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

BULLETINMARCH 1954

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETINVOLUME 40 March 1954 NUMBER 3

INTERNATIONAL GOLD AND DOLLAR MOVEMENTSThe rebuilding of foreign gold and dollar

reserves to more adequate levels continuedin 1953, especially in Continental WesternEurope and the Sterling Area. Foreign hold-ings of gold and dollars, after a substantialgrowth in the last nine months of 1952, in-creased 2.6 billion dollars in 1953 to a recordtotal of 23 billion. Practically all of theadditions in 1953 went to Continental West-ern Europe and the Sterling Area. The up-ward movement in reserves has continuedin 1954.

The increase in foreign monetary reservesin 1953 reflected the recent tendency towardbalance in the current account position ofthe United States (excluding military sup-plies and services granted to foreign coun-tries) and a continued—though reduced—net flow of private capital and United StatesGovernment loans and grants to the restof the world.

Nearly half the 1953 increase in foreignmonetary reserves took the form of goldpurchases from the United States. Foreigncountries also acquired more than 400 mil-lion dollars of gold from new productionand other sources. Foreign dollar holdingsrose almost 1 billion dollars, about half ofwhich was invested in United States Gov-ernment securities.

The current contraction in the UnitedStates economy finds foreign countries in amore comfortable position than in past yearswith respect to both the balance of payments

FOREIGN GOLD RESERVES AND DOLLAR HOLDINGSBi l l i ons of d o l l a r s

U. S. G O V T .SECURITIES, ETC.

DEPOSITS

GOLDRESERVES

2 0

10

1928 1938 1945 1948 1952 1953

NOTE.—Year-end data. Gold reserves valued at $20.67 perfine ounce in 1928 and at $35 thereafter. Gold reserves of theU.S.S.R. are excluded. Top section of bar includes a substan-tial amount of short-term private paper in 1928 and smallamounts in other years.

and the level of monetary reserves. Thequestion of adequacy of foreign monetaryreserves takes on increased interest as theapproach to over-all balance in internationalpayments permits relaxation of direct re-strictions on trade and payments amongnations.

FOREIGN TRANSACTIONS WITH THE

UNITED STATES

Net transfers of gold and dollars from theUnited States to foreign countries and inter-national institutions reflect the United Statesbalance of payments with the rest of theworld in goods, services, gifts, and capitaltransactions. Such net transfers rose fromabout 1 billion dollars in 1952 to 2.2 billion

MARCH 1954 237


INTERNATIONAL GOLD AND DOLLAR MOVEMENTS

in 1953. The United States balance on cur-rent account—which covers all transactionsin goods and services, including Governmentpurchases of goods and services for useabroad, and also private remittances, but ex-cludes military supplies and services fur-nished under Government aid—changedfrom a surplus of 1.8 billion dollars in 1952to a small deficit in 1953. This change wassufficient to offset declines in the net outflowof private capital and in disbursements ofGovernment nonmilitary grants and loans,and also to permit a substantial increase ingold and dollar transfers to foreign countries.

Payments to foreign countries on accountof United States Government economicgrants and loans declined about 400 milliondollars from 1952 to 1953, resulting pri-marily from smaller appropriations for Eu-ropean aid under the Mutual Security Pro-gram.

The net outflow of United States privatecapital declined about 700 million dollarsin 1953, reflecting special factors in themovements of both long- and short-termprivate funds. In the second and third quar-ters of the year, when bond prices in thiscountry were below earlier levels, there werelarge repurchases, particularly by Canadians,of outstanding long-term foreign securitiesin the United States market. Largely as aresult of these transactions, the net outflowof United States portfolio capital was re-versed, the net inflow for 1953 amountingto about 180 million dollars. The flow ofdirect investment abroad—the major ele-ment in United States long-term private cap-ital movements—declined moderately duringthe year.

A net inflow of United States private short-term capital, in contrast to the net outflowof most previous years, reflected paymentsby Brazil on an accumulation of claims held

by American banks and exporters. Brazildrew on an Export-Import Bank loan forthis purpose. Short-term credits to otherforeign countries rose somewhat.

UNITED STATES BALANCE OF PAYMENTSSELECTED COMPONENTSBillions of dollars

U. S. GOVT.GRANTS and LOANS

OUTFLOW of U.S. PRIVATE CAPITAL

NET TRANSFERS of GOLD and DOLLARSto FOREIGN COUNTRIES

1.0

1.0

- .5

1952 1953

NOTE.—Quarterly data; figures for fourth quarter of 1953are preliminary. Net transfers of gold and dollars, computedby Federal Reserve, include net foreign purchases of gold fromUnited States plus net increase in foreign dollar holdings.Other data are derived from U. S. Department of Commercestatistics. Balance on current account represents the balanceof goods, services, and unilateral transfers other than Govern-ment grants; exports of grant-financed military supplies andservices are excluded. Outflow of U. S. private capital and U. S.Government nonmilitary grants and loans are on a net basis.

The change in 1953 in the current accountbalance of the United States with foreigncountries reflected a level of United Statesmerchandise exports (excluding those cov-ered by military aid) about 1 billion dol-lars below the 1952 total. After decliningin the course of 1952, exports in 1953 weremaintained at about the same level as in thethird and fourth quarters of 1952. Mer-chandise imports rose to a peak in the springof 1953, but for the year as a whole were onlyslightly larger than in the preceding year.

238 FEDERAL RESERVE BULLETIN



United States purchases abroad of goodsand services for use abroad, including pay-ments for the maintenance of United Statesmilitary installations and troops and for off-shore procurement of military equipmentfor the use of foreign countries, were animportant factor enabling foreign countriesto show a current account surplus with thiscountry. These payments amounted to 2.6billion dollars in 1953 compared with 1.9billion in 1952.

Exports and offshore transfers of militarysupplies and services under United StatesGovernment grants, which increased about1.7 billion dollars to 4.3 billion in 1953, areexcluded from the calculation of the balanceon current account. These grant-aid militarysupplies, while providing net additions toforeign military strength, have for the mostpart not altered the supply of or demand forgoods and services in commercial trade.

COMPOSITION OF GOLD

AND DOLLAR MOVEMENTS

Changes in total foreign and internationalgold and dollar holdings reflect the balanceof payments of the United States and the ad-dition of newly produced gold to foreignmonetary reserves. When total paymentsfrom the United States are in excess of re-ceipts, foreign countries may use their netdollar receipts to purchase gold from theUnited States or to add to their assets in theUnited States. To the extent that such assetsinclude bank deposits or securities with ma-turities up to 20 months at the time of pur-chase, they are included in the concept ofdollar holdings as used in this article.

United States gold sales. Foreign coun-tries purchased about 1.2 billion dollars ofgold from the United States during 1953.About half the purchases were made in thefirst quarter, as shown in the table. Since

United States domestic production and in-dustrial consumption of gold were in nearbalance during 1953, the monetary gold

N E T FOREIGN PURCHASES OF GOLD FROM THE UNITED STATES

19531

[In millions of dollars]

Area and country-

Continental Western Europe:Belgium and Belgian CongoDenmarkGermany (Federal Republic of).NetherlandsPortugal .SwedenSwitzerlandOther Continental Western

Europe . .Bank for International Settle-

ments

Total

United Kingdom

Latin America:ArgentinaMexico.. . .UruguayOther Latin America

Total

Asia and all other

Grand total

Jan.-Mar.

36133025151020

8

23

181

320

5528104

97

1

599

Apr.-June

3

10

' 15'

25

9

62

40

20

5

25

1

128

July-Sept.

12

4040151015

43

175

120

10

(2)

10

1

307

Oct-Dec.

43

50

' 15'

5

—4

19

128

(2)

(2)

2

130

Year

9513

13065602065

4

94

546

480

8528154

132

6

1,164

1 Minus sign indicates sale to the United States.2 Purchase of less than $500,000.NOTE.—Details may not add to totals because of rounding.

stock of the United States declined about1.2 billion during the year as a result of itssales. At the year-end this country had agold stock of 22.1 billion dollars. This was60 per cent of world gold reserves, the samerelative share as at the end of 1945. Thecorresponding ratios in the predepressionyear of 1928 and the prewar year of 1938were 38 and 56 per cent. All gold figuresin this article exclude the U.S.S.R.

Other gold transactions. Since the totalgold reserves of foreign countries and inter-national institutions rose by 1,590 milliondollars in 1953 and net foreign purchases ofgold from the United States accounted for1,164 million, about 425 million of the totalwas acquired from new foreign productionor other sources. There were reports of sales

MARCH 1954 239



ESTIMATED CHANGES IN FOREIGN AND INTERNATIONAL GOLD RESERVES AND DOLLAR HOLDINGS DURING 1953


Area and country

Continental Western Europe:AustriaBelgium-Luxembourg (and Bel-

gian Conco)France (and dependencies)Germany (Federal Republic of).ItalyNetherlands (and Netherlands

West Indies and Sur inam). . .Portugal( and dependencies)...SwedenSwitzerlandOther *

Total

Sterling area:United KingdomU. K. dependenciesUnion of South AfricaOther.

Total

Canada .

Latin America:ArgentinaBrazilCubaMexicoUruguayVenezuelaOther

Total

Asia:IndonesiaJapanPhilippine RepublicOther

Total

All other:Eastern Europe 4

Other

Total

Total foreign count r ies .

Internationals . . . .

Grand total

Holdings atend of 1952

Goldre-

serves

52

7881593

140346

568307184

1,411872

5,261

3 1,500

170465

2,135

896

288317214144207373274

1,817

235128

9384

756

290178

468

1 1 , 3 3 3

1,692

13,025

Dollarhold-ings

91

247374551309

2476791

642488

3,107

81811324

193

U48

1,596

13973

301231

94146668

1,552

61808315427

1,611

17105

122

9,136

1,595

10,731

Increase or decrease (—), 1953

Jan.-Mar.

Goldre-

serves

2

44

6120107

55

199

375

4

379

15

55

' —is3510

8

90

- 2 71

2

- 2 4

659

1

660

Dollarhold-ings

11

15—83

35

29-3-2-919

8

-6619

19

-37

-72

33

SO-17

-2—29

90

78

6891050

165

132

-39

93

Apr.-June

Goldre-

serves

- 5

- 6

26

1019

- 123

- 3 4

32

100

1

101

33

20

""J-Y5

18

i'' " - 3

- 2

182

5

187

Dollarhold-ings

17

-242979

373

-31782

299

159—6

26

184

-230

145852

-47-3403

117

-29—5

-18-31

-83

—17

6

293

18

311

July-Sept.

Goldre-

serves

273

49

108151315

- 5

225

175

175

26

10

- 1 7

""12

5

- 4 5

i'- 4 1

390

2

392

Dollarhold-ings

42

1075

111U

-399

171478

371

-1022

—10

-16

28

-9SO

8S

41-41

32

-S40

IS

62

8—9

—1

466

-61

405

Oct.-Dec.p

Goldre-

serves

63

67

1425123

12

196

15(5

1

151

26

4- 1 0

35

- 9

- 7

-18

i'- 1 7

349

2

351

Dollarhold-ings

so-46

4810581

207

U1093

362

-192—3—122

-174

98

-17-62-46

132124

-10

-77

-104-14

16

-98

-81

—7

104

127

231

Year?

Goldre-

serves

- 5

863

186

19379344828

652

800

6

806

100

854

- 2 81420

11

106

- 9 02

4 '

- 8 4

1 ,580

10

1,590

Dollarhold-ings

100

-2382

348140

47162632

272

1,040

-109—5U67

-43

-176

-92944

-48167642

150

—2220

-2048

26

—1-1

-2

995

45

1,040

Holdings atend of 1 9 5 3 P

Goldre-

serves

47

8741596

326346

761386218

1,459900

5,913

3 2,300

176465

2,941

996

373321186158227373285

1,923

145130

9388

672

290178

468

12,913

1,702

14,615

Dollarhold-ings

191

224456899449

29483

117674760

4,147

70910838

250

1,105

1,4*0

ISO10%345183110222610

1,702

39828295475

1,637

16104

120

10,131

1,640

11,771

P Preliminary.1 Represents gold reserves of Bank of France and French dependencies only.2Includes holdings of other Continental OEEC countries, Finland, Spain, Yugoslavia, Bank for International Settlements (both for

Its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold,and unpublished gold reserves of certain Western European countries.

3 Estimated gold holdings of British Exchange Equalization Account, based on holdings of gold, U. S. and Canadian dollars as re-ported by British Government.

* Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R."Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations

and other international organizations. Excludes holdings of Bank for International Settlements, which are included under "ContinentalWestern Europe."

NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and officialand private dollar holdings reported by banks in the United States. Dollar holdings include principally deposits and U. S. Governmentsecurities (Treasury bills, certificates of indebtedness, and notes and bonds reported as purchased within 20 months of maturity). Thetotal referred to most frequently in the text is that for "total foreign countries," shown in bold-face type. International institutionsare shown separately for the purpose of providing more complete coverage of the movement of gold and dollar holdings.




of gold by the U.S.S.R. to the United King-dom and other European countries in thelatter part of the year. It would appear thatsomewhat less than 350 million dollars ofgold from new production was added to thegold reserves of foreign countries last year.

Total foreign gold production amountedto an estimated 795 million dollars for theyear. If the addition to reserves from newlymined gold was less than 350 million, some-thing more than 450 million dollars of goldwent into industrial uses, private holdings, orwas otherwise not accounted for. This non-monetary residual was slightly less than in1952 and substantially less than in 1951. Inthe fourth quarter of 1953 there was appar-ently a significant further reduction in theflow of gold to nonmonetary uses.

The price of gold on the various free mar-kets of the world continued to decline during1953 and in terms of dollars is now veryclose to the United States official gold priceof $35 per fine ounce. For example, theprice in Zurich, Switzerland, which was ashigh as $44 per fine ounce in the early partof 1951, fell to $37.25 in December 1952 and$35.25 at the end of 1953.

Changes in dollar holdings. Foreign dol-lar holdings—official reserves of foreign cen-tral banks and governments plus dollar hold-ings on private foreign account as reportedby banks in the United States—rose 995 mil-lion dollars during 1953. Practically all ofthis increase was in official holdings.

Foreign monetary authorities continued toinvest an increasing proportion of their addi-tional dollar holdings in securities in 1953.Net foreign purchases, official and private,of United States Government securitiesamounted to 542 million dollars, and net pur-chases of other short-term assets, mainlybankers' acceptances, were 147 million. For-eign deposits at commercial banks rose 434

million dollars while those at Federal Re-serve Banks declined 127 million during theyear.

Impact on commercial ban\ reserves. Thenet movement of funds between the UnitedStates and foreign countries had a moder-ately restraining effect on commercial bankreserves in the United States during the earlypart of 1953. As measured by the differ-ence between the gold outflow and the partlyoffsetting decline in foreign deposits at Fed-eral Reserve Banks, the drain on commercialbank reserves due to foreign factors wasaround 1 billion dollars for the year. Thedrain was heaviest—about 600 million dollars—in the first quarter.

Federal Reserve operations to adjust thesupply of bank reserves to the needs of theeconomy took into consideration the effect ofthese foreign transactions. During the earlymonths of the year, when there was a sea-sonal decline in reserve needs and the FederalReserve was following a policy of restraint,the decline in reserves due to foreign goldand dollar movements was permitted tooccur. During the remainder of the yearthe effect of foreign factors was more thanoffset by Federal Reserve measures to supplyadditional bank reserves needed to meet sea-sonal credit and currency growth and to easebank reserve positions.

REGIONAL CHANGES IN HOLDINGS

Continental We?1:ern Europe and SterlingArea countries together accounted for nearly2.5 billion dollars, or practically all, of thenet increase in foreign countries' gold anddollar holdings during 1953. At the year-end these groups of countries held about 60per cent of total foreign gold and dollars.Latin American countries as a group in-creased their holdings about 250 million dol-lars, after little change in 1952. Holdings of

MARCH 1954 241



Canada and of the Asian countries not inthe Sterling Area each declined slightly.These changes may be seen in the accom-panying chart. A table presenting figures

FOREIGN GOLD RESERVES AND DOLLAR HOLDINGSBY AREA OR COUNTRYBillions of dollars

-/ 10

CONTINENTALWESTERN EUROPE

S UNITED KINGDOM andOTHER STERLING AREA_

\ ~\ASIA and

OTHER COUNTRIES

1947 1949

NOTE.—End-of-quarter data.

1951 1953

on foreign gold and dollar holdings for se-lected prewar and for postwar years will befound at the end of this article.

European and Sterling Area countries. Thedistribution of gold and dollar reservesamong European and Sterling Area coun-tries is affected by the settlement of intra-group trade through the European PaymentsUnion as well as by transactions with therest of the world and purchases of newlymined gold. The EPU settlements of thenet deficits and surpluses that remain afterclearing are made partly in credit and partlyin gold and dollar payments to and fromthe Union. The United Kingdom and therest, of the Sterling Area earned a net surplus

over the entire year, in spite of small netdeficits during the second half, and received115 million dollars from the Union. Theonly country earning larger amounts of goldand dollars was Germany, which receivedover 170 million dollars, spread fairly evenlythroughout the year. Switzerland, Nether-lands, and Austria earned moderate sur-pluses. France continued to be a large netdebtor to EPU, paying 255 million dollars.

The countries of the Sterling Area in-creased their gold and dollar holdings about760 million dollars or 23 per cent in 1953.The major portion of this gain was in theofficial and private holdings of the UnitedKingdom, which holds the central monetaryreserves for the Sterling Area. The officialreserves of gold and United States and Ca-nadian dollars, as announced by the BritishGovernment, rose from 1,846 million dollarsat the end of 1952 to 2,518 million on Decem-ber 31, 1953.

The gold and dollar holdings of Conti-nental Western Europe increased 1.7 billiondollars or 20 per cent in 1953. This largeexpansion continued the steady upward trendthat began in 1948. All countries in the areaimproved their reserve positions. Germanyand the Netherlands, as in 1952, experiencedthe largest over-all increases in gold anddollar holdings. Reflecting its earnings fromintra-European trade as well as large UnitedStates military expenditures, Germany's hold-ings rose 535 million dollars during 1953,more than doubling the preceding year'sgrowth. The Netherlands received substan-tial amounts of gold and dollars from Indo-nesia and increased its holdings 240 milliondollars, slightly less than during 1952.France's experience was also similar to thatof 1952. Despite its continued deficit withthe EPU, it was able to add about 90 milliondollars to its gold and dollar holdings,




largely because of dollar receipts from grantaid and United States military expendituresin France and its overseas territories.

Other countries. The slight decline in thegold and dollar holdings of Asian countriesoutside the Sterling Area was mainly attrib-utable to Indonesia. Japan continued to earnlarge amounts of dollars from United Statesmilitary expenditures, but since imports rosesubstantially over 1952 levels, gold and dollarreserves increased only slightly during theyear. In order to settle its deficit with theSterling Area, Japan found it necessary toborrow sterling in London and to draw ster-ling from the International Monetary Fund.

Latin American countries generally im-proved their gold and dollar positions. Ar-gentina and Venezuela each added about 75million dollars to their holdings. After adecline of about 30 million dollars in 1952,Brazil's holdings rose last year by a similaramount, as imports receded from their 1952levels. The fourth quarter decline in Bra-zil's dollar holdings reflected increased pay-ments, largely out of funds previously dis-bursed to Brazil by the Export-Import Bank,on its short-term dollar debt to creditors inthe United States. Short-term claims onBrazil reported by banks in the United States,which had reached a peak of almost 385million dollars at the end of February, de-clined to about 130 million by the end ofthe year.

Canadian holdings of gold and dollarsdeclined 76 million in 1953, largely becauseof security repurchases in the United Statesmarket in the second and third quarters.

ADEQUACY OF FOREIGN

MONETARY RESERVES

At the end of 1953 the total of foreign goldand dollar holdings was more than 60 percent above that of 1938 and nearly three

times as large as in 1928, as may be seen inthe table at the end of this article. Further-more, the international financial institutionsorganized after World War II—the Inter-national Monetary Fund and the Interna-tional Bank for Reconstruction and Devel-opment—had gold and dollar holdings ofmore than 3 billion dollars. Whether themonetary reserves of individual countries areadequate to meet the needs of a freer systemof trade and payments among nations is notindicated by these statistics. The adequacyof reserves depends upon a number of factors,existing and prospective, which vary greatlyin relative importance from country to coun-try and are not subject to precise measure-ment.

An important function of the monetaryreserves of nations—like the cash reserves ofindividuals or business firms—is to permit thefinancing of temporary differences betweenincome and expenditures. Some working bal-ances are needed to finance day-to-day inter-national transactions. Reserves are alsoneeded for occasional differences betweenreceipts and payments such as might re-sult from a decline in the foreign demandfor a country's exports or an increase inits purchases from abroad. The availabil-ity of adequate reserves may enable a coun-try, whenever a temporary balance of pay-ments deficit develops, to avoid such meas-ures of adjustment as currency devaluation,the imposition of trade and exchange restric-tions, or domestic deflation. Unless the exist-ing level of reserves is generally regarded asadequate in relation to potential drains,minor fluctuations in the balance of paymentsmay be accentuated by speculative move-ments.

Consideration of the adequacy of reservesabroad has recently focused not only ontheir possible use as a buffer in case of tempo-

MARCH 1954 243



rary reductions in demand in major tradingcountries but also on the problem of pro-viding a support for moves to relax directrestrictions on trade and the transferabil-ity of currencies. The need for reservesfor these purposes varies greatly from coun-try to country depending, in the one case, onthe size of exports and their sensitivity toreductions in income elsewhere and, in theother case, on the nature and timing of themeasures to relax trade and exchange re-strictions.

In many countries legal requirements andtraditions regarding the relation of monetaryreserves to the domestic liabilities of centralbanks and commercial banks also have animportant bearing on views as to the ade-quacy of reserves.

The adequacy of the monetary reserves ofcountries, either individually or in groups,cannot be measured on the basis of simplecomparisons with past years. For example,it is frequently noted that in relation to thegrowth in the value of world trade the re-serves of most countries have declined con-siderably since the late thirties. But the de-pressed conditions of prices and trade in thatperiod limit the value of such a comparison.A comparison with the late twenties wouldshow that foreign holdings of gold and dol-

lars have risen somewhat more than worldtrade. However, many other considerationsmust be taken into account in judging theadequacy of monetary reserves of particularcountries.

A revival of the international flow of pri-vate short-term commercial credit in responseto financial incentives might strengthen con-vertibility efforts and lessen somewhat theneed for monetary reserves by substitutingprivate for official financing of temporarypayments imbalances. Such a developmentwould be facilitated by a broadening of themarket for instruments of short-term inter-national credit.

The past two years have witnessed an ap-proach to a balance in international accountswhich might be sustained without directrestrictions on trade and payments amongnations. Furthermore, a considerable relaxa-tion of trade restrictions, including thoseagainst the dollar area, has been undertakenby a number of European countries and hasnot resulted in a reversal of the movementtoward international balance. The rebuild-ing of foreign monetary reserves, althoughonly one of the conditions for the achieve-ment of currency convertibility and non-discriminatory trade, is a further step towardthe attainment of these objectives.

244* FEDERAL RESERVE BULLETIN



ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS,

1928, 1938, AND 1945-53

[End of year, except 1928. In millions of dollars]

Area and country

Continental Western Europe:AustriaBelgium-Luxembourg (and Belgian Congo)France (and dependencies)2

Germany (Federal Republic of)ItalyNetherlands (and Netherlands West Indies and

Surinam) » « . . .Portugal (and dependencies)Sweden , . . .SwitzerlandOthers

Total . . . .

Sterling Area:United KingdomUnited Kingdom dependenciesUnion of South Africa . . .»Other

Total

Canada

Latin America:ArgentinaBrazil •Cuba . . . .Mexico »Uruguay . . . .VenezuelaOther

Total

Asia:Indonesia . .Japan , . . . . , . .Philippine RepublicOther

Total

All other:Eastern Europe4 . . . .Other

Total

Total foreign countries

International5

Grand total

1928

11272,037

813416

26219

163197902

4,850

1,0850)

139276

1,400

415

16071149( i )

16168121274

1,125

16815410)

66

675

22560

285

8,750

8,750

1938

2

1

7

3

3

13

13

15841

,96647

213

,100186420990702

,300

,31362

305

,900

395

44944467S

16963

211

950

180316184180

760

49 595

520

,825

,825

1945

51,0112,131

791

597484695

1,6411,469

8,131

2,68432

920450

4,086

1,726

1,274549319410208252766

3,778

314129630

1,344

2,417

515111

626

20,764

20,764

1946

5977

1,2297

289

523480554

1,7971,407

7,268

2,89067

986517

4,460

1,475

1,185528379333217289725

3,656

327142448937

1,854

586111

697

19,410

489

19,899

1947

1

5

3

2

t

15

3

18

1079877690

204

406373164

,799967

,580

, 34658

813520

,737

718

SS84S9S14?39208?Q3610

,881

249

490698

, S93

568117

685

,194

,693

,887

1948

1

5

2

1

2

1

14

3

18

62838794179424

331291130

,886891

,826

70199498

,918

,221

3S7441S08

20344 S601

,744

219?06489801

, 71 S

442123

565

,989

,375

,364

1949

6

1

2

1

3

1

15

3

18

92912740149556

415234160

907

,186

,924103134562

,723

,365

417sin463?67236

647

,056

194333298684

509

378140

518

,357

,109

,466

1950

1

6

3

4

1

3

1

19

3

22

92848834222573

559

205,093,216

,829

120941533

,451

,988

S18S43S3041 S3114SR68O

,455

323S87377582

,869

344201

545

,137

,090

,227

1951

107898903434633

524331224

1,9731,087

7,114

2,843100197634

3,774

2,157

518All575366306445733

3,360

421729337698

2,185

309328

637

19,227

3,171

22,398

1952

1431,035

967691655

815374275

2,0531,360

8,368

2,318113194658

3,283

2,492

427390515375301519842

3,369

296936324811

2,367

3O7283

590

20,469

3,287

23,756

1953

2381,0981,0521,225

795

1,055469335

2,1331,660

10,060

3,009108214715

4,046

2,416

503423531341337595895

3,625

184958304863

2,309

306282

588

23,044

3,342

26,386

xGold reserves only. Dollar holdings are not reported separately and are included in the appropriate "Other" category,2For years 1938, 1945, 1946, and 1947 includes gold reserves of Bank of France, French Exchange Stabilization Fund, and French

dependencies; for subsequent years excludes the Stabilization Fund.3Includes holdings of other Continental OEEC countries, Finland, Spain, Yugoslavia, Bank for International Settlements (both for

its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold,and unpublished gold reserves of certain Western European countries.

4 Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R.5Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations

and other international organizations. Excludes holdings of Bank for International Settlements, which are included under "ContinentalWestern Europe."

NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official andprivate dollar holdings reported by banks m the United States, Gold reserves valued at $20.67 per fine ounce in 1928 and at $35 per fineounce for other years shown. Dollar holdings include principally deposits and U. S. Government securities (Treasury bills, certificates ofindebtedness, and notes and bonds reported as purchased within 20 months of maturity). Figures for 1928 are estimated on the basis ofgold reserves at the end of that year plus dollar holdings reported by 15 New York City banks as of May 31, 1929, the first date on which.such holdings were reported. Estimates for 1953 are preliminary.

MARCH 1954 245


PRELIMINARY FINDINGS OF THE 1954SURVEY OF CONSUMER FINANCES

This article presents preliminary findingsof the Ninth Annual Survey of ConsumerFinances.1 These Surveys are conducted bythe Board of Governors of the Federal Re-serve System in cooperation with the SurveyResearch Center of the University of Michi-gan for the purpose of obtaining informationon consumer financial positions, consumerviews about their economic prospects, andsome indications of consumer plans for pur-chasing durable goods and houses. The Sur-veys are based on field interviews in Januaryand February of each year and cover a rep-resentative sample of the consumer popula-tion.

In interpreting Survey findings, it is essen-tial to keep in mind that there is no necessaryrelationship between consumer plans at thebeginning of the year and consumer buyingbehavior during the year. Consumer be-havior is influenced by a variety of factors,some of a transient nature and some of alonger run nature. Although the sample isselected on the basis of established scientificprinciples, the results obtained are subject tosampling and response variation.2 For thesereasons, the Board continues to emphasize theexperimental nature of this method of eco-

1 These preliminary findings are based on simplified tabu-lations of approximately 2,800 interviews taken in Januaryand February 1954 in 66 sampling areas throughout thecountry, including the 12 largest metropolitan areas. Anadditional 200 interviews as well as an allowance for dif-ferential response rates in the various strata of the sample willbe included in the figures that will be published in laterarticles in this series in the Federal Reserve BULLETIN. Itis believed that results derived from final figures will notdiffer substantially from present indications. The laterBULLETIN articles will contain information about past pur-chases and financing of durable goods and housing, and dis-tributions of income, liquid assets, and contractual commit-ments.

sSee "Technical Note on the Sampling Limitations of theSurvey," Federal Reserve BULLETIN, July 1952, pp. 749-50.

nomic research. Considerable further testingof results is needed, especially in view oflimited experience in periods of recedinggeneral economic activity.

Preliminary findings of the 1954 Surveyshow that increases in income were frequentin 1953 at all income levels but not as fre-quent as in 1952. Liquid asset holdings alsoincreased and were again shown to be widelydistributed. A majority of those expressingan opinion felt that economic prospects forthe country for this year were generally goodbut a sizable number felt that prospects wereunfavorable. Consumers generally expectedprices either to remain stable or to declineduring the year. The Survey findings as awhole leave the impression that consumerswere somewhat less confident about theirpersonal financial prospects than they werea year ago.

Reflecting the economic climate early inthe year as well as their own financial posi-tions, consumers less frequently reportedplans to purchase new houses, cars, and otherdurable goods than a year ago. Plans ofnonfarm consumers to make expendituresfor home improvements and maintenance ap-peared to be a little more numerous than lastyear but the average amount of planned ex-penditure was a little smaller.

Consumer attitudes as to whether it was agood or a bad time to buy durable goodsshowed little change from a year ago. Thereappeared to be some tendency for consumersto time their plans to buy more heavily inthe latter part of the year than was the casea year ago. This tendency may indicate thatconsumer buying interest will be more activelater in the year, or it may indicate that con-

246 FEDERAL RESERVE BULLETIN'


PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES

sumer plans are more tentative than in otherrecent years.

About two-fifths of the nonfarm consumersreported receiving more income while aboutone-fourth reported receiving less. The pro-portion reporting more income was smallerthan in early 1953 and the proportion re-ceiving less was larger. Both proportionswere about the same as in early 1948 andearly 1949 and were more favorable than inearly 1950, when unemployment was at apostwar high. In evaluating their currentfinancial positions, a slightly larger percent-age of consumers felt worse off and a slightlysmaller percentage felt better off than a yearago. The proportion feeling better off wasnevertheless larger than in earlier Surveyyears, probably reflecting the widespread in-creases in income and the general stability ofconsumer prices last year.

With regard to personal financial prospects,the proportion of nonf arm consumers expect-ing to be making more at the end of theyear was a little smaller in early 1954 than inearly 1953, but about the same as in each ofthe three years preceding the Korean out-break. About one-seventh expected incomedeclines during 1954; a year ago only one-tenth of such consumers expected their in-comes to decline during the year.

Liquid asset holdings were widely dis-tributed among income classes. The pro-portion in each income group reporting someliquid assets was similar to that in other re-cent years. The proportion of consumerswho reported owning more than $500 ofliquid assets in early 1954 was larger thanthat shown by any Survey in several years.

With respect to prices, more than a thirdof the consumers interviewed in early 1954expected declines during the year. This pro-portion was somewhat larger than in early1953 and was very much larger than in early

1952 or early 1951, when very few consumersexpected prices to fall, but it was considerablysmaller than in early 1949. Only a sixth ofthe consumers interviewed early this year ex-pected price increases, about tlie same propor-tion as a year ago and in early 1950, but alarger proportion than in early 1949.

Between last year and this year, there wasno over-all change in the proportions of con-sumers who thought that it was a good ora bad time to make major durable goods pur-chases. Reasons expressed for their views hadchanged considerably, however. The mostfrequent reasons given this year for believingthis is a good time to buy are that prices arelower, stable, or "not too high." A yearearlier, the most frequent reason given wasgood incomes. The feeling that "prices aretoo high" continued to be the most frequentreason for believing it to be an unfavorabletime for major purchases, although fewerconsumers expressed such a view this year.More people gave such reasons as "prices willbe lower" or "people can't afford to buy" asexplanations for saying this was a bad time tobuy durable goods.

The proportion of consumers planning tobuy new automobiles within the year wassmaller in early 1954 than in early 1953 orearly 1950 but larger than in early 1952 orearly 1951. There was no change from lastyear in the proportion planning to buy usedcars but prices consumers expected to pay forthem were lower. There also appeared to besome tendency on the part of those planningto buy new cars in 1954 to defer their pur-chases until the latter part of the year. Itmay be worthy of note that plans to buy newand used cars in 1954 and 1955 combinedwere as frequent in early 1954 as a year agofor the comparable two-year period.

Plans to buy furniture and major house-hold appliances were less numerous early this

MARCH 1954 247


PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES

year than in early 1953 but changes were notuniform for all items covered by the Survey.Intentions to purchase refrigerators and tele-vision sets appeared to be considerably fewerthan in 1953 wliile plans to buy washing ma-chines appeared to be well maintained. Forhousehold durable goods as a whole, thefrequency of plans to purchase one or moredurable items was smaller than in early 1953but greater than in early 1952.

Fewer consumers planned to buy new andexisting nonfarm homes in 1954 than in 1953but about the same number as in 1952. As inthe case of automobiles, if plans for housepurchases in 1955 are added to those for1954, the total is about equal to comparabletwo-year plans as of early 1953 and early 1952.It should be noted that the number of poten-tial home buyers interviewed in a sample ofthis size is necessarily very small and thattoo much significance should not be attrib-uted to minor changes in the proportion plan-ning to buy. For example, although theproportion of consumers reporting plans tobuy homes in 1951, 1952, and 1953 varied

somewhat, the volume of homebuilding wasabout the same in all three years.

As in several other years, the 1954 Surveyof Consumer Finances inquired into invest-ment preferences of consumers with incomesof $3,000 or more in the preceding year.Each of these consumers was asked the wisestthing to do with money not needed for ex-penses, whether to put it in a savings account,to buy Government savings bonds, to investin real estate, or to buy common stock. An-swers obtained suggest that the shift in pref-erence toward risk type assets that had goneon from early 1949 to early 1952 was reversedduring 1953. Both Government savingsbonds and savings accounts were more popu-lar at the beginning of 1954 than a yearearlier among all income groups asked thisquestion. This was the first rise in consumerpreference for savings bonds reported in thesepostwar Surveys. Some decline in preferencefor both types of risk assets (real estate andcommon stock) appears to have taken placeduring 1953, but it was much greater for realestate than for common stock.



PRELIMINARY RESULTS OF THE FEDERAL RESERVE SURVEY OF CONSUMER FINANCES

IN EARLY 1954, WITH FINAL RESULTS FOR EARLY 1948-53 x

[Percentage distribution of spending units]

Consumer financialpositions 1954 1953 1952 1951 1949 1948 Consumer attitudes

and plans 1954 1950

Money income in prior year, before taxes 2

Under $1,000. . .$1,000-$ 1,999...$2,000-$2,999...$3,000-$3,999...$4,000-$4,999...$5.000-$7,499...$7,500-$9,999...$10,000 and over

All cases

10131416162065

100

11141618151754

100

13151818151443

100

131719191214

\ /=;/

100

141921191111

100

121823201210

"\/

100

Past change in income rate 2

Making more than ayear ago

No changeMaking less than a

year agoNot ascertained

All cases

4134

232

100

4832

164

100

4633

174

100

4733

182

100

3041

272

100

4235

212

100 100

Evaluation of own financial situation

Better off than a yearago

No changeWorse off than a year

agoNot ascertained

All cases

3632

302

100

3833

263

100

3329

353

100

3229

372

100

3232

342

100

3335

302

100

Liquid asset holdings 3

Zero$1-$199$200-$499$500-$999$l,000-$l,999$2,000-$4,999$5,000-$9,999$10,000 and over

All cases 100

26151313111354

100

29161211121154

100

3117139101253

100

28161411121153

100

31161110101363

100

29161311111253

100

Expected price movements

Increase during year. . .No changeDecrease during year..Uncertain and not as-

certained

All cases

164136

7

100

174331

9

100

53307

10

100

77163

4

100

153641

8

100

82055

17

100

332428

15

100

Expected change in income 4

Making more a yearfrom now

No changeMaking less a year

from nowUncertain and not as-

certained

All cases

2935

15

21

100

3433

10

23

100

3630

8

26

100

3935

13

13

100

3043

16

11

100

2746

17

10

100

2847

13

12

100

Evaluation of durable goods markets

Good time to buyPro or con, uncertain. .Bad time to buy

All cases

352540

100

342838

100

222652

100

331849

100

(5)

(5)

(5)

(5)(«)(5)

(5)

Plans to purchase 6

House 7

Home improvementand maintenance 7 8 .

New automobileUsed automobileFurniture and major

household appliances.

6.8

19.27.86.2

26.8

8.8

16.99.06.2

31.9

6.

6.6.

23.

4

80

2

8

65

27

.5

.6

.5

.4

8.4

0)10.66.9

28.4

7

(116

30

.0

.8

.8

.9

7 .5

<)9.74.1

27.4

Investment preferences 9

Assets of fixed moneyvalue

Savings accounts . . . .Savings bondsAccounts or bonds.. .

Lssets of fluctuatingmoney value

Common stockReal estateCommon stock or

real estate

Other iiNot ascertained

100 All cases 100

73 65

100

65

1643

6

26

69 79

1854

7

11

MARCH 1954 249


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

Board of Governors, and other similar material

ReservesClassification of Reserve Cities

The rule adopted by the Board of Governors onDecember 19, 1947, with respect to the classificationof central reserve and reserve cities, provides for atriennial designation of reserve cities. Acting pur-suant to that rule, the Board took action, effectiveMarch 1, 1954, for the continuance of the reservecity classification of all presently existing reservecities except Dubuque, Iowa, Lincoln, Nebraska,and St. Joseph, Missouri, which ceased to be reservecities on that date. The Board's action is as follows:

CLASSIFICATION OF RESERVE CITIES

Acting in accordance with the rule regarding clas-sification of central reserve and reserve cities whichwas adopted by the Board on December 19, 1947,and became effective March 1, 1948 (hereafter re-ferred to as the Board's rule), and pursuant to au-thority conferred upon it by section l l (e) of theFederal Reserve Act and other provisions of thatAct, the Board of Governors has taken the followingactions for the continuance of the classification ofcertain cities as reserve cities and the termination ofthe reserve city designations of certain other cities,all such actions to become effective March 1, 1954:

(1) The City of Washington, D. C, and everycity except New York and Chicago in which thereis situated a Federal Reserve Bank or a branch ofa Federal Reserve Bank are hereby continued asreserve cities.

(2) The following cities fall within the scopeof paragraph (2) of subsection (b) of the Board'srule based upon official call reports of condition inthe two-year period ending on June 30, 1953, andtherefore, such cities, in addition to the reserve citiesclassified as such under paragraph (1) above, arehereby continued as reserve cities:

Columbus, Ohio; Des Moines, Iowa; Indian-apolis, Indiana; Milwaukee, Wisconsin; Na-tional City (National Stock Yards), Illinois;St. Paul, Minnesota; Tulsa, Oklahoma;Wichita, Kansas; and Fort Worth, Texas.

(3) The following cities do not fall within thescope of paragraph (2) of subsection (b) of theBoard's rule based upon official call reports of con-dition in the two-year period ending June 30, 1953,but a written request for the continuance of eachsuch city as a reserve city was received by the Fed-eral Reserve Bank of the District in which the cityis located on or before February 15, 1954, from everymember bank having its head office or a branch insuch city (exclusive of any member bank in anoutlying district in such city permitted by theBoard to maintain reduced reserves), together witha certified copy of a resolution of the board ofdirectors of such member bank duly authorizingsuch request; and, accordingly, in accordance withparagraph (3) of subsection (b) of the Board'srule, the following cities, in addition to the reservecities classified as such under paragraphs (1) and(2) above, are hereby continued as reserve cities:

Toledo, Ohio; Cedar Rapids, Iowa; SiouxCity, Iowa; Kansas City, Kansas; Pueblo,Colorado; and Topeka, Kansas.

(4) The following cities do not fall within thescope of paragraph (2) of subsection (b) of theBoard's rule based upon official call reports of con-dition in the two-year period ending June 30, 1953,and written requests for their continuance as re-serve cities were not received from all memberbanks in such cities; and, accordingly, the desig-nation of such cities as reserve cities is herebyterminated:

Dubuque, Iowa; Lincoln, Nebraska; and St.Joseph, Missouri.



CURRENT EVENTS AND ANNOUNCEMENTS

Federal Reserve Meetings

The Federal Advisory Council met in Washing-ton on February 14-16, 1954. The annual organiza-tion meeting of the Council was held on February14, at which Edward E. Brown, Chairman of theFirst National Bank of Chicago, was reelectedPresident; Robert V. Fleming, President and Chair-man of The Riggs National Bank, was reelected

- Vice President; and Herbert V. Prochnow wasreappointed Secretary. The Council met with theBoard of Governors of the Federal Reserve Systemon February 16.

A meeting of the Presidents of the Federal Re-serve Banks was held in Washington on March 1and 2, and on March 3 the Presidents met withthe Board of Governors.

On March 3 a meeting of the Federal OpenMarket Committee was held, at which WilliamMcC. Martin, Jr., was reelected Chairman andAllan Sproul, Vice Chairman. The representativemembers of the Committee elected by the FederalReserve Banks for the period of one year beginningMarch 1, 1954, are Allan Sproul, Alfred H. Wil-liams, C. S. Young, and H. G. Leedy, Presidentsof the Federal Reserve Banks of New York, Phila-delphia, Chicago, and Kansas City, respectively.

Change in Board's Staff

On February 16 the Board designated CharlesMolony and Clarke L. Fauver as Special Assistantsto the Board.

Appointment of Mr. Watrous H. Irons as Presidentof the Federal Reserve Bank of Dallas

Mr. Watrous H. Irons, who had been serving asVice President of the Federal Reserve Bank ofDallas since April 19, 1946, was appointed Presi-dent, effective February 15, 1954. Mr. Irons be-came associated with the Federal Reserve Bank ofDallas as Director of Research on July 1, 1945, priorto which he had been serving for about eight yearsas Professor of Banking and Finance at the Uni-versity of Texas. As President of the FederalReserve Bank of Dallas, Mr. Irons succeeded Mr.R. R. Gilbert who retired effective September 1,1953.

Election of Glass B Directors

The Federal Reserve Bank of Kansas City onMarch 11, 1954, announced the election of Mr. K. S.Adams, Chairman of the Board, Phillips PetroleumCompany, Bartlesville, Oklahoma, as a Class B di-rector of the Bank for the term ending December31, 1956, to succeed Mr. L. C. Hutson, deceased.Mr. Hutson was a director of the Chickasha CottonOil Company, Chickasha, Oklahoma.

The Federal Reserve Bank of Dallas on March 16,1954, announced the election of John R. Alford, In-dustrialist and Farmer, Henderson, Texas, as aClass B director of the Bank for the term endingDecember 31, 1956, to succeed Mr. W. F. Beall, de-ceased. Mr. Beall was President and General Man-ager, 3 Beall Brothers 3, Department Stores, Jack-sonville, Texas.

Appointment of Branch Directors

On February 23, 1954, the Board of Governorsannounced the appointment of Mr. Clarence E.Ayres, Professor of Economics, The University ofTexas, Austin, Texas, as a director of the SanAntonio Branch of the Federal Reserve Bank ofDallas for the term ending December 31, 1956. Mr.Ayres succeeeded Mr. Edward E. Hale, Chairmanof the Department and Professor of Economics, TheUniversity of Texas, Austin, Texas, whose term ex-pired.

On March 11, 1954, the Federal Reserve Bank ofChicago appointed Mr. Ira A. Moore, President,Peoples National Bank of Grand Rapids, GrandRapids, Michigan, as a director of the DetroitBranch for the term ending December 31, 1956.Mr. Moore's appointment was occasioned by therecent change in the bylaws of the Detroit Branchproviding for an increase from five to seven in thenumber of directors on the Board of Directors.

Deaths of Directors

Mr. Ray M. Keck, President, Stockmens NationalBank, Cotulla, Texas, who had served as a directorof the San Antonio Branch of the Federal ReserveBank of Dallas since January 1, 1953, died onFebruary 18, 1954.

Mr. C. W. Burges, Vice President and Cashier,

MARCH 1954 251


CURRENT EVENTS AND ANNOUNCEMENTS

Security National Bank, Edgeley, North Dakota,who had served as a Class A director of the Fed-eral Reserve Bank of Minneapolis since January 1,1949, died on February 28, 1954.

Admissions of State Banks to Membership in theFederal Reserve System

The following State banks were admitted tomembership in the Federal Reserve System duringthe period January 16, 1954 to February 15, 1954:

California

Los Angeles—Occidental Savings & CommercialBank (North Hollywood).

NevadaLas Vegas—Bank of Las Vegas.

New Yor\Alden—Alden State Bank.

Texas

Kountze—Peoples State Bank of Kountze.

Tables Published Annually and Semiannually, withLatest BULLETIN Reference

Semiannually Issue Page

Banking offices:Analysis of changes in number of . . . Feb. 1954 210On, and not on, Federal Reserve Par

List, number of Feb. 1954 211Annually

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

Calendar year May 1953 536-546First half of year Oct. 1953 1114Insured commercial banks May 1953 547

Banks and branches, number of, byclass and State May 1953 548-549

Operating ratios, member banks Aug. 1953 904-906

REVISED EDITION OF BOOK ON FEDERAL RESERVE SYSTEM

A second complete revision of The Federal Reserve System—Its Purposes and Functionswill be available for distribution by the Board of Governors about mid-April. The periodformerly covered by the text has been extended into 1953, and new material on creditmarkets, interest rates, and reserve banking influence on economic stability has been included.

The new edition, like the first edition in 1939 and the revised edition in 1947, is intendedto provide a better public understanding of the organization and range of operations of theFederal Reserve System, of its trusteeship for the nation's credit and monetary machinery,and of its function in helping to further stable economic progress. The text has been writtenprimarily for students, bankers, businessmen, and others who need a broad statement of theservices rendered by the Federal Reserve System to the economy of the United States, anddoes not purport to be an exhaustive account of Federal Reserve activities.

The book is being made available without charge. Requests for delivery upon publi-cation should be addressed to the Division of Administrative Services, Board of Governorsof the Federal Reserve System, Washington 25, D. C.



NATIONAL SUMMARY OF BUSINESS CONDITIONS[ C o m p i l e d March 12 and released for publication March 15]

Industrial output and employment declined fur-ther in February, while construction activity con-tinued at unusually high levels for this season. Re-tail sales rose somewhat reflecting mainly an increasein auto sales. Prices of industrial materials weak-ened somewhat further in February but in earlyMarch some materials strengthened. Average whole-sale commodity prices continued to change littlethroughout the period. Money rates generally easedfurther.

INDUSTRIAL PRODUCTION

Industrial production failed to show the usualseasonal pick-up in February, and the Board's pre-liminary seasonally adjusted index declined 2 pointsfurther to 123 per cent of the 1947-49 average.In February a year ago, the index was 134.

Activity in durable goods industry declined fur-ther in February, after allowance for usual seasonalchanges, reflecting mainly continued moderate re-ductions in primary metals and over-all metal fabri-cating activity. Steel output, which had been around75 per cent of capacity in January and February,declined to about 70 per cent in early March. Ac-companying a pick-up in sales, auto output roseafter early February; in the first two weeks ofMarch, however, auto output declined moderately.Output of household durable goods apparently


1 1 l.nmmjil 80 UjJUl 1 1 1 1 1 • 1 1 • 1 1 1 1 1 i 1 1 1 1 1 • 1 1 1 1 1 1 1 1 1 1

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

showed a small further decline last month. Pro-ducers' and military equipment output generallydeclined somewhat further.

Output of nondurable goods was maintained inFebruary, as textiles, apparel, and leather productsapparently showed about the usual large seasonalpick-up. Activity in the petroleum and chemicalindustries was maintained. Paper output also con-tinued strong, while paperboard production de-clined moderately.

CONSTRUCTION

A sharp increase in construction contractsawarded in the last week of February resultedin a monthly total moderately larger than in Janu-ary and substantially larger than a year earlier. TheFebruary rise reflected chiefly increased awards formost types of public construction. Expendituresfor new work put in place in February, seasonallyadjusted, advanced slightly further as all majorcategories of construction, except military, increasedor continued at a high level. New housing startsin February are estimated to have increased morethan seasonally to a seasonally adjusted annual rateof nearly 1.2 million units, slightly below a year ago.

EMPLOYMENT

Seasonally adjusted employment in nonagricul-tural establishments continued to decline in Febru-ary, reflecting further reductions in manufacturingindustries accompanied by continued over-all sta-bility in nonmanufacturing lines. The averageworkweek at factories, at 39/4. hours, was virtuallyunchanged from January, following earlier sub-stantial declines. Unemployment increased con-siderably further in February.

DISTRIBUTION

Seasonally adjusted sales at department stores,which had declined further in January, rose some-what in February and were near the level of ayear ago. Total sales at retail stores also rose some-what in February, after allowance for seasonal andtrading day differences, reflecting mainly substan-tially increased sales of both new and used cars.

MARCH 1954 253


NATIONAL SUMMARY OF BUSINESS CONDITIONS

Stocks at department stores declined further inJanuary and were below the year-ago level for thefirst time since late in 1952.

COMMODITY PRICES

The average level of wholesale commodity pricescontinued to change little in February and earlyMarch. Farm products increased slightly. Wheatprices rose further, and feed grains and livestockwere well maintained. Prices of coffee and cocoaadvanced considerably further. Prices of industrialmaterials showed some weakness in February, withsteel scrap, lead, zinc, textiles, hides, and petroleumproducts declining. In early March, however, tex-tiles, hides, and lumber firmed and nonferrous

1 metals generally advanced.Consumer prices advanced slightly in January.

While prices of foods and transportation increasedsomewhat, apparel and housefurnishings declined.Average retail food prices changed little in Febru-ary.

BANK CREDIT AND RESERVES

Total loans and investments at banks in leading

PRICESPer cen

AND TRADE, 1947-49 - 100

WHOLESALE PRICES

yi

rALL \

lOMMODITIES u / , y / ,

PRODUCTS,,,,!,,,, 1 In.,

INCOME/ .^ *"*

w1,1.1,

TOTALRETAIL SALES

.minm.! .nMlin.n.,.,,1,.,

-

-

—

IIU,.

120

100

120

100

-

/""CONSUMERsf' PRICES

, , , ,

DEPARTMENT STORE TRADE

1 \ STOCKS / V

' * $ SALES

.jjpn.n.l ....I...... LiHM.ml i y ,

cities declined somewhat in late February and earlyMarch. Business loans were reduced further andbank holdings of U. S. Government securities alsodeclined. In mid-February, commercial bankslengthened considerably their Government secu-rity portfolios by exchanging maturing or calledsecurities for 7% year, 2J/2 per cent bonds. Bankholdings of corporate and State and local govern-ment securities have increased in recent weeks.

Bank reserve positions continued relatively easyin late February and early March. On the average,member bank excess reserves exceeded borrowingsfrom the Federal Reserve by about 350 milliondollars.

SECURITY MARKETS

Yields on most Government bonds declined fur-ther in the last half of February and the first fewdays of March, but subsequently leveled off. Cor-porate and municipal bond yields have declinedfurther since mid-February. In early March theTreasury announced for payment on March 22 anoffering of 1.5 billion dollars of tax anticipationbills maturing in June.

MONEY RATES

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

- loo —

Figures except for Federal Reserve discount rate are weeklyaverage market yields. Treasury bill rates are for longest bills."U. S. Govt. long-term" excludes 3J4 per cent bonds issuedMay 1, 1953. Corporate Aaa bonds, Moody's Investors Service;high-grade municipal bonds, Standard and Poor's Corporation.Latest figures shown are for week ending March 6.



FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

PAGE

Member bank reserves, Reserve Bank credit, and related items 257-258Federal Reserve Bank rates; margin requirements; reserve requirements 258-259Reserves and deposits of member banks 260Federal Reserve Bank statistics 261-263Regulation V: guaranteed loans, fees, and rates 263-264Bank debits and deposit turnover; Postal Savings System 264Money in circulation 265Consolidated statement of the monetary system; deposits and currency. . 266All banks in the United States, by classes 267-269All commercial banks in the United States, by classes 270-271Weekly reporting member banks 272-273Commercial paper and bankers' acceptances 274Life insurance companies; savings and loan associations 275Government corporations and credit agencies 276-277Security prices and brokers' balances 278Money rates; bank rates on business loans; bond and stock yields 279Treasury finance 280-285New security issues 286Business finance 287-288Real estate credit statistics 289-291Statistics on short- and intermediate-term consumer credit 292-294Business indexes 295-304Merchandise exports and imports 304Department store statistics 305-309Consumer and wholesale prices 310-311Gross national product, national income, and personal income 312-313List of tables published in BULLETIN annually or

semiannually, with references for latest data 252

Tables on the following pages include the principal statistics of current significance relating 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 productionarc 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 arcobtained 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.

MARCH 1954 255


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMSWednesdoy Figures, 1946-1950, Weekly Averages of Daily figures, 1951- Billions of Dollars

25

. EAV.K3J KOEKVE3

J^fJ^^

1946 1947 1948 1949 1950 1951 1952 1953

Latest averages shown are for week ending Feb. 24. See p. 258.

1954



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

Date

Wednesday

Apr. 1 . . .Apr. 8 . . .Apr. 15. . .Apr. 2 2 . . .Apr. 29. . .May 6 . . .May 1 3 . . .May 2 0 . . .May 2 7 . . .June 3 . . .June 1 0 . . .June 1 7 . . .June 2 4 . . .July 1. . .July 8 . . .July 1 5 . . .July 2 2 . . .July 29. . .Aug. 5 . . .Aug. 12 . . .Aug. 19. . .Aug. 26. . .Sept. 2 . . .Sept. 9. . .Sept. 16...Sept. 23 . . .•Sept. 30. . .

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

24,39124,20524,03423,97023,98923,92923,89023,853

23,85323,85323,96323,86923,80623,80623,82123,80623,80623,86023,87923,92224,088

24,12124,63725,15424,83724,76624,96424,96424,96424,96424,96424,964

Reserve Bank credit outstanding

U.S. Govt. securities

Total

25,00825,01725,06725,12625,20725,18525,235

25,34825,36325,34825,34825,44725,12324,95825,02225,08125,34525,45725,88625,902

25,38425,31825,36424,66124,77424,86324,S0624,559

23,87623,80623,88024,24624,74624,96425,06325,23525,34825,09525,916

24,64024,509

Boughtout-right

24,03424,03424,03423,970

23,88823,88823,88823,85323,85323,85323,96323,86923,80623,80623,80623,80623,80623,80623,85123,89123,963

24,07124,63225,15424,83724.76624,96424,96424,96424,964

24,96424,96424,98924,98925,01425,03425,08425,18525,23525,34825,34825,34825,34825,39824,95824,95824,99325,04325,14325,24325,31825,318

25,31825,31825,36424,661

24,717!4,80624,80624,559

23,85323,80623,80624,03124,71824,96424,98925,23525,34824,99325,318

24,64024,509

Heldunderrepur-chaseagree-ment

Dis-counts

andad-

vances

357171

10141

15

542831

12550

19285392

123

15

49165

' *2938

202214568584

66

23

" 7 4215

28

" 7 4

102598

1,3361,076

8621,3071,3851,329

732806824

1,3151,009

705465908868842837933

1,264530571507454286317245341200521747561776815524391491311228329

281271260359

822365594768

427727268435100

17015670110

515440291249

1,309485

1,0147316464434332941336928

156350

Float

965881

1,005728

770649

1,023743

1,062770

1,202810

748709856743581

647684832645

785646

1,213619

737677756777588

625609751587

610559943813685

606685826599

559622933636

792606

1,1931,369973

963754977722

569509798503

1,006632649607601565549685787667935

640827

Alloth- Total

26,69526,16625,90426,00926,14825,91225,64825,40625,74225,94126,17825,38725,02325,42725,54925,39525,22725,44325,83125,28825,30825,41825,74126,65625,77625,75225,98425,92326,26526,30126,15326,35226,57726,13126,07126,17926,46426,22826,252

26,23826,32226,43726,30926,83026,11126,48726,42826,30226,68126,92127,69226,977

26,51926,23026,41225,49525,86025,81525,89725,312

26,19424,92725,54625,58925,41426,17625,95826,25226,55026,13326,880

25,43725,688

Goldstock

Treas-urycur-

rencyout-

stand-ing

23,13723,13723,08823,03622,93522,83222,72222,66222,66222,61122,61222,56222,56322,56222,56222,56222,562

22,56122,56122,56222,53622,53622,53722,51322,48722,46322,43822,37422,27622,27722,22722,22822,22822,22822,17822,17822,17822,17922,12822,12822,12822,07722,07722,07622,07722,07622,02722,02822,02822,02822,02922,029

22,02922,03022,00622,00621,95621,95721,95721,958

22,66222,56322,56222,53722,46322,27722,17822,12822,07722,02822,030

21,95621,958

4,8144,8144,8144,8154,8204,8204,8214,8214,8244,8244,8264,8264,8274,8284,8334,8344,8364,8404,8414,8444.8454,8494,8504,8514,851

4,8534,8584,8594,8614,862

8694,8724,8724,8734,8744,8744,8774,8784,8784,879

,882,883,884,886

4,889

4,8904,8904,8904,8904,8994,9024,9054,906

4,8244,8294,8414,8494,8544,8594,8674,8724,8794,8854,894

4,899?4,910

Moneyin

cir-cula-tion

30,15329,88429,68729,59229,65729,77629,65429,73529,77229,78029,70829,60029,75429,78029,75329,72229,78729,86329,84529,79529,82529,98030,00329,97029,92930,15230,27930,16330,05130,04430,13930,15830,14530,10530,24030,47930,33530,21030,27530,37430,41230,30530,26830,42830,54030,48730,69130,79130,90430,95331,15630,890

30,59130,28430,08329,90029,93029,92329,82129,838

29,79329,75429,84229,95130,12530,12030,24830.27530,39830,80730,781

29,981^29,897

Treas-urycashhold-ings

,280,280,291,298

,331,312,288,291,295,299,305,306,304,300,278,279,278,285,285,282,284,282,289,276,272,269,266,264,267,264

,276,275,280,273,278,274,278,277,283,284,271,270,282

1,283784786777774778769763773

770775782795807818820824

1,2841,2931,2691,2721,2591,2631,2691,2831,275

766761

793

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

Treas-uryde-

posits

62245534374567243139538948833187

286329341509367214428145355137688

176431640539841460675738669541574356619642524348530644664322503522526488224799377

222865

236457638533509

336222393221132548496642654451346

405542

For-eignde-

posits

570699622612562558458454512581496511550568574585518517618584504520587598615521488561525547557551610518538569507543512484461461471453449419429431491464461474

440500443493477473482461

511536506515527566524512448417423

440490

Oth-er

de-pos-its

343364348337326340244211240345381351344343200356401374366286238

253173252158174176179323343332329390354333363381259352

370375358366376534398335339331259427380

397441286278345338346359

412342416171176346325352468367493

459491

OtherFed-eralRe-

serveac-

counts

776 20,902776 20,660774775770770835834

20,74120,50220,58420,37620,31819,975

830 20,090829 20,212852852869868865864784780

20,86520,14819,30519,62919,93219,47619,48919,811

780 19,912777777902902

19,82419,70619,72920,168

958 20,958960 20,173949948947

19,82819,69019,39719,74219,529

860 19,614863

859862862859859882881

899899897895801808805805878880

937

836 20,836 20,

831829828912

833850783775951862862

830909

Member bankreserve balances

Total

19,59319,64119,440

19,32519,10419,77119,486

880 19,309

19,30319,55719,56719,334

19,77919,63020,04419,775

19,47419,720

936 20,22920,064

936 20,066

184228874859

19,87019,65419,84519,273

20,51119,32219,74020,06919,56119,60719,278

880 19,309802804839 20,160

19,46019,434

19,38419,412

Re-quired2

20,30920,27420,25520,095

19,95619,89419,97919,791

19,84019,82120,00219,854

19,51819,47219,56019,48119,395

19,38619,28219,31219,298

19,20919,44919,77819,594

19,11319,00218,25319,09819,014

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

19,08918,937^18,946P18.869

19,79619,60719,38919,26319,45919,01718,80218,81618.82619,08719,397

19,016P18.941

Ex-cess 2

593386486407628482339184

250391863294

-213157372-594

425630512408

520719

1,180579

715688

1,144644515

655651776580

441373886618493

546829750538

934604857625

313667920767702

794978

1,539642

781717?899P404

715-285351806102590476493634347763

368P471

P Preliminary.For footnotes see following page.

MARCH 1954 257


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued


Dateor

period

End ofmonth:

1929—June.1933—June.1939—Dec>1941—Dec.1945—Dec..1947—Dec..1948—Dec..1949—Dec..1950—Dec..1951—Dec.1952—June.

Dec.1953—June.

Averagesof dailyfigures

Monthly:1953—Feb..

Mar.Apr..May.June.July .Aug..Sept.Oct..Nov.Dec.

1954—Tan. .Feb..

Weekending:

1953

Dec. 2Dec. 9Dec 1 6 . . . .Dec. 2 3 . . . .Dec. 30

1954Jan. 6Jan. 13Jan. 2 0 . . . .Jan. 2 7 . . . .

Feb. 3 . . . .Feb. 1 0 . . . .Feb. 1 7 . . .Feb. 24

Reserve Bank credit outstanding

U. S. Govt. securities

Total

2161,9982,4842,254

24,26222,55923,33318,88520,77823,80122,90624,69724,746

23,91823,89223,86123,97324,74824,95525,00025,16825,34425,17225,63925,26324,770

25,05425,25225,55325,82326,052

25,78625,43825,31624,958

24,66224,86924,89524,723

Boughtout-right

1481,9982,4842,254

24,26222,55923,33318,88520,72523,60522,76424,03424,718

23,87523,87823,80623,88124,72924,94324,97425,09725,34125,07825,21825,14924,729

25,00325,08425,20725,30325,318

25,31825,31825,31624,958

24,65424,80324,80624,723

Heldunderrepur-chaseagree-ment

68

53196142663

28

4314559219122671

394

421114

41

51168346520734

468120

86689

Dis-counts

andad-

vances

1,037164

73

24985

22378671959

15664

1,3361,2201,184

955433428658468367494448118308

612678449518226

111155

8791

226375316215

Float

524

9194

578535541534

1,3681,184

581967601

822909843750776737660771800744

1,018861667

725714844

1,3771,206

987775940880

558552702796

Alloth-eri

95541110

211235543

4444333333222

32222

2222

2222

Total

1,4002,2202,5932,361

25,09123,18124,09719,49922,21625,00923,55125,82525,414

26,08026,02525,89225,68225,96026,12326,32226,41026,51426,41327,10726,24325,746

26,39326,64726.84827,72127,486

26,88626,37026,34425,930

25,44725,79825,91625,735

Goldstock

4,0374,031

17,64422,73720,06522,75424,24424,42722,70622,69523,34623,18722,463

22,79722,60622,56222,55722,51422,36622,22622,17622,10222,05722,02822,01521,957

22,02722,02722,02822,02822,029

22,02922,03022,02322,006

21,96321,95621,95721,957

Treas-urycur-

rencyout-

stand-ing

2,0192,2862,9633,2474,3394,5624,5894,5984,6364,7094,7544,8124,854

4,8214,8254,8324,8434,8514,8534,8604,8674,8734,8784,8854.8914,903

4,8814,8834,8844,8854,887

4,8914,8904,8904,890

4,8984,9004,9044,905

Moneyin

cir-cula-tion

4,4595,4347,598

11,16028,51528,86828,22427,60027,74129,20629,02630,43330,125

29,71829,75229,78229,86930,01130,16530,16730,32830,36630,55530,96730,28229,903

30,75930,87230,94231,08631.051

30,72130,45730,19929,999

29,96529,94129,91529,836

Treas-urycashhold-ings

204264

2,4092,2152,2871,3361,3251,312L,2931,270L.2831,2701,259

1,2991,2961,2811,279L.2731,264,273

1,2731,274

915767778811

775775770758763

769771773788

799807811815

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

Treas-uryde-

posits

3635

634867977870

1.123821668247333389132

500244395356

52545656537557497602201568

491521381921652

328334

1246

405589627558

For-eignde-

posits

615

397774862392642767895526548550527

526530563552566537548538463434466453470

436450501462471

431469449466

450458488461

Oth-er

de-pos-its

21151256586446569547750565363298455176

336378397350203239376354406424390422429

378369343438406

525444425322

372371503448

OtherFed-o r ieraiRe-

serveac-

counts

374346251291495563590706714746783777951

•

800841861779933939861871889805908834870

826879896937938

838837834832

830829864912

Member bankreserve balances

Total

2,3562,292

11,65312,45015,91517,89920,47916,56817,68120,05619,38119,95019,561

20,52020,41620,00719,89720,28719,65319,52619,55219,53619,71819,92020,17919,557

19,63719,69119,92620,03220,121

20,19419,97820,56620,374

19,48719,65919,56919,569

Re-quired2

2,3331,8176,4449,365

14,45716,40019,27715,55016.50919,66719,57320,52019,459

19,88219,82819,47219,30619,49918,86918,88218,83418.78419,03519,22719,243

19,10019,08119,23219,28419,308

19,36719,19919,29219,236

19,05918,986

P18.923P18.892

Ex-cess*

23475

5,2093,0851,4581,4991,2021,0181,172

389-192- 5 7 0

102

638588535591788784644718752683693936

537610694748813

827779

1,2741.138

428673

P646P677

1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables.2These figures are estimated.Back figures.—See Banking and Monetary Statistics. Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.,

MAXIMUM RATES ON TIME DEPOSITS[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

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

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 a,specified percentage of its market value at the time of the 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.

258 FEDERAL RESERVE BULLETIN;


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)*

Rate onFeb. 28

In effectbeginning—

Previousrate

Other secured advances[Sec. 10(b)]

Rate onFeb. 28

In effectbeginning—

Previousrate

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

(last par. Sec. 13)

Rate onFeb. 28

In effectbeginning-

Previousrate

BostonNew York.. ..Philadelphia. .ClevelandRichmond. . .AtlantaChicagoSt. LouisMinneapolis. .Kansas City. .DallasSan Francisco

Feb. 5,Feb. 5,Feb. 5,Feb. 15,Feb. 12,Feb. 9,Feb. 11,Feb. 5,Feb. 5,Feb. 12,Feb. 15,Feb. 5,

195419541954195419541954195419541954195419541954

Feb.Feb.Feb.Feb.Feb.Feb.Feb.Feb.Feb.Feb.Feb.Feb.

5, 19545, 19545, 195415, 195412, 19549, 1954

11, 19545, 19545, 1954

12, 195415, 19545, 1954

V22Y22V22Y

y2

2)42V22%2U

2%3

V3

¥32 5i3

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 shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a

of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not 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 corporation!under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.

FEDERAL RESERVE BANK BUYING RATES ONACCEPTANCES

[Per cent per annum]

Maturity

1- 90 days91-120 days

121-180 days

Rate onFeb. 28

1 K2

In effect be-ginning—

Feb. 5, 1954Feb. 5, 1954Feb. 5, 1954

Previousrate

2Vs2\i2%

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 February 28. Per cent per annum]

FederalReserve

Bank

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas C i t y . . . .DallasSan Francisco...

To industrial orcommercialbusinesses

Onloans i

Oncommit-

ments

To financing institutions

On discounts orpurchases

Portionfor whichinstitu-tion is

obligated

(2)

8

1H-2H(2)

Re-mainingportion

Oncommit-ments

1 Including loans made in participation with financing institutions.2 Rate charged borrower less commitment rate.• Rate charged borrower. 4Rate charged borrower but

not to exceed 1 per cent above the discount rate.'Charge of ^ per cent per annum is made on undisbursed portion

of loan.•Charge of \i 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 21 .

1936—Aug. 16.1937—Mar. 1.

May 1.

1938—Apr. 16.

1941—Nov. 1.1942—Aug. 20.

Sept. 14.Oct. 3 .

1948—Feb. 27.June 11.Sept. 16.Sept. 24.

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

1951—Jan. 11.Jan. 16.Jan. 25.Feb. 1.

1953—July 1 .July 9.

In effect Mar. 1, 19544

Net demand deposits *

Centralreserve

citybanks

13

19H22 %26

22M

26242220

2224

26

24

2322J22

23

24

22

22

Reservecity

banks

10

151720

17

20

22

2120

1918>18

19

19

19

Countrybanks

14

12

14

16

15

1413

12

13

14*

13

13

Timedeposit!

(allmemberbanks)

27»7«626

8525

*626

d e m a n d 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).

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

banks.* 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.

MARCH 1954 259


MEMBER BANK RESERVES AND BORROWINGS

[Averages of daily figures. In millions of dollars]

Month, orweek ending Wednesday

Total reserves held:

1952—NovemberDecember

1953—JanuaryNo vem berDecember

1954—January

Jan 20Jan. 27Feb 3Feb. 10Feb. 17Feb. 24

Required reserves:2


1953—JanuaryNovemberDecember

1954—January

Jan 20Jan. 27 . . .Feb 3Feb. 10Feb. 17Feb 24

Allmem-

berbanks i

20,74421,18020,95819 71819,920

20,179

20,56620,37419,48719,65919,56919,569

20,08720,45720,25119,03419,227

19,243

19,29119,23719,05918,987

P18.923P18.892

Central reservecity banks

NewYork

5,2015,3575,1844 7304,762

4,863

4,9465,0484,6914,6644,6304,701

5,1935,3285,1804,7114,748

4,717

4,6874,7174,7024,6564,6234,624

Chi-cago

1,3671,4061,3791 2881,295

1,320

1,3351,3201,2891,2951,2591,268

1,3671,4091,3851,2881,295

1,313

1,3131,3071,3021,2851,2711,266

Re-servecity

banks

8,1728,3238,2777 8497,962

8,065

8,2168,0787,8027,8657,8177,799

8,0708,2038,1577,7627,877

7,903

7,9697,9037,7887,7687,7507,726

Coun-try

banksi

6,0046,0946,1185 8525,901

5,932

6,0695,9295,7055,8355,8635,802

5,4585,5185,5295,2725,307

5,311

5,3225,3105,2675,278

P5.279P5,276

Month, orweek ending Wednesday

Excess reserves:

1952—November . .December

1953—JanuaryNovemberDecember

1954—January

Jan. 20Jan. 27Feb 3Feb. 10. . .Feb. 17Feb. 24

Borrowings a t FederalReserve Banks:

195 2—NovemberDecember

1953—JanuaryNovember. . .December

1954—January

Jan. 20Jan. 27Feb 3Feb. 10 .Feb. 17Feb. 24

Allmem-

berbanks1

657723707684693

936

1,2741,138

428673

P646P677

1,5321,5931,347

487441

101

7176

211360301200


NewYork

8305

1914

146

259331

- 1 197

76

198486320

78115

1010527

2

Chi-cago

—4- 6

1

7

2213

- 1 310

-122

266232335

2437

1

134535618

Re-servecity

banks

1021201198785

162

24617514976773

862639529270184

59

3139

120153131122

Coun-

banki*

547576589579594

621

747619438 '557 1

*526

206236163US105

41

403647498758

v Preliminary.1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member

banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc.2 Reserve requirements were reduced in July 1953; see table on preceding page.Back figures.—See Banking and Monetary Statistics, pp. 396-399.

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS

[Averages of daily figures.1 In millions of dollars]

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

January 1954 January 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

111,05213,46197,59196,00336,247

6,890

20,17919,243

936

101

23,1214,17118,95020,6392,944

51

4,8634,717

146

6,2781,3284,9505,6261,246

129

1,3201,313

7

43,2016,688

36,51237,07214,320

2,153

8,0657,903

162

59

38,4531,274

37,17832,66717,737

4,556

5,9325,311621

41

109,90613,15396,75395,62733,452

6,551

20,95820,251

707

1,347

23,1744,09719,07821,0212,243

46

5,1845,180

5

320

6,1081,2634,8445,4751,187

118

1,3791,385

-6

335

42,6626,537

36,12636,77313,380

1,987

8,2778,157

119

529

37,9621,256

36,70632,35716,642

4,401

6,1185,529

589

163

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.

3 Reserve requirements were reduced in July 1953; see table on preceding page.



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

Item

Wednesday figures

1954

Feb. 24 Feb. 17 Feb.10 Feb. 3 Jan. 27

End of month

1954

Feb. Jan.

1953

Feb.

AssetsGold certificatesRedemption fund for F. R. notes. .

Total gold certificate reserves.

Other cashDiscounts and advances:

For member banksFor nonmember banks, etc..

Industrial loansU. S. Government securities:

Bought outright:BillsCertificates:

SpecialOther

NotesBonds

20,389,100 20,384,101880,654 883,228

20,384,105886,746

20,384,102890,003

20,429,102890,118

20,389,102880,653

20,384,1890,116

21,269,754

447,338

233,54715,000

1,593

1,837,775

21,267,329 21

453,541

276,23115,000

1,846

,270,851

449,684

425,45115,000

1,848

2,084,575 2,084,575

21,274,105

462,871

500,24515,000

1,942

1,995,575

21,319,220 21

467,496

95,46615,000

1,895

,269,755

459,656

335,27715,000

1,772

21,274,219 21

472,786

140,67615,000

1,865

1,939,000 1,787,775 1,918,000 560,954

6,051,19113,029,0213,641,150

6,051,19113,029,0213,641,150

5,816,54113,263,6713,641,150

5,81613,2633,641

,541,671,150

13,816,541,263,671,641,150

6,051,13,0293,641.

5,816,54113,263,6713,641,150

,995,716,773,671,521,975

Total bought outrightHeld under repurchase agreement.

24,559,137 24,805,937 24,805,93756,900

24,71656

,937,900

24,660,362 24,509,137 24,639,362 23, 852,31623,000

Total U. S. Government securities

Total loans and securities

24,559,137 24,805,937 24,862,837 3,83724,773

24,809,277 25,099,014 25,305,136 25,291,024 24,772,723

24,509,137 24,639,362 23,875,316

Due from foreign banks . . . .F. R. notes of other Banks.Uncollected cash items. . . .Bank premisesOther assets

22182,430

3,796,97552,875

137,657

22181,625

4,698,58052,932

129,083

22168,057

3,498,66952.817

205,441

2063,541

52195

22,050,629,800,627

22219,444

,892,20952,890

187,299

24,861,186

22,856182

3,72352

142

24,796,903

22,954218

815139

3,501,44552

191

Total assets. 50,696,328

LiabilitiesFederal Reserve notesDeposits:

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

25,697,813

19,273,253508,919461,191359,365

51,882,126

25,681,823

19,844,867533,458482,090345,606

50,950,677 51,024,128 50,911,303 50,509,029

25,188,293

23184,032,996,50849,163170,231

51,493,329

25,771,591

19,654,262637,720473,406337,946

25,824,633

19,869,521457,203476,996345,037

25,805,092

19,858,992235,729492,600277,903

25,756,835

19,412,387541,544489,792490,653

25,885,171

19,384,065405,287439,753458,834

25,680,584

20 510,720336,300510,967411,591

Total deposits. 20,602,728 21,206,021

Deferred availability cash itemsOther liabilities and accrued dividends.

3,294,08217,581

3,900,38016,390

21,103,334

2,989,30116,515

148,757

972,83615,097

20,865,224 20,934,376

3,169,92316,722

2,896,77215,994

20,687,939

2,861,02415,994

21,769,578

,990,81117,001

Total liabilities. 49,612,204 50,804,614 49,880,741

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

269,573625,013

27,543161,995

269,315625,013

27,543155,641

268,666625,013

27,543148,714

49,961,323

268,419625,013

27,543141,830

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

50,696,328 51,882,126 50,950,677 51,024,128

49,856,961

267,183625,013

27,543134,603

50,911,303

49,603,977

269,656625,013

27,543165,766

50,691,955

49,450,128

267,301625,012

27,543139,045

50,457,974

256,543584,67627,543

166,593

50,509,029 51,493,329

10,2833,315

45.4

12,7513,135

45.4

14,4983,126

16,3323,425

18,2673,513

9,7413,146

17,3933,533

27,5182,817

Maturity Distribution of Loans and U. S. Government Securities 1

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

Industrial loans—total ,Within 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 years

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

248,547232,557

15,990

1,59325439487174

24,559,137432,700,405,075874,141057,964374,400414,857

291,231265,23126,000

440,451414,50125,950

515,245491,13024,115

1,846291403

1,07874

24,805,937483,700,600,875,874,141,057,964,374,400,414,857

1,848268391

1,11475

24,862,8374,219,9501,843,7259,855,2416,154,66411374,400414,857

1,94230764391478

24,773,837,185,950,788,725,855,241,154,664,374,400,414,857

110,46689,64120,825

1,89533158889878

24,660,362482,000,379,200855,241154,664374,400414,857

350,277329,01221,265

1,772266391

1,04174

24,509,137262,700,525,075,874,14113

6,057,964,374,400,414,857

155,676134,10121,575

1,86532055291479

24,639,362,979,550,860,650,855,241,154,664,374,400,414,857

23

,308,951,076,142232,801

84,026

628718

2,315365

,875,31623,000

560,954,207,691,655,200,070,224,358,247

^Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953,callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in ac-cordance with maximum maturity of the agreements.

MARCH 1954 261


STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1954

Item

Assets

Gold certificates.Redemption fund

for F. R. notes.

Total gold certifi-cate reserves. .

Other cashDiscounts and

advances:Secured by

U. S. Govt.securities. . .

OtherIndustrial loansU. S. Government

securities:Bought out-

rightHeld under

repurchaseagreement...

Total loans andsecurities

Due from foreignbanks

F. R. notes ofother Banks...

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

Reserve ratio

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

Industrial loancommitments..

Total

20,389,102

880,653

21,269,755459,656

330,80219,475

1 772

24,509 137

24,861,186

22

182,856

3,723,52652,815

142,139

50,691,955

25,756,835

19,412,387

541,544489,792490,653

20,934,376

2,896,772

15,994

49,603,977

269,656625,013

27,543

165,766

50,691,955

45.6%

9,741

3,146

Boston

1,031,827

53,944

1,085,77135,182

13,595915

1,349 571

1,364,081

1

3,289

259,2666,1657,693

2,761,448

1,583,460

810,528

35,05527,255

2,529

875,367

234,766

851

2,694,444

14,61238,779

3,011

10,602

2,761,448

44.2%

628

NewYork

5,530,260

180,106

5,710,36693,251

11,9554,350

6,309,338

6,325,643

16

20,782

641,1317,438

35,150

12,833,767

5,727,996

5,724,2202100,036172,546296,059

6,292,861

502,678

4,477

12,528,012

83,200176,633

7,319

38,603

12,833,767

47.5%

32,428

Phila-delphia

1,273,421

59,248

1,332,66930,970

5,5901,1101,376

1,476,774

1,484,850

2

9,729

222,0944,7968,433

3,093,543

1,839,745

920,294

35,84033,063

1,567

990,764

182,068

909

3,013,486

18,27145,9094,489

11,388

3,093,543

47.1%

762

1,325

[In thoi

Cleve-land

1,744,345

81,056

1,825,40138,607

7,1021,680

2,080 556

2,089,338

2

8,903

324,4855,187

12,475

4,304,398

2,381,067

1,490,165

28,68141,106

5,400

1,565,352

257,107

1,791

4,205,317

25,76557,648

1,006

14,662

4,304,398

46.3%

948

748

isands of dollars]

Rich-mond

1,039,743

68,705

1,108,44826,115

19,92576530

1,453,392

1,474,112

1

30,221

332,4594,6818,471

2,984,508

1,773,815

828,840

34,07022,78712,693

898,390

253,798

789

2,926,792

11,89931,750

3,349

10,718

2,984,508

41.5%

525

47

Atlanta

935,720

57,908

993,62839,430

34,7502,645

250

1 253 618

1,291,263

1

40,120

289,7953,9587,951

2,666,146

1,370,304

910,665

46,63519,21249,965

1,026,477

219,091

693

2,616,565

11,57528,034

762

9,210

2,666,146

41.5%

443

127

Chicago

3,691,555

150,223

3,841,77877,931

73,0802,085

4 235 963

4,311,128

3

18,910

636,4366,410

24,093

8,916,689

4,989,599

3,181,263

71,76662,105

824

3,315,958

455,822

2,775

8,764,154

35,51590,792

1,429

24,799

8,916,689

46.3%

1,432

26

St.Louis

845,956

49,018

894,97427,461

9,950570

1 031 124

1,041,644

1

9,314

179,8082,8875,875

2,161,964

1,171,383

732,604

46,95816,97828,617

825,157

121,276

581

2,118,397

9,30025,465

521

8,281

2,161,964

44.8%

391

Minne-apolis

486,128

25,383

511,5118,611

5,245375116

604 910

610,646

1

9,874

98,9441,0193,469

1,244,075

633,711

451,940

27,35811,1706,417

496,885

84,177

454

1,215,227

6,03116,219

1,073

5,525

1,244,075

45.2%

258

KansasCity

866,223

41,141

907,36416,798

17,225570

1 068 182

1,085,977

1

4,508

198,5062,2216,815

2,222,190

1,002,254

951,699

38,89916,978

1,134

1,008,710

167,769

625

2,179,358

10,23923,456

1,137

8,000

2,222,190

45.1%

391

873

Dallas

764,300

30,105

794,40517,606

20,0502,880

973 576

996,506

1

9,657

210,573581

6,159

2,035,488

716,038

1,012,525

34,28621,00049,308

1,117,119

151,317

555

1,985,029

13,44228,146

1,307

7,564

2,035,488

43.3%

484

SanFran-cisco

2,179,624

83,816

2,263,44047,694

112,3351,530

2 672 133

2,785,998

2

17,549

330,0297,472

15,555

5,467,739

2,567,463

2,397,644

41,96045,59236,140

2,521,336

266,903

1,494

5,357,196

29,80762,182

2,140

16,414

5,467,739

44.5%

1,051

1 After deducting $16,000 participations of other Federal Reserve Banks.2After deducting $317,228,000 participations of other Federal Reserve Banks.3After deducting $7,313,000 participations of other Federal Reserve Banks.



FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTSFEDERAL RESERVE BANKS COMBINED

Item

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

Gold certificatesEligible paper . . .

Total collateral

Feb.

26,940

11,093123

17,305

28,521

24

,235

,000665

,000

,665

In thoL

Feb.

26,987

11,093142

17,305

28,540

isancLs of dollars

Wednesday

17

253

000QM)000

,930

figures

1954

Feb.

27,094

11,093208

17,305

28,606

10

567

000PS000

125

27

11

17

28

Feb.

,202

,09390S

,305

,603

3

,817

,000. 895,000

,895

J

27,

11,

17,

2 8 ,

an .

300

093

320

464

27

,847

,000300

,000

,300

26

11

17

28

F e b

,938

,093192

,255

,540

End of month

1954

131

000640000

640

27

11

17

28

Jan.

,246,

,093,74,

,305,

,472,

470

000080000

980

26

12

14

28

1953

Fe b

,678

,744844

,660

,248

507

000

000

621

EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1954[In thousands of dollars]

Item Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

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

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

26,938,131

11,093,000192,640

17,255,000

1,665,483

640,00013,595

1,200,000

5,937,667

2,670,0008,775

3,600,000

1,952,999 2,506,938

1,050,000800,0005,590

1,200,000 1,550,000

1,868,860

625,00019,925

1,300,000

1,452,828 5,153,190

435,000 2,400,000

1,100,000 2,900,000

1,233,498 651,353 1,033,785 753,162

355,0009,950

960,000

175,0005,245

500,000

280,000 283,00017,225

800,000 525,000

2,728,368

1,380,000112,335

1,620,000

Total collateral.. 28,540,640 1,853,595 6,278,775 2,005,590 2,600,000 1,944,925 1,535,000 5,300,000 1,324,950 680,245 1,097,225 808,000 3,112,335

INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

[Amounts in thousands of dollars]

End ofyear ormonth

19451946194719481949195019511952

1953

January. . .February. .MarchAprilMayJuneJulyAugust....September.October. . .November .December..

1954

January. ..

Applicationsapprovedto date

Num-ber

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

3,7543,7553,7563,7573,7583,7583,7593,7603,7603,7623,7643,765

3,765

Amount

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

770,541773,013776,461780,468784,246788,058790,798793,196795,496797,656800,420803,429

805,115

Ap-provedbut not

com-pleted i

(amount)

i

3201,577

945335539

1,8193,5131,638

2,5131,1851,1881,7511,6981,6461,1621,492

9971,2421,6821,951

1,234

Loansout-

standing2

(amount)

1,995554

1,387995

2,1782,6324,6873,921

3,8954,0543,6783,4853,7063,2233,2922,8012,9932,6852,5461,900

1,885

Commit-mentsout-

standing(amount)

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

3,1762,8162,7562,8662,6713,1423,3043,3553,3413,3813,0973,569

3,532

Partici-pations

of financ-ing insti-tutions

out-standing'(amount)

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

11,9853,289

3,2363,2343,1933,1313,1413,1413,1292,9553,1342,9703,6403,469

3,414

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.3 Not 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

[Amounts in thousands of dollars]

End ofyear ormonth

195019511952

1953

January...February..March. . . .AprilMayJuneJulyAugust... .SeptemberOctober. . .NovemberDecember.

1954

January...

Guaranteed loansauthorized

to date

Num-ber

1

62854

1,159

1,1731,1881,2041,2121,2211,237L,244L,2591,2691,2791,284,294

,304

Amount

31,3261,395,4442,124,123

2,147,9532,170,4432,190,6432,211,2012,258,0112,283,7552,292,7772,301,9872,310,1822,320,1872,324,6122,358,387

2,377,628

Guaranteedloans

outstanding

Totalamount

8,017675,459979,428

984,295999,794

1,023,666972,193957,541906,584891,865868,274860,874842,529837,238804,686

788,320

Portionguaran-

teed

6,265546,597803,132

808,986822,257838,704801,945792,015748,691736,723716,618709,488695,550691,727666,205

652,706

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

8,299472,827586,303

578,061548,916520,517469,324469,048487,928482,394444,265438,091416,690375,977363,667

347,969

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.

MARCH 1954 263


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

PRODUCTION ACT OF 1950[In effect February 28]

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

Percentage ofloan guaranteed

70 or less7580 . . . .859095Over 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—December1946—December1947—December1948—December1949—December1950—December1951—December1952—November

December... .1953—January

FebruaryMarchAprilMay.JuneJulyAugust . . .September. . .OctoberNovember. . .December

1954—January

Depos-itors'bal-

ances1

2,9333,2843,4173,3303,1882,9242,7052,5552,5472,5362,5232,5102,4952,4772,4572,4382,4192,4012,3872,373

v2 359P2.341

Assets

Total

3,0223,3873,5253,4493,3123,0452,8352,7492,7362,7242,7152,7082,6972,6652,6532,6482,6352,6182,5962,577

Cashin

deposi-tory

banks

66677

1128

3333

3333333333333333333331

U. S.Govern-

mentsecuri-

ties

2,8373,1823,3083,2443,1182,8682,6442,5532,5512,5382,5242,5202,5202,4882,4772,4692,4522,4352,4282,407

Cashreservefunds,etc.2

179200212198187166162

162151

152158155144144143146151150135139

P Preliminary.Outstanding principal, represented by certificates of deposit.2 Includes reserve and miscellaneous working funds with Treasurer

of United States, working cash with postmasters, accrued interest 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

Debits to demand deposit accounts,except interbank and

U. S. Government accounts

Total, allreportingcenters

NewYorkCity

6other

centersJ

338 otherreportingcenters

Annual rate of turnover ofdemand deposits except interbank

and U. S. Government deposits

NewYorkCity

6other

centers *•

338 otherreportingcenters

19431944194519461947194819491950195119521953

1952—November.December.

1953—January...February..MarchAprilMayJuneJulyAugustSeptemberOctober. . .November,December.

1954—January...

757,356848,561924,464

,017,084,103,720,227,476,206,293,380,112,542,554,642,853,759,069

127,647165,115

145,919129,163153,356145,567141,981153,846147,957134,386147,699149,606140,992

••168,596

154,294

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

44,20963,091

52,04845,74953,89852,03850,25556,62351,79945,51654,88854,15250,47065,367

62,306

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

27,06435,179

31,66028,12635,33932,74232,28333,80732,68329,95831,42231,77830,47735,557

30,806

300,777326,320341,502391,817458,517513,348499,172572,208661,302695.133'740,436

56,37466,845

62,21255,28764,11960,78859,44363,41663,47658,91361,390

'63,67660,046

'67,672

61,183

20.422.324.125.123.826.927.931.131.934.436.7

34.141.8

34.335.137.135.435.638.936.032.240.235.838.443.1

42.7

18.018.317.518.319.721.620.922.624.024.125.6

24.126.9

23.924.428.726.726.226.525.723.625.923.926.426.8

24.1

15.314.613.514.115.516.615.917.218.418.418.9

19.319.8

18.418.919.418.418.819.219.217.819.318.420.219.7

18.5

p Revised.1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN

for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943 see BULLELETIN 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-t ion1

Coin and small denomination currency a

Total Coin »$1 $2 $5 $10 $20

Large denomination currency2

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

Unas-sorted

1939..1940..1941. .1942..1943. .1944..1945..1946..1947..1948..1949..1950..1951..1952.

1953—FebruaryMarchAprilMayJuneJulyAugustSeptember.. .OctoberNovember.. .December. . .

7,5988,73211,16015,41020,44925,30728,51528,95228,86828,22427,60027,74129.20630,433

29,79329,75429,84329,95130,12530,12030,24830,27530,39830,80730,781

1954—January 29,981

5,5536,2478,12011,57614,87117,58020,68320,43720,02019,52919,02519,30520.53021,450

20,91820,89620,97921,08521,24321,23721,33121,32121,41421,77121,636

20,939

590648751880

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

1,7251,7371,747755766769

1,7781,7921,8021,816,812

1,775

559610695801909987

1,0391,0291,0481,0491,0661,1131,1821,228

1,1581,1651,1631,1721,1761,1711,1821,2071,2141,2321,249

1,180

3639445570817367656462646771

6867686969707069707172

70

,019,129,355,693,973

2,1502,3132,1732,1102,0472,0042,0492.1202,143

2,0522,0482,0562,0652,0712,0552,0612,0602,0712,1232,119

2,031

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

6,4326,4186,4486,4826,5276,5116,5316,4996,5246.6596,565

6,351

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

9,4839,4629,4979,5429,6359,6609,7099,6949,7349,8719,819

9,531

2,0482,4893,0443,837580730

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

8,8778,8598,8658,8678,8838,8858,9188,9568,9869,0389,146

9,045

460538724

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

2,6292,6212,6232,6272,6452,6462,6552,6592,6652,6892,732

2,693

9191,1121,4331,9102,9124,153220

4,771070074056

5,0435,2075,447

5,3905,3835,3885,3885,3915,3965,4235,4585,4885,5195,581

5,526

191227261287407555454438428400382368355343

340339339338337335334334333332333

331

425523556586749990801783782707689588556512

507505503502499496494493489487486

484

203024991078554444

43444444444

3260462522242426171711121210

888888888811

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury

as destroyed.3Paper currency only; $1 silver coins reported under coin.Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.

UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS

[On basis of circulation statement of United States money. In millions of dollars]

GoldGold certificatesFederal Reserve notesTreasury currency—total

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

Total—Tan 31 1954Dec. 31, 1953jan 31 1953

Total out-standing,Jan. 31,

1954

21,95621 ,31027 246

4,899

4912 144

32 3711,223

43234719172

(0(4)

( 4 )

Money held in the Treasury

As securityagainst

gold andsilver

certificates

21,310

32,371

2272,144

23,68123,78924,168

Treasurycash

2 646

8068

51

10321

(5)

793761

1,308

ForFederalReserve

Banks andagents

18,459

18,45918,53818,975

Moneyheld byFederalReserve

Banks andagents

2,8161,580

473

5

352651038

21

4,8694,6144,713

Money in circulation 1

Jan. 31,1954

3625,587

4,359

208

2,0181,149

41830618771

29,981

Dec. 31,1953

3626,253

4,491

210

2,1011,179

424316190

72

30,781

Jan. 31,1953

3725,337

4,317

198

2,0071,116

406305208

75

29,691

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. 257.

2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding

is not included in total Treasury currency outstanding.4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special

significance and is not shown. See note for explanation of these duplications. 5Less than $500,000.NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold

bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired 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.

MARCH 1954 265


CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEMALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,

AND TREASURY CURRENCY FUNDS1

D

1929—June1933—June1939—Dec.1941—Dec.1945—Dec.1947_Dec.1948—Dec.1949_Dec.1950—Dec.1951—Dec.1952—June

Dec.

1953—Jan.Feb.Mar.Apr.MayJuneJulyAug.Sept.Oct.Nov.Dec.

1954—Jan.

I

1929—June1933—June1939—Dec.1941—Dec1945—Dec.1947—Dec.1948—Dec.1949—Dec.1950—Dec.1951—Dec.1952 ..Tune

Dec.

1953—Jan.Feb.Mar.Apr.MayJuneJulyAug.SeptOct.Nov.Dec.

1954—Jan.

ate

293030313131313130313031

2825252927 .302 0 P

30P

25P3 0 P

27P

)ate

2930303131313131303130 . .31

282525292730

26P3 0 P28P25P3 0 P

2 7 P

Gold

4,4,

17,

20 ,

24 ,

2 2 ,

2 ?

23,

23,

22

2 2 ,

22,22

222222,

22,

037031644737065754244427706605346187

000700600600500463300200100100000000

000

Total

55426882

18017S176177181193

204

202

?00100100200

204204

206200

206

776029359811806348121313385404060220

,100,000,600,100,100,360,100,800,900,400.800,000

,700

[Figures partly estimated except on call dates.

Treas-urycur-

rencyout-

standing

2,0192,2862,9633,2474,3394,5624,5804,5084,6364,7064,7544,812

4,8004,8004,8004,8004,8004,8544,0004,0004,0004,0004,0004,000

4,900

Foreignbank

deposits,net

36550

1 2171 4082,1411,6822.1032.1502,5182,2702,3102,501

2,5002,3002,4002,4002,4002,4672,5002,4002,5002,4002,4002,400

2,400

Total

58425464

16716016016?17118118?192

19110010018018810010510510S106108200

107

U.

,642,148,564,653,381,832,457,681,667,323,080,866

,200,300,200,000,900,277,500,400,900,600,100,000

,000

Loans,net

41,21,22,?630,43,48,4060,676075,

74,7576,7676,7777,7778707080,

79,

082057157605387023341604366597712484

900000000500600071400700400100500700

100

S. Government

Treas-urycash

holdings

7771

204264400215

,287336

,325.312203

.270283

,270

,300I ,3001,300L 3001,3001,2501,3001,3001,3001,300

800800

800

At com-mercial

andsavingsbank?

1?4

12

23

s4ss23776

54

3

381852846895608452451240080615121

,250

,200,400,800,000,000,042,500,000,200,800,700,100

,400

Assets

Bank credii

U. S.

Total

51023?0

128107100100060706

100

9807060494OS

100000000

100101

100

baL

,741,328,105,049,417,086,694,456,560,808,266,008

,800,800,400,700,400,350,200,600,300,500,400,100

,300

En millions of dollar

Government obligations

Com-mercial

andsavingsbanks

5,4998,199

19,41725,511

101,28881,19074,09778,43372,89471,34370.78372,740

72,30071,40070,00068,40067,80068,10872,70072,10071,60071,70073,00072,800

73,300

FederalReserveBanks

1,2,

24 ,

23,1820 ,

2224,

24,

2 3 ,

24,?425,25,?S25,25,25,

24,

216008484254262550333885778801006607

000000000800100746000000200300000000

700

Other

1,12 ,

3 ,

2 ,

22,

2,

2

2 ,

22

222

2

Deposits and Currency

ances

AtFederalReserveBanks

1

3635

634867077870

,123821668247333380

700400( i )400400132800700600600500400

200

Total

54,70040,82863,25376 336

150,793170,008160,110169,781176,017185,084184 004104,801

103,300101.600191,000192,200102,100102,560103,000103,400104,300107,300107,400201,300

109,900

26131204284867328264138888664577571

600500500500500406500500500400400400

400

s

Othersecu-rities

11,8199,8639,3028,9098.577

10,72311,42212 62114,74115 91817 00217,374

17,50017 50017,80017 80017,80017 8S618,00018,20018 20018,10018,20018,200

18,400

Totalassets,net—Totalliabil-itiesand

capital,net

64,60848,46575,17190 637

191.785188 148180,200101 706109,009208 724211 080220,865

219,000217 800217,600216 400216,200217 594222,700222,500222 000223,600225,000226,900

224,800

Liabilitiesand Capital

Totaldeposits

andcurrency

5542688?

18017S176177184

104204

202

200100100200205204

205206200

206

Deposits adjusted and currency

Demanddeposits2

2214?0

7S87858S0?0804

101

1000807080706070707

100100103

102

540411703002851121520750272234754

,508

,500,300,400,000,500,808,400,500,700,300.200,300

,400

Total

2821?7?748S65758SO61

65

666666676768686860606070

70

611656059729457411520616

,247,447,676700

,100,400,800,200,600,203,400,700,100,600,300,100

,500

Time deposits3

Com-mercialbanks

19,55710,84915,25815,88430,13535,24035,80436,14636,31437.85030,30240,666

40,70041,00041,20041,50041,70042,24542,30042,50042,80043,20042,00043,400

43,700

Mutualsavingsbanks*

8,0050,621

10,52310,53215,38517,74618,38710,27320,00020,88721,75522,586

22,80022,00023,10023,30023,40023,58023,70023,80024,00024,10024,00024,400

24,500

776029359811806348121313385404060220

100000600100100360100800000400

,800000

700

PostalSavingsSystem

1112

33

2

2

2

7

22

22

22

2

149186278313037

,416,320107

,023,701,610547

,500,500,500,500,500,459,400,400,400,400,400,400

,300

Capitaland

misc.ac-

counts,net

8,66,7

101?131414is1616

161617171717171718181818

18

922436812826979800168392624320120647

900800000300200234600700000200200000

000

Cur-rency

outsidebanks

34

0?6

26?S?S26

?7

26

?6?7?727

?727?72727

27

639761401615490476079

,415398

,303474494

,800,000,900,000,000,369,200,300,500,400,900,800

,000

* Preliminary.*Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.'Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.*Prior to June 30, 1947, includes a relatively small amount of demand deposits. 8Less than 50 million dollars.NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs

slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S.Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shownin the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency.



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.1941—Dec.1945—Dec.1947—Dec.1949—Dec.1950—Dec.1951—Dec.1952—jUne

Dec.1953—Jan.

JuneJulyAug.Sept.Oct.Nov.

303 1 .313 1 2 . . . . .313 0 .31303128302 9 P26P3 0 P28P25P

Dec. 30P1954—Jan. 27P

All commercial banks:1939—Dec. 301941—Dec.1945—Dec.1947—Dec.1949—Dec.1950—Dec.1951—Dec.1952—June

Dec.1953—Jan.

JuneJulyAug.Sept.Oct.Nov.Dec.

1954—Jan.

3131312313031303128. . .3029P.26P30P.28P2 5 P30P27*

All member banks:1939—Dec. 301941—Dec.1945—Dec.1947—Dec.1949—Dec.1950—Dec.1951—Dec.1952—June

Dec.1953—Jan.


1954—Jan.

313 1 .3131303 1 .303128.3029P2 6 P3028P25P30P27P

All mutual savingsbanks:

1939—Dec. 301941—Dec.1945—Dec.1947—Dec.1949—Dec.1950—Dec.1951—Dec.1952—June

Dec.1953—Jan.


1954—Jan.

313131231. . .30313031283029P26P30P28P25P30P27P

Loans and investments

Total

50 88461,126

140,227134.924140,598148,021154,869157,528165,626165,030163,082168,500168,590168,560169,520171,170172,220171,220

40,66850,746

124,019116,284120,197126,675132,610134,437141,624140,780137,957143,190143,130142,990143,910145,460146,400145,170

33,94143,521

107,18397,846

101,528107,424112,247113,502119,547118,625115,789120,546120,398120,185121,050122,299123,256122,102

10,21610 37916,20818,64120 40021,34622 25923,09124,00324,25025,12425,31025,46025,57025,61025,71025,82026,050

Loans

9 ?

304349606769

757777787879808179

1771?6384957575964

6565666667676866

n18

3?

44495055545556565657575856

4444689

1011111212121212121213

165,615,362,002,544,386,608,742,512,330,117,850,370,730,720,010,200,540

,238,714,083,057,965,249,746,233,163,860,025,630,040,260,120,250,260,490

,962,021,775,628,230,705,561,526.,034,698,613,128,491,633,415,465,416,657

,927,901,279,944,578,137,862,509.349,470,091,220,330,470,600,760,940,050

Investments

Total

28 71934,511

109,86591,92391,05487,63587,26187,78690,11489,70085,96590 65090,22089,83089,80091,16091,02091,680

23,43029,03297,93678,22677,23274,42674,86375,20477,46176,92072,93277,56077,09076,73076,79078,21078,14078,680

19,97925,50084,40865,21865,29762,71962,68762,97664,51463,92760,17664,41863,90763,55263,63564,834

'64,84065,445

5,2895 478

11,92813,69613,82213,20912,39812,58212,65412,78013,03313,09013,13013,10013,01012,95012,88013,000

U. S.Govern-

mentobliga-tions

1995

1018178797170777968797971717?7273

16

906967676161

695863676?67636364

14197857565?5151

524857

51515?52

10111110999999999999

417,511,288,199,433,894,343,783,740,250,108,700,070,620,660,990,780,260

,316,808,606,221,005,027,524,178,318,760,644,220,590,200,340,720,590,070

,328,539,338,914,883,365,621,261,763,137,318,500,859,506,663,845,788,330

,101704

,682,978,428,868,819,606,422,490,464,480,480,420,320,270,190,190

Othersecu-rities

9,3028,9998,577

10,72312,62114,74115,91817,00217,37417,45017,85617,95018,15018,21018,14018,17018,24018,420

7,1147,2257,3319,006

10,22712,39913,33914,02614,14314,16014,28714,34014,50014,53014,45014,49014,55014,610

5,6515,9616,0707,3048,414

10,35511,06511,71511,75111,79011,85811,91812,04812,04711,97211,98912,05212,115

2,1881,7741,2461,7182,3942,3422,5792,9763,2313,2903,5693,6103,6503,6803,6903,6803,6903,810

Cashassets1

23,29227,34435,41538,38836,52241,08645,53141,66745,58440,80042,02339,23039,06041,48041,04041,55044,29041,450

22,47426,55134,80637,50235,65040,28944,64540,70244,66639,92041,15638,42038,26040,64040,16040,74043,31040,500

19,78223,12329,84532,84531,31735,52439,25236,04639,25535,05336,46733,88333,73035,91935,16835,77537,93135,379

818793609886873797886966918880867810800840880810980950

Total i

68 24281,816

165,612161,865164,467175,296185,756184,130195,552188,590189,159190,620190,350193,080193,140194,950199,540195,880

57,71871,283

150,227144,103145,174155,265164,840162,348172.931165;780165,531166,880166,520169,090169,050170,880175,140171,300

49,34061,717

129,670122,528123,885133,089141,015138,769147,527140,913140,830141,914141,507143,803143,453145,028148,873145,358

10,52410 53315,38517,76319,29320,03120,91521,78222,62122,81023,628"23,74023,83023,99024,09024,07024,40024,580

Deposits

Inter-bank i

91014131?1415IS15

1312171314141514

9101413191415

n15

131917H14141514

91013171913141714121?1919H13n14

874,982,065,033,710,039,087,513,321,520,600,960,920,900,300,230,500,700

,874,982,065,032,709,039,086,512,319,520598

,960,920,900,300,230,500,700

410,525640

,403097

,447425

,812617

,876,933,318278

,238,610,520,752,972

j

222233333333

Other

De-mand

32 51644,355

105,93595,72796,156

104,744111,644109,247116,633111 ,210109,389111,320110,850112,100111,260113,480115,910112,650

32,51344,349

105,92195,71196,136

104,723111,618109,222116 600111,180109 352111,290110,810112,060111,220113,440115,870112,610

28,23138,84691,82081,78582,62890,30695,96894,169

100,02095,11693,78095,47494 99596,05195.02296,89699,03096,116

36

14172022262633303730404040404040

Time

25 85226,47945,61353,10555,60156,51359,02561,36963,59863,86066,17066,34066,58067,08067,58067,24068,13068,530

15,33115,95230,24135,36036,32836,50338,13739,61441,01241,08042,58142,63042,79043,13043,53043,21043,77043,990

11,69912,34724,21028,34029,16029,33630,62331,78832,89032,92134,11734,12234,23434,51434,82134,61235,09135,270

10,52110 52715,37117,74519,27320,00920,88821,75522.58622,78023,58923,71023,79023,95024,05024,03024,36024,540

Totalcapital

accounts

8,1948,414

10,54211,94813,08813,83714,62315,03915,36715,37015,79115,81015,89016,07016,12016,20016,19016,240

6,8857,1738,950

10,05910,96711,59012,21612,60112,88812,89013,27513,29013,35013,52013,57013,63013,63013,660

5,5225,8867,5898,4649,1749,695

10,21810,52610,76110,76311,07011,07711,11611,25111,29911,34411,34511,386

1,3091,2411,5921,8892,1222,2472,4072,4382.4792,4802,5162,5202,5402,5502,5502,5702,5602,580

Numberof

banks

15,03514,82614,55314,71414,68714,65014,61814,59914,57514,57114,53714,53414,53214,52514,51814,51014,51114,510

14,48414,27814,01114,18114,15614,12114,08914,07014,04614,04214,00914,00614,00413,99713,99013,98213,98313,982

6,3626,6196,8846,9236,8926,8736,8406,8156,7986,7916,7656,7626,7596,7536,7526,7476,7456,747

551548542533531529529529529529528528528528528528528528

P Preliminary.* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember com-

mercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks andnondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and lia-bility data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.

1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525million at all insured commercial banks.

For other footnotes see following two pages.

MARCH 1954 267


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]


Central reserve citymember banks:

New York City:1939—Dec. 301941—Dec. 311945—Dec. 311947—Dec 311949—Dec. 311950—Dec. 301951—Dec. 31 . .1952—June 30

Dec. 311953—jarL 28. .

June 30July 29*Aug. 26*Sept. 30Oct. 28PNov. 2 5 PDec. 30P

1954—Jan. 2 7 P

Chicago:1939—Dec. 301941—Dec. 311945—Dec. 3 1 . .1947—Dec. 311949—Dec. 31 . .1950—Dec. 301951—Dec. 31 . . .1952—June 30

Dec. 3 1 . .1953—Tan. 28. .

June 30July 29i»Aug. 26PSept 30Oct. 2 8 P .Nov. 2 5 P .Dec. 30P

1954—Jan. 27P

Reserve city memberbanks:

1939—Dec. 301941—Dec. 31 .1945—Dec. 311947—Dec. 3 1 . ; . . .1949—Dec. 311950—Dec. 301951—Dec. 31 . .1952—June 30

Dec. 311953—Jan. 28 .

June 30July 2 9 P . . .Aug. 26*. .Sept. 30Oct. 28PNov. 25PDec. 30P . . . .

1954—Jan. 27?

Country memberbanks:

1939—Dec. 30 .1941—Dec. 311945—Dec. 311947—Dec 31 . .1949—Dec. 311950—Dec. 30 .1951—Dec. 311952—June 30

Dec. 311953—Jan. 28

June 30 .July 29PAug. 26*Sept. 30Oct. 28PNov. 25PDec. 30P

1954—Jan. 27P

Total

917,

2019

21 '21 '2 2 ,

20

21

2121??21

2sssss56<S5655s666

1?i s403638404?4345454446464546464646

101?353638404?4345454546464646474747

339896143393583612379710130233452742407568901926609709

105760931088424569731664240037627116984973984093189078

272347108040301685694

,091.583,533,352,252397

,906,221,825996897

224,518,002324

,219558

,444,037,594,822359

,436,610,739,944,455,462,418

Loans and

Loans

3,4 ,7,7,7,9 ,

11 ,1 1 ,

296072334179550729146268

12.37612,12711,1112,171?121?1 1 ,

111

22

22

22

272

s78

1314171919

21227?777?

222222

4s5

101?14161718181919191919191919

883914003114487290867741

5699543338016180834683807485945527126706095976077.5.5516

329105514449370906651745697680

,150,339,552,493,712,801890516

,768,890,596,199,692988

,296,133,213,297028

,163,266,417,619,767,904,884

investments

Investments

Total

6,8

1813,171010109989999999

114.33.3333,33.3333333

68

.317?737?737,373732273737373742424

s6

29767575767.577277627272727272727

043823809214033883233442754106569828404454414636742968

536806598287806487264284493443075404314364387486434562

944243594591931

,779,043,346,886,853,201,913,845,413,509,024,106,381

,456,628,407,125,527,570,148,904,381,525,330,273,344,322,325,688,558,534

U.S .Govern-

mentobliga-tions

4 ,7,

17,11,10,

8887,767777777

114

3

22

22

22

272

s6

79707019191919191719191819191919

34

267?717171717722

22222222222222

772765574972746993129212678012639838380436482704740909

203430213890324911711721912862529816758804824918861988

1944675521969.51084194

,123624543

,756,481,339,959,049592669933

,159,377,999,857,862,377,587,206,549,720,394,365,382,306,308,631,518,500

Othersecu-rities

1,2721,5591,2351,2421,2871,8902,1042,2312,0762,0941,9301,9902,0242,0181,9321,9322,0022,059

333376385397482576552563581581546588556560563568573574

1,7491,7762,0422,3962,9803,6953,8494,2234,2624,3104,4464,4324,5064,4534,4604,4324,4374,448

2,2972,2502,4083,2683,6654,1934,5614,6984,8324,8054,9364,9084,9625,0165,0175,0575,0405,034

Cashassets1

6,66,7,6,7,8,88,67,66,76777,

11111

21

221221172

68

11131713IS1.3IS131413131414141514

46

10101011131?13121?11111212121212

703637439261985922564135419994879751655598932085731088

446566489739850034196899010083058992006083972994123011

785518286066168998199925544898447575546

,196,179444263062

,848,402,632,778,314,571,292,087,281,078083

,565,523,041,085,252,814,218

Total i

14,17,30,25,73,75 ,76,76,27,742 5 ,

24,75,7525,?725,

3,4,7667777777777777

177749464751545.3575454S5S5S5ss565856

1317434445485751SS545354545454555655

509932121216983646859745309817244205706996505462019612

330057046402810109402027686186119.3973573383234486,37492

7413130854675.5943746647.5357893861299338

,713,710541004640

,762,415,418,443,534897

,288,571,175,017,606,013,106,756,915,577,218,614

Deposits

Inter-bank i

4444444444444444S4

11111111111111111

346s566.5766Ss66666

1111111111111111

238207657464

,192638

,832,639,965437

,578,336,267,645,719,713,223,994

888,035,312,217,191,228,307,182,350,171,216,201,224,278,315,269,359,308

,686,460,448,649,713,448,976,908,001,104,066,756,760,233,443,378,924,464

598822

,223,073,001,133,309,083,301,164073

,025,027,081,133,160,246,206

Other

De-mand

9,1774,19,18,1970,70,20,1818,18,18,19,18181918,

12,544444544.5444454

913.3779.30.333534.373535,3535.3535363635

7102978793?35.3437363535353636363736

533917227307139287348311504601736994605420780723646524

94754601577.3535778952681132843696000943855804963040950

439047877395182342218764095499052819798

,621,320290985994

,312,335,700,810771899

,449,414,289,173295

,661,649,155,118,920,359,648

Time

736807

1.236,445,651,722,679,795,840,779,930,875,834.931

2,0062,0262,1502,094

495476719913

1.083L.103L ,143L.1641,2051,1721,207L ,1961,1901,2041,2041,2161,2331,234

1.6164,8069,760

11,42311,66411,64712,27212,75413,26113,29013,74313,72413,78013,85913,94713,87314,09514,182

5,8526,258

12,49414,56014,76214 86515,53016,07516,58516,68017 23717,32717,43017,52117,66417,49717,61317,760

Totalcapital

accounts

1,5921,6482,1202,2592,3122,3512,4252,4602,5052,5082,5442,5462,5502,5632,5662,5732,5622,585

250288377426470490513530541537551547552557558559563563

1,8281,9672,5662,8443,0873,3223,5213,6633,7453,7423,8743,8713,8813,9173,9533,9703,9834,000

1,8511,9822,5252,9343,3053 5323,7603,8733,9703,9764,1014,1134,1334,2134,2224,2424,2374,238

Numberof

banks

363637372523222222222222222222222222

141312141313131313131313131313131313

346351359353341336321319319320321321319319319319319319

5,9666,2196,4766,5196,5136 5016,4846,4616,4446,4366 4096,4066,4056,3996,3986,3936,3916,393

2Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies.At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars wasadded, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercialbanks.

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. 3i1945—Dec 311947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—june 30

National memberbanks:

1941—Dec. 31I945—Dec. 311947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—June 30 . . . .

State member banks:1941—Dec. 311945—Dec. 311947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—June 30 . .

Insured nonmembercommercial banks:

1941—Dec. 311945_Dec. 31I947—Dec. 31.1950—Dec. 301951—Dec. 311952—Dec. 311953—June 30

Noninsured nonmem-ber commercialbanks:

1941—Dec. 311945—Dec. 311947—Dec. 31*1950—Dec. 30 . . . .1951—Dec. 311952—Dec. 311953—June 30

All nonmember com-mercial banks:

1941—Dec. 31I945—Dec. 311947—Dec. 31 »1950—Dec. 301951—Dec. 311952—Dec. 311953—June 30 . . .

Insured mutual savingsbanks:

1941—Dec 311945—Dec. 31.1947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—ju n e 30

Noninsured mutualsavings banks:

1941—Dec 31I945—Dec. 31.1947—Dec. 31 *1950—Dec. 301951—Dec. 311952—Dec. 311953—June 30

Total

49,290121,809114,274124,822130,820139,770136,144

27,57169,31265,28072,09075,25580,18077,848

15,95037,87132,56635,33436,99239,36737,941

5,77614,63916,44417,41418,59120,24220,375

1,4572,2112,0091,8531,7891,8541,813

7,23316,84918,45419,26720,38022,09622,188

1 69310,84612,68315,10116,19017,62118,610

8 6875.3615,9576,2456,0696,3826,515

Loans

Loans

21,25925,76537,58351,72357,25663,63264,522

11,72513,92521,42829,18432,31736,00436,420

6,2958,850

11,20015,52117,24319,03019,194

3,2412,9924,9587,0237,7018,6058,915

455318474527490531504

3,6963,3105,4327,5508,1929,1369,419

6423,0813,5606,0867,5238,6919,325

4,2591,1981,3842,0502,3392,6582,766

and investments

Investments

Total

28,03196,04376,69173,09973,56476,13871,622

15,84555,38743,85242,90642,93844,17641,428

9,65429,02121,36519,81319,74820,33718,748

2,53511.64711,48610,39110,89011,63811,460

1,0021,8931,5351,3271,2991,3221,310

3,53613,53913,02111,71812,18912,96012,769

1 0507,7659,1239,0158,6688,9309,284

4,4284,1634,5734,1943,7303,7243,749

U. S.Govern-

mentobliga-tions

21,04688,91267,94160,98660,53362,30857,667

12,03951,25038,67435,58735,06335,83532,958

7,50027,08919,24016,77816,55816,92815,361

1,50910.58410,0398,6328,9239,5569,361

7611,6931,2801,040

9911,010

977

2,27012,27711,3189,6729,914

10,56710,339

6297,1608,1657,4876,9216,5936,642

3,0753,5223,8133,3802,8972,8292,822

Othersecu-rities

6,9847,1318,750

12,11313,03113,83113,955

3,8064,1375,1787,3207,8758,3418,471

2,1551,9332,1253,0353,1913,4093,387

1,0251,0631,4481,7591,9672,0812,099

241200255286308312332

1,2661,2621,7032,0402,2752,3932,431

421606958

1,5281,7462,3372,642

1,353641760814833895927

Cashassetsl

25,78834,29236,92639,82144,17644,22240,756

14,97720,11422,02423,76325,95126,33324,279

8,1459,731

10,82211,76213,30112,92212,188

2,6684,4484,0834,2994,9264,9704,292

763514576468469444400

3,4314.9624,6594,7675,3955,4144,691

151429675617695732692

642180211180191187175

Deposits

Total 1

69,411147,775141,851153,288162,908170,971163,650

39,45884,93982,02389,28194,17398,97494,475

22,25944,73040,50543,80846,84348,55346,355

7,70218,11919,34020,21621,91223,46422,841

1,8722.4522,2511,9761,9321,9601,880

9,57420,57121,59122,19323,84325,42424,722

1,78910,36312,20714,32015,36816,78517,695

8,7445,0225,5565,7115,5475,8365,933

Inter-bank*

10,65413,88312,67013,74414,77714,99013,242

6,7869,2298,4109,1339,7889,9188,594

3,7394,4113,9934,3154,6374,6994,339

129244266297353373309

329181363294308329356

457425629591661702665

1

222

Other

De-mand

43,059104,01594,300

103,499110,382115,371108,222

24,35059,48654,33560,25163,47766,36262,364

14,49532,33427,44930,05532,49133,65831,415

4,21312,19612,51513,19414,41515,35114,443

1.291L.9051,4111,2241,2351,2291.130

5,50414,10113,92614,41715,65016,58015,572

121419233035

6233332

Time

15,69929,87634,88236,04537,74940,61042,186

8,32216,22419,27819,89720,90822,69423,516

4,0257,9869,0629,4389,715

10,19610,601

3,3605,6806,5586,7267,1447,7408,090

253365478458388402395

3,6136,0457,0367,1847,5338,1428,485

1,78910,35112,19214,30115,34316,75317,657

8,7385,0205,5535,7085,5445,8335,931

Totalcapital

accounts

6,8448,6719,734

11,26311,90212,56312,950

3,6404,6445,4096,3136,6537,0427,221

2,2462,9453,0553,3813,5653,7193,850

9591,0831,2711,5701,6861,8041 SS?

329279325327314326325

1,2881,3621,5961,8971,9992,1292,207

1fi41,0341,2521,5131,6781,730L.771

1,077558637734729749745

Numberof

banks

13,42613,29713,39813,43213,43913,42213,417

5,1175,0175,0054,9584,9394,9094,874

1,5021 8671,9181 9151,9011,8891,891

6 8106,4166 4786,5626 6026,6276,655

852714783689650624592

7,6627,1307,2617.2517,2527 2517,247

52192194194202206213

350339335327323315

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.

in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.For revisions

MARCH 1954 269


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


Class of bankand

call date

All commercialbanks:2

1947—Dec. 3 1 . . .1950—Dec. 3 0 . . .1951—Dec. 3 1 . . .1952—Dec. 3 1 . . .1953—June 3 0 . . .

All insured com-m e r c i a l b a n k s :

1941—Dec. 3 1 . . .1945—Dec. 3 1 . . .1947—Dec. 3 1 . . .1950—Dec. 3 0 . . .1951—Dec. 3 1 . . .1952—Dec. 3 1 . . .1953—June 3 0 . . .

Member banks,total:

1941—Dec. 3 1 . . .1945—Dec. 3 1 . . .1947—Dec. 3 1 . . .1950—Dec. 3 0 . . .1951—Dec. 3 1 . . .1952—Dec. 3 1 . . .1953—June 3 0 . . .

Sept. 3 0 . . .

New York City:*1941—Dec. 3 1 . . .1945—Dec. 3 1 . . .1947—Dec. 3 1 . . .1950—Dec. 3 0 . . .1951—Dec. 3 1 . . .1952—Dec. 3 1 . . .1953—June 3 0 . . .

Sept. 3 0 . . .

Chicago:*1941—Dec. 3 1 . . .1945—Dec. 3 1 . . .1947—Dec. 3 1 . . .1950—Dec. 3 0 . . .1951—Dec. 3 1 . . .1952—Dec. 3 1 . . .1953—June 3 0 . . .

Sept. 3 0 . . .

Reserve city banks:1941—Dec. 3 1 . . .1945—Dec. 3 1 . . .1947—Dec. 3 1 . . .1950—Dec. 3 0 . . .1951—Dec. 3 1 . . .1952—Dec. 3 1 . . .1953—June 3 0 . . .

Sept. 3 0 . . .

Country banks:1941—Dec. 3 1 . . .1945—Dec. 3 1 . . .1947—Dec. 3 1 . . .1950—Dec. 3 0 . . .1951—Dec. 3 1 . . .1952—Dec. 3 1 . . .1953—June 3 0 . , .

Sept. 3 0 . .

All nonmemberbanks:2

1947—Dec. 3 1 . . .1950—Dec. 3 0 . . .1951—Dec. 3 1 . . .1952—Dec. 3 1 . . .1953—June 3 0 . . .

Totalloansand

invest-ments

116,284126,675132,610141,624137,957

49,290121,809114,274124,822130,820139,770136,144

43,521107,18397,846

107,424112,247119,547115,789120,185

12,89626,14320,39320,61221,37922,13020,45221,568

2,7605,9315,0885,5695,7316,2405,6275,973

15,34740,10836,04040,68542,69445,58344,35245,906

12,51835,00236,32440,55842,44445,59445,35946,739

18,45419,26720,38022,09622,188

Loans l

Total1

38,05752,24957,74664,16365,025

21,25925,76537,58351,72357,25663,63264,522

18,02122,77532,62844,70549,56155,03455,61356,633

4,0727,3347,1799,729

11,14612,37611,88312,114

9541,3331,8012,0832,4682,7482,5522,609

7,1058,514

13,44917,90619,65121,69722,15022,493

5,8905,596

10,19914,98816,29618,21319,02819,417

5,4327,5508,1929,1369,419

Com-mer-cial,in-

clud-ing

openmar-ketpa-per

18,16721,92725,87927,87127,418

9,2149,461

18,01221,77625,74427,73927,282

8,6718,949

16,96220,52124,34726,23225,76326,025

2,8073,0445,3616,3287,8528,6808,3458,475

732760

1,4181,5671,9772,0801,9922,041

3,4563,6617,0888,646

10,14010,84210,60910,718

1,6761,4843,0963,9804,3774,6304,8174,790

1,2051,4051,5331,6391,655

Agri-cul-tur-al

1,6602,9053,4083,9193,675

1,4501,3141,6102,8233,3213,8053,594

972855

1,0461,8082,1402,4162,2342,368

.

1

6239

1614

76

300205225392513501469477

659648818

1,4071,6101,9011,7571,883

6141,0961,2681,5031,441

Loans forpurchasingor carryingsecurities

Tobrok-ersanddeal-ers

8301,8021,5812,0601,719

6143,164

8231,7891,5712,0501,704

5943,133

8111,7701,5512,0321,6871,783

4122,453

5451,4211,2191,5311,2741,383

48211

73110

94239142145

114427170207203218229203

2042233335434152

2031302932

Tooth-ers

1,2201,057

9801,1031,074

6623,6061,1901,036

9601,0821,051

5983,3781,065

927851966933898

1691,172

267285262286237211

52233

876963667171

1941,503

484386347422424409

183471227187178191201206

156130130137141

Reales-

tateloans

9,39313,54114,58015,71216,231

4,7734,6779,266

13,38914,45015,57216,100

3,4943,4557,130

10,52211,33412,21412,62812,840

12380

111442514386406395

2236466570677068

1,5271,4593,1474,4234,6515,0995,2705,358

1,8231,8813,8275,5916,0996,6626,8837,018

2,2663,0243,2523,5053,610

Otherloans

toin-di-

vid-uals

5,72310,12010,45112,68414,111

4 , i2,3615,654

10,04910,37812,60314,025

3,<1,9004,6628,3148,524

10,39611,61211,819

5f287564930920

1,1361,2851,275

<51

149207180211235242

1 , '855

1,9693,4983,5184,3474,8494,922

Otherloans

1,0631,5731,6811,7181,737

451,1811,0281,5341,6451,6831,702

921,104

9521,4381,5351,5771,5851,732

4298330460551539517558

6402687

109120

9089

12404366603572595645751

1,5^0707

1,9793,6793,9064,7025,2435,379

1,0611,8071,9272,2882,499

363229288303322334334

111134146141151

Investments

Total

78,22674,42674,86377,46172,932

28,03196,04376,69173,09973,56476,13871,622

25,50084,40865,21862,71962,68764,51460,17663,552

8,82318,80913,21410,88310,2339,7548,5699,454

1,8064,5983,2873,4873,2643,4933,0753,364

8,24331,59422,59122,77923,04323,88622,20123,413

6,62829,40726,12525,57026,14827,38126,33027,322

13,02111,71812,18912,96012,769

U. S. Government obligations

Total

69,22162,02761,52463,31858,644

21,04688,91267,94160,98660,53362,30857,667

19,53978,33857,91452,36551,62152,76348,31851,506

7,26517,57411,9728,9938,1297,6786,6397,436

1,4304,2132,8902,9112,7112,9122,5292,804

6,46729,55220,19619,08419,19419,62417,75618,959

4,37726,99922,85721,37721.58722,54921,39422,306

11,3189,6729,914

10,56710,339

Direct

Bills

2,1934,2367,3377,7615,050

9882,4552,1244,1187,2197,6224,927

9712,2751,9873,6656,3996,5654,0644,171

311477

1,002824

1,1221,079

789828

256133132232334407147119

2951,034

3731,2182,5242,3871,3441,167

110630480

1,3902,4182,6921,7842,056

206571939

1,196987

Certifi-catesof in-debt-ed-ness

7,7891,9697,6575,5805,092

19,0717,5521,9327,5265,4945,000

16,9855,8161,4686,0104,2553,8078,602

3,433640250616233203

1,132

1,467235131332224235541

6,9822,358

4992,4931,7741,4533,494

5,1022,583

5882,5682,0241,9163,436

1,973501

1,6471,3251,285

Notes

6,03417,03311,40811,87811,259

3,15916,0455,918

16,75611,25611,71411,119

3,00714,2714,815

14,0549,5969,8359,242

10,909

1 6233,325

5581,7111,4281,1701,0351,143

153749248700520607551686

7515,6531,9015,5363,6403,8543,5424,335

4814,5442,1086,1074,0084,2044,1144,745

1,-2192,9791,8122,0432,017

Guai

Bonds t e

53,19138,77835,10138,07737,212

12,797 4 151,32152,33438,16834,51137,45636,589

11,729 3 S44,79245,28633,17029,60132,08731,17627,793

3,652 1 610,3379,771 . . ,6,2064,9605,1954,6114,331

903 11,864 . . .2,274 . . .1,847 . . .1,526 . . .1,674 . . .1,596 . . .1,458 . . .

4,248 1,115,87815,56011,83010,52811,59411,3939,939

2,926 816,71317,68113,28712,58713,62513,57612,065

7,9165,6185,5106,0006,047

Obli-ga-tions

States__ andf" polit-"A icale d sub-

divi-sions

14 5,27611 8,11821 9,19822 10,18832 10,533

02 3,65122 3,87314 5,12911 7,93321 8,98922 9,97732 10,302

32 3,09016 3,25410 4,1998 6,640

15 7,52819 8,40929 8,68030 8,902

79 7291 606

. , 6382 1,1232 1,3851 1,4532 1,3181 1,422

19 182. . 181. . 213. . 335. . 351. . 384. . 375. . 384

73 9565 1,1263 1,3421 2,1848 2,458

14 2,93423 3,18424 3,220

61 1,2229 1,3426 2,0065 2,9985 3,3344 3,6394 3,8025 3,876

4 1,0783 1,4786 1,6713 1,7813 1,855

LJtnersecu-rities

3,7294,2814,1413,9553,754

3,3333,2583,6214,1794,0423,8543,653

2,8712,8153,1053,7143,5383,3423,1783,145

830629604767719623612596

193204185242201197170176

820916

1,0531,5111,3901,3281,2621,233

1,0281,0671,2621,1941,2271,1941,1341,141

625567604613576

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became membersof the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commer-cial banks." 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, 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 bankand

call date

All commercialbanks:2

1947—Dec. 3 1 . .1950—Dec. 30. .1951—Dec. 3 1 . .1952—Dec. 3 1 . .1953—June 30. .

All insured com-mercial banks:

1941—Dec. 3 1 . .1945—Dec. 31. .1947—Dec. 31 . .1950—Dec. 30. .1951—Dec. 31 . .1952—Dec. 3 1 . .1953—June 30. .

Member banks,total:

1941—Dec. 31. .1945—Dec. 3 1 . .1947—Dec. 31. .1950—Dec. 30. .1951—Dec. 31. .1952—Dec. 31. .1953—June 30. .

Sept. 30..

New York City:*1941—Dec. 31 .1945—Dec. 311947—Dec. 31. .1950—Dec. 30. .1951—Dec. 31. .1952—Dec. 31. .1953—June 30..

Sept. 30. .

Chicago:3

1941—Dec. 3i1945—Dec. 311947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—June 30. .

Sept. 30. .

Reserve city banks:1941—Dec. 311945—Dec. 31!!1947—Dec. 311950—Dec. 301951—Dec. 311952—Dec. 311953—June 30. .

Sept. 30. .

Country banks:1941—Dec. 31.1945—Dec. 311947—Dec. 31. .1950—Dec. 30.1951—Dec. 31.1952—Dec. 31. .1953—June 30. .

Sept. 30. .

All nonmemberbanks:?

1947—Dec. 31. .1950—Dec. 301951—Dec 311952—Dec 311953—June 30

Re-serveswith

FederalRe-

serveBanks

17,79617,45819,91119,80919,446

12,39615,81017,79617,45819,91119,80919,446

12,39615,81117,79717,45919,91219,81019,44819,215

5,1054,0154,6394,6935,2465.0595,2044,885

1,021942

1,0701,2161,4071,1441.3181,367

4,0606! 3267,0956,8067,5827,7887,4207,499

2,2104,5274,9934,7455,6765,8205,5055,465

Cashin

vault

2,2162,1742,6972,7532,590

1,3581,8292,1452,1452.6652,7202,559

1,0871.4381,6721,6432,0622,0811,9562,010

93111151118159148127135

4336303032323128

425494562519639651609626

526796929976

1.2311.2501 ,1801.221

544532635672635

Bal-anceswithdo-

mesticbanks4

10,21610,86311,96911,87510,233

8,57011,0759,736

10,46311,56111,4899,885

6,2467,1176,2706,8687,4637,3786.3786,323

14178707879844949

298200175133165169123113

2,5902^1742,1252,2062,3562,4192,1502,071

3.2164,6653.9004,4504,8624,7064.0574,090

3,9473.9964,5074,4983,856

De-mand

de-posits

ad-justed5

87,12392,28298.243

101,50696,892

37,84574,72285,75191,09997,048

100,32995,795

33,75464,18473,52878,37083,10085,54381,77482,177

10,76115,06516,65315,89816,43916,28815,38415,221

2,2153,1533,7373,9544,1214,1263,9133,914

11,11722,37225,71427,93829,48930,60929.44429,578

9,66123,59527,42430,58133.05134,51933.03333,463

13,59513,91215,14415,96415,118

Demand deposits

Interbankdeposits

Do-mestic4

11,36212,10213.12313,10911,409

9,82312,56611,23611,95512,96912,94811,241

9,71412,33310,97811,66912,63412,59410,94711,153

3,5953,5353,2363,2073,3853,3462,9792,969

1,027,292

1,1961,1771,2691,3081,1751,233

4,3026,3075,4976,1746,6956,6625,7445,895

7901,199

,049,111,285,278,040,055

385432489516462

For-eign

1,4301,4761,4131,4651,343

673,248

1,379L.4421,3811,437,305

6711,243,375

1,4371,3691,4311,3001,341

6071,1051,2171,1621,1281,1541,0591,089

820214838373337

54110131217192230197202

287

1011111112

5538443443

U. S.Gov-ern-ment

1,3432,8063,3594,9413,634

1,76123,740

1,3252,7883,3444,9123,620

1,70922,179

1.1762,5233.1014,5673,3785,555

8666,940

267451858

1,143887

1,694

1271,552

72174242343201368

4918,221

405976

1,1241,8141,3582,063

2255,465

432922876

1,267932

1,429

167283258374256

Statesand

politicalsubdi-visions

6,7998,0128,4268,9109,350

3,6775,0986,6927,8928,2888,7769,211

3,0664,2405,5046,4006,6667,0297,4036,989

319237290258321322333332

233237285284240242320301

1.1441,7632,2822,5752,5502,6932,8662,489

1,3702,0042,6473,2823,5543,7723.8853,868

1,2951,6121,7611,8811,946

Certi-fiedandoffi-cers'

checks,etc.

2,5812,9183,1662,9562,449

1,0772,5852,5592,8983,1472,9382,431

1,0092,4502,4012,7242,9612,7442,2562,375

4501,3381,1051,0871,2891,120

8991,012

3466637066565361

286611705852822791636638

239435528715783777668664

180195205212193

Indi-viduals,partner-ships,

and cor-pora-tions

84,98790,98696,66699,79393,918

36,54472,59383,72389,92295,60498,74692,961

33,06162,95072,70478,65983,24085,68080,74181,132

11,28215,71217,64617,49017,88017,91916,61716,381

2.1523.1603,8534,2504,4044,4914,1234,125

11 12722,28126,00328,93830,72231,79830,19230,432

8,50021,79725,20327,98030,23431,47329,81030,193

12,28412,32613,42614,11313,177

Inter-bank

240462550744846

1587054

347427605696

1406450

341422592686744

61712

268318465540587

31588

10430225790

109124136

3017171213131414

190120128152160

Time <

U. S.Gov-ern-mentand

PostalSav-ings

111189278346336

59103111189278346336

5099

105183257321310310

" i o123743595049

235433

2038456085

105103103

31524582

125152154154

67

222527

deposits

Statesand

polit-ical

subdi-visions

8661,3841,5361,6201.731

492496826

1,3311,4851,5641,675

418399693

1,1211,2381,3031,3951,380

2920143722293037

91011111010

243160332631714739794775

146219337443491525553557

172263298317335

Indi-viduals,partner-

ships,and cor-

pora-tions

34,38334,93036,32339,04640,514

15.14629.27733,94634,52535,98638,70040,176

11,87823,71227,54228,03229,12831,26632,41232,825

7781,2061,4181,6471,6141,752L ,8411,844

476719902

1,0891,1281,1901,1941,191

4 5429,563

11,04510,95611,47312,41712,84712,980

6,08212,22414,17714,33914,91415,90816.53116,810

6,8586,9157,2137,8008,123

Bor-row-ings

659034

188113

10215

618230

181103

4208

547926

16575

591

1953070

5132

82

"133

21

4817

354

41123

9162540

103

1211

82338

Capi-talac-

counts

10,05911,59012,21612,88813,275

6,8448,6719,734

11,26311,90212,56312,950

5,8867,5898,4649,695

10,21810,76111,07011,251

1,6482,1202,2592,3512,4252,5052,5442,563

288377426490513541551557

1,9672,5662,8443,3223,5213,7453,8743,917

1,9822,5252,9343,5323,7603,9704,1014,213

1.5961,8971,9992,1292,207

2Breakdown 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 at all member banks and

525 million at all insured commercial banks.^Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.For other footnotes see preceding page.Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.

MARCH 1954 271


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

Total-Leading Cities

1953—February. .

December..

1954—January. . .February..

1953—Dec. 2...Dec. 9...Dec. 16. ..Dec. 23...Dec. 30...

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

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

New York City

1953—February. .

December..

1954—January...February..

1953—Dec. 2...Dec. 9...Dec. 16. ..Dec. 23...Dec. 30...

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

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

OutsideNew York City

1953—February. .

December..

1954—January. . .February..

1953—Dec. 2 ...Dec. 9...Dec. 16. ..Dec. 23...Dec. 30...

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

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

Totalloansandnvest-ments

77,

80,

80,80

808081,80,81,

8080,79,80,

80,7979,79

20

22

2121

2121222222

22212121

22212121

56

58

5858

5858585858

58585858

58585858

890

832

275036

522386058896302

819376838070

660868872744

996

182

678776

965940411010584

Oil667351684

148623709626

,894

,650

,597,260

,557,446,647,886,718

,808,709,487,386

,512,245,163,118

Total i

38,

40,

39,39

4040,40,40,41,

40,40,39,39,

39,39,39,39

12

12

1212

1212121212

12121111

12121211

26

28

2727

2727272828

27272727

27272727

738

573

758750

268311560707020

446030320239

963785796457

065

569

064057

381386717448914

477231762785

234025136834

673

,004

694,693

,887,925,843,259,106

,969,799,558,454

,729,760,660,623

Com-mer-cial,indus-trial,andagri-cul-tural

22

23

2222

2323232323

22222222

22222222

8

8

88

88888

8888

8888

14

14

1414

1414141414

14141414

14141414

923

217

744549

134081130361380

942846686502

638556555446

552

468

209066

447423465473530

299267181090

,126,067,063,010

,371

,749

,535,483

,687,658,665,888,850

,643,579,505,412

,512,489,492,436

Loansx

For purchasingor carrying securities

To brokersand dealers

U. S.Govt.ob-liga-tions

Otherse-curi-ties

1,551

2,045

1,8121,968

1,8771,9472,1352,0162,248

2,1191,9131,6331,583

2,1802,0311,9771,682

195

450

257490

394462431409554

389295156189

618557483301

912

1,117

1,069954

1,0331,0341,2811,0951,142

1,1701,1201,030957

1,020913997886

444

478

486524

450451423512552

560498447437

542561497495

To others

U.S.Govt.ob-liga-tions

Otherse-curi-ties

801

791

859823

748753757827868

862856859858

826818830819

40

49

4943

4548474859

55504544

41374746

525

527

552517

512514515533556

554552554551

524517517512

236

215

258263

191191195246253

253254260263

261264266261

Realestateloans

6,

6

6,6

66,6,6,6

6666

6,666

5

6

66

66666

6666

6666

131

464

483493

449458473461481

479490484480

486485500501

378

392

381380

390395397391385

382388380373

376377383385

753

,072

102,113

,059,063,076,070,096

,097,102,104,107

,110,108,117,116

Loansto

banks

550

691

540727

703724714670646

680598360525

541717789861

336

423

390458

437382448322527

467406266423

342416517558

214

268

150269

266342266348119

21319294102

199301272303

Otherloans

7

7

7,7

777,78

8777

7777

1

1

11

5

6

66

66666

6666

6666

387

987

957823

978970973995019

001964936927

924810777782

602

642

646594

631638640651653

657646639641

641585571,578

,785

,345

,311,229

,347,332,333,344,366

,344,318,297,286

,283,225,206,204

Total

39,

40,

40,40,

40,40,40,40,40,

40,40,40,40,

40,40,40,40,

8,

9,

9,9

9,9999

9999

9999

30

30

3030

3030303030

30303030

30303030

152

259

517286

254075498189282

373346518831

697083076287

931

613

614719

584554694562670

534436589899

914598573792

221

646

903,567

670521804627612

,839,910,929,932

,783,485,503,495

Investments

U. S. Government obligations

Total

31,

32

33,32

32,3233,3232,

32,32,32,33,

32,32,32,32

6

7

77

77777

7777

7777

24

25

2525

2525252525

25252525

25252424

656

798

001555

792668036696800

861870987287

989409346476

834

641

569513

641630708561663

513403527834

751402364535

822

157

432,042

151038,328,135,137

,348,467,460,453

,238,007,982,94

Bills

3

2

22

22222

2223

2222

1

1

\

\

11

,281

,509

,740,210

,394,350,745,489,569

,594,581,735,048

,517,034,074,216

544

865

889658

829817950800928

815738845,158

862509552708

,737

,644

,851L ,552

,565,533,795,6891,641

1,7791,8431,890L.890

1,6551,5251,5221,508

Cer-tifi-catesof in-debt-ed-ness

2,

5,

5,4

5,5,5,5,5

5554,

4,444

1

11111

1

2

4

43

44444

4444

3333

408

351

089401

399363348344303

202138076942

764639110091

253

137

982727

136164129154101

038983980926

809766663671

155

214

107,674

263,199,219,190,202

,164,155,096,016

,955,873,447,420

Notes

5,

6,

6,5,

6,6,6,6,6,

6,6,6,6,

6,6,4,4,

1,

1,

1,1,

\>

1111

11

4

5

54

55555

5555

5544

929

424

503829

458430439380411

482525462543

756714974871

077

136

120046

146162152111108

111116100155

309295810771

852

288

383783

312268287269,303

,371,409,362,388

,447,419,164,100

Bonds2

20,

18,

18,20

18,18,18,18,18,

18,18,18,18,

18,9,2121

4

4

4,5

4,4444

4444

4455

15

14

1415

1414141313

14141414

14141515

038

514

669115

541525504483517

583626714754

952022188298

960

503

578082

530487477496526

549566602595

771832339385

078

011

091033

011038,027,987,991

,034,060,112,159

,181,190,849,913

OtS(r:

7,

7,

7,

j

j'

\\

2,

L,

2*

1,1122

222

2222

5

5

55

55555

5555

5555

her;cu-ties

496

461

516731

462407462493482

512476531544

708674730811

097

972

045206

943924986001007

021033062065

163196209257

399

489

471525

519,483,476,492,475

,491,443,469,479

,545,478,521,554

1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net.3 Includes guaranteed obligations.For other footnotes see opposite page.



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-positsad-

justed8

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-

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—February

December

1954—JanuaryFebruary

1953—Dec. 2Dec. 9Dec. 16Dec. 23Dec. 30

1954—Jan. 6Jan. 13Jan. 20Jan. 27

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

New York City

1953—February

December



1954—Jan. 6Jan. 13Jan. 20Jan. 27


OutsideNew York City

1953—February

December



1954—Jan. 6Jan. 13Jan. 20Jan. 27


14,911

14,583

14,79614,386

14,23514,49414,82114,66514,701

14,71314,78615,15914,525

14,59814,36214,48714,096

4,981

4,778

4,8764,777

4,7194,7944,9034,7524,722

4,7674,7615,0444,932

4,8134,7844,7794,730

9,930

9,805

9,9209,609

9,5169,7009,9189,9139,979

9,94610,02510,1159,593

9,7859,5789,7089,366

945

1,048

991946

9821,0891,0671,0341,066

1,0021,022961979

912960923990

147

183

153151

165197194184175

159157143153

139165141158

798

865

838795

817892873850891

843865818826

773795782832

2,381

2,691

54,130 55

55,503 57

269

022

55,880 57,1122,781 ,2,485 54,639 55,528

2,568 542,424 55,159 562,779 562,709 55,679 572,972

376 55,727,236

58,121,210

57,817

,085,679

56,217

2,700 55,2722,7213,003 56,090 572,699 56

56,43656,044 57,637

,591115 56,782

2,4212,4132,5592,547

,588 5555,54,789 5554,14354,038 55

,831,230

55,739.313

15,807

16,026

15,92315,792

16,777

17,116

16,97216,717

15,68240 15,934

16,310 1715,929 1616,273

16,71916,880

,436,956

17,588

15,82515,87415,80316,193

16,19215,76715,63615,573

16,89116,89617,01117,091

16,93016,51216,77416,652

38,323

39,477

38,492

39,906

2,344

2,643

2,736 39,957 40,1402,442 38,847

2,2,2,7312,6622,

38,811

519 38,694 39,008384 39,225 39,356

775 40,685750 40,254

916 39,944 40,229

39,739,7

2,6512 ,680 40,170 402,957 402,656

39,447

,28739,922

39,545,741

40,58039,691

2,3852,3702,5062,509

39,396 38,901,022

38,50738,465

38,71838,96538,661

I

3,861

3,778

3,9324,006

3,6853,6073,7313,9023,963

3,9733,8433,9054.009

4,0934,0493,9533,930

298

267

284274

267246267275279

262281295300

273282259281

3,563

3,511

3,6483,732

3,4183,3613,4643,6273,684

3,7113,5623,6103,709

3,8203,7673,6943,649

1,520

1,802

1,8261,947

1,7331,7001,8031,6042,170

2,0281,9741,7511,553

2,3781,7421,9791,690

710

864

9511,116

764857804746

1,149

1,0711,135865734

1,503946

1,120895

810

938

875831

969843999858

1,021

957839886819

875796859795

3,088

2,683

1,9562,511

3,4102,4062,4122,5952,594

2,3131,7451,9281,839

2,2752,1072,8622,798

792

800

525659

1,141762673717707

639474510475

626564736711

2,296

1,883

1,4311,852

2,2691,6441,7391,8781,887

1,6741,2711,4181,364

1,6491,5432,1262,087

16,594

17,438

17,56417,640

17,31117,36617,43117,48617,596

17,58017,56217,54017,574

17,61917,63517,64217,663

1,654

1,862

1,8461,832

1,7951,8381,8711,8911,913

1,8741,8471,8181,843

1,8481,8391,8211,820

14,940

15,576

15,71815,808

15,51615,52815,56015,59515,683

15,70615,71515,72215,731

15,77115,79615,82115,843

779

919

949967

882918923940932

945943950959

970961967972

31

126

139149

121126126129129

136135140144

144147156147

748

793

810818

761792797811803

809808810815

826814811825

199

190

190190

10,214

11,128

11,43710,482

190189

10,79210,680

190 11,47511,12411,568

191190

190189190192

190191192188

142

137

136136

138137137138137

137136136138

136137138134

11,74311,56011,67710,766

10,61910,47710,60010,230

2,889

3,098

3,2172,974

2,9482,8563,2173,1063,363

3,1793,1993,3883,101

3,0222,9353,0022,936

7,325

8,030

8,2207,508

7,8447,8248,2588,0188,205

8,5648,3618,2897,665

7,5977,5427,5987,294

1,281

1,289

1,2581,284

1,3101,3001,2861,2591,292

1,2601,2531,2461,271

1,2601,2601,2991,318

1,037

1,033

1,0001,033

1,0561,0431,0291,0041,033

1,011992986

1,010

1,0141,0171,0411,061

244

256

258251

254257257255259

249261260261

246243258257

571

987

1,0251,096

960980990

1,0031,000

997995

1,0451,062

1,0691,0801,1041,129

444

837904

778800808817814

812809860868

875887916939

127

184

188192

182180182186186

185186185194

194193188190

1,351

872

531929

9161,235754887567

857571242453

8951,027899895

381

355

202334

268515425328241

43321827132

338399303296

970

517

329595

648720329559326

424353215321

557628596

7,287

7,566

7,5917,639

7,5777,5737,5577,5507,572

7,6007,5787,5797,608

7,630*7,6297,6407,656

2,489

2,532

2,5462,5732,5422,5342,5302,5272,528

2,5442,5452,5472,549

2,5672,5732,5752,575

4,798

5,034

5,0455,066

5,0355,0395,0275,0235,044

5,0565,0335,0325,059

5,0635,0565,0655,081

3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis

beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised 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.

MARCH 1954 273


CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKSBY INDUSTRY *

[Net declines, (—). In millions of dollars]

Period*

1951—April-June..July-Dec

1952—Jan.-June...July-Dec

1953—Jan.-June...July-Dec

Monthly:1953—Dec

1954—ja n

Feb

Week ending:1953—Dec. 2

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

1954—Jan. 6 . . . .Jan. 13Jan. 2 0 . . . .Jan. 27Feb. 3Feb. 10Feb. 17Feb. 24

Food,liquor,

andtobacco

- 2 4 3932

- 8 6 8754

- 6 2 1501

86

—98—94

272353

- 3- 1 4

- 9 595

- 1 6

- 1 4—28- 2 4- 2 9

Manufacturing and

Textiles,apparel,

andleather

116—361

- 7 3- 4 0

151- 1 0 1

- 3 5

1446

- 1 2- 4

- 1 1- 4- 4

- 774

10

139

177

Metalsand

metalproducts

(incl.machin-ery andtrans.

equip.)

275873

1,111

446- 3 5 1

- 8 5

— 1526

—2114

- 5- 3 7- 3 6

- 1 5 222

- 1 8- 4

11

16- 2 2

mining

Petro-leum,coal,

chemical,and

rubber

48125

176250

- 1 0102

46

— 1048

13- 1

9- 531

- 4— 1

- 4 8- 5 1

- 1324

Other

60141

7636

95- 5 4

- 3 8

—31—3

- 1 33

- 1 2- 4

- 1 1

- 2 2

-io- 4

5- 4

Business of borrower

Trade(whole-

saleand

retail)

6216

- 1 0 5141

2081

- 1 8 5

— 108—32

- 2 7- 2 1- 2 5- 2 8- 8 5

—51- 1 4- 2 5- 1 7

- 3 1— 19

153

Com-moditydealers

—421722

- 6 3 4662

- 6 3 2380

53

—37—52

7141813

1

- 1 0- 2 6

3- 5

1—28

- 6- 2 0

Salesfinance

com-panies

6330

- 2 1 7544

- 9 0- 1 3 8

170

— 153- 8 3

22- 2 5

- 145

130

- 1 0- 7 9

- 4- 6 0

8—30

- 9- 5 2

Publicutilities

(incl.trans-porta-tion)

175351

- 2- 5 7

8418

21

— 16- 3 4

- 2 2- 2 1

381214

8- 8- 9- 7

' ' "J.4- 1 4- 1 6

Con-struc-tion

44- 9 8

1813

18- 2 3

- 2 1

— 1 13

- 1 3- 7

6- 6- 2

- 5

4- 9

- 235

- 2

Allothertypes

ofbusiness

837

- 2 8191

- 898

32

—43—2

- 4- 2

91118

- 31

- 3 0- 1 1

- 1 6636

Netchangesclassi-

fied

1862,769

- 5 4 62,494

—360433

45

—737- 2 3 7

- 4 3- 2 6

78- 643

- 3 5 2- 8 8

- 1 1 8- 1 7 9

- 3 5—83

2- 1 2 1

Comm'l.ind'l,and

agr'l.change—

total 3

182,372

- 6 3 72,435

- 5 9 3583

175

—878- 5 6

- 7 1- 5 3

49231

19

- 4 3 8- 9 6

- 1 6 0- 1 8 4

136—82

- 1- 1 0 9

1Sample 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.8Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description ofrevisions 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—December. . . .1949—December1950—December1951—December1952—December . . .

1953—JanuaryFebruaryMarchAprilM a yJuneJulyAugust . .SeptemberOctoberNovember .December

1954—January

Commer-cial

paperout-

standing1

269257333434539

504511507464441408429451475535582552

620

Dollar acceptances outstanding

Totalout-

standing

259272394490492

487490468455417428435478515517534574

586

Held by

Accepting banks

Total

146128192197183

159158149115111123131148159160170172

195

Ownbills

7158

114119126

111110105

788592

108108110122125117

144

Billsbought

7670787957

484844362630234049384555

51

Others

112144202293309

328331319340306306304329356357364402

391

Based on

Importsinto

UnitedStates

164184245235232

225234237229198214213211237227246274

266

Exportsfrom

UnitedStates

574987

133125

120114110115111112115128135145139154

157

Dollarex-

change

1

22339

435739433735406466564929

45

Goods stcshipped

poin

UnitedStates

2530285564

655349373932323640565975

73

?red in orbetweents in

Foreigncountries

129

324432

343232313235353838344143

46

1 As reported by dealers; includes some finance company paper sold in open market.Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.



PRINCIPAL ASSETS OF SAVINGS INSTITUTIONSUNITED STATES LIFE INSURANCE COMPANIES


Date

End of year:*1939 . . . .1940194119421943194419451946194719481949195019S11952 . . . . .

End of month:5

1951—December1952—December

1953—January'FebruaryMarch

M a yJuneJulyAugustSeptemberOctoberNovemberDecember

1954—January

Totalassets

29,24330,80232,73134,93137 76641,05444,79748,19151,74355,51259,63064 02068,27873,375

67,98373,034

73,62173,94374,29574,68675,06375,40375,85576,24476,61277,12177,55278,201

78,866

Government securities

Total

7,6978,3599,478

11,85114 99418,75222,54523,57522,00319,08517,81316,06613,66712,774

13,57912,683

12,86212,84412,63012,66612,54312,45612,42912,43612,39712,39512,36512,322

12,470

UnitedStates

5,3735,8576,7969,295

12,53716,53120,58321,62920,02116,74615,29013,45911,00910,252

10 95810,195

10,32910,28710,06310,08910,08210,0309,9919,9949,9309,9139,8309,767

9,779

State andlocal1

2,2532,3872,286? 045

1

1,7731,4291,047

936945

1,1991,3931,5471,7361,767

1,7021,733

1,7741,300L.8201,8371,835L,8401,8571,861L.8801,8971,9451,968

n.a.

Foreign2

71115396511684792915

1,0101,0371,1401,1301,060

922755

919755

759757747740626586581581587585590587

n.a.

Business securities

Total

8,4659,178

10,17410,31510,49410,71511,05913,02416,14420,32223,17925,40328,20431,646

28,04231,404

31,69031,87832,24332,47232,73233,02133,24733,34933,61433,88734,09634,395

34,639

Bonds8

7,9298,6249,5739,7079,8429,959

10,06011,77514,75418,89421,46123,30025,98329,200

25,97529,226

29,47129,64430,00530,21830,46230,75230,97731,07931,31931,58531,78132,056

32,267

Stocks

536554601608652756999

1,2491,3901,4281,7182,1032,2212,446

2,0672,178

2,2192,2342,2382,2542,2702,2692,2702,2702,2952,3022,3152,339

2,372

Mort-gages

5,6695,9586,4426,7266,7146,6866,6367,1558,675

10,83312,90616,10219,31421,251

19,29121,245

21,39621,54721,72521,89722,05522,22122,42922,55222,69822,84223,01723,275

23,435

Realestate

2,1342,0601,8781,6631,3521,063

857735860

1,0551,2471,4451,6311,903

A,6171 ,868

1 8801 8871,8971,9181,9241,9351,9431,9671,9721,9902,0001,994

2,039

Policyloans

3,2483,0912,9192,6832,3732,1341,9621,8941,9372,0572,2402,4132,5902,713

2,5752,699

2,7182,7272,7422,7562,7702,7892,8082,8192,8312,8512,8732,894

2,905

Otherassets-

2,0302,1561,8401,6931,8391,7041,7381,8082,1242,1602,2452,5912,8723,088

2,8793,135

3,0753,0603,0582,9773,0392,9812,9993,1213,1003,1563,2013,321

3,378

n.a. Not available.1 Includes United States and foreign.2 Central government only.3Includes International Bank for Reconstruction and Development.4These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value.6These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values

are not made on each item separately, but are included in total in "Other assets."Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance

Statistics and Life Insurance News Data.

ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES


End ofyear

193919401941194219431944194519461947194819491950195119521953*

Assets

Total i

5,5975,7336,0496,1506,6047,4588,747

10,20211,68713,02814,62216,84619,16422,58526,726

Mort-gages 2

3,8064,1254,5784,5834,5844,8005,3767,1418,856

10,30511,61613,62215,52018,33621,929

U.S.Govern-

mentobli-

gations

7371

107318853

1,6712,4202,0091,7401,4551,4621,4891,6061,7911,931

Cash

274307344410465413450536560663880951

1,0821,3061,481

Other8

1,124940775612493391356381416501566692866

1,0721,307

Savingscapital

4,1184,3224,6824,9415,4946,3057,3658,5489,753

10,96412,47113,97816,07319,14022,823

End ofquarter

1951—1... .23 . . . .4

1952—12. . . .3 . . . .4. . . .

1953—1P...2 P . . .3P. . .4P.. .

Assets

Total i

17,23217,97718,42919,164

19,68820,59921,29522,585

23,50624,77225,63326,726

Mort-gages2

13,99914,53915,05815,520

16,05716,87517,69618,336

19,10520,13321,14521,929

U. S.Govern-

mentobli-

gations

1

1,5471,558L ,5771,606

L,6901,687L ,765L ,791

,931',003L.9901,923

Cash

844940852

1,082

1 ,0801,1821,0441,306

1,2631,3371,2001,481

Other8

751849852866

774770708

1,072

1,1211,2161,2151,315

Savingscapital

14,28614,91015,31716,073

16,81117,65618,19819,140

20,10521,15421,74222,823

p Preliminary.includes gross mortgages with no deduction for mortgage pledged shares.2 Net of mortgage pledged shares.8 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building

and fixtures.Source.—Federal Savings and Loan Insurance Corporation.

MARCH 1954 275


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 1951

End of quarter

1952 1953

Loans, by purpose and agency:To aid agriculture, total

Banks for cooperativesFederal intermediate credit banksFederal land banks 2

Federal Farm Mortgage Corporation.Farmers Home Administration 8

Rural Electrification Administration.Commodity Credit CorporationOther agencies

To aid home owners, totalFederal National Mortgage AssnRFC Mortgage Corporation*Home Owners' Loan Corporation 2 . . .Reconstruction Finance Corporation.Other agencies

To railroads, totalReconstruction Finance Corporation.Other agencies

To other industry, totalReconstruction Finance Corporation6 ,Other agencies ,

To financing institutions, totalReconstruction Finance Corporation.Federal home loan banksOther agencies

Foreign, totalExport-Import BankReconstruction Finance Corporation •.Other agencies9

All other purposes, total ,Reconstruction Finance Corporation8 .Public Housing Administration10

Other agencies

Less: Reserve for losses.

Total loans receivable (net).

Investments:U. S. Government securities, total

Banks for cooperativesFederal intermediate credit banks..Production credit corporationsFederal land banks a

Federal home loan banks.Federal Savings and Loan Insurance Corp.Home Owners' Loan Corporation2

Federal Housing Administration.Public Housing Administration 10

Reconstruction Finance Corporation6 . .Federal Deposit Insurance Corporation.Other agencies

Investment in international institutions.

Other securities, totalReconstruction Finance Corporation.Production credit corporationsOther agencies

3,385189257

1,220351643361353

10

1,2375281

1,091121

343321

21

19111873

21666

13120

225225

(8)(•>

1,2378 827

305

8 106

448

6,387

1,630433960

220144151

1587

775

76028

2,878197231

1,08824260440799

9

8967

24852

121

223205

18

23214983

26760

19512

526252274

707309286112

438

5,290

1,683434367

145118161

15106

849

8930

Commodities, supplies, and materials, t o t a l . . . .Commodity Credit CorporationReconstruction Finance Corporation 6

Other agencies

Land, structures, and equipment, totalPublic Housing Administration 10

Reconstruction Finance Corporation 6

Tennessee Valley AuthorityU. S. Maritime Commission 2

War Shipping Administration 2

Federal Maritime Board and Maritime Adm.2

Other agencies u

424289

6371

2,9421,4501,053

438

16,237200

6,526710

3,1135,427

3252445526

2,2881,0341,131

12:

21,017222

6,919721

3,39.7,813

2,884232273986149590528120

6

65966

636101

171153

18

19215141

31414

2937

2,2841,249

235800

623232278113

478

6,649

1,873434770

136145172

17122

848

1,04520

318

2301594624

1,265463667134

16,924227

2,86172

3,301

2,299276336

3,632305426

4,362302437

3,884345510

4,161425633

5,070424673

5,671367728

4,997324824

5,512336781

109558734280

7

5564

80525999

1,2935

768199

60523

1,3011,729

9

1,251828

45535

1,543898

7

1,5281,347

34539

1,742782

6

2,1421,850

25596

1,9201,426

6

2,6032,242

23653

1,9661,927

5

2,7772,394

22646

2,0141,163

5

2,9142,498

20658

2,0621,651

5

2,9862,540

486« 165

147145

3

272241

31

4477

4364

5,6731,978

2463,450

714«340

278

96

395

9,714

1,685484872

36917722

140138

3

310272

38

5256

515

6,1022,145

2063,750

584190294100

368

11,692

1,854434466

23116824

114112

3

462423

38

4458

4334

6,0902,187

1543,750

48488

29799

476

12,733

2,047437439

1013735

110108

2

458400

58

8248

816

123169

10199

2

488415

74

8148

806

115246

82802

516457

58

864

864

113270

7977

2

526468

59

611(7)611

111305

79• 77

2

53647858

718

110337

79772

536473

63

802(7)801

6,0782,226

1013,750

53159

366

105

185

13,228

2,075434642

6,1102,296

643,750

77961

609

109

173

14,422

2,226435143

7,7362,496

585,182

1,09550

919

126

140

17,826

2,421436043

7,7132,466

555,191

87251

688

133

159

18,089

2,645435344

7,7982,547

555,196

82154

626

142

226

17,637

2,588435245

8,0102,758

525,199

83057

612

160

252

18,502

2,586436245

139184

12132

8

274199

1144

8

27.214

8188

199193

249200

311208

460212

378218

397211

244 285 316 330 344 318

7,764

1,02021

3,385

1541083511

822448235138

12,60020435

7543.30J

1,064

3,385

13398296

62743153:

3,0601,448

630793

1,205

3,385

1078322

1,5491,376

14:30

2,9621,352

611830

()1,307

13,385

887116

1

1,7741,638

10828

2,9451,248

605886

11,353

1

3,385

7866111

1,4611,174

129159

3,3581,251

5941,048

1,4371

3,385

4436

8

1,280978172131

3,2131,173

1991,251

1,5001

3,385

4235

6

1,2591,013

119128

3,2401,149

1971,299

1,5081

3,385

4539

61

2,2011,876

114211

7,86'1,029

1851,360

1,5091

3,385

4438

51

2,2591,884

134241

7,9111,030

1811,405

6,507

Bonds, notes, and debentures payable (notguaranteed), totalBanks for cooperativesFederal intermediate credit banksFederal land banks 2

Commodity Credit CorporationFederal home loan banks

262

1,39524

27481821

1,948

1,1138

245792

2,044

1,25:33

293756

1,793

68969

358

189

96570

480

168

77278

490

206

1,190110520

465

1,36917067

590

1,330181704

595

1,10'14:710

P 4 , 8 0 2

1,13111788

M.802493

1,243119776

69 169 26: 415 20- 560 525 44 25: 231 349

For footnotes 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 items x

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-anteed

byU. S.

Other

Otherliabil-ities

U. S.Gov-ern-

mentinter-

est

Pri-vatelyownedinter-

est

All agencies:1944_Dec. 311945—Dec. 311946—Dec. 311947—Dec. 31 21948—Dec. 31 21949—Dec. 311950—Dec. 311951—Dec. 312

1952—Dec. 312

1953—Mar. 31June 302Sept. 30

Classification by agency,Sept. 30, 1953

Department of Agriculture:Farm Credit Administration:

Banks for cooperativesFederal intermediate credit banksProduction credit corporationsAgricultural Marketing ActFederal Farm Mortgage Corp

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 12

Other isExport-Import BankFederal Deposit Insurance CorpTennessee Valley AuthorityFederal Maritime Board and Maritime Adm.P.All other

31,48833,84430,40930,96621,71823,73324,63526,744

29,94530,56436,15337,141

40588651)22

,182,93263942

1,233217

1,842528

2,551127

353815

2,7811,5291,7875,3909,831

756925

1,3981,481630441642931

944936

1,0631,096

301

10851

)28

32436

350141163

6,3875,2906,6499,71411,69212,73313,22814,422

17,82618,08917,63718,502

333781

2,942288,265822627,549,774,461

,280,259

2,2012,259

1,6321,6831,8731,6851,8542,0472,0752,226

2,4212 ,6452,5882,586

424325547

3,5393,5183,4923,4733,463

3,4293,4273,4303,429

16,23721,01716,92412,6003,0602,9622,9453,358

3,2133,2407,8677,911

3,1112,3171,7531,125337509499

832968

1,3671,357

1,5375552618238282343

53485163

1,3951,1131,252689965772

1,1901,369

1,3301,1071,1311,243

119776

4,196 234,212 273,5882,037 281,6631,7201,1931,161

,857,492

24,810015

18,88621,03021,99523,842

1,7282,069 261,979 322,075 33

26,456938,576335

()20

2,0601,561549

1,8841

108

801

62037

2,54071

1726

2,760

397211

318

5,641

134

• ( 7 ) "

(7)

2251168

1,509

()3,385

1,0301

)25

1801

()1,4054,802358

()

873712712

4584120

104

3428181510

396115

349

62

738713

4856

37228

11

36341004624970

2599951

(7)21

2,1823,19363129

()211

1,805238

2,540126

353779

2,7471,4291,7415,1409,761

504472498143166183234329

378401415424

25

399

pPreliminary.1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for

losses2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following

agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation 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.

8 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."

* Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947.* Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during

1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947.6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense

Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parenteffective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equip-ment."

7 Less than $500,000.8 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945.* Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet

for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date).10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these 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.

11 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 10.

12 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.

u Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation.NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small

ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) 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.

MARCH 1954 277


Year, month,or week

Number of issues. .

1951 average1952 average1953 average

1953—FebMarAprMayJuneJuly . .AugSept.Oct

Dec

1954—TanFeb

Week ending:Jan. 30. . . .Feb. 6Feb. 13Feb. 20Feb. 27

Bond

U. S. Govt.(long-term)

Oldse-

ries2

3-7

98.8597.2793.90

95.2894.3193.2591 5991.5692.9892.8993.4095.2894.9895.85

97.4298.62

98.2798.2698.6898.5999.04

Newse-

ries'

1

101.46

99! 7599.16

100.03100.44101.00103.30103.67104.93

106.16107.04

106.68106.66106.84106.81108.02

prices

Mu-nicipal(high-grade)4

15

133.0129.3119.7

122.7121.6121.3119.4115.2115.1116.8116.9119.7121.4122.3

123.6125.5

124.8124.9125.5125.5125.9

Cor-po-rate

(high-grade)4

17

117.7115.8112.1

114.0113.4111.7109.8108.8110.7111.4110.9112 6113.6113.5

114.5116.5

115.1115.9116.6116.5117.0

SECURITY MARKETS i

Stock prices

Pre-ferred *

15

170.4169.7164.0

166.3165.7161.7160.0156.8160.1163.1162.8167.3168.8166.5

168.7171.8

170.5171.8172.2171.4171.6

Common

Standard and Poor's series(index, 1935-39=100)

To-tal

480

177188189

196198190190183186187179183188191

195200

199200201199199

In-dus-tri-al

420

192204204

212215206205198200202193197202206

211217

217217218216216

Rail-road

20

149169170

181185173174169174170156157159157

160166

163165167167165

Pub-lic

util-ity

40

112118122

124125122121117119121120122124125

127129

128128129129129

Securities and Exchange Commission series(index, 1939—100)

To-tal

265

185195193

202204194194187190190181187191193

198203

202204203202204

Manufacturing

To-tal

170

207220220

229232220221213217217205214219

r222

228234

233235234232234

Du-ra-ble

98

179189

193

204207194196187188186175184190192

199204

203205204203205

Non-du-ra-ble

72

233249245

252256245244236243245232240245249

256261

261263261259261

Trans-porta-tion

21

199221219

235238223226219223217199202204200

206215

214216217214213

Pub-lic

util-ity

28

113118

122

124124120120117119121119121123125

126128

127128128128129

Trade,fin-

ance,and

serv-ice

32

208206207

'211r2l3207209204206206198201207209

r213216

215216217215215

Min-ing

14

205••256241

256263252247237237236219219

'231230

239250

243246247254254

Vol-ume

oftrad-ing6

(inthou-sands

ofshares)

L.6841,313L,419

1,678L 9311,6371,227L ,185

9671,138L.294

1,4821,644

1,6691,752

1 ,9371,7871,8881,7421,551

r Revised.1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly

and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, andcommon stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission).

2Fully taxable, marketable 2}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Priorto Apr. 1, 1952, only bonds due or first callable after 15 years were included. j 3Xhe 3M per cent bonds of 1978-83, issued May 1, 1953.

4Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.6Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual

dividend. 6Average daily volume of trading in stocks on the New York Stock Exchange.Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN

for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS

[Member firms of New York Stock Exchange. Ledger balances in millions of dollars!

End of month

1950—December...1951—June

December...1952—June

December...

1953—January. . . .February . . .MarchAprilMayJuneJulyAugustSeptember. .OctoberNovember. .December...

1954—January... .

Debit balances

Customers'debit

balances(net)i

1,3561,2751,2921,3271,362

31,34531,35031,51331,59431,671

1,68431,66431,68231,62431,64131,6541,694

31,690

Debitbalances in

partners'investmentand trading

accounts

9101298

7

8

Debitbalances in

firminvestmentand trading

accounts

399375392427406

i

347

404

Cash onhand

and inbanks

397364378365343

282

297

Credit balances

Moneyborrowed2

745680695912920

890888718966

81,06881,1931,216

31,16131,18231,070

«31,098'31,127

1,17031,108

Customers'credit balances*

Free

890834816708724

37323 730374487383673653

36513641367436723682

7093741

Other(net)

230225259219200

163

208

Other credit balances

In partners'investmentand trading

accounts

3626422335

23

28

In firminvestmentand trading

accounts

121311169

16

31

In capitalaccounts

(net)

317319314324315

319

313

^Corrected.1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)

firms' own partners.2Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).3As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances

secured by U. S. Government securities was (in millions of dollars): November, 31; January, 34.NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the

method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the 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—February. .MarchAprilMayJuneJulyAugust . . . .September.October. . .November.December..

1954—January.. .February..

Week ending:Tan. 30. . .Feb. 6 . . .Feb. 13. . .Feb. 20. . .Feb. 27. . .

Primecom-

mercialpaper,4- to 6-months1

2.172.332.52

2.312.362.442.682.752.752.752.742.552.322.25

2.132.00

2.002.002.002.002.00

Primebank-

ers'accept-ances,

90days1

1]111

.60

.75

.88

1.88L.881.88L.881.88L.881.88L.88L.88L.88L.88

.88L.69

.88

. 88

.63

.63

.63

U. S. Governmentsecurities (taxable)

3-month bills

Marketyield

1.521.721.90

1.972.012.192.162.112.042.041.791.381.441.60

1.18.97

1.01,99.91.98.98

Rateon newissues

1.5521.7661.931

2.0182.0822.1772.2002.2312.1012.0881.8761,4021.4271.630

1.214.984

.9981.031

.8931.024

.986

9-to 12-monthissues 2

1.731.812.07

1.972.042.272.412.462.362.332.171.721.531.61

1.331.01

1.091.04

.991.03

.96

3- to 5-year

issues8

1.932.132.57

2.422.462.612.862.922.722.772.692.362.362.20

1.971.84

1.881.931.871.821.74

1 Monthly figures are averages of weekly prevailing rates.2 Series includes certificates of indebtedness and selected note and

bond issues.3 Series includes selected note and bond issues.Back figures.—See Banking and Monetary Statistics, Tables 120-121,

pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October1947, pp. 1251-1253.

BANK RATES ON BUSINESS LOANS

AVERAGE OF RATES CHARGED ON SHORT-TERM LOANSTO BUSINESS BY BANKS IN SELECTED CITIES


Area and period

Annual averages:19 cities:

1945194619471948 . .19491950195119521953

Quarterly:19 cities:

1953—MarJuneSeptDec

New York City:1953—Mar

JuneSeptDec

7 Northern and East-ern cities:

1953—MarJuneSept.Dec.

11 Southern andWestern cities:

1953—MarJuneSeptDec

Allloans

2 . 22 . 12.12.52.72 73 . 13 53 . 7

3.543.733.743.76

3.313.523.523.51

3.503.713.713 79

3.904.054.104.10

Size of loan

$1,000-$10,000

4 . 34 24.24 44.64 54 . 74 95 . 0

4.894.985 014.98

4.554.634.764.70

4 955.075.085 07

5.025.095.105.06

$10,000-$100,000

3 .23 13.13 53.73 64 . 04 24 4

4.254.384.404.39

4.134.254.254.25

4.244.384.454.40

4.314.464.464.46

$100,000-$200,000

2 . 32 22.52 83.03 03 43 73 9

3.753.913.933.96

3.553.793.763.77

3.743.873.913.96

3.914.024.064.09

$200,000and over

2 . 01 71.82 22.42 42 . 93 33 5

3.323.533 543.57

3.173.393.403.38

3.303.543.523.63

3.623.793.863.86

NOTE.—For description of series see BULLETIN for March 1949,pp. 228-237.

BOND AND STOCK YIELDS 1


Year, month,or week

Number of issues...


1953—FebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember...December. . .

1954—JanuaryFebruary. . . .

Week ending:Jan. 30Feb. 6Feb. 13Feb. 20Feb. 27

Bonds

U. S. Govt.(long-term)

Oldseries2

3-7

2.572.682.93

2.832.892.973.093.092.993.002.972.832.852.79

2.682.60

2.632.622.592.602.57

Newseries3

1

3.16

3.263.293.253.223.193.063.042.96

2.902.85

2.872.872.862.862.79

Munic-ipal

(high-grade) *

15

2.002.192.72

2.542.612.632.732.992.992.882.882.722.622.59

2.502.39

2.432.422.392.392.37

Corporate (Moody's)8

Total

120

3.083.193.43

3.263.313.403.533.613.553.513.543.453.383.39

3.343.23

3.303.273.233.223.21

By ratings

Aaa

30

2.862.963.20

3.073.123.233.343.403.283.243.293.163.113.13

3.062.95

3.032.992.942.932.92

Aa

30

2.913.043.31

3.143.183.293.413.493.423.393.433.333.263.28

3.223.12

3.183.163.123.113.10

A

30

3.153.233.47

3.303.363.443.583.673.623.563.563.473.403.40

3.353.25

3.313.293.263.243.23

Baa

30

3.413.523.74

3.533.573.653.783.863.863.853.883.823.753.74

3.713.61

3.673.653.623.603.58

By groups

Indus-trial

40

2.893.003.30

3.113.163.273.393.483.423.373.403.333.273.28

3.233.12

3.183.163.133.113.10

Rail-road

40

3.263.363.55

3.393.433.513.633.733.673.613.653.563.513.52

3.473.35

3.433.403.343.343.33

Publicutility

40

3.093.203.45

3.293.333.443.573.623.563.543.583.463.383.37

3.313.23

3.283.273.233.223.20

Industrial stocks

Dividends/price ratio

Pre-ferred «

15

4.114.134.27

4.214.234.334.384.474.374.294.304.194.154.21

4.154.08

4.114.084.074.084.08

Com-mon7

125

6.295.555.51

5.265.365.525.535.605.445.795.765.605.535.54

5.285.29

5.285.245.265.345.29

Earn-ings/priceratio

Com-mon8

125

10.429.49

P I O . 1 9

9.39

10.47

l6!89'

P10.51

^Preliminary.1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for

Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio).2Fully taxable, marketable 2% per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to

Apr. 1, 1952, only bonds due or first callable after 15 years were included.3The 3% per cent bonds of 1978-83, issued May 1, 1953. ^Standard and Poor's Corporation.5Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have

been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively.6Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility.7Moody's Investors Service. 8Computed by Federal Reserve from data published by Moody's Investors Service.Back figures—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October

1947, pp. 1251-1253.

MARCH 1954 279


TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS[On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollarsl

Period

Cal. yr.—1950195119521953

Fiscal yr.—1950 . . .1951 . . .1952 . . .1953 . . .

Semiannual totals:1950—July-Dec.1951—Jan.-June.

July-Dec..1952—Jan.-June.


July-Dec. .Monthly:

1953—FebMarApr .MayJuneJulyAugSept.OctNov.Dec

1954—JanFeb.3

Period

Cal. yr.—1950195119521953

Fiscal yr.—19501951 . . . .1952 . . . .1953

Semiannual totals:1950—July-Dec. .1951—Jan.-June..

July-Dec..1952—Jan.-June..

July-Dec..1953—Jan.-June..

July-Dec..Monthly;

1953—Jan.FebMarAprMayJune.JulyAug.SeptOct.Nov..Dec

1954—Jan

Summary

Budget receipts andt

Netreceipts

37,83453,48865,52364,46937,04548,14362,12965,218

18,46429,67923,80938,32027,20438,01426,454

5,47910,5022,8494,3809,7443,3084,5686,0412,6594,6955,183

24,471n.a.

Total

38,25556,84671,36673,62640,16744,63366,14574,607

19,06325,57031,27634,86936,49738,11035,515

5,7375,5956,1876,3626,2417,9886,0686,0426,1195,4775,4236,387

25,O71

expenditures

Ex-pendi-tures

l 3 g 2 5 5

56^84671,36673,62640,167

*44,63366,14574,607

119,06325,57031,27634,86936,49738,11035,515

5,5956,1876,3626,2417,9886,0686,0426,1195,4775,4236,387

25,O71n.a.

Surplusor

deficit

1 - 4 2 2- 3 , 3 5 8- 5 , 8 4 2- 9 , 1 5 7- 3 , 1 2 213,510

- 4 , 0 1 7- 9 , 3 8 9

1 - 5 9 94,109

- 7 , 4 6 73,451

- 9 , 2 9 3- 9 6

- 9 , 0 6 1

- 1 1 64,315

- 3 , 5 1 3- 1 , 8 6 2

1,756- 2 , 7 5 9- 1 , 4 7 3

- 7 9- 2 , 8 1 8

— 728- 1 , 2 0 4

- 6 0 0n.a.

Excess of receiptsor expenditures ( —)

Trustand

otherac-

counts

1 - 3 8759

4982

1211295219462

1 - 1 7 3468291

- 7 2121341

- 2 5 9

404- 2 0 9—157

37765

- 2 6 0299

- 4 0- 1 4 9

—37- 7 2

- 1 4 4n.a.

Major national security

Total4

18,50937,15451,12152,81717,95025,89146,31952,847

9,85016,04121,11325,20625,91526,93225,885

4,2164,1684,6704,5824,4814,8154,6454,1724,3924 2664,0344,377

P3.681

Na-tional

de-fense

13,47630,27543,17644,46512,34619,95539,03344,584

7,50512,45017,82521,20821,96822,61621,848

3,6323,5013,7893,8913,7464,0563,8903,5193,7873,6473,5403,4653,001

Mili-tary

assist-ance

abroad

1,2 .3 ,

2 ,3 ,

1,1,2 ,1,

291559975810

44884228760

247637921306669092718

277316523366285325451197232155198484385

i

Sales anaredemptionsin marketof Govt.agency

obligations

34956

- 9 019

- 2 2384

- 7 2- 2 5

392- 864

-13646

- 7 190

—13312

—50383226

175

- 7 0116

- 5 9- 2 8

- 1 2 4

programs

Inter-na-

tionaleco-

nomicaid5

43224322

12

I

012560652190941863904272

692170389514137134056

138171181120278246151258169175162141

P104

AtomicEnergyCom-mis-sion

6111,2781,8131,889

524908

1,6481,802

341567711937876926963

158151157167153140117157155208

95231142

Clear-ingac-

count

87- 1 0 6- 3 1 9- 2 0 9

483- 2 1 4- 4 0 1- 3 1 2

- 2 5 440

- 1 4 6- 2 5 5

- 6 4- 2 4 8

40

—2- 1 3 5

289- 4 2 8- 3 7 3

466- 4 3 0

117235

- 3 7 629

559- 1 5 6

Increase ordecrease (—during period

Grossdirectpublicdebt

- 4 2 32,7117,9737,7774,587

- 2 , 1 3 53,8836,966

- 6 5 0- 1 , 4 8 6

4,197- 3 1 3

8,286- 1 , 3 2 0

9,097

182- 3 , 0 9 9

1051,930- 4 4 96,598

536- 2 6 9

4491,822

- 4 0- 3 2 0

- 6 7

Generalfund

balance

- 4 4 7

1,- 1 ,

2 ,1,

62770488047839

- 3 8 8- 2 ,

- 1 ,3 ,

- 3 ,2 ,

299

285124062674

- 9 0 4- 1 , 394

- 9 4

- 3 ,

1,4 ,

- 1 ,

- 2 ,

- 1 ,

335884326

57032071067196352797346

- 5 3 3

Budget expenditures

Inter-eston

debt

5,5805,9836,0656,3575,7505,6135,8596,508

2,3903,2232,7613,0992,9663,5422,816

235311563372179

1,882237206560354164

1,294245

Vet-erans

Admin-istra-tions

5,7145,0884,4334,1576,0435,2884,7484,250

2,6782,6102,4792,2692,1642,0862,072

348339358350348343369330323336343371

P340

Socialse-

curitypro-

grams6

1.351,463,508,630,375,415,424,593

670745718706802791839

180109

10239125128177120101211123108172

944

General fund of the Treasury

r>_i

r>ai-ance

ingen-eralfund

44645764

4746644

6633487755444

Agri-cul-

ture7

1,4991,0101,5643,2382,986

6351,2193,063

164470540679885

2,1781,059

357285281293581382254377275

— 12302

- 1 3 7309

,232,295,064,577,517,357,969,670

,232,357,295,969,064.670,577

,024,908,582,639,670,741,674,478,126,923,577,044,988

(end of period)

Deposits in

F. R. Banks

Avail-able

funds

690321389346950338333132

690338321333389132346

351222393221132548496642662451346404548

In proc-ess ofcollec-

tion

129146176131143250355210

129250146355176210131

17444818010821018196

183185

81131363167

Hous-ingand

homefi-

nance

— 17694646

- 1 5 9- 2 7 0

460614382

158302392222424

- 4 2- 1 1 *1

—8019

—3- 3 5

66— 10

— 7 89534

—46- 8 9- 3 :- 3

II

Publicworks

1.5511,4381,5731,6851,5751,458L.515L.655

878580858657916740945

897088

19315514517415515816115714097

Postofficedef-icit

643684775525593624740660

260364320420355305220

160

—30125

50

160

60

Specialdepos-itaries

2,3442,6934,3683,3583,2685,6805,1063,071

2,3445,6802,6935,1064,3683.0713,358

4,3764,9831,8592,1093,0716,6905,8255,2552,8924,5453,3582,4063,458

Trans-fersto

trustac-

counts

9611,0161,193

7831,383

9721,3051,079

804168848457737342441

20101

5813925953

15760189557

Othernetas-sets

1.069

11,134L,132

742L.1561,0891,1751,256

1,0691,0891,1341,1751,1321,256

742

1,1231,2551,1511,2011,2561,3221,2571,398L.387

'847742871816

Other

2,4642,3152,4872,5932,7812,2762,4022,570

1

1,2101,0661,2491,1531,333L.2361^357

213192193232213194237270217189234209

P241

p Preliminary. n.a. Not available.1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget ex-

penditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments weremade by the Treasury in the November 1950 and January 1951 figures. 2Not adjusted for Treasury's revised treatment of carriers' taxes.

3On basis of revised Treasury daily statement.4Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization

Agency, and Federal Civil Defense Administration.^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other

nonmilitary foreign aid programs, as well as State Department expenditures. 6 Excludes transfers to trust accounts, which are shown separately.includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are

included with public works.



TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued[On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars]

Period

Treasury receipts

Budget receipts, by principal sources

Incomeand old-age

insurance taxes

With-heldbyem-

ployers

Other

Indi-vidual

Corpo-ration

Mis-cella-neous

in-ternalrev-enue

Taxeson

carriersand on

em-ployersof 8 ormore

Otherre-

ceipts

Totalbudget

re-ceipts

Deduct

Appro-pria-tions

to old-age

trustfund

Re-funds

ofre-

ceipts

Netbudget

re-ceipts

Internal revenue collections(on basis of Internal Revenue

Service)

Individual in-come and old-age insurance

taxes

With-held Other

Corpo-ration

in-comeand

profitstaxes

Es-tateandgift

taxes

Cal. yr.—IQ50195119521953

Fiscal yr.—195019511952....1953....

Semiannual totals:1950—July-Dec...1951—Jan.-June..

July-Dec...1952—Jan.-June...

July-Dec...1953—Jan.-June...

July-Dec.. .Monthly:

1953—FebMarAprMayJuneJulyAugSeptOctNovDec

1954—JanFeb.2

13,77519,39223,65826,32312,18016,65421,88925,058

7,2099,4459,947

11,94211,71613.34212,981

3,5442,1021,1703,3992,1381,2523,5001,8371,1383,4161,838

904P3,744

17,36126,87634,17430,52418,18924,21833,02633,101

6,84117,3769,499

23,52610,64722.454

2,799 | 5,272

1,4798,5511,837

4906,986

47479

1,68915989309

2,1221,118

1

1

651326,636385336,938490469

8,7719,392

10,41611,2118,3039,4239,726

10,870

4,7794,6444,7484,9785,4385.4325,779

856993880922939937955981

1,019968919749

770944902896776811994902

317494449545357545352

27166141095419

1065516

1074821

274

1,9802,3372,6302,5701,8622,2632,3642,525

1,0391,2231,1141,2511,3881.1371,433

150158144220206286187203176229351332

n.a.

42,65758,94171,78871,52441,31153,36967,99972,455

20,18533,18425,75742,24229,54642,91028,614

6,30011,8704,0445,140

10,3233,6195,1536,4022,8945,1445,4034,619n.a.

2,6673,3553.8143,9182,1063,1203,5694,086

1,4111,7091,6461.9221,8912.1951,723

48642523251642020651929916038815184

n.a.

2,1562,0982,4513,1372,1602,107302

3,151

3111,796302

2,000451

2,700437

336944963244159105656375606964

306

37,83453,48865,52364,46937,04548,14362,12965,218

18,46429,67923,80938,32027,20438,01426,454

5,47910,5022,8494,3809,7443,3084,5686,0412,6594,6955,183

14,471n.a.

12,96318,84023,09026,16211,76215,90121,31324,750

6,8589,0439,79811,51511,57413,17612,986

4,990328

1,6674,520527

1,7924,434313

1,9344,398

115n.a.n.a.

7,38410,36211,98011,4017,2649,90811,54511,604

1,8818,0272,3359,2102,7708,8342,567

8392,698855151

1,43732491

1,6317977

364n.a.n.a.

9,93716,56522,14019,19510,85414,38821,46721,595

4,9719,4167,14914,3187,82113,7735,422

4046,171

654359

5,683651326

1,767478318

1,882n.a.n.a.

658801849923706730833891

303427374459390502422

65154846260836064965663

n.a.n.a.

Treasury receipts—Continued

Internal revenue collections—cont.(on basis of Internal Revenue Service)

Period Excise and miscellaneous taxes

Total Liquor TobaccoManufacturers'and retailers'

exciseOther

Trust and other accounts

Total4

Social security,retirement, and

insurance accounts

Re-ceipts

Invest-ments

Expendi-tures

Other accounts 5

Invest-ments6 Other*

Cal. yr.—1950195119521953

Fiscal yr.—1950195119521953

Semiannual totals:1950—July-Dec...1951—Jan.-June. .

July-Dec.. .1952—Jan.-June..

July-Dec . .1953—Jan.-June. .

July-Dec...Monthly:

1953—JanFebMarAprMayJuneJulyAugSeptOctNovDec

1954—Jan

8,1508,6829,5589,7147,5998,7048,9719,946

4,4624,2414,4404,5315,0274.9194,795

7607828258488518548957933472608

1,442587

n.a.

2,4192,4602.7272,8192,2192,5472,5492,781

1,3911,1561,3041,2451,4821,2991,521

188186229230229237244225266294276216

n.a.

1,3481,4461,6621,6141,3281,3801,5651,655

683697748817845810804

136133144133129136125145140147126120

n.a.

2,5192,7903,0543,2622,2452,8412,8243,359

,394,446,343,481,573,786,476

283308276292320307312267474

77346

n.a.

1,8641,9872,1152,0201,8061,9362,0322,152

994942

1,045988

1,1271,025995

1541551761931731742131566194

267204

n.a.

-387594082121295219462

-173468291-72121341

-259

-140404

-209-15737765

-260299-40-149-37-72-144

6,5437,9068.3158,1236,2667,2518,2108,531

3,3123,9393,9674,2424,0734.4583,665

248869596405

1,0201,319405

1,070449328817597207

563,1553.5042,387-4023,3603,3613,059

1,5571,8031,3522,0091,4951,564823

-1032236112841284390

40916

-80199188

-334

6,2144,5074.9425,8116,4843,7524,8855,257

1,6442,1082,3982,4862,4562.8023,009

447449488478463476470462506537502533581

-22271

153

196275242

-222195222310613617

233-5438

-1742

-107-29-1455440

-39288

-333786508310-62353530489

-307660126404105385-74

188154

-21727

274-42-134

8687

-16-113

14184

P Preliminary, n.a. Not available. !Not adjusted for Treasury's revised treatment of carriers' taxes. 2On basis of revised Treasurydaily statement. 3 Reporting of some excises changed to quarterly basis. * Excess of receipts, or expenditures ( —).

5Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Govern-ment corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investmentsof wholly owned Government corporations are included as specified in footnote 6, but their operating transactions are included in Budget expend-itures.

6Consists of net investments in public debt securities of quasi Government corporations and agencies and other trust funds beginning withJuly 1950, which prior to that 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 that date are included with Budget expenditures (for exceptions seefootnote 1 on previous page).

MARCH 1954 281


TREASURY GASH 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.—195019511952 . . . .1 9 5 3 . . . .

Semiannual totals:1950— iilv-Dpr1951—

1952—'

1953—]

Monthly:'1953—1

1

an.-June..uly-Dec...an.-June..uly-Dec.. .an.-June..uly-Dec...

7eb.Vfar

AprMayJuneJulyAugSeptGot1LF>pr..

1954—JanFeb.s

Cash operating income, other than debt

Net Budgetreceipts

Totalnet

receipts

37,83453,48865,52364,46937,04548,14362,12965,218

18,46429,67923,80938,32027,20438,01426,454

5,47910,5022,8494,3809,7443,3084,5686,0412,6594,6955,183

74,471n.a.

Less:Non-cash1

171222184275

120256138210

911645877

107104171

3234

4931

343104

8051

n.a.

Plus: Trustacct. receipts

Total

7,0018,5828,7078,5966,6697,7968,8078,932

3,5624,2344,3494,4584,2484,6833,913

920649443

1,0471,338

4291,158

482378839627237

n.a.

Less:Non-

2,2112,5082,6492,3472,6232,2442,7052,595

1,0331,2101,2981,4061,2431,351

996

128106

75129848

91196107

78133391755

n.a.

Equals:Cash

operat-ing

income

42,45159,33871,39670,44040,97053,43968,09371,344

20,90032,53726,79941,29330,10441,24129,199

6,26711,0423,2145,294

10,1853,6155,5266,3732,9505,3965,3394,6026,530

Cash operating outgo, other than debt

Budget expenditures

Total

38,25556,84671,36673,62640,16744,63366,14574,607

19,06325,57031,27634,86936,49738,11035,515

5,5956,1876,3626,2417,9886,0686,0426,1195,4775,4236,387

75,O71n.a.

Less: Noncash

Accru-als topublics

503567734575

436477710694

281196371338396298277

3821404770

1082721

— 140827216

Intra-Govt.trans.4

2,3072,6252,8072,5852,7542,3602,8372,774

1.0751,2791,3461,4881,3191,4561,129

129107

82131907120194108

91133483797

n.a.

Plus: Tr. acct.expenditures

Total

6,9234,3974,8255,9746,8813,9454,9525,169

2,2011,7442,6532,2982,5272,6423,332

346758488217537629464451604636549427

n.a.

Less:Non-cash »

65902834

13138

531

5582

8- 432

- 236

21

—31

—1125

41- 3

3- 1 2

8n.a.

Plus:Exch.Stabi-liza-tion

Fund e

- 2 6 2—26

38—82

- 2 0 7- 1 3

9- 2 8

- 1 3- 1 3

2216

- 4 4- 3 8

- 1 919

—44

1111

—60- 1 2

Clear-ing ac-count

- 8 7106319209

- 4 8 3214401312

254- 4 0146255

64248

- 4 0

2135

—289428373

—466430

— 117—235

376- 2 9

- 5 5 9156

Equals:Cash

operat-ing

outgo

41,96958,03472,98076,52943,15545,80467,95676,561

20,10525,70032,33435,62237,35739,20337,326

5,7546,9706,4436,6627,9326,0016,7206,2945,7596,2586,2944,7495,302

Net

operat-ing in-come

oroutgo

4821,304

— 1,583—6,090- 2 , 1 8 5

7,635137

- 5 , 2 1 7

7966,839

- 5 , 5 3 45,671

- 7 , 2 5 42,038

- 8 , 1 2 8

5134,072

—3,229- 1 , 3 6 8

2,253—2,386— 1,193

78- 2 , 8 0 9

- 8 6 2- 9 5 6- 1 4 71,228

n.a. Not available. x Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-insurplus 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.

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).

Represents 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). 6Cash transactions between Intl. Monetary Fund and ExchangeStabilization Fund. (See footnote 3.) 7Not adjusted for Treasury's revised treatment of carrier's taxes.

8On basis'of revised Treasury daily statement.

DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC

Period

Increase,or de-crease( - ) , ingross

dir. pub.debt

Plus: Cashissuance ofsecurities of

Federal agencies

Guar-anteed

Non-guar-

anteed

Less: Noncash debt transactions

Net inv.in Fed.sec. by

Govt. agen.& tr. funds

Int. on sav.bonds and

Treas. bills

Accruals to public1

Payts. inform of

Fed. sec.

Equals:Net cashborrow-ing, orrepayt.( - ) ofborrow-

ing

Details of net cash borrowing from orrepayment (—) of borrowing to the public2

Directmktable.& conv.issues3

Savingsbonds(issueprice)

Savingsnotes

1,021-1,099-1,784

2483,601-657

-1,209-2,164

187-845-255-955-829

-1,3351,583

-38-768

—83- 6

—341252271662618

- 5 3- 1 6 7

- 7 3- 7 1

PostalSav. Sys.

specialissues

- 2 5 0- 9 9 7- 1 1 3- 1 6 2- 1 5 0

- 1 , 0 9 3- 1 5 5—100

- 1 7 0- 9 2 3

- 7 4- 8 1- 3 2- 6 8- 9 4

- 1 3- 4

- 3 2- 1 1

- 1 7- 1 6

- 7- 3 6- 1 8- 1 2- 3 7

Other*

Cal. yr.—1950195119521953

Fiscal yr.—1950.. . .19511952 . . . .1953 . . . .

Semiannual totals:1950—July-Dec..1951—Jan.-June.

July-Dec..1952—J an.-June.


July-Dec..Monthly:

1953—FebMarAprMayJuneJulyAugSeptOctNovDec

1954—JanFeb.?

- 4 2 32,7117,9737,7774,587

-2,1353,8836,966

- 6 5 0-1,486

4,197- 3 1 38,286

-1 ,3209,097

182-3,099

1051,930- 4 4 96,598

536- 2 6 9

4491,822

- 4 0- 3 2 0

- 6 7

- 6181222

- 810167

45

1338

- 224

211

11

2— 1

2

35537

- 1 0 2- 3

- 1 4374

- 8 8- 3 2

388- 1 3

51- 1 3 9

37- 6 9

66

- 1 3 411

- 5 13833151

75- 7 2108

- 6 1- 2 7

- 1 2 6

943,4183,8332,540- 3 0 83,5573,6363,301

1,5442,0141,4042,2321,6011,700

840

170100112453735

61395

71- 7 6240150

- 4 677

602718770591574638779719

337301417361409308283

4023424871

•109«2822

41837317

163- 1 2 5

- 7 466

68-149- 7 9

3

-56-92- 3 3-45-29

3432

17-21—243

- 1- 1

-12— 12- 1— 15911

- 1

-929-1,2423,3534,6014,231

-5,795-5252,918

-2,081-3,7142,472

-2,9986,351

-3,4338,034

-178-3,188

-971,425

-1,2226,456

127—274

4571,659-391-386-284

-2,6491,9995,778

64,829211

-3,9431,639

«5,294

-2,761-1,184

3,183-1,544

7,3226-2 t0286,857

-81-2,503

47«1,571

-8626,333

-72-931-51

1,647- 7 0

-178-74

751-1,191

-406• -344

728-467-717

8 -103

292-758-432-285-121

«18-362

9358

18-147

-98«-122e-51

-90-36-22-41—92

18

19846

- 1 2 230

- 1 5 8365

- 8 2- 9

371- 551

- 1 3 411

- 2 050

- 1 3 929

- 6 23990

- 7- 4101

- 6 7123

- 9 5- 3 1

- 1 2 o1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included.2 Includes redemptions of tax anticipation bills and savings notes used in payment of taxes.8Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel

out in this column. An exception was the sale for cash of about 300 million dollars in June 1952.4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items.5Excludes exchanges of savings bonds into marketable bonds. 6See footnote 2 at bottom of following page.7On basis of revised Treasury daily statement.



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]

Period

Cal. yr.—1950195119521953 . . . .

Fiscal yr —1950195119521953. . . .

Semiannual totals:1950—July-Dec1951—Jan.-June

July-Dec1952—Jan.-June

July-Dec1953—Jan.-June

July-DecMonthly:

1953—Feb.MarApr.MayJuneJulyAugSeptOctNov.Dec

1954—TanFeb. 8

Cash operating income

Total

42,45159,33871,39670,44040,97053,43968,09371,344

20,90032,53726,79941,29330,10441,24129,199

6,26711,0423,2145,294

10,1853,6155,5266,3732,9505,3965,3394,6026,530

Directtaxes onindivid-

uals1

19,19127,14932,72834,80718,11524,09530,71333,370

7,97116,12411,02519,68713,04120,32914,478

4,1984,2112,2043,0763,0811,6033,1193,2921,2333,1722,059

P3.0124,355

Directtaxes oncorpor-ations 1

9,93716,56522,14019,04510,85414,38821,46721,595

4,9719,4167,149

14,3187,821

13,7735,272

4046,171

654359

5,683651326

1,636385336

1,938490469

Exciseand

misc.taxes

8,1138,5919,567

10,2887,5978,6938,8939.978

4,4764,2174,3744,5195,0484,9315,357

791840795860879854894917923912856

P672741

Socialins. re-ceipts2

5,1216,3626,5896,6934,4385,8396,5216,858

2,6113,2283,1353,3863,2023,6563,037

1,013557344

1,000528333991399266791256

P170Pl.090

Othercashin-

come3

2,2452,7692,8232,7442,1262,5312,8012.694

1,1821,3481,4181,3831,4431,2521,492

197207180243173278260192218245299322

P181

Deduct:Refundsof re-ceipts

2,1562,0982,4513,1372,1602,1072,3023,151

3111,796

3022,000

4512,700

437

336944963244159105656375606964

306

Total

41,96958,03472,98076,52943,15545,80467,95676,561

20,10525,70032,33435,62237,35739,20337,326

5,7546,9706,4436,6627,9326,0016,7206,2945,7596,2586,2944,7495,302

Cash

Majornatl. sec.

pro-grams 4

18,34737,27951,195

'52,75317,87926,03846,39652,843

9,90516,13321,14625,25025,94426,898

'25,854

4,1514,6914,5834,4384,8174,6474,1844,4044,2684,034

C4,318P3.670

n.a.

i operating outgo

Inter-est ondebt5

4,0724,1374,2304,5894,2644,0524,0594,658

1,9972,0582,0791,9842,2462,4132,176

269526297127

1,045128178525322122901170352

Vet-eranspro-

grams6

8,8646,1215,2094,8859 1465,9805,8264,920

2,9773,0033,1172,7092,5002,4202,465

390418408406401428386378456393423

P393411

Socialsecurity

pro-grams7

4,4004,9155,6176,6484,7404,4585,2066,124

2,0072,4502,4652,7412,8763,2473,401

506436658529543586522509625572586697

n.a.

Other

6,2865,5826,729

C7,6547,1265,2766,4698,016

3,2192,0563,5272,9383,7914,225

c3,430

438899497

1,1621,126

2121,450

47888

1,137*66

p-181n.a.

pPreliminary. "Corrected. n.a. Not available.1 Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to

Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement.2Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums.8Represents mostly nontax receipts. 4Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds

and special International Bank and Monetary Fund notes.Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest

paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned.6Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds.7Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and

Government employees and Railroad retirement funds. 8On basis of revised Treasury daily statement.

UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING[In millions of dollars]

Year ormonth

19431944194519461947194819491950195119521953

1953—Jan. . .F e b . . .Mar...Apr. . .May. .June..July..Aug. . .Sept...Oct.. .Nov. .Dec. . .

1954—Jan. . .

Savings bonds

Sales

13,72916,04412,9377,4276,6947,2955,8336,0743,9614,1614,800

504414440383371370402371368384369423561

All series

Redemp-tions andmaturities

1,5763,3215,5036,2784,9154,8584,7515,3435,0934,5305,661

390319380380

190614852524

421457419390

3590652

Outstand-ing (end of

period)

27,36340,36148,18349,77652,05355,05156,70758,01957,58757,94057,710

58,13458,26858,37158,41357,92057,88657,87157,85157,79557,77557,806

357,71057,736

Series A-E and H

Sales

10,34412,3809,8224,4664,0854,2244,2083,6683,1903,5754,368

441362397351340340370346343357339381485

Redemp-tions and

maturities

1,4523,0635,1355,6674,2074,0293,9484,4554,0223,6223,625

320251308318300308

2343280331289270309

P330


period)

19,57329,15334,20433,41033,73934,43835,20634,93034,72835,32436,663

35,51135,65735,78435,85235,93936,04836,16836,26436,31136,39136,50936,66336,887

Series F, G, J

Sales

3,3853,6643,1152,9622,6093,0711,6262,406

770586432

64524331313033252527294277

Redemp-tions and

maturities

124258368611708829803888

1,071908

2,035

70687262

16061178••182141125129120

3281P322

and K


period)

7,79011,20813,97916,36618,31420,61321,50123,08922,85922,61621,047

22,62322,61122,58722,56121,98121,83721,70321,58721,48421,38521,297

321,04720,848

Tax ana saving

Sales

8,0558,5335,5042,7892,9253,0325,9713,6135,8233,7265,730

1078063

1091,7141,068

472479952687

2

Redemp-tions andmaturities

5,8537,2767,1115,3003,2663,8432,9342,5836,9295,4915,475

200114826190

1,7191,408

219208290

6855

17870

3 notes


period)

8,5869,8438,2355,7255,3844,5727,6108,6407,5345,7706,026

5,6765,6424,8794,7984,7934,4534,7064,9775,6396,2586,2046,0265,956

p Preliminary. r Revised.1 Figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953,

for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not includedabove.

2Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrueddiscount. Hence, the redemptions figure shown includes some accrued discount. This situation is being reversed in subsequent months.

3Figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. In accordance with Treasury practice all un-redeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured.

NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturitiesof notes and Series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included inamount outstanding.

MARCH 1954 283


UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES[On basis of daily statments of United States Treasury. In millions of dollars]

End ofmonth

1940—Dec1941—Dec1942—Dec1943—Dec1944—Dec1945—Dec1946—Dec1947—Dec1948—June

Dec1949—June

Dec1950—June

Dec1951—June

Dec.1952—June

Dec. . . .

1953_FebMar. .AprM a yJune . . . .JulyAug..SeptOctNov.Dec

1954—TanFeb

Totalgrossdeb t 1

5 0 ,64

112,170232,278259256,252252252257257256255259259267

267264264266266272273273273275275274274

94?76?47110814468?4879813668S4798160377

2514611S1445

634S3664?S7?

73??690014S?

,244,924,859

Totalgrossdirectdebt 2

4 5 ,5 7 ,

108,165,230278,259256252,252252257257256,255259259267

267264264266266272273272273275275274274

0?S93817087763011S149900

800770130357708

41910S391

S8448 SS90S ? 0071669?06937386

,168,849,782

Total

3 9 ,5 0 ,9 8 ,

151,212,255,233225,219,218,217,221222220218221219226

226223223224223230230229230232231231231

089469?7680SS6S693064?S08S?86 S986

853S7S198168

143

1870?S07773S408009

78S40311

,684,623,466

Total

3 5 ,4 1 ,76 ,

115161198176165160157155155155152137142140148

1481451461481471S3153152152154154154154

64 SS6?488?306487786137S834648?147

3104S091768S407581

4459881333?433S757694804977776

,631,631,500

Bills

1

613 ,161717IS131?111?131313181721

1919191970?0191919191919

31000?6? 707?4?80370331367S7

5363195336? 761410?

713

710

31?913707707708S08S09S09

,511,512,510

Public issues«

Marketable

Certifi-cates ofindebt-edness

10

3038?9

22?629?918s9

?9?816

1SISISIS1S

21?676

262625

S348434011 SS987

S88S7S427636418373S090784? 3712

9S89S99S99S98S47S66SS36938S386

,386,386,278

Notes

<•>

s9

11?3

101111738

20393S181830

30303030303030333333313126

178,997863

,175039

,96709037 S37S131

,596?49

,4047S8806

,409963

,266

,3?737S

,41147S4SS49?S78736?49

,406,419,866

Bonds

Bankeligi-ble*

?83344SS666869686?6160SS53444?414858

59596364646464S9S96?636374

1S6S63S19S91931403866391990966951?83319SS7978049343874

48348??3879S10409609994494?181

,927,916,171

Bankre-

stricted

41??4S?49494949494949493636?721

21171717171713131313138

94 S,sso8S0

,216,636636

,636636

,636,636,636,636061

,048,460,016

017,009,?49,24874S743740406

,40440?

,400,398,675

Con-vert-ible

bonds

13

1312

1?1?1?1?1?1?1?1?1?1?111111

S7306009 S500

4844383913SS340310?731680?S

,01?,989,976,957

Nonmarketable

Total*

38

36SOS6S6S959616266676866666S65

65646464636364646S6S656565

444,907788

,574917

,915,4S149?

,506383

,839,000,544,125708

,423,622,062

?S8,599,SS3,056,73394?

,190814

,402,377,065,017,009

Sav-ings

bonds

36

i s?7404849S?S3SS56S657S8S7S7S757

58S8S8S7S7S7S7S7S7S7575757

19S,140,0S0363

,361,183,7760S3

,774,0S1,260,707,536,019,S7?,S87,68S,940

,?68,371,413,920,886871

,8S179 S

,77S,806,710,736,797

Taxandsav-ings

notes

26898ss4447887765

5444444s

655

471384S86843?3S7?S384394S7?860610472640818S3461?770

64?8797987934S3706977639

,?S8,?04,026,956,887

Speissi

5

91?16?o?4?8303132333233343S3739

39393939404040404041414141

cia

37098?03?7033?6000S8S9SS

7147768963567076S390?739150

30?3S4474710S3*S949889S8888013

,197,009,070

includes some debt not subject to statutory debt limitation (such debt amounted to 559 million dollars on Feb. 28, 1954) and fully guar-anteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately.3 Includes amounts held by Government agencies and trust funds, which aggregated 7,245 million dollars on Jan. 31, 1954.4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds.s Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately.

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED[Par value in millions of dollars]

End of month

1940—Dec1941—Dec1942—Dec1943—Dec1944—Dec. . . .1945—Dec1946—Dec1947—Dec1948—June

Dec1949—ju n e

Dec.1950—June

Dec1951—June

Dec1952—June

Dec

1953—JanFebMarAprMayJuneJulyAugSeptOct.NovDec

Totalgrossdebt

(includ-

anteedsecuri-ties)

50 94264,262

112,471170,108232,144278,682259,487256,981252,366252,854252,798257,160257,377256,731255,251259,461259,151267,445

267,450267,634264,536264,642266,572266,123272,732273,269273,001273,452275,282275,244

Held byU. S. Government

agencies andtrust fundsx

Specialissues

s69

1?16? 024?830313233323334353739

393939393940404040404141

,370,982,032,703,326,000,585,955,211,714,776,896,356,707,653,902,739,150

,097,302,354,474,710,538,594,988,958,888,013,197

Publicissues

?234S76S555S556666

666677767777

,260,558,218,242,348,048,338,404,549,614,512,464,474,490,305,379,596,743

89.S,869,908,866,057,022,007,986,076,078,156,116

Total

4354

1001S3?10?S1228???216215214?17219217214217214221

??1??1218218219218225??S224??s227226

31?,722??1163470634

,5646??

,606,526,510800

,547,533,293,180,816,552

,458463

,27430?

,805,563,131?9S

,967486

,113,931

FederalReserveBanks

?26

1118?423??21231918182022232224

73?323?3242424?S25?S2525

,184,254,189,543,846,262,350,559,366,333,343,885,331,778,982,801,906,697

,944,875,806,880,246,746,964,063,235,348,095,916

Com-mercialbanks3

172141597790746864626366656158616163

6?6159S95858636?626?6363

,300,400,100,900,700,800,500,700,600,500,000,800,600,800,400,600,100,400

,800,900,500,100,600,800,500,700,500,700,800,600

]

Mutualsavingsbanks

33468

10111?12111111111010999

999999999999

,200,700,500,100,300,700,800,000,000,500,600,400,600,900,200,800,600,500

,500,600,600,500,600,500,500,500,500,300,300,200

Held by the public

Inaur-

com-panies

68

111519?4247.3222120?0191817161516

1616161616161616151S1515

900200300100600000900900800200500100800700100500700100

700,200,000,000,000,000,000,000,900,900,900,800

Othercorpo-rations

?4

1016?1? ?151413141516182020211921

717120?0211920?121712121

,000,000,100,400,400,000,300,100,600,800,600,800,800,500,800,300,700,000

,400,800,700,500,500,400,700,400,100,300,800,100

Stateandlocal

govern-ments

17466777888899

1011

111111111112121?121?1212

500700000100300500300300800900000100700800400600400100

200300

,400,500,900,000,200,200,200,200,300,400

Individuals

Savingsbonds

?5

1374364?444647474849494949494949

494949494949494949494949

800,400,400,700,200,900,200,200,100,800,800,300,900,600,100,100,000,200

,300,400,500,600,300,300,300,300,300,200,300,300

Othersecurities

78

101?17?1201918171817171515151414

141 S151S1516151S151S1515

,800,200,300,900,100,400,100,400,600,600,000,000,200,900,600,000,800,900

,800,000,200,200,900,100,800,600,800,700,800,800

Miscel-

inves-tors3

?4798888999

1010101111

1?1?12131212131313131313

700900300

,400,000,100,100,400,700,900,600,400,700,500,700,600,600,700

,300,500,500000

,800,800,300,500,400,700,900,600

1 Includes the Postal Savings System.2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1953.•Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor

groups are estimated by the Treasury Department.



UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIESDirect Public Issues Outstanding February 28, 1954

[On basis of daily statements of United States Treasury. In millions of dollars]

Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount

Treasury bills1

Mar. 4, 1954. .Mar. 11, 1954. .Mar. 18, 1954. .Mar. 25, 1954. .

Apr. 1,1954..Apr. 8, 1954. .Apr. 15, 1954. .Apr. 22, 1954. .Apr. 29, 1954. .

May 6, 1954. .May 13, 1954. .May 20, 1954. .May 27, 1954. .

,500,501,501,501

,502,500,500,502,500

1,5001,5011,5001,501

CertificatesJune 1,1954 2%Mar. 22, 1954 2 23^Aug. 15, 1954 2%Sept. 15, 1954 2%Feb. 15, 1955 \%

Treasury notesMar. 15. 1954 1 HDec. 15, 1954 \%Mar. 15, 1955 \y2Dec. 15, 1955 1%Apr. 1, 1956 \y2Oct. 1, 1956 \y2Mar. 15, 1957 2 ^Apr. 1, 1957 \y2Oct. 1, 1957 \y2Apr. 1,1958 \y2Oct. 1, 1958 \y2

4,8585,9022,7884,7247,006

1038,1755,3656,8541,007

5502,997

531824383

77

Treasury bondsJune 15, 19543. . .June 15, 1954June 15, 1954-55.June 15, 1954*. . .June 15, 1954-56«Mar. 15, 1955-60 6Mar. 15, 1956-58.Sept. 15, 1956-59 6Sept. 15, 1956-59.Mar. 15, 1957-59.June 15, 1958June 15, 1958-636Dec. 15, 1958June 15, 1959-62.Dec. 15, 1959-62.Dec. 15, 1960-656Sept. 15, 1961....Nov. 15. 1961June 15, 1962-67. .

5101,903392

8,662318

2,6111,449982

3,822927

4,245919

2,3685,2773,4661,4852,23910,9302,116

Treasury bonds—Cont.Dec. 15, 1963-68. . . 2 HJune 15, 1964-69. . . 2 ^Dec. 15, 1964-69 . . . 2 V4Mar. 15, 1965-70 «.Mar. 15, 1966-71«.June 15, 1967-72 «.Sept. 15, 1967-72. . . 2Dec. 15, 1967-72«.. 2June 15, 1978-83 . . .3}

Postal Savingsbonds 2H

Panama Canal Loan. .3

Convertible bondsInvestment Series BApr. 1, 1975-80. . .2%

2,8273,7543,8314,7192,9611,8902,7163,8241,606

4650

11,957

1Sold on discount basis. See table on Open Market Money Rates, p. 2 79.SMaturity Dec. 15, 1955. ^Maturity Dec. 15, 1954. 5par tjaiiy t a x exempt.

2Tax anticipation series.SRestricted.

SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES •Marketable and Convertible Direct Public Securities

[Par values in millions of dollars]

End of month

Type of security:Total marketable

and convertible:1951—June

Dec1952—June

Dec.1953—June

NovDec

Treasury bills:1951—June

Dec1952-June

Dec1953—June

NovDec

Certificates:1951—June

Dec1952—June

Dec1953—June

NovDec

Treasury notes:1951—June

Dec1952—June

Dec1953-June

NovDec

Marketable bonds:i1951—June

Dec1952—June

Dec1953—June

NovDec

Totalout-

stand-ing

151,490154,745153,502161,081159,675

166,738166,619

13,61418,10217,21921,71319,707

19,50919,511

9,50929,07828,42316,71215,854

26,38626,386

35,80618,40918,96330,26630,425

33,24931,406

78,98977,09775,80279,89081,349

75,58277,327

U.S.Govt.agen-ciesand

trustfunds

6,1776,2516,4676,6136,899

7,0296,989

26504186

106

101102

1749602730

6663

1432

1623

208

3,2153,2432,9283,0463,300

3,4033,377

Fed-eralRe-

serveBanks

22,98223,80122,90624,69724,746

25,09525,916

527596381

1,3411,455

2,3192,993

3,19412,79311,8215,0614,996

5,8475,967

12,4395,0685,568

13,77413,774

13,27413,289

4,1084,1304,4224,5224,522

3,6563,667

Com-mer-cial

banks

51,67154,30254,03855,82851,365

56,00255,933

3,7506,7735,8287,0474,411

4,2984,368

2,7536,7736,8774,7914,351

9,3109,215

13,70410,46510,43110,95510,355

12,54811,510

31,29830,11930,71032,84932,066

29,67530,671

Mu-tualsav-ings

banks

9,5049,1238,8438,7408,816

8,6098,524

12271

103137120

95126

3741

1203787

189184

12067424962

147130

7,9747,6977,2217,1657,232

6,9026,820

Insurancecompanies

Life

11,13810,2899,6139,5149,347

9,1749,120

756428504464327

337410

113217765627

4637

2081585

7352

7,1396,7205,8555,8075,855

5,7685,686

Other

4,1614,3014,2464,7114,808

4,9164,905

7210492

119132

109109

174445378317310

461445

478315327486529

657605

3,1253,1203,0873,4293,484

3,3603,418

Other

45,85546,67947,39150,97953,694

55,91355,233

8,36010,08010,26812,51813,155

12,25011,402

3,2218,7619,6926,4246,052

10,46710,475

8,8412,4892,5874,9785,678

6,5305,814

22,12922,06821,58023,07224,890

22,81823,688

End of month

Type of security:Convertible bonds

(InvestmentSeries B):1951—June

Dec1952—June

Dec1953—June

NovDec

Marketable secu-rities, maturing:

Within 1 year:1951—June

Dec1952—June

Dec1953—June

NovDec

1—5 years:1951—June

Dec1952—June

Dec1953—June

NovDec

5-10 years:1951—June

Dec1952—June

Dec1953—June

NovDec

After 10 years:1951—June

Dec1952—June

Dec1953—June

NovDec

Totalout-

stand-ing

13,57312,06013,09512,50012,34012,01211,989

42,78948,20445,64256,95364,58966,43773,235

45,03344,40144,94537,71332,33035,63729,367

8,9148,914

15,12222,83418,67720,91320,292

41,18141,16834,69831,08131,73931,73931,736

U.S.Govt.agen-ciesandtrustfunds

2,9052,9053,4373,4383,4393,4393,439

55112101133163

187175

77454631

152

149192

194152387546422

489418

2,9473,0362,4962,4642,7232,7642,765

Fed-eralRe-

serveBanks

2,7141,214

714

12,59213,43712,20214,74915,50515,86416,972

5,2356,6887,1887,1466,4526,4426,155

3134

6931,3871,3741,3741,374

2,4102,4282,1091,4151,4151,4151,415

Com-mer-cial

banks

166172191185182171168

10,23414,08112,70516,99619,58020,50925,062

29,27227,99127,85822,38118,34420,28416,056

6,7906,8817,740

11,0588,772

10,48810,051

5,2105,1775,5445,2074,4884,5504,595

Mu-tualsav-ings

banks

1,2521,2461,3561,3521,3141,2761,264

201182223263476

387475

613419370259464

462431

8673

1,3571,7751,3951,4061,315

7,3537,2025,5375,0915,1675,0785,039

Insurancecompanies

Life

2,9212,9233,1723,1793,1332,9512,935

1,077648581532390

394468

2181326348

109

161123

131118497885745

738725

6,7916,4705,3014,8704,9694,9314,868

Other

312318362360353329328

451576470733

1,082913

1,061

1,035992996910914

1,114980

202201765

1,3481,1041,2171,198

2,1612,2131,6521,3611,3561,3431,339

Other

3,3043,2813,8643,9873,9193,8473,854

18,18019,16719,36023,54727,39328,18429,023

8,5838,1338,4246,9385,8957,0245,430

1,4801,4543,6845,8354,8655,2005,211

14,30914,64312,05910,67311,62111,65811,716

* 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.

MARCH 1954 285


NEW SECURITY ISSUES1

[Estimates, in millions of dollars]

Year ormonth

193819391940

19411942194319441945

19461947194819491950

195119521953

1953—Jan.FebMarAprMayJune .JulyAugSept.OctNovDec

1954—Jan

Year ormonth

194819491950 . .195119521953

1953—January...February...MarchApril. ..MayJune-JulyAugustSeptemberOctoberNovember .December.

1954—January..

Total

5,9265,6876,564

15,15735,43844,51856,31054,712

18,68519,94120 25021,11019,893

21,26526,96128,799

1,7831 5921,6041,6674,6303,0531,9281,4302,5762,2783,5082,751

1,629

Gross proceeds, all i ssuers '

Noncorporate

U. S.Govern-ment 3

2,2,2,

l i t33,4 2 ,5 2 ,4 7 ,

10,10,1011 ,

9 ,

9 ,12 ,13 ,

3 ,1,

1,1,2 ,

480332S17

466R468154?4353

217589327804(S87

778577957

611494503491244454884853320070610423

561

Fed-eral

agency4

11513

109

38121

506

357

21630

1104591C6

30

76

Manufacturing

Totalnetpro-ceeds

2,1801,3911,1753,0664,0222,241

28314820331211428514555

1226294

420

169

Newcap-ital*

2,1261,3471,0262,8463,7652,185

27614419430997

27814154

1226293

415

154

Retire-ments i°

t4.>4U

149221257

1

>7

739

7741

16

15

Stateandmu-nici-pal

1,1081,1281,238

956524435661795

1,1572,3242 6902,9073,532

3,1894,1055,502

392390405349650416522260454483411771

380

Other*

695024

305

972247

56451156132282

446237290

862

95312

36602957

119

5

Corporate

Total

2,1552,1642,677

2,6671,0621,1703,2026,011

6,9006,5777 0786,0526,361

7,7419, £828,945

664706696818731

1,179521315766590459

1,500

569

Bonds

Total

2,0441,9792,386

2,389917990

2,6704,855

4,8815,0355 9734,8904,920

5,6917,6497,121

497536517659484988407243675357354

1,405

461

Proposed uses of n e t proceeds

Commercial andmiscellaneous

Totalnetpro-ceeds

403338538518536560

2492313157415522194831

109

27

Newcap-ital"

382310474462512533

2489302556415121184628

105

26

Retire-ments^ °

212863562426

3

234

Pub-licly

offeied

1,3531,2761,628

1,578506621

1,8923,851

3,0192,8882 9632,434^,360

2,3643,6453,841

18630715337528757510611043915195

1,057

283

Pri-vatelyplaced

691703758

811411369778

1 004

1,8622,1473 0102,4552,560

3,3264,0053,280

310229364284197413301133235206259349

178

Pre-ferredstock

8698

183

167112124369758

1,126761492424631

838564491

51476235823331

744183743

19

Com-monstock

2587

108

1103456

163397

891778614736811

1,2121,3691,332

ne123116124165159826547

2156851

89

Proposed uses of n e t proceeds,al l corpora te i ssuers 0

New capital

Total

1 ,

1,

3 ,s,5,4,

7,88 ,

1,

903

76?

0406474087S3347

8891156S1558990

769615

634666672789696134SOI307

570

1,461

545

Newmoney7

681325569

868474308657

1,080

3,2794,5915,9294,6064,006

6,5318,2238,120

603635630757612

1,046479278695543409

1,431

528

Mis-_ i

lane-ouspur-poses

72619

28352747

133

231168234315364

226174189

68

17183524

99

3875

14

1

i, by major groups of corporate issuers

Transportation

Totalnetpro-ceeds

748795806490983578

515181664042461532253296

60

New

itaT"

691784609437758531

383381664042461532253281

60

Retire-ments 10

5611

19653

22547

1418

15

Public utility

Totalnetpro-

ceeds

?

<><>5

3

,150,276,608.412,'626,022

245257212223397334210

97243358245201

265

1<

?,?,12??,

*ew;ap-tal«

005043<)?732653P970

?4f>7154210915397317210

°>7242353??q?01

265

Retire-ments i°

144

6898588a?,

328

17

15

16

Communication

Totalnetpro-ceeds

891567395605753848

47

15137

43152989135

608

25

Newcap-ital*

890517314600747848

47

15137

43152989135

608

25

Retire-ments x0

2498156

Re-tire-

mentof

bankdebt,etc. 8

21569

174

144138

7349

134

379356488637620

363371305

252324134964131920201917

7

Re.tirement

ofsecu-rities

1,2061,6951,854

1,583396789

2,3894,555

2,8681,352

307401

1,271

486660189

212812171927

9237

1925

15

Real estateand financial

Totalnetpro-ceeds

587593739515508

1,554

4714014216299

4153991

251714552

14

Newcap-ital"

557558639449448

1,547

4714014116199

4123891

250714552

14

Retire-ments 10

3035

10066607

1

11

31

1

1 Estimates of new issues sold for cash in the United States.2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.8 Includes issues guaranteed. * Issues not guaranteed.5 Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit.6 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and

expenses.7 Includes proceeds for plant and1 equipment and working capital.8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement

of short-term bank debt are included under the uses for which the bank debt was incurred.9 Includes all issues other than those for retirement of securities.

10 Retirement of securities only.Source.—Securities and Exchange Commission.



SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS[In millions of dollars]

Industry

Manufacturing

Total (200 corps.):SalesProfits before taxes . .Profits after taxesDividends

Nondurable goods industries (94 corps.):1

SalesProfits before taxesProfits after taxesDividends

Durable goods industries (106 corps.):2

Sales .Profits before taxesProfits after taxesDividtnds

Selected industries:Foods and kindred products (28 corps.):

Sales

Profits after taxes . .Dividends

Chemicals and allied products (26 corps.):SalesProfits before taxesProfits after taxesDividends

Petroleum refining (14 corps.):SalesProfits before taxesProfits after taxesDividends

Primary metals and products (39 corps.):SalesProfits before taxesProfits after taxesDividends

Machinery (27 corps.):SalesProfits before taxes

DividendsAutomobiles and equipment (15 corps.):

Sales . . . .Profits before taxesProfits after taxes . .Dividends

Public Utility

Railroad:Operating revenue

Profits after taxes .Dividends

Electric power:Ooeratinc revenueProfits before taxesProfits after taxes

Telephone:Operating revenue

Profits after taxesDividends

1947

31,9674,1782,5691,193

12,4381,8601,210

575

19,5292,3191,359

618

4,238466287142

3,193563346222

2,906456350127

7,545891545247

3,658449274116

6,692809445195

8,685777479236

4,291954643494

2,283215138131

1948

38531

14

1

31

4

3

3

91

4

81

91

4

2

190,390,356,429

,588

,520682

60?108

,837748

, 5?84SS285148

,6746744?0263

,945

54817?

,0661747?0270

570334

,09313163978?

,67?148699289

,830983657493

,694

186178

Annual

1949

37531

1311

7331

4

3

3

8

4

91

8

51

2

803,122,151,686

,906930

,263736

897193

,8889 SO

434?68149

,680693415

,86557540617?

187993578285

3635?0371138

,577473861451

,580700438

,055,179757553

,967333707213

1950

45,2047,9934,1062,272

15,8472,7981,562

919

29,3575,1952,5441,352

4,402532289161

4,5771,133

572448

4,234650442205

10,4461,700

854377

5,071850425208

11,8052,3051,087

671

9,4731,384

783312

5,4311,303

824619

3,342580331276

1951

5?832

1831

33S21

4

51

4

1?7

61

1?1

101

51

3

33?,668,456,015

,558?90

,451872

77417X

,00514?

909473227159

,574,421496363

999863515

49709?776381

,183003370192

49691370S479

3917606933?8

,867,480818661

,729691341318

1952

53,8107,1253,0962,010

18,8132,6931,291

891

34,9974,4321,8041,119

5,042446204154

5,6951,200

458381

5,319686485252

11,5571,161

575367

7,082974380200

12,8251,945

698462

10,5801,436

816336

6,2241,718

922709

4,136787384355

131

4

81

1

1

1

3

1

^

1

1

066,957839489

,6387?4326

,4?8

513773

1004636

,40632211?

89

31870413064

074475

88

,594

8349

501171117

587795141

80

,60349875717?

9931949385

1?1

4

81

1

1

1

?

1

1

1

Quarterly

1952

2

,914,643643483

,525628300213

,389,015342?70

,220116

5238

,369286108

89

,27414711160

,385983187

,7? 5

8049

4? 7596194114

53?761149

74

,491400214173

,023705

9887

3

12 5431,525

688482

4,692669318212

7 851857370270

1 280127

5737

1,40128910990

1,32516511560

2,60520810086

1 697218

8949

2,681345143114

2,633368208

66

1,513382207177

1,037182

8891

4

15,2872,000

926556

4,958672347251

10 3291,328

579305

1,315104

5043

1,520304128114

1,40217112969

3,494431217106

2 066290128

53

3,684503190117

2,828512318116

1,618439244186

1,08420610493

1953

1

15 7092,241

848491

4,964748338216

10 7451,493

511275

1 316994635

1,545357123

90

1 38119412765

3,42845718388

1 967276

8950

4,308648200117

2,59633618697

1,710545288182

1,092223109100

2

16 5192,471

920485

5,068769346213

11 4501,702

573272

1 346128

5437

1,568346125

90

1 39618912461

3,653560212

88

2 04529810349

4,657714211114

2,732397231

73

1,625454246189

1,126234114101

3

15 4242,083

879487

5,035768368213

10 3901 315

510274

1 354131

5737

1,506327124

91

1 46022515061

3 491512203

88

1 957245

9749

3 917452168114

2,755399234

79

1,643426233194

1,129220107104

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).

MARCH 1954 287


PROFITS, TAXES, AND DIVIDENDS OFUNITED STATES CORPORATIONS

[Quarterly estimates at seasonally adjusted annualrates. In billions of dollars]

Year orquarter

1939194119431945

19461947194819491950

195119521953

1952—234

1953—123

Profitsbeforetaxes

6.517.225.119.7

23.530.533.827.141.0

43.739.243.2

38.237.040.3

44.645.943.3

In-cometaxes

1.57.8

14.411.2

9.611.913.010.818.2

23.620.623.6

20.119.421.2

24.425.023.6

Profitsaftertaxes

5.09.4

10.68.5

13.918.520.716.322.7

20.118.619.6

18.017.519.1

20.320.819.6

Cashdivi-dends

3.84.54.54.7

5.86.67.37.59.1

9.29 19.3

9.19.19.1

9.29.49.6

Undis-tributedprofits

1.24.96.23.8

8.112.013.58.8

13.6

10.99.5

10.3

8.98.4

10.0

11.111.410.0

Source.—Department of Commerce.

NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *


Year orquarter

1945

19461947194819491950

19511952'1953

1952-4 . . . .

1953—1 . . .2. . .3 . . .4 . . .

Newissues

6,457

7,1806,8827,5706,7327,224

9,04810,6799,895

'•2,872

r2,329'2,9321,8672,767

All types

Retire-ments

6

4211^

222

,846

,798,523,684,875,500

,772,751,335

'851

'614607

'530584

Netchange

—389

2,3824,3595,8864,8563 724

6,2777,9277,561

'2,021

'1,715'2,325'1,3372,183

Bonds and notes

Newissues

4,924

4,7215,0155,9384,8674 806

5,6837,3447,006

'1,880

1,4922,0961,3272,091

Retire-ments

3211?

221

995

,625,011,284,583802

,107,403,820

'761

481458417464

Netchange

—1

1,3,4,3,2

3,4,5,

r l ,

1,1,

1,

071

096004654284004

577940186

119

012638910626

Newissues

1

2111?

332

,533

,459,867,632,865,418

,365,335,889

992

'836'836540676

Stocks

Retire-ments

851

1,173512400292698

665348514

90

'133'148'113119

Netchange

11111

222

682

,286,355,232,572,7?0

,701,987,375

902

'703'687'427557

' Revised.1 Reflects cash transactions only. As compared with data shown on p. 286, new

issues 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. 286.

Source.—Securities and Exchange Commission.

CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS *[Estimates, in billions of dollars]

End of yearor quarter

1939194119431945

194619471948194919501951

1952—34

1953—123

Networkingcapital

24.532.342.151.6

56.262.168.672.478.482.5

85.485.6

86.787.988.5

Current assets

Total

54.572.993.897.4

108.1123.6133.0133.1156.1174.4

178.0181.1

180.4180.9185.4

Cash

10.813.921.621.7

22.825.025.326.527.429.6

30.030.2

27.629.229.6

U. S.Gov-

ernmentsecurities

2.24.0

16.421.1

15.314.114.816.820.521.3

20.221.0

20.719.421.1

Notes and accts.receivable

U. S.Govt.2

.0

.65.02.7

7

Other

22.127.421.923.2

3D 038.342 4.43

1.12.7

2.52.8

2.92.72.7

.052.856.1

61.061.8

62.462.764.1

Inven-tories

18.025.627.626.3

37.644.648.945.352.662.6

62.062.9

64.364.565.4

Other

1.4L.41.31.4

1.71.6L.61.4

72.1

2.32.4

2.42.42.4

Current liabilities

Total

30.040.751.645.8

51.961.564.460.777.791.9

92.695.5

93.792.996.8

Notes and accts.payable

U. S.Govt.2

.0

.82.2

.9

1

Other

21.925.624.124.8

3 1 «;

37.639 *37

.41.3

2.12.2

2.52.22.1

.546.854.2

55.458.6

57.557.058.1

Federalincome

taxliabilities

1.27.1

16.610.4

8.510.711.59.3

14.819.7

16.216.4

15.214.516.8

Other

6.97.28.79.7

11.813.213.514.015.716.7

18.918.4

18.619.219.8

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

19511952'1953'19544

Total

5,5128,692

14,84820,61222,05919 28520,605

25,64426,49328,39127,230

Manu-factur-

ing

1,9433,983

6,7908 7039,1347 1497 491

10 85211,63212,27611,410

Min-ing

326383

427691882792707

929985

1,0111,040

Rail-roads

280548

583889

1,3191,3521,111

1,4741,3961,312

940

Trans-porta-tion

otherthanrail

365574

9231,2981,285

8871,212

1,4901,5001,4641,400

Publicutili-ties

520505

7921,5392,5433,1253,309

3,6643,8874,5484,430

Com-muni-cations

302321

8171,3991,7421,3201,104

1,3197.7,8,

Other *

1,7762,378

4,5166,0935,1544,6605,671

5,916094778010

Quarter

1952—3'4 '

1953—1'2 ' . . .3 '4 ' . . .

1954—I4 '24

Total

6,2427,206

6,3397,2897,0987,666

6,8086,932

Manu-factur-

ingandmin-ing

2,9363,490

2,9723 4263,2103,680

3,1553,176

Trans-porta-tionincl.rail-

roads

624728

650725686717

653597

Publicutili-ties

9631,150

9251,1581,2191,246

1,0261,170

Allothers

1,7191,839

1,7921 ,9791,9842,023

1,9751,989

' Revised. l Corporate and noncorporate business, excluding agriculture.3 Includes communications and other. 4Anticipated by business.Sources.—Department of Commerce and Securities and Exchange Commission.

2 Includes trade, service, finance, and construction.



REAL ESTATE CREDIT STATISTICSMORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER

[In billions of dollars]

I

19401941.19421943.1944.19451946.19471948.19491950.1951.19521953?1952-

£nd of yearor quarter

—MarchTuneSeptemberDecember.. . .

1953—MarrhPJune?September?. . .December?. . .

All properties

Allhold-ers

36 537.636 735.334.735.541.848 956.262 772.882.190 9

100.584.086 388.790.993.095.798.2

100.5

Finan-cial

insti-tutions

19.520.720 720.220.221.026.031.837.842.951.659.566.975.161.063.065.166.968.670.973.075.1

Otherholders

SelectedFederalagen-cies

2 . 12 . 01.81.41.1

.9

.6

.5

.61.11.42.02.42.82.22.22.32.42.62.72.82.8

Indi-viduals

andothers

14.814.914.213.613.313.715.116.617.818 719.720.721.522.720.821.121.321.521.822.122.422.7

Nonfarm

Allhold-ers

30.031.230.829.929.730.836.943.950.957.166.775.683.892.877.379.381.683.885.788.290.592.8

1- to 4-family houses

Total

17.318.418.217.817.918.523.128.233.337.545.151.958.265.053.254.856.558.259.661.563.365.0

Finan-cial

insti-tutions

10.211.211.511.511.712.216.020.525.028.435.341.246.853.142.343.845.446.848.049.851.453.1

Otherhold-ers

7 . 17 .26 . 76 . 36.26.47.07.68.39.19.8

10.711.311.910.911.011.111.311.611.711.911.9

Multi-family andcommercial properties J

Total

12.612.912 512.111.812.213.815.717.619.621.623.725.627.824.124.625.125.626.126.727.227.8

Finan-cial

insti-tutions

7 . 88 . 07 87 . 47.27.58.49.6

10.912.414.015.717.319.016.016.416.917.317.718.118.519.0

Otherhold-

ers

4 84 . 84 74 . 64.64.75.46 16.77 27.68.08.38.98.18.18.28.38.48.58.78.9

Farm

Allhold-ers

6 56 . 46 05 . 44.94 84.95 15.35 66.16.67 17.76.77 07.17.17.37.57.67.7

Finan-cial

insti-tutions

1 51.5J 41 31.3

3L.5

7o

2 12.32.62.83.02.62.72.82.82.93.03.03.0

Otherholders2

5 . 04 . 94 54 . 13.73 43.43 33.43 53.74.04 34.74.14 24.34.34.44.64.64.7

? Preliminary.1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include

debt held by Federal land banks and Farmers Home Administration.NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on 1- to 4-family houses and total farm

(preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include com-mercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings andloan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA).Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others."

Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture andCommerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve.

MORTGAGE LOANS HELD BY BANKS *[In millions of dollars]

194019411942194319441945194619471948.194919501951.19521953?

End of yearor quarter

1952—Mnrrh .TuneSeptemberDecember

1953—MarrhPJune?September?December?.. . .

Total

4,5784,9064 7464,5214,4304 7727,2349,446

10,89711,64413 66414,73215 86716,875

14,86015,17615,59015,867

16,08016,38716,64016,875

Total

4,0034,3404,2564,0583,9674,2516,5338,623

10,02310,73612,69513,72814,80915,785

13,83014,11314,53014,809

15,00015,28315,53015,785

Commercial bank holdings2

Total

2,9633,2923,3323,2563,2183,3955,1466,9338,0668,676

10,43111,27012,18812,935

11,35011,60211,97012,188

12,32012,54512,76512,935

Nonfarm

Residential8

FHA-in-

sured

333

3333

3333

42167 S9S0

441580675

719798867930

VA-guar-

anteed

2 9213,0123,055

2,9282,9523,0003,012

3,0103,0133,0383,055

Con-ven-

tional

45S

4555

5555

9?9SOI9S0

990?09390501

591734

,860,950

Other

1,0401,048

924802749856

1,3871,6901,9572,0602,2642,4582,6212,850

2,4802,5122,5602,621

2,6802,7382,7652,850

Farm

111

1111

1111

57 S56649146S46S52170?

874909968

,0040S8090

030,063,060,058

080,104,110,090

Total

4,8594,8124,6274,4204,3054,2084,4414,8565,8066,7058,2619,916

11,37912,970

10,20310,55410,94011,379

11,68012,11212,50012,970

Total

444444445689

8?9784

,601S9S

,281,18441 S878

,773668

869'li.327

1?

1010

9?0

1S6,506

'10,890'11,327

11.6301?1212

,06?,450,920

Mutual savings bank holdings

Nonfarm

Residential3

Total

3,9143,8843,7253,5583,4763 3873,5883,9374,7585,5697,0548,595

'9,88311,320

8,8439,145

'9,490'9,883

10,16510,57410,92511,320

FHA-in-

sured

?s3

??33

}333

S67168S?0

7?0898025168

?*n3?S414520

VA-guar-

anteed

19?

1122

??22

7?6131Q1S

81 S917069237

S9SS90759915

Con-ven-

tional

4,303'4,4774,885

4,3084,330

'4,396'4,477

4,5404,6584,7524,885

t

Other

915900876837805797827891

1,0151,0991,1641,274

'1,4441,600

1,3131,361

'1,400'1,444

1,4651,4881,5251,600

Farm

302826252424262834374447

'5350

4748

'50'53

50505050

? Preliminary. ' Revised.1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of

trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank 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.—AH bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory

agencies; Comptroller of the Currency; and Federal Reserve.

MARCH 1954 289


REAL ESTATE CREDIT STATISTICS—ContinuedMORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES


Year or month

1940194119421943194419451946 . .1947194819491950195119521953?

1953—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1954—January. . .

Loans acquired

Total

898855935976

1,6612,7863,4073,4304,9805,1113,9784,335

347327403364344359405305313338352478

318

Nonfarm

Total

1,4832,5203,1143,1234,6214,7043,6063,918

309289353321308330371279289309327433

282

FHA-insured

4511,2021,3501,5721,051

864819

806988776267716257606066

51

VA-guar-anteed

600366131930

1,268429457

252529273034363240425681

57

Other

1,4691,5461,6422,1192,3852,3132,642

204195236217216229264185192207211286

174

Farm

178266293307359407372417

383850433629342624292545

36

Loans outstanding (end of period)

Total

5,9726,4426,7266,7146,6866,6367,1558,675

10,83312,90616,10219,31421,25123,275

21,39621,54721,72521,89722,05522,22122,42922,55222,69822,84223,01723,275

23,435

Nonfarm

Total

5,0735,5295,8305,8735,8865,8606,3607,7809,843

11,76814,77517,78719,54621,403

19,70119,83419,99220,13920,27720,42520,61420,72220,86020,99321,16121,403

21,538

FHA-insured

668815

1,0961,2861,4081,3941,2281,3982,3813,4544,5735,2575.6816,015

5,7255,7515,8045,8205,8545,8845,9055,9245,9435,9635,9836,015

6,027

VA-guar-anteed

256844

1,1061,2242,0263,1313,3473,563

3,3583,3673,3703,3883,3903,3963,4123,4303,4483,4733,5113,563

3,599

Other

4 8765,5386,3567,0908,1769,399

10,51811,825

10,61810,71610,81810,93111,03311,14511,29711,36811,46911,55711,66711,825

11,912

Farm

899913896841800776795895990

1,1381.3271,527L,7O5L.872

1,6951,7131,7331,7581,7781,7961,8151,830,838.849

1,8561,872

1,897

P Preliminary.NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ

from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement 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.

MORTGAGE i

Year ormonth

19401941194219431944194519461947194819491950195119521953

1953-Jan....Feb....Mar.. .

May'.'.!June..July...Aug...Sept...Oct....Nov...Dec....

1954-Jan....

ACTIVITY OF ALL SAVINGS AND LOANASSOCIATIONS[In millions of dollars]

Loans made, by purpose

Total

1,2001,3791,0511,1841,4541,9133,5843,8113,6073,6365,2375,2506,6177,767

497523639678690733758707684688586584

495

Newcon-

struc-tion

39943719010695

181616894

1,0461,0831,7671,6572,1052,475

147164206226232241237218208219190187

152

Homepur-chase

426581574802

1,0641,3582,3572,1281,7101,5592,2462,3572.9553,488

222222266288295327355340328318265259

217

Otherpur-

poses x

375361287276295374611789851994

1,2241,2361,5571,804

128137167164163165166149148151131138

126

Loans outstanding (end of period)2

Total'

4,1254,5784,5834,5844,8005,3767,1418,856

10,30511,61613,62215,52018,44421,929

19,105

20,133

21,145

21,929

FHA-in-

sured

563717841864906

1,049

924

962

1,015

1,049

VA-guar-

anteed

2,3972,5862,9693,1253,3983,972

3,492

3,593

3,745

3,972

Con-ven-

tional8

7,3458,3139,812

11,53014,14016,908

14,689

15,578

16,385

16,908

1 Includes loans for repair, additions and alterations, refinancing, etc.aPrior to 1948, data are not available for classifications shown.'Excludes shares pledged against mortgage loans.Source.—Home Loan Bank Board.

NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS

[Number in thousands; amounts (except averages) in millions of dollars]

Yearor

month

194019411942194319441945 . .19461947194819491950195119521953

1953-Jan....Feb . . . .Mar . . .

May.'.'.'June . .Ju ly . . .Aug. . .Sept...Oct....Nov. . .Dec . . .

1954-Jan....

Num-ber

1,4561,6281,3511,2741,4461,6392,4972,5672,5352,4883,0322,8783,0283,164

228229264275273282286273275278245255

218

Amount, by type of lender

Total

4,0314,7323,9433,8614,6065,650

10,58911,72911,88211,82816,17916,40518,01819,747

1,4011.3Q11,6271,7091,6991,7691,798L,709,729

1,746

1,622

1,372

Sav-ings &loan

assns.

1,2831,4901,1701,2371,5602,0173,4833,6503,6293,6465,0605,2956,4527,365

477503605642641682699671654658564569

467

Insur-ancecom-

panies

334404362280257250503847

1,0161,0461,6181,6151,4201,480

111110126127133131132122125123114126

108

Com-mer-cial

banks

1,0061,166

886753878

1,0972,7123,0042,6642,4463,3653,3703,6003,680

278269316325317325323310315320290291

263

Mutualsav-ings

banks

170218166152165217548597745750

1,0641,0131,1371,327

938492

102111120127111123123113128

85

Other

1,2381,4541,3591,4391,7462,0693,3433,6313,8283,9405,0725,1125,4095,895

442425488513497511517495512522468508

449

Aver-age

amountre-

corded(dol-lars)

2,7692,9062,9183,0313,1863,4484,2414,5704,6884,7555,3355,7015.9506,241

6,1366,0686,1536,2066,2216,2826,2826,2706,2766,2836,3116,372

6,292

Source.—Home Loan Bank Board.



REAL ESTATE CREDIT STATISTICS—ContinuedGOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE

Yearor

month

1939194019411942194319441945 .194619471948194919501951195219531953—Jan

Feb. . . .Mar. . .AprMay. . .June...July. . .Aug... .SeptOct. . . .Nov. . . .Dec.. . ,

1954—Jan

1 Monthly fig

Total

925991

1,1521,121

934877857

3,0585,0745^2225,2507,4166,8345,8306,946

539539504577530516602597629661694556

512

Total

925991

1,1521,121

934877665756

1,7883^3413,8264,3433,2203,1133,882

296265276342314274363349320368408304265


FHA-insured

Homemortgages

Newprop-erties

486588728766553484257120477

1,4341,3191,6371,216

9691,259

1081031031099791

109106106113105110117

Ex-istingprop-erties

208175183208210224217302418684892856713974

1,030103868992909594878080686366

loans

Pro-ject-type

mort-gages1

5213142185562013

360609

1,0211,157

584322259

18152022251940231223251512

Prop-ertyim-

prove-mentloans2

17921622812686

114171321534614594694707848

1,334676164

11910269

120133122151210116

69

VA-guaranteed loans8

Total

1922,3023,2861,8811,4243,0733,6142,7213,064

243274228235216242239248309293286252247

Homemortgages

Newprop-erties

7931,8652,6671,8242,045

161184152157149164160166197193192170174

Ex-istingprop-erties

6291,202

942890

1,0148290757866787982

11299938273

ures do not reflect mortgage amendments included in annual totals.2FHA-insured property improvement loans ire not ordinarily secured by mortgages

guaranteed alteration and repair loans of $1,000 or lesfor more than that amount must be.

s need not be secured,

"Prior to 1949, data are not available for classifications shown.NOTE.—FHA-insured loans represent gross amount of

Alter-ationand

repair2

35666

.6

.6

.5

.4

.5

.4

.4

.3

.4

.5

.5

.44

; VA-whereas those

insurance written; VA-guar-anteed loans, gross amount of loans closed. Figures do not take account of principal repay-ments on previously in 3ured ortype are derived from data on

guaranteed loans. For VA-guaranteed loansnumber and average amount of loans closed.

Sources.—Federal Housing Administration and Veterans Administration.

, amounts by

MORTGAGE DEBT OUTSTANDINGNONFARM

End ofyear orquarter

1939194019411942194319441945194619471948194919501951

1953P

1951—Sept...D e c . . .

1952—Mar. P . .JuneP. .Sept. P . .Dec.P. .

1953—Mar. P..JuneP..Sept.P..Dec.p..

1- TOON

4-FAMILY PROPERTIES[In billions of dollars]

Total

16.317.318.418.217.817.918.523.128.233.337.545.151.958.265.050.451.9

53.254.856.558.2

59.661.563.365.0

p Preliminary.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

FHA-in-

sured

1.82 . 33 . 03 . 74 . 14 . 24 . 13 . 73 . 85 . 36 . 98 . 69 . 7

10.812.09.59.7

9 . 910.110.410.8

11.111.411.712.0

VA-guar-anteed

.22 . 45 .57.28 .1

10.313.214.616.112.513.2

13.613.914.314.6

15 015.315.816.1

Con-ven-

tional

14.515.015.414.513.713.714.217.018.920.822.526.229.032.836.928.429.0

29.730.831.732.8

33 534.835.836.9

debt outstanding, figures forfirst three quarters are Federal Reserve estimates.For conventional, figures are derived.

Sources.—Home Loan Bank Board.ing Administration, 1

Federal Reserve.Veterans

Federal Hous-Administration, and

FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY

[In millions of dollars]FEDERAL HOME LOAN BANK LENDING


End of yearor month

Author-ized

fundsun-

com-mitted

528848918661

1,085550

1,008934876816610597586566556552550

550542

Com-mit-

mentsun-dis-

bursed

227824485239323638

313322326357542526523544568608638

666685

Mortgage holdings

Total

199828

1,3471,8502,2422,462

2,3292,3942,4482,4772,4982,5272,5412,5402,5262,4902,462

2,4342,424

FHA-in-

sured

188403169204320621

358395429457477508536556585594621

625641

VA-guar-

anteed

11425

1,1781,646L.9221,841

1,9711,9992,0192,0202,0202,0192,0051,9841,9411,8961,841

1,8091,783

Mort-gagepur-

chases(duringperiod)

198672

1,044677538542

5381684031393326393042

3747

Mort-gagesales

(duringperiod)

Year or month Ad-vances

Repay-ments

Advances outstanding(end of period)

Total Short-term1

Long-term2

194819491950195119521953

1953—February.MarchAprilMayJuneJulyAugust...SeptemberOctober. .NovemberDecember.

1954—January..February.

2046911156

221

37331

0)11194459615750

iLess than $500,000.Source.—Federal National Mortgage Association.

194519461947194819491950195119521953

1953—February..MarchAprilMayJuneJulyAugustSeptember.October...November.December.

1954—January...February..

278329351360256675423586674

1430474497617083627179

2615

213231209280337292433528611

7146322623792528452514

226

195293436515433816806864952

627610626645718700746801819865952

751677

176184218257231547508565634

401391406416471469510557564589634

496438

19109217258202269298299317

226219220229248231236244255276317

255239

1 Secured or unsecured loans maturing in one year or less.2Secured loans, amortized quarterly, having maturities of

more than one year but not more than ten years.Source.—Home Loan Bank Board.

MARCH 1954 291


STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDITCONSUMER CREDIT, BY MAJOR PARTS

[Estimated amounts outstanding, in millions of dollars]

End of yearor month

1939194019411942

194519461947194819491950195119521953


1954—January

Total

7,2228,3389,1725,983

5,6658,384

11,57014,41117,10420,81321,46825,82728,896

25,67425,50425,94626,45527,05627,41127,58127,81027,97928,16628,25228,896

28,125

Instalment credit

Total

4,5035,5146,0853,166

2,4624,1726,6958,968

11,51614,49014,83718,68421,807

18,85118,98219,39119,76720,21320,63521,00421,21821,34721,48621,58621,807

21,444

Automobilepaper1

1,4972,0712,458

742

455981

1,9243,0544,6996,3426,2428,099

10,289

8,2738,4808,7999,1119,4329,6929,973

10,13610,23210,33710,35810,289

10,084

Otherconsumer

goodspaper i

1,6201,8271,9291,195

8161,2902,1432,8423,4864,3374,2705,3285,605

5,2885,2085,2175,2175,2725,3335,3515,3625,3525,3665,4065,605

5,495

Repairand mod-ernization

loans2

298371376255

182405718843RR7

,006,090,406,606

,403L.4041,4161,4351,4621,4931,5161,5341,5621,5851,6041,606

1,587

Personalloans

1,0881,2451,322

974

1,0091,4961,9102,2292,4442,8053,2353,8514,307

3,8873,8903,9594,0044,0474,1174,1644,1864,2014,1984,2184,307

4,278

Noninstalment credit

Total

2,7192,8243,0872,817

3,2034,2124,8755,4435,5886,3236,6317,1437,089

6,8236,5226,5556,6886,8436,7766,5776,5926,6326,6806,6667,089

6,681

Single-payment

loans

787800845713

7461,1221,3561,4451,5321,8211,9342,0942,127

2,1432,1182,2112,2462,2942,1972,0792,1312,1302,1312,1002,127

2,083

Chargeaccounts

1,4141,4711,6451,444

1,6122,0762,3532,7132,6803,0063,0963,3423,249

2,9752,6782,6132,6822,7632,7812,7052,6682,7162,8112,8403,249

2,893

Servicecredit

518553597660

8451 014: ,166

,285,376,496,601,707,713

,705,726,731,760,786

L.798L.793L.793L.7861,7381,7261,713

1,705

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

Totalinstal-mentcredit

Financial institutions

TotalCom-

mercialbanks

Salesfinancecom-

panies

Creditunions Other

Retail outlets

TotalDepart-

mentstores i

Furni-ture

stores

House-hold

appli-ance

stores

Auto-mobile

dealersJ Other

1939194019411942

19451946 . . •1947194819491950195119521953

1953—January..February.March . . . .AprilMayJuneJulyAugust. . .SeptemberOctober. .NovemberDecember.

1954—January..

4,5035,5146,0853,166

2,4624,1726,6958,968

11,51614,49014,83718,68421,807

18,85118,98219,39119,76720,21320,63521,00421,21821,34721,48621,58621,807

21,444

3,0653,9184,4802,176

1,7763,2355,2557,0929,247

11,82012,07715,41018,534

15,67815,91016,38016,80017,22217,62118,00018,20518,32818,43918,49518,534

18,276

1,0791,4521,726

862

7451,5672,6253,5294,4395,7985,7717,5248,856

7,6657,7978,0598,2868,4918,6758,8188,8798,8938,9088,8818,856

8,723

1,1971,5751,797

588

300677

1,3551,9902,9503,7853,7694,8336,147

4,9305,0315,1745,3125,4805,6335,8165,9246,0056.0936,1476,147

6,062

132171198128

102151235334438590635837

1,064

842851880906928962988

1,0091,0291,0411,0501,064

1,043

657720759598

629840

1,0401,2391,4201,6471,9022,2162,467

2,2412,2312,2672,2962,3232,3512,3782,3932,4012,3972,4172,467

2,448

1,4381,5961,605990

686937

1,440,876,269

2,6702,7603,2743,273

3,1733,0723,0112,9672,9913,0143,0043,0133,0193,0473,0913,273

3,168

354394320181

131209379470595743920

1,1171,068

1,0841,023974925933937923931943957983

1,068

1,031

439474496331

240319474604724791760866866

832822812807809812812813811812826866

836

183196206111

173879127168239207244276

237236236242248256260263265266270276

270

12316718853

2847101159239284255308407

315324336348362373386396399406408407

400

339365395314

270324407516543613618739656

705667653645639636623610601606604656

631

1 Includes mail-order houses.aIncludes 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

(Estimated amounts outstanding, in millions of dollars]

End of yearor month

1939. .194019411942

19451946194719481949. .1950195119521953

1953—January...February..MarchAprilMayJuneJulyAugust . . . .September.October. . .November.December.

1954—January.. .

Totalnon-

instal-mentcredit

2,7192,8243,0872,817

3,2034,2124,8755,4435,5886,3236,6317,1437,089

6,8236,5226,5556,6886,8436,7766,5776,5926,6326,6806,6667,089

6,681

Financialinstitutions(single-pay-ment loans)

Com-mer-cial

banks

625

1

1

636693593

674,008,203,261,334,576,684,844,848

1,8781,8871,9601,984L ,9851,9221,8301,8701,8571,8671,798L,848

,824

Other

162164152120

72114153184198245250250279

265231251262309275249261273264302279

259

Retailoutlets(charge

accounts)

De-part-ment

stores »

236251275217

290452532575584641685730769

587504492487498492457453500524578769

631

Other

1,1781,2201,3701,227

1,3221,6241,8212,1382,0962,3652,4112,6122,480

2,3882,1742,1212,1952,2652,2892,2482,2152,2162,2872,2622,480

2,262

Servicecredit

518

11

1

553597660

845,014,166,285,376,496,601,707

L ,713

L.7O51,726L ,7311,7601,7861,798L ,7931,793L ,7861,7381,7261,713

,705

1 Includes mail-order houses.

INSTALMENT CREDIT HELD BY SALES FINANCECOMPANIES, BY TYPE OF CREDIT

[Estimated amounts outstanding,

End of yearor month

1939194019411942

194519461947194819491950195119521953

1953—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember. . .December... .

1954—January


1,1971,5751,797

588

300677

1,3551,9902,9503,7853,7694,8336,147

4,9305,0315,1745,3125,4805,6335,8165,9246,0056,0936,1476,147

6,062

Auto-mobilepaper

8781,1871,363

341

164377802

1,3782,4253,2573,1834,0725,306

4,1594,2604,4024,5364,6944,8365,0075,1085,1865,2725,3215,306

5,228

in millions of dollars]

Othercon-

sumergoodspaper

115136167

78

2467

185232303313241332367

337339342345351356367374375372368367

359

Repairand

modern-izationloans

148190201117

581412422168357708283

818079807876757274767983

86

Per-sonalloans

56626652

5492

126164139158275347391

353352351351357365367370370373379391

389

INSTALMENT CREDIT HELD BY COMMERCIAL BANKS,BY TYPE OF CREDIT


End of yearor month

19391940...19411942

194519461947194819491950195119521953 . .

1953—January...February..M a r c h . . . .AprilMayJuneJulyAugust . . . .September.October. . .November.December.

1954—January...


1,0791,4521,726

862

7451,5672,6253,5294,4395,7985,7717,5248,856

7,6657,7978,0598,2868,4918,6758,8188,8798,8938,9088,8818,856

8,723

Automobilepaper

Pur-chased

237339447149

66169352575849

1,1771,1351,6332.135

1,6851,7331,8141,9021,9892,0432,0952,1232,1412,1572,150>,135

',079

Direct

178276338134

143311539753946

1,2941,3111,629J 884.

1,6521,6951,7611,8211,8691,9061,9411,9571,9481,939L,9201,884

,834

Othercon-

sumergoodspaper

166232309153

114299550794

1,016

:

,315,751

.,038

1,809L ,8351,9091,9561,9902,0292,0552,056',0362,032',0272,038

2,037

Repairand

mod-erniza-

tionloans

135165161124

110242437568715834888

1,137J 301

1

1,133L.1361,1441,1601,1841,212L,2341,2511,2731,291L,3031,301

,283

Per-sonalloans

363440471302

312546747839913

) 0371,1221,3741,498

1,3861,3981,4311,4471,4591,485L.4931,4921,4951,4891,4811,498

L.490

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

1953—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember. . .December... .

1954—January


789891957726

731991

1,2751,5731,8582,2372,5373,0533,531

3,0833,0823,1473,2023,2513,3133,3663,4023,4303,4383,4673,531

3,491

Auto-mobilepaper

81102122

65

5477

130189240330358457557

462468486504518534544552558563559557

543

Othercon-

sumergoodspaper

24303627

20346999

137182209279334

284286291297302307311315321321328334

331

Repairand

modern-izationloans

15161414

1422395989

115132187222

189188193195200205207211215218222222

218

Per-sonalloans

669743785620

643858

1,0371,2261,3921,6101,8382,1302,418

148140177206

2,2312,2672,3042,3242,3362,3362,3582,418

2,399

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.

MARCH 1954 293


STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—ContinuedINSTALMENT CREDIT EXTENDED AND REPAID


Year or month

19401941

194519461947194819491950 .19511952 .1953

UNADJUSTED

1953—JanuaryFebruaryMarchAprilM a yJuneJulyAugust.. .SeptemberOctober .NovemberDecember

1954—January

SEASONALLY ADJUSTED*

1953—JanuaryFebruary,M a r c h . . . .AprilMayJuneJ u l y . . . .AugustSeptember.OctoberNovember.December

1954—January

Total

Extended

8,2199,425

5,3798,495

12,71315,54018,00221,25622,79128,39729,812

2,2822,1542,7132,6052,5802,6702,6022,4362,3892,4862,2972,598

1,869

2,5952 5852,7132,5462,4852 4582,4982,3582,4092,3932,4412,331

2,211

Repaid

7,2088,854

5,0936,785

10,19013,26715,45418,28222,44424,55026,689

2,1152,0232,3042,2292 1342,2482,2332,2222,2602,3472,1972,377

2,232

2,0952,1732,2762,2322,1842,1952,1832,2732,2522,2492,2942,283

2,301

Automobilepaper

Extended

3,0863,823

9991,9693,6925,2807,1828,9289,362

12,30613,553

J . 050,044

1,281,258

1,218,219

L ,2261,1261,0891.121

974947

750

1.174,236,248,168,142,090.117

1,0441,1021,1171,0801,035

872

Repaid

2,5123,436

9411,4432,7494,1505,5377,2859,462

10,44911,363

876837962946897959945963993

1,016953

1,016

955

862909947955917939921967962963

1,0061,015

977

Other consumergoods paper

Extended

2,5882,929

2,0243,0774,4985,2805,5336,4586,5187,9597,741

580507657648658687622619625668646824

517

711628710675649672662621600589631593

661

Repaid

2,3812,827

1,9992,6033,6454,5814,8895,6076,5856,9017,464

620587648648603626604608635654606625

627

604611644632610622609643633633619604

636

Repair andmodernization loans

Extended

328312

206423704702721826853

1,2431,340

9580

11110911512912412012013110898

67

118108127113109112114108112111106102

87

Repaid

255307

143200391577677707769927

1,140

987999908898

10110292

1088996

86

8980

10098989996

10094

1009294

81

Personalloans

Extended

2,2172,361

2,1503,0263,8194,2784,5665,0446,0586,8897,178

557523664590589635630571555566569729

535

592613628590585584605585595576624601

591

Repaid

2,0602,284

2,0102,5393,4053,9594,3514,6835,6286,2736,722

521520595545546565583549540569549640

564

540573585547559535557563563553577570

607

* Includes adjustment for differences in trading days,

FURNITURE STORE STATISTICS

Item

Net sales:TotalCash sales ,Credit sales:

Instalment ,Charge account

Accounts receivable, endof month:

TotalInstalmentCharge accounts

Inventories, end ofmonth, at retail value.

Percentage changefrom preceding

month

Jan.1954

-43-47

-43-34

- 6- 4

- 1 1

- 2

Dec.1953

+25+38

+20+27

+5+5

n.a.

Nov.1953

- 20

- 4- 3

+2+2

n.a.

- 2

Percentage changefrom correspondingmonth of preceding

year

Tan.1954

- 1 4- 1 5

- 1 8- 6

0

+ 1- 7

- 5

Dec.1953

- 1 5- 1 4

- 2 0- 6

+ 10

n.a

- 1

Nov.1953

- 6- 2

- 9- 3

+5+2

- 4

n.a. Not available.

RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

Year or month

January. . .February..MarchAprilMayJuneJulyAugust. . . .September.OctoberNovember .

1953

December.

1954—January

Instalment accounts

Depart-mentstores2

131315141414131414141414

13

Furni-ture

stores2

121112121213121212121111

House-hold ap-pliancestores

1110111010101010101099

Chargeaccounts

Depart-mentstores

474449464647464546484746

45

1 Collections during month as percentage of accounts outstanding atbeginning of month.

2Data for 1953 have been revised and are not comparable withcollection ratios for earlier dates.



BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Yearor month

1919 .192019211922192319241925

19261927192819291930

1931 .1932193319341935

19361937193819391940

1941194219431944 .1945

1946194719481949 . . .1950

195119521953

1952

AugustSeptember..OctoberNovember..December. .

1953

January. . . .February.. .MarchApril . . .IllayJuneJuly . . . .AugustSeptember..OctoberNovember. .December. .

1954

January . . . .February...

Industrial production(physical volume)*1

(1947-49 = 100)

Total

Ad-justed

123129130133133

134134135136137136137136133132129

'126

125P123

Unad-justed

39413139474449

5151535949

4031374047

5661485867

87106127125107

90100104

97112

120124

P134

123131134134131

132136138136136136129136135136130

••124

124P125

Manufactures

Total

Ad-justed

38393039454348

5050525848

3930363946

5560465766

88110133130110

90100103

97113

121125

P136

125130132135135

136136137138139138139138

134134131

'127

126P125

Du-rable

Ad-justed

38422437474349

5249536045

3119243038

4955354963

91126162159123

86101104

95116

128136

P153

135144147151152

154155155155156154157157152151146

'142

140P137

Non-du-

rable

Ad-justed

37363440444246

4850515651

4842484955

6164576669

8493

1039996

9599

10299

111

114114

P118

114116117118118

117118119121123121121119117117115

112

112P112

Min-erals

Ad-justed

45534245625759

6364636859

5142485155

6371626876

8184879392

91100106

94105

115114

P116

111119111118117

116116115115117119120119118114

112112

114P114

Constructioncontracts

awarded (value)2

1947-49=100

Total

Ad-justed

34343043455166

6969736349

3415141720

3032353944

6689372236

8284

102113159

171183192

207207210196205

190173177179161169172205218230224208

195

Resi-den-tial

Ad-justed

26182741495775

7371765230

22877

13

2225273743

5449241016

878698

116185

170183178

193191185178183

173182176179164174175184180183176177

185

Allother

Ad-justed

39453243424659

6768707062

4120182425

3536404044

74116

453050

7983

105111142

172183201

217218227207219

201167178179159166170220243262255229

202

Employment and payrolls8

1947-49=100

Non-agri-cul-turalem-ploy-ment

Ad-justed

61.662.255.458.764.663.865.5

67.968.268.371.367.0

60.653.753.959.061.6

66.270.666.469.673.6

83.191.296.695.392.1

95.199.4

101.599.1

102.3

108.0109.8

P112.5

109.9110.8111.3111.8112.0

112.1112.4112.5112.5112.8113.2113.2112 8112.6112.6111.8111.1

110.7nio.3

Manufacturingproduction workers

Employ-ment

Ad-justed

104.7106.8107.8109.2110.0

110.6111.2112.0112.4112.6112.7112.4111.0109.8108.4106.7

105.2

104.1P102.7

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

106.2105.5

P110.4

105.7109.0109.6110.2110.8

110.1111.0111.8111.2110.8111.5110.5112.0111.8110.2107.7

106.0

103.7P102.5

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

129.6135.3

P149.2

134.2143.3145.7146.3150.9

148.4149.3151.9150.0149.9150.8148.9151 6150.9149.3

145.6144.0

138.9136.9

Freightcarload-

ings*1947-49

= 100

Ad-justed

90988392

107105110

11511111211599

7959626769

8184677683

98104104106102

1001081048897

1019596

9510197

10199

1019899979897939896959288

9088

Depart-ment

sales*(retailvalue)4

1947-49= 100

Ad-justed

27323030343436

3737373835

3224242729

3335323537

4450566270

9098

10498

105

109110112

113108115111115

111112115110117115113112107110113112

P108«110

Con-sumerprices3

1947-49= 100

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

114 3114.1114.2114.3114.1

113.9113.4113.6113.7114 0114.5114 7115 0115.2115.4115.0114.9

115.2

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 6

112 2111.8111.1110.7109.6

109.9109.6110.0109 4109 8109.5110 9110 6111.0110.2109.8110.1

110.9110.5

• Estimated. P Preliminary. r Revised.* Average per working day.1 Revised index; for description see BULLETIN for December 1953.2Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division

of Research and Statistics. For monthly data (dollar value) by groups, see p. 303.3The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of

the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumerprices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49 = 100.

4For indexes by Federal Reserve districts and for other department store data, see pp. 305-309.Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 1490-

1515.

MARCH 1954 295



Industry

SEASONALLY ADJUSTED

Industrial Production—Total

Manufactures—Total

Durable Manufactures—Total....

Primary metals

Metal fabricatingFabricated metal productsMachinery

Nonelectrical machineryKlectrical machinery

Instruments and related p roduc t s . . . .

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 products

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

WITHOUT SEASONAL ADJUSTMENT

INDUSTRIAL PRODUCTION-TOTAL

MANUFACTURES—TOTAL

Durable Manufactures—Total

Ferrous metalsPig iron and steel

Pig ironSteel . . . .

Carbon steelAlloy steel

Ferrous castings and forgingsIron and steel castingsSteel forgings

[Federal

947-49pro-por-tion

100.00

90.02

45.17

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

1.6382

.81

100 00

90.02

45.17

6.705 033 51

.373 052 62

.431.521.29

.23

Reserve indexes, 1947-49

Annual

1951

120

121

128

126

131122130126138135128

121131113

116111120

114

106107105

10511994

118125113

132136122

105105107

115

114948296

123

121116127

120

121

128

126129131123131128153127124140

1952

124

125

136

116

146121147136167154142

118125111

118113122

114

105103108

10711699

118120116

133137123

106105110

114

113837884

128

115108123

124

125

136

116115115107117112144114109143

average =100]

1953

Jan.

134

136

154

135

168135164144203191153

126129122

129120135

117

107103112

117131104

121125119

138142128

106106106

116

116776080

134

116111121

132

135

154

137139145133146139189125118164

Feb.

134

136

155

137

168136163145200191153

128133124

128119135

118

108106110

118134104

123130119

139143128

108107120

116

115775980

134

118113123

136

139

158

142142145132146139192136128181

Mar.

135

137

155

136

168137163147195190155

127135121

131121138

119

110108112

119138103

125133120

140145128

108107116

115

113745677

132

121116126

138

140

160

143145149135150143194136128179

Apr.

136

138

155

136

169138164147195190153

127134120

134124141

121

113109116

120137104

125134120

144148131

108108108

115

114754779

133

121118124

136

139

159

141142144130146139191136129176

M a y

137

139

156

139

169139162146194192156

127135119

135123143

123

115113117

122139108

126134121

146151131

109109107

117

116856588

131

120118122

136

138

157

142143147133148140196133125179

June

136

138

154

137

168139161144194188157

124134114

135122145

121

113111115

11313099

126134121

145150131

106106103

119

119866289

134

121117125

136

138

155

138138142133143137183127120166

July

137

139

157

136

171142164145200196156

127135119

134121143

121

111108114

116130104

126134121

146152132

107108103

120

120876889

135

121116125

129

130

147

124127136132137131170106101133

Aug.

136

138

157

137

171140165145203191156

125135116

135119146

119

106104109

11112797

126133121

143148132

108108104

119

119865990

135

120117124

136

137

153

130131138131138133169116112141

Sept.

133

••134

152

130

166135161141200186155

rl22134

1 1 4

129114140

117

102100104

10512191

126135121

143147131

108109104

118

118815784

136

120117123

135

136

151

127127134130134131152113109137

Oct.

132

134

151

128

166134159141193189

1 5 4

rl23133

1 1 7

129113

1 4 0

117

10298

"107

10512093

'126132123

142146129

108••108106

114

113765480

131

116108

1 2 4

136

138

154

129130136132136138126117113139

N o v

129

131

146

122

1591 3 0

153137

1 8 4178155

r1211321 1 5

127r109138

rll5

9895

101

103118r9l

125132121

r1411 4 5129

108108108

r112

111705073

1 3 1

1141 0 31 2 4

130

132

146

122122128127129131113108103

1 3 4

Dec.

126

127

142

113

156126146133172182154

118129110

124106136

113

9589

101

10411693

122125120

140145128

103103112

113

112695571

133

114101128

124

125

140

11011111411711411610510198

123

1954

Jan.

P125

PI 26

PI 40

P110

P!55P124P143P131P168P184*P149

P!20P126P115

P121P105P132

P112

P95P 9 0

P100

P102P115

P91

P122P 1 2 5P 1 2 0

P139P144P126

P104P104P107

P 1 1 4

P114706272

P 1 3 5

PIIOP100

P124

P125

P140

P112

115113115115115

P Preliminary. r Revised.NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance

group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes 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]

Industry

WITHOUT SEASONAL ADJUSTMENT—Continued

Primary metals—ContinuedNonferrous metalsPrimary nonferrous metalsCopper smelting .Copper refiningLeadZincAluminum

Secondarv 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 machineryFarm machineryIndustrial and commercial ma-

chineryIV̂ achine tools and presses

Laundry and refrigeration appliances.

Electrical machineryElectrical apparatus and partsRadio and television sets

Transportation equipment . . .Autos, trucks, and parts

AutosTrucks

Light trucksMedium trucksHeavy trucksTruck trailers .... ...

Auto and truck partsAircraft and parts ... .

Railroad equipmentRailroad cars

Instruments and related products..

Clay, Glass, and Lumber Products

Stone, clay, and glass productsGlass and pottery productsFlat glass and vitreous products. . .Flat and other glass

Glass containers

CementStructural clav oroducts

BrickClay firebrick, pipe, and tile

Concrete and plaster productsMisc. stone and earth manufactures..

Lumber and productsLumberMillwork and plywoodMillworkSoftwood plywood

Furniture and Misc. Manufactures

Furniture and fixtures .. .Household furniture .Fixtures and office furniture

1947-49pro-por-tion

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

5.91

2.821.09.60.47.26.23.32.35.12.20.48.58

3.092.05.60.39.12.29

4.04

1.641.10.54

2.40

Annual

1951

11611410710292109140120116108128124

131

12212212812098

130

126126114

128144124

138127178

135120127125120931801611142111218977

128

121

131120130131113103123122121123151143

113107136116159105

116

111109114

120

1952

11912310699100112156114119113140115

146

12112112112289

147

136135103

140179108

167162184

15410210311110569194137983681367462

142

118

12511412212411294124112108116155131

11110513811816799

118

113113112

122

1953

Jan.

132131101106105112177115135128160132

169

13413614110186

167

147143107

148192142

207178288

189126132119126611951631244551427976

153

117

12512013413910710011110084113149137

110101153136177101

128

121123117

132

Feb.

142143114110111116202126143131178145

172

13613714210491

170

149143110

148190163

210179294

195134151121118552141841274611388382

153

124

12912513614111411011310390113153139

119110170142211102

131

122126116

136

Mar.

139146126110106115205122138119190144

175

13813914510592

172

154146112

151193186

206183266

199142161144144872331871314611387664

157

127

13212813914312310711910697114155142

122112172143218103

133

123127116

140

Apr.

138147122115107114207133136113195146

173

13913914511499

167

150144109

149192163

199184237

198143170142138802182461274521397865

155

130

13412613814212299132111108114162142

126120164125226103

132

121123118

140

May

13914311511696113207118139125186138

170

139139144120102

163

148142105

148191148

192182208

194137162124107532012851254521367666

156

128

13512513713912693137110108114164143

122114159124215103

130

118119115

139

June

13914410812984116212121139128183135

168

13914014313486

159

146142102

148189137

184182180

19313616610676371982701264521357462

157

129

13612313513712986138117119118168142

122117152109222104

131

117117117

140

July

1151431091208911121510110785174109

161

13513513716083

148

13813798

143184101

168176136

190131161118113571752471164611336258

151

122

13211312812812265142114113117172141

11210912898174101

125

113112114

133

Aug.

12814110510784115217110125112169124

166

140137136199108

157

13713693

14218396

197178242

189126153127118621862821104731306656

153

129

13712313413513286143114114117175143

12212313511516498

132

116116117

143

Sept.

12614711111697115222107121108163122

164

137135133182106

158

13713586

142187107

200179249

182114134115114541512751024801276455

155

127

13612213613912184144116118115169145

rl2l118"131117

94

132

115114118

144

Oct.

12814711412499115213

123110158127

167

"137136"133139113

161

13813579

143"188116

205178276

18912215110610650146232109"4811258383

156

129

139'128"14114512793145116116118"170146

rl23120"134116

"96

135

116"116"117

148

Nov.

121146109121120107215

114103"136121

15«

"130134130124"82

"154

135"13373

142187102

"191"176230

"173103107958547134229102"4561236761

"156

rl21

13412213914311486137112109116"163144

"114110120101

94

rl33

114114"115

145

Dec.

10814610912110810821?

9678126114

155

126134132

63

149

13713474

143188113

172175157

1741011079810056150149994701255441

155

112

1281151361401027611910697114158146

999311587

94

127

112111118

138

1954

Jan.

104110108

P!55

P122P127

P146

P133

P76

P172

173

P183

135P120

P60

49

P149

P112

P122

P137115

104

P104P140P139

P10498

P90

P120

P103P112

P130

p Preliminary. " Revised.For other footnote see preceding page.

MARCH 1954 297


INDUSTRIAL PRODUCTION—Continued

Industry


—Continued

Nondurable Manufactures—Total...

Textiles and ApparelTextile mill products

Cotton and synthetic fabricsCotton consumptionSynthetic fabricsFabric finishing

Wool textilesWool apparel yarnsWool fabrics. ..

Knit goodsHosieryFull-fashioned hosierySeamless hosiery.

Knit garmentsFloor coveringsWoven carpets

Apparel and allied productsMen's outerwearMen's suits and coatslien's suitsMen's outercoats

Women's outerwearWomen's suits and coats

Misc. apparel and allied mfrs

Rubber and Leather Products

Rubber productsTires and tubes

Auto tiresTruck and bus tires

I^Iiscellaneous rubber products

Leather and productsLeather

Cattlehide leathersSkin leathers

Shoes and slippersMiscellaneous leather products

Paper and Printing

Paper and allied productsPulp and paper

W o o d pulpPaper and b o a r d . . . . ...

Printing paperFine paperCoarse paper . . . . .^iiscellaneous paper .Pa perboardBuilding paper and board

Converted paper productsShipping containersSanitary paper products

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 oils.Vegetable oilsGrease and tallow

Soap and allied productsPaintsFertilizers

[Federal

1947-49pro-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

Reserve indexes, 1947-49

Annual

1951

114

106

107112114122100979997110113119981069078

105103888486104106120108

105

11911594144123

948487779799

118

125126132123115123125130126115125124131

113115113

132

136146135149163184148143112112111107108112

1952

114

105

1031051041121028596831151161211051139580

108105878383114108123111

107

116115106128117

99878786104101

118

120120132116111117112123117112120120126

116115117

133

137140137141157175141133112110119110112122

average = 100]

1953

Jan.

115

108

104106106111100799078119120124110117109100

113110929465121115147114

117

132122114132142

104949789110103

119

125127141121118109117129130105123120137

116106121

140

144149149149178179156135134134137112116119

Feb.

119

117

112114113116119839880125128134116120118110

12312810710969142123160118

125

140135128145144

11210010098120108

124

133131142127121118120131136117136136141

118115120

142

147150153149190191149135131127143126116139

Mar.

121

116

113117114120124829979123122128108124117110

12013410911271151106109119

125

143138136142148

110949296118109

128

136132144127120118120130138119141143141

123125122

143

149154152155200210157138119115130121118168

Apr.

118

108

109111107125106'8093

123123130105124114106

10712310098851388653112

121

140135134137145

104969794109104

128

136134146129122122120132138128139138146

123127120

144

150159154161199221170140112105135112119177

May

119

HI

112115110129112'87103'8312312112810312510087

1101281101021141419467110

118

137132134130142

10210110110010695

126

132131144126119122120126135126132133131

122127120

143

14815915216119122016814310493136112122139

June

121

114

111114110130108'87110'871171111161001259882

11712410998125133119142110

113

131123125121138

979391979998

125

134133146128119118117129140132136137132

120118121

142

1461611491641942141741469583131100121112

July

113

97

93958712474'7890'751028889871216745

1028363577494116150107

101

11410911797119

918079819398

116

12011713011210896104118118116124122131

114102119

139

141157146160163205171148847012476122101

Aug.

121

HI

107110107119100'82102'771181141171051259480

11511710794133122116156112

112

12210611299137

103939490109102

123

135133146127121118118127141121137138134

116106121

141

143157147160175176167150948312597119104

Sept.

122

104

102105104109100'7393'681161151191041179783

106113948311512598115108

107

122103104102

948586839796

127

135130141126118118118128137122140141139

122119123

142

145151138154181162148150109106120116118112

Oct.

'122

103

10010110310287'7482'7311511411810411610189

'107105908394114100123114

111

127108109106

9791948797

'101

132

140138151132124121127136143123143140151

'126129'125

145

151151153150179147143'148140144129134117'108

Nov.

118

98

9610210110596'64'68'63108109114981088869

10010488'86711138795

'110

103

12010199103

'898791798599

129

135133147127120120124131137108136135139

126131'123

'144

'150149153148'173152135150141141140128117100

Dec.

110

93

8790899583'59596098949787

'102'9072

988778814690101126107

99

111938999

888186728894

121

11911712811311210911312411592121118132

'122117125

141

146146

145165153124150135137127117116104

1954

Jan.

Pill

P96

P91

100

94

10411312096

P93

P102

P99

P103

P1179692102

,9!

P99P87

P120

P125

P117

P121

P141

P146

P114P115

P Preliminary. ' Revised.NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE-

TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively.



INDUSTRIAL PRODUCTION—Continued[Federal Reserve indexes, 1947-49 average = 100]

Industry1947-49

pro-por-tion

Annual

1951 1952

1953

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Nov. Dec. Jan.

WITHOUT SEASONAL ADJUSTMENT—Continued

Petroleum and coal productsPetroleum refining

GasolineAutomotive gasolineAviation gasoline

Fuel oilDistillate fuel oilResidual fuel oil

KeroseneLubricating oil

CokeAsphalt roofing and siding

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 distillingLiquor bottling

Tobacco manufacturesCigarettesCigars

MINERALS—TOTAL

Mineral Fuels

CoalAnthraciteBituminous coal

Crude oil and natural gasOil and gas extraction

Crude oilNatural 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

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

.137141

2.24.54

1.701.02

.17

.37

.78

.46

.17

9.98

8.35

2.68.36

2.325.674.824.12

.34

.36

.85

1.63

.82

.33

.49

.24

.09

.06

.81

1.

122125126123174123138105122124112103

105

10510511092

1179691

1009198

12110484

11710110010210110297

105107104100120107

107110101

115

114

948296

123121118148136133

121

11612411111499109

127

12312813212819412815110211911297102

106

1051061141001199892103911021171088412410110410994102100102116981025499

110114105

114

113

837884

128125120159145144

115

10810411011497107

123

12913614013620413616210714210011366

98

98102134117139819488737482108861229868106301109584

82874580

104109101

113

117

816084

134132126180158147

95

4310511190101

110

1281341411362231341601041329511372

98

979911811911489102967886791028111699551058

1109891

12713213713321613215810311810311480

100

999911712011210011110791957510281116100671288

1019999

127131137132227127151100118105113108

100

9998111127981121221241111008099751149867105309897105

12913214013523512514898107109114118

103

102101103126871361451511371219010481120100571161

89101110

131136145140241130155101107106114109

108

1081051051288914614315914014410311078131103801233974107119

132137149144234128153100105103113111

111

112110981277913212013011014916210878128102731292064109121

135138150144243128152100105110112139

118

118118102132821181111169413520910983126101751242792108118

13313614714124712815398108112111123

123

124127111139929988102721182331118412810210612189135113113

13113514313822012815597116111110121

120

120••1211231441078582896794

'15411190125'•101250105370135110116

13113714714321113015510011611210790

111

111'114135139128'8086866880

rlO610382117992779742912810699

12813714614122812915310212410910253

98

981021251341168194937473881017611797177962428810184

904697

117119122

113

115

775980

134132126187156140

98

854511111697104

112

10010354110

113119109

111

113

745277

132131125172155140

102

885311212094101

116

10210953105

104107106

115

114

744579

133129124164155157

121

11913111111895100

123

10210655110

107109112

118

115

816684

131127122152151154

132

1391841091208993

125

10711751104

110114108

120

117

816583

134130126152154157

136

1422011021098790

130

1071274190

9499

88

117

114

695471135130127154154163

134

138199981097879

130

1081293392

117123110

122

119

855690

135131126156158160

137

1401991001128080

133

10811167115

111115110

122

119

846088

136130126150160167

135

1391981001128176

131

118100122148

116118120

118

116

846687

131126120164159158

127

1221551001147972

132

1007988146

111110122

•113

113

765579

131rl28120

80766589

929690

111

113

715174

133127120

162147

110

9585

••1011167874

125

166'163

99

7540991107471

123

P127

v96

P95

126*141114861101007872

P95

Pill

P115

746275

P135

P121

P174

P91

P72

72

P Preliminary. ' Revised.

For other footnote see preceding page.

MARCH 1954 299


OUTPUT OF MAJOR CONSUMER DURABLE GOODS(Adjusted for Seasonal Variation)

[Federal Reserve index numbers, 1947-49 average =-100]

Product group

Total

Household goods, total

FurnitureMai or aoDliances

1953

Jan.

141

134

1491CW

121123279

Feb.

148

146

15010d.122126273

Mar.

146

151

1411 m123125226

Apr.

148

159

135QO

126121201

M a y

144

155

13107

126122182

June

142

158

125/i\

123109182

July

144

159

128

122108204

Aug.

138

149

127

117100217

Sept.

131

139

122

11294

221

Oct.

132

142

121

11093

217

Nov.

121

0)0)(1)f1)0)

Dec.

115

1954

Jan.

P121

p Preliminary.1 Publication has been discontinued pending a general revision of the major consumer durable goods index.

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]

Industry group or industry

ADJUSTED FOR SEASONALVARIATION

TotalDurable ftoods . .

Ordnance and accessories...Lumber and wood productsFurniture and fixturesStone, clay, and glass products..Primary metal industries.Fabricated metal productsMachinery except electricalKlectrical machineryTransportation equipmentInstruments and related prod-

Misc. manufacturing industries..Nondurable goods

Food and kindred products. . . .

Textile-mill productsApparel and other finished tex-

tiles . .Paper and allied productsPrinting, publishing and allied

industries . . .Chemicals and allied products...Products of petroleum and coal.Rubber productsLeather and leather products. . .


TotalDurable goods

Ordnance and A ccessoriesLumber and Wood Products

Sawmills and planing mills..Furniture and Fixtures . . . .

Household furnitureStone, Clay, and Glass Products..Primary Metal Industries

Blast furnaces, steel works

Fabricated Metal Products . .Machinery except Electrical

Metalworking machinery...Electrical Machinery ...

Electrical apparatus (gen-

Communication equipment.Transportation Equipment

Motor vehicles and equip-ment

Aircraft and partsInstruments and Related Products.Misc. Manufacturing Industries..

Feb.

138

1

1

1

51

1

1

138

1

1

1

,757,08914?694325455

,136933

,316907

,543

740398

,668,144

97,117

,10443 S

497511188

357

,733,115142677404332246453

,142

563942

,323227916

781418

,543

798538241404

Mar.

13,8578,175

147698330459

1,139943

1,322916

1,574

243404

5,6821,138

951,123

1,106437

502518188221354

13,8318,211

147688408333247459

1,145

564952

1,335228925

285418

1,574

821542244410

Apr.

138

1

1

1

51

1

1

138

1

1

1

,906,218ISO712

462,144947

,3149?6

,576

743413

,688,132

96,119

,103440

S01526190

359

,758,215150701416329242462

,144

56?952

,321228926

787415

,576

831533244411

M a y

138

1

1

1

51

1

1

138

/

1

1

,930,2201S6713

461,1499S7

,3009?8

,556

744426

,710,138

97,123

,11144?

SO?528189222358

,699,179156713422322237461

,138

56?952

,307227919

788407

,556

816537244413

June

138

1

1

1

51

1

1

138

1

1

1

,943,2281S8724

465,149966

,294970

,548

74S432

,715,124

98,122

448

SO?529189222358

,787,190158731432317232465

,143

S67956

,300227911

?88399

,548

803535245415

1953

July

138

1

1

1

51

1

1

138

1

1

1

,904,20216?718

463,151967

,277974

,533

748431

,702,121

98,128

4S1

S01526188220349

,666,056162718426315228456

,134

S71938

,264222892

783388

,533

796537241403

Aug.

138

1

1

1

51

1

1

138

1

1

1

,733,0991S9704320461

,134960

,247

,521

741429

,634,103

97,119

,0934S?

504521187216342

,054159722479315228463

,128

S7?946

,235221905

281405

,521

77SS4S

239420

Sept.

13 ,7 ,

1,

1,

1,

5 ,1,

1,

1 ,

13 ,

8 ,

1,

1

1

5779981S9699313463117944234913493

74142257911094

108

OSS4S6

S09512185

336

83?016159713473315228465117

S61944228224913

410

493

738sss241428

Oct.

137

1

1

1

51

1

1

7

1

1

1

,409,8911S8695306461

,0949?4

,225896

.479

740413

,518,108

,076

,0534S?

508503186207332

,6?7,941158705419312226463

,099

555929

,219223905

278407

,479

732551241432

Nov.

' 7

' 1

' 1

' 1

'5

r l

' 7

n

,194,712153

'681'300454

,071902

,211872

,423

'404,482,113

96,044

060446

'505'498184200336

,317,767153

'688407

'308'223456

,076

'542907

,205222885

'27'4394

,423

703'528242

'424

Dec.

' 1 3

' 1

' 1

' t

'5'1

'1

'1

' 7

'1

'1

,015,587'150'653'295'442,050'866,196'839,460

'398,428,100'103,021

055'439

'504'491'182198

'335

,107,651'150'650'388'301'216'446,061

'534'879,202'220'856

274368

,460

'726'54 S240

'4C6

1954

Jan.

1?7

1

1

1

51

1

1?7

1

1

1

,879,483146633291430

,032871

,194822

,437

235392

,396,099

99995

053439

503495182197334

,821,493146620370295210426

,037

522880

,194219830

267356

,437

691560236392

Feb.

1?7

1

1

1

51

\

1?7

1

1

1

,70?,349131633285423

,012856

,186806

,395

232390

,353,106

93986

035436

499489182195332

,677,371131617

291

421,017

865,192

814

,395

233396




PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued

[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]

Industry group or industry

Food and Kindred ProductsMeat productsCanning and preserv ing . . . .Bakerv Droducts

Tobacco M.anufactures .Textile-mill Products

Broad-woven fabric mills...Knitting mills

Apparel and Other Finished Tex-tiles

Men's and boys' furnishings.Women's and misses' outer-

wearPaper and Allied Products

Pulp, paper and paperboardmills

Printing, Publishing and AlliedIndustries

NewspapersCommercial printing

Chemicals and Allied Products...Industrial organic chemicals.

Products of Petroleum and Coal..Petroleum refining

Rubber ProductsLeather and Leather Products

Footwear (except rubber)...

Feb.

5,6181,033

24112918094

1,134502232

1,137284

360437

497144159519189186144219364238

Mar.

51

r

l

,620,025?3812318087

499235

,139?89

356439

499146159526190186144221363238

Apr.

51

r

l

,543,027?3313417985

, rro494233

,086

318440

498146158526191188144221355232

M a y

5,5201,051

14618185

1,117494232

1,061288

298440

499148158517192188143220344226

June

5/

1

1

,597,097?3716518485

, 1??497232

,072?88

309

446

50?148159513195/P0145

351231

1953

July

5,6101,184

240244184

1,094490226

1,053277

314442

225

496146157508195190145213344224

Aug.

51

r

l

,797,264240316182/07

, to?486231

,/0P

335

450

400146156511196

146214351228

Sept.

5/

1

1

,816

342183

,007484229

,0<?7?90

454

too149159515193

144

341221

Oct.

5,6861,202

249232183111

1,076475224

1,090288

317452

513150161

190186143209335214

Nov.

'5,550

'258'168'181103

rl 054467

'217

r1,071282

'316450

'149'160r508'187184142204334216

Dec.

'5,456'1,068

'136'177rlO6

r1,036459

'211

'7,07/

'335r446

r512150163

'50/'185

'141202

r333'220

1954

Jan.

51

r

I

,328,0/524412117499

005448203

,053265

337441

*0?146161500182180140199334225

Feb.

5,3061,001

901 001

1,066

438

499

496

180

196339

' Revised.NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked

during, or received pay for, the pay period ending nearest the 15th of the month. Figures for February 1954 are preliminary. Back data anddata for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted databeginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics.

HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES[Compiled by Bureau of Labor Statistics]

Industry group

Average weekly earnings(dollars per week)

1953

Feb. Dec.

1954

Jan. Feb.

Average hours worked(per week)

1953

Feb. Dec.

1954

Jan. Feb.

Average hourly earnings(dollars per hour)

1953

Feb. Dec.

1954

Jan. Feb.

Total

Durable goods

Ordnance and accessoriesLumber and wood products ,Furniture and fixtures ,Stone, clay, and glass productsPrimary metal industries

Fabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentInstruments and related productsMiscellaneous manufacturing industries

Nondurable goods

Food and kindred productsTobacco manufactures ,Textile-mill productsApparel and other finished productsPaper and allied products

Printing, publishing and allied productsChemicals and allied productsProducts of petroleum and coal ,Rubber products ,Leather and leather products

71.17

77.15

77.3863.9662.6769.2983.21

76.8083.0371.2885.6973.3964.12

62.88

64.7145.3954.9449.9871.81

83.7673.1087.4579.3053.19

71. ?6

77.52

'78.94'64.08'63.7471.63

'82.78

78.0283.80

'72.3685.88

'74.75'65.53

'64.45

68.15'49.00'52.61'48.8273.62

'88.8277.19

'91.98'75.66'52.03

70.92

76.40

77.4161.7061.6269.7081.54

76.9282.4070.7485.4472.6263.43

63.53

68.7145.9751.1047.8172.07

86.4076.8691.5374.8851.79

70.71

76.00

78.7863.9962.2470.5378.28

76.1483.2172.2283.1373.8964.40

63.80

67.6446.7051.9249.3271.82

85.5777.4291.5377.6i52.58

40.9

41.7

41.641.041.541.041.4

42.242.841.241.841.741.1

39.8

40.736.940.137.343.0

38.641.340.341.339.4

40.2

40.8r40.9'40.3'40.640.7'39.8

41.541.940.240.7

r41.3'40.7

39.3

41.339.2'38.4'35.942.8

'39.341.5'40.7'39.237.7

39.4

40.0

39.939.339.539.639.2

40.741.239.340.339.939.4

38.5

40.936.237.334.941.9

38.441.140.538.837.8

39.5

40.0

40.440.539.940.338.0

40.541.439.939.440.640.0

38.9

40.536.237.936.042.0

38.241.440.539.838.1

1.74

1.85

1.861.561.511.692.01

1.821.941.732.051.761.56

1.58

1.591.231.371.341.67

2.171.772.171.921.35

1.79

1.90

1.93'1.591.571.76

'2.08

1.882.00

'1.802.11

'1.811.61

1.64

1.65'1.251.371.361.72

'2.261.862.261.93

'1.38

1.80

1.91

1.941.571.561.762.08

1.892.00

1.65

2.2587

2.261.931.37

1.79

1.90

1.951.581.561.752.06

1.882.011.812.11

1.64

2.241.872.261.951.38

' Revised.NOTE.—Data are for production and related workers,

of Labor Statistics.Figures for February 1954 are preliminary. Back data are available from the Bureau

MARCH 1954 301


EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION

[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons]

Year or month

194519461947194819491950195119521953

SEASONALLY ADJUSTED

1953—February....MarchApril . .MayJuneJulyAugustSeptemberOctoberNovember . . .December

1954—TanuarvFebruary

UNADJUSTED

1953—FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1954—January..February

Total

40,06941,41243,43844,38243,29544,69647,20247,99349,151

49,11349,14849,15449,29749,48649,51149,30249,21649,229

r48,877'48,560

48,38848,213

48,36948,68548,86049,05849,41649,21549,40949,69549,663

'49,340'49,722

47,77047,476

Manufac-turing

15,30214,46115,29015,32114,17814,96716,08216,20917,006

17,03917,16817,22917,27617.31917,30317,12616,95916,790

'16,587'16,404

16,23416,055

17,01317,13517,07717,04017,16217,06917,25817,22117,017

'16,706'16,488

16,17716,027

Mining

826852943982918889913872832

867854838833831816821820810

'815810

799793

856846835831835823831826813

'816809

792782

Contractconstruction

1,1321,6611,9822,1692,1652,3332,5882,5722,543

2,5622,5292,5172,4842,5082,5112,5142,5712,615

'2,596'2,572

2,4742,517

2,2802,3012,4162,5092,6082,6622,7152,7512,772

'2,674'2,521

2,2512,240

Transporta-tion and

publicutilities

3,8724,0234,1224,1413,9493,9774,1664,2204,276

4,2614,2724,2664,2824,2824,2934,2874,3014,317

'4.280'4,228

4,1734,168

4,2104,2354,2444,2794,3154,3404,3374,3234,310

'4,273'4,240

4,1374,118

Trade

7,5228,6029,1969,5199,5139,645

10,01310,25110,475

10,44510,39010,40210,46610,52110,52410,48910,50310,558

'10,485'10,480

10,54210,530

10,21410,28410,31410,34810,41510,35510,33410,46410,611

'10,772'11,310

10,38610,297

Finance

1,3941,5861,6411,7111,7361,7961,8611,9572,034

1,9871,9932,0042,0152,0262,0442,0552.0642,0762,0772,074

2,0752,072

1,9771,9932,0142,0252,0462,0752,0762,0542,0552.0562,064

2,0542,062

Service

4,0554,6214,8074,9255,0005,0985,2075,2805,317

5,3005,3055,3075,3045,3175,3335,3295,3135,3365,330

'5,325

5,3345,332

5,1945,2255,3075,3575,3975,4135,4095,3935,3365,303

'5,272

5,2275,225

Federal,State, and

localgovernment

5,9675,6075,4565,6145,8375,9926,3736,6336,669

6,6526,6376,5916,6376,6826,6876,6816,6856,7276,7076,667

6,7576,746

6,6256,6666,6536,6696,6386,4786,4496,6636,7496,7407,018

6,7466,725

' Revised.NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the

month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. February1954 figures and 1953 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally ad-justed figures beginning January 1939 may be obtained from the Division of Research and Statistics.

1945.1946.1947.19481949195019511952.1953

[Bureau

Year or month

1953—JanuaryFehrnarvMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember .

1954—JanuarysFebruary

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENTof the 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

114,191114,479114,755114,828114,931115,032115,132115,232115,342115,449115,544115,634

115,738115,819

Totallaborforce

65,14060,82061,60862,74863,57164,59965,83266,41066,965

65,95966,25566,67966,33866,49768,29068,25868,23867,12766,95466,87366,106

66,29267,139

Total

53,86057,52060,16861,44262,10563,09962,88462,96663,417

62,41662,71263,13462,81062,96464,73464,66864,64863,55263,40463,35362,614

62,84063,725

Civilian labor force

Employed >

Total

52,82055,25058,02759,37858,71059,95761,00561,29361,894

60,52460,92461,46061,22861,65863,17263,12063,40862,30662,24261,92560,764

59,75360,051

In nonagricul-tural industries

44,24046,93049,76151,40550,68452,45053,95154,48855,366

55,07255,55855,74055,15855,26855,24655,49256,13455,04455,08355,27455,326

54,46954,349

Inagriculture

8,5808,3208,2667,9738,0267,5077,0546,8056,528

5,4525,3665,7206,0706,3907,9267,6287,2747,2627,1596,6515,438

5,2845,697

Unem-ployed

1,0402,2702,1422,0643,3953 .142

1

,879,673,523

,892,788,674,582,306,562,548,240,246

1,1621,428L,850

5,0875,671

Not in thelabor force

40,23045,55045,85045,73346,05146,18146,09246,71048,081

48,23248,22448,07648,49048,43446,74246,87446,99448,21548,49548,67149,528

49,44748,679

includes self-employed, unpaid family, and domestic service workers.2Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore,

not strictly comparable with earlier data.NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through inter-

views of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are availablefrom the Bureau of the Census.



VALUE OF NEW CONSTRUCTION ACTIVITY[Adjusted for seasonal variation. In millions of dollars]

Year or month

193919401941194219431944194519461947194819491950 .195119521953.

1953—February]VIarchApril .MayJuneJulyAugustSeptemberOctoberNovemberDecember,

1954—JanuaryPFebruarys

Total

8,1988,682

11,95714,0758,3015,2595,633

12,00016,68921,67822,78928,45430,89532,63834,843

2,9873,0503,0252,9102,9222,8492,8112,8242,8412,9002,900

2,9153,031

Private

Total

4,3895,0546,2063,4151,9792,1863,2359,638

13,25616,85316,38421,45421,56421,81223,615

1,9532,0552.050L.9801,9861,955L,937L.9281,945L,969.985

1,9712,043

Resi-dential

2,6802,9853,5101,715

885815

1,1004,0156,3108,5808,267

12,60010,97311,10011,905

1,0071,0891,080

9891,008

979956942957963989

9651,028

Business

Total

1,2291,5612,0821,287

759989

1,6724,1954,8965,6935,3225,6807,2177,4608,456

681700706711707702712717717728723

734740

Indus-trial

254442801346156208642

1,6891,7021,397

9721,0622,1172,3202,226

203208208202191182178173165163162

170177

Com-mercial

2923484091553356

2031,132

8561,2531,0271,2881,3711,1371,791

133131126132139143154163172186187

189188

Publicutility

683771872786570725827

1,3742,3383,0433,3233,3303,7294,0034,439

345361372377377377380381380379374

375375

Othernon-resi-den-tial

480508614413335382463

1,4282,0502,5802,7953,1743,3743,2523,254

265266273280271274269269271278273

272275

Public

Total

3,8093,6285,751

10,6606,3223,0732,3982,3623,4334,8256,4057,0009,331

10,82611,228

1,034995966930936894874896896931915

944988

Mili-tary

125385

1,6205,0162,550

837690188204158137177887

1,3881,323

1381341231211221059689808898

9483

High-way

1,3811,3021,066

734446362398895

1,4511,7742,1312,2722,5182,8603,150

290265257244253267267271278273244

260289

Conser-vation

570528500357285163130240394629793881853854822

7477807774706460575659

6260

Allother

1,7331,4132,5654,5533,0411,7111,1801,0391,3842,2643,3443,6705,0735,7245,933

532519506488487452447476481514514

528556

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 .

1953—February .. .MarchAprilMay . .JuneJulyAugust . . . .SeptemberOctoberNovemberDecember

1954— TanuaryFebruary ,

Total

7,7609,430

10,35914,50115,75116,77517,443

J .021L,3481,7421,606,116

L,7931,414,742,892,394.300

1,1521,221

By type ofownership

Public

2,2963,1073,7184,4096,1226,7116,334

351417673554372610532725689483479

363436

Private

5,4646,3236,641

10,0929,629

10,06411,109

671931

1,0691,052

7441,183

8821,0171,203

911821

789785

By type of construction

Resi-dentialbuilding

3,1543,6084,2396,7416,2056,6686,479

419605674638463653508507635484434

462

Nonresidential building

Fac-tories

941840559

1,1422,8832,5622,051

89105262132

85207110383235232136

111

Com-mercial

785975885

1,208915979

1,489

100101120156

9920011114517110197

114

Educa-tional

392725824

1,1801,3351,4721,720

102124147163148176146138153140176

132

Other

5971,1271,3761,6511,6891,6861,695

83120151131127181179116200138131

117

Publicworks

andpublic

utilitie*

1,8902,1552,4762,5782,7233,4084,008

228293387386193376361451500298326

216

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of doUars]

Month


1953—January

NovemberDecember

1954—January

Total(11 dis-tricts)

1,2491,4671,076

1 ,3941,3001,152

Federal Reserve district

Boston

8441

101

769061

NewYork

262221154

196262212

Phila-delphia

7612091

956392

Cleve-land

10714497

221145143

Rich-mond

110162110

168110101

Atlanta

127269117

154167158

Chicago

193182154

201159166

St.Louis

947953

788858

Minne-apolis

362221

515523

KansasCity

615479

424945

Dallas

10017399

11211492

MARCH 1954 303


PERMANENT NONFARM DWELLING UNITS STARTED[In thousands of units]

Year or month

19391941194519461947194819491950195119521953* . . .

1953—FebruaryMarchAprilMayJune . .JulyAugustSeptemberOctoberNovember . . .December

\954—January. . .February

Total

515706209671849932

1,0251,3961,0911,1271,106

791061111081059793959082

P68

P66P73

Urban

359434134404480525589828595610

n.a.

43595755534846474339

n.a.

n.a.n.a.

Ruralnon-farm

156272

75267369407436568496517

n.a.

36475453514947484743

n.a.

n.a.n.a.

Private

Total

458620208663846914989

1,3521,0201,0691,070

7496

1071061029692929080

P67

P65*>72

family

373533185590740763792

1,151892939

n.a.

64849493908482817970

n.a.

n.a.n.a.

2-family

20289

24344635424046

n.a.

3444343343

n.a.

n.a.n.a.

Multi-family

6658154872

1041621598884

n.a.

7998988877

n.a.

n.a.n.a.

Public

5787

183

183644715836

510

433

( i )

3( i )

2Pi

Pl

Government-underwritten

Total

158220

47152440393466686413420407

27323634383941363733

••27

'2530

F H A

158220

4169

229291361486264279252

17222322242423222220

'15

'1316

VA

683

211102105200149141155

1010131214151814151312

1214

p Preliminary. ' Revised. n.a. Not available. JLess than 500 units.NOTE.—Governmen t underwrit ten units are those s tar ted under commitments of F H A or VA to insure or guarantee the mortgage. VA

figures after June 1950 and all F H A 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 s tar ts of public units, and a sample of places not issuing permits.

FREIGHT CARLOADINGS, BY CLASSES

[Index numbers, 1935-39 average — 100]

Class

Total

CoalCokeGrainLivestockForest productsOre

Merchandise, 1. c. 1

Annual

1952

126

10916814269

14418114046

1953

127

10317113563

143215143

43

Monthly—seasonally adjusted

1953

Jan.

134

10818412862

154278151

44

Aug.

130

11216913158145

221145

44

Sept.

126

11416413159

137216139

43

Oct.

126

11016315770

136172137

44

Nov.

122

10415514069

145172134

42

Dec.

117

9713511958

135201132

40

1954

Jan.

120

10012012458

136231133

39

Monthly—unad j usted

1953

Jan.

121

10819312859

13970

13842

Aug.

134

11216214255

153331146

44

Sept.

137

114162147

78148324150

45

Oct.

135

110160157Ip8144263149

45

Nov.

124

10415513786

142160140

43

Dec.

108

9714211256

12062

12438

1954

Jan.

108

10012612456

12258

12238

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 A N D IMPORTS


Month

January...February..MarchAprilMayJuneJulyAugustSeptemberOctober. .November.December.

January . .

Merchandise exports1

1952

1,2M1,3441,4471,3551,4801,1711,0301,0871,2291,2161,1901,391

1,254

p

1953

1,2931,1991,3891,3941,4511,3831,3571,1841,2541,2511,2441,349

1,293

1954

"1,075

"1,075

Merchandise imports2

1952

922

1953

922893964933835861839818877918805

1,053

922856

'1,0051,013

902933908841925

'813849

P908

1954

"825

e825

Excess of exports

1952

332451

'482'422'644'310'191269

'352'298386338

332

1953

370

1954

370'343'385'381'550450

'450'343'329'438395

P441

«25O

«25O

f Preliminary. r Revised. • Estimated.1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense shipments

under the Mutual Security Program as follows (in millions of dollars): 1952, 1,988; 1953, 3,504; January 1954, 170.2General imports including imports for immediate consumption plus entries into bonded warehouses.Source.—Department of Commerce.



DEPARTMENT STORE STATISTICS[Based on retail value figures]

SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS[Index numbers, 1947-49 average = 100]

Year or month

SALES i1947 . .194819491950195119521953

SEASONALLY ADJUSTED

1953—January . .FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

1954—January

UNADJUSTED

1953—JanuaryFebruaryMarchAprilMayJuneJulyAugust

OctoberNovemberDecember

1954—January

STOCKS i

1947194819491950195119521953 . .

SEASONALLY ADJUSTED


1954—January . . .

UNADJUSTED

1953—JanuaryFebruary1VI archApril . ...MayJuneJulyAugustSeptemberOctober

December

1954—January

UnitedStates

9810498105109110112

111112115110117115113112107110113112

P108

••86881031041151088998112115136192

P83

93107100109129118126

124123122125127128130131128128127123

P120

112119127132132123121126132141142109

P108

Federal Reserve district

Boston

9910299103105104105

10510610510610610310699105107107108

105

8380951011061037679112107129194

83

95105100109124111116

115114116119120117117119117117115112

P114

103108118124121110106114120132134105

P102

NewYork

9910398101105101102

1001001031021041021049998104102101

101

80819395101997575102110129178

81

9810597105124113116

115111112116118118121122117116115113

111

102108117122121111107118123130132104

98

Phil-adel-phia

96104100106109109110

108112112113119110117116104106108108

106

82851061031181058392108114142188

80

9310799108127113119

116115112117121122122122122122120117

113

101112120126124113108116127139137103

98

Cleve-land

9710598105111110113

113115116105115118114120109110115112

106

878910710311511189104114115142187

81

93107100106128111119

114115113114117122124124121124121121

P114

104113119121119115112119127137136106

P104

Rich-mond

97103100105113118119

116117124117128119120114114117118121

109

891101111271129697121122144211

80

94105101113133130141

142137138140142146145148139143144132

127132144151150139141147143154151115

P120

At-lanta

96103101109115124126

125124128118134128127130119128128127

P122

'96102124117131114102114122130146219

P94

90108102120140135146

144146145145145147148141148148149142

P142

131144151153147139137141152161165125

P130

Chi-cago

9910497104108106111

107110114110114112110109106109113115

106

83851011041141108998113112137188

82

89111100110128115123

119119118123123123125128127126124122

117

109116122128125117117121129139143111

108

St.Louis

9710498104107110112

108113118111118122107110102108114113

108

838910410511811086100109119136185

83

9310296107128117126

125119122128131132131134129124121118

117

105113125137138132122130138138132104

99

Minne-apolis

9810499105104104104

10310510899107106105102100103105107

104

74809297107988497110118121171

75

91110100104117107115

111113111114115114117120122118115111

105

105109115119117109114115123126128101

99

KansasCity

9810399108111113112

114115114112115118111112103108112114

P110

869110310611511191104109114129189

P82

93108100113132124136

129129129131136140146145141138137133

P130

119127133140144136137137144149152117

P120

Dallas

94105102113117124125

127125126124131134124127112122127125

119

100101117117127118104116119128144209

94

89110101112132126138

135134133138139141140142141139136131

P129

121132142146141130131140147152151120

P116

SanFran-cisco

9910498105109114115

117116119116124121117113110111112109

108

'9294102105117112101109111111131195

85

93107100110131125133

132133133132135135138135132132133129

123

119125134141147136133128137148144108

111

p Preliminary. r Revised.1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515.

MARCH 1954 305


DEPARTMENT STORE STATISTICS—Continued[Based on retail value figures]

DEPARTMENT STORE MERCHANDISING DATA

Year or month

Amounts (In millions of dollars)

Sales*(totalfor

month)

246276345365381361376391397402

"326301381373387375305343388440477725

312

Stocks 2(endof

month)

574604767887979925

1,0121,2021,0971,157

1,0311,1001,1691,2131,1841,1031,0811,1351,2061,2971,3271,042

1,012

Out-stand-ing

orders2(end ofmonth)

596775964588494373495460435421

'455455401324321461525491492462371288

373

Re-ceipts »(totalfor

month)

244277373366386358391390397403

'334'370450417358294283397459531507440

282

Neworders8

(totalfor

month)

256291354364363358401379401397

'424'370396340355434347363460501416357

367

Ratios to sales1

Stocks

2.42.32.32.52.72.72.83.22.93.0

3.23.73.13.33.12.93.53.33.12.92.81.4

3.2

Out-stand-ing

orders

2.53.03.0

1

((

L.7L.4L.IL.4L.3.2.1

L.4L.5L.I).93.8L.2L.7L.4L.3L.I0.80.4

L.2

Stocksplusout-

stand-ing

orders

5.05.35.34.34.13.84.24.44.14.2

4.65.24.14.13.94.25.34.74.44.03.61.8

4.4

Re-ceipts

1944 average1945 average1946 average1947 average1948 average1949 average1950 average1951 average1952 average1953 average

1953—January...February..March....AprilMayJuneJulyAugustSeptember.OctoberNovember.December.

1954—January P ..

.0

.0

.1

.0

.0

.0

.1

.0

.0

.0

.0

.2

.2

.10.90.8

.9

.2

.2

.2

.10.6

0.9

P Preliminary. *• Revised.1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals ofsales and receipts for the month.8 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group ofdepartment 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.

• Receipts 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

Apr.

May

June

July

Aug.

Sept.

1950

18152229

6132027

3101724

18152229

5121926

29162330

104110889698

1041069597

9010410486

917591104102

102949799

107102127111110

Apr.

May

June

July

Aug.

Sept.

1951

7142128

5121926

29162330

7142128

4111825

18152229

10110097101

11311099100

951081069289

75838180

88879397

105100114111114

Apr.

May

June

July

Aug.

Sept.

1952

5121926

310....172431

7142128

5121926

29162330

6132027

10911197105

1111179910597

1111169891

79838279

879095100110

100114113112

Apr.

May

June

July

Aug.

Sept.

1953

4111825

29162330

6132027

41118....25

18152229

5121926

11897105104

11412810511297

11811211194

79928483

869295100101

101102120114

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1950

7142128

4111825

29162330

1951

6132027

3101724

310172431

112111105108

109118127110

15319122022182

9810510496

81949495

9910510110589

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1951

6132027

3101724

18152229

1952

5121926

291623

1. ...8152229

110117116113

121127130123

16119121322892

78929083

84878983

85889094101

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1952

4111825

18152229

6132027

1953

310172431

7142128

7142128

116126124122

115118130134138

195223237146

8189928687

88928593

96100109112

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1953

3. . .10. . .172431

71421. . . .28

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

1954

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

6. . .1320. ..27

6132027

112120118113113

121133131133

190216234163

81948586

. 85

. '8691

. .8690

85

' Revised.NOTE.—For 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 Reserve district,area, or city

Jan.1954

P-7

-4

+29

-3-2-13-4-10

-3-6

-3

-2-2

y-4-4-5-60

-3

-9-8-11-2—9-8

-6

-13-2-2-8

-17-9

-1

p-10

y

-11—5-6+ 1— 14-11-11-9

0)-16

0

-9

o

-11-7-6-12-9-4-3-11

Dec.1953

-2

+1

+2

00)+2

0

+20

-1

-13000

-30

+3-1

0)-4-2+3+30

-3

-9+2-4-2

-4+4

+4^

-4-1-3-1+6-3-4-2-40)3

+5

-2

+ 1-1-4+1-30

+4+4-3

Year1953

r+l+1

+40)00)+5+2+ 1

+30

0

-13

+ 1+4+4+40

+5+4

0)-2+ 1

V3+3

+1

-1+3+ 1-+2

00

+9

+3

+1+3+5+1+6-3+4+9+3

(4)+l+2

+ 17

0

-2-5-2'0-1+3+2+4+2


Jan.1954

-12-6-20-10

-13-10-13-13-14

P-7

-14-1

P-4-6

p-5-4-3-9+2

P-7—5

p - 8

-13P-14-7

P - 5

-8-3-3

P - 4

-9-7-11

P-5

p - 3

-8+4-3-7-13P-8-5-8

P + 3-3+6-11

P-4

-2P-9P-13p - 6P-1P-14P-6

P + 3-35

P-3

+2+ 1+20

Dec.1953

-1-1-13-4

£.

+2-40)-1

-2+2-50

-10

-1-2+ 1+2-9— 1-4-3+2+1j

+6+ 1-2

-42

-8

+1

2

-7+ 12+ 1-2+2-2+4+2+ 1-1+1+ 1-2

+2

-52

-2-2-1

-30)-2

-2-2-2+1

Year1953

'+100

+2

_3

+33

0)+2

-1+70

-2+5+5+3+3+4+2-10

200

+7+4-2+ 7+8+3

+2+2-4

+4

+ 1+2+ 13+4+10

+6+ 18+8+8+1+7

+1

j

-3+60

+2-20

+ 10)

0

+1+1+10


Jan.1954

+3C1)-15

5— 7

P-7

5

0)-9-12-5+1-12-16-10

-19-4-4+ 1-19

-10

-8-14-9-12-15-9-10-14

P-U

P-160)P-6P-6P-8-9-3o

0)-9

P-7-8-8-10

-8-4-4C1)-10-li-19-12

-19-5-14

7-12-25-19

P-15

Dec.1953

r C

-4-1

-4

-3—5-3

>-i

-6— \-7-8-4

C1)-2+4-4-10

-3

-3+ 1-23

-5-4-4-2

-6

-12-1-5-7-4-4-4-8

+ 1-3-7-5-5-7

-40

-2-17

y-6

-2

-23

-16+ 1-7-3-4-7-14-4

Year1953

United States

Boston DistrictMetropolitan Areas

Portland, MaineBoston, MassDowntown Boston2

Cambridge, MassLowell-Lawrence, Mass...New Bedford, MassWorcester, Mass.2

CitiesSpringfield, MassProvidence, R. I.2

New York DistrictMetropolitan Areas3

New York-NortheasternNew Jersey, N.Y. & N J

New York City, N. Y.2

Newark, N. J.2

Buffalo, N. YBuffalo City, N. Y . 2 . . . .Niagara Falls, N. Y

Binghamton, N. YRochester, N. Y.2

Syracuse, N. Y.2

CitiesBridgeport, ConnAlbany, N. YElmira, N. YPoughkeepsie, N. YSchenectady, N. YUtica, N. Y

Philadelphia DistrictMetropolitan AreasTrenton, N. J.2

Lancaster, Pa.2

Philadelphia, Pa.2

Reading, Pa.2

Wilkes-Barre-Hazleton,Pa. 2

Wilmington, DelCityYork, Pa.2

Cleveland DistrictMetropolitan AreasAkron, Ohio2

Canton, Ohio2

Cincinnati, Ohio2

Cleveland, Ohio2

Columbus, Ohio2

Springfield, Ohio2

Toledo, Ohio2

Youngstown, Ohio2

Erie, Pa.2

Pittsburgh, Pa.2

Wheeling, W. Va.2

CityPortsmouth, Ohio2

Richmond District

Metropolitan Areas3

Washington, D. C.2

Downtown Wash., D. C .Baltimore, Md.2

Asheville, N. C.2

Raleigh, N. C.2

Winston-Salem, N. C . 2 . . .Charleston, S. C.2

Columbia, S. C.2

Greenville, S. C.2

Richmond Dist. (Gont.)Metropolitan Areas3-Cont.

Norfolk-Portsmouth, Va..Richmond, Va.2

Roanoke, Va.2

Charleston, W. Va.2

CitiesSpartanburg, S. CLynchburg, Va.2

Newport News, VaHuntington, W. Va.2 . . . .Parkersburg, W. Va

Atlanta DistrictMetropolitan Areas3

Birmingham, Ala.2

Mobile, AlaMontgomery, AlaJacksonville, Fla.2

Miami, Fla.2

Orlando, FlaSt. Ptrsbg.-Tampa, Fla.. .

St. Petersburg, FlaTampa, Fla.2

Atlanta, Ga.2

Augusta, GaColumbus, GaMacon, Ga.2

Savannah, GaBaton Rouge, La.2

New Orleans, La.2

Jackson, Miss.2

Chattanooga, Tenn.2

Knoxville, Tenn.2

Nashville, Tenn.2

CitiesRome, GaMeridian, MissBristol, Tenn

Chicago District

Metropolitan AreasChicago, 111.2Peoria, 111.2Fort Wayne, Ind.2

Indianapolis, Ind.2

Terre Haute, Ind.2

Des Moines, IowaDetroit, Mich.2

Flint, Mich.2

Grand Rapids, Mich.2 . . .Lansing, Mich.2

Milwaukee, Wis.2

Green Bay, Wis.2

Madison, Wis

St. Louis DistrictMetropolitan Areas

Little Rock, Ark.2

Fort Smith, ArkEvansville, IndLouisville, Ky.2

St. Louis, MoSpringfield, MoMemphis, Tenn.2

CitiesQuincy, 111Paducah, Ky

Minneapolis District

Metropolitan Areas3

Mpls.-St. Paul, Minn.2 . . .Minneapolis City, Minn.2

St. Paul City, Minn.2 . . .Sioux Falls, S. D

Minneapolis Dist. (Cont.)

CitiesMankato, MinnGreat Falls, MontGrand Forks, N. DDuluth-Superior,

Minn.-Wisc.2

La Crosse, Wise

Kansas City District

Metropolitan AreasDenver, ColoPueblo, ColoTopeka, KansWichita, KansSt. Joseph, MoOmaha, NebrAlbuquerque, N. Mex.. . .Oklahoma City, OklaTulsa, Okla

CitiesGreeley, ColoKansas City, MoJoplin, MoHutchinson, KansEnid, Okla

Dallas District

Metropolitan AreasShreveport, LaCorpus Christi, TexDallas, Tex.2

El Paso, TexFort Worth, TexHouston, Tex.2

San Antonio, TexWaco, Tex

San Francisco District. . .

Metropolitan Areas3

Phoenix, Ariz.2

Fresno, Calif.2Los Angeles. Calif.2

Downtown, L. A., Calif.2WestsideL. A., Calif.2.

Long Beach, Calif.2Pasadena, CalifSanta Monica, Calif

Riverside and San Ber-nardino, Calif

Sacramento, Calif.2San Diego, Calif.2SanFran.-Oakland, Calif.2

San Francisco, Calif.2...Oakland-Berkeley, Calif.2

Downtown Oakland,Calif.2

Vallejo, CalifSan Jose, Calif.2Stockton, Calif.2Portland, Ore.2

Salt Lake City, Utah2 . . .Seattle, Wash.2

Spokane, Wash.2

Tacoma, Wash.2

CitiesTucson, ArizBakersfield, Calif.2Boise and Nampa, Idaho.Twin Falls, IdahoIdaho Falls, IdahoEverett, Wash.2

Walla Walla, W a s h . 2 . . . .Yakima, Wash.2

+ 1r - l- 5

+ 1-3

-1

- 1+ 1+ 10

-2+2(l)-4+ 1

0)o+4+1

+1

+ 1+3+2+ 1+3-5

-6-4+ 1-1+2-1+23

+6-60

-1-1

0-1+3-3

i

-1+ 1+2+ 1

-5-1-5-472

-10

p Preliminary. r Revised.1 Data not available.2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal

Reserve Bank in the district in which the area or city is located.3 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas.4Ten months 1953.

MARCH 1954 307


DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS

[Based on retail value figures]

Department

Num-ber ofstoresreport-ing

364

364

328

304216181201

320294271258

351

204251335

32922729593

243

290139252

361

361317290169337350352

346270303278

344346

261232243

359353245237

335291334

354281292

355304270

346

283329326209

Percentagechange from a

year ago

Salesduringperiod

Dec.1953

-2

-2

-3

-3-7+30

-4-5+ 1-6

-2

0-4-1

-4-8

-3

-3

-2

+2-2+3

-1

-2+7-5-9-4+4-6

-3+ 1-5

-1-2

1 1

1tO

OJ

OJ

0-8-7-11

+3+2+4

1 1

1O

o >-»

• to

+6-4-11

-1

-400

-5

Year1953

-f 1

+ 10

-2-7+4+ 1

+ 1+ 1+2+ 1

+1-2-1+ 1

+ 1-1+4-1

-1

+5+3+6

+1

+ 1+9-3-4-5+7-4

0+ 10

+ 1

+10

+3+2+3

+2-5-6-2

+4+3+5

+2+3+ 1

+6+3-12

+ 10

+2+3+ 1

Stocks(end ofmonth)

Dec.1953

+2

+3

-1

-5-8-6-1

+ 10

+ 1+2

+20

+ 10

+40

+ 10+5

-1

+7+5+9

+4

+4+ 13-2+3

+7

+6+6+6+5

+4+4

+3+5+3

+5+ 1+2

+5+3+7

+6+5+5

+ 13+2

+6

+7+7+3+6

Ratio ofstocks tosales1

December

1953

1.5

1.6

2.9

3.83.63.74.2

2.62.23.72.6

1.4

2.32.21.4

1.62.50.92.3

2.9

0.91.00.9

1.3

1.40.70.70.81.12.61.0

0.91.00.90.5

1 .40.8

3.42.63.7

1.31.81.42.9

1.01.10.9

1.41.11.8

1.11.32.3

1.4

2.60.91.32.3

1952

1.4

1.5

2.9

3.93.64.14.3

2.52.13.72.4

1.4

2.32.11.4

1.42.30.82.1

2.9

0.90.90.8

1.3

1.30.70.70.71.02.51.0

0.81.00.80.4

1.30.8

3.32.43.5

1.31.61.42.6

1.01.10.9

1.31.01.7

1.01.22.2

1.3

2.40.81.32.1

Federal Reserve index numberswithout seasonal adjustment,

1947-49 average =1002

Sales duringperiod

1953

Dec.

189

116

62586963

154189109156

248

131153265

253196277303

141

343285366

177

20629529596277138182

266288244314

214259

138156133

1479310357

177128237

108111107

222145163

266

171336253228

Nov.

123

93

73679367

10711879123

129

96104115

126112129130

120

186150201

117

121152104101144109102

123146104138

151126

106111105

11211213059

130102165

888791

13090121

140

128144154123

1952

Dec.

194

120

64636763

160199108166

252

130159267

264213284313

143

337292356

179

211276312105289133193

274287255331

216264

141161136

14710211165

172125227

110112111

210152184

270

178337254239

Stocks at endof month

1953

Dec.

108

111

84779098

126110159119

111

98117108

114127102121

110

110108108

107

109109717383133104

1001319781

111104

126116127

10410110089

989699

10497108

11610398

111

12610494119

Nov.

138

114

87819494

129122145129

146

118142146

149154154138

118

165148168

144

15018312799138139149

167205143173

149164

145143146

13511813183

145125160

117no120

172122126

157

158166139143

1952

Dec.

105

112

888395100

125111157116

108

99117108

11012793116

111

10310499

103

10597727184124105

951239177

10799

121110124

1001009891

939493

9893102

103101105

105

1179891112

GRAND TOTAL—entire store3

MAIN STORE—total

Piece goods and household textiles

Piece goodsSilks, velvets, and syntheticsWoolen yard goodsCotton yard goods

Household textilesLinens and towelsDomestics—muslins, sheetingsBlankets, comforters, and spreads

Small wares

Laces, trimmings, embroideries, and ribbons...NotionsToilet 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.Neckwear and scarfsHandkerchiefsMillineryWomen'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 goodsWomen's and children's shoes

Children's shoesWomen's shoes

Women's and misses' ready-to-wear apparel...Women's and misses' coats and suits

CoatsSuits

Juniors' and girls' wearJuniors' coats, suits, and dressesGirls' wear

Women's and misses' dressesInexpensive dressesBetter dresses

Blouses, skirts, and sportswearAprons, housedresses, and uniformsFurs

Men's and boys' wear

Men's clothingMen's furnishings and hatsBoys' wearMen's and boys' shoes and slippers




DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS—Continued

[Based on retail value figures]

Department

Num-ber ofstoresreport-ing

329

259187194

28516486

311265266242275194

236180127

335

317260161

290192

200

138

190

166123121174175157124125117

169

157107124

121

106

117

184

78

Percentagechange from a

year ago

Salesduringperiod

Dec.1953

-6

-8-12-8

-12-12-18

-6-5-3-13-2+ 1

-8-14+9

-3

—4-2

—9+2-1

0

-1

-2-4Q

-5-5+4+3+ 1-10

+ 1

+ 1+ 1+2

0

-6

-5

+2

+ 13

Year1953

0

+2+4+ 1

-2-2-13

-1-30

-4+3+3

-8-12+8

0

+3+2+4

-5+20

+2

0

+ 1-3+2-6-1+6+5+3-7

+2

Co O

to

+4

-2

0

+3

+6

Stocks(end ofmonth)

Dec.1953

0

+5+3+4

-3—3-14

0-2-1-11+4+6

-5-11+ 16

+7

+ 11+ 14+ 7

+8+9

-1

— 1

0

+ 1-3+3-1+2+4+20

-11

+ 10

+3

+2

-2

-3

(4)

(4)

Ratio ofstocks tosales1

December

1953

2.8

4.43.64.5

4.95.05.0

3.42.02.92.92.11.4

1.21.11.4

0.7

0.70.41.4

1.60.3

1.2

2.1

0.9

1.01.0

0̂ 80.80.71.01.1

0.9

0.91.60.7

0.9

2.3

2.2

(4)

(4)

1952

2.7

3.83.04.0

4.54.64.8

3.11.92.82.82.01.3

1.11.01.4

0.7

0.60.41.3

1.30.3

1.2

2.1

0.9

1.01.01.01.30.80.80.71.01.1

0.9

0.91.60.7

0.9

2.2

2.1

(4)

(4)

Federal Reserve index numberswithout seasonal adjustment,

1947-49 average =1002

Sales duringperiod

1953

Dec.

134

10381108

818045

12017723257173369

225231284

325

488577303

231292

171

143

162

197

83114193223219

251

249168297

240

117

148

149

114

Nov.

118

121118121

10911161

13513314265115192

157199138

170

255317136

97112

123

118

117

121

10882129162166

151

146141148

161

131

111

140

100

1952

Dec.

142

11293117

919155

12818623966176367

244268260

335

504600309

255287

173

143

164

200

87120186216218

249

246167292

240

125

157

145

101

Stocks at endof month

1953

Dec.

109

119149114

10610663

10811111982113127

899498

94

10397111

11685

98

124

92

100

82889092102

97

9910692

90

107

106

(4)

(4)

Nov.

120

120141117

10910770

11713213886135177

116141122

165

205251150

155151

130

131

129

140

101102144143149

151

152144155

147

117

124

(4)

(4)

1952

Dec.

109

114144109

11011074

10811212092109120

9410584

88

9285103

10878

99

125

92

99v4)

82868690102

96

9810789

88

110

108

(4)

(4)

Homef urnishings

Furniture and beddingMattresses, springs, and studio bedsUpholstered 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, etcRadios, phonographs, televisionRecords, sheet music, and instruments

Miscellaneous merchandise departments. . . .

Toys, games, sporting goods, camerasToys and gamesSporting goods and cameras

Luggage

Candy

BASEMENT STORE—total

Domestics and blankets

Women's and misses1 ready-to-wear

Intimate apparelHosieryUnderwear, corsets and brassieres

Coats and suitsDressesBlouses, skirts, and sportswearGirls' wearInfants' wearAprons, housedresses, uniforms

Men's and boys' wearMen's wear

Men's clothingMen's furnishings

Boys' wear

Homef urnishings

Shoes

NONMERCHANDISE—total

Barber and beauty shop

iThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the 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 for the United States on p. 305.4Data not available.NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks

at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of thedepartments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

MARCH 1954 309


PRICESCONSUMER PRICES

[Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100]

Year ormonth

1929

1933

1941194219431944194519461947194819491950195119521953.

1953—Jan...Feb..Mar..Apr...May.June.July.Aug..Sept.Oct.. .Nov.D e c .

1954—Jan.. .

Allitems

73.3

55.3

62.969.774.075.276.983.495.5

102.8101.8102.8111.0113.5114.4

113.9113.4113.6113.7114.0114.5114.7115.0115.2115.4115.0114.9

115.2

Foods

65.6

41.6

52.261.368.367.468.979.095.9

104.1100.0101.2112.6114.6112.8

113.1111.5111.7111.5112.1113.7113.8114.1113.8113.6112.0112.3

113.1

Housing

Total

95.0101.7103.3106.1112.4114.6117.7

116.4116.6116.8117.0117.1117.4117.8118.0118.4118.7118.9118.9

118.8

Rent

117.4

83 6

88.490.490 390.690 991.494.4

100.7105.0108.8113.1117.9124.1

121.1121.5121.7122.1123.0123.3123.8125.1126.0126.8127.3127.6

127.8

Othershelter*

Gasandelec-

tricity

97.6100.0102.5102.7103.1104.5106.6

105.9106.1106.5106.5106.6106.4106.4106.9106.9107.0107.3107.2

107.1

Solidfuelsand

fuel oil

88.8104.4106.8110.5116.4118.7123.9

123.3123.3124.4123.6121.8121.8123.7123.9124.6125.7125.9125.3

125.7

House-furn-ish-ings

97.2103.299.6

100.3111.2108.5107.9

107.7108.0108.0107.8107.6108.0108.1107.4108.1108.1108.3108.1

107.2

House-hold

opera-tion

97.2102.6100.1101.2109.0111.8115.3

113.4113.5114.0114.3114.7115.4115.7115.8116.0116.6116.9117.0

117.2

Ap-par el

60.3

45 9

55.664.967.872.676.383.797.1

103.599.498.1

106.9105.8104.8

104.6104.6104.7104.6104.7104.6104.4104.3105.3105.5105.5105.3

104.9

Trans-porta-tion

90.6100.9108.5111.3118.4126.2129.7

129.3129.1129.3129.4129.4129.4129.7130.6130.7130.7130.1128.9

130.5

Med-icalcare

94.9100.9104.1106.0111.1117.3121.3

119.4119.3119.5120.2120.7121.1121.5121.8122.6122.8123.3123.6

123.7

Per-sonalcare

97.6101.3101.1101.1110.5111.8112.8

112.4112.5112.4112.5112.8112.6112.6112.7112.9113.2113.4113.6

113.7

Read-

andrecrea-

tion

95.5100.4104.1103.4106.5107.0108.0

107.8107.5107.7107.9108.0107.8107.4107.6107.8108.6108.9108.9

108.7

Othergoodsand

serv-ices

96.1100.5103.4105.2109.7115.4118.2

115.9115.8117.5117.9118.0118.2118.3118.4118.5119.7120.2120.3

120.3

1 Indexes for this subgroup are not yet available.NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised

weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100.Source.—Bureau of Labor Statistics, Department of Labor.

WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics, 1947-49 = 100]

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.

Furni-tureotherhouse-holddura-bles

Non-me-

tallicmin-

erals—struc-tural

To-baccomfrs.and

bottledbev-erages

Mis-cella-neous

194719481949195019511952

1953JanuaryFebruary . . .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December..

1954January. . . .

96.4104.499.2

103.1114.8111.6

109.9109.6110.0109.4109.8109.5110.9110.6111.110.2109.8110

110.

100.0107.392.897.5113.4107.0

99.697.99.97,979597969895.293.

r94.4

98.2106.195.99.8111.4108.8

105.5105.2104.1103.2104.3103.3105.5104.8106104.7103.8104.3

106.2

95.3103.4101.3105.0115.9113.2

113.1113.1113.4113.2113.6113.9114.8114114114.6114.5114.6

114.6

100.1104.495.599.2

110.699.8

98.898.597.597.497.697.497.597.59696.596.295.8

96.1

101.0102.196.9

104.6120.397.2

97.398.098.197.9

100.4101.0100.099.99997.197.95.6

95.3

90.9107.1101.9103.0106.7106.6

107.8108.1108.4107.4107.1108.3111.1111.0110.9111.2111.

110.8

101.4103.894.896.3

110.0104.5

103.6103.6104.2105.5105.5105.6106.2106.3106.7106.7107.2107.1

107.2

99.0102.198.9120.5148.0134.0

127.3126.2125.7124.8125.4125124.6123124124.2124124

93.710799.2113.9123.9120.3

120.5121.1121.7122.2121.8121.5121.1120.4119.2118.1117.3117.4

98.6102.998.5

100.9119.6116.5

115.8115.3115.1115.3115.4115.8115.8116.2116.9117.5117.117.1

117.0

91.3103.9104.8110.3122.8123.0

124.0124.6125.5125.0125126.9129.3129.4128.5127.9127.9

'127.5

127.2

92.5100.9106.6108.6119.0121.5

121.5121.6121.8122.0122.4122.9123.4123.7124.0124.1124.2124.3

124.4

95.6101.4103.1105.3114.1112.0

112.7112.9113.1113.9114.1114.3114.7114.8114.9114.8114.9

••115.0

93.9101.7104.4106.9113.6113.6

114.6114.6115.1116.9117.2118.1119.4119.6120.7120.7120.8120.8

120.9

98.0100.4101.6102.4108.1110.6

112.2111.9114.8114.8114.8114.9115.6115.6116.2118.1118.1118.1

100.8103.196.196.6

104.9108.3

103.0101.2101.798.599.795.895.396.494.794.493.2

100.1

101.1

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]

Subgroup

Farm Products:

Fresh and dried produceGrainsLivestock and poultryPlant and animal fibersFluid milkEggs

Other 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 oroductsWool productsSynthetic textilesSilk productsApparelOther textile products

Hides, Skins, and Leather Products:

Hides and skinsLeatherFootwearOther leather nroducts

Fuel, Power, and Lighting Materials:

CoalCokeGasElectricityPetroleum and products

Chemicals and Allied Products:

Industrial chemicalsPaint and paint materialsDrugs, Pharmaceuticals, cosmetics.Fats and oils, inedibleMixed fertilizersFertilizer materialsOther chemicals and products

Rubber and Products:

Crude rubberTires and tubesOther rubber Droducts

Lumber and Wood Products:

LumberMillworkPlywood

Pulp, Paper, and Allied Products:

^VoodpulpWastepaperPaperPaperboard

1953

Jan.

107.394.692.7

100.9105.393.997 2

133 3

106.899.3

111.9

105 4108.0161.9112.8

97 0113.088 1

141 4100 083.1

62.192.0

112.099.2

116 3131 8108.099.6

107.9

112 8106.291.553.5

111 2112.9103.1

135 5126 3124 3

120 1129 3108 5

108.887 0

124.9124.2

Nov.

94.289.378.4

103.5101.9111.688 0

145 9

112.686.2

113.9

104 7108.7171.0110.2

91 6111.585.2

136 598.783.5

64.390.4

111.898.8

112 5132 5106 399.6

116.3

119 2108.293.558.0

111 5112.9105.0

112 0130 1123 2

116 3131 2103 1

109.790 8

126.8126.0

Dec.

'89.890.683.9

103.2'99.597.289 7

148 1

112.2'89.7111.3

103 9108.9171.6113.9

90 9112.185.5

139 3'97 9'82.4

57.7'88.7111.898.2

112 S132 5

109.6100.7114.9

118 6107.993.8

'58.6111 4113.9105.2

114 5130 1123 2

116 4131 3103 9

109.779.1

126.8125.9

1954

Jan.

91.291.391.8

104.297.592.790 5

161 0

112.496.4

109.4

103 8110.1182.1111.5

90 4111.085.4

142 199 182.7

56.888.1

111.998.1

111 9132 5111.8100.7114.2

118 4

93.961.2

111 1114.0105.3

113 4130 3123 7

115 9131.1103 5

109.779.1

126.8125.5

Subgroup

Pulp, Paper and Allied Products—Continued

Converted paper and paperboard. .Building paper and board

Metals and Metal Products:

Iron and steelNonferrous metalsMetal containers . . .HardwarePlumbing equipment . . .Heating 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. . . .

Nonmetallicf Minerals—Structural:

Flat glassConcrete ingredientsConcrete productsStructural clay productsGypsum productsPrepared asphalt roofingOther nonmetallic minerals

Tobacco Manufactures and BottledBeverages:

CigarettesCigarsOther tobacco productsAlcoholic beverages..Nonalcoholic beverages

Miscellaneous:

Toys, sporting goods, small arms. .Manufactured animal feedsNotions and accessoriesJewelry, watches, photo equipment.Other miscellaneous . . . .

1953

Jan.

112.3118.2

127.1122.5125.3125.9113.6113.8

113.9

126.5

121.8

126.2129.0

121.9119.7

119 6119.8

113.2123.0124.1107.495.074.5

121.2

114.4113 1112.8124.0117.7106.0115.3

112.0102.9120.3110.7119.7

112.897.992.9

101.0120.8

Nov.

113.4123.0

133.6122.3128.7137.2118.2115.8

117.5

127.2

122.5

131.1132.8

128.5124.4

126.6118.5

114.1126.2125.0109.094.374.2

127.6

124.7119.4117 A132.1122.1109.9118.9

124.0103.5120.7114.9125.1

114.078.793.5

101.9119.5

Dec.

113.4123.0

132.8122.1128.7137.2

118.2115.5

117.3

127.2

122.5

131.1132.8

128.6124.5

126.8118.5

114.1126.2124.8

109.1'94.3'74.0

127.7

124.7119.6117.2132.1122.1109.9118.9

124.0103.5120.7114.9125.1

113.292.293.5

101.9119.7

1954

Jan.

113.2127.9

132.0121.5130.0137.5118.2115.3

117.6

127.2

122.7

131.2132.8

128.2124.7

126.8118.9

114.2126.2122.5109.696.173.5

128.1

124.7119.9117.2131.9122.1109.9119.8

124.0103.5120.7115.0125.1

113.194.093.5

102.1119.8

r Revised. c Corrected.Source.—Bureau of Labor Statistics, Department of Labor.Back figures.—See BULLETIN for March 1952, pp. 311-313.

MARCH 1954 311


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

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

disbursementsPlus: Government transfer payments...

Net interest paid by government. .DividendsBusiness transfer payments

Equals: Personal income

Less: Personal tax and related payments..FederalState and local

Equals: Disposable personal income.

Less: Personal consumption expenditures

Equals: Personal saving

Annual totals

1929

103.8

8.8

7.06

- . 1

— .1

87.4

10.3.2

.0

.9.1.05.8

.6

85.1

2.61.31.4

82.5

78.8

3.7

1933

55.8

7.2

7.1

1.2

0)

39.6

- 2 . 0.3

.01.51.22.1

.7

46.6

1.5.5

1.0

45.2

46.3

- 1 . 2

1941

126.4

9.3

11.351.6

.1

103.8

14.62.8

.02.61.34.5

.5

95.3

3.32.01.3

92.0

82.3

9.8

1948

259.0

17.6

20.4.7

- 3 . 2

.0

223.5

31.75.2

.010.54.57.2

.7

209.5

21.119.02.1

188.4

177.9

10.5

1949

258.2

19.4

21.68

.2

.0

216.3

29.25.7

.011.64.67.5

.8

205.9

18.616.22.5

187.2

180.6

6.7

1950

286.8

21.6

23.7.8.4

.4

240.6

36.06.9

.014.34.79.1

.8

226.7

20.918.12.8

205.8

194.6

11.3

1951

329.8

24.2

25.79

1.1

.4

278.4

42.48.2

.011.64.89.2

.9

254.3

29.326.23.2

225.0

208.1

16.9

1952

348.0

27.0

28.1.9.5

.1

291.6

40.28.6

- . 112.04.99.1

.9

269.7

34.631.13.6

235.0

218.1

16.9

1953

367.2

29.3

30.0.9

- . 7

- . 1

307.7

42.48.9

.012.85.19.3

.9

284.5

36.632.7

3.9

247.9

229.8

18.1

Seasonally adjusted annual ratesby quarters

1952

4

361.1

28.2

28.99

1.6

— .2

301.4

41.78.8

.012.44.99.1

.9

278.3

35.331 6

3.7

243.0

224.4

18.6

1953

1

363.9

28.2

29.39

- 1 . 2

.0

306.7

43.89.0

.012.64.99.2

.9

281.6

36.232.3

3.8

245.4

227.7

17.7

2

371.4

29.2

30.1.9.7

.2

310.7

45.29.0

.012.65.09.4

.9

284.4

36.732.8

3.9

247.7

230.4

17.2

3

369.5

29.6

30.2.9.4

— .3

308.1

40.78.8

.012.65.19.6

.9

286.8

37.033 13.9

249.8

231.0

18.8

4

363.5

30.0

30.4.9

n.a.

- . 2

n.a.

n.a.8.7

.013.35.29.4

.9

285.9

36.632.7

4.0

249.3

230.0

19.3

NATIONAL INCOME, BY DISTRIBUTIVE SHARES

National income

Compensation of employeesWages and salaries*

PrivateMilitaryGovernment civilian

Supplements to wages and salaries...

P r o p r i e t o r s ' a n d r e n t a l i n c o m e 3 . . . .Business and professionalFarmRental income of persons

Corporate profits and inventoryvaluation adjustment

Corporate Profits before taxCorporate profits tax liabilityCorporate profits after tax

Inventory valuation adjustment

Net interest

1929

87.4

50.850.245.2

.34 . 6

.6

19.78.35.75.8

10.39.81.48.4

.5

6.5

1933

39.6

29.328.823.7

.34 . 9

.5

7.22.92.32.0

- 2 . 0.2

- ! 4- 2 . 1

5.0

1941

103.8

64.361.751.5

1.98 . 32.6

20.89.66.94.3

14.617.27.89.4

- 2 . 6

4.1

An

1948

223.5

140.2134.4115.7

4.014.75.8

47.322.117.77.5

31.733.813.020.7

- 2 . 1

4.3

aual totals

1949

216.3

139.9133.4113.0

4.216.16.6

42.121.612.87.7

29.227.110.816.32.1

5.0

1950

240.6

153.4145.6123.4

5.017.17.9

45.423.613.38.5

36.041.018.222.7

- 5 . 0

5.7

1951

278.4

178.9169.8141.2

8.620.09.1

50.726.115.59.1

42.443.723.620.1

- 1 . 3

6.4

1952

291.6

193.2183.6151.110.422.29.6

51.226.314.810.0

40.239.220.618.61.0

7.0

1953

307.7

207.6197.6164.110.423.19.9

49.927.012.410.6

42.443.223.619.6- . 8

7.8


1952

4

301.4

201.3191 3158.310.422 610.0

51.126.714 010.3

41.740 321.219.1

1.4

7.4

1953

1

306.7

204.5194 5161.310.422 810.0

50.827.013 410.4

43.844 624.420.3- . 8

7.6

2

310.7

208.0198.0164.5

10.622.910.0

49.727.012.310.4

45.245.925.020.8- . 6

7.7

3

308.1

210.4200 6166.910.523 19.8

49.126.911 610.6

40.743 323.619.6

-2 .6

7.9

4

n.a.

207.7198 0164.410.323 39.8

50.026.912 210.8

n.a.n a.n.a.n.a.

1.0

8.1

n.a. Not available.1Less than 50 million dollars.2 Includes employee contributions to social insurance funds.3Includes noncorporate inventory valuation adjustment.NOTE.—Details may not add to totals because of rounding.Source.—Department of Commerce.



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


1952 1953

Gross national product

Personal consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment

New construction 1

Residential, nonf armOther

Producers' durable equipmentChange in business inventories. . . .

Nonf arm only

Net foreign investment

Government purchases ofgoods and services

FederalNational securityOtherLess: Government sales •

State and local

103.8

78.89.4

37.731.7

15.87.83.64.26.41.61.8

.8

8.51.3

1.3(«)7.2

55.8

46.33.5

22.320.6

1.31.1

.5

.71.8

- 1- 1

8.02.02.0(«)5.9

126.4

82.39.8

44.028.5

18.36.83.53.37.73.93.4

1.1

24.716.913.83.2

($)7.8

259.0

177.922.9

100.954.1

42.717.78.69.1

19.95.03.7

1.9

36.621.0165.6

.615.6

258.2

180.623.899.257.5

33.517.28.39.0

18.7-2.5-1.6

.5

43.625.419.36.6

.418.2

286.8

194.629.2

102.662.7

52.522.712.610.122.37.56.6

- 2 . 3

42.022.118.53.9

.219.9

329.8

208.127.3

113.467.4

58.62311.012.224.610.99.6

.3

62.941.137.44.1

.421.8

348.0

218.126.7

118.872.7

52.523.411.112.325.43.73.1

- . 2

77.554.248.95.8

.523.4

367.2

229.830.1

121.278.4

54.425.111.813.326.72.53.2

- 1 . 9

84.959.751.88.5

.625.2

361.]

224.428.2

121.175.1

57.923.911.61225.58.58.1

-1 .6

80.456.450.56.3

.524.0

363.9

227.730.2

121.276.3

54.925.012.212.826.23.74.0

-2.]

83.458.551.6

7.6.7

24.9

371.4

230.430.7

122.77.6

58.525.312.013.426.96.37.0

-2 .5

85.060.553.5

7.6.7

24.6

369.5

231.030.4

121.379.2

55.224.911.513.427.13.14.2

- 2 . 1

85.560.452.1

8 8.5

25.2

363.5

230.029.1

120.480.5

48.825.311.613.626.5

- 3 . 0- 2 . 3

- 1 . 0

85.759.550.010.0

.526.3

PERSONAL INCOME[Seasonally adjusted monthly totals at annual rates]

Year or month

1929193319411947194819491950.195119521953

1952—December

1953—JanuaryFebruaryMarch . . . .AprilMayJuneJulyAugustSeptember. . . .October.November. . . .December

1954—JanuaryP

Per-sonal

income

85.146.695.3

191.0209.5205.9226.7254.3269 7284.5

280.6

280.5281.0283.6282.7284.7286.3287.5287.0286.3287.2285.9284.6

282.5

Wages and salaries

Totalreceipts4

50.028.760.9

119.9132.1131.2142.6166.4180.1193.8

188.7

188.8190.9192.4192.8194.2195.6197.3197.1196.0195.6194.5192.5

190.5

Wage and salary disbursements

Totaldis-

burse-ments

50.228.861.7

122.0134.3133.4145.5169.8183 7

C197 6

192.5

192.8194.6196.2196.6198.0199.5201.2201 0199.9199 3198.3196.3

194.9

Com-modityproduc-ing in-

dustries

21.59.8

27.554.360.256.963.574.980.688.5

87.0

86.888.088.888.889.389.890.690.289.388.787.786.4

85.2

Distrib-utiveindus-tries

15.58.8

16.335.138.838.941.345.948 751.9

50.1

50.250.650.951.051.752.252.952.952.752.752.952.2

52.2

Serviceindus-tries

8.25.17.8

15.316.617.218.620.321.823.7

22.6

22.722.823.223.423.523.924.224.124.124.224.124.2

24.0

Gov-ern-ment

5.05.2

10.217.218.720.422.128.732.533.5

32.8

33.133.233.333.433.533.633.533.833.833.733.633.5

33.5

Otherlabor

ncome 5

.5

.4

.62.42.83.13.94.34 . 75 . 1

5.

5.5.5.5.5.5.5.5.5.5.5.5.1

5.1

I

Pro-prieton*

andrental

income6

19.77.2

20.842.447.342.145.450.751.249.9

51.8

51.650.250.749.450.050.149.548.949.049.550.050.3

50.0

Divi-dendsandper-

sonalinterestincome

13.38.29 . 9

14.516.017.119.620 521 022.2

21.5

21.621.721.922.022.122.322.422.522.722.822.722.7

22.8

Trans-fer

pay-ments7

1.52 13 . 1

11 811.312 415.112 512 913 7

13.6

13.513.313.713.613 513.513.513 613.614 513.814.3

14.5

Lesspersonalcontri-butions

forsocialinsur-ance8

.12

. 82 12 22 22.93 43 84 1

3.9

4.13.94.04.04 04.24.24 14.04 04.04.1

4.8

Non-agricul-

turalincome °

76.843 086 1

170 8187 1188 7209.0234 0249 9267 4

261.6

261.1263.3265.4265.5267 2268.8270 6270 7270.0270 5269.0267.2

265.2

^Preliminary. "Corrected.1 Includes construction expenditures for crude petroleum and natural gas drilling.2 Consists of sales abroad and domestic sales of surplus consumption goods and materials.3Less than 50 million dollars.*Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insur-

ance. Such contributions are not available by industries.includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.•Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory

valuation adjustment.7Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as

well as consumer bad debts and other business transfers.8Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance

program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions arenot included in personal income.

•Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural netinterest, and net dividends paid by agricultural corporations.

NOTE.—Details may not add to totals because of rounding.Source.—Department of Commerce.

MARCH 1954 313


INTERNATIONAL FINANCIAL STATISTICS

PAGE

International capital transactions of the United States 316-321

Gold production 321

Reported gold reserves of central banks and governments 322

Net gold purchases and gold stock of the United States 323

International Monetary Fund and Bank 324

Central banks 324-328

Money rates in foreign countries 329

Commercial banks 330

Foreign exchange rates 331

Price movements in principal countries:

Wholesale prices 332

Consumers' price indexes 333

Security prices 333

Tables on the following pages include the principal available statistics of current significance 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.

MARCH 1954 315


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESTABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES

[Net movement from United States, (—). In millions of dollars]

From Jan. 2, 1935,through—

1949—Dec. 311950—Dec. 311951—Dec. 311952—Dec. 31

1953—Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30*Dec. 31P

Total

8,763.510,521.110,140.711,399.5

11,385.411,245.311,424.911,683.211,869.811,945.612,021.512,221.612,407.312,483.012,604.412,537.2

Increase in banking funds in U. S.

Total

6,863.97,890.78,548.19,792.0

9,746.99,646.29,849.7

10,125.810,185.710,160.510,247.410,443.010,649.710,767.810,948.410,887.4

Foreignofficial1

2,197.82,715.62,770.23,770.4

3,691.83,641.43,866.74,043.84,103.54,147.64,112.04,248.84,449.14,488.74,627.64,606.5

Foreignother

3,028.23,472.84,089.64,283.1

4,308.04,279.64,298.44,340.94,318.64,255.74,366.64,420.04,424.54,410.64,459.84,333.2

Interna-tional3

L,637.81,702.3L.688.31,738.5

L,747.11,725.21,684.7L,741.11,763.51,757.21,768.71,774.11,776.11,868.51,861.0,947.8

Decreasein U. S.bankingfunds

abroad

307.6231.4160.980.6

93.495.388.899.4

152.5181.7208.9211.5226.5221.9218.4226.2

Domesticsecurities:Inflow offoreignfunds3

258.51,202.9

618.6933.5

967.4968.9976.6977.3983.5

1,003.5965.8968.9918.7916.8907.2909.9

Foreignsecurities:

Returnof U. S.funds3

1,209.91,064.5

687.5469.6

450.4412.5389.0361.1428.9481.2479.0481.2495.2463.2418.4396.0

Inflow inbrokeragebalances

123.7131.7125.6123.8

127.3122.4120.7119.5119.3118.7120.5117.0117.2113.3112.0117.6

TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,BY COUNTRIES *

[Amounts outstanding, in millions of dollars]

Date

1949—Dec. 31. . .1950—Dec. 31. . .1951—Dec. 31. . .1952—Dec. 31 . .

1953—Jan. 31 . .Feb. 28. .Mar. 31. .Apr. 30. .May 31. .June 30..July 31. .Aug. 31. .Sept. 30. .Oct. 31. .Nov. 30*.Dec. 31 P.

In-terna-tionalinsti-

tutions8

1,657.81,722.2L.7O8.21,758.4

1,767.11,745.21,704.61,761.01,783.5L,777.11,788.71,794.0L,796.01,888.4L, 880.9,967.7

Total foreigncountries

Officialand

private

5,960.2•6,922.67,594.08,787.6

8,734.08,655.18,899.29,118.99,156.39,137.59,212.89,403.09,607.89,633 .59,821.69,673.8

Official *

2,908.13,425.93,480.54,480.7

4,402.14,351.74,577.04,754.14,813.84,857.94,822.34,959.15,159.45,199.05,337.95,316.8

UnitedKing-dom

574.4•656.6642.6817.9

887.8754.4751.6837.3900.0911.2887.6890.0900.8916.3907.7708.8

France

171.6260.7289.4342.6

249.5253.5259.1233.3255.0301.8334.0362.6375.8425.6423.8430.7

Neth-er-

lands

170.5193.6148.8203.1

210.4221.1230.7231.5245.0268.6227.5243.1230.7241.2252.8242.9

Switz-er-

land*

576.9553.0521.3641.8

610.5608.6632.6657.8624.1650.1659.9663.7664.4661.2653.7674.1

Italy

303.6314.7300.5308.9

308 3286.6304.9312.1314.4313.6336.0353.9368.2390.8432.1449.3

OtherEurope

717.0799.2

1,022.21,259.3

1,225 01,273.71,307.11,370.81,411.01,444.51,537.81,619.51,676.81,707.81,789.41,868.5

TotalEurope

2,513.982,777.72,924.73,573.5

3,491.53,397.83,485.93,642.73,749.63,889.83,982.94,132.94,216.74,343.04,459.44,374.2

Can-ada

869.1899.0

1,307.11,420.7

J.442 0,387.5

1,349.1L,365.0,231.4

1,119.4,142.1

L,147.5L,197.11,205.7L.260.3,295.5

LatinAmerica

L.436.71,612.91,455.21,612.9

1,591 41,610.01,692.51,744.01,829.91,808.91,785.51,815.41,839.71,734.9L,770.21,768.3

Asia

961.01,378.51,609.61,845.0

1,855 31,901.52,012.62,005.61,966.71,935.31,948.21,963.42,001.12,000.92,007.91,909.7

Allother

179.5254.5297.4335.6

353.7358.4359.1361.5378.7384.1354.1343.9353.2349.0323.8326.1

P Preliminary.1 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and theiragencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held inaccounts with the U. S. Treasury.2 Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, andUnited Nations and other international organizations.8Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions areincluded in foreign securities.4"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing innot more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designateforeign governments, central banks, and other official institutions (see footnote 1 above) as well as other banks, organizations, and individuals-domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commer-cial firms.

•Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.•Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,

but which have been excluded in the past from reported liabilities.NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,

•certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue.For further explanation and information on back figures see BULLETIN for August 1951, p. lt)30.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY COUNTRIES—Continued

[Amounts outstanding, in millions of dollars]

Table 2a.—Other Europe

Date

1949—Dec. 3 1 . .1950—Dec. 3 1 . .1951—Dec. 31 . .1952—Dec. 31. .

1953—Jan. 3 1 . .Feb. 28. .Mar. 31. .Apr. 30..May 31. .June 30. .July 31. .Aug. 31 . .Sept. 30Oct. 31. .Nov. 30P.Dec. 31 P.

OtherEurope

717.0799.2

1,022.21,259.3

1,225.01,273.71,307.11,370.81,411.01,444.51,537.81,619.51,676.81,707.81,789.41,868.5

Aus-tria

ii'.957.191.1

94.996.3

102.3108.2115.1118.7129.9144.4161.1169.9183.5190.9

Bel-gium

119.9128.2134.7123.9

121.3131.2130.8133.9129.1128.4132.9139.8148.0118.2126.9130.3

Czech-oslo-vakia

5L61.3

.6

.6

.5

.6

.6

.6

.7

.7

.6

.5

.5

.6

.6

Den-mark

38.045.545.370.4

63.760.762.370.069.471.072.677.281.788.192.895.7

Fin-land

25.118.327.028.5

32.928.626.126.929.734.335.732.830.733.535.737.9

Ger-many

149.4221 6405.6551.1

531.5552.2585.7626.8645.7682.8739.5773.3793.7827.2851 .7898.8

Greece

29.632.345.847.3

50.753.857.162.066.570.769.573.377.985.192.0

100.9

Nor-way

69.443.699.7

110.3

106.8116.9115.9116.6119.2109.1108.4110.3113.7115.7117.6118.5

Po-land

A.22 . 83 . 4

2 . 32 . 32 . 42 . 12 . 22 . 02 . 42 . 93 . 42 . 22 . 92 .2

Por-tugal

38.145.740.757.4

47.854.654.955.157.857.262.970.366.770.073.172.4

Ru-mania

6 . 76 . 16 . 16 . 1

6 . 16 . 15 . 85 . 85 . 85 . 85 . 85 . 85 . 85 . 86 . 05 . 8

Spain

15.721.317.119.2

20.219.017.618.222.719.319.922.123.432.735.936.0

Swe-den

90.1115.371.791.0

86.693.089.288.788.586.787.994.3

103.596.0

105.2116.7

USSR

10.24 . 02 . 51.7

3 . 53 . 42 . 81.61.32 . 26 . 58 . 08 32 . 02 . 82 . 0

Yugo-slavia

7 .613.2

7 . 112.0

12.19 . 79 . 39 . 8

10.87 .9

10.513.2

7 . 49 . 07 .76 . 9

Allother1

117.452.457.645.2

44.245.344.344.746.647.852.651.251.052.054.952.9

Date

1949—Dec. 31.1950—Dec. 31.1951—Dec. 31.1952—Dec. 31.

1953—Jan. 31.Feb. 28.Mar. 31Apr. 30'.May 31.June 30.July 31 .Aug. 31 .Sept. 30Oct. 31.Nov. 30 PDec. 31 P

LatinAmer-

ica

1 436 71,612.91,455.21,612.9

1,591.41,610 01,692 51,744.01,829.91,808.91,785.51,815.41,839.71,734.91.770.21,768.3

Argen-tina

201.1301.8249.7138.8

131.7142 6142.5152.4153.1155.6151.3145.9146.6143.1137.1130.0

Bo-livia

13.520.427.824.5

18.920.220.119.627.425.622.920.620.319.928.119.1

Brazil

192.8226.0100.372.5

71.983.475.781.2

119.7133.683.5

132.5164.4110.0149.2101.7

Chile

60.979.554.079.3

75.782.486.289.193.188.189.184.192.186.081.578.8

Table 2b.-

Co-lom-bia

85.953.4

106.4118.2

113.4126.5123.9125.4122.0121.6130.4129.9115.6116.2132.0150.2

Cuba

164.2259.1263.6301.2

275.9278 3331 ^356.9372.5383.0390.0402.1391.0385.0350.7340.8

-Latin

Do-min-icanRe-pub-lic

42.745.844.2

44.945.347 048.348.047.550.248.945.041.942.439.3

America

Guate-mala

25.427.334.3

38.541.245.649.147.245.243.240.336.432.732.137.9

Mex-ico

214.6207.1158.2231.2

239.3213.3213 9199.4181.7167.5168.7160.5170.3180.2189.4183.2

Neth-er-

landsWestIndiesandSuri-n a m

25.930.234.944.3

44.545.445.341.242.344.845.645.143.649.052.251.5

Peru

52.860.247.260.9

61.561.967.563.862.563.461.262.060.068.273.568.0

Re-pub-lic ofPan-ama

74.359.267.780.8

87.790.491.190.495.297.1

103.8108.1101.982.879.989.9

ElSal-

vador

16.127 825.6

40.144.254.852.248.944.742.139.233.728.724.926.8

Uru-guay

75.184.794.1

94.297.391 794.190.288.591.389.689.093.589.4

109.6

Vene-zuela

143.285.271.9

145.5

124.3\0t 9117 3143.2186.4156.8166.5165.2197.8173.1184.1222.4

OtherLatin

Amer-ica"

207 471.387.8

117.4

128.8133.6138 6137.8139.6145.9145.7141.2131.7124.6123.6119.2

Date

1949—Dec. 31.1950—Dec. 31.1951—Dec. 31.1952—Dec. 31.

1953—Jan. 31.Feb. 28.Mar. 31.Apr. 30.May 31 .June 30.July 31.Aug. 31.Sept. 30.Oct. 31.Nov. 30PDec. 31 P

Asia

961.01,378.51,609.61,845.0

1,855.31,901.52,012.62,005.61,966.71,935.31,948.21,963.42,001.12,000.92,007.91,909.7

For-mosaand

ChinaMain-land

110.681.787.476.4

73.572.870.772.172.171.371.673.375.977.177.273.6

HongKong

83.986.162.470.9

72.071.471.470.167.367.268.268.568.867.968.768.0

India

63.355.762.164.6

70.275.176.385.392.387.489.193.592.795.3

100.099.0

Indo-nesia

15.7114.7140 661.0

58.060.767.364.358.938.439.633.635.134.734.039.3

Table 2c.

Iran

ioii25.519.2

16.516.419.319.517.117.820.322.931.047.442.643.6

Israel

12 626 618.8

26.222.715.415.316.416.514.219.619.518.313.618.0

—Asia

Japan

214.6458.5596 0808.0

821.6862.8897.1892.6882.9891.7910.2919.4932.2912.0915.2827.9

and All Other

Phil-ippineRe-

public

297.3374.4329.7315.1

309.6313.7324.8327.9326.1307.4303.0309.8308.8303.3299.2295 5

Thai-land

"48!296.7

181.0

186.7190.4193.0194.8192.1197.5191.9188.2191.3187.1177.0167.9

Tur-key

9 . 814.314.18 .4

10.28 .68 .88 .47 .48 . 06 . 38 .4

14.216.722.614.2

OtherAsia*

165.7111.9168.4221.5

210.7206.9268.4255.3234.2232.2233.9226.4231.6241.0257.8262.8

Allother

179.5254.5297.4335.6

353.7358.4359.1361.5378.7384.1358.2343.9353.2349.0323.8326.1

Aus-tralia

32.419.138.547.2

51.152.354.857.966.567.354.653.954.058.958.559.2

Bel-gian

Congo

•"58.154.5

118.6

117.8119.5125.9124.9130.5126.3119.4112.5116.8110.694.089.6

•ssrAnglo-Egyp-tian

Sudan

61.675.6

110.759.7

58.455.153.454.154.455.245.344.543.944.740.043.3

Unionof

SouthAfrica

6 . 044.0

7 .023.6

36.338.133.236.033.337.437.239.638.944.738.038.2

Other*

79.557.786.886.5

90.193.591.988.794.097.8

101.793.499.490.192.495.7

P Preliminary.1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.8Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.•Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date.•Beginning January 1950, excludes Belgian Congo, reported separately as of that date.

MARCH 1954 317


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY COUNTRIES

Date

1949—Dec. 311950—Dec. 311951—Dec. 311952—Dec. 31

1953—jan. 3iFeb. 28Mar. 31Apr. 30May 31June 30July 31Aug 31Sept. 30Oct. 31Nov. 30PDec. 31P

Total

827.9898.0968.4

1,048.7

1,036.01,034.11,040 61,029.9

976 8947.7920.5917.9902 9907.5910.9903.2

[Amounts outstanding, in

UnitedKing-dom

37.2105.735.030.3

32.535.435.823.427.328.728.526.633.939.548.166.3

France

51.831.410.131.9

28.68.88 . 28 . 89 . 57.8

10.59.79 99 . 88.2

10.6

Neth-er-

lands

5 . 23 . 45 . 04 . 4

6.46.26 . 95 . 95 . 65.15.25.77.29 .16.38.6

millions of dollars]

Switz-er-

land

3.88.7

11.27 .1

13.513.214.213.912.815.214.013.414 715.416.817.9

Italy

22.620.710.317.8

22.920.225.325.625.524.822 122.221 720.020.318.8

OtherEurope

98.567.1

111.281.9

78.472.970.974.871.370.075 484.190 795.489.993.9

TotalEurope

219.2237.0182.8173 4

182.4156.7161 5152.4151 9151.7155 7161.7178 1189.1189.5216.0

Can-ada

37.6125.892.062.3

56.357.861.360.657 458.349 642.056 780 767.156.4

LatinAmer-

ica

411.1378.8489.3662 0

647.5676.9672 7663.0636 1603.9591 2594.2541 5503 4507.4476.3

Asia

139.796 3

162.4128 6

125.9124.0125.5132.0110 3112.1103 6100.2106 3112 0125.4129.6

Allother

20.460 041.922.4

24.118.719.621.921 121.620 419.820 322 321.624.9

Table 3a.—Other Europe

Date

1949—Dec. 3 1 . . . .1950—Dec. 311951—Dec. 311952—Dec. 31

1953 Tan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31Aug. 31Sept. 30Oct 31Nov. 30PDec. 31 P

OtherEurope

98 567.1

111.281.9

78.472.970.974.871.370 075.484.190.795.489 993.9

Aus-tria

.2(*)

.8

.3

.2

.2

.1

.1

.1

.2

.4

.3

.1

.2

.8

Bel-gium

19.321.539.616.2

16.215.814.814.112.411 612.210.311.111.012 313.0

Den-mark

.43.24.82.1

3.54.35.13.61.51 32 . 33.54.35.75 36 . 2

Fin-land

8.22.23.15.6

5.14.45.14.12.93 83 . 53.42.32.71 81.9

Ger-many

30.025.428.326.8

24.127.327.230.231.030 927.030.333.637.331 330.5

Greece

.7

.2

.2

.2

.2

.1

.3

.1

.2

.1

.1

.2

.4

.5

.71.3

Nor-way

7.41.42.51.9

1.71.71.51.11.31 l

. 8

.81.0

.98

1.0

Por-tugal

.5

.58

.5

.5

.6

.5

.5

.55

.5

.4

.5

.46

.6

Spain

7.01.6

18 811.2

9.45.75.97.56.76 9

14 420.324 122.622 824.3

Swe-den

2.36.95.42.5

2.62.22.43.22 92 42 61.82 21.72 42 . 7

Yugo-slavia

(»)

3 98.6

7.83.91.53.54 54 75 35.84 25.34 34 . 8

Allother1

22.64.04 05.4

7.06.66.56.77 36 56 46.96 77.17 S6 . 8

Table 3b.—Latin America

Date

1949—Dec. 3 1 . .1950—Dec. 3 1 . .1951—Dec. 3 1 . .1952—Dec. 31 . .

1953—Jan. 3 1 . .Feb. 28 . .Mar. 31. .Apr. 30 . .May 3 1 . .June 30. .July 3 1 . .Aug. 3 1 . .Sept. 30. .Oct. 31. .Nov. 30P.Dec. 31 P.

LatinAmer-

ica

411.1378.8489.3662.0

647.5676.9672.7663.0636.1603.9591.2594.2541.5503.4507.4476.3

Argen-tina

53.645.9

7.68.2

7.47.27.17.7

10.29.08.07.67.57.06.77.1

Bo-livia

2.38.77.55.8

6.510.713.414.615.414.714.313.413.211.99.7

10.8

Brazil

136.978.0

185.0356.4

353.2383.3370.7382.7367.4325.1317.2319.7274.7204.6187.4128.8

Chile

15.56 . 8

24.826.4

23.419.419.0

9 . 69 . 07 .57.77.57.56.17.1

22.6

Co-lom-bia

21.142.543.741.7

36.436.837.838.939.847.744.448.947.447.152.056.9

Cuba

27.527.632.332.5

26.530.737.834.92 7 . 227.028.824.02 1 . 64 1 . 749.451.2

Do-min-icanRe-pub-lic

*i!9'1 81.6

1.82 . 32 . 92 . 82 . 72 . 91.91.91.71.71.71.9

Guate-mala

3 . 84 . 2

4 . 44 . 94 . 44 . 53 . 13 . 23 . 23 . 03 . 64 . 24 . 74 . 1

Mex-ico

73.070.690.688.6

94.294.596.186.983.088.386.489.079.386.390.192.9

Neth-er-

landsWest

IndiesandSuri-nam

1.3L.3L.2L.3

L.4L.9

2 . 12 . 22 . 52 . 12 . 42 . 21.83 . 01.62 . 6

Peru

5.811.011.814.8

15.717.214.712.513.714.313.715.116.817.718.520.2

Re-pub-lic ofPan-ama

5.33.13.06.5

5.75.04.25.44.95.45.65.45.84.97.44.6

ElSal-

vador

*6°.&9.59.1

8.56.84.95.03.44.03.33.74.86.07.98.2

Uru-guay

*8!610.514.3

14.09 . 27 . 37 . 44 . 63 . 63 . 33 . 23 . 43 . 84 . 43 . 7

Vene-zuela

25.649.441.736.7

34.233.035.733.435.135.235.635.436.339.240.341.6

OtherLatinAmer-ica »

43.114.614.513.7

14.314.114.814.514.013.915.514.216.118.218.619.3

pPreliminary.1 Beginning January 1950, excludes Austria, reported separately as of that date.2Less than $50,000.3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY COUNTRIES—Continued[Amounts outstanding, in millions of dollars]

Table 3c—Asia and All Other

Date

1949—Dec. 311950—Dec. 311951—Oec. 311952—Dec. 31 . .1953—Jan. 31 . .

Feb. 28. .Mar. 31. .Apr. 30. .May 31 . .June 30..July 3 1 . .Aug. 31. .Sept. 30..Oct. 31 . .Nov. 30P.Dec. 31 P.

Asia

139.796 3

162.4128.6125.9124.0125.5132.0110.3112.1103.6100.2106.3112.0125.4129.6

For-mosaand

ChinaMain-land

16.618.210.110.110.4

9 . 89 . 48 . 88 .48 .18.27 .98 .58 .58.57 .3

HongKong

3 .73 . 03 . 11.2

1.92 . 42 . 02 . 72 . 12 . 32 . 32 . 92 . 92 . 64 . 33 . 1

India

17.416.213.4

4 . 3

3 . 63 . 34 . 03 . 93 . 12 . 92 . 52 . 72 . 93 . 44 . 13 . 7

Indo-nesia

.2

.2

.3

.9

.8

.6

.6

.6

.81.11.21.61.1

.6

.6

.8

Iran

"o\69 . 3

10.210.210.210.911.712.612.813.313.913.014.213.313.8

Israel

18.930.015.125.925.125.224.220.519.417.818.824.425.923.422.9

Japan

14.112.112.212.511.515.617.020.014.216.618.817.120.517.726.625.6

Phil-ippineRe-

public

23.24 . 9

29.37 . 6

10.711.610.014.213.611.810.810.1

9 . 45 .55.25 . 8

Thai-land

"i!s'2 . 53 . 3

2 . 63 . 06 . 14 . 84 . 35 . 34 . 55.25 .96.26 .86.1

Tur-key

14.3.9.6

38.826.721.218.617.410.511.38.74 . 51.07.77.7

15.7

OtherAsia1

50.313.951.624,621.621.321.623.820.220.415.515.516.719.724.924.7

Allother

20.460.041.922.424.118.719.621.921.121.620.419.820.322.321.624.9

Aus-tralia

7 . 940.822.810.1

9 .26 . 47 . 07 .67.27.26 . 36 . 37 .05 .85.78 .0

.Bel-gian

Congo

4!45 .76 . 0

7 . 06 . 66 . 57 .16 . 76 .67 .15 . 95 .75 .75 .86 . 3

Egyptand

Anglo-Egyp-tian

Sudan

.2

.3

.2

.5

1.0.8.3.9

1.0.3.2.2.1.2.4.5

Unionof

SouthAfrica

4 . 57 . 36 . 72 . 0

2 . 52 . 12 . 72 . 82 . 82 . 92 . 92 . 92 . 32 . 72 . 32 . 4

Other 2

7.77 26 . 53 . 8

4 . 42 . 83 . 13 . 53 . 44 . 63 . 94 . 65 .17 .87 .47 . 8

TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES s

(Inflow of Foreign Funds)fin millions of dollars]

Year or month

19491950195119521952—December1953—January

February!MarchAprilMayJuneJulyAugustSeptemberOctoberNovember^December P

U. S. Government bonds and notes4

Purchases

430.01,236.4

673.6533.745.042.627.626.312.9

145.528.836.630.143.124.432.0

186.8

Sales

333.6294.3

1,356.6231.4

17.014.937.518.69.6

136.722.782.329.3

116.428.838.6

195.6

Netpurchases

96.4942 1

-683.0302.327.927.7

-9 .87.73.38.86 . 1

-45.7.8

-73.3-4 .4-6 .6-8 .8

Corporate bonds and stocks •

Purchases

354.1774 7859.8850.393.781.876.285.871.361.765.056.249.768.253.357.375.4

Sales

375.3772 3761.0837.789.475.664.985.873.964.351.148.347.345.150.860.463.8

Netpurchases

—21.22 4

98.712.64.36.2

11.3

-2 .6-2 .714.0

7 .92.4

23.12.5

-3 .111.5

Totalpurchases

784.12,011 11,533.31,384.0

138.6124.4103.8112.184.2

207.293.892.879.7

111.377.789.3

262.2

Totalsales

708.91,066 62,117.61,069.0

106.590.5

102.3104.483.5

201.073.8

130 576.5

161 .579.599.0

259.5

Netpurchases

ofdomesticsecurities

75 2944 4

—584 3314 932.233 91.47.7

.76 2

20 0—37 8

3.2-50.2-1 .9-9 .7

2.8

TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNEDIN THE UNITED STATES, BY TYPES 8

(Return of U. S. Funds)[In millions of dollars]

Year or month

194919501951 .19521952—December

FebruaryMarchAprilMay

JUlyAugustSeptemberOctober,November?December?

Foreign stocks

Purchases

88.8173.8272.3293.926.825.424.727.521.816.944.923.118.623.923.125.632.0

Sales

70.8198.2348.7329.620.926.124.337.620.841.821.921.218.516.318.425.630.2

Netpurchases

18.0-24.4-76.4-35.8

5 . 9

- . 7.4

-10.11.0

-24.923.0

2 . 0.1

7 .74 . 7

(6)1.8

Purchases

321.2589.2500.4495.325.733.029.429.729.2

111.762.146.220.023.283.932.337.9

Foreign bonds

Sales

311.5710.2801.0677.475.751.567.843.058.219.032.850.317.916.9

120.677.262.1

Netpurchases

9 . 8-121.0-300.6-182.1-49.9-18.4-38.4-13.3-29.0

92.729.3

-4 .12 . 16 . 3

-36.7-44.9-24.2

Totalpurchases

410.1763.0772.7789.152.658.454.157.251.1

128.6107.169.338.647.1

106.957.969.9

Totalsales

382.3908.4

1,149.71,007.0

96.677.692.180.679.060.854.771.536.433.1

139.0102.892.3

Netpurchases

offoreign

securities

27.8-145.4-377.0-217.9-44.0-19.2-38.0-23.4-28.0

67.852.3

-2 .22 . 2

14.0-32.0-44.8-22.3

P Preliminary.1 Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date.2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date.3 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds,8Through 1949 represents transactions in corporate stocks only. 8Less than $50,000.

MARCH 1954 319


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES,

BY COUNTRIES(Inflow of Foreign Funds)

[Net sales, ( - ) . In millions of dollars]

Year ormonth

19491950 .19511952

1952—Dec....

1953—JanFeb. . . .Mar....AprMay. . .June. . .July. . .A u g . . . .S e p tO c t . . . .N o v . P . .D e c . P . .

Inter-national

insti-tutions

8 7 . 01 2 1 2

— 1 5 . 91 4 . 7

. 9

2 5 . 51 0 . 5

1.0- 1 . 2

5 .21.3

.5- 4 . 2

- 1 4 . 1- 8 . 2

3 . 4- 4 . 4

Total

— 1 1 . 88 2 3 . 2

— 5 6 8 . 43 0 0 . 2

3 1 . 3

8 . 4- 9 . 1

6 . 8- . 51.0

1 8 . 7- 3 8 . 3

7 . 4- 3 6 . 2

6 . 3- 1 3 . 1

7.2

UnitedKing-dom

2 0 . 96 4 . 02 1 . 47 0 . 4

1 1 . 4

5 . 82 . 1

1 0 . 02 . 5

- . 65 . 49 . 06 . 82 . 64 . 2

- 2 . 51 9 . 5

France

— 6 . 81 9 7 . 8

6 . 05 . 5

1.2

1.3- . 4

.6

.1

.42 . 0

- 4 9 . 01.0

.7

.3

.21.1

Nether-lands

— 2 5 . 5— 6 . 3

— 2 2 . 2— 2 1 . 9

- 2 . 2

- 2 . 1- 1 . 3- 3 . 4- 5 . 4

- . 9- 1 . 1- 1 . 9

- . 5- . 8

- 2 . 8- . 1

- 1 . 1

Switzer-land

4 4 . 21 9 . 04 5 . 95 0 . 7

4 . 5

1 3 . 46 .74 . 42 . 72 . 55.22 . 55 .59 . 61.32.11.2

Italy

1.5— .71.9

.5

- . 3

0)

-.2- . 1

AA.1

0)0)- . 5

.1

OtherEurope

2 . 27 3 . 8

— 4 3 . 86 .2

- 1 . 2

2 . 0- 7 . 7- 1 . 4

.10)

2^6- 1 . 5

.51.6

0).8

TotalEurope

36.5347.5

9.2111.4

13.4

20.4- . 510.00)

.81 1 . 4

- 3 6 . 31 1 . 41 2 . 7

4 . 7o

2 l ! 5

Canada

—49.0458.2

—595.5191.6

16.3

-10.3-8 .8-3 .8-1 .0

— . 46 . 0

- 3 . 1- 6 . 5

-50.5-9.9

-15.0-17.4

LatinAmer-

ica

2 . 53 0 . 11 3 . 94 . 7

.1

- 1 . 1— . 4

.81.4

.8

.81.52 . 3

.31 1 . 83 . 92 . 7

Asia

—2.1—15.3

4.8- 9 . 5

1.0

.3

.1- . 50)

.2

.1— . 2

.5

.4

.1- . 5- . 5

Allother

.22 . 7

- . 71.9

.5

- . 9.6.2

- 1 . 0- . 5

. 4- . 1- . 31.0

- . 3- . 8

.9

TABLE 6a.—DOMESTIC SECURITIES: 1

Year ormonth

1 9 4 91 9 5 01 9 5 11 9 5 2

1 9 5 2 — D e c . . .

1 9 5 3 — J a n . . . .F e b . . . .M a r . . . .A p rM a y . . .J u n e . . .J u l y . . .A u g . . . .S e p t . . .O c t . . . .N o v . P . .D e c . P . .

OtherEurope

2 . 27 3 . 8

- 4 3 . 86 . 2

- 1 . 2

2 . 0- 7 . 7- 1 . 4

. 10)

2 ^ 6- 1 . 5

e

0)"

Aus-tria2

1 8 . 4- 1 1 . 9

. 4

0)

0)

(")'0)

0)0)0)0)

2 . 00)0)

Bel-gium

1 . 61 2 . 6

5 . 7- . 5

- 1 . 5

. 9- . 1

. 2. 2^

2 . 2- 2 . 8

— . 1q

Nor-way

- . 93 6 . 7

- 3 8 . 16 . 0

- . 1

. 9- 6 . 8

- . 1. 2

c

' . 1. 1

0)

- . 1. 1. 6

MET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATESOther Europe; Latin America; and Asia

Allother

1 . 46 . 0

3

5

. 2— . 6

- 1 . 5

( " ) "- . 6

l ! 'l . (

LatinAmer-

ica

2 . 53 0 . 11 3 . 9

4 . 7

. 1

- 1 . 1— 4

! 81 . 4

. 8. 8

1 . 52 . 3

1 1 . 83 . 92 . 7

Co-lom-bia

1 . 2- 1 . 2

. 5- . 8

- . 1

- 1 . 3- . 3- . 1

. 5— . 1- . 1

0)

0)'

Cuba

- 1 . 02 4 . 6

6 . 1. 2

- 1 . 6

0). 8

0)

'.5. 3. 5. 6. 1

1 1 . 72 . 62 . 4

Mex-ico

. 3

. 52 . 52 . 6

1 . 1

. 4- . 2- . 3

. 30)

!i- . 1

.5- . 7- . 6- . 4

Re-public

ofPan-ama

4 . 2. 1. 8

- 6 . 5

. 4

- . 6. 3. 7. 1

— . 5- 2 . 6

. 3

. 7- . 1- . 1- . 2- . 4

Uru-guay*

- 5 . 02.62.7

0)

. 4- . 3

. 20)— . 4

2 . 0- . 3

. 60)

. 15

. 6

OtherLatin

Amer-ica

- 2 . 11 1 . 1

1 . 56 . 6

. 4

0)- . 6

. 3

. 21 . 21 . 01 . 0

. 6- . 2

. 91 . 6

. 4

Asia

- 2 . 1- 1 5 . 3

4 . 8- 9 . 5

1 . 0

. 3. 1

- . 50)

. 1- . 2

. 5

. 4. 1

— . 5— . 5

For-mosaand

ChinaMain-land

- 7 . 2- 3 . 0

- . 2- . 3

— . 1

. 20)0)

!i0)0)

. 60)- . 2

0)

HongKong

- 1 . 02 . 37 . 01 . 3

1 . 1

. 3. 1

- . 5- . 2

. 20)— . 2— . 1- . 2

0)- . 3- . 4

SECURITIES

P h i l i p -p i n eR e -

p u b -l i c

. 5

. 9- 2 . 1

- 1 1 . 4

0)

0)

80)0)

80)

- . 10)0)

OtherAsia

5.5-15.6

0). 9

. 1

- . 1. 1

. 1. 2

0)

TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNEDIN THE UNITED STATES, BY COUNTRIES

(Return of U. S. Funds)

[Net sales, (—). In millions of dollars]

Year ormonth

1949195019511952

1952—Dec...

1953—Jan... .Feb.. . .Mar.. . .A p r . . . .

M a y . . .June...J u l y . . .A u gS e p t . . .O c t . . . .N o v . P . .D e c . P . .

Inter-national

insti-tutions

—16.0—3.6

-152.7— 118.1

- . 7

0)9 . 5

- . 13 . 4

- . 52 . 1

- 2 . 2— 30)'

- 7 3 . 1__ 3-. '5

Total

4 3 . 8— 1 4 1 . 8— 2 2 4 . 3

- 9 9 . 8

- 4 3 . 3

- 1 9 . 2- 4 7 . 5- 2 3 . 3- 3 1 . 3

6 8 . 35 0 . 3

.12 . 5

1 4 . 04 1 . 1

- 4 4 . 5- 2 1 . 8

UnitedKing-dom

— 1 3 . 5— 6 . 1- 2 . 0- 4 . 4

- 1 . 1

- . 3.3

2 . 90)

- 1 . 12 1 . 7- . 1- . 2- . 25 . 83 . 74 . 0

France

. 4— 1 . 3— 4 . 1

4 . 9

- . 4

.3

.3

.61.2

.4

.90)- . 11.9

- . 1- . 4

.3

Nether-lands

— . 1— 4 . 7

2 . 8- 8 . 7

3 . 9

- 1 . 51.4

.1- . 30)- . 4

- 2 . 8- 2 . 3

- . 75.2

- 2 . 7- 2 . 0

Switzer-land

19.117.214.2

8 .7

.7

2 . 11.1

.5

.52 . 22 . 32 .11.95.2

15.82 . 31.4

Italy

.4

.51.21.2

.2

.4

.1

.10)0)

.2

.6

.1- . 91.9

.1

.6

OtherEurope

2 4 . 67 .8

1 6 . 41 8 . 2

.3

.7

.55 . 21.7

.71.6

.8

.41.24 . 91.8

0)

TotalEurope

3 0 . 81 3 . 42 8 ! 51 9 . 9

3 . 5

1.73 . 89 . 43 . 12 . 1

2 6 . 3.5

- . 26 . 5

3 3 . 74 . 84 . 2

Canada

— 1 0 . 6— 1 9 0 . 0— 2 5 8 ^ 6— 1 4 1 . 0

- 4 6 . 0

- 1 8 . 3- 4 7 . 9— 3 2 . 6- 3 3 . 8

6 7 . 22 2 . 9

- 1 8 . 0.3

5 .1- 9 . 8

- 4 9 . 4- 2 4 . 6

LatinAmer-

ica

20.229183 3 * 82 5 ! 3

2 . 3

1.11.91.33 . 1

.97 .32 . 11.42 . 49 . 32 .21.6

Asia

.81 !o

—36 !o— 1 0 . 0

- 3 . 9

- 4 . 1- 2 . 6— 1 . 7- 3 . 8- 2 . 1- 2 . 2- 2 . 7

- . 4- . 7- . 8

- 2 . 7- 5 . 1

A l lother

2 63 97 96 . 0

.7

.4- 2 . 6

3.1.2

- 4 . 11 8 . 1

1.4.7

8 . 8.5

2 . 1

P P r e l i m i n a r y .* L e s s t h a n $ 5 0 , 0 0 0 . 2 N o t a v a i l a b l e u n t i l 1 9 5 0 .



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— ContinuedTABLE 8.—INFLOW IN BROKERAGE BALANCES, BY

COUNTRIES

(The Net Effect of Increases in Foreign Brokerage Balances in U. S.and of Decreases in Balances Held by Brokers and Dealers in

U. S. with Brokers and Dealers Abroad)


Year or month

1949 . . .19501951.. . .1952

1952—December....

1953—JanuaryFebruary . . . .MarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember?...Decembers. . .

Total

.68.0

- 6 . 1- 1 . 8

3.7

3.5- 4 . 8- 1 . 7— 1.2

- . 2- . 61.8

- 3 . 5.2

- 3 . 9-1.3

25.6

Europe

1.03.0

- 3 . 3- 1 . 6

1.5

.3- 4 . 7- 1 . 3

4.7- . 5

- 4 . 92.6

- 2 . 9- . 82.0

- 3 . 03.1

Canada

.9-3 .0

2.8-1 .0

0)2.01.11.6

- 4 . 4.8

6.7- 1 . 7- . 5- . 1

- 6 . 11.11.3

LatinAmer-

ica

- 1 . 34.4

- 5 . 01.0

2.1

.7- 1 . 0- 1 . 1- 2 . 2- . 6

- 1 . 7.2.6

1.01.4

- 2 . 12.0

Asiaand allother

<3.S- . 6- . 2

.1

.4- . 2- . 9

.6

.1- . 8

.7- . 6

.2- 1 . 2

2.8- . 8

» Preliminary.» Less than $50,000.1 Amounts outstanding (in millions of dollars): foreign brokerage

balances in U. S., 76.1; U. S. brokerage balances abroad, 35.4.

TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELDAT FEDERAL RESERVE BANKS FOR FOREIGN

CORRESPONDENTS *

Date

1952—Dec. 31

1953_Feb. 28Mar. 3 1 . . . .Apr. 30May 3 1 . . .June 30July 31Aug. 31Sept. 30Oct. 31Nov. 30Dec. 31

1954—yan# 3iFeb. 28

1954—Feb. 3Feb. 10Feb. 17Feb. 24


Deposits

550

511536506515527566524512448417423

440490

477473482461

Assets in custody

U. S. Gov-ernment

securitiesJ

2,156

2,1702,2462,4252,4552,4492,3782,5882,6412,6742,6942,586

2,6322,716

2,6322,6772,6902,691

Miscel-laneous 3

86

89909795

1019595949799

106

9988

97939188

Represents dollar assets belonging to foreign monetary authoritiesand the Bank for International Settlements. Excludes assets held forthe International Bank for Reconstruction and Development andInternational Monetary Fund and earmarked gold. See footnote 4,p. 323, for total gold under earmark at Federal Reserve Banks forforeign and international accounts.

2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds.8Includes bankers' acceptances, commercial paper, foreign and

international bonds.NOTE.—For explanation of table and for back figures see BULLETIN

for May 1953, p. 474.

GOLD PRODUCTIONOUTSIDE USSR


Year ormonth

194719481949195019511952

195 2—December

1953̂ — TanuarvFebruary..MarchApril

JuneJulyAugustSeptemberOctoberNovemberDecember. .

Estimatedworld

productionoutsideUSSR*

766 5805.0840.0864 5840.0864 5

Totalreportedmonthly

705.5728.1753.2777 1758.3780.9

66.7

64.060.965 264.265.564 767.066 0

Production reported

Africa

SouthAfrica

$1392.0405.5409.7408.2403.1413.7

34.6

34.732.434.734.334.934.135.935 635.035 635 135 7

Rho-desia

18.318.018.517 9rr

1

T 0J 4

L.4

L.44444s.5

sSs

WestAfrica1

grains of19.323.423.124.122.923.8

2.1

2 12 12.12 12.12.12.12.12 . 12 22.22 .2

BelgianCongo 2

gold 9/110.811.112.912.012.312.9

.9

)

L 2L 2L 2

1.9

monthly

North and South America

UnitedStates8

0 fine: i.

75.870.967.380.166.367.4

5.9

4.54.35 . 25 .26 .16 . 06 . 86 .26 .26 . 86.26 .1

Can-ada

e., an ou107.5123.5144.2155.4153.7156.5

13.7

13.012.413.312.912.912.712.911.511.710 09 . 5

Mex-ico

nee of fin

16.312.914.214.313.81 6 1

L.I

L.I7S71

143

Colom-bia

e gold =13.411.712.613.315.114.8

1.8

1.41.21.21.21.11.01.11.11.91 31.6

Chile

$35.5.95 . 76 . 36 .76 .16 . 2

.4

.6

.3

.4

. 4

.3

.4

.3

.3

Nica-ragua 4

7 . 47 .87 . 78 . 08 . 88 . 9

.8

.7

.7

.7

.7

.9

.8

.9

.8

.7

.877

Other

Austra-lia

32.831.231.330.431.334.3

3.3

2.92.83 . 12 . 93 . 03 . 42 . 83 .73 . 0

India »

6 . 16 . 55 . 76 . 77 . 98 . 9

.7

.6

.6

.6,7.7.5.7.6.7.6.6.5

Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregu-larly 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.

1 Estimates of United States Bureau of Mines.2 Reported by American Bureau of Metal Statistics.3Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics.4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production.NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual

estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427.

MARCH 1954 321


REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End ofmonth

1949—Dec1950—Dec.. . .1951—Dec.1952—Dec.

1953—jan

FebMar.Apr. . . .M a yJune. . .JulyAug..SeptOctN o vDec

1954—Jan

End ofmonth

1949—rjec1950—Dec1951—Dec1952—Dec

1953—JanFebMarAprM a y . . . .June....J u l y . . . .A u g . . . .SeptOctN o vDec

1954—Jan

End ofmonth

1949—Dec1950—Dec1951—Dec1952—Dec

1953—Jan. .FebM a r . . . .AprMay . . . .JuneJ u l y . . . .AugSeptOctNov. . . .Dec

1954—Jan.

Estimatedotal world

(excl.USSR) i

35,41035,82035 970r36,280

36,330

36 390

36,480

P36.710

Egypt

5397

174174

174174174174174174174174174174174174

174

Portu-gal

178192265286

297298305311318324330331337348350361

United States

Treasury

24,42722,70622,69523,186

22,98622,66222,56322,56222,53722 46322,27722,17822,12822,07722,02822,030

21,956

France3

523523548573

573573573573573573573576576576576576

576

El Sal-vador

17232629

292929292929292929292929

29

Total2

24,56322,82022,87323,252

23,07922,75122,64922,63922,59022 52122,35322,27522,22022,14622,11222,091

22,044

Ger-many,

FederalRepublic

of

28140

165184184185210210224247259282303326

SouthAfrica

128197190170

165173174173175175175176175175175176

176

Argen-tina

216216268

Guate-mala

27272727

272727272727272727272727

Spain

85615151

515252535354545454545454

54

Bel-gium

698587621706

709701702690695696701715721754766776

779

India

247247247247

247247247247247247247247247247247247

247

Sweden

7090

152184

195194194194194193203204206219219218

218

Bolivia

23232321

212121212121212121

Indo-nesia

178209280235

218208208208208208177168163150150145

Switz-er-

land

1,5041,4701,4521,411

1,4171,4171,4181,4181,4321,4411,4501,4521,4561,4601,4601,459

Brazil

317317317317

317317317317317317317317317317317321

Iran

140140138138

138138137137137137137137137137137137

137

Thai-land

118118113113

113113113113113113113113113113113

Canada

496590850896

900904911924934944951960970976984996

1,005

Italy

256256333346

346346346346346346346346346

Turkey

154150151143

143144144144144144144143143143143143

144

Chile

40404542

424242414141414142424242

Mexico

52208208144

149178179180181172173174155156

UnitedKing-dom

41,68843,30042,33541,84641,97842,10342,16642,27342,32142,36742,45642,46942,48642,52042,56142,51842,543

Co-lombia

5274

Nether-lands

195311316544

567597605605605615662683723733733737

787

Uru-guay

178236221207

207207217217222222222222222222222227

Cuba

299271311214

214214196196196196196196196186186186

186

Nor-way

51505050

555555555555555555555552

Vene-zuela

373373373373

373373373373373373373373373373373373

Den-mark

32313131

313131313131313131313131

31

Pakis-tan

27272738

383838383838383838383838

38

Inter-nationalMone-

taryFund

1,451,495

1,530L,692

L ,6921,692,693

L.6931,693L,6981,6991,7001,7001,7001,7011 702

1,702

Ecua-dor

21192223

232323232323232323232323

23

Peru

28314646

4646464646464646

Bank forInter-

nationalSettle-ments

68167115196

215214233242211193195188198195190193

194

p Preliminary. r Revised.1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central

banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,and estimated official holdings of countries from which no reports are received.

2Includes gold in Exchange Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (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."

3Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).4Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank

of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and

Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those 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

1945194619471948194919501951 . .19521953

1951

Jan.-MarApr.-JuneJuly-SeptOct -Dec

1952

Jan -IVIarApr -JuneTulv-SeDtOct -Dec

1953

Jan.-MarApr.-JuneJuly-SeptOct -Dec

Total

-452.9721.3

2,864.41,510.0

193 3— 1,725 2

75.2393 7

-1,164.3

-876.3-55.6291 4715.7

557.3105.7— 1 3

-268.0

-599.1-128.2-306.6-130.3

UnitedKingdom

— .2406.9734.3446 3

— 1 020 0469.9440 0

-480.0

-400.0—80.0320 0629.9

520.0

-80.0

-320.0-40.0

-120.0

Bel-gium

31.114.2

222.869.8

—41 0—55 0-10.3—3 8

-84.9

-12.32.0

20.2

-24.0

-36.5-3 .4

-12.4-32 6

France

278.5

264.615.8

—84 8-20 .0

-91 .7

71.7

Neth-er-

lands

130.840.7

—23 5— 79 8

- 4 . 5— 100 0

-65 .0

- 4 . 5

— 100 0

-25 .0

' -40'. 6

Portu-gal

—47 9-10 .0116.063.014 0

— 15 0-34 .9—5 0

-59 .9

-10 .0-15 .0

—5 0- 5 . 0

—5 0

-15 .0-15 .0-15 .0-15 .0

Swe-den

80.2238.0

3 . 0

—22 9-32 .0

-20 .0

-15 .0

-17 0

-10 .0

—io!6"

Switz-er-

land

—86 8-29 .9

10.0—5.6

—40 0—38 0-15 .0

22 5-65 .0

-15 .0

22.5

-20 .0-25 .0-15 .0

- 5 . 0

OtherEurope1

— 7 427.386.6

5 82 —159 9

—68 0-60 .1—29 3

3-238.5

-44 .3- 1 1 2

—3 5- 1 . 1

— 10 1

- 1 9 . 3

-71 .7-18 .8-82 .8-65 .3

Canada

36 8337.9311.2

3 4— 100 0

-10 .07 2

-io!6

6 . 93

Argen-tina

—224 9153.2727 5114 1

—49 9

- 4 9 . 9—20 0- 8 4 . 8

- 4 9 . 9

—20 0

- 5 4 . 9- 2 0 . 0— 10 0

Cuba

—85 0- 3 0 . 0—65 0— 10 0— 10 0

28 2- 2 0 . 0

—20 0

Mexico

—23 836.945 461 6

— 16 1— 118 2

- 6 0 . 287 7

- 2 8 . 1

-124 .464 1

11.3101.4

- 2 5 . 0

- 2 8 . 1

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

1951

Jan -MarApr.-JuneJuly-SeptOct -Dec

1952

Jan.-MarApr -June. . .July-SeptOct -Dec

1953

Jan.-Mar

Tulv-SeotOct -Dec

Uru-guay

- 3 7 . 9—4.925.110.7

- 1 4 . 4—64 8

22.214.9

- 1 5 . 0

- 5 0 . 915.028.030 1

10.0

4 8

- 1 0 . 0- 5 . 0

Vene-zuela

- 7 3 . 1—9.2- 3 . 7

—108.0- 5 0 . 0

- . 9

- . 9

OtherLatinAmer-

ica

- 2 7 . 825.079.113.4

- 7 . 5- 1 7 . 2-17 .2- 2 5 . 1

- 3 . 8

- 1 1 . 7- 5 . 0

3.5—4 0

- 1 7 . 6- 7 . 4- 2 . 0

2.0

- 3 . 6

— 1- . 1

Asiaand

Oceania

4-188.313.7

1.0-4.1

-52.1-35.4

6-50.1-4.8-9.4

-18.8-2.4-3.9

-25.0

-3.2-2.4

.4

.3

-4.3— 1.2- 1 4- 2 . 4

Unionof

SouthAfrica

' ' ' 94'. 3256.0498.6195.7

13.152.111.5

12.720.319.2

4.37.2

Allother

3.722.911.96 . 9

-1.65-47.25-84.0

-2 .0-9 .9

-28.0-25.0-31.0

- . 1-1 .9

-9 .9

1 Includes Bank for International Settlements.2 Includes sales of 114.3 million dollars of gold to Italy.3 Includes sales of 130.0 million dollars of gold to Federal Republic

of Germany.4Includes sales of 185.3 million dollars of gold to China.6Includes 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


Period

194219431944194519461947194819491950195119521953

1953—Feb.. .Mar.. .Apr. . .May. .June..July...Aug.. .Sept...Oct. . . .Nov.. .Dec . . .

1954—Jan....F e b . . .

Gold stock atend of

Treas-ury

22,72621,93820,61920,06520,52922,75424,24424,42722,70622,69523,18622,030

22,66222,56322,56222,53722,46322,27722,17822,12822,07722,02822,030

21,956P2 1,958

period

Total i

22,73921,98120,63120,08320,70622,86824,39924,56322,82022,87323,25222,091

22,75122,64922,63922,59022,52122,35322,27522,22022,14622,11222,091

22,044P 2 2 , 0 3 6

Increasein total

goldstock

—23.0—757 9

-1 ,349 .8-547 .8

623 122,162.11,530.4

164.6—1,743 3

52.7378.9

-1 ,161 .0

-327.5-102.5

- 1 0 . 0- 4 8 . 7- 6 9 . 4

-168 .0- 7 7 . 4- 5 5 . 6- 7 3 . 3- 3 4 . 0- 2 1 . 9

- 4 6 . 6P - 7 . 7

N e tgold 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

- 2 . 03 . 57 .0

.1- 2 . 0

- . 5- . 1- . 1

.6— .6

- 1 . 4

- 5 . 5(3)

Ear-marked

gold: de-creaseor in-crease

—458.4—803 .6-459'. 8-356 .7

456 4210.0

— 159.2—495.7

-1,352 4617.6

-304 .8-1,170.8

-324 .1-106 .5

- 1 6 . 8- 4 8 . 9- 6 8 . 5

-171 .7- 7 8 . 8- 5 5 . 0- 7 2 . 5- 3 5 . 1-21 .2

- 4 3 . 34 - 9 . 9

Domes-tic goldproduc-

tion

125.448 335^832.051 275.870.967.380.166.367.469.7

4 . 35.25 .26 .16 . 06 . 86 .26 .26 . 86 .26 .1

5.1( 3 )

p Preliminary.JSee footnote 2 on opposite page.2Change includes transfer of 687.5 million dollars gold subscrip-

tion to International Monetary Fund.3 Not yet available.4Gold held under earmark at the Federal Reserve Banks for foreign

account, including gold held for the account of international institu-tions amounted to 6,537.0 million dollars on Feb. 28, 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.

MARCH 1954 323


INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANKFOR RECONSTRUCTION AND DEVELOPMENT

[End-of-month figures. In millions of dollars]

International Fund

GoldCurrencies (balances with depositories

and securities payable on demand):United StatesOther

Unpaid balance of member subscriptions.Other assetsMember subscriptionsAccumulated net income

Net currency purchased2

(Cumulative—millions of dollars)

Australian poundsBelgian francsBolivian bolivianosBrazilian cruzeirosChilean pesosCzechoslovakian koruny.Danish kronerEgyptian poundsFinnish markkaaFrench francsIndian rupeesIranian rialsJapanese yenNetherlands guildersTurkish lirasPounds sterlingYugoslav dinarsAllother

Total.

1954

Jan.

1,7C2

1,38614,847

7961

8,739

1954

Jan.

38.011.42.5

65.510.76.0

10.2- 5 . 5

4.5125.0100.0

8.862.4

30.0300.0

9.0- 1 . 6

776.9

1953

Oct. July Jan,

1,700

1,3104,920

7991

8,739

1,699

1,33214,885

8121

8,737

1,692

1,2884,3951,354

18,737

1953

Dec.

38.011.42.5

65.510.76.0

10.2- 5 . 5

4.5125.0100.0

8.862.4

30.0300.0

9.0- 1 . 6

776.9

Nov.

50.011.42.5

65.510.76.0

10.2- 5 . 5

4.5125.0100.0

8.850.4

30.0300.0

9.0- 1 . 6

Jan.

50.011.4

'37^51.86.0

10.2- 5 . 5

4.5125.0100.0

48.110.0

300.09.0

- 1 . 6

776.8 715.0

International Bank

GoldCurrencies (balances with depositories

and securities payable on demand):United StatesOther

Investment securities (U. S. Govt. obli-gations)

Calls on subscriptions to capital stock*.Loans (incl. undisbursed portions and

ind. obligations sold under Bank'sguarantee)

Other assetsBonds outstandingLiability on obligations sold under guar-

antee.Loans—undisbursedOther liabilitiesGeneral reserveSpecial reserveCapital3

1953

Dec. Sept. June

81,004

4303

1,61921

653

84401

108743

1,808

71,008

3853

1,48418

567

76325

88240

1,808

51,022

4234

1,48714

556

70398

97737

1,807

1952

Dec.

101,040

4954

1,40913

568

66423

96632

1,807

i Includes amounts receivable from member countries for currencyadjustments: July 1953, $5,000,000; January 1954, $2,000,000.

2As of Jan. 31, 1954, the Fund had sold 914.0 million U. S. dollars.In addition, other sales have included the following: to the Nether-lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgianfrancs (May 1948); to Norway, 200.0 million Belgian francs (June andJuly 1948); to Brazil, 10.0 million pounds sterling (January 1951 andOctober 1953); to Turkey, 2.0 million pounds sterling and 18.5 millionDeutsche marks (August 1953); to Japan, 5.0 million pounds sterling(September 1953), 13.0 million pounds sterling (November 1953)and 26.3 million pounds sterling (December 1953). Repurchasesamounted to 344.6 million dollars. Currencies the net transactions inwhich amount to less than one million are reported under "All other."

3Excludes uncalled portions of capital subscriptions, amounting to7,231 million dollars as of December 31, 1953, of which 2,540 millionrepresents the subscription of the United States.

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—Feb. 25Mar. 25Apr. 29May 27June 24July 29Aug. 26Sept. 30Oct. 28Nov. 25Dec. 30

1954—Jan. 27

Assets of issuedepartment

Gold*

.2

.2

.2

.2

.2

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

.4

Otherassets2

L,250.0L,400.0L,450.01,450.01,325.01,350.01,375.01,450.01,575.0

1,500.01,550.01,550.01,550.01,600.01,625.01,575.01,575.0L,575.01,575.01,675.0

,575.0

Assets of bankingdepartment

Notesandcoin

13.520.723.4

100.836.133.719.214.151.3

37.363.338.219.862.229.032.245.245.527.957.8

42.6

Dis-counts

and ad-vances

5.18.4

13.615.216.714.829.218.211.2

7.16.2

13.86.08.1

10.73.65.2

12.97.64.9

15.4

Securi-ties

317.4327.0327.6331.3401.1489.6384.0389.2371.2

389.9359.0354.8384.9346.9369.1367.8356.6343.2362.9338.1

330.2

Notecircula-tion8

1

1,238.61,379.91,428.21,349.71,293.1L.321.91,357.71,437.91,525.5

1,464.7L.488.81,514.01,532.41,540.21,598.81,545.71,532.71,532.41,549.9,619.9

,535.2

Liabilities of banking department

Deposits

Bankers'

260.7274.5278.9315.1314.5299.2313.5299.8302.8

292.6288.3261.8260.3276.7274.8277.5287.3287.3288.8290.2

278.6

Public

5.25.3

10.318.611.711.615.413.410.0

9.814.613.815.79.89.88.8

10.79.9

10.414.9

10.7

ECA

17.497.9

.4

.624.3

44.632.039.545.744.538.431.619.917.611.57.2

12.5

Other

52.358.557.395.592.1

111.285.089.878.5

68.875.073.971.068.267.567.370.668.969.970.4

68.1

Otherliabili-

ties andcapital

17.817.818.118.118.118.118.118.118.1

18.418.517.818.018.118.318.418.617.817.918.2

18.3

*On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and 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.

2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.3Notes issued less amounts held in banking department.

4Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27. For details on previous changes, see BULLE-TIN for February 1954, p. 222.

NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in samepublication.



CENTRAL BANKS—Continued

Bank of Canada(Figures in millions of

Canadian dollars)

Assets

Gold*Sterling

and UnitedStates |dollars

Dominion and provin-cial government

securities

Short-term2 Other

Otherassets

Liabilities

Notecirculation1

Deposits

Charteredbanks

Dominiongovern-ment

Other

Otherliabilities

andcapital*

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—Feb. 28.Mar. 31.Apr. 30.May 30 .June 30.July 31.Aug. 31.Sept. 30.Oct. 31.Nov. 30.Dec. 31.

1954—Jan. 30.

200.9.5.6

172.3156.8

1.02.0

.474.1

111.4117.877.1

72.065.568.059.366.474.967.469.070.561 .254.9

61 .6

391.8807.2787.6906.9

,157.3,197.4,022.0,233.7,781.4,229.3,141.8,459.8

,411.9,371.0,436.6,364.8,405.5,451.6,414.0,385.7

1,469.91,378.61,376.6

1,328.3

216.7209.2472.8573.9688.3708.2858.5779.1227.8712.5

1.049.3767.2

817.5810.9796.0821.4852.0838.5830.9824.9812.1894.9893.7

880.6

33.531.347.334.329.542.143.745.442.5

297.1135.277.3

88.879.486.599.9

100.287.583.081.0

118.689.7

112.0

103.1

496.0693.6874.4

,036.0,129.1,186.2,211.4,289.1,307.4,367.4,464.2,561.2

,472.8,493.4,504.8,517.9,529.0,547.2,549.7,552.5,555.9,559.3

.,599.1

.,519.2

232.0259.9340.2401.7521.2565.5536.2547.3541.7578.6619.0626.6

668.0601.1646.7594.9647.6646.6617.8616.9733.6625.6623.9

634.4

73.851.620.512.9

153.360.568.898.130.724.794.916.2

88.660.648.345.647.943.866.415.43.850.351.5

48.8

6.019.117.827.729 893.867.581.0126.9207.166.144.5

51.466.576.872.182.668.735.237.837.243.429.5

29.5

35.124.055.4209.1198.542.742.443.1119.2172.6200.0132.9

109.3105.1110 6114 8116.9146.3126.4138.0140.8145.7133.1

141.6

Bank of France

(Figures inmillions of francs)

Assets

Gold*Foreign

ex-change

Domestic bills

Openmarket8 Special Other

Advances toGovernment8

Current Other

Otherassets6

Liabilities

Notecircula-

tion

Deposits7

Govern-ment

1,517770578748

12,048765733806

1,168702927

5510606446704173967821

72

ECA

15,05810,587

897

3,479498312

18,52516,83818,883

397394479458

2,061628

Other

25,27229,93533,13737,85557,75563,46882,479

171 783158,973161,720166,226137,727146,509128,788165,572182,849182,828193,516188,594139,313139,662131,490142,823133,398

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—Feb. 2 6 . . .M a r . 2 6 . . .Apr. 3 0 . . .M a y 2 8 . .June 2 5 . . .Ju ly 3 0 . . ,Aug. 2 7 . . .Sept . 2 4 . .Oct . 2 9 . .Nov. 2 6 . .Dec. 3 1 . . .

84,59884,59884,59875,151129,81794,81765,22565,22562,274182,785191,447200,187

200,187200,187200,187200,187200,187200,187201,282201,282201,282201,282201,282

383737426871230

61,943162,01728,32031.068

16,50216,73414,70014,89615,0882,2752,8704,8039,31912,44415,421

6,8128,4209,51812,17017,98037,61867,39597,447137,689136,947234,923274,003

263,286252,386281,119291,555281,415262,811276.048260,777272,559255,680292,465

121692948303

3,13564

8,57728,54834,08131,95657,042

48,65841,54432,62728,49420,63015,3414,87723,44149,96859,53361,108

4,5175,3687,54318,59225,54876,254117,826238,576335,727393,054741,267937,459

929,291911,458923,968926,296926,024960,622953,856905,862877,283836.117891,560

69,50068,25064,40015,850

67!900147,400150,900157,900158,900160,000172,000

185,300199,400199,400199,600199,700200,000200,000200,000200,000200,000200,000

182,507250,965366,973475,447445,447480,447558,039558,039560,990481,039481,039479,982

504,982504,982546,482534,982554,982650,482668,349617,049632,149654,949679,849

17,42416,99016,60120,89224,73433,13359,02457,622112,658212,822190,830159,727

121,445122,995 2153,101129,412118,309 2139,754144,154133,385152,085 2150,222169,964

270,144382,774500,386572,510570,006721,865920,831.987,621,278,211,560,561,841,608,123,514

:, 067,2571,051,991!,127,1401,065,4831,054,347:, 163,2161,176,2771,141,8071,193,3831,168,977,310,452

1954—Jan. 28... 201,282 18,596 262,211 56,988 895,508 195,000 657,549 9162,772 2,253,485

868,474•21,318"15,5967,0784,0877,21310,94216,20619,37724,23441,33249,305

52,35068,39958,50058,50162,27655,78886,12665,01161,02369,22456,292

62,323

!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).2Securities maturing in two years or less.

3Includes notes held by the chartered banks, which constitute an important part of their reserves.4 Beginning November 1944, includes a certain amount of sterling and United States dollars.*For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; 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: 1940, 41,400;1941, 64,580; 1942, 16,857; 1943, 10,724.

^Includes advance to Stabilization Fund, amounting to 27.8 billion francs on Jan. 28.NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645

and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank(February 1945), see BULLETIN for December 1946, p. 1424.

MARCH 1954 325



Central Bank(Figures as of last report

date of month)

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 capitalAustrian National Bank (millions

of schillings):GoldForeign exchangeLoans and discountsClaim against GovernmentOther assetsNote circulationDeposits—Banks

OtherBlocked

National Bank of Belgium(millions of francs):

GoldForeign claims and balances (net)Loans and discountsConsolidated Government debtGovernment securitiesOther assetsNote circulationDeposits—Demand

ECAOther liabilities and capital. . .

Central Bank of Bolivia—Mone-tary dept. (millions of bolivianos):

Gold at home and abroad1

Foreign exchange (net)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 capital

Central Bank of Chile (millionsof pesos):

GoldsForeign exchange (net)Net claim on Int'l. Fund4

Discounts for member b a n k s . . . .Loans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities and capital

Bank of the Republic of Colombia(thousands of pesos):

Gold and foreign exchangeNet claim on Int'l. Fund4

1954

Jan.

1577,3495,6291,858

3510,258

1,870994

1,905

38,96213,9106,169

34,6606,9354,063

99,0801,769

1983,652

284,40112,300

150,1344,401

347,340 367581

60,55242,763

5,649533

2,8427,8607,3612,575

18,5253,906

5873,804

24,376

1953

Dec.

1,6231,4613,907

57,845199

26,49634,304

4563,780

520,530 492,0555,732

445,21,187

363,6

329 413,80829,090

613 335,113

,53033,849

285,545 320,388

283,765 251,59,855

1016,9565,8471,858

2910,4741,496

8162,004

38,78713,9866,147

34,6608,8734,499

100,9761,688

1934,095

074100349797091771759699

5,647557

Y,36i7,9958,0912,55918,8793,4611,1823,689

369,123 370,666 338,73324,376

Nov.

1,6231,4593,66555,978

29024,34434,218

4514,002

5,928

1016,3955,7421,852

339,8831,424873

1,943

38,29013,8126,096

34,6606,5664,56798,1031,542

1924,154

(Oct.)*4,418

27,9103,5732 ,505

57610,8741,5336,576

259,68081,400121,5439,942

363,752974

61,98645,853

5,639648

'2,7635,4356,6912,71115,8763,308

6224,081

24,376

Jan.

1,117138

2,12348,913

20121,00927,547

7743,162

381,5766,275

411,53061,637

321,168

187,59556,715

295,541

1002,2396,3252,405

418,777385259

1,689

35,44816,2726,823

34,7236,3863,80696,3012,1111,3193,729

1,3962,8551,8532,196

5966.5841,523

789

405,35289,00080,7453,349

385,5987,013

147,99737,838

1,24784

2772,1364,0597,4472,82712,2192,409

5422,906

299,18524,373


date of month)

Bank of the Republic of Colom-bia—Cont.

Loans and discountsGovernment loans and securities.Other assetsNote circulationDepositsOther liabilities and capital

Centra l Bank of Costa Rica(thousands of colones):

GoldForeign exchangeNet claim on Int'l. Fund4

Loans and discountsSecuritiesOther 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. Fund4

Loans and discountsCredits to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

National Bank of Czechoslovakia 6

National Bank of Denmark(millions of kroner):

GoldForeign exchangeLoans and discountsSecuritiesGovt. compensation account. . . .Other assetsNote circulationDeposits—Government


Central Bank of t he DominicanRepublic (thousands of pesos):

Foreign exchange (net)Net claim on Int'l. Fund4

Loans and discountsGovernment securitiesOther assetsNote circulationDemand depositsOther liabilities and capital

Central Bank of Ecuador(thousands of sucres):

GoldForeign exchange (net)Net claim on Int'l. Fund4

Credits—GovernmentOther

Other assetsNote circulationDemand deposits—Private banks


National Bank of Egypt (thou-sands of pounds):

GoldForeign exchangeForeign and Egyptian

Government securitiesLoans and discountsAdvances to GovernmentOther assetsNote circulationDeposits—Government


1954

Jan.

282,987 331249,98794,924

608,057 688,088 580315,674 294,428 33797,666

11,50389,2417,032

103,233

23,352141,72964,22528,407

185,74825,468

260,2437,61612,51231,17528,23869,513

401,572203,52915,409

69891166482

3,235146

1,9911,4511,323225

12,07617,7901,2502,1759,4203,724

35,1829,3501,903

342,28795,47918,757

324,557196,193168,714570,419204,747169,755201,067

60,55318,302

262,47214,900

1,815180,83366,080102,1318,999

1953

Dec.

,972251,60292,923

89,022

11,50387,3777,032

109,469

22,337150,60258,83928,277

185,74829,516

251712282870

41618214

254,5478,27512,51228,90931,37571,290

448 402,474225,19716,010

69937199482

3,245189

2,1181,3171,474212

12,07616,1621,2501,6479,7503,841

37,0605,5622,104

34112518

290230170601209155212

925019757989906609041138561

60,55318,283

16,408

3,159184,38267,875105,64512,941

Nov.

323,749238,66390,321

,018,976

97,847

11,51186,1117,032

100,527

25,394135,96865,30829,299

185,74851,025

69945132476

3,251192

1,9331,3981,526207

12,07614,2511,2501,8969,9504,723

33,6468,4272,073

341,536138,08218,757

310,722241,862188,595597,948176,815171,040

463 293,752

60,55318,425

272,440 281,17218,136

4,118186,32378,506105,88511,690

Jan.

365,286174,759'101,559538,879344,151'•82,133

11,51187,0097,031

84,0517,125

23,360132,54767,08620,454

213,74858,276

135,47133,38012,51150,48946,91843,248

411,899170,86611,275

6978098

4433,347

1781,8631,5221,344

186

12,07618,8741,2501,2177,154'2,63633,9557,423

rl,829

338,818230,23118,757

224,333153,079155,425544,911189,847180,013205,873

60,55320,817

299,01219,0923,3615,803

200,57480,510107,56219,993

•Latest month available. 'Revised.*On May 14, 1953, gold reserve revalued from 0.0148112 to 0.00467722 grams of fine gold per boliviano.2 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets.3On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso.4This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.*For last available report (March 1950), see BULLETIN for September 1950, p. 1262.





date of month)

Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign 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)Loans and discountsSecuritiesOther assetsNote 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)3

Loans and discountsAdvances—Government

OtherOther assetsNote circulationDeposits—Government

Reconstruction andrelief accts


Bank of Guatemala (thousands ofquetzales):

GoldForeign exchange (net)Gold contribution to Int'l FundRediscounts and advancesOther assetsCirculation—Notes

CoinDeposits—Government

BanksOther liabilities and canital

National Bank of Hungary*Reserve Bank of India (millions of

rupees):Issue department:

Foreign securitiesTndian Govt securitiesRupee coinNote circulation

Banking department:Notes of issue departmentBalances abroad

Loans to GovernmentOther assetsDepositsOther liabilities and caoital

Bank Indonesia5(millions of rupiah):Gold5

Foreign excha.ni?e (net)

Advances to Government

1954

Jan.

7953

11814

9

10153

8

517

8

9

14 7

Q

16

1

,593,216,567,755,149,894,010,457,708

867430

,840857

,2319 9 47 30

,973,011

S53-399

4.4.75 ,550

Dec.

7728

12913

9543

8

511

943

9

1

1117

1635

1113

1

9 712

1197851

3

1317

r

11

1

2

1

,673,672,567,026,221467

,490,645,485

867536597180

,2419 0 30 1 97 7 0

,569

3689 6 4

,226887825547

,290311241881

9 9 8,633

,1255088 7 6630411

,371506

4007822149637SS

104,445114

18944

,320305

651-336

4-3.35 ,272

1953

Nov.

72,74531,635

1,56622,7348,5283,019

85,84745,965

8,415

5,86211,6678,925

39,5762,2612,020

45,5906,391

18,332

1,2736,5472,1296,153

88911,403

1,2142,424

2591,691

4,898221

8,4413,5582,1523,1731,280

6 8572,7415,219

27,2289,0861,250

17,43626,42248,0563,6222,083

12,16115 499

4005 6824 214

97510,969

3021,416

5014

9952,492

285

1,701-306

5445,035

Jan.

73,40456,589

1,56619,4346,4091,747

96,69154,659

7,800

5,86311 ,313

1,67939,965

1,1392,009

41,1044,145

16,719

6954,2802,9207,026

94810,3421,5801,972

2491,726

1,739137

9,0253,4281,5072,366

819

7 4031,9573,292

27,22818,410

1,2508,415

21,89743,9563,5053,056

11,63715 047

4005 5824 501

83811,064

2571,600

11634

1,2002,848

358

82621

7395,193


date of month)

Bank Indonesia—Cont.Other assetsNote circulationDeposits—ECA


Central Bank of Ireland (thousandsof pounds):

GoldSterling fundsNote circulation

Bank of Italy (billions of lire):GoldForeign exchangeAdvances to TreasuryLoans and discountsGovernment securitiesOther assetsNote circulationDeposits—Government

DemandOther

Other liabilities and capitalBank of Japan (millions of yen):

BullionAdvances to GovernmentLoans and discountsGovernment securitiesOther assetsNote circulationDeposits—Government

OtherOther liabilities

Bank of Mexico (millions of pesos):Monetary reserve ̂"Authorized" holdings of secu-

rities, etcBills and discountsOther assets ." .Note circulationDemand liabilitiesOther liabilities and capital. .

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

Jan.

2845 030

4951,429

480

2,64663,98966,635

465

567327288740

1,3761457

433111

44811,513

439,190261,88695 993

566,168103 35378,35661 154

1,262

2,988600736

3,4911 ,556

539

2 98215

1,40731

1,217409

303,177

8751,002

740236

6,05461,819

6,019

55,60757 083

1,46769 984

109,3058,760

Dec.

2874 920

4951,383

509

2 ,64668,18170,827

463

567376283760

1,4497

72390135

44811,513

391 107314,380114 392629,892

59,86988,16853 911

1,290

3,163704534

3.6031,557

531

2 79216

1,50935

1,217428

313,330

7361,002

679220

6,05260,826

6,019

54,07157 081

1,70076 612

100,4628,675

1953

Nov.

2784 853

4951,357

548

2,64666,20568,851

461

567319261730

1 3172353

427123

44811 513

410 776234,81695 236

547 2 5375,90679 78349 846

1,165

2,820644532

3,2991 ,360

502

2 77516

1 ,49640

1,217437

313,253

681999802215

6,02861,971

6,019

55,16852 049

1 48865 800

108,2498,674

28139

-327138

5,54663

2,9381,788

641182456

Jan.

4

1

26062

1

37329233107519

806345

1

3

31

2

1

1

2

1

639

6

5858

16397

7

5

22

344182496

,429,015

,646,237,883

445

574299249738299

6557

39098

448931845240274765

,475026472

,213

,361462328332

,521511

14914

,41633

,45159538

966930

,155341227

015,239,019

,3771324406267728 7 7

279331

405044

,54648

,740020784299496

xThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.2 Combined figures for the Bank of German States and the nine Land Central Banks.3The official exchange rate was adjusted from 15,000 to 30,000 drachmae per dollar, effective Apr. 9, 1953.4For last available report (February 1950), see BULLETIN for September 1950, p. 1263.8 As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent

Issue and Banking Departments combined.•Gold revalued in May 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold.7Indudes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.

MARCH 1954 327




date of month)

State Bank of Pakistan (millions ofrupees):

Issue department:Gold at home and abroad.. .Sterling securitiesPakistan Goyt. securities. . .Govt. of India securities....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):GoldForeign exchange (net)Net claim on Int'l. Fund2

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. Fund2

Loans and discounts to banks. . .Loans to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of the Philippines(thousands of pesos):

GoldForeign exchangeNet claim on Int'l. Fund2

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 securitiesOther loans and discounts

1954

Jan.

81475

1,27614630060

2,274

655

30369362108

596336

15,53424,181

1953

Dec.

81425

1,247126300

622,198

42

422371102

45167

6191,003

1191,602

426231

18.81318,813432,320 441,718 43029,50433,324233,127154,899605,205 61984,498163,99848,285

2927,

230,151.

5,03012,579

7511,422816

9,7881,334

67,3042,166

62,44536,21128,33146,11799,53954,65218,911

596336

15,09626,185

Nov.

81425

1,18712630065

2,097

864030457506106

1 ,13843,465

11268,661400,293581,894495,008148,704230,143421,608

43467523

1,006128

1,557380221

504334518 227

18,813,198

29,50416,767

,696161,233586,08084,931169,89643,304

4,90612,304

7041,432756

9,2601,558

67,1372,140

61,92427,89632,84943,64496,67949,41220,221

596336

16,15723,663

Jan.

81416

1,14612630066

2,038

98

518505112

1,13866,765

1190,176

316,535'165,516366,29658,997123,123'91,727

56367314912'170

1,353421253

18,552432,80729,50454,140

235,233148,279561,63189,434219,305'48,145

4,55311,583

9281,425499

9,1061,690

96,1632,020

58,43762,88814,80437.99887,49866,63919,991

563369

15,57624,762


date of month)

Bank of Spain—Cont.Other assetsNote circulationDeposits—Government


Bank of Sweden (millions of kronor):GoldForeign assets (net)Net claim on Int'l. Fund2

Swedish Govt. securities and ad-vances to National Debt Office8

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):

GoldSilver ,Advances 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 gold

francs):Gold in barsCash on hand and with banks. .Sight funds at interest ,Rediscountable 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

1954

Jan.

,657,441,710,394,760

481,511129

,284291879,610177105683

,08452421664

,904,783202

402

207,03325116,414154812403

595511

338108274297

1435

67350

228280

141279106012282231

019229232

051855950201786

687000909245

Dec.

34,92638,7582,14,11331,462

4821,49:129

2,786357906

4,835363182771

6,08652227299

5,2281,541210

402

1972,042

25150

1,414153846402

1,141322109

1,041261269

592,15844,5581,374

316,1107,791276,779 290,297,2012,594,71

94,93888,521

,82 7297,2012,072

480 431,715 448,968

652,06546,378228,909279,515

Nov.

31,55537,0693,8803,52227,835

4821.416

129

2,326325854

4,51120582

734

6,09250420773

4,9931,676

207

402

2022,047

26159

1,439153853389

(Sept.)1

336,5729,278

116,340342,367616,920399,119130,378370,518521,462

1 ,1412 76129933257357

583,07062,3741,310

603,50859,86428,909

279,064

Jan.

31,72037,1402,2544,54629,069

4291,313

129

2,666301'833

4,350525192'605

5,90746922467

4,7841,686

197

402

1511,760

26136

1 ,240172801262

313,7869,273

132,328350,236'513,702390,148100,675339,560'488,943

1,14113292

976274115

657,02962,1677,480

267,01578,467

290,229297,201

1,386501,011

612,11245,506228,909273,436

* Latest month available. r Revised.iThe new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary De-

partment of the Bank of Paraguay were transferred to the new institution.2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund.8 Includes small amount of non-Government bonds.



MONEY RATES IN FOREIGN COUNTRIESDISCOUNT RATES OF CENTRAL BANKS


Dateeffective

In effect Dec. 31,1948

May 27 1949July 14Oct 6June 8, 1950Sept 11Sept. 26Oct. 27Dec 1Apr. 17, 1951July 5Sept. 13 . . .Oct 11Nov. 8Nov. 9Jan. 22 1952Mar. 12May 29Aug. 1Aug 21Dec. 18Jan. 8 1953Apr. 7June 11Sept. 17Oct. 29Nov. 20In effect Jan.

31, 1954

Central bank of—

UnitedKing-dom

2

4

3Y2

France

3

2H

3

4

3y2

Ger-many

151 4 ^

14

16

15

14.1/

14

i3V^

Bel-gium

3 *

3H

3%

3 1 /•31/

3

2%

2%

Neth-er-

lands

3

4

3

2Y2

2 ^

Swe-den

2H

3

2 ^

Switz-er-

land

IK

\y2

Centralbank of—

ArgentinaAustriaBelgiumBolivia

CanadaCeylonChileColombiaCosta Rica

DenmarkEcuadorEgyptEl Salvador. . .Finland

FranceGermanyGreeceIndiaIndonesia

RateJan.31

42%6

23

4

10 2

335%

3Y2

10

3

Dateeffective

Mar. 1, 1936Sept. 24, 1953Oct. 29, 1953Sept. 30, 1950

Oct. 17, 1950July 23, 1953June 13, 1935July 18, 1933Feb. 1, 1950

Sept. 23, 1953May 13, 1948Nov. 15, 1952Mar. 22, 1950Dec. 16, 1951

Sept. 17, 1953June 11, 1953Jan. 1,1954Nov. 15, 1951Apr. 1, 1946

Centralbank of—

IrelandItalyJapanMexico

Netherlands .New Zealand.NorwayPak i s t an . . . .

PeruPor tuga l . . . .South Africa.SpainSweden

Switzerland..TurkeyUnited King-

domUSSR

RateJan.31

5.84434

3 2

6

4 2

42%

3

4 2

Dateeffective

Mar. 25, 1952Apr. 6, 1950Oct. 1, 1951June 4, 1942

Apr. 7, 1953July 26, 1941Jan. 9, 1946July 1, 1948

Nov. 13, 1947Jan. 12, 1944Mar. 27, 1952Mar. 18, 1949Nov. 20, 1953

Nov. 26, 1936Feb. 26, 1951

Sept. 17, 1953July 1, 1936

1 Rates established for the Land Central banks.NOTE.—Changes since Jan. 31: France—Feb. 4 from 3% to 3M per cent.

OPEN MARKET RATES


Month

1944—December1945—December1946—December1947—December1948—December1949—December1950—December1951—December1952—December

1953—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. . . .OctoberNovember . . . .December

Canada

Treasurybills

3 months

.37

.36

.40

.41

.41

.51

.63

.891.35

1.351.471.501.531.531.701.761.801.911.931 .901.88

United Kingdom

Bankers'acceptances3 months

1.03.53.53.53.56.69.69

1.503.00

3.003.003.003.003.003.003.003.002.672.192.192.19

Treasurybills

3 months

1.00.50.50.51.52.52.51.98

2.41

2.392.422.402.412.382.372.352.362.272.112.102.11

Day-to-day

money

1.02.63.63.63.63.63.63

1.002.25

2.252.252.252.252.252.252.252.252.091.941.941.94

Bankers'allowance

on deposits

.50

.50

.50

.50

.50

.50

.50

.752.00

2.002.002.002.002.002.002.002.001.881.751.751.75

France

Day-to-day

money

1.531.331.192.042.00

?2 .552.413.503.93

3.974.103.934.054.223.944.134.184.343.914.003.75

Netherlands

Treasurybills

3 months

1.211.131.251.321.401.21

.92

.83

.81

.90

.93

.64

.57

.50

.50

.43

.38

.28

.03

Day-to-day

money

.78

.53

.961.031.091.00

.58

.54

.50

.51

.71

.52

.50

.50

.50

.50

.50

.50

.50

Sweden

Loansup to

3 months

3-5^23^-52^-43^2^ -4^2^ -4^2K-4^

3-53-53-5

3-53-53-53-53-53-53-53-53-53-53-53-5

Switzer-land

Privatediscount

rate

.25

.25

.25

.38

.63

.50

.50

.50L .50

L.50L.50L.50L.50L.50L.50L.50L.50L.50L.50

.50

.50

P Preliminary.NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,

pp. 656-661, and for description of statistics see pp. 571-572 in same publication.

MARCH 1954 329


COMMERCIAL BANKS

United Kingdom 1

(11 London clearingbanks. Figures inmillions of pounds

sterling)

Assets

Cashreserves

Money atcall and

shortnotice

Bills dis-counted

Treasurydeposit

receipts *Securities Loans to Other

Liabilities

Deposits

Total Demand Time

Otherliabilities

andcapital

1948—December.1949—December.1950—December.1951—December.1952—December.

1953—February..March....AprilMayJuneJulyAugust. . .SeptemberOctober...NovemberDecember.

1954—January..

502532540531549

491497498498514510511515518520542

526

485571592598529

456472454464469460456476476469501

483

741,109,408972,248

,046,024,010,080,209,244,331,376,340,354,417

1,330

1,397793456102

1,4781,5121,5281.9652,148

2,1302,1222,1192,1232,1362,1402,1402,1372,2382,2452,275

2,277

,396,534,660,950,764

,783,811,825,784,778,742,688,675,666,687,725

1,706

621579735867748

649641664654673633595623607626729

633

6,2006,2026,3686,3336,460

6,0296,0536,0606,0836,2996,2476,2406,3206,3736,4196,694

6,457

4,1594,1614,2624,2904,232

3,8363,8733,8603,8964,0403,9903,9714,0044,0414,0804,327

4,124

2,0412,0412,1062.0422,228

2,1922,179200

2,1872,2592,2572,2692,3162,3322,3392,368

2,333

420427550651528

525515511520481483480482472483495

499

Canada3

(11 chartered banks.End of month figures

in millions ofCanadian dollars)

Assets Liabilities

Entirely in Canada

Cashreserves

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—January.. .February..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember..December..

749765824907916

835877851897822903877883897962899906

101133134107155

135141140152138123125135110144152154

2,1482,2712,7763,0283,289

3,2933,3013,3943,5083,5263,5763,6493,7323,7723,8383,9773,897

144146171227326

308330322345331331328353330342390424

4,2684,3454,2863,8763,955

3,9814,0424,0824,1354,0243,9563,8723,8863,9183,7893,7893,831

1,1691,0581,304

,464,516

,321,342,394,380,402,509,359,329,372,432,512,510

1614

7,0277,2277,8287,8968,421

8,1888,3108,4588,6428,4868,6348,4968,6518,6928,7448,9188,881

2,9702,7943,2703,2843,497

3,2443,3013,3913,5353,3863,5083,3443,4453,4663,5963,8513,847

4,0574,4334,5584,6124,924

4,9455,0085,0675,1075,1005,126

,1525,2065,2265,1485,0685,034

,537,477,667,714,736

,684,724,724,774,755,764,713,667,706,763

1,8011,841

France

(4 large banks. Endof month figures inmillions of francs)

Assets

Cashreserves

Due frombanks

Bills dis-counted Loans Other

assets

Liabilities

Deposits

Total Demand Time

Ownaccept-ances

Otherliabilities

andcapital

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

1953—January..February..March.. . ,AprilMayJuneJulyAugustSeptemberOctober...November.

22,59045,39740,93748,13160,21551,155

47,15046,43646,06448,31448,07947,39447,90350,45147,17746,00347,103

19,37835,63342,31152,93372.55968,243

69,20068,97175,74383,70284,97385,41185,80689,19781,64974,96478,797

219,386354,245426,690527,525627,648636,624

642,991638,377630,601634,643690,729643,804661,082651,314644,000694,021696,942

86,875126,246129,501135,289165,696170,298

174,912174,329175,934174,379166,926184,584189,591198,784199,498185,109189,753

27,40934,03029,84331,61438,11429,734

33,58634,79337,89641,92544,88546,67649,26949,22650,25054,39360,636

341,547552,221627,266749,928906,911902,547

907,691900,626900,928910,867962,225930,986952,454956,528939,282965,798978,019

338,090545,538619,204731,310879,767870,504

873,232864,734864,528873,209924,151892,185913,188917,027900,010924,602935,267

3,4576,6838,062

18,61827,14532,043

34,45935,89236,40037,65838,07438,80139,26539,50139,27241,19642,752

25,17530,63826,35528,24833,77424,957

27,21627,96027,29129,21929,61828,72827,44625,20922,92824,35528,142

8,91612,69115,66217,31623,54728,551

32,93234,32138,01942,87843,75048,15553,75157,23460,36464,33867,070

iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, exceptin June and December when the statements give end-of-month data.

2 Represent six-month loans to the Treasury with a yield of Y% per cent after October 1945.3Beginning December 1953, when a new bank was added, figures are for 11 banks.4In January 1950, the Bank of Canada assumed responsibility for these notes.NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German 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 RATES[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]

Year or month

1948194919501951 . . .19521953

1953—March . .AprilMayJuneTulyAugust . .SeptemberOctoberNovemberDecember

1954—TanuaryFebruary

Year or month

194819491950.195119521953

1953—MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


Year or month

19481949. .195019511952 . .1953

1953—MarchAprilMay .JuneJulyAugustSeptemberOctoberNovember . . .December

Basic

29.77329.77426.57120 00020.00020.000

20.00020.00020.00020.00020 00020.00020 00020 00020 00020 000

20 00020.000

Ceylon(rupee)

27.83920 85020.84920 90321.046

21.06121.06721.04621.04121.04721.06720.99021.00421.04121 037

21 03821.044

Norway(krone)

20.15918 48114.01514.01514 01514 015

14.01514.01514 01514.01514 01514.01514.01514.01514.01514.015

14 00814.008

Argentina(peso)

Prefer-ential

"13*333'13 33313.33313.333

13.33313.33313.33313.33313 33313.33313 33313.33313 33313 333

13 33313.333

Den-mark

(krone)

20.85719.11714 49414.49114 492

Philip-pine

Republic(peso)

49.72349.62149.63949 67549.676

49.67749.67749.67749.67649.67749.67649.67749.67749.67749.677

49 67749.677

Free

"'8*289'7 0677.1637.198

7.1987.1987.1987.1987 1987.1977 1987.1987 1987 198

7 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

3.48423.48823.49033.48973.48963.48973.48963.48963.48993.4900

3 49003.4900

Aus-tralia

(pound)

321.22293.80223.15223 07222.63224.12

224.35224.43224.25224.19224 32224.30223 33223.57223 97223.93

224.01224.13

Austria(schilling)

23.8580

23 85803.8580

3.85803.8580

France(franc)

Official

.4929

.4671

SouthAfrica(pound)

400.75366.62278.38278.33278.20280.21

280.51280.61280.38280.30280.47280.45279.24279.53280.04279.98

280 09280.23

Free

.3240

.3017

.2858

.2856

.2856.2856

.2856

.2856

.2856

.2856

.2855

.2855

.2855

.2856

.2856

.2856

.2856

.2856

Swe-den

(krona)

27.82425.48019.33219.32719.32619.323

19.32319.32319.32319.32319.32319.32319.32319.32319.32319.323

19 33319.333

Belgium(franc)

2.28162.20091.99081.98591.98782.0009

1.99761.99712.00192.00072 00112.00062 00502.00632 00622.0053

2 00232.0036

Germany(deutsche

mark)

23.83823.83823.838

Switz-erland(franc)

23.36323.31423.13623.06023.14823.316

23.31723.32923.32923.33123.33323.33423.33223.31023.25523.289

23 30823.315

Brazil^(cruzeiro)

5.44065.44065 44Ofi5 ^5 ^

1406UO(S

35.4420

5.44065.44065.44065.44065 44065.44555 4466

35.44664.28084.2808

4.28084.2808

India(rupee)

30.16927.70620.87020.86920.92221.049

21.06121.06921.04921.04421.05121.07320.99521.00521.04421.039

21.03921.047

UnitedKing-dom

(pound)

403.13368.72280.07279.96279.26281.27

281.56281.66281.43281.35281.53281.50280.28280.58281.09281.03

281 14281.29

3.52613.5261

3.52613.5261

Ireland(pound)

280.38279.68281.27

281.56281.66281.43281.35281.53281.50280.29280.58281.09281.03

281.14281.29

BritishMalay-

sia(dollar)

42.97332.78832 84932.60132.595

32.58632.58932.58532.57932 58232.61032 56932.59632 64132 635

32 64632.656

Mexico(peso)

18.86012.62011.57011.56411.58811.607

11.61411.60811.56411.56111.58911.62011.61511.62411.62711.626

11 61911.614

Canada(dollar)

Official

100.00097.49190.909

Neth-erlands(guilder)

37.66834.52826 25226.26426 31526.340

26.32126.33526.34026.33426.32126.32226.33826.40026.41026.410

26 40526.408

Free

91.69192.88191 47494 939

102.149101.650

101.666101 655100.559100 546100 782101 180101 580101 762102 266102 754

102 781103.439

NewZealand(pound)

350.48365 07277 28277.19276 49278.48

278.78278.87278.65278.57278.74278.71277.51277.80278.30278.25

278 35278.50

Uruguay4

(peso)

65.83065.83065.83365.83365.833

665.833

65.83365.83365.83365.83365.83365.83365.83365.83365.833

565.833

56.18256.18056.18056.18056.180

656.180

56.18056.18056.18056.18056.18056.18056.18056.18056.180

556.180

42.55342.55342.55342.553

542.553

42.55342.55342 55342.55342 55342.55342.55342.55342.553

542.553

6 34 217

35.54734 20533 63333.27032 99434.00135.22834.79133.567

»32.573

xFor figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was2.3274.

3 Based on quotations beginning Nov. 30, 1953.3Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios

for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the 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.

"*Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4;the average for this period was 53.1914.

6Based on quotations through Dec. 4, 1953.e Free rate, based on quotations Feb. 10-Dec. 4, 1953.NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same

publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409.

MARCH 1954 331


PRICE MOVEMENTS IN PRINCIPAL COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

1944194519461947194819491950195119521953

1953—JanuaryFebruaryMarchAprilMay

JulyAugustSeptember .OctoberNovemberDecember

1954—January

UnitedStates(1947-49= 100)

68697996

10499

103115112

110110110109110110111111111110110110

111

Canada(1935-39

= 100)

131132139163193198211240226221

222221222220220222221222222221219219

220

Mexico(1939 =

100)

179199229242260285311386400393

387384386387393391397395398401396396

396

UnitedKingdom

(1930 =100)

166169175192219230262320328

P328

328324328333331330329327326326328

*326

P326

FranceU949 =

100)

1420345289

100108138145

P138

141139140139139139137137137136137

P138

P139

Italy(1938 =

100)

5,1595,4435,1694,8975,5815,270

P 5 , 2 5 1

5,2645,2435,2645,2345,2505,2505,2585,270

r5,2465,2375,236

P 5 , 2 5 9

Japan(1934-36average

24

1648

128209246343349

349351351350350352353355357359

P360

Nether-lands

(1948 =100)

100104117143140134137136136134135134133133133133134134

Sweden(1935 =

100)

196194186199214216227299317

P298303302301300299299298296295295297

P296

Switzer-land

(Aug. 1939= 100)

207205200208217206203227220213

215214214212214213213212212212212211

P213

v Preliminary. r Revised.NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December

1952, p. 1356.

WHOLESALE PRICES—GROUPS OF COMMODITIES

[Indexes for groups included in total index above]

Year or month

1944194519461947194819491950195119521953


1954—January

United States(1947-49=100)

Farmproducts

697283

1001079398

113107

10098

100979895989698959494

98

Processedfoods

n.a.n.a.n.a.

9810696

100111109

106105104103104103106105107105104104

106

Othercommod-

ities

70717895

103101105116113

113113113113114114115115115115115115

115

Canada(1935-39=100)

Farmproducts

155165177190230226237269249218

231227225219221224224214209209205207

209

Raw andpartlymanu-

facturedgoods

134136140164196197213238219207

209208210206206207207210207205203204

207

Fully andchieflymanu-

facturedgoods

129130138162192199211242231229

229229229228228230230230230230228228

228

United Kingdom(1930=100)

Foods

158158158165181197221247284

P308

297300302318317316315309307304306

P303

P305

Indus-trial

products

170175184207242249286

»364»352

»341»337»337

Netherlands(1948=100)

Foods

100101112122129123

128127124122124124118119121120122122

Indus-trial rawproducts

100108128171166156

160159159157157155155155155154153153

Indus-trial

finishedproducts

100104116143135132

132132132131131131131131132132132132

n.a. Not available. P Preliminary.NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December

1952, p. 1356.



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)

Can-ada

(1949= 100)

UnitedKing-dom(Jan.

15, 1952= 100)

France(1949= 100)

Netherlands(1949= 100)

Switz-er-

land(Aug.1939 =100)

19461947194819491950195119521953

1953—January..February.MarchAprilMayJuneJulyAugust. . .SeptemberOctober. .NovemberDecember.

1954—January..

8396103102103111114114

114113114114114115115115115115115115

788597100103114116115

116116115115114115115116116117116116

116

7782848695103106

104105105106106107107106106106106106

106

355790100111130145144

146146145145146145144143141141141142

100109119120120

120120120120121121121120121121120120

123

152158163162159167171170

170170169169170170170170170170170170

P170

7996104100101113115113

113112112112112114114114114114112112

113

100103117117113

114113112111110111113113114116113112

112

6772768291105112

109110111113113114114112111111111110

110

365792100111128141137

141142141140141141137136132132132134

100111121123

123124123124125127127123126125124

160170176174176181184184

184183183182183184184185186187187186

P185

P Preliminary.1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to 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), see

BULLETIN for December 1952, p. 1357.

SECURITY PRICES[Index numbers except as otherwise specified]

Year or month

Number of issues. . .

1947194819491950195119521953

1953—JanuaryFebruary . . . .MarchAprilMayJuneJulyAugustSeptember. . .OctoberNovember. . .December....

1954—January

Bonds

UnitedStates*(high

grade)

17

122.1118.3121.0122.0117.7115.8112.1

114.5114.0113.4111.7109.8108.8110.7111.4110.9112.6113.6113.5

114.5

Canada(1935-39

= 100)

118.5105.0107.6109.695.786.183.6

84.584.284.184.183.682.982.982.682.382.884.285.3

87.0

UnitedKingdom(December1921 =100)

87

130.8129.9126.5121.2117.6108.3112.0

109.1109.7110.5111.3111.4112.2111.5112.0112.8114.2114.9114.2

114.3

France(1949= 100)

60

120.0106.4100.099.8

101.4111.1113.5

114.3112.7111.9112.6113.2112.9112.9114.1115.0114.7114.4113.8

Nether-lands 2

14

105.6107.1106.8106.787.085.6

100.2

93.696.395.898.099.7

101.2102.7101.8102.1104.0104.0103.4

110.9

Common stocks

UnitedStates

(1935-39= 100)

480

123.0124.4121.4146.4176.5187.7189.0

197.6195.9198.0190.0189.6182.8185.5187.3179.2183.4187.5190.7

195.4

Canada(1935-39

= 100)

101

106.0112.5109.4131.6168.3173.1160.3

172.3169.0170.0160.8159.8156.8160.7161.2152.9151.9154.2153.6

157.4

UnitedKingdom(1926=100)

278

94.692.087.690.097.191.192.2

92.092.093.292.391.191.191.692.591.492.193.793.5

94.1

France(1949=100)

295

10090

112143158

151153150150153153157161165167168169

Nether-lands a

27

233240219217215192212

201207206203206207214218215217223230

239

Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent.3Average of the ratios of current prices to nominal values, expressed as a percentage.NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December

1952, p. 1357.

MARCH 1954 333


M . S. SZYMCZAKR. M. EVANS

BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

W M . M C C . MARTIN, JR., Chairman

JAMES K. VARDAMAN, JR.A. L. MILLS, JR.

J. L. ROBERTSON

ELLIOTT THURSTON, Assistant to the Board

WOODLIEF THOMAS, Economic Adviser to the Board

WINFIELD W. RIEFLER, Assistant to the Chairman

ALFRED 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, DirectorFRANK 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 ADMINISTRATIONDWIGHT L. ALLEN, DirectorH. 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

WM. MCC. MARTIN, JR., ChairmanALLAN SPROUL, Vice Chairman

R. M. EVANS M. S. SZYMCZAK

H. G. LEEDY JAMES K. VARDAMAN, JR.

A. L. MILLS, JR. ALFRED H. WILLIAMS

J. L. ROBERTSON C. S. YOUNG

FEDERALADVISORY COUNCIL

WINFIELD W. RIEFLER, Secretary

ELLIOTT THURSTON, Assistant Secretary

GEORGE B. VEST, General Counsel

FREDERIC SOLOMON, Assistant General Counsel

WOODLIEF THOMAS, Economist

KARL R. BOPP, Associate Economist

GEORGE W. MITCHELL, Associate Economist

H. V. ROELSE, Associate Economist

CLARENCE W. TOW, Associate Economist

RALPH A. YOUNG, Associate Economist

ROBERT G. ROUSE, Manager of System Open

Market Account

334

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

NEW 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

FEDERAL RESERVE BULLETIN


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 Ci ty . . .

Dallas

San Francisco...

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

Paul E. MillerLeslie N. Perrin

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. Harris

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 8 Carl B. PitmanE. O. Latham O. A. Schlaikjer

R. F. Van Amringe

H. A. BilbyH. H. KimballL. W. KnokeA. PhelanH. V. Roelse

Karl R. BoppRobert N. HilkertE. C. HillWm. G. McCreedy

Roger R. ClouseA. H. Laning 3

Martin Morrison

N. L. ArmisteadAubrey N. HeflinUpton S. Martin

Robert G. RouseT. G. TieboutV. WillisR. B. WiltseJ. H. Wurts

P. M. Poor manJ. V. Vergari4

Richard G. Wilgus 2

H. E. J. SmithPaul C. Stetzelberger

C. B. StrathyK. Brantley WatsonChas. W. Williams

V. K. Bowman L. B. RaistyJ. E. Denmark Earle L. RauberJohn L. Liles, Jr.3 S. P. SchuesslerHarold T. PattersonNeil 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. AustinJ. L. Cook 3

E. R. MillardH. F. Slade

L. G. MeyerGeorge W. MitchellA. L. OlsonAlfred T. SihlerW. W. TurnerH. H. WeigelJ. C. Wotawa

J. Marvin PetersonOtis R. PrestonM. H. Strothman, Jr.Sigurd Ueland

E. D. VanderhoofD. W. Woolley

L. G. PondromHarry A. Shuford

Eliot J. SwanRonald T. Symms 3

O. P. Wheeler

VICE


New YorkCleveland

Richmond

Atlanta

ChicagoSt. Louis

PRESIDENTS IN

Branch

BuffaloCincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew OrleansDetroitLittle RockLouisvilleMemphis

CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS

Vice Presidents

I. B. SmithR. G. JohnsonJ. W. KossinD. F. HagnerR. L. CherryH. C. FrazerT. A. LanfordR. E. Moody, Jr.M. L. ShawR. A. SwaneyC. M. Stewart

Darryl R. Francis


Minneapolis....

Kansas Ci ty . . . .

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. ' Cashier. * Also Cashier. 4 Counsel.

MARCH 1954 335


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.

ANNUAL REPORT of the Board of Governors of theFederal Reserve System. Issued each year.Available without charge upon request.

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, MONEY

RATES, 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, AND

BUSINESS. Issued annually in September. An-nual subscription to monthly chart book includesone issue of supplement. Single copies, 60 centseach; in quantities of 10 or more copies for singleshipment, 50 cents each. (Domestic rates)1A more complete list, including periodic releases and

reprints, appeared on pp. 1414-17 of the December 1953BULLETIN.

T H E FEDERAL RESERVE SYSTEM—PURPOSES AND

FUNCTIONS. 224 pages. Will be available inApril 1954, without charge.

BANKING STUDIES. Comprising 17 papers on bank-ing and monetary subjects by members of theBoard's staff. August 1941; reprinted October1952. 496 pages. Paper cover. $1.00 per copy;in quantities of 10 or more copies for singleshipment, 75 cents each.

BANKING AND MONETARY STATISTICS. Statistics of

banking, monetary, and other financial develop-ments. November 1943. 979 pages, f 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.

T H E 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.

T H E 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.

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 regulations

with amendments.



FEDERAL RESERVE BOARD PUBLICATIONS

REPRINTS

(From Federal Reserve Bulletin unless preceded by an asterisk)

BANKING IN THE SOVIET UNION. April 1952. 8

pages.

REVISED WEEKLY INDEX OF DEPARTMENT STORE

SALES. April 1952. 4 pages.

STATEMENT BY CHAIRMAN OF THE BOARD OF GOV-

ERNORS BEFORE SUBCOMMITTEE ON GENERAL

CREDIT CONTROL AND DEBT MANAGEMENT, MARCH

11, 1952. April 1952. 4 pages.

CHANGES IN INSTALMENT CREDIT TERMS. May 1952.

6 pages.

EXCESS PROFITS TAXES 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.

1953 SURVEY OF CONSUMER FINANCES—From March,

June, July, and September issues of BULLETIN.62 pages. (Also, similar surveys for earlier yearsfrom 1946, 1947, 1948, 1949, 1950, 1951, and 1952BULLETINS.)

WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE

CORPORATIONS. July 1953. 12 pages.

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1953. 2 pages. (Alsosimilar article from July 1952 BULLETIN.)

RECENT CREDIT AND MONETARY DEVELOPMENTS.

July 1953. 8 pages.

T H E BALANCE SHEET OF AGRICULTURE, 1953.

August 1953. 13 pages.

UNITED STATES BALANCE OF PAYMENTS IN 1952-53.

October 1953. 9 pages.

REVISED INDEXES OF DEPARTMENT STORES SALES AND

STOCKS, BY MAJOR DEPARTMENTS. November

1953. 65 pages.

FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL

PRODUCTION, 1953 Revision. December 1953. %pages. (Also, similar index from August 1940,September 1941, and October 1943 issues ofBULLETIN with supplementary data. October1943. 120 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.)

PRELIMINARY FINDINGS OF THE 1954 SURVEY OF CON-

SUMER FINANCES. March 1954. 4 pages.

MARCH 1954 337


FEDERAL RESERVE SYSTEM

BOUNDARIES OF FEDERAL RESERVE DISTRICTS

AND THEIR BRANCH TERRITORIES

fI

5 = = BOUNDARIES OF FEDERAL RESERVE DISTRICTS

BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES

^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

® FEDERAL RESERVE BANK CITIES

• FEDERAL RESERVE BRANCH CITIES

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