATIONAL GOLD AND DOLLAR MOVEMENTS.

March 1954. 9 pages. (Also, similar article fromMarch 1953 BULLETIN.)

1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY

FINDINGS OF THE 1954 SURVEY OF CONSUMER

FINANCES. March 1954. 4 pages. PURCHASES OFDURABLE GOODS AND HOUSES IN 1953. June 1954.

17 pages. T H E FINANCIAL POSITION AND COM-

MITMENTS OF CONSUMERS. July 1954. 20 pages.Also, similar surveys for earlier years from 1946,1947, 1948, 1949, 1950, 1951, 1952, and 1953BULLETINS.)

N E W INDEXES OF OUTPUT OF CONSUMER DURABLE

GOODS. May 1954. 15 pages. (Also, similar re-print from October 1951 BULLETIN.)

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1954. 2 pages. (Also,similar article from July 1953 BULLETIN.)

MONETARY AND CREDIT DEVELOPMENTS SINCE MID-

1953 . July 1954. 8 pages.

FINANCING OF LARGE CORPORATIONS IN 1953. August

1954. 9 pages.

T H E BALANCE SHEET OF AGRICULTURE, 1954. August

1954. 13 pages.

T H E PRIVATE DEMAND FOR GOLD, 1931-53. Sep-

tember 1954. 10 pages.

WORLD TRADE AND PRODUCTION IN 1953-54. October

1954. 8 pages.

RECENT FINANCIAL CHANGES IN WESTERN GER-

MANY. October 1954. 10 pages.

OCTOBER 1954 1141


FEDERAL RESERVE SYSTEM

BOUNDARIES OF FEDERAL RESERVE DISTRICTSAND THEIR BRANCH TERRITORIES

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= = BOUNDARIES OF FEDERAL RESERVE DISTRICTS

BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

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• FEDERAL RESERVE BRANCH CITIES


federal reserve bulletin october 1954 - st. louis fed

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