Federal Reserve Bulletin, 1954-01

F E D E R AL R ES BULLETIN JANUARY 1954 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. CONTENTS PAGE Recent Production and Price Developments . 1-8 Extensions and Repayments of Consumer Instalment Credit . 9-22 Inter-Agency Bank Examination School. . 23-25 Current Events and Announcements. . . 26-31 National Summary of Business Conditions. . . 32-33 Financial, Industrial, Commercial Statistics, U. S. (See p. 35 for list of tables) . . 35-93 International Financial Statistics (See p. 95 for list of tables). . . 95-113 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 114 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 115 Federal Reserve Board Publications. . . 116-117 Map of Federal Reserve Districts. . . 118 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama. Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, IS cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 40 January 1954 NUMBER 1 RECENT PRODUCTION AND PRICE DEVELOPMENTS At the beginning of 1954 total output at three years of expansion. Foreign demands factories and mines was moderately smaller for domestic merchandise were maintained than a year earlier, owing mainly to a shift during the second half of last year at about to liquidation of business inventories in the level of the preceding 12 months, and recent months from rapid accumulation trade and production abroad generally conearlier in 1953. Consumer and other busi- tinued to increase. ness demands were generally at about the Commodity prices generally remained stasame high levels in both periods. Activity ble during the period of production readin the construction industry continued at justments in 1953. Late in the year weakness advanced levels through the fourth quarter developed in prices of some industrial maof 1953, as shown in the chart. Production terials, but on the average wholesale prices of many farm commodities for the second of industrial products changed little. Prices season was above domestic and foreign de- BUSINESS INDEXES mands and Federal holdings of farm prod- 1947-49 - 100 150 150 ucts expanded further. Industrial activity was at sharply advanced CONSTRUCTION ACTIVITY levels in the first half of 1953, but declined appreciably after July. At 128 per cent of the 1947-49 average in December, the Board's 130 130 revised production index was below the exceptionally high levels of late 1952 and early 120 120 1953, but above any earlier postwar period. Consumer buying of goods, following excep- J_ 110 tional activity in the first half of 1953, slack- NONAGRICULTURAL CONSUMER PRICES ened for a time in the autumn, in part as 120 EMPLOYMENT a result of unseasonal weather. In the clos- TOTAL ing months of the year consumer buying FOODS 110 strengthened somewhat and Christmas sales '~"\ /INDUSTRIAL were near the record 1952 volume. In the V 100 100 business equipment area, over-all expendi- 1952 1953 1952 1953 tures remained at record levels throughout NOTE.—Seasonally adjusted series, except for prices. Based on Commerce data for income and sales; Bureau of Labor Sta- 1953, but new orders declined. Federal tistics for employment and prices, with employment seasonally adjusted by Federal Reserve; Commerce and Labor for conoutlays for national security purposes de- struction activity, representing deflated value of work put in place. Latest figures shown: fourth quarter for construction; December for other series. December figures for income and clined moderately after mid-1953, following prices estimated by Federal Reserve. JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PRODUCTION AND PRICE DEVELOPMENTS of farm products declined slightly further als. In December output in each of the three in 1953, following substantial declines in major industry divisions was down from 1951 and 1952. Average consumer prices July and was below year-ago levels. Changes edged up until late in the year, as rents and varied considerably within these areas, howprices of most other services continued to rise. ever, as shown in the table and also in the Recent declines in industrial output have chart on page 4. Large declines occurred been accompanied by reductions in average in primary metals and some metal fabricathours of work and in industrial employment. ing groups and in textiles, apparel, rubber, In December, nonagricultural employment leather products, and coal mining, while was down 500,000 or 1 per cent from a year activity in the food, paper and printing, earlier and, after seasonal adjustment, was many building materials, and some other im- 2 per cent below the record mid-1953 level. portant industries was generally close to Unemployment increased considerably earlier advanced levels. more than seasonally in November and December from the exceptionally low levels CHANGES IN DURABLE GOODS INDUSTRIES prevailing during most of 1953. Initial Output of durable goods reached a new claims for unemployment benefits in Decem- postwar high in July 1953, 20 per cent above ber were at a rate not far below the postwar INDUSTRIAL PRODUCTION high for this month recorded in 1949. With [Seasonally adjusted, 1947-49=100] wage and salary payments reduced, personal income at the end of 1953 was moderately Percentage increase or decrease (—) to December below the record levels of last summer, but Industry group Dec. 1953 from: 1953 above December 1952. July Dec. Dec. 1953 1952 1951 RECENT DECLINE IN INDUSTRIAL ACTIVITY Total. 128 -7 -4 8 Manufactures—total 129 -7 -4 8 In December the Board's revised seasonally Durable manufacadjusted index of industrial production was tures 144 -8 -5 12 Primary metals 118 -13 -13 -6 128 per cent of the 1947-49 average, 7 per Metal fabricating 157 - 8 -5 15 Fabricated metal prod.. . 128 -10 -4 8 cent below the record level of 137 reached Nonelectrical machinery. 133 -8 -7 2 Electrical machinery. . . . 177 -12 -10 20 Transportation equiplast May and July. For the year as a whole, ment 181 -8 -5 30 Instruments and related however, output averaged 134 per cent of products 155 15 Clay, glass, and lumber the 1947-49 average and was 8 per cent above products -3 1 8 Furniture and misc. manuthe previous postwar record annual volume factures 126 -6 -2 15 in 1952. Output for 1953 also exceeded the Nondurable manufactures 115 -5 -3 peak year in World War II, when the na- T R e u x b t b il e e r s a a n n d d l a e p a p th a e re r l prod- 97 -13 -13 ucts 104 -10 -10 tion's then available resources were inten- Paper and printing 122 -3 0 Chemical and petroleum sively devoted to maximizing industrial pro- products 142 -3 3 Foods, beverages, and toduction. bacco 108 1 2 5 Curtailments in the latter part of 1953 Minerals—total 113 -6 -3 -4 Mineral fuels: from midyear highs were widespread. Non- Coal 69 -21 -16 -27 Crude oil and natural gas 133 -1 -1 4 Metal, stone, and earth durable manufactures reached a peak in May minerals: Metal mining 104 -10 -2 -11 and then declined, while July was the high Stone and earth minerals 125 0 2 -2 month for durable manufactures and miner- NOTE.—December 1953 partly estimated. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PRODUCTION AND PRICE DEVELOPMENTS levels prevailing before the extended steel chiefly changes in steel. Production of basic strike in mid-1952 and almost 60 per cent nonferrous metals, in contrast to iron and above the 1947-49 average. Rapid expan- steel, generally remained at high levels in sion in output to early 1953 permitted replen- the latter part of the year. Reflecting in ishment of stocks of steel and various steel part important additions to capacity, alumiproducts to meet the generally high and num ingot production expanded further in rising demands for finished consumer dura- 1953 and at year-end was substantially above ble goods and for business and military the year-ago rate. Some decline in activity, equipment. After early 1953, with final de- however, occurred at aluminum mills where mands tending to level off, business stocks basic metal is rolled and drawn into indusof durable goods rose sharply further, as is trial shapes and forms. Activity at copper shown in the chart. Production was cur- mills also declined at the end of the year as a result of curtailment in the metal fabri- INVENTORIES Billions of Dollars cating industries. With copper imports markedly reduced, however, domestic copper output continued at a rate well above 1952. Steel production declined only moderately from last spring until the autumn and then 40 was sharply reduced in the last two months of 1953 as activity in such consuming indus- Atries as autos was curtailed and defense de- DISTRIBUTORS 30 mands slackened. In December and early January the industry was operating at about 75 per cent of its January 1, 1954 rated capacity, which was 124.3 million tons, almost 20 7 million larger than a year earlier. For 1951 1953 1951 1953 1953 as a whole, 112 million tons of steel were NOTE.—Department of Commerce seasonally adjusted book value data. Latest figures shown are for end of November 1953. produced, 6 million more than in 1951, the tailed considerably after midyear, and be- previous record year. ginning in October stocks were reduced. Metal fabricating industries. Over-all ac- Nevertheless, at their November level the tivity in metal fabricating industries declined value of stocks held by durable goods manu- about 8 per cent from the extraordinarily facturers was about 2.8 billion dollars, or 12 high July level to December. Fairly large per cent, larger than a year earlier. declines were general in consumer goods Metals. Output of primary metals, after industries, including those making appliallowance for seasonal changes, turned down ances and autos. Activity in industries proafter May, while over-all activity in metal ducing machinery and equipment for busifabricating industries rose through July. ness and military uses was generally main- Moreover, the total decline to year-end was tained through last summer and then showed much greater for primary metals than for a moderate decline to the year-end. Output metal fabricating, as the chart on page 4 of certain types of producers' equipment— shows. notably farm machinery and trucks—was The decline in primary metals reflected cut back considerably, while output of most JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PRODUCTION AND PRICE DEVELOPMENTS other types was maintained at advanced CONSUMER DURABLE GOODS levels. Output readjustments to more moderate Federal expenditures for national security demand levels started early in 1953 for purposes showed a moderate further increase household durable goods and late in the in early 1953 and in the last half declined year for autos. Curtailment of household to about year-ago levels. Deliveries of hard durables followed an expansion of about 40 goods to the military declined about 10 per per cent from early 1952 to early 1953. This cent from the peak rate in early summer to marked rise had been accompanied by a the closing months of the year, and further substantial increase in manufacturers' and decreases are likely this year. distributors' stocks. Late in the year, with retail sales showing some increase, business MANUFACTURING OUTPUT stocks of these goods began to decline. 1947-49 • 100 Ratio Scale 180 120 Readjustments varied among the major TEXTILES & 170 APPAREl /\ household items. Output of major appliances 110 160 declined about 30 per cent from the first to / METAL ^ 150 / FABR1CATING _ 100 the last quarter of 1953, reflecting especially 1 sharp curtailments from the high spring 140 V /**y \ _ R L U E B A B T E H R E R & A - 120 levels for refrigerators, freezers, and ranges. PRODUCTS ^^ \ Furniture output also declined and at year- 130 f \- •JS end was about 10 per cent below the record —\ 1 PRIMARY \ - 110 120 _ \ METALS V levels of the spring. Television output rose 100 sharply after midyear to near record rates 110 CHEMICALS & 150 in September—earlier in the year than usual. PETROLEUM S*\. '! • PRODUCTS^/ ^^^- 140 Following a further expansion of television 140 CLAY, GLASS, & stocks from high levels, output turned down 130 LUMBER PRODUCTS - 130 markedly and in November and December 120 - 120 was about 25 per cent below the high rates . * PAPER & — -' PRINTING of the corresponding months of 1952. 110 1 110 Auto output was curtailed considerably in 1952 1953 1952 1953 NOTE.—Seasonally adjusted indexes. December 1953 partly November and December, owing in part to estimated. model changeovers and in part to efforts to Building materials. With construction acreduce dealers' stocks. Output for these two tivity at advanced levels in 1953, output of months was at an annual rate of about 4.6 most building materials remained in large million units, compared with 4.9 for the corvolume throughout the year. Lumber outresponding months of 1952. For the year as put in the last half was below the unusually a whole, passenger car output totaled 6.1 miladvanced rates of early 1953, but near the lion units, which was second only to the 1950 high levels of late 1952. Output of other record of 6.7 million. In 1952 production building materials, particularly those manu- amounted to 4.3 million, reflecting in part refactured from stone and earth minerals, such strictions imposed by the defense program, as structural clay products and concrete Retail sales of passenger cars were also very products, generally remained at advanced large in 1953, but the near-record volume of levels all year. output was accompanied by substantial in- FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PRODUCTION AND PRICE DEVELOPMENTS creases in dealers' stocks of new and used In the paper and printing industries, suscars and a marked decline in used car prices. tained business demands resulted in a very steady and high rate of production during NONDURABLE MANUFACTURING INDUSTRIES most of 1953. Step-up in advertising volume was an important factor in maintaining pub- In May the revised seasonally adjusted inlishing activity. Over-all production of dex of production of nondurable manufacfoods, beverages, and tobacco products also tures reached a new record of 123 per cent was maintained. of the 1947-49 average, 4 per cent above the previous peak in early 1951. In the summer and early fall, output was substantially cur- WHOLESALE PRICES tailed in the textile, apparel, and rubber and Commodity prices generally changed little leather products industries. This reduction in 1953. Weakness developed in prices of reflected mainly decreased buying by retail some industrial materials in the second half and other distributive merchants as the exof the year, as business demands for invenpectations of continued high sales, on which tories declined. Consumer buying, however, earlier advanced output levels had been was near record levels at the year-end and based, were not fulfilled. Apparel stocks at prices of basic foodstuffs were somewhat retail stores, following some rise earlier in above autumn levels. Wholesale prices of the year, were stabilized by September at a level only moderately above the high reached in the latter months of 1952. After Septem- WHOLESALE PRICES ber 1953, activity in the leather and rubber 1947-49-100 industries showed little further change, at a considerably reduced level. In the textile and apparel industries, however, curtailment continued, as unseasonally warm weather contributed to further cuts in consumer purchases in the early autumn and manufacturers acted to reduce stocks. Output in the chemical and petroleum products industries, on the other hand, reached new record levels in mid-1953, and was reduced only slightly in the latter part of the year. The reduction in the chemicals group occurred in large part in industrial chemicals consumed by the textile, steel, and other industries in which output had been cut back. Although stocks of gasoline remained large and the warm autumn lightened the seasonal demands for heating oils, 1950 1951 1952 1953 petroleum refining was generally maintained NOTE.—BLS midmonth indexes, except for basic commodinear peak rates, or over 90 per cent of a ties, which are weekly. "Other commodities*' excludes processed foods, which are included in total but not shown separately. greatly expanded capacity. Latest figures shown are for December 1953. JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PRODUCTION AND PRICE DEVELOPMENTS farm products declined slightly further in accumulated—increased and as mine produc- 1953. At the beginning of the year prices tion curtailments in this country became of most Federally supported farm products effective. Copper prices held close to peak were already near support levels. By midyear levels through the second half of 1953, supcattle prices had reached the lowest levels ported to some extent by the high selling since the elimination of wartime price con- price maintained by Chile and an accumulatrols in 1946. tion of stocks in that country. Current pro- For many materials, as well as some fin- duction of Chilean copper is now being sold ished goods, price stability during 1953 fol- at world market prices. lowed a period of substantial readjustment Prices of cotton yarns and fabrics and of from the highs reached in early 1951. This some synthetic fabrics declined further in readjustment in general had resulted in a the second half of 1953 as sales and output lowering of prices of materials in relation to of apparel and other textile products were those of finished goods. reduced. The price of raw cotton was stable Industrial commodities. A slight decline at about the Federal support level, however, in the average level of prices of industrial and in November rayon and acetate yarn materials accompanied the production cur- prices were raised somewhat. Textile prices tailments in the second half of 1953. The generally were down substantially from price decline reflected mainly moderate de- earlier highs and were only slightly above creases in cotton and synthetic textiles, hides late 1949 and early 1950 levels. Over-all, the and leather, lumber, and metals. relationship of prices of textile materials to Steel scrap prices, following a recovery prices of finished textile products in 1953 was from the spring low, declined again in late about the same as that in late 1949. summer and early autumn. A moderate Gasoline and fuel oil prices were reduced recovery, based in part on relaxation in early somewhat in late 1953, to about the levels October of export controls on steel scrap, prevailing in the spring. Output rates were was followed by another decline, as steel out- generally maintained despite substantial put was reduced substantially and orders for stocks and the influence of a relatively warm early 1954 lagged. In early January steel autumn on demands for fuel oils. scrap prices, at around $29 per ton, were $14 Prices of most other finished goods have below the level prevailing in 1952 and early been maintained. Machinery, with the ex- 1953, but still about $9 above the 1949 low. ception of agricultural equipment, advanced List prices for finished steel have been main- further in the summer, following the intained at the high levels reached at midyear. creases in steel prices. List prices of new With the domestic supply of steel products automobiles have changed little, but prices considerably larger in 1953, however, use of of used cars have declined sharply. In Dehigher cost steel, particularly conversion steel, cember prices of late model cars, after allowhas been virtually eliminated. Also, since ance for depreciation, averaged 13 per cent October mills have absorbed some of the below midyear and near the postwar low of freight costs. late 1949. In relation to new car prices, used Lead and zinc prices strengthened late car prices were lower than at any other time in 1953 as foreign demand—which had been in the postwar period but still somewhat considerably curtailed earlier when stocks higher than in the prewar period. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PRODUCTION AND PRICE DEVELOPMENTS Farm products. Average prices of farm were maintained at relatively high levels. products declined little further in the second In late September, however, marketings exhalf of 1953 and in mid-December were panded rapidly, earlier than usual for the 5 per cent below a year earlier and 20 per season, and in October prices dropped about cent below the early 1951 peaks. While agri- one-fifth. After mid-November, marketcultural supplies increased somewhat fur- ings fell off considerably and prices rether, there was a very large movement of covered sharply. Pork output is expected crops into Federal loan. Domestic demands to continue relatively small until after midfor most products apparently changed little 1954. Hog producers have placed more corn and exports were at the earlier reduced levels. than usual under Federal loan and, despite Average livestock prices declined consider- the much more favorable relationship beably in the early autumn, as shown in the tween hog prices and feed costs since early following chart, but had recovered substan- 1953, they have not yet increased appreciably tially by mid-January. With consumer de- the number of hogs raised. Cattle marketings also rose substantially in FARM PRODUCT PRICES 1947-49=100 late September and beef supplies toward the 130 end of 1953 were about 25 per cent above the increasing volume of a year earlier. Much 120 of the increased slaughter was of lower grade cattle. For 1953 as a whole, marketings probably exceeded slightly the number of animals raised, resulting in some decrease in cattle numbers on farms. A Federal purchase program, started at midyear, became an important factor in cat- LIVESTOCK | AND POULTRY \| tle market developments in the last four months of the year. In that period the lower quality beef purchased amounted to about 7 per cent of beef production and 4 per cent of total meat output. Despite large Federal 70 1950 1951 1952 1953 purchases, prices of cows declined somewhat further to a level at the year-end about one- NOTE.—BLS midmonth indexes. "All other" derived by- Federal Reserve. Latest figures shown are for December 1953. third below a year ago. Prices of high-grade mand for meats apparently maintained steers, however, which had dropped sharply through the second half of 1953, prices fluc- in early 1953, advanced about one-eighth in tuated in response to changes, in part sea- July and at year-end were about one-fifth sonal, in market supplies. Thus, while total below the highs of late 1952. meat output in the second half exceeded a Cotton prices have been stable in recent year earlier by about 10 per cent, December months at about the support level, while output was slightly below a year earlier. seasonally adjusted cotton consumption has Hog marketings throughout most of the declined. Wheat prices have recovered, July-December period continued well be- following the sharp spring drop, and corn low levels of other recent years and prices has advanced from the seasonally reduced JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PRODUCTION AND PRICE DEVELOPMENTS levels reached in October and November. account for 40 to 50 per cent of consumer During the autumn, producers placed a budgets, changed little. larger proportion of the crops being har- Consumer demand for foods appears to vested under Federal price support loan or have been well maintained during the secpurchase agreement than they had a year ond half of 1953. With supplies, chiefly of earlier. At the end of 1953 a record volume meats, larger than in the same period of of cotton was under loan and the amount 1952, retail food prices averaged about 2 per of wheat loans was larger than in 1952 cent lower, but consumer expenditures for despite the smaller crop in 1953. As a re- food were slightly larger. During Decemsult, supplies of these crops in commercial ber, retail food prices rose somewhat, reflectchannels are smaller and prices have strength- ing in part the contraction in pork output. ened, despite large total supplies, domestic and foreign. To reduce domestic supplies and limit Fed- Readjustment in industrial output and eral outlays for price support, marketing employment, which began in mid-1953, conquotas for wheat and cotton have been placed tinued through the end of the year. The in operation and corn will probably be un- main elements in the decline were the shift der acreage allotment These crops together from large inventory accumulation to some account for about half of the acreage usually liquidation recently and from gradual inplanted to crops. crease to gradual reduction in defense out- Reflecting tightening world supplies, lays. Other demands have been relatively prices of coffee and cocoa rose sharply in well sustained and incomes have been re- December and early January—to new high duced only moderately. Tax reductions, levels. In mid-January cocoa was 65 per effective at the beginning of 1954, are concent above the seasonally low prices of Janu- tributing to the maintenance of personal ary 1953, and coffee was 30 per cent above disposable income and business income after a year ago. taxes. CONSUMER PRICES Average prices have been unusually stable Average prices of consumer goods and for a period of appreciable production deservices in the second half of 1953 remained clines. This stability reflects in part operaclose to peak levels, and in December were tion of support programs for many agricul- 1 per cent above a year earlier. Rents con- tural products, the substantial declines which tinued to rise and the rise accelerated after had taken place much earlier in prices of midyear when most remaining rent controls many materials, and the generally high levels were terminated. Costs of medical care and of most types of domestic and foreign desuch other consumer services as public trans- mands. In this situation, the ready availabilportation and auto repairs also advanced ity of credit and the adjustment achieved further. Prices of apparel and footwear, thus far in business inventory positions are •housefurnishings, and food, which together favorable factors for business prospects. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT Statistics on consumer credit contribute to interpreting other economic events. Because the understanding of an important sector of of the importance of instalment credit in the economy. For more than a decade, the consumer purchases of automobiles and other Board of Governors of the Federal Reserve consumer durable items, information on the System has compiled and published in the amount of instalment credit extended is Federal Reserve BULLETIN data on the amount often fundamental to the interpretation of of consumer credit outstanding. Those data developments in markets for these products. will now be supplemented by current statis- Because of the contractual nature of repaytics on extensions and repayments of con- ments, information on their volume provides sumer instalment credit. The new estimates an indication of the current and prospective indicate more clearly the flow of instalment burden of instalment credit on consumers credit to and from the consumer and thus and as such may provide some insight into give additional information about the causes future consumer expenditures. and implications of changes in instalment The importance of data on credit extencredit outstanding. This article presents the sions and repayments was recognized by the new series, month by month, from January National Bureau of Economic Research and 1940 to date, and explains the method of pre- the Russell Sage Foundation in their early paring the estimates.1 studies of consumer instalment credit and the The amount of credit outstanding is con- first estimates were developed as part of their stantly being altered as new contracts are work in this field.2 Estimates have also been written and payments are made on old con- prepared by the Board's staff and have been tracts. It is through this continuous process published from time to time in the Federal that economic events affect the outstanding Reserve BULLETIN. The new series depend amount of credit. Credit extensions are much to some extent on the same sources of informore dynamic and volatile than repayments mation as the earlier estimates. A number and reflect more directly the impact of chang- of modifications in estimating techniques ing market conditions. The volume of re- have been made, however, and some new and payments is governed by the amount and improved data have been incorporated in the terms of past contracts and is affected by series. The new estimates are consistent with current economic developments only to the the revised series of consumer credit outextent that they result in delinquencies or standing.3 The estimates for total instalment prepayments. credit extended and repaid together with the In addition to their usefulness in analyzing changes in outstanding instalment credit are instalment credit developments, data on shown in the chart on the next page. extensions and repayments are valuable in 1This article was prepared by Paul F. Smith. The work 2 See Duncan McC. Holthausen, Malcolm L. Merriam, and Rolf Nugent, The Volume of Consumer Instalment Credit, on the estimates was organized and conducted by Tynan 1929-38 (National Bureau of Economic Research*, Studies in Smith and Paul F. Smith of the Consumer Credit and Consumer Instalment Financing, Number 7), 1940. Finances Section of the Board's Division of Research and Statistics. Members of the staff who contributed substantially 3 A description of the revised consumer credit series is to the work are: Alfred P. Johnson, Elsie T. Nelson, given in the article "Revision of Consumer Credit Statistics," Katharyne P. Reil and Philip M. Webster. Federal Reserve BULLETIN, April 1953, pp. 336-54. JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT Since a strong seasonal pattern occurs in are in turn sold to commercial banks or sales some of the components of these series, sea- finance, companies, and only a relatively small sonally adjusted series have been prepared proportion is held on the books of the retail to facilitate interpretation. Monthly figures outlets. Commercial banks and other finanfor both the unadjusted and the adjusted cial institutions, in addition to buying instalseries for the period from January 1940 to ment paper, make direct loans secured by date for each of the four major types of conautomobiles and other durable goods and sumer instalment credit (automobile paper, make personal loans that may be secured or other consumer goods paper, repair and modunsecured. During 1953 retail stores, inernization loans, and personal loans) are cluding automobile dealers, originated and given in the tables at the end of this article. retained about 15 per cent of all instalment Current estimates will be published regularly credit extended. In addition, they originated in the BULLETIN. and sold another 43 per cent. Financial in- CHARACTERISTICS OF CREDIT EXTENSIONS AND stitutions extended the remaining 42 per cent REPAYMENTS directly to consumers. Thus financial institutions extended either directly or by pur- Instalment credit is extended by a wide variety of financial institutions and retail organ- chase about 85 per cent of all instalment izations. Retail stores and automobile dealers credit during 1953. write a major proportion of all instalment Figures on credit extensions and repaycontracts. Many of these contracts, however, ments have been developed for four types CONSUMER INSTALMENT CREDIT Without Adjustment for Seasonal Variation and Differences in Trading Days Millions of Dollars 3000 2500 2000 1500 1000 INSTALMENT CREDIT REPAID 500 I I j I I I J I J L NET CHANGE IN INSTALMENT CREDIT OUTSTANDING 500 -500 1941 1943 ^945 1947 1949 1951 1953 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT of instalment credit: automobile paper, other and consumption expenditures and also reconsumer goods paper, repair and moderni- flects certain types of seasonal outlays. Inzation loans, and personal loans. As indi- stalment credit may serve as an alternative cated in the accompanying table, automobile to the use of accumulated savings or it may credit was the most important factor in in- be the only way in which the consumer can stalment credit extensions before World War finance his expenditure. The amount of II and regained this position in 1949. During credit used depends on the demand for the 1953 automobile paper represented about 45 goods involved, the willingness of the indiper cent of all instalment credit extended. vidual to commit his future income, and the availability of credit on acceptable terms. DISTRIBUTION OF INSTALMENT CREDIT The terms on which credit is available EXTENDED, BY TYPE OF CREDIT [Dollar amounts in millions] depend to some extent on the type of credit. Down payments may vary from zero in the Percentage distribution Total case of clothing or small items to one-third instal- Year ex c m t r e e e n d n d i t t ed m A pa o u p b t e o il r - e co O g p n o a s t o p h u d e e m r s r er e a r n R n d l i o e z p a m a n a t s i i o r o d n - s l P o o a e n n r a - s l r o a r n g m e o f r r e o m fo r a f a e u w to m m o o b n i t l h es s . for M s a o tu m r e it i n es o n m du a r y able and small durable items to three years 1940.. $ 8,219 38 31 4 27 1941. . 9,425 41 31 3 25 or more for repair and modernization loans. 1942. . 5,239 20 41 3 36 1943. . 4,587 17 43 2 38 Contract terms are an important factor in the 1944. . 4,894 19 40 3 38 ability and willingness of consumers to use 1945. . 5,379 18 38 4 40 1946. . 8,495 23 36 5 36 1947. . 12,713 29 35 6 30 instalment credit and in turn to make current 1948. . 15,540 34 34 5 27 1949. . 18,002 40 31 4 25 purchases. Large down payments or large 1950. . 21,256 42 30 4 24 monthly instalments may make it impossible 1951. . 22,791 41 29 4 26 1952. . 28,397 44 28 4 24 for some potential buyers to make current 1953e. 29,700 45 26 5 24 purchases, particularly of the large and more e Includes estimate for December. expensive items. The factors leading to the demand for As has previously been indicated, the patinstalment credit depend to some extent upon tern of repayments is determined in large the type of credit. In the case of automobile measure by the amount of credit extended in paper, other consumer goods paper, and re- previous periods and by contract terms. The pair and modernization loans, the demand relationship of repayments to the outstanding for credit is closely related to the demand amount of credit differs for each type of for the commodities associated with each credit because of differences in the rate of type of credit. Personal loans, however, are credit extensions and variations in contract used for a wide variety of purposes. As in terms. Personal loans and other consumer the case of other types of instalment credit, goods paper normally have the shortest averthey may sometimes be used to purchase age maturities and the volume of repayments durable goods but more frequently they are during any period of time is relatively large used for medical expenses, income tax pay- compared to the outstanding amount. Maments, consolidation of debts, or other per- turities on automobile paper are somewhat sonal expenses. longer so that repayments are not as large The volume of each type of instalment in relation to outstandings. In the case of credit is related to the general level of income repair and modernization loans, where three- JANUARY 1954 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT year contracts are common, repayments are and the payment in each month will be only comparatively small in relation to the out- a fraction of the amount extended. Each standing amount of credit. month repayments originating from contracts written in the previous month add to the RELATIONSHIP TO OUTSTANDING CREDIT volume of repayments. At the same time, repayments on earlier contracts that have Estimates of instalment credit extended, expired drop out of the flow of repayments. repaid, and outstanding represent summaries This pattern is interrupted only when delinof accounting records. Conceptually the quencies or prepayments occur. This relaamount of outstanding instalment credit tionship between extensions and repayments represents the sum of the balances in the results in the lag that is observed in repayinstalment receivable accounts of financial ments as credit extensions expand or contract. institutions and retail outlets on any given The length of the lag depends upon the madate. Credit extended covers all debit entries turities of the contracts involved and varies to these accounts during a given period and with changes in maturities. credit repaid covers all of the credit entries The ratio of repayments to the outstanding except charge-oflfs. The difference between amount of credit at the beginning of the credit extended and credit repaid during any month is sometimes used without proper given period is thus equal to the change in qualification to estimate the average of origthe outstanding balance during the period, inal contract maturities of the instalment if allowance is made for losses and chargecredit outstanding. Where R equals the oflfs.4 In these estimates, charge-oflfs are inratio of repayments to the outstanding cluded as repayments in most of the compoamount at the beginning of the period, the nents of the series. Information is not availformula used to calculate the average maable to make separate estimates of the amount turity in months is as follows: of charge-oflfs and under most circumstances (2/R) — 1 = average contract maturity. the amounts involved are relatively small. In a small segment of the total, where esti- This formula assumes a stable level of credit mates are developed from data on collections extensions and is, consequently, subject to (see section describing methods of estima- severe limitations.5 In practice, credit extention), the effect of charge-oflfs of bad debts sions are rarely stable over periods of more is to reduce moderately the derived estimates than a few months, and the formula tends of credit extended. to overstate or understate the average maturity according to whether the volume of ex- There is a necessary relationship between tensions is expanding or contracting. Ancredit extensions and repayments which is determined by the nature of the instalment other use sometimes made of this formula contract. Once a contract is made, the sched- is as a measure of the average maturity on ule of repayments is determined. Repay- contracts currently being written. The limiments will be made over a number of months tations of the formula in this use are even greater since repayments on contracts cur- *For a mathematical description of the relationship of rently being written are such a small proporcredit extended and outstanding credit see Gottfried Haberler, Consumer Instalment Credit and Economic Fluctuations, Ap- tion of total repayments. pendix B by Paul A. Samuelson (National Bureau of Economic Research, Studies in Consumer Instalment Financing, 5 For a description of this formula, see Milan V. Ayres, Number 9), 1942. Instalment Mathematics Handbook, 1946, pp. 100-103. 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT SEASONAL BEHAVIOR credit extended tends to increase during the spring, with the seasonal expansion in auto- The monthly amounts of instalment credit mobile sales, to a high point in June. Some extended and repaid reflect in part seasonal decline is then usually evident during the influences. Seasonal patterns vary widely as remainder of the year. Seasonal variations in between credit extensions and repayments automobile credit extended have not been and among the different types of credit. Preas great in recent years as in most prewar liminary to the preparation of seasonal facyears. tors, adjustments were made in the estimates The other three types of instalment credit for differences in the number of trading days extended tend to rise and fall twice during in each month. the year. This is particularly true of other The method used to make the seasonal consumer goods paper, which shows wider adjustments for both the instalment credit seasonal variations than other segments. extended and the credit repaid series was the Credit extended on other consumer goods modified ratio-to-moving-average method dereaches the first seasonal peak late in the scribed by H. C. Barton, Jr., in "Adjustment spring. From this point it usually declines for Seasonal Variation," published in the somewhat throughout the summer months Federal Reserve BULLETIN, June 1941. The and then gradually increases during the renumber of trading days and the seasonal mainder of the year, reaching the highest factors used in making the adjusted estimates point with the Christmas peak in retail sales. for 1953 are shown in the accompanying Repair and modernization loans extended table. An additional minor adjustment was also increase from a seasonal low in January made in the monthly figures to bring their to a peak in June. After some slackening total into line with the annual totals of the in midsummer, they rise again in the autumn unadjusted figures. and then drop off sharply near the end of Seasonal variations for credit extensions the year. are closely related to the expenditure pat- Extensions of personal loans tend to externs for the commodities associated with pand from a comparatively low level in Janeach type of credit. Automobile instalment uary and February to a high point in June. NUMBER OF TRADING DAYS AND SEASONAL FACTORS USED IN ADJUSTED ESTIMATES OF INSTALMENT CREDIT EXTENDED AND REPAID FOR 1953 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Number of trading days1 26 24 26 26 25 26 26 26 25 27 24 26 Seasonal factors— Credit extended: Automobile paper 88.0 90.0 101.0 1060 109.0 110.0 108.0 106 0 101.0 95.0 96.0 90.0 Other consumer goods paper. 80.0 85.5 90.5 94 0 103.0 100.0 92.0 97 5 106• 0 107.0 108.5 136.0 Repair and modernization loans 79.0 79.0 860 95.0 108.0 113.0 1070 109 0 110.0 112 0 109.0 93.0 Personal loans 92.5 91.0 1040 98.5 103.0 107.0 102 5 96 0 95.5 93 0 97.5 119.5 Credit repaid: Automobile paper 100.0 98.0 1000 97 5 100.0 100.5 101 0 98.0 105.5 100.0 101.0 98.5 Other consumer goods paper. 101.0 102.5 990 101 0 101.0 99.0 97 5 93.0 102.5 98.0 104.0 101.5 Repair and modernization loans 108.0 105.0 97 0 92 0 92.0 98.0 103 0 100 0 100.0 102 0 103.0 100.0 Personal loans 95.0 96.5 1000 98 0 100.0 104.0 1030 96 0 98.0 97 5 101.5 110.5 i Number of calendar days in each month minus Sundays and principal holidays that fall on days other than Sundays.Holidays excluded are New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. 13 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT The increase during this period is accelerated able extent the importance of renewals, which temporarily in March by an expansion in the are reported both as repayments on old loans volume of loans for income tax purposes. and extensions of new credit. From a relatively high level in June, exten- Seasonally adjusted estimates of credit exsions of personal loans decline gradually tended and repaid are shown in the accomuntil about November and then increase panying chart. Differences between these sharply to another seasonal peak in Decem- two series measure seasonally adjusted ber. changes in the outstanding amount of in- Because repayments on instalment con- stalment credit as shown at the bottom of tracts are distributed evenly over a number the chart. of months, data on repayments show much less seasonal variation than data on exten- RELATIONSHIP TO OTHER STATISTICS sions. The seasonal movements that do Several features of these data should be occur in repayments are related to some ex- borne in mind whenever they are used. Like tent to the seasonal movements in extensions the estimates of the amount outstanding, the although the relationship is a complex one estimates of instalment credit extended inbecause of the wide variety of contract matu- clude any finance and insurance charges inrities. In the case of personal loans, seasonal cluded as part of the instalment contract. variations in credit repaid tend to accompany, Similarly, instalment credit repayments in- # in a dampened form, seasonal fluctuations in clude the payments on these charges. The credit extended. This reflects to a consider- inclusion of finance charges is general for CONSUMER INSTALMENT CREDIT Adjusted for Seasonal Variation and Differences in Trading Days Millions of Dollars 3000 2500 2000 INSTALMENT CREDIT EXTENDED 1500 INSTALMENT CREDIT REPAID 1000 500 NET CHANGE IN INSTALMENT 500 CREDIT OUTSTANDING HIM I, I.I. I'11' J L_ J L -500 1941 1943 1945 1947 1949 1951 1953 14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT most types of instalment contracts since they to measure only current production and to are usually written on a discount basis. The exclude transfers of existing goods from one inclusion of insurance charges is of impor- group to another, include only the dealers' tance primarily in the case of automobile margins on used car sales. Also, most of the instalment credit. accessories purchased with new cars are not Another fact to consider in using figures included in the automobile expenditure estion instalment credit extended and repaid is mates but rather are included in the separate the inclusion of loans to refinance or consoli- estimates of automobile parts and accessories. date other instalment obligations or to renew Another source of incomparability is the difexisting loans. These items simultaneously ference between the adjustment that is made add to both credit extended and credit re- to eliminate business credit from the estipaid with no net effect on the amount out- mates of instalment credit extended and the standing. Little is known of the exact adjustment made to eliminate business puramount of such refinancing, but it is not chases from the consumer expenditure estibelieved to be sufficiently large most of the mates. These are only the more important problems involved in deriving a precise relatime to have any significant effect on the tionship between these two particular series. totals of instalment credit extended and re- Similar difficulties arise in comparing inpaid. Renewals and refinancing occur most stalment credit extended or repaid with many frequently in the personal instalment loan other economic series. Each comparison category and in this component changes in must be carefully analyzed to determine the the amounts involved may be large enough significance of any incomparabilities. Either to influence movements from time to time. appropriate adjustments should be made or, Inclusion of the various items described if this is not possible, the analysis should take above in the estimates of instalment credit account in a general way of the influence on extended and repaid probably causes no serithe comparison of any source of incomparaous difficulty for many analytical purposes. bility for which adjustments are not made. Most of the time the broad movements of credit extended and repaid would not be affected by the inclusion of finance and in- METHODS OF ESTIMATION surance charges and renewals. The monthly reporting samples of the dif- When some types of comparisons are atferent types of financial institutions and retempted, however, considerable difficulty tail stores that are used in obtaining the arises from the lack of comparability between information needed to prepare estimates of these credit data and other economic measinstalment credit outstanding also provide ures. For example, in attempting to measure information that can be used to estimate the the extent to which instalment credit is used volume of instalment credit extended and to finance the purchase of automobiles, adrepaid.6 Financial institutions are usually justments are required in the estimates of credit extended to eliminate the extraneous 6 These reporting samples were described in connection elements. Adjustments are also required in with the Board's revision of the consumer credit estimates. See Detailed Description of Sources and Methods Used in the Commerce Department's estimates of Revision of Short- and Intermediate-Term Consumer Credit consumer expenditures for automobiles since Statistics, Board of Governors of the Federal Reserve System, Washington, D. C, April 1953, copies of which are the published estimates, which are intended available upon request. JANUARY 1954 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT able to report figures on the volume of instal- firms in each reporting sample, is representament loans made during the month. Retail tive of the ratio for all stores or institutions outlets can usually report the volume of re- of the same type. The collection ratios compayments on instalment contracts and can puted from the sample data are applied to the sometimes report the volume of new instal- estimates of the total amount of instalment ment contracts written during the month. credit outstanding at all financial institutions This information either provides repay- or retail stores within each group to obtain ment figures directly or, together with the estimates of credit repaid. Estimates of data for the outstanding amount of instal- credit extended are derived by adding the ment credit at the beginning and end of the estimates of credit repaid during the month period, makes it possible to derive them for to the amount outstanding at the end of the all reporting stores or institutions. Estimates month and subtracting the amount outstandof repayments for financial institutions that ing at the end of the preceding month. report the volume of new loans and for retail Separate estimates of credit extended and outlets that report the amount of contracts repaid are prepared for each type of credit written, are obtained as follows: and each type of retail store or financial institution for which separate information on Outstanding amount at end of previous outstandings is compiled. The same general month + credit extended during month — procedure is used in each case. For retail outstanding amount at end of current month outlets and financial institutions for which no = credit repaid. sample data are available, collection ratios Estimates of the amount of repayments for similar types of stores or institutions are for each reporting sample, together with used. available information on the outstanding The following table gives the size and amount of instalment credit at the beginning coverage of the reporting samples that proand end of each month, are used to prepare vide information for developing monthly the monthly estimates of credit extensions estimates of credit extended and repaid. The and repayments for all financial institutions proportion of total instalment credit held by and retail stores. The preparation of these each type of institution, as shown in the estimates is based upon the assumption that table, is an approximate measure of the relathe "collection ratio," that is, the ratio of tive importance of each type of institution credit repaid to the outstanding amount at in the estimates of total instalment credit the end of the preceding month for the extended and repaid. 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT DESCRIPTION OF SAMPLE DATA USED FOR MONTHLY ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID Percentage of total instalment credit Type of institution held by each Monthly sample data type of institution, Nov. 1953.1 Total—all institutions 100 Financial institutions: Commercial banks 41 Data on loans extended are obtained from about 375 commercial banks that hold about one-half of the consumer instalment credit at commercial banks. Sales finance companies 29 Data on loans extended are obtained from about 100 sales finance companies that hold about two-thirds of the consumer instalment paper held by all such companies. Credit unions 5 Data on total loans extended are obtained from about 950 Federal and State credit unions that hold about one-fifth of the loans of all such organizations. Other financial institutions 11 Data on loans extended are obtained from about 550 consumer finance companies that hold over one-half of the loans of all such companies. Data are also obtained from about 100 industrial loan companies. No information is available for the volume of loans extended by the other institutions in this category. Estimates are based on the data available for other types of financial institutions. Retail outlets: Department stores and mail order houses.. y Data on collections on instalment accounts are obtained from about 400 department stores that hold about 80 per cent of the instalment credit held by all such stores. Adjustments to exclude down payments are based on information from stores that report collections exclusive of down payments. A program is underway to obtain either co lections excluding down payments or the volume of new contracts written from the entire sample. Data are available on the instalment collections of the four principal mail order houses. Furniture stores 4 Data on collections are obtained from about 250 furniture stores that hold about 10 per cent of the instalment receivables held by all stores of this type. Adjustments to exclude down payments are based on information from a smaller sample. A program is underway to enlarge the sample reporting either collections excluding down payments or the volume of new contracts written. Household appliance stores Data on either new instalment contracts written or collections are obtained from about 250 household appliance stores. These stores account for about 10 per cent of the receivables held by all such stores. Other retail outlets 4 No monthly data are available for these stores. Collection ratios for each type of store have been computed on the basis of the 1948 Census data. These ratios are carried forward by the changes in the collection ratio of department stores and are used to estimate the extensions and repayments at these outlets. JThis proportion indicates the approximate importance of each type of institution in the estimates of total instalment credit extended and repaid. Similarly, the approximate importance of each type of institution to each type of instalment credit extended and repaid depends upon the proportion of the total of each type of credit held. Of total automobile paper outstanding on Nov. 30, 1953 commercial banks held 39 per cent, sales finance companies 51 per cent, and other financial institutions and automobile dealers held the remainder. On the same date commercial banks held about 37 per cent of other consumer goods paper, department stores and mail order companies 18 per cent, furniture stores 15 per cent, and other types of retail stores and financial institutions held the remainder. Commercial banks held 81 per cent of all repair and modernization loans; other types of financial institutions held the remainder. Commercial banks also held 35 per cent of the personal loans outstanding while consumer finance companies and credit unions held most of the remainder. JANUARY 1954 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT TABLE 1 ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Automobile Other consumer Repair and Personal Total paper goods paper modernization loans loans Month and year Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 •9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1942 5,239 8,158 1,022 2,738 2,176 2,910 142 263 1,899 2,247 1943 4,587 5,617 762 1,149 1,985 2,361 102 227 1,738 1,880 1944 4,894 4,854 930 888 1,957 1,985 124 135 1,883 1,846 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1940—January.. . 530 546 198 179 150 194 18 19 164 154 February.. 533 542 210 180 143 188 16 18 164 156 March 646 576 244 192 195 195 17 20 190 169 April 711 581 279 192 222 194 25 20 185 175 May 756 593 301 201 233 196 26 21 196 175 June 757 595 304 211 232 194 29 21 192 169 July 674 610 272 217 188 197 31 23 183 173 August 684 608 247 220 220 199 36 21 181 168 September 634 604 218 225 211 194 38 24 167 161 October. .. 724 650 265 232 237 207 34 29 188 182 November, 732 635 270 230 251 211 30 18 181 176 December. 838 668 278 233 306 212 28 21 226 202 1941—January... 648 667 280 239 156 225 23 25 189 178 February.. 664 632 274 227 184 210 22 22 184 173 March 822 736 360 284 223 226 20 27 219 199 April 943 691 418 259 283 217 28 24 214 191 May 988 731 437 270 304 236 29 26 218 199 June.. . .. , 919 746 431 299 254 230 30 26 204 191 July 857 751 384 302 245 235 28 26 200 188 August 844 758 325 287 279 247 33 26 207 198 September 681 768 252 324 239 247 35 27 155 170 October. . . 650 783 221 309 224 254 28 27 177 193 November, 631 755 203 296 234 245 18 27 176 187 December. 778 836 238 340 304 255 18 24 218 217 1942—January.. . 484 773 125 287 182 264 13 28 164 194 February.. 449 718 102 270 177 242 12 25 158 181 March 580 771 122 269 233 259 16 30 209 213 April 506 731 97 254 218 255 17 27 174 195 May 437 707 90 239 183 256 14 27 150 185 June 411 702 89 235 143 247 9 23 170 197 July 388 673 89 227 135 236 9 25 155 185 August 400 674 93 230 149 232 9 22 149 190 September 381 623 71 206 162 226 9 14 139 177 October. .. 389 627 55 191 187 240 11 17 136 179 November. 363 565 48 166 176 223 10 11 129 165 December. 451 594 41 164 231 230 13 14 166 186 1943—January... 292 538 41 137 134 230 7 14 110 157 February.. 302 509 46 124 136 207 6 24 114 154 March 410 557 66 135 155 212 6 25 183 185 April 389 501 65 109 178 206 8 24 138 162 May 364 477 66 98 160 205 9 21 129 153 June 410 476 72 99 162 197 10 20 166 160 July 356 447 68 88 143 189 9 19 136 151 August 369 428 73 80 148 180 9 19 139 149 September 403 421 75 76 164 174 11 16 153 155 October. . . 398 420 63 68 184 186 9 16 142 150 November, 413 417 63 67 196 189 10 16 144 145 December. 481 426 64 68 225 186 8 13 184 159 1944—January.. , 307 399 58 67 120 174 7 13 122 145 February., 323 384 60 63 123 167 7 11 133 143 March 444 428 78 76 158 173 8 12 200 167 April 366 383 76 69 149 160 8 12 133 142 May 419 409 91 77 163 166 9 12 156 154 June 420 397 91 72 149 156 12 11 168 158 July 394 390 94 76 132 149 10 10 158 155 August... , 410 406 89 81 154 156 13 11 154 158 September 404 397 76 78 166 158 12 11 150 150 October. .. 434 416 78 80 197 172 12 12 147 152 November, 448 417 71 76 205 176 12 9 160 156 December. 525 428 68 73 241 178 14 11 202 166 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT TABLE 1 (cont.) ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] al Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Month and year Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1945—January.. . 355 415 66 78 137 174 11 10 141 153 February.. 334 391 65 75 124 163 10 8 135 145 March 472 441 85 80 172 174 13 9 202 178 April 393 405 73 74 146 161 15 14 159 156 May 423 414 74 75 155 165 17 10 177 164 June 445 417 87 80 155 158 20 12 183 167 July 408 407 85 78 137 153 17 12 169 164 August 410 415 81 79 149 156 19 13 161 167 September 420 405 84 75 154 152 18 15 164 163 October. . . 525 452 97 86 210 175 22 12 196 179 November 554 460 100 82 222 186 23 14 209 178 December. 640 471 102 79 263 182 21 14 254 196 1946—January.. . 495 474 112 92 175 191 20 12 188 179 February.. 502 456 112 92 179 183 22 13 189 168 March. . . , 620 518 133 103 214 197 30 16 243 202 April 672 516 156 103 242 202 33 16 241 195 May 679 538 161 112 247 208 34 17 237 201 June 661 534 152 114 231 205 36 17 242 198 July 696 574 166 123 239 215 37 17 254 219 August 744 582 178 127 256 217 43 18 267 220 September 721 584 179 132 257 223 40 18 245 211 October. . . 825 646 200 147 308 245 46 20 271 234 November, 843 645 193 138 322 252 43 21 285 234 December. 1,037 718 227 160 407 265 39 15 364 278 1947—January.. . 806 687 232 164 266 269 36 19 272 235 February.. 790 673 236 159 259 248 37 33 258 233 March 981 776 290 191 329 283 43 26 319 276 April 1,020 789 306 209 347 274 54 23 313 283 May 1,040 801 303 207 367 297 59 31 311 266 June 1,056 842 306 220 369 305 62 28 319 289 July 1,029 870 315 247 328 298 62 30 324 295 August 1,003 842 299 235 333 297 66 30 305 280 September 1,089 940 324 270 390 332 75 36 300 302 October. . . 1,167 955 341 280 424 329 80 47 322 299 November 1,239 952 354 271 477 342 65 39 343 300 December. 1,493 1,063 386 296 609 371 65 49 433 347 1948—January.. , 1,095 981 366 282 357 345 50 56 322 298 February.. 1,034 949 352 273 331 354 47 41 304 281 March. .'. . 1,356 L,O79 482 316 428 368 57 44 389 351 April 1,347 1,050 472 318 452 368 68 41 355 323 May 1,298 1,080 420 326 462 388 68 44 348 322 June 1,365 1,164 460 368 463 410 62 47 380 339 July 1,338 1,135 488 361 420 383 57 49 373 342 August 1,357 1,143 506 384 435 376 60 52 356 331 September 1,384 1,166 494 399 482 388 62 49 346 330 October. . . 1,182 1,133 385 359 420 398 60 51 317 325 November 1,272 1,162 420 374 443 398 61 51 348 339 December. 1,512 1,225 435 390 587 405 50 52 440 378 1949—January.. . 1,056 1,167 379 383 312 390 38 62 327 332 February.. 1,082 1,125 397 366 343 385 37 57 305 317 March 1,423 L,3O7 595 444 389 430 50 58 389 375 April 1,477 L.245 612 426 433 407 52 51 380 361 May 1,561 1,260 653 440 475 413 61 51 372 356 June 1,583 1,311 638 471 475 430 72 51 398 359 July 1,481 1,271 627 455 417 395 53 55 384 366 August L,625 L ,337 706 497 451 409 80 59 388 372 September 1,557 1,289 644 487 481 393 68 57 364 352 October. . . 1,624 1,337 665 512 525 411 73 57 361 357 November 1,659 1,374 658 525 525 411 76 60 400 378 December. L ,874 L.431 608 531 707 415 61 59 498 426 1950—January... 1,404 1,401 602 535 391 441 52 61 359 364 February.. 1,441 1,370 637 523 408 445 55 57 341 345 March.... 1,748 1,532 774 611 487 458 48 61 439 402 April 1,657 ,413 719 551 482 428 56 57 400 377 May ,894 1,502 816 605 551 447 82 56 445 394 June 2,007 1,518 915 613 532 439 84 60 476 406 July 2,057 ,513 945 601 583 457 88 65 441 390 August 2,050 ,594 873 648 633 471 89 64 455 411 September 2,000 ,603 840 667 667 495 80 55 413 386 October. . . 1,720 ,623 691 668 565 513 79 62 385 380 November. 1,487 ,586 548 632 476 508 65 56 398 390 December. 1,791 ,627 568 631 683 505 48 53 492 438 JANUARY 1954 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT TABLE 1 (cont.) ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID [Without adjustment for seasonal variation and differences in trading days. In millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Month and year Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1951—January 1,573 1,725 609 704 463 536 53 66 448 419 February 1,462 1,629 565 641 444 534 44 57 409 397 March 1,763 1,807 689 730 492 545 59 58 523 474 April 1,685 1,751 705 707 449 537 62 58 469 449 May 1,889 1,846 833 771 486 548 76 62 494 465 June 1,894 1,840 843 773 466 524 71 69 514 474 July 1,806 1,887 816 820 420 527 72 63 498 477 August 2,194 1,950 998 872 583 529 80 62 533 487 September 2,014 1,894 870 819 596 578 77 60 471 437 October 2,147 2,110 869 932 657 586 94 73 527 519 November 2,079 1,989 802 850 645 572 86 65 546 502 December 2,285 2,016 763 843 817 569 79 76 626 528 1952—January 1,866 2,043 801 897 489 584 64 75 512 487 February 1,834 1,928 789 824 489 572 65 66 491 466 March 2,044 2,044 842 868 563 593 74 73 565 510 April 2,182 1,995 936 841 600 587 91 70 555 497 May 2,633 2,045 1,232 881 686 560 110 68 605 536 June.. 2,755 2,023 1,308 874 699 540 118 75 630 534 July 2,550 2,114 1,157 929 673 564 119 75 601 546 August 2,236 1,976 897 826 662 561 120 81 557 508 September 2,364 2,043 997 881 701 572 126 82 540 508 October 2,661 2,140 1,158 908 794 598 136 86 573 548 November 2,341 1,991 1,037 811 650 583 116 85 538 512 December 2,931 2,208 1,152 909 953 587 104 91 722 621 1953—January 2,282 2,115 1,050 876 580 620 95 98 557 521 February 2,154 2,023 1,044 837 507 587 80 79 523 520 March 2,713 2,304 1,281 962 657 648 111 99 664 595 April 2,605 2,229 1,258 946 648 648 109 90 590 545 May 2,580 2,134 1,218 897 658 603 115 88 589 546 June ,670 2,248 1,219 959 687 626 129 98 635 565 July 2,602 2,233 1,226 945 622 604 124 101 630 583 August 2,436 2,222 1,126 963 619 608 120 102 571 549 September 2,389 2,260 1,089 993 625 635 120 92 555 540 October 2,486 2,347 1,121 1,016 668 654 131 108 566 569 November 2,297 2,197 974 953 646 606 108 89 569 549 NOTE.—Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. TABLE 2 ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID [Adjusted for st;asonal variation and differences in trading days. In millions of dollars] Total Aut p o a m p o er bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Month and year Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 194.0—Tanuarv 640 545 231 183 215 183 24 20 170 159 February 631 554 246 185 193 188 21 19 171 162 March 645 559 237 187 213 192 21 19 174 161 April 647 584 238 194 205 197 26 20 178 173 May 657 582 243 202 205 189 24 20 185 171 June 688 599 252 210 223 201 28 20 185 168 JUly 662 615 247 214 202 203 29 23 184 175 August 673 596 244 214 215 197 31 20 183 165 September 718 637 259 228 226 203 35 25 198 181 October 736 633 287 225 222 201 28 27 199 180 November 759 641 300 234 235 209 30 18 194 180 December 763 663 302 236 234 218 31 24 196 185 1941—January 781 662 332 243 223 211 30 25 196 183 February 826 670 340 242 257 218 29 24 200 186 March 822 711 353 275 243 222 26 25 200 189 April 852 695 361 262 259 221 28 24 204 188 May 856 717 359 272 264 227 27 24 206 194 June 827 748 360 297 243 237 28 25 196 189 July 843 754 354 297 262 242 26 25 201 190 August 862 769 337 289 280 253 28 26 217 201 September 744 772 291 315 245 247 30 27 178 183 October 659 764 243 300 207 246 23 27 186 191 November 679 794 240 314 225 252 18 29 196 199 December 674 798 253 330 221 251 19 26 181 191 20 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT TABLE 2 (cont.) ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID [Adjusted for seasonal variation and differences in trading days. In million of dollars] Total Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Month and year Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1942—January 557 768 145 290 217 249 16 29 179 200 February 533 762 124 288 221 251 16 28 172 195 March 551 735 117 259 236 255 19 28 179 193 April 470 727 86 256 199 253 17 26 168 192 May 440 724 80 249 187 257 13 27 160 191 June 387 681 73 224 149 248 8 21 157 188 July 401 678 80 223 157 243 8 25 156 187 August 416 683 85 229 166 239 8 22 157 193 September 397 633 78 200 165 236 7 14 147 183 October 371 604 59 182 161 229 8 16 143 177 November 363 590 53 175 157 227 9 12 144 176 December 353 573 42 163 161 223 13 15 137 172 1943—January 354 552 50 144 166 225 9 15 129 168 February . .. 372 540 56 132 170 215 7 26 139 167 March 364 514 61 125 152 203 7 24 144 162 April 375 498 60 110 164 204 8 23 143 161 May 377 486 63 102 167 205 9 20 138 159 June 390 466 61 94 170 198 9 19 150 155 July 376 453 62 86 167 195 10 19 137 153 August 389 442 68 80 165 191 8 19 148 152 September 419 426 79 74 168 182 9 16 163 154 October 394 422 69 67 166 185 8 16 151 154 November 394 412 66 67 171 180 9 16 148 149 December 383 406 67 68 159 178 9 14 148 146 1944—January 379 409 70 70 152 170 9 14 148 155 February 384 393 70 64 150 167 9 11 155 151 March 394 399 71 72 156 166 9 12 158 149 April 370 398 74 72 144 166 8 12 144 148 May 411 405 83 78 163 161 9 12 156 154 June 404 389 79 69 158 156 10 10 157 154 July 425 401 89 76 162 159 10 10 164 156 August 419 407 80 78 166 162 12 11 161 156 September .... 423 403 80 76 171 165 11 11 161 151 October 427 419 83 80 177 171 11 12 156 156 November 428 411 76 77 181 167 11 9 160 158 December 430 420 75 76 177 175 15 11 163 158 1945—January 421 410 77 78 166 164 14 11 164 157 February 414 418 79 80 157 169 14 9 164 160 March 422 412 76 76 170 167 14 9 162 160 April 397 420 70 77 141 167 15 13 171 163 IVtay 416 410 66 76 157 161 16 10 177 163 June 433 410 76 77 164 158 18 11 175 164 July 439 418 80 78 168 163 16 12 175 165 August 418 416 72 77 162 162 17 12 167 165 September 458 427 90 75 166 165 18 16 184 171 October 498 438 97 82 182 168 19 11 200 177 November 528 453 105 83 196 176 22 14 205 180 December 535 461 111 82 195 179 23 15 206 185 1946—January 578 477 130 93 212 186 25 13 211 185 February 611 490 136 99 228 191 28 14 219 186 !March 612 505 125 101 221 196 35 16 231 192 April 651 513 144 104 237 200 32 16 238 193 May 652 530 144 112 241 202 31 16 236 200 June 669 543 140 114 255 210 33 16 241 203 July 697 564 150 118 258 219 35 17 254 210 August 743 583 159 123 278 224 39 18 267 218 September 780 614 189 134 277 238 40 19 274 223 October 805 625 200 139 282 235 40 19 283 232 November 810 637 206 140 285 241 41 20 278 236 December 887 704 246 166 303 261 44 16 294 261 1947— Tanuary 929 694 270 166 323 262 46 20 290 246 February. . 968 720 288 172 330 258 50 33 300 257 March 966 763 273 188 340 281 50 26 303 268 April 990 791 282 212 346 278 53 25 309 276 May 996 792 272 209 359 289 55 29 310 265 June 1,043 846 284 219 387 306 56 29 316 292 July 1,022 855 286 237 355 304 59 29 322 285 August 1,023 86y 276 236 371 319 60 30 316 284 September 1,116 939 328 262 395 338 71 37 322 302 October . . . 1,137 926 339 265 394 315 70 44 334 302 November 1,268 985 391 287 463 344 64 41 350 313 December 1,255 1,010 403 296 435 351 70 48 347 315 JANUARY 1954 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXTENSIONS AND REPAYMENTS OF CONSUMER INSTALMENT CREDIT TABLE 2 (cont.) ADJUSTED ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID [Adjusted for seasonal variation and differences in trading days. In million of dollars] Total Automobile Other consumer Repair and Personal paper goods paper modernization loans loans Month and year Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1948—January 1,263 991 431 287 426 336 62 55 344 313 February 1,262 1,020 433 298 415 369 61 42 353 311 March 1,290 1 .027 440 301 432 354 62 43 356 329 April 1,310 1,058 440 323 452 374 67 45 351 316 May . . 1,283 1,105 395 335 464 394 66 45 358 331 June 1,282 1,127 413 353 456 396 54 48 359 330 July 1,307 1,123 446 351 451 392 54 48 356 332 August 1,368 1,172 472 387 475 397 54 51 367 337 September 1,400 1,167 503 389 467 394 58 50 372 334 October 1,210 1,142 400 354 403 397 53 49 354 342 November 1,277 1,163 450 381 416 392 58 50 353 340 December 1,288 1,172 457 391 423 386 53 51 355 344 1949—January 1,276 1,204 465 396 398 395 50 64 363 349 February 1,322 1,206 489 398 429 400 50 58 354 350 March 1,351 1,239 545 421 396 411 55 57 355 350 April 1,442 1,251 571 432 446 413 51 54 374 352 May 1,524 1,283 616 448 475 418 58 52 375 365 1,486 1.276 574 458 472 419 64 51 376 348 July . . 1,498 1,301 597 462 468 416 53 55 380 368 1,554 1,315 635 480 464 415 71 56 384 364 September... 1,577 1,295 655 474 468 396 63 58 391 367 October 1,661 1,341 691 504 501 408 66 55 403 374 November 1,683 1,374 705 533 500 404 72 59 406 378 December 1,628 1,369 639 531 516 394 68 58 405 386 1950—January 1,650 1,428 695 546 491 444 68 57 396 381 1,726 1,466 749 568 503 460 75 58 399 380 March 1,673 1,453 720 577 501 436 53 60 399 380 April 1,670 1,456 687 580 514 432 61 63 408 381 May . . 1,755 1,471 730 591 524 433 76 60 425 387 June 1,843 1,484 812 598 521 434 73 60 437 392 July 2,058 1,539 888 607 651 478 84 64 435 390 August 1,928 1,558 774 625 628 477 78 60 448 396 September 2,002 1,595 844 645 641 492 75 56 442 402 October 1,731 1,618 710 655 524 513 70 60 427 390 November 1,595 1,584 678 639 448 498 61 55 408 392 December 1,625 1,630 641 654 512 510 52 54 420 412 2951—January 1,797 1,697 682 693 572 521 66 60 477 423 February 1,761 1,748 670 697 552 554 60 58 479 439 March 1,705 1,718 647 692 517 520 65 57 476 449 April . . 1,719 1,805 680 742 492 544 67 64 480 455 May.. . . . 1,761 1,816 752 758 467 534 70 66 472 458 1,752 1,805 755 757 462 520 62 69 473 459 July 1,809 1,924 773 831 470 552 70 62 496 479 August . 2,060 1,920 892 843 572 538 70 59 526 480 September 2,122 1,969 919 828 602 601 75 64 526 476 October . . . 2,076 2,022 867 883 584 566 80 68 545 505 November 2,120 1,995 856 862 610 562 81 64 573 507 December 2,109 2,025 869 876 618 573 87 78 535 498 1952—January 2,134 2,033 899 886 607 571 81 69 547 507 February 2,131 1,997 900 863 590 573 86 65 555 496 March 2 063 2,024 823 857 617 590 86 74 537 503 April 2,158 2,001 872 851 633 573 96 75 557 502 May 2,457 2,019 1,115 870 660 547 102 73 580 529 June 2,655 2,059 1,220 893 721 560 108 78 606 528 July . 2,471 2,074 1,056 908 725 570 110 72 580 524 August 2,193 2,030 835 832 674 595 110 80 574 523 September 2,393 2,047 1,012 857 682 573 119 84 580 533 October ... . 2,570 2,057 1,158 863 709 580 117 80 586 534 November 2,504 2,084 1,154 858 644 599 116 88 590 539 December 2,668 2,125 1,262 911 697 570 112 89 597 555 1953—January 2 598 2,095 1,174 862 714 604 118 89 592 540 February 2,590 2,175 1.237 910 632 611 108 80 613 574 March 2,717 2,276 ,248 947 714 644 127 100 628 585 April 2,550 2,231 ,168 955 679 632 113 97 590 547 May 2,490 2,186 ,143 918 653 611 109 98 585 559 June 2,462 2,194 1,090 939 676 622 112 98 584 535 July . . . 2,501 2,183 ,117 921 665 609 114 96 605 557 August 2,363 2,273 1,045 967 625 643 108 100 585 563 September . 2,414 2,255 1,103 963 604 634 112 94 595 564 October . 2,397 2,249 L.118 963 592 633 111 100 576 553 November 2,445 2,295 1,081 1,006 635 621 106 92 623 576 NOTE.—Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, purchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. 22 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTER-AGENCY BANK EXAMINATION SCHOOL The Inter-Agency Bank Examination The School for Assistant Examiners has, in School, instituted by the three Federal bank its four sessions thus far, provided intensive supervisory agencies in 1952 to provide spe- training over five-week periods to 120 men. cial training in bank examination work, will The Inter-Agency Bank Examination have five sessions this year. That will equal School was established on an experimental the number of sessions that have been held basis with a view to improving training prosince the School was opened September 15, cedures, shortening the training process, and 1952, by the Board of Governors of the Fed- developing better examiners. It was further eral Reserve System, the Office of the Comp- regarded as a work shop through which to troller of the Currency, and the Federal De- develop better bank examination procedures posit Insurance Corporation. and a more thorough system of analysis by The 1954 program, under decisions re- bank examining personnel of bank policies cently made, will consist of two sessions of and practices. the School for Examiners, presenting an The objectives of the School for Assistant advanced course, and three sessions of the Examiners are, in brief, as follows: School for Assistant Examiners, devoted pri- (1) To orient the newly appointed asmarily to training newly appointed assistant sistant examiners in their immediate reexaminers in the basic duties of a junior sponsibilities in their field duties and to assistant examiner. acquaint them with the function of the The five sessions will be held in Washingexaminer in the banking system. ton, D. C, and, to the extent that facilities (2) To train the newly appointed assisare available, the various State banking detant examiners through class instruction partments will be invited to send representaand discussions, actual examination work tives if interested in participating in the proin a demonstration bank (established in the gram. The 1952-53 sessions were attended Federal Reserve building in Washington), by approximately 150 men, representing the and through assigned general reading so three Federal bank supervisory agencies, the that upon their return to their respective State banking departments of Louisiana, posts of duty they will be able immediately North Dakota, Oklahoma, and Virginia, and to discharge with reasonable effectiveness the Treasury Department of the Commonthe basic duties of a junior assistant examwealth of Puerto Rico. iner. The 1953 program was completed on October 23 with the ending of the first session (3) To lay a firm foundation upon of the School for Examiners, presenting a which, by actual field experience, the training program for experienced assistant newly appointed assistant examiner may examiners under consideration for appoint- be expected to progress with reasonable ment as examiners, and for men who recently assurance and dispatch toward the time had become full-fledged examiners. This when he will be qualified for further trainsession, attended by 31 men, presented an ing in anticipation of appointment, if intensive course of four weeks' duration. qualified, for a commission as an examiner. JANUARY 1954 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTER-AGENCY BANK EXAMINATION SCHOOL It is not intended that the School for As- Carlisle R. Davis, Vice President, Statesistant Examiners take the place of "on- Planters Bank and Trust Company, the-job" training in the field. Rather, it Richmond. was established to make possible the shorten- Carl M. Flora, Vice President, First Wising of the period of such training, relieve consin National Bank, Milwaukee. the examiner of the more routine field- Frederick L. Frey, Technical Representatraining tasks, and make the assistant's work tive, Federal Reserve Bank of New York. more effective. Glenn M. Goodman, Assistant Director, The Inter-Agency Bank Examination Division of Examinations, Federal Re- School is conducted under the supervision serve Board. of a School Committee of three Associate Thomas F. Glavey, Second Vice President, Directors, representing each of the three Fed- The Chase National Bank of the City eral bank supervisory agencies. The Com- of New York. mittee currently comprises Edward H. De- Roger K. Grobel, Chief Examiner, Federal Hority, Assistant Chief, Division of Exami- Reserve Bank of Minneapolis. nation, Federal Deposit Insurance Corpora- Howard H. Hackley, Assistant General tion; Henry F. Quinn, Assistant Chief Na- Counsel, Federal Reserve Board. tional Bank Examiner, Office of the Comp- Henry Harfield, Sherman & Sterling & troller of the Currency; and Glenn M. Good- Wright, New York. man, Assistant Director, Division of Exami- Raymond E. Hengren, Deputy Chief, Dinations, Board of Governors of the Federal vision of Research and Statistics, Fed- Reserve System. eral Deposit Insurance Corporation. The regular instructors of the School for Wilson L. Hooff, Assistant Counsel, Fed- Assistant Examiners have been examiners eral Reserve Board. and experienced assistant examiners on the J. E. Horbett, Assistant Director, Division staffs of the three Federal bank supervisory of Bank Operations, Federal Reserve agencies. In the senior school, bankers from Board. different parts of the United States, outstand- Nicholas Jamba, Vice President, The Naing in various fields, served as lecturers along tional Bank and Trust Company of Norwith bank supervisory personnel. Lecturers wich, New York. participating in the recent senior school pro- L. A. Jennings, Deputy Comptroller of gram were: the Currency. Cecil Ashwood, National Bank Examiner, Walter E. Jones, Chief, Analysis Division, New York. Bank Examinations Department, Fed- N. L. Armistead, Vice President, Federal eral Reserve Bank of New York. Reserve Bank of Richmond. W. Donald Jordan, Secretary, Chemical Henry Benner, Assistant Director, Division Bank and Trust Company, New York. of Examinations, Federal Reserve Board. Robert C. Masters, Assistant Director, Di- Joseph R. Campbell, Assistant Vice Presi- vision of Examinations, Federal Reserve dent, Federal Reserve Bank of Philadel- Board. phia. Harry J. Meyer, Senior Examiner, Federal Philip F. Coleman, Vice President, The Reserve Bank of New York. First National Bank of Philadelphia. Neal T. Moore, Review Examiner, Federal 24 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTER-AGENCY BANK EXAMINATION SCHOOL Deposit Insurance Corporation. ange Trust Company, South Orange, F. A. Nelson, Assistant Director, Division New Jersey. of Examinations, Federal Reserve Board. Woodlief Thomas, Economic Adviser, John L. Nosker, Assistant Vice President, Federal Reserve Board. Federal Reserve Bank of Richmond. Andrew N. Thompson, Federal Reserve L. E. Quackenbush, Manager, Bank Exam- Examiner, Federal Reserve Board. inations Department, Federal Reserve Frank E. Tracy, Assistant Chief, Division Bank of New York. of Examination, Federal Deposit Insur- Vance L. Sailor, Chief, Division of Exami- ance Corporation. nation, Federal Deposit Insurance Cor- Paul M. Welch, Vice President, The Citiporation. zens & Southern National Bank, Atlanta. L. H. Sedlacek, District Chief National Sigurd R. Wendin, President, Heber- Bank Examiner, Cleveland. Fuger-Wendin, Inc., Detroit. Geo. S. Sloan, Director, Division of Ex- C. Richard Youngdahl, Assistant Director, aminations, Federal Reserve Board. Division of Research and Statistics, Fed- Francis R. Steyert, President, South Or- eral Reserve Board. JANUARY 1954 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Transfer of Federal Reserve Branch Territory Death of Director Effective January 1, 1954, the counties in Mich- Mr. W. F. Beall, President and General Manager, igan which had been included in the Head Office 3 Beall Brothers 3 Department Stores, Jacksonville, territory of the Federal Reserve Bank of Chicago Texas, who had been serving as a Class B director were transferred to the territory of its Detroit of the Federal Reserve Bank of Dallas since April Branch. The Detroit Branch territory now con- 23, 1946, died on December 25, 1953. sists of the entire lower peninsula of Michigan. Admissions of State Banks to Membership in the Earnings and Expenses of the Federal Reserve Banks Federal Reserve System in 1953 and 1952 The following State banks were admitted to A condensed comparative statement of earnings membership in the Federal Reserve System during and expenses of the Federal Reserve Banks in 1953 the period November 16, 1953 to December 15, and 1952 is shown below. A detailed statement 1953: of earnings and expenses of each Federal Reserve California Bank in 1953 will appear in the February Federal Long Beach—Bank of Belmont Shore. Reserve BULLETIN. Los Angeles—Bank of Encino (Encino). Thousands of dollars West Virginia Item Huntington—Huntington Trust & Savings Bank. 1953 1952 Current earnings 513,037 456,060 Tables Published Annually and Semiannually, with Current expenses 113,515 104,694 Latest BULLETIN Reference Current net earnings 399,522 351,366 Semiannually Issue Page Additions to current net earnings 12,096 12,195 Deductions from current net earnings.... 3,155 611 Ba A nk n i a n l g y si o s f f o ic f e s c : hanges in number of... Aug. 1953 907 Net additions or deductions (—) -1,059 1,584 On L , is a t n , d n n u o m t b o e n r , F o e f deral Reserve Par Aug. 1953 908 Ne T t re e a a s r u n r in y gs before payments to U. S. 398,463 352,950 Annually Bank suspensions Feb. 1952 135 Paid U. S. Treasury (interest on F. R. Earnings and expenses: notes) 342,568 291,934 Federal Reserve Banks Feb. 1953 182-183 Dividends 15,558 14,682 Member banks: Transferred to surplus (Sec. 7) 40,337 46,334 Calendar year May 1953 536-546 First half of year Oct. 1953 1114 Insured commercial banks May 1953 547 Banks and branches, number of, by includes net profits of $1,952,000 in 1953 and $1,992,000 in class and State May 1953 548-549 1952 on sales of U. S. Government securities. Operating ratios, member banks Aug. 1953 904-906 Appointments of Chairmen, Deputy Chairmen, and Directors The following designations and appointments at the Federal Reserve Banks and branches have been made by the Board of Governors of the Federal Reserve System: Federal Reserve Ban\ Name of Appointee CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1954 Boston Harold D. Hodgkinson of Boston, Massachusetts New York Jay E. Crane of Orange, New Jersey Philadelphia William J. Meinel of Philadelphia, Pennsylvania 26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Ban\ Name of Appointee Cleveland John C. Virden of Shaker Heights, Ohio Richmond #John B. Woodward, Jr., of Newport News, Virginia Atlanta *Rufus C. Harris of New Orleans, Louisiana Chicago John S. Coleman of Detroit, Michigan St. Louis #M. Moss Alexander of St. Louis, Missouri Minneapolis *Paul E. Miller of St. Paul, Minnesota Kansas City Raymond W. Hall of Kansas City, Missouri Dallas J. R. Parten of Houston, Texas San Francisco *A. H. Brawner of San Mateo, California DEPUTY CHAIRMEN FOR YEAR 1954 Boston Ames Stevens of North Andover, Massachusetts New York William I. Myers of Ithaca, New York Philadelphia ^Henderson Supplee, Jr., of Radnor, Pennsylvania Cleveland Leo L. Rummell of Columbus, Ohio Richmond #W. G. Wysor of Richmond, Virginia Atlanta *Paul E. Reinhold of Jacksonville, Florida Chicago Bert R. Prall of Winnetka, Illinois St. Louis #Caf!ey Robertson of Memphis, Tennessee Minneapolis ^Leslie N. Perrin of Minneapolis, Minnesota Kansas City Cecil Puckett of Denver, Colorado Dallas Robert J. Smith of Dallas, Texas San Francisco *Y. Frank Freeman of Beverly Hills, California FEDERAL RESERVE BANK DiRECTORsf (Appointed by the Board of Governors for three-year terms beginning January 1, 1954) Boston Karl T. Compton of Cambridge, Massachusetts New York Jay E. Crane of Orange, New Jersey Philadelphia #Lester V. Chandler of Princeton, New Jersey Cleveland John C. Virden of Shaker Heights, Ohio Richmond #Alonzo G. Decker, Jr., of Towson, Maryland Atlanta #Harllee Branch, Jr., of Atlanta, Georgia St. Louis ^JCaffey Robertson of Memphis, Tennessee St. Louis #M. Moss Alexander of St. Louis, Missouri Minneapolis ^Leslie N. Perrin of Minneapolis, Minnesota Kansas City Cecil Puckett of Denver, Colorado Dallas Hal Bogle of Dexter, New Mexico San Francisco *%Y. Frank Freeman of Beverly Hills, California San Francisco *A. H. Brawner of San Mateo, California t Each Federal Reserve Bank has a Board of Directors consisting of nine members, divided into three classes, designated as Classes A, B, and C. The six A and B directors are elected by the member banks, and the three C directors are appointed by the Board of Governors. The terms of two of the elected directors and one of the appointed directors expire at the end of each year. X Indicates appointment for unexpired portion of term. * Indicates position filled by a new incumbent. JANUARY 1954 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Ban\ and Branch Name of Appointee FEDERAL RESERVE BANK BRANCH DIRECTORS!! New Yor\ Buffalo .... ... Robert C. Tait of Pittsford, New York Cleveland Cincinnati *Anthony Haswell of Dayton, Ohio Pittsburgh Henry A. Roemer, Jr., of Sharon, Pennsylvania Richmond Baltimore . . .... *JClarence R. Zarfoss of Baltimore, Maryland Atlanta Birmingham #Adolph Weil, Sr., of Montgomery, Alabama Nashville *Frank B. Ward of Knoxville, Tennessee New Orleans * Everett E. Wild of Midland, Louisiana Chicago Detroit .... .... JWilliam M. Day of Grosse Pointe, Michigan St. Louis Little Rock Sam B. Strauss of Little Rock, Arkansas Louisville *David F. Cocks of Louisville, Kentucky Memphis *JA. E. Hohenberg of Memphis, Tennessee Memphis *John D. Williams of University, Mississippi Minneapolis Helena « #G. R. Milburn of Grass Range, Montana Helena t*#Carl McFarland of Missoula, Montana Kansas City Denver . . JAksel Nielsen of Denver, Colorado r Oklahoma City *#Davis D. Bovaird of Tulsa, Oklahoma Omaha ^Gilbert C. Swanson of Omaha, Nebraska Dallas El Paso D. F. Stahmann of Las Cruces, New Mexico Houston Herbert G. Sutton of Colmesneil, Texas San Francisco Los Angeles JPaul H. Helms of Los Angeles, California Portland *#Philip I. Welk of Walla Walla, Washington Salt Lake City , # Joseph Rosenblatt of Salt Lake City, Utah Seattle #D. K. MacDonald of Bellevue, Washington ft Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. # Indicates appointment for two-year term beginning January 1, 1954. All other appointments are for three-year terms. X Indicates appointment for unexpired portion of term. * Indicates position filled by a new incumbent. 28 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS The new appointees are as follows: Federal Reserve Bank of Philadelphia Mr. Henderson Supplee, Jr., of Radnor, Pennsylvania, who has been serving as a Board-appointed director of the Federal Reserve Bank of Philadelphia since January 1, 1953, was appointed Deputy Chairman for the year 1954. Mr. Supplee is President of the Atlantic Refining Company, Philadelphia, Pennsylvania. As Deputy Chairman, Mr. Supplee succeeded Mr. C. Canby Balderston, Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pennsylvania, whose term as a director expired December 31, 1953. Mr. Lester V. Chandler of Princeton, New Jersey, was appointed a director of the Federal Reserve Bank of Philadelphia for a three-year term beginning January 1, 1954. Mr. Chandler is the Gordon S. Rentschler Professor of Economics, Princeton University, Princeton, New Jersey. He succeeded Mr. C. Canby Balderston, whose term as a director expired December 31, 1953. Federal Reserve Bank of Cleveland Mr. Anthony Haswell of Dayton, Ohio, was appointed a director of the Cincinnati Branch of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1954. Mr. Haswell is President of the Dayton Malleable Iron Company, Dayton, Ohio. He succeeded Mr. Granville R. Lohnes, Treasurer, National Cash Register Company, Dayton, Ohio, whose term expired December 31, 1953. Federal Reserve Bank of Richmond Mr. John B. Woodward, Jr., of Newport News, Virginia, who has been serving as a Board-appointed director of the Federal Reserve Bank of Richmond and Deputy Chairman since January 1, 1949, was designated Chairman and Federal Reserve Agent for the year 1954. Mr. Woodward is President of the Newport News Shipbuilding & Dry Dock Company, Newport News, Virginia. As Chairman and Federal Reserve Agent, Mr. Woodward succeeded Mr. Charles P. McCormick, President and Chairman of Board, McCormick & Company, Inc., Baltimore, Maryland, whose term as a director expired December 31, 1953. Mr. W. G. Wysor of Richmond, Virginia, who has been serving as a Board-appointed director of the Federal Reserve Bank of Richmond since January 8, 1937, was appointed Deputy Chairman for the year 1954. Mr. Wysor is Management Counsel of the Southern States Cooperative, Inc., Richmond, Virginia. As Deputy Chairman, Mr. Wysor succeeded Mr. John B. Woodward, Jr., who was designated Chairman and Federal Reserve Agent. Mr. Wysor formerly served as Deputy Chairman from January 1, 1938, through December 31, 1946, and as Chairman and Federal Reserve Agent from January 1, 1947, through December 31, 1948. Mr. Alonzo G. Decker, Jr., of Towson, Maryland, who had been serving as a Board-appointed director of the Baltimore Branch of the Federal Reserve Bank of Richmond since January 1, 1952, was appointed a director of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1954. Mr. Decker is Vice President of The Black and Decker Manufacturing Company, Towson, Maryland. He succeeded Mr. Charles P. McCormick whose term as a director expired December 31, 1953. Mr. Clarence R. Zarfoss of Baltimore, Maryland, was appointed a director of the Baltimore Branch of the Federal Reserve Bank of Richmond for the unexpired portion of the term ending December 31, 1954. Mr. Zarfoss is Vice President of the Western Maryland Railway Company, Baltimore, Maryland. He succeeded Mr. Alonzo G. Decker, Jr., who was appointed a director of the Federal Reserve Bank of Richmond. Federal Reserve Bank of Atlanta Mr. Rufus C. Harris of New Orleans, Louisiana, who has been serving as a Board-appointed director of the Federal Reserve Bank of Atlanta since January 28, 1938, and Deputy Chairman since January 1, 1949, was designated Chairman and Federal Reserve Agent for the year 1954. Mr. Harris is President of the Tulane University of Louisiana, New Orleans, Louisiana. As Chairman and Federal Reserve Agent, Mr. Harris succeeded Mr. Frank H. Neely, Chairman of the Board, Rich's, Incorporated, Atlanta, Georgia, whose term as a director expired December 31, 1953. JANUARY 1954 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Mr. Paul E. Reinhold of Jacksonville, Florida, who has been serving as a Board-appointed director of the Federal Reserve Bank of Atlanta since January 1, 1949, was appointed Deputy Chairman for the year 1954. Mr. Reinhold is Chairman of the Board of Foremost Dairies, Inc., Jacksonville, Florida. As Deputy Chairman, Mr. Reinhold succeeded Mr. Rufus C. Harris, who was designated Chairman and Federal Reserve Agent. Mr. Harllee Branch, Jr., of Atlanta, Georgia, was appointed a director of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1954. Mr. Branch is President of the Georgia Power Company, Atlanta, Georgia. He succeeded Mr. Frank H. Neely, whose term expired December 31, 1953. Mr. Adolph Weil, Sr., of Montgomery, Alabama, was appointed a director of the Birmingham Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1954. Mr. Weil is President of Weil Brothers-Cotton, Inc., Montgomery, Alabama. He succeeded Mr. John M. Gallalee, President Emeritus, University of Alabama, Tuscaloosa, Alabama, whose term expired December 31, 1953. Mr. Frank B. Ward, of Knoxville, Tennessee, was appointed a director of the Nashville Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1954. Mr. Ward is Dean of the College of Business Administration, University of Tennessee, Knoxville, Tennessee. He succeeded Mr. C. E. Brehm, President, University of Tennessee, Knoxville, Tennessee, whose term expired December 31, 1953. Mr. Everett E. Wild of Midland, Louisiana, was appointed a director of the New Orleans Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January 1, 1954. Mr. Wild is engaged in rice farming. He succeeded Mr. H. G. Chalkley, Jr., President, Sweet Lake Land & Oil Company, Lake Charles, Louisiana, whose term expired December 31, 1953. Federal Reserve Bank of St. Louis Mr. M. Moss Alexander of St. Louis, Missouri, who had been serving since January 1, 1949, as a director elected by the member banks, was appointed a director of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1954, and was designated Chairman and Federal Reserve Agent for the year 1954, Mr. Alexander is President of the Missouri-Portland Cement Company, St. Louis, Missouri. As a director, Mr. Alexander succeeded Mr. Wm. H. Bryce, Chairman of the Board, Dixie Wax Paper Company, Memphis, Tennessee, whose term expired December 31, 1953, and as Chairman and Federal Reserve Agent, he succeeded Mr. Russell L. Dearmont, Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Missouri, who resigned as a director effective December 31, 1953. Mr. Caffey Robertson of Memphis, Tennessee, who had been serving as a Board-appointed director of the Memphis Branch of the Federal Reserve Bank of St. Louis since January 1, 1952, was appointed a director of the Federal Reserve Bank of St. Louis, for the unexpired portion of the term ending December 31, 1955, and Deputy Chairman for the year 1954. Mr. Robertson is President of the Caffey Robertson Company, Memphis, Tennessee. As a director, Mr. Robertson succeeded Mr. Russell L. Dearmont, who resigned as a director, effective December 31, 1953, and as Deputy Chairman, he succeeded Mr. Wm. H. Bryce, whose term as a director expired December 31, 1953. Mr. David F. Cocks of Louisville, Kentucky, was appointed a director of the Louisville Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1954. Mr. Cocks is Vice President and Treasurer of the Standard Oil Company (Kentucky), Louisville, Kentucky. He succeeded Mr. Alvin A. Voit, President, Mengel Company, Louisville, Kentucky, whose term expired December 31, 1953. Mr. A. E. Hohenberg of Memphis, Tennessee, was appointed a director of the Memphis Branch of the Federal Reserve Bank of St. Louis for the unexpired portion of the term ending December 31, 1954. Mr. Hohenberg is President of Hohenberg Bros. Company, Inc., Memphis, Tennessee. He succeeded Mr. Caffey Robertson, who was appointed a director of the Federal Reserve Bank of St. Louis. Mr. John D. Williams of University, Mississippi, was appointed a director of the Memphis Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1954. Mr. Williams 30 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS is Chancellor of the University of Mississippi, University, Mississippi. He succeeded Mr. M. P. Moore, owner of Circle M Ranch, Senatobia, Mississippi, whose term expired December 31, 1953. Federal Reserve Bank of Minneapolis Mr. Paul E. Miller of St. Paul, Minnesota, who has been serving as a Board-appointed director of the Federal Reserve Bank of Minneapolis since January 1, 1946, and Deputy Chairman since December 27, 1951, was designated Chairman and Federal Reserve Agent for the year 1954. Mr. Miller is the Director of the University of Minnesota Agricultural Extension Division, St. Paul, Minnesota. As Chairman and Federal Reserve Agent, Mr. Miller succeeded Mr. Roger B. Shepard of St. Paul, Minnesota, whose term as a director expired December 31, 1953. Mr. Leslie N. Perrin of Minneapolis, Minnesota, was appointed a director of the Federal Reserve Bank of Minneapolis for a three-year term beginning January 1, 1954, and Deputy Chairman for the year 1954. Mr. Perrin is a Director of General Mills, Inc., Minneapolis, Minnesota. As a director, Mr. Perrin succeeded Mr. Roger B. Shepard, whose term as a director expired December 31, 1953, and as Deputy Chairman, he succeeded Mr. Paul E. Miller, who was designated Chairman and Federal Reserve Agent. Mr. Carl McFarland of Missoula, Montana, was appointed a director of the Helena Branch of the Federal Reserve Bank of Minneapolis for the unexpired portion of the term ending December 31, 1954. Mr. McFarland is President of Montana State University, Missoula, Montana. He succeeded Mr. John E. Corette, President and General Manager, Montana Power Company, Butte, Montana, who was elected by the member banks of the District as a director of the Federal Reserve Bank of Minneapolis. Federal Reserve Bank of Kansas City Mr. Davis D. Bovaird of Tulsa, Oklahoma, was appointed a director of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1954. Mr. Bovaird is President of the Bovaird Supply Company, Tulsa, Oklahoma. He succeeded Mr. Cecil W. Cotton, President, C. W. Cotton Supply Company, Tulsa, Oklahoma, whose term expired December 31, 1953. Mr. Gilbert C. Swanson of Omaha, Nebraska, was appointed a director of the Omaha Branch of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1954. Mr. Swanson is President of C. A. Swanson and Sons, Omaha, Nebraska. He succeeded Mr. Joe W. Seacrest, President, State Journal Company, Lincoln, Nebraska, whose term expired December 31, 1953. Federal Reserve Bank of San Francisco Mr. A. H. Brawner of San Mateo, California, was appointed a director of the Federal Reserve Bank of San Francisco for a three-year term beginning January 1, 1954, and was designated Chairman and Federal Reserve Agent for the year 1954. Mr. Brawner is President of W. P. Fuller & Company, San Francisco, California. As a director, Mr. Brawner succeeded Mr. William R. Wallace, Jr., a member of the firm of Wallace, Garrison, Norton & Ray, Attorneys at Law, San Francisco, California, whose term as a director expired December 31, 1953, and as Chairman and Federal Reserve Agent, he succeeded Mr. Brayton Wilbur, President, Wilbur-Ellis Company, San Francisco, California, who resigned as a director effective December 31, 1953. Mr. Y. Frank Freeman of Beverly Hills, California, was appointed a director of the Federal Reserve Bank of San Francisco for the unexpired portion of the term ending December 31, 1955, and Deputy Chairman for the year 1954. Mr. Freeman is Vice President of Paramount Pictures, Inc., Hollywood, California. As a director, Mr. Freeman succeeded Mr. Brayton Wilbur, who resigned effective December 31, 1953, and as Deputy Chairman, he succeeded Mr. William R. Wallace, Jr., whose term as a director expired December 31, 1953. Mr. Freeman formerly served as a Board-appointed director of the Los Angeles Branch of the Federal Reserve Bank of San Francisco from November 20, 1942 through December 31, 1949. Mr. Philip I. Welk of Walla Walla, Washington, was appointed a director of the Portland Branch of the Federal Reserve Bank of San Francisco for a two-year term beginning January 1, 1954. Mr. Welk is Vice President of the Preston-Shaffer Milling Company, Walla Walla, Washington. He succeeded Mr. Aaron M. Frank, President, Meier & Frank Company, Inc., Portland, Oregon, whose term expired December 31, 1953. JANUARY 1954 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 29 and released for publication December j/] Industrial production continued to decline mod- 10 per cent below the peak rates of last spring. erately in November while construction activity Steel output continued to decline in December to and retail sales strengthened somewhat further. about 80 per cent of rated capacity as compared For the first time since last February consumer with 90 in November. prices declined. Wholesale prices of industrial The revised seasonally adjusted nondurable commodities decreased slightly in December, while manufactures index in November showed a slight farm products recovered from the November dip further decline to 116, which is 5 per cent below as hog prices rose sharply. the record May level. The November decline reflected mainly further reductions at textile and INDUSTRIAL PRODUCTION apparel factories, where curtailments since last The Board's revised index of industrial produc- spring have been marked. Output of rubber and tion declined in November to a seasonally adjusted leather products showed little further change at level of 130 per cent of the 1947-49 average. This levels considerably below the spring high. Activity compares with 132 in October and the record 137 in the paper, chemicals, and petroleum refining reached last May and again in July. In November industries was also steady and at rates only slightly a year ago the index was 133. below earlier peaks. Output of durable manufactures in November, A slight further decline in the revised minerals as measured by the revised seasonally adjusted index to 113, from 114 in October and 120 in midindex, was 147 per cent of the 1947-49 average, summer, reflected mainly declines in coal mining— down 6 per cent from the exceptionally high rate associated in part with output curtailments in steel reached earlier this year. Moderate further de- and some other heavy consuming industries. Crude clines from October to November among metal petroleum production and output at metal mines fabricating industries reflected mainly decreases in have also been reduced in recent months, while proconsumer goods. There was a sharp drop in auto duction of stone and earth minerals has continued output in November, associated in large part with at advanced rates. model changeovers. With demands from con- CONSTRUCTION suming industries declining, output of primary Dollar volume of construction work put in place, metals decreased further in November to a level PRICES AND TRADE . I P N e D r U C S e T nt R , IA Ph L y sic P a R l O V D ol U um CT e, I O S N e fed, 1947-.4P..100 Pe W r H C O e L n E t S , A 1 L 9 E 47 - P 4 R 9 I - C 1 E 00 S 140 •PER D S I O S N P A O L S AB IN LE C OME/T . A ./ /V v,—. 40 ALL COMMODITIES 120 _120 ' TOTAL r\ RETAIL SALES 100 - 100 ^y PRODUCTS --f 80 80 140 DEPARTMENT 140 STORE TRADE / \ STOCKS CONSUMER PRICES _ ^J^-120 120 * ^S~ 100 100 K 1 1 1 1 uul 80 ,1 1, L, 80 1950. 1951 1952 1953 Seasonally adjusted series except for prices. Price indexes compiled by Bureau of Labor Statistics. Total retail sales and disposable personal income, Federal Reserve indexes based on Department of Commerce data. Department store trade, Fed- Federal Reserve indexes. Monthly figures, latest shown are eral Reserve indexes. Monthly figures, latest shown are for for November. November. 32 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS seasonally adjusted, increased slightly further in COMMODITY PRICES November and was not far below the early spring The average level of wholesale commodity prices peak. The number of housing units started in in December was somewhat higher than in mid- November, at 80,000, was down less than season- November, owing chiefly to sharp increases in prices ally from October and was not far below the relaof hogs and pork. Hog marketings, which had tively large number started in November 1952 expanded in October—earlier than usual for the (86,000). Value of contracts awarded for nonseason—dropped to unusually low levels in late residential construction declined substantially in November and December. Prices of some other November from the close-to-record October level. foodstuffs also advanced. Average prices of industrial commodities decreased slightly, as prices EMPLOYMENT of scrap metals, hides, fuel oil, and gasoline de- Seasonally adjusted employment in nonagriculclined. tural establishments declined 400,000 in November Consumer prices declined .3 per cent in Novemto 48.7 million, about the same as in November ber, the first decrease since last February. Rents 1952 and almost 800,000 below the midyear peak. and various services continued to rise, but there Unemployment increased nearly 300,000 in early were decreases in prices of foods and used cars. November to 1.4 million, the same as a year earlier. Average retail food prices probably changed little Claims for unemployment benefits increased furin December. ther in December and were considerably more numerous than last year. BANK CREDIT AND RESERVES DISTRIBUTION Total loans and investments at banks in leading Department store sales in November and the cities increased somewhat during the first three pre-Christmas weeks of December compared fa- weeks of December. Bank holdings of corporate vorably with last year's high level. Seasonally and municipal securities and loans for purchasing adjusted sales in most other retail lines also and carrying securities increased. Commercial, strengthened in November, with new and used industrial, and agricultural loans showed only a car sales volume remaining unusually large. Total moderate rise for this season of the year. Holdings retail sales in the first eleven months of 1953 were of U. S. Government securities were little changed. about 5 per cent above the comparable period of Bank reserve positions between late November 1952. Seasonally adjusted stocks held by depart- and late December tended to be somewhat tighter ment stores at the end of November are estimated than in other recent months. On average, however, to have continued at about the level of the premember bank excess reserves exceeded borrowings ceding two months. at the Federal Reserve. System purchases of U. S. LOANS AND INVESTMENTS Government securities, both outright and under MEMBER BANKS IN LEADING CITIES repurchase agreements, and Federal Reserve Bank '"» of Dollars float supplied a substantial volume of reserves to banks. These funds were absorbed in part through a pre-Christmas outflow of currency into circulation, by increases in required reserves and at times by increases in the Treasury balance at the Federal Reserve. SECURITY MARKETS Yields on longer term Treasury securities declined sharply during December and yields on other high-grade bonds declined slightly. Reflecting *" Includ.j additional bonki. t Excludes int.r I bonk. seasonal influences in the money market, Treasury bill yields increased somewhat in the first half of Federal Reserve data. Weekly figures, latest shown are for Dec. 23. December and declined later in the month. JANUARY 1954 33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 37-38 Federal Reserve Bank rates; margin requirements; reserve requirements 38-39 Reserves and deposits of member banks 40 Federal Reserve Bank statistics 41-43 Regulation V: guaranteed loans, fees, and rates 43-44 Bank debits and deposit turnover; Postal Savings System 44 Money in circulation 45 Consolidated statement of the monetary system; deposits and currency 46 All banks in the United States, by classes 47-49 All commercial banks in the United States, by classes 50-51 Weekly reporting member banks 52-53 Commercial paper and bankers' acceptances 54 Life insurance companies; savings and loan associations 55 Government corporations and credit agencies 56-57 Security prices and brokers' balances 58 Money rates; bank rates on business loans; bond and stock yields 59 Treasury finance 60-65 New security issues 66 Business finance 67-68 Real estate credit statistics 69-71 Statistics on short- and intermediate-term consumer credit 72-74 Business indexes 75-84 Merchandise exports and imports 84 Department store statistics 85-89 Consumer and wholesale prices 90-91 Gross national product, national income, and personal income . . 92-93 List of tables published in BULLETIN annually or semiannually, with references for latest data 26 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. 35 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averoges of Daily Figures, 1951- Billions of Dollars 25 20 15 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT AAIAWSWJVMAM^AAA 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Dec. 23. See page 38. 36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other Date T U o .S ta . l Go B v r o o i t u g u . t h g s - t h e t cu u r c a m r H e h n i g t p e e a d r i n u e l e s e d e s e t r r c v o D a a a u n n d i n c s d - - e ts s Float o A th ll Total s G to o c ld k s T r t o c e a u i r n u n u n e r g r c y t d a - - y s - M c t c u i o i i o n l n r a n - e - y T h c i u o n r a e r l g s y d a h s s - T p t w u o h d r r e s r e e a i y i a - s t n t h s e s r m F ve p e . F e m o d R i b o s e g b a . r i - n t - l e s B a r n a b c n O p e a d i k e o s t t n e s s r , h s - k - - c O s F o e e R a t e u r r c h e a d v n - e - l - e t r Tot r a e M l se e r q m v u e b R i r e b e e r - a d b l 2 a ?i n n c c k e E e s s x s - * Wednesday 1952 Nov. 5 23,520 23,495 25 1,663 528 - 25,714 23,339 4,794 29,748 1,278 789 643 250 80520,334 19,884 450 Nov. 12 23,567 23,492 75 1,583 542 25,696 23,338 4,794 29,905 1,282 505 639 244 80520,447 19,906 541 Nov. 19 23,563 23,502 61 1,486 1,140 26,193 23,337 4,797 29,842 1,292 703 691 258 80320,738 20,073 665 Nov. 26 23,761 23,612 149 1,615 921 26,301 23,338 4,797 30,152 1,267 317 711 270 80120,917 20,409 508 Dec. 3 23,968 23,712 256 1,591 1,188 26,751 23,337 4,803 30,274 1,278 719 734 147 80020,939 20,371 568 Dec. 10 24,239 23,787 452 1,752 866 26,860 23,337 4,804 30,370 1,280 645 720 316 80220,868 20,288 580 Dec. 17 24,469 23,914 555 1,022 1,543 27,039 23,277 4,806 30,487 1,269 371 729 208 86021,198 20,582 616 Dec. 24 24,613 23,997 616 1,728 1,515 27,860 23,186 4,809 30,732 1,266 665 729 201 86321,400 20,531 869 Dec. 31 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953 Jan. 7 24,391 24,034 357 1,336 965 26,695 23,137 4,814 30,153 1,280 622 570 343 77620,902 20,309 593 J J J a a a n n n . . . 2 2 1 1 8 4 2 2 2 4 3 4 , , , 2 9 0 0 7 3 5 0 4 2 2 2 4 3 4 , , , 0 9 0 3 7 3 4 0 4 171 1 1 , ,3 0 8 0 7 6 7 6 2 1,0 8 7 0 8 2 5 1 8 'L 2 2 26 5 6 , , , 0 9 1 0 0 6 9 4 6 2 2 2 3 3 3 , , , 1 0 0 3 3 8 7 6 8 4 4 4 , , , 8 8 8 1 1 1 5 4 4 2 2 2 9 9 9, , , 5 8 6 9 8 8 2 7 4 1 1 1 , , , 2 2 2 9 8 9 8 0 1 4 3 7 5 4 4 5 3 5 6 6 6 1 2 9 2 2 9 3 3 3 3 4 6 7 8 4 7 7 7 7 7 7 5 4 6 2 2 2 0 0 0 , , , 5 6 7 0 6 4 2 0 1 2 2 2 0 0 0 , , , 0 2 2 9 5 7 5 5 4 4 3 4 0 8 8 7 6 6 Feb. 4 23,989 23,888 101 1,385 770 l- 26,148 22,935 4,820 29,657 1,331 672 562 326 77020,584 19,956 628 Feb. 11 23,929 23,888 41 1,329 649 25,912 22,832 4,820 29,776 1,312 431 558 340 77020,376 19,894 482 Feb. 18 23,890 23,888 732 1,023 25,648 22,722 4,821 29,654 1,288 395 458 244 83520 318 19,979 339 Feb. 25 23,853 23,853 806 743 25,406 22,662 4,821 29 735 1,291 389 454 211 83419975 19,791 184 Mar. 4 23,853 23,853 824 1,062 I 25,742 22,662 4,824 29,772 1,295 488 512 240 83020 090 19,840 250 Mar. 11 23,853 23,853 1,315 770 25,941 22,611 4,824 29,780 1,299 331 581 345 82920 212 19,821 391 Mar. 18 23,963 23,963 1,009 1,202 26,178 22,612 4,826 29 708 1,305 496 381 85220 865 20,002 863 Mar. 25 23,869 23,869 705 810 25,387 22,562 4,826 29,600 1,306 511 351 85220 148 19,854 294 Apr. 1 23,806 23,806 465 748 25,023 22,563 4,827 29,754 1,304 286 550 344 86919305 19,518 -213 Apr. 8 23,806 23,806 908 709 25,427 22,562 4,828 29,780 1,300 329 568 343 86819 629 19,472 157 A A p p r r . . 2 1 2 5 2 2 3 3 , , 8 8 2 0 1 6 2 2 3 3 , , 8 8 0 0 6 6 15 8 8 6 4 8 2 8 7 5 4 6 3 \ 2 2 5 5 , , 5 3 4 9 9 5 2 2 2 2 , , 5 5 6 6 2 2 4 4, , 8 8 3 3 4 3 2 2 9 9, , 7 7 2 5 2 3 1 1 , , 2 2 7 7 9 8 3 50 4 9 1 5 5 8 7 5 4 3 2 5 0 6 0 8 8 6 6 4 5 1 1 9 99 4 3 7 2 6 1 19 9 , , 4 5 8 6 1 0 3 - 7 5 2 Apr. 29 23,806 23,806 837 581 25,227 22,562 4,836 29 787 1,278 367 518 401 78419 489 19,395 94 May 6 23,860 23,806 54 933 647 25,443 22,561 4,840 29 863 1,285 214 517 374 78019 811 19,386 425 May 13. .. 23,879 23,851 28 1,264 684 25,831 22,561 4,841 29,845 1,285 428 618 366 78019912 19,282 630 May 20 23,922 23,891 31 530 832 25,288 22,562 4,844 29,795 1,282 145 584 286 77719 824 19,312 512 May 27 24,088 23,963 125 571 645 \ 25,308 22,536 4,845 29,825 1,284 355 504 238 11119 706 19,298 408 June 3. . . 24,121 24,071 50 507 785 25,418 22,536 4,849 29,980 1,282 137 520 253 90219 729 19,209 520 J J u u n n e e 1 1 7 0 . . . . . . 2 2 5 4 , , 1 6 5 3 4 7 2 2 4 5 , , 6 1 3 5 2 4 i 2 4 8 5 6 4 1,2 6 1 4 3 6 \ 2 2 6 5 , ,7 6 4 5 1 6 2 2 2 2 , ,5 5 3 1 7 3 4 4 , , 8 8 5 5 1 0 2 3 9 0,0 9 0 7 3 0 1 1 , , 2 2 7 8 6 9 6 8 5 58 9 7 8 2 1 5 7 2 3 9 90 5 2 82 2 0 0 9 1 5 6 8 8 1 1 9 9 , , 7 4 7 4 8 9 1,1 7 8 1 0 9 June 24. .. 24,837 24,837 317 619 25,776 22,487 4,851 29,929 1,272 8 615 158 960 0 173 19,594 579 July 1 24,766 24,766 245 737 25,752 22,463 4,854 30,152 1,269 176 521 174 949 9 828 19,113 715 July 8 24,964 24,964 341 677 \ 25,984 22,438 4,854 30 279 1,266 431 488 176 948 9 690 19,002 688 July 15 24,964 24,964 200 756 25,923 22,374 4,853 30,163 1,264 640 561 179 947 9 397 18,253 1,144 July 22 .... 24,964 24,964 521 777 26,265 22,276 4,853 30 051 1,267 539 525 323 947 9 742 19,098 644 July 29.. . . 24,964 24,964 747 588 \ 26,301 22,277 4,853 30,044 1,264 841 547 343 863 9 529 19,014 515 Aug. 5 24,964 24,964 561 625 126,153 22,227 4,858 30 139 1,276 460 557 332 860 9 614 18,959 655 Aug. 12. . . .24,964 24,964 776 609 26,352 22,228 4,859 30 158 1,275 675 551 329 859 9 593 18,942 651 Aug. 19 25,008 24,989 19 815 751 26,577 22,228 4,861 30 145 1,280 738 610 390 862 9 641 18,865 776 Aug. 26 25,017 24,989 28 524 587 26,131 22,228 4,862 30 105 1,273 669 518 354 862 9 440 18,860 580 Sept. 2. . . .25,067 25,014 53 391 610 126,071 22,178 4,865 30 240 1 278 541 538 333 859 9 325 18,884 441 Sept. 9. . . .25,126 25,034 92 491 559 26,179 22,178 4,865 30 479 1 274 574 569 363 859 9 104 18,731 373 Sept. 16.... 25,207 25,084 123 311 943 26,464 22,178 4,868 30 335 1 278 356 507 381 882 9 771 18,885 886 Sept.23 25,185 25,185 228 813 26,228 22,179 4,869 30 210 1 277 619 543 259 881 9 486 18,868 618 Sept.30 25,235 25,235 329 685 26,252 22,128 4,872 30 275 1,283 642 512 352 880 9 309 18,816 493 Oct. 7 25,348 25,348 281 606 I 26,238 22,128 4,872 30 374 1 284 524 484 370 899 9 303 18,757 546 Oct. 14. ... 25,363 25,348 15 271 685 26,322 22,128 4,873 30 412 1 271 348 461 375 899 9 557 18,728 829 Oct. 21. ... 25,348 25,348 260 826 26,437 22,077 4,874 30 305 1 270 530 461 358 897 9 567 18,817 750 Oct. 28 25,348 25,348 359 599 26,309 22,077 4,874 30 268 1 282 644 471 366 895 9 334 18,796 538 Nov. 4 25,447 25,398 49 822 559 26,830 22,076 4,877 30 428 1 283 664 453 376 801 9 779 18,845 934 Nov. 11. ... 25,123 24,958 165 365 622 26,111 22,077 4,878 30 540 784 322 449 534 808 9 630 19,026 604 Nov. 18.... 24,958 24,958 594 933 26,487 22,076 4,878 30 487 786 503 419 398 80520 044 19,187 857 Nov. 25 25,022 24,993 29 768 636 26,428 22,027 4,879 30 691 777 522 429 335 805 9 775 19,150 625 Dec. 2. ... 25,081 25,043 38 427 792 26,302 22,028 4,882 30 791 774 526 431 339 878 9 474 19,161 313 Dec. 9 25,345 25,143 202 727 606 26,681 22,028 4,883 30 904 778 488 491 331 880 9 720 19,053 667 Dec. 16.... 25,457 25,243 214 268 1,193 26,921 22,028 4,884 30 953 769 224 464 259 936 0 229 19,309 920 Dec. 23 25,886 25,318 568 435 1,369 27,692 22,029 4,886 31 156 763 799 461 427 93720 064 19,297 767 Dec. 30 25,902 25,318 584 100 973 26,977 22,029 4,889 30 890 773 377 474 380 93620 066 19,364 702 End of month 1952 Dec 24,697 24,034 663 156 967 4 25,825 23,187 4,812 30,433 1 270 389 550 455 777 9 950 20,520 —570 1953 Jan. 23,944 23,888 56 1 735 796 4 26,478 22,986 4,820 29 691 1 308 809 586 508 770 0 611 19,997 614 Feb.. C23,87623,853 23 1 309 1 006 4 26,194 22,662 4,824 29,793 1 284 336 511 412 833 0 511 19,796 715 Mar. 23,806 23,806 485 632 3 24,927 22,563 4,829 29,754 1 293 222 536 342 850 9 322 19,607 -285 Apr. 23,880 23,806 74 1 014 649 3 25,546 22,562 4,841 29,842 1,269 393 506 416 783 9,740 19,389 351 May. 24,246 24,031 215 731 607 4 25,589 22,537 4,849 29,951 1 272 221 515 171 775 0,069 19,263 806 June 24,746 24,718 28 64 601 3 25,414 22,463 4,854 30,125 1 259 132 527 176 951 9,561 19,459 102 July. 24,964 24,964 644 565 3 26,176 22,277 4,859 30,120 1 263 548 566 346 862 9,607 19,017 590 Aug.. 25,063 4,989 74 343 549 3 25,958 22,178 4,867 30,248 1,269 496 524 325 862 9,278 18,802 476 Sept. 25,235 5,235 329 685 3 26,252 22,128 4,872 30,275 1,283 642 512 352 880 9,309 18,816 493 Oct.. 25,348 5,348 413 787 3 26,550 22,077 4,879 30,398 1,275 654 448 468 802 9,460 18,826 634 Nov. 25,095 4,993 102 369 667 3 26,133 22,028 4,885 30,807 766 451 417 367 804 9,434 19,087 347 Dec. 25,916 5,318 598 28 935 2 26,880 22,029 4,890 30,769 P769 346 423 493 839 0,160 19,397 763 P Preliminary. r Corrected. For footnotes see following page. JANUARY 1954 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Con tinned [In millions of dollars] Reserve Bank credit <DUtstanding Depcsits, other than member bank Member bank Treas- reserve balances, Other reserve balances U. S. Govt. securities ury Money Treas- with F. R. Banks Fedp D e o r a i r t o e d Total B r o o ig u u h t g - t ht u r c m a H e n h g p e e d a r l n u e s e d e e r t r - - v c D o a a a n n u d is c d n - - e ts s Float o e A t r h l 1 l - Total s G to o c ld k s r c o e t i a u n n u n r g c t - - d y - c t c u i i o i n l r a n - - h c i u o n a r l g s y d h s - T p u o d re r s e y a i - t s s - p F e o d i o s g e r i - n - ts O p d i e t o t e r h s s - - - c s o e R e a r u r c e a v n - - l e ts Total qu R ir e e - d2 c E es x s - a End of month: 1929—June. 216 148 68 1,037 52 95 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 54 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec.. 2,484 2,484 7 91 11 2,59317,644 2,963 7,598 2,409 634 397 256 251 11,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 10 2,36122,737 3,24711,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec 24,262 "24,262 249 578 2 25,09120,065 4,33928,515 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec..22,559 22,559 85 535 1 23,18122,754 4,56228,868 1,336 870 392 569 563 17,899 16,400 1,499 1948—Dec..23,333 23,333 223 541 1 24,09724,244 4,58928,224 1,325 1.123 642 547 590 20,479 19,277 1,202 1949—Dec..18,885 18,885 78 534 2 19,49924,427 4,59827,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec..20,778 20,725 53 67 1,368 3 22,21622,706 4,63627,741 1,293 668 895 565 714 17,681 16,509 1,172 1951—June.22,982 22,932 50 53 1,002 5 24,04321,756 4,65527,809 1,281 317 870 392 765 19,020 18,604 416 Dec. 23,801 23,605 196 19 1,184 5 25,00922,695 4,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—June.22,906 22,764 142 59 581 5 23,55123,346 4,75429,026 1,283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 4 25,82523,187 4,81230,433 1,270 389 550 455 777 19,950 20,520 -570 1953—June.24,746 24,718 28 64 601 3 25,41422,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages of dally figures Monthly: 1952—Dec..24,400 23,876 524 1,633 1,262 4 27,29923,276 4,80630,494 1,271 569 745 290 832 21,180 20,457 723 1953—Jan.. 24,202 24,011 191 1,372 1,008 4 26,58623,101 4,81429,920 1,280 552 611 405 775 20,958 20,251 707 Feb.. 23,918 23,875 43 1,336 822 4 26,08022,797 4,82129,718 ,299 500 526 336 800 20,520 19,882 638 Mar. 23,892 23,878 14 1,220 909 4 26,02522,606 4,82529,752 1,296 244 530 378 841 20,416 19,828 588 Apr.. 23,861 23,806 55 1,184 843 4 25,89222,562 4,83229,782 L ,281 395 563 397 861 20,007 19,472 535 May. 23,973 23,881 92 955 750 4 25,68222,557 4,84329,869 1,279 356 552 350 779 19,897 19,306 591 June. 24,748 24,729 19 433 776 3 25,96022,514 4,85130,011 L ,273 52 566 203 933 20,287 19,499 788 July .24,955 24,943 12 428 737 3 26,12322,366 4,85330,165 1,264 545 537 239 939 19,653 18,869 784 Aug.. 25,000 24,974 26 658 660 3 26,32222,226 4,86030,167 L ,273 656 548 376 861 19,526 18,882 644 Sept. 25,168 25,097 71 468 771 3 26,41022,176 4,86730,328 1,273 537 538 354 871 19,552 18,834 718 Oct.. 25,344 25,341 3 367 800 3 26,51422,102 4,87330,366 1,274 557 463 406 889 19,536 18,784 752 Nov. 25,172 25,078 94 494 744 3 26,41322,057 4,87830,555 915 497 434 424 805 19,718 19,035 683 Dec. 25,639 25,218 421 448 1,018 2 27,10722,028 4,88530,967 767 602 466 390 908 19,920 19,227 693 Weekending: Oct. 7 25,320 25,317 3 415 714 3 26,45222,128 4,87230,345 1,277 590 494 380 900 19,466 18,791 675 Oct. 14 25,360 25,349 11 499 671 3 26,53322,128 4,87330,437 1,277 525 470 459 899 19,466 18,710 756 Oct. 21 25,348 25,348 250 1,109 3 26,71022,085 4,87330,373 1,266 550 439 398 898 19,744 18,823 921 Oct. 28 25,348 25,348 299 741 3 26,39122,077 4,87430,300 1,273 518 451 390 896 19,515 18,779 736 Nov. 4.... 25,362 25,355 7 467 694 3 26,52622,077 4,87730,404 1,281 651 452 440 802 19,450 18,853 597 Nov. 11 25,396 25,215 181 403 621 3 26,42222,077 4,87830,499 1,067 467 444 439 805 19,655 18,886 769 Nov. 18 .. 25,087 24,957 130 407 844 3 26,34122,077 4,87830,546 782 430 433 445 806 19,854 19,122 732 Nov. 25.... 25,005 24,963 42 500 847 2 26,35422,027 4,87930,558 783 511 414 384 806 19,803 19,164 639 Dec 2 25,054 25,003 51 612 725 3 26,39322,027 4,88130,759 775 491 436 378 826 19,637 19,100 537 Dec 9.... 25,252 25,084 168 678 714 2 26,64722,027 4,88330,872 775 521 450 369 879 19,691 19,081 610 Dec 16 25,553 25,207 346 449 844 2 26,84822,028 4,88430,942 770 381 501 343 896 19,926 19,232 694 Dec. 23.... 25,823 25,303 520 518 1,377 2 27,72122,028 4,88531,086 758 921 462 438 937 20,032 19,284 748 Dec 30.... 26,052 25,318 734 226 1,206 2 27,48622,029 4,88731,051 763 652 471 406 938 20,121 19,308 813 "Corrected. l Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 50 75 50 In less than 90 days For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C., the market value (100%) and the maximum loan value. effective Feb. 1, 1936, are the same as those in effect for member banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 38 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] obligations of the U. S. (Sees. 13 and 13a)i (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning— rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston Jan. 20,1953 Jan. 20,1953 3 Jan. 20, 1953 New York... . Jan. 16,1953 Jan. 16,1953 3 Jan. 16, 1953 Philadelphia. . Jan. 16,1953 Jan. 16,1953 V Jan. 16, 1953 Cleveland Jan. 16,1953 Jan. 16,1953 Aug. 17, 1953 Richmond... Jan. 23,1953 Jan. 23,1953 Jan. 23,1953 Atlanta Jan. 16,1953 Jan. 16,1953 3 July 20, 1953 Chicago Jan. 16,1953 Jan. 16,1953 3M Aug. 13, 1948 St. Louis Jan. 16,1953 Jan. 16,1953 2% May 18, 1953 Minneapolis. . Jan. 16,1953 Jan. 16,1953 3 Jan. 26, 1953 Kansas City. , Jan. 16,1953 Jan. 16,1953 3 Jan. 16, 1953 Dallas Jan. 23,1953 Jan. 23,1953 Jan. 23, 1953 San Francisco Jan. 20,1953 Jan. 20,1953 2M Jan. 20, 1953 3 3 i Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits 1 Maturity Dec. 31 ginning— rate Time Effective date deposits 1- 90 days 2VB Jan. 16, 1953 1% of change C re e s n e t r r v a e l Re c s i e ty rve Country me ( m al b l er 91-120 days 2M Jan. 16, 1953 city banks banks banks) 121-180 days 2% Jan. 16, 1953 2H banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21. 13 10 S an ta c t e is s t ic p s a , ya T b a l b e l e i n 1 1 d 7 o , l p la p r . s . 4 43 B - a 4 c 4 k 5 . figures.—See Banking and Monetary 1 1 9 9 3 3 6 7 — — A M u a g r . . 16 1 . . 22M 1 1 5 7 10M 5X May 1. 26 20 6 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. 22M 17 12 5 OF THE FEDERAL RESERVE ACT 1941—Nov. 1. 26 20 14 6 Maturities not exceeding five years 1942—Aug. 20. 24 [In effect December 31. Per cent per annum] Sept. 14. 22 Oct. 3. 20 To industrial or 1948—Feb. 27 22 commercial To financing institutions June 11 24 businesses Sept. 16 16 Sept. 24 26 22 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 1949— J M M u a n a y y e 3 5 0 1 . . . 24 2 2 1 0 15 3 2 7 7 Bank lo O an n s 1 co m m O e m n n t i s t- fo P r o r w ti h o i n ch Re- c m o O m en n m ts it- A A Ju u u ly g g . . 11 1 1 . . . 23H 1 1 4 3 3 26 5 institu- maining Aug. 16. 12 25 tion is portion Aug. 18. '23'" 19 obligated Aug. 25. 18> Sept. 1. 22 18 Boston 1951—Jan. 11. 23 19 36 New York Jan. 16. 13 26 Philadelphia Jan. 25. 20 Cleveland () Feb. 1. ii' Richmond 00 X-iX A Ch tl i a c n ag ta o ^5 () Z X H -i - X IX 1953— J J u u l l y y 9 1 . . 22 19 13 St. Louis 2-2^ Minneapolis.... (2) X-i*A In effect Jan. 1, 19544 22 19 Kansas City X-iX Dallas &1A-iV8 1 Demand deposits subject to reserve requirements, which beginning San Francisco... 61A-iys A in u p g r . oc 2 e 3 s , s 1 o 9 f 3 c 5 o , ll h e a c v ti e o n b e a e n n d d to e t m al a n d d e m ba a l n a d n ce d s e p d o u s e i t f s r o m m i n d u o s m c e a s s ti h c b it a e n m k s s (also minus war loan and series E bond accounts during the period 2 1 R In a c te l u c d h in a g rg e lo d a n b s o r m ro a w de e r i n l e p ss a r c t o ic m ip m at i i t o m n e n w t it r h a t f e i . nancing institutions. Ap 2 r R . e 1 q 3 u , i 1 r 9 em 43 e - n J t u n b e ec 3 a 0 m , e 1 9 e 4 ff 7 e ) c . tive at country banks. s Rate charged borrower. *Rate charged borrower but 3 Requirement became effective at central reserve and reserve city not 5 C to h a e rg x e c ee o d f 1 % p e p r e c r e c n e t n a t b p o e v r e a t n h n e u d m is c i o s u m nt a d r e a te o . n undisbursed portion ban 4P k r s e . sent legal minimum and maximum requirements on net demand of 6 l C oa h n a . rge of }£ per cent per annum is made on undisbursed portion d 1 e 0 p a o n s d it s 2 — 0 c p e e n r t r c a e l nt r ; e s c e o r u ve n tr c y i , t ie 7 s , a n 1 d 3 1 a 4 n d p er 2 6 c en p t e , r re c s e p n e t c ; ti r v e e s l e y r ; v e o n c i t t i i m es e , of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. JANUARY 1954 39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Re- Month, or mem- serve Coun- Month, or mem- serve Counweek ending Wednesday ber city try week ending Wednesday ber city banksl New Chi- banks banks1 banksi New Chi- banks banks» York cago York cago Total reserves held: Excess reserves: 1952—September 20,514 5,256 1,369 8,009 5,880 1952—September 778 63 6 155 554 October 20,611 5,215 1,369 8,081 5,946 October 648 1 -4 99 553 November 20,744 5,201 1,367 8,172 6,004 November 657 8 102 547 1953—September 19,552 4,717 1,283 7,779 5,773 1953—September 718 31 " "—2 116 573 October 19,536 4,718 1,270 7,780 5,768 October 752 37 1 148 566 November 19,718 4,730 1,288 7,849 5,852 November 684 19 87 579 Nov. 18 19,854 4,740 1,291 7,892 5,931 Nov. 18 732 10 -7 77 652 Nov. 25 19,803 4,765 1,308 7,905 5,825 Nov. 25 639 19 8 86 526 Dec. 2 19,637 4,716 1,286 7,851 5,783 Dec. 2 537 -4 -9 56 494 Dec. 9 19,691 4,717 1,295 7,871 5,809 Dec. 9 610 5 6 82 517 Dec. 16 19,926 4,801 1,294 7,960 5,871 Dec. 16 P696 16 105 P575 Dec. 23 20,032 4,758 1,294 7,986 5,994 Dec. 23 P755 17 -2 64 P676 Borrowings at Federal Required reserves:2 Reserve Banks: 1952—September 19,736 5,193 1,364 7,854 5,326 1952—September 683 117 30 384 151 October 19,963 5,214 1,373 7,982 5,393 October 1,048 116 100 667 164 November 20,087 5,193 1,367 8,070 5,458 November 1,532 198 266 862 206 1953—September 18,834 4,686 1,285 7,663 5,200 1953—September 468 32 51 275 110 October 18,784 4,681 1,269 7,633 5,202 October 363 2 18 241 102 November 19,034 4,711 1,288 7,762 5,272 November 487 78 24 270 115 Nov. 18 19,122 4,730 1,298 7,815 5,279 Nov. 18 397 62 11 219 105 Nov. 25 19,164 4,746 1,300 7,819 5,299 Nov. 25 491 117 13 256 105 Dec. 2 19,100 4,720 1,295 7,796 5,289 Dec. 2 605 101 35 355 114 Dec. 9 19,081 4,712 1,288 7,789 5,292 Dec. 9 671 181 86 276 128 Dec. 16 P19,231 4,785 1,294 7,856 P5,296 Dec. 16 430 89 39 185 117 Dec. 23 P19,277 4,741 1,296 7,922 P5,318 Dec. 23 503 218 27 159 99 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 2 Reserve requirements were reduced in July 1953; see table on preceding page. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city banks Re- All city banks Remem- serve Coun- mem- serve Coun- Item ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago November 1953 November 1952 Gross demand deposits: Total 109,694 22,979 6,178 42,437 38,101 109,423 23,323 6,056 42,411 37,633 Interbank 12,913 3,988 1,314 6,425 1,186 12,934 4,029 1,259 6,424 1,222 Other 96,782 18,991 4,864 36,013 36,914 96,488 19,294 4,797 35,987 36,411 Net demand deposits2 95,010 20,653 5,525 36,410 32,423 94,814 21,089 5,402 36,396 31,927 Time deposits 35,706 2,797 1,217 14,067 17,624 33,010 2,201 1,170 13,173 16,466 Demand balances due from domestic banks... 6,568 48 117 2,008 4,394 6,512 44 118 1,925 4,425 Reserves with Federal Reserve Banks: Total 19,718 4,730 1,288 7,849 5,852 20,744 ,201 1,367 8,172 6,004 Required3 19,034 4,711 1,288 7,762 5,272 20,087 ,193 1,367 8,070 5,458 Excess 684 19 87 579 657 8 102 547 Borrowings at Federal Reserve Banks 487 78 24 270 115 1,532 198 266 862 206 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e.t gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Reserve requirements were reduced in July 1953; see table on preceding page. 40 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1953 1953 1952 Dec. 30 Dec. 23 Dec. 16 Dec. 9 Dec. 2 Dec. Nov. Dec. Assets Gold certificates 20,448,103 20,458,10320,460,10320,469,10320,501,10220,453,10220,501,100 21,185,102 Redemption fund for F. R. notes. 900,643 880,644 881,571 876,001 847,246 900,644 847,247 800,603 Total gold certificate reserves.. 21,348,746 21,338,747 21,341,67421,345,10421,348,34821,353,74621,348,347 21,985,705 Other cash 340,225 298,380 309,803 301,166 310,246 371,761 309,614 322,020 Discounts and advances: For member banks 85,100 420,065 253,437 720,269 419,755 12,855 361,716 126,879 U In . d F S u o . s r t G r n i o o a v n l e m l r o n e a m m ns b e e n r t b se a c n u k r s i , t i e e t s c : .. 15 1, , 9 0 7 0 3 0 1 2 5 , , 4 0 0 0 5 0 1 2 5 , , 2 0 9 0 1 0 2 7 , , 4 0 0 0 2 0 2 7 , , 4 0 4 0 3 0 15 1, , 8 0 7 0 9 0 2 7 , , 5 0 2 0 4 0 2 3 9 , , 8 5 9 0 2 0 Bought outright: Bills 2,596,312 2,596,312 2,521,312 2,421,312 2,271,312 2,596,312 2,221,312 741,950 Certificates: Special Other 5,816,541 5,816,541 5,816,541 5,816,541 5,841,541 5,816,541 5,841,541 4,995,716 Notes 13,263,67113,263,67113263,67113,263,67113,273,67113 263,671 13,273,671 13,773,671 Bonds 3,641,150 3,641,150 3,641,150 3,641,150 3,656,150 3,641,150 3,656,150 4,521,975 Total bought outright 25,317,674 25,317,674 25242,674 25,142,674 25042,674 25317,674 24 992,674 ,033,312 Held under repurchase agreement. 584,500 567,700 214,200 202,250 38,000 597,900 102,500 663,700 Total U. S. Government securities. 25,902,174 25,885,37425,456,87425,344,924 25,080,67425,915,574 25,095,174 24,697,012 Total loans and securities 26,004,24726,322,844 25,727,60226,074,59525,509,87225 ,945 ,308 25 ,466,414 24,857 ,283 Due from foreign banks.... 22 22 22 22 22 22 22 23 F. R. notes of other Banks. 194,275 166,865 157,809 158,485 142,254 214,128 136,218 239,458 Uncollected cash items. . . . 4,281,658 4,502,969 ,035,181 3,483,433 ,958,433 ,225,210 3,589,924 ,238,779 Bank premises 51,882 51,726 50,957 50,360 50,362 52,465 50,364 48,348 Other assets 152,668 145,148 135,322 185,494 177,135 151,917 248,754 160,878 Total assets. 52,373,72352,826,70152,758,370 51,598,659 51,496,67252,314,557 51,149,657 51,852,494 Liabilities Federal Reserve notes 26,628,32226,808,04326,619,000 26,576,315 455,398 26,558,372 26,454,703 26,250,299 Deposits: Member bank—reserve accounts.. 20,065 20,063,919 20,228,79119,719,748 473,62520,160,435 19,433,693 ,950,372 U. S. Treasurer—general account. 376 799 327 223,652 487,652 525,811 345,866 450,555 388,808 Foreign 473, 460 837 463,608 490,980 430,899 423,298 417,137 549,959 Other 379 427,265 258,877 331,330 339,396 492,815 367,187 454,915 Total deposits. 21,296,104 21,751,348 21,174,928 21,029,710 20,769,73121,422,41420,668,57221,344,054 Deferred availability cash items 3,308 720 3,133,654 3,841,949 ,877,253 3,166,199 3,290,407 ,922,916 ,271,561 Other liabilities and accrued dividends. 25, 25,638 22,767 23,079 21,098 18,170 21,362 14,923 Total liabilities. 51,258,80651,718,68351,658,64450,506,35750,412,426 51,289,36350,067,553 50,880,837 Capital Accounts Capital paid in 265,092 264,882 264,156 263,739 263,558 265,266 263,289 252,634 Surplus (Section 7) 584,676 584,676 584,676 584,676 584,676 625,013 584,676 584,676 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 237,606 230,917 223,351 216,344 208,469 107,372 206,596 106,804 Total liabilities and capital accounts. 52,373,723 52,758,370 51,598,659 51,496,67252,314,557 51,149,657 51,852,494 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 43.9 44.8 45.2 45.3 Contingent liability on acceptances purchased for foreign correspondents 23,931 23,003 22,540 21,518 20,662 23,940 19,817 19,792 Industrial loan commitments 3,464 3,017 3,236 3,154 3,129 3,569 3,096 3,211 Maturity Distribution of Loans and U. S. Government Securities 1 Discounts and advances—total 100,100 435,065 268,437 727,269 426,755 27,855 368,716 156,379 Within 15 days 88,350 417,090 243,487 696,783 393,325 16,480 336,883 117,875 16 days to 90 days 11,750 17,975 24,950 30,486 33,347 11,375 31,650 38,504 91 days to 1 year 83 183 Industrial loans—total 1,973 2 ,405 2,291 2,402 2,443 1,879 2,524 ' "3,892 Within 15 days 821 878 952 451 464 373 536 256 16 days to 90 days 72 72 75 599 635 655 605 1,987 91 days to 1 year 1,020 1,396 1,205 1,289 1,281 788 1,319 1,304 Over 1 year to 5 years 60 59 59 63 63 63 64 345 U. S. Government securities—total.. 902,174 ,885,374 25456,874 25344,924 25,080,674 ,915,574 25,095,174 ,697,012 Within 15 days , 264,800 ,263,950 914,358 725,608 473.808 998,400 ,366,550 925,400 16 days to 90 days ,838,212 ,822,262 743,354 585,504 ,523,054 ,118,012 ,636,562 ,167,800 91 days to 1 year 855,241 ,855,241 855,241 815,541 ,860,541 ,855,241 860,541 ,520,141 Over 1 year to 5 years 154,664 154,664 154,66413,429,01413,434,014 ,154,664 442,264 ,655,200 Over 5 years to 10 years 374,400 374,400 374,400 ,374,400 ,374,400 ,374,400 374,400 ,070,224 Over 10 years 414,857 414,857 414,857 ,414,857 414,857 ,414,857 414,857 ,358,247 1Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. JANUARY 1954 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates. 20,453,102 1,035,380 5,197,8501,300,7251,770,5131,064,892 912,2633,743,997 857,457 484,485 854,501 817,4422,413,597 Redemption fund for F. R. notes. 900,644 54,927 183,706 61,086 82,247 76,974 58,813 151,495 49,407 25,562 41,453 30,399 84,575 Total gold certificate reserves. . 21,353,746 1,090,307 5,381,5561,361,8111,852,7601,141,866 971,0763,895,492 906,864 510,047 895,954 847,8412,498,172 Other cash 371,761 27,559 75,299 26,837 24,613 22,580 32,527 62,522 24,452 7,658 15,080 15,322 37,312 Discounts and advances: Secured by U. S. Govt. securities. . . 12,855 600 2,625 3,430 1,275 1,200 350 1,000 1,350 525 500 Other 15,000 915 4,425 1,125 1,380 75C 645 2,055 570 375 570 675 1,515 Industrial loans 1 879 1 380 60 340 99 U. S. Government securities: Bought outright 25,317,674 1,394,092 6,517,4781,525,4912,149,192 1,501,3381,294,9744,375,704 1,065,140 624,866 1,103,4201,005,6942,760,285 Held under repurchase agreement... 597,900 597,900 Total loans and securities..... 25,945,308 1,395,607 7,122,4281,531,4262,151,847 1,503,3481,296,3094,378,759 1,065,710 626,690 1,104,5151,006,3692,762,300 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 214,128 3,972 26,487 17,104 13,707 30,147 29,747 27,164 15,376 7,847 8,901 12,737 20,939 Uncollected cash items 4,225,210 324,264 790,662 253,896 416,386 335,529 324,678 719,839 178,013 112,856 217,604 196,615 354,868 Bank premises... 52,465 6,232 7,390 4,734 5,289 4,719 3,636 6,448 2,898 1,024 2,245 587 7,263 Other assets 151,917 8,151 38,519 8,845 12,544 8,853 8,676 25,931 6,261 3,681 7,319 6,568 16,569 Total assets 52,314,557 2,856,093 13,442,3473,204,6554,477,1483,047,0432,666,6509,116,1582,199,575 1,269,8042,251,6192,086,0405,697,425 Liabilities F. R. notes 26,558,372 1,632,903 5,924,4811,896,9482,463,795 1,849,0931,417,1075,111,4061,214,921 644,2931,019,799 743,7492,639,877 Deposits: Member bk.— reserve accts.20,160,435 848,626 6,049,923 959,8791,533,769 827,255 890,3763,250,620 764,061 468,968 965,5181,050,6842,550,756 U. S. Treas.— gen. acct.... 345,866 8,742 70,675 30,135 38,382 11,127 19,314 30,189 18,078 17,791 20,931 41,479 39,023 Foreign 423,298 24,961 2134,793 30,690 37,646 20,460 17,596 56,060 15,550 10,230 15,550 18,414 41,348 Other 492,815 8,744 361,474 8,688 14,503 6,762 5,679 17,776 11,351 3,849 8,116 3,504 42,369 Total deposits.. . 21,422,414 891,073 6,616,8651,029,3921,624,300 865,604 932,9653,354,645 809,040 500,8381,010,1151,114,0812,673,496 Deferred availability cash items 3,290,407 267,333 605,851 201,073 293,806 277,385 269,537 505,628 133,779 96,521 180,744 179,523 279,227 Other liabilities and accrued dividends 18,170 821 6,787 875 1,355 762 714 3,017 612 703 605 523 1,396 Total liabilities.. 51,289,363 2,792,130 13,153,9843,128,2884,383,2562,992,8442,620,3238,974,6962,158,352 1,242,3552,211,2632,037,8765,593,996 Capital Accounts Capital paid in. . 265,266 14,443 81,852 18,017 25,410 11,655 11,158 35,001 9,150 5,952 10,139 13,279 29,210 Surplus (Sec. 7).. 625,013 38,779 176,633 45,909 57,648 31,750 28,034 90,792 25,465 16,219 23,456 28,146 62,182 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 107,372 7,730 22,559 7,952 9,828 7,445 6,373 14,240 6,087 4,205 5,624 5,432 9,897 Total liabilities and capital accounts 52,314,557 2,856,093 13,442,3473,204,6554,477,1483,047,0432,666,6509,116,1582,199,575 1,269,8042,251,6192,086,0405,697,425 Reserve ratio 44.5% 43.2% 42.9% 46.5% 45.3% 42.1% 41.3% 46.0% 44.8% 44.5% 44.1% 45.6% 47.0% Contingent liability on acceptances purchased for foreign correspondents 23,940 1,460 3 7,068 1,795 2,202 1,197 1,029 3,279 909 598 909 1,077 2,417 Industrial loan • commitments.. 3,569 1,724 748 51 131 28 887 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $288,486,000 participations of other Federal Reserve Banks. 8After deducting $16,872,000 participations of other Federal Reserve Banks. 42 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1953 1953 1952 Dec. 30 Dec. 23 Dec. 16 Dec. 9 Dec. 2 Dec. Nov. Dec. F. R. notes outstanding (issued to Bank). 27,780,066 27,776,94327,678,936 27,585,34527,389,14127,771,106 27,388,03727,420,694 Collateral held against notes outstanding: Gold certificates 11,093,00011,468,00011,468,00011,693,00011,518,00011,093,00011,493,000 12,399,000 Eligible paper 50,300 230,110 124,062 380,730 204,725 10,130 203,620 120,554 U. S. Government securities 17,420,00017,020,00017,020,00016,620,00016,620,00017,420,00016,620,00015,440,000 Total collateral 28,563,300 28,718,110 28,612,06228,693,730 28,342,725 28,523,130 28,316,620 27,959,554 EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1953 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 27,771,106 1,706,340 6,164,6191,997,552 2,577,8291,955,5951,501,5485,274,0781,277,506 663,2251,057,504787,694 2,807,616 Collateral held: Gold certificates11,093,000 640,000 2,670,000 800,000 1,050,000 625,000 435,000 2,400,000 355,000 175,000 280,000000 283,0001,380,000 Eligible paper.. 10,130 600 2,525 3,430 1,200 1,350 525 500 U. S. Govt. securities 1,200,000 3,600,0001,200,0001,550,0001,350,0001,100,000 3,000,000 975,000 500,000 800,000 525,000 1,620,000 Total collateral.. 28,523,130 1,840,600 6,272,5252,003,430 2,600,0001,976,2001,535,000 5,400,0001,330,000 676,3501,080,525 808,000 3,000,500 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] Applications Ap- pations y E e n a d r o o f r a t p o p r d o a v t e e d b p u ro t v n e o d t L o o u a t n - s C m om en m ts it-o in f g f in in a s n t c i- - Guaranteed loans Guaranteed Additional month pl c e o t m ed - 1 s ( t a a m nd o i u n n g t 2 )sta o n u d t i - ng tu o t u io t- ns au t t o h o d r a iz te ed outs lo ta a n n d s ing av a a m ila o b u l n e t to N b u e m r - Amount (amount) (amount)s (a ta m n o d u in n g t) ' E m n o d n t o h f u b n o d r e r r o w gu er a s r- 1945 3,511 544,961 320 1,995 1,644 1,086 N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u t t m e s e t e a n a n g t d s r i e n e g - 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 1 1 9 9 4 5 9 0 3 3 , , 6 6 4 9 9 8 6 6 5 2 1 9 , , 3 3 8 2 9 6 4,8 5 1 3 9 9 2 2, , 6 1 3 7 2 8 3 2 , , 7 28 5 8 4 3 2 , ,9 7 4 4 7 5 December. 62 31,326 8,017 6,265 8,299 1951 3,736 710,931 3,513 4,687 6,036 11,985 1951 1952 March.... 254 300,955 68,833 56,973 47,822 November. 3,752 762,620 1,351 3,868 4,044 7,010 June 484 654,893 252,100 209,465 276,702 December.. 3,753 766,492 1,638 3,921 3,210 3,289 S D e e p c t e e m m b b e e r r . . 8 7 5 2 4 9 1 1 , , 1 3 5 9 4 5 , , 9 4 4 4 2 4 4 6 9 7 2 5 , , 1 4 6 5 7 9 4 5 0 4 0 6 , , 6 5 5 9 2 7 4 4 5 7 0 2, , 8 0 2 1 7 3 1953 1952 January. .. 3,754 770,541 2,513 3,895 3,176 3,236 A F M e p a b r r i r c l u h ary. . 3 3 3 , , , 7 7 7 5 5 5 6 7 5 7 7 7 8 7 7 0 3 6 , , , 4 4 0 6 6 1 8 1 3 1 1 1 , , , 1 7 1 8 5 8 5 1 8 4 3 3 , , , 0 6 4 5 8 7 4 5 8 2 2 2 , , , 8 7 8 6 5 1 6 6 6 3 3 3 , , , 1 1 2 3 9 3 1 3 4 J S M u e n a p r e t c e h mber 1 1, , 1 0 9 1 5 7 3 0 1 2 1 1 , , , 0 6 8 5 7 6 2 7 7 , , , 3 7 6 2 8 4 7 6 3 8 9 8 3 2 8 6 2 3, , , 2 7 1 6 3 2 2 9 9 6 7 7 7 0 3 2 3 6 , , , 9 7 8 7 7 3 4 4 3 4 6 6 6 5 1 7 6 5 , , . 3 9 1 9 9 3 2 5 9 J M J A u u u a n ly y g e ust.... 3 3 3 3 , , , , 7 7 7 7 5 6 5 5 9 0 8 8 7 7 7 7 8 9 9 8 4 3 0 8 , , , , 2 1 7 0 4 9 9 5 6 6 8 8 1 1 1 1 , , , , 1 4 6 6 6 9 4 9 2 2 6 8 3 2 3 3 , , , , 2 8 2 7 9 0 2 0 1 2 3 6 3 2 3 3 , , , , 1 3 6 3 4 7 5 0 2 1 5 4 3 3 3 2 , , , , 1 9 1 1 2 5 4 4 9 5 1 1 O N D c o e t c v o e e b m m e b r b . e e r . r . . . 1 1 1 , , , 1 1 1 4 5 3 3 9 0 2 2 2 , , , 0 0 1 6 8 2 9 1 4 , , , 6 8 1 9 8 2 7 8 3 9 9 9 9 8 7 3 9 9 , , , 8 6 4 5 7 2 6 8 8 8 8 8 0 1 1 3 1 1 , , , 1 1 1 3 3 1 2 2 7 6 5 5 0 8 91 0 6 , , , 7 3 3 6 0 0 2 4 3 September. 3,760 795,496 997 2,993 3,341 3,134 1953 October. . . 3,762 797,656 1,242 2,685 3,381 2.970 November . 3,764 800,420 1,682 2,546 3,097 3,640 January.. . 1,173 2,147,953 984,295 808,986 578,061 February.. 1,188 2,170,443 999,794 822,257 548,916 1 Includes applications approved conditionally by the Federal Re- March.... 1,204 2,190,643 1,023,666 838,704 520,517 serve Banks and under consideration by applicant. April 1,212 2,211,201 972,193 801,945 469,324 2 Includes industrial loans past due 3 months or more, which are not May 1,221 2,258,011 957,541 792,015 469,048 included in industrial loans outstanding in weekly statement of con- June 1.237 2,283,755 906,584 748,691 487,928 dition of Federal Reserve Banks. July 1,244 2,292,777 891,865 736,723 482,394 dis 8 c N ou o n t t c . overed by Federal Reserve Bank commitment to purchase or A S O e c u p t g o te u b m s e t r b . . e . . . r . . 1 1 1 , , , 2 2 2 7 6 5 9 9 9 2 2 2 , , , 3 3 3 1 2 0 0 0 1 , , , 1 1 9 8 8 8 2 7 7 8 8 84 6 6 2 8 0 , , , 5 2 8 2 7 7 9 4 4 6 7 7 9 0 1 5 9 6 , , , 5 4 6 5 8 1 0 8 8 4 4 4 4 1 3 4 6 8 , , , 2 6 0 6 9 9 5 0 1 NOTE.—The difference between amount of applications approved and November 1,284 2,324,612 837,238 691,727 375,977 the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreement outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. JANUARY 1954 43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEES AND RATES ESTABLISHED UNDER REGULATION V POSTAL SAVINGS SYSTEM ON LOANS GUARANTEED PURSUANT TO DEFENSE [In millions of dollars] PRODUCTION ACT OF 1950 [In effect December 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month itors' Cash U. S. Cash bal- in Govern- reserve ances1 Total deposi- ment funds, Guarantee fee Percentage of tory securi- etc.2 Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December... . 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December 3,417 3,525 6 3,308 212 75 15 15 1948—December 3,330 3,449 7 3,244 198 80 20 20 1949—December 3,188 3,312 7 3,118 187 85 25 25 1950—December 2,924 3,045 11 2,868 166 90 30 30 1951—December 2,705 2,835 28 2,644 162 95 35 35 Over 95 40-50 40-50 1952—October 2,561 2,760 33 2,553 174 November.... 2,555 2,749 33 2,553 162 December... . 2,547 2,736 33 2,551 151 Maximum Rates Financing Institutions May Charge Borrowers 1953—January 2,536 2,724 33 2,538 152 [Per cent per annum] February 2,523 2,715 33 2,524 158 March 2,510 2,708 33 2,520 155 April 2,495 2,697 33 2,520 144 Interest rate May 2,477 2,665 33 2,488 144 Commitment rate. June 2,457 2,653 33 2,477 143 July 2,438 2,648 33 2,469 146 August 2,419 2,635 33 2,452 151 September. . . ?2,402 October.... P2,387 November.... P2,373 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to demand deposit accounts, Annual rate of turnover of except interbank and demand deposits except interbank U. S. Government accounts and U. S. Government deposits Year or month Total, all New 6 338 other New 6 338 other reporting York other reporting York other reporting centers City centers1 centers City centersx centers 1943 757,356 281,080 175,499 300,777 20.4 18.0 15.3 1944 . . . 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406 790 218,477 391,817 25 1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544 367 336,885 661,302 31 9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1952—January . .. .... 135,801 47,650 28,937 59,215 31.2 23.0 18.3 February 125,159 44,418 26,713 54,029 32.3 23.4 18.5 March . 136,275 49,213 30,007 57,055 33.6 25.7 18.2 April 134,110 49 745 28,761 55,604 34.0 24.6 17.8 May 133,000 48,830 27,974 56,197 32.8 22.8 17.9 June 139,740 53,385 29,305 57,050 37.4 24.9 18.8 July 137,313 50,472 29,483 34.4 24.0 18.1 August 122,175 42,778 25,550 5537,,834578 29.6 20.8 17.0 September 136,048 49,131 28,611 58,306 35.4 24.3 18.9 October. 150,470 54,893 32,322 63,255 36.4 25.0 18.7 November 127,647 44,209 27,064 56,374 34.1 24.1 19.3 December . . 165,115 63,091 35,179 66,845 41.8 26.9 19.8 1953—January 145,971 52,048 31,660 62,263 34.3 23.9 18.4 February 129,289 45,749 28,126 55,414 35.1 24 4 18.9 March 153,459 53,898 35,339 64,222 37.1 '28.7 19.4 April 145,697 52,038 32,742 60,918 35.4 '26 7 18.5 May . 142,113 50,255 32,283 59,575 35.6 r26 2 18.8 June 154,056 56,623 33,807 63,625 38.9 '26.5 19.3 July 148,090 51,799 32,683 63,608 36.0 ••25 7 19.2 August 134,527 45,516 29,958 59,053 32.2 '23.6 17.9 September 147,830 54 888 31,422 61,520 40.2 r25 9 19.4 October 149,738 54,152 31,778 63,808 35.8 '23 9 18.5 November. 141,115 50,470 30,477 60,169 38.4 26.5 20.2 r 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 BULLETIN for April 1953, pp. 355-357. 44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars| Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasd month cula- sortetion1 Total Coin «$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951 29,206 20.530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952—November... 30,236 21,392 1,739 1,199 69 2,123 6,600 9,661 8,846 2,612 5,367 342 513 4 8 2 December. .. 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 2 1953—January 29,691 20,799 1,721 1,157 69 2,051 6,359 9,442 8,894 2,634 5,399 341 508 4 8 2 February 29,793 20,918 1,725 1,158 68 2,052 6,432 9,483 8,877 2,629 5,390 340 507 4 8 2 March 29,754 20,896 1,737 1,165 67 2,048 6,418 9,462 8,859 2,621 5,383 339 505 3 8 1 April 29,843 20,979 1,747 1,163 68 2,056 6,448 9,497 8,865 2,623 5,388 339 503 4 8 1 May 29,951 21,085 1,755 1,172 69 2,065 6,482 9,542 8,867 2,627 5,388 338 502 4 8 1 June 30,125 21,243 1,766 1,176 69 2,071 6,527 9,635 8,883 2,645 5,391 337 499 4 8 1 July 30,120 21,237 1,769 1,171 70 2,055 6,511 9,660 8,885 2,646 5,396 335 496 4 8 August 30,248 21,331 1,778 1,182 70 2,061 6,531 9,709 8,918 2,655 5,423 334 494 4 8 2 September... 30,275 21,321 1,792 1,207 69 2,060 6,499 9,694 8,956 2,659 5,458 334 493 4 8 2 October 30,398 21,414 1,802 1,214 70 2,071 6,524 9,734 8,986 2,665 5,488 333 489 4 8 2 November.. . 30,807 21,771 1,816 1,232 71 2,123 6,659 9,871 9,038 2,689 5,519 332 487 4 8 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money leld in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal No 1 v 9 . 5 3 3 0, g a o s g l i d a lv in a er n st d Tr c e a a s s h ury B R F a e n e d k se e s r r a v a n e l d B R a a n e g s k e e s n r a t v s n e d No 1 v 9 . 5 3 30, O 1 ct 9 . 5 3 3 1, No 1 v 9 . 5 2 30, certificates agents Gold 22,028 21,384 2 643 Gold certificates 21,384 18,533 2,816 36 36 37 Federal Reserve notes 27,388 69 1,070 26,249 25,879 25,733 Treasury currency—total 4,885 *2,373 54 310 4,522 4,482 4,466 Standard silver dollars 492 235 44 4 208 207 197 Silver bullion 2,138 2,138 Silver certificates and Treasury notes of 1890. . ^2,373 253" * 2 * 121 2,099 " 2,116 Subsidiary silver coin 1,213 6 23 1,185 1,174 1,135 JVIinor coin 428 1 4 423 420 407 United States notes 347 2 23 321 316 322 Federal Reserve Bank notes . . .. 195 (6) 2 192 193 212 National Bank notes 73 1 1 72 72 76 Total—Nov 30 1953 (4) 23,758 766 18,533 4,195 30,807 Oct 31 1953 (4) 23,303 1,275 18,081 4,308 30,398 Nov 30 1952 (4) 24,542 1,261 19,329 4,151 30,236 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals lor other end-of-month dates are shown in table above, totals by weeks in table on p. 37. 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. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on rreceipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount - of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates 4and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. 'Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable ) in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JANUARY 1954 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS1 [Figures 1partly estimated except on call dates. In millions of dollars Assets Liabilities and Capital Bank credii Total assets, Date Tr u e r a y s- u. s.Government Dbligation;I l T ia o b t i a l l - Total Ca a p n i d tal Gold r c o e u n u r c t- - y Total Lo n a e n t s, m C e o r m cia - l Federal O se t c h u e - r ca i a p t n i i e t d s al, c d u e a r p r n o e d s n i c ts y c m o a u i c s n - c ts . , standing Total and Reserve Other rities net net savings Banks banks 1929—June 29 4 037 2,019 58,642 41, 087 5,741 5,499 716 26 11,819 64,698 55,776 8 922 1 19 9 3 3 9 3 — — D jU e n c e . 3 3 0 0 1 4 7 ,0 64 3 4 1 2 2 , , 2 9 8 6 6 3 4 5 ? 4 , ,5 1 6 4 4 8 22 9 1 5 5 7 7 7 1 3 0 ,1 3 0 28 5 1 8 9 , , 1 4 9 1 9 7 7 1 ,9 48 9 4 8 1 7 1 0 3 4 1 9 9, , 3 8 0 6 2 3 4 7 3 5, 4 1 6 7 5 1 4 6 2 8 , , 0 3 2 5 9 9 6 6 4 8 3 1 6 2 1941—Dec. 31 737 3,247 64,653 76,605 79 049 25,511 2,754 1 784 8,999 90,637 82,811 7 826 1 19 9 4 4 7 5 — — D D e e c c. . 3 3 1 1 ?0 0 7 6 5 5 4 4 4, , 5 3 6 3 2 9 1 1 6 6 7 0 , ,8 3 3 8 2 1 4 30 3, 3 0 8 7 7 3 1 1 7 0 8 7 , , 4 0 1 8 7 6 1 8 0 1 1 , , 1 2 9 8 9 8 7 7 4 ? 2 5 6 5 2 9 3 3 8 2 6 8 7 1 8 0 , , 5 7 7 2 7 3 1 1 8 9 8 1 , 7 1 8 4 5 8 1 1 7 8 5 0 , ,8 3 0 4 6 8 1 1 ? 0 9 8 7 0 9 0 1 19 9 4 4 9 8 — — D D e e c c. . 3 3 1 1 7 ?4 4 4 2 2 4 7 4 4 4 , , 5 5 9 8 8 9 1 16 6 ? 0 , , 6 45 8 7 1 4 4 9 8 3 60 4 4 1 1 1 0 0 0 0 , , 6 4 9 5 4 6 7 7 4 8 , , 0 4 9 3 7 3 18 3 88 3 5 3 3 ^l 2 1 6 3 4 8 1 1 1 2 , , 4 6 2 2 2 1 1 1 9 8 1 9 , 2 7 9 0 0 6 1 1 7 7 7 6 , , 3 1 1 2 3 1 1 1 4 3 3 1 9 6 2 8 1950—Dec. 30 22 706 4,636 171,667 60, 366 96,560 72,894 20, 778 2,888 14,741 199, 009 184,385 14 624 1951 June 30 756 4,655 ,447 63 821 94,450 68,726 7? 982 742 15,176 199 858 185,038 14 820 Dec. 31 22 695 4,706 181,323 67 597 97,808 71,343 73 801 2 664 15,918 708, 724 193,404 15 320 1952—June 30 23, 346 4,754 182,98G 69, 712 96,266 70.783 22,906 2,577 17,002 211, 080 194,960 16 120 Nov 26 300 4,800 191,500 74 300 99,900 73,600 800 7,600 17,300 7^0 600 202 700 16 900 Dec. 31 23 187 4,812 19?,866 75 484 100,008 72,740 ?4 697 7,571 17,374 990 865 204,220 16 647 1953—Jan. 28 ?1 000 4,800 191,200 74 900 98,800 72,300 ?4 000 600 17,500 91Q 000 202,100 16 900 Feb 25 99 700 4,800 190,300 75 000 97,800 71,400 900 9, 500 17 500 717 800 201 000 16 800 Mar. 25 22 600 4,800 190,200 76 000 96,400 70,000 23 900 2,500 17,800 217 600 200,600 17 000 Apr. 29 22 600 4,800 189,000 76 500 94,700 68,400 23 800 2,500 17,800 216 400 199,100 17 300 May 27 22 500 4,800 188,900 76 600 94,400 67,800 24 100 2,500 17,800 216 200 199,100 17 200 June 30 22 463 4,854 190,277 77 071 95,350 68,108 24 746 2,496 17,856 217 594 200,360 17 234 July 29? 22 300 4,900 195,500 77 400 100,200 72,700 25 000 2 500 18,000 222 700 205,100 17 600 Aug. 26*> 22 200 4,900 195,400 77 700 99,600 72,100 25 000 2 500 18,200 222 500 204,800 17 700 Sept 30?r 99 100 4 900 19S,900 78 400 99,300 71,600 7S 200 9 500 18 200 222 900 204 900 1S 000 Oct. 28P 22 100 4,900 196,600 79 100 99,500 71,700 25 300 2 400 18,100 223 600 205,400 18,200 Nov. 25P 22 000 4,900 198,100 79 500 100,400 73.OOC 25 000 2 400 18,200 225 000 206,800 18,200 Deposits and Currency U.S. Government balances Deposits adjusted and currency Date Total d F e b o p n a r o e e n i s t k g it n s, T c u r a e r s y a h s- A m sa t a e v c r n i c o n d i m g a s l - R Fe e A d se e t r r v a e l Total d D ep em os a i n ts d 2 Total m T C e i o m r m ci e a - l dep M s o a s v u i i t t n u s g 3 a s l S P a o v s in ta g l s o r u C e t n u s c i r d - y e holdings banks Banks banks banks* System banks 1929—June 29 55 776 365 204 381 36 54,790 77 540 28 611 19,557 8 905 149 639 1933—June 30 029 50 264 852 35 40,828 14 411 71 656 10,849 9 621 1,186 4 761 I939—Dec. 30 68 359 1,217 ,409 846 634 63,253 79 793 27 059 15,258 10 523 1,278 6,401 1941—Dec. 31 87 811 1,498 ,215 1 895 867 76,336 38 992 27 729 15,884 10 53? 1,313 9,615 1945_Dec. 31 180 806 2,141 ,287 74 608 977 150,793 75 851 48 452 30,135 15 385 2,932 76,490 I947—Dec. 31 348 1,682 ,336 1 452 870 170,008 87,121 56 411 35,249 17 746 3,416 ?6,476 1948—/Dec 31 176 121 2,103 ,325 451 1,123 169,119 85,520 57 570 35,804 18 387 3,329 ?6 ,079 1949—Dec. 31 177 313 2.150 .312 3 249 821 169,781 85 750 58 616 36,146 19 273 3,197 75,415 1950—Dec. 30 18-1385 2,518 ,293 ,989 668 176,917 9?,272 59 247 36,314 70 009 2,923 75,398 1951—June 30 185,038 2,424 ,281 6 337 317 174,684 88 960 59 948 36,781 20,382 2,785 75,776 Dec. 31 ,404 2,279 L.279 3,615 247 185,984 98,234 61 447 37,859 20 887 2,701 ?6,303 1952—June 30 194,960 2,319 ,283 6,121 333 184,904 94,754 63 676 39,302 21,755 2,619 26,474 Nov. 26 ,700 2,500 11,300 7 000 300 191,600 99,400 64 800 40,000 22,300 2,600 ?7 400 Dec. 31 ?04 ,220 2,501 1L.27O 5 759 389 194,801 101,508 65 799 40,666 22,586 2,547 77,494 1953—Jan. 28 100 2,500 1,300 4,700 700 193,300 100,500 66,100 40,700 22,800 2,500 800 Feb. 25 701,000 2,300 1,300 5,400 400 191,600 98,300 66 400 41,000 7? 900 2,500 ?6,900 Mar. 25 ,600 2,400 1,300 5,800 191,000 97 400 66,800 41,200 73,100 2,500 ?6,900 Apr 29 199 ,100 2,400 1,300 9,900 400 192,200 98,000 67 700 41,500 73,300 2,500 ?7 000 May 27 199 ,100 2,400 1,300 ,900 400 192,100 97,500 67,600 41,700 73 400 2,500 77,000 June 30 700 ,360 2,467 1,259 3,942 132 192,560 96 898 68, 293 42,245 73,589 2,459 77,369 July 29P 905 ,100 2.500 1,300 7,500 800 193,000 97,400 68 400 42,300 ?3,700 2,400 77,200 Aug. 26P 904 ,800 2,400 1,300 7,000 700 193,400 97 500 68,700 42,500 73 800 2,400 77,300 Sept. 30P 904 ,900 2,500 1,300 6 700 600 194,300 97 700 69,100 42,800 74,000 2,400 ,500 Oct. 28P 205,400 2,400 1,300 3,800 600 197,300 100,300 69,600 43,200 24,100 2,400 27,400 Nov. 25 P 206.800 2,400 800 5,700 500 197,400 100.200 69,300 42,900 24,000 2,400 27,900 P Preliminary. r Revised. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 8Excludes 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. 5Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loansand investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G U m ov . e e n S r t . n- O se t c h u e - r a C ss a e s t h s1 Total i b In a t n e k r - i m D a e n - d Time a c c T a c o p o t i u t a a n l l ts N b Li a o m n f k b s er obliga- rities tions All banks: 1939—Dec. 30 50 884 9? ,165 98,719 19 417 9,302 93 292 68 242 9 874 39 516 25 852 8 194 15 035 1941—Dec. 31 61,196 ?6,615 34,511 ?S,511 8,999 97,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 312 134,9?4 43,002 91,923 ^ ,199 10,723 38,388 161,865 13,033 9S,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Dec. 31 140,S98 49 544 91,054 78,433 1?,621 36,522 164 467 19 710 96 156 55,601 13 088 14687 1950—Dec. 30 148 091 60,386 87,635 79,894 14,741 41,086 175,296 14,039 104 744 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59,025 14,623 14,618 1952—June 30 157 S?8 69,742 87,786 70,783 17,002 41,667 184 130 13,513 109,247 61,369 15 039 14 599 Nov. 26 165 490 74,600 90,890 73,560 17,330 49,620 190,620 13,880 114 190 62,550 15,280 14,586 Dec. 31 165 6?6 75,512 90,114 7?,740 17 374 4S,584 195,552 IS,321 116 633 63,598 15,367 14,575 1953—May 27 163,100 77,420 85 680 67,840 17,840 39,240 185,030 12,650 106 960 65,420 15,680 14,546 June 30 16308? 77,117 8S 965 68,108 17,856 49,023 189,159 13,600 109 389 66,170 15,791 14,537 July 29P 168 SOO 77,850 90 650 79,700 17,950 39,230 190,620 19,960 111 320 66,340 15 810 14 534 Aug. 26P . . 168 S90 78,370 90 220 7?,070 18,150 39,060 190,350 19,920 110 850 66,580 15,890 14 532 Sept. 30P *-.... 168,560 78,730 89 830 71,620 18,210 41,480 193,080 13,900 112 100 67,080 16,070 14,525 Oct. 28P 169 S?0 79,720 89 800 71,660 18,140 41,040 193,140 14,300 111 260 67,580 16,120 14,518 Nov. 25P 171 170 80,010 91 160 79,990 18,170 41,550 194,950 14,230 113 480 67,240 16,200 14,510 All commercial banks: 1939—Dec. 30 40 668 17,238 ?3 430 16 316 7,114 7?,474 57,718 9,874 3? 513 15,331 6,885 14,484 1941—Dec. 31 50 746 ?1,714 ?9 032 ?1 808 7,225 76,551 71,283 10,982 44 349 15,952 7,173 14 278 1945—Dec. 31 124 019 ?6,083 97 936 90 606 7,331 34,806 150,227 14,065 105 921 30,241 8,950 14,011 1947—Dec. 312 116 984 38,057 78 226 69 221 9,006 37,502 144,103 13,032 9S 711 35,360 10,059 14 181 1948—Dec. 31. ... 114 ?98 4?,488 71 811 6? 622 9 189 38,596 142,843 19,269 94 654 35,921 10,480 14,171 1949—Dec. 31 120 197 4?,,965 77 73?, 67 005 10 777 35,650 145,174 1?,709 96 136 36,328 10,967 14,156 1950—Dec. 30 126 67S S?,249 74 426 6? 027 1? 399 40,289 155,265 14,039 104 7?3 36,503 11,590 14,121 1951—Dec. 31 132 610 57,746 74 863 61 574 13 339 44,645 164,840 1S,086 111 618 38,137 12,216 14,089 1952—June 30 134 437 S9,233 7S 204 61 178 14 026 40,702 162,348 13,512 109 222 39,614 12,601 14 070 Nov. 26 141 660 63,400 78 260 64 090 14 170 41,820 168,340 13,880 114 160 40,300 12,820 14,057 Dec. 31 141 674 64,163 77 461 63 318 14 143 44,666 172,931 15319 116 600 41,012 12,888 14,046 1953—May 27. ... 138 100 65,440 7? 660 58 310 14 350 38,450 161,630 1?,650 106 930 42,050 13,180 14,018 June 30 137 957 65,025 7? 93? 58 644 14 787 41,156 165,531 13 598 109 357 42,581 13,275 14,009 July 29P . . 143 190 65,630 77 560 63 220 14 340 38,420 166,880 12,960 111 290 42,630 13,290 14,006 Aug. 26P 143 130 66,040 77 090 62 590 14 500 38,260 166,520 12,920 110 810 42,790 13,350 14,004 Sept. 30P»\ . . . 142 990 66,260 76 730 62 200 14 530 40,640 169,090 13,900 112 060 43,130 13,520 13,997 Oct. 28 P ... 143 910 67,120 76 790 67 340 14 450 40,160 169,050 14,300 111 220 43,530 13,570 13,990 Nov. 25P 145 460 67,250 78 210 63 720 14 490 40,740 170,880 14,230 113440 43,210 13,630 13,982 All member banks: 1939—Dec. 30 33 941 13,962 19 979 14 378 5 651 19,782 49,340 9,410 78 731 11,699 5,522 6,362 1941—Dec. 31 43 521 18,021 25 500 19 539 5 961 23,123 61,717 10,525 38 846 12,347 5,886 6,619 1945—Dec. 31 107 183 22,775 84 408 78 338 6 070 29,845 129,670 13,640 91 820 24,210 7,589 6,884 1947—Dec. 31 97 846 32,628 65 218 57 914 7 304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95 616 36,060 S9 556 S? 154 7 402 34,203 121,362 11,641 80 881 28,840 8,801 6 918 1949—Dec. 31 101 528 36,230 65 297 56 883 8 414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—Dec. 30 107 424 44,705 62 719 52 365 10 355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951— Dec. 31 112 247 49,561 62 687 51 621 11 065 39,252 141,015 14,425 95,968 30,623 10,218 6,840 1952—June 30 113 502 50,526. 62 976 51 261 11 715 36,046 138,769 12,812 94,169 31,788 10,526 6,8t5 Nov. 26 119 564 54,283 65 281 53 486 11 795 36,896 143,478 13,120 98 006 32,352 10,700 6,801 Dec. 31 119 S47 ,034 64 514 S? 763 11 751 39,255 147,527 14,617 100,020 32,890 10,761 798 1953—May 27 115 922 56,006 59 916 47 982 11 934 33,936 137,209 12,083 91,459 33,667 11,000 6,771 June 30 115 789 55,613 60 176 48 318 11 858 36,467 140,830 12,933 93,780 34,117 11,070 6,765 July 29P 120 S46 S6,128 64 418 S? 500 11 918 33,883 141,914 19,318 QS 474 34,122 11,077 762 Aug. 26P 120 398 56,491 63 907 51 859 12 048 33,730 141,507 12,278 94,995 34,234 11,116 6,759 Sept. 30 r 120 18S S6,633 63 552 S1 506 1? 047 3S,919 143,803 13,238 96 051 34,514 11,251 ft 753 Oct. 28P 121 050 57,415 63 635 51 663 11 972 35,168 143,453 13,610 95.022 34,821 11,299 6,752 Nov. 25P 122 299 57,465 64 834 52 845 11 989 35,775 145,028 13,520 96 896 34,612 11,344 6,747 All mutual savings banks: 1939—Dec 30 10 916 4,927 5 289 3 101 ? 188 818 10,524 3 10,521 1,309 551 1941—Dec 31 10,379 4 901 5,478 3 704 1 774 793 10,533 6 10,527 1,241 548 1945—Dec 31 16 908 4 279 11 928 10 682 1 246 609 15,385 14 15,371 1,592 542 1947—Dec. 312 18,641 4,944 13 696 11 978 1 718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 S,686 13 709 11 476 7 733 878 18,405 1 17 18,387 1,999 532 1949—Dec 31 20 400 6 578 13 822 11 428 ? 394 873 19,293 20 19,273 2,122 531 1950—Dec 30 21 346 8 137 13 209 10 868 ? 342 797 20,031 22 20,009 2,247 529 1951—Dec. 31 22,259 9,862 12,398 9 819 2 579 886 20,915 2 26 20,888 2,407 529 1952—June 30 23,091 10 509 12,582 9 606 2 976 966 21,782 2 26 21,755 2,438 529 Nov. 26 23 830 11 200 12 630 9 470 3 160 800 22,280 2 30 22,250 2,460 529 Dec. 31 24,003 11 349 12,654 9,422 3,231 918 22,621 2 33 22,586 2,479 529 1953—May 27 25,000 11 980 13 0?0 9 530 3 490 790 23,400 7 30 23,370 2,500 528 June 30 25 1?4 19 091 13 033 9 464 3 569 867 23,628 3 37 23,589 2,516 528 July 29P 25 310 12 220 13,090 9 480 3 610 810 23,740 3 30 23,710 2,520 528 Aug 26P 25 460 19 330 13 130 9 480 3 650 800 23,830 3 40 23,790 2,540 528 Sept. 30P 25,570 12470 13,100 9 420 3 680 840 23,990 3 40 23,950 2,550 528 Oct. 28P 25,610 12 600 13 010 9 320 3 690 880 24,090 3 40 24,050 2,550 528 Nov. 25P 25 710 12,760 12 950 9 270 3 680 810 24,070 3 40 24,030 2,570 528 Preliminary. r Revised to give effect to September 30 member bank call date figures. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial 1[ banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. JANUARY 1954 47 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS^-Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans md investments Deposits Investment Other Total Number Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i S e g n r . a t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 Total i b In a t n e k r - i m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions Central reserve city member banks: New York City: 1939—Dec 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec 31 12,896 4,072 8 823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 143 7,334 18 809 17574 1 235 6 439 30,121 4,657 74,227 ,236 7,120 37 1947—Dec 31 . . 20,393 7,179 13 214 11.972 1,242 7,261 25,216 4,464 19,307 ,445 2,259 37 1948—Dec 31 18 759 8 048 10 712 q 649 1 063 7 758 024 4(213 18,131 ,680 7,306 35 1949—Dec 31 19 583 7,550 12033 10,746 1,287 6 985 23,983 4,192 18,139 ,651 2,312 25 1950—Dec 30 20 612 9,729 10 883 8,993 1,890 7 922 25,646 4,638 19,287 ,722 2,351 23 1951—Dec. 31 .... 21 379 11.146 10 233 8,129 2,104 8 564 26,859 4,832 20,348 ,679 2,425 22 1952—June 30 21 710 11.268 10 442 8,212 2,231 8 135 26,745 4,639 20,311 ,795 2,460 22 Nov. 26 21 696 11 973 9 723 7 695 2,028 7 818 26 108 4,440 19,884 ,784 2,476 22 Dec 31 130 1? 376 9 754 7 678 2 076 8 419 77 309 4,965 70,504 ,840 505 22 1953—May 27 20 542 12 377 8 165 6 164 2,001 6 920 24 093 4,356 17,887 ,850 2,537 22 June 30 90 452 11 883 8 569 6 639 1 930 7 879 244 4 578 18,736 [,930 544 22 July 29P 21 742 11 914 9 828 7 838 1,990 6 751 25 205 4,336 18,994 ,875 2,546 22 Aug 26P 407 003 Q 404 7 380 2 024 6 655 706 4 267 18 605 1,834 550 22 Sept 30r .... 21 568 12 114 9 454 7 436 2,018 7 598 25 996 4,645 19,420 L.931 2.563 22 Oct. 28P 21 901 12 487 9 414 7 482 1,932 6 932 25 505 4 719 18 780 2,006 2,566 22 Nov 25P 21 926 12 290 9 636 7 704 1,932 7 085 25 462 4 713 18 723 2,026 2 573 22 Chicago: 1939—Dec 30 2 105 569 1 536 1 203 333 1 446 3 330 888 1,947 495 250 14 1941—Dec. 31 2 760 954 1 806 1 430 376 1 566 4 057 1 035 2,546 476 288 13 1945—Dec. 31 5 931 1 333 4 598 4 213 385 1 489 7 046 1 312 5 015 719 377 12 1947—Dec 31 s 088 1 801 3 287 890 397 1 739 6 402 1 217 4 273 913 426 14 1948—Dec 31 4 799 1 783 3 016 2 633 383 1 932 6 293 1 064 4 227 1,001 444 13 1949—Dec 31 s 424 1 618 3 806 3 324 482 1 850 6 810 1 191 4 535 1,083 470 13 1950—Dec. 30 5 569 2 083 3 487 2 911 576 2 034 7 109 1 228 4 778 1,103 490 13 1951—Dec. 31 5 731 468 3 264 2 711 552 2 196 7 402 1 307 4 952 1,143 513 13 1952— N jU o n v e 3 2 0 6 6 s 6 1 6 12 4 7 7 3 5 8 92 0 3 3 2 5 8 20 4 2 2 9 7 3 2 3 1 5 5 6 87 3 1 8 1 9 20 9 7 7 0 3 2 68 7 1 1 2 1 2 8 1 2 4 4 6 98 8 1 1 L 1, . 1 1 6 6 6 4 5 5 3 37 0 1 13 3 Dec 31 6 240 748 3 493 2 912 581 2 010 7 686 1 350 s 132 1,205 541 13 1953—May 27 560 2 595 2 965 2 426 539 2 014 6 947 1 137 4 625 1,185 545 13 June 30 5 627 2 552 3,075 2 529 546 2 058 7 119 1 216 4 696 1,207 551 13 July 29P .... 6 116 712 3 404 7 816 588 1992 7 397 1 201 S000 1,196 547 13 Aug. 26P 5 984 2 670 3,314 758 556 2 006 7 357 1 224 4 943 1,190 552 13 Sept 30r S973 7 609 3,364 804 560 083 7 338 1 278 4 855 1,204 557 13 Oct. 28P . . . 5 984 2 597 3,387 2 824 563 1,972 7 323 1 315 4 804 1,204 558 13 Nov. 25P 6 093 2 607 3,486 2 918 568 1,994 7 448 1 269 4 963 1,216 559 13 Reserve city member banks: 1939—Dec 30 12 272 5 329 6,944 5 194 1,749 6,785 17 741 3 686 439 1 616 1 828 346 1941—Dec 31 IS 347 7 105 8,243 6 467 1,776 8,518 77,313 4 460 047 4^806 1967 351 1945—Dec 31 40 108 8 514 ,594 79 552 2,042 11 286 49 085 6 448 3? 877 9 760 566 359 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5 649 29 395 11,423 2 844 353 1948—Dec 31 3S,332 14,285 ,047 18,594 2,453 13,317 4S,943 s 400 79 153 11,391 928 335 1949—Dec 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5 713 30 182 11,664 3 087 341 1950—Dec. 30 40,685 17,906 22,779 19,084 3,695 13,998 51,437 6 448 33 342 11,647 3 322 336 1 1 9 95 5 1 2 — — D Ju e n c e 3 3 1 0 43,0 6 9 9 1 4 1 19 9, ,7 6 4 5 5 1 73 , , 0 3 4 4 3 6 1 19 9 ,1 1 2 9 3 4 3 4 , 8 2 4 23 9 i 1 s 3,9 1 2 9 5 9 S S3 4 ,4 4 2 6 5 6 6 S 9 9 7 08 6 3 3 4 S2 7 1 64 8 1 1 2 2 , , 2 7 7 5 2 4 3 3 5 66 2 3 1 3 31 2 9 1 Nov. 26 46 104 71,677 74,477 70,127 4,350 14,585 S.S,923 6 278 .36 604 13,041 3 770 319 Dec 31 45,583 21,697 23,886 19,624 4,262 15,544 57,357 7 001 37 095 13,261 3 745 319 1953—May 27 .... 44,304 7?,138 7?,166 17,657 4,509 13,525 S3,279 s 593 34 113 13,573 3 844 321 June 30 44,352 ,150 77,201 17,756 4,446 14,447 S4 861 6 066 3S 052 13,743 3 874 321 July 29P 46,252 22,339 23,913 19,481 4,432 13,575 55,299 5 756 35 819 13,724 3 871 321 Aug. 26* 46,397 22,552 23,845 19,339 4,506 13,546 55,338 5,760 35 798 13,780 3 881 319 Sept 30r 4S,906 ,493 ,413 18,959 4,453 14,196 SS,713 6,233 3S,621 13,859 3 917 319 Oct. 28P 46,221 22,712 23,509 19,049 4,460 14,179 55,710 6,443 35,320 13,947 3 953 319 Nov. 25P 46,825 22,801 24,024 19,592 4,432 14,444 56,541 6,378 36 290 13,873 3,970 319 Country member banks: 1939—Dec. 30 10,224 4,768 S,456 .3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec 31 ,518 s,890 6,628 4 377 2,250 6 402 17 415 822 10,335 6 258 1 982 6 219 1945—Dec. 31 .... 3S,002 s,596 79,407 76,999 2,408 10,632 43,418 1,223 79,700 12,494 ,525 6,476 1947—Dec 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Dec. 31 ,219 1?,692 ?s,527 71,862 3,665 10,314 4S,534 1,001 79 771 14,762 3,305 6,513 1950—Dec 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—Dec 31 47,444 16,296 76,148 71,587 4,561 13,292 S?,288 1,309 3S,449 15 530 3 760 6 484 1952—June 30 43,037 17,133 25,904 21,206 4,698 12,087 51,571 1,083 34,414 16,075 3,873 6,461 Nov. 26 45,652 18,091 27,561 22,731 4,830 12,373 54,079 1,181 36,537 16,361 3,967 6,447 Dec. 31 45,594 18,213 27,381 22,549 4,832 13,281 55,175 1,301 37,289 16,585 3,970 6,444 1953—May 27 45,516 18,896 26,620 21,735 4,885 11,477 52,890 997 34,834 17,059 4,074 6,415 June 30 45,359 19,028 26,330 21,394 4,936 12,083 53,606 1,073 35,295 17,237 4,101 6,409 July 29P 46,436 19,163 27,273 22,365 4,908 11,565 54,013 1,025 35,661 17,327 4,113 6,406 Aug. 26P 46,610 19,266 27,344 22,382 4,962 11,523 54,106 1,027 35,649 17,430 4,133 6,405 Sept. 30 r 46,739 19,417 27,322 22,306 5,016 12,041 54,756 1,081 36,155 17,521 4,213 6,399 Oct. 28P 46,944 19,619 27,325 22,308 5,017 12,085 54,915 1,133 36,118 17,664 4,222 6,398 Nov. 25P 47,455 19,767 27,688 22,631 5,057 12,252 55,577 1,160 36,920 17,497 4,242 6,393 2Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 48 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b t a e nk Total Loans Total G o m U o b v l . e i e g n S r a t . n - - O s ri e t t c h ie u e s - r a C ss a e s t h s ] Total i b In a t n e k r ^ - m D a e n - d Time a c c T a c p o o t i u t a a n l l ts N b u a m o n f k b s er tions All insured commercial banks: 1941 — Dec. 31 ... 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945- Dec 31 ... 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1950—Dec. 30 124,822 51,723 73,099 60,986 12,113 39,821 153,288 13,744 103,499 36,045 11,263 13,432 1951- Dec. 31 130,820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13,439 1952—Dec. 31 139,770 63,632 76,138 62,308 13,831 44,222 170,971 14,990 115,371 40,610 12,563 13,422 1953—June 30 136,144 64,522 71,622 57,667 13,955 40,756 163,650 13,242 108,222 42,186 12,950 13,417 National member banks: 1941 -Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69.312 13.925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1950—Dec. 30 ,. 72,090 29,184 42,906 35,587 7,320 23,763 89,281 9,133 60,251 19,897 6,313 4,958 1951—Dec 31 .. 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4,939 1952—Dec. 31 80,180 36,004 44,176 35,835 8,341 26,333 98,974 9,918 66,362 22,694 7,042 4,909 1953—June 30. . . . 77,848 36,420 41,428 32,958 8,471 24,279 94,475 8,594 62,364 23,516 7,221 4,874 State member banks: 1941—-Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 411 32,334 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 993 27,449 9,062 3,055 1,918 1950 Dec. 30 ... 35,334 15,521 19,813 16,778 3,035 11,762 43,808 315 30,055 9,438 3,381 1,915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 637 32,491 9,715 3,565 1,901 1952—Dec. 31 39,367 19,030 20,337 16,928 3,409 12,922 48,553 699 33,658 10,196 3,719 1,889 1953—June 30 37,941 19,194 18,748 15,361 3,387 12,188 46,355 4,339 31,415 10,601 3,850 1,891 Insured nonmember commercial banks: 1941 -Dec. 31 . 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945- Dec. 31 14,639 2,992 11.647 10.584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1950—Dec. 30 ... 17,414 7,023 10,391 8,632 1,759 4,299 20,216 297 13,194 6,726 1,570 6,562 1951—Dec. 31 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7,144 1,686 6,602 1952—Dec. 31 20,242 8,605 11,638 9,556 2,081 4,970 23,464 373 15,351 7,740 1,804 6,627 1953—June 30 20,375 8,915 11,460 9,361 2,099 4,292 22,841 309 14,443 8,090 1,882 6,655 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 ... 2,211 318 1,893 1,693 200 514 2.452 181 1.905 365 279 7J4 1947—Dec. 31* 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1950—Dec. 30 ... 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—Dec. 31 ... 1,789 490 1,299 991 308 469 1,932 308 1,235 388 314 650 1952—Dec. 31 1,854 531 1,322 1,010 312 444 1,960 329 1,229 402 326 624 1953—June 30 1,813 504 1,310 977 332 400 1,880 356 1,130 395 325 592 All nonmember commercial banks: 1941—Dec. 31. 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec. 31. 16,849 3,310 13,539 12,277 1,262 4.962 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31 2. .. 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 261 1950— Dec. 30 ... 19,267 7,550 11,718 9,672 2,040 4,767 22,193 591 14,417 7,184 1,897 251 1951—Dec. 31 . . .. 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 7,252 1952—Dec. 31 22,096 9,136 12,960 10,567 2,393 5,414 25,424 702 16,580 8,142 2,129 7,251 1953—June 30 22,188 9,419 12,769 10,339 2,431 4,691 24,722 665 15,572 8,485 2,207 7,247 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 14 12,192 1,252 194 1950—Dec. 30 15,101 6,086 9,015 7,487 1,528 617 14,320 19 14,301 1,513 194 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 23 15,343 1,678 202 1952—Dec. 31 17,621 8,691 8,930 6,593 2,337 732 16,785 30 16,753 1,730 206 1953—June 30 18,610 9,325 9,284 6,642 2,642 692 17,695 35 17,657 1,771 213 Noninsured mutual savings banks: 1941—Dec. 31 8,687 259 4,428 3,075 1,353 642 8,744 8,738 1,077 1945—Dec. 31 5.361 198 4,163 3,522 641 180 022 5,020 558 350 1947—Dec. 31 » 5,957 384 4,573 3,813 760 211 556 5,553 637 339 1950—Dec. 30 6,245 050 4,194 3,380 814 180 711 5,708 734 335 1951—Dec. 31 6,069 2,339 3,730 2,897 833 191 5,547 5,544 729 327 1952—Dec. 31 6,382 2,658 3,724 2,829 895 187 5,836 5,833 749 323 1953—June 30 6,515 2,766 3,749 2,822 927 175 5,933 5,931 745 315 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. JANUARY 1954 49 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Cla c s a s l a l o n d d f a b te ank i m T n l a o v o e n a e n t d n s a t s t l s - Total1 C c o m m c k i l i p o i n u n a e e a e m g d - r r t l n , - - - - A c t g u a u r l r l i - - - b o p L s T e r r u o e r o o r c s c k c a a u - h n r r a s r i y o t s f T i i i t o e n n h o s r g g - l R t o e a a e s t n a - e l s O u v i d t t a i n o h i d l - - e s - r O lo t a h n e s r Total Total U. B S il . l s Go C o c v e f a e r r t t i e i n n f D s m i - - ir e e N n c t o t t o e b s lig B at o i n o d n s s G t a e u n e a - d r- S O p s t a i t g u i b o c r O a n o a » a l b l t I f d i - i n e l - - t s s - w s ri t e t n c i e e u r s pa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:2 1947—Dec. 31... 116,284 38,057 18,167 1,660 830 1,220 9,393 5,723 1,063 78,226 69,221 2,193 7,789 6,03453,191 145,2763,729 1950—Dec. 30...126,675 52,249 21,9272,905 1,802 1,057 13,541 10,120 1,573 74,426 62,027 4,236 1,969 17,03338,778 118,118 4,281 1951—Dec. 31... 132,610 57,746 25,8793,408 1,581 980 14,580 10,451 1,681 74,863 61,524 7,337 7,657 11,40835,101 21 9,198 4,141 1952—Dec. 31... 141,624 64,163 27,871 3,9192,060 1,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 1953—June 30. . .137,957 65,025 27,4183,675 1,719 1,074 16,231 14,111 1,737 72,932 58,644 5,050 5,092 11,25937,212 32 10,5333,754 All insured commercial banks: 1941—Dec. 31... 49,290 21,259 9,214 1,450 614 662 4,773 4,J45 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31... 121,809 25,765 9,461 1,314 3,1643,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321 22 3,873 3,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1950—Dec. 30... 124,822 51,723 21,7762,823 1,789 1,036 13,389 10,049 1,534 73,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31... 130,820 57,256 25,7443,321 1,571 960 14,450 10,378 1,645 73,564 60,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—Dec. 31... 139,770 63,632 27,7393,805 2,050 1,082 15,572 12,603 1,683 76,138 62,308 7,622 5,494 11,71437,456 22 9,9773,854 1953—June 30. .. 136,144 64,522 27,2823,594 1,704 1,051 16,100 14,025 1,702 71,622 57,667 4,927 5,000 11,11936,589 32 10,3023,653 Member banks, total: 1941—Dec. 31... 43,521 18,021 8,671 972 594 598 3,494 3,( 92 25,500 19,539 971 3,007 11,7293,832 3,090 2,871 1945—Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,254 2,815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1950—Dec. 30... 107,424 44,705 20,521 l.J$081,770 927 10,522 8,314 1,438 62,719 52,365 3,665 1,468 14,05433,170 86,6403,714 1951—Dec. 31... 112,247 49,561 24,347 2,140 1,551 851 11,334 8,524 1,535 62,687 51,621 6,399 6,010 9,59629,601 15 7,5283,538 1952—Dec. 31... 119,547 55,034 26,2322,416 2,032 966 12,21410,396 1,577 64,514 52,763 6,565 4,255 9,83532,087 198,4093,342 1953—June 30... 115,789 55,613 25,7632,:5341,687 933 12,628 11,612 1,585 60,176 48,318 4,064 3,807 9,24231,176 29 8,6803,178 Sept. 30... 120,185 56,633 26,025 2,:$681,783 898 12,840 11,819 1,732 63,552 51,506 4,171 8,602 10,90927,793 30 8,9023,145 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 8 412 169 123 514 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 31... 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9,771 638 604 1950—Dec. 30... 20,612 9,729 6,328 1,421 285 442 930 460 10,883 8,993 824 250 1,711 6,206 2 1,123 767 1951—Dec. 31... 21,379 11,146 7,852 1,219 262 514 920 551 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—Dec. 31... 22,130 12,376 8,680 1,531 286 386 1,136 539 9,754 7,678 1,079 233 1,170 5,195 11,453 623 1953—June 30... 20,452 11,883 8,345 i 1,274 237 406 1,285 517 8,569 6,639 789 203 1,035 4,611 2 1,318 612 Sept. 30... 21,568 12,114 8,475 11,383 211 395 1,275 558 9,454 7,436 828 1,132 1,143 4,331 11,422 596 Chicago:3 1941—Dec. 31... 2,760 954 732 6 48 52 22 <6 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1950—Dec. 30... 5,569 2,083 1,567 9 110 69 65 207 87 3,487 2,911 232 131 700 1,847 335 242 1951—Dec. 31... 5,731 2,468 1,977 16 94 63 70 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—Dec. 31... 6,240 2,748 2,080 14 239 66 67 211 120 3,493 2,912 407 224 607 1,674 384 197 1953—Tune 30. .. 5,627 2,552 1,992 7 142 71 70 235 90 3,075 2,529 147 235 551 1,596 375 170 Sept. 30... 5,973 2,609 2,041 6 145 71 68 242 89 3,364 2,804 119 541 686 1,458 384 176 Reserve city banks: 1941—Dec. 31... 15,347 7,105 3,456 500 114 194 1,527 1,5 12 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 ]205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1947—Dec. 31... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1950—Dec. 30... 40,685 17,906 8,646 $92 207 386 4,423 3,498 603 22,779 19,084 1,218 499 5,536 11,830 12,184 1,511 1951—Dec. 31... 42,694 19,651 10,140 K513 203 347 4,651 3,518 572 23,043 19,194 2,524 2,493 3,640 10,528 82,458 1,390 1952—Dec. 31... 45,583 21,697 10,842 501 218 422 5,099 4,347 595 23,886 19,624 2,387 1,774 3,854 11,594 142,934 1,328 1953—June 30... 44,352 22,150 10,609 i169 229 424 5.270 4.849 645 22,201 17,756 1,344 1,453 3,542 11,393 23 3,184 1,262 Sept. 30... 45,906 22,493 10,718 i177 203 409 5,358 4,922 751 23,413 18,959 1,167 3,494 4,335 9,939 24 3,220 1,233 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 t559 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 <S48 42 471 1,881 707 36329,407 26,999 630 '5,i02 4,544 16,713 9 1,342 1,067 1947—Dec. 31... 36,324 10,199 3,096 i318 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1950—Dec. 30... 40,558 14,988 3,980 i,<107 33 187 5,591 3,679 288 25,570 21,377 1,390 588 6,107 13,287 52,998 1,194 1951—Dec. 31... 42,444 16,296 4,377 i,(510 35 178 6,099 3,906 303 26,148 21,587 2,418 2,568 4,008 12,587 53,334 1,227 1952—Dec. 31... 45,594 18,213 4,630 i ^<?01 43 191 6.662 4,702 322 27,381 22,549 2,692 2.024 4,204 13,625 43,639 1,194 1953—June 30... 45,359 19.028 4.817 I!757 41 201 6.883 5.243 334 26,330 21,394 1,784 1.916 4.114 13,576 43,802 1,134 Sept. 30... 46,739 19,417 4,790 i, 383 52 206 7,018 5,379 334 27,322 22,306 2,056 3,436 4,745 12,065 53,876 1,141 All nonmember banks:2 1947—Dec. 31... 18,454 5,432 1,205 514 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 41,078 625 1950—Dec. 30... 19,267 7,550 1,405 i,(D96 31 130 3,024 1,807 134 11,718 9,672 571 501 2,979 5,618 31,478 567 1951—Dec. 31... 20,380 8,192 1,533 i,:268 30 130 3,252 1,927 146 12,189 9,914 939 1,647 1,812 5,510 61,671 604 1952—Dec. 31... 22,096 9,136 1,639 i,.503 29 137 3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000 31,781 613 1953—June 30. .. 22,188 9,419 1,655 I,-*141 32 141 3,610 2.499 151 12,769 10,339 987 1,285 2,017 6,047 31,855 576 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 50 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B e s w e R e R d a r r i e n v e e t v - r - h k e e a s s l v C a i a n u s l h t b m a a w B n d e n i a o c s k t l - e t h - s i s c * ju p m D o s a d a t d e s e e n i - - - t d d s 6 m D e I s n d o t - e t ic e p 4 r o b s a F i e n t i o s g k r n - U m G er . o e n n v S - t - . p v s S o i u a t l s a b i n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f t n c e f c r r i d k s t d . - i ' s - , p a v n a s p i t I h d i d r n o o t i u d r n p c n a a i e o s s - l - , r s r - - , I b n a t n e k r- P U m G S i e a n o a r n . o e g s n v d n v S t s - - a t - . l v s S p i a u i s o t c n i b a l a o d i t d l t n e i - s s - p a v n s a p t i I h d i d r n o o t i u d r n p n c a a i e o s s - - l , r r s - - r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All commercial banks:2 1947—Dec. 31.. 17,796 2,216 10,216 87,12311,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1950—Dec. 30.. 17,458 2,174 10,863 92,282 12,102 1,476 2,806 8,012 2,918 90,986 462 189 1,384 34,930 90 11,590 1951—Dec. 31.. 19,911 2,697 11,969 98.24313.123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31.. 19,809 2,753 11,875101,50613,109 1,465 4,941 8,910 2,956 99,793 744 , 346 1,620 39,046 188 12,888 1953—June 30. . 19,446 2,590 10,233 96,892 11,409 1,343 3,634 9,350 2,449 93,918 846 336 1,731 40,514 113 13,275 All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,72212,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1950—Dec. 30.. 17,458 2,145 10,463 91,099 11,955 1,442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 1951—Dec. 31.. 19,911 2,665 11,561 97,04812,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec. 31.. 19,809 2,720 11,489100,32912,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—June 30. . 19,446 2,559 9,885 95,79511,241 1,305 3,620 9,211 2,431 92,961 696 336 1,675 40,176 103 12,950 Member banks, total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,18412,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1950—Dec. 30.. 17,459 1,643 6,868 78,37011,669 1,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31.. 19,912 2,062 7,463 83,10012,634 1,369 3,101 6,666 2,961 83,240 422 257 1,238 29,128 26 10,218 1952—Dec. 31.. 19,810 2,081 7,378 85,54312,594 1,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—June 30.. 19,448 1,956 6,378 81,77410,947 1,300 3,378 7,403 2,256 80,741 686 310 1,395 32,412 75 11,070 Sept. 30. . 19,215 2,010 6,323 82,17711,153 1,341 5,555 6,989 2,375 81,132 744 310 1,380 32,825 591 11,251 New York City:* 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1950—Dec. 30.. 4,693 118 78 15,898 3,207 L.162 451 258 1,087 17,490 268 37 37 1,647 70 2,351 1951—Dec. 31. . 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Dec. 31.. 5.059 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—June 30.. 5,204 127 49 15.384 2,979 1,059 887 333 899 16,617 540 50 39 1,841 8 2.544 Sept. 30. . 4,885 135 49 15,221 2,969 1,089 1,694 332 1,012 16,381 587 49 37 1,844 2 2,563 Chicago:* 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31. . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1950—Dec. 30.. 1,216 30 133 3,954 1,177 48 174 284 70 4,250 3 3 10 1,089 490 1951—Dec. 31.. 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—Dec. 31.. 1,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—June 30.. 1,318 31 123 3.913 1,175 33 201 320 53 4,123 8 3 10 1,194 551 Sept. 30. . 1,367 28 113 3,914 1,233 37 368 301 61 4,125 8 3 10 1,191 "l33 557 JReserve city banks: 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 4950—Dec. 30. . 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 10,956 3,322 1951—Dec. 31. . 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 1952—Dec. 31. . 7,788 651 2,419 30,609 6,662 230 1,814 2,693 791 31,798 109 105 739 12,417 8 3,745 1953—June 30.. 7,420 609 2,150 29,444 5,744 197 1,358 2,866 636 30.192 124 103 794 12,847 17 3,874 Sept. 30. . 7,499 626 2,071 29,578 5,895 202 2,063 2,489 638 30,432 136 103 775 12,980 354 3,917 ^Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2.934 1950—Dec. 30.. 4,745 976 4,450 30,581 1,111 10 922 3,282 715 27,980 12 82 443 14,339 9 3,532 1951—Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—Dec. 31. . 5,820 1,250 4,706 34,519 1,278 11 1,267 3,772 777 31,473 13 152 525 15,908 25 3,970 1953—June 30.. 5.505 1,189 4,057 33.033 1,049 11 932 3.885 668 29,810 14 154 553 16,531 49 4,101 Sept. 30. . 5,465 1,221 4,090 33,463 1,055 12 1,429 3,868 664 30,193 14 154 557 16,810 103 4,213 AH nonmember banks:2 1947—Dec. 31.. 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1950—Dec. 30. . 532 3,996 13,912 432 38 283 1,612 195 12,326 120 7 263 6,915 11 1,897 1951—Dec. 31. . 635 4,507 15,144 489 44 258 1,761 205 13,426 128 22 298 7,213 8 1,999 1952—Dec. 31 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 1953—June 30 635 3,856 15,118 462 43 256 1,946 193 13,177 160 27 335 8,123 38 2,207 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 4Begmning 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. 5Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JANUARY 1954 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments For purchasing or carrying securities U. 3. Government obligations Com- Total merloans cial, To brokers Date or month in a v n e d st- Total1 i t n r d ia u l s , - and dealers To others e R st e a a t l e Lo to ans Other Total C ti e fi r - - O se th c e u r ments and loans banks loans cates rities agri- U. S. Other U.S. Other Total Bills of in- Notes Bonds2 cul- Govt. se- Govt. se- debttural t l i o i o g b n a - - s c t u ie r s i- l t o i i g o b a n - - s c t u ie r s i- n e e d s - s Total- Leading Cities 1952—December.. 79,570 38,944 23,352 1,744 764 6,086 431 7,14540,626 33,232 4,421 2,470 6,078 20,263 7,394 1953—October. . . 79,157 40,109 23,190 1,653 730 6.420 771 7,966 39,048 31,515 2,180 5,466 6,619 17,2507 533 November. 80,204 40,399 23,309 1,895 753 6,448 642 7.97339,805 32,362 2,274 5,442 6,760 17,8867,443 December.. 80,832 40,573 23,217 2,045 791 6,464 691 7,98740,259 32,798 2,509 5,351 6,424 18,5147,461 Oct. 7... 79,115 40,174 23,146 1,792 734 6,398 772 7,95338,941 31,359 2,097 5,446 6,571 17,245 7,582 Oct. 14. .. 78,902 40,037 23,201 1,696 732 6,418 656 7,95538,865 31,319 2,013 5,438 6,625 17,2437,546 Oct. 21. .. 79,072 39,929 23,112 1,460 728 6,425 850 7,97539,143 31,588 2,222 5,477 6,625 17,264 7,555 Oct. 28. .. 79,538 40,294 23,301 1,663 724 6,438 806 7,98339,244 31,795 2,388 5,502 6,654 17,251 7,449 Nov. 4... 79,413 40,224 23,315 1,847 720 6,427 555 7,982 39,189 31,652 2,236 5,485 6,680 17,251 7,537 Nov. 11. .. 80,494 40,650 23,340 2,003 773 6,445 735 7,97539,844 32,448 2,152 5,424 6,723 18,1497,396 Nov. 18. .. 80,540 40,511 23,377 1,861 755 6,457 718 7,96540,029 32,605 2,308 5,460 6,750 18,0877,424 Nov. 25... 80,371 40,210 23,205 1,869 762 6,462 561 7,97140,161 32,745 2,399 5,401 6,886 18,059 7,416 Dec. 2... 80,522 40,268 23,134 1,877 748 6,449 703 7,97840,254 32,792 2,394 5,399 6,458 18,541 7,462 Dec. 9... 80,386 40,311 23,081 1,947 753 6,458 724 7,9704C.075 32,668 2,350 5,363 6,430 18,525 7,407 Dec. 16. .. 81,058 40,560 23,130 2,135 757 6,473 714 7,97340,498 33,036 2,745 5,348 6,439 18,5047,462 Dec. 23... 80,896 40,707 23,361 2,016 827 6,461 670 7,99540,189 32,696 2,489 5,344 6,380 18,4837,493 Dec. 30... 81,302 41,020 23,380 2,248 868 6,481 646 8,01940,282 32,800 2,569 5,303 6,411 18,517 7,482 New York City 1952—December.. 21,972 12,306 8,726 368 981 37 223 387 244 1,523 9,666 7,620 1,117 240 1,137 5,126 2,046 1953—October. . . 21,663 12,398 8,543 277 996 30 190 393 522 1.633 9.265 7,248 734 1,139 1,123 4 2522,017 November. 21,884 12,466 8,554 4201,039 41 200 391 375 1,633 9,418 7,473 719 1,144 1,177 4,433 1,945 December.. 22,182 12,569 8,468 4501,117 49 215 392 423 1,642 9,613 7,641 865 1,137 1,136 4,503 1,972 Oct. 7... 21,727 12,438 8,541 3311,060 27 195 390 456 1,625 9,289 7,248 729 1,114 1,129 4,276 2,041 Oct. 14. .. 21,376 12,303 8,555 307 994 36 183 393 389 1,632 9,073 7,033 571 1,112 1,112 4,238 2.040 Oct. 21... 21,666 12,324 8,512 163 934 30 189 395 646 1,641 9,342 7,294 789 1,148 1,121 4,236 2,048 Oct. 28... 21,883 12,526 8,564 305 995 28 192 396 598 1,635 9,357 7,418 846 1,184 1,129 4,259 1,939 Nov. 4... 21,499 12,240 8,567 3711,006 29 189 388 249 1,628 9,259 7,291 712 1,164 1,139 4,276 1,968 Nov. 11. .. 22,136 12,714 8,574 4751,078 45 213 390 490 1,636 9,422 7,489 640 1,147 1,169 4,533 1.933 Nov. 18. .. 22,014 12,591 8,580 4401,042 44 196 394 442 1,640 9,423 7,480 710 1,125 1,172 4,473 1.943 Nov. 25... 21,889 12,320 8,496 3921,030 45 204 394 318 1,628 9,569 7,632 816 1,138 1,229 4,449 1,937 Dec. 2... 21,965 12,381 8,447 3941,033 45 191 390 437 1,631 9,584 7,641 829 1,136 1,146 4,530 1,943 Dec. 9... 21,940 12,386 8,423 4621,034 48 191 395 382 1,638 9,554 7,630 817 1,164 1,162 4,487 1,924 Dec. 16. .. 22,411 12,717 8,465 4311,281 47 195 397 448 1,640 9,694 7,708 950 1,129 1,152 4,477 1,986 Dec. 23... 22,010 12,448 8,473 4091,095 48 246 391 322 1,651 9,562 7,561 800 1,154 1,111 4,496 2,001 Dec. 30. .. 22,584 12,914 8,530 5541,142 59 253 385 527 1,653 9,670 7,663 928 1,101 1,108 4,526 2,007 Outside New York City 1952—December.. 57,598 26,638 14,626 395 504 5,699 187 5,622 30,960 25,612 3,304 2,230 4,941 15,1375,348 1953—October. . . 57,494 27,711 14,647 380 510 6,027 249 6,333 29,783 24,267 1.446 4,327 5 4961?998 5,516 November. 58,320 27,933 14,755 436 512 6,057 267 6,34030,387 24,889 1,555 4,298 5,583 13,4535,498 December.. 58,650 28,004 14,749 478 527 6,072 268 6,345 30,646 25,157 1,644 4,214 5,288 14,0115,489 Oct. 7... 57,388 27,736 14,605 401 512 6,008 316 6,328 29,652 24,111 1,368 4,332 5,442 12,969 S.541 Oct. 14. .. 57,526 27,734 14,646 395 513 6,025 267 6,32329,792 24,286 1,442 4,326 5,513 13 0055 506 Oct. 21. .. 57,406 27,605 14,600 363 509 6,030 204 6,334 29,801 24,294 1,433 4,329 5,504 13,0285,507 Oct. 28... 57,655 27,768 14,737 363 504 6,042 208 6,348 29,887 24,377 1,542 4,318 5,525 12,992 5,510 Nov. 4... 57,914 27,984 14,748 470 502 6,039 306 6,354 29,930 24,361 1,524 4,321 5,541 12,9755,569 Nov. 11... 58,358 27,936 14,766 450 515 6,055 245 6,339 30,422 24,959 1,512 4,277 5,554 13,6165,463 Nov. 18. .. 58,526 27,920 14,797 379 515 6,063 276 6,32530,606 25,125 1,598 4,335 5,578 13,6145,481 Nov. 25... 58,482 27,890 14,709 447 513 6,068 243 6,34330,592 25,113 1,583 4,263 5,657 13,6105,479 Dec. 2... 58,557 27,887 14,687 450 512 6,059 266 6,347 30,670 25,151 1,565 4,263 5,312 14,0115,519 Dec. 9... 58,446 27,925 14,658 451 514 6,063 342 6,332 30,521 25,038 1,533 4,199 5,268 14,0385,483 Dec. 16. .. 58,647 27,843 14,665 423 515 6,076 266 6,333 30,804 25,328 1,795 4,219 5,287 14,0275,476 Dec. 23... 58,886 28,259 14,888 512 533 6,070 348 6,344 30,627 25,135 1 ,689 4,190 5,269 13,987 5,492 Dec. 30... 58,718 28,106 14,850 552 556 6,096 119 6,366 30,612 25,137 1,641 4,202 5,303 13,9915,475 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. 2Includes guaranteed obligations. For other footnotes see opposite page. 52 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e n a t d v - h l k - e s v C a i a n u s l h t b m a w a n d e o n i c s t - e k h ti s s c j m p u o d a s a e t d s n e - i - t d d s 3 s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s a t i i o u i c a o n v b l a t n d i - i e l t s - - s c C h c o f a e e e e f i t n f e c c r r i d . t d k s - i ' s - , U m G er . o e n n v S - t - . s p p u n v c h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o u t i c o n a v b l a n d i t - i l t e - s - s P U m G S i e a o n r a . n o e s g n v d n v t S s - a - t - . l m D t e i D o s c - - eman F ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u a c p n l - - ts tions tions Total- Leading Cities 1 952—December 15,412 1,027 2,60655,67657,536 3,601 1,805 3,413 16,401 761 196 11,045 1,366 582 1,329 7 234 1953—October 14,195 975 2,64753,732 55,491 3,569 1,686 2,899 17,339 839 189 10,869 1,253 832 796 7 526 November 14,529 978 2,54953,91955,539 3,657 1,768 3,540 17,354 860 19010,874 1,275 936 1,069 7,569 December 14,583 1,048 2,69155,50357,022 3,778 1,802 2,683 17,438 919 19011,128 1,289 987 872 7,566 Oct. 7 14,094 925 2,516 52,961 53,847 3,684 1,831 3,662 17,289 795 18910,693 1,248 781 841 7,515 Oct. 14 14,254 1,018 2,80553,307 56,446 3,425 1,728 3,039 17,324 839 18811,322 1,229 829 673 7,511 Oct 21 14,272 954 2,65053,968 55,706 3,555 1,526 2,549 17,371 856 18910,837 1,264 840 821 7 532 Oct. 28 14,160 1,004 2,617 54,692 55,965 3,612 1,660 2,346 17,374 865 18710,622 1,273 878 849 7,544 Nov. 4 . . 14,483 948 2,49354,005 55,408 3,725 1,851 2,369 17,400 864 18710,913 1,279 904 1,167 7,568 Nov. 11 14,280 1,002 2,55953,67555,132 3,670 1,805 3,859 17,405 857 19111,008 1,254 943 895 7,573 Nov. 18 14,749 985 2,65953,697 55,771 3,540 1,892 4,165 17,305 855 19111,153 1,277 944 1,115 7,564 Nov. 25 14,604 975 2,48354,302 55,845 3,696 1,525 3,768 17,307 865 189 10,421 1,290 953 1,098 7,570 Dec. 2 14,235 982 2,56854,37655,727 3,685 1,733 3,410 17,311 882 19010,792 1,310 960 916 7,577 Dec 9 14,494 1,089 2,42455,15956,236 3,607 1,700 2,406 17,366 918 18910,680 1,300 980 1,235 7 573 Dec. 16 14,821 1,067 2,77956,08558,121 3,731 1,803 2,412 17,431 923 190 11,475 1,286 990 754 7,557 Dec 23 14,665 1,034 2,70955,679 57,210 3,902 1,604 2,595 17 486 940 191 11,124 1,259 1,003 887 7 550 Dec. 30 14,701 1,066 2,972 56,217 57,817 3,963 2,170 2,594 17 596 932 190 11,568 1,292 1,000 567 7 572 New York City 1952—December 5,307 174 45 16,508 17,625 305 897 1,098 1,665 31 57 3,059 1,113 458 482 2 457 1953—October 4,678 154 42 15,543 16,485 368 867 1,090 1,786 88 49 2,986 1,016 668 185 2,536 November 4,874 164 4115,490 16,518 347 873 1,257 1,798 116 51 2,980 1,032 763 377 2,546 December 4,778 183 4816,026 17,116 267 864 800 1,862 126 53 3,098 1,033 803 355 2,532 Oct. 7 4,715 147 3915,431 15,996 438 1,051 1,366 1,791 40 49 2,948 1,010 625 252 2,539 Oct. 14 4,671 165 4315,218 16,613 344 868 1,129 1,776 89 49 3,068 990 665 136 2,536 Oct. 21 4,654 146 45 15,604 16,521 390 705 967 1,790 106 49 2,970 1,024 672 189 2,536 Oct. 28 4,672 159 4015,920 16,809 301 843 898 1,789 116 49 2,957 1,040 709 164 2,533 Nov. 4 4,984 161 3715,575 16,660 363 1,004 861 1,788 117 49 2,983 1,041 734 429 2 548 Nov. 11 4,696 166 38 15,461 16,374 355 924 1,457 1,817 114 50 2,995 1,015 770 258 2,549 Nov. 18 4,990 156 45 15,437 16,519 324 914 1,441 1,782 118 52 3,059 1,033 770 406 2 548 Nov. 25 4,826 171 4315,487 16,520 346 651 1,270 1,803 117 52 2,882 1,040 778 415 2,539 Dec 2 4,719 165 4915,682 16,719 267 764 1,141 1,795 121 52 2,948 1,056 778 268 2 542 Dec 9 4,794 197 40 15,934 16,880 246 857 762 1,838 126 52 2,856 1,043 800 515 2,534 Dec 16 ... 4,903 194 48 16,310 17,436 267 804 673 1,871 126 53 3,217 1,029 808 425 2 530 Dec. 23 4,752 184 4715,929 16,956 275 746 717 1,891 129 53 3,106 1,004 817 328 2,527 Dec. 30 4,722 175 5616,273 17,588 279 1,149 707 1,913 129 53 3,363 1,033 814 241 2,528 Outside New York City 1952—December . . 10,105 853 2,56139,16839,911 3,296 908 2,315 14,736 730 139 7,986 253 124 847 4 777 i953—October 9,517 821 2,60538,18939,006 3,201 819 1,809 15,553 751 140 7,883 237 164 611 4,990 November 9,655 814 2,50838,42939,021 3,310 895 2,283 15,556 744 139 7,894 243 173 692 5,023 December 9,805 865 2,64339,477 39,906 3,511 938 1,883 15,576 793 137 8,030 256 184 517 5 034 Oct 7 9,379 778 2,47737,53037,851 3,246 780 2,296 15,498 755 140 7,745 238 156 589 4 976 Oct. 14 9,583 853 2,76238,08939,833 3,081 860 1,910 15,548 750 139 8,254 239 164 537 4,975 Oct. 21 9,618 808 2,60538,36439,185 3,165 821 1,582 15,581 750 140 7,867 240 168 632 4 996 Oct. 28 9,488 845 2,57738,772 39,156 3,311 817 1,448 15,585 749 138 7,665 233 169 685 5,011 Nov. 4 9,499 787 2,45638,43038,748 3,362 847 1,508 15,612 747 138 7,930 238 170 738 5,020 Nov. 11 9,584 836 2,521 38,21438,758 3,315 881 2,402 15,588 743 141 8,013 239 173 637 5,024 Nov 18 9,759 829 2,614 38,26039,252 3,216 978 2,724 15,523 737 139 8,094 244 174 709 5 016 Nov. 25 9,778 804 2,44038,81539,325 3,350 874 2,49815,504 748 137 7,539 250 175 683 5,031 Dec. 2 9,516 817 2,519 38,69439,008 3,418 969 2,269 15,516 761 138 7,844 254 182 648 5,035 Dec 9 9,700 892 2,38439,22539,356 3,361 843 1,644 15,528 792 137 7,824 257 180 720 5,039 Dec. 16 9,918 873 2,73139,77540,685 3,464 999 1,739 15,560 797 137 8,258 257 182 329 5,027 Dec. 23 9,913 850 2,66239,75040,254 3,627 858 1,878 15,595 811 138 8,018 255 186 559 5,023 Dec. 30 9,979 891 2,91639,94440,229 3,684 1,021 1,887 15,683 803 137 8,205 259 186 326 5,044 3Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. 53 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY 1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. Period* t l o F iq b a o n u a o d c o d c r , , o a T l p e e a a p x t n a t h d i r l e e e r l s , , p m e M r t m r ( a r y o a i e a c e n d n t a n h t c d u a a n s i l l c l n . . s d t - s ch r P l e u c e a e m o u b n t a m b r i d l c o e , , a - r l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i o i u i a l o n r b i n n c t t l i a s l i ) e . - c - s s C t ti r o o u n n c - - bu t o y s A t o i p h n l f l e e e s r ss c c h l N f a a i n e s e d g s t i e - s ch t i a a o n a g n t n d r g a d ' ' l e l l , . ' — equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June.. . -868 —73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec 754 -40 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-June. . . -621 151 446 -10 95 208 -632 -90 84 18 -8 -360 -593 July-Dec.. . . 501 -101 -351 102 -54 1 380 -138 18 -23 98 433 583 Monthly: 1953—July -119 34 -50 -21 11 -16 25 36 -17 -5 9 -113 -154 Aug 89 33 -13 18 7 -5 -11 -60 76 19 50 201 248 Sept 248 -14 -159 39 -4 55 68 -29 -13 -5 26 212 212 Oct 124 -63 -20 14 —9 84 165 -199 23 -9 3 113 198 Nov 73 -57 -25 7 -21 67 81 -56 -72 -1 -22 -25 -96 Dec 86 -35 -85 46 -38 -185 53 170 21 -21 32 45 175 Week ending: Oct. 7.... 52 8 1 1 13 34 -67 18 -4 -2 54 43 Oct. 14 41 " -17" 5 14 -4 35 39 -23 -31 4 -3 59 55 Oct. 21 15 -28 -21 3 -4 16 45 -74 15 -7 -12 -52 -89 Oct. 28.... 16 -18 -12 -4 -2 21 48 -36 21 -3 21 52 189 Nov. 4 5 -12 -11 -6 -6 17 36 19 -15 -9 18 14 Nov. 11.... 32 -10 2 11 Q 36 16 -25 -27 1 27 25 Nov. 18. ... 36 -19 13 3 -3 15 11 -21 -17 5 15 38 37 Nov. 25. . i -17 -28 -3 i 19 -28 -13 -5 -30 -107 -172 Dec. 2.... 27 -12 -21 13 -13 -27 7 22 -22 -13 -4 -43 -71 Dec. 9.... 23 -4 14 i 3 -21 14 -25 -21 y -2 -26 -53 Dec. 16. ... 53 -11 -5 9 -12 -25 18 -1 38 6 9 78 49 Dec. 23 -3 -4 -37 -5 -4 -28 13 45 12 — 6 11 -6 231 Dec. 30.... -14 -4 -36 31 -11 -85 1 130 14 -2 18 43 19 1Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. 3Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month p o a u p t e - r Total Accepting banks G s o h o ip d p s e s d t o b re e d tw i e n e o n r standing1 sta o n u d t i - ng Total O bi w ll n s bo B u il g ls ht Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x t n r p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e Unite p d oints F in oreign States countries 1947—December 287 261 197 88 109 64 159 63 3 25 11 1948—December 269 259 146 71 76 112 164 57 1 25 12 1949—December 257 272 128 58 70 144 184 49 30 9 1950—December 333 394 192 114 78 202 245 87 2 28 32 1951—December 434 490 197 119 79 293 235 133 23 55 44 1952—November 575 478 172 114 58 306 233 123 29 62 31 December 539 492 183 126 57 309 232 125 39 64 32 1953—January 504 487 159 111 48 328 225 120 43 65 34 February 511 490 158 110 48 331 234 114 57 53 32 March 507 468 149 105 44 319 237 110 39 49 32 April 464 455 115 78 36 340 229 115 43 37 31 May 441 417 111 85 26 306 198 111 37 39 32 June 408 428 123 92 30 306 214 112 35 32 35 July 429 435 131 108 23 304 213 115 40 32 35 August 451 478 148 108 40 329 211 128 64 36 38 September 475 515 159 110 49 356 237 135 66 40 38 October 535 517 160 122 38 357 227 145 56 56 34 November 582 534 170 125 45 364 246 139 49 59 41 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. 54 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U St n a i t t e e s d St l a o t c e a a l1 nd Foreign2 Total Bonds3 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y a O s t s h e e ts r End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2.060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18 752 16,531 1 429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 . . . 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 L,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23 179 21,461 1,718 12 906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 L ,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21 251 ,903 2,713 3,088 End of month:5 1950—December 63,687 15,933 13,361 1,520 1,052 25,209 23,231 1,978 16,101 ,428 2,397 2,619 1951—December 67,983 13,579 10 958 1,702 919 28,042 25,975 2,067 19,291 ,617 2,575 2,879 1952—November. . . . 72,415 12,780 10,297 J .728 755 31 143 28,986 2,157 21 087 ,766 2 698 2,941 December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 ,868 2,699 3,135 1953—January 73,621 12,862 10,329 1,774 759 31,690 29,471 2,219 21,396 ,880 2,718 3,075 February 73,943 12,844 10,287 1,800 757 31,878 29,644 2 234 21 547 ,887 2 727 3 060 March 74,295 12,630 10,063 L,820 747 32,243 30,005 2,238 21,725 ,897 2,742 3,058 April 74,686 12,666 10,089 1,837 740 32,472 30,218 2,254 21,897 ,918 2,756 2,977 May 75,063 12,543 10,082 1,835 626 32,732 30,462 2,270 22,055 ,924 2,770 3,039 June 7 "5 403 12,456 10,030 1,840 586 33,021 30,752 2,269 22,221 ,935 2,789 2,981 July 75,855 12,429 9,991 1,857 581 33,247 30,977 2,270 22 429 943 2 808 2,999 August 76,244 12,436 9,994 L,861 581 33,349 31,079 2,270 22,552 ,967 2,819 3,121 September 76,612 12,397 9,930 L880 587 33,614 31,319 2,295 22,698 :,972 2,831 3,100 October 77,121 12,395 9,913 1.897 585 33,887 31,585 2,302 22,842 1.990 2,851 3,156 November. 77,552 12,365 9,830 n.a. n.a. 34,096 31,781 2,315 23,017 2,000 2,873 3,201 n.a. Not available. 1 Includes United States and foreign. 2 Central government only. 8 Includes International Bank for Reconstruction and Development. * These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 6These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U. S. Savings year Total1 g M ag o e r s t- 2 G m o o v b e l e n i r - t n- Cash Others capital quarter Total1 g M ag o e r s t- 2 G m o o v b e l e n i r - t n- Cash Other3 capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1950—4 16,846 13,622 1,489 951 692 13,978 1940 5,733 4,125 71 307 940 4,322 1941 6,049 4,578 107 344 775 4,682 1951—1 17,232 13,999 1,547 844 751 14,286 1942 6,150 4,583 318 410 612 4,941 2 17,977 14,539 1,558 940 849 14,910 1943 6,604 4,584 853 465 493 5,494 3.... 18,429 15,058 1,577 852 852 15,317 1944 7,458 4,800 1,671 413 391 6,305 4 19,164 15,520 1,606 1,082 866 16,073 1945 8,747 5,376 2,420 450 356 7,365 1952—IP... 19,848 16,073 1,718 1,100 867 16,801 1 1 1 1 9 9 9 9 4 4 4 4 9 7 8 6 1 1 1 1 4 1 3 0 , , , , 6 6 2 0 2 8 0 2 2 7 2 8 1 1 8 7 1 0 , , , , 8 1 6 3 4 5 1 0 1 6 6 5 2 1 1 1 , , , , 4 4 7 0 6 5 4 0 2 5 0 9 5 6 8 5 6 8 6 3 3 0 0 6 4 3 5 5 1 0 6 8 6 1 6 1 1 1 9 8 0 2 , , , , 7 5 9 4 5 4 6 7 3 4 1 8 3 4 2P P P . . . . . . . . . 2 2 2 1 0 2 , , , 6 8 7 5 5 0 6 3 0 1 1 18 6 7 , , , 4 8 7 4 9 4 4 1 0 1 1 1 , , , 7 7 7 0 8 9 2 2 1 1 1 1 , , , 2 0 2 1 4 9 2 6 3 1,0 9 9 8 5 9 3 9 9 1 1 19 7 8 , , , 2 6 2 1 6 1 1 1 0 1950 16,846 13,622 1,489 951 692 13,978 1953—1 P.. . 23,506 19,105 1,931 1,263 1,121 20,105 1951 19,164 15,520 1,606 1,082 866 16,073 2P... 24,772 20,133 2,003 1,337 1,216 21,154 1952P 22,700 18,444 1,791 1,293 1,083 19,211 3P... 25,633 21,145 1,990 1,200 1,215 21,742 P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. JANUARY 1954 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1952 1953 1944 1945 1946 1947 1948 1949 1950 1951 3 4 L 2 Loans, by purpose and agency: To aid agriculture, total 3,381 878 884 700 3 63? 4,362 3 884 4 161 4,563 1 070 1 671 4 00T 189 197 73? 77 ft 30 S 302 345 475 370 4?4 367 3?4 Federal intermediate credit banks 257 231 273 336 426 437 510 633 822 673 728 82# 1 1 088 986 351 149 109 80 60 45 34 27 ?5 ?3 22* Farmers Home Administration ' 643 604 590 558 523 535 539 606 596 653 646 Rural Electrification Administration 361 407 5?8 734 999 1,301 1 543 1 74? 1,873 1 9?0 1 966 014' 353 99 170 ?80 1,793 1,729 898 78? 859 1 4?6 1 9? 7 1 163 Other agencies 10 9 6 7 5 9 7 6 5 6 5 5 To aid home owners, total 1737 806 610 116 768 1,251 1 2 147 2,437 603 777 7 014 5? 7 6 4 199 828 1,347 1 850 2,097 n 394 498 RFC Mortgage Corporation4 81 24 6 Home Owners' Loan Corporation 2 1 091 85? 636 486 369 231 10 1? 1? 10 « 1 177 168 137 173 117 115 113 111 Other agencies .. . ... . . 1 1 1 65 22 24 35 169 223 246 270 305 To railroads total 343 171 147 140 114 110 101 84 82 70 70 Reconstruction Finance Corporation 321 205 153 145 138 112 108 99 82 80 77 77 Other agencies 21 18 18 3 3 2 2 2 2 2 2 To other industry, total . 191 232 192 272 310 462 458 488 480 516 526 536 Reconstruction Finance Corporation6 118 149 151 741 77? 423 400 415 412 457 468 47K 73 83 41 31 38 38 58 74 67 58 59 5* To Re fi c na o n n ci s ng t ruc in t s i t o itu n ti o F ns i nance to ta C l orporati . o . n ... . . 21 6 6 6 26 6 7 0 31 1 4 4 447 7 525 6 445 8 824 8 814 8 716 864 611 7 7 ) 18 131 195 793 436 515 433 816 806 864 611 71* Other agencies . . 20 12 7 4 4 4 Foreign, total 176 ,784 1 673 6 10? 6,090 6 078 6 110 7,826 7 736 7 713 7 70R 225 1 749 1 978 7 145 2,187 7,776 7,796 2,546 496 466 S47 Reconstruction Finance Corporation 6 (8) 774 735 746 706 154 101 64 58 S8 55 55 Other agencies9 8) 800 3,450 3,750 3,750 3,750 3,750 5,222 5,182 5,191 5,196 1 707 673 714 184 484 131 770 933 1001 87? 871 Reconstruction Finance Corporation' 9827 309 232 i340 190 88 59 61 61 50 51 54 Public Housing Administration10 305 286 278 278 294 297 366 609 750 919 688 626 8106 112 113 96 100 99 105 109 123 126 133 142 448 438 478 395 368 476 185 173 150 140 159 226 Total loans receivable (net) 6 387 5,790 6,649 9 71411,69212,733 13,228 14,42216,890 17,876 18 089 17 637 Investments: U. 5. Government securities, total 1630 1,683 ,873 681 1814 2,047 2 071 2,226 2,371 471 ? 641 7 188 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 51 61 60 53 S? Production credit corporations . 60 67 70 72 66 39 42 43 43 43 44 45 Federal land banks' 220 145 136 Federal home loan banks 144 118 145 139 774 275 199 749 298 311 46C 378 Federal Savings and Loan Insurance Corp. . . 151 161 172 184 199 214 193 200 203 208 212 Home Owners' Loan Corporation2 15 15 17 12 12 8 Federal Housing Administration 87 106 1?? 13? 144 188 744 785 299 316 330 344 Public Housing Administration 10 7 8 8 8 8 Reconstruction Finance Corporation^ 75 49 48 r7) 1 Federal Deposit Insurance Corporation . 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,423 1,437 1,500 1,508 Other agencies 28 30 20 21 1 1 1 1 1 1 1 1 Investment in international institutions 318 3,385 3,385 3,385 3,385 3 3,385 3,385 3,385 ,385 3,385 Other securities, total 4 7 7 8 4 9 7 3 4 7 4 1 2 1 3 59 0 1 1 0 1 8 4 1 9 3 8 3 10 83 7 8 7 8 1 7668 5421 4 36 4 4 3S ? 4 39 1 Production credit corporations 63 55 46 35 29 22 16 11 8 8 6 6 71 26 24 11 6 2 1 1 1 Commodities, supplies, and materials, total 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,377 1,280 1,259 2,201 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,174 1,034 978 1,013 1,876 Reconstruction Finance Corporation 8 1,053 1 667 ?35 157 142 108 194 17? 119 114 Other agencies 438 122 134 138 32 30 28 159 149 131 211 Land, structures, and equipment, total 16,23771,01716,92412,600 3,060 2,962 2,945 3,358 3,212 3,713 3,740 7 867 Public Housing Administration 10 200 222 227 204 1,448 1,352 1,248 1,251 1,216 1,173 1,149 1,029 Reconstruction Finance Corporation 6 6,S?6 6,919 ,861 35 630 611 60S 594 202 199 197 18S Tennessee Valley Authority 710 7?7 7S4 793 830 886 1,048 1,209 1 7S1 1 ?99 1 360 U. S. Maritime Commission 2 3,113 3,395 3,301 3,305 W Fe a d r e r S a h l i p M pi a n r g it i A m d e m B in o i a s r t d ra t a i n o d n 2 Maritime Adm.2 5,427 7,813 7,764 6,507 P4 80? Other agencies u 262 1,948 2,044 1,793 189 168 206 465 586 590 595 491 Bonds, notes, and debentures payable (not ,m guaranteed), total 1,395 1 1 689 965 772 1,190 1,369 1,301 1,330 1,107 1,131 24 33 69 70 78 110 170 120 181 145 112 Federal intermediate credit banks 274 245 293 358 480 490 520 674 864 704 710 788 Federal land banks * 818 792 756 212 Federal home loan banks . . 67 69 169 262 415 204 560 525 317 445 252 231 For footnotes see following page. 56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency items * interagency items Bonds, notes, Date, and corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i u i o o a n i e a p e m t d s d l e - s s i , , - - - G U s ri e t o . c i v e I u S m n s t - . . v e e n s O r t s i t s e t - t i c h e u e s - r 5 L s e t m u t a q a r r n e u u n e n d i c d s p t - , , - O s a t e h s t - e s r a t F g u n a u u b r t n a e l y e d l r e s y - d d p e a O b y e a th n b e - le r O li i a t t i b h e i e s l r - i U m G n e e t . o e s r e n v n t S r - - t - . o i v n P w a e t r s t e n i e t - r e l - y d U. S. All agencies: 1944—Dec. 31 31,488 756 6,387 2,942 1,632 424 16,237 3,111 1,537 1,395 4,196 23,857 504 1945—Dec. 31 33,844 925 5,290 2,288 1,683 325 21,017 2,317 555 1,113 4,212 27,492 472 1946—Dec. 31 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,58824,810 498 1947—Dec. 31 a 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,037 28,015 143 1948—Dec. 31 * 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 ,66318,886 166 1949—Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 193 21,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 ,161 23,842 329 1952—Sept. 30 2 28,922 93216,890 1,377 2,371 3,436 3,212 704 39 1,301 ,434 25,780 367 Dec. 31 29,945 944 17,826 1,280 2,421 3,429 3,213 832 53 1,330 728 26,456 378 1953—Mar. 31 30,564 93618,089 1,259 2,645 3,427 3,240 968 48 1,107 2,069 26,938 401 June 302 36,153 1,06317,637 2,201 2,588 3,430 7,867 1,367 1,131 1,979 32,576 415 Classification by agency, June 30, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 390 322 112 252 25 Federal intermediate credit banks 903 824 788 105 Production credit corporations 51 51 Agricultural Marketing Act 1 () () 1 Federal Farm Mortgage Corp 24 23 F R C a u o r m r m a m l e r E o s d l e i H t c y t o r m i C fi e r c e a A d ti i d o t m n C in A o i r d s p t m o ra r i a t n i t i o i s o n t n r 3 ation 2 3 , , 5 1 4 2 7 6 2 4 0 27 2 1 , , 0 0 1 9 2 1 9 2 1,876 37 2 8 7 6 3 () 535 1 2 2, , 1 9 5 2 2 7 1 5 4 Federal Crop Insurance Corp 38 536 5 10 28 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks ,132 718 378 3 231 511 () 390 Federal Savings and Loan Insurance Corp.. 223 218 4 7 216 Public Housing Administration ,853 633 1,029 94 52 1,802 Federal Housing Administration 556 37 344 1 118 260 245 Office of the Administrator: Federal National Mortgage Association.. . ,508 2,498 ) 10 2,499 Other 120 32 58 27 4 119 Reconstruction Finance Corporation: Assets held for U. S. Treasury 12 340 () 1 114 185 40 340 Other « 806 8 732 1 28 46 760 Export-Import Bank 2,597 9 2,547 ) 41 52 2,546 Federal Deposit Insurance Corp 1,522 5 () 1,508 () 9 115 1,407 T Fe e d nn er e a s l s e M e a V ri a t l i l m ey e A B u o t a h r o d r i a t n y d Maritime Adm.f. 5 1 , ,7 3 3 9 2 0 3 1 4 4 1 1 2 5 2 1 () 1,360 396 8 25 4 0 7 5 1 , ,6 1 8 4 4 0 All other 9,812 217 5,600 138 3,385 4,802 107 73 9,739 366 P Preliminary. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currently on the Treasury Statement as "Disaster Loans, etc., Revolving Fund." * Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 5 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. 9 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 13 Includes figures for Smaller War Plants Corporation, which is being liquidated by the Reconstruction Finance Corporation. NOTE.—Statement includes certain business-type activities of the United States Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Comparability of the figures with those for years prior to 1944 has been affected by (1) the adoption of a new reporting form beginning Sept. 30, 1944, and (2) changes in activities and agencies included (see footnote 2). For back figures see Banking and Monetary Statistics, Table 152, p. 517. JANUARY 1954 57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume (index, 1935-39=100) (index, 1939=100) of Ye o a r r , w m e o ek nth, n M ici u p - al C r p a o o t - r e - Pre- Manufacturing t i r n ( a i g n d 6 - (high- (high- ferred* Trade, thou- O se l - d N ri s e e e s - w 3 grade)4grade)- T ta o l - d t I u a r n s i l - - - R ro a a i d l- u P i l t t u i i y c b l- - T ta o l - T t o a - l D ra u - - N d ra o u - n - - T p t r o i a o r n t n a s - - u P i l t t u i i y c b l- - a a f n i n n c d e - , M in i g n- s s h a a o n r f d es s ) ble ble Number of issues 3-7 15 17 15 480 420 20 40 265 170 98 72 21 28 32 14 1951 average 98.85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 275 1,313 1953 average. . . . 93.90101.46 119.7 112.1 164.0 189 204 170 122 193 220 192 245 219 121 207 241 1,419 1952—Dec 96.32 125.3 115.3 170.3 197 214 185 123 204 231 205 255 238 123 212 267 1,842 1953—Jan-. 95.68 124.0 114.5 168.4 198 214 185 124 205 232 208 255 239 124 212 261 1,623 Feb 95.28 122.7 114.0 166.3 196 212 181 124 202 229 204 252 235 124 210 256 1,678 Mar 94.31 121.6 113.4 165.7 198 215 185 125 204 232 207 256 238 124 212 263 1,931 Apr 93.25 121.3 111.7 161.7 190 206 173 122 194 220 194 245 223 120 207 252 1,637 May 91.59 99.75 119.4 109.8 160.0 190 205 174 121 194 221 196 244 226 120 209 247 1,227 June 91.56 99.16 115.2 108.8 156.8 183 198 169 117 187 213 187 236 219 117 204 237 1,185 July 92.98100.03 115.1 110.7 160.1 186 200 174 119 190 217 188 243 223 119 206 237 967 Aug 92.89100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 1,138 Sept 93.40 101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 1,294 Oct 95.28103.30 119.7 112.6 167.3 183 197 157 122 187 214 184 240 202 121 201 219 1,225 Nov 94.98103.67 121.4 113.6 168.8 188 202 159 124 191 219 190 245 204 123 207 232 1,482 Dec 95.85104.93 122.3 113.5 166.5 191 206 157 125 193 221 192 249 200 125 209 230 1,644 Week ending: Nov. 28. . 94.68103.67 121.7 113.3 167.9 188 203 158 125 193 220 192 246 204 124 208 234 1,507 Dec. 5. . 95.04 104.17 121.7 113.2 167.3 192 208 161 126 195 223 194 249 205 125 212 235 1,705 Dec. 12. . 95.73104.84 122.9 113.4 166.9 191 206 158 126 193 220 191 248 200 125 209 228 1,414 Dec. 19. . 95.90 104.89 122.9 113.8 165.9 192 207 158 125 194 223 194 251 202 124 208 231 1,603 Dec. 26. . 95.98105.10 121.7 113.6 166.3 190 205 155 125 193 222 191 249 197 124 207 229 1,563 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3}4 per cent bonds of 1978-83, issued May 1, 1953. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 6Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. • Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486. respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month C b u a ( d s n l t e a o e b n m t i c ) t i e e s rs' a b in n p a a v d l c a D a e c r n t s t e o r n c t b u a m e e i d n s t r e i t s s n n i ' n g t a b in n a a v d l c D a e c f n t i s o e r r c t b m u a m e i d n s t e i t s n n in g t C a b h a n a s a d n h n k d i o n s n bo M rr o o n w e e y d 2 F cr r e ee dit balan O ( c n t e h e s t e 1 ) r a i I n n n a v d c p e c t a s o r t r a u m t d n n O e i t e s n n t r g h t s' er a i c n n a r v d I c e n e c d t s o i r f t t u a i m r d n b m e t i a s n n l g t ance I a n s c ( c c n o a e u p t n ) it t a s l 1950—June 1,256 12 386 314 827 673 166 25 11 312 December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1.327 9 427 365 912 708 219 23 16 324 December... 1,362 8 406 343 920 724 200 35 9 315 1953—January. ... 81,345 3908 3732 February. .. 31,350 i 3871 3 730 March 31,513 8966 3744 April 81,594 31,068 3738 May 31,671 31,193 3673 June 1,684 7 347 282 1,216 653 163 23 16 319 J A u u ly gust 3 3 1 1 , , 6 6 8 6 2 4 3 31 1 , , 1 1 8 6 2 1 3 3 6 6 4 5 1 1 N S O e o c p t v o t e e b m m er b b e e r r . . . . 3 3 3 1 1 1 , , , 6 6 6 4 2 5 1 4 4 '3 3 3 1 1 1 , , , 2 3 0 5 4 7 7 9 0 '3 3 36 6 6 8 7 7 2 2 4 r Revised. 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): September, 34; October, 31; November, 31. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the^last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 58 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] Prime securities (taxable) Prime bank- Size of loan mo Y w n e e th a e r k , , or m m 4 p - c e o a o r n t p m o c t e i h a r 6 - s , l - 1 a a d c n e a 9 r c c y s e 0 e ' s p s 1 , t- M y 3 a i - r e m k ld o et nth o i n R s b s a i u n l t l e e e s w s 9 i m - s t s o o u n e t 1 s h 2 2 - 3 is - y s t e u o a e r s 5 8 - An 1 n 9 A u r a c e l i a ti a e a v s n e : r d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 ,0 ,0 0 0 0 0 -$ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r 1945 2.2 4.3 3.2 2.3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1951 average 2.17 1.60 1.52 1.552 1.73 1.93 1947.. 2.1 4.2 3.1 2.5 1.8 1952 average 2.33 1.75 1.72 1.766 1.81 2.13 1948 2.5 4.4 3.5 2.8 2.2 1953 average 2.52 1.88 1.90 1.931 2.06 2.57 1 1 9 9 4 5 9 0 2 2 . . 7 7 4 4 . . 6 5 3 3 . . 7 6 3 3 . . 0 0 2 2 . . 4 4 1952—December.. 2.31 1.75 2.09 2.126 2.03 2.30 1951. . 3.1 4.7 4.0 3.4 2.9 1952 3.5 4.9 4.2 3.7 3.3 1953—January... 2.31 1.82 1.96 2.042 1.97 2.39 1953 3.7 5.0 4.4 3.9 3.5 February. . 2.31 1.88 1.97 2.018 1.97 2.42 March 2.36 1.88 2.01 2.082 2.04 2.46 Quarterly: April 2.44 1.88 2.19 2.177 2.27 2.61 19 cities: May 2.68 1.88 2.16 2.200 2.41 2.86 1953—Mar 3.54 4.89 4.25 3.75 3.32 June 2.75 1.88 2.11 2.231 2.46 2.92 June 3.73 4.98 4.38 3.91 3.53 July 2.75 1.88 2.04 2.101 2.36 2.72 Sept 3.74 5.01 4.40 3.93 3.54 August.... 2.75 1.88 2.04 2.088 2.33 2.77 Dec 3.76 4.98 4.39 3.96 3.57 September. 2.74 1.88 1.79 1.876 2.17 2.69 New York City: October. . . 2.55 1.88 1.38 1,402 1.72 2.36 1953—Mar 3.31 4.55 4.13 3.55 3.17 November. 2.32 1.88 1.44 1.427 1.53 2.36 June 3.52 4.63 4.25 3.79 3.39 December.. 2.25 1.88 1.60 1.630 1.53 2.20 Sept 3.52 4.76 4.25 3.76 3.40 Week ending: Dec 3.51 4.70 4.25 3.77 3.38 Nov. 28. .. 2.25 1.88 1.50 1.488 1.50 2.37 7 Northern and East- Dec. 5... 2.25 1.88 1.59 1.589 1.55 2.31 ern cities: Dec. 12 ... 2.25 1.88 1.62 1.603 1.53 2.23 1953—Mar 3.50 4.95 4.24 3.74 3.30 Dec. 19. .. 2.25 1.88 1.68 1.682 1.57 2.21 June 3.71 5.07 4.38 3.87 3.54 Dec. 26. .. 2.25 1.88 1.64 1.704 1.54 2.18 Sept 3.71 5.08 4.45 3.91 3.52 Dec 3.79 5.07 4.40 3.96 3.63 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and 2Series includes certificates of indebtedness and selected note and Western cities: bond issues. 1953—Mar 3.90 5.02 4.31 3.91 3.62 'Series includes selected note and bond issues. June 4.05 5.09 4.46 4.02 3.79 Sept 4.10 5.10 4.46 4.06 3.86 Back figures.—See Banking and Monetary Statistics, Tables 120-121, Dec 4.10 5.06 4.46 4.09 3.86 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949. pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks U. S. Govt. Corporate (Moody's)5 Dividends/ E in a g rn s/ - Year, month, (long-term) M i u p n al ic- By ratings By groups price ratio p ra r t ic io e or week (high- Old New grade)* Total Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa A Baa trial road utility ferred o mon7 mon8 Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1951 average 2.57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 3.19 2.96 3.04 3.23 352 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 3.16 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3.55 3.45 4.27 5.51 1952—November... 2.71 2.40 3.20 2.98 3.06 3.24 3.53 3.05 3.37 3.19 4.12 5.33 December. . . 2.75 2.40 3.19 2.97 3.05 3.22 3.51 3.04 3.34 3.19 4.11 5.14 10.56 1953—January 2.80 2.47 3.22 3.02 3.09 3.25 3.51 3.07 3.36 3.23 4.16 5.18 February.... 2.83 2.54 3.26 3.07 3.14 3.30 3.53 3.11 3.39 3.29 4.21 5.26 March 2.89 2.61 3.31 3.12 3.18 3.36 3.57 3.16 3.43 3.33 4.23 5.36 9.39 April 2.97 2.63 3.40 3.23 3.29 3.44 3.65 3.27 3.51 3.44 4.33 5.52 May 3.09 3i26 2.73 3.53 3.34 3.41 3.58 3.78 3.39 3.63 3.57 4.38 5.53 June 3.09 3.29 2.99 3.61 3.40 3.49 3.67 3.86 3.48 3.73 3.62 4.47 5.60 10.47 July 2.99 3.25 2.99 3.55 3.28 3.42 3.62 3.86 3.42 3.67 3.56 4.37 5.44 August 3.00 3.22 2.88 3.51 3.24 3.39 3.56 3.85 3.37 3.61 3.54 4.29 5.79 September... 2.97 3.19 2.88 3.54 3.29 3.43 3.56 3.88 3.40 3.65 3.58 4.30 5.76 Pl6.89 October 2.83 " 3.06 2.72 3.45 3.16 3.33 3.47 3.82 3.33 3.56 3.46 4.19 5.60 November.. . 2.85 3.04 2.62 3.38 3.11 3.26 3.40 3.75 3.27 3.51 3.38 4.15 5.53 December. . . 2.79 2.96 2.59 3.39 3.13 3.28 3.40 3.74 3.28 3.52 3.37 4.21 5.54 Week ending: Nov. 28 2.88 3.04 2.60 3.39 3.13 3.28 3.40 3.75 3.27 3.52 3.38 4.17 5.59 Dec. 5 2.85 3.01 2.60 3.39 3.14 3.29 3.41 3.74 3.27 3.53 3.38 4.18 5.49 Dec. 12 2.80 2.97 2.59 3.39 3.13 3.28 3.40 3.73 3.27 3.52 3.37 4.20 5.55 Dec. 19 2.79 2.97 2.59 3.38 3.12 3.27 3.40 3.73 3.27 3.52 3.36 4.22 5.50 Dec. 26 2.78 2.96 2.60 3.39 3.12 3.28 3.40 3.73 3.28 3.52 3.36 4.21 4.55 pPreliminary. 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 2XA 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\i per cent bonds of 1978-83, issued May 1, 1953. ^Standard and Poor's Corporation. 6Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, 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. JANUARY 1954 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Increase or Budget receipts and Excess of receipts decrease (—) General fund of the Treasury expenditures or expenditures ( —) during period (end of period) Deposits in Period Trust Sales and Balrec N e e ip t ts p t e u E n r x d e - s i- S d u e r f o p i r c l i u t s c o o a a t u n h c n d e - r ts r o i e n b o d a f l e i g m g m G e a n a p o t r c i t v o k y i t o n e . n t s s C co i a l n e u c a g - n r t - p d G d u ir r e b o e b l c s i t s c t G ba f e u l n a n e n d r c a e l f i 1 m g e u i r e n n c a n d e l - A f a u F v b n . a l d e i R l s - . B I c n e a o t s n i p s l k o l r e o n s o c f c - - S d it p e a e p r c i o e i s a s - l O s n a t e s h e t - t e s t Calendar year: 1950 37,834 138,255 1-422 i-™ 349 87 -423 -447 4,232 690 129 2,344 1.069 1951 53,488 56,846 -3,358 759 56 -106 2,711 6? 4,295 321 146 2,693 ,134 1952 65,523 71,366 -5,84? 49 -00 -319 7 Q73 \ 770 6 064 389 176 4.368 ,132 1953 64,469 73,626 -9,157 82 19 -209 7,777 -1, 488 4,577 346 131 3,358 742 Fiscal year: 1950 37,045 40,167 —3,122 121 —22 483 4,587 2,047 ,517 950 143 3,268 ,156 1951 48,143 144,633 13,510 384 —214 -2,135 1,839 7,357 338 250 5,680 ,089 1952 . .. 62,129 66,145 —4,017 219 —72 —401 3,883 —388 6,969 333 355 5,106 L.175 1953 65,218 74,607 -9,389 462 -25 -312 6,966 —2,799 4,670 132 210 3,071 1,256 Semiannual totals: 1950-July-Dec. 18,464 119,063 1-599 1-173 392 -254 -650 -1,285 4,232 690 129 2,344 1,069 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3,124 7,357 338 250 5,680 1,089 July-Dec.. 23,809 31,276 -7,467 291 64 -146 4,197 -3,062 4,295 321 146 2,693 L.134 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June 38.014 38.110 -96 -71 -248 -1.320 -1.394 4.670 132 210 3.071 ,256 July-Dec. . 26,454 35,515 -9,061 -259 90 40 9,097 -94 4,577 346 131 3,358 742 Monthly: 1952—Dec. . 6,003 7,124 -1,121 -218 -46 -145 -41 -1,572 6,064 389 176 4,368 1,132 1953—Jan 5,061 5,737 -676 -140 29 401 11 -376 5,689 811 350 3,318 1,209 Feb 5,479 5,595 -116 404 — 133 -2 182 335 6,024 351 174 4,376 ,123 Mar 10,502 6,187 4,315 -209 12 -135 -3,099 884 6,908 222 448 4,983 ,255 Apr 2 849 6,362 —3,513 —157 —50 289 105 —3,376 3,582 393 180 1,859 L ,151 May 4,380 6,241 — 1,862 377 38 -428 1,930 57 ,639 221 108 2,109 June 9,744 7,988 1,756 65 32 -373 -449 1,037 4,670 132 210 3,071 ,756 July 3,308 6,068 —2,759 -260 26 466 6,598 4,071 8,741 548 181 6,690 1L,322 4,568 6,042 -1,473 299 1 -430 536 -1, 067 7,674 496 96 5,825 .257 Sept 6,041 6,119 -79 -40 75 117 -269 -196 7,478 642 183 5,255 1,398 Oct. 2,659 5,477 —2,818 -149 -70 235 449 -2,352 ,126 662 185 2,892 1,387 Nov.... 4,695 5,423 -728 -37 116 -376 1,822 7Q7 ,923 451 81 4,545 847 Dec 5,183 6,387 -1,204 -72 -59 29 -40 i 346 4,577 346 131 3,358 742 Budget expenditures Major national tsecurity programs Period Total Totals t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n I t a i n e o n o c i t m a n d o e - a 3 r - i - c l A E C m n s to o i e o i m m r s n g - - i y c I d n e o e t s n b e t r t - A e i t V s d i r t o m a e r n n t a i - 4 s - n- g c S r p u o s a r r c e m o i - i t - a y s l * m A p t c D a u g e u e r r r n l - t e - i t - - 6 H n h a a i o o f n n n m i u g d - c s e e - P w u o b r l k i s c o P d f i f c e o ic i f s t - e t T c t o f r r a e t u a u c o r n n s - s t s ts - Other Calendar year: 1950. . 38 255 18,509 13,476 4 012 611 5,580 5,714 1.351 1,499 — 17 643 961 2,464 1951 56,846 37,154 30,275 1 559 3 560 1,278 5.983 5,088 ,463 1,010 694 L.438 684 1,016 2,315 1952 71.366 51.121 43.176 2.975 2 652 1.813 6,065 4 433 ,508 1,564 646 1,573 775 1.193 2,487 1953 73,626 P52.819 P44.462 3 810 P? 190 1,889 6,357 4,157 p\ ,631 n.a. n.a. V1,681 525 P783 n.a. Fiscal year: 1950. . 40,167 17,950 12,346 44 4 941 524 5,750 6,043 ,375 2,986 —270 1,575 593 1,383 2 781 1951 44,633 25,891 19,955 884 3 863 908 5,613 5,288 ,415 635 460 L.458 624 972 2,276 1952 66,145 46,319 39,033 2 904 1,648 5,859 4,748 ,424 1,219 614 1,515 740 1,305 2,402 1953 74,607 52,847 44,584 3 760 7 1,802 6,508 4,250 .593 3,063 382 1,655 660 1,079 2,570 Semiannual totals: 1950—July-Dec.. 19,063 9,850 7,505 247 1 692 341 2,390 2,678 670 164 158 878 260 804 1,210 1951—Jan.-June.. 25,570 16,041 12,450 637 2 170 567 3,223 2,610 745 470 302 580 364 168 1,066 July-Dec.. 31,276 21,113 17,825 921 389 711 2,761 2,479 718 540 392 858 320 848 1,249 1952—Jan.-June.. 34,869 25,206 21,208 1,306 514 937 3,099 2,269 706 679 222 657 420 457 1,153 July-Dec.. 36,497 25.915 21,968 1,669 137 876 2,966 2.164 802 885 424 916 355 737 1,333 1953—Jan.-June.. 38,110 26,932 22,616 2,092 134 926 3.542 2.086 791 2,178 -42 740 305 342 1,236 July-Dec.. 35,515 P25.887 P21,845 1,718 055 963 2,816 2,072 P840 n.a. n.a. P941 220 P441 n.a. Monthly: 1952—Dec. . 7,124 4,640 4,081 ?7S 117 127 1,146 378 104 289 112 138 67 252 1953—Jan 5,737 4,216 3,632 277 138 158 235 348 180 357 -80 89 160 20 213 Feb. ... 5,595 4,168 3,501 316 171 151 311 339 109 285 19 70 101 192 Mar 6,187 4,670 3,789 573 181 157 563 358 10 281 —3 88 -30 58 193 Apr. 6,362 4,582 3,891 366 120 167 372 350 239 293 —35 193 125 13 232 May 6,241 4,481 3,746 78S 278 153 179 348 125 581 66 155 92 213 June 7,988 4,815 4,056 325 246 140 1,882 343 128 382 -10 145 50 59 194 July 6,068 4,645 3,890 451 151 117 237 369 177 254 —78 174 53 237 6,042 4,172 3,519 197 258 157 206 330 120 377 95 155 160 157 270 Sept.. 6,119 4,392 3,787 232 169 155 560 323 101 275 34 158 60 217 Oct 5,477 P4,263 3,647 t'171 208 354 336 211 -12 -46 161 18 P192 Nov 5,423 P4,035 3,540 198 P162 95 164 343 123 302 -89 157 60 95 P233 Dec 6,387 P4,380 P3,462 484 P144 231 1,294 371 P109 n.a. n.a. P136 P57 n.a. nuitary ioreign am programs, as wen as state department expenditures. ' axuuues iransiers to trust ac 5Exdudes expenditures for forest development of roads and trails, which are included with public works FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. Inmillions of dollars Treasury receipts Internal revenue collections Budget receipts, by principal sources (on basis of Internal Revenue Service) Income Deduct Period in a su n r d a n o c ld e -a ta g x e es c M el i l s a - - Ta o x n es c I o n m d e iv a id n u d a l o i l n d - - Corpo- With- Other te i r n n - al a c n a e d r m r i o e - n rs c "ii e .i r i e p - ts b T u r o d e t g a e l t A t p i p r o p i n a r s ofu R n e d - s bu ]N r d e e g t et age i t n ax su es rance r c a o i t n m io - e n t a E a n s t d e held ployers ceipts to old- of ceipts and gift pl e o b m y y e - rs v I i n d d u i a - l C ra o t r i p o o n - enue o m f o 8 r e or t f a r u u g n s e d t ce r i e p - ts W he it l h d - Other p t r a o x f e it s s taxes Calendar year: 1950 13,775 17,361 8,771 770 L.980 42,657 2,667 2,156 ,834 12,963 ?84 9,937 658 1951 19 392 26,876 9,392 944 2,337 58 941 3,355 2 098 S3 488 18 840 10 362 16 565 801 1952 . 23,658 34,174 10,416 90? 2,639 71.788 3.814 2.451 65.523 23,090 11,980 22,140 849 1953... *26 318 30,524 11,211 P901 2 570 71,524 3 918 3 137 64 469 Fiscal year: 1950 .. 12,180 18,189 8,303 776 1,862 41,311 2,106 2,160 37,045 11,762 7,264 10,854 706 1951 16,654 24,218 9,423 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14,388 730 1952 . 21,889 33,026 9,726 994 2,364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 1953 25 058 33,101 10,870 902 2-525 72,455 4 086 3 151 6S 218 24,750 11,604 21,595 891 Semiannual totals: 1950—July-Dec... 7,209 6,841 4,779 317 1,039 20,185 1,411 311 18,464 6,858 1,881 4,971 303 1951—Jan.-June.,. 9,445 17,376 4,644 494 1,223 33,184 1,709 1,796 29,679 9,043 8,027 9,416 427 July-Dec... 9,947 9,499 4,748 449 1,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 1952—Jan.-June... 11,942 23,526 4,978 545 1,251 42,242 1,922 2,000 38,320 11,515 9,210 14,318 459 July-Dec... 11,716 10,647 5,438 357 1,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 1953—Jan.-June... 13,342 22.454 5,432 545 1.137 42.910 2.195 2.700 38.014 13,176 8,834 13.773 502 July-Dec. P12.976 2,799 5.272 5,779 1,433 28,614 1,723 437 ,454 Monthly: 1952—Dec 1,882 3 088 939 54 387 6,350 303 45 6,003 190 358 2 785 70 1953—jan 989 3,111 842 30 260 5,232 117 54 5,061 1,144 2,855 501 77 Feb 3,544 1,479 856 271 150 6,300 486 336 5,479 4,990 839 404 65 Mar. 2,102 8,551 993 66 158 11,870 425 944 10,502 328 2,698 6.171 154 Apr 1,170 1,837 880 14 144 4,044 232 963 849 1,667 855 654 84 3,399 490 922 109 220 5,140 516 244 4,380 4,520 151 359 62 June 2,138 6,986 939 54 206 10,323 420 159 9 744 527 1,437 5 683 60 July 1,252 474 651 937 19 286 3,619 206 105 ,308 1,792 324 651 83 Aug. .. 3,500 79 326 955 106 187 5,153 519 65 4,568 4,434 91 326 60 Sept 1,837 1,689 1,636 981 55 203 6,402 299 63 6,041 313 1,6-31 1 767 64 Oct Pl.137 159 385 1,019 P18 176 2,894 160 75 2,659 1,934 79 478 96 Nov P3,418 89 336 968 P105 229 5,144 388 60 4,695 4,398 77 318 56 Dec PI,833 309 1,938 919 351 5,403 151 69 5,183 Treasury receipts—Continued Trust andother accounts (o I n n t b e a r s n i a s l o r f e v I e n n te u r e n a c l o l R le e c v ti e o n n u s e — S c e o r n v t i . ce) Social security, Other accounts2 retirement, and Period Excise and miscellaneous taxes Total i insuranee accounts Total Liquor Tobacco M a a n n d u r f e a t c a t i u le re rs r ' s' Other Re- Invest- Expendi- m In e v n e t s s t 3 - Other* excise ceipts ments tures Calendar year: 1950 8,150 2,419 1 U8 2,519 1,864 -38 6,543 56 6,214 —22 —333 1951 8,682 2,460 1 146 2,790 1,987 759 7 906 •a\ 15.S 4 507 271 786 1952 9.558 2.727 1, 562 3,054 2,115 40 8.315 3 504 4.942 508 1953 82 8,123 2,387 5,811 153 310 Fiscal year: 1950 7,599 2,219 1 ,328 2,245 1.806 121 6,266 —402 6,484 —62 1951 8,704 2,547 1 380 2,841 1.936 295 7 251 3 360 3 752 196 353 1952 8,971 2,549 1, 565 2,824 2 032 219 8 210 3 361 4 885 275 530 1953 9,946 2,781 1,655 3,359 2,152 462 8,531 3 059 5,257 242 489 Semiannual totals: 1950—July-Dec... 4,462 1,391 683 1,394 994 -173 3,312 ,557 1,644 —22 -307 1951—Jan.-June.. 4,241 1,156 697 1,446 942 468 3,939 L.803 2,108 219 660 July-Dec.. . 4,440 1,304 748 1,343 1 045 291 3,967 ,352 2,398 52 126 1952—Jan.-June. . 4,531 1,245 817 1,481 988 -72 4,242 ',009 2,486 223 404 July-Dec . . 5,027 1,482 845 1,573 1,127 121 4,073 L,495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 1.786 1 025 341 4.458 L, 564 2.802 13* 385 July-Dec.. -259 3,665 823 3,009 17 -74 Monthly: 1952—Dec 870 220 175 313 212 -218 718 363 462 -14 -125 1953— Jan 760 188 136 283 154 -140 248 -103 447 233 188 Feb 782 186 133 308 155 404 869 223 449 —54 154 Mar 825 229 144 276 176 -209 596 61 488 38 -217 Apr 848 230 133 292 193 -157 405 128 478 — 17 27 May 851 229 129 320 173 377 1,020 412 463 42 274 June 854 237 •136 307 174 65 1,319 843 476 — 107 -42 July . . 895 244 •125 312 213 -260 405 90 470 —29 —134 A Se u p g t 44 7 7 9 2 3 2 2 2 6 5 6 • • 1 1 4 4 5 0 267 4 1 6 5 1 6 - 2 4 9 0 9 1,0 4 7 4 0 9 40 1 9 6 4 5 6 0 2 6 — 5 1 5 4 8 8 6 7 Oct 608 294 147 74 94 -149 328 -80 537 4 -16 Nov 1,442 276 126 773 267 -37 817 199 502 40 -113 Dec -72 597 188 533 -39 14 P Preliminary. 1 Excess of receipts, or expenditures (—). 2 Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of partially owned Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 3, but their operating transactions are included in Budget expenditures. 3 Consists of net investments in public debt securities of partially owned Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950. which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). 4Reporting of some excises changed to quarterly basis. 61 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net cash Period T N n o e e r t t t e a c l B ei u p d t L N s g e e o s t n s - : T a P o cc l t u a t. l s : r e T c L N r e u i e o p s s n t t s s - : E o in C p q c i e u n a o r a s g m a h l t s e - : T B o u ta d l get A a e L l c x e s c p s r s e t u : o n - N di o tu I G n n r c o e t a r s v s a t h - . P T e l x u o p s ta : e l n T d r i . t L N u a e r c o s e c n s s t : - . S E l t t i x i a z o c b a n h - i P - . lus i : C c n o g le u a a n r c t - - E o o C q p i u u e n a t a r s g g a l h s o t : - i o o n c p o u g o e m t r g r i a e n o t - receipts cash1 cash2 publics trans.4 cash5 Fund6 Cal. yr.—1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 -262 -87 41,969 482 1951 53,488 222 8,582 2,508 59,338 56,846 567 2,625 4,397 90 -26 106 58,034 1,304 1952 65,523 184 8,707 2,649 71,396 71.366 734 2,807 4.825 28 38 319 72,980 -1,583 1953 64,469 8,596 73,626 5,974 -82 209 Fiscal yr.—1950 37,045 120 6,669 2,623 40,970 40,167 436 2,754 6,881 13 -207 -483 43,155 -2,185 1951.... 48,143 256 7,796 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952.... 62,129 138 8,807 2,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 1953 65,218 210 8,932 2,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 Semiannual totals: 1950—July-Dec... 18,464 91 3,562 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec.. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1953—Jan.-June. . 38,014 104 4.683 1,351 41,241 38.110 298 1,456 2,642 -2 —44 248 39,203 2,038 July-Dec... 26,454 3,913 35,515 3,332 -38 -40 Monthly: 1952—Dec 6,003 71 747 360 6,320 7,124 95 409 617 23 5 145 7,364 -1,044 1953—Jan 5,061 43 286 65 5,239 5,737 82 100 296 8 -401 5,442 -203 Feb 5,479 3 920 128 6,267 5,595 38 129 346 2 -19 2 5,754 513 Mar 10,502 2 649 106 11,042 6,187 21 107 758 1 19 135 6,970 4,072 Apr 2,849 3 443 75 3,214 6,362 40 82 488 -3 —289 6,443 -3,229 May 4,380 4 1,047 129 5,294 6,241 47 131 217 1 -44 428 6,662 -1,368 June 9,744 49 1,338 848 10,185 7,988 70 907 537 -11 373 7,932 2,253 July 3,308 31 429 91 3,615 6,068 108 120 629 2 -466 6,001 -2,386 Aug 4,568 3 1,158 196 5,526 6,042 27 194 464 5 11 430 6,720 -1,193 Sept 6,041 43 482 107 6,373 6,119 21 108 451 41 11 -117 6,294 78 Oct 2,659 10 378 78 2,950 5,477 -1 91 604 -3 -235 5,759 -2,809 Nov 4,695 4 839 133 5,396 5,423 40 133 636 3 376 6,258 -862 Dec 5,183 627 6,387 549 -60 -29 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by partially owned Government corporations. 2Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated, as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. * Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 6Represents principally repayments of capital stock and paid-in surplus by partially owned Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6Cash transactions between International Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment (—) of borrowing to the public2 or de- securities of Net inv. Accruals to public1 borrow- Period ( c - r ) e , a s i e n Federal agencies in Fed. ing, or Direct Savings Postal di g d r r . e o b p s t s ub. a G n u te a e r d - a g N n u t o a e n r e - - d & G o s t e v r c t . . . f a b u g y n e d n s . T I b n r o t e . n a d o s s n . a b s i n a l d l v s . P F f a e o y d rm . t s s . e o i c f n . b ( o - i r ) n r o g o w f - m & is k s c t u a o e b n s l v 3 e . . b p (i o r s i n s c u d e e s ) S n av o i t n es gs S s a i p v s e s . u c S i e a s y l s.Other* Cal. yr.—1950 —423 -6 355 94 602 163 —929 —2,649 751 1,021 —250 198 1951 2,711 18 37 3,418 718 — 125 — 1 242 1 999 — 1 191 — 1 099 —997 46 1Q52 7.973 12 -102 3.833 770 —74 3,353 5,778 —406 — 1,784 -113 — 122 1953 7,777 22 2,540 4 829 —344 248 — 162 Fiscal yr.—1950 4,587 -8 -14 -308 574 68 4,231 211 728 3,601 -150 -158 1951 -2,135 10 374 3,557 638 — 149 -5,795 -3,943 -467 -657 -1,093 365 1952 3,883 16 -88 3,636 779 -79 -525 1,639 -717 -1,209 -155 -82 1953 6,966 7 -32 3,301 719 3 2,918 '55,294 6-103 -2,164 -100 r_Q Semiannual totals: 1950—July-Dec -650 4 388 1,544 337 -56 -2,081 -2,761 292 187 -170 371 1951—Jan.-June. . . -1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec 8,286 8 37 1,601 409 -29 6,351 7,322 — 121 -829 -32 11 1953—Jan.-June. . .-1,320 —2 —69 1.700 308 34 -3,433 '5 -2,028 518 -1,335 -68 July-Dec. 9,097 24 66 840 6,857 —362 1 583 —94 Monthly: 1952—Dec —41 3 -50 349 97 —7 —527 -172 —5 —302 _2 —46 1953—Jan 11 —6 35 130 84 -2 — 173 — 199 112 —99 —8 21 Feb. 182 2 — 134 170 40 17 — 178 —81 93 —38 — 13 — 139 Mar -3,099 1 11 100 23 —21 —3,188 —2 503 58 —768 —4 29 Apr 105 1 -51 112 42 —2 -97 47 1 —83 —62 May 1,930 38 453 48 43 1,425 8-147 -6 -32 39 June -449 33 735 71 — 1 — 1,222 —862 —98 —341 — 11 90 July 6,598 ii 15 61 «109 -1 6,456 6,333 8—122 252 —7 Aug. 536 1 395 628 — 12 127 —72 6—51 271 — 17 —4 Sept -269 75 71 22 -12 -274 -931 -90 662 -16 101 Oct... 449 2 -72 — 76 < 457 —51 —36 618 _7 —67 Nov 1,822 8 108 240 41 j 1 659 1 647 — 22 53 36 123 Dec -40 2 -61 150 59 -70 -41 -167 -18 ' Revised. 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2Includes redemptions of tax anticipation bills and savings notes used in payment of taxes. 3 Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6 Excludes exchanges of savings bonds into marketable bonds. 6See footnote 2 at bottom of following page. 62 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income CastL operating outgo Period Total t i a n D u x d i a e i r v l s e s i c o 1 d t n - t c a a D o t x i r i o e r p s e n o c s o r t l - n E t m a a x x n i c s e d i c s s . e i c n S e s o i . c p r i t a e s l 2 - c O c o i t a m n h s - h e e r 3 D R c o e e e f f d ip u r u e t n c s - d t: s Total n g a M r t p a l a . r m o j s o - s e r * c. e d I s n e t t b e o t r s n - g e r V p r a a r e m o n t - - s s8 s g e S r p c a o u r m c o r i - i a s t 7 l y Other Cal. yr.—1950 42,451 19,191 9,937 8,113 5,121 2,245 2 156 41,969 18,347 4,072 H864 4,400 6,286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2 098 58,034 37,279 4,137 6 121 4,915 5,582 1952 71,396 32,728 22,140 9.567 6,589 ?,823 ? 451 72,980 51,195 4,230 5 209 5,617 6,729 1953 p^4 775 19 045 v6 697 137 P52.755 4 885 *>6 649 Fiscal yr.—1950 40,970 18,115 10,854 7.597 4,438 2,126 2 160 43,155 17,879 4,264 9 146 4,740 7,126 1951 53,439 24,095 14,388 8,693 5,839 2,531 2 107 45,804 26,038 4,052 5,980 4,458 5,276 1952 68,093 30,713 21,467 8,893 6,521 2,801 2 302 67,956 46,396 4,059 5,826 5,206 6,469 1953 71 344 33,370 21,595 9,978 6,858 ?,694 s 151 76,561 52,843 4,658 4 920 6,124 8,016 Semiannual totals: 1950— July-Dec 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June.. . 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 25,250 1,984 2,709 2,741 2,938 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953—Jan.-June 41,241 20.329 13.773 4 931 3.656 1,252 2,700 39,203 26,898 2,413 2,420 3.247 4,225 July-Dec P14.446 5,272 PS 386 PS,041 437 P25.856 2 465 P3,402 Vtonthly: 1952—Dec. 6 320 1,952 2,785 868 415 345 45 7,364 4,646 781 431 478 1,028 1953—Jan 5,239 3,558 501 765 214 255 54 5,442 4,218 149 397 576 102 Feb 6,267 4,198 404 791 1,013 197 336 5,754 4,151 269 390 506 438 Mar. 11 042 4,211 6,171 840 557 207 944 6,970 4,691 526 418 436 899 Apr 3,214 2,204 654 795 344 180 963 6,443 4,583 297 408 658 497 May 5 294 3,076 359 860 ,000 243 244 6,662 4,438 127 406 529 1,162 June 10 185 3,081 5,683 879 528 173 159 7,932 4,817 1,045 401 543 1,126 July 3,615 1,603 651 854 333 278 105 6,001 4,647 128 428 586 212 Aug 5,526 3,119 326 894 991 260 65 6,720 4,184 178 386 522 1,450 Sept 6,373 3,292 1,636 917 399 192 63 6,294 4,404 525 378 509 478 Oct 2,950 Pl,232 385 P963 P268 P177 75 5,759 P4,264 322 456 625 P92 Nov 5,396 P3,173 336 P908 P789 P25O 60 6,258 P4.036 122 393 572 P1,132 Dec P2,061 1,938 P849 *>261 69 P4 321 423 P588 pPreliminary. 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 collectors' 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. Represents 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. UNITED STATES SAVINGS BONDS AND NOTES SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds To v lax ami savings nutea Year or All series Series A-E and H Series F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1941 3,036 162 6,140 1,643 160 4,750 1,393 2 1,390 2,479 8 2,471 1942 9,157 343 15,050 5,989 307 10,526 3,168 36 4,523 6,479 2,565 6,384 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7,276 9,843 1945 . . 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 ... 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3.190 4.022 34.728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3.575 3.622 35,324 586 908 22,616 3,726 5,491 5,770 1952—Nov.. . 303 310 57,850 271 239 35,206 32 70 22,645 173 110 6,089 Dec... 375 379 57,940 334 299 35,324 42 80 22,616 168 488 5,770 1953—Jan. . . 504 390 58,134 441 320 35,511 64 70 22,623 107 200 5,676 Feb... 414 319 58,268 362 251 35,657 52 68 22,611 80 114 5,642 Mar... 440 380 58,371 397 308 35,784 43 72 22,587 63 826 4,879 Apr... 383 380 58,413 351 318 35.852 31 62 22,561 109 190 4,798 May.. 371 !906 57,920 340 300 35,939 31 1606 21,981 1,714 1,719 4,793 June.. 370 H85 57,886 340 308 36,048 30 H78 21,837 1,068 1,408 4,453 July. . 402 2524 57,871 370 P2344 36,168 33 P181 21,703 472 219 4,706 Aug.. . 371 421 57,851 346 P276 36,264 25 P146 21,587 479 208 4,977 Sept... 368 457 57,795 343 P326 36,311 25 P130 21,484 952 290 5,639 Oct.. . 384 419 57,775 357 P289 36,391 27 P129 21,385 687 68 6,258 Nov. . 368 390 57,806 339 P271 36,509 29 P120 21,297 2 55 6,204 p Preliminary. figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. 2 Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued discount. Hence, the redemptions figure shown includes some accrued discount. This situation is being reversed in subsequent months. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and Series A-D bonds are included as of maturity date, and only interest-bearing debt is included in amount outstanding. JANUARY 1954 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND ]ECIND OF SECURITIES [On basis of daily statments of United States Treasury. In millions of dollars] Public issuesi Marketable Nonmarketable E m n o d n t o h f d T g e r o b o t t s a * s l d d g i e r r b o e s t c s a t Total Total Bills c C i a n e t r d e t s e i f b o i- t f - Notes B el a ig n i B k - ond B s r a e n - k b v C i o e b o n r l n e d t - - s Total8 b S i o n a n g v d s - s s i T a n a n a g v d x s - S i p ss e u c e ia s l edness ble* stricted notes 1940—Dec 50 942 45 025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64 ?6? 57 938 50,469 41,562 ? 00? s 997 33 S63 8,907 6,140 ?,471 f>,98? 1942—Dec 112 471 108 170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170 108 165 877 151,80S 115,230 n 07? ??,843 11,175 ss,S91 12,550 36,574 27,363 8,586 1? ,703 1944—Dec 232 144 ?30 630 212, S6S 161,648 16 478 30,401 ?3 039 66 931 24,850 50,917 40,361 9 843 16,3?6 1945—Dec 278 682 278 115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259 487 259 149 233,064 176,613 17 033 ?9,987 10,090 69,866 49,636 56,451 49,776 s,7?S ?4,S8S 1947— D ju e n c e 2 25 5 6 8 9 3 8 7 1 6 2 2 5 5 8 6 9 ?8 0 6 0 1 2 1 2 1 5, 7 ?S 4 0 7 1 1 6 6 8 5 , , 7 7 0 5 2 8 1 is 5 ,7 1 7 3 5 6 ? ? S 1 , , 2 2 9 2 6 0 11 8 ,3 1 7 4 S 2 6 6 9 8 , , 8 39 5 1 2 4 4 9 9 , , 6 63 3 6 6 5 5 9 9 , 0 4 4 92 5 5 51 2 , 3 0 6 5 7 3 s s,3 5 8 6 4 0 ? ? 7 8,9 3 5 66 5 1948—june 252 366 252 ?9? 219,85? 160,346 13 757 ?? S88 11,375 6? 990 49,636 59,506 53,274 4,394 30,211 Dec 252 8S4 252 800 ?18 86 S 157,482 1? ?74 ?6 S?5 7 131 61 966 49,636 61,383 55,051 4, 57? 31 714 1949— D ju e n c e 2 2 5 5 7 2 7 1 9 6 8 0 2 2 5 5 7 2 7 n 7 o 0 2 21 2 7 1 , , 9 1 8 ? 6 3 1 1 5 5 5 5 , , 1 1 2 4 3 7 1 1 1 ? ,5 3 3 1 6 9 ? ? 9 9 , , 4 63 ?7 6 8 3, , 5 ?4 9 9 6 6 S 0 S 9 ? S 83 1 4 4 9 9 , , 6 6 3 3 6 6 6 6 2 6 , , 8 0 3 0 9 0 5 5 6 6, , 7 2 0 6 7 0 4 7 , , 8 6 6 1 0 0 3 3 ? 3,8 7 9 7 f 6 t 1950—June . .. 257 377 257 357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 256 731 256 708 220, S7S 152,450 13,6?7 s,373 39,?S8 44 SS7 49,636 68,125 58,019 8,640 33,707 1951—June 255 251 255 222 218, 198 137,917 13,614 9,509 35,806 42,928 36,061 13 573 66,708 57,572 7,818 34,653 Dec 259 461 259 419 221.168 142,685 18,10? ?9,078 18,409 41,049 36,048 1? 060 66,423 57,587 7,534 35,902 1952—Tune 259 1S1 259 105 219, 1?4 140,407 17 ?19 ?8,4?3 18 963 48 343 27,460 13 09 S 65,622 57,685 6,612 37,739 Dec 267 445 267 391 226, 143 148,581 21,713 16,712 30,266 58,874 21,016 12 500 65,062 57,940 5,770 39,150 1953_yan 267 450 267 40? 226,??6 148,574 ?1,709 16,71? 30,?7S S8,864 21,013 1? 491 65,161 58,134 s 676 39,097 Feb 267 634 ?67 584 226, 187 148,445 71 710 15 9S8 30 ?8? 59 483 21,012 1? 484 65,258 58,268 s,64? 39,30? Mar.... 264 536 264 485 223 0?S 145,988 19,?11 15,9S9 30,3?7 S9 48? 21,009 1? 438 64,599 58,371 4 879 39 3S4 Apr 264 64? 264 S90 223,077 146,133 19 31? IS,9S9 30,37S 63 ?18 17,249 1? 391 64,553 58,413 4,798 39,474 May 266 57? 266 5?0 224 73S 148,324 19,9H IS,9S9 30,411 64 79S 17,248 1? 3SS 64,056 57,920 4 793 39,710 June . ,. 266,1?3 266 071 223 408 147,335 19,707 IS,854 30 4?S 64 104 17,245 1? 340 63,733 57,886 4,453 40,538 Tulv 272,732 272,669 230 009 153,757 20,207 21,756 30,455 64,096 17,243 12 310 63,942 57,871 4,706 40,594 Aug 273,?69 273 ?06 230 157 153,694 ?0 ?08 ?1,6SS 30 49? 64 099 17,240 1? ?73 64,190 57,851 4 977 40,988 Sept 273,001 272 9^7 229 78S 152,804 19 S08 ?6 369 33 S78 S9 944 13,406 1? 168 64,814 57,795 s,639 40,9S8 Oct. 273,452 273,386 230 403 152,977 19,509 26,385 33,736 59,942 13.404 12,025 65,402 57,775 6,258 40.888 Nov. 275 ?8? 275,?09 232 IIS 154,726 19,509 ?<5,386 S3,249 <S?,181 13,402 1? 019 65 377 57 806 204 -11013 Dec. . . . 275,244 275,168 231 684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6,026 41,197 includes some debt not subject to statutory debt limitation (such debt amounted to 573 million dollars on Dec. 31, 1953) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3 Includes amounts held by Government agencies and trust funds, which aggregated 7,156 million dollars on Nov. 30, 1953. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public U. S. Government End of month in ( a s i g g e n d n t r c i c e t g e o u l e b s u u s r e ) ts a d i d - r - - S i p s a s t e r u g c u e e ia s s n t l c i f e u s n P i a s d u n s s b u d l l e i s c Total R F B e e a d s n e e r r k v a s e l m b C a e o n r m c k i s a - 3 l s M b a a v u n i t n u k g a s s l p I c a n a o n s n m u c i e e r - s - r c O a o t t r i h p o e o n r - s g m o S l a o v t e n c a e n a d r t t e l n s - S b a o v I n i n n d d g s s ivi s d e u O c a u t l r h s i e t r ies l M i a n t n i o v s e e r c o s s e u 3 - l s - 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 "6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 '8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 24,600 13,900 7,100 45,500 20,900 9,600 Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—June 252,366 30,211 5,549 216,606 21,366 64,600 12,000 22,800 13,600 7,800 47,100 18,600 8,700 Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—June 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,500 15,600 8,000 48,800 18,000 9,600 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,800 8,700 49,900 17,200 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 20,500 8,800 49,600 15,900 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,800 9,400 49,100 15,600 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,400 21,300 9,600 49,100 15,000 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 19,700 10,400 49,000 14,900 11,600 1952—Oct 264,964 38,390 6.681 219,893 23,575 63,100 9,600 16,000 20,500 11,000 49,000 15,100 12,000 Nov 267,483 38,788 6,757 221,938 23,821 64,200 9,500 16,100 21,000 i1,000 49,100 15,000 12,200 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,000 21,000 11,100 49,200 14,900 11,700 1953—Jan 267,450 39,097 6,895 221,458 23,944 62,800 9,500 16,200 21,400 11,200 49,300 14,800 12,300 Feb 267,634 39,302 6,869 221,463 23,875 61,900 9,600 16,100 21,800 11,300 49,400 15,000 12,500 Mar 264,536 39,354 6,908 218,274 23,806 59,500 9,600 16,000 20,700 11,400 49,500 15,200 12,500 Apr 264,642 39,474 6,866 218,302 23,880 59,100 9,500 16,000 20,500 11,500 49,600 15,200 13,000 May 266,572 39,710 7,057 219,805 24,246 58,600 9,600 16,000 21,400 11,900 49,300 16,100 12,800 June 266,123 40,538 7,022 218,563 24,746 58,800 9,500 15,900 19,200 12,000 49,300 16,300 12,800 July 272,732 40,594 7,007 225,131 24,964 63,500 9,500 15,900 20,300 12,200 49,300 16,200 13,300 Aug 273,269 40,988 6,986 225,295 25,063 62,700 9,500 15,900 20,800 12,200 49,300 16,300 13,500 Sept 273,001 40,958 7,076 224,967 25,235 62,500 9,500 15,900 20,500 12,200 49,300 16,500 13,400 Oct 273,452 40,888 7,078 225,486 25,348 62,700 9,300 15,800 20,700 12,200 49,200 16,400 13,700 r Revised. 1 Includes the Postal Savings System. ^Includes 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. 64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES Direct Public Issues Outstanding December 31, 1953 [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 bills Certificates Treasurybonds Treasurybonds—Cont. Jan. 7, 1954, 1,501 Feb. 15, 1954 2% 8,114 June 15,19543 2 510 Dec. 15,1963-68...2] 2,827 J J F J a a a e n n n b . . . . 2 2 1 1 8 4 4 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 4 4 4 4 1 1 1 1 , , , , 5 5 5 5 0 0 0 0 1 1 1 0 A J S M u e u a n p g r e t . . . 2 1 1 2 5 1 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 4 4 4 4 2 2 2 2 2 % % % \i 4 2 4 5, , , , 9 7 7 8 0 2 8 5 2 4 8 8 J J J J M u u u u n n n a n r e e e e . 1 1 1 1 1 5 5 5 5 5 , , , , ,1 1 1 1 9 9 9 9 5 5 5 5 4 4 4 4 * - - 5 5 6 5 8. . .. .2 2M H 2 2 5 8 2 1 , , , , 6 6 6 8 5 8 0 6 1 2 1 1 2 1 5 J J D M M u u e n n a a c e r r e . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 6 7 5 4 4 - - - - - 7 7 7 6 6 1 2 0 9 9 « « « . . . . . . . 3 3 2 4 1 , , , , , 8 7 9 8 7 3 5 9 6 2 1 5 1 2 0 Feb. 11, 1954 1,500 Mar. 15,1955-60 «.. 2 V8 1,449 Sept. 15,1967-72.. 2,716 Feb. 18, 1954 1,502 Treasury notes Sept. 15,1956-58. ..2H 982 Dec. 15,1967-72*. 3,826 Feb. 25, 1954 1,501 Mar. 15. 1954 1« 4,675 Sept. 15,1956-59«..2M 3,822 June 15,1978-83...3} 1,606 Dec. 15, 1954 1] 8,175 Mar. 15,1956-59. ..2X 927 Mar. 4, 1954. 1,500 Mar. 15, 1955 1J 5,365 June 15,1957-59. ..2% 4,245 Postal Savings Mar. 11, 1954. 1,501 Dec. 15, 1955 15 6,854 June 15,1958 2% 919 bonds 2^ 57 A M M a a p r r r . . . 2 1 5 8 1 , , , 1 1 1 9 9 9 5 5 5 4 4 4 . . . \ 1 1 , , ,5 5 5 0 0 0 2 1 1 O A O A A O M c c p p c p a t t t r r r r . . . . . . . 15, , , . , 1 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 9 8 7 7 6 6 8 5 7} 1 2 1 J , J ) . 2 1 , ,0 9 3 8 5 5 0 9 8 2 3 4 5 7 6 3 4 1 5 0 J J S D D D u u e e e e n n p c c c e e . . . t . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 6 6 5 5 5 6 8 1 0 9 9 8 2 - - - - - 6 6 6 6 6 5 2 2 3 7 . . « * . . . . . . . . . . 2 2 2 . 2 2 2 2 * % M X % ^ \ 4 i 2 5 3 2 2 1 , , , , , , 2 4 3 1 2 4 7 6 8 6 3 1 7 6 5 8 9 6 C P A I a o n n p n v r a v e . m s e t r 1 m a t , i e b 1 C n l 9 t a e 7 n S b 5 a e o - r l 8 n i L e 0 d s o . s . B a . 2 n. .3 11,9 5 8 0 9 1Sold on discount basis. See table on Open Market Money Rates, p. 59. 2Tax anticipation series. 3Maturity Dec. 15, 1955. ^Maturity Dec. 15, 1954. ^Partially tax exempt. 6Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par values in millions of dollars] End of month s T t o i a o n u n t g t a d - l - G f a U t u a c r g o u n n i . e e S v d d s n s t t . s - . B s F e R e a e r r n e a d v - k l - e s b C m a c o i n e a m k r l - s - b M s i t a n u a n g v a u k s l - - s L c I i o n fe m sw p " a a O n n i t c e h e s er Other End of month s T t o i a o n u n t g t a d - l - G f a U t u a c r g o u n n i . e e S v d d s n s t . t s - . B s F e R e a e r r e n a v d - l k e - s b C m a c o n i e a m k r l - s - b M t s i a n u a n g a v u k s l - - s L c I i o n fe m su p r a a O n n i c t e h e s er Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1 1 1 9 9 9 5 5 5 1 3 2 — — — D D J J J u u u e e n n n c c e e e 1 1 1 1 1 5 5 5 6 5 1 9 3 1 4 , , , , , 4 5 6 0 7 9 0 7 8 4 0 2 5 1 5 6 6 6 6 6 , , , , , 1 6 2 8 4 7 1 5 9 6 7 3 1 9 7 2 2 2 2 2 3 2 4 4 2 , , , , , 9 7 8 9 6 8 4 0 0 9 2 6 6 1 7 5 5 5 5 5 4 4 5 1 1 , , , , , 3 0 8 3 6 0 3 2 6 7 2 8 8 5 1 9 9 8 8 8 , , , , , 8 1 5 8 7 1 2 0 4 4 6 3 4 3 0 1 1 9 9 9 1 0 , , , , , 6 5 3 1 2 1 1 4 8 3 4 3 7 9 8 4 4 4 4 4 , , , , , 8 7 2 1 3 0 1 4 6 0 1 8 6 1 1 4 5 4 4 5 3 7 0 6 5 , , , , , 6 9 6 3 8 9 7 7 9 5 4 9 9 1 5 S 1 1 1 9 e 9 9 r 5 5 5 i 3 1 2 es — — — B D D J J J u u u ) e e : n n n c c e e e 1 1 1 1 1 3 2 2 2 3 , , , , , 5 0 5 3 0 7 0 4 6 9 3 0 0 0 5 2 2 3 3 3 , , , , , 4 9 9 4 4 3 3 0 0 3 9 7 5 5 8 2 1 , ,2 7 7 1 1 1 4 4 4 1 1 1 1 1 6 7 8 9 8 6 2 2 1 5 1 1 1 1 1 , , , , ,3 2 3 3 2 1 5 5 5 4 4 2 6 2 6 2 2 3 3 3 , , , , , 1 1 1 9 9 7 7 3 2 2 2 9 3 1 3 3 3 3 3 3 6 1 6 5 1 0 2 2 3 8 3 3 3 3 3 , , , , , 9 2 3 8 9 1 8 0 6 8 9 1 4 4 7 Sept 164,972 6,949 25,23554,730 8,766 9,276 4,863 55,153 Sept 12,168 3,439 178 1,282 3,035 332 3,901 Oct 165,001 6,949 25,34854,966 8,625 9,238 4,855 55,021 Oct 12,025 3,439 173 ;,279 2,952 327 3,854 Treasury bills: Marketable secu- 1951—June 13,614 26 527 3,750 122 756 72 8,360 rities, maturing:2 Dec. 18,102 50 596 6,773 71 428 104 10,080 Within 1 year: 1952—June 17,219 41 381 5,828 103 504 92 10,268 1951—June 42,789 55 12,59210,234 201 1,077 451 18,180 Dec. 21,713 86 1,341 7,047 137 464 119 12,518 Dec 48,204 112 13,43714,081 182 648 576 19 167 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 1952—June 45,642 101 12,20212,705 223 581 470 19,360 Dec 56,953 133 14,74916,996 263 532 733 23,547 Sept 19,508 84 1,943 4,500 111 386 134 12,350 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 Certificate O s c : t 19,509 93 2,056 4,579 119 412 133 12,117 Sept 66,919 191 15,99320,704 457 469 1,001 28,103 1951—June 9,509 17 3,194 2,753 37 113 174 3,221 Oct 66,937 195 16,10620,814 456 475 979 27,912 1 1 9 9 5 5 3 2 — — D D J J u u e e n n c c e e 2 2 1 1 9 8 6 5 , , , , 0 7 4 8 7 1 5 2 8 2 4 3 4 6 2 3 9 0 7 0 1 1 5 4 2 1 , , , , 0 9 7 8 6 9 9 2 1 6 3 1 4 6 4 6 , , , , 7 3 7 8 9 5 7 7 1 1 3 7 1 4 2 8 2 1 7 7 0 21 5 7 2 7 6 6 7 4 3 3 3 1 4 1 7 7 5 0 8 9 8 6 6 , , , , 7 0 6 4 6 5 2 9 1 2 4 2 1-5 1 1 9 9 y 5 5 e 1 2 a — — rs D D J J : u u e e n n c c e e 4 4 4 3 5 4 4 7 , , , , 0 4 9 7 3 0 4 1 3 1 5 3 4 4 7 3 6 5 7 1 5 6 7 7 , , , , 1 1 6 2 8 4 8 3 8 6 8 5 2 2 2 2 7 9 7 2 , , , , 2 8 9 3 7 5 9 8 2 8 1 1 6 4 3 2 1 7 1 5 9 0 3 9 2 1 1 4 6 3 8 8 3 2 1,0 9 9 9 3 9 1 9 5 2 0 6 8 8 8 6 , , , , 1 4 5 9 3 2 8 3 3 4 8 3 Sept 26,369 78 5,852 9,540 246 70 471 10,112 1953—June 32,330 152 6,45218,344 464 109 914 5,895 Oct 26,385 73 5,852 9,468 223 50 465 10,254 Sept 35,465 149 6,45220,317 554 117 1,088 6,788 Treasury notes: Oct 35,624 148 6,45220,411 518 179 1,106 6,809 1951—June 35,806 14 12,43913,704 120 208 478 8,841 5-10 years: Dec 18,409 3 5,06810,465 67 1 315 2,489 1951—June 8,914 194 31 6,790 86 131 202 1,480 1952—June 18,963 2 5,56810,431 42 5 327 2,587 Dec 8,914 152 34 6,881 73 118 201 1,454 Dec 30,266 16 13,77410,955 49 8 486 4,978 1952—June 15,122 387 693 7,740 1,357 497 765 3,684 1953—June 30,425 23 13,77410,355 62 5 529 5,678 Dec 22,834 546 1,387 11,058 1,775 885 1,348 5,835 1953—June 18,677 422 1,374 8,772 1,395 745 1,104 4,865 Ma 1 1 1 r 9 9 9 k 5 5 5 e 1 2 3 t — — — ab D S O D J J J le u u u e e c e n p n n b c t c e t e e onds:1 3 3 7 7 7 8 7 3 3 8 1 5 7 9 , , , , , , , 7 9 3 5 8 0 8 8 4 3 0 9 7 9 9 9 6 2 7 8 0 3 2 3 3 3 , , , , , 2 9 3 0 2 1 0 4 2 4 2 2 5 0 8 6 3 8 8 1 1 4 4 4 4 4 3 3 , , , , , , , 5 1 5 1 4 7 7 3 2 2 0 2 7 7 0 2 8 2 2 4 4 3 3 3 3 3 1 1 2 0 1 0 2 2 2 , , , , , , , 0 1 8 7 2 3 2 1 4 6 1 9 9 7 9 9 6 0 8 9 3 7 7 7 7 7 , , , , , 1 6 2 9 2 1 1 6 2 9 7 3 6 6 5 1 7 4 2 4 8 5 5 6 5 7 , , , , , 8 1 8 8 7 3 5 0 5 2 7 1 9 5 7 0 5 8 5 3 3 3 3 3 , , , , , 1 1 4 4 0 6 6 2 2 8 2 8 8 7 0 5 4 9 7 7 8 2 2 2 2 2 2 6 6 1 4 3 2 , , , , , , , 1 6 6 0 5 8 0 2 7 1 3 8 9 6 9 2 5 0 0 3 8 Af 1 1 1 te 9 9 9 r 5 5 5 1 2 3 1 — — — 0 S O y D D J J J e e u u u c e e p a n n n t c c r t e e e s: 4 4 3 3 3 1 1 1 1 1 4 1 8 8 , , , , , , , 1 7 6 1 6 0 6 3 7 6 9 8 8 7 9 4 8 8 1 1 5 2 3 2 2 2 , , , , , 9 0 4 4 7 4 4 4 6 3 9 2 0 0 7 4 6 6 3 3 5 2 2 2 1 1 1 1 , , , , , , , 3 3 1 4 4 4 4 7 7 1 0 1 1 2 4 4 5 9 5 0 8 4 5 5 5 5 8 9 , , , , , , , 1 2 5 4 2 9 0 7 1 4 0 8 7 3 7 0 4 8 7 3 8 1 1 r r 5 5 5 , , , , , , , 2 3 3 2 1 0 5 0 2 8 5 6 9 3 2 5 5 3 7 1 7 5 4 4 6 6 , , , , , 3 7 9 8 4 7 6 0 9 6 7 7 8 0 1 1 9 0 0 8 1 2 2 1 1 1 1 1 , , , , , , , 0 3 1 3 1 6 2 9 0 5 5 6 6 1 9 0 6 2 1 1 3 1 1 1 1 1 4 4 4 4 0 2 1 , , , , , , , 7 7 3 6 0 6 6 9 9 0 4 5 7 2 1 2 9 3 9 3 1 Sept 73,350 3,320 3,66628,239 6,960 5,770 3,239 22,156 Sept 31,745 2,764 1,415 4,552 5,148 4,953 1,344 11,569 Oct 73,346 3,316 3,66628,346 6,839 5,747 3,252 22,180 Oct 31,742 2,764 1,415 4,535 5,086 4,944 1,344 11,654 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. 1 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 2Beginning with the September 1953 issue of the BULLETIN, the basis for classifying bonds with optional call dates has been changed from a first call to a final maturity date. JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Gross proceeds, all issuers2 Propo al s l e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 0 eeds, Noncorporate Corporate New capital Re Y m e o a n r t o h r Total G m U o e v .S n e . r ts n- ag F e e e r n a d c l - y4 S n m a p t i n a c a u d t i l - - e Other* Total Total o B P f l f o i u e c n r l b y d e - d s p v P l a a r t c e i- e l d y f s e P t r o r r c e e k - d C s m to o o m c n k - Total m N o e n w ey7 p l M p a c o o e u n u i s l s r e e - s - - - s d m b e t R e i a t o e r b c n e f n e . t - k - t 8 , r s m t i e i t o e r c i f e n e u s - t - 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1.854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52,424 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1946 18,685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1947.. 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5,115 4,591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6,651 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,435 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 no 3,189 446 7.741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,961 12.577 459 4,105 237 9,582 7.649 3,645 4,005 564 1,369 8 769 8,223 174 371 660 1952—Nov 1,108 480 219 25 384 314 126 188 20 49 340 293 34 13 38 Dec. , 2,079 547 231 389 4 908 731 140 591 58 119 851 780 43 28 46 1953—Jan 1,783 611 30 392 86 664 497 186 310 51 116 634 603 6 25 21 Feb 1,592 494 390 2 706 536 307 229 47 123 666 635 8 23 28 Mar, 1,604 503 405 696 517 153 364 62 116 672 630 17 24 12 Apr 1,667 491 349 9 818 659 375 284 35 124 789 757 18 13 17 May 4,630 3,244 650 5 731 484 287 197 82 165 696 612 35 49 19 June 3,053 1.454 416 3 1,179 988 575 413 33 159 1,134 1,046 24 64 27 July 1,928 884 522 1 521 407 106 301 31 82 501 479 9 13 9 Aug 1,430 853 260 2 315 243 110 133 7 65 307 278 9 19 2 Sept 2,576 1,320 454 36 766 675 439 235 44 47 753 695 38 20 3 Oct 2,248 1,070 76 473 50 579 344 151 193 23 212 543 517 7 19 23 Nov 1,183 370 400 19 394 292 197 95 34 68 386 364 6 15 1 Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Year or month T c p n e o r e e t o d a t - s l N c it a e a p w l - " m R e e n ti t r s e 1 - 0 T c p e n o r e e t o d a t - s l N c i a t e a p w l - ' m R e et n ir ts e - ° T c p e n o r e e t o d a t - s l N c it a e a p w l - * m R e e n ti t r s e i - ° T c p e n o r e e t o d a t - s l N c it a e a p w l - " m R e e n ti t r s e 1 - 0 T c p e n o r e e t o d a t - s l i N ta e M w m R e e n ti t r s e - ° T c p e n o r e e t o d a t - s l N c it a e a p w l" - m R e e n ti t r s e i - 1948 2,180 2,126 54 403 382 21 748 691 56 2,150 2,005 144 891 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 2,276 2,043 233 567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 2,608 1,927 682 395 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 2.412 2.326 85 605 600 5 515 449 66 1952 ... 4,022 3,765 257 536 512 24 983 758 225 2,626 2,539 88 753 747 6 508 448 60 1952—November 164 147 18 21 21 .... 45 32 12 43 43 48 47 1 56 50 7 December 327 309 18 149 148 115 93 23 216 213 3 34 33 1 56 55 1953—January.... 283 276 7 24 24 51 38 14 245 245 4 4 47 47 1 February. 148 144 3 92 89 3 51 33 18 257 254 "" ' 3 7 7 140 140 March.... 203 194 9 31 30 1 81 81 212 210 2 15 15 142 141 1 April 312 309 2 31 25 6 66 66 223 215 8 13 13 162 161 1 May 114 97 17 57 56 1 40 40 397 397 7 7 99 99 June- 285 278 7 41 41 42 42 334 317 •••• — 43 43 415 412 3 July 145 141 4 55 51 4 46 46 210 210 15 15 39 38 1 August 55 54 1 22 21 1 15 15 97 97 29 29 91 91 September.. 122 122 19 18 1 32 32 243 242 i' 89 89 251 250 1 October.... 35 35 87 85 2 46 46 350 329 21 10 10 38 38 November.. 78 78 26 25 1 19 19 213 213 5 5 47 47 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. 6 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 and equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank 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 66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1952 1953 1947 1948 1949 1950 1951 1952 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 31,967 38,190 37,803 45,204 52,331 53,81013,066 12,914 12,543 15,287 15,709 16,519 15,424 Profits before taxes 4,178 5,390 5,122 7,993 8,668 7,125 1,957 1,643 1,525 2,000 2,241 2,471 2,083 Profits after taxes 2,569 3 3S6 3 1S1 4 106 3,456 3096 839 643 688 926 848 920 879 Dividends 1,193 1,429 1,686 2,272 2,015 2,010 489 483 482 556 491 485 487 Nondurable goods industries (94 corps.):1 Sales 12,438 14,588 13,906 15,847 18,557 18,813 4,638 4,525 4,692 4,958 4,964 5,068 5,035 Profits before taxes 1,860 2,282 1,930 2,798 3,290 2,693 724 628 669 672 748 769 768 Profits after taxes 1,210 1 5?0 1 ?63 1 563 1,451 1 ?91 3?6 300 318 347 338 346 368 Dividends 575 682 736 919 872 891 216 213 212 251 216 213 2 13 Durable goods industries (106 corps.):2 Sales 19,529 ?3 60? ?3 89779 3S7 33,774 34 997 8 4?8 8,389 7 8S1 10,329 10,745 11,450 10 390 Profits before taxes 2,319 3,108 3,193 5,195 5,378 4,432 1,233 1,015 857 1,328 1,493 1,702 1,315 Profits after taxes 1,359 1 837 1 888 ? S44 2,005 1 804 S13 342 370 579 511 573 510 Dividends 618 748 950 1,352 1,142 1,119 273 270 270 305 275 272 274 Selected industries: Foods and kindred products (28 corps.): Sales 4,238 4 S?8 4 ??3 4 40? 4,909 S04? 1 ??8 1,220 1 980 1,315 1,316 1,346 1 3S4 Profits before taxes 466 4SS 4*4 S3? 473 446 100 116 127 104 99 128 131 Profits after taxes 287 ?8S ?68 ?89 227 ?04 46 52 S7 50 46 54 S7 Dividends 142 148 149 161 158 154 36 38 37 43 35 37 37 Chemicals and allied products (26 corps.): Sales 3,193 3 674 3 680 4,577 5,573 s,69S 1,406 1 369 1 401 1,520 1 545 1 568 1 506 Profits before taxes 563 674 693 1 133 1,421 1 ?00 3?? 286 289 304 357 346 327 Profits after taxes 346 420 415 572 496 458 112 108 109 128 123 125 124 Dividends 222 ?63 3?1 448 363 381 89 89 90 114 90 90 91 Petroleum refining (14 corps.): Sales 2,906 3,94 s? 3,86S 4,234 4,999 s 319 1,318 1,274 t,325 1,402 1 381 1 396 t 460 Profits before taxes 456 7?1 S?S 6S0 863 686 704 147 16S 171 194 189 ??S Profits after taxes 350 548 406 442 515 485 130 111 115 129 127 124 150 Dividends 127 17? 17? 70S 231 ?s? 64 60 60 69 65 61 61 Primary metals and products (39 corps.): Sales 7,545 9,066 8,187 10,446 12,501 11,557 3,074 2,385 7 605 3 494 428 3 653 491 Profits before taxes 891 1,174 993 1 700 2,092 1 161 4? 5 98 ?08 431 457 560 51? Profits after taxes 545 7?0 578 8S4 776 S75 ??8 31 100 217 183 212 ?03 Dividends . 247 270 285 377 381 367 88 87 86 106 88 88 88 Machinery (27 corps.): Sales 3,658 4 563 4 363 s071 6,183 7,082 1,594 1,725 1 697 2 066 1 967 2 045 1 957 Profits before taxes 449 S70 S?0 8S0 1,003 974 ?33 232 ?18 290 276 298 ?4S Profits after taxes 274 334 3?1 4?S 370 380 83 80 89 128 89 103 97 Dividends . ... 116 1?7 138 ?08 192 200 49 49 49 53 50 49 49 Automobiles and equipment (15 corps.): Sales 6,692 8 n93 9, S7711 80S 12,496 12.825 3,032 3.427 ?,681 3,684 4 308 4,657 ^,917 Profits before taxes 809 1 131 1 473 ? 30 S 1,923 1 94 S S01 596 34 S 503 648 714 4S? Profits after taxes . 445 639 861 1,087 705 698 171 194 143 190 200 211 168 Dividends 195 ?8? 451 671 479 46? 117 114 114 117 117 114 114 Public Utility Railroad: Operating revenue 8,685 9,672 8,580 9,473 10,391 10,580 2,587 2,532 2,633 2,828 2,596 2,732 2,755 Profits before taxes 777 1,148 700 1 384 1,260 1,436 ?QS 261 368 512 336 397 399 Profits after taxes 479 699 438 783 693 816 141 149 208 318 186 231 234 Dividends 236 289 252 312 328 336 80 74 66 116 97 73 79 Electric power: Operating revenue 4,291 4 830 S OSS s 431 5,867 6,224 1,603 1,491 1,513 1,618 1,710 1,625 1,643 Profits before taxes 954 983 ,129 1,303 1,480 1,718 498 400 382 439 545 454 426 Profits after taxes 643 6S7 7S7 824 818 922 ?S7 214 207 244 ?88 246 ?33 Dividends •. . .. . 494 493 553 619 661 709 172 173 177 186 182 189 194 Telephone: Operating revenue 2,283 ? 604 ? 967 3 34? 3,729 4,136 993 1,023 1,037 1,084 1,092 1,126 1,1?9 Profits before taxes . 215 292 333 580 691 787 194 205 182 206 223 234 220 Profits after taxes 138 186 ?07 331 341 384 93 98 88 104 109 114 107 Dividends . 131 178 213 276 318 355 85 87 91 93 100 101 104 1 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). 67 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks Year or Year or P b r e o fo fi r t e s co In m - e P a r f o t f e i r ts C di a v s i h - tr U ib n u d t i e s- d quarter New Retire- Net New Retire- Net New Retire- Net quarter taxes taxes taxes dends profits issues ments change issues ments change issues ments change 1939 2,182 2,721 -539 1,939 2,550 -611 243 171 72 1939 6.5 15 5 0 3.8 1.2 1941 2,793 2,817 -24 2,391 2,516 -125 402 301 101 1941 17.2 7 8 9.4 4.5 4.9 1942 1,151 1.464 -313 929 1,327 -398 222 137 85 1942 21.1 11.7 9.4 4.3 5.1 1943 1,333 2,129 -796 996 1,800 -804 337 329 8 1943 25.1 14.4 10.6 4.5 6.2 1944 3,424 3,899 -475 2,693 3,391 -698 731 508 223 1944 24.3 13.5 10 8 4.7 6.1 1945 6,457 6,846 -389 4,924 5,995 -1,071 1,533 851 682 1945 19.7 11.2 8.5 4.7 3.8 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 1,286 1946 23.5 9.6 13 9 5.8 8.1 1947 6,882 2,523 4,359 5,015 2,011 3,004 1,867 512 1,355 1947 30.5 11.9 18.5 6.6 12.0 1948 , 7,570 1,684 5,886 5,938 1,284 4,654 1,632 400 1,232 1948 33.8 13.0 20.7 7.3 13 5 1949 6,732 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1949 27.1 10.8 16.3 7.5 8.8 1950 7,224 3,500 3,724 4,806 2,802 2,004 2,418 698 1,720 1950 41.0 18.2 22.7 9.1 13.6 1951 9,048 2,772 6,277 5,683 2,107 3,577 3,365 665 2,701 1951 . 43.7 23.6 20.1 9.2 10.9 1952 10,727 2,653 8,074 7,392 2,300 5,092 3,335 353 2.982 1952 39.2 20.6 18.6 9.1 9.5 1952—2.... 3,035 603 2,432 2,127 514 1,613 908 89 819 1951—3 39.4 21.2 18.2 9.3 8.9 3.... 2,433 717 1,716 1,793 612 1,181 640 105 535 4 40.6 21.8 18.8 9.5 9.3 4.... 2,920 774 2,146 1,928 684 1,244 992 90 902 1952—1 2 4 3 1 8 . . 5 2 2 2 1 0. . 1 8 1 1 9 8 . . 7 0 9 9 . . 1 1 1 8 0 . . 9 6 1953— 2 1 . . . . .. . 2 2 , , 3 9 2 2 1 8 6 6 1 0 2 7 2 1 , , 3 7 2 1 1 0 2 1 , , 0 4 9 9 6 2 4 4 5 8 8 1 1 1 , ,0 6 1 3 2 8 8 8 3 2 2 9 1 14 3 9 1 6 68 9 3 8 3 37.0 19.4 17.5 9.1 8.4 3. .. 1,867 529 1,338 1,327 417 910 540 112 428 4 40.3 21.2 19.1 9.1 10.0 1 Reflects cash transactions only. As compared with data shown on p. 66, new 1953—1 44.6 24.4 20.3 9.2 11.1 issues exclude foreign and include investment company offerings, sales of securities 2 45.9 25.0 20.8 9.4 11.4 held by affiliated companies or RFC, special offerings to employees, and also new 3 43.3 23.6 19.6 9.6 10.0 stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 66. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e er ar w c o a N r p k e it i t a n l g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 24.5 54 5 10 8 2.2 .0 22.1 18.0 1 4 30.0 .0 21 9 1.2 6.9 1941 32.3 72.9 13.9 4.0 .6 27.4 25.6 1 4 40.7 .8 25.6 7.1 7.2 1942 36.3 83 6 17 6 10.1 4.0 23.3 27.3 3 47 3 2 0 24 0 12.6 8.7 1943 42.1 93.8 21.6 16.4 5.0 21.9 27.6 .3 51.6 2.2 24.1 16.6 8.7 1944 45.6 97.2 21.6 20.9 4.7 21.8 26.8 L.4 51.7 1 8 25.0 15.5 9.4 1945 51.6 97.4 21.7 21.1 2.7 23.2 26.3 5.4 45.8 9 24 8 10.4 9.7 1946 56.2 108.1 22.8 15.3 .7 30.0 37.6 7 51.9 1 31 5 8.5 11.8 1947 62.1 123 6 25 0 14.1 38 3 44 6 6 61 5 37 6 10.7 13.2 1948 68.6 133.0 25.3 14.8 42.4 48.9 L.6 64.4 39.3 11 5 13.5 1949 72.4 133 1 26.5 16.8 43.0 45 3 L 4 60 7 37 5 9 3 14.0 1950 78.4 156.1 27.4 20.5 1.1 52.8 52.6 7 77.7 4 46 8 14.8 15.7 1951 82.5 174 4 29.6 21.3 2.7 56 1 62.6 2 1 91.9 1 3 54 2 19.7 16.7 1952—3 85 4 178 0 30 0 20 2 2 5 61 0 62 0 2 3 92 6 2 1 55 4 16.2 18 9 4 85.6 181.1 30.2 21.0 2.8 61.8 62.9 2.4 95.5 2.2 58.6 16.4 18.4 1953—i 86.7 180.4 27.6 20.7 2.9 62 4 64.3 2.4 93 7 2 5 57 5 '15 2 '18.6 2 '87.9 '180.9 29.2 2.7 '62.7 '64.5 2.4 '92.9 2.2 '57.0 '14.5 19.2 3 88.5 185.4 29.6 21 !l 2.7 64.1 65.4 2.4 96.8 2.1 58.1 16.8 19.8 'Revised. Excludes banks and insurance companies. 2Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Trans- Manu- Transporta- factur- porta- Manu- tion Public Com- ing tion Public All Year Total factur- Min- Rail- other utili- muni- Other 2 Quarter Total and incl. utili- others ing ing roads than ties cations min- rail- ties rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1952—2 6 808 3 384 758 928 J 73 S 1945 8,692 3,983 383 548 574 505 321 2,378 3... . 6,244 3,026 591 947 [ 680 1946 14,848 6,790 427 583 923 792 817 4,516 4 7 265 3 596 692 1 142 835 1947 20,612 8,703 691 889 1,298 1,539 1,399 6,093 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 1953—1 6,147 2,946 621 904 1,675 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 2 . 7,225 3 492 697 1 148 I 887 1950 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 3. 7,076 3,317 654 1 206 I 899 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 4* 7,379 3,557 713 1,225 S«4 1952 26,455 11,994 880 1,391 1,363 3,838 1,598 5.391 1954—I4 6,490 3,042 609 1,012 1,828 19534. 27,827 12,423 891 1,323 1,363 4,484 7,345 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. •*Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm E o n r d q o u f a r y te e r ar h A e o r l H s d- t F u i i n c t n i i s o a a ti l n n - - s S F e a e c l g d e i e e e c n h s r t O e - a o d l l t d h e e v o r r I i t s a d n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i s i o a a t i i l n n l - y - s lo O h u e o s t r h e l s d s e - r c T o o m t M a m l u e l r ti c t - F i u i f a i n a c t l n i s i m a o a t p i l n i n - r l - o s y p e a O h r n t o d e i t e h r ld s s e - r * h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s' 1939 35.5 18.6 2.2 14.7 28.9 16.3 9.3 7.0 12.5 7.8 4.8 6.6 L5 5.1 1940 36 5 19 5 2 1 14.8 30.0 17.3 10.2 7.1 12.6 7 8 4.8 6.5 5 0 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6 4 L.5 4.9 1942 36 7 20 7 1 8 14.2 30.8 18.2 11.5 6.7 12 5 7 8 4 7 6.0 4 4 5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 L.3 4.1 1944 34 7 20 2 1 l 13.3 29.7 17.9 11.7 6.2 11 8 7 2 4 6 4.9 3 7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4.8 1.3 3 4 1946 41.8 26.0 .6 15.1 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.9 1.5 3 4 t947 48 9 31.8 .5 16 6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 7 3 3 1948 56 2 37 8 6 17 8 50 9 33.3 25.0 8.3 17 6 10 9 6 7 5 3 o 3 4 1949 62 7 42.9 1 1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.6 2 1 3 5 1950 72.8 51.6 1.4 19.7 66.7 45.1 35.3 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82 1 59.5 2 0 20 7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6 6 2 6 4 0 1952* 90.9 66.9 2.4 21.5 83.8 58.2 46.8 11.3 25.6 17.3 8.3 7.1 2.8 4.3 1951—December 82.1 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.6 2.6 4.0 1952—March? 84.0 61.0 2.2 20.8 77.3 53.2 42.3 10 9 24.1 16.0 8.1 6.7 2.6 4.1 JuneP 86.3 63.0 2.2 21.1 79.3 54.8 43.8 11.0 24.6 16.4 8.1 7.0 2.7 4.2 September P. .. 88.7 65.1 2.3 21.3 81.6 56.5 45.4 11.1 25.1 16.9 8.2 7.1 2.8 4.3 December P . . . 90.9 66.9 2.4 21.5 83.8 58.2 46.8 11.3 25.6 17.3 8.3 7.1 2.8 4.3 1953—March? 93 0 68 6 2 6 21 8 85.7 59.6 48.0 11 6 26.1 17 7 8 4 7 3 2 9 4 4 JuneP 95.7 70.9 2.7 22.1 88.2 61.5 49.8 11.7 26 7 18.1 8.5 7.5 3 0 4 6 SeptemberP. . . 98.2 73.0 2.8 22.4 90.5 63.3 51.4 11.9 27.2 18.5 8.7 7.6 3.0 4.6 p 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 1952 except those on 1- to 4-family houses and total farm (preliminary estimates from HLBB and Dept. of Agriculture, respectively), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies, and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Residential8 Residential 3 Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1939 4,266 3,697 2,671 1,026 569 4,836 4,807 3,875 932 29 1940 4,578 4,003 2,963 1,040 575 4,859 4,829 3,914 915 30 1941. . . 4,906 4,340 3,292 1,048 566 4,812 4,784 3,884 900 28 1942 . .... 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 4,395 3,558 837 25 1944 4,430 3,967 3,218 749 463 4,305 4.281 3,476 805 24 1945 4,772 4,251 3,395 856 521 4,208 4.184 3,387 797 24 1946 7 234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1950 13 66412 69510 431 2,264 968 8,261 8 218 7 054 I 164 44 1951 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 14,809 12,188 3,675 3.012 5.501 2,621 1,058 11,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1951—December 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4,303 1,274 47 1952—March 14,860 13,830 11,350 3,432 2,928 4,990 2,480 1,030 10,203 10,156 8,843 2,720 1,815 4,308 1,313 47 June 15,176 14,113 11,602 3,441 2,952 5,209 2,512 1,063 10,554 10,506 9,145 2,898 1,917 4,330 L ,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,060 10,940 10,880 9,485 3,025 2,069 4,392 L.394 60 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1953—March P . . .. 16,080 15,000 12,320 3,719 3,010 5,591 2,680 1,080 11,680 11,630 10,165 3,230 2,395 4,540 1,465 50 June? 16,387 15,283 12,545 3,798 3,013 5,734 2,738 1,104 12,112 12,062 10,574 3,325 2,590 4,658 1,488 50 SeptemberP 16,640 15,530 12,765 3,867 3,038 5,860 2,765 1,110 12,500 12,450 10,925 3,414 2,759 4,752 1,525 50 p Preliminary. includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. 69 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm 1939 5,683 4,794 889 1940 5,972 5,073 668 899 1941 6,442 5,529 815 913 1942 898 6,726 5,830 1,096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2.520 451 600 1,469 266 8.675 7,780 1,398 844 5,538 895 1948 . 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 ,138 1950 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2,026 8,176 L.327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17,787 5.257 3,131 9,399 L.527 1952 3,978 3.606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 ,705 1952—November 288 260 65 22 173 28 21,087 19.411 5,648 3,340 10,423 1,676 December 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 1,685 1953—January 347 309 80 25 204 38 21,396 19,701 5,725 3,358 10,618 1,695 February 327 289 69 25 195 38 21,547 19,834 5,751 3,367 10,716 1,713 March 403 353 88 29 236 50 21,725 19,992 5,804 3.370 10,818 1,733 April 364 321 77 27 217 43 21,897 20,139 5,820 3,388 10,931 1,758 May 344 308 62 30 216 36 22,055 20,277 5,854 3,390 11,033 1,778 June 359 330 67 34 229 29 22,221 20,425 5,884 3,396 11.145 1,796 July 405 371 71 36 264 34 22,429 20,614 5,905 3,412 11.297 1,815 August 305 279 62 32 185 26 22,552 20,722 5,924 3.430 11,368 L.830 September 313 289 57 40 192 24 22,698 20,860 5,943 3,448 11,469 ,838 October 338 309 60 42 207 29 22,842 20,993 5,963 3,473 11,557 1,849 November 352 327 60 56 211 25 23,017 21,161 5,983 3,511 11,667 1,856 NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may diffei from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures. Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m ea o r n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e O p t u h r e - r Total« F su H in r A e - d - a g n V u te A a e r - - d t C i v o o e n n n a - - l3 m Y o o e n r a t r h N b u e m r - Total in S lo g a a s v n & - I c a n o n s m c u e r - - b C m c a o i n e a m r k l - s - M s u a t v u - al Other a c m o l ( a r d r e o r d o s - u e l ) - d nt 1939 301 340 345 3,806 1939 1,288 3,507 1,058 287 891 143 1,128 2,722 1940 1,200 399 426 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4, 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,530 1951. 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2.105 2.955 1,557 18,444 906 3,398 14,140 1952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5.950 1952-Nov... 523 163 243 117 1952-Nov 245 ,492 116 298 104 448 6,085 Dec... 541 161 248 132 18,444 906 3,398 14,140 Dec. 252 ,553 540 126 305 112 470 6,171 1953-Jan.... 497 147 222 128 1953-Jan.. 228 ,401 477 111 278 93 442 6,136 Feb.... 523 164 222 137 Feb. 229 391 503 110 84 425 6,068 Mar... 639 206 266 167 19,105 924 3,492 14,689 Mar.. 264 1,627 605 126 92 488 6,153 Apr.... 678 226 288 164 Apr.. 275 ,709 642 127 102 513 6,206 May... 232 295 163 May. 273 ,699 641 133 317 111 497 6,221 June.. 241 327 165 20,133 962 3,593 June . 282 ,769 682 131 325 120 511 6,282 July... 758 237 355 166 July. 286 ,798 699 132 323 127 517 6,282 Aug... 707 218 340 149 Aug. 273 ,709 671 122 310 111 495 6,270 Sept... 684 208 328 148 2M45 1^015 3,745 16,385 Sept.. 275 ,729 654 125 315 123 512 6,276 Oct.... 688 219 318 151 Oct... 278 ,746 658 123 320 123 522 6,283 Nov... 586 190 265 131 Nov.. 245 ,549 564 114 290 113 468 6,311 includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board 2Prior to 1948, data are not available for classifications shown. 'Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 70 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Confine GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO ••FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t o e i o w e p s r - tga i e p g s E r r t e t o i x i s n e p - g s - g m j t P a e y o r g c p o r e t - e t - s - 1 p l P m o e r i r a m r o e o t n v n y p - s e t - 2 - Total e p N r r m t o e i w o e p s r - tga i e p s g E r r t e t o i x i s n e p - g s - r A a e a t l p n i t a o e d i n r r - 2 q y E u e n a a d r r t o o e f r r Total Tota u l nde F r H i w n A - ri - tten g V u A ar - - t C i v o e o n n n a - - l sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1939 16.3 1.8 1.8 14.5 1941 1 152 1 152 728 183 14 228 1940 17.3 2 3 2 3 15 0 1942 1,121 1,121 766 208 21 126 1941 18.4 3.0 3.0 15.4 1943 934 934 553 210 85 86 1942 18.2 3 7 3 7 14 5 1944 877 877 484 224 56 114 1943 17.8 4.1 4.1 13.7 1945 857 665 257 217 20 171 192 1944 17.9 4.2 4.2 13.7 1946 3 058 756 120 302 13 321 2,302 1945 18.5 4.3 4.1 .2 14.2 1947 5 074 1 788 477 418 360 534 3,286 1946 23.1 6.1 3.7 2.4 17.0 1948 5 222 3 341 1 434 684 609 614 1,881 1947 28.2 9.3 3.8 5 5 18 9 1949 5 250 3 826 1 319 892 1,021 594 1,424 793 629 3 1948 33.3 12.5 5.3 7.2 20.8 1950 7 416 4,343 1 637 856 1,157 694 3,073 1,865 1,202 5 1949 37.5 15.0 6.9 8.1 22.5 1951 6 834 3 220 1 216 713 584 707 3,614 2,667 942 6 1950 45.1 18.9 8.6 10.3 26.2 1952 5 830 3 113 969 974 322 848 2.721 1,824 890 6 1951 51.9 22.9 9.7 13.2 29.0 1952 » 58 2 25 4 10 8 14 6 32 8 1952—Nov. . . 503 259 97 87 17 59 243 157 85 .6 Dec... 519 293 108 98 23 63 227 155 71 .5 1951—Sept. .. 50.4 22.0 9.5 12.5 28.4 1953—Jan 539 296 108 103 18 67 243 161 82 .6 Dec... 51.9 22.9 9.7 13.2 29.0 Feb.... 539 265 103 86 15 61 274 184 90 .6 Mar.. . 504 276 103 89 20 64 228 152 75 .5 Apr 577 342 109 92 22 119 235 157 78 .4 1952—Mar.*. . 53.2 23.5 9.9 13.6 29.7 May. . . 530 314 97 90 25 102 216 149 66 .5 June*.. 54.8 24.0 10.1 13.9 30.8 June... 516 274 91 95 19 69 242 164 78 .4 Sept.*.. 56.5 24.7 10.4 14.3 31.7 July. .. 602 363 109 94 40 120 239 160 79 .4 Dec.».. 58.2 25.4 10.8 14.6 32.8 Aug.... 597 349 106 87 23 133 248 166 82 .3 Sept... . 629 320 106 80 12 122 309 197 112 .4 Oct 661 368 113 80 23 151 293 193 99 .5 1953—Mar.p.. 59.6 26.1 11.1 15.0 33.5 Nov... 694 408 105 68 25 210 286 192 93 .5 June?.. 61.5 26.7 11.4 15.3 34.8 Sept. P.. 63.3 27.5 11.7 15.8 35.8 1Monthly figiures do not reflect mortgage amendments included in annual totals. 2FHA-insured property improvement loans <ire not ordinarily secured by mortgagesr, VA- * Preliminary. guaranteed alteration and repair loans of $1,000 or less need not be secured,whereas those NOTE.—For total debt outstanding, figures for for more than that amount must be. first three quarters are Federal Rest*rve estimates. "Prior to 1949, data are notavailable for classifications shown. For conventional, figures are derived NOTE.—FHA-insureci loans represent gross amount of insurance written; VA-guar- Sources.—Home Loan Bank Board.Ffdpral Honsanteed loans, gross amount of loans closed. Figures do not take account of principal repay- ing Administration, yVeterans Administration, and ments on previously insured or guaranteed loans. For VA-guaranteed loan<j, amounts by Federal Reserve. type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Author- Com- Mortgage holdings Mort- Mort- Advances outstanding ized mit- gage gage (end of period) E o n r d m o o f n y t e h ar fu u n n- ds m u e n n - ts FHA- VA- c p ha u s r e - s (d s u a r l i e n s g Year or month va A n d c - es R m e e p n a t y s m c i o t m te - d bu d r is s - ed Total su in r - ed a g n u te a e r- d ( p d e u ri r o in d g ) period) Total S te h r o m rt 1 - L te o r n m g 3 - 1948 528 227 199 188 11 198 1945... 278 213 195 176 19 1949 848 824 828 403 425 672 20 1946... 329 231 293 184 109 1950 918 485 1,347 169 1,178 1,044 469 1947... 351 209 436 218 217 1951 661 239 1,850 204 1,646 677 111 1948... 360 280 515 257 258 1952 1,085 323 2,242 320 1.922 538 56 1949... 256 337 433 231 202 1950... 675 292 816 547 269 1952—December 1,085 323 2,242 320 1,922 65 14 1951... 423 433 806 508 298 1952... 586 528 864 565 299 1953—January 1,043 321 2,286 338 1,948 61 10 1953... February.... 1,008 313 2,329 358 1,971 53 3 March 934 322 2,394 395 1,999 81 7 1952—December. 106 33 864 565 300 April 876 326 2,448 429 2,019 68 3 May 816 357 2,477 457 2,020 40 3 1953—January... 16 197 683 439 245 June 610 542 2,498 477 2,020 31 1 February.. 14 71 627 401 226 July 597 526 2,527 508 2,019 39 0) March 30 46 610 391 219 August 586 512 2,541 536 2,005 33 11 April 47 32 626 406 220 September... 566 517 2,540 556 1,984 26 19 May 44 26 645 416 229 October 556 501 2,526 585 1,941 39 44 June 97 23 718 471 248 November ... 552 491 2,490 594 1,896 30 59 July 61 79 700 469 231 December?... 550 469 2,462 621 1,841 42 61 August.... 70 25 746 510 236 September. 83 28 801 557 244 October. . . 62 45 819 564 255 ^Preliminary. November. 71 25 865 589 276 iLess than $500,000 December. 79 14 952 634 317 Source.—Federal National Mortgage Association, 1Secured 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. JANUARY 1954 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year Total Other Repair or month Total Au p to a m pe o r b 1 ile co g n o s o u d m s er e a r n n d i z m at o io d n - Pe lo rs a o n n s al Total p S ay in m gl e e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e paper* loans2 loans 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 17,104 11,516 4,699 3,486 8R7 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 :1,006 2,805 6., 323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3.342 L,7O7 1952—October. 24,147 17,611 7,630 4,895 ,362 3,724 6,536 2,025 2,789 L.722 November 24,611 17,961 7,856 4,962 1,393 3,750 6,650 2,100 2,839 1,711 December 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 L,7O7 1953—January 25,674 18,851 8,273 5,288 1,403 3,887 6,823 2,143 2,975 1,705 February 25,504 18,982 8,480 5,208 L,404 3,890 6,522 2,118 2,678 L.726 March 25,946 19,391 8,799 5,217 1,416 3,959 6,555 2,211 2,613 1,731 April 26,455 19,767 9,111 5,217 1,435 4,004 6,688 2,246 2,682 1,760 May 27,056 20,213 9,432 5,272 1,462 4,047 6,843 2,294 2,763 1,786 June 27,411 20,635 9,692 5,333 1,493 4,117 6,776 2,197 2,781 1,798 July 27,581 21,004 9,973 5,351 1,516 4,164 6,577 2,079 2,705 7Q3 August 27,810 21,218 10,136 5,362 1,534 4,186 6,592 2,131 2,668 1,793 September 27,979 21,347 10,232 5,352 1,562 4,201 6,632 2,130 2,716 1,786 October .. 28,166 21,486 10,337 5,366 . 585 4,198 6,680 2,131 2,811 1,738 November 28,252 21,586 10,358 5,406 1,604 4,218 6,666 2,100 2,840 1,726 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e re a n s r t t * - F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - d m A ea o u l b t e o i r l - e s2 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 . . .. 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15 410 7 524 4,833 837 2,216 3/274 1.117 866 244 308 739 1952—October 17,611 14,615 7,158 4,523 808 2,126 2,996 1,053 795 226 291 631 November 17,961 14,948 7,310 4,670 818 2,150 3,013 1,033 809 229 299 643 December 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953—January. 18,851 15,678 7,665 4,930 842 2,241 3,173 1,084 832 237 315 705 February 18,982 15,910 7,797 5,031 851 2,231 3,072 1,023 822 236 324 667 March 19,391 16,380 8,059 5,174 880 2,267 3,011 974 812 236 336 653 April 19,767 16,800 8,286 5,312 906 2,296 2,967 925 807 242 348 645 May 20,213 17,222 8,491 5,480 928 2,323 2,991 933 809 248 362 639 June 20,635 17,621 8,675 5,633 962 2,351 3,014 937 812 256 373 636 July 21,004 18,000 8,818 5,816 988 2,378 3,004 923 812 260 386 623 August 21,218 18,205 8,879 5,924 1,009 2,393 3,013 931 813 263 396 610 September 21,347 18,328 8,893 6,005 1,029 2,401 3,019 943 811 265 399 601 October 21,486 18,439 8,908 6,093 1,041 2,397 3,047 957 812 266 406 606 November 21,586 18,495 8,881 6,147 1,050 2,417 3,091 983 826 270 408 604 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 72 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT (Estimated amounts outstanding, in millions of dollars [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m of o n y t e h ar i T m n n o s o e t t n n a a - l t l - C m i ( o n s m e i s n n t - g i t t l u e o t - i p a o a n n y s s - ) D a e c - ( o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m h p o n d e e e - r r s r e R l m r t o a e n i n a o p o i d z n d a n a s - ir - s l P o o e a n r n a - s l credit mer- Other part- Other cial ment banks stores 1 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1.178 518 1942 862 149 134 153 124 302 1940 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 1,014 1949 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 1.821 1,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 1,261 184 575 2^138 1,285 1951 5,771 1,135 1,311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 7,524 1,633 1,629 1,751 1,137 1,374 1950 6,323 1,576 245 641 2,365 1,496 1951 6,631 1,684 250 685 2,411 1,601 1952—October. . . 7,158 1,524 1,569 1,609 1,109 1,347 1952 7,143 1,844 250 730 2,612 1,707 November. 7,310 1,572 1,598 1,659 1,130 1,351 December . 7,524 1,633 1,629 1,751 1,137 1,374 1952—October. . . 6,536 1,796 229 511 2,278 1,722 November. 6,650 1,814 286 550 2,289 1,711 1953—January... 7,665 1,685 1,652 1,809 1,133 1,386 December . 7,143 1,844 250 730 2,612 1,707 February. . 7,797 1,733 1,695 1,835 1,136 1,398 March.... 8,059 1,814 1,761 1,909 1,144 1,431 1953—January... 6,823 1,878 265 587 2,388 1,705 April 8,286 1,902 1,821 1,956 1,160 1,447 February.. 6,522 1,887 231 504 2,174 1,726 May 8,491 1,989 1,869 1,990 1,184 1,459 March.... 6,555 1,960 251 492 2,121 1,731 June 8,675 2,043 1,906 2,029 1,212 1,485 April 6,688 1,984 262 487 2,195 1,760 July 8,818 2,095 1,941 2,055 1,234 1,493 May 6,843 1,985 309 498 2,265 1,786 August.... 8,879 2,123 1,957 2,056 1,251 1,492 June 6,776 1,922 275 492 2,289 1,798 September. 8,893 2,141 1,948 2,036 1,273 1,495 July 6,577 1,830 249 457 2,248 1,793 October. . . 8,908 2,157 1,939 2,032 1,291 1,489 August.... 6,592 1,870 261 453 2,215 1,793 November. 8,881 2,150 1,920 2,027 1,303 1,481 September. 6,632 1,857 273 500 2,216 1,786 October. . . 6,680 1,867 264 524 2,287 1,738 November. 6,666 1,798 302 578 2,262 1,726 includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES INSTALMENT CREDIT HELD BY SALES FINANCE FINANCE COMPANIES, BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding,in millions of dollars [Estimated amounts outstanding, in millions of dollars] Total Other Repair E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O p g c u o a t o m p o h n d e e e - r s r r m i R z lo o a e a a n d p ti n d e a o s r i n r n- s l P o o a e n n r a - s l E o n r d m o o f n y t e h ar i c m n r s e e t d a n i l t t - m A pa o u p b t e o il r - e s g p c u o a o m p o n d e e - r s r m iz lo o a a a n d ti n d e o s r n n- s l P o o e a n r n a - s l 1939 789 81 24 15 669 1939 1,197 878 115 148 56 1940 891 102 30 16 743 1940 1,575 1,187 136 190 62 1941 957 122 36 14 785 1941 1,797 1,363 167 201 66 1942 726 65 27 14 620 1942 588 341 78 117 52 1945 731 54 20 14 643 1945 300 164 24 58 54 1946 991 77 34 22 858 1946 677 377 67 141 92 1947 1,275 130 69 39 1,037 1947 1,355 802 185 242 126 1948 1,573 189 99 59 1,226 1948 1,990 1,378 232 216 164 1949 1,858 240 137 89 1,392 1949 .. . 2,950 2,425 303 83 139 1950 2,237 330 182 115 1,610 1950 3,785 3,257 313 57 158 1951 2,537 358 209 132 1,838 1951 3,769 3,183 241 70 275 1952 3,053 457 279 187 2,130 1952 4,833 4,072 332 82 347 1952—October 2,934 442 269 175 2,048 1952—October 4,523 3,804 312 78 329 November 2,968 447 272 184 2,065 November 4,670 3,940 317 79 334 December.... 3,053 457 279 187 2,130 December 4,833 4,072 332 82 347 1953—January 3,083 462 284 189 2,148 1953—January 4,930 4,159 337 81 353 February 3,082 468 286 188 2,140 February 5,031 4,260 339 80 352 March 3,147 486 291 193 2,177 March 5,174 4,402 342 79 351 April 3,202 504 297 195 2,206 April 5,312 4,536 345 80 351 May 3,251 518 302 200 2,231 May 5,480 4,694 351 78 357 June 3,313 534 307 205 2,267 June 5,633 4,836 356 76 365 July 3,366 544 311 207 2,304 J A u u l g y ust 5 5, , 8 9 1 2 6 4 5 5, , 1 0 0 0 8 7 3 3 6 7 7 4 7 7 2 5 3 3 7 6 0 7 A Se u p g t u e s m t ber. . . 3 3 , ,4 4 0 3 2 0 5 5 5 5 2 8 3 3 1 2 5 1 2 2 1 1 5 1 2 2, , 3 3 3 2 6 4 September. . . 6,005 5,186 375 74 370 October 3,438 563 321 218 2,336 October 6,093 5,272 372 76 373 November. . . 3,467 559 328 222 2,358 November. . . 6,147 5,321 368 79 379 NOTE.—Institutions included are consumer finance companies (operating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. JANUARY 1954 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941. . 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1942 5,239 8,158 1,022 2,738 2,176 2,910 142 263 1,899 2,247 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949. 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 UNADJUSTED 1952—October 2,661 2,140 1,158 908 794 598 136 86 573 548 November 2,341 1,991 1,037 811 650 583 116 85 538 512 December 2,931 2,208 1,152 909 953 587 104 91 722 621 1953—January 2,282 2,115 1,050 876 580 620 95 98 557 521 February 2,154 2,023 1,044 837 507 587 80 79 523 520 March 2,713 2,304 1,281 962 657 648 111 99 664 595 April 2,605 2,229 1 .258 946 648 648 109 90 590 545 May 2,580 2,134 1,218 897 658 603 115 88 589 546 June 2,670 2,248 1,219 959 687 626 129 98 635 565 July . . . 2,602 2,233 1,226 945 622 604 124 101 630 583 August 2,436 2,222 1,126 963 619 608 120 102 571 549 September 2,389 2,260 1,089 993 625 635 120 92 555 540 October 2,486 2,347 1,121 1,016 668 654 131 108 566 569 November. 2,297 2,197 974 953 646 606 108 89 569 549 SEASONALLY ADJUSTED* 1952—October 2,570 2,057 1 .158 863 709 580 117 80 586 534 November 2,504 2,084 1,154 858 644 599 116 88 590 539 December 2,668 2,125 L.262 911 697 570 112 89 597 555 1953—January 2,598 2,095 1,174 862 714 604 118 89 592 540 February 2,590 2,175 1,237 910 632 611 108 80 613 574 March 2,717 2,276 1,248 947 714 644 127 100 628 585 April 2,550 2,231 1,168 955 679 632 113 97 590 547 May 2,490 2,186 1,143 918 653 611 109 98 585 559 June 2,462 2,194 1,090 939 676 622 112 98 584 535 July 2,501 2,183 L ,117 921 665 609 114 96 605 557 August 2,363 2,273 1,045 967 625 643 108 100 585 563 September 2,414 2,255 1,103 963 604 634 112 94 595 564 October 2,397 2,249 1,118 963 592 633 111 100 576 553 November 2,445 2,295 1,081 1,006 635 621 106 92 623 576 * Includes adjustment for differences in trading days. NOTE.—Back figures by months beginning January 1940, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown on pp. 9-22 of this BULLETIN. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE i Pe fr r o ce m n t p a r g e e c e c d h i a n n g ge f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g Instalment accounts a C c h c a o r u g n e t! month of preceding month year Item Year or month N 19 o 5 v 3 . 1 O 9 c 5 t 3 . S 1 e 9 p 5 t 3 . N 19 o 5 v 3 . 1 O 9 c 5 t 3 . S 1 e 9 p 5 t 3 . D s m e to p e r a n e r t s t- F st t u o u r r r n e e i s - h H p s o l t o l i o d a u r n s a e c e p s e - - D s m e to p e r a n e r t s t- Net sales: 1952 Total -2 +16 -8 -6 -7 -9 October 18 11 11 50 Cash sales 0 + 19 -11 -2 -3 -7 November 17 10 11 48 Credit sales: December 17 10 11 48 Instalment -4 +18 -7 -9 -10 -10 Charge account + 14 -6 -3 A -5 1953 January 16 10 11 47 Accounts receivable, end February 15 9 10 44 of month: March 17 10 11 49 Total +2 + 1 0 +5 +7 +8 April 15 10 10 46 Instalment +2 0 0 +2 +2 +6 May 15 10 10 46 June , 15 11 10 47 Collections during July 15 10 10 46 month: August 15 10 10 45 Total -6 +9 -3 -1 +4 + 1 September 15 10 10 46 Instalment . -6 +11 0 -1 +4 + 1 October 16 10 10 48 November 15 10 9 47 Inventories, end of month, at retail value. -2 +2 +4 -4 -2 +3 1 Collections during month as percentage of accounts outstanding at beginning of month. 74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts Employment and payrolls3 or Y m e o ar nth Total (p ( h 1 y T 9 s 4 o ic 7 t a a - l 4 l 9 v M o r = D l a u a b u n m 1 l - e u 0 e 0 f ) a ) * c N r 1 t a d u o b u r n l e - e - s M era in ls - To aw ta 1 a l 9 r 4 d 7 e R d d - t 4 e i e a n s 9 ( l i v - = - a 1 l 0 u o 0 e A t ) h 2 l e l r m N p t a e c u l g u m o e o r r l n a n y - i - - l t - - 1 p 9 r E 4 o M 7 m d m - a u p 4 e n c l 9 n u t o t i = f y o a 1 - n c 0 t 0 w ur o in r P r k g o a e l y r ls s - c 1 F a 9 i = r n r 4 e l g 1 7 o i s 0 g a - ' 4 0 h d 9 t - 1 D v ( s 9 m s = e r a a t 4 e p l l o e 1 7 e u t a r n a 0 s - e e r i t 4 0 * t ) l - 9 4 1 p s 9 C = r u 4 i m o c 1 7 n e 0 - e s - 4 0 r 3 9 1 W m p 9 c = h r o s 4 i o o d a 7 1 c l m l i - e 0 e - t e s 4 0 - y 3 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919... 39 38 38 37 45 34 26 39 61.6 68.7 31.1 90 27 74.0 1920... 41 39 42 36 53 34 18 45 62.2 69.0 37.1 98 32 85 1921... 31 30 24 34 42 30 27 32 55.4 52.8 24.0 83 30 76 1922... 39 39 37 40 45 43 41 43 58.7 58.4 25.7 92 30 71.6 1923... 47 45 47 44 62 45 49 42 64.6 66.9 32.6 107 34 72.9 1924... 44 43 43 42 57 51 57 46 63.8 62.1 30.4 105 34 73.1 1925... 49 48 49 46 59 66 75 59 65.5 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.9 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 68.2 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 68.3 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.3 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 67.0 59.5 28.3 99 35 71.4 56.1 1931.. 40 39 31 48 51 34 22 41 60.6 50.2 21.5 79 32 65.0 47 A 1932.. 31 30 19 42 42 15 8 20 53.7 42.6 14.8 59 24 58.4 42.1 1933.. 37 36 24 48 48 14 7 18 53.9 47.2 15.9 62 24 55.3 42.8 1934.. 40 39 30 49 51 17 7 24 59.0 55.1 20.4 67 27 57.2 48.7 1935.. 47 46 38 55 55 20 13 25 61.6 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 66.2 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.6 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.4 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.6 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.6 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 83.1 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 91.2 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.6 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.3 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 92.1 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 95.1 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101.5 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99.1 93.8 97.2 88 98 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951.. 120 121 128 114 115 171 170 172 108.0 106.2 129.6 101 109 111.0 114.8 1952.. 124 125 136 114 114 183 183 183 109.8 105.5 135.3 95 110 113.5 111.6 1953.. P112.4 mo.4 P149.2 96 1952 June 118 118 119 125 113 106 172 193 158 108.6 102.0 100.9 127.3 82 112 113.4 111.2 July 115 108 116 119 113 105 177 196 165 108.3 100.6 98.9 122.2 77 *107 114.1 111.8 August.... 123 123 125 135 114 111 207 193 217 109.9 104.7 105.7 134.2 95 113 114.3 112.2 September. 129 131 130 144 116 119 207 191 218 110.8 106.8 109.0 143.3 101 108 114.1 111.8 October. . . 130 134 132 147 117 111 210 185 227 111.3 107.8 109.6 145.7 97 115 114.2 111.1 November. 133 134 135 151 118 118 196 178 207 111.8 109.2 110.2 146.3 101 111 114.3 110.7 December. 133 131 135 152 118 117 205 183 219 112.0 110.0 110.8 150.9 99 115 114.1 109.6 1953 January.. . 134 132 136 154 117 116 190 173 201 112.1 110 110.1 148.4 101 111 113.9 109.9 February.. 134 136 136 155 118 116 173 182 167 112.4 111 111.0 149.3 98 112 113.4 109.6 March.... 135 138 137 155 119 115 177 176 178 112.5 112 111.8 151.9 99 115 113.6 110.0 April 136 136 138 155 121 115 179 179 179 112.5 112 111.2 150.0 97 110 113.7 109.4 May 137 136 139 156 123 117 161 164 159 112.8 112 110.8 149.9 98 117 114.0 109.8 June 136 136 138 154 121 119 169 174 166 113.2 112 111.5 150.8 97 115 114.5 109.5 July 137 129 139 157 121 120 172 175 170 113.2 112 110.5 148.9 93 113 114.7 110.9 August.... 136 136 138 '157 119 119 205 184 220 112.8 111- 112.0 151.6 98 112 115.0 110.6 September. 133 135 134 152 117 118 218 180 243 112.6 109 '•111 .8 '150.9 96 107 115.2 111.0 October. . . 132 136 134 151 117 114 230 183 262 112.6 108 110.2 149.4 95 110 115.4 110.2 November. P130 P131 P132 i>147 116 224 177 111.8 106 107.7 145.7 92 P113 115.0 109.8 December. P105.6 143.2 113 110.1 e Estimated; all estimates are those of Federal Reserve. 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. 83. 3The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49 = 100. 4For indexes by Federal Reserve districts and for other department store data, see pp. 85-89. Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 1 490- 1515. JANUARY 1954 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1952 1953 Industry proportion 1951 1952 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov SEASONALLY ADJUSTED Industrial Production—Total 100.00 120 124 133 133 134 134 135 136 137 136 137 136 133 132 P130 Manufactures—Total 90.02 121 125 135 135 136 136 137 138 139 138 139 138 134 134 P132 Durable Manufactures—Total 45.17 128 136 151 152 154 155 155 155 156 154 157 157 152 151 P147 Primary metals 6.70 126 136 135 135 137 136 136 139 137 136 137 130 128 •123 Metal fabricating 28.52 131 146 164 166 168 168 168 169 169 168 171 171 166 165 '160 Fabricated metal products 5.73 122 121 132 134 135 136 137 138 139 139 142 140 134 132 •131 Machinery 13.68 130 147 161 161 164 163 163 164 162 161 164 165 161 159 P154 Nonelectrical machinery 9.04 126 136 142 143 144 145 147 147 146 144 145 145 141 141 '137 Electrical machinery 4.64 138 167 198 197 203 200 195 195 194 194 200 203 199 194 P186 Transportation equipment 7.54 135 154 185 190 191 191 190 190 192 188 196 191 186 189 P180 Instruments and related products. . . 1.29 128 142 150 154 153 153 155 153 156 157 156 156 156 155 Clay, glass, and lumber products 5.91 121 118 124 122 126 128 127 127 127 124 127 125 123 124 P126 Stone, clay, and glass products 2.82 131 125 129 129 129 133 135 134 135 134 135 135 134 133 P133 Lumber and products 3.09 113 111 119 115 122 124 121 120 119 114 119 116 113 116 P116 Furniture and misc. manufactures 4.04 116 118 127 129 129 128 131 134 135 135 134 130 129 P127 Furniture and fixtures 1.64 111 113 118 120 120 119 121 124 123 122 121 119 115 113 P110 Miscellaneous manufactures 2.40 120 122 134 135 135 135 138 141 143 145 143 146 140 140 P139 Nondurable Manufactures—Total 44.85 114 114 118 118 117 118 119 121 123 121 121 119 117 117 Textiles and apparel 11.87 106 105 111 111 107 108 110 113 115 113 111 106 102 103 P99 Textile mill products 6.32 107 103 111 108 103 106 108 109 113 111 108 104 100 100 Apparel and allied products 5.55 105 108 112 114 112 110 112 116 117 115 114 109 104 106 P101 Rubber and leather products 3.20 105 107 116 115 117 118 119 120 122 113 116 111 105 106 P106 Rubber products 1.47 119 116 127 128 131 134 138 137 139 130 130 127 121 120 •122 Leather and products 1.73 94 99 106 104 104 104 103 104 108 99 104 97 91 93 P93 Paper and printing 8.93 118 118 122 122 121 123 125 125 126 126 126 126 126 127 P126 Paper and allied products 3.46 125 120 128 127 125 130 133 134 134 134 134 133 135 132 P132 Printing and publishing 5.47 113 116 119 119 119 119 120 120 121 121 121 121 121 Chemical and petroleum products 9.34 132 133 137 138 138 139 140 144 146 145 146 143 144 Chemicals and allied products 6.84 136 137 140 141 142 143 145 148 151 150 152 •148 •148 146 P146 Petroleum and coal products 2.50 122 123 130 128 128 128 128 131 131 131 132 132 131 129 P130 Foods, beverages, and tobacco 11.51 105 106 107 106 106 108 108 108 109 106 107 108 108 108 P109 Food and beverage manufactures. . . 10.73 105 105 107 106 106 107 107 108 109 106 108 108 108 108 P109 Tobacco manufactures .78 107 110 109 114 106 120 116 108 107 103 103 104 104 106 P107 Minerals—Total 9.98 115 114 118 117 116 116 115 115 117 119 120 119 118 114 Mineral fuels 8.35 114 113 116 117 116 115 113 114 116 119 120 119 118 114 Coal 2.68 94 83 87 82 77 77 74 75 85 86 87 86 81 76 70 Anthracite .36 82 78 77 74 60 59 56 47 65 62 68 59 57 54 50 Bituminous coal 2.32 96 84 88 83 80 80 77 79 88 89 89 90 84 80 73 Crude oil and natural gas 5.67 123 128 130 134 134 134 132 133 131 134 135 135 136 131 Metal, stone, and earth minerals 1.63 121 115 124 115 116 118 121 121 120 121 121 120 120 117 Metal mining .82 116 108 126 106 111 113 116 118 118 117 116 117 117 107 P108 Stone and earth minerals .81 127 123 122 123 121 123 126 124 122 125 125 124 123 125 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 120 124 134 131 132 136 138 136 136 136 129 136 135 136 P131 MANUFACTURES—TOTAL 90.02 121 125 136 133 135 139 '140 139 138 138 130 137 136 138 P133 Durable Manufactures—Total 45.17 128 136 152 151 154 158 160 159 157 155 147 153 151 154 P147 Primary metals 6.70 126 116 136 131 137 142 143 141 142 138 124 130 127 129 P123 Ferrous metals 5.03 129 115 137 134 139 142 145 142 143 138 127 131 127 130 P124 Pig iron and steel 3.51 131 115 143 142 145 145 149 144 147 142 136 138 134 136 128 Pig iron .37 123 107 130 132 133 132 135 130 133 133 132 131 130 132 127 Steel 3.05 131 117 144 143 146 146 150 146 148 143 137 138 134 136 129 Carbon steel 2.62 128 112 138 137 139 139 143 139 140 137 131 133 131 138 131 Alloy steel .43 153 144 182 178 189 192 194 191 196 183 170 169 152 126 113 Ferrous castings and forgings 1.52 127 114 123 117 125 136 136 136 133 127 106 116 113 117 Iron and steel castings 1.29 124 109 117 110 118 128 128 129 125 120 101 112 109 113 Steel forgings .23 140 143 153 154 164 181 179 176 179 166 133 141 137 139 76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 pro- Industry portion 1951 1952 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 116 119 132 122 132 142 139 138 139 139 115 128 126 128 Pl2l Primary nonferrous metals .38 114 123 124 129 131 143 146 147 143 144 143 141 147 147 P146 Copper smelting .09 107 106 103 105 101 114 126 122 115 108 109 105 111 114 111 Copper refining .06 102 99 103 109 106 110 110 115 116 129 120 107 116 124 121 Lead .04 92 100 114 108 105 111 106 107 96 84 89 84 97 99 120 Zinc .10 109 112 111 112 112 116 115 114 113 116 111 115 115 115 P108 Aluminum .09 140 156 152 164 177 202 205 207 207 212 215 217 222 213 Secondary nonferrous metals .13 120 114 119 105 115 126 122 133 118 121 101 '110 105 110 Nonferrous shapes and castings. . . . 1.16 116 119 136 122 135 143 138 136 139 139 107 125 121 123 Copper mill shapes .63 108 113 136 110 128 131 119 113 125 128 85 112 108 110 103 Aluminum mill shapes .20 128 140 152 152 160 178 190 195 186 183 174 169 163 158 137 Nonferrous castings .33 124 115 128 126 132 145 144 146 138 135 109 124 122 127 Metal Fabricating 28.52 131 146 164 166 169 172 175 173 170 168 161 166 164 167 P159 Fabricated metal prodvicts 122 121 132 134 134 1-36 138 139 139 139 135 '140 137 135 P131 Structural metal parts 122 121 131 137 136 137 139 139 139 140 135 137 134 135 P133 Stampings and misc. metal products. . 128 121 133 141 141 142 145 145 144 143 137 136 133 133 Tin cans 120 122 101 92 101 104 105 114 120 134 160 199 182 139 Furnaces, gas ranges, and heaters. . . . 98 89 110 85 86 91 92 99 102 86 83 108 106 Machinery 13.68 130 147 163 164 167 170 172 167 163 159 148 157 158 161 Nonelectrical machinery 9.04 126 136 141 147 147 149 154 150 148 146 138 137 137 138 P136 Farm and industrial machinery 8.13 126 135 137 144 143 143 146 144 142 142 137 136 135 135 134 Farm machinery 1.02 114 103 90 107 107 110 112 109 105 102 98 '93 '86 79 P77 Industrial and commercial machinery 7.11 128 140 143 149 148 148 151 149 148 148 143 142 142 143 Machine tools and presses .68 144 179 186 193 192 190 193 192 191 189 184 183 184 188 Laundry and refrigeration appliances. .69 124 108 132 134 142 163 186 163 148 137 101 96 107 116 Electrical machinery 4.64 138 167 206 196 207 210 206 199 192 184 168 197 199 P193 Electrical apparatus and parts 3.23 127 162 173 179 178 179 183 184 182 182 176 178 179 178 Radio and television sets .74 178 184 301 244 288 294 266 237 208 180 136 242 249 276 Transportation equipment 7.54 135 154 180 182 189 195 199 198 194 193 190 189 182 189 P172 Autos, trucks, and parts 80 120 102 119 115 126 134 142 143 137 136 131 126 114 122 '103 Autos 1.50 127 103 126 114 132 151 161 170 162 166 161 153 134 151 107 Trucks .66 125 111 126 113 119 121 144 142 124 106 118 127 115 106 93 Light trucks .22 120 105 144 129 126 118 144 138 107 76 113 118 114 106 85 Medium trucks .19 93 69 71 60 61 55 87 80 53 37 57 62 54 50 47 Heavy trucks .14 180 194 192 171 195 214 233 218 201 198 175 186 151 147 134 Truck trailers .07 161 137 150 143 163 184 187 246 285 270 247 282 275 233 Auto and truck parts 2.58 114 98 113 116 124 127 131 127 125 126 116 110 102 109 102' Aircraft and parts 1.30 211 368 429 452 455 461 461 452 452 452 461 '473 '477 481 Shipbuilding and repair .81 121 136 135 144 142 138 138 139 136 135 133 '130 127 125 Railroad equipment .53 89 74 69 77 79 83 76 78 76 74 62 ^66 '63 82 .35 62 64 65 56 55 61 Railroad cars 77 62 71 76 82 66 62 58 83 1.29 142 157 155 153 156 P156 Instruments and related products. . 128 152 156 153 153 156 157 151 156 5.91 118 127 130 129 127 P126 Clay, Glass, and Lumber Products 121 123 115 117 124 128 129 122 131 Stone, clay, and glass products 2 1 . .0 8 9 2 1 1 3 2 1 0 1 1 2 1 5 4 1 11 3 9 0 1 1 2 1 8 8 1 1 2 2 5 0 1 1 2 2 9 5 1 1 3 2 2 8 1 1 3 2 4 6 1 12 3 5 5 1 1 3 2 6 3 1 11 3 3 2 1 12 3 3 7 1 12 3 2 6 1 1 4 2 0 8 P134 Glass and pottery products .60 130 122 133 136 134 136 139 138 137 135 128 134 137 141 Flat glass and vitreous products. . . .47 131 124 138 142 139 141 143 142 139 137 128 135 140 146 '149 Flat and other glass .26 113 112 105 95 107 114 123 122 126 129 122 132 121 127 114 Glass containers .23 103 94 101 96 100 110 107 99 93 86 65 '86 ••83 93 Home glassware and pottery .32 123 124 134 123 111 113 119 132 137 138 142 143 144 145 137 Cement .35 122 112 111 107 100 103 106 111 110 117 114 '114 114 115 Structural clay products .12 121 108 107 96 84 90 97 108 108 119 113 114 118 116 Brick .20 123 116 115 116 113 113 114 114 114 118 117 •117 116 118 P114 Clay firebrick, pipe, and tile .48 151 155 159 159 149 153 155 162 164 168 172 '175 171 173 Concrete and plaster products .58 143 131 136 138 137 139 142 142 143 142 141 143 144 145 Misc. stone and earth manufactures. . Lumber and products 3.09 113 111 117 103 110 119 122 126 122 122 112 122 119 122 P115 Lumber 2.05 107 105 111 92 101 110 112 120 114 117 109 123 118 120 110 Millwork and plywood .60 136 138 145 142 153 170 172 164 159 152 128 135 138 145 Millwork .39 116 118 134 125 136 142 143 125 124 109 98 115 117 Softwood plywood .12 159 167 157 165 177 211 218 226 215 222 174 164 Wood containers .29 105 99 102 105 101 102 103 103 103 104 101 98 '•93' 93 Furniture and Misc. Manufactures 4.04 116 118 133 133 128 131 133 132 130 131 125 132 133 135 P!33 Furniture and fixtures 1.64 111 113 123 125 121 122 123 121 118 117 113 116 116 117 Household furniture 1.10 109 113 125 128 123 126 127 123 119 117 112 116 115 115 Fixtures and office furniture .54 114 112 117 120 117 116 116 118 115 117 114 117 119 119 P115 Miscellaneous manufactures 2.40 120 122 140 137 132 136 140 140 139 140 133 143 144 148 P146 P Preliminary. For other footnote see p. 76. 77 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1952 1953 Industry proportion 1951 1952 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued Nondurable Manufactures—Total. 44.85 114 114 120 115 115 119 121 118 119 121 113 '121 122 123 Textiles and Apparel.. 11.87 106 105 111 107 108 117 116 108 111 114 97 111 104 104 vlOO Textile mill products 6.32 107 103 112 104 104 112 113 109 112 111 93 107 102 102 Cotton and synthetic fabrics. . . 3.72 112 105 113 107 106 114 117 111 115 114 95 110 105 103 Cotton consumption 2.30 114 104 112 103 106 113 114 107 110 110 87 107 104 103 101 Synthetic fabrics .97 122 112 116 115 111 116 120 125 129 130 124 119 109 102 105 Fabric finishing .45 100 102 113 113 100 119 124 106 112 108 74 100 100 87 96 Wool textiles .97 97 85 89 82 79 83 82 83 91 98 85 '89 r77 81 Wool apparel yarns .16 99 96 100 93 90 98 99 93 103 110 90 '102 93 82 Wool fabrics .75 97 83 88 81 78 80 79 81 89 96 84 86 73 78 65 Knit goods 1.15 110 115 129 114 119 125 123 123 123 117 102 118 116 115 Hosiery .65 113 116 127 104 120 128 122 123 121 111 88 114 115 114 Full-fashioned hosiery .45 119 121 131 107 124 134 128 130 128 116 89 117 119 118 Seamless hosiery .20 98 105 119 99 110 116 108 105 103 100 87 105 104 104 Knit garments .50 106 113" 130 125 117 120 124 124 125 125 121 125 117 116 Floor coverings .48 90 95 110 108 109 118 117 114 100 98 67 r94 r98 102 Woven carpets .31 78 80 99 94 100 110 110 106 87 82 45 80 83 89 Apparel and allied products 5.55 105 108 110 111 113 123 120 107 110 117 102 115 -107 106 P100 Men's outerwear 1.78 103 105 113 113 110 128 134 123 128 124 83 117 113 105 Men's suits and coats .73 88 87 97 98 92 107 109 100 110 109 63 107 94 90 Men's suits .50 84 83 92 96 94 109 112 98 102 98 57 94 83 83 Men's outercoats .13 86 83 92 83 65 69 71 85 114 125 74 133 115 94 Shirts and work clothing .99 104 114 123 122 121 142 151 138 141 133 94 122 125 114 Women's outerwear 1.85 106 108 96 102 115 123 106 86 94 119 116 116 98 100 Women's suits and coats .76 120 123 117 126 147 160 109 53 67 142 150 156 115 123 Misc. apparel and allied mfrs 1.92 108 111 121 117 114 118 119 112 110 110 107 112 108 114 P108 Rubber and Leather Products 3.20 105 107 116 110 117 125 125 121 118 113 101 112 107 111 106 Rubber products 1.47 119 116 129 123 132 140 143 140 137 131 114 122 122 127 Tires and tubes .70 115 115 120 117 122 135 138 135 132 123 109 106 103 108 Auto tires .40 94 106 110 107 114 128 136 134 134 125 117 112 104 109 Truck and bus tires .30 144 128 134 130 132 145 142 137 130 121 97 99 102 106 Miscellaneous rubber products .77 123 117 138 129 142 144 148 145 142 138 119 137 Leather and products 1.73 94 99 104 98 104 112 110 104 102 97 91 103 94 97 Leather .44 84 87 98 91 94 100 94 96 101 93 80 93 85 91 Cattlehide leathers .29 87 87 98 91 97 100 92 97 101 91 79 94 86 94 Skin leathers .15 77 86 97 89 89 98 96 94 100 97 81 90 r$3 87 Shoes and slippers .90 97 104 104 98 110 120 118 109 106 99 93 109 97 97 85 Miscellaneous leather products .39 99 101 112 109 103 108 109 104 95 98 98 102 97 101 P101 Paper and Printing 8.93 118 118 126 121 119 124 128 128 126 125 116 123 127 132 P130 Paper and allied products 3.46 125 120 130 121 125 133 136 136 132 134 120 135 135 140 Pulp and paper 1.76 126 120 126 116 127 131 132 134 131 133 117 133 130 138 P133 Wood pulp .51 132 132 137 129 141 142 144 146 144 146 130 146 141 151 147 Paper and board 1.25 123 116 121 111 121 127 127 129 126 128 112 127 126 132 127 Printing paper .22 115 111 113 110 118 121 120 122 119 119 108 121 118 124 120 Fine paper .14 123 117 111 100 109 118 118 122 122 118 96 118 118 121 120 Coarse paper .20 125 112 115 105 117 120 120 120 120 117 104 118 118 127 124 Miscellaneous paper .18 130 123 123 121 129 131 130 132 126 129 118 127 128 136 131 Paperboard .41 126 117 132 118 130 136 138 138 135 140 118 141 137 143 137 Building paper and board .10 115 112 116 101 105 117 119 128 126 132 116 121 122 123 108 Converted paper products 1.70 125 120 135 125 123 136 141 139 132 136 124 137 140 143 P136 Shipping containers .51 124 120 139 128 120 136 143 138 133 137 122 138 141 140 135 Sanitary paper products .11 131 126 131 124 137 141 141 146 131 132 131 134 139 151 139 Printing and publishing 5.47 113 116 124 121 116 118 123 123 122 120 114 116 122 127 P126 Newsprint consumption 1.85 115 115 127 116 106 115 125 127 127 118 102 106 119 129 131 Job printing and periodicals 3.62 113 117 122 123 121 120 122 120 120 121 119 121 123 125 124 Chemical and Petroleum Products 9.34 132 133 141 139 140 142 143 144 143 142 139 '141 r143 145 P145 Chemicals and allied products 6.84 136 137 144 143 144 147 149 150 148 146 141 '143 -146 150 P150 Industrial chemicals 2.54 146 140 148 148 149 150 154 159 159 161 157 157 154 151 Basic inorganic chemicals .57 135 137 147 146 149 153 152 154 152 149 146 147 149 141 Industrial organic chemicals 1.97 149 141 148 149 149 149 155 161 161 164 160 160 156 153 '151 Plastics materials .24 163 157 182 180 178 190 200 199 191 194 163 175 181 179 Synthetic rubber .11 184 175 161 169 179 191 210 221 220 214 205 176 162 147 Synthetic fibers .59 148 141 155 156 156 149 157 170 168 174 171 167 152 145 Miscellaneous organic chemicals. 1.03 143 133 135 136 135 135 138 140 143 146 148 150 152 150 P152 Vegetable and animal oils .64 112 112 142 130 134 131 119 112 104 95 84 94 109 140 Vegetable oils .48 112 110 145 132 134 127 115 105 93 83 70 83 106 144 Grease and tallow .16 111 119 134 124 137 143 130 135 136 131 124 125 120 129 Soap and allied products .71 107 110 110 101 112 126 121 112 112 100 76 97 116 134 128 Paints .66 108 112 114 116 116 116 118 119 122 121 122 119 117 116 P116 Fertilizers .23 112 122 110 112 119 139 168 177 139 112 101 104 113 109 P Preliminary. For other footnote, see p. 76. 78 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1952 1953 Industry proportion 1951 1952 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued Petroleum and coal products 2.50 122 123 131 128 129 128 127 127 129 131 132 135 133 131 P132 Petroleum refining 1.97 125 128 137 136 136 134 132 131 132 136 137 138 136 135 P137 Gasoline 1.04 126 132 142 140 140 141 137 137 140 145 149 150 147 143 Automotive gasoline .98 123 128 138 136 136 136 133 132 135 140 144 144 141 138 Aviation gasoline .06 174 194 208 210 204 223 216 227 235 241 234 243 247 220 Fuel oil .56 123 128 135 135 136 134 132 127 125 130 128 128 128 128 P129 Distillate fuel oil .30 138 151 160 160 162 160 158 151 148 155 153 152 153 155 Residual fuel oil .26 105 102 106 107 107 104 103 100 98 101 100 100 98 97 Kerosene .10 122 119 129 138 142 132 118 118 107 107 105 105 108 116 Lubricating oil .17 124 112 111 105 100 95 103 105 109 106 103 110 112 111 Coke .26 112 97 109 112 113 113 114 113 114 114 113 112 -•111 110 107 Asphalt roofing and siding .15 103 102 101 60 66 72 80 108 118 109 111 139 123 121 90 Foods, Beverages, and Tobacco. . .. 11.51 105 106 110 101 98 98 100 100 103 108 111 118 122 120 113 Food and beverage manufactures. 10.73 105 105 110 102 98 97 99 99 102 108 112 118 123 120 Food manufactures 8.49 105 106 112 105 102 99 99 98 101 105 110 118 126 123 Meat products 1.48 110 114 128 141 134 118 117 111 103 105 98 102 111 123 135 Beef .46 92 100 105 105 117 119 120 127 126 128 127 132 139 144 139 Pork .83 117 119 138 156 139 114 112 98 87 89 79 82 92 107 128 Dairy products .69 96 98 74 75 81 89 100 112 136 146 132 118 99 85 77 Butter .14 91 92 74 84 94 102 111 122 145 143 120 111 88 82 86 Natural cheese .07 100 103 82 86 88 96 107 124 151 159 130 116 102 89 86 Concentrated milk .19 91 91 64 69 73 78 91 111 137 140 110 94 72 67 68 Ice cream .28 98 102 77 71 74 86 95 100 121 144 149 135 118 94 80 Canned and frozen foods 1.13 121 117 100 87 82 79 75 80 90 103 162 209 '225 155 102 Grain-mill products 1.16 104 108 107 106 108 102 102 99 104 110 108 109 mo 111 103 Wheat flour .46 84 84 89 79 86 81 81 75 81 78 78 83 84 90 82 Cereals and feeds .70 117 124 120 124 122 116 116 114 120 131 128 '126 '127 126 120 Bakery products 1.64 101 101 104 102 98 99 100 98 100 103 102 101 102 101 Sugar .27 100 104 250 142 68 55 67 67 57 80 73 75 106 250 Cane sugar .11 102 109 92 86 106 105 128 105 116 123 129 124 121 105 Beet sugar .13 101 94 377 184 30 8 8 30 1 39 20 27 89 370 Confectionery .71 102 102 128 95 110 110 101 98 89 74 64 92 135 135 128 Miscellaneous food preparations . . 1.41 97 100 104 100 95 98 99 97 101 107 109 108 114 111 106 Beverages 2.24 105 102 101 87 84 91 99 105 110 119 121 118 113 116 99 Bottled soft drinks .54 107 116 95 95 Alcoholic beverages 1.70 104 98 103 85 82 100 102 102 107 107 108 108 118 100 Beer and ale 1.02 100 102 83 86 87 90 103 109 106 117 127 129 111 100 79 Liquor distilling .17 120 54 54 42 45 46 54 53 55 51 41 33 67 122 88 Liquor bottling .37 107 99 156 95 80 97 110 105 110 104 90 92 115 148 146 Tobacco manufactures .78 107 110 112 93 104 117 113 104 107 110 94 117 111 116 110 Cigarettes .46 110 114 115 99 109 119 119 107 109 114 99 123 115 118 Cigars .17 101 105 114 101 122 109 106 112 108 110 110 120 87 MINERALS—TOTAL 9.98 115 114 119 113 113 111 115 118 120 117 122 122 118 114 115 Mineral Fuels 8.35 114 113 119 117 115 113 114 115 117 114 119 119 116 114 118 Goal 2.68 94 83 95 85 81 77 74 74 81 81 69 85 84 84 76 A Bi n t t u h m ra in ci o t u e s coal 2. . 3 3 2 6 9 8 6 2 8 7 4 8 9 8 6 5 6 8 9 7 6 8 0 4 8 5 0 9 ' 52 77 4 7 5 9 6 8 6 4 8 6 3 5 5 7 4 1 9 5 0 6 60 8 6 7 6 5 7 5 9 Crude oil and natural gas 5.67 123 128 130 134 134 134 132 133 131 134 135 135 136 131 133 Oil and gas extraction 4.82 121 125 130 133 132 132 131 129 127 130 130 131 131 127 Crude oil 4.12 118 120 124 127 126 126 125 124 122 126 127 126 126 120 Natural gas .34 148 159 169 174 180 187 172 164 152 152 154 156 150 Natural gas liquids .36 136 145 154 159 158 156 155 155 151 154 154 158 160 159 Oil and gas well drilling .85 133 144 133 138 147 140 140 157 154 157 163 160 167 159 Metal, Stone, and Earth Minerals 1.63 121 115 120 98 95 98 102 121 132 136 134 137 135 127 112 Metal mining .82 116 108 116 79 80 85 88 119 139 142 138 140 139 121 Iron ore .33 124 104 126 41 43 45 53 131 184 201 199 199 198 155 Nonferrous metal mining .49 111 110 109 104 105 111 112 111 109 102 98 100 100 99 Copper mining .24 114 114 117 111 111 116 120 118 120 109 109 112 112 113 Lead mining .09 99 97 93 87 90 97 94 95 89 87 78 80 '81 79 Zinc mining. .06 109 107 99 93 101 104 101 100 93 90 79 80 72 Stone and earth minerals .81 127 123 124 118 110 112 116 123 125 130 130 133 130 132 126 P Preliminary. For other footnote, see p. 76. JANUARY 1954 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100) 1952 1953 Product group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total 134 134 141 148 146 148 144 142 144 138 131 132 P123 Passenger automobiles 131 129 134 146 151 159 155 158 159 149 139 142 P!27 Household goods, total 137 139 149 150 141 135 131 125 128 127 122 122 P120 Carpets 98 94 103 104 101 98 87 0) 120 125 121 122 123 126 126 123 122 112 112 0) Major appliances 114 115 123 126 125 121 122 109 108 100 93 92 237 236 279 273 226 201 182 182 204 217 221 217 P Preliminary. 1 Publication of detailed indexes for household goods 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] 1952 1953 Industry group or industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. ADJUSTED FOR SEASONAL VARIATION Total 13,513 13,607 13,682 13,757 13,857 13,906 13,930 13,943 13,904 13,732'13,571 13,405 13,225 Durable goods 7,862 7,944 8,009 8,089 8,175 8,218 8,220 8,228 8,202 '8,099 '7,983 7,879 7,722 Ordnance and accessories 134 137 139 142 147 150 156 158 162 159 159 156 149 Lumber and wood products 723 708 690 694 698 712 713 724 718 '704 701 696 673 Furniture and fixtures 321 324 324 325 330 331 330 327 328 '320 '314 307 301 Stone, clay, and glass products.. 459 453 456 455 459 462 461 465 463 '461 464 463 457 Primary metal industries 1,120 1,126 1,133 1,136 1,139 1,144 1,149 1,149 1,151 '1,134 '1,119 1,100 1,079 Fabricated metal products 899 908 922 933 943 947 957 966 967 '960 '940 923 909 Machinery except electrical 1,266 1,295 1,313 1,316 1,322 1,314 1,300 1,294 1,277 1,247 '1,231 1,219 1,207 Electrical machinery 859 875 890 907 916 926 928 920 924 '923 '913 897 876 Transportation equipment 1,450 1,484 1,509 1,543 1,574 1,576 1,556 1,548 1,533 '1,521 '1,477 1,467 1,422 Instruments and related products 236 238 240 240 243 243 244 245 248 241 242 240 242 Misc. manufacturing industries.. 395 396 393 398 404 413 426 432 431 '429 '423 411 407 Nondurable goods 5,651 5,663 5,673 5,668 5,682 5,688 5,710 5,715 5,702 '5,633 5,588 5,526 5,503 Food and kindred products 1,124 1,127 1,135 1,144 1,138 1,132 1,138 1,124 1,121 '1,102 '1,109 1,111 1,116 Tobacco manufactures 102 105 101 97 95 96 97 98 98 '97 '96 94 97 T A e p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,135 1,129 1,121 1,117 1,123 1,119 1,123 1,122 1,128 '1,119 '1,109 1,079 1,049 tiles 1,093 1,098 1,109 1,104 1,106 1,103 1,111 1,123 1,120 '1,093 '1,059 1,053 1,068 Paper and allied products 431 434 434 435 437 440 442 448 451 '452 456 453 447 Printing, publishing and allied industries 500 498 498 497 502 501 502 502 501 '504 '508 508 506 Chemicals and allied products... 508 508 511 511 518 526 528 529 526 521 512 502 500 Products of petroleum and coal. 188 188 188 188 188 190 189 189 188 '187 '186 186 184 Rubber products 213 215 217 218 221 222 222 222 220 '216 215 208 199 Leather and leather products. .. 357 361 359 357 354 359 358 358 349 342 '338 332 337 WITHOUT SEASONAL ADJUSTMENT Total 13,634 13,699 13,619 13,733 13,831 13,758 13,699 13,787 13,666 13,851 13,820 13,624 13,345 Durable goods 7,916 8,010 8,020 8,115 8,211 8,215 8,179 8,190 8,056 '8,054 '8,000 7,930 7,775 Ordnance and Accessories 134 13\ 139 142 147 150 156 158 16, 159 159 156 149 Lumber and Wood Products 730 704 676 677 688 701 713 731 718 r722 715 706 680 Sawmills and planing mills.. 433 420 406 404 - 408 416 422 432 426 '429 '424 420 Furniture and Fixtures 329 330 329 332 333 329 322 317 315 '315 '316 313 309 Household furniture 242 243 243 246 247 242 237 232 228 '228 '229 226 Stone, Clay, and Glass Products.. 461 458 451 453 459 462 461 465 456 '463 466 465 459 Primary Metal Industries 1,126 1,13 1,139 1,142 1,145 1,144 1,138 1,143„• 1,134 '1, 128 '1,119 1,105 1,084 Blast furnaces, steel works 55 561 562 563 564 562 562 567 571 572 564 561 and rolling mills 903 922 931 942 952 952 95, 956 938 '946 '940 928 914 Fabricated Metal Products 1,260 1,301 1,313 1,323 1,335 1,321 1,307 1,300 1,264 r1,235 '1,225 1,213 1,201 Machinery except Electrical 223 226 226 227 228 228 22 227 222 '221 '223 223 Metalworking machinery... 872 893 899 916 925 926 919 911 89, '905 '913 906 889 Electrical Machinery Electrical apparatus (gen- 271 275 277 281 285 287 288 288 28: '281 '281 278 erating, etc.) 398 410 411 418 418 415 407 399 388 '405 '411 408 Communication equipment. 1,450 1,48- 1,509 1,543 1,574 1,576 1,556 1,548 1,533 '1,521 '1,477 1,467 1,422 Transportation Equipment 735 750 769 798 821 831 816 803 796 '775 '726 721 Mo m t e o n r t vehicles and equip- 510 524 531 538 542 533 532 53. 537 '545 '552 550 Aircraft and parts 237 240 241 241 244 244 24- 245 24 239 242 241 243 Instruments and Related Products. 415 404 393 404 410 411 413 41. 403 '420 '429 430 427 Misc. Manufacturing Industries. For footnotes see following page. 80 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1952 1953 Industry group or industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Nondurable goods 5,718 5,689 5,599 5,618 5,620 5,543 5,520 5,597 5,610 5,797 5,820 5,694 5,570 Food and Kindred Products 1,142 1,093 1,045 1,033 1,025 1,027 1,051 1,097 1,184 '1,264 '1,292 1,205 1,134 Meat products 254 256 249 241 238 233 233 237 240 '240 '242 248 Canning and preserving.... 172 143 132 129 123 134 146 165 244 ••316 '337 236 Bakery products 187 184 179 180 180 179 181 184 184 182 182 183 Tobacco Manufactures 109 108 101 94 87 85 85 85 85 '107 '116 112 104 Textile-mill Products 1,146 1,146 1,132 1,134 1,134 1,119 1,117 1,122 1,094 n, 102 '1,098 1,079 1,059 Broad-woven fabric mills... 506 508 502 502 499 494 494 497 490 486 485 477 Knitting mills 239 236 230 232 235 233 232 232 226 231 '228 225 Apparel and Other Finished Textiles 1,104 1,114 1,109 1,137 1,139 1,086 1,061 1,072 1,053 '1,109 '1,091 1,090 1,079 Men's and boys' furnishings. 280 280 279 284 289 289 288 288 277 '291 '290 289 Women's and misses' outerwear 331 347 351 360 356 318 298 309 314 '335 '319 317 Paper and Allied Products 435 441 436 437 439 440 440 446 442 '450 454 453 Pulp, paper and paperboard mills 219 224 223 223 223 222 222 225 225 227 229 228 Printing, Publishing and Allied Industries 505 505 498 497 499 498 499 502 496 '499 '508 513 511 Newspapers 147 147 144 144 146 146 148 148 146 '146 148 150 Commercial printing 161 162 161 159 159 158 158 159 157 '156 '159 161 Chemicals and Allied Products... 518 518 516 519 526 526 517 513 508 511 515 512 510 Industrial organic chemicals. 188 189 190 189 190 191 192 195 195 196 194 191 Products of Petroleum and Coal.. 188 187 186 186 186 188 188 190 190 r191 '189 186 184 Petroleum refining 144 144 144 144 144 144 143 145 145 '146 145 144 217 219 219 219 221 221 220 220 213 '214 215 210 203 Rubber Products 355 359 359 364 363 355 344 351 344 351 '343 335 335 Leather and Leather Products.... 226 232 236 238 238 232 226 231 224 '228 '222 213 Footwear (except rubber)... ' 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 November 1953 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1952 1953 1952 1953 1952 1953 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 70.28 71.02 71.73 71.02 41.1 39.9 40.3 39.9 1.71 1.78 1.78 1.78 Durable goods 76.26 '76.73 77.49 76.73 41.9 '40.6 41.0 40.6 1.82 1.89 1.89 1.89 Ordnance and accessories , 75.03 79.13 79.54 73.92 41.0 41.0 41.0 38.7 1.83 1.93 1.94 1.91 Lumber and wood products 65.92 r66.09 66.74 63.76 41.2 r40.3 41.2 40.1 1.60 '1.64 1.62 1.59 Furniture and fixtures 63.15 '62.52 64.12 63.65 42.1 '40.6 41.1 40.8 1.50 1.54 1.56 1.56 Stone, clay, and glass products , 68.97 71.10 72.10 70.70 41.3 40.4 41.2 40.4 1.67 1.76 1.75 1.75 Primary metal industries 82.80 '85.44 84.24 83.20 41.4 '40.3 40.5 40.0 2.00 2.12 2.08 2.08 Fabricated metal products 75.90 75.70 77.04 76.26 42.4 40.7 41.2 41.0 1.79 1.86 1.87 1.86 Machinery except electrical 80.94 '82.37 83.58 82.98 42.6 '41.6 42.0 41.7 1.90 1.98 1.99 1.99 Electrical machinery 70.72 •71.86 71.51 71.20 41.6 40.6 40.4 40.0 1.70 '1.77 1.77 1.78 Transportation equipment 85.48 '83.62 85.48 84.65 41.9 '40.2 40.9 40.5 2.04 '2.08 2.09 2.09 Instruments and related products 74.38 74.34 74.52 73.80 42.5 41.3 41.4 41.0 1.75 1.80 1.80 1.80 Miscellaneous manufacturing industries 64.26 '63.20 65.03 64.55 42.0 '40.0 40.9 40.6 1.53 1.58 1.59 1.59 Nondurable goods 62.56 '63.41 63.50 63.57 40.1 '38.9 39.2 39.0 1.56 '1.63 1.62 1.63 Food and kindred products 64.64 '67.14 67.23 68.72 41.7 '41.7 41.5 41.4 1.55 1.61 1.62 1.66 Tobacco manufactures 45.05 '46.77 48.19 47.11 38.5 '39.3 39.5 38.3 1.17 '1.19 1.22 1.23 Textile-mill products 55.35 '51.65 52.33 51.54 40.4 '37.7 38.2 37.9 1.37 1.37 1.37 1.36 Apparel and other finished products 48.36 46.98 48.60 47.79 37.2 34.8 36.0 35.4 1.30 1.35 1.35 1.35 Paper and allied products 72.27 73.87 73.53 73.36 43.8 42.7 43.0 42.9 1.65 1.73 1.71 1.71 Printing, publishing and allied products 83.07 87.30 86.80 85.75 39.0 38.8 39.1 38.8 2.13 2.22 2.21 Chemicals and allied products 72.56 '77.42 75.81 76.82 41.7 '41.4 41.2 41.3 1.74 1.84 1.86 Products of petroleum and coal 87.94 '93.71 91.80 91.80 40.9 '41.1 40.8 40.8 2.15 2.25 2.25 Rubber products 76.86 '74.11 74.87 n.a. 41.1 '38.8 39.2 n.a. 1.87 1.91 n.a. Leather and leather products 50.76 49.48 49.90 49.96 37.6 35.6 35.9 36.2 1.35 1.39 1.39 1.38 p Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for November 1953 are preliminary. Back data are available from the Bureau of Labor Statistics. JANUARY 1954 81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , al and utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 ,394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 ,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 ,641 4,807 5,456 1948 44,382 15,321 982 2,169 4,141 9,519 ,711 4,925 5,614 1949 43,295 14,178 918 2,165 3,949 9,513 ,736 5,000 5,837 1950 44,696 14,967 889 2,333 3,977 9,645 ,796 5,098 5,992 1951 47,202 16,082 913 2,588 4,166 10,013 ,861 5,207 6,373 1952 47,993 16,209 872 2,572 4,220 10,251 ,957 5,280 6,633 SEASONALLY ADJUSTED 1952—November 48,857 16,755 870 2,571 4,293 10,366 ,993 5,292 6,717 December 48,957 16,870 871 2,548 4,281 10,397 ,988 5,290 6.712 1953—January 49,014 16,949 872 2,531 4,246 10,437 1,989 5,298 6,692 February 49,113 17,039 867 2,562 4,261 10,445 1,987 5,300 6,652 March 49,148 17,168 854 2,529 4,272 10,390 1,993 5,305 6,637 April 49,154 17,229 838 2,517 4,266 10,402 2,004 5,307 6,591 May 49,297 17,276 833 2,484 4,282 10,466 2,015 5,304 6,637 June 49,486 17.319 831 2,508 4,282 10,521 2,026 5,317 6,682 July 49,511 17,303 816 2,511 4,293 10,524 2,044 5,333 6,687 August '49,302 '17,126 '821 '2,514 '4,287 '10,489 '2,055 •5,329 6,681 September '49,157 '16,951 '821 '2,535 '4,302 '10,491 '2,064 •5,308 6,685 October 49,144 16,779 808 2,569 4,317 10,550 2,068 5,326 6,727 November 48,743 16,590 811 2,535 4,283 10,448 2,067 5,323 6,686 UNADJUSTED 1952—November 49,310 16,874 871 2,648 4,286 10,650 ,973 5,266 6,742 December 50,140 16,952 870 2,497 4,293 11,218 ,978 5,237 7,095 1953—January 48,382 16,884 866 2,303 4,210 10,283 ,969 5,192 6,675 February 48,369 17,013 856 2,280 4,210 10,214 ,977 5,194 6,625 March 48,685 17,135 846 2,301 4,235 10,284 ,993 5,225 6,666 April 48,860 17,077 835 2,416 4,244 10,314 2,014 5,307 6,653 May 49,058 17,040 831 2,509 4,279 10,348 2,025 5,357 6,669 June 49,416 17,162 835 2,608 4,315 10,415 2,046 5,397 6,638 July 49,215 17,069 823 2,662 4,340 10,355 2,075 5,413 6,478 August '49,409 '17,258 '831 '2,715 '4,337 '10,334 •2,076 409 6,449 September '49,629 '17,208 '828 '2,712 '4,324 '10,452 -2,054 388 6,663 October 49,578 17,008 812 2,723 4,310 10,603 2,047 5,326 6,749 November 49,206 16,711 812 2,611 4,276 10,735 2,046 5,296 6,719 '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. November 1953 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureauof the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in p T s o o t p t i a t u u l l t a n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total In E m no p n lo ag y r e i d c u * l- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e Total tural industries agriculture 1945. 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946. 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947. 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949. 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950. 110,780 64,599 63,099 59,957 52,450 7,507 3.142 46,181 1951. 111,924 65,832 62,884 61,005 53,951 7,054 ,879 46,092 1952. C113,119 c66,410 62,966 61,293 54,488 6,805 ,673 46,710 1953. 115,046 66,965 63,417 61,894 55,366 6,528 ,523 48,081 1952- 113,703 66,309 62,921 61,509 55,812 5,697 ,412 47,394 1953—Tannnrv 114,191 65,959 62,416 60,524 55,072 5,452 ,892 48,232 February 114,479 66,255 62,712 60,924 55,558 5,366 ,788 48,224 March 114,755 66,679 63,134 61,460 55,740 5,720 ,674 48,076 April 114,828 66,338 62,810 61,228 55,158 6,070 1,582 48,490 May 114,931 66,497 62,964 61,658 55,268 6,390 ,306 48,434 June 115,032 68,290 64,734 63,172 55,246 7,926 1,562 46,742 July 115,132 68,258 64,668 63,120 55,492 7,628 L.548 46,874 August 115,232 68,238 64,648 63,408 56,134 7,274 ,240 46,994 September .. 115,342 67,127 63,552 62,306 55,044 7,262 L,246 48,215 October 115,449 66,954 63,404 62,242 55,083 7,159 1,162 48,495 November 115,544 66,873 63,353 61,925 55,274 6,651 L.428 48,671 December 115,634' 66,106 62,614 60,764 55,326 5,438 1,850 49,528 c Corrected. 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 82 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Other non- Year or month Total Business resi- Total d R en e t s i i a - l Indus- Com- Public d t e ia n l - Total M ta i r l y i- H w ig a h y - C v o a n ti s o e n r- o A th ll er Total trial mercial utility 1939 8,198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946. . 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 30,895 21,564 10,973 7,217 2,117 1,371 3,729 3,374 9,331 887 2,518 853 5,073 1952 32,638 21,812 11,100 7,460 2,320 1,137 4,003 3,252 10,826 1,388 2,860 854 5,724 1952—December 2,774 1,871 980 624 179 114 331 267 903 121 190 71 521 1953—Januaryr 2,824 1,863 946 652 191 125 336 265 961 129 241 74 517 February 2,987 1,953 1,007 681 203 133. 345 265 1,034 138 290 74 532 March r 3,050 2,055 1,089 700 208 131 361 266 995 134 265 77 519 Aprilr 3,025 2,059 1,080 706 208 126 372 273 966 123 257 80 506 MayT 2,910 1,980 989 711 202 132 377 280 930 121 244 77 488 Juner 2,922 1,986 1,008 707 191 139 377 271 936 122 253 74 487 July r 2,849 1,955 979 702 182 143 377 274 894 105 267 70 452 Augustr 2,811 1,937 956 712 178 154 380 269 874 96 267 64 447 Septemberr 2,824 1,928 942 717 173 163 381 269 896 89 271 60 476 October? 2,841 1,945 957 717 165 172 380 271 896 80 278 57 481 November*9 2,900 1,969 963 728 163 186 379 278 931 88 273 56 514 December? 2,900 1,985 989 723 162 187 374 273 915 98 244 59 514 Preliminary. f Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F or a i c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1945 3,299 1,311 1,988 563 1,027 346 100 377 885 1946 7,490 1,754 5,735 3,142 1,317 773 221 404 1,631 1947 . 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1952—December. 1.467 478 990 439 313 100 146 154 316 1953—Tanuarv 1,076 450 626 460 76 87 106 138 209 February . . 1,021 351 671 419 89 100 102 83 228 March 1,348 417 931 605 105 101 124 120 293 April 1,742 673 1,069 674 262 120 147 151 387 May 1,606 554 1,052 638 132 156 163 131 386 j une 1,116 372 744 463 85 99 148 127 193 July 1,793 610 1,183 653 207 200 176 181 376 August 1,414 532 882 508 110 111 146 179 361 September L.742 725 1,017 507 383 145 138 116 451 October L.892 689 1,203 635 235 171 153 200 500 November L.394 483 911 484 232 101 140 138 298 December 1,308 442 136 97 176 131 326 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 thousands of dollars] Federai Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas 1952—September 2,029,203 78,315 188 057 74 375 114 768 93,648 578,108 174 629 518,352 39 666 73,519 95,766 October 1,320,958 9S 40? 236 441 7^178 114 676 125,405 130,320 83,225 57 65,799 105,969 November 1,248,803 262 ?74 75 106 837 110,193 126,615 192 761 93,888 35 96? 61,039 99 695 1953—September 1,741,673 58,991 263 712 81 327 495 865 112,562 155,570 219 201 80,634 57 513 69,293 147,005 October 1,892,388 Q?S C279 404 124 789 338 S69 144,973 286,593 237 388 139,427 73 0?? 51,937 112,361 November 1,394,050 75,550 195 768 94 915 221 361 167,722 154,402 200 532 78,206 51 150 42,174 112,270 c Corrected. JANUARY 1954 83 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1- ily fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 . 209 134 75 208 185 9 15 1 47 41 5 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 1,127 610 517 1,069 939 46 84 58 420 279 141 1952—December 72 41 31 68 58 3 6 4 29 19 10 1953— Tanuarv 72 38 34 68 58 3 7 4 27 18 9 February 79 43 36 74 64 3 7 5 27 17 10 March .» 106 59 47 96 84 4 9 10 32 22 10 April 111 57 54 107 94 4 9 4 36 23 13 May 108 55 53 106 93 4 8 3 34 22 12 June 105 53 51 102 90 3 9 3 38 24 14 J A u u l g y ust 9 9 3 7 4 4 6 8 4 4 9 7 9 9 6 2 8 8 4 2 3 4 8 8 0) 3 4 9 1 2 2 4 3 1 1 5 8 September 95 47 48 92 81 3 8 3 36 22 14 October P88 n.a. n.a. P88 n.a. n.a. n.a. P(I) r37 r22 15 November P80 n.a. n.a. P78 n.a. n.a. n.a. P2 33 20 13 December P68 n.a. n.a. P67 n.a. n.a. n.a. Pi 28 16 12 p Preliminary. n.a. Not available. iLess than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average =100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1952 1953 1952 1953 1951 1952 Nov. June July Aug. Sept. Oct. Nov. Nov. June July Aug. Sept. Oct. Nov. Total 134 126 134 128 123 130 126 126 122 138 133 128 134 137 135 124 Coal 121 109 123 105 94 112 114 110 104 123 105 94 112 114 110 104 Coke 208 168 195 179 167 169 164 163 155 195 176 162 162 162 160 155 Grain 143 142 147 155 138 131 131 157 140 144 158 166 142 147 157 137 Livestock 69 69 76 60 60 58 59 70 69 95 52 46 55 78 108 86 Forest products 150 144 152 145 146 145 137 136 145 149 151 147 153 148 144 142 Ore 205 181 233 212 213 221 216 172 172 258 328 341 331 324 263 160 Miscellaneous 147 140 144 142 139 145 139 137 134 150 146 141 146 150 149 140 Merchandise, 1. c. 1 48 46 46 43 42 44 43 44 42 47 43 42 44 45 45 43 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 January 974 1,254 1.292 1,025 922 922 -51 332 370 Februarv 1,076 1.344 ,197 910 893 856 166 451 341 March 1,295 1,447 L.389 1,102 964 1,004 193 483 384 April 1,369 1,352 1,397 1,034 933 1,013 336 420 384 May L.354 L.474 r1,450 1,018 835 902 337 639 ••548 June . 1,297 1,168 r1,382 930 861 '933 366 306 r448 July 1,186 L.O27 r1,355 895 839 908 292 188 r448 August 1.270 1,087 1,185 881 818 842 390 269 >"344 September 1,232 L.228 L.237 721 877 926 510 351 312 October 1,152 1.216 Pi,245 834 918 P814 319 297 P431 November . . ." . . 1,388 1,191 el,246 819 805 •839 569 386 «407 December 1,438 1,391 800 1,053 638 338 January-November 13,593 13,788 •14,375 10,169 9,665 •9,959 3,427 4,122 •4,417 p Preliminary. T 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): 1951, 1,065; 1952, 1,998; January-November, 1953, 3,286. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 84 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 1947 98 99 99 96 97 97 96 99 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 ^ 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 SEASONALLY ADJUSTED 111 104 101 109 113 116 128 107 111 104 115 128 117 December . 115 107 103 111 117 123 129 114 115 110 118 128 117 1953—Tanuarv 111 105 100 108 113 113 126 107 108 103 114 127 116 112 106 100 112 115 117 124 110 113 105 115 125 116 March . .... 115 105 103 112 116 124 128 114 118 108 114 126 119 April 110 106 102 113 105 117 118 110 111 99 112 124 116 May 117 106 104 119 115 129 134 114 118 107 115 131 124 June 115 103 102 110 118 119 128 112 122 106 118 134 121 July 113 106 104 117 114 120 127 110 107 105 111 124 117 August 112 99 99 116 120 114 130 109 110 102 112 127 113 SeDtember 107 105 98 104 109 114 119 106 102 100 103 112 110 October 110 107 104 106 110 116 128 109 108 103 108 122 111 November P113 107 102 108 115 118 P128 113 114 105 P112 127 112 UNADJUSTED 1952—November 134 126 127 143 139 142 145 129 132 120 132 145 137 December 196 193 181 194 194 214 221 186 189 175 196 215 208 1953—January 85 83 80 82 87 83 97 83 83 74 86 101 91 Februarv 88 80 81 85 89 89 102 85 89 80 91 101 94 March 103 95 93 106 107 110 124 101 104 92 103 117 102 April 104 101 95 103 103 111 117 104 105 97 106 117 105 May .... 115 106 101 118 115 128 131 114 118 107 115 127 117 June 108 103 99 105 111 112 114 110 110 98 111 118 112 July 89 76 75 83 89 96 102 89 86 84 91 104 101 August 98 79 75 92 104 97 114 98 100 97 104 116 109 112 112 102 108 114 121 122 113 109 110 109 119 111 October 115 107 110 114 115 121 130 112 119 118 114 128 111 November P136 129 129 142 142 144 P146 137 136 121 P129 144 132 STOCKS i 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 . . . 107 105 105 107 107 105 108 111 102 110 108 110 107 1949 100 100 97 99 100 101 102 100 96 100 100 101 100 1950 . . 109 109 105 108 106 113 120 110 107 104 113 112 110 1951 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 118 111 112 113 111 130 135 115 117 107 124 126 125 SEASONALLY ADJUSTED 1952—November . . . 122 112 114 115 113 139 143 118 122 til 126 131 131 December 120 111 113 114 112 130 144 116 119 109 124 132 131 1953—January 123 115 113 116 114 140 144 119 125 111 129 135 132 February 123 114 111 115 115 137 146 119 119 113 129 134 133 M!arch 122 116 112 112 113 138 145 118 122 111 129 133 133 April . 125 119 116 117 114 140 145 123 128 114 131 138 132 May 127 120 118 121 117 142 145 123 131 115 136 139 135 June 128 117 118 122 122 146 147 123 132 114 140 141 135 July 130 117 121 122 124 145 148 125 131 117 146 140 138 August 131 119 122 122 124 148 141 128 134 120 145 142 135 September 128 117 117 122 121 139 148 127 129 122 141 141 132 October 128 117 116 122 124 142 148 126 124 118 138 139 132 November . ... 115 115 120 121 144 P149 124 121 115 P138 P137 133 UNADJUSTED 1952—November 137 131 131 131 128 147 158 136 133 123 140 145 141 December 107 104 103 100 98 114 127 106 104 99 109 120 109 1953—Tanuary 111 103 101 101 104 126 131 109 105 105 118 122 119 February 119 108 108 112 113 132 144 116 113 109 127 132 125 March . 127 118 117 120 119 144 151 122 125 115 133 142 134 April 132 124 122 126 121 151 153 128 137 119 140 146 141 May 132 121 121 124 119 150 147 125 138 117 144 141 147 June 123 110 111 113 115 139 139 117 132 109 136 130 136 July 121 106 107 108 112 141 137 117 122 114 137 131 133 August . 126 114 118 116 119 147 141 121 130 115 137 140 128 September 132 120 123 127 127 143 152 129 138 123 144 147 137 October 141 132 130 139 137 153 161 139 138 126 149 152 148 November P142 134 132 137 136 151 P165 143 132 128 P153 P152 144 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. 85 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In million3 of dollars) Ratios to sales1 Out- Stocks Year or month Sales2 Stocks2 stand- Re- New Out- plus (total (end ing ceipts 3 orders 3 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average 276 604 775 277 291 2.3 3.0 5.3 L.O 1946 average 345 767 964 373 354 2.3 3.0 5.3 L.I 1947 average 365 887 588 366 364 2.5 1.7 4.3 L.O 1948 average 381 979 494 386 363 2.7 L.4 4.1 L.O 1949 average 361 925 373 358 358 2.7 L.I 3.8 L.O 1950 average 376 1,012 495 391 401 2.8 L.4 4.2 L.I 1951 average 391 1,202 460 390 379 3.2 L.3 4.4 L.O 1952 average 395 L.093 433 395 398 2.9 L.2 4.1 L.O 1952—November. '466 r1,281 '458 '510 '391 '2.7 L.O 3.7 L.I December. 736 1,018 358 479 383 1.4 ).4 1.9 ().7 1953—January... 325 L.027 452 334 428 3.2 L.4 4.6 L.O February. 301 1,100 455 374 377 3.7 L.5 5.2 L.2 March. 381 1,169 401 450 396 3.1 L.I 4.1 L.2 April 373 1,213 324 417 340 3.3 ).9 4.1 L.I May 387 1,184 321 358 355 3.1 ).8 3.9 i).9 June 375 L.103 461 294 434 2.9 .2 4.2 ).8 July 305 L.081 525 283 347 3.5 .7 5.3 i).9 August 343 ,135 491 397 363 3.3 .4 4.7 1.2 September 388 ,206 492 459 460 3.1 .3 4.4 .2 October 440 1,297 462 531 501 2.9 .1 4.0 1.2 November 478 ],329 375 510 423 2.8 ().8 3.6 1.1 * Preliminary. «• Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of aales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1952, sales by these stores accounted for about 50 per cent of estimated total department store sales. • Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown, 1947-49 = 100] Without seasonal adjustment 1950 1951 1952 1953 1950 1951 1952 1953 Feb. 4. . . .78Feb. 3. ... 81Feb. 2. ... 84Feb. 7. . . .88 Aug. 5. . . .102Aug. 4. ... 88Aug. 2. ... 87Aug. 1 86 11. . . .82 10.... 94 9. ... 87 14. 92 12 94 11 87 9 90 8 92 18 80 17 94 16 89 21 85 19* . . .97 18. . . 93 16 95 15 95 25 76 24 95 23 83 28 93 26 99 25 97 23 100 22.....100 30 110 29.....101 Mar. 4 84Mar. 3 99Mar. 1 85Mar. 7 96 Sept. 2 107Sept. 1 105Sept. 6 100Sept. 5. . ...101 11 87 10 105 8 88 14... .100 9 102 8 100 13 114 12. ....102 18 91 17 101 15 90 21 109 16 127 15 114 20 113 19. . .. .120 25 96 24 105 22 94 28 112 23 111 22 111 27 112 26. ... .114 31 89 29 101 30 110 29 114 Apr. 1 104Apr. 7 101Apr. 5 109Apr. 4 118Oct. 7 112Oct. 6 110Oct. 4 116Oct. 3. . .. .112 8 110 14 100 12 111 11 97 14 111 13 117 11 126 10. . ...120 15 88 21 97 19 97 18 105 21 105 20 116 18 124 17. . .. .118 22 96 28 101 26 105 25 104 28 108 27 113 25 122 24. ....113 29 98 31 .....113 May 6 104May 5 113May 3 . . 111May 2 114 Nov. 4 109Nov. 3 Nov. 1 IISNov. 7.. . 121 13 106 12 110 10 117 9 128 11 118 10 127 8 118 14. ... .133 20 95 19 99 17 99 16 105 18 127 17 130 15 130 21. ....131 27 97 26 100 24 105 23 112 25 no 24 123 22 134 28. ....133 31 97 30 97 29 138 June 3 90June 2 95June 7 111June 6 118 Dec. 2 153Dec. 1 161Dec. 6 195Dec. 5. . .. .190 10 104 9 108 14 116 13 112 9 191 8 191 13 223 12. ... .216 17 104 16 106 21 98 20 111 16 220 15 213 20 237 19. . .. .234 24 86 23 92 28 91 27 94 23 221 22 228 27 146 26. ... .163 30 89 30 82 29 92 July 1 91July 7 75July 5 79July 4 . 79 1951 1952 1953 1954 8 75 14 83 12 83 11 . 92 15 91 21 81 19 82 18 . 84Jan. 6 98Jan. 5 78Jan. 3 81Jan. 2. . .. . .81 22 104 28 80 26 79 25..... 83 13 105 12 92 10 89 9. . . 29. 102 20. . 104 19 90 17 92 16 27 96 26 83 24 86 23 31. . - 87 30. .. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 86 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] 11 11 Federa a l r e R a e , s o er r v c e i t d y istrict, 1 N 9 o 5 v 3 . 1 O 9 c 5 t 3 . m 1 o 95 s 3 . Federa a l r e R a e , s o er r v c e i t d y istrict, 1 N 9 o 5 v 3 . 1 O 9 c 5 t 3 . m 1 o 95 s 3 . Federa a l r e R a e , s o er r v c e i t d y istrict, 1 N 9 o 5 v 3 . 1 O 9 c 5 t 3 . 1953 United States PO -4 +2 Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District +1 -2 +1 M N e o tr r o fo p l o k l - it P a o n r ts A m re o a u s t 2 h - , C V on a t . . . -3 -3 +1 C M iti a e n s kato, Minn -1 0 +1 Metropolitan Areas Richmond, Va.1 P+1 3 0 Great Falls, Mont -5 +3 -1 Portland, Maine 0 -1 +5 Roanoke, Va.1 -11 0 +3 Grand Forks, N. D +9 J C c Lowell-Lawrence, Mass... 0 +4 +6 Charleston, W. Va.1 +5 £. +4 Duluth-Superior, C N W it e i o e w r s c e B s e te d r f , o r M d, a M ss. a 1 ss — — 2 2 -6 0 + + 2 3 C S L it p y ie a n s r c t h a b n u b r u g r , g , V S a . . 1 C - - 4 3 + -2 6 + -2 4 Ka L n a M s a C i s r n o n C s . s - i e t W y , i W D sc i i . s s 1 e trict + -4 1 0 - - 1 4 1 3 + -3 1 S D p o r w in n g t f o ie w ld n , B M o a s s to s n, Mass. + + 2 4 +4 c +3 0 N H e u w nt p in o g rt t o N n e , w W s, . V V a a.1 - - 1 2 3 -12 y _3 5 Metropolitan Areas -1 Providence, R. I.1 0 0 0 Atlanta District P+1 -2 +2 D Pu e e n b v l e o r , , C C o o l l o o - - 1 4 3 -2 0 +2 i N M e N B w e N u e t N N f r w e Y f o w e e a o p w l w o r o Y J a , k l e Y r i o r t N k s a D r o , k e n r . i y k - Y N s N A , t . C r r N o J e i i r c . a t . t 1 y Y t h s , 2 e . a N & s . t e Y N rn . . 1 J. + + + + 1 2 1 1 1 + - 1 4 3 2 c + + - —2 1 1 5 0 M J O M M M B a e i r c t i o o r l r a k m a b n o m s n i t p i o l g d n i e o n , o o , g l v m i , F h A t i a a F l l e l l a m n r e l a . y a , 1 , A , F r A A e l l a a l a a . s . 1 2 1 P + + + + - - 7 4 4 8 5 2 r + + + - 5 7 9 5 2 ^ + + + + - 6 6 1 2 8 0 A T O T S W O u t o l k m . b i l p l c s J a u a e h a o h q h k i , s o u t a a e a O m e , , p , r N k a h K q K l , u e a a C a b e M n n , i r s t s y o N , . O M k e la x - + - - - - - 2 8 4 5 5 6 1 1 - - - - - 1 5 3 3 6 0 5 ^ + + + + -1 2 2 1 1 R B N B o in u c ia g f h f g h e a a a s lo r m te a r t C , o F n i a N t , y l l . , s N Y , N . N . Y . 1 . Y Y .i + + + 1 2 9 0 1 + + 2 1 0 5 + + + -1 5 5 4 A S T S t t . l t a a . P m n P t t r p e a s a t , b e , g r G F s .- b a l T a u .1 a . r 1 m g, p F a, l a Fla.. . P + + + +2 5 4 3 + + - - 2 1 4 2 + + + + 4 4 4 2 C J K H i o t u a i p e n t l s c i s n h a , i s n M s C o i o n ty , , K M an o s + + - 4 4 1 + 1 0 c 0 + + 4 2 0 Syracuse, N. Y.1 +6 -2 +5 Augusta, Ga -14 -18 -10 Enid, Okla -16 -15 Columbus, Ga 0 +3 -3 Cities Macon, Ga.1 -4 0 + 1Dallas District 0 -4 +1 Albany, N.Y 0 — 7 —2 Savannah, Ga -2 -5 + 1 Elmira, N. Y 0 _3 +2 Baton Rouge, La.1 +5 +4 +8 Metropolitan Areas S P c o h u e g n h e k c e t e a p d s y ie , , N N . Y .Y + + 5 1 + + 2 1 +2 J N a e c w ks o O n r , l e M an i s s , s . L 1 a.1 P+ - 6 2 - - 1 6 + -3 5 S C h o r r e p v u e s p C or h t, r is L ti a , Tex - - 7 2 - - 9 4 + + 3 2 Utica, N.Y +2 -2 +4 Chattanooga, Tenn.1 +2 0 +7 Dallas, Tex.1 +2 -3 +2 Knoxville, Tenn.1 + 13 +4 +9 El Paso, Tex -8 -1 +2 Philadelphia District.... -1 5 +2 Nashville, Tenn.1 +4 -1 +4 F H o o r u t s W ton o , r t T h, e x T .1 ex + + 2 2 - - 4 8 +4 M T e r t e r n o t p o o n l , i ta N n . A J reas A -8 + 1 C R it o ie m s e, Ga -4 + 1 +3 S W a a n c o A , n T to e n x io, Tex - - 1 2 1 - - 1 7 3 -6 L Ph an il c a a d s e t l e p r h , ia P , a Pa + 3 1 - - 1 6 + + 4 1 M Br e is ri t d ol i , a n T , e M nn iss - - 1 1 - - 1 7 3 + -4 3 San Francisco District. .. P-5 -5 +1 W W R P e i i a a l l m k d e i i n s n - g g B , t o a P r n r a , e - D H e a l zleton, - - 4 4 3 + - - 7 3 1 + + - 3 1 1 C M h C i e c h tr a ic o g a p o g o o l D i , t i a 1 s n 1 t 1 r A . i 1 c r t eas P + +4 5 - - 2 2 + + 4 1 M L F P e r h o t e r o s s o e A n p n o n o i , x g l i , e C t l a A a e n l s r i , i f A z . C 1 . r 1 e a a li s f 2 .1 P P P - - - 1 1 1 2 7 - - - 1 4 5 1 + - 2 4 c C Y it o y rk, Pa +2 +7 + 10 F P In e o d o r i t r a ia n W , a p a 1 y o 1 n l 1 i . e s 1 , , I I n n d d . . 1 1 P + + + 1 1 2 8 + - - 2 5 1 0 + + + 1 3 4 3 L D W on o e g w s t n B s t i e o d a w e c n h L , . L A C . a . A , l i C . f , . 1 a C li a f l . i 1 f . . . 1 p + - P 8 1 O - - 6 6 3 +3 0 0 Cleveland District P+2 -4 +4 T D e e r s r e M H oi a n u e t s e , , I I o n w d a -1 + + 2 1 - - 5 4 +2 C S P a a n sa ta d e M na o , n C ic a a l , i f Calif - - 2 6 - - 1 4 2 +3 Metropolitan Areas Detroit, Mich.1 P+4 A + 7 Riverside and San Ber- C C S A C C Y T p o l o i a k o e n r l n l r u i v e u c o n t n d e i m o n g n g l o n , f a b n s , i , n e t O u a o O d l O t s d w h i , , h , , h i n O O i o O i O o , o 1 h h 1 h J h O i i i o o i o h o 1 1 1 i 1 o1 + + + + + 1 4 2 2 1 c 0 ^ i + + - - - - 4 9 1 1 2 9 0 c + + + + + + + 1 6 5 4 6 2 1 1St. F L M M G G l a L r r i i a e n a n l o d w e n s t u i n i , d s a n i o u M s g B R n k , D , i a e a c M e y p W i h , s , i . i d t 1 c W W i r s s h i , . i c i 1 s s M t . . 1 1 ich.1 + + + + + - 1 2 4 4 7 8 3 + + + - - - - 5 2 4 6 8 6 1 + + + + + + - 2 2 1 9 9 9 1 1 S S S S O a a a n D n c n a a C r a n k o a F D r a l w F m d r a l i a i r i n e n e n f a n g d . t n n o 1 o . o - - t c , w B o , O i C , s e C n a c r a C k a k o l O i l l e a , f a i f l l a C n i e . k f 1 d y a . l 1 , l , a i n f C C . d 1 a a , l l i i f f . . * 1 P- + - - - - - 10 8 2 2 3 3 2 - - - - - - 1 5 4 6 7 3 0 + + + - - 7 1 6 0 1 1 C P W P E it i o r y t h i r t e s e t , s b e m l u P in r o a g g . u 1 h , t , h W , P . a O V . h 1 a io .1 r + ( + - 1 3 3 5 ) 3 + - - - 7 4 9 9 4 + + + + 2 l 2 4 0 M L F L E e o o i v t t r u r a t t o l i n e s p s S v v o R m il i l l l i o i e l t t e c a , h k , n , K , I A A n y A r d . r r 1 e k k a . s 1 + + - - 2 3 2 2 - - - - 7 5 9 5 + - 8 1 0 3 S S S S P V e a a t o o l a n r a t c t t l t l k l J L l a e o e t n j a o s , o d k n e , W , e , , C O C C a C a s a r a i l h i e t l l f i y i . . f 1 f 1 , . . 1 1 Utah1. .. P P - + - - - - 2 9 2 1 4 9 2 + - - - 3 8 8 2 0 0 + + 4 0 0 1 Richmond District P-1 -6 0 S S M p t. e r i m L ng o p f u h i i e i s s l , d , , M T e M o n o n.1 + -3 4 0 - - - 7 6 3 + -2 3 0 T Sp ac o o k m an a e , , W W a a s s h h . . 1 1 + - 3 5 +2 0 + + + 3 2 1 M W D et a o r s o w h p i n n o t g l o i t w t o a n n n , A W D r a e . s a C h s . 3 . , 1 D. C, P p - - 4 3 - - 1 7 1 - - 6 3 C Q it u y incy, 111 +2 +2 +1 C T B it u a ie c k s s e o rs n f , i e A ld r , i z Calif.1 P- - 1 1 6 9 + - 3 7 - - 3 2 A B s a h lt e i v m il o le re , , N M . C d. . 1 1 + -3 1 -8 0 0 2 Minneapolis District +1 -5 0 T B w oi i s n e F an al d ls N , I a d m ah p o a, Idaho. - -2 1 1 5 -8 r - - 4 4 Raleigh, N. C.1 -3 -4 j Metropolitan Areas2 Idaho Falls, Idaho -17 -13 Q Winston-Salem, N. C.1.. -1 + 1 +4 Mpls-St. Paul, Minn.1 +3 -4 +1 Bellingham, Wash (3) (') 5 + 18 Charleston, S. C.1 -1 +2 +2 Minneapolis City, Minn.1 +3 -3 +1 Everett, Wash.1 -15 -12 -1 Columbia, S. C.1 P-1 +3 +3 St. Paul City, Minn.1.. . +4 -6 +1 Walla Walla, Wash.1 -24 -10 -9 Greenville, S. C.1 -8 -2 +2 Sioux Falls, S. D +6 -1 0 Yakima, Wash.1 P-10 -3 -5 P Preliminary. r Revised. 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. 2 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. *Data not available. « Ten months 1953. 6 Six months 1953. JANUARY 1954 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Cowfmue*/ SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago Number of Sales Department r s e t p o o r r e t s - d p u e r ri i o n d g ing Oct. 1953 366 _3 366 -3 331 -2 307 -2 218 -6 182 -1 202 +3 321 -2 297 -2 274 +3 260 352 0 207 -1 253 -3 337 -1 330 +1 231 +2 295 +4 95 -6 245 -6 297 XI 134 251 +3 363 -3 363 -2 321 +8 291 -6 170 -4 340 -16 352 +7 354 A 358 263 309 280 346 347 262 232 243 361 354 247 240 335 293 334 356 281 292 357 304 270 348 282 330 324 210 1 1 1 1 ot ot ot ot Ten months 1953 +1 0 -3 -7 +3 + 1 -6 0 +2 +2 +2 -5 -18 -22 -2 -3 -5 +3 +7 0 +5 +4 -19 -7 -8 -4 -10 + 1 ++++ ot ot ot ot Stocks (end of month) Oct. 1953 +5 +5 +3 +2 -3 0 + 1 +3 0 +6 -1 -1 +7 +5 +8 +2 +2 +10 -3 -7 +8 +1 + 1 + 1 +3 + 1 0 +4 +3 +3 +2 -6 -1 +4 +4 +4 +3 +4 +2 +6 +4 -11 +2 + 1 +2 +3 +3 1 l + l MCnC ot ot Ratio of Federal Reserve index numbersi stocks to without seasonal adjustment, sales1 1947-49 average = 1002 Sales during Stocks at end October period of month 1953 1952 1953 1952 1953 1952 Oct. Sept. Oct. Oct. Sept. Oct. GRAND TOTAL—entire store3 3.2 2.9 MAIN STORE—total 3.4 3.1 112 100 115 136 126 129 Piece goods and household textiles 3.7 3.5 94 85 96 114 110 110 Piece goods 3.2 3.3 82 72 83 94 99 97 Silks, velvets, and synthetics 3.4 3.3 70 60 75 87 93 91 Woolen yard goods 2.4 2.4 123 113 124 107 118 105 Cotton yard goods 3.8 4.0 70 63 68 100 102 101 Household textiles +6 3.9 3.6 103 95 105 124 117 117 Linens and towels +3 4.6 4.4 94 82 97 117 105 114 Domestics—muslins, sheetings +7 3.9 3.8 90 91 88 137 138 129 Blankets, comforters, and spreads + 10 3.3 2.8 133 122 142 128 118 117 Small wares +2 3.9 3.8 106 92 106 130 113 128 Laces, trimmings, embroideries, and ribbons. . -1 3.9 3.9 90 80 91 113 105 114 Notions +3 3.8 3.6 102 98 105 135 125 131 Toilet articles, drug sundries +1 3.8 3.7 105 94 106 119 100 118 Silverware and jewelry +2 4.5 4.4 103 85 102 134 120 132 Silverware and clocks + 1 6.0 6.0 93 80 91 143 133 141 Costume jewelry +6 3.0 2.9 115 89 111 137 115 129 Fine jewelry and watches -4 7.3 7.1 98 78 104 131 111 136 Art needlework +2 3.9 3.6 112 90 119 119 114 117 Books and stationery +6 3.6 3.5 118 101 115 150 121 142 Books and magazines +6 3.0 2.8 116 94 114 129 105 122 Stationery +6 3.9 3.7 118 105 115 155 129 146 Women's and misses' apparel and accessories +6 2.7 2.4 116 110 120 143 134 135 Women's and misses' ready-to-wear accessories. +5 3.2 3.0 113 107 115 146 135 139 Neckwear and scarfs + 14 2.2 2.1 145 122 134 171 145 150 Handkerchiefs -5 4.9 4.9 65 51 70 104 83 110 Millinery +4 0.9 0.8 143 153 149 122 121 117 Women's and children's gloves +3 4.6 3.8 107 74 128 139 121 135 Corsets and brassieres +7 3.0 3.0 127 119 119 139 136 131 Women's and children's hosiery +2 2.5 2.4 97 87 102 136 121 133 Underwear, slips, and negligees +3 3.9 3.7 89 74 91 151 127 146 Knit underwear +6 3.7 3.4 114 93 116 186 162 176 Silk and muslin underwear, and slips + 1 4.1 3.9 75 64 77 131 112 129 Negligees, robes, and lounging apparel.... +3 3.6 3.4 87 74 89 149 113 145 Infants' wear +8 2.9 2.6 132 130 140 148 138 137 Handbags, and small leather goods +4 2.4 2.4 117 108 117 142 122 137 Women's and children's shoes +6 4.7 4.6 120 129 117 151 153 142 Children's shoes +9 4.9 4.6 103 139 100 145 145 133 Women's shoes +6 4.7 4.5 123 127 121 151 156 143 Women's and misses' ready-to-wear apparel... +7 2.2 1.9 119 113 124 140 133 131 Women's and misses' coats and suits +6 1.9 1.4 125 104 152 144 149 136 Coats +9 1.9 1.4 130 98 166 159 161 146 Suits 1.8 1.8 98 112 100 94 113 96 Juniors' and girls' wear + 10 2.2 1.9 124 129 128 153 142 139 Juniors' coats, suits, and dresses +8 1.8 1.6 112 112 113 134 131 123 Girls' wear + 11 2.7 2.3 139 150 146 168 152 150 Women's and misses' dresses + 1 1.7 1.8 105 103 102 120 110 119 Inexpensive dresses + 1 1.3 1.4 102 96 96 112 96 111 Better dresses + 1 2.0 2.0 110 HI 110 125 119 123 Blouses, skirts, and sportswear + 16 2.3 2.1 139 143 132 159 146 137 Aprons, housedresses, and uniforms +2 2.6 2.6 79 79 76 107 91 105 Furs -6 4.1 3.5 115 79 141 125 129 133 Men's and boys' wear +9 4.8 4.1 107 89 114 155 142 142 Men's clothing +9 4.8 4.1 120 89 130 163 157 150 Men's furnishings and hats +8 4.8 4.3 94 73 98 155 133 144 Boys* wear +14 4.2 3.3 119 128 133 145 137 128 Men's and boys' shoes and slippers + 10 5.7 5.3 112 106 112 144 136 131 For footnotei fee following page. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales1 1947-49 average =1002 Num- Department r b s e t e p o r o re r o s t f - d p S u e a r r l i i e o n s d g ( m S e t n o o d n c t k o h s f ) October Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing 1 O 9 c 5 t 3 . mo 1 T 9 n e 5 t n h 3 s 1 O 9 c 5 t 3 . 1953 1953 1952 1953 1952 Oct. Sept Oct. Oct. Sept. Oct. Homef urnishings 331 -3 +3 3.6 3.4 118 100 121 121 117 117 Furniture and bedding 260 i +3 +7 3.4 3.2 132 112 133 121 122 113 Mattresses, springs, and studio beds 190 +5 +6 +9 1.8 150 136 142 141 142 129 Upholstered and other furniture 196 -3 +2 +7 4.1 3.7 123 101 127 117 117 109 Domestic floor coverings 288 0 -1 +2 3.4 3.4 122 93 122 114 118 111 Rugs and carpets 168 + 1 -1 +3 3.5 3.4 125 86 124 114 113 110 Linoleum 86 -20 -12 -16 4.4 4.2 65 53 82 77 66 92 Draperies, curtains, and upholstery 313 -3 0 +2 3.3 3.2 134 101 138 122 120 120 Lamps and shades 265 c -2 +5 3.4 3.1 117 87 123 128 118 122 China and glassware 267 +2 + 1 +1 6.9 6.9 112 103 110 136 130 135 Major household appliances 244 -3 -6 2.4 2.3 75 70 81 86 86 91 Housewares (including small appliances) 278 + 1 +4 +4 3.7 3.6 109 107 108 127 119 121 Gift shop 195 0 +3 +10 5.7 5.1 125 97 124 173 138 156 Radios, phonographs, television, records, etc... . 237 -15 -9 +5 2.5 2.1 141 119 166 123 109 117 R R e a c d o io rd s, s , p s h h o e n e o t g m ra u p s h ic s, , a te n l d e v i i n si s o t n ruments 1 1 7 2 2 8 + -2 1 2 1 - + 13 6 +6 2 4 . . 2 5 1.6 1 10 6 3 6 1 6 4 1 1 2 9 1 2 3 1 1 4 1 1 6 1 7 1 6 8 1 1 3 0 4 4 + 11 Miscellaneous merchandise departments. . . . 337 +1 +10 4.2 3.8 97 75 97 162 129 147 Toys, games, sporting goods, cameras 320 +2 +6 + 15 6.7 6.0 99 72 97 211 164 184 Toys and games 262 +3 +6 + 19 6.9 6.0 103 65 100 268 195 225 Sporting goods and cameras 162 0 +6 +5 5.8 5.6 92 83 92 137 121 131 ^ Luggage 289 -10 +4 6.4 5.6 71 73 78 145 117 139 191 +2 +6 1.2 1.1 101 103 105 80 99 Candy -2 72 201 +3 2.3 2.1 113 120 130 121 125 BASEMENT STORE—total -6 104 139 +2 +5 2.6 2.4 120 121 126 122 121 Domestics and blankets -1 111 Women's and misses' ready-to-wear 191 -6 -1 +3 1.9 1.7 111 103 118 127 117 123 165 +1 +2 2.4 2.3 105 108 130 128 Intimate apparel 124 -2 0 2.0 1.9 95 Hosiery 122 -4 +2 +4 2.6 2.4 () (*) () () () () Underwear, corsets and brassieres 177 -1 -6 +3 1.5 1.2 113 (4) 143 123 125 120 Coats and suits 176 -21 -7 1.2 1.4 81 88 78 94 83 100 Dresses 158 +3 +6 + 14 1.8 1.6 132 78 127 141 127 124 Blouses, skirts, and sportswear 126 +4 +5 + 12 1.9 1.6 141 137 149 153 138 137 Girls' wear 126 -6 +2 +7 2.1 1.8 149 144 158 145 139 136 Infants' wear 119 -5 -7 2.7 2.7 149 Aprons, housedresses, uniforms Men's and boys' wear 169 -9 +2 +9 3.0 2.5 116 108 127 149 136 136 Men's wear 156 + 1 +7 3.1 2.6 109 95 118 144 134 134 Men's clothing 110 -11 0 +4 2.9 2.4 121 102 135 139 137 134 Men's furnishings 126 +3 + 10 3.1 2.7 104 89 109 146 133 -5 128 Boys' wear 123 +4 + 16 133 151 158 136 -12 144 Homef urnishings 107 -1 2.4 2.3 124 94 131 119 121 -5 114 Shoes 118 +1 0 3.6 3.6 109 113 110 128 128 -1 125 NONMERCHANDISE—total 186 +2 123 101 131 -6 Barber and beauty shop 79 +5 107 100 93 + 14 xThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 85. 4Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1952, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Total Rent s O he th lt e e r r* e a G l n e a c d s - S f a u o n e l d l i s d H f i u o s r u h n s - - e- H o h p o o e u l r s d a e - - p A ar P e - l T p t r o i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929... . 73.3 65.6 117 4 60 3 1933... . 55.3 41.6 83 6 45 9 1941 62.9 52.2 88 4 55 6 1942 69.7 61.3 90.4 64.9 1943... . 74.0 68.3 90 3 67 8 1944 75.2 67.4 90.6 72 6 1945 76.9 68.9 90.9 76.3 1946 83.4 79.0 91.4 83 7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950... 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952.. 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1952—Nov... 114.3 115.0 115.7 119.5 105.4 121.6 108.0 113.3 105.2 128.9 118.9 112.4 107.4 115.8 Dec... 114.1 113.8 116.4 120.7 105.6 123.2 108.2 113.4 105.1 128.9 119.3 112.5 108.0 115.9 1953—Jan.... 113.9 113.1 116.4 121.1 105.9 123.3 107.7 113.4 104.6 129.3 119.4 112.4 107.8 115.9 Feb.... 113.4 111.5 116.6 121.5 106.1 123.3 108.0 113.5 104.6 129.1 119.3 112.5 107.5 115.8 Mar.... 113.6 111.7 116.8 121.7 106.5 124.4 108.0 114.0 104.7 129.3 119.5 112.4 107.7 117.5 Apr.... 113.7 111.5 117.0 122.1 106.5 123.6 107.8 114.3 104.6 129.4 120.2 112.5 107.9 117.9 May... 114.0 112.1 117.1 123.0 106.6 121.8 107.6 114.7 104.7 129.4 120.7 112.8 108.0 118.0 June... 114.5 113.7 117.4 123.3 106.4 121.8 108.0 115.4 104.6 129.4 121.1 112.6 107.8 118.2 July... 114.7 113.8 117.8 123.8 106.4 123.7 108.1 115.7 104.4 129.7 121.5 112.6 107.4 118.3 Aug 115.0 114.1 118.0 125.1 106.9 123.9 107.4 115.8 104.3 130.6 121.8 112.7 107.6 118.4 Sept... 115.2 113.8 118.4 126.0 106.9 124.6 108.1 116.0 105.3 130.7 122.6 112.9 107.8 118.5 Oct 115.4 113.6 118.7 126.8 107.0 125.7 108.1 116.6 105.5 130.7 122.8 113.2 108.6 119.7 Nov. .. 115.0 112.0 118.9 127.3 107.3 125.9 108.3 116.9 105.5 130.1 123.3 113.4 108.9 120.2 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] Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t d e d e - s - l - l H s e p u k a a r i n c i o t d n h t d d e s s e s - , r , p l t F i e o O a m i g u r n w n i t a h e g d a h - e l t l , s - e r, r C c a p i u o a l c h r l c n m o a i e e t d l d m s s m d - - od p R i u a b r t u n c i o e e t b d d r s s - - L w p u a b r u o c n o e m o t d d r s d - - p a P p u a l a r u l c n o p i l e t d d p e s d r - , , M m p u a r e e c n o t t t d d a a s l - l s p c M u m t a e r h i n c o r v i o a y t d n d e s - - - - h F d o h t b a o u u t u o n l h u r r e r l d e a n s e d s e r - i- - e s N t r t m t m a u a r o l l i r u l e s n n a i c — - c - l - - b m b e t o b f a u T r a a t a e a n c r t o c n v g l e d c - e - u - s e o d s - n c M e el o i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104 4 107 3 106 1 103 4 104 4 102.1 107 1 103 8 102 1 107 2 102.9 103.9 100 9 101.4 101.7 100.4 103.1 1949. 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103 1 97 5 99.8 105.0 99 2 104.6 103 0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1952 November 110 7 103 6 107.7 112.8 98.6 97.6 106.7 103.5 126.4 119.7 115.5 123.9 121.4 112.1 114.5 110.8 105.7 December 109.6 99.2 104.3 112.9 98.2 99.0 107.2 103.3 127.7 119.7 115.9 124.0 121.4 112.3 114.6 110.8 105.1 1953 January 109.9 99.6 105.5 113.1 98.8 97.3 107.8 103.6 127.3 120.5 115.8 124.0 121.5 112.7 114.6 112.2 103.0 February 109.6 97.9 105.2 113.1 98.5 98.0 108.1 103.6 126.2 121.1 115.3 124.6 121.6 112.9 114.6 111.9 101.2 March 110.0 99.8 104.1 113.4 97.5 98.1 108.4 104.2 125.7 121.7 115.1 125.5 121.8 113.1 115.1 114.8 101.7 April 109.4 97.3 103.2 113.2 97.4 97.9 107.4 105.5 124.8 122.2 115.3 125.0 122.0 113.9 116.9 114.8 98.5 May 109.8 97.8 104.3 113.6 97.6 100.4 107.1 105.5 125.4 121.8 115.4 125.7 122.4 114.1 117.2 114.8 99.7 June 109.5 95.4 103.3 113.9 97.4 101.0 108.3 105.6 125.0 121.5 115.8 126.9 122.9 114.3 118.1 114.9 95.8 July 110.9 97.9 105.5 114.8 97.5 100.0 111.1 106.2 124.6 121.1 115.8 129.3 123.4 114.7 119.4 115.6 95.3 110.6 96.4 104.8 114.9 97.5 99.9 111.0 106.3 123.5 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96.4 September 111.0 98.1 106.6 114.7 96.9 99.7 110.9 106.7 124.0 119.2 116.9 128.5 124.0 114.9 120.7 116.2 94.7 October 110.2 r95.3 104.7 114.6 96.5 ••97.1 rUl 2 106 7 124.2 r118.1 117.5 r127.9 124.1 114.8 120.7 118.1 94.4 November 109.8 93.6 103.8 114.5 96.2 97.2 111.0 107.2 124.3 117.5 117.3 127.9 124.2 114.9 120.8 118.1 93.2 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 90 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] 1952 1953 1952 1953 Subgroup Subgroup Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 113.2 96.0 '94.2 94.2 Grains 96.5 88.3 87.9 89.3 Converted paper and paperboard. . 112.3 112.3 113.2 113.4 Livestock and poultry 93.0 90.6 82.0 78.4 Building paper and board 118.2 123.0 123.0 123.0 Plant and animal fibers 107.1 103.6 103.2 103.5 Fluid milk 113.1 99.0 r100.7 101.7 Metals and Metal Products: Eggs 117.6 122.5 126.3 111.6 Hay and seeds 98.5 81.1 84.3 88.0 Iron and steel 127.0 134.6 133.4 133.6 Other farm products 132.5 149.3 146.2 145.9 Nonferrous metals 122.5 122.8 122.1 122.3 Metal containers 125.1 128.6 '128.7 128.7 Processed Foods: Hardware 125.3 136.9 137.2 137.2 Plumbing equipment 118.1 118.7 118.2 118.2 Cereal and bakery products 107.1 110.8 112.0 112.6 Heating equipment 113.6 115.8 115.8 115.8 Meats, poultry, and fish 102.0 97.4 '88.9 86.2 Fabricated structural metal prod- Dairy products and ice cream.... 115.5 111.3 112.7 113.9 ucts 114.1 117.9 117.7 117.5 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 106.0 104.7 '104.9 104.9 products 125.9 127.0 127.2 127.2 Sugar and confectionery 109.9 110.1 110.2 108.7 Packaged beverage materials.... 161.9 169.8 169.8 171.0 Machinery and Motive Products: Other processed foods 122.1 116.8 117.1 110.2 Agricultural machinery and equip- Textile Products and Apparel: ment 121.6 122.3 122.4 122.5 Construction machinery and equip- Cotton products 98.4 93.7 92.4 91.6 ment 126.2 130.9 131.0 131.0 Wool products 112.6 111.2 111.6 111.5 Metal working machinery 128.9 132.8 132.7 132.8 Synthetic textiles 89.0 86.7 85.9 85.2 General purpose machinery and Silk products 139.3 134.7 135.8 136.5 equipment 121.8 127.9 128.2 128.5 Apparel 98.3 98.5 '98.7 98.6 Miscellaneous machinery 119.6 124.2 124.1 124.4 Other textile products 86.9 82.9 82.7 83.5 Electrical machinery and equipment 119.5 126.2 126.5 126.5 Hides, Skins, and Leather Products: Motor vehicles 119.7 118.6 118.5 118.5 Hides and skins 69.2 74.2 64.4 64.3 Furniture and Other Household Dura- Leather 90.1 94.5 90.4 90.7 bles: Footwear 111.0 111.8 111.7 111.8 Other leather products 99.6 99.1 '99.1 99.1 Household furniture 112.8 114.2 114.2 114.2 Commercial furniture 123.2 125.8 125.8 126.2 Fuel, Power, and Lighting Materials: Floor covering 122.4 125.2 125.2 125.0 Household appliances 107.2 109.1 109.0 109.0 Coal 113.6 112.3 112.5 112.5 Radio 95.0 94.8 94.8 94.3 Coke 124.3 131.8 132.5 132.5 Television 74.9 74.2 74.2 74.2 Gas 104.9 106.0 106.6 106.6 Other household durable goods 119.6 126.9 126.8 127.6 Electricity 98.0 98.0 '98.5 98.5 Petroleum and products 108.1 116.5 116.6 116.3 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 114.4 124.7 124.7 124.7 Concrete ingredients 112.9 119.3 119.4 119.4 Industrial chemicals 112.7 120.0 119.5 119.2 Concrete products 112.7 117.4 117.4 117.4 Paint and paint materials 106.3 107.3 '107.9 108.2 Structural clay products 124.0 132.0 132.0 132.1 Drugs, Pharmaceuticals, cosmetics 91.9 93.5 93.5 93.5 Gypsum products 117.7 122.1 122.1 122.1 Fats and oils, inedible 53.1 51.1 '53.3 58.0 Prepared asphalt roofing 106.0 109.8 109.9 109.9 Mixed fertilizers 110.9 112.0 111.7 111.6 Other nonmetallic minerals 115.1 117.8 118.0 118.9 Fertilizer materials 111.1 113.0 112.9 112.9 Other chemicals and products.... 102.9 103.3 103.4 104.9 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 105.7 124.0 124.0 124.0 Crude rubber 130.3 120.1 111.3 112.0 Cigars 102.4 103.5 103.5 103.5 Tires and tubes 126.3 126.4 130.1 130.1 Other tobacco products 118.4 120.7 120.7 120.7 Other rubber products 124.3 123.0 123.2 123.2 Alcoholic beverages 111.2 111.2 114.9 114.9 Nonalcoholic beverages 119.7 125.1 125.1 125.1 Lumber and Wood Products: Miscellaneous: Lumber 120.0 118.3 117.2 116.3 Millwork , 127.5 131.4 131.2 131.2 Toys, sporting goods, small arms. . 113.2 114.0 114.1 114.0 Plywood 102.3 106.8 104.7 10s. 6 Manufactured animal feeds 103.3 81.6 81.0 78.7 Notions and accessories 91.1 93.5 93.5 93.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment, 101.0 102.0 101.9 101.9 Other miscellaneous 120.8 119.3 119.5 119.5 Woodpulp 108.8 108.8 109.7 109.7 Wastepaper 65.7 109.6 112.9 90.8 Paper 124.9 126.5 126.6 126.8 Paperboard 124.8 126.0 126.2 126.1 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 91 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 3 4 1 2 3 Gross national product 103.8 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.3 361.1 362.0 372.4 369.0 Less: Capital consumption allowances.. 8.8 7.2 9.3 14.8 17.6 19.4 21.6 24.2 27.0 27.0 28.2 28.2 29.2 29.6 Indirect business tax and related liabilities 7.0 7.1 11.3 18.7 20.4 21.6 23.7 25.7 28.1 28.3 28.9 29.3 30.1 30.0 S B t u a s t i i n st e i s c s a l t r d an is s c f r e e r p a p n a c y y ments — . 6 1 1. . 2 7 1. . 6 5 .3 7 —3 . . 7 2 .2 g . . 4 8 1. . 1 9 . . 5 9 — 1 . . 9 4 1. . 6 9 -3.1 .9 1 . .7 9 n.a. .9 Plus: Subsidies less current surplus of government enterprises — .1 0) .1 — .1 .0 .0 .4 .4 .1 — .1 — .2 .0 .2 -.3 Equals: National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 290.4 301.4 306.7 310.7 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 24.7 31.7 29.2 36.0 42.4 40.2 37.7 41.7 43.8 45.2 n.a. Contributions for social insurance.. .2 .3 2.8 5.7 5.2 5.7 6.9 8.2 8.6 8.7 8.8 9.0 9.0 8.8 Excess of wage accruals over disbursements 0 .0 .0 .0 .0 0 0 .0 — .1 — .3 .0 .0 .0 .0 Plus: Government transfer payments... .9 1.5 2.6 11.1 10.5 11.6 14.3 11.6 12.0 12.2 12.4 12.6 12.6 12.6 Net interest paid by government. . 1.0 1.2 1.3 4.4 4.5 4.6 4.7 4.8 4.9 4.9 4.9 4.9 5.0 5.1 Dividends 5.8 2.1 4.5 6.6 7.2 7.5 9.1 9.2 9.1 9.1 9.1 9.2 9.4 9.6 Business transfer payments .6 .7 .5 .7 .7 .8 .8 .9 .9 .9 .9 .9 .9 .9 Equals: Personal income 85.1 46.6 95.3 191.0 209.5 205.9 226.7 254.3 269.7 271.4 278.3 281.6 284.4 286.8 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.5 21.1 18.6 20.9 29.3 34.6 34.8 35.3 36.2 36.7 37.0 Federal 1.3 .5 2.0 19.6 19.0 16.2 18.1 26.2 31.1 31.2 31.6 32.3 32.8 33.1 State and local . . . .. 1.4 1.0 1.3 1.9 2.1 2.5 2.8 3.2 3.6 3.6 3.7 3.8 3.9 3.9 Equals: Disposable personal income. 82.5 45.2 92.0 169.5 188.4 187.2 205.8 225.0 235.0 236.6 243.0 245.4 247.7 249.8 Less: Personal consumption expenditures 78.8 46.3 82.3 165.6 177.9 180.6 194 6 208 1 218.1 217.2 224.4 227.7 230.4 231.0 Equals * Personal saving 3.7 -1.2 9.8 3.9 10.5 6.7 11.3 16.9 16.9 19.4 18.6 17.7 17.2 18.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 National income 87.4 39.6 103.8 198.7 223.5 216.3 240.6 278.4 291.6 290.4 301.4 306.7 310.7 n.a. Compensation of employees 50.8 29.3 64.3 128.0 140.2 139.9 153.4 178.9 193.2 194.1 201.3 204.5 208.0 210.4 Wages and salaries2 50.2 28.8 61.7 122.1 134.4 133.4 145.6 169.8 183.6 184.4 191.3 194.5 198.0 200.6 Private 45.2 23.7 51.5 104.8 115.7 113.0 123 141.2 151.1 151.5 158.3 161.3 164.5 166.9 Military .3 .3 1.9 4.1 4.0 4.2 5.0 8.6 10.4 10.6 10.4 10.4 10.6 10.5 Government civilian 4.6 4.9 8.3 13.2 14.7 16.1 17.1 20.0 22.2 22.4 22.6 22.8 22.9 23.1 Supplements to wages and salaries.. .6 .5 2.6 5.9 5.8 6.6 7.9 9.1 9.6 9.6 10.0 10.0 10.0 9.8 Proprietors' and rental income3.. . 19.7 7.2 20.8 42.4 47.3 42.1 45.4 50.7 51.2 51.5 51.1 50.8 49.7 49.1 Business and professional 8.3 2.9 9.6 19.8 22.1 21.6 23.6 26.1 26.3 26.1 26.7 27.0 27.0 26.9 Farm 5.7 2.3 6.9 15.6 17.7 12.8 13.3 15.5 14.8 15.2 14.0 13.4 12.3 11.6 Rental income of persons 5.8 2.0 4.3 7.1 7.5 7.7 8.5 9.1 10.0 10.2 10.3 10.4 10.4 10.6 Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 24.7 31.7 29.2 36.0 42.4 40.2 37.7 41.7 43.8 45.2 n.a. Corporate profits before tax 9.8 .2 17.2 30.5 33.8 27.1 41.0 43.7 39.2 37.0 40.3 44.6 45.9 n.a. Corporate profits tax liability.... 1.4 .5 7.8 11.9 13.0 10.8 18.2 23.6 20.6 19.4 21.2 24.4 25.0 n.a. Corporate profits after tax 8.4 -.4 9.4 18.5 20.7 16.3 22.7 20.1 18.6 17.5 19.1 20.3 20.8 n.a. Inventory valuation adjustment. . . . .5 -2.1 -2.6 -5.8 -2.1 2.1 -5.0 -1.3 1.0 .7 1.4 -.8 -.6 -2.6 Net Interest 6.5 5.0 4.1 3.5 4.3 5.0 5.7 6.4 7.0 7.1 7.4 7.6 7.7 7.9 n.a. Not available. 1Less than 50 million dollars. 3 Includes employee contributions to social insurance funds. •Includes noncorporate inventory valuation adjustment. NOTB.—Details may not add to totals because of rounding. Source.—Department of Commerce. 92 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q u u s a te r d te r a s nnualrates 1952 1953 1929 1933 1941 1947 1948 1949 1950 1951 1952 3 4 1 2 3 103.8 55.8 126.4 233.3 259.0 258.2 286.8 329.8 348.0 345.3 361.1 362.0 372.4 369.0 Personal consumption expenditures 78.8 46.3 82.3 165.6 177.9 180.6 194.6 208.1 218.1 217.2 224.4 227.7 230.4 231.0 Durable goods 9.4 3.5 9.8 21.4 22.9 23.8 29.2 27.3 26.7 25.1 28.2 30.2 30.7 30.4 Nondurable goods 37.7 22.3 44.0 95.1 100.9 99.2 102.6 113.4 118.8 118.7 121.1 121.2 122.1 121.3 Services 31.7 20.6 28.5 49.1 54.1 57.5 62.7 67.4 72.7 73.3 75.1 76.3 77.6 79.2 Gross private domestic investment 15.8 1.3 18.3 30.2 42.7 33.5 52.5 58.6 52.5 52.3 57.9 54.0 61.0 56.5 New construction * 7.8 1.1 6.8 13.9 17.7 17.2 22.7 23.1 23.4 23.1 23.9 25.0 25.3 24.9 Residential nonfarm 3.6 .5 3.5 6.3 8.6 8.3 12.6 11.0 11.1 10.8 11.6 12.2 12.0 11.5 Other 4 2 .7 3.3 7.6 9.1 9.0 10 1 12 2 12.3 12 3 12.3 12.8 13.4 13.4 Producers' durable equipment 6.4 1.8 7.7 17.1 19.9 18.7 22.3 24.6 25.4 24.9 25.5 26.2 26.9 27.1 Change in business inventories.... 1.6 -1.6 3.9 -.8 5.0 -2.5 7.5 10.9 3.7 4.2 8.5 2.9 8.8 4.5 Nonfarm only 1.8 — 1.3 3.4 1.4 3.7 -1.6 6.6 9.6 3.1 3.6 8.1 2.6 8.7 4.4 Net foreign investment .8 .2 1.1 8.9 1.9 .5 -2.3 .3 -.2 -2.0 -1.6 -2.1 -2.5 -2.1 Government purchases of goods and services 8.5 8.0 24.7 28.6 36.6 43.6 42.0 62.9 77.5 77.8 80.4 82.4 83.5 83.6 Federal 1.3 2.0 16.9 15.8 21.0 25.4 22.1 41.1 54.2 54.6 56.4 57.4 58.9 58 4 O N t a h ti e o r nal security '\ a11 2.0 1 3 3 . . 2 8 1 3 3 . . 8 3 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 .1 A 4 5 8 . . 8 9 4 6 9 . . 0 2 5 6 0 . . 3 5 5 6 1 . . 5 6 5 6 3 .5 0 5 6 2 .1 8 Less: Government sales 2 (•> 1 3 6 4 2 4 5 6 5 7 7 5 State and local 7.8 12.8 15.6 18.2 19.9 21.8 23.4 23.2 24.0 24.9 24.6 25.2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates! Wages and salaries Divi- Less Year or month in s P c o e o n r m a - l e r T ec o e t i a p l ts4 b m T u d o e r i n s t s a - e t l s - Wag d p m i e u C n r o o s g o a d t d m r n i u i i n t d e c - y - s - sal D a i r u n i t y s r t d t i i u r e v d i s s e i b - s - bu S r i s n e t e r r d m i v u e i s e s c - n e ts m G er o e n n v - t - in O l c a o t b h m o e r e r * i p n r r e c P a i o n e n ro m t t d a o - e l r 6 s' i i n n d s p t a c o e e e n o n n r r d m d a e - l s s e t m T p r f e a e a n y r n t - s s - 7 p b c i e s a u n o o r n f t s s n o c i c u o o t i r e r a n r n i 8 - l a - s l i a n g N t c u r o o i r c m n a u - l e l- 1 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 .2 43.0 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .6 20.8 9.9 3.1 .8 86.1 1947 191.0. 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11.8 2.1 170.8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11.3 2.2 187.1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 226.7 142.6 145.5 63.5 41.3 18 6 22 1 3.9 45.4 19.6 15.1 2.9 209 0 1951. 254.3 166.4 169.8 74.9 45.9 20.3 28.7 4.3 50.7 20.5 12.5 3.4 234.0 1952. 269.7 180.1 183.7 80.6 48.7 21.8 32.5 4.7 51.2 21.0 12.9 3.8 249.9 1952-—September 276.4 184.8 188.4 83.8 49.4 22.3 32.9 4.9 52.5 21.2 13.3 3.9 255.7 October . 277.3 186.6 190.2 84.7 50.0 22.4 33.1 5 0 51.4 21.3 13.3 3.9 258.0 November.. . . 277.2 187.8 191.4 85.6 50.0 22.5 33.3 5. 50.0 21.4 13.1 3.8 259.1 December 280.6 188.7 192.5 87.0 50.1 22.6 32.8 5. 51.8 21.5 13.6 3.9 261.6 1953—January 280.5 188.8 192.8 86.8 50.2 22 7 33 1 5 51.6 21.6 13.5 4.1 261 1 February 281.0 190.9 194.6 88.0 50.6 22.8 33.2 5. 50.2 21.7 13.3 3.9 263.3 March 283.6 192.4 196.2 88.8 50.9 23.2 33.3 5. 50.7 21.9 13.7 4.0 265 4 April 282.7 192.8 196 6 88 8 51 0 23 4 33 4 5 49.4 22.0 13.6 4 0 265 5 May 284.7 194.2 198.0 89.3 51.7 23.5 33.5 5. 50.0 22.1 13.5 4.0 267.2 June 286.3 195.6 199.5 89.8 52.2 23.9 33.6 5.1 50.1 22.3 13.5 4.2 268 8 July 287.5 197 3 201 2 90 6 52 9 24 2 33 5 5 1 49.5 22.4 13.5 4.2 270 6 August 287.0 197.1 201.0 90.2 52.9 24.1 33.8 5.1 48.9 22.5 13.6 4.1 270 7 September. . . . 286.3 196.0 199.9 89.3 52.7 24.1 33.8 5.1 49.0 22.7 13.6 4.0 270.0 October 287.2 195.6 199.3 88.7 52.7 24.2 33.7 5.1 49.5 22.8 14.5 4.0 270.5 November?. . . 285.4 193.9 197.7 87.3 52.6 24.1 33.7 5.1 50.0 22.8 13.8 4.0 268.6 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Less than 50 million dollars, 4Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. JANUARY 1954 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 96-101 Gold production 101 Reported gold reserves of central banks and governments 102 Net gold purchases and gold stock of the United States 103 International Monetary Fund and Bank 104 Central Banks 104-108 Money rates in foreign countries 109 Commercial banks 110 Foreign exchange rates Ill Price movements in principal countries: Wholesale prices 112 Consumers' price indexes 113 Security prices 113 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JANUARY 1954 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (—). In millions of dollars] Increase in banking funds in U. S. Decrease Domestic Foreign From Jan. 2, 1935, in U. S. securities: securities: Inflow in through— Total Total F of o fi r c e i i a g l* n F o o t r h e e ig r n I t n io te n r a n l a 2 - b a f a b u n r n k o d i a n s d g In f f o u fl r n o e d w ig s n 3 of o R f f u e n U t d u . s r 3 n S. b b r a o l k a e n r c a e g s e 1948—Dec. 31 8,569.1 6,963.9 2,126.0 2,993.6 1,844.3 116.8 183.3 1,182.1 123.1 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Dec. 31 10,521.1 7,890.7 2,715.6 3,472.8 1,702.3 231.4 1,202.9 1,064.5 131.7 1951—Dec. 31 10,140.7 8,548.1 2,770.2 4,089.6 1,688.3 160.9 618.6 687.5 125.6 1952—Oct. 31 11,438.2 9,833.5 3,831.9 4,191.8 1,809.8 110.7 859.6 506.6 127.9 Nov. 30 11,567.3 9,924.0 3,959.7 4,218.6 1,745.6 108.2 901.4 513.6 120.1 Dec. 31 11,399.5 9,792.0 3,770.4 4,283.1 1,738.5 80.6 933.5 469.6 123.8 1953—Jan. 31 11,385.4 9,746.9 3,691.8 4,308.0 ,747.1 93.4 967.4 450.4 127.3 Feb. 28 11,245.3 9,646.2 3,641.4 4,279.6 1,725.2 95.3 968.9 412.5 122.4 Mar. 31 11,424.9 9,849.7 3,866.7 4,298.4 L.684.7 88.8 976.6 389.0 120.7 Apr. 30 11,683.2 10,125.8 4,043.8 4,340.9 1,741.1 99.4 977.3 361.1 119.5 May 31 11,867.8 10,183.7 4,101.5 4,318.6 ,763.5 152.5 983.5 428.9 119.3 June 30 11,938.6 10,153.5 4,145.6 4,250.7 L,757.2 181.7 1,003.5 481.2 118.7 July 31 12,013.5 10,239.4 4,110.0 4,360.6 ,768.7 208.9 965.8 479.0 120.5 Aug. 31 12,213.6 10,435.0 4,246.4 4,414.4 ,774.1 211.5 968.9 481.2 117.0 Sept. 30P 12,405.4 10,641.4 4,439.2 4,426.1 ,776.1 228.8 922.7 495.2 117.3 Oct. 31 P 12,495.0 10,769.8 4,487.0 4,414.3 1,868.5 223.4 924.8 463.6 113.3 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Date t t i e i n o r s n n t a i a - l - Official U K d n o i i n m t g e - d France N la e e n r t d - h s - S la w e n r i d - tz * - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions8 and Officiall private 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 L,287.0 1,151.8167.4 1949—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0179.5 1950— Dec. 31... 1,722.2 «6,922.6 3,425.9 •656.6 260.7 193.6 553.0 314.7 799.2 62,777.7 899.0 1,612.9 1,378.5254.5 1951—Dec. 31... 1,708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.51,022.2 2,924.7 L,307.1 1,455.2 1,609.6297.4 1952—Oct. 31.. 1,829.7 8,757.9 4,542.2 890.1 348.4 384.3 624.0 305.71,207.9 3,760.5 1,373.3 1,520.7 1,781.9321.5 Nov. 30. . 1,765.6 8,912.5 4,670.0 976.3 337.3 343.1 627.7 326.21,243.1 3,853.8 1,356.5 1,561.2 1,812.9328.1 Dec. 31. . 1,758.4 8,787.6 4,480.7 817.9 342.6 203.1 641.8 308.91,259.3 3,573.5 1,420.7 1,612.9 1,845.0335.6 1953—Jan. 31.. 1,767.1 8,734.0 4,402.1 887.8 249.5 210.4 610.5 308 31,225 0 3,491 5 L,442 0 591 4 1,855 3353.7 Feb. 28. . 1,745.2 8,655.1 4,351.7 754.4 253.5 221.1 608.6 286.61,273.7 3,397.8 1,387.5 1,610.0 1,901.5358.4 Mar. 31. . 1,704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.91,307.1 3,485.9 L,349.1 1,692.5 2,012.6359.1 Apr. 30. . 1,761.0 9,118.9 4,754.1 837.3 233.3 231.5 657.8 312.11,370.8 3,642.7 1,365.0 L,744.0 2,005.6361.5 May 31. . 1,783.5 9,154.3 4,811.8 900.0 255.0 245.0 624.1 314.41,411.0 3,749.6 1,231.4 1,827.9 1,966.7378.7 June 30.. 1,777.1 9,130.5 4,855.9 911.2 301.8 268.6 650.1 313 61,444 5 3,889 8 1,119 4 I,801 9 1,935 3384.1 July 31. . 1,788.7 9,204.8 4,820.3 887.6 334.0 227.5 659.9 336.01,537.8 3,982.9 L,142.1 1,777.5 1,948.2354.1 Aug. 31. . 1,794.0 9,395.0 4,956.7 890.0 362.6 243.1 663.7 353.91,619.5 4,132.9 1,147.5 1,807.4 1,963.4343.9 Sept. 30P. 1,796.0 9,599.5 5,149.5 900.8 376.6 230.7 666.4 365.21,676.1 4,215.7 1,195.1 1,834.4 2,001.1353.2 Oct. 31 P. 1,888.4 9,635.5 5,197.3 916.3 425.6 241.2 665.0 390.81,707.8 4,346.9 1,205.7 1,730.8 2,000.9351.3 pPreliminary. 1 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 2 Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 3Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4 "Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 1 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 5Beginning 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. l'O3O. 96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2a. — Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r1 1948—Dec< 31 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—Dec. 31.. 717 0 119 9 38.0 25.1 149.4 29.6 69.4 38 1 6 7 15 7 90.1 10 2 7.6 117 4 1950—Dec. 31.. 799.2 41I9 128.2 "5.6' 45.5 18.3 221 6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Dec. 31.. 1,022.2 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 2.5 7.1 57.6 1952—Oct. 31.. 1,207.9 77.7 131.8 .5 59.6 26.7 534.3 41.2 109.6 3.6 46.7 6.0 24.4 82.8 4.8 13.0 45.3 Nov. 30.. 1,243.1 84.9 140.2 .5 69.9 26.7 544.7 42.8 109.4 1.8 49.9 6.1 21.4 84.5 2,1 13.4 45.0 Dec. 31. . 1,259.3 91.1 123.9 .6 70.4 28.5 551.1 47.3 110.3 3.4 57.4 6.1 19.2 91.0 1.7 12.0 45.2 1953—Jan. 31.. 1,225.0 94.9 121.3 .6 63.7 32.9 531.5 50.7 106.8 2.3 47.8 6.1 20.2 86.6 3.5 12.1 44.2 Feb. 28. . 1,273.7 96.3 131.2 .5 60.7 28.6 552.2 53.8 116.9 2.3 54.6 6.1 19.0 93.0 3.4 9.7 45.3 Mar. 31.. 1,307.1 102.3 130.8 .6 62.3 26.1 585.7 57.1 115.9 2.4 54.9 5.8 17.6 89.2 2.8 9.3 44.3 Apr. 30.. 1,370.8 108.2 133.9 .6 70.0 26.9 626.8 62.0 116.6 2.1 55.1 5.8 18.2 88.7 1.6 9.8 44.7 May 31.. 1,411.0 115.1 129.1 .6 69.4 29.7 645.7 66.5 119.2 2.2 57.8 5.8 22.7 88.5 1.3 10.8 46.6 June 30. .1,444.5 118.7 128.4 .7 71.0 34.3 682.8 70.7 109.1 2.0 57.2 5.8 19.3 86.7 2.2 7.9 47.8 July 31. . 1,537.8 129.9 132.9 .7 72.6 35.7 739.5 69.5 108.4 2.4 62.9 5.8 19.9 87.9 6.5 10.5 52.6 Aug. 31. . 1,619.5 144.4 139.8 .6 77.2 32.8 773.3 73.3 110.3 2.9 70.3 5.8 22.1 94.3 8.0 13.2 51.2 Sept. 30?. 1,676.1 161.1 146.5 1.4 81.7 30.7 793.7 77.9 113.7 3.4 66.7 5.8 23.4 103.5 8.3 7.4 51.0 Oct. 31 P .1,707.8 169.9 118.2 .5 88.1 33.5 827.2 85.1 115.7 2.2 70.0 5.8 32.7 96.0 2.0 9.0 52.0 Table 2b.—Latin 4mtjrica Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e c b n n - - - G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d i s i e - s t s Peru l p P a i R c u a m e b n o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e r a n r nam 1948—Dec. 31. 1,287.0 215.8 17 1 123 7 55.6 54 0 219.4 146 7 24 3 52 6 71 8 121.7 184.1 1949—Dec. 31. 1,436.7 201.1 13.5 192.8 60.9 85 9 164.2 214.6 25.9 52.8 74.3 143.2 207.4 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79.5 53 4 259.1 42'. 7 25A 207.1 30.2 60.2 59.2 16.1 *75.'i 85.2 71.3 1951—Dec. 31. 1,455.2 249.7 27.8 100.3 54.0 106 4 263.6 45.8 27.3 158 2 34.9 47.2 67.7 27.8 84.7 71.9 87.8 1952—Oct. 31. 1,520.7 131.9 18.7 72.3 62.4 87 9 285.7 43.3 32.2 232 1 39.5 62.0 81.1 21.6 94.8 141.6 113.4 Nov. 30. 1,561.2 146.2 16.6 78.2 69.2 96 4 284.2 43.5 33.2 251 0 41.9 67.0 82.4 19.9 92.8 126.2 112.5 Dec. 31. 1,612.9 138.8 24.5 72.5 79.3 118 2 301.2 44.2 34.3 231 2 44.3 60.9 80.8 25.6 94.1 145.5 117.4 1953—Jan. 31. 1,591.4 131.7 18.9 71.9 75.7 113 4 275.9 44.9 38.5 239 3 44.5 61.5 87.7 40.1 94.2 124.3 128.8 Feb. 28. 1.610.0 142.6 20.2 83.4 82.4 126 5 278.3 45.3 41.2 213.3 45.4 61.9 90.4 44.2 97.3 103.9 133.6 Mar.31. 1,692.5 142.5 20.1 75.7 86.2 123.9 331.3 47.0 45.6 213 9 45.3 67.5 91.1 54.8 91.7 117.3 138.6 30. 1,744.0 152.4 19.6 81.2 89.1 125 4 356.9 48.3 49.1 199 4 41.2 63.8 90.4 52.2 94.1 143.2 137.8 May 31. 1,827.9 153.1 27.4 119.7 93.1 122 0 370.5 48.0 47.2 181 7 42.3 62.5 95.2 48.9 90.2 186.4 139.6 June 30. 1,801.9 155.6 25.6 133.6 88.1 121 6 381.0 47.5 45.2 167 5 44.8 63.4 97.1 44.7 88.5 156.8 140.9 July 31 .1,777.5 151.3 22.9 83.5 89.1 130 4 388.0 50.2 43.2 168 7 45.6 61.2 103.8 42.1 91.3 166.5 139.7 Aug. 31. 1,807.4 145.9 20.6 132.5 84 1 129 9 400.1 48.9 40.3 160 5 45.1 62.0 108.1 39.2 89.6 165.2 135.2 Sept. 30P 1,834.4 146.6 20.3 164.4 92.1 115 6 389.0 45.0 36.4 170 3 43.6 59.2 99 A 33.7 89.0 197.8 131.7 Oct. 31* 1,730.8 143.1 19.9 110.0 86.0 116 2 383.3 41.9 32.7 181 1 49.0 68.2 79.3 28.7 93.5 173.1 124.7 TalDie 2c.—Asia and All Other For- Egypt Date Asia C m a h n o i s n d a a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i l - n - e T la h n a d i- T k u ey r- O A t s h ia e 3 r ot A h l e l r t A ra u l s i - a C g B o i e a n l n g - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other* Main- public tian Africa land Sudan 1948—Dec. 31. 1,151.8 216.2 51.1 51.8 41.5 81.4 488.3 17.5 204.0 167.4 22.2 27.7 15.8 101.6 1949—Dec. 31 961 0 110 6 83 9 63 3 15 7 214.6 297 9.8 165.7 179.5 32.4 61 6 6 0 79'5 1950—Dec. 31. 1,378.5 81.7 86.1 55.7 114.7 20.3 12.6458.5 374.4 48.2 14.3 111.9 254.5 19.1 58J 75.6 44.0 57.7 1951—Dec. 31. 1,609.6 87.4 62.4 62.1 140.6 25.5 26.6 596.0 329 7 96.7 14.1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—Oct. 31 1,781.9 83.3 70.2 54.1 64.9 20.1 27.9 767.5 321 8 166.6 9.7 195.8 321.5 50.1 96.6 72.1 13.3 89.4 Nov. 30. 1,812.9 80.3 70.7 55.0 60.0 18.9 19.3 789.1 315 1 176.5 11.0 217.1 328.1 48.4 105.2 62.0 23.0 89.5 Dec. 31. 1,845.0 76.4 70.9 64.6 61.0 19.2 18.8808.0 315 1 181.0 8.4 221.5 335.6 47.2 118.6 59.7 23.6 86.5 1953—Jan. 31. 1,855.3 73.5 72.0 70.2 58.0 16.5 26.2 821.6 309 6 186.7 10.2 210.7 353.7 51.1 117.8 58.4 36.3 90.1 Feb. 28. 1,901.5 72.8 71.4 75.1 60.7 16.4 22.7 862.8 313 7 190.4 8.6 206.9 358.4 52.3 119.5 55.1 38.1 93.5 Mar. 31. 2,012.6 70.7 71.4 76.3 67.3 19.3 15.4897.1 324 8 193.0 8.8 268.4 359.1 54.8 125.9 53.4 33.2 91.9 Apr. 30. 2,005.6 72.1 70.1 85.3 64.3 19.5 15.3892.6 327 9 194.8 8.4 255.3 361.5 57.9 124.9 54.1 36.0 88.7 May 31. 1,966.7 72.1 67.3 92.3 58.9 17.1 16.4882.9 326 1 192.1 7.4 234.2 378.7 66.5 130.5 54.4 33.3 94.0 June 30. 1,935.3 71.3 67.2 87.4 38.4 17.8 16.5 891.7 307 4 197.5 8.0 232.2 384.1 67.3 126.3 55.2 37.4 97.8 July 31. 1,948.2 71.6 68.2 89.1 39.6 20.3 14.2 910.2 303 0 191.9 6.3 233.9 358.2 54.6 119.4 45.3 37.2 101.7 Aug. 31. 1,963.4 73.3 68.5 93.5 33.6 22.9 19.6919.4 309 8 188.2 8.4 226.4 343.9 53.9 112.5 44.5 39.6 93.4 Sept. 30P 2,001.1 75.9 68.8 92.7 35.1 31.0 19.5 932.2 308 8 191.3 14.2 231.6 354.1 54.6 119.4 43.2 37.4 99.6 Oct. 2,000.9 77.1 67.9 95.3 34.7 47.4 18.3912.0 303 3 187.1 16.7 241.0 351.3 61.2 110.6 44.7 44.7 90.1 p Preliminary. beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2Beginning 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. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. JANUARY 1954 97 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, inmillions of dollars] Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia ot A h l e l r 1948 —Dec. 31 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949 —Dec. 31 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950 —Dec. 31 898.0 105.7 31.4 3.4 8.7 20.7 67.1 237.0 125.8 378.8 96.3 60.0 1951—Dec. 31 968.4 35.0 10.1 5.0 11.2 10.3 111.2 182.8 92.0 489.3 162.4 41.9 1952—Oct. 31 1.018.7 35.8 9.4 2.7 8.0 16.4 79.0 151.4 73.7 638.6 132.8 22.2 Nov. 30 1,021.1 33.8 7.6 4.4 9.2 17.2 82.7 154.8 73.8 641.8 127.9 22.8 Dec. 31 L.048.7 30.3 31.9 4.4 7.1 17.8 81.9 173.4 62.3 662.0 128.6 22.4 1953—jan. 31 1,036.0 32.5 28.6 6.4 13.5 22.9 78.4 182.4 56,3 647.5 125.9 24.1 Feb. 28 11,034.1 35.4 8.8 6.2 13.2 20.2 72.9 156.7 57.8 676.9 124.0 18.7 Mar. 31 ,040 6 35.8 8 2 6.9 14.2 25.3 70.9 161.5 61.3 672.7 125.5 19.6 Apr. 30 L.029.9 23.4 8.8 5.9 13.9 25.6 74.8 152.4 60.6 663.0 132.0 21.9 May 31 . ... 976.8 27.3 9.5 5.6 12.8 25.5 71.3 151.9 57.4 636.1 110.3 21.1 June 30 947.7 28.7 7.8 5.1 15.2 24.8 70 0 151.7 58.3 603.9 112.1 21.6 July 31 920.5 28.5 10.5 5.2 14.0 22.1 75.4 155.7 49.6 591.2 103.6 20.4 Aug. 31 917 9 26.6 9.7 5.7 13.4 22.2 84.1 161.7 42.0 594.2 100.2 19.8 Sept. 30P 900.6 33.9 9.9 7.2 12.4 21.7 90.7 175.8 56.7 541.5 106.3 20.3 Oct 31 P 905.9 39.5 9.8 9.1 15.4 20.0 93.8 187.5 80.7 503.4 112.0 22.3 Table 31.—Other Europj< Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - m G a e n r y - Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sla u v g i o a - ot A he ll r1 1948 —Dec. 31 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 6.0 29.8 1949 —Dec. 31 98.5 19.3 .4 8.2 30.0 7.4 .5 7.0 2.3 (») 22.6 1950 —Dec. 31 67.1 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 4.0 1951 —Dec. 31 111.2 (s) 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 3.9 4.0 1952 —Oct. 31 79 0 1.0 13.2 2 8 3.8 28.0 .2 17 .5 12.6 3.3 8.0 3.8 Nov. 30 82.7 1.0 17.7 3.3 4.0 25.4 .2 8 .6 11.8 3.0 7.9 5.8 Dec. 31 81.9 .8 16.2 2.1 5.6 26.8 .2 L.9 .5 11.2 2.5 8.6 5.4 1953—Jan. 31 78.4 .3 16.2 3.5 5.1 24.1 .2 7 .5 9.4 2.6 7.8 7.0 Feb. 28 72.9 .2 15.8 4.3 4.4 27.3 .1 7 .6 5.7 2.2 3.9 6.6 Mar. 31 70.9 .2 14.8 5.1 5.1 27.2 .3 S .5 5.9 2.4 1.5 6.5 Apr. 30 74.8 .1 14.1 3.6 4.1 30.2 .1 1 .5 7.5 3.2 3.5 6.7 May 31 71 3 .1 12 4 1.5 2.9 31.0 .2 .5 6.7 2.9 4.5 7.3 June 30 70.0 .1 11.6 1.3 3.8 30.9 .1 1.1 .5 6.9 2.4 4.7 6.5 July 31 75 4 .2 12 2 2 3 3.5 27.0 .1 .8 .5 14.4 2.6 5.3 6.4 Aug. 31 84.1 .4 10.3 3.5 3.4 30.3 .2 .8 .4 20.3 1.8 5.8 6.9 Sept. 30P 90 7 3 11 1 4 3 2.3 33.6 .4 1.0 .5 24.1 2.2 4.2 6.7 Oct. 31 P 93.8 .1 11.0 5.7 2.7 35.7 .5 .9 .4 22.6 1.7 5.3 7.1 Table 3b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i a i o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e u d n n r e r i d d - e s i s - t s Peru l P p a i R c u m a e b n o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m c th a t e i e 8 n r r nam 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 L.3 5.8 5.3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 "i!9* "i'.i' 70.6 L.3 11.0 3.1 "i'.i' 49.4 14.6 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 11.8 3.0 9.5 10.5 41.7 14.5 1952—Oct. 31.. 638.6 8.1 6.2 356.2 18.3 34.9 36.1 1.6 3.2 88.4 L.2 11.7 4.4 7.1 14.3 33.1 13.9 Nov. 30.. 641.8 9.3 6.0 354.5 20.5 36.0 30.6 1.7 3.5 90.3 L.3 13.2 4.2 9.0 12.9 35.6 13.2 Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 1.3 14.8 6.5 9.1 14.3 36.7 13.7 1953—Jan. 31.. 647.5 7.4 6.5 353.2 23.4 36.4 26.5 1.8 4.4 94.2 1.4 15.7 5.7 8.5 14.0 34.2 14.3 Feb. 28.. 676.9 7.2 10.7 383.3 19.4 36.8 30.7 2.3 4.9 94.5 L.9 17.2 5.0 6.8 9.2 33.0 14.1 Mar. 31.. 672.7 7.1 J3.4 370.7 19.0 37.8 37.8 2.9 4.4 96.1 2.1 14.7 4.2 4.9 7.3 35.7 14.8 Apr. 30.. 663.0 7.7 14.6 382.7 9.6 38.9 34.9 2.8 4.5 86.9 2.2 12.5 5.4 5.0 7.4 33.4 14.5 May 31.. 636.1 10.2 15.4 367.4 9.0 39.8 27.2 2.7 3.1 83.0 2.5 13.7 4.9 3.4 4.6 35.1 14.0 June 30.. 603.9 9.0 14.7 325.1 7.5 47.7 27.0 2.9 3.2 88.3 2.1 14.3 5.4 4.0 3.6 35.2 13.9 July 31.. 591.2 8.0 14.3 317.2 7.7 44.4 28.8 1.9 3.2 86.4 2.4 13.7 5.6 3.3 3.3 35.6 15.5 Aug. 31. . 594.2 7.6 13.4 319.7 7.5 48.9 24.0 1.9 3.0 89.0 2.2 15.1 5.4 3.7 3.2 35.4 14.2 Sept. 30P. 541.5 7.5 13.2 274.7 7.5 47.4 21.6 1.7 3.6 79.3 1.8 16.8 5.8 4.8 3.4 36.3 16.1 Oct. 31 P . 503.4 7.0 11.9 204.6 6.1 47.1 41.8 1.7 4.2 86.3 3.0 17.7 4.9 6.0 3.8 39.2 18.2 'Preliminary. 1 Beginning January 1950, excludes Austria, reported separately as of that date. »Less than $50,000. 'Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 98 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 3c—Asia and All Other For- Egypt Date Asia C M m a h n o i a n d s in a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i l - l n - i e c T la h n a d i- T k u ey r- O As th ia e * r o A th l e l r t A ra u l s ia - C g B o i n e a g l n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f i c t o a h n Other2 land Sudan 1948—Dec. 31.. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 6\6 18]9 12.1 4.9 1.5 .9 13.9 60.0 40.8 4A .3 7.3 7 2 1951—Dec. 31.. 162.4 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 .6 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Oct. 31.. 132.8 10.1 .9 3.5 .9 10.1 18.7 12.6 6.4 3.4 51.0 15.3 22.2 8.7 6.7 .5 2.3 4.0 Nov. 30.. 127.9 10.1 1.3 3.7 .7 10.2 17.4 12.2 3.0 4.0 47.4 17.7 22.8 10.0 6.5 .1 2.6 3.6 Dec. 31.. 128.6 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 38.8 24.6 22.4 10.1 6.0 .5 2.0 3.8 1953—jan, 31># 125.9 10.4 1.9 3.6 .8 10.2 25.9 11.5 10.7 2.6 26.7 21.6 24.1 9.2 7.0 1.0 2.5 4.4 Feb. 28.. 124.0 9.8 2.4 3.3 .6 10.2 25.1 15.6 11.6 3.0 21.2 21.3 18.7 6.4 6.6 .8 2.1 2.8 Mar. 31. . 125.5 9.4 2.0 4.0 .6 10.9 25.2 17.0 10.0 6.1 18.6 21.6 19.6 7.0 6.5 .3 2.7 3.1 Apr. 30.. 132.0 8.8 2.7 3.9 .6 11.7 24.2 20.0 14.2 4.8 17.4 23.8 21.9 7.6 7.1 .9 2 8 3 5 May 31.. 110.3 8.4 2.1 3.1 .8 12.6 20.5 14.2 13.6 4.3 10.5 20.2 21.1 7.2 6.7 1.0 2.8 3.4 June 30.. 112.1 8.1 2 3 2 9 1.1 12.8 19.4 16.6 11.8 5.3 11.3 20.4 21.6 7 2 6.6 .3 2.9 4.6 July 31.. 103.6 8.2 2.3 2.5 1.2 13.3 17.8 18.8 10.8 4.5 8.7 15.5 20.4 6.3 7.1 .2 2.9 3.9 Aug. 31. . 100.2 7.9 2.9 2.7 1.6 13.9 18.8 17.1 10.1 5.2 4.5 15.5 19.8 6.3 5.9 .2 2.9 4.6 Sept. 30*>. 106.3 8.5 2.9 2.9 1.1 13.0 24.4 20.5 9.4 5.9 1.0 16.7 20.3 7.0 5.7 .1 2 3 5 1 Oct. 31 P . 112.0 8.5 2.6 3.4 .6 14.2 25.9 17.7 5.5 6.2 7.7 19.7 22.3 5.8 5.7 .2 2.7 7.8 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8 (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes* Corporate bonds and stocks* Net Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses pu T rc o h t a a s l es T sa o l t e a s l s p d e u o c r m u c o r h e f i s a ti t s e i e c s s 1948 282.4 330.3 —47.9 369.7 514.1 —144.3 652.2 844 4 — 192 2 1949 430.0 333.6 96.4 354.1 375.3 —21.2 784.1 708.9 75 2 1950 1,236.4 294.3 942.1 774.7 772.3 2 4 2,011 1 1,066 6 944 4 1951 673.6 1,356.6 -683.0 859.8 761.0 98.7 1,533.3 2,117.6 —584 3 1952 533.7 231.4 302.3 850.3 837.7 12.6 1,384.0 1,069.0 314 9 1952—October 188.8 18.8 170.1 77.2 61.5 15.7 266.1 80 3 185 8 49.4 21.1 28.3 69.8 56.3 13.5 119.2 77.5 41 8 December 45.0 17.0 27.9 93.7 89.4 4.3 138.6 106.5 32.2 42.6 14.9 27.7 81.8 75.6 6.2 124.4 90.5 33 9 February 27.6 37.5 -9.8 76.2 64.9 11.3 103.8 102.3 1.4 March . 26.3 18.6 7.7 85.8 85.8 (•) 112.1 104.4 7.7 April 12 9 9.6 3.3 71.3 73.9 —2.6 84 2 83 5 May 145.5 136.7 8.8 61.7 64.3 —2.7 207.2 201.0 6 27 June 28 8 22 7 6.1 65.0 51.1 14 0 93 8 73 8 20 0 July 36.6 82.3 -45.7 56.2 48.3 7.9 92.8 130.5 —37 8 August . ... 30.1 29.3 .8 49.7 47.3 2.4 79.7 76.5 3.2 September^ 43.1 115.4 -72.3 71.2 45.1 26.1 114.3 160.5 -46.2 October? 29.4 28.8 .6 53.3 51.8 1.5 82.6 80.5 2.1 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 3 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales se fo c r u o e r i f i g ti n es 1948 81.7 96.7 -15.0 211.6 291.4 -79.8 293.3 388.2 —94 8 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 -24.4 589.2 710.2 -121.0 763.0 908.4 -145.4 1951 272.3 348.7 -76.4 500.4 801.0 -300.6 772.7 1,149.7 -377.0 1952 293.9 329.6 -35.8 495.3 677.4 -182.1 789.1 1,007.0 -217.9 1952—October 22.1 20.8 1.3 87.6 77.8 9.7 109.6 98.6 11 0 19.5 16.5 3.0 18.2 14.1 4.1 37.7 30.7 7.1 26.8 20.9 5.9 25.7 75.7 -49.9 52.6 96.6 -44.0 25.4 26.1 -.7 33.0 51.5 -18.4 58.4 77.6 -19.2 24.7 24.3 .4 29.4 67.8 -38.4 54.1 92.1 -38.0 March 27.5 37.6 -10.1 29.7 43.0 -13.3 57.2 80.6 —23 4 April 21.8 20.8 1.0 29.2 58.2 -29.0 51.1 79.0 -28.0 May 16.9 41.8 -24.9 111.7 19.0 92.7 128.6 60.8 67.8 44.9 21.9 23.0 62.1 32.8 29.3 107.1 54.7 52.3 J A U u ly gust 2 1 3 8 . . 1 6 2 1 1 8 . . 2 5 2. . 0 1 4 2 6 0 . . 2 0 5 1 0 7 . . 3 9 -4 2 . . 1 1 3 6 8 9 . . 6 3 3 7 6 1 . . 4 5 -2 2 . . 2 2 September** 23.9 16.3 7.7 23.2 16.9 6.3 47.1 33.1 14 0 OctoberP 23.1 18.4 4.7 74.8 111.1 -36.3 97.9 129.5 -31.6 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. 5Through 1949 represents transactions in corporate stocks only. 6Less than $50,000. JANUARY 1954 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) (Net sales, (—). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i s i o o t n i n - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia o A th l e l r 1948 7 6 —199 8 9.1 —82 8 —79.3 —40.0 (i) 2.6 —190.4 7.5 10.2 —23.3 —3.9 1949 .. 87.0 — 11.8 20.9 —6.8 —25.5 44.2 1.5 2.2 36 5 —49 !o 2 5 2! 1 2 1950 121.2 823.2 64.0 197.8 -6.3 19.0 -.7 73.8 347.5 458.2 30.1 —15!3 2.7 1951 —15.9 —568.4 21.4 6.0 —22.2 45.9 1.9 —43.8 9.2 —595.5 13.9 4.8 — .7 1952 14.7 300.2 70.4 5.5 —21.9 50.7 .5 6.2 111.4 191.6 4.7 —9^5 1.9 1952—Oct 11.3 174.5 38.9 .1 -2.7 5.4 .2 3.9 45.9 126.1 1.1 1.2 .1 Nov.... .9 40.9 1.8 .5 — .6 5.3 -.1 3.3 10.2 27.2 3.4 -.1 .2 Dec.... .9 31.3 11.4 1.2 -2.2 4.5 -.3 -1.2 13.4 16.3 .1 1.0 .5 1953—Jan 25.5 8.4 5.8 1.3 -2.1 13.4 0) 2.0 20.4 -10.3 -1.1 .3 -.9 Feb.... 10.5 -9.1 2.1 -.4 -1.3 6.7 .1 -7.7 -.5 -8.8 — .4 .1 .6 Mar.... 1.0 6.8 10.0 .6 -3.4 4.4 -.2 -1.4 10.0 -3.8 .8 -.5 .2 Apr.... -1.2 -.5 2.5 .1 -5.4 2.7 -.1 .1 0) -1.0 1.4 0) -1.0 May... 5.2 1.0 -.6 .4 -.9 2.5 -.7 0) .8 — .4 .8 .2 — .5 June... 1.3 18.7 5.4 2.0 -1.1 5.2 .1 -.2 11.4 6.0 .8 .1 .4 July... .5 -38.3 9.0 -49.0 — 1.9 2.5 .4 2.6 -36.3 -3.1 1.5 -.2 — .1 Aug.. . . -4.2 7.4 6.8 1.0 -.5 5.5 .1 -1.5 11.4 -6.5 2.3 .5 -.3 Sept.p.. -14.1 -32.2 2.6 .7 .2 9.6 0) .5 13.7 -47.5 .3 .4 1.0 Oct. P . . -8.2 10.3 4.2 .3 -2.7 1.2 0) 1.7 4.7 -10.9 11.8 .1 4.7 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia Re- For- Latin Co- public Other mosa Philip- Y m e o a n r t o h r E O u t r h o e p r e A tr u ia s- 2 g B iu e m l- N w o a r y - o A th l e l r Am ic e a r- lo b m ia - Cuba M ic e o x- P a o m a f n a - g U u r a u y - 1 A L m i a c t e a i r n - Asia M C a h a n i i d n n a - H K o o n n g g p p R u in e b - e - O A t s h i e a r land lic 1948. 2.6 2.6 -.3 .3 10.2 .2 -.8 2.9 -4.7 12.6 -23.3 -22.7 -1.2 .4 .2 1949 2.2 1.6 -.9 1.4 2.5 1.2 -1.0 .3 4.2 -2.1 -2.1 -7.2 -1.0 .5 5.5 1950 73.8 18.4 12.6 36.7 6.0 30.1 -1.2 24.6 .5 .1 -5.6 11.1 -15.3 -3.0 2.3 .9 -15.6 1951 -43.8 -11.9 5.7 -38.1 c 13.9 .5 6.1 2.5 .8 2.6 1.5 4.8 -.2 7.0 -2.1 0) 1952 6.2 .4 c 6.0 3 4.7 -.8 .2 2.6 -6.5 2.7 6.6 -9.5 1.3 -11.4 .9 1952—Oct.... 3.9 0) — .2 3.2 .9 1.1 -.2 -.3 .1 .8 -.3 1.1 1.2 .1 .2 0) .9 Nov. .. 3.3 .6 3.1 -.3 3.4 .4 0) .3 2.3 0) .6 -.1 — .1 0) .1 Dec. .. — 1.2 — 1.5 -.1 .1 -.1 -1.6 1.1 .4 0) .4 1.0 -.1 1.1 8 .1 1953— J M A M J J F u u a p e a a n n l r b r y y e . . . . . . . . . . . . . . . . . - - 0 7 1 2 2 ) . . . ^ 7 4 . 0 1 6 0 0 ( 0 C " ) ) ) ) 1 ' ) - 2 .1 . . 9 2 2 c -6 -. . 1 8 .9 E - 0 - 1 — ) . . 6 5 . . 2 6 -1 — 1 1 .1 . . . 8 8 8 . 4 5 4 -1 - - - . . . . 1 3 1 3 c 0 0 ) ) .8 c ( - - 1' . . 2 3 . . 3 4 3 1 - - 2 . . 6 t . . 3 1 e 7 « _ _ 2 4 _ . . . 0 4 2 3 3 0 - ) 1 1 1 .6 . . . . 2 3 0 2 0 0 — - ) . 2 . . . . 3 1 1 5 0 0 0 0 ) ) ) ) . . . 2 1 1 0 — — ) . . . 3 1 2 . . 5 2 0 0 0 8 0 0 ) ) ) ) ) 0 - ) .1 . . . . . 1 2 1 1 1 Aug.. . . -1.5 0) -2.8 0) 1.4 2.3 0) .6 -.1 .6 .6 .5 — !i .5 O Se c p t. t . P p .. . 1.7 0 2 ) .0 1.0 11.8 0 0 ) ) 11. . 7 1 C — — . . 1 ] 0) .1 c . . 4 1 0) .6 C - 1) .2 0) . . 1 1 TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY COUNTRIES (Return of U. S. Funds) [Net sales, (—). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i s i o o t n i n - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia ot A h l e l r 1948 ... (i) —94.9 —9.9 —4.3 -5.3 -35.4 .1 11.4 -43.4 —102.2 40 7 1.6 8.4 1949 — 16.0 43.8 —13.5 .4 — .1 19.1 .4 24.6 30.8 — 10.6 20.2 .8 2 .6 1950 —3.6 — 141.8 -6.1 — 1.3 —4.7 17.2 .5 7.8 13.4 — 190.0 29 8 1.0 3.9 1951 — 152.7 —224.3 -2.0 -4.1 2.8 14.2 1.2 16.4 28.5 —258.6 33*8 —36.0 7 .9 1952 -118.1 -99.8 -4.4 4.9 -8.7 8.7 1.2 18.2 19.9 -141.0 25.3 — 10.0 6.0 1952—Oct -58.8 69.8 4.0 .1 — 2 1.8 1.0 3.9 10.6 39.8 13.1 6.7 -.3 Nov -.8 7.9 -.7 -.1 — A .4 0) .7 .3 8.8 .2 -1.6 .2 Dec -.7 -43.3 -1.1 -.4 3.9 .7 .2 .3 3.5 —46.0 2.3 -3.9 .7 1953—Jan... . 0) -19.2 -.3 .3 -1.5 2.1 .4 .7 1.7 -18.3 1.1 -4.1 .4 Feb.. .. 9.5 -47.5 .3 .3 1.4 1.1 .1 .5 3.8 -47.9 1.9 -2.6 -2.6 Mar.... -.1 -23.3 2.9 .6 .1 .5 .1 5.2 9.4 -32.6 1.3 -1.7 .3 Apr.... 3.4 -31.3 0) 1.2 -.3 .5 0) 1.7 3.1 -33.8 3.1 -3.8 .1 May... -.5 68.3 -1.1 .4 0) 2.2 0) .7 2.1 67.2 .9 -2.1 .2 June... 2.1 50.3 21.7 .9 -.4 2.3 .2 1.6 26.3 22.9 7.3 -2.2 -4.1 July... -2.2 .1 -.1 0) -2.8 2.1 .6 .8 .5 -18.0 2.1 -2.7 18.1 Aug -.3 2.5 -.2 -.1 -2.3 1.9 .1 .4 2 .3 1.4 — .4 1.4 Sept.? . 0) 14.0 -.2 1.9 -.7 5.2 -.9 1.2 6.5 5.1 2.4 -.7 .7 Oct.p . . -73.1 41.4 5.8 0) 5.2 15.7 1.9 5.1 33.7 -4.5 9.3 -.8 3.8 Preliminary. iLess than $50,000. »Not available until 1950. 100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD COUNTRIES AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in [In millions of dollars] U. S. with Brokers and Dealers Abroad) [In millions of dollars] Assets in custody Year or month TToottaall EEuurrooppee CCaannaaddaa AA L m i m a c e t a e i r n -r - an o A d th s a i e a l r l Date Deposits s U e e . c r S n u . m r i G t e i n o e t v s2 - l M an i e s o ce u l s - 8 1948 -19.3 -20.8 .1 1.2 .3 1951—Dec. 31 526 1,383 80 1949 : .6 1.0 .9 -1.3 0) 1952—Dec. 31 550 2,156 86 1950 8.0 3.0 -3.0 4.4 3.5 1951 —6.1 -3.3 2.8 -5.0 -.6 1953—Jan. 31 586 2,182 85 1952 -1.8 -1.6 -1.0 1.0 -.2 Feb. 28 511 2,170 89 Mar. 31 536 2,246 90 1952—October. .3 .9 -1.8 .2 1.0 Apr. 30 506 2,425 97 November. . . -7.8 -3.2 -1.2 -2.4 -1.0 May 31 515 2,455 95 December.... 3.7 1.5 0) 2.1 .1 June 30 527 2,449 101 July 31 566 2,378 95 1953—January 3.5 .3 2.0 .7 .4 Aug. 31 524 2,588 95 February.... -4.8 -4.7 1.1 -1.0 — 2 Sept. 30 512 2,641 94 March -1.7 -1.3 1.6 -1.1 — .9 Oct. 31 448 2,674 97 April — 1.2 4.7 —4.4 -2.2 .6 Nov. 30 417 2,694 99 May -.2 -.5 .8 -.6 .1 Dec. 31 423 2,586 106 June -.6 -4.9 6.7 -1.7 -.8 July 1.8 2.6 -1.7 .2 .7 1953—Dec. 2 431 2,691 99 August -3.5 -2.9 — .5 .6 -.6 Dec. 9 491 2,680 100 September?. . .2 -.8 -.1 1.0 .2 Dec. 16 464 2,715 103 October? 2-4.0 2.0 -6.1 1.4 -1.2 Dec. 23 461 2,737 104 Dec. 30 474 2,703 105 * Preliminary. 1 Less than $50,000. 1 Represents dollar assets belonging to foreign monetary authorities 'Amounts outstanding (in millions of dollars): foreign brokerage and the Bank for International Settlements. Excludes assets held for balances in U. S., 74.3; U. S. brokerage balances abroad, 37.9. the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 103, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month U ou S t S si R de * r m e T o p o n o t r t a h te l ly d A So fr u ic th a d R e h s o ia - A W fr e ic st a1 B C e o lg n i g a o n 2 U St n a i t t e e s d 3 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - * Au l s ia tra- India 2 $1=15i/sigrains ofgold 9/10 fine: i.e., an ounee of fine gold =$35. 1947 766 5 705 5 392 0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6 1 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5,7 7.8 31.2 6.5 1949 840 0 753.2 409 7 18.5 23. 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5 7 1950 864.5 777.1 408.2 17.9 24. 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840 0 758.3 403.1 17.0 22. < 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7 9 1952 864.5 780.9 413.7 17.4 23.1 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1952—October 70 6 35 4 J .5 2. 1.1 6.8 14.1 > 9 1.1 .5 .7 3 6 8 November.. 64.9 34.3 1.5 2. 1.1 6.0 13.6 1.2 .3 .5 .8 2.9 .7 December 66 7 34.6 4 2. 9 5.9 13.7 1 1.8 .4 .8 3.3 7 64.0 34.7 2. 4.5 13.0 1 1.4 .6 .7 2.9 .6 February. 60.9 32.4 2. 4.3 12.4 7 1.2 .3 .7 2.8 .6 March 65.2 34.7 2. 5.2 13.3 •5 1.2 .4 .7 3.1 .6 April 64 2 34 3 2. 5.2 12.9 1.2 .4 .7 2.9 ,7 May. . . 65 5 34.9 2. 6.1 12.9 1 1.1 .3 .9 3.0 .7 64.7 34.1 5 2. 6.0 12.7 1 ?, 1.0 .4 .8 3.4 .5 July 35 9 S 2. 6.8 12.9 rl.l .9 2.8 7 August 35 6 2 1 2 6 2 11 5 1 l 8 3 7 6 September 35 0 5 2. I 2 6.2 11.7 1.9 .7 7 October. . 35.6 2.2 L.2 6.8 9.9 .8 .6 ' Revised. Gold production in USSR: No regular government statistics on gold production in USSR are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. s Yearly 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. 101 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota (e l xd w . orld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n r - k E d c o u r a- USSR)* Treasury Total* 1947—Dec.. . . 34,550 22,754 22,868 322 597 23 354 294 45 83 279 32 20 1948—Dec 34,930 24,244 24,399 143 624 23 317 408 43 51 289 32 21 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec.. . . 35,960 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec.. . . 36,270 23 186 23,252 706 21 317 896 42 214 31 23 1953—Jan 22,986 23,079 709 21 317 900 42 214 3-1 23 Feb 22,662 22,751 701 21 317 904 42 214 31 23 Mar.. 36,330 22,563 22,649 702 21 317 911 42 196 31 23 Apr 22,562 22 639 690 21 317 924 41 196 31 23 May 22 537 22 590 695 21 317 934 41 196 31 23 June... 36,390 22,463 22,521 696 21 317 944 41 196 31 23 July 22,277 22 353 701 21 317 951 41 196 31 23 Aug.. . 22,178 22,275 715 21 317 960 41 196 31 23 SeDt P36 480 22 128 22 220 721 317 970 42 196 31 23 Oct 22,077 22,146 754 317 976 42 186 31 23 Nov.. .. 22,028 22,112 766 317 984 42 31 23 Ger- E m n o d n t o h f Egypt France* F m ed an er y a , l G m u a a l t a e- India n In e d si o a - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru Republic of 1947—Dec 53 548 27 274 M80 142 58 100 231 72 20 1 19 9 4 4 9 8 — — D D e e c c > # 5 5 3 3 5 5 2 4 3 8 2 2 7 7 2 24 5 7 6 178 1 1 4 4 0 0 25 9 6 6 4 5 2 2 1 1 9 6 5 6 5 5 2 1 2 1 7 4 2 2 0 8 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Jan 174 573 165 27 247 218 138 346 149 567 55 38 46 Feb 174 573 184 27 247 208 138 346 178 597 55 38 46 Mar.. . . 174 573 184 27 247 208 137 346 179 605 55 38 46 Apr 174 573 185 27 247 208 137 346 180 605 55 38 46 May.... 174 573 210 27 247 208 137 346 181 605 55 38 46 June 174 573 210 27 247 208 137 346 172 615 55 38 46 July.... 174 573 224 27 247 177 137 346 173 662 55 38 46 Aug 174 576 247 27 247 168 137 346 174 683 55 38 46 Sept 174 576 259 27 247 163 137 723 55 38 Oct 174 576 282 247 150 137 733 55 38 Nov.. . . 174 576 303 150 137 P733 55 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u i t c h a Spain Sweden S l w a er n i - t d z- T la h n a d i- Turkey U K d n i o i n m t g ed - g U u ru a - y V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1947—Dec 310 15 762 HI 105 ,356 34 170 «2,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 ,387 34 162 «1,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 ,504 118 154 «1,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 «3,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 .452 113 151 »2,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 «1,846 207 373 1,692 196 1953—Jan 297 29 165 51 195 1,417 113 143 «1,978 207 373 1,692 215 Feb 298 29 173 52 194 1,417 113 144 «2,103 207 373 1,692 214 Mar 305 29 174 52 194 ,418 113 144 «2,166 217 373 1,693 233 Apr 311 29 173 53 194 ,418 113 144 82,273 217 373 1,693 242 May 318 29 175 53 194 1,432 113 144 «2,321 222 373 1,693 211 June.... 324 29 175 54 193 ,441 113 144 «2,367 222 373 1,698 193 July 330 29 175 54 203 1,450 113 144 82,456 222 373 1,699 195 Aug 331 29 176 54 204 ,452 113 143 »2,469 222 373 1,700 188 Sept.. . . 337 29 175 54 206 1,456 113 143 52,486 222 373 1,700 198 Oct.. . . 348 29 175 54 219 ,460 113 143 62,52O 222 373 1,700 195 Nov.. . . 350 29 175 54 219 1,460 143 52,561 190 p Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2Includes gold in Exchange Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). ^Figure as of Mar. 31. 6Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [Negative figures indicate net sales by the United States] (In millions of dollars at $35 per fine troy ounce) Neth- Switz- Year or quarter Total United Bel- France er- Portu- Swe- er- Other Canada Argen- Cuba Mexico Kingdom gium lands gal den land Europex tina 1945 —452 9 31.1 278.5 —47 9 -86.8 -7.4 36.8 —224 9 —85 0 —23 8 1946 721.3 -.2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 in .5 -65.0 45.4 1948 1,510 0 734.3 69.8 15.8 40.7 63 0 3 0 —5.6 5.8 114 1 — 10 0 61 6 1949 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 -16.1 1950 — 1,725 2 —1,020.0 —55 0 -84! 8 — 79.8— 15 0 -22 9 -38 0 -68.0 —100.0 28 2 — 118 2 1951 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -49.9 -20.0 -60.2 1952 393.7 440.0 -3.8 -100.0 -5.0 22.5 -29.3 7.2 -20.0 87.7 1950 Jan -!Mar —201 3 —80 0 —35 0 — 13 0 — 12 4 — 15 8 Apr -June —30 4 —20 0 -3 0 -11.9 July-Sept. -731 0 -580.0 -28.5 -16.0 -25.0 3.4 8 2 —40 5 Oct.-Dec -762.4 -360.0 -56.3 -79.8 -15.0 -4.0 -47.1 -100.0 20.0 -61.9 1951 Jan.-Mar. -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 — 124 4 Apr -June —55 6 —80 0 2 0 — 15 0 -11.2 — 10.0 64 1 July-Sept. 291 A 320.0 -5.0 -17.0 -3.5 —20 0 Oct -Dec 715 7 629 9 71.7 —5 0 — 1.1 1952 Jan -M!ar 557 3 520 0 20 2 22 5 — 10.1 11 3 Anr -Tune 105.7 6.9 101.4 Tulv-SeDt. -1.3 .3 Oct -Dec —268 0 —80 0 —24.0 — 100 0 —5 0 -19.3 —20 0 —25 0 1953 Jan -]Vtar —599 1 —320 0 —36 5 —25 0— 15 0 -10.0 -20.0 -71.7 -54 9 —28 1 Aor -Tune — 128 2 —40 0 -3.4 -15.0 -25.0 -18.8 -20.0 July-Sept. -306.6 -120.0 -12.4 -40.0 -15.0 -10.0 -15.0 -82.8 -10.0 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Negative figures indicate net sales by the United States] [In millions of dollars] (In millions of dollars at $35 per fine troy ounce) Gold stock at Ear- Y qu e a a r r te o r r g U n r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia U A So f n o r u i i f o c th a n o A th l e l r Period T e u r n e r d a y s o - f p T e o r t io al d i I i n n s g c to o r to e c ld a t k a s l e g p e o x o N l p d rt e o i t r o m t r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- t p D i r c t o o i m o d g n o u e l c s d - - (-) 1945 -37.9 -73.1 -27.8 8 188.3 3.7 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 4 4 4 5 5 4 2 9 7 6 0 1 8 - -6 1 - 2 2 1 1 4 4 4 2 5 0 4 . . . . . . . 9 8 4 2 1 7 9 - - 1 5 - - 0 3 9 0 8 . . . . 2 7 0 0 - - - 1 2 1 - 2 7 1 7 7 7 5 5 9 3 . . . . . . 5 . 2 2 1 0 1 4 - - - 5 5 3 - - 1 4 4 2 0 5 1 3 . . . . . . 8 . 1 1 1 4 0 7 2 4 1 5 9 1 9 5 1 9 2 4 1 8 6 5 3 . . . . . . . 1 5 7 6 3 0 1 * * - -4 8 - - 2 1 2 1 7 4 6 2 1 . . . . . 0 6 . . 2 0 9 9 9 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 5 7 2 8 4 3 6 2 2 2 2 2 2 2 2 4 0 0 2 1 0 , , , , , , , 7 2 0 6 5 7 9 5 4 6 2 1 2 3 4 4 5 9 9 6 8 2 2 2 2 2 2 2 2 1 4 0 0 0 2 , , , , , , , 9 8 3 0 6 7 7 8 9 6 8 3 0 3 1 9 8 3 1 6 9 - 2 1 2 1 - - , , , 3 5 7 - 1 5 6 2 4 4 5 6 3 2 3 7 9 7 2 0 3 . . . . . . . 0 8 8 1 9 1 4 1 1 - - , 1 , 8 8 6 3 3 0 4 6 6 8 1 1 6 5 8 6 5 1 0 . . . . . . . 3 4 9 7 5 3 4 - - - - - 8 3 4 1 4 4 2 0 5 5 5 5 6 1 6 3 8 9 9 5 0 . . . . . . . 7 6 4 2 8 4 0 1 4 3 3 5 7 7 2 5 8 2 1 5 0 5 . . . . . . . 2 0 S 3 8 4 9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1950 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 J J A u a p n ly r . . - - - S M J e u a p n r t e - - - 2 1 2 3 2 . . . 0 9 0 -1 — - 0 . . 9 4 .1 -13 1 . . . 9 0 2 3 9. . 2 9 - -1 2 -2 4 6 . . . 8 7 9 1 1 1 9 9 9 5 5 5 2 1 3 * 2 > 2 2 2 3 2 , . 6 1 ,0 9 8 2 5 6 9^ 2 2 2 2 3 2 . , , 2 8 0 5 7 9 2 3 0 P-1,1 37 6 5 8 2 1 . .1 7 9 -5 6 4 8 ( 9 3 4 ) . . 0 3 -1 — ,1 6 3 7 1 0 0 7 4 . . . 8 6 8 6 67 6 (3 . . ) 4 3 Oct.-Dec -26.9 -5.9 -22.8 -2.8 1952—Dec... 23,186 23,252 -252.6 8.1 -263.2 5.9 1951 1953—Jan. .. 22,986 23,079 -172.8 -2.2 -171.7 4.5 J A O J a u c p n l t y r . . . - - - - M D S Ju e e a p n c r t e -5 2 3 1 0 8 0 5 . . . . 9 0 1 0 -.9 -1 - -4 5 1 3 . . . . 0 7 0 5 - - 1 2 - - 2 3 8 5 . . . . 4 9 8 0 2 1 1 0 9 2 . . . 3 2 7 - - - 2 2 3 8 5 1 . . . 0 0 0 F A M M Ju e p a a n r b r y . e . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 , , , , , 6 5 5 5 4 6 6 3 6 6 2 2 7 3 3 2 2 2 2 2 2 2 2 2 2 , , , , , 6 7 5 6 5 4 5 2 3 9 9 1 1 9 0 - - 3 1 — - - 4 6 2 0 1 8 9 7 2 0 . . . . 7 4 . 5 5 0 - - 2 2 3 7 . . . . 0 0 . 5 0 1 - - 1 3 - - - 1 6 4 0 2 6 8 8 6 4 . . . . . 8 5 9 1 5 4 6 5 6 5 . . . . . 2 0 1 2 3 July... 22,277 22,353 -168.0 -.5 -171.7 6.8 1952 Aug.. . 22,178 22,275 -77.4 -.1 -78.8 6.2 O J A J a u c p n l t r y . . . - - - - D M S Ju e e a n p c r e t " 1 4 0 . . 8 0 -1 - - 7 2 7 2 . . . . 4 0 6 0 - - 3 2 . . 2 4 . . 4 3 4 7 . . 3 2 - - 1 . . 1 9 O N S D e e o c p c t v . . t . . . . . . . . . . . * 2 > 2 2 2 2 2 2 2 , , , 0 1 0 ,0 7 2 2 2 7 8 8 9P 2 2 2 2 2 2 2 2 , , , . 1 1 2 0 1 4 2 9 2 6 0 0 P- - - - 2 7 5 3 1 5 3 4 .9 . . . 6 3 0 - - ( . . 3 1 6 . ) 6 4- - - - 2 7 5 3 1 2 5 5 . . . . 2 5 1 0 6 6 6 (3 . . . ) 8 2 2 1953 p Preliminary. J A J a u p n ly r .- . - - M S J e u a p n r t . e . . . .. . - - 1 5 0 . . 0 0 " - 3 -' . . 6 i - - - 1 4 1 . . . 2 3 4 tio 3 2 n 1 S N C t e h o o e a t n I f y n o g e o t e e t t r n a i n o n v a t c a e t l i i u o l 2 a d n b e o a l s l n e . M t o r p a o n p n s o e f s e t i a r te ry o p f a F g u 6 e n 8 . 7 d . . 5 million dollars gold subscrip- 4 Gold held under earmark at the Federal Reserve Banks for foreign 1 Includes Bank for International Settlements, a ti c o c n o s u n a t m , o in u c n l t u e d d i n t g o g 6 o , l 4 d 8 3 h . e 8 l d m f i o ll r i o t n h e d o ac ll c a o rs u n o t n o f D i e n c t . e r 3 n 1 a , t i 1 o 9 n 5 a 3 l . ins G ti o t l u d - 8 i I n n c c l l u u d d e e s s s s a a l l e e s o o f f 1 1 1 8 4 5 .3 .3 m m il i l l i l o io n n d d o o ll l a la rs r s o o f f g g o o ld ld to to I C ta h ly in . a. under earmark is not included in the gold stock of the United States. * Includes sales of gold to Egypt as follows: 1950, 44.8 million NOTE.—For back figures and description of statistics, see Banking dollars; and 1951, 76.0 million. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 8Includes sales of 45.0 million dollars of gold to Indonesia. JANUARY 1954 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1953 1952 1953 1952 International Fund International Bank Oct. July Apr. Oct. Sept. June Mar. Sept. Gold 1,700 1,699 1,693 1,691 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,310 1,332 1,338 1,293 United States 3 13 Other 4,920 14,885 4,640 4,390 Other 1,008 1,022 1,033 1,035 Unpaid balance of member subscriptions 799 812 1,057 1,354 Investment securities (U. S. Govt. obli- Other assets 1 1 1 gations) 385 423 446 472 Member subscriptions 8,739 8,737 8,737 8,737 Calls on subscriptions to capital stock*. 3 4 3 4 Accumulated net income -8 -8 -7 Loans (ind. undisbursed portions and ind. obligations sold under Bank's guarantee) 1,484 1,487 1,445 1,330 1953 1952 Other assets 18 14 17 15 Net currency purchased2 Bonds outstanding 567 556 556 496 (Cumulative—millions of dollars) Liability on obligations sold under guar- Nov. Oct. Sept. Nov. antee 76 70 66 59 Loans—undisbursed 325 398 404 407 Other liabilities 8 9 9 7 Australian pounds 50.0 50.0 50.0 50.0 General reserve 82 77 71 63 B B e o l l g iv ia ia n n f r b a o n l c iv s ianos 1 2 1 . . 5 4 1 2 1 . . 5 4 1 2 1.4 11.4 S C p a e p c i i t a a l l 3 reserve 1,80 4 8 0 1,80 3 7 7 1,80 3 7 5 1,80 3 7 0 Brazilian cruzeiros 65.5 65.5 37.5 37.5 C C z h e il c e h a o n s l p o e v s a o k s ian koruny. 1 6 0 . .7 0 1 6 0 . .7 0 1 6 0 . . 0 7 3 6 . . 6 0 1 Includes 5 million dollars receivable from a member country for D Eg a y ni p s t h ia k n ro p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 cur 2 r A e s n c o y f N ad o j v u . s t 3 m 0, e n 1 t 9 . 53, the Fund had sold 914.0 million U. S. dollars. Finnish markkaa 4.5 4.5 4.5 In addition, other sales have included the following: to the Nether- French francs 125.0 125.0 125.0 125^6 lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian Indian rupees 100.0 100.0 100.0 100.0 francs (May 1948); to Norway, 200.0 million Belgian francs (June and Iranian rials 8.8 8.8 8.8 July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and Japanese yen 50.4 14.0 14.0 October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million Netherlands guilders. . .. 48.1 Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling Turkish liras 30.0 30.0 30.0 10.0 (September 1953) and 13.0 million pounds sterling (November 1953). Pounds sterling 300.0 300.0 300.0 300.0 Repurchases amounted to 271.0 million dollars. Currencies the net Yugoslav dinars 9.0 9.0 9.0 9.0 transactions in which amount to less than one million are reported Allother -1.6 -1.6 -1.6 -1.6 un 8 d E er x c " l A ud ll e s o t u h n e c r. a " lled portions of capital subscriptions, amounting to Total. 776.8 740.4 712.4 712.3 7,231 million dollars as of September 30, 1953, of which 2,540 million represents the subscription of the United States. CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fi p gu o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss th et e s r 3 N c a o o n t i d e n s a c v n o a D d n u is c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 8 a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - d l 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Jan. 28 .4 4L,500.0 52.9 6.5 343.2 1,448.9 274.5 11.5 32.2 66.1 18.3 Feb. 25 .4 1,500.0 37.3 7.1 389.9 1,464.7 292.6 9.8 44.6 68.8 18.4 Mar. 25 .4 41,550.0 63.3 6.2 359.0 1,488.8 288.3 14.6 32.0 75.0 18.5 Apr. 29 .4 1,550.0 38.2 13.8 354.8 1,514.0 261.8 13.8 39.5 73.9 17.8 May 27 .4 1,550.0 19.8 6.0 384.9 1,532.4 260.3 15.7 45.7 71.0 18.0 June 24 .4 41,600.0 62.2 8.1 346.9 1,540.2 276.7 9.8 44.5 68.2 18.1 July 29 .4 41,625.0 29.0 10.7 369.1 1,598.8 274.8 9.8 38.4 67.5 18.3 Aug. 26 .4 41,575.0 32.2 3.6 367.8 1,545.7 277.5 8.8 31.6 67.3 18.4 Sept. 30 .4 1,575.0 45.2 5.2 356.6 1,532.7 287.3 10.7 19.9 70.6 18.6 Oct. 28 .4 1,575.0 45.5 12.9 343.2 1,532.4 287.3 9.9 17.6 68.9 17.8 Nov. 25 .4 1,575.0 27.9 7.6 362.9 1,549.9 288.8 10.4 11.5 69.9 17.9 1On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 7 and 25 million on Jan. 14; increased by 50 million on Mar. 25 and June 3 and by 25 million on July 29; and decreased by 50 million on Aug. 26. For details on previous changes, see BULLETIN for February 1953, p. 194. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re ad s i i a n n m d i o l l l l io ar n s s ) of Gold an S d S t e t U a rl t i n e n s i g ted securities O as t s h e e ts r circ N u o la t t e ion2 lia O b a t i n h li d e ti r es dollars Short- Chartered Dominion capital8 term1 Other banks govern- Other 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1.049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 .561.2 626.6 16.2 44.5 132.9 1953—Jan. 31. 64.3 ,351.2 803.0 82.3 ,479.6 603.1 40.5 47.6 130.1 Feb. 28. 72.0 ,411.9 817.5 88.8 ,472.8 668.0 88.6 51.4 109.3 Mar. 31. 65.5 ,371.0 810.9 79.4 ,493.4 601.1 60.6 66.5 105.1 Apr. 30. 68.0 ,436.6 796.0 86.5 ,504.8 646.7 48.3 76.8 110.6 May 30 . 59.3 ,364.8 821.4 99.9 ,517.9 594.9 45.6 72.1 114.8 June 30. 66.4 ,405.5 852.0 100.2 ,529.0 647.6 47.9 82.6 116.9 July 31. 74.9 ,451.6 838.5 87.5 ,547.2 646.6 43.8 68.7 146.3 Aug. 31. 67.4 ,414.0 830.9 83.0 ,549.7 617.8 66.4 35.2 126.4 Sept. 30. 69.0 ,385.7 824.9 81.0 ,552.5 616.9 15.4 37.8 138.0 Oct. 31. 70.5 ,469.9 812.1 118.6 ,555.9 733.6 3.8 37.2 140.8 Nov. 30. 61.2 ,378.6 894.9 89.7 1,559.3 625.6 50.3 43.4 145.7 Liabilities m B il a l n i ( o F k n i s g o u f o r e f F s r f i r a n a n n c c e s) Gold* F c o h e r a x e n i - g g e n m O a p rk en et D 6 om S e p s e t c i i c a l bills Other Cu G A r o r d e v v n e a t r n n c m e O s e n t t h o t8 er a O ss th et e s r 6 ci N r ti c o o u t n l e a- G m ov e e n r t n- De E p C o A sits7 Other c O l a i i a a t p t i n b h e i d t i e s l a r - l 1940— Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27.202 844,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 »21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 H5,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 1,560,561 70 15.058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 1,841,608 29 10.587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,727 ,123,514 27 897 137,727 49,305 1953—Jan. 29. 200,187 16,040 262,363 55,681 915,903 175,000 501,982 124,578 ,065,210 56 730 128,731 57,008 Feb. 26. 200,187 16.502 263,286 48,658 929,291 185,300 504,982 121,445 ,067,257 55 3,479 146,509 52,350 Mar. 26. 200,187 16,734 252,386 41,544 911,458 199,400 504,982 122,995 ,051,991 10 498 128,788 68,399 Apr. 30. 200,187 14,700 281,119 32,627 923,968 199,400 546,482 153,101 ,127,140 60 312 165,572 58,500 May 28. 200,187 14,896 291,555 28,494 926,296 199,600 534,982 129,412 ,065,483 64 18,525 182,849 58,501 June 25. 200,187 15,088 281,415 20,630 926,024 199,700 554,982 118,309 ,054,347 46 16,838 182,828 62,276 July 30. 200,187 2,275 262,811 15,341 960,622 200,000 650,482 139,754 ,163,216 70 18,883 193,516 55,788 Aug. 27. 201,282 2,870 276,048 4,877 953,856 200,000 668,349 144,154 ,176,277 41 397 188,594 86,126 Sept. 24. 201,282 4,803 260,777 23,441 905,862 200,000 617,049 133,385 ,141,807 73 394 139,313 65,011 Oct. 29. 201,282 9,319 272,559 49,968 877,283 200,000 632,149 152,085 ,193,383 96 479 139,662 61,023 Nov. 26. 201,282 12,444 255,680 59,533 836,117 200,000 654,949 »15O,222 .168,977 78 458 131,490 69,224 1 Securities maturing in two years or less. 2Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. *On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943. 10,724. 9Includes advance to Stabilization Fund, amounting to 19.4 billion francs on Nov. 26. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. 105 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1953 1952 1953 1952 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 814 Loans and discounts 323,749 334,671344,318 390,577 Other gold and foreign exchange. 1,328 1,180 215 Government loans and securities. 238,663 229,485219,990 168,337 Government securities 3,208 3,190 2,125 Other assets 90,321 93,346 101,728 r101,085 Rediscounts and loans to banks.. 55,405 54,694 47,334 Note circulation 580,018 546,234534,429 529,608 Other assets 263 222 259 Deposits 337,976 367,,445555 383,251 342,281 Currency circulation 23,626 23,152 18,788 Other liabilities and capital 97,847 92,366 92,060 »-80,907 Deposits—Nationalized 33,900 33,573 27,775 Central Bank of Costa Rica Other sight obligations 410 407 817 (thousands of colones): Other liabilities and capital 3,892 3,777 3,366 Gold 11,511 11,511 11,511 11,511 Commonwealth Bank of Aus- Foreign exchange 86,111 90,807 99,960 64,437 tralia (thousands of pounds): Net claim on Int'l. Fund4 7,032 7,031 7,031 7,031 Gold and foreign exchange 492,055487,588 485,934 327,280 Loans and discounts 100,527 90,134 81,649 92,450 Checks and bills of other banks. . 5,928 4,148 8,763 5,625 Securities 1,376 7,349 Securities (incl. Government and Other assets 25,394 24,697 24,140 25,185 Treasury bills) 413,808386,373415,582 437,662 Note circulation 135,968 133,407 133,513 119,804 Other assets 29,090 32,870 44,163 37,682 Demand deposits 65,308 62,547 65,453 66,198 Note circulation 335,113333,113332,613 315,668 Other liabilities and capital 29,299 28,226 26,701 21,961 Deposits of Trading Banks: National Bank of Cuba Special 251,530 251,730 251,730 157,595 (thousands of pesos): Ot O he t r h e l r iabilities and capital . . 3 3 2 3 0 , , 8 3 4 8 9 829 2 7 8 , ,6 51 1 6 9 32 4 6 3 , ,9 1 5 4 1 7 2 4 8 7 7 , , 1 7 9 8 7 9 F G o o r l e d ign exchange (net) 1 5 8 6 5 , , 7 7 4 4 1 8 1 4 9 1 5 , , 4 7 8 4 3 8 2 5 5 4 3 , , 2 7 8 4 4 8 Austrian National Bank (millions Foreign exchange (Stabilization of G F L O C N D s o o c l o t e o a h r h a l p t i e d e e i n m o i l r s g l s c i n i a n a i a t r s g s g n c e s — s a d u x e ) i l c : t n O B d B a s h s . t i a l t a t i s o h o n n c c G e n k o g k r s e u o e n v d t e s rnment 9 6 5 1 1 1 , , , , , , 8 8 7 3 8 9 4 1 3 5 8 7 4 4 9 0 2 3 3 2 3 1 2 3 4 5 6 5 9 2 1 1 , , , , , , 1 6 5 7 0 6 8 1 3 0 5 7 3 3 1 0 6 1 3 1 2 2 1 7 4 4 2 5 9 5 1 1 , , , , , , 6 9 7 0 4 5 8 1 0 6 1 7 5 0 8 2 0 1 1 5 1 3 9 2 3 1 2 6 8 1 1 , , , , , 2 5 9 3 8 8 6 8 3 9 4 7 9 9 5 7 1 8 6 7 0 0 4 6 8 Nati O D O S N L N C o i n o r e t t o e l F h h e v a t p a t d e e e u e n l o c r r r i s n s l t B c a s d i l a i a t i i a ) r s s a m n t c s n o b d u e k i t l o l G s d a i n o t t i o i i s f e o v I c s C n n e o t r a u z ' n l n n e . m d c ts F h e c u n o a t n s p l d i o t 4 a v l akia 6 4 2 2 6 3 2 0 3 7 1 1 0 8 6 4 7 5 4 1 2 , , , , , , , , , , 8 3 5 6 0 6 6 5 4 1 7 9 3 0 1 1 8 2 2 7 4 3 7 6 6 7 8 4 2 2 1 5 3 2 2 1 7 1 1 3 5 6 8 4 2 4 2 0 , , , , , , , , , 3 5 1 5 8 1 3 1 6 1 7 5 7 3 7 9 5 7 1 9 9 8 7 8 7 8 9 4 2 1 4 4 3 1 0 3 1 1 4 1 3 8 1 0 6 1 2 2 , , , , , , , , , 6 5 0 3 7 0 0 5 6 9 9 1 3 7 2 9 3 2 1 3 1 6 7 6 0 0 4 National Bank of Belgium National Bank of Denmark Ce ( n m t O O N D G F L C G i r l o o o a t o t e l o o h i h r a l n p l t v o e d e e e n s o n e i r r s o B g s r s c l n i l n a i a a i t i o r m s d s a n n c c f s — a b d l k e u e t a i f n l e t l r i D E d a s i t d m a t . o t i C i e n i s s e s f o m G c A c e s n a o s c o a B n a ) u u n v : d n r n o d e i d t l t b r s i i n v a e c m s l i a a a p e n — i n c t t a e M l s d ( o e n n b e e t t - ) 9 3 3 1 8 4 4 8 6 6 4 3 1 , , , , , , , , , 1 1 0 5 5 2 5 6 8 1 0 5 4 9 6 6 1 9 9 6 3 4 2 2 2 0 6 0 6 7 3 3 9 1 4 7 8 6 4 4 7 3 1 , , , , , , . , , 1 7 6 8 6 8 8 1 o 1 9 0 0 9 8 0 7 6 8 4 3 2 2 6 9 7 0 8 7 0 3 3 9 1 8 6 9 4 6 4 5 4 1 , , , , , , , , , 5 2 9 4 0 0 6 7 4 1 0 1 3 5 6 8 0 5 6 8 1 9 2 5 8 0 0 7 4 4 3 3 9 1 5 5 4 4 4 8 6 1 7 1 , , , , , , , , , , 8 1 5 2 7 0 4 4 3 6 0 4 8 4 4 6 8 9 1 0 1 1 1 7 3 6 8 0 0 0 (m S O O F N D G L G il e o o t t o e o l o c h h i r a p l v t o e u d e e e n o n t i r r r . s g s s i c t i n l a c i a i t i o r s e o s a n c f e s s — m b d u e x i k t l p c l O G d s a r i h e t o t i i t o n a i s e h n o n v c s s e e n a o g e r r t a e u r ) i n n : n o m d n ts e c a n a t c p c it o al unt.... 3 1 1 1 , , , , 2 4 2 9 9 5 3 1 1 5 0 7 4 3 2 9 9 3 6 7 6 5 1 2 2 9 3 6 8 3 1 1 1 , , , , 4 2 9 2 5 3 9 1 1 0 6 2 6 7 1 5 8 5 6 5 2 7 9 2 9 2 2 6 6 3 1 1 1 , , , , 2 4 2 9 5 3 8 1 1 0 5 1 8 4 5 4 2 6 1 0 6 8 5 9 9 4 4 8 7 3 1 1 1 , , , , 4 4 4 3 6 8 5 1 0 4 7 7 1 3 2 5 8 6 3 0 1 0 5 2 9 2 8 6 tary dept. (millions of bolivianos): (Aug.)* Central Bank of the Dominican Gold at home and abroad * 4,418 1,516 Republic (thousands of pesos): Foreign exchange (net) 27,883 1,984 12,076 12,076 12,076 12,076 L G o o a v n e s r n a m nd e n d t is s c e o c u u n ri t t s ies 2 2 , , 5 8 0 9 5 3 1 1 , , 8 8 5 3 8 0 F N o e r t e i c g la n i m ex o ch n a I n n g t e ' l. ( n F e u t n ) d4 14 1 , , 2 2 5 5 1 0 14 1 , , 8 2 6 5 2 0 16 1 , , 7 2 0 5 2 0 19 1 , , 7 2 0 5 2 0 Other assets.. 197 350 Loans and discounts 1,896 1,684 1,516 509 N De o p te o s c i i t r s culation 9 1 , , 7 88 7 5 4 5 1 , , 5 2 0 3 3 8 O G t o h v e e r r n a m ss e e n ts t securities. 9 4, , 7 9 2 5 3 0 9 1 , , 9 67 5 2 0 9 1 , , 9 5 5 7 0 9 r2 7 , , 1 6 5 2 6 1 Other liabilities and capital1 . . 6,238 797 Note circulation 33,646 33,454 33,920 33,252 Central Bank of Ceylon (thousands Demand deposits 8,427 5,999 7,146 8,216 of rupees): Other liabilities and capital 2,073 2,041 2,006 1,846 Foreign exchange 259,680281 302,300 423,813 Central Bank of Ecuador Advances to Government 81,400 74, 70,500 74,000 (thousands of sucres): Government securities 121,543118 145,676 55,528 Gold 341,536 340,460 339,665 338,555 O Cu th r e re r n a c s y s e i t n s circulat ; ion 363 9 , , 7 9 5 4 2 2 37 1 5 2 379 7 , , 5 42 08 2 383 6 , , 1 5 1 6 1 6 F N o e r t e i c g la n i m ex c o h n a I n n g t e ' l. ( n F e u t n ) d4 13 1 8 8 , , 0 7 8 5 2 7 12 1 8 8 8 7 6 5 2 7 1 1 3 8 1 , , 7 2 5 1 7 0 23 1 8 8 , , 9 7 8 5 3 7 Deposits—Government 974 1, 1,239 6,000 Credits—Government 310,722313 579309,090 189,963 Banks 61,986 65 101,851 130,587 Other 241,862260 595261,340 182,834 Other liabilities and capital 45,853 44, 43,301 40,208 Other assets 188,595188 180184,513 166,121 Central Bank of Chile (millions Note circulation 597,948602 413605,104 565,461 of pesos): Demand deposits—Private banks 176,815175 910186,363 178,675 Gold 5,639 35,637 1 ,582 1,110 Other 171,040178 549198,245 159,343 Foreign exchange (net) 648 432 158 215 Other liabilities and capital 293,752293 562254,863 231,735 Net claim on Int'l. Fund4 221 National Bank of Egypt (thou- Discounts for member banks... 2,763 2,489 1,689 2,780 iands of pounds): Loans to Government 5,435 5,535 4,020 664 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 6,691 6,667 11,141 9,315 Foreign exchange 18,425 18,905 19,102 19,977 Other assets. 2,711 2,666 2,868 2,852 Foreign and Egyptian Note circulation 15,876 15,664 15,550 11,364 Government securities 281,172293,835279,810 275,886 Deposits—Bank 3,308 3,293 2,787 2,584 Loans and discounts 18,136 20,965 17,006 23,167 Other 622 507 423 300 Advances to Government 7,364 Other liabilities and capital 4,081 3,963 2,697 2,910 Other assets 4,118 3,402 2,448 4,706 Bank of the Republic of Colombia Note circulation 186,323192,850178,102 195,668 (thousands of pesos): Deposits—Government 78,506 87,494 63,941 67,695 Gold and foreign exchange 338,733324,176319,330 268,423 Other 105,885106,160123,998 104,971 Net claim on Int'l. Fund4 24,376 24,376 24,374 24,372 Other liabilities and capital 11,690 11,155 12,878 23,319 •Latest month available. 'Corrected. rRevised. *On May 14, 1953, gold reserve revalued from 0.0148112 to O.OO467722 grams of fine gold per boliviano. 2Represents 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. BFor last available report (March 1950), see BULLETIN for September 1950, p. 1262. 106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1953 1952 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Other assets 278 276 277 489 Gold 72,745 72,809 72,877 73,551 Note circulation . . . 4,853 4,883 4,891 3,768 31,635 39,566 49,159 15,877 Deposits—ECA 495 495 495 496 Net claim on Int'l. Fund1 1,566 1,566 1,566 1,566 Other . 1,357 1,290 1,243 1,151 Loans and discounts . ... 99 734 ?9 306 10 318 34 081 Other liabilities and capital... . 548 504 495 787 Government debt and securities.. 8,528 5,026 4,381 6,590 Central Bank of Ireland (thousands Other assets . . .. 3 019 9 648 9,686 ? ?08 of pounds); Note circulation 85,847 84,322 84,099 85,220 Gold 2,646 2,646 2,646 2,646 Deposits 45,965 51,259 57,394 41,253 66,205 65,711 62,315 61,250 Other liabilities and capital 8,415 8,430 8,495 7,490 Note circulation 68,851 68,357 64,961 63,896 Bank of Finland (millions of mark- Bank of Italy (billions of lire): kaa)* Gold 4 4 4 4 Gold 5,862 5,862 5,862 5,863 Foreign exchange 61 60 58 42 Foreign assets (net) 11,667 11,652 11,374 8,502 567 567 567 578 Clearings (net) 8 99 5 8 171 7 016 3 867 Loans and discounts 310 332 311 977 Loans and discounts 576 580 40, 507 4? ,994 261 246 256 239 Securities 9 9 308 1 700 1 165 Other assets 730 717 728 783 Other assets 9 020 1 036 1,898 1,926 Note circulation 1 317 1 300 1,307 1 271 Note circulation . .. 45 590 4? 750 43 184 45 497 Deposits—Government 23 35 21 57 Deposits 6,391 9,454 7,040 3,193 Demand . ... 53 63 58 53 Other liabilities and capital 18 33? 18 ?46 18 931 15,626 Other 427 409 416 432 Bank of German States2 Other liabilities and capital 123 118 122 108 (millions of German marks): Bank of Japan (millions of yen): Gold 1 973 1 185 1 087 57? Bullion 448 448 448 448 Foreign exchange 6,547 6 356 6,141 4,282 Advances to Government 11,513 11,513 37,344 38,390 Loans and discounts 9 190 9 056 9,349 ?,597 Loans and discounts 410 776446,320446,063 399,117 Loans to Government 6,153 6 385 6,476 7,953 Government securities 234,816176,234 138,772 203,280 S80 833 838 884 Other assets OS 236118 420139 281 106 474 Note circulation . .... 11 403 11 37? 11 ?77 10 401 Note circulation 547 9S3 533,568520,922 486,439 Deposits—Government 1 214 1 085 1,221 1,718 Deposits—Government 75,906 96,892 128,660 82,637 Banks 9 424 2 494 9 367 1 941 Other . . . 70 783 68 171 61 413 60 353 Other 9 SO 997 243 280 Other liabilities 40 846 54 303 50,914 41 280 Other liabilities and capital 1 691 1 706 1,782 1,950 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve7 1,165 1,151 1,157 1,189 mae): "Authorized" holdings of secu- Gold and foreign exchange (net) ** 4 660 4 540 1 591 rities, etc 9,820 2,796 2,737 3,?37 Loans and discounts 252 129 Bills and discounts 644 683 731 479 Advances—Government 8 618 8,658 9,100 Other assets 532 472 497 347 Other 3 405 3 334 3 416 Note circulation 3 900 3,210 3,109 3,305 Other assets 9 9 254 1,600 Demand liabilities 1,360 1 393 1,518 1 454 Note circulation 3 141 9 971 2,223 Other liabilities and capital.... 502 499 497 493 Deposits—Government 1 99S 1 ??0 87? Netherlands Bank (millions of Reconstruction and guilders): relief accts 940 6 888 7 394 Gold 9 775 2 775 2 725 1 435 Other 2 596 2,372 2,130 Silver (including subsidiary coin). 16 16 16 13 Other liabilities and capital 340 5,587 3,215 Foreign assets (net) 1,406 1 ,454 1,419 1,989 Bank of Guatemala (thousands of Loans and discounts 40 35 36 34 quetzales): Govt. debt and securities 1,217 1,217 1,217 1,451 Gold 97 228 97 228 Other assets 437 428 455 605 Foreign exchange (net) 10,126 11,903 Note circulation—Old 31 31 31 40 Gold contribution to Int'l Fund 1,250 1,250 New 3 253 3,120 3,152 2,960 Rediscounts and advances 11,605 8,658 Deposits—Government 681 596 798 855 Other assets 98 638 21 365 ECA 999 1,201 1,195 1 163 Circulation—Notes 43 785 41,611 Other 802 767 482 292 Coin 3 534 3 434 Other liabilities and capital 211 210 217 Deposits—Government 3,865 3,623 Reserve Bank of New Zealand Banks 10 360 8,509 (thousands of pounds): Other liabilities and capital 17,302 13,227 Gold 6,028 6,028 6,027 6,012 National Bank of Hungary4 Foreign exchange reserve 61,971 63,010 66,289 33,120 Reserve Bank of India (millions of Loans and discounts 6,019 6,019 6,019 6,019 rupees): Advances to State or State un- Issue department: dertakings 55,168 54,280 58,868 53,713 Gold at home and abroad 400 400 400 Investments 59 049 47 030 42 017 46 132 Foreign securities 5 582 5,582 5,382 Other assets 1,488 1,515 1,535 1,383 Indian Govt securities 4 214 /\ 214 4 501 Note circulation ... . 65 800 64 667 63 054 62 038 Rupee coin , 970 965 853 Demand deposits 108,249 104,891 109,520 76 656 Note circulation 10 778 10 715 10 737 Other liabilities and capital 8 674 8,322 8,181 7,685 Banking department: Bank of Norway (millions of kroner): Notes of issue department 397 446 399 Gold 281 281 281 242 Balances abroad 1,422 1,408 1,568 Foreign assets (net) . ... 39 84 110 434 Bills discounted 16 17 23 Clearing accounts (net) -32 -2 26 52 Loans to Government 35 Loans and discounts 71 69 60 42 Other assets 1 019 1 043 1 157 Securities 38 38 43 45 Deposits 2,574 2,677 2 848 Occupation account (net) 5 546 5,546 5,546 5,546 Other liabilities and capital.... 280 238 333 Other assets . . . 63 63 54 68 Bank Indonesia5(millions of rupiah): Note circulation 2 938 2,916 2,897 2,755 Gold6 1,701 1,701 1,851 968 Deposits—Government 1 788 1,849 1,910 2,105 Foreign exchansre (net) —903 256 Banks 641 671 694 711 Loans and discounts 544 756 483 738 FO A—MSA 182 176 176 305 Advances to Government 5,035 4, 746 4 716 3 752 Other liabilities and capital 456 467 444 554 1This 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. 5As 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. 6Gold revalued in May 1953 from 4,265.35 rupiah to 12,796.05 rupiah per kilogram of fine gold. 7 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. JANUARY 1954 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1953 1952 Central Bank 1953 1952 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept Nov. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 555 32,106 31,589 32,700 Issue department: Note circulation 069 37,595 37,514 36,832 Gold at home and abroad... 81 81 81 81 Deposits—Government 880 3,501 3,490 4,480 Sterling securities 425 425 425 440 Other 522 3,448 3,195 3,418 Pakistan Goyt. securities. . . 1,187 1,147 1,117 992 Other liabilities and capital 835 28,335 27,786 28,645 Govt. of India securities 126 126 126 126 Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 482 483 455 407 Rupee coin 65 68 69 68 Foreign assets (net) ,416 1,374 1,362 1,331 Notes in circulation 2,097 2,147 2,007 1,953 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 86 113 111 54 vances to National Debt Office3 ,326 2,352 2,389 2,549 Bills discounted 40 54 18 Other domestic bills and advances 325 325 353 310 Loans to Government 30 24 102 ' ' '159 Other assets 854 883 864 '811 Other assets 457 455 473 440 Note circulation ,511 4,503 4,365 4,291 Deposits 506 557 618 547 Demand deposits—Government.. 205 192 406 350 Other liabilities and capital.. 106 89 86 106 Other 82 113 51 151 Central Bank of Paraguay1 Other liabilities and capital 734 738 730 -•746 (thousands of guaranies): (May)* Swiss National Bank (millions of Gold 1,138 1,142 francs): Foreign exchange (net) 60,151 53,543 Gold ,092 6,092 6,073 ,812 Net claim on Int'l. Fund2 11 11 Foreign exchange 504 509 532 462 Loans and discounts 198,666 82,676 Loans and discounts 207 207 208 238 Government loans and securities. 349,909 321,867 Other assets 73 73 74 82 Other assets 248,361 '218,765 Note circulation ,993 4,943 4,938 ,842 Note and coin issue 424,830 350,588 Other sight liabilities ,676 1,731 1,742 ,547 Deposits—Government 75,386 49,480 Other liabilities and capital 207 208 207 205 Other 134,950 133,891 Central Bank of the Republic of Other liabilities and capital 223,072 '144,047 Turkey (millions of pounds) : Central Reserve Bank of Peru Gold 402 402 402 402 (millions of soles): Foreign exchange and foreign Gold and foreign exchange 416 432 561 clearings 202 196 186 127 Net claim on Int'l. Fund2 67 67 67 Loans and discounts ,047 1,993 1,924 1,826 Loans and discounts to banks. . . 529 493 324 Securities 26 26 26 27 Loans to Government 1,003 1,008 863 Other assets 159 141 124 123 Other assets 165 145 ••178 Note circulation ,439 1,474 1,414 1,267 Note circulation 1,539 1,534 1,332 Deposits—Gold 153 153 153 153 Deposits 384 375 400 Other 853 805 757 829 Other liabilities and capital 258 237 260 Other liabilities and capital 389 325 337 255 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (July)* Gold 18,813 18,395 Gold 336,572 310,763 Foreign exchange 443,339 438,777 Silver 9,238 9,358 Net claim on Int'l. Fund2 29,504 29,504 Advances to State and Govern- Loans 16,180 50,180 ment bodies 121,599 130,018 Domestic securities 228,125 231,857 Other loans and discounts 338,903 357,441 Other assets 156,126 148,998 Other assets 605,581 '504,086 Circulation—Notes 574,786 546,280 Note circulation 404,390 370,836 Coin 85,260 90,309 Deposits—Government 134,100 93,116 Demand deposits 181,958 235,135 Other 360,619 315,113 Other liabilities and capital 50,084 r45,987 Other liabilities and capital 512,784 '532,602 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 4,887 4,846 4,445 Gold 1,141 1,141 1,141 Foreign exchange (net) 12,272 12,273 11,463 Foreign exchange (net) 291 308 162 Loans and discounts 685 711 841 Other assets 85 88 71 Advances to Government 1,430 1,427 1,430 Note circulation 906 909 909 Other assets 748 702 560 Deposits 248 258 230 Note circulation 9,238 9,359 9,125 Other liabilities and capital 364 370 234 Demand deposits—Government.. 1,532 1,452 1,577 Bank for International Settle- ECA 6 6 29 ments (thousands of Swiss gold Other 7,112 6,995 5,887 francs): Other liabilities and capital.... 2,135 2,147 2,121 Gold in bars 583,070 596,511605,869 585,413 South African Reserve Bank Cash on hand and with banks. . . 62,374 77,039 62,889 84,526 (thousands of pounds): Sight funds at interest 1,310 1,162 2,585 8,211 Gold 61,924 62,101 62,116 56,489 Rediscountable bills and accept- Foreign bills 27,896 26,281 26,372 61,650 ances (at cost) 294 938302,631315,759 255,394 Other bills and loans 32,849 34,475 35,765 19,488 Time funds at interest 88.521 45,519 18,387 87,736 Other assets 43,644 43,301 42,392 38,712 Sundry bills and investments 290 827247,852234,282 274,646 Note circulation 96,679 95,818 94,232 88,635 Funds invested in Germany 297.201297,201297,201 297,201 Deposits 49,412 51,314 51,893 64,588 Other assets 2.072 1,703 1,302 1,427 Other liabilities and capital 20,221 19,025 20,521 23,116 Demand deposits (gold) 448,968448,871449,273 454,906 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 596 596 559 Central banks—Own account.. 603.508555,927531,407 595,214 Silver 336 336 336 374 Other 59,864 57,710 51,895 43,086 Government loans and securities. 16,157 15,899 15,828 15,955 Long-term deposits: Special 228,909228,909 228,909 228,909 Other loans and discounts 23,663 23,942 23,636 23,789 Other liabilities and capital 279,064278,200276,789 272,438 * Latest month available. r Revised. JThe new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3 Includes small amount of non-Government bonds. 108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g e - d France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f— l N R 3 o a 0 t v e . eff D ec a t t i e ve ba C n e k n tr o a f— l N R 3 o a 0 v te . eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland Mar. 25, 1952 Jun 1 e 9 4 2 7 8, 1948. . 2 2^&3 15 3y2 A B u el s g t i r u ia m 4 2% O Se c p t. t . 2 2 9 4 , , 1 1 9 9 5 5 3 3 J I a ta p l a y n 4 5.84 A Oc p t r . . 6 1 , , 1 1 9 9 5 5 0 1 Sept 6 . 3y2 &4 Bolivia 6 Sept. 30, 1950 Mexico June 4, 1942 Oct. 1 3 May 27, 1949. . 141/ July 14 .. Oct. 6 3H Canada 2 Oct. 17, 1950 Netherlands . Apr. 7, 1953 June 8, 1950. . Ceylon 3 July 23, 1953 New Zealand. July 26, 1941 Sept. 11 3M Chile June 13, 1935 Norway Jan. 9, 1946 Sept. 26 3 Colombia 4 July 18, 1933 Pakistan.... 3 2 July 1, 1948 Oct. 27 16 Costa Rica.... 4 Feb. 1, 1950 Dec. 1 3 Apr. 17, 1951. . 4 July 5 Sept. 13 3M Denmark Sept. 23, 1953 Peru 6 Nov. 13, 1947 Oct. 11 3 Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 N N o o v v . . 9 8 ••i« 4 E El g y S p a t lvador. . . sy 2 J M u a ly r . 22 1 , , 1 1 9 9 5 5 0 2 S Sp o a u i t n h Africa. 4 4 M M a a r r . . 2 1 7 8 , , 1 1 9 9 5 4 2 9 Jan. 22 1952 Finland Dec. 16, 1951 Sweden 2% Nov. 20, 1953 Mar. 12 4 May 29 15 Aug. 1.... Aug. 21 HX France .. Sept. 17, 1953 Switzerland.. Nov. 26, 1936 Dec. 18 Germany June 11, 1953 Turkey 3 Feb. 26, 1951 Jan. 8, 1953. . 14 Greece 12 July 12, 1948 United King- Apr 7 India Nov. 15, 1951 dom Sept. 17, 1953 June 11. . . . Indonesia 3 Apr. 1, 1946 USSR 4 July 1, 1936 Sej5t. 17 3K 3y2 131/2 Oct. 29 Nov. 20 2% 1 Rates established for the Land Central banks. In effect Nov. NOTE.—Changes since Nov. 30: None. 30, 1953 2% • «• OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1943—October .43 1.03 1.00 1.00 .50 1.73 3-sy 2 1.25 1944—October .38 1 03 1 00 1.10 .50 1.73 3-5H 1.25 1945—October .36 .83 .75 .96 .50 1.25 1.30 1.00 2y 2 ~sA l!25 1946—October .40 .53 .51 .63 .50 1.29 1.07 .90 2y-±y 1.25 1947—October .41 .53 .51 .63 .50 1.64 .95 .95 2y2-±y2 1.38 1948—October .41 .56 .51 .63 .50 2.09 L.03 .78 2 2 1.63 1949—October .51 .69 .52 .63 .50 P2.25 L .07 .78 23J-41J 1.50 1 1 9 9 5 5 0 1 — — O O c c t t o o b b e e r r . . 6 9 2 3 1. . 0 6 0 9 . . 5 5 1 1 . . 6 6 3 3 . .5 5 0 0 2 2 . . 2 7 8 8 1 1 . . 2 1 7 6 1. . 0 8 0 8 2y23 ~ -5 ±y2 1 1. . 5 5 0 0 1952—October 1.19 3.00 2.43 2.25 2.00 3.98 .84 .50 3-5 1.50 1952—November. . . . 1.21 3.00 2.38 2.25 2.00 3.98 .87 .54 3-5 1.50 December 1.35 3.00 2.41 2.25 2.00 3.93 .92 .58 3-5 1.50 1953—January 1.35 3.00 2.39 2.25 2.00 3.97 .83 .54 3-5 1.50 February 1.47 3.00 2.42 2.25 2.00 4.10 .81 .50 3-5 1.50 March 1.50 3.00 2.40 2.25 2.00 3.93 .90 .51 3-5 1 50 April 1.53 3.00 2.41 2.25 2.00 4.05 .93 .71 3-5 1.50 May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 3-5 1.50 June 1 70 3 00 2 37 2 25 2.00 3.94 .57 .50 3-5 1.50 July 1.76 3.00 2.35 2.25 2.00 4.13 .50 .50 3-5 1.50 August 1.80 3.00 2.36 2.25 2.00 4.18 .50 .50 3-5 1.50 September. . . . 1.91 2.67 2.27 2.09 1.88 4.34 .43 .50 3-5 1.50 October 1.93 2.19 2.11 1.94 1.75 3.91 .38 .50 3-5 1.50 p Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JANUARY 1954 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities (11 London clearing b m a i n ll k io s s . n t e s r F l o i f n ig g p u ) o re u s n d in s re C se a r s v h es M ca s o l h l n o e a r y n t d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y * Securities Loans to Other Deposits lia O b a t i n h l d i e ti r es notice Total Demand Time capital 1947—December. 502 480 793 1,288 1,483 ,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 ,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 ,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1.965 ,950 867 6,333 4,290 2.042 651 1952—December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—January... 498 515 1,204 2,148 ,764 659 6,259 025 2,234 528 February.. 491 456 ,046 2,130 ,783 649 6,029 836 2,192 525 March.... 497 472 ,024 2,122 ,811 641 6,053 3,873 2,179 515 April 498 454 1,010 2,119 ,825 664 6,060 ,860 2,200 511 May 498 464 ,080 2,123 ,784 654 6,083 ,896 2,187 520 June 514 469 ,209 2,136 ,778 673 6,299 ,040 2,259 481 July 510 460 1,244 2,140 ,742 633 6,247 3,990 2,257 483 August. . . 511 456 ,331 2,140 ,688 595 6,240 3,971 2,269 480 September 515 476 ,376 2,137 ,675 623 6,320 4,004 2,316 482 October... 518 476 ,340 2,238 ,666 607 6,373 4,041 2,332 472 November 520 469 ,354 2,245 ,687 626 6,419 4,080 2,339 483 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s En C d a i n n o a f m d m i i a l o n li n o d t n h o s l f o l i a g f r u s) res re C se a r s v h es Se lo cu an ri s ty d lo i O a sc n t o s h u e a n r n t d s d a a f u b n o b e a d r r e n o f i r k g n a o s d n e m t Securities O as t s h e e ts r Notes» Total Demand Time li c a O a b a p t i n h l i d i t e t a i r e l s 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948—December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—November. 827 121 3,350 308 4,006 ,424 8,291 3,376 4,916 ,746 December. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—January.. 835 135 293 308 3,981 ,321 8,188 3,244 4,945 ,684 February. 877 141 301 330 4,042 ,342 8,310 3,301 5,008 ,724 March.... 851 140 3,394 322 4,082 ,394 8,458 3,391 5,067 ,724 April 897 152 3,508 345 4,135 ,380 8,642 3,535 5,107 ,774 May 822 138 3,526 331 4,024 ,402 8,486 3,386 5,100 ,755 June 903 123 3,576 331 3,956 ,509 8,634 3,508 5,126 ,764 July 877 125 3,649 328 3,872 ,359 8,496 3,344 5,152 ,713 August. . . 883 135 3,732 353 3,886 ,329 8,651 3,445 5,206 ,667 September 897 110 3,772 330 3,918 ,372 8,692 3,466 5,226 1,706 October... 962 144 3,838 342 3,789 1,432 8,744 3,596 5,148 1,763 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n t s b h a o n f f i k g f s u r . r a e n s c E s i ) n n d re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t n i h l i d i t e t a i r l es 1947—December. 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December. 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December. 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December. 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—October... 45,375 67,846 595,383 185,930 47,721 863,250 831,713 31,536 18,292 60,713 November. 47,709 68,646 666,402 163,992 51,882 914,021 882,233 31,789 20,222 64,388 December. 51,155 68,243 636,624 170,298 29,734 902,547 870,504 32,043 24,957 28,551 1953—January... 47,150 69,200 642,991 174,912 33,586 907,691 873,232 34,459 27,216 32,932 February.. 46,436 68,971 638,377 174,329 34,793 900,626 864,734 35,892 27,960 34,321 March 46,064 75,743 630,601 175,934 37,896 900,928 864,528 36,400 27,291 38,019 April 48,314 83,702 634,643 174,379 41,925 910,867 873,209 37,658 29,219 42,878 May 48,079 84,973 690,729 166,926 44,885 962,225 924,151 38,074 29,618 43,750 June 47,394 85,411 643,804 184,584 46,676 930,986 892,185 38,801 28,728 48,155 July 47,903 85,806 661,082 189,591 49,269 952,454 913,188 39,265 27,446 53,751 August 50,451 89,197 651,314 198,784 49,226 956,528 917,027 39,501 25,209 57,234 September 47,177 81,649 644,000 199,498 50,250 939,282 900,010 39,272 22,928 60,364 xThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2Represent six-month loans to the Treasury with a yield ofb /% per cent after October 1945. 3 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; fpr back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada (peso) British (dollar) Year or month Prefer- (p t A r o u a u s l n - ia d) ( A sc u h s il t l r in ia g) B (f e r l a g n i c u ) m (c B r r u a z z e i ir l o i ) M (do s a i l l a l a a y r) - Basic ential Free Official Free 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26 571 13 333 8 289 223 15 1.9908 5 4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 5 4406 32.849 94.939 1952 20.000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 1953 20.000 13.333 7.198 224.12 23.8580 2.0009 35.4420 32.595 101.650 1953—January .. 20 000 13 333 7 198 224 13 1.9934 5 4406 32.560 103 014 February 20.000 13.333 7.198 224.62 1.9966 5.4406 32.612 102.302 March 20.000 13.333 7.198 224.35 1.9976 5.4406 32.586 101.666 April 20 000 13 333 7 198 224 43 1.9971 5.4406 32 589 101 655 May 20.000 13.333 7.198 224.25 2.0019 5.4406 32.585 100.559 June 20 000 13 333 7 198 224 19 2 0007 5 4406 32 579 100 546 July . 20 000 13 333 7 198 224 32 2.0011 5.4406 32 582 100 782 August 20.000 13.333 7.197 224.30 2.0006 5.4455 32.610 101.180 September 20.000 13.333 7.198 223.33 2.0050 5.4466 32.569 101.580 October 20 000 13.333 7.198 223.57 2.0063 35.4466 32.596 101.762 November 20.000 13.333 7.198 223.97 23.8580 2.0062 4.2808 3.5261 32,641 102.266 December 20.000 13.333 7.198 223.93 3.8580 2.0053 4.2808 3.5261 32.635 102.754 France Year or month Ceylon m De a n r - k Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1^48 20.857 .4929 .3240 30.169 18.860 37.668 350.48 1949. 27 839 19 117 4671 .3017 27.706 12 620 34 528 365 07 1950 20 850 14.494 .2858 23.838 20.870 11.570 26 252 277.28 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 277.19 1952 20.903 14.492 .4354 .2856 23 838 20.922 279.68 11.588 26 315 276 49 1953 21.046 .4354 .2856 21.049 281.27 11.607 26.340 278.48 1953—January 21.068 .4354 .2856 21.074 281.28 11.625 26.281 278.50 February 21.088 .4354 .2856 21.089 281.90 11.620 26.269 279.11 A M p a r r i c l h 2 21 1 . . 0 0 6 6 7 1 . . 4 4 3 3 5 5 4 4 •••••••• . . 2 2 8 8 5 5 6 6 2 21 1 . . 0 0 6 6 9 1 2 2 8 8 1 1. . 6 5 6 6 1 1 1 1 . . 6 6 1 0 4 8 2 26 6 . . 3 3 3 2 5 1 2 27 7 8 8 . . 8 7 7 8 May 21.046 .4354 .2856 21.049 281.43 11.564 26.340 278.65 June 21.041 .4354 .2856 21.044 281.35 11.561 26.334 278.57 July 21.047 .4354 .2855 21.051 281.53 11.589 26.321 278.74 August 21.067 .4354 .2855 21.073 281.50 11.620 26.322 278.71 September 20.990 .4354 .2855 20.995 280.29 11.615 26.338 277.51 October 21.004 .4354 .2856 21.005 280.58 11.624 26.400 277.80 November 21.041 .4354 .2856 21.044 281.09 11.627 26.410 278.30 December 21.037 .4354 .2856 21.039 281.03 11.626 26.410 278.25 Year or month N (k o r r o w n a e) y R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t d l u o - ) ( A S p o o fr u u i n c t d h a ) (k S d r w o e n n e a - ) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur ( u pe g s u o a ) y4 1948 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42 553 1951 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1952 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42 553 1953 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 565.833 556.180 542 553 534.217 1953—January 14.015 49.677 3.4872 280.23 19.323 23.311 281.28 «65.833 856.180 642 553 February . 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 665.833 «56.180 642.553 736.025 March 14.015 49.677 3.4842 280.51 19.323 23.317 281.56 65.833 56.180 42 553 35 547 14.015 49.677 3.4882 280.61 19.323 23.329 281.66 65.833 56.180 42.553 34.205 May 14.015 49.677 3.4903 280.38 19.323 23.329 281.43 65.833 56.180 42.553 33.633 June 14.015 49.676 3.4897 280.30 19.323 23.331 281.35 65.833 56 180 42 553 33 270 July 14.015 49.677 3.4896 280.47 19.323 23.333 281.53 65.833 56.180 42.553 32.994 August 14.015 49.676 3.4897 280.45 19.323 23.334 281.50 65.833 56.180 42.553 34.001 September 14.015 49.677 3.4896 279.24 19.323 23.332 280.28 65.833 56.180 42 553 35 228 October 14.015 49.677 3.4896 279.53 19.323 23.310 280.58 65.833 56.180 42.553 34.791 November 14.015 49.677 3.4899 280.04 19.323 23.255 281.09 65.833 56.180 42.553 33.567 December 14.015 49.677 3.4900 279.98 19.323 23.289 281.03 565.833 656.180 S42.553 532.573 *For figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was 2.3274. 2Based on quotations beginning Nov. 30, 1953. 3Ofncial rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these two rates were 4.2808 and 3.5261, respectively. 4Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate is being certified; the December average for this rate was 53.1914. 5Based on quotations through Dec. 4, 1953. 6Quotations not available Jan. 28 through Feb. 9, 1953. 7Free rate, based on quotations beginning Feb. 10, 1953. NOTE.—For back figures,s ee 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. JANUARY 1954 111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U S 1 = 9 n t a 4 1 it 0 7 t e e 0 - d 4 s ) 9 ( C 1 = 9 a 3 n 1 5 0 a - 0 d 3 ) a 9 M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n n 1 9 g 0 3 it 0 d 0 e ) o d = m F = ( r 1 a 1 9 n 0 4 0 c 9 e ) (1 I 9 1 t 3 0 a 8 0 l y ) = ( a 1 J v 9 a = e 3 p r 4 1 a a ) - g n 3 e 6 N l = ( e a 1 t n 1 9 h 0 4 d e 0 8 s r ) - S (1 w 9 1 3 e 0 5 d 0 ) e = n (A Sw u = l g a i . 1 t n z 0 1 d e 0 9 r ) 3 - 9 1943 67 128 146 163 12 2 196 203 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1952—November 111 222 395 324 140 5,292 343 138 304 218 December. 110 221 393 328 141 5,287 342 139 305 217 1953—January.. 110 222 387 328 141 5,264 349 137 303 215 February. 110 221 384 324 139 5,243 351 136 302 214 March 110 222 386 328 140 5,264 351 136 301 214 April 109 220 387 333 139 5,234 350 134 300 212 May 110 220 393 331 139 5,250 350 135 299 214 June 110 222 391 330 139 5,250 352 134 299 213 July 111 221 397 329 137 5,258 353 133 298 213 August. . . 111 222 395 327 137 '5,270 355 133 296 212 September 111 222 398 P326 137 5,249 357 133 P295 212 October... 110 221 401 P325 P136 P133 212 November 110 219 388 P327 P137 212 Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, ! BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month pr F o a d r u m cts Pro f c o e o s d s s ed co O i m t t m h ie e o s r d- pr F o a d r u m cts R fa m p a c a a w t r n u t u a r l - n e y d d F f u c m a l h c l a i t y n e u f u r a l - e n y d d Foods pr I o n tr d d i u u a s c l - ts Foods t p r r I i o n a d d l u u r s c a - t w s p f r I i t n o n r d d i i s u u a h s c l e - t d s goods goods 1943 69 n.a. 69 145 131 127 160 164 1944 69 n.a. 70 155 134 129 158 170 1945 .. . 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 *364 122 171 143 1952 107 109 113 249 219 231 284 *352 129 166 135 1952—November 104 108 113 233 211 228 293 P340 131 163 132 December 99 104 113 232 210 228 297 P344 132 162 132 1953—January 100 106 113 230 209 229 297 P341 128 160 132 February 98 105 113 226 208 229 300 *>337 127 159 132 March 100 104 113 224 210 229 302 P337 124 159 132 April 97 103 113 218 206 228 318 122 157 131 May 98 104 114 221 206 228 317 124 157 131 June 95 103 114 223 207 230 316 124 155 131 July 98 106 115 223 207 230 315 118 155 131 August 96 105 115 214 210 230 309 119 155 131 September 98 107 115 209 207 230 P306 121 155 132 October 95 105 115 209 205 230 P302 P120 P154 P132 November 94 104 115 205 203 228 P305 n.a. Not available. P Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S - 1 1 9 t n 0 a 4 i 7 0 t te e - ) 4 1 d s 9 = C ( a 1 a d 1 9 0 n 4 a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( a e 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . ( U S 1 = 9 t n 1 a 4 i 0 7 t t 0 e e -4 d ) s i 9 = C ( a 1 a 1 d 9 0 n 4 a 0 - 9 ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( a e 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n 9 u - d g = . = 100) 100) = 100) 100) 1945 77 75 22 153 69 21 164 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1952—November 114 116 104 144 119 171 115 116 108 140 122 186 December 114 116 105 145 120 171 114 114 109 141 122 186 1953—January 114 116 104 146 120 170 113 114 109 141 123 184 February 113 116 105 146 120 170 112 113 110 142 124 183 March 114 115 105 145 120 169 112 112 111 141 123 183 April 114 115 106 145 120 169 112 111 113 140 124 182 May 114 114 106 146 121 170 112 110 113 141 125 183 June 115 115 107 145 121 170 114 111 114 141 127 184 July 115 115 107 144 121 170 114 113 114 137 127 184 August 115 116 106 143 120 170 114 113 112 136 123 185 September 115 116 106 141 121 170 114 114 111 132 126 186 October 115 117 106 P141 121 170 114 116 111 132 125 187 November 115 116 170 112 113 P132 187 P Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES (Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i i d g t t e e e h d ) si C (1 = a 9 n 3 1 5 a 0 - d 0 3 ) a 9 ( 1 K D 9 U 2 i e n 1 c n g e i = m d te 1 o b d 0 m e 0 r ) F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l e a t n h d e s r 2 - ( U 1 S = 9 t n 3 a 1 i 5 0 t t e e - 0 3 d s ) 9 C (1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0)(19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d e s r 3 - Number of issues. . . 17 87 60 14 480 103 278 295 27 1946 123.4 117.2 132.1 131.5 109.0 139.9 115.7 96.2 195 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131.6 90.0 90 217 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1952—November. . . 115.2 84.9 108.3 115.0 89.9 189.8 167.3 89.9 141 194 December.... 115.3 84.7 109.0 114.6 91.6 197.0 168.4 91.0 141 196 1953—January 114.5 84.5 109.1 114.3 93.6 197.6 172.3 92.0 151 201 February.... 114.0 84.2 109.7 112.7 96.3 195.9 169.0 92.0 153 207 March 113.4 84.1 110.5 111.9 95.8 198.0 170.0 93.2 150 206 April 111.7 84.1 111.3 112.6 98.0 190.0 160.8 92.3 150 203 May 109.8 83.6 111.4 113.2 99.7 189.6 159.8 91.1 153 206 June 108.8 82.9 112.2 112.9 101.2 182.8 156.8 91.1 153 207 July 110.7 82.9 111.5 112.9 102.7 185.5 160.7 91.6 157 214 August 111.4 82.6 112.0 114.1 101.8 187.3 161.2 92.5 161 218 September. . . 110.9 82.3 112.8 115.0 102.1 179.2 152.9 91.4 165 215 October 112.6 82.8 114.2 114.7 104.0 183.4 151.9 92.1 167 217 November. . . 113.6 84.2 114.9 187.5 154.2 93.7 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. JANUARY 1954 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director GEORGE B. VEST, General Counsel HENRY BENNER, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS DAVID B. HEXTER, Assistant General Counsel ROBERT F. LEONARD, Director G. HOWLAND CHASE, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER LEWIS N. DEMBITZ, Assistant Director EDWIN J. JOHNSON, Controller FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT J. A. ERICKSON A. L. MILLS, JR. R. M. EVANS O. S. POWELL GEOFFREY S. SMITH, PHILADELPHIA DISTRICT W. D. FULTON J. L. ROBERTSON GEORGE GUND, CLEVELAND DISTRICT DELOS C. JOHNS M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ROBERT V. FLEMING, RICHMOND DISTRICT WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel W. W. CAMPBELL, ST. LOUIS DISTRICT WOODLIEF THOMAS, Economist WM. J. ABBOTT, JR., Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT L. MERLE HOSTETLER, Associate Economist J. MARVIN PETERSON, Associate Economist CHARLES J. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT PARKER B. WILLIS, Associate Economist RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman 1 President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston Harold D. Hodgkinson J. A. Erickson Robert B. Harvey 3 Carl B. Pitman Ames Stevens Alfred C. Neal E. 0. Latham 0. A. Schlaikjer R. F. Van Amringe New York Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber H. H. Kimball T. G. Tiebout L. W. Knoke V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia.... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poor man Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari * E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland John C. Virden W. D. Fulton Roger R. Clouse H. E. J. Smith Leo L. Rummell Donald S. Thompson A. H. Laning 3 Paul C. Stetzelberger Martin Morrison Richmond John B. Woodward, Jr. Hugh Leach N. L. Armistead C. B. Strathy W. G. Wysor Edw. A. Wayne Aubrey N. Heflin K. Brantley Watson Upton S. Martin Chas. W. Williams R. W. Mercer» Atlanta Rufus C. Harris Malcolm Bryan V. K. Bowman L. B. Raisty Paul E. Reinhold Lewis M. Clark J. E. Denmark Earle L. Rauber John L. Liles, Jr.3 S. P. Schuessler Harold T. Patterson Chicago John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones 2 Alfred T. Sihler W. W. Turner St. Louis M. Moss Alexander Delos C. Johns Dale M. Lewis H. H. Weigel Caffey Robertson Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis.... Paul E. Miller 0. S. Powell H. C. Core J. Marvin Peterson Leslie N. Perrin A. W. Mills E. B. Larson Otis R. Preston H. G. McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City.... Raymond W. Hall H. G. Leedy John T. Boysen 2 E. D. Vanderhoof Cecil Puckett Henry 0. Koppang Clarence W. Tow D. W. Woolley Dallas J. R. Parten E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry J. L. Cook 3 Harry A. Shuford Watrous H. Irons San Francisco... A. H. Brawner C. E. Earhart E. R. Millard Ronald T. Symms 3 Y. Frank Freeman H. N. Mangels H. F. Slade 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Branch Vice Presidents Federal Reserve Branch Vice Presidents Bank of Bank of New York BufKo I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Richmond C Ba h l a t r im lo o tt r e e R D . . L F. . H Ch ag er n r e y r O O k m la a h h o a ma City R P. . A L . . D M e a b t u h s es Birmingham H. C. Frazer Atlanta Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland J. A. Randall Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 8 Also Cashier. 4 Counsel. 115 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from BANKING STUDIES. Comprising 17 papers on bankthe Division of Administrative Services, Board of ing and monetary subjects by members of the Governors of the Federal Reserve System, Wash- Board's staff. August 1941; reprinted October ington 25, D. C. Where a charge is indicated, 1952. 496 pages. Paper cover, f 1.00 per copy; remittance should be made payable to the order in quantities of 10 or more copies for single of the Board of Governors of the Federal Reserve shipment, 75 cents each. System. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947 edition out of print. ANNUAL REPORT of the Board of Governors of the Revised edition in process. Federal Reserve System. Issued each year. Available without charge upon request. BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial develop- FEDERAL RESERVE BULLETIN. Issued monthly. Sub- ments. November 1943. 979 pages. $1.50 per scription price in the United States and its poscopy. No charge for individual sections (unsessions, Bolivia, Canada, Chile, Colombia, Costa bound). Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, A STATISTICAL STUDY OF REGULATION V LOANS. Nicaragua, Panama, Paraguay, Peru, El Salvador, September 1950. 74 pages. 25 cents per copy; Uruguay, and Venezuela is $2.00 per annum or in quantities of 10 or more copies for single 20 cents per copy; elsewhere $2.60 per annum or shipment, 15 cents each. 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one ad- THE DEVELOPMENT OF BANK DEBITS AND CLEARdress, 15 cents per copy per month, or $1.50 INGS AND THEIR USE IN ECONOMIC ANALYSIS. for 12 months. January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single ship- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ment, 15 cents each. RATES, AND BUSINESS. Issued monthly. $6.00 per annum including edition of historical supple- THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing proment (listed below) available when subscription visions of certain other statutes affecting the is entered or renewed. 60 cents per copy; in Federal Reserve System. 372 pages. 50 cents per quantities of 10 or more copies of a particular paper-bound copy; $1.00 per cloth-bound copy. issue for single shipment, 50 cents each. (Domestic rates) COMPILATION OF FEDERAL AND STATE LAWS RELAT- ING TO BRANCH BANKING WITHIN THE UNITED HISTORICAL SUPPLEMENT TO FEDERAL RESERVE STATES. (July 1, 1951.) December 1951. 33 CHARTS ON BANK CREDIT, MONEY RATES, AND pages. BUSINESS. Issued semiannually, usually April and September. Annual subscription to monthly RULES OF ORGANIZATION AND RULES OF PROCEDURE chart book includes one issue of supplement. —Board of Governors of the Federal Reserve Single copies, 60 cents each; in quantities of 10 System (with Amendments). September 1946. or more copies for single shipment, 50 cents 31 pages. each. (Domestic rates) REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodic releases and reprints, appeared on pp. 1414-17 of the December 1953 FEDERAL RESERVE SYSTEM. Individual regulations BULLETIN. with amendments. 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS THE TRANSITION TO FREE MARKETS. April 1953. 6 pages. (From Federal Reserve Bulletin unless preceded by an asterisk,) RECENT CHANGES IN GERMANY'S FOREIGN TRADE FEDERAL RESERVE BANK RESPONSIBILITIES. May BALANCE. March 1952. 7 pages. 1953. 5 pages. BANKING IN THE SOVIET UNION. April 1952. 8 UNITED STATES POSTWAR INVESTMENT IN LATIN pages. AMERICA. May 1953. 6 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. 1953 SURVEY OF CONSUMER FINANCES—PART I. THE GENERAL FINANCIAL POSITION AND ECONOMIC STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- OUTLOOK OF CONSUMERS. June 1953. 16 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL PART II. PURCHASES OF DURABLE GOODS IN 1952 CREDIT CONTROL AND DEBT MANAGEMENT, MARCH AND BUYING PLANS FOR 1953. July 1953. 12 pages. 11, 1952. April 1952. 4 pages. PART III. HOUSING OF CONSUMERS. August 1953. 10 pages. PART IV. NET WORTH OF CONSUMERS, CHANGES IN INSTALMENT CREDIT TERMS. May 1952. EARLY 1953. September 1953. 16 pages. SE- 6 pages. LECTED PRELIMINARY FINDINGS OF THE 1953 EXCESS PROFITS TAXES OF COMMERCIAL BANKS. SURVEY OF CONSUMER FINANCES. March 1953. June 1952. 18 pages. 2 pages. (Also, similar surveys for earlier years from 1946, 1947, 1948, 1949, 1950, 1951, and REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- 1952 BULLETINS.) LATION X. June 1952. 18 pages. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE 9 pages. CORPORATIONS. July 1953. 12 pages. REVISED SERIES ON DEPARTMENT STORE SALES, ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS STOCKS, AND ORDERS. October 1952. 5 pages. AND BUSINESSES. July 1953. 2 pages. (Also similar article from July 1952 BULLETIN.) RECENT CREDIT EXPANSION. December 1952. 7 pages. RECENT CREDIT AND MONETARY DEVELOPMENTS. CREDIT AND MONETARY REVIEW FOR 1952. February July 1953. 8 pages. 1953. 7 pages. THE MONETARY SYSTEM OF THE UNITED STATES. THE BALANCE SHEET OF AGRICULTURE, 1953. February 1953. 16 pages. August 1953. 13 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON UNITED STATES BALANCE OF PAYMENTS IN 1952-53. ECONOMIC STABILITY. March 1953. 16 pages. October 1953. 9 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- REVISED INDEXES OF DEPARTMENT STORES SALES AND BILITY. May 1953. 7 pages. STOCKS, BY MAJOR DEPARTMENTS. November INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. 1953. 65 pages. March 1953. 8 pages. (Also similar article from March 1952 BULLETIN.) FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. 96 REVISION OF CONSUMER CREDIT STATISTICS. April pages. (Also, similar index from August 1940, 1953. 19 pages. September 1941, and October 1943 issues of #DETAILED DESCRIPTION OF SOURCES AND METHODS BULLETIN with supplementary data. October USED IN REVISION OF SHORT- AND INTERMEDIATE- 1943. 120 pages.) TERM CONSUMER CREDIT STATISTICS (supplementary details for item listed above), April 1953. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- 25 pages. STALMENT CREDIT. January 1954. 14 pages. 117 JANUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES === 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis