Federal Reserve Bulletin, 1954-02

F E D E R AL R E S E R VE FEBRUARY 1954 ^>«s^>~ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 40 February 1954 NUMBER 2 BANK CREDIT AND MONEY IN 1953 Demand deposits and currency increased funds would be available to meet seasonal about 1.5 per cent in 1953. Demand deposits and growth needs for credit and currency held by individuals and businesses showed a over the second half of the year. These acless than seasonal decline early in the year, tions, together with the reduced private deand thereafter increased only slightly more mands for credit and currency, eased bank than the customary seasonal amount. Cur- reserve positions and credit markets genrency held outside banks increased, but the erally. In late 1953 and January 1954 memgrowth was less rapid than in 1952. Savings ber banks were largely out of debt to the and other time deposits, however, continued Federal Reserve. to increase substantially. Interest rates rose over the first half of Private demand for bank credit, which had 1953 as heavy credit demands tended to outstrengthened considerably in late 1952 as strip the large supply of funds available for the pace of economic activity accelerated, re- lending and investing. After midyear a mained large during the early part of 1953 slackening in private credit demands and the but slackened around midyear. Bank port- expanded supply of reserves available to banks folios of Government securities declined were reflected in declining interest rates. sharply in the first half of the year but sub- Early in 1954, with credit demands resequently were rebuilt. maining slack and with Federal Reserve pol- Early in 1953, when heavy utilization of icy continuing to be directed toward credit productive resources and strong credit de- ease, the directors of the Reserve Banks, with mands presented an inflationary threat, Fed- approval of the Board of Governors, reduced eral Reserve policy was directed toward re- discount rates from 2 to 1% per cent. straint of excessive bank credit expansion. LOANS AND INVESTMENTS In January the discount rates of the Reserve Banks were raised from 1% to 2 per Total loans and investments of commercial cent. Member banks were borrowing large banks increased 4.4 billion dollars in 1953, amounts from the Reserve Banks in order about half as much as in 1952. During the to maintain their reserve positions, and un- early part of 1953, use of bank credit by conder these conditions banks became less will- sumers was especially large and business boring to make or renew loans. rowing declined less than seasonally. After Beginning in May, as the threat of inflation midyear, however, private demand for bank abated, the Federal Reserve moved to expand credit slackened. the supply of reserves and thus to assure the Consumer loans expanded rapidly from credit market that an adequate amount of the spring of 1952 through the second quar- FEBRUARY 1954 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1953 ter of 1953, owing largely to heavy auto- tries. During the first half of 1953, as shown mobile financing, but growth slackened in the chart on the following page, net sharply in the third quarter and ceased in loan repayments by industries whose activithe fourth. Nevertheless, the total outstand- ties are highly seasonal—such as food procing increased about 1.3 billion dollars, or essors and commodity dealers—followed about 15 per cent during the year. This was their seasonal pattern but were relatively the largest growth for any major category of smaller than in the previous year. Expansion loans or investments, as shown in the table. after the middle of 1953 was substantially less than in other recent years, in part because LOANS AND INVESTMENTS OF COMMERCIAL BANKS large supplies of farm products were placed [In billions of dollars] in storage under Commodity Credit Corpora- Out- Increase, or decrease (—) tion price-support loans instead of being stando T r y i p n e v e o s f t m lo e a n n t De i c n . g 30, 1st 2nd 3rd 4th marketed through commercial channels. By 1953 Year qtr. qtr. qtr. qtr. the end of 1953 outstanding loans to food Loans and invest- processors and commodity dealers were well ments, total 145.8 4.4 -2.1 -1.4 4.8 3.2 below the year-end levels of 1951 and 1952. U. S. Govt. securities.. 63.6 0.3 -2.8 -1.9 3.6 1.4 Other securities 14.6 0.5 0.3 0) 0.2 0.1 Loans to manufacturers of metals and Total loans 67.6 3.6 0.4 0.5 1.7 metal products continued their steady expan- Business 27.5 -0.4 0) -0.5 0.3 -0.2 A Re g a r l i c e u s l t tu a r te al . . . 1 5 6 . . 0 7 1 1. . 1 0 0.2 -0 0 . . 2 3 0 0. . 2 3 0 1 . . 2 1 sion during the first half of 1953 but declined Security.... 3.5 0.3 0) 0.1 0.1 0.6 during the last half. Borrowing by sales Consumer.. . 10.7 1.3 -0.5 0.6 0.2 C1) Other 5.2 0.3 0.6 0.2 0.1 0) finance companies also declined in the last 0) half of 1953, in contrast with a substantial 1Less than 50 million dollars. NOTE.—Data exclude interbank loans. Total loans are after, and increase in the same period of the preceding types of loans are before, deductions for valuation reserves. Consumer and other loans are partly estimated for all dates. Other figures are partly estimated for dates other than Dec. 31, 1952, and year. Expansion of bank loans to the rap- June 30, 1953. Details may not add to totals because of rounding. idly growing petroleum and utility industries Business demand for bank credit, which appears to have stopped during 1953. in recent years has usually declined during Weakening of credit demand appeared the January-June period, was maintained somewhat earlier in the year for agricultural over the first quarter of 1953 and declined loans than for other loan categories, partly only moderately in the second quarter. After as a result of the sharp decline in agricultural midyear, however, credit demand from this prices during the last half of 1952. The source rose less than it usually does. Late growth of about 1.3 billion dollars in the last in the year outstanding loans to business de- half of 1953 did not represent an increase in clined slightly in contrast with the sharp rise demand for farm production credit but that occurred late in 1952. For the year as rather an increase in Federally guaranteed a whole, such loans decreased about 400 mil- price-support loans made by banks, either dilion dollars, the first decline since 1949 and rectly or through purchases of certificates of the second in more than a decade. In the interest in loans on agricultural commodities first few weeks of 1954 there was a further held by the CCC. contraction in bank loans to businesses. In contrast with slackening tendencies in The pattern of early strength and later consumer and production loans, real estate weakness in business credit demands ap- loans at banks increased throughout the year peared, in varying degrees, in major indus- at about the same pace as in 1952. Secu- 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 195 3 CHANGES IN BANK LOANS-SELECTED INDUSTRIES by commercial banks increased only about Millions of dollars, cumulative from December 1951 300 million dollars and Federal Reserve 0 +1600 holdings expanded about 1.2 billion. 400 1200 Commercial banks reduced their portfolios of Government securities nearly 5 billion dol- --800 800 lars in the first half of 1953. In this period banks were under pressure to maintain their COMMODITY DEALERS 400 reserve positions, and the Treasury was retiring debt by using surplus receipts and also 0 by drawing down its balances with banks. --400 800 -PETROLEUM Bank holdings of short-term Government securities were reduced largely through sales -800 400 to nonbank investors, but also through cash , , I . , I i i l retirement of maturing tax anticipation bills •400 0 and other securities. Bill holdings of com- 400 PUBLIC UTILITIES mercial banks declined about 3.5 billion dollars from December through May, and banks also sold large amounts of certificates, notes, -400 -400 and short-term bonds. The effect of these developments on the liquidity of commercial NOTE.—Data reported by more than 200 of the largest weekly reporting member banks. Foods include liquor and bank portfolios was offset in part by the tobacco. Metals include metal products, machinery, and transportation equipment. Petroleum includes coal, chemicals, and closer approach to maturity of large holdings rubber. Public utilities include transportation. Latest figures are for February 3. of short-term bonds and notes. rity loans fluctuated considerably, reflecting Central reserve city and reserve city banks changes in loans on Government securities accounted for the greater part of the reducin connection with Treasury financing oper- tion in bank holdings of short-term Governations and seasonal demands of dealers. ment securities. Bill holdings fell consider- Loans for purchasing and carrying other ably below the levels that had been mainsecurities changed little, despite the reduc- tained at these banks since the spring of tion in margin requirements in February. 1951. Country banks also disposed of Gov- Banks continued to add to their holdings ernment securities early in 1953, but their of State and local government securities in holdings in the first five months remained as 1953, but at a slower rate than in 1952. large as in the same period of 1952. With the easing in bank reserve positions HOLDINGS OF GOVERNMENT SECURITIES that accompanied large Federal Reserve pur- Most of the funds the Federal Government chases of Government securities beginning in borrowed from the public in 1953 came from May and the reduction in reserve requirenonbank investors. The net increase in the ments at midyear, banks quickly rebuilt their Federal debt amounted to 7.8 billion dollars, Government security portfolios. Commercial of which 2.4 billion was borrowed from Gov- banks initially acquired about 4.5 billion dolernment agencies and trust funds and about lars of the Treasury financing in mid-July. 4 billion from other nonbank investors. Hold- These additions, which were distributed ings of United States Government securities throughout all classes of banks, fully offset FEBRUARY 1954 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1953 the reductions in holdings of Governments DEPOSITS AND CURRENCY that had occurred since the first of the year. Billions of dollars 105 75 DEMAND DEPOSITS Liquidation of Government securities was ADJUSTED resumed before the end of July and by early September holdings had been reduced subrL 100 - k 70 stantially. They were increased again in November when the Treasury sold an issue of intermediate-term bonds for cash. In January 1954 bank portfolios of Government secu- \S*yJ ADJUSTED FOR __! 95 SEASONAL VARIATION rities showed a further increase as banks invested the funds that became available from the seasonal return of currency from circu- 90 lation and repayments of loans. 30 CURRENCY OUTSIDE BANKS DEPOSITS AND CURRENCY Monetary expansion continued in 1953 but ADJUSTED FOR 25 SEASONAL VARIATION the growth was smaller than in any year since 1949. Privately held demand deposits and currency increased about 2.1 billion dol- 20 lars, or about 1.5 per cent. This was about 1952 1953 1952 1953 one-half the growth in 1952 and one-third NOTE.—Figures are partly estimated. Demand and time deposits are for all banks in the United States and are adthat in each of the two preceding years. justed to exclude U. S. Government and interbank deposits. Demand deposits are also adjusted to exclude items in process Demand deposits adjusted declined dur- of collection. Time deposits include deposits in the Postal Savings System and in mutual savings banks. Figures are ing the first half of the year but increased for last Wednesday of month except for June and December call dates. Figures for last six months of 1953 are preliminary. thereafter. After allowance for usual seasonal changes, however, they expanded at a reflecting primarily larger and more concenfairly rapid rate through April and then trated Treasury borrowing. In addition to increased only slightly over the remainder fluctuations during regular tax-payment peof the year, as is shown in the chart. For riods, such as in the second half of March the year as a whole, such deposits increased and June, these deposits rose sharply when 1.8 billion dollars, or nearly 2 per cent. Cur- substantial issues of new securities were sold rency outside banks, after allowance for to the public, as in July and November. In usual seasonal movements, increased gradu- the intervening periods they were gradually ally through the third quarter of the year drawn down in meeting the costs of Govand thereafter declined slightly. The year's ernment operations. In general, they were growth of 300 million dollars, or about 1 per maintained at lower levels than in 1952. cent, was substantially below the 1.2 billion The rate of use, or turnover, of demand dedollars, or 4.5 per cent, recorded in 1952. posits rose somewhat in 1953, after having re- Growth in savings and other time deposits mained relatively stable the previous two at commercial and mutual savings banks years. Demand deposits at banks outside of continued. For the year the increase was the leading financial centers turned over 18.9 4.6 billion dollars, about the same as in 1952. times in 1953, compared with 18.4 times in United States Government deposits fluctu- 1952. The fourth quarter rate, however, was ated more widely than in other recent years, only slightly higher than a year earlier. 122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1953 BANK RESERVE POSITIONS banks declined as the Treasury drew down its deposits at commercial banks to retire During the early months of 1953, memdebt and as other demand deposits also deber bank reserve positions were under presclined. While banks were able to reduce sure and bank borrowing at the Federal Resomewhat their indebtedness at the Reserve serve remained at a high level. A major Banks in January, the volume of member factor tending to exert pressure on bank rebank borrowing averaged around 1.2 billion serves was an outflow of gold. After redollars for the early months of the year. maining relatively static for nearly a year, gold began to leave the United States late In early May, as the threat of inflation in 1952 as foreign countries, principally the abated, the System began a program for sup- United Kingdom and Western Europe, con- plying a substantial volume of additional reverted some of their expanding dollar bal- serve funds to meet the anticipated seasonal ances into gold. A reserve drain during the and growth needs for credit and currency first weeks of 1953 also resulted from a re- during the remainder of the year. Open duction in Federal Reserve holdings of Gov- market purchases of Government securities ernment securities, reflecting largely the provided 1.2 billion dollars of reserves to resale of bills acquired under repurchase member banks in the period from early May agreement near the end of 1952. A large through early July, and a reduction in revolume of reserve funds was provided early serve requirements on demand deposits efin the year by a return of currency from cir- fective early in July freed an additional 1.2 culation. In addition, required reserves of billion of reserve funds. Open market purchases were resumed after mid-August, and MEMBER BANK RESERVES AND RELATED ITEMS by the end of the year they had supplied a Billions of dollars further 1.5 billion of reserves, including 600 million near the close of the year under re- MEMBER BANK RESERVES purchase contracts. In November the Treas- TOTAL ury issued gold certificates to the System to retire 500 million dollars of Government securities held by the Federal Reserve Banks, a transaction which did not affect member bank reserve balances. A substantial portion of the reserve funds supplied by these Federal Reserve actions was F. R. HOLDINGS OF U. S. GOVT. SECURITIES used to meet the requirements of the public for currency and to provide the additional reserves to support deposit growth. A continued gold outflow after early May also drained reserves. The needs for reserves were less than the amount provided, however, as private demands for bank credit did not come up to the usual seasonal volume, bank deposits increased less than anticipated, and the 1950 1951 1952 1953 '54 seasonal outflow of currency was moderate. NOTE.—Wednesday figures, 1950; weekly averages of daily fig- Banks were able, therefore, to reduce greatly ures thereafter. Latest figures are for week ending January 27. FEBRUARY 1954 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1953 their borrowings at the Reserve Banks, and MONEY RATES the volume of their excess reserves increased. Per cent per annum By the last week of December average member bank borrowing had declined to 200 million dollars, substantially less than the prevailing volume of excess reserves. In the first few weeks of 1954 member bank reserve positions eased further. Borrowings declined below 100 million dollars, . S. GOVT A MUNICIPAL/ long-term J\ • ' and excess reserves averaged nearly 1 billion dollars. This easing reflected additions to bank reserves from the postholiday return of currency from circulation, a reduced volume of Treasury balances at the Federal Reserve, and some direct borrowing by the Treasury at the Reserve Banks, offset only in part by a reduction in Federal Reserve holdings of Treasury bills, including those held under i i i i i i. i r 1950 1951 1952 1953 '54 repurchase contracts. NOTE.—Treasury bill rates are market rates on longest bills. Yields on long-term U. S. Governments exclude 3*4 per cent INTEREST RATES bonds of 1978-83, issued May 1, 1953. Corporate Aaa rates are from Moody's Investors Service; high-grade municipals, The pressure of growing credit demands from Standard and Poor's Corporation. Latest figures are for week ending January 30. during the first half of 1953 resulted in a moderate increase in interest rates through slackening in private credit demand. In late mid-April and then in a sharp advance. Most January 1954 the market yield on 3-month rates reached their highs for the year in May Treasury bills reached 1 per cent, substantially and June when borrowing demands were below a year earlier and lower than at any abnormally heavy. By that time it had be- time since mid-1949. Yields on other Govcome apparent that Federal financing for the ernment securities and on short-term private remainder of the year would be heavier than paper were below those prevailing at the behad been anticipated, largely because of the ginning of 1953. Corporate and municipal failure of Federal revenues to reach earlier bond yields were considerably below their expectations. There was also some tend- midyear peaks and near early 1953 levels. ency for borrowers to enter the market Reflecting the general condition of ease in for financing in advance of their actual needs. credit markets in early 1954 and in line with From late 1952 to mid-1953, yields on most the continuing Federal Reserve policy to types of securities rose about y of 1 per contribute to such ease, the Federal Reserve 2 cent, while interest rates on short-term busi- Banks, with the approval of the Board of ness loans and other short-term paper rose Governors, took action in the first half of about J4 of 1 Per cent. February to reduce their discount rates from Beginning in June rates declined sharply, 2 to 1% per cent. These actions also had in some cases more sharply than they previ- the effect of bringing discount rates into ously had risen. This shift reflected both the closer alignment with prevailing market rates increased availability of bank credit and a of interest. 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY POLICY IN COMPETITIVE MARKETS 1 For nearly a decade and a half, our econ- to discuss some of them from the standpoint omy has been dominated by war, the eco- of the Federal Reserve. nomic consequences of war and preparedness PRODUCTION AND EMPLOYMENT against war. Since midsummer 1953, the Reserve We are now undergoing a transition Board's index of industrial production has towards greater reliance upon the private declined almost as much as during the mild sectors of our economy and less upon defenserecession of 1948-49, when it dropped about stimulated public activity. 10 per cent. Since late summer, unemploy- Since prewar years, the economy has enorment has doubled. But it should be borne mously expanded. For an unusually long in mind that the decline in production has time, it has operated at high, at times very taken place from a record high level, and high, levels of employment. We have beunemployment has increased from a record come accustomed to recurrent shortages, to postwar low level. waves of inflationary pressures, and to rapidly Currently, where excessive stocks exist, expanding output. To some people, any businessmen are undertaking to bring them change from these familiar conditions seems into line with sales. Competition has been ominous. Surely, it would be the height of intensified, not among buyers as during the folly to ride the witch's broomstick of inwar and much of the postwar period, but flation to the inevitable crash. among sellers. Efforts are being made to Anxiety can be overdone. Unless exposed cut costs, please customers, improve prodto the broad daylight of facts it could lead ucts, meet market needs, and keep financial to severe declines in buying and hence in commitments prudent. The consumer is no production and employment. There's a reallonger a forgotten man, and that is as it istic medium somewhere between being a should be in a healthy economy. Pollyanna and a Cassandra. Realistically, Even after the downward adjustment that after so long a period of upswing—much of has taken place, the current level of activity it under forced draft—we need to expect a today is high. Output at factories and mines, period of testing of the economy's basic while less than in early 1953, is greater than strength and resiliency. in early 1952. Unemployment is only mod- The only certain way of dealing with the erately above January of the last two years problems confronting us is to face up to and consumers, whose purchases take nearly them and work together to appraise and to two-thirds of the nation's output, are buying meet them. The salient facts about the econas much as a year ago. omy's current position and its problems are The slackening in economic activity since set forth in the Economic Report of the mid-1953 is the first decline in over-all output President, which is before you. I should like of goods and services since 1949. Gross na- 1 Statement of Wm. McC. Martin, Jr., Chairman, Board of tional product declined from a seasonally Governors of the Federal Reserve System, before the Joint adjusted annual rate of 371 billion dollars Committee on the Economic Report considering The President's Economic Report, Feb. 3, 1954. in the second quarter to an estimated 362 FEBRUARY 1954 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY POLICY IN COMPETITIVE MARKETS billion in the fourth quarter, when total stantly to alleviate the human suffering and product was about at the level of a year to reduce the economic waste of unemployearlier. Reflecting these changes, midyear ment. That is of the essence of progress employment and hours of work have been under our institutions. It is a primary conreduced and the labor market generally has cern of this Committee. eased. Unemployment has risen from its postwar low of 1.2 million to an estimated SOME FACTORS IN THE CURRENT DOWNTURN 2.4 million in January, reflecting in part A key factor in receding activity has been seasonal influences. a turnabout of business spending for in- This is the vital statistic we must watch ventories. Last spring, when as a nation vigilantly. Since the end and aim of our we were producing more than we were buysociety is the welfare of human beings, we ing, inventories were being built up at an cannot and we need not tolerate the cruelty, annual rate of 7 billion dollars. At year-end the indignity of widespread loss of oppor- they were being reduced. The reduction in tunity for gainful employment. Men may spending for inventories was as large as the differ over what is or is not a tolerable level decline in total output of goods and services. of unemployment. I do not subscribe to the If the current readjustment period is priharsh notion that some unemployment—how marily the result of an inventory overload, much is rarely stated—is a good thing. The the speed and orderly nature of this adjustman who wants to work and earn a liveli- ment is encouraging. hood cannot be expected to be tolerant about Following three years of steady buildup, any statistical figure of unemployment if it a gradual reduction in defense spending since includes him. the middle of last year has also contributed However, variation in employment from to lessened activity. Such spending is still time to time is inevitable in a modern, pro- large and continues to account for about onegressive economy. It is an inescapable part seventh of total national product. of the process of progress. For every village Other types of activity have been well smithy that flourished in the horse and buggy maintained. State and local outlays for curage there are scores of garages and service rent operations and for schools, roads, and stations today. Progress ends some jobs but other public works have continued to rise. creates new ones in increasing numbers. Business expenditures for fixed capital have I do profoundly believe that no other sys- held close to record levels. Residential buildtem of government, no other economic order, ing has strengthened following some easing could have liberated the forces, the energies, last spring and summer. Consumer spendthe inventiveness, which have brought forth ing for services has increased further and in this nation an abundance, a rising standard other consumer buying has been well mainof living for its people that is unrivalled in tained. all the history of the world. The faults lie Some declines in imports of industrial manot in our economic system but rather with terials have accompanied reductions in outius. We have learned something about eco- put, but exports were steady throughout 1953. nomic measures to minimize the evils of un- Maintenance of foreign purchases of Ameriemployment; for example, we have a nation- can products has reflected, on the one hand, wide system of insurance to help tide over high and generally rising demands abroad, periods of downturn. We must seek con- and, on the other hand, the growing finan- 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY POLICY IN COMPETITIVE MARKETS cial strength of other nations outside the ing of forces at work in the economy and to Communist orbit. take appropriate action. A year ago, the Sys- The downward adjustment thus far has tem raised rediscount rates and followed a been orderly. There has been no perceptible policy of restraint of excessive bank credit weakening of the economy's financial fabric. expansion in order to be on the safe side in Price changes have been selective, and largely guarding against inflationary pressures. At offsetting. After earlier declines, average that time, speculative trends appeared to be prices of farm products and industrial mate- developing in demands for credit, particurials have been fairly steady for some months, larly for credit which might find its way into with price supports a special factor in the top-heavy business inventories. stability of the farm sector. As the inflationary threat abated in the late Reduction in personal income taxes, effec- spring and summer, the Reserve System tive January 1, and increased unemployment acted, beginning May 8 of last year, to procompensation benefits have largely offset vide assurance to financial markets and to declines in personal income. Corporate inbusiness that legitimate needs for funds for comes after taxes have benefited by the exstability and growth would be met, including piration of the excess profits tax. Consumers those of business, consumers, and the Treasand businessmen, while more cautious than ury. It was also clear by summer that the earlier, continue to reflect confident attitudes earlier excessive exuberance had disappeared. regarding their financial positions and in By easing credit, through reducing reserve their acquisition of tangible assets. The requirements early last July, it was felt that equity positions of the major sectors of the inventory adjustments could proceed in an economy continue strong in comparison with orderly manner. It was also felt that, if other high-level periods of history. From mortgage and other markets for longer term their midyear highs, market interest rates funds would become more settled, they have declined appreciably and credit has bewould more effectively contribute their share come more readily available. to the maintenance of a high level of activity Declines in economic activity and employin housing, private capital investment, and ment are rightly a matter of concern. In the State and local government projects. light of history, however, it would be unreal- In early autumn, and again near the end istic to expect the economy to perform indefinitely without pause. All in all, the per- of the year, the Reserve System took further formance of the economy since midyear is steps through open market operations to evidence of marked underlying strength and provide the reserves necessary to meet searesiliency. sonal currency demands and deposit expansion. These steps, at a time of slackening ROLE OF CREDIT AND MONETARY POLICY private credit demands, contributed to a con- Broadly speaking, there are always two dition of active ease in credit availability, dangers to be avoided in a growing economy: appropriate to a period of readjustment such a too rapid upsurge of demand pressures, as we have been experiencing. producing inflation; or a too rapid contrac- SOME CONSIDERATIONS, LOOKING AHEAD tion of spending, producing deflation. In the credit and monetary field, the Fed- In looking beyond the next few months eral Reserve has tried to be alert to the shift- there are a number of fundamental considera- FEBRUARY 1954 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY POLICY IN COMPETITIVE MARKETS tions which need to be kept in mind in ap- creased, the number still in use that are 10 praising economic developments and in shap- years or more old totals about 11 million. ing legislation designed to foster a continuing As to other durable goods, improvements high level of employment and activity. have increased the rate of obsolescence of These considerations, I think, merit atten- many old models and thus have added to tion: replacement demand. Meanwhile, introduc- In the transition to an economy dominated tion of new types of durable goods should by private wants and competitive market help to sustain a high volume of total output forces, we need to reorient our thinking and of consumer durables. to recognize that markets go down as well Plant and equipment expenditures of busias up. In our competitive, private enterprise ness in postwar years, despite their high economy, we rely primarily upon the opera- levels, have not been markedly different in tion of market forces in adjusting to chang- their relation to total national product from ing conditions of demand and supply. That those in earlier years of high-level activity. does not mean a fatalistic acceptance of low While expansion since Korea has been accellevels of activity but rather a conviction that erated in various defense areas, it has been our vast resources and energies can thus be reduced in others. In the case of electric utilized more fully in raising the standard power, rapid expansion of demand has mainof living. tained strong pressure for investment in new Long-run growth in the economy must facilities. stem increasingly from private demands. Increased levels of production costs result- Consumers purchase directly the bulk of the ing primarily from postwar inflation, tonation's output. In the period ahead as Gov- gether with the rapid development of techernment requirements are reduced, private nology, provide strong incentives for further consumption should increase. Therefore, fu- large business capital expenditures. In many ture growth of private demand depends instances, these incentives are strengthened largely on the willingness and ability of con- rather than weakened by more competitive sumers steadily to expand their purchases. markets. Industrial research is daily un- Business has to be constantly alert to potential covering new opportunities for business inshifts in consumer needs and buying psychol- vestment. ogy in order to anticipate and meet them by We continue to have backlog needs for developing improved or new products and investment in commercial, office building, services at prices the consumer can and will hotel, church and hospital facilities, and the pay. need for public works—schools, other public Stocks of houses and of many durable facilities, roads and highways—seems insatigoods have been greatly increased since the able. The problem for the future is mainly war. More than 8 million permanent non- how to translate these basic needs into effecfarm dwelling units have been built; the tive market demand. number of passenger cars on the road has In the international economy, recovery in increased from 26 million to 44 million. output and supplies and restoration of stable Even so, there is still a great need for housing monetary conditions have gone far enough as the number of households and the popula- to enable the countries of Europe to partiction continue to grow. Similarly, while the ipate aggressively in world markets. There number of cars on the road has greatly in- has been growing belief in the possibility of 128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONETARY POLICY IN COMPETITIVE MARKETS linking together the market economies of we have erred, the responsibility is solely free world countries into a single system with ours. The record demonstrates, I think, that fewer barriers to trade and investment. If we have sought to be alert to change, and if this country can maintain or expand its im- possible to anticipate it, and to adapt policy port volume and if further progress can be to it. In that, I think, lies another reason for made towards financial stability abroad, a the "cautious optimism" that I would say is cumulative lifting of world trade and invest- my attitude towards the future of the econment barriers appears to be quite feasible, omy. We will strive to make available that thus opening the way for expansion of capital volume of reserves, which is difficult to measflows to, and trade with, underdeveloped and ure with fine precision ahead of time, that rapidly developing areas. will help to safeguard the economy from the Private debt in this country has undergone "too much" that feeds inflation, or the "too swift growth during the postwar period— little" that feeds deflation. In other words, more rapid than would be likely in a period the goal is a growing economy, and a rising of price stability—but it is well to keep in standard of living. On that objective we can mind that it was not at an unduly high level all agree. at the end of the war. National wealth, in Credit and monetary policy is potent but real terms as well as in current prices, has not omnipotent. It cannot, alone, keep us on increased more than debt over postwar years. an even keel of forward progress. Yet with- This is in contrast with the 1920's when the out it, the goal of stable progress would, I substantial increase in private debt was barely think, elude us entirely. It must be timely, matched by growth in wealth. At present, flexible, adaptable, as I have said, and it must private financial positions—business and con- not only be properly coordinated with debt sumer—while much less liquid than at the management but it must be consistent with end of World War II, are nevertheless rela- our institutions, including our concept of the tively favorable in comparison with the pre- market place. It is fair to say, I believe, that war period. we have made notable progress during the I have touched on these various aspects of past year towards freer, self-reliant money the economy because they are part of the markets that are the hallmark of democratic, background and foreground one must have private enterprise institutions. in mind in connection with credit and The considerations which I have touched monetary policy. The Economic Report be- on do not, to be sure, dispose of all the probfore you summarizes what has been done in lems that can be raised respecting the future. coordinating the field of debt management A modern, progressive economy, activated with that of credit and monetary policy— and coordinated through the incentive play and I need not elaborate on it here. of market prices, will be characterized by I want to emphasize, however, the adapt- instabilities in particular markets and by ability and flexibility of credit and monetary changes in the rhythm of total activity. The policy. It is and must be closely coordinated central problem of public as well as private with debt management, but so far as credit policies is to maintain a steady and sustainand monetary policy is concerned, we are on able pace of general expansion. That is the our own in the Federal Reserve System. If aim of credit and monetary policy. 129 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES FOLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve District are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each groups elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. 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. Term Expires District No. 1—Boston Dec. 31 Class A: Harold I. Chandler Executive Vice President, The Keene National Bank, Keene, N. H 1954 Oliver B. Ellsworth President, Riverside Trust Company, Hartford, Conn 1955 Lloyd D. Brace President, The First National Bank of Boston, Boston, Mass.. . 1956 Class B.- Frederick S. Blackall, jr President and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R. 1 1954 Harry E. Umphrey President, Aroostook Potato Growers, Inc., Presque Isle, Me.. . 1955 Harvey P. Hood President, H. P. Hood & Sons, Inc., Boston, Mass 1956 Class C: Ames Stevens 2 President, Ames Worsted Company, Lowell, Mass 1954 Harold D. Hodgkinson *. .. . Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Mass. 1955 Karl T. Compton Chairman of the Corporation, Massachusetts Institute of Technology, Cambridge, Mass 1956 aChairman. deputy Chairman. 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires District No. 2—New York Dec. 31 Class A: F. Palmer Armstrong President, The Keyport Banking Company, Keyport, N. J. . . . 1954 N. Baxter Jackson Chairman of the Board, Chemical Bank & Trust Company, New York, N. Y 1955 John R. Evans President, The First National Bank of Poughkeepsie, Poughkeepsie, N. Y 1956 Class B.- John E. Bierwirth President, National Distillers Products Corporation, New York, N. Y 1954 Clarence Francis Chairman of the Board, General Foods Corporation, New York, N. Y 1955 Lansing P. Shield. . . President, The Grand Union Company, East Paterson, N. J.. . . . 1956 Class C: William I. Myers 2 Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y 1954 Franz Schneider New York, N. Y 1955 Jay E. Crane 1 Vice President, Standard Oil Company (New Jersey), New York, N. Y 1956 Buffalo Branch Appointed by Federal Reserve Ban\: Lewis G. Harriman Chairman of the Board, Manufacturers and Traders Trust Company, Buffalo, N. Y.. .' 1954 Bernard E. Finucane President, Security Trust Company of Rochester, Rochester, N. Y 1955 Edward P. Vreeland President, Salamanca Trust Company, Salamanca, N. Y 1955 Robert L. Davis President, The First National Bank of Olean, Olean, N. Y 1956 Appointed by Board of Governors: Clayton G. White x Dairy farmer, Stow, N. Y. 1954 Edgar F. Wendt President, Buffalo Forge Company, Buffalo, N. Y 1955 Robert C. Tait President, Stromberg-Carlson Company, Rochester, N. Y. 1956 1Chairman. 2Deputy Chairman. FEBRUARY 1954 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires District No. 3—Philadelphia Dec. 31 Class A: Wadsworth Cresse Executive Vice President and Trust Officer, The First National Bank and Trust Company, Woodbury, N. J. 1954 Bernard C. Wolfe President, The First National Bank, Towanda, Pa 1955 Wm. Fulton Kurtz Chairman of the Board and Director, The Pennsylvania Company for Banking and Trusts, Philadelphia, Pa 1956 Class B.- Andrew Kaul, III President and Director, Speer Carbon Company, St. Marys, Pa.. 1954 Charles E. Oakes President and Director, Pennsylvania Power and Light Company, Allentown, Pa. 1955 Warren C. Newton President, O. A. Newton and Son Company, Bridgeville, Del..... 1956 Class C: William J. Meinel1 President and Chairman of Board, Heintz Manufacturing Company, Philadelphia, Pa 1954 Henderson Supplee, Jr.2 President, Atlantic Refining Company, Philadelphia, Pa. . . . 1955 Lester V. Chandler Professor of Economics, Princeton University, Princeton, N. J... 1956 District No. 4—Cleveland Class A: Edison Hobstetter President, The Pomeroy National Bank, Pomeroy, Ohio 1954 John D. Bainer President, The Merchants National Bank and Trust Company of Meadville, Meadville, Pa 1955 J. Brenner Root President, The Harter Bank & Trust Company, Canton, Ohio. . 1956 Class B: Joel M. Bowlby.... .... Chairman of the Board, The Eagle-Picher Company, Cincinnati, Ohio 1954 Edward C. Doll President, Lovell Manufacturing Company, Erie, Pa 1955 Alexander E. Walker Chairman of the Board and President, The National Supply Company, Pittsburgh, Pa. 1956 Class C.- Leo L. Rummell2 Dean, College of Agriculture, The Ohio State University, Columbus, Ohio 1954 Sidney A. Swensrud Chairman of the Board, Gulf Oil Corporation, Pittsburgh, Pa.. . 1955 John C. Virden * Chairman of the Board, John C. Virden Company, Cleveland, Ohio 1956 Chairman. 2Deputy Chairman. 132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Cincinnati Branch Dec. 31 Appointed by Federal Reserve Ban\: Joseph B. Hall President, Kroger Company, Cincinnati, Ohio 1954 E. S. Dabney President, Security Trust Company, Lexington, Ky. 1954 Fred A. Dowd President, The Atlas National Bank of Cincinnati, Cincinnati, Ohio 1955 L. M. Campbell President, The Second National Bank of Ashland, Ashland, Ky.. 1956 Appointed by Board of Governors: John C. Baker * President, Ohio University, Athens, Ohio 1954 Henry C. Besuden Farmer, Winchester, Ky 1955 Anthony Haswell President, Dayton Malleable Iron Company, Dayton, Ohio. . . . 1956 Pittsburgh Branch Appointed by Federal Reserve Ban\: William B. McFall President, Commonwealth Trust Company of Pittsburgh, Pittsburgh, Pa 1954 Montfort Jones Professor of Finance, The University of Pittsburgh, Pittsburgh, Pa 1954 Paul Malone President, The Second National Bank of Uniontown, Uniontown, Pa 1955 Albert L. Rasmussen President, The Warren National Bank, Warren, Pa 1956 Appointed by Board of Governors: Clifford F. Hood 1 President, United States Steel Corporation, Pittsburgh, Pa 1954 Douglas M. Moorhead Farmer, North East, Pa 1955 Henry A. Roemer, Jr President, Sharon Steel Corporation, Sharon, Pa. 1956 District No. 5—Richmond Class A: James D. Harrison President, First National Bank of Baltimore, Baltimore, Md.. . 1954 Warren S. Johnson Investment Counselor, Peoples Savings Bank & Trust Company, Wilmington, N. C 1955 John A. Sydenstricker Executive Vice President, First National Bank in Marlinton, Marlinton, W. Va 1956 Class B.- Edwin Hyde President, Miller & Rhoads, Inc., Richmond, Va. 1954 H. L. Rust, Jr President, H. L. Rust Company, Washington, D. C 1955 W. A. L. Sibley Vice President and Treasurer, Monarch Mills, Union, S. C 1956 ^Chairman. FEBRUARY 1954 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class C: W. G. Wysor 2 . Management Counsel, Southern States Cooperative, Inc., Richmond, Va 1954 John B. Woodward, Jr.1 Chairman of the Board, Newport News Shipbuilding & Dry Dock Company, Newport News, Va 1955 Alonzo G. Decker, Jr Vice President, The Black & Decker Manufacturing Company, Towson, Md 1956 Baltimore Branch Appointed by Federal Reserve Ban\: Charles A. Piper President, The Liberty Trust Company, Cumberland. Md. 1954 Lacy I. Rice President, The Old National Bank, Martinsburg, W. Va 1955 Stanley B. Trott President, Maryland Trust Company, Baltimore, Md 1955 Charles W. Hoff President, Union Trust Company of Maryland, Baltimore, Md.. . 1956 Appointed by Board of Governors: C. R. Zarfoss Vice President, Western Maryland Railway Company, Baltimore, Md ' 1954 Howard M. Taylor, Jr.1 President and Treasurer, International Bedding Company, Baltimore, Md 1955 Vacancy 1956 Charlotte Branch Appointed by Federal Reserve Ban\: Thomas J. Robertson President, First National Bank of South Carolina, Columbia, S.C 1954 George S. Crouch Chairman of the Board, The Union National Bank, Charlotte, N. C 1955 Jonathan Woody President, First National Bank, Waynesville, N. C 1955 A. K. Davis Senior Vice President, Wachovia Bank and Trust Company, Winston-Salem, N. C 1956 Appointed by Board of Governors: Paul T. Taylor President, Taylor Warehouse Company, Winston-Salem, N. C. . 1954 T. Henry Wilsonx President & Treasurer, Henredon Furniture Industries, Inc., Morganton, N. C 1955 William H. Grier Executive Vice President and General Manager, Rock Hill Printing & Finishing Company, Rock Hill, S. C 1956 1 Chairman. 2 Deputy Chairman. 134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires District No. 6—Atlanta Dec. 31 Class A: W. C. Bowman.... .... Chairman of the Board, The First National Bank of Montgomery, Montgomery, Ala 1954 Leslie R. Driver President, The First National Bank in Bristol, Bristol, Tenn.. . . 1955 Roland L. Adams President, Bank of York, York, Ala 1956 Class B: Pollard Turman President, J. M. Tull Metal & Supply Company, Atlanta, Ga.. . 1954 Donald Comer Chairman of the Board, Avondale Mills, Birmingham, Ala.. . . . 1955 A. B. Freeman Chairman of the Board, Louisiana Coca-Cola Bottling Company, Ltd., New Orleans, La. 1956 Class C: Paul E. Reinhold 2 Chairman of the Board, Foremost Dairies, Inc., Jacksonville, Fla 1954 Rufus C. Harris x President, The Tulane University of Louisiana, New Orleans, La 1955 Harllee Branch, Jr. President, Georgia Power Company, Atlanta, Ga. 1956 Birmingham Branch Appointed by Federal Reserve Ban\: Malcolm A. Smith First Vice President, Birmingham Trust National Bank, Birmingham, Ala 1954 John B. Barnett, Jr President, The Monroe County Bank, Monroeville, Ala 1955 Frank M. Moody Vice President, The First National Bank of Tuskaloosa, Tuscaloosa, Ala 1955 John Will Gay President, The First National Bank of Scottsboro, Scottsboro, Ala 1956 Appointed by Board of Governors: Edwin C. Bottcher x Farmer, Cullman, Ala 1954 Thad Holt Investments, Birmingham, Ala. 1955 Adolf Weil, Sr President, Weil Brothers-Cotton, Inc., Montgomery, Ala 1956 Jacksonville Branch Appointed by Federal Reserve Ban\: G. W. Reese President, The Citizens and Peoples National Bank of Pensacola, Pensaloca, Fla 1954 Frank W. Norris President, The Barnett National Bank of Jacksonville, Jacksonville, Fla 1955 J. Carlisle Rogers President, The First National Bank of Leesburg, Leesburg, Fla.. . 1955 T. A. Davis, Jr. President, Pan American Bank of Miami, Miami, Fla ] 956 ^-Chairman. 2Deputy Chairman. FEBRUARY 1954 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Appointed by Board of Governors: J. Wayne Reitz Provost for Agriculture, University of Florida, Gainesville, Fla.. . 1954 Harry M. Smith 1 President and Manager, Winter Garden Ornamental Nursery Inc., Winter Garden, Fla 1955 McGregor Smith President and General Manager, Florida Power and Light Company, Miami, Fla 1956 Nashville Branch Appointed by Federal Reserve Ban\: Sam M. Fleming President, Third National Bank in Nashville, Nashville, Tenn. . 1954 James V. Sprouse President, The First National Bank of Springfield, Springfield, Tenn 1955 T. R. Keys President, Erwin National Bank, Erwin, Tenn. 1955 W. E. Tomlinson President, The Hamilton National Bank of Johnson City, Johnson City, Tenn 1956 Appointed by Board of Governors: H. C. Meacham 1 Farming, Franklin, Tenn. 1954 Ernest J. Moench President, Tennessee Tufting Company, Nashville, Tenn. 1955 Frank B. Ward Dean, College of Business Administration, University of Tennessee, Knoxville, Tenn 1956 New Orleans Branch Appointed by Federal Reserve Ban\: G. M. Me Williams President, Citizens Bank of Hattiesburg, Hattiesburg, Miss.. . 1954 Keehn W. Berry President, Whitney National Bank of New Orleans, New Orleans, La 1955 J. T. Brown Chairman of the Board, First National Bank of Jackson, Jackson, Miss 1955 Leon J. Minvielle President, The Peoples National Bank of New Iberia, New Iberia, La 1956 Appointed by Board of Governors: Joel L. Fletcher, Jr. President, Southwestern Louisiana Institute, Lafayette, La.. . . . 1954 E. O. Batson 1 President, Batson-McGehee Company, Inc., Millard, Miss. . . . 1955 Everett E. Wild Rice grower, Midland, La. 1956 District No. 7—Chicago Class A: Walter J. Cummings Chairman, Continental Illinois National Bank and Trust Company, Chicago, 111 1954 Nugent R. Oberwortmann. .. President, The North Shore National Bank of Chicago, Chicago, 111 1955 Vivian W. Johnson President, First National Bank, Cedar Falls, Iowa 1956 ^Chairman. 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec, 31 Class B: Walter E. Hawkinson Vice President in Charge of Finance, and Secretary, Allis- Chalmers Manufacturing Company, Milwaukee, Wis 1954 William }. Grede President, Grede Foundries, Inc., Milwaukee, Wis. 1955 William A. Hanley Director, Eli Lilly and Company, Indianapolis, Ind. 1956 Class C: Bert R. Prall2 President, Butler Bros., Chicago, 111 1954 John S. Coleman1 President, Burroughs Corporation, Detroit, Mich 1955 Vacancy 1956 Detroit Branch Appointed by Federal Reserve Ban\: Howard P. Parshall President, Bank of the Commonwealth, Detroit, Mich. 1954 John A. Stewart Vice President and Cashier, Second National Bank & Trust Company, Saginaw, Mich 1954 Raymond T. Perring President, The Detroit Bank, Detroit, Mich. 1955 Appointed by Board of Governors: C. M. Hardin Dean of Agriculture, Michigan State College, East Lansing, Mich 1954 William M. Day x Vice President and General Manager, Michigan Bell Telephone Company, Detroit, Mich. 1955 District No. 8—St. Louis Class A: Phil E. Chappell President, Planters Bank & Trust Company, Hopkinsville, Ky.. . 1954 J. E. Etherton President, Carbondale National Bank, Carbondale, 111. 1955 William A. McDonnell President, First National Bank in St. Louis, St. Louis, Mo. . . . 1956 Class B: Vacancy 1954 Ralph E. Plunkett President, Plunkett-Jarrell Grocer Company, Little Rock, Ark. . 1955 Louis Ruthenburg Chairman of Board, Servel Inc., Evansville, Ind. 1956 Class C.- Joseph H. Moore Farmer, Charleston, Mo. 1954 Caffey Robertson 2 President, Cafifey Robertson Company, Memphis, Tenn 1955 M. Moss Alexander x President, Missouri-Portland Cement Company, St. Louis, Mo. . 1956 Chairman. 2Deputy Chairman. FEBRUARY 1954 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Little Rock Branch Dec. 31 Appointed by Federal Reserve Ban\: H. C. McKinney, Jr President, First National Bank, El Dorado, Ark 1954 Thos. W. Stone President, The Arkansas National Bank, Hot Springs, Ark.. . 1954 Harvey C. Couch, Jr President, Union National Bank, Little Rock, Ark 1955 Donald Barger President, Peoples Exchange Bank, Russellville, Ark 1956 Appointed by Board of Governors: Shuford R. Nichols Farmer, ginner and cotton broker, Des Arc, Ark 1954 Stonewall J. Beauchamp President, Terminal Warehouse Company, Little Rock, Ark.. . 1955 Sam B. Strauss1 President, Pfeifers of Arkansas, Little Rock, Ark 1956 Louisville Branch Appointed by Federal Reserve Ban\: M. C. Minor President, Farmers National Bank, Danville, Ky 1954 Ira F. Wilcox Vice President and Cashier, The Union National Bank, New Albany, Ind 1954 Magnus J. Kreisle President, Tell City National Bank, Tell City, Ind 1955 Noel Rush President, Lincoln Bank and Trust Company, Louisville, Ky. 1956 Appointed by Board of Governors: Pierre B. McBride President, Porcelain Metals Corporation, Louisville, Ky 1954 Smith Broadbent, Jr.1 Farmer, Cadiz, Ky 1955 David F. Cocks Vice President and Treasurer, Standard Oil Company (Kentucky), Louisville, Ky 1956 Memphis Branch Appointed by Federal Reserve Ban\: John A. McCall President, First National Bank, Lexington, Tenn 1954 William B. Pollard President, National Bank of Commerce, Memphis, Tenn. 1954 Ben L. Ross Chairman of Board, Phillips National Bank, Helena, Ark 1955 John K. Wilson President, First National Bank, West Point, Miss. 1956 Appointed by Board of Governors: A. E. Hohenberg 1 President, Hohenberg Bros. Company, Memphis, Tenn 1954 Henry Banks Farmer, Clarkedale, Ark 1955 John D. Williams Chancellor, University of Mississippi, University, Miss 1956 District No. 9—Minneapolis Class A: C. W. Burges Vice President and Cashier, Security National Bank, Edgeley, N. D 1954 Edgar F. Zelle Chairman of the Board, First National Bank, Minneapolis, Minn 1955 H. N. Thomson Vice President, Farmers and Merchants Bank, Presho, S. D.. . 1956 Chairman. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec, 31 Class B: Ray C. Lange President, Chippewa Canning Company, Chippewa Falls, Wis.. . 1954 Homer P. Clark Honorary Chairman of the Board, West Publishing Company, St. Paul, Minn 1955 John E. Corette President and General Manager, Montana Power Company, Butte, Mont 1956 Class C: Paul E. Miller 1 Director, University of Minnesota Agricultural Extension Division, St. Paul, Minn 1954 F. A. Flodin President, Lake Shore Engineering Company, Iron Mountain, Mich .' 1955 Leslie N. Perrin2 Consultant and Member of Executive Committee, General Mills, Inc., Minneapolis, Minn 1956 Helena Branch Appointed by Federal Reserve Ban\: J. Willard Johnson Financial Vice President, Western Life Insurance Company, Helena, Mont 1954 George N. Lund Vice President and Cashier, First National Bank, Reserve, Mont. 1954 A. W. Heidel Vice President, Powder River County Bank, Broadus, Mont 1955 Appointed by Board of Governors: Carl McFarland President, Montana State University, Missoula, Mont 1954 G. R. Milburn 1 Livestock rancher, Grass Range, Mont 1955 District No. 10—Kansas City Class A: Vacancy 1954 W. S. Kennedy President and Chairman of the Board, The First National Bank of Junction City, Junction City, Kan 1955 W. L. Bunten President, Goodland State Bank, Goodland, Kan 1956 Class B: Max A. Miller Livestock rancher, Omaha, Nebr 1954 E. M. Dodds President and Director, United States Cold Storage Corporation, Kansas City, Mo. 1955 Vacancy 1956 1 Chairman. 2Deputy Chairman. FEBRUARY 1954 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Class C: Lyle L. Hague Farmer and stockman, Cherokee, Okla 1954 Raymond W. Hall* Vice President, Controller and Director, Hall Brothers, Inc., Kansas City, Mo 1955 Cecil Puckett2 Dean, College of Business Administration, University of Denver, Denver, Colo 1956 Denver Branch Appointed by Federal Reserve Ban\: Ralph S. Newcomer Executive Vice President, First National Bank in Boulder, Boulder, Colo 1954 Arthur Johnson President, First National Bank in Raton, Raton, N. M 1954 Merriam B. Berger Vice President, The Colorado National Bank of Denver, Denver, Colo 1955 Appointed by Board of Governors: G. Norman Winder1 Rancher, Craig, Colo 1954 Aksel Nielsen President, The Title Guaranty Company, Denver, Colo 1955 Oklahoma City Branch Appointed by Federal Reserve Ban\: F. M. Overstreet President, The First National Bank at Ponca City, Ponca City, Okla 1954 Frank A. Sewell Chairman of the Board and President, The Liberty National Bank and Trust Company of Oklahoma City, Oklahoma City, Okla 1954 George R. Gear President, The City National Bank of Guymon, Guymon, Okla.. 1955 Appointed by Board of Governors: Phil H. Lowery Owner, Lowery Hereford Ranch, Loco, Okla 1954 Davis D. Bovaird * President, The Bovaird Supply Company, Tulsa, Okla 1955 Omaha Branch Appointed by Federal Reserve Ban\: William N. Mkten Chairman of the Board and President, First National Bank of Fremont, Fremont, Nebr 1954 Ellsworth Moser President, The United States National Bank of Omaha, Omaha, Nebr 1955 George J. Forbes Executive Vice President, The First National Bank of Laramie, Laramie, Wyo 1955 Appointed by Board of Governors: Manville Kendrick Rancher, Sheridan, Wyo 1954 Gilbert C. Swanson x President, C. A. Swanson & Sons, Omaha, Nebr 1955 Chairman. 2Deputy Chairman. 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires District No. 11—Dallas Dec. 31 Class A: P. P. Butler President, First National Bank in Houston, Houston, Tex..... 1954 J. Edd McLaughlin President, Security State Bank and Trust Company, Rails, Tex.. 1955 W. L. Peterson President, The State National Bank, Denison, Tex 1956 Class B: D. A. Hulcy Chairman of the Board and President, Lone Star Gas Company, Dallas, Tex 1954 J. B. Thomas President and General Manager and Director, Texas Electric Service Company, Fort Worth, Tex. 1955 Vacancy 1956 Class C.- Robert J. Smith 2 President, Pioneer Air Lines, Inc., Dallas, Tex. 1954 J. R. Parten x President, Woodley Petroleum Company, Houston, Tex. 1955 Hal Bogle Livestock feeding, farming and ranching, Dexter, N. M. 1956 El Paso Branch Appointed by Federal Reserve Ban\: John P. Butler President, The First National Bank of Midland, Midland, Tex.. 1954 J. M. Sakrison President, Southern Arizona Bank & Trust Company, Tucson, Ariz 1954 Thomas C. Patterson Vice President, El Paso National Bank, El Paso, Tex 1955 F. W. Barton President, Marfa National Bank, Marfa, Tex 1956 Appointed by Board of Governors: Jas. A. Dick, Jr.1 President, James A. Dick Investment Company, El Paso, Tex.. . 1954 E. J. Workman President, and Director of Research and Development Division, New Mexico Institute of Mining and Technology, Socorro, N. M 1955 D. F. Stahmann Farmer, Las Cruces, N. M. 1956 Houston Branch Appointed by Federal Reserve Ban\: 0. R. Weyrich President, Houston Bank & Trust Company, Houston, Tex.. . 1954 P. R. Hamill President, Bay City Bank & Trust Company, Bay City, Tex.. . 1954 S. Marcus Greer Chairman of Executive Committee, City National Bank of Houston, Houston, Tex. 1955 1. F. Betts President, American National Bank of Beaumont, Beaumont, Tex 1956 xChairman. 2Dcputy Chairman. FEBRUARY 1954 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 Appointed by Board of Governors: Ross Stewart1 Chairman of the Board of Directors, Stewart & Stevenson Services, Inc., Houston, Tex 1954 Charles N. Shepardson Dean of Agriculture, A. & M. College of Texas, College Station, Tex 1955 Herbert G. Sutton T. O. Sutton and Sons, Colmesneil, Tex 1956 San Antonio Branch Appointed by Federal Reserve Ban\: E. A. Baetz President, Bexar County National Bank, San Antonio, Tex... 1954 V. S. Marett President, Gonzales State Bank, Gonzales, Tex 1954 Ray M. Keck President, Stockmens National Bank, Cotulla, Tex 1955 E. C. Breedlove President, First National Bank, Harlingen, Tex 1956 Appointed by Board of Governors: Henry P. Drought1 Attorney at Law, San Antonio, Tex 1954 D. Hayden Perry Livestock farming, Robstown, Tex 1955 Vacancy 1956 District No. 12—San Francisco Class A: Carroll F. Byrd President, The First National Bank of Willows, Willows, Calif.. 1954 John A. Schoonover President, The Idaho First National Bank, Boise, Idaho 1955 M. Vilas Hubbard President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif/ 1956 Class B: Reese H. Taylor President, Union Oil Company of California, Los Angeles, Calif 1954 Walter S. Johnson President, American Forest Products Corporation, San Francisco, Calif 1955 Alden G. Roach President, Columbia-Geneva Steel Division and Consolidated Western Steel Division of United States Steel Corporation, San Francisco, Calif 1956 Class C.- Harry R. Wellman Vice President, Agricultural Sciences, University of California, Berkeley, Calif 1954 Y. Frank Freeman 2 Vice President, Paramount Pictures Corporation, Hollywood, Calif 1955 A. H. Brawner 1 President, W. P. Fuller & Company, San Francisco, Calif 1956 Chairman. 2Deputy Chairman. 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Los Angeles Branch Dec. 31 Appointed by Federal Reserve Ban\: Anderson Borthwick President, The First National Trust and Savings Bank of San Diego, San Diego, Calif 1954 James E. Shelton President, Security-First National Bank of Los Angeles, Los Angeles, Calif 1954 Hugh C. Gruwell President, First National Bank of Arizona, Phoenix, Ariz 1955 Appointed by Board of Governors: Bryant Essick x President, Essick Manufacturing Company, Los Angeles, Calif. 1954 Paul H. Helms President, Helms Bakeries, Los Angeles, Calif 1955 Portland Branch Appointed by Federal Reserve Ban\: Frank Wortman President, The First National Bank of McMinnville, McMinnville, Ore 1954 John B. Rogers President, First National Bank of Baker, Baker, Ore 1954 E. C. Sammons President, The United States National Bank of Portland, Portland, Ore. 1955 Appointed by Board of Governors: Wliliam H. Steiwer, Sr.1 Livestock and Farming, Fossil, Ore 1954 Philip L Welk Vice President, Preston-Shaffer Milling Company, Walla Walla, Wash ' 1955 Salt Lake City Branch Appointed by Federal Reserve Ban\: James W. Collins President, Tracy-Collins Trust Company, Salt Lake City, Utah 1954 George S. Eccles President, First Security Bank of Utah, National Association, Ogden, Utah, Salt Lake City, Utah 1954 Harry Eaton Executive Vice President, Twin Falls Bank and Trust Company, Twin Falls, Idaho 1955 Appointed by Board of Governors: George W. Watkins President, Snake River Equipment Company, Idaho Falls, Idaho 1954 Joseph Rosenblatt 1 President, The Eimco Corporation, Salt Lake City, Utah 1955 Seattle Branch Appointed by Federal Reserve Ban\: George H. Jackson President, First National Bank in Spokane, Spokane, Wash.. .. 1954 W. M. Jenkins President, First National Bank of Everett, Everett, Wash 1954 Charles F. Frankland President, The Pacific National Bank of Seattle, Seattle, Wash. 1955 Appointed by Board of Governors: Ralph Sundquist Fruit Grower and Cold Storage Operator, Yakima, Wash..... 1954 D. K. MacDonald 1 President, D. K. MacDonald & Company, Inc., Seattle, Wash.. . 1955 Chairman. FEBRUARY 1954 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Historical Supplement to the Monthly Federal Reserve Jacksonville Branch of the Federal Reserve Bank of Chart Book Atlanta for the term ending December 31, 1956. The spring issue of the historical supplement to Mr. Smith succeeded Mr. Marshall F. Howell, Vice the monthly Federal Reserve Chart Book on Bank President, Bond-Howell Lumber Company, Jack- Credit, Money Rates, and Business has been discon- sonville, Florida, whose term expired. tinued. The supplement will be published annually, Resignation of Class A Director in the autumn, beginning with September 1954. The Federal Reserve Bank of Kansas City on National Summary of Business Conditions January 28, 1954, accepted the resignation of Mr. T. The release of the National Summary of Business A. Dines, Chairman of the Board, The United Conditions and the accompanying Business Indexes States National Bank of Denver, Denver, Colorado, table has been advanced from an end-of-month to as a Class A director of the Bank. Mr. Dines had a middle-of-the-month schedule, beginning with the been serving as a Class A director since February February issue. The advance in release date has 14, 1939, and formerly served as a director of the been made possible by completion of the transition Denver Branch from January 1, 1936, to March to the revised production index and by the earlier 16, 1939. availability of some preliminary data. Admissions of State Banks to Membership in the The National Summary released in mid-February Federal Reserve System and the one released on February 1 are published The following State banks were admitted to on pages 145-146 and 147-148, respectively, of this membership in the Federal Reserve System during BULLETIN. the period December 16, 1953 to January 15, 1954: Appointments of Branch Directors On January 21, 1954, the Board of Governors California announced the appointment of Mr. William H. Long Beach—Farmers and Merchants Bank of Grier, Executive Vice President and General Man- East Long Beach. ager, Rock Hill Printing and Finishing Company, Florida Rock Hill, South Carolina, as a director of the Char- Fort Lauderdale—American Bank. lotte Branch of the Federal Reserve Bank of Richmond for the term ending December 31, 1956. Mr. Iowa Grier succeeded Mr. R. E. Ebert, President, Dixie Titonka—Titonka Savings Bank. Home Stores, Inc., Greenville, South Carolina, whose term expired. Michigan On January 26, 1954, the Board of Governors Kent City—Kent City State Bank. announced the appointment of Mr. J. Wayne Roscommon—The Roscommon State Bank. Reitz, Provost for Agriculture, University of Flor- Tables Published Annually and Semiannually, with ida, Gainesville, Florida, as a director of the Jacksonville Branch of the Federal Reserve Bank of Latest BULLETIN Reference Atlanta for the term ending December 31, 1954. Semiannually Issue Page Banking offices: Mr. Reitz succeeded Mr. J. Hillis Miller, President, Analysis of changes in number of... Feb. 1954 210 University of Florida, Gainesville, Florida, de- On, and not on, Federal Reserve Par List, number of Feb. 1954 211 ceased. Annually On January 26, 1954, the Board of Governors of Earnings and expenses: Federal Reserve Banks Feb. 1954 208-209 the Federal Reserve System also announced the Member banks: Calendar year May 1953 536-546 appointment of Mr. McGregor Smith, President First half of year Oct. 1953 1114 Insured commercial banks May 1953 547 and General Manager, Florida Power and Light Banks and branches, number of, by Company, Miami, Florida, as a director of the class and State May 1953 548-549 Operating ratios, member banks Aug. 1953 904-906 144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 12 and released for publication February 15 ] Industrial activity continued to decline in January early February auto output was reduced about 5 while construction volume and activity in most per cent below the January average. Steel output other nonagricultural lines were maintained at ad- was maintained in January and the first two weeks vanced levels. Sales at department stores were near of February at about 75 per cent of current rated the level of other recent months, while automobile capacity. Output of building materials was genersales declined further. Average prices of industrial ally maintained in January, after allowance for seamaterials declined somewhat, and prices of farm sonal changes. products leveled off after rising moderately in De- A moderate further decline in seasonally adjusted cember and early January. Retail food prices ad- nondurable goods output in January reflected mainly vanced somewhat further to mid-January. Money further curtailments at textile mills and apparel rates generally declined further in January and early plants. Output of rubber and leather products con- February. tinued to show little change at levels considerably below the highs of early 1953, and production was INDUSTRIAL PRODUCTION maintained at advanced rates in the paper, printing, The Board's seasonally adjusted index of indus- chemicals, and petroleum products industries. Outtrial production declined 2 points further in January put of mineral fuels showed little further change in to 125 per cent of the 1947-49 average, according to January and early February at levels moderately preliminary data. This was 7 per cent below the ex- below a year ago. ceptionally high level of a year ago, but above any CONSTRUCTION earlier January of the postwar period. Output of durable goods continued to decline in Expenditures for new construction work put in January. Over-all activity in the metal fabricating place in January, seasonally adjusted, were mainarea was down slightly further as activity in some tained at the advanced level of late 1953. Value of producers' equipment lines declined and there was construction contract awards declined somewhat, but a moderate further decrease in production of ord- continued larger than a year earlier. The decline nance and some other munitions. Output of house- from December was entirely in awards for nonhold durable goods decreased somewhat further, residential construction, reflecting decreases in most while auto output rose in January from model- major categories. The number of housing units changeover lows in the preceding two months. In PRICES AND TRADE Per Cent, 1947-49-100 INDUSTRIAL PRODUCTION DISPOSABLE ^.y*r r 49=100 PERSONAL INCOME/2Vv*-V \ 140 r 120 - TOTAL ™ •"A DURABLES / \ - 100 - MANUFACTURES / __\ ** 1 ,,l 1 !,., 80 ' NONDURABLE 120 MANUFACTURES _ MINERALS W —100 \?( 1949 1950 80 _ _ Seasonally adjusted series except for prices. Price indexes .- -.1 ,..( !. ...1,, 1..-,. Inn in,- LMHM, d c i o s m po p s i a le b d le b p y e r B so u n re a a l u in o c f o m L e a , b o F r e d S e t r a a ti l s t R ic e s s . erv T e o ta in l d r e e x t e a s il b s a a s le e s d a o n n d 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 January. January. FEBRUARY 1954 145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS started in January declined to 66,000 from 68,000 in reflecting the very large movement of harvests un- December, reflecting in part unfavorable weather der loan. Among industrial commodities, prices of conditions. zinc and lead were reduced in January and steel scrap has declined further. Prices of hides and tex- EMPLOYMENT tiles also have declined, and there have been re- Reflecting mainly a continuing decline in manu- ductions in prices of television and some small apfacturing, seasonally adjusted employment in non- pliances. agricultural establishments decreased further in Consumer prices declined slightly from mid- January to 48.4 million—about 650,000 below a year November to mid-December. Prices of used cars ago. Outside of manufacturing, employment was declined further and fuel oil prices were reduced maintained at high levels. The average workweek somewhat. Retail food prices, however, advanced at factories declined somewhat more than seasonally in December, and rose somewhat further to midin January to 39.4 hours—1.6 hours or 4 per cent January, reflecting in part increases in coffee. below January 1953; and average weekly factory pay, at $71, was slightly below a year ago, despite a BANK CREDIT AND RESERVES small rise in hourly earnings. Unemployment con- Loans at banks in leading cities increased sometinued to rise more than seasonally. what in early February, reflecting primarily expansion in loans for purchasing and carrying secu- DISTRIBUTION rities. Commercial, industrial, and agricultural Seasonally adjusted department stores sales in loans also rose as a result of bank purchases of cer- January and early February were slightly below tificates of interest in Commodity Credit Corpotheir December level. Sales at other retail outlets ration loans. Bank holdings of U. S. Government also declined somewhat in January, after allowance securities increased somewhat during January but for seasonal changes, reflecting in large part fur- declined in early February. ther declines in new and used car sales from last Member bank reserve positions remained easy in year's very high levels. The seasonally adjusted in- late January and early February, although not as dex of value of stocks held by department stores at easy as earlier in January. After mid-January rethe end of December was about 123 per cent of the serves were absorbed by the repayment of temporary 1947-49 average, compared with 127 a month earlier Treasury borrowing from the Federal Reserve and and 120 at the end of 1952. a rebuilding of Treasury deposits at the Reserve Banks. COMMODITY PRICES On February 5 reductions in the discount rate The average level of wholesale commodity prices from 2 to 1 % per cent became effective at six of the has changed little since the end of December. Prices Federal Reserve Banks, and similar reductions were of livestock and meats increased further in early announced at the remaining six Reserve Banks dur- January, but since then meat prices have declined ing the following week. somewhat. Prices of major crops have been firm, SECURITY MARKETS EMPLOYMENT IN NONAGRICUITURAL ESTABLISHMENTS Seosonolly Adjusted, Millions of Pe Yields on Government securities showed little change in late January and early February and -50 32 thereafter declined sharply following reports of a successful Treasury refunding and the reduction in TOTAL 48 f / NONMANUFACTURING - 30 the Federal Reserve discount rate. The Treasury offered a one-year 1 % per cent certificate or a seven- 46 28 year nine-month 2l/ per cent bond to holders of 2 18 the certificates and notes maturing February 15 and 44 MANUFACTURING f \" March 15. In addition, holders of bonds maturing \ / 16 or called in June 1954 were also offered an exchange into the new bond. Subscriptions were received for 42 nearly 7 billion dollars of the new certificates and 14 for more than 11 billion of the new bonds. MMMI.MI.M.U* MIMlli;i"l...;llTllli:il!illlliLUU During January and the first part of February, Bureau of Labor Statistics data adjusted for seasonal variation by Federal Reserve. Proprietors, self-employed persons corporate and municipal bond yields continued to and domestic servants are not included. Midmonth figures, latest shown are for January. decline and stock prices rose. 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 29 and released for publication February 2] Industrial production and employment declined chemical and petroleum products continued at very moderately further in December, while construction high levels in December. activity was maintained at earlier advanced levels. Total minerals production was maintained in De- Retail sales were not far from the high levels of last cember at a level about 7 per cent below earlier November and a year ago. Consumer prices in highs, with metal and bituminous coal mining December declined slightly further. In January, showing only small further declines. In January, average prices of industrial materials continued to output of bituminous coal held steady. decline somewhat while prices of farm products, CONSTRUCTION notably hogs, advanced further. New construction activity, seasonally adjusted, INDUSTRIAL PRODUCTION was maintained at a high level in December, and The Board's seasonally adjusted index of indus- for the year was the largest on record in terms of trial production declined further in December re- both dollar amount and physical volume. The numflecting mainly greater than seasonal declines in the ber of housing units started declined less than seaprimary metal, electrical machinery, and textile in- sonally in December and was slightly smaller than dustries. The preliminary figure for December is a year earlier. During 1953, 1.1 million units were 127 per cent of the 1947-49 average as compared started, about the same as in 1952. Value of conwith a final figure for November of 129—levels tracts awarded for nonresidential construction deslightly lower than indicated by the data available creased somewhat further in December, as awards earlier. Output at the end of 1953 was 7 per cent for private buildings dropped. For the entire year, below the peak reached in May and July, but for nonresidential construction awards were 8 per cent the year as a whole was 8 per cent above 1952. A larger than in 1952. slight further decline is indicated for January. Steel mill operations declined more than the usual EMPLOYMENT seasonal amount in December and did not show the Seasonally adjusted employment at nonfarm esusual seasonal expansion in January. At the month tablishments declined further in December to 48.5 end, output was still at a rate of about 75 per cent million, a half million less than a year earlier. The of an expanded annual capacity of 124 million tons. decline from November occurred mainly in durable With major model changeovers completed, auto goods manufacturing industries. The average workoutput in January has risen somewhat from the re- week at factories failed to show a seasonal increase duced level of November and December. Output in December and at 40.1 hours was below a year at several important plants has been limited, how- earlier. Average hourly earnings continued at $1.79, ever, owing to dealers' large stocks. Production of 3 per cent above a year earlier, but average weekly household goods, notably television, declined fur- earnings, at $71.78, reflecting the decline in the ther in December and inventories were apparently workweek, were slightly below a year ago. reduced further. Over-all activity in producers and Unemployment rose somewhat more than seamilitary equipment industries was also cut back sonally in early January. At 2.4 million, the numsomewhat further in December. Truck output in- ber of unemployed was 500,000 more than in early creased somewhat but freight car output continued December and about double the very low October to decline. level. Output of nondurable manufactures declined a little further in December. In addition to further DISTRIBUTION curtailment at textile mills, output of paperboard Seasonally adjusted sales at department stores deand some other paper products was reduced from clined slightly in the first half of January and were near record levels. Paperboard production showed at about the year ago level. Total retail sales in little further change in early January. Output of December, after seasonal adjustment, were slightly FEBRUARY 1954 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS below their November level, reflecting mainly re- three weeks of January. Business loans were reductions from earlier highs in new and used car duced by almost % billion dollars reflecting in part sales. For 1953 as a whole, value of retail sales was the usual end-of-year adjustments. Loans for pur- 4 per cent larger than in 1952. Seasonally adjusted chasing and carrying securities also declined. Holdstocks held by department stores are estimated to ings of United States Government and other secuhave been reduced further in December and at the rities, however, increased slightly. Interest rates end of the month were about 3 per cent above a charged on short-term business loans made during year ago. the first fifteen days of December by banks in se- COMMODITY PRICES lected cities averaged 3.76 per cent, about the same The average level of wholesale commodity prices as in the previous quarter. advanced slightly further in January, reflecting A substantial volume of reserves became available chiefly further increases in prices of farm products to banks during the first three weeks of January, and foods to about the year-ago level. Prices of hogs largely through the postholiday currency inflow, a rose further as marketings continued at about the reduction in Treasury balances with the Reserve reduced December volume. Coffee prices rose, re- Banks, and temporary Treasury borrowing from flecting tightening world supplies, and in late Januthe Federal Reserve. Only part of these funds were ary were one-third above a year earlier. Average absorbed by reductions in System holdings of United prices of industrial materials decreased somewhat. States Government securities. Over the period ex- Scrap metals generally declined and, after midcess reserves of member banks averaged almost 1 month, prices of refined lead and zinc were reduced. Hides also declined, but raw cotton increased some- billion dollars, while member bank borrowings at what and fuel oils advanced. List prices of finished the Federal Reserve averaged about 100 million. goods were generally unchanged. Consumer prices declined slightly further from SECURITY MARKETS mid-November to mid-December. Foods rose and Yields on Treasury securities moved sharply rents and services continued to advance, but prices lower during the first three weeks of the year. The of fuel oils and used cars declined and new 1953 market rate on 90-day Treasury bills dropped to model cars were offered at substantial discounts. about 1.2 per cent from a year-end rate of 1.4 per BANK CREDIT AND RESERVES cent. High-grade corporate bond yields also con- Total loans at banks in leading cities, which had tinued to decline. Common stock prices rose furincreased in December, declined sharply in the first ther reaching their highest level since March 1953. 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 151-152 Federal Reserve Bank rates; margin requirements; reserve requirements 152-153 Reserves and deposits of member banks 154 Federal Reserve Bank statistics 155-157 Regulation V: guaranteed loans, fees, and rates 157-158 Bank debits and deposit turnover; Postal Savings System 158 Money in circulation 159 Consolidated statement of the monetary system; deposits and currency. . 160 All banks in the United States, by classes 161-163 All commercial banks in the United States, by classes 164-165 Weekly reporting member banks 166-167 Commercial paper and bankers' acceptances 168 Life insurance companies; savings and loan associations 169 Government corporations and credit agencies 170-171 Security prices and brokers' balances 172 Money rates; bank rates on business loans; bond and stock yields 173 Treasury finance 174-179 New security issues 180 Business finance 181-182 Real estate credit statistics 183-185 Statistics on short- and intermediate-term consumer credit 186-188 Business indexes 189-198 Merchandise exports and imports 198 Department store statistics 199-203 Consumer and wholesale prices 204-205 Gross national product, national income, and personal income 206-207 Earnings and Expenses of Federal Reserve Banks During 1953 208-209 Changes in Number of Banking Offices in the United States 210 Number of Banking Offices on Federal Reserve Par List and Not on Par List, by Federal Reserve Districts and States 211 List of tables published in BULLETIN annually or semiannually, with references for latest data 144 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 arc 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 arc 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. FEBRUARY 1954 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 tWWVwAv^AffWU/^MMtfM 25 20 30 FEDERAI RESERVE CREDIT u S. GOVERNMEMT SECURITIES 25 J BOUGHT OUTRIGHT 20 \ V - - HELD UNDER REPURCHASE AGREEMENTS . \ DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 4l*^t*4**t+*iJ+ 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Jan. 27. See p. 152. 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Date T U o .S t . a l G I o B v r o o i t g u u . g h t s - h t e i cu u r c a r H e h n i g t p e a d r i u e l e s e d e e s r r - - c v o D a a a u n n d is n c d - - e ts s Float Total s G t o o l c d k s T r t o e c a u i r n u n u n e r g r y c a t d - - y s - - M c t c u i o i o i n l n r a n - e - y T h c i u r o n a e r g l s y a d h s s - - Tr w u d r e e r e i a - s t y h s e - r F ve . F e d R i o b e g . r a - n - l B an a c n O p e d k o e s t e s s r , h - - - c O s F o e R t e a e u r e r h c a d n v - - e l t - e r s Tot r a e l ser q v u e i R r e b e - a d la 2 nc c e E e s x s - s3 ment posits posits its Wednesday 1952 Dec. 3... 23,968 23,71: 1,59 1,188 26,751 23,337 4,80; 30,274 1,278 719 734 147 80020,939 20,371 568 Dec. 10. .. 24,23 23,78 452 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 23,91- 55 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 23,99 61 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 24,03- 663 15 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953 Jan. 7... 24,39 24,034 35 1,336 965 26,695 23,137 4,814 30,153 1,280 622 570 343 77620,902 20,309 593 Jan. 14... 24,205 24,034 17 1,076 881 26,166 23,137 4,814 29,88 1,280 455 699 364 77620,660 20,274 386 Jan. 21... 24,03 24,03 862 1,005 25,904 23,088 4,81 29,687 1,291 343 622 348 77420,741 20,255 486 Jan. 28... 23.97C 23.97C 1,30' 728 26,009 23,036 4,815 29,592 1,298 745 612 33 77520,502 20,095 407 Feb. 4... 23,98< 23,88! 1,385 770 26,148 22,935 4,820 29,657 1,331 672 562 326 77020,584 19,956 628 Feb. 11... 23,92< 23,88! 1,32'" 649 25,91" 22,832 4,820 29,776 1,31 431 558 340 77020,376 19,894 482 Feb. 18. .. 23,890 23,88! 732 1,023 25,648 22,722 4,821 29,65 1,288 395 458 244 83520,318 19,979 339 Feb. 25... 23,853 23,85; 806 743 25,406 22,66: 4,821 29,735 1,291 389 454 211 83419,975 19,791 184 Mar. 4... 23,85 23,853 824 1,062 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 4,82- 29,780 1,299 331 581 34 = 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 8 496 381 85220,865 20,002 863 Mar. 25... 23,86<~ 23,86" 70= 810 25,387 22,56: 4,826 29,600 1,306 7 511 351 85220,148 19,854 294 Apr. 1... 23,806 23,806 46: 748 25,023 22,563 4,827 29,75- 1,304 286 550 344 86919,305 19,518 -213 Apr. 8... 23,806 23,806 90? 709 25,427 22,562 4,828 29,780 1,300 329 568 343 86819,629 19,472 157 Apr. 15. .. 23,82 23,80i 868 856 25,549 22,562 4,833 29,753 1,278 341 574 200 86519,932 19,560 372 Apr. 22... 23,806 23,806 842 743 25,395 22,56: 4,834 29,722 1,279 509 585 356 86419,476 19,481 -5 Apr. 29... 23,806 23,80i 83 581 25,227 22,562 4,836 29,787 1,278 367 518 401 78419,489 19,395 94 May 6... 23,86( 23,80<: 54 933 64 25,443 22,561 4,840 29,863 1,285 214 517 374 78019,811 19,386 425 May 13. .. 23,87< 23,85 1,264 684 25,83 22,561 4,841 29,845 1,28 428 618 366 78019,912 19,282 630 May 20. .. 23,92: 23,89 530 832 25,288 22,562 4,84- 29,795 1,282 145 584 286 77719,824 19,312 512 May 27. .. 24,08! 23,96^ 57 645 25,308 22,536 4,845 29,825 1,284 355 504 238 77719,706 19,298 408 June 3... 24,12 24,07 50 785 25,418 22,536 4,84 29,980 1,282 137 520 253 90219,729 19,209 520 June 10... 24,63 24,63: 454 646 25,741 22,537 4,850 30,003 1,28' 6 587 173 90220,168 19,449 719 June 17... 25,15- 25,15- 286 1,213 26,656 22,513 4,851 29,970 1,276 8 598 25: 95820,958 19,778 1,180 June 24... 24,83 24,83 31 61 25,776 22,487 4,851 29,92 1,272 8 615 158 96020,173 19,594 579 July 1... 24,76i 24,76i 24. 737 25,752 22,463 4,854 30,152 1,269 176 521 174 94919,828 19,113 715 July 8... 24,96' 24,96- 34 67 25,984 22,438 4,85- 30,279 1,266 431 488 176 94819,690 19,002 688 July 15. .. 24,964 24,96' 20C 756 25,923 22,37' 4,853 30,163 1,264 640 561 17 94719,397 18,253 1,144 July 22... 24,964 24,96^ 52 77 26,265 22,276 4,853 30,051 1,267 539 525 323 94719,742 19,098 644 July 29... 24,964 24,96- 74 588 26,301 22,277 4,853 30,044 1,264 841 547 343 86319,529 19,014 515 Aug. 5... 24,964 24,964 56 625 26,153 22,227 4,858 30,139 1,276 460 557 332 86019,614 18,959 655 Aug. 12... 24,96 24,964 77i 609 26,35: 22,228 4,85( 30,158 1,27 = 675 551 329 85919,593 18,942 651 Aug. 19. .. 25,008124,98" 1 815 75 26,577 22,228 4,861 30,145 1,280 738 610 390 86219,641 18,865 776 Aug. 26. .. 25,01 24,985 28 524 587 26,131 22,228 4,862 30,105 1 ,273 669 518 354 86219,440 18,860 580 Sept. 2...25,06 25,01- 53 39 610 26,071 22,178 4,865 30,240 1,278 541 538 333 85919,325 18,884 441 Sept. 9... 25,126 25,03- 92 491 559 26,179 22,178 4,865 30,479 1,274 574 569 363 85919,104 18,731 373 Sept. 16. ..25,207 25,08- 123 31 943 16,464 22,178 4,868 30,335 1,278 356 507 381 88219,771 18,885 886 Sept. 23... 25,185 25,185 228 813 26,228 22,179 4,869 30.2K 1,27 619 543 259 88119,486 18,868 618 Sept. 30. . .25,235 25,235 329 685 26,252 22,128 4,87. 30,275 1,283 642 512 352 88019,309 18,816 493 Oct. 7... 5,348 25,348 281 606 26,238 22,128 4,872 30,374 1,284 524 484 370 89919,303 18,757 546 Oct. 14. .. 5,363 25,348 271 685 26,322 22,128 4,873 30,412 1,271 348 461 375 89919,557 18,728 829 Oct. 21. .. 5,348 25,348 260 826 26,43 22,077 4,874 30,305 1,270 530 461 358 89719,567 18.817 750 Oct. 28. .. 5,348 25,348 359 599 26,309 22,077 4,874 30,268 1,28: 644 471 366 89519,334 18,796 538 Nov. 4... 15,447 25,398 49 822 559 !6,83C 22,076 4,877 30,428 1,283 664 453 376 80119,779 18,845 934 Nov. 11... !5,123 24,958 165 36 = 62 '6,111 22,07 4,878 30,540 784 322 449 534 80819,630 19,026 604 N No o v v . . 2 18 5 . . . . . . 1 !5 4 , , O 9 2 5 2 8 2 2 4 4 , , 9 9 9 5 3 8 "29 5 76 9 8 4 9 6 3 3 3 6 5 •6 6 , , 4 4 2 8 8 7 2 2 2 2 , . 0 0 2 76 4 4 , , 8 8 7 7 9 8 3 3 0 0 , , 6 4 9 8 1 7 7 77 8.6 5 5 0 2 3 2 4 4 2 1 9 9 3 3 3 9 5 8 8 8 0 0 5 52 1 0 9 , , 0 77 4 5 4 1 1 9 9 , ,1 1 8 5 7 0 6 8 2 5 5 7 Dec. 2... •5,081 25,043 38 42 792 !6,302 22,028 4,882 30,791 774 526 431 339 87819,474 19,161 313 Dec. 9... !5,34.s 25,143 20: 727 606 16,681 22.028 4,883 30,904 778 488 491 331 88019,720 19,053 667 Dec. 16. .. 15,457 25,243 214 268 1,19. 56,921 22,028 4,884 30,953 769 224 464 259 93620,229 19,309 920 Dec. 23. .. 15,886 25,318 568 43.== 1,369 57,692 22,029 4,886 31,156 763 799 461 427 93720,064 19,297 767 Dec. 30... 15,902 25,318 584 100 973 !6,977 22,029 30,890 773 377 474 380 93620,066 19,364 702 Jan. 6... 15,384 25,318 66 170 963 16,519 22,029 4,890 30,591 770 222 440 397 83620,184 19,390 794 Jan. 13. .. :5,318 25,318 156 754 16,230 22,030 4,890 30,284 775 86 500 441 83620,228 19,250 978 Jan. 20... :5,364 25,364 70 977 16,412 22,006 4,890 30,083 782 5 443 286 83320,874 19,276 1,598 Jan. 27. .. 4,661 24,661 110 722 15,495 22,006 4,890 29,900 795 236 493 278 83119,859 19,229 End of month 1953 Jan !3,944 23,888 56 1,735 796 26,478 22,986 4,820 29,691 1,308 809 586 508 77020,611 19,997 614 Feb 13,876 23,853 23 1,309 1,006 26,194 22,662 4,824 29,793 1,284 336 511 412 83320,511 19,796 715 Mar !3,806 23,806 485 632 14,927 22,563 4,829 29,754 1,293 222 536 342 850 9,322 19,607 -285 Apr , 13,880 23,806 "74 1,014 649 !5,546 22,562 4,841 29,842 1,269 393 506 416 783 9,740 19,389 351 May !4,246 24,031 215 731 607 15,589 22,537 4,849 29,951 1,272 221 515 171 77520,069 19,263 806 June !4,746 24,718 28 64 601 15,414 22,463 4,854 30,125 1,259 132 527 176 951 19,561 19,459 102 July 14,964 24,964 644 565 16,176 22,277 4,859 30,120 1,263 548 566 346 862 9,607 19,017 590 Aug 5,063 24,989 "74 343 549 15,958 22,178 4,867 30,248 1,269 496 524 325 862 9,278 18,802 476 Sept •5,235 25,235 329 685 6,252 22,128 4,872 30,275 1,283 642 512 352 880 9,309 18,816 493 Oct 5,348 25,348 413 787 16,550 22,077 4,879 30,398 1,275 654 448 468 802 9,460 18,826 634 Nov 5,095 24,993 102 369 667 16,133 22,028 4,885 30,807 766 451 417 367 804 9,434 19,087 347 Dec 5,916 25,318 598 28 935 16,880 22,030 4,894 30,781 761 346 423 493 839 10,160 19,397 763 1954 Jan.. 14,640 24,640 156 640 .5,437 21,956 '4,897 '29,977 *>795 405 440 459 830 9,384 19,145 P239 P Preliminary. For footnotes see following page. 151 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re i s th er v F e . R ba . la B n a c n e k s, s O F t e h d e - r reserve balances p D e o r a i r o te d Total B r o o ig u u h g t- h t t u r c m a H e n h g p e e d a r l u n e s e d e e r t r - - v c D a o a a n n u d is c d n - - e ts s Float o e A r th l * l - Total s G to o c ld k s r o c t e i a n u u n n r g t c- - d y - c t c u i ii o n l r a n - - h c i u n o ar l g sy d h s - T p u o d re r s e y i a - t s s - p F e o d i o s g e r i - n t - s O p d i e t t o e r s h s - - - c s o eR e a r u r c ea v n - -ii e ts Total qu R ir e e - d2 c E es x s - 9 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 t,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 1,56228,868 ,336 870 392 569 563 17,899 16,400 1,499 1948—Dec. 23,333 23,333 223 541 1 24,09724,244 1,58928,224 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 t1,59827,600 ,312 821 767 750 706 16,568 15,550 1,018 1 1 9 9 5 5 0 1 — — D Ju e n c e .. . 2 22 0 , , 9 7 8 7 2 8 2 2 0 2 , , 7 9 2 3 5 2 5 5 3 0 6 5 7 3 1 1, , 0 3 0 6 2 8 3 5 2 2 2 4 , , 2 0 1 4 6 3 2 2 2 1 , , 7 7 0 5 6 6 < i • 1 1, , 6 6 5 3 5 62 2 7 7 , , 7 8 4 0 1 9 1 1, , 2 2 8 9 1 3 6 31 6 7 8 8 89 7 5 0 3 5 9 6 2 5 7 76 1 5 4 1 1 7 9 , , 6 0 8 2 1 0 1 1 6 8 , , 5 6 0 0 9 4 1,1 4 7 1 2 6 Dec. 23,801 23,605 196 19 1,184 5 25,00922,695 t1,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—June.22,906 22,764 142 59 581 5 23,55123,346 i1,75429,026 L.283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 4 25,82523,187 t1,81230,433 1,270 389 550 455 77719,950 20,520 -570 1953—June.24,746 24,718 28 64 601 3 25,41422,463 4,85430,125 L,259 132 527 176 961 19,561 19,459 102 Averages of daily figures Monthly: 1953—Jan.. 24,202 24,011 191 1,372 1,008 4 26,58623,101 4,81429,920 L.280 552 611 405 77520,958 20,251 707 Feb.. 23,918 23,875 43 1,336 822 4 26,08022,797 4,82129,718 1,299 500 526 336 800 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 1,281 395 563 397 861 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 1,273 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 1,273 656 548 376 861 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 1954—jan 25,263 25,149 114 118 861 2 26,24322,015 4,89130,282 778 201 453 422 834 20,179 Weekending: 1953 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 1954 Jan. 6 25,786 25,318 468 111 987 2 26,88622,029 4,89130,721 769 328 431 525 838 20,194 19,367 827 Jan. 13.... 25,438 25,318 120 155 775 2 26,37022,030 4,89030,457 771 334 469 444 837 19,978 19,199 779 Jan. 20.... 25,316 25,316 87 940 2 26,34422,023 4,89030,199 773 12 449 425 834 20,566 n9,302 P\,264 Jan. 27.... 24,958 24,958 91 880 2 25,93022,006 4,89029,999 788 46 466 322 832 20,374 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. aThese 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 * [Pet cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935 Dec. 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 V 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 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. 152 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) 1 (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 31 beginning— rate Boston Jan. 20,1953 an. 20,1953 3 Jan. 20,1953 New York.... Jan. 16,1953 an. 16,1953 3 Jan. 16,1953 Philadelphia.. an. 16,1953 an. 16,1953 I* Jan. 16,1953 Cleveland an. 16,1953 an. 16,1953 Aug. 17,1953 Richmond an. 23,1953 an. 23,1953 Jan. 23,1953 Atlanta an. 16,1953 an. 16,1953 July 20,1953 Chicago an. 16,1953 an. 16,1953 Aug. 13,1948 St. Louis an. 16,1953 an. 16,1953 3 May 18.1953 Minneapolis. . an. 16,1953 Jan. 16,1953 Jan. 26,1953 Kansas City. . an. 16,1953 Jan. 16,1953 Jan. 16,1953 Dallas an. 23,1953 Jan. 23,1953 3 4 Jan. 23,1953 San Francisco Jan. 20,1953 Jan. 20,1953 f Jan. 20,1953 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 corporation! under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits * Maturity Jan. 31 ginning— rate Time 1- 90 days. Jan. 16. 1953 Ef o fe f ct c iv h e a n d g a e te C re e s n e t r r v a e l Re c s i e ty rve Country d m e e p ( m a o l b s l i e t r ! 91-120 days. Jan. 16. 1953 city banks banks banks) 121-180 days. 2% Jan. 16, 1953 banks NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21. 13 10 S an ta c t e i s s ti p c a s, y T ab 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 . . 1 1 6 . . 22 % 15 103, May 1. 26 20 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16. 22M 12 OF THE FEDERAL RESERVE ACT 1941—Nov. 1. 26 20 14 Maturities not exceeding five years 1942—Aug. 20. 24 [In effect January 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. 22 R F B e e d s a e e n r r k v a e l lo O an n s * co m m O e m n n t i s t- fo P O r o w n rt i h p o d i u c n i r s h c c h o a u s n e t R s s e- or c m o O m en n m ts it- 1949— J A J A M M u u u u l n a a y g g y y e . . 1 3 5 0 1 1 1 1 . . . . . . 24 2 2 1 0 1 1 1 5 4 3 3 « 2 2 3 6 5 6 7 7 institu- maining Aug. 16. 12 25 tion is portion Aug. 18. 23 19 obligated Aug. 25. 22^ Sept. 1. 22 18 Boston 3-534 i H-iM 1951—Jan. 11. 23 19 36 New York 3-5^ H-1H Jan. 16. 13 26 Philadelphia. . . . 2^-5 Jan. 25. Cleveland 23^-5 Feb. 1. 14' Richmond 234-5 $A& Atlanta 2M-5 5H-iX 1953—July 13 Chicago 2^-5 July 22 19 St. Louis 3-5 M-iX 2-234 Minneapolis.... 3-5^ 34-1^ In effect Feb. 1, 1954*. 22 19 13 Kansas City 2^-5 34-1 x S D a a n ll a F s rancisco... 3 3 - - 5 5 3 3 4 4 K-iX Au 1 g D . e 2 m 3, a n 1 d 9 3 d 5 e , p o h s a i v ts e s b u e b e je n c t t o to ta l r es d e e r m ve a n r d e qu d i e r p e o m si e t n s ts m , w in h u i s c h c a b s e h g in it n e i m ng s in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Including loans made in participation with financing institutions. Apr. 13, 1943-June 30, 1947). 2 Rate charged borrower less commitment rate. 2 Requirement became effective at country banks. *Rate charged borrower. *Rate charged borrower but 3 Requirement became effective at central reserve and reserve city not to exceed 1 per cent above the discount rate. banks. •Charge of -^ per cent per annum is made on undisbursed portion * Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities, •Charge of J^ per cent per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. FEBRUARY 1954 153 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 try banksi New Chi- banks banksi banksi New Chi- banks banks* York cago York cago Total reserves held: Excess reserves: 1952—October 20,611 5,215 1,369 8,081 5,946 1952—October 648 1 -4 99 553 N De o c v e e m m b b e e r r 2 2 1 0, , 7 1 4 8 4 0 5 5 , , 2 3 0 5 1 7 1 L , , 3 4 6 0 7 6 8 8 , , 1 3 7 2 2 3 6 6 , , 0 0 0 9 4 4 N De o c v e e m m b b e e r r 6 7 5 2 7 3 30 8 ^ 1 1 0 2 2 0 5 57 4 6 7 1953—October 19,536 4,718 1,270 7,780 5,768 1953—October 752 37 1 148 566 November 19,718 4,730 1,288 7,849 5,852 November 684 19 87 579 December 19,920 4,762 1,295 7,962 5,901 December 693 14 i 85 594 Dec. 16 19,926 4,801 1,294 7,960 5,871 Dec. 16 695 16 105 574 Dec. 23 20.032 4,758 1,294 7,986 5,994 Dec. 23 748 17 2 64 669 Dec. 30 20,121 4,774 1,294 8,087 5,966 Dec. 30 813 39 -1 131 644 1954—Jan. 6 20,194 4,836 1,323 8,075 5,960 1954—Tan. 6 827 21 -3 165 644 Tan. 13 19,978 4,690 1,319 8,048 5,921 Jan. 13 779 11 8 155 605 Jan. 20 20,566 4,946 1,335 8,216 6,069 Jan. 20 P1,264 259 22 246 *>737 Borrowings at Federal Required reserves:2 Reserve Banks: 1952—October 19,963 5,214 1,373 7,982 5,393 1952—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 December 20,457 5,328 ,409 8,203 5,518 December 1,593 486 232 639 236 1953—October 18,784 4,681 L,269 7.633 5,202 1953—October 363 2 18 241 102 November 19,034 4,711 1,288 7,762 5,272 November 487 78 24 270 115 December 19,227 4,748 ,295 7,877 5,307 December 441 115 37 184 105 Dec. 16 19,232 4,785 ,204 7,856 5,297 Dec. 16 430 89 39 185 117 Dec. 23 19,284 4,741 1,206 7,922 5,325 Dec. 23 503 218 27 159 99 Dec. 30 19,308 4,735 ,205 7,956 5,322 Dec. 30 211 20 7 96 88 1954—Jan. 6 19,367 4,816 1,326 7,909 5,316 1954—Tan. 6 96 2 67 27 Tan. 13 19,199 4,679 1,311 7,893 5,316 Tan. 13 131 78 53 Jan. 20 "19,301 4,687 1,313 7,969 P5,332 Jan. 20 71 31 40 9 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. 2Reserve 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 December 1953 December 1952 Gross demand deposits: Total 110,712 23,095 6,198 43,074 38,346 111,052 23,894 223 42,978 37,957 Interbank 13,056 4,025 1,288 6,541 1,202 13,019 4,090 255 6,463 1,212 Other 97,656 19,069 4,910 36,533 37,143 98,033 19,804 969 36,515 36,745 Net demand deposits2 96,055 20,787 5,550 36,989 32,729 96,624 21,630 5,577 37,045 32,372 Time deposits 35,832 2,914 1,233 14,147 17,538 33,108 2,271 1,182 13,227 16,428 Demand balances due from domestic banks... 6,623 48 118 2,063 4,394 6,495 47 116 1,954 4,378 Reserves with Federal Reserve Banks: Total 19,920 4,762 1,295 7,962 5,901 21,180 5,357 1,406 8,323 6,094 Required3 19,227 4,748 1,295 7,877 5,307 20,457 5,328 1,409 8,203 5,518 Excess 693 14 1 85 594 723 30 -4 120 576 Borrowings at Federal Reserve Banks 37 105 1,593 486 232 639 236 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3Reserve requirements were reduced in July 1953; see table on preceding page. 154 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] End of month Item Assets Gold certificates Redemption fund for F. R. notes Total gold certificate reserves Other cash Discounts and advances: For member banks For nonmember banks, etc.. Industrial loans U. S. Government securities: Bought outright: Bills Certificates: Special Other Notes Bonds Total bought outright Held under repurchase agreement Total U. S. Government securities Total loans and securities Due from foreign banks F. R. notes of other Banks Uncollected cash items Bank premises Other assets Total assets. Liabilities Federal Reserve notes Deposits: Member bank—reserve accounts U. S. Treasurer—general account Foreign Other Total deposits. Deferred availability cash items. . . Other liabilities and accrued dividends Total liabilities. Capital Accounts Capital paid in Surplus (Section 7) , Surplus (Section 13b) , Other capital accounts , Total liabilities and capital accounts Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) Contingent liability on acceptances purchased for foreign correspondents 22,153 Industrial loan commitments 3,177 Maturity Distribution of Loans and U. S. Government Securities l Discounts and advances—total 110,466 69,666 156,070 169,951 100,100 155,676 27,855 1,734,729 Within 15 days 89,641 47,596 133,347 155,433 88,35C 134,101 16,480 1,428,513 16 days to 90 days 20,825 20,490 22,723 14,518 11,750 21,575 11,375 306,216 91 days to 1 year 1,580 Industrial loans—total ' " 1,895 1,701 i',803 1^931 1,973 , 865 1,879 3,867 Within 15 days 331 339 346 374 821 320 373 214 16 days to 90 days 588 560 566 753 72 552 655 1,929 91 days to 1 year 898 723 829 742 1,020 914 788 1,363 Over 1 year to 5 years 79 62 62 60 79 63 361 U. S. Government securities—total 660,362 363,774 ,317,674 25,383,674 ,902,17424,639,36225,915,574 ,943,616 Within 15 days 482,000 005,554 746,704 710,804 ,264,800 3,979,550 998,400 ,934,300 16 days to 90 days 379,200 559,058 ,771,808 ,873,708 ,838,212 1,860, 650 ,118,012 405,504 91 days to 1 year 855,241 855,241 ,855,241 ,855,241 ,855,241 9,855,241 ,855,241 ,520,141 Over 1 year to 5 years 154,664 154,664 154,664 ,154,664 ,154,664 6,154,664 ,154,664 ,655,200 Over 5 years to 10 years 374,400 374,400 374,400 ,374,400 374,400 1,374,400 ,374,400 ,070,224 Over 10 years 414,857 414,857 414,857 ,414,857 ,414,857 1,414,857 ,414,857 ,358,247 beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 155 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1954 [In thousands of dollars] San Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Assets Gold certificates. 20,384,103 1,022,141 5,460,6571,242,7291,774,3611,024,547 900,4873,733,582 810,047 482,514 863,164 748,5212,321,353 for F. R. notes. 890,116 54,388 181,843 60,016 81,595 72,652 58,371 150,815 49,208 25,482 41,302 30,250 84,194 Total gold certificate reserves. . 21,274,219 1,076,529 5,642,5001,302,7451,855,9561,097,199 958,8583,884,397 859,255 507,996 904,466 778,7712,405,547 Other cash 472,786 36,505 98,483 31,417 36,691 29,017 40,140 78,589 27,732 8,898 17,674 19,423 48,217 advances: Secured by U. S. Govt. securities. . . 138,376 6,530 9,945 3,805 13,891 15,500 34,705 8,050 12,100 7,500 9,200 5,000 12,150 Other. 17,300 915 4,350 1,110 1,380 765 2,945 2,085 570 375 570 705 1,530 Industrial loans 1 865 1 390 50 306 119 U. S. Government securities: right 24,639,362 1,356,742 6,342,862 1,484,6202,091,6111,461,1141,260,2794,258,470 1,036,603 608,124 1,073,857 978,7492,686,331 repurchase agreement... Total loans and securities 24,796,903 1,364,187 6,357,1571,490,9252,106,882 1,477,4291,298,2354,268,605 1,049,273 616,118 1,083,627 984,4542,700,011 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 218,954 4,892 25,028 11,066 12,138 49,044 30,210 22,694 10,152 11,032 6,468 15,681 20,549 items 3,501,445 213,127 630,377 205,527 321,962 304,878 257,849 579,952 144,750 94,674 187,424 198,438 362,487 Bank premises... 52,809 6,198 7,429 4,752 5,212 4,697 3,971 6,429 2,891 1,021 2,236 584 7,389 Other assets 191,891 10,467 47,701 11,422 16,751 11,443 10,486 32,657 8,083 4,672 8,952 8,217 21,040 Total assets 50,509,029 2,711,90612,808,6813,057,8564,355,5942,973,7082,599,7508,873,3262,102,1371,244,4122,210,8482,005,5695,565,242 Liabilities F. R. notes 25,885,171 1,590,109 5,756,9541,851,1212,396,7791,793,4401,377,8955,010,7111,181,361 633,675 1,004,980 720,9192,567,227 Deposits: Member bk.— reserve accts.19,384,065 768,106 5,789,671 892,4241,517,732 810,222 871,2553,163,011 698,694 460,438 957,306 987,6782,467,528 U. S. Treas.— gen. acct 405,287 22,798 64,335 26,998 30,766 29,499 27,024 57,127 18,848 21,704 31,546 31,860 42,782 Foreign 439,753 27,352 2121,370 33,182 41,253 22,868 19,281 62,328 17,039 11,210 17,039 21,075 45,756 Other 458,834 3,343 286,713 1,769 4,826 15,997 39,541 767 18,955 4,954 3,001 42,785 36,183 Total deposits... 20,687,939 821,599 6,262,089 954,373 1,594,577 878,586 957,1013,283,233 753,536 498,306 1,008,8921,083,3982,592,249 Deferred availability cash items 2,861,024 233,765 488,283 173,047 265,672 244,799 215,839 429,210 124,115 83,064 154,679 151,390 297,161 Other liabilities and accrued dividends 15,994 788 3,948 914 1,820 697 701 2,679 574 1,144 597 518 1,614 Total liabilities..49,450,128 2,646,26112,511,2742,979,4554,258,8482,917,5222,551,5368,725,8332,059,5861,216,1892,169,1481,956,2255,458,251 Capital Accounts Capital paid in. . 267,301 14,550 82,154 18,186 25,588 11,841 11,503 35,301 9,250 6,001 10,216 13,319 29,392 Surplus (Sec. 7).. 625,012 38,779 176,633 45,909 57,648 31,749 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 accounts 139,045 9,305 31,301 9,817 12,504 9,247 7,915 19,971 7,315 4,930 6,891 6,572 13,277 Total liabilities and capital accounts 50,509,029 2,711,90612,808,6813,057,8564,355,5942,973,7082,599,7508,873,3262,102,137 1,244,4122,210,8482,005,5695,565,242 Reserve ratio 45.7% 44.6% 46.9% 46.4% 46.5% 41.1% 41.1% 46.8% 44.4% 44.9% 44.9% 43.2% 46.6% Contingent liability on acceptances purchased for forspondents 17,393 1,116 34,400 1,354 1,684 933 787 2,544 695 458 695 860 1,867 Industrial loan commitments.. 3,533 1,702 748 47 129 27 880 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $318,364,000 participations of other Federal Reserve Banks. 8After deducting $12,993,000 participations of other Federal Reserve Banks. 156 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 thousandla of dollars] Wednesday figures End of month Item 1954 1953 1954 1953 [an.27 Jan. 20 Jan. 13 Jan. 6 Dec. 30 Jan Dec Jan F. R. notes outstanding (issued to Bank) 27,300,84727,457 63027 636, 19427,733,96127,780,06627,246 47027,771, 10626,881,659 Collateral held against notes outstanding: Gold certificates . 11,093,000 11,093 00011 093 00011093 00011,093 00011,093 00011,093,000 ,979, 000 Eligible paper S1 300 38 6S0 77 S4S 108 SO300 74 980 10, 130 1,002, ?33 U. S. Government securities 17,320,000 17,420 000 17420,000 17,420,000 17,420,000 17,305 000 17,420, 000 14,640, 000 Total collateral 28,464,30028,551 650 28 590,545 28,621,25528,563,30028,472 980 28,523, 130 28,621,233 EACH FEDERAL RESERVE BANK ON JANUARY 31, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) 27,246,4701,686,002 6,035,8411,963,9472,532,2061,888,6121,466,196 5,201,9131,242,843 655,390[,038,725766,7032,768,092 Collateral held: Gold certificates11,093,000 640,000 2,670,000 800,0001,050,000 625,000 435,000 2,400,000 355,000175,000 280,000283,0001,380,000 Eligible paper.. 74,980 6,530 8,195 3,805 15,500 12,100 7,500 9,200 12,150 U. S. Govt. securities 17,305,0001,200,000 3,600,0001,200,0001,550,000 1,350,0001,100,0002,900,000 960,000 500,000 800,000 525,0001,620,000 Total collateral.. 28,472,980 1,846,530 6,278,1952,003,8052,600,000 1,990,5001,535,0005,300,0001,327,100 682,5001,089,200 808,000 3,012,150> INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p t - p p o p l i r c d o A a a v t t m i e e o d o n u s nt ( b p a p l m u c r e A o o t t o m v P e n u d e - - n o d i t t) s ( t a a L m o n o d u o a i t u n n - n s g t 2 ) s ( C a t m a m o o n m e u o d n t u m i - t n n s i g t t ) - s o i ( n t p a t f a u g m a o n f t t u d i i i o i o o n n t i u - n n n a s n g t n s s t i * ) c - - E m n o d n t o h f Gua a r u a t t o n h t o d e r e a i d t z e e l d oans o G u u t a s lo t r a a a n n n d t s e i e n d g u a A b v n a o a d d m i r d e l r r a i o o t b w i u g o l n e u e n t r a a s t r l o - N b u e m r - Amount a T m o o t u a n l t g P u o a r r ti a o n n - ant m ee e n ag ts ree- 1945 3,511 544,961 320 1,995 1,644 1,086 teed outstanding 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 1949 3,649 629,326 539 2,178 2,288 2,947 1950 3,698 651,389 4,819 2,632 3,754 3,745 December. 62 31,326 8,017 6,265 8,299 1951 3,736 710,931 3,513 4,687 6,036 11,985 1952 3,753 766,492 1,638 3,921 3,210 3,289 1951 1953 March.... 254 300,955 68,833 56,973 47,822 June 484 654,893 252,100 209,465 276,702 January... 3,754 770,541 2,513 3,895 3,176 3,236 September. 729 1,154,942 492,167 400,652 450,015 February. . 3,755 773,013 1,185 4,054 2,816 3,234 December. 854 1,395,444 675,459 546,597 472,827 March 3,756 776,461 1,188 3,678 2,756 3,193 April 3,757 780,468 1,751 3,485 2,866 3,131 1952 May 3,758 784,246 1,698 3,706 2,671 3,141 June 3,758 788,058 1,646 3,223 3,142 3,141 March 971 1,677,786 836,739 672,974 467,392 July 3,759 790,798 1,162 3,292 3,304 3,129 June 1,050 1,867,643 883,262 703,774 615.139 August.... 3,760 793,196 1,492 2,801 3,355 2,955 September 1,113 2,052,327 922,129 736,833 656,995 September. 3,760 795,496 997 2,993 3,341 3,134 December. 1,159 2,124,123 979,428 803,132 586,303 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 1953 December.. 3,765 803,429 1,951 1,900 3,569 3,469 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 8Not covered by Federal Reserve Bank commitment to purchase or August.... 1,259 2,301,987 868,274 716,618 444,265 discount. September 1,269 2,310,182 860,874 709,488 438,091 October. . . 1,279 2,320,187 842,529 695,550 416,690 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 ad- December. ,294 2,358,387 804,686 666,205 363,667 vances, 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 agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. FEBRUARY 1954 157 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 January 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 Institution May Charge Borrower 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. . . 2,401 2,618 33 2,435 150 October. P2,387 November.... J>2,373 December.... J>2,359 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 centersl centers 1943 757,356 281,080 175,499 300,777 20.4 18.0 15.3 1944 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695.133 34.4 24.1 18.4 1953 1,759,062 632,801 385,831 740,429 36.7 25.6 18.9 1952—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 "•145,919 52,048 31,660 ••62,212 34.3 23.9 18.4 February.... '129,163 45,749 28,126 '55,287 35.1 24.4 18.9 March ••153,356 53,898 35,339 ••64,119 37.1 28. 19.4 April ••145,567 52,038 32,742 '60,788 35.4 26. '18.4 May ••141,981 50,255 32,283 ••59,443 35.6 26.2 18.8 June ••153,846 56,623 33,807 '63,416 38.9 26.5 '19.2 July ••147,957 51,799 32,683 ••63,476 36.0 25.7 19.2 August •"134,386 45,516 29,958 ••58,913 32.2 23.6 '17.8 September... ••147,699 54,888 31,422 »-61,390 40.2 25.9 '19.3 October •"149,609 54,152 31,778 •"63,679 35.8 23.9 '18.4 November... ••140,992 50,470 30,477 '60,046 38.4 ••26.4 20.2 December.. . 168,587 65,367 35,557 67,663 43.1 26.8 19.7 «• 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. 158 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 andsmall denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion i Total Coin 3$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 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 1 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 December. . . 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2 ,732 5,581 333 486 4 11 2 UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal De 1 c 9 . 5 3 3 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B F R a e n e d k se s e r r v a a e n l d B R a a n e g s k e e s n r t v a s e nd De 1 c 9 . 5 3 3 1, No 1 v 9 . 5 3 30, De 1 c 9 . 5 3 2 1, certificates agents Gold 22,030 21,390 2640 F G T e r o e d ld a e s r u a c l r e y r R ti c e f u s ic e r a r r t v e e e n s c n y o — te t s otal 2 2 4 1 7 , , , 8 3 7 9 7 9 0 1 4 ^2,399 9 31 i 18 538 '2 1 , , 8 3 4 7 1 2 2 7 6'' 2 4 6 , , 4 2 9 5 3 1 3 6 2 4 6 , , 5 2 2 4 3 2 9 6' ' 2 4 5 , , 4 9 5 4 3 5 1 7 Standard silver dollars 492 258 20 3 210 208 199 Silver bullion . . 2,141 2,141 Silver certificates and Treasury notes of 1890. . 32,399 298 2,101 2,121 2,106 Subsidiary silver coin 1,219 6 34 1,179 1,185 1,141 Minor coin 430 2 5 424 423 410 United States notes 347 2 29 316 321 314 Federal Reserve Bank notes 193 (5) 2 190 192 210 National Bank notes 73 (5) 1 72 72 75 Total—Dec 31 1953 (4) 23,789 761 18,538 4,614 30,781 Nov. 30, 1953 (4) 23,758 766 18,533 4,195 '36^807'" Dec. 31 1952 (4) 24,395 1,270 19,170 4,547 30,433 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 151. 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. 4Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. FEBRUARY 1954 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, net— Eate Tr u e r a y s- U. S.Government (obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold st r a c e o n u n u d r c t i - - y ng Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca i a n p t n i e i e t d t s al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29 4,037 2,019 ,642 41,082 741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 4?,148 957 10 328 8,199 1 998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. . 17,644 2,963 54,564 22,157 23 105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 ?6 605 ?9 049 25,511 254 1 284 8,999 90 637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 128 417 101,288 24,262 2,867 8,577 191.785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 023 107 086 81,199 559 328 10,723 188,148 175,348 12,800 1948—Dec. 31 24,244 4,589 160,457 48,341 100 694 74,097 23,333 3, 264 11,422 189,290 176,121 13,168 1949—Dec. 31 24,427 4,598 16?,681 49 604 100 456 78,433 18 885 138 12,621 191,706 177,313 14,392 1950—Dec. 30 22,706 4,636 171,667 60,366 96 560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—June 30 21,756 4,655 m,447 63,821 94 450 68,726 982 742 15,176 199 858 185,038 14,820 Dec. 31 22,695 4,706 181,323 67,597 97 808 71,343 23,801 2,664 15,918 208,724 193,404 15.320 1952—June 30 23,346 4,754 182,980 69,712 96 266 70.783 22,906 2,577 17,002 211,080 194,960 16,120 Dec. 31 23,187 4,812 19?,866 7S 484 100 008 72,740 ?4 697 571 17,374 220,865 204,220 16,647 1953—Jan. 28. 23,000 4,800 191,200 74,900 98 800 72,300 24,000 2,600 17,500 219,000 202,100 16,900 Feb. 25 22,700 4,800 190,300 7S,000 97 800 71,400 900 500 17 500 217 800 201 000 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 68,400 800 500 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 1Q0,277 77,071 95 350 68,108 ?4 746 496 17 856 217 594 200 360 17,234 July 29P 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. 22,200 4,900 195,400 77 700 Q9 600 72,100 000 9 500 18 200 222 500 204 800 17,700 Sept.30P 22,100 4,900 195,900 78 400 99 300 71,600 25 200 500 18,200 222 900 204 900 18,000 Oct. 28P 22,100 4,900 196,600 79 100 QQ500 71,700 25 300 2 400 18 100 223 600 205 400 18,200 Nov. 25? 22,000 4,900 1Q8,100 79 500 100 400 73,000 25 000 2 400 18 200 225 000 206 800 18,200 Dec. 30P 22,000 4,900 200,000 80, 700 101 100 72,800 25,900 2,400 18,200 226,900 209,000 18,000 Deposits and Currency U.S. Governmentbalances Deposits adjusted and currency I)ate Total d F e b o p n a r o e e n i s t k g it n s, h T o c u l r d a e r s i a y n h s g - s A m s b a t a e a v n r n c i c n o d k i g m a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m n m c k i e - a s l dep M s b o a a s v u n i i t t k n u s s g 8 a 4 s l S S P a y o v s s t in t e a m g l s o b r u C e a t n n u s c i r k d y - s e 1929—Tune 29 55,776 365 204 381 36 54,790 ?.?..540 28 611 19,557 8,905 149 3,639 1933—june 30 42,029 50 264 85?. 35 40,828 14 411 21 656 10,849 9,621 1,186 4,761 1939—Dec. 30 68,359 1,217 2,409 846 634 63,253 793 27 059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 7,215 1 895 867 76,336 38 992 27 729 15,884 10,532 1,313 9,615 1945—Dec. 31 180,806 2,141 ,287 608 977 150,793 75 851 48 452 30,135 15,385 2,932 26,490 1947—Dec. 31 175,348 1,682 ,336 1 452 870 170,008 87 121 56 411 35,249 17,746 3,416 26,476 194g—Dec. 31 176,121 2,103 ,325 2 451 1,123 169,119 85 520 57 520 35,804 18,387 3,329 26,079 1949—Dec. 31 177,313 2.150 .312 3 249 821 169,781 85 750 58 616 36,146 19,273 3,197 25,415 1950—Dec. 30 184,385 2,518 ,293 989 668 176,917 9?. 59 247 36,314 20,009 2,923 25,398 1951—June 30 185,038 2,424 ,281 6 332 317 174,684 88 960 59 948 36,781 20,382 2,785 25,776 Dec. 31 193,404 2,279 ,279 3 615 247 185,984 98 234 61 447 37.859 20,887 2,701 26,303 1952—June30 194,960 2,319 ,283 6 121 •m 184,904 94 754 63 676 39,302 21,755 2,619 26,474 Dec. 31 204,220 2,501 ,270 S 259 389 194,801 101 508 65,799 40,666 22,586 2,547 27,494 1953—Jan. 28 202,100 2,500 ,300 4 ?00 700 193,300 100 500 66,100 40,700 22,800 2,500 26,800 Feb 25 201,000 2,300 1,300 S,400 400 191,600 98 300 66,400 41,000 22,900 2,500 26,900 Mar.25 . 200,600 2,400 1,300 s 800 So 191,000 97,400 66,800 41,200 23,100 2,500 26,900 Apr. 29 199,100 2,400 1,300 2,900 192,200 98,000 67,200 41,500 23,300 2,500 27,000 May 27 199,100 2,400 1,300 2,900 400 192,100 97,500 67,600 41,700 23,400 2,500 27,000 June 30 200,360 2,467 1,259 3,942 132 192,560 96,898 68,293 42,245 23,589 2,459 27,369 July 29P 205,100 2.500 1,300 7,500 800 193,000 97,400 68,400 42,300 23,700 2,400 27,200 Aug. 26P 204,800 2,400 1,300 7,000 700 193,400 97 500 68,700 42,500 23,800 2,400 27,300 Sept 30P 204,900 2,500 1,300 6 700 600 194,300 97,700 69,100 42,800 24,000 2,400 27,500 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. 25P 206.800 2,400 800 S,700 500 197,400 100 900 69,300 42,900 24,000 2,400 27,900 Dec. 30P 209,000 2,400 800 4,100 400 201,300 103, 300 70,100 43,400 24,400 2,400 27,800 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. aDemand 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. 4 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. 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other a C ss a e s ts h * Total i b In an te k r - i a c c T a c o p o t i u t a a n l l ts N b u a m o n f k b s er Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 312 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 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. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Dec. 30 148,021 60,386 87,635 72,894 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 30 157,528 69,742 87,786 70,783 17,002 41,667 184,130 13,513 109,247 61,369 15,039 14,599 Dec. 31 165,626 75,512 90,114 72,740 17,374 45,584 195,552 15,321 116,633 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 30 163,082 77,117 85,965 68,108 17,856 42,023 189,159 13,600 109,389 66,170 15,791 14,537 July 29P 168,500 77,850 90,650 72,700 17,950 39,230 190,620 12,960 111,320 66,340 15,810 14,534 Aug. 26P 168,590 78,370 90,220 72,070 18,150 39,060 190,350 12,920 110,850 66,580 15,890 14,532 Sept. 30P 168,560 78,730 89,830 71,620 18,210 41,480 193,080 13,900 112,100 67,080 16,070 14,525 Oct. 28P 169,520 79,720 89,800 71,660 18,140 41,040 193,140 14,300 111,260 67,580 16,120 14,518 Nov. 25P 171,170 80,010 91,160 72,990 18,170 41,550 194,950 14,230 113,480 67,240 16,200 14,510 Dec. 30P 172,220 81,200 91,020 72,780 18,240 44,290 199,540 15,500 115,910 68,130 16,190 14,511 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 312 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Dec. 31 132,610 57,746 74,863 61,524 13,339 44,645 164,840 15,086 111,618 38,137 12,216 14,089 1952—June 30 134,437 59,233 75,204 61,178 14,026 40,702 162,348 13,512 109,222 39,614 12,601 14,070 Dec. 31 141,624 64,163 77,461 63,318 14,143 44,666 172,931 15,319 116,600 41,012 12,888 14,046 1953—May 27 138,100 65,440 72,660 58,310 14,350 38,450 161,630 12,650 106,930 42,050 13,180 14,018 June 30 137,957 65,025 72,932 58,644 14,287 41,156 165,531 13,598 109,352 42,581 13,275 14,009 July 29P 143,190 65,630 77,560 63,220 14,340 38,420 166,880 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. 28P 143,910 67,120 76,790 62,340 14,450 40,160 169,050 14,300 111,220 43,530 13,570 13,990 Nov. 25P 145,460 67,250 78,210 63,720 14,490 40,740 170,880 14,230 113,440 43,210 13,630 13,982 Dec. 30P 146,400 68,260 78,140 63,590 14,550 43,310 175,140 15,500 115,870 43,770 13,630 13,983 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31 107,183 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 59,556 52,154 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 6,815 Dec. 31 119,547 55,034 64,514 52,763 11,751 39,255 147,527 14,617 100,020 32,890 10,761 6,798 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 . 120,546 56,128 64,418 52,500 11,918 33,883 141,914 12,318 95,474 34,122 11,077 6,762 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. 30 120,185 56,633 63,552 51,506 12,047 35,919 143,803 13,238 96,051 34,514 11,251 6,753 Oct. 28P 121,050 57,415 63,635 51,663 11,972 35,168 143,453 13,610 95.022 34,821 11,299 6,752 Nov. 25P 122,299 57,465 64,834 52,845 11,989 35,775 145,028 13,520 96,896 34,612 11,344 6,747 Dec. 30P 123,256 58,416 64,840 52,788 12,052 37,931 148,873 14,752 99,030 35,091 11,345 6,745 All mutual savings 1939—Dec 30 10,216 4,927 5,289 3,101 2,188 818 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 16,208 4 279 11,928 10,682 1,246 609 15,385 14 15 371 1,592 542 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1^889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1 1 9 9 5 4 0 9 — — D r> eecc. 3 3 1 0 2 2 1 0 , 3 4 1 0 6 0 6 8, '1 5 3 7 7 8 1 1 3 3 , , 8 2 2 0 2 9 1 1 1 0 , , 4 8 2 6 8 8 2 2 , ,3 3 4 9 2 4 8 7 7 9 3 7 2 1 0 9 , , 0 2 3 9 1 3 2 2 0 2 2 1 0 9 ' ,0 2 0 7 9 3 2 2^ 2 1 4 22 7 5 5 3 2 1 9 1951—Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 1952—June 30 23,091 10,509 12,582 9,606 2,976 966 21,782 2 26 21,755 2,438 529 Dec. 31 24,003 11,349 12,654 9,422 3,231 918 22,621 2 33 22,586 2,479 529 1953—May 27 25,000 11,980 13,020 9,530 3,490 790 23,400 2 30 23,370 2,500 528 June 30 25,124 12,091 13,033 9,464 3,569 867 23,628 3 37 23,589 2,516 528 July 29P 25,310 12,220 13,090 9,480 3,610 810 23,740 3 30 23,710 2,520 528 Aug. 26P 25,460 12,330 13,130 9,480 3,650 800 23,830 3 40 23,790 2,540 528 Sept. 30P 25,570 12,470 13,100 9,420 3,680 840 23,990 3 40 23,950 2,550 528 Oct. 28P 25,610 12,600 13,010 9,320 3,690 880 24,090 3 40 24,050 2,550 528 Nov. 25* 25,710 12,760 12,950 9,270 3,680 810 24,070 3 40 24,030 2,570 528 Dec. 30P 25,820 12,940 12,880 9,190 3,690 980 24,400 3 40 24,360 2,560 528 p Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. FEBRUARY 1954 161 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 [Figurespartly estimated except on call dates. Amounts in millions of dollarsJ Loans andinvestments Deposits Investments Other 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 Total1 b In a t n e k r 1 - m D a e n - d Time a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er 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 S33 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 17,574 1,235 6,439 30,121 4,657 74,227 1,236 120 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1L,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 74,024 4,213 18 131 1,680 306 35 1949—Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18, 139 1,651 2,312 25 1950—Dec. 30 90,612 Q,729 10,883 8,993 1.890 7,922 75,646 4,638 287 1,722 351 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 91 710 11 268 10,442 8,212 2,231 8,135 76,745 4,639 70,311 1,795 9,460 22 Dec 31 22,130 12,376 9,754 7,678 2,076 8,419 27,309 4,965 20,504 1,840 2,505 22 1953—May 27 20,542 12,377 8,165 6,164 2,001 6,920 24,093 4,356 17,887 1,850 2,537 22 June 30 70,452 11,883 8,569 6,639 1,930 7,879 ?s,244 4,578 18 736 L,930 7,544 22 July 29P 91 742 11 914 9 828 7 838 1 990 6 751 9S,205 4 336 18,994 L ,875 9, 546 22 Aug. 26P 21,407 12,003 9,404 7,380 2,024 6,655 24,706 4,267 18,605 L,834 2,550 22 Sept 30 21,568 12,114 9,454 7,436 2,018 7,598 25,996 4,645 19,420 1,931 2,563 22 Oct. 28P . . . 21,901 12,487 9,414 7,482 1,932 6,932 25,505 4,719 18,780 >,006 2,566 22 Nov. 25P 21,926 12,290 9,636 7,704 1,932 7,085 25,462 4,713 18,723 \>,026 2,573 22 Dec. 30P 22,609 12,867 9,742 7,740 2,002 7,731 27,019 5,223 19,646 >,150 2,562 22 Chicago: 1939—Dec 30 2,105 569 1,536 1,203 333 ,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 ,566 4,057 1,035 2,546 476 288 13 1945—Dec 31 5,931 1,333 4,598 4,213 385 ,489 7,046 1 .319. 5,015 719 377 12 1947—Dec. 31 s 088 1,801 3,287 2,890 397 ,739 6,402 ,217 4,273 913 426 14 1948—Dec 31 4,799 1,783 3,016 2,633 383 ,932 6,293 ,064 4,227 1,001 444 13 1949—Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 ,191 4,535 1,083 470 13 1950—Dec. 30 5,569 2,083 3,487 2,911 576 2,034 7,109 ,228 4,778 1,103 490 13 1951—Dec. 31 s 731 9,468 3 264 2 711 552 7,196 7,402 ,307 4,952 L.143 513 13 1952—June 30 s,664 ,380 3,284 2,721 563 1,899 7,027 ,182 4 681 1,164 530 13 Dec 31 6,240 2,748 3,493 2,912 581 2,010 7,686 ,350 5,132 1,205 541 13 1953—May 27 5,560 2,595 2,965 2,426 539 2,014 6,947 ,137 4,625 1,185 545 13 June 30 S,627 ,552 3,075 2,529 546 7,058 7,119 ,216 4 696 1,207 551 13 July 29P 6 116 7,712 3,404 2,816 588 1,992 7,397 ,201 S 000 1,196 547 13 Aug. 26P 5,984 2,670 3,314 2,758 556 2,006 7,357 ,224 4,943 1,190 552 13 Sept. 30 . . s 973 ,609 3,364 2,804 560 ,083 7,338 ,278 4,855 1,204 557 13 Oct. 28P s,984 ?,597 ,387 2,824 563 1,972 7.323 ,315 4 804 1,204 558 13 Nov 25P 093 9,607 3 486 2,918 568 1,994 7,448 ,269 4 963 1.216 559 13 Dec. 30P 6,189 2,755 3,434 2,861 573 2,123 7,632 ,359 5,040 1,233 563 13 Reserve city member banks: 1939—Dec. 30 19 272 s,329 6,944 5,194 1,749 6,785 17,741 5.686 9 439 4,616 1 828 346 1941—.Dec. 31 1S 347 7,105 8,243 6,467 1,776 8,518 79 ,313 4,460 047 4,806 1 ,967 351 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49 ,085 6,448 37 877 9,760 7 566 359 1947—Dec. 31 36,040 n ,449 79 ,591 20,196 2,396 13,066 46,467 5,649 79 395 11,423 844 353 1948—Dec. 31 332 14,285 91 047 18,594 2,453 13,317 4S,943 5,400 79 153 11,391 9 928 335 1949—Dec. 31 38,301 14,370 73,931 20,951 2,980 ,168 47,559 5,713 30 187 11,664 3 087 341 1950—Dec. 30. ... 40,685 17,906 79 ,779 19,084 3,695 13,998 51,437 6,448 33 342 11,647 3,322 336 1951—Dec. 31: 42,694 19,651 23,043 19,194 3,849 15,199 54,466 6,976 35,218 12,272 3,521 321 1952—June 30 ,091 19,745 73,346 19,123 4,223 13,925 53,425 5,908 34 764 12,754 3 663 319 Dec. 31 45 583 ,697 93,886 19,624 4,262 IS,544 S7,357 7,001 37,095 13,261 745 319 1953—May 27 44,304 77,138 77,166 17,657 4,509 13,525 53,279 5,593 34 113 13,573 3 844 321 June 30 44,352 22,150 22,201 17,756 4,446 14,447 54,861 6,066 35,052 13,743 3,874 321 July 29P 46,252 77,339 73,913 19,481 4,432 13,575 55,299 5,756 35 819 13,724 3 871 321 Aug. 26J» 46,397 79,552 73,845 19,339 4,506 13,546 55,338 5,760 35 798 13,780 3 881 319 Sept. 30 45,906 99 ,493 93 ,413 18,959 4,453 14,196 ,713 6,233 621 13,859 917 319 Oct. 28P 46,221 77,712 73,509 19,049 4,460 14,179 SS,710 6,443 35 370 13,947 3 9 S3 319 Nov. 25P 46,825 79 ,801 74,024 19,592 4,432 14,444 56,541 6,378 36 790 13,873 3 970 319 Dec. 30P 46,996 ,890 74,106 19,669 4,437 15,263 58,004 6,924 36 985 14.095 3 983 319 Country member banks: 1939—Dec. 30 . ... 10,224 4,768 s,456 3,159 2,297 4,848 n,762 598 7 312 5.852 1 851 5 966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10 335 6,258 1 982 6,219 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1947—Dec. 31 . ... S6,324 10,199 76,125 22,857 3,268 10,778 44,443 1,073 98 810 14,560 9 934 6,519 1948—Dec 31 S6 726 11 945 94,782 21,278 3,504 11,196 45 102 964 99 370 14 768 123 6 535 1949—Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29 771 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 49 444 16,296 96,148 21,587 4,561 n 292 59 288 L 309 3S449 15,530 3 760 6 484 1952—June 30 . ... ,037 17,133 75,904 21,206 4,698 17,087 51,571 1,083 34 414 16,075 3 873 6,461 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 L,O73 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 46,739 19,417 77,322 22,306 5,016 1?,041 54,756 1,081 36 155 17,521 4 713 6,399 Oct. 28P 46,944 19,619 27,325 22,308 5,017 12,085 54,915 1,133 36 118 17,664 4 222 6,398 Nov. 25P 47,455 19,767 27,688 22,631 5,057 12,252 55,577 1,160 36 920 17,497 4 242 6,393 Dec. 30P 47,462 19,904 27,558 22,518 5,040 12,814 56,218 1,246 37 359 17,613 4 237 6,391 2 Beginning 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. 162 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 Class of bank Cash Total Number and date Total Loans Total G o U m b ov l . e i e g n S r a t n . - - O s r e i t t c h i u e e s - r assets * Total i b In an te 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 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 4,411 32,334 7,986 2,945 1,867 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1950—Dec. 30 35,334 15,521 19,813 16,778 3,035 11,762 43,808 4,315 30,055 9,438 3,381 1,915 1951—Dec. 31 36,992 17,243 19,748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 1,901 1952—Dec. 31 39,367 19,030 20,337 16,928 3,409 12,922 48,553 4,699 33,658 10,196 3,719 1,889 1953—June 30 37,941 19,194 18,748 15,361 3,387 12,188 46,355 4,339 31,415 10,601 3,850 1,891 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11.647 10.584 1,063 4,448 18,119 244 12,196 5.680 1,083 6,416 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 1.905 365 279 714 1947—Dec. 3P 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. 31 854 531 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 1,362 130 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 7,261 1950—Dec. 30 , 19,267 7,550 11,718 9,672 2,040 4,767 22,193 591 14,417 7,184 1,897 7.251 1951—Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 7,252 1952—Dec. 31 22,096 9,136 12,960 10,567 2,393 5,414 25,424 702 16,580 8,142 2,129 7,251 1953—June 30 22,188 9,419 12,769 10,339 2,431 4,691 24,722 665 15,572 8,485 2,207 7,247 Insured mutual saving: 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 4,259 4,428 3,075 1,353 642 8,744 8,738 1,077 1945—Dec. 31 5.361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1947—Dec. 31 * 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1950—Dec. 30 6,245 2,050 4,194 3,380 814 180 5,711 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. BBaacckk f fiigguurreess..——Sbeeee B Baannkkiinngg aanndd MMoonneettaarryy SSttaattiissttiiccss,, lTaabbleless 11--77, ,p ppp. .l o16--23; for description, see pp. 5-15 in the same publication. For revisions in series prior t;oo JJuunnee 3300,, 11994477,, sseeee BBUULLLLEETTIINN ffoorr JJuullyy 11994477,, pppp.. 887700--887711.. 163 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- p L u o r a c n h s a s f i o n r g U. S. Government obligations Obli- Class of bank T lo o a t n a s l mer- o s r e c c a u r r r it y i i e n s g Other Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 e o m " k i l i p n u n£ a e e g d *- r t n - - •A t c g u a u r r l l i - - - b e T r r o o s k- o T th o - l R o t e a a e s t n - a e l s u v i d t i a n o d i l - - s - O lo t a h n e s r Total Total Bills C o c e f a r t t i e n if s - i- Notes Bonds G t a e u e o * d" r ' . s S p a u t i I o rO a cb 1 \f l d t I a i - e t l s - O s r e t i h t c i u e e r s pa- and ers debt- diviper deal- ed- sions ers ness All commercial banks: 2 1947—Dec. 31... 116,28438,057 18,1671,660 830 1,220 9,393 5,723 1,063 78,226 69,221 2,193 7,789 6,03453,191 14 5,2763,729 1950—Dec. 30... 126,675 52,249 21,9272,905 1,802 1,057 13,54110,120 1,573 74,42662,027 4,236 1,969 17,03338,778 11 8,1184,281 1951—Dec. 31... 132,61057,746 25,8793,408 1,581 980 14,58010,451 1,681 74,86361,524 7,337 7,657 11,40835,101 21 9,1984,141 1952—Dec. 31... 141,62464,163 27,8713,9192,060 1,103 15,71212,684 1,718 77,46163,318 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 16,23114,111 1,737 72,932 58,644 5,050 5,092 11,25937,212 32 10,5333,754 All insured commercial banks: 1 19 9 4 4 5 1 — — D D e ec c > . 3 3 1 1 . . .. 1 4 2 9 1 , , 2 8 9 0 0 9 2 25 1 , , 7 2 6 5 5 9 9 9, , 4 2 6 1 1 4 1 1 , , 4 3 5 1 0 43,1 6 6 1 4 4 3,6 6 0 6 6 2 4 4 , , 6 7 7 7 7 3 2,3 4 6 , 1 i 4 1 5 ,181 9 2 6 8 , , 0 03 4 1 3 8 2 8 1 , , 9 0 1 4 2 6 2,4 9 5 8 5 8 19,071 1 3 6 , , 1 0 5 4 9 55 1 1 2 , , 3 7 2 9 1 7 4,1 2 0 2 2 3 3 , , 8 6 7 5 3 13 3 , , 3 2 3 5 3 8 1947—Dec. 31... 114,27437,583 18,0121,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,91852,334 14 5,1293,621 1950—Dec. 30... 124,822 51,723 21,7762,823 1,789 1,036 13,38910,049 1,534 73,099 60,986 4,118 1,932 16,75638,168 11 7,9334,179 1951—Dec. 31... 130,82057,256 25,7443,321 1,571 960 14,45010,378 1,645 73,56460,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—Dec. 31... 139,77063,632 27,7393,805 2,050 1,082 15,57212,603 1,683 76,13862,308 7,622 5,494 11,71437,456 22 9,9773,854 1953—June 30. .. 136,14464,522 27,2823,594 1,704 1,051 16,10014,025 1,702 71,622 57,667 4,927 5,000 11,11936,589 32 10,3023,653 Member banks. lOlSti i 43,521 18 021 8,671 972 594 598 3,494 3,( 92 25,500 19,539 971 3,00711,729 3,1$32 3,0902 871 11994451——DDeecc#. 3311....,. 107,183 22,775 8,949 855 3,1333,378 3,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 16 3,2542,815 1947—Dec. 31... 97,846 32,628 16,9621,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,81545,286 10 4,1993,105 1950—Dec. 30... 107,42444,705 20,5211,808 1,770 927 10,522 8,314 1,438 62,719 52,365 3,665 1,468 14,05433,170 8 6,6403,714 1951—Dec. 31... 112,24749,561 24,3472,140 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 64,51452,763 6,565 4,255 9,83532,087 19 8,4093,342 1953—June 30... 115,789 55,61325,7632,234 1,687 933 12,62811,612 1,585 60,17648,318 4,064 3,807 9,24231,176 29 8,6803,178 Sept. 30... 120,185 56,633 26,0252,368 1,783 898 12,84011,819 1,732 63,552 51,5064,171 8,602 10,90927,793 30 8,9023,145 New York City:* 1 19 9 4 4 5 1 — — D D e ec c # . 3 3 1 1 , . . . . . 2 1 6 2 , , 1 8 4 9 3 6 4 7 , , 0 3 7 3 2 4 3 2 , ,8 0 0 4 7 4 8 2,4 4 5 1 3 2 1,1 1 7 6 2 9 1 8 2 0 3 28 5 7 i4 298 1 8 8 , , 8 8 2 0 3 9 1 7 7 , , 2 5 6 7 5 4 4 3 7 1 7 1 3,433 3 1 , , 3 62 2 3 51 3 0 ,3 6 3 5 7 2 1,(>7 1 9 6 7 0 2 6 9 8 6 3 2 0 9 1947—Dec. 31... 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9,771 ... .. 638 604 1950—Dec. 30... 20,612 9,729 6,328 1,421 285 442 930 460 10,883 8,993 824 250 1,711 6,206 2 1,123 767 1951—Dec. 31... 21,379 11,146 7,852 1,219 262 514 920 551 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—Dec. 31... 22,130 12,376 8,680 1,531 286 386 1,136 539 9,754 7,678 1,079 233 1,170 5,195 1 1,453 623 1953—June 30... 20,452 11,883 8,345 j 1,274 237 406 1,285 517 8,569 6,639 789 203 1,035 4,611 2 1,318 612 Sept. 30... 21,568 12,114 8,475 11,383 211 395 1,275 558 9,454 7,436 828 1,132 1,143 4,331 1 1,422 596 Chicago:9 1941—Dec. 31... 2,760 954 732 6 48 52 22 (,6 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 ... .. 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 ... .. 213 185 1950—Dec. 30... 5,569 2,083 1,567 9 110 69 65 207 87 3,487 2,911 232 131 700 1,847 ... .. 335 242 1951—Dec. 31... 5,731 2,468 1,977 16 94 63 70 180 109 3,264 2,711 334 332 520 1,526 ... .. 351 201 1952—Dec. 31... 6,240 2,748 2,080 14 239 66 67 211 120 3,493 2,912 407 224 607 1,674 ... .. 384 197 1953—June 30... 5,627 2,552 1,992 7 142 71 70 235 90 3,075 2,529 147 235 551 1,596 .. .. 375 170 Sept. 30... 5,973 2,609 2,041 6 145 71 68 242 89 3,364 2,804 119 541 686 1,458 .. .. 384 176 Reserve city banks: 1 19 9 4 4 5 1 — — D D e ec c # . 3 3 1 1 . .. . . 4 1 0 5 , , 1 34 0 7 8 8 7 , , 5 10 1 5 4 3 3, , 6 4 6 5 1 6 3 2 0 0 0 5 4 1 2 1 7 4 1,5 1 0 9 3 4 1 1 , , 5 4 2 5 7 9 8 1 5 , 5 1 12 404 3 8 1 , , 2 5 4 9 3 4 2 6 9 , , 4 5 6 5 7 2 1,0 2 3 9 4 5 6,982 5,6 7 5 51 31 4 5 , , 2 8 4 7 8 8 1,17 5 3 1, 9 1 5 2 6 6 9 8 1 2 6 0 1947—Dec. 31... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,3421,053 1950—Dec. 30... 40,685 17,906 8,646 392 207 386 4,423 3,498 603 22,779 19,084 1,218 499 5,53611,830 1 2,1841,511 1951—Dec. 31... 42,694 19,651 10,140 513 203 347 4,651 3,518 572 23,043 19,1942,524 2,493 3,64010,528 8 2,4581,390 1952—Dec. 31... 45,583 21,697 10,842 501 218 422 5,099 4,347 595 23,886 19,6242,387 1,774 3,85411,594 14 2,9341,328 1953—June 30... 44,352 22,150 10,609 469 229 424 5,270 4,849 645 22,201 17,756 1,344 1,453 3,542 11,393 23 3,1841,262 Sept. 30... 45,906 22,493 10,718 477 203 409 5,358 4,922 751 23,413 18,959 1,167 3,494 4,335 9,939 24 3,2201,233 Country banks: 1 19 9 4 4 5 1 — — D D e ec c . . 3 3 1 1... 3 1 5 2 , 0 5 0 1 2 8 5 5, , 5 8 9 9 6 0 1 1 , , 6 4 7 8 6 4 6 64 5 8 9 2 4 0 2 4 1 7 8 1 3 1 1. , 8 8 8 2 1 3 7 1 0 , 7 530 363 2 6 9 , , 6 4 2 07 8 2 4 6 , , 3 9 7 99 7 6 1 3 1 0 0 5,102 4,5 4 4 81 41 2 6 , , 9 7 2 1 6 3 816 9 1 1 1 ,3 ,2 4 2 2 21 1 , ,0 0 6 2 7 8 1947—Dec. 31... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 6 2,0061,262 1950—Dec. 30... 40,558 14,988 3,9801,407 33 187 5,591 3,679 288 25,570 21,377 1,390 588 6,107 13,287 5 2,9981,194 1951—Dec. 31... 42,444 16,296 4,3771,610 35 178 6,099 3,906 303 26,148 21.587 2,418 2,568 4,00812,587 5 3,3341,227 1952—Dec. 31... 45,594 18,213 4,6301,901 43 191 6,662 4,702 322 27,381 22,549 2,692 2,024 4,20413,625 4 3,6391,194 1953—June 30... 45,359 19,028 4,817 1,757 41 201 6,883 5,243 334 26,330 21,394 1,784 1,916 4,114 13,576 4 3,802 1,134 Sept. 30.. 46,739 19,417 4,7901,883 52 206 7,018 5,379 334 27,322 22,306 2,056 3,436 4,74512,065 5 3,876 1,141 All nonmember banks: 2 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 4 1,078 625 1950—Dec. 30... 19,267 7,550 1,405 1,096 31 130 3,024 1,807 134 11,718 9,672 571 501 2,979 5,618 3 1,478 567 1951—Dec. 31... 20,380 8,192 1,533 1,268 30 130 3,252 1,927 146 12,189 9,914 939 1,647 1,812 5,510 6 1,671 604 1952—Dec. 31... 22,096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,960 10,567 1,196 1,325 2,043 6,000 3 1,781 613 1953—June 30. . . 22,188 9,419 1,655 1,441 32 141 3,610 2,499 151 12,769 10,339 987 1,285 2,017 6,047 3 1,855 576 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits> Re- Cla c s a s l a l o n d f d a b te ank F B s s w e e e R a d r r i n e v t e v - k h e r e s a s v C a i a n u s l h t b m a w a B d n e n i a o c s t k t e l - h i - s s c 4 j p m u D a o d s a d s e t e n i e - - - t d d s 5 m D e I s n o d t - i t e c e p r o b s a F i e t n i o s g k r n - m U G er . e o n n v S - t - . p v s S o i u a t s l b a i i n t o t d i d e n c i s a - s c C h c o a e f e e e i f t n e r c f r c i d d s k t . - ' i s - a p v n s a p i t I h d r i d n o o i t u r d p n n c a a i s o e s - l - , r r s - - 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 n d v S t s - - a - t . v s S p i u a i s o t c i n b a l a o i d t d l n t e - i s s - p a v n s a p i t I h d i r d n o o i t u r d p n n c a a i s o e s - l - , r r s - , - r B in o o w g r s - - c C o a t a u a c p n - l i t - s All commercial banks:? 1947—Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1950—Dec. 30.. 17,458 2,174 10,863 92,282 12,102 1,476 2,806 8,012 2,918 90,986 462 189 1,384 34,930 90 11,590 1951—Dec. 31.. 19.911 2,697 11,969 98.243 13.123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31.. 19,809 2,753 11,875101,506 13,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12,888 1953—June 30. . 19,446 2,590 10,233 96,892 11,409 1,343 3,634 9,350 2,449 93,918 846 336 1,731 40,514 113 13,275 All Insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1950—Dec. 30.. 17,458 2,145 10,463 91,099 11,955 L.442 2,788 7,892 2,898 89,922 347 189 1,331 34,525 82 11,263 1951—Dec. 31.. 19,911 2,665 11,561 97,048 12,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec. 31.. 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—June 30. . 19,446 2,559 9,885 95,795 11,241 1,305 3,620 9,211 2,431 92,961 696 336 1,675 40,176 103 12,950 Member banks, total: 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 11994415——DDeecc.. 3311.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1950—Dec. 30.. 17,459 1,643 6,868 78,370 11,669 1,437 2,523 6,400 2,724 78,659 341 183 1,121 28,032 79 9,695 1951—Dec. 31.. 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 2,961 83,240 422 257 1,238 29.128 2610,218 1952—Dec. 31.. 19,810 2,081 7,378 85,543 12,594 1,431 4,567 7,029 2,744 85,680 592 321 1,303 3L.266 16510,761 1953—June 30. . 19,448 1,956 6,378 81,774 10,947 1,300 3,378 7,403 2,256 80,741 686 310 1,395 32,412 7511,070 Sept. 30.. 19,215 2,010 6,323 82,177 11,153 L.341 5,555 6,989 2,375 81,132 744 310 1,380 32,825 59111,251 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 ,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 L.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 ,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 ,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 ,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 ,059 887 333 899 16,617 540 50 39 1,841 8 2,544 Sept. 30.. 4,885 135 49 15,221 2,969 ,089 1,694 332 1,012 16,381 587 49 37 1,844 2 2,563 Chicago:* 1 19 9 4 4 1 5 — — D D e ec c # . 3 3i 1.. 1,0 9 2 4 1 2 4 3 3 6 2 2 9 0 8 0 3 2 , , 1 21 5 5 3 1 1, , 2 0 9 2 2 7 20 8 1,5 1 5 2 2 7 2 2 3 3 7 3 6 3 6 4 % t2 $, , 1 1 6 5 0 2 4 7 7 1 6 9 3 2 7 8 7 8 1947—Dec. 31.. 1,070 30 175 3,737 1,196 21 72 285 63 \$,853 2 9 902 426 1950—Dec. 30.. 1,216 30 133 3,954 1,177 48 174 284 70 t1,250 3 3 10 11,089 490 1 1 9 9 5 5 2 1 — — D D e e c c . . 3 3 1 1 . . . . 1 1 , ,4 1 0 4 7 4 3 3 2 2 1 1 6 6 5 9 4 4 , , 1 1 2 2 6 1 1 1, , 3 2 0 6 8 9 3 38 7 3 2 4 4 3 2 2 24 4 2 0 5 6 6 6 * i •1 1, , 4 4 9 0 1 4 5 1 4 5 1 1 1 1 1 1 1 , , 1 1 9 2 0 8 5 54 1 1 3 1953—June 30.. 1,318 31 123 3,913 1,175 33 201 320 53 tt,123 8 3 10 1,194 551 Sept. 30.. 1,367 28 113 3,914 1,233 37 368 301 61 t1,125 8 3 10 11,191 *i33 557 Reserve city banks: 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 41,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 2:1,281 30 38 160 5>,563 "'2 2,566 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1950—Dec. 30. . 6,806 519 2,206 27,938 6,174 217 976 2,575 852 28,938 57 60 631 1C),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 J.500 30 31 146 C>,082 4 1,982 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21L.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 2!J.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 2'r,980 12 82 443 U 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 u^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 u,908 25 3,970 1953—June 30.. 5,505 1,189 4,057 33,033 1,049 11 932 3,885 668 2<>,810 14 154 553 H>,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 H>,810 103 4,213 All nonmember banks:2 544 3,947 13,595 385 55 167 1,295 180 125,284 190 6 172 t,858 12 1,596 11994570——DDeecc.. 3310.. 532 3,996 13,912 432 38 283 1,612 195 125,326 120 7 263 t,915 11 1,897 1951—Dec. 31 635 4,507 15,144 489 44 258 1,761 205 i;$,426 128 22 298 1,213 8 1,999 1952—Dec. 31 672 4,498 15,964 516 34 374 1,881 212 141,113 152 25 317 7,800 23 2,129 1953—June 30. . 635 3,856 15,118 462 43 256 1,946 193 i:1,177 160 27 335 8,123 38 2,207 2Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. ^Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6Demand 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. FEBRUARY 1954 165 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] Loans * Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Total i i t n c a r i d i n a a u d l l , s , - a T n o d b d r e o a k l e e r r s s To others e l R s o t a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O s r e i t t h c i u e e r s t a c u g u r r l a i - - l G U t l i o i o o . g b v n a S - - s t . . O c t s u t i e h e r - e s i- r G l U t o i i o g o . b S v a n - - . t s .O c t s u t i e h e r - s e i- r Total Bills o d n f e e e d b i s - n t s - - Notes Bonds2 Total- Leading Cities 1953—January. . .78,773 38,784 23,111 1,549 796 6,106 523 7,30039,989 32,544 3,967 1,467 6,00320,1077,445 November. 80,204 40,399 23,309 1,895 753 6,448 642 7,97339,805 32,362 2,274 5,442 6,76017,8867,443 December.. 80,832 40,573 23,217 2,045 791 6,464 691 7,98740,259 32,798 2,509 5,351 6,42418,5147,461 1954—January.. . 80,275 39,758 22,744 1,812 859 6,483 540 7,95740,517 33,001 2,740 c5,089 6,50318,6697,516 1953—Nov. 4... 79,413 40,224 23,315 1,847 720 6,427 555 7,98239,189 31,652 2,236 5,485 6,68017,2517,537 Nov. 11. .. 80,494 40,650 23,340 2,003 773 6,445 735 7,97539,844 32,448 2,152 5,424 6,72318,1497,396 Nov. 18. .. 80,540 40,511 23,377 1,861 755 6,457 718 7,96540,029 32,605 2,308 5,460 6,75018,0877,424 Nov. 25... 80,371 40,210 23,205 1,869 762 6,462 561 7,97140,161 32,745 2,399 5,401 6,88618,0597,416 Dec. 2... 80,522 40,268 23,134 1,877 748 6,449 703 7,97840,254 32,792 2,394 5,399 6,45818,5417,462 Dec. 9... 80,386 40,311 23,081 1,947 753 6,458 724 7,97040,075 32,668 2,350 5,363 6,43018,5257,407 Dec. 16. .. 81,058 40,560 23,130 2,135 757 6,473 714 7,97340,498 33,036 2,745 5,348 6,43918,5047,462 Dec. 23... 80,896 40,707 23,361 2,016 827 6,461 670 7,99540,189 32,696 2,489 5,344 6,38018,4837,493 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 18,5177,482 1954—Jan. 6... 80,819 40,446 22,942 2,119 862 6,479 680 8,00140,373 32,861 2,594 5,202 6,48218,5837,512 Jan. 13. .. 80,376 40,030 22,846 1,913 856 6,490 598 7,96440,346 32,870 2,581 5,138 6,52518,6267,476 Jan. 20. .. 79,838 39,320 22,686 1,633 859 6,484 360 7,93640,518 32,987 2,735 5,076 6,46218,7147,531 Jan. 27. .. 80,070 39,239 22,502 1,583 858 6,480 525 7,92740,831 33,287 3,048 4,942 6,54318,7547,544 New York City 1953—January... 21,305 12,152 8,621 222 943 44 237 377 317 1,576 9,153 7,069 731 241 1,097 5,0002,084 November. 21,884 12,466 8,554 4201,039 41 200 391 375 1,633 9,418 7,473 719 L,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 1L ,137 1,136 4,5031,972 1954—January.. . 21,678 12,064 8,209 257 1,069 49 258 381 390 1,646 9,614 7,569 889 982 1,120 4,5782,045 1953—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 L ,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 8,423 462 1,034 48 191 395 382 1,638 9,554 7,630 817 L.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 4,4962,001 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 4,5262,007 1954—Jan. 6. . . 22,011 12,477 8,299 3891,170 55 253 382 467 1,657 9,534 7,513 815 1,038 1,111 4,5492,021 Jan. 13. .. 21,667 12,231 8,267 2951,120 50 254 388 406 1,646 9,436 7,403 738 983 1,116 4,5662,033 Jan. 20... 21,351 11,762 8,181 1561,030 45 260 380 266 1,639 9,589 7,527 845 980 1,100 4,6022,062 Jan. 27... 21,684 11,785 8,090 189 957 44 263 373 423 1,641 9,899 7,834 1,158 926 1,155 4,5952,065 Outside New York City 1953—January... 57,468 26,632 14,490 384 515 5,729 206 5,72430,836 25,475 3,236 2,226 4,906 15,1075,361 November. 58,320 27,933 14,755 436 512 6,057 267 6,34030,387 24,889 ,555 4,298 5,58313,4535,498 December.. 58,650 28,004 14,749 478 527 6,072 268 6,34530,646 25,157 1,644 4,214 5,28814,0115,489 1954—January... 58,597 27,694 14,535 486 552 6,102 150 6,31130,903 25,432 1,851 4,107 5,38314,0915,471 1953—Nov. 4... 57,914 27,984 14,748 470 502 6,039 306 6,35429,930 24,361 1,524 4,321 5,541 12,9755,569 Nov. 11. .. 58,358 27,936 14,766 450 515 6,055 245 6,33930,422 24,959 1,512 4,277 5,55413,6165,463 Nov. 18. .. 58,526 27,920 14,797 379 515 6,063 276 6,32530,606 25,125 1,598 4,335 5,57813,6145,481 Nov. 25. .. 58,482 27,890 14,709 447 513 6,068 243 6,34330,592 25,113 1,583 4,263 5,65713,6105,479 Dec. 2... 58,557 27,887 14,687 450 512 6,059 266 6,34730,670 25,151 1,565 4,263 5,312 14,0115,519 Dec. 9... 58,446 27,925 14,658 451 514 6,063 342 6,33230,521 25,038 1,533 4,199 5,26814,0385,483 Dec. 16. .. 58,647 27,843 14,665 423 515 6,076 266 6,33330,804 25,328 1,795 4,219 5,28714,0275,476 Dec. 23... 58,886 28,259 14,888 512 533 6,070 348 6,34430,627 25,135 1,689 4,190 5,26913,9875,492 Dec. 30... 58,718 28,106 14,850 552 556 6,096 119 6,36630,612 25,137 1,641 4,202 5,30313,9915,475 1954—Jan. 6 ... 58,808 27,969 14,643 560 554 6,097 213 6 344 30 839 ?S 348 1,779 1,164 5,371 14,0345,491 Tan. 13... 58,709 27,799 14,579 498 552 6,102 192 6,31830,910 25,467 1,843 1,155 5,40914,0605,443 Jan. 20. .. 58,487 27,558 14,505 447 554 6,104 94 6,29730,929 25,460 1,890 1,096 5,36214,1125,469 Jan. 27. .. 58,386 27,454 14,412 437 551 6,107 102 6,28630,932 25,453 1,890 1,016 5,38814,1595,479 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. 2 Includes guaranteed obligations. For other footnotes see opposite page. 166 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 i r e a n d t v - h l k - e s v C a i a n u s l h t b m a w a n d e o n i c s t - e k h t s i s c j p m u o d a s a e d t s n - e i - t d d s 3 s p p u n v c h a o a a o e i n i r d l r p r r d s a t - - - s - , - , S p s d s a i t i o u i c a o n v b l a d t n 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 d i . d t k s - i ' s - , u m G e . r o e n n v s - t - . s p p u n v c h a o a a o e n i i r r d 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 e i a o n r . a o n e s g n v d v n t S s - a - - t . l m D t e i o D s c - - ema F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts tions tions Total- Leading Cities 1953—January 15,200 992 2,48555,524 56,681 3,736 1,581 2,38716,519 765 20010,933 1,331 581 1,378 7,245 November 14,529 978 2,549 53,919 55,539 3,657 1,768 3,540 17,354 860 19010,874 1,275 1,069 7,569 14,583 1,048 2,691 55,503 57,022 3,778 1,802 2,68317,438 919 19011,128 1,289 987 7,566 December 872 14,796 991 2,78155,88057,112 3,932 1,826 1,95617,564 949 19011,437 1,258 1,025 7,591 1954—January 531 14,483 948 2,493 54,005 55,408 3,725 1,851 2,369 17,400 864 18710,913 1,279 904 7,568 1953—Nov. 4 14,280 1,002 2,559 53,67555,132 3,670 1,805 3,859 17,405 857 19111,008 1,254 943 1,167 7,573 Nov. 11 14,749 985 2,659 53,697 55,771 3,540 1,892 4,165 17,305 855 19111,153 1,277 944 895 7,564 Nov. 18 14,604 975 2,483 54,302 55,845 3,696 1,525 3,768 17,307 865 18910,421 1,290 953 1,115 7,570 Nov. 25 1,098 Dec. 2 14,235 982 2,568 54,37655,727 3,685 1,733 3,410 17,311 882 19010,792 1,310 960 916 7,577 Dec. 9 14,494 1,089 2,424 55,159 56,236 3,607 1,700 2,406 17,366 918 18910,680 1,300 980 1,235 7,573 Dec. 16 14,821 1,067 2,77956,085 58,121 3,731 1,803 2,412 17,431 923 19011,475 1,286 990 754 7,557 Dec. 23 14,665 1,034 2,709 55,67957,210 3,902 1,604 2,595 17,486 940 19111,124 1,259 1,003 887 7,550 Dec. 30 14,701 1,066 2,97256,217 57,817 3,963 2,170 2,594 17,596 932 19011,568 1,292 1,000 567 7,572 1954—Jan. 6 14,713 1,002 2,700 55,272 56,436 3,973 2,028 2,31317,580 945 19011,743 1,260 997 857 7,600 Jan. 13 14,786 1,022 2,721 56,04457,637 3,843 1,974 1,74517,562 943 18911,560 1,253 995 571 7,578 Jan. 20 15,159 961 3,003 56,09057,591 3,905 1,751 1,92817,540 950 19011,677 1,246 1,045 242 7,579 14,525 979 2,699 56,115 56,782 4,009 1,553 1,83917,574 959 19210,766 1,271 1,062 453 7,608 Jan. 27 New York City 5,090 151 16,233 17,112 286 700 678 1,638 29 58 3,034 1,074 342 2,476 1953—January 4,874 164 15,490 16,518 347 873 1,257 1,798 116 2,980 1,032 763 377 2,546 November 4,778 183 16,026 17,116 267 864 800 1,862 126 3,098 1,033 803 2,532 December 4,876 153 15,923 16,972 284 951 525 1,846 3,217 1,000 837 202 2,546 1954—January 4,984 161 15,575 16,660 363 1,004 861 1,788 117 2,983 1,041 734 429 2,548 4,696 166 15,461 16,374 355 924 1,457 1 ,817 114 2,995 1,015 770 258 2,549 1953—Nov. 4 4,990 156 4515,437 16,519 324 914 1,441 1,782 118 3,059 1,033 770 406 2,548 Nov. 11 4,826 171 15,487 16,520 346 651 1,270 1,803 117 2,882 1,040 778 415 2,539 Nov. 18 Nov. 25 4,719 165 15,682 16,719 267 764 1,141 1,795 121 2,948 1,056 778 268 2,542 Dec. 2 4,794 197 15,934 16,880 246 857 762 1,838 126 2,856 1,043 800 515 2,534 Dec. 9 4,903 194 16,310 17,436 267 804 673 1,871 126 3,217 1,029 808 425 2,530 Dec. 16 4,752 184 15,929 16,956 275 746 717 1,891 129 3,106 1,004 817 328 2,527 Dec. 23 4,722 175 5616,273 17,588 279 1,149 707 1,913 129 3,363 1,033 814 241 2,528 Dec. 30 1954—Jan. 6 4,767 159 15,825 16,891 262 1,071 639 1,874 136 3,179 1,011 812 433 2 ,544 Jan. 13 4,761 157 15,874 16,896 281 1,135 474 1,847 135 3,199 992 809 218 2 ,545 Jan. 20 5,044 143 4615,803 17,011 295 865 510 1,818 140 3,388 986 860 27 2,547 Jan. 27 4,932 153 16,193 17,091 300 734 475 1,843 144 3,101 1,010 868 132 2,549 Outside New York City 1953—January 10,11C 841 2,443 39,29139,569 3,450 881 1,70914,881 736 142 7,899 257 123 1,036 4,769 November 9,655 814 2,50838,429 39,021 3,310 895 2,28315,556 744 139 7,894 243 173 692 5,023 December 9,805 865 2,643 39,47739,906 3,511 938 1,88315,576 793 137 8,030 256 184 5,034 1954—January. . . 9,920 838 2,73639,95740,140 3,648 875 1,43115,718 810 8,220 258 188 329 5,045 1953—Nov. 4.. 9,499 787 2,456 38,430 38,748 3,362 847 1,508 15,612 747 138 7,930 238 170 738 5,020 Nov. 11. . 9,584 836 2,52138,21438,758 3,315 881 2,402 15,588 743 141 8,013 239 173 637 5,024 Nov. 18. . 9,759 829 2,61438,260 39,252 3,216 978 2,724 15,523 737 139 8,094 244 174 709 5,016 Nov. 25. 9,778 804 2,440 38,815 39,325 3,350 874 2,498 15,504 748 137 7,539 250 175 683 5,031 Dec. 2 9,516 817 2,519 38,694 39,008 3,418 969 2,269 15,516 761 138 7,844 254 182 648 5,035 Dec. 9 9,700 892 2,38439,225 39,356 3,361 843 1,644 15,528 792 137 7,824 257 180 720 5,039 Dec. 16 9,918 873 2,73139,775 40,685 3,464 999 1,739 15,560 797 137 8,258 257 182 329 5,027 Dec. 23 9,913 850 2,66239,750 40,254 3,627 858 1,878 15,595 811 138 8,018 255 186 559 5,023 Dec. 30 9,979 891 2,91639,944 40,229 3,684 1,021 1,887 15,683 803 137 8,205 259 186 326 5,044 1954—Jan. 6 9,946 843 2,65139,44739,545 3,711 957 1,674 15,706 809 137 8,564 249 185 424 5,056 Jan. 13 10,025 865 2 ,680 40,170 40,741 3,562 839 1,271 15,715 808 136 8,361 261 186 353 5,033 Tan. 20 10,115 818 2,95740,28740,580 3,610 886 1,418 15,722 810 136 8,289 260 185 215 5,032 Jan. 27 9,593 826 2,65639,922 39,691 3,709 819 1,364 15,731 815 138 7,665 261 194 321 5,059 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. 167 FEBRUARY 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 * [Net declines, (-). In millions of dollars] Business of borroweir Manufacturing and mining Comm'l. Period* t l o F iq b a o u n a o o c d d c r , , o a T l p e e a a p x n t a t h i d r l e e e r l s , , p m M r m ( a o a i e c e n d n t h t c d a u a i l l c . l n s t - s ch P l e c e a e m o u n t a m r d i l o c , , a - l, Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e c e - s s e u P p t t ( t r i u o i i a l o n b r i n n t c t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu t o y s A t o p i h n l f e e l e s r ss c c h l N f a a ie n s e d s g t i e - s ch t i a a o n a g n t d n r a g d ' ' l l e l * , . — ery and rubber trans. equip.) 1951—April-June.. -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec 754 -40 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-June... -621 151 446 -10 95 208 -632 -90 84 18 -8 -360 -593 July-Dec 501 -101 -351 102 -54 1 380 -138 18 -23 98 433 583 Monthly: 1953—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 1954—jan# —98 14 — 152 — 104 -31 -108 -37 — 153 — 16 — 11 —43 —737 —878 Week ending: 1953—Nov. 4.... 5 -12 — 11 -6 -6 17 36 19 -15 —9 18 14 Nov. 11.... 32 -10 2 11 -8 36 16 -25 -27 -1 1 27 25 Nov. 18 36 -19 13 3 -3 15 11 -21 -17 5 15 38 37 Nov. 25.. — 1 — 17 —28 —3 — 1 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 -1 3 -21 14 -25 -21 -7 -2 -26 -53 Dec. 16. ... 53 -11 -5 9 -12 -25 18 -1 38 6 9 78 49 Dec. 23 -3 -4 -37 -5 -4 -28 13 45 12 -6 11 -6 231 Dec. 30 -14 -4 -36 31 -11 -85 1 130 14 -2 18 43 19 1954—Jan. 6.... -95 . -7 -152 -4 -22 -51 -10 -10 8 -5 -3 -352 -438 Jan. 13 9 7 22 -1 -14 -26 -79 -8 1 -88 -96 Jan. 20.... 5 4 -18 -48 -25 3 A -9 -30 -118 -160 Jan. 27 -16 10 -4 -51 -10 -17 -5 -60 -7 -9 -11 -179 -184 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. 8Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t e i - n r g1 st T a o n o u d t t a - i l ng Total Accept O in w g n banks Bills 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 n t r p a o i o t t m e e r d s ts c D h o e a x l n l - a g r e G s o h o ip d p p s o e s d i t n cw b ts e e i t d n w i e n e n or bills bought United Foreign States countries 194g—December 269 259 146 71 76 112 164 57 1 25 12 1949—December 257 272 128 58 70 144 184 49 30 9 1950—December . .. 333 394 192 114 78 202 245 87 2 28 32 1951—December 434 490 197 119 79 293 235 133 23 55 44 1952—December 539 492 183 126 57 309 232 125 39 64 32 504 487 159 111 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 32 408 428 123 92 30 306 214 112 35 32 35 July 429 435 131 108 23 304 213 115 . 40 32 35 August ... 451 478 148 108 40 329 211 128 64 36 38 September 475 515 159 110 49 356 237 135 66 40 38 October 535 517 160 122 38 357 227 145 56 56 34 November 582 534 170 125 45 364 246 139 49 59 41 December 552 574 172 117 55 402 274 154 29 75 43 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. 168 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 lln millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U St n a i t t e e s d St l a o t c e a a P nd Foreign2 Total Bonds3 Stocks gages estate loans assets End of year:* 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1 1 9 9 4 4 1 0 3 3 2 0, , 8 7 0 3 2 1 8 9 , , 3 4 5 7 9 8 5 6 , , 8 7 5 9 7 6 2 2 , ,3 2 8 8 7 6 3 1 9 1 6 5 1 9 0 , , 1 1 7 7 8 4 9 8 , ,6 5 2 7 4 3 6 5 0 5 1 4 5 6, , 4 9 4 5 2 8 d2 1 , ,8 0 7 60 8 3 2 , , 0 9 9 1 1 9 2 1 , , 1 84 5 0 6 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 L.445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 L.903 2,713 3,088 !End of month:5 1951—December. 67,983 13,579 10 958 1,702 919 28,042 25,975 2,067 19,291 1,617 2,575 2,879 1952—December . 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—January... 73,621 12,862 10,329 1,774 759 31,690 29,471 2,219 21,396 L.880 2,718 3,075 February. . 73,943 12,844 10,287 1,800 757 31,878 29,644 2,234 21,547 1,887 2,727 3,060 March.... 74,295 12,630 10,063 1,820 747 32,243 30,005 2,238 21,725 L ,897 2,742 3,058 April 74,686 12,666 10,089 1,837 740 32,472 30,218 2,254 21,897 1,918 2,756 2,977 May 75,063 12,543 10,082 1,835 626 32,732 30,462 2,270 22,055 1,924 2,770 3,039 June 75,403 12,456 10,030 1,840 586 33,021 30,752 2,269 22,221 1,935 2,789 2,981 July 75,855 12,429 9,991 1,857 581 33,247 30,977 2,270 22,429 1,943 2,808 2,999 August.... 76,244 12,436 9,994 1,861 581 33,349 31,079 2,270 22,552 1,967 2,819 3,121 September. 76,612 12,397 9,930 1,880 587 33,614 31,319 2,295 22,698 1L.972 2,831 3,100 October. . . 77,121 12,395 9,913 1,897 585 33,887 31,585 2,302 22,842 L,990 2,851 3,156 November. 77,552 12,365 9,830 n.a. n.a. 34,096 31,781 2,315 23,017 >,000 2,873 201 December . 78,201 12,322 9,767 n.a. n.a. 34,395 32,057 2,338 23,275 L.994 2,894 3,321 n.a. Not available. 1 Includes United States and foreign. 2 Central government only. 8 Includes International Bank for Reconstruction and Development. 4 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. *These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values ;are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U.S. Savings End of U.S. Savings year Total i g M ag o e r s t- 2 G m o o v b e e l n i r - t n- Cash Other3 capital quarter Total i g M ag o e rt s - 2 G m o o v b e e l 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 L,558 940 849 14,910 1943 6,604 4,584 853 465 493 5,494 3... . 18,429 15,058 L ,577 852 852 15,317 1944 7,458 4,800 1,671 413 391 6-, 305 4 19,164 15,520 ,606 1,082 866 16,073 1945 8,747 5,376 2,420 450 356 7,365 1952—1P.. . 19,848 16,073 L.718 L,100 867 16,801 1 1 1 1 9 9 9 9 4 4 4 4 8 6 9 7 1 1 1 1 0 1 4 3 , , , , 6 2 6 0 2 0 8 2 2 2 7 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 8 5 6 8 6 6 3 0 3 0 6 3 4 5 5 8 1 6 0 1 6 6 1 1 1 8 9 2 0 , , , , 7 5 4 9 5 4 7 6 1 4 3 8 3 2 4 P P P .. . . . . . . . 2 2 2 0 1 2 , , , 6 8 7 5 5 0 6 3 0 1 1 1 7 6 8 , , , 7 8 4 4 9 4 0 1 4 L 1 , , 7 7 ,7 0 9 8 2 1 2 1 1 L , , . 2 0 2 1 4 9 2 6 3 1,0 9 9 8 5 9 3 9 9 1 1 1 7 8 9 , , , 6 2 2 6 1 1 1 0 1 1950 16,846 13,622 1,489 951 692 13,978 1953—1P... 23,506 19,105 ,931 1,263 1,121 20,105 1951 19,164 15,520 1,606 1,082 866 16,073 2P... 24,772 20,133 >,003 ,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. 2Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building ;and fixtures. Source.—Federal Savings and Loan Insurance Corporation. 169 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1952 1953 1944 1945 1946 1947 1948 1949 1950 1951 Loans, by purpose and agency: To aid agriculture, total 3,385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 5,070 5,671 4,997 5,512 Banks for cooperatives 189 197 232 276 305 302 345 425 424 367 324 336 Federal intermediate credit banks 257 231 273 336 426 437 510 633 673 728 824 781 Federal land banks 2 1,220 1,088 986 Federal Farm Mortgage Corporation. 351 242 149 109 80 60 45 34 25 23 22 20 Farmers Home Administration * 643 604 590 558 525 523 535 539 596 653 646 658 Rural Electrification Administration. 361 407 528 734 999 1,301 1,543 1,742 1,920 1,966 2,014 2,062 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 1,426 1,927 1,163 1,651 Other agencies 10 9 6 7 5 9 7 6 6 5 5 5 £o aid home owners, total 1,237 896 659 556 768 1,251 1,528 2,142 2,603 2,777 2,914 2,986 Federal National Mortgage Assn 52 7 6 4 199 828 1,347 1,850 2,242 2,394 2,498 2,540 RFC Mortgage Corporation4 81 24 6 Home Owners' Loan Corporation 2... 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation. 12 12 10 « 1 177 168 137 123 115 113 111 110 Other agencies 1 1 1 65 22 24 35 169 246 270 305 337 To railroads, total 343 223 171 147 140 114 110 101 82 79 79 79 Reconstruction Finance Corporation. 321 205 153 145 138 112 108 99 80 77 77 77 Other agencies 21 18 18 3 3 2 2 2 2 2 2 To other industry, total 191 232 192 272 310 462 458 488 516 526 536 Reconstruction Finance Corporation6 . 118 149 151 241 272 423 400 415 457 468 478 473 Other agencies 73 83 41 31 38 38 58 74 59 58 63 58 To financing institutions, total 216 267 314 447 525 445 824 814 611 802 Reconstruction Finance Corporation. 66 60 14 7 6 8 8 8 864 (7) Federal home loan banks 131 195 293 436 515 433 816 806 611 718 801 Other agencies 20 12 7 4 4 4 864 Foreign, total 225 526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 7,713 7,798 8,010 Export-Import Bank 225 252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,466 2,547 2,758 Reconstruction Finance Corporation •. 274 235 246 206 154 101 64 58 55 55 52 Other agencies9 800 3,450 3,750 3,750 3,750 3,750 5,182 5,191 5,196 5,199 All other purposes, total 1,237 707 623 714 584 484 531 779 1,095 872 821 830 Reconstruction Finance Corporation8 . 8 827 309 232 «340 190 88 59 61 50 51 54 57 Public Housing Administration10 305 286 278 278 294 297 366 609 919 688 626 612 Other agencies 112 113 96 100 99 M06 105 109 126 133 142 160 Less: Reserve for losses 438 478 395 368 476 448 185 173 140 159 226 252 Total loans receivable (net). 5,290 6,649 9,714 11,692 12,733 6,387 13,228 14,422 17,826 18,089 17,637 18,502 Investments: U. S. Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,645 2,588 2,586 Banks for cooperatives 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 51 60 53 52 62 Production credit corporations 60 67 70 72 66 39 42 43 43 44 45 45 Federal land banks * 220 145 136 Federal home loan banks 144 118 145 139 274 275 199 249 311 460 378 397 Federal Savings and Loan Insurance Corp.. 151 161 172 184 199 214 193 200 208 212 218 211 Home Owners' Loan Corporation2 15 15 17 12 12 8 Federal Housing Administration 87 106 122 132 144 188 244 285 316 330 344 318 Public Housing Administration 10 7 8 8 8 8 Reconstruction Finance Corporation4 75 49 48 () 1 Federal Deposit Insurance Corporation.... 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,500 1,508 1,509 Other agencies 28 30 20 21 1 1 1 1 1 1 Investment in international institutions. 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 424 325 230 154 133 107 78 42 45 44 Reconstruction Finance Corporation. 289 244 159 108 98 83 88 66 35 39 38 Production credit corporations 63 55 46 35 29 22 71 11 6 6 5 Other agencies 71 26 24 11 6 2 16 1 1 1 1 Commodities, supplies, and materials, total.... 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,280 1,259 2,201 2,259 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,174 978 1,013 1,876 1,884 Reconstruction Finance Corporation 6 1,053 1,131 667 235 157 142 108 129 172 119 114 134 Other agencies 438 122 134 138 32 30 28 159 131 128 211 241 Land, structures, and equipment, total 16,23721,017 16,924 12,600 3,060 2,962 2,945 3,358 3,213 3,240 7,867 7,911 Public Housing Administration 10 200 22: 227 204 1,448 1,352 1,248 1,251 1,173 1,149 1,029 1,030 Reconstruction Finance Corporation 6 6,526 6,919 2,861 35 630 611 605 594 199 197 185 181 Tennessee Valley Authority 710 721 727 754 793 830 886 1,048 1,251 1,299 1,360 1,405 U. S. Maritime Commission 2 3,113 3,395 3,301 3,305 War Shipping Administration 2 5,427 7,813 7,764 6,507 Federal Maritime Board and Maritime Adm.2 P4,802 P4,802 Other agencies n 262 1,948 2,044 1,793 189 168 206 465 590 595 491 493 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1,25: 689 965 77: 1,190 1,369 1,330 1,10 1,131 1,243 Banks for cooperatives 24 8 33 69 70 78 110 170 181 14 112 119 Federal intermediate credit banks 274 245 293 358 480 490 520 674 704 710 788 776 Federal land banks 8 818 79: 756 Commodity Credit Corporation 21 Federal home loan banks 67 69 169 26! 204 560 52. 445 231 349 For footnotes see following page. 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items 1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s r t a i l i u o o a n i e a p e m t d s d l e s - s , i , - - - G U s ri e o t . c i v I e u S m n s t - . . v e e n O s t s r s t i e - t t c h ie u e s - r L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - e s r a t B F g u n a u u b o r t n a e l e y n d l r e s d y - d s d p , e a n O b y o e a t t h n b e e - l s e 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 v n n S t r - - t - . o v in P w a e t r t s 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 32521,017 2,317 555 1,113 4,21227,492 472 1946—Dec. 31.. 30,409 1,398 6,649 1,265 1,873 547 16,924 1,753 261 1,252 3,58824,810 498 1947—Dec. 31 *. 30,966 1,481 9,714 822 1,685 , 53912,600 1,125 82 689 2, ,015 143 1948—Dec. 31 2. 21,718 63011,692 627 1,854 ,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31.. 23,733 44112,733 1,549 2,047 ,492 2,962 509 28 772 1,72021,030 183 1950—Dec. 31.. 24,635 64213,228 1,774 2,075 ,473 2,945 499 23 1,190 1,193 ,995 234 1951—Dec. 312. 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,72826,456 378 1953—Mar. 31 30,564 93618,089 1,259 2,645 3,427 3,240 968 48 1,107 2,06926,938 401 Tune 302 36,153 1,06317,637 2,201 2,588 3,430 7,867 1,367 51 1,131 1,97932,576 415 Sept. 30 37,141 1,09618,502 2,259 2,586 3,429 7,911 1,357 63 1,243 2,07533,335 424 Classification by agency, Sept. 30, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives , 405 333 119 259 25 Federal intermediate credit banks 886 781 776 99 Production credit corporations 51 51 Agricultural Marketing Act (7) () () (7) Federal Farm Mortgage Corp , 22 20 1 (7) 21 Rural Electrification Administration 2,182 2,060 1 87 2,182 Commodity Credit Corporation 3,932 1,561 1,884 108 371 738 3,193 Farmers Home Administration3 639 549 27 7 631 Federal Crop Insurance Corp 42 12 13 29 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,233 30 801 397 349 485 () Federal Savings and Loan Insurance Corp. 217 1 211 6 211 F P e u d b e li r c a l H H o o u u si s n in g g A A d d m m in in is i t s r t a r t a i t o io n n 1, 5 8 2 4 8 2 1 5 0 1 8 6 3 2 7 0 1,03 1 0 1 8 2 4 0 62 22 3 8 7 1, 2 8 3 0 8 5 Office of the Administrator: Federal National Mortgage Association.. 2,551 2,540 11 2,540 Other 127 71 126 Reconstruction Finance Corporation: Assets held for U. S. Treasury 12 353 3 1 134 180 34 353 Other is 815 24 726 1 28 36 779 Export-Import Bank 2,781 3 ,760 18 34 2,747 Federal Deposit Insurance Corp 1,529 6 () 1,509 () 15 100 1,429 A T F l e e l d n n e o r t e a h s l s e e r M e a V ri a t l i l m ey e A B u o t a h r o d r i a t n y d Maritime Adm.P. 9 1 , , 8 3 7 3 9 8 1 0 7 3 1 1 5 4 6 0 1 3 5,641 1 2 5 6 2 1 8 3, ( 3 ) 85 4 1 , , 8 3 4 0 5 0 8 2 5 3 1 9 1 1 6 5 0 249 9 5 1 , , , 7 1 7 6 4 4 1 0 1 pPreliminary. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses. 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report jto the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 8 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration* ince dissolution of the RACC in 1949. These activities are reported currently in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund." * Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. * Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. 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. w 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. FEBRUARY 1954 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 3 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 Cor- trad- Year, month, Mu- po- ing* or week ( n h ic ig ip h a - l (h r i a g t h e - fe P r r r e e - d* Manufacturing Trade, th ( o in ur O i s e e l - s d 2 r N i s e e e - s w 8 grade)4grade)4 T ta o- l d t I u r a n i s l - - - R ro a a i d l- u P i l t u t i i y c b l - - T ta o- l T ta o- l D ra u - - N d ra o u - - n- T p t r o i a o r n n ta s - - u P i l t u t i i y c b l - - a s a f e n i n r c n v d e - - , M in i g n- s s h a a o n r f d e s s)' ble ble ice Number of issues. . 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 28 32 14 1951 average 98 85 133.0 117.7 170.4 177 192 149 112 185 207 178 233 199 113 208 205 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 93.90 i6i.46 119.7 112.1 164.0 189 204 170 122 193 220 192 245 219 121 207 241 1,419- 1953—Jan, 95.68 124.0 114.5 168.4 198 214 185 124 205 232 208 255 239 124 212 261 1,62* 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 92.98 100.03 115.1 110.7 160.1 186 200 174 119 190 217 188 243 223 119 206 237 967 Aug. 92 89100 44 116 8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 1,138 Sept 93 40101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 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 95.85 104.93 122.3 113.5 166.5 191 206 157 125 193 221 192 249 200 125 209 230 1,644 1954—Jan 97.42 106.16 123.6 114.5 168.7 195 211 160 127 198 228 199 256 206 126 212 239 1,669" Week ending: Jan. 2 96.55 105.63 122.1 113.7 166.7 190 205 153 125 192 221 191 249 195 124 208 225 1,066 Jan. 9 96.62 105.62 122.4 114.0 167.0 193 209 157 126 194 223 193 250 199 125 209 233 1,417 Jan. 16 97.06 105.84 123.1 114.0 168.0 193 208 157 126 197 227 198 254 204 126 212 238 1,518. Jan. 23 97.73 106.51 123.9 114.8 169.4 197 214 161 128 200 231 201 258 209 127 214 241 L,804 Jan. 30 98.27 106.68 124.8 115.1 170.5 199 217 163 128 202 233 203 261 214 127 215 243 1,937 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, and1 common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2J4 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 3K per cent bonds of 1978-83, issued May 1, 1953. 4Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 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' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C di u t st b o a m la e n r c s' es1 Other credit balances End of month ba ( d l n e a e b n t i c ) t i es a in n p a v d c a e c r t s t o r n t u a m e d n r e i t s s n n ' g t a in n a v d c e c f t i s o r r t m u a m d n e i ts n n g t a b h n a a d n n k d i s n bo M rr o o n w e e y d 2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r u a m t d n n e t i e s n n r g t s' a in n a v d I c n e c t s o r f t u a i m r n d m e t i s n n g t I a n c ( c c n o a e u p t n ) it t a s ? 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 L.327 9 427 365 912 708 219 23 16 324 December... 1,362 8 406 343 920 724 200 35 9 315 1953—January.... 31L345 8908 8732 February. .. 31,350 i 8871 8730 March 81,513 8966 8744 April 81,594 81,068 8738 May 31,671 81,193 3673 June 1,684 7 347 282 1,216 653 163 23 16 319 July 31,664 31,161 8651 August 31,682 31,182 3641 September. . 31,624 31,070 3674 October 31,641 31,249 3672 November. . 31,654 31,357 3682 December... 31,694 31,459 3712 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): October, 31; November, 31; December, 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. 172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESS BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] mo Y w n e e t e a h k r , , or m m 4 p P - c o e a r o r t n p i o c m m t e i h a 6 r - e a , l - 1 a a P d b c n e a r a 9 c i r c n y m s e 0 e k ' s p s e 1 - , t- M y 3 a i - e r m k ld e o t n s t e h o c i R u n s b s r a i u n i l t t l e e i e s e s w s 9 ( i m t s - a t s o x o u n a e b 1 t s h 2 l 2 e - ) 3 is - y s t e u o a e r s 5 8 - An 1 n A 9 u 1 r a c 9 e l i 4 a t 5 i a e v a s n e : . r d . a g p e e s ri : od l 2 o A . a 2 l n l s $ $ 1 1 4 0 , . 0 3 ,0 0 0 0 0 - $ $ 1 1 3 0 0 S 0 , 2 0 i ,0 z 0 0 e 0 0 - o $ f $ 1 l 2 2 0 o 0 0 a 0 , 3 n 0 ,0 0 0 0 0 -$ a 2 n 2 0 d 0 0 o ,0 v 0 e 0 r 1946 2.1 4.2 3.1 2.2 1.7 1951 average 2.17 1.60 1.52 1.552 1.73 1.93 1 1 9 9 4 4 7 8 2 2 . . 5 1 4 4 . . 2 4 3 3 . . 1 5 2 2 . . 5 8 2 1 . . 2 8 1 1 9 9 5 5 3 2 a a v v e e r r a a g g e e 2 2 . .5 3 2 3 1 1 . . 7 8 5 8 1 1 . . 7 9 2 0 1 1 . . 7 9 6 3 6 1 r2 1 . . O 81 7 2 2. . 5 1 7 3 1 1 9 9 4 5 9 0 2 2. . 7 7 4 4. . 5 6 3 3 . 6 7 3 3. 0 0 2 2 . . 4 4 1953—January. .. 2.31 1.82 1.96 2.042 1.97 2.39 1951 3.1 4.7 4 0 3 4 2 9 February.. 2.31 1.88 1.97 2.018 1.97 2.42 1952 3.5 4.9 4.2 3.7 3.3 March 2.36 1.88 2.01 2.082 2.04 2.46 1953 3.7 5.0 4.4 3.9 3.5 April 2.44 1.88 2.19 2.177 2.27 2.61 Quarterly: May 2.68 1.88 2.16 2.200 2.41 2.86 19 cities: June 2.75 1.88 2.11 2.231 2.46 2.92 1953—Mar 3.54 4.89 4.25 3.75 3.32 July 2.75 1.88 2.04 2.101 2.36 2.72 June 3.73 4.98 4.38 3 91 3.53 August.... 2.75 1.88 2.04 2.088 2.33 2.77 Sept 3.74 5.01 4.40 3.93 3.54 September. 2.74 1.88 1.79 1.876 2.17 2.69 Dec 3.76 4.98 4.39 3.96 3.57 October. . . 2.55 1.88 1.38 1,402 1.72 2.36 November. 2.32 1.88 1.44 1.427 1.53 2.36 New York City: December.. 2.25 1.88 1.60 1.630 1.61 2.20 1953—Mar 3.31 4.55 4.13 3.55 3.17 June 3 52 4.63 4 25 3 79 3.39 1954—January... 2.13 1.88 1.18 1.214 1.33 1.97 Sept 3.52 4.76 4.25 3.76 3.40 Week ending: Dec 3.51 4.70 4.25 3.77 3.38 Jan. 2... 2.25 1.88 1.48 1.574 1.58 2.10 7 Northern and East- Jan. 9... 2.25 1.88 1.30 1.314 1.56 2.07 ern cities: Jan. 16. .. 2.13 1.88 1.28 1.336 1.44 2.02 1953—Mar. 3.50 4.95 4.24 3.74 3.30 Jan. 23... 2.13 1.88 1.12 1.208 1.22 1.93 June 3.71 5.07 4.38 3.87 3.54 Jan. 30. .. 2.00 1.88 1.01 .998 1.09 1.88 Sept. 3.71 5.08 4.45 3.91 3.52 Dec 3.79 5.07 4.40 3.96 3.63 p Revised. 11 Southern and bo 3 n 1 2 S S M d e e r r i o i s i e n e s s u s th e i l i s n y n . c c l f l u i u g d d u e e r s s e s s c e a e le r r t e c i t f e a ic d v a e t n r e a o s g te e o s f a n o i d f n d w b e o e b e n t k e d l d y i n s e s p s u r s e e v s a . a n il d in g se l r e a c t t e e s d . note and 19 W 53— est S D J M e u e r e n p a n c e r t cities: 3 4 4 4 . . . 9 1 1 0 0 0 0 5 5 5 5 5 . . . . 0 0 1 0 2 9 0 6 4 4 4 4 . . . . 4 4 3 4 6 6 1 6 3 4 4 4 . . . . 0 0 9 0 2 6 1 9 3 3 3 3 . . . . 6 8 8 7 2 6 6 9 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS *• [Per cent per annum] Bonds Industrial stocks U. S. Govt. Corporate (Moody's)8 Dividends/ E in a g rn s/ - Ye o a r r , w m ee o k nth, (long-term) M (h i u p ig n a h i l c - - By ratings By groups price ratio p ra r t ic io e Old New grade) * Total Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa A Baa trial road utility ferred 6 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 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 3.16" 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3.55 3.45 4.27 5.51 1953—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 '3126" 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 PIO.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 1954—January 2.68 2.90 2.50 3.34 3.06 3.22 3.35 3.71 3.23 3.47 3.31 4.15 5.28 Week ending: Jan. 2 2.74 2.92 2.58 3.39 3.12 3.27 3.40 3.74 3.28 3.51 3.36 4.20 5.54 Jan. 9 2.74 2.93 2.56 3.37 3.09 3.26 3.38 3.74 3.27 3.50 3.34 4.19 5.49 Jan. 16 2.71 2.91 2.52 3.35 3.08 3.24 3.37 3.72 3.25 3.49 3.32 4.16 5.40 Jan. 23 2.66 2.88 2.47 3.33 3.06 3.21 3.34 3.70 3.22 3.46 3.30 4.13 5.32 Jan. 30 2.63 2.87 2.43 3.30 3.03 3.18 3.31 3.67 3.18 3.43 3.28 4.11 5.28 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 2^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3i£ per cent bonds of 1978-83, issued May 1, 1953. *Standard and Poor's Corporation. *Moody'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. ^Standard 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. FEBRUARY 1954 173 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 re N ce e i t pts p t e u E n r x e d - s i- S d u e r f o p i r c lu it s c T o o a a t r u n h c u n - e d s t r t s r o i e S n b o d a a f l e l g i e m m g G e s a n a p o t a r c t i v k y i o n o t e n d . n t s s C co l i a n e u c g a - n r t - p d G d u i r r e b o e b l s c i t s c t G ba f e u l n a n e n d r c a e l f a g B e u n e i r a n n c a n l d e l - - A f a u F v b n . a l d i e R l s - . B In c e a o s n p s l k l r e o s o c f c - - S d it p e a e p r c o ie i s a s - l O s n a t e e h s t - t e s r tion Cal. yr.—1950 37,834 !38,255 1-422 i-38 349 87 -423 -447 4,232 690 129 2,344 1,069 1951 53,488 56,846 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1,134 1952 65,523 71,366 -5,842 49 —90 -319 7,973 1,770 6,064 389 176 4,368 1,132 1953 64,469 73,626 -9,157 82 19 -209 7,777 -1,488 4,577 346 131 3,358 742 Fiscal yr.—1950 . . . 37,045 40,167 -3,122 121 —22 483 4,587 2,047 5,517 950 143 3,268 1,156 1951 . . . 48,143 H4,633 13,510 1295 384 -214 -2,135 1,839 7,357 338 250 5,680 1,089 1952 . . . 62,129 66,145 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1,175 1953 . . . 65,218 74,607 -9,389 462 -25 -312 6,966 -2,299 4,670 132 210 3,071 1,256 Semiannual totals: 1950—July-Dec.. 18,464 119,063 1-599 1-173 392 -254 -650 -1,285 4,232 690 129 2,344 1,069 1951—Jan.-June. 29,679 25,570 4,109 468 —8 40 -1,486 3,124 7,357 338 250 5,680 1,089 July-Dec.. 23,809 31,276 -7,467 291 64 -146 4,197 -3,062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June. 38,014 38,110 -96 341 -71 -248 -1.320 -1,394 4,670 132 210 3,071 1,256 July-Dec. . 26,454 35,515 -9,061 -259 90 40 9,097 -94 4,577 346 131 3,358 742 Monthlv: 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 1,123 Mar. 10,502 6,187 4,315 —209 12 -135 -3,099 884 6,908 222 448 4,983 1,255 Apr 2,849 6,362 -3,513 -157 —50 289 105 —3,326 3,582 393 180 1,859 1,151 May . . . 4,380 6,241 — 1,862 377 38 -428 1,930 57 3,639 221 108 2 109 1,201 June 9,744 7,988 1,756 65 32 -373 -449 1,032 4,670 132 210 3,071 1,256 July 3,308 6,068 —2,759 —260 26 466 6,598 4,071 8,741 548 181 6,690 1,322 4,568 6,042 -1,473 299 1 -430 536 -1,067 7,674 496 96 5,825 1,257 Sept. 6,041 6,119 — 79 -40 75 117 -269 -196 7,478 642 183 5,255 1,398 Oct.... 2,659 5,477 —2,818 -149 -70 235 449 -2,352 5,126 662 185 2,892 1,387 Nov 4,695 5,423 -728 -37 116 -376 1,822 797 5,923 451 81 4,545 847 Dec. 5,183 6,387 — 1,204 — 72 -59 29 -40 -1,346 4,577 346 131 3,358 742 1954—Jan 24,471 25,071 -600 -144 -28 559 -320 -533 4,044 404 363 2,406 871 Budget expenditures Major national security 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 i a e t - d - n I t a i n e o n o i c t m a n d e o - 4 a r - i - c l A E C n m s to i o e o i m m r s n g - i - y c I d n e o e t s n e b t r t - A e i t V s d i r o t a m e r n n a t i - s s - n- g c S r p u o s a r r e c m o i - i t - a s y l * A t c u g u r r l e - i 6 - n H h a a i o o f n n n i m u - g d c s e e - P w u o b r l k i s c o P d f i f c e o ic f i 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 Cal. yr.—1950 38,255 18,509 13,476 291 4,012 611 5,580 5.714 1,351 1,499 -17 1,551 643 961 2,464 1951 56,846 37,154 30,275 1,559 3,560 1,278 5,983 5,088 1,463 1,010 694 L,438 684 1,016 2,315 1952 71.366 51,121 43,176 2,975 2.652 1.813 6,065 4,433 1,508 1,564 646 L ,573 775 1.193 2,487 1953 73,626 52,817 44,465 3,810 2,190 1,889 6,357 4,157 1,630 3,238 -159 1,685 525 783 2,593 Fiscal yr.—1950 .... 40,167 17,950 12,346 44 4.941 524 5,750 6,043 1,375 2,986 —270 ,575 593 1,383 2,781 1951 . .. 44,633 25,891 19,955 884 3,863 908 5,613 5,288 1,415 635 460 ,458 624 972 2,276 1952 .... 66.145 46,319 39,033 2,228 2.904 1,648 5,859 4,748 1,424 1,219 614 ,515 740 1,305 2,402 1953 .... 74,607 52,847 44,584 3,760 2,272 1,802 6,508 4,250 1,593 3,063 382 ,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 1,389 711 2,761 2,479 718 540 392 858 320 848 1,249 1952—Jan.-June..34,869 25.206 21,208 1,306 1.514 937 3,099 2,269 706 679 222 657 420 457 1,153 July-Dec.. 36,497 25,915 21,968 1,669 1,137 876 2,966 2,164 802 885 424 916 355 737 1,333 1953—Jan.-June.. 38,110 26.932 22,616 2.092 1,134 926 3.542 2,086 791 2,178 -42 740 305 342 1,236 July-Dec.. 35,515 25,885 21,848 1,718 1,056 963 2,816 2,072 839 1,059 -117 945 220 441 1,357 Monthly; 1953—Jan. 5,737 4,216 3,632 277 138 158 235 348 180 357 -80 89 160 20 213 Feb 5,595 4,168 3,501 316 171 151 311 339 109 285 19 70 101 192 Mar 6,187 4,670 3,789 523 181 157 563 358 10 281 -3 88 -30' 58 193 Apr. 6,362 4,582 3,891 366 120 167 372 350 239 293 —35 193 125 13 232 May 6,241 4,481 3,746 285 278 153 179 348 125 581 66 155 92 213 June 7,988 4,815 4,056 325 246 140 1,882 343 128 382 -10 145 50 59 194 July 6,068 4,645 3,890 451 151 117 237 369 177 254 —78 174 53 237 Aug. 6,042 4,172 3,519 197 258 157 206 330 120 377 95 155 160 157 270 Sept.. .. 6 119 4,392 3 787 232 169 155 560 323 101 275 34 158 60 217 Oct 5,477 4,266 3,647 155 175 208 354 336 211 -12 -46 161 18 189 Nov. 5,423 4,034 3,540 198 162 95 164 343 123 302 -89 157 "60" 95 234 Dec 6,387 4,377 3,465 484 141 231 1,294 371 108 -137 —32 140 57 209 1954—Jan 25,071 P3.686 ^3,002 385 P108 142 245 ?340 P179 n.a. n.a. P95 n.a. P Preliminary. n.a. Not available. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. 2Not adjusted for Treasury's revised treatment of carriers' taxes. 3Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization. Agency, and Federal Civil Defense Administration. ^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. 6 Excludes transfers to trust accounts, which are shown separately. N-- includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are included with public works. 174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Budget receipts, by principal sources (o I n n te b r a n si a s l o re f v I e n n t u e e r na c l ol R le e c v ti e o n n u s e Service) Income Deduct Period in a su n r d a n o c ld e -a ta g x e es IVKii-is- Ta o x n es c I o n m d e i v a id n u d a ol i d n - - Corpocena- carriers Total Appro- Net age insurance ration Esneous and on WtllCI budget pria- Re- budget taxes in- tate With- Other 11- em- re- re- tions funds re- come and held ternai ployers ceipts 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 - e r n ev u - e o m f o 8 r e or t f r a u u g n s e d t ce r i e p - ts W he it ld h- Other p t r a o x f e it s s taxes Cal. yr.—1950 13,775 17 361 8 771 770 1,980 42,657 2,667 2,156 37 834 12 963 7,384 9,937 658 1951 19,392 26,876 9 392 944 2,337 58,941 3,355 2,098 53 488 18 840 10,362 16,565 801 1952 23,658 34,174 10 416 90? 2,630 71.788 3.814 2.451 65 523 23 000 11,980 22,140 849 1953 26,323 30,524 11 211 896 2,570 71,524 3,918 3,137 64 469 26 162 11,401 19,195 923 Fiscal vr.—1950 12,180 18,189 8 303 776 1,862 41,311 2,106 2,160 37 045 1 762 7,264 10,854 706 1951 16,654 24,218 9 423 811 2,263 53,369 3,120 2,107 48 143 L5901 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 65 218 24 750 11,604 21,595 891 Semiannual totals: 1950—July-Dec.. . 7,209 6,841 4 779 317 1,039 20,185 1,411 311 18 464 6 858 1,881 4,971 303 1951—Jan.-June.. 9,445 17.376 4 644 494 1,223 33,184 1,709 1,796 29,679 9 043 8, 027 9,416 427 July-Dec... 9,947 9,499 4 748 449 1,114 25,757 1,646 302 23,809 9 798 2, 335 7,149 374 1952—Jan.-June.. 11,942 23,526 4 978 545 1,251 42,242 1,922 2,000 38,320 LI 515 9, 210 14,318 459 July-Dec... 11,716 10.647 5 438 357 1,388 29,546 1,891 451 27,204 1 574 2, 770 7,821 390 1953—Jan.-Tune... 13.342 22.454 5 437 1 .n? 42 910 2,195 2, 7nn 38 0*4 3 176 8. 834 13 773 502 July-Dec.. . 12,981 2,799 5,272 5 779 352 1,433 28,614 1,723 437 26 454 2 986 2, 567 5,422 422 Monthly: 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 S39 404 65 Mar 2,102 8,551 993 66 158 11,870 425 944 10,502 328 2, 698 6,171 154 Apr 1 170 1,837 880 14 144 4,044 232 963 2 849 1 667 855 654 84 May 3,399 490 922 109 220 5,140 516 244 4 380 4 520 151 359 62 June 2 138 6,986 939 54 206 10,323 420 159 9 744 527 1 ,437 5,683 60 July 1,252 474 651 937 19 286 3,619 206 105 3 308 1 792 324 651 83 Aug. . 3,500 79 326 955 106 187 5,153 519 65 4 568 4 434 91 326 60 Sept.. . 1,837 1,689 1,636 981 55 203 6,402 299 63 6 041 313 1 ,631 1,767 64 Oct 1,138 159 385 1 019 16 176 2,894 160 75 2 659 1 934 79 478 96 Nov 3,416 89 336 968 107 229 5,144 388 60 4 695 4 398 77 318 56 Dec 1,838 309 1,938 919 48 351 5,403 151 69 5,183 115 364 1,882 63 1954—Jan P897 2,122 490 749 P28 332 4,619 84 64 14, 471 Treasury receipts—Continued Trust and other accounts (o I n n t b e a r s n i a s l o re f 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 accounts4 retirement, and Period Excise and miscellaneous taxes Totals insurance accounts Total Liquor Tobacco M a a n n d u e r f x e a c t c i a s t i e u le re rs rs ' Other ce R i e p - ts I m nv e e n s t t s - Ex t p u e r n es di- m In e v n e t s s t 5 - Others Cal. yr.—1950 8,150 2,419 1 348 2,519 1.864 -38 6,543 56 6,214 -22 -333 1951 8,682 2,460 1 446 2,790 1,987 759 7,906 3,155 4,507 271 786 1952 9,558 2.727 1 662 3,054 2.115 40 8.315 3, 504 4.942 3?o 508 1953. 9,714 2,819 1 614 3,262 2,020 82 8,123 2.387 5,811 153 310 Fiscal yr.—-1950 7,599 2,219 1 328 2,245 1 ,806 121 6,266 —41)2 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 I 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 1,557 1,644 -22 -307 1951—Jan.-June. . 4,241 1,156 697 1446 942 468 3,939 1,803 2,108 219 660 July-Dec. . 4,440 1,304 748 1.343 1 045 291 3,967 1,352 2,398 52 126 1952—Jan.-June. . 4,531 1,245 817 1,481 988 -72 4,242 2.009 2,486 223 404 Julv-Dec . . 5,027 1 ,482 845 1,573 1.127 121 4,073 1,495 2,456 106 105 1953—Jan.-June. . 4.919 1,299 810 1 .786 1 025 341 4.458 1 5M 2 80? 13ft 385 July-Dec... 4,795 1,521 804 1,476 995 -259 3,665 '823 3,009 17 -74 Monthly: 1953—Jan 760 188 136 283 154 — 140 248 -103 447 233 188 Feb 782 186 133 308 155 404 869 223 449 —54 154 Mar 825 229 144 276 176 -209 596 61 488 38 -217 Apr. 848 230 133 292 193 — 157 405 128 478 — 17 27 May 851 229 129 320 173 377 1,020 412 463 42 274 June 854 237 136 307 174 65 1 319 843 476 — 107 —42 Tuly .. . 895 244 125 312 213 -260 405 90 470 —29 — 134 Aug 793 225 145 267 156 299 1,070 409 462 — 14 86 Sept 2472 266 140 4 61 —40 449 16 506 55 87 Oct. . 608 294 147 74 94 — 149 328 —80 537 4 — 16 Nov 1,442 276 126 773 267 -37 817 199 502 40 -113 Dec 587 216 120 46 204 -72 597 188 533 -39 14 1954—Jan -144 207 -334 581 288 184 ^Preliminary. xNot adjusted for Treasury's revised treatment of carriers' taxes. 2Reporting of some excises changed to quarterly basis. 3 Excess of receipts, or expenditures (—). 4Consists 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 5, but their operating transactions are included in Budget expenditures. 5Consists 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). 175 FEBRUARY 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. s l : r e T c r L N e u i e o p s s n t t s s - : E o i . n C p q c i e u a n 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 x c 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 e s 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 p q i u e u n a t r a s g g a h l o t s - : i o o n c p u o g o e m t r g r in e o a - treceipts cashi cash2 publics trans.4 cash « Fund e Cal. yr.—1950 37,834 171 7,001 5,211 42,451 38,255 503 5,307 6,923 65 -262 -87 41,969 482 1951 53,488 222 8,582 5,508 59,338 56,846 567 5,625 4,397 90 -26 106 58,034 1,30* 1952 65,523 184 8,707 5,649 71,396 71,366 734 5,807 4,825 28 38 319 72,980 -1,583 1953 64,469 275 8,596 -,347 70,440 73,626 575 5,585 5,974 34 -82 209 76,529 -6,090- Fiscal yr.—1950.... 37,045 120 6,669 5,623 40,970 40,167 436 5,754 6,881 13 -207 -483 43,155 -2,185 1951.... 48,143 256 7,796 5,244 53,439 44,633 477 5,360 3,945 138 -13 214 45,804 7,635 1952.... 62,129 138 8,807 5,705 68,093 66,145 710 5,837 4,952 5 9 401 67,956 137 1953.... 65,218 210 8,932 5,595 71,344 74,607 694 5,774 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 L.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... 26,454 171 3,913 996 29,199 35,515 277 1,129 3,332 36 -38 -40 37,326 -8,128- Monthly: 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 80 627 391 5,339 6,387 82 483 549 -12 -60 -29 6,294 -956 1954—Jan 74,471 237 '5,071 427 -12 -559 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). ^Represents 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 Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) 7Not adjusted for Treasury's revised treatment of carriers' taxes. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment (—) of borrowing to the public2 Period d ( c o i g - d r r r r ) e . e o , d a b p s s e i t s u e n - b. F a G n e u d s te e a e e c r r d - u al r it a ie g a s g e N n n u o t o c e a f n i e r - e - d s G & N o i s n t e v e r c t . t . . F i f a e n b u g d v y n e . . d n s . T I b n r o A t e . n a c d o s c s . n r u b a s a i n a l l l d v s s . to P F f p e a o u d y r b m . t s l i s . c e o 1 i c f n . b b r ( i e o o n - p i r r g ) n r r a , o o g y o o w w t f r . - - m & i D s k s i c t u r a o e e b n c s l v t 3 e . . S b p ( a i o r v s i n s c in u d e g e ) s s S n av o i t n es gs S s a P i p s v o s e . s u c S t e i a a y s l l s.Other* Cal. yr.—1950 -423 -6 355 94 602 163 -929 -2,649 751 1,021 -250 19* 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 -1,191 -1,099 -997 46 1952 7,973 12 — 102 3,833 770 —74 3,353 5,778 -406 -1,784 -113 -122 1953 7,777 22 -3 2,540 591 66 4,601 54,829 6 -344 248 -162 30 Fiscal yr.—1950 4,587 -8 —14 -308 574 68 4,231 211 728 3,601 -150 -158 1951 -2,135 10 374 3,557 638 -149 -5,795 -3,943 -467 -657 -1,093 365 1952 3,883 16 -88 3,636 779 -79 -525 1,639 -717 -1,209 -155 -82 1953 6,966 -32 3,301 719 3 2,918 55,294 fi-103 -2,164 -100 -9 Semiannual totals: 1950—July-Dec -650 4 388 1,544 337 -56 -2,081 -2,761 292 187 -170 371 1951—Jan.-June. . .-1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. . . 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—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 «18 -1,335 -68 -20 July-Dec 9,097 24 66 840 283 32 8,034 6,857 -362 1,583 -94 50 Monthly: 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 «1,571 5-147 -6 -32 39 June -449 33 735 71 — 1 -1,222 -862 -98 -341 -11 90 July 6,598 11 15 61 «109 -1 6,456 6,333 «-122 252 -7 Aug 536 1 395 «28 -12 127 -72 e-51 271 -17 —4 Sept -269 75 71 22 -12 -274 -931 -90 662 -16 101 Oct 449 2 -72 -76 -1 457 -51 -36 618 -7 -67 N D o ec v 1, - 8 4 2 0 2 2 8 - 1 6 0 1 8 2 1 4 5 0 0 4 8 1 3 " - 5 1 9 1 - , 3 6 9 5 1 9 1, - 6 7 4 0 7 - -2 4 2 1 -1 -5 6 3 7 - - 1 3 8 6 - 1 9 2 5 3 1954—Jan -320 -i -27 -46 -178 -92 -73 -12 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included, 2 Includes redemptions of tax anticipation bills and savings notes used in payment of taxes. 3Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. * Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 5Excludes exchanges of savings bonds into marketable bonds. 6See footnote 2 at bottom of following page. 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d i a e i r l v s e s i c 1 o d t n - t c a a D o t x i i r e o r p s e n o c s o r t 1 - n E t m a a x x i n c s d e i c s s . e i c n S e s o i . c p i r t a s e l 2 - c O o c i a t m n h s - e h e r 3 R D c o e e e f f i d p u r u n t e c s - d t: s Total n g a M r t p a l a r . m o jo s - s e r * c. e d I s n e t t b e o t r * n - g e r V p r a a r e m o n t - s - s6 s g e S r p c a o r u m c o r i - i a s t 7 l y Other Cal. yr.—1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 18,347 4,072 8,864 4,400 6,286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,195 4,230 5,209 5,617 6,729 1953 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 52,749 4,589 4,885 6,648 7,658 Fiscal yr.—1950 40,970 18,115 10,854 7,597 4,438 2,126 2,160 43,155 17,879 4,264 9,146 4,740 7,126 1951 53,439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,038 4,052 5,980 4,458 5,276 1952 68,093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46,396 4,059 5,826 5,206 6,469 1953 71,344 33,370 21,595 9,978 6,858 2,694 3,151 76,561 52,843 4,658 4,920 6,124 8,016 Semiannual totals: 1950—July-Dec 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 25,250 1,984 2,709 2,741 2,938 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953—Jan.-June 41,241 20,329 13,773 4,931 3,656 1,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 July-Dec 29,199 14,478 5,272 5,357 3,037 1,492 437 37,326 25,851 2,176 2,465 3,401 3,433 Monthly: 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 1,000 243 244 6,662 4,438 127 406 529 1,162 June 10 185 3,081 5,683 879 528 173 159 7,932 4,817 1,045 401 543 1,126 July 3,615 1,603 651 854 333 278 105 6,001 4,647 128 428 586 212 Aug 5,526 3,119 326 894 991 260 65 6,720 4,184 178 386 522 1,450 Sept 6,373 3,292 1,636 917 399 192 63 6,294 4,404 525 378 509 478 Oct. 2,950 1,233 385 923 266 218 75 5,759 4,268 322 456 625 88 Nov 5,396 3,172 336 912 791 245 60 6,258 4,034 122 393 572 1,137 Dec 5,339 2,059 1,938 856 256 299 69 6,294 4,314 901 423 586 70 1954—jan# P3,012 490 P672 P177 64 P3.675 P393 P7O5 ^Preliminary. 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. includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 'Represents 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 Year or All series Series A-E and H Series F, G, J andK lax anu savings nui.cs month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3,063 29,153 3,664 258 11,208 8,533 7,276 9,843 1945 12,937 5,503 48,183 9,822 5,135 34,204 3,115 368 13,979 5,504 7,111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4,915 52,053 4,085 4,207 33,739 2,609 708 18,314 2,925 3,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3,071 829 20,613 3,032 3,843 4,572 1949 5,833 4,751 56,707 4,208 3,948 35,206 1,626 803 21,501 5,971 2,934 7,610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22,616 3,726 5,491 5,770 1953 P4.799 P5,661 P57.71O P4.367 P3,618 36,663 P432 P2.043 21,047 P5.773 P5.475 6,026 1952—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 1906 57,920 340 300 35,939 31 1606 21,981 1,714 1,719 4,793 June.. 370 1485 57,886 340 308 36,048 30 1178 21,837 1,068 1,408 4,453 July. . 402 2524 57,871 370 2343 36,168 33 181 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 P286 36,391 27 P132 21,385 687 68 6,258 Nov. . ••369 390 57,806 339 P272 36,509 29 P118 21,297 2 55 6,204 Dec... 423 3590 357,710 381 P3 10 36,663 42 P3280 321,047 178 6,026 P Preliminary. r Revised. iFigures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953,. for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. 2Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued discount. Hence, the redemptions figure shown includes some accrued discount. This situation is being reversed in subsequent months. 3Figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. In accordance with Treasury practice all unredeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and Series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in amount outstanding. 177 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statments of United States Treasury. In millions of dollars] Public issues * Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a * s l d d T g i e r o r b o t e s a t c * s l t Total Total Bills c C e i a n e d t r d e n t s e i e f b s i o - s t f - Notes B e b l l a i e g n * i B k - on s d t B s r r i a e c n - t k ed b C v i o b e o n l r n e d t- - s Total« b S i o n a n g v d s - s n s i T a n o a n a t g v d e x s - s S is p s e u c e ia s l 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259,487 259.149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—June 252,366 252,292 219,852 160,346 13,757 22,588 11,375 62,990 49,636 59,506 53,274 4,394 30,211 Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—June 252,798 252,770 217,986 155,147 11,536 29,427 3,596 60,951 49,636 62,839 56,260 4,860 32,776 Dec 257,160 257,130 221,123 155,123 12,319 29,636 8,249 55,283 49,636 66,000 56,707 7,610 33,896 1950—June 257,377 257,357 222,853 155,310 13,533 18,418 20,404 53,319 49,636 67,544 57,536 8,472 32,356 Dec 256,731 256,708 220,575 152,450 13,627 5,373 39,258 44,557 49,636 68,125 58,019 8,640 33,707 1951—June 255,251 255,222 218,198 137,917 13,614 9,509 35,806 42,928 36,061 13,573 66,708 57,572 7,818 34,653 Dec 259.461 259,419 221,168 142,685 18,102 29,078 18,409 41,049 36,048 12,060 66,423 57,587 7,534 35,902 1952—Tune 259,151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6,612 37,739 Dec 267,445 267,391 226.143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 1953—Jan 267,450 267,402 226,226 148,574 21,709 16,712 30,275 58,864 21,013 12,491 65,161 58,134 5,676 39,097 Feb 267,634 267,584 226,187 148,445 21,710 15,958 30,282 59,483 21,012 12,484 65,258 58,268 5,642 39,302 Mar 264,536 264,485 223,025 145,988 19,211 15,959 30,327 59,482 21,009 12,438 64,599 58,371 4,879 39,354 Apr 264,642 264,590 223,077 146,133 19,312 15,959 30,375 63,238 17,249 12,391 64,553 58,413 4,798 39,474 May 266,572 266,520 224,735 148,324 19,913 15,959 30,411 64,795 17,248 12,355 64,056 57,920 4,793 39,710 June 266,123 266,071 223,408 147,335 19,707 15,854 30,425 64,104 17,245 12,340 63,733 57,886 4,453 40,538 July 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 273,269 273,206 230,157 153,694 20,208 21,655 30,492 64,099 17,240 12,273 64,190 57,851 4,977 40,988 Sept 273,001 272,937 229,785 152,804 19,508 26,369 33,578 59,944 13,406 12,168 64,814 57,795 5,639 40,958 Oct 273,452 273,38f 230,403 152,977 19,509 26,385 33,736 59,942 13,404 12,025 65,402 57,775 6,258 40,888 Nov 275,282 275,209 232,115 154,726 19,509 26,386 33,249 62,181 13,402 12,012 65,377 57,806 6,204 41,013 Dec 275,244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6,026 41,197 1954—Jan 274,924 274,849 231,623 154,631 19,512 26,386 31,419 63,916 13,398 11,976 65,017 57,735 5,956 41,009 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 561 million dollars on Jan. 31, 1954) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,116 million dollars on Dec. 31, 1953. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 6 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 gross U. S. Government End of month in ( a s i g e n d n ti c c e t e g e u l b s u u e r ) t i d a d - r - - S is p a s t e r u g c u e e i s a n s t l c i f e u s n P i a s d u s n s b u d 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s a - 2 l M s 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 c u ie e r - - s r c O a o t t r i h p o e o n r - s g m S o l a o v t e n c a e n d a t r t e l n s - S b a o v I n i n n d d g s i s vid se u O c a u t ls h ri e ti r es l M i a n t n o i v e s 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—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 16,500 21,300 9,600 49,100 15,000 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 19,700 10,400 49,000 14,800 11,600 1952—Nov 267,483 38,788 6,757 221,938 23,821 64,200 9,500 16,200 21,000 11,000 49,100 15,000 12,200 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 21,000 11,100 49,200 14,900 11,700 1953—Jan 267,450 39,097 6,895 221,458 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 16,200 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 r21,500 11,900 49,300 15,900 12,800 June 266,123 40,538 7,022 218,563 24,746 58,800 9,500 16,000 19,400 12,000 49,300 16,100 12,800 July 272,732 40,594 7,007 225,131 24,964 63,500 9,500 16,000 >-2O,7OO 12,200 49,300 15,800 13,300 Aug 273,269 40,988 6,986 225,295 25,063 62,700 9,500 16,000 ••21,400 12,200 49,300 15,600 13,500 Sept 273,001 40,958 7,076 224,967 25,235 62,500 9,500 15,900 r21,100 12,200 49,300 15,800 13,400 Oct 273,452 40,888 7,078 225,486 25,348 62,700 9,300 15,900 '21,300 12,200 49,200 15,700 13,700 Nov 275,282 41,013 7,156 227,113 25,095 63,800 9,300 15,900 21,800 12,300 49,300 15,800 13,900 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. 178 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 January 31, 1954 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. Feb. 15, 1954 i 8,114 June 15, 19543 2 510 Dec. 15, 1963-68. . .2^ 2,827 Feb. 4, 1954 1,501 June I, 1954 4,858 June 15, 1954 2 5,825 June 15, 1964-69... 2 H 3,754 Feb. 11, 1954 ... . 1 .500 Mar. 22. 1954 2 5,902 June 15, 1954-55. . .23^ 1,501 Dec. 15, 1964-69. .2% 3,831 Feb. 18, 1954 1,502 Aug. 15, 1954 2% 2,788 June 15, 1954* 2 8,662 Mar. 15, 1965-70«..2 y2 4,720 Feb. 25, 1954 1,501 Sept. 15, 1954 4,724 June 15, 1954-56*. ,2\i 681 Mar. 15, 1966-71«.. 2 H 2,962 Mar. 15, 1955-60«. .2% 2,611 June 15. 1967-72*.. 2 H 1,891 Mar. 4, 1954 1,500 Mar. 15, 1956-58. ..2 3^ 1,449 Sept. 15, 1967-72. . .2H 2,716 Mar. 11, 1954 ,501 Treasury notes Sept. 15, 1956-59*. .2% 982 Dec. 15, 1967-72«.. 2H 3,825 Mar. 18, 1954 L 501 Mar. 15 1954 H 4 675 Sept 15 1956-59 2% 3 822 June 15 1978-83 3}£ 1,606 Mar. 25, 1954 .501 Dec. 15. 1954 8,175 Mar. 15, 1957-59. . .2% 927 Mar. 15, 1955 I H 5,365 June 15, 1958 2% 4,245 Postal Savings Apr. 1, 1954 1,502 Dec. 15. 1955. %/ 6,854 June 15, 1958-635. .2% 919 bonds 2 % 46 Apr. 8, 1954 1,500 Apr. L, 1956 1 V£ 1,007 Dec. 15, 1958 2H 2,368 Panama Canal Loan. .3 50 Apr. 15, 1954 1,500 Oct. ., 1956 550 June 15, 1959-62. . ,2H 5,277 Apr. 22, 1954 1,502 Mar. 1.5, 1957 : 2,997 Dec. 15, 1959-62. ..2% 3,466 Apr. 29, 1954 1,500 Apr. , 1957 531 Dec. 15, 1960-65 5.. 2 % 1,485 Oct. 1L, 1957 824 Sept. 15, 1961 2% 2,239 Convertible bonds Apr. 1,1958 /^ 383 June 15, 1962-67. . .2H 2,116 Investment Series B Oct. 1, 1958 1yA 58 Apr. 1, 1975-80. . .2% 11,976 1Sold on discount basis. See table on Open Market Money Rates, p. 173. 2Tax anticipation series. SMaturity Dec. 15, 1955. ^Maturity Dec. 15, 1954. 5Partially tax exempt. SRestricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES • Marketable and Convertible Direct Public Securities [Par values in millions of dollars] U.S. U.S. Total G ag o e v n t - . F e e ra d l - Com- M tua u l - c In o s m u p ra a n n c ie e s Total G ae o e v n t - . F e e ra d l - Com- M tua u l - c I o n m su p r a a n n i c e e s End of month st o a u n t d - - a c n ie d s s R er e v - e m ci e a r l - s in a g v s - Other End of month st o a u n t d - - a c n ie d s s R er e v - e m ci e a r l - s in a g v s - Other ing f t u ru nd st s Banks banks banks Life Other ing f t u ru nd st s Banks banks banks Life Other Twnn fif eopiiritx/* Type of security: 1 y|Jt? ui b"viii ity• Convertible bonds Total marketable (Investment a 1 1 1 n 9 9 9 d 5 5 5 2 1 3 c — — o -J n D D J J u v u u e e n e n n c c e r e e tible: 1 1 1 1 1 5 5 5 6 5 3 9 1 1 4 , , , , , 5 6 4 0 7 0 9 7 8 4 2 0 5 1 5 6 6 6 6 6 , , , , , 1 6 8 4 2 7 1 9 5 6 7 3 1 9 7 2 2 2 2 2 2 4 2 3 4 , , , , , 9 7 9 6 8 8 4 0 9 0 2 6 6 7 1 5 5 5 5 5 4 5 1 1 4 , , , , , 0 8 3 3 6 0 3 2 6 7 2 8 8 5 1 9 8 9 8 8 , , , , , 8 5 1 7 8 1 0 2 4 4 6 4 3 0 3 1 1 9 9 9 0 1 , , , , , 5 6 3 2 1 1 1 4 8 3 4 3 7 9 8 4 4 4 4 4 , , , , , 8 2 7 1 3 0 4 1 6 0 8 6 1 1 1 4 5 5 4 4 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 9 e 9 r 5 5 5 i 3 1 e 2 — — s - J B D D J J u u u ) e e n n n : c c e e e 1 1 1 1 1 2 3 3 2 2 , , , , , 3 5 0 5 0 4 0 7 9 6 0 0 3 5 0 3 3 3 2 2 , , , , , 4 4 4 9 9 3 3 3 0 0 9 7 8 5 5 2 1 , ,2 7 7 1 1 1 4 4 4 1 1 1 1 1 8 9 7 8 6 2 1 2 5 6 1 1 1 1 1 , , , , , 3 3 3 2 2 1 5 5 5 4 4 2 6 2 6 3 3 2 3 2 , , , , , 1 1 1 9 9 7 7 3 2 2 9 2 3 3 1 3 3 3 3 3 5 6 6 1 1 3 0 2 2 8 3 3 3 3 3 , , , , , 9 9 8 3 2 1 8 6 0 8 9 7 4 4 1 Oct 165,001 6,949 25,34854,966 8,625 9,238 4,855 55,021 Oct 12,025 3,439 173 1,279 2,952 327 3,854 Nov 166,738 7,029 25,09556,002 8,609 9,174 4,916 55,913 Nov 12,012 3,439 171 1,276 2,951 329 3,847 Treasury bills: Marketable secu- 1951—June 13,614 26 527 3,750 122 756 72 8,360 rities, maturing: Dec. 18,102 50 596 6,773 71 428 104 10 080Within 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 Oct 19,509 93 2,056 4,579 119 412 133 12,117 1953-June 64,589 163 15,50519,580 476 390 1,082 27,393 Certificat N es o : v 19,509 101 2,319 4,298 95 337 109 12,250 Oct 66,937 195 16,10620,814 456 475 979 27,912 1951—June 9,509 17 3,194 2,753 37 113 174 3,221 Nov 66,437 187 15,86420,509 387 394 913 28,184 1 19 9 5 5 3 2 — — D D J J u u e e n n c c e e 2 2 1 1 8 9 5 6 , , , , 4 8 0 7 5 2 1 7 4 3 2 8 2 4 3 6 7 9 0 0 1 1 4 5 2 1 , , , , 0 9 7 8 6 9 9 2 1 6 3 1 4 4 6 6 , , , , 7 3 7 8 7 7 9 5 3 7 1 1 1 4 3 8 2 1 7 7 0 21 5 2 7 7 6 7 6 4 3 3 3 1 1 7 4 7 0 8 5 8 9 6 6 , , , , 4 0 0 7 2 5 9 6 4 2 2 1 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 3 7 5 6 1 7 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 9 8 3 7 9 5 8 2 1 8 1 4 3 2 6 1 7 5 1 9 0 9 3 2 1 6 4 1 3 3 8 8 2 1,0 9 9 9 3 9 1 9 5 2 0 6 8 8 8 6 , , , , 1 9 4 5 3 3 2 8 3 8 4 3 Oct 26,385 73 5,852 9,468 223 50 465 10,254 1953—June 32,330 152 6,45218,344 464 109 914 5,895 Nov 26,386 66 5,847 9,310 189 46 461 10,467 Oct 35,624 148 6,45220,411 518 179 1,106 6,809 Treasury notes: Nov 35,637 149 6,44220,284 462 161 1,114 7,024 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 Marketab N O le o c b t v onds:1 3 33 3 , , 2 7 4 3 9 6 2 2 8 0 1 1 3 3 , , 7 2 7 7 4 4 1 1 2 2 , , 3 5 9 4 9 8 1 1 6 4 4 7 7 7 8 3 6 6 5 7 7 8 6 6, , 5 6 3 1 0 5 O N c o t v 2 1 0 8 , , 9 67 1 4 3 4 48 0 9 3 1 1 , , 3 3 7 7 4 4 1 9 0 , , 0 4 3 8 3 8 1 1, , 4 2 0 8 6 5 6 7 8 3 8 8 1 1 , , 1 2 0 1 0 7 4 5 , , 7 20 9 0 2 1 1 1 9 9 9 5 5 5 1 2 3 — — — D D J J J u u u e e n n n c c e e e 7 8 7 7 7 1 7 5 8 9 , , , , , 3 8 9 0 8 4 0 8 9 9 9 2 9 7 0 3 3 2 3 3 , , , , , 2 3 0 9 2 1 0 4 2 4 5 8 0 6 3 4 4 4 4 4 , , , , , 1 5 5 1 4 3 2 2 0 2 0 8 2 2 2 3 3 3 3 3 0 2 2 0 1 , , , , , 1 8 0 7 2 1 4 6 1 9 9 9 6 0 8 7 7 7 7 7 , , , , , 2 9 6 2 1 3 7 9 2 6 2 4 7 1 5 5 5 5 7 6 , , , , , 8 8 8 1 7 0 5 5 3 2 7 5 5 9 0 3 3 3 3 3 , , , , , 4 4 0 1 1 2 8 8 2 2 9 4 7 0 5 2 2 2 2 2 3 4 1 2 2 , , , , , 0 8 5 0 1 7 9 2 8 6 2 0 9 0 8 Af 1 1 1 te 9 9 9 r 5 5 5 3 1 2 1 — — — 0 D D y J J J u u u e e e a n n n c c r e e e s: 4 4 3 3 3 1 1 1 1 4 , , , , , 1 7 0 6 1 3 6 9 8 8 9 8 1 8 1 3 2 2 2 2 , , , , , 4 0 7 9 4 6 3 4 2 9 4 6 7 3 6 2 2 2 1 1 , , , , , 1 4 4 4 4 1 1 0 1 2 5 5 9 0 8 5 5 4 5 5 , , , , , 1 2 5 2 4 4 7 0 1 8 4 7 7 0 8 5 5 7 7 5 , , , , , 1 0 2 5 3 6 0 3 9 5 7 2 7 1 3 4 4 6 6 5 , , , , , 9 8 4 3 7 6 7 7 0 9 9 0 0 1 1 2 2 1 1 1 , , , , , 3 6 3 2 1 5 5 6 1 6 6 2 1 3 1 1 1 1 1 1 4 0 1 2 4 , , , , , 3 0 6 6 6 0 5 4 7 2 9 9 3 3 1 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 Nov 75,582 3,403 3,65629,675 6,902 5,768 3,360 22,818 Nov 31,739 2,764 1,415 4,550 5,078 4,931 1,343 11,658 * 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. FEBRUARY 1954 179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES1 [Estimates, in millions of dollars] Proposed uses of net proceeds, Gross proceeds, all issuersi all corporate issuers6 Noncorporate Ccrporate New cap;tal Re- Y m e o ar n t o h r Total State Bonds M __ i i s- t R ir e e - - m ti e re n - t G m U o e v . n S er . t8 n- ag F e e e r n a d c l - y4 n m a p i n u c a d - i l - Other* Total Total o P f l l i f u c e l b i y e - d v p P a la r t c e i e - ly d f s e P t r o r r e c e - k d s C m to o o m c n k - Total m N on ew ey7 p l p a o o u n u s r e e s - - s d b m e a o e b n f n k t t , r s i e t o i c e f u s etc.* 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 4?0 325 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 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 2,434 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,961 12,577 459 4,105 237 9,582 7,649 3,645 4.005 564 1,369 8 769 8,223 174 371 660 1953 . 28,799 13,957 106 5,502 290 8,945 7,121 3,841 3,280 491 1,332 8,615 8,120 189 305 189 1952—Dec..., - - 2,079 547 231 389 4 908 731 140 591 58 851 780 43 28 46 119 1953—Jan... 1,783 611 30 392 86 664 497 186 310 51 634 603 6 25 21 Feb... 1,592 494 390 2 706 536 307 229 47 666 635 8 23 28 Mar... 1,604 503 405 696 517 153 364 62 112136 672 630 17 24 12 Apr. 1,667 491 349 9 818 659 375 284 35 124 780 757 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 ,1S4 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 Ocf.. 2,278 1,070 76 483 60 590 357 151 206 18 215 570 543 7 20 7 Nov 3,508 2,610 411 29 459 354 95 259 37 68 432 409 5 19 19 Dec 2,751 423 771 57 1,500 1,405 1,057 349 43 51 1,461 1,431 14 17 25 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month T c p n e o r e e o t d - t a s l N it e a w f» m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a - t s l 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 o t 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 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 o e t d a - t s l i N ta e f w » m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d - a t s l N c it a e a p w l - " m R e e n ti t r s e 1 - 0 1948 2,180 2,126 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 ,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 .412 2.326 85 605 600 5 515 449 66 1952 .. 4,022 3,765 257 536 512 24 983 758 225 ?,626 2,539 88 753 747 6 508 448 60 1953 2,241 2,185 57 560 533 26 578 531 47 3,022 2,970 5? 848 848 1,554 1,547 7 1952—December.. 327 309 18 149 148 1 115 93 23 216 213 3 34 33 1 56 55 1 1953—January 283 276 7 24 24 51 38 H ?,45 245 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 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 99 285 278 7 41 41 42 42 334 317 17 43 43 415 412 3 July .. 145 141 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 1 89 89 251 250 1 October »• 62 62 48 46 2 25 25 358 353 5 13 13 71 71 November r. 94 93 1 31 28 3 32 32 245 229 16 5 5 45 45 December.. 420 415 6 109 105 4 96 81 15 201 201 608 608 52 52 r Revised. 1 Estimates of new issues sold for cash in the United States. 3 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Includes issues guaranteed. * Issues not guaranteed. •Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and1 equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debt are included under the uses for which the bank debt was incurred. • Includes all issues other than those for retirement of securities. *° Retirement of securities only. Source.—Securities and Exchange Commission. 180 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 ? 33?53,810 13,066 ,914 ,S43 15,287 15 70916 51915 424 Profits before taxes 4,178 5,390 5,122 7,993 8,668 7,125 1,957 1,643 1,525 2,000 2,241 2,471 2,083 Profits after taxes 2,569 3 3S6 3 1S1 4,106 3 4S6 3,096 839 643 688 926 848 920 879 Dividends 1,193 1,429 1,686 2,272 2,015 2,010 489 483 482 556 491 485 487 Nondurable goods industries (94 corps.):l Sales 12,438 14,588 13,906 15,847 '11$,55818,813 4,638 4,525 4,692 4,958 4,964 5,068 5,035 Profits before taxes 1,860 ? 1 930 2,798 3 ?90 2,693 724 628 669 672 748 769 768 Profits after taxes 1,210 1,520 1,263 '1,562 1,451 1,291 326 300 318 347 338 346 368 Dividends 575 68? 736 919 87? 891 216 713 212 251 216 213 213 Durable goods industries (106 corps.):2 Sales 19,529 ?3 60? 73 897 29,357 33 774 34,997 8,428 8,389 7,8S1 10,329 10 74511 45010 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 2,544 00 S 1,804 513 370 579 511 573 510 Dividends 618 748 950 1,352 1 14? 1,119 273 770 ?70 305 275 272 274 Selected industries: Foods and kindred products (28 corps.): Sales . .. 4,238 4 S?8 4 4,402 4,909 5,042 1,228 1,220 1 280 1,315 1 316 1 346 1 354 Profits before taxes 466 4SS 434 532 473 446 100 116 104 99 128 131 Profits after taxes . . .. 287 285 268 289 227 204 46 52 57 50 46 54 57 Dividends 142 148 149 161 154 36 38 37 43 35 37 37 Chemicals and allied products (26 corps.): Sales 3,193 3 674 3 680 4,577 S74 5,695 1,406 1,369 ,401 1,520 1 545 1 568 1 506 Profits before taxes 563 674 693 1,133 1,421 1,200 322 286 289 304 357 346 327 Profits after taxes 346 4?0 41S 572 496 458 112 108 109 128 123 125 124 Dividends 222 763 448 363 381 89 89 90 114 90 90 91 Petroleum refining (14 corps.): Sales 2,906 3 945 3 865 4,234 4 999 5,319 1.318 1 ?74 1,3?S 1,402 1,381 1 396 1,460 Profits before taxes 456 S?S 650 863 686 204 147 165 171 194 189 225 Profits after taxes 350 548 406 442 SIS 485 130 111 IIS 129 127 124 150 Dividends 127 172 172 205 231 252 64 60 60 69 65 61 61 Primary metals and products (39 corps.): Sales 7,545 9 066 8 187 10,446 M<)7 11,557 3,074 ,3RS i ,605 3,494 3 428 3 653 3 491 Profits before taxes 891 1 174 993 1,700 09? 1,161 425 98 208 431 457 560 512 Profits after taxes . . 545 720 578 854 776 575 228 31 100 217 183 212 203 Dividends 247 770 78S 377 381 367 88 87 86 106 88 88 88 Machinery (27 corps.): Sales 3,658 4, 563 4,363 5,071 6 183 7,082 1,594 1 7?S 1,697 2,066 1 967 2 045 1 957 Profits before taxes 449 570 520 850 1,003 974 233 232 218 290 276 298 245 Profits after taxes 274 334 425 370 380 83 80 89 128 89 103 97 Dividends 116 177 138 208 19? 200 49 49 49 53 50 49 49 Automobiles and equipment (15 corps.): Sales 6,692 8,093 9,577 11,805 12,496 12,825 3,032 3,427 2,681 3,684 4,308 4,657 3,917 Profits before taxes 809 1 131 1,473 2,305 913 1,945 501 34 S 503 648 714 452 Profits after taxes 445 639 861 1,087 705 698 171 194 143 190 200 211 168 195 282 451 671 479 462 117 114 114 117 117 114 114 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 2,755 777 1 148 700 1,384 1 760 1,436 295 761 368 512 336 397 399 Profits after taxes 479 699 438 783 693 816 141 149 208 318 186 231 234 Dividends 236 289 252 312 328 336 80 74 66 116 97 73 79 Electric power: Operating revenue 4,291 4,830 5,055 5,431 5,867 6,224 1,603 1,491 1,513 1,618 1,710 1,625 1,643 Profits before taxes 954 983 1 1,303 1,480 1,718 498 400 382 439 545 454 426 Profits after taxes 643 657 757 824 818 922 257 214 207 244 288 246 233 Dividends 494 493 5 S3 619 661 709 172 173 177 186 182 189 194 Telephone: Operating revenue 2,283 2,694 2,967 3,342 3,729 4,136 993 1,023 1,037 1,084 1,092 1,126 1,129 215 79? 333 580 691 787 194 70S 18? 206 223 234 220 138 186 707 331 341 384 93 98 88 104 109 114 107 Dividends 131 178 213 276 318 355 85 87 91 93 100 101 104 c Corrected. 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). 181 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjustedannual rates. In billions of dollars] All types Bonds and notes Stocks Year or q Y u e a a r r t e o r r P b ta e ro f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d quarter i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge 1939 2,182 2,721 -539 1,939 2,550 -611 243 171 72 1939 6.5 1.5 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 1 1 9 9 4 4 7 6 3 2 0 3 . . 5 5 1 9 1 . 6 9 1 1 3 8 . . 9 5 5 6 . . 8 6 1 8 2 . . 1 0 1 1 9 9 4 4 7 8 6 7 , , 8 57 8 0 2 2 1 , ,6 5 8 2 4 3 4 5 , , 3 8 5 8 9 6 5 5 , , 0 9 1 3 5 8 2 1 , ,2 0 8 1 4 1 -5 1, , 6 0 5 0 4 4 1 1 , , 8 6 6 3 7 2 4 5 0 1 0 2 1 1 , ,2 3 3 5 2 5 1948 33.8 13 0 20.7 7.3 13.5 1949 6,732 1,875 4,856 4,867 1,583 (.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 ',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 5,577 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 ->,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 1952—2 38.2 20.1 18.0 9.1 8.9 3.... 2,433 717 1,716 1,793 612 1,181 640 105 535 3.... 37.0 19.4 17.5 9.1 8.4 4.... 2,920 774 2,146 1,928 684 L.244 992 90 902 4 40.3 21.2 19.1 9.1 10.0 1953—1.... 2,321 612 1,710 1,492 481 1,012 829 131 698 1953—1 44.6 24.4 20.3 9.2 11.1 2 ... 2,928 607 2,321 2,096 458 1L.638 832 149 683 2 45.9 25.0 20.8 9.4 11.4 3. .. 1,867 529 1,338 1,327 417 910 540 112 428 3. ... 43.3 23.6 19.6 9.6 10.0 1 Reflects cash transactions only. As compared with data shown on p. 180, new issues exclude foreign and include investment company offerings, sales of securities Source.—Department of Commerce. held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. 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. 180. 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 e a r r 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 bl e accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 3 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 1.3 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 1.3 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 1.4 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 2 4 45 8 .9 24 8 10 4 9 7 1946 56.2 108.1 22.8 15.3 .7 30.0 37.6 1.7 51.9 .1 31.5 8.5 11.8 1947 62.1 123.6 25.0 14.1 38.3 44.6 1.6 61.5 37.6 10.7 13.2 1948 68.6 133.0 25.3 14.8 42.4 48.9 1.6 64.4 39.3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950. 78.4 156.1 27.4 20.5 1.1 52.8 52.6 1 7 77.7 .4 46 8 14.8 15.7 1951 82.5 174.4 29.6 21.3 2.7 56.1 62.6 2.1 91.9 1.3 54.2 19.7 16.7 1952—3 85.4 178.0 30.0 20.2 2.5 61.0 62.0 2.3 92.6 2.1 55 4 16.2 18 9 4 85.6 181.1 30.2 21.0 2.8 61.8 62.9 2.4 95.5 2.2 58.6 16.4 18.4 1953—1 86.7 180.4 27.6 20.7 2.9 62.4 64.3 2.4 93.7 2.5 57.5 15.2 18.6 2 87.9 180.9 29.2 19.4 2.7 62.7 64.5 2.4 92.9 2.2 57.0 14.5 19.2 3 88.5 185.4 29.6 21.1 2.7 64.1 65.4 2.4 96.8 2.1 58.1 16.8 19.8 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.—Securitiesjand Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [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 a 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 1945 8,692 3,983 383 548 574 505 321 2,378 3 6,244 3,026 591 947 L 680 1946 14,848 6,790 427 583 923 792 817 4,516 4 7,265 3 596 692 1 142 I 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 1,899 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 4* . 7 379 3 557 713 1 225 1 884. 1952 26,455 11,994 880 1,391 1,363 3,838 1,598 5.391 1954—1* 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. 182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and holders 1- to 4-family houses commercial properties » E o n r d q o u f a r y t e e a r r h A e o r l l s d l - t F u i i n c t n i i s a o a ti l n n - - s S F e a e c l g d e i e e e c n s t r e - a d l v o i I t a d n h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a ti l n n - - s O h e o th r l s d e - r Total t F u i i n c t n i i s o a a ti l n n - - s O ho e th r ld s e - r h e A o r l l s d l - t F u i i n c t n i i s o a a t l n i n - s - ho O l t d h e e r r s7 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 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 1.5 5.0 1941 .... . . .. 37 6 20 7 2 0 14.9 31.2 18.4 11.2 7.2 12.9 8 0 4 8 6 4 s 4 9 1942 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 L.4 4.5 1943 35 3 20 2 1 4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4 6 5 4 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4,6 4.9 L.3 3.7 1945 ... 35 5 21 0 .9 13 7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4 8 3 4 1946 41.8 26.0 .6 15.1 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.9 L.5 3.4 1947 48 9 31 8 .5 16 6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5 1 7 3 3 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 0 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 I 0 1952 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 t1.3 1952—March P . .. 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 iI 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 i1.2 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 ,1.3 December?. . . 90.9 66.9 2.4 21.5 83.8 58.2 46.8 11.3 25.6 17.3 8.3 7.1 2.8 t1.3 1953—MarchP 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 41 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 December?. . . 100.5 75.1 2.8 22.7 92.8 65.0 53.1 11.9 27.8 19.0 8.9 7.7 3.0 4.7 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 1 [In millions of dollars] Commercial bank holdings8 Mutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Residential • Residential s 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 RQ1 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 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951 14,732 13,728 11,270 3 421 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 1,05811,379 11,306 9,875 3,168 4,470 1,431 73 1952—March 14,860 13,830 11,350 2,928 4,990 2,480 1,03010,203 10,156 8,843 2,720 1,815 4,308 1,313 47 15,176 14,113 11,602 3,441 2,952 5,209 2,512 L.06310,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,06010,940 10,880 9,485 3,025 2,069 4,392 1,394 60 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,05811,379 11,306 9,875 3,168 2,237 4,470 1,431 73 1953—March? 16,080 15,000 12,320 3,719 3,010 2,680 1,08011,680 11,630 10,165 2,395 4,540 1,465 50 JuneP 16,387 15,283 12,545 3,798 3,013 5,734 2,738 104 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 1,11012,500 12,450 10,925 3,414 2,759 4,752 1,525 50 December?.... 16,875 15,785 12,935 3,930 3,055 5,950 2,850 , 09012,970 12 ,92011,320 3,520 2,915 4,885 , 600 50 P Preliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—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. FEBRUARY 1954 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm Total Total in F s H ur A ed - a g n V u t A e a e r - - 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 1,138 1950 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2,026 8,176 1L ,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 1,705 1953P 4,335 3,918 819 457 2,642 417 23,275 21,403 6,015 3,563 11,825 ,872 1952—December 390 352 86 31 235 38 21,245 19,560 5,690 3,349 10,521 1L.685 1953—January 347 309 80 25 204 38 21,396 19,701 5,725 3,358 10,618 11,695 February 327 289 69 25 195 38 21,547 19,834 5,751 3,367 10,716 L ,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 ,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 ,815 August 305 279 62 32 185 26 22,552 20,722 5,924 3,430 11,368 ,830 September 313 289 57 40 192 24 22,698 20,860 5,943 3,448 11,469 83S 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 December 478 433 66 81 286 45 23,275 21,403 6,015 3,563 11,825 1,872 pPreliminary. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE 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)' Amount, by type of lender Aver* age T m ea o r n o th r Total s N c t t i r o o e u n w n c - - H p o u m r- e p O p o t u s h r e e - s r 1 Total' F e H u in r A e - d - a g n V u t A a ee r - d - ti C o v o n e n n a - l - * 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 a n n s c u e r- b C c a o i n a m k l s - Mutual Other a co m l ( a d r r r o e d o s - u l e ) - d nt 1939 986 301 340 345 1939.. 3,507 1,058 287 143 1,128 2,722 1940 1,200 399 426 375 4,125 1940.. ,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941. ,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942.. ,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943.. ,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944.. ,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945.. ,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 7,345 1948.. 2,535 11,882 3,629 ,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 ,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 ,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 ,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 ,420 3,600 1,137 5,409 5.950 1953 7,767 2,475 3,488 1,804 21,929 1,049 3,972 16,908 1953. 3,164 19,747 7,365 ,480 3,680 1,327 5,895 6,241 1952-Dec. 541 161 248 132 18,444 906 3,398 14,140 1952-Dec. 252 1,553 540 126 305 112 470 6,171 1953-Jan... 497 147 222 128 1953-Jan... 228 1,401 477 111 278 93 442 6,136 Feb... 523 164 222 137 Feb... 229 1,391 503 110 269 84 425 6,068 Mar.. 639 206 266 167 19,105 924 3,492 14,689 Mar.. 264 1,627 605 126 316 92 488 6,153 678 226 288 164 275 1,709 642 127 325 102 513 6,206 M^y'.'. 690 232 295 163 May.'.' 273 1,699 641 133 317 111 497 6,221 June. 733 241 327 165 20,133 962 3,593 15,578 June . 282 1,769 131 325 120 511 6,282 July.. 758 237 355 166 July.. 286 1,798 132 323 127 517 6,282 Aug.. 707 218 340 149 Aug.. 273 1,709 671 122 310 111 495 6,270 Sept.. 684 208 328 148 21,145 1,015 3,745 16,385 Sept.. 275 1,729 654 125 315 123 512 6,276 Oct... 688 219 318 151 Oct... 278 1,746 123 320 123 522 6,283 Nov.. 586 190 265 131 Nov.. 245 1,549 564 114 290 113 468 6,311 Dec... 584 187 259 138 2^929 i,*049 3,'972 16^908 Dec... 255 1,622 569 126 291 128 508 6,372 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board 3Prior to 1948, data are not available for classifications shown. • Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t e o i w o p es r - tga i e p s g r E r t e t o i x i n s p e - g s - g m j t P a e y o g r c p r o e t e t - - s - 1 l p P m o e r i r a r m o e o n t n v p y - s e t - 2 - Total e p N r r m t e o i w o p es r - tga i e p s g r E r t t e o i x i n s p e - g s - r A a e a t l p n t i a o e d r i n r - 2 q y E u e n a a d r r t o o e r f r Total Tota u l nd F er H i w n A - ri - tten g V u A ar - - t C i v o e o n n n a - - l sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1939 16.3 1.8 1.8 14.5 1941 1,152 1,152 728 183 14 228 1940 17.3 2.3 2.3 15.0 1942 1,121 1,121 766 208 21 126 1941 18.4 3.0 3.0 15.4 1943 934 934 553 210 85 86 1942 18.2 3.7 3.7 14.5 1944 877 877 484 224 56 114 1943 17.8 4.1 4.1 13.7 1945 857 665 257 217 20 171 192 1944 17.9 4.2 4.2 13.7 1946 3,058 756 120 302 13 321 2,302 1945 18.5 4.3 4.1 .2 14.2 1947 5,074 1,788 477 418 360 534 3,286 1946 23.1 6.1 3.7 2.4 17.0 1948 5,222 3,341 1,434 684 609 614 1,881 1947 28.2 9.3 3.8 5.5 18.9 1949 5,250 3,826 1,319 892 1,021 594 1,424 793 629 3 1948 33.3 12.5 5.3 7.2 20.8 1950 7,416 4,343 1,637 856 1,157 694 3,073 1,865 1,202 5 1949 37.5 15.0 6.9 8.1 22.5 1951 6,834 3,220 1,216 713 584 707 3,614 2,667 942 6 1950 45.1 18.9 8.6 10.3 26.2 1952 5.830 3,113 969 974 322 848 2.721 1,824 890 6 1951 51.9 22.9 9.7 13.2 29.0 1953 6,946 3,882 1,259 1,030 259 1,334 3,064 2,045 1,014 6 1952P 58.2 25.4 10.8 14.6 32.8 1953P 65.0 28.1 12.0 16.1 36.7 1952—Dec... 519 293 108 98 23 63 227 155 71 .5 1953—Jan 539 296 108 103 18 67 243 161 82 .6 1951—Sept. .. 50.4 22.0 9.5 12.5 28.4 Feb.... 539 265 103 86 15 61 274 184 90 .6 Dec... 51.9 22.9 9.7 13.2 29.0 Mar.. . 504 276 103 89 20 64 228 152 75 .5 Apr 577 342 109 92 22 119 235 157 78 .4 1952—Mar. P.. 53.2 23.5 9.9 13.6 29.7 May... 530 314 97 90 25 102 216 149 66 .5 JuneP. . 54.8 24.0 10.1 13.9 30.8 June... 516 274 91 95 19 69 242 164 78 4 Sept. P.. 56.5 24.7 10.4 14.3 31.7 July... 602 363 109 94 40 120 239 160 79 .4 Dec.P. . 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 Dec.. . , 556 304 110 63 15 116 252 170 82 .4 Sept. P.. 63.3 27.5 11.7 15.8 35.8 Dec.P. . 65.0 28.1 12.0 16.1 36.9 1 Monthly figures do not reflect mortgage amendments included in annual totals. aFHA-insured property improvement loans are not ordinarily secured by mortgages; VA- p 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 Reserve estimate?. •Prior to 1949, data are not available for classifications shown. For conventional, figures are derived. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- Sources.—Home Loan Bank Board, Federal Housanteed loans, gross amount of loans closed. Figures do not take account of principal repay- ing Administration, Veterans Administration, and ments on previously insured or guaranteed loans. For VA-guaranteed loans, 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 E o n r d m o o f n y t e h ar m f c u i u o z i n t n e m t d - d e - s d b m m u d u e r i n i n s s t - - e - ts d Total F su H in re A - d - a g n V u t A a e r e - - d ( c p d h p e g u r u a a r i s r g o i e - n e d s g ) (d p s g u e a a r r l g i i e o n e s d g ) Year or month va A n d c - es R m e e p n a t y s - Tota ( l end S t o e h f r o m p rt e 1 - riod L t ) e o r n m g 8 - 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 ,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 1052 1.085 323 2,242 320 L.922 538 56 1949 256 337 433 231 202 1953 550 638 2,462 621 ,841 542 221 1950 675 292 816 547 269 1951 423 433 806 508 298 1953—January 1,043 321 2,286 338 1,948 61 10 1952 586 528 864 565 299 February.... 1,008 313 2,329 358 1,971 53 3 1953 674 611 952 634 317 March 934 322 2,394 395 1,999 81 7 April 876 326 2,448 429 2,019 68 3 1953—January... 16 197 683 439 245 May 816 357 2,477 457 2,020 40 3 February.. 14 71 627 401 226 June 610 542 2,498 477 2,020 31 March.... 30 46 610 391 219 July 597 526 2,527 508 2,019 39 o) April 47 32 626 406 220 August 586 '523 2,541 536 2,005 33 May 44 26 645 416 229 September... 566 '544 2,540 556 1,984 26 11 June 97 23 718 471 248 October 556 '568 2,526 585 1,941 39 19 July 61 79 700 469 231 November ... 552 '608 2,490 594 1,896 30 44 August 70 25 746 510 236 December 550 638 2,462 621 1,841 42 59 September. 83 28 801 557 244 61 October... 62 45 819 564 255 1954—JanuaryP. . . . 550 666 2,434 625 1,809 37 57 November. 71 25 865 589 276 December. 79 14 952 634 317 ppreliminary. r Revised. 1954—January... 26 226 751 496 255 *Less than $500,000. Source.—Federal National Mortgage Association. Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. 185 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT. BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total Au p t a o p m e o r b 1 ile co p O g n a o s t p o u h e d e m r r s 1 er e a r n R l n o d i e a z p n m a a s t i o i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 ,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 ,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 ,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 ,376 1950 20,813 14,490 6,342 4,337 ,006 2,805 6,323 1,821 3,006 ,496 1951 21,468 14,837 6,242 4,270 ,090 3,235 6,631 1,934 3,096 ,601 1952 25.827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3.342 .707 1953 28,896 21,807 10,289 5,605 ,606 4,307 7,089 2,127 3,249 ,713 1952—November 24,611 17,961 7,856 4,962 ,393 3,750 6,650 2,100 2,839 ,711 December 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3,342 ,707 1953—January 25,674 18,851 8,273 5,288 ,403 3,887 6,823 2,143 2,975 ,705 February 25,504 18,982 8,480 5,208 ,404 3,890 6,522 2,118 2,678 ,726 March 25,946 19,391 8,799 5,217 ,416 3,959 6,555 2,211 2,613 ,731 April 26,455 19,767 9,111 5,217 ,435 4,004 6,688 2,246 2,682 ,760 May 27,056 20,213 9,432 5,272 ,462 4,047 6,843 2,294 2,763 ,786 June 27,411 20,635 9,692 5,333 ,493 4,117 6,776 2,197 2,781 ,798 July 27,581 21,004 9,973 5,351 ,516 4,164 6,577 2,079 2,705 ,793 August 27,810 21,218 10,136 5,362 ,534 4,186 6,592 2,131 2,668 ,793 September 27,979 21,347 10,232 5,352 ,562 4,201 6,632 2,130 2,716 ,786 October 28,166 21,486 10,337 5,366 ,585 4,198 6,680 2,131 2,811 ,738 November 28,252 21,586 10,358 5,406 ,604 4,218 6,666 2,100 2,840 ,726 December 28,896 21,807 10,289 5,605 ,606 4,307 7,089 2,127 3,249 1,713 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 o o f 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 e ie s c - s e u C n r i e o d n i s t Other Total D st m e o p r e a e n r s t t ] - F s t t u u o r r r n e e i s - H a h a p o n o u p c l s l d e i e - - d m A ea o u l b t e o i r l - e sa Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15 410 7 524 4,833 837 2,216 3,274 1.117 866 244 308 739 1953 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1952—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 December 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 186 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 imillions of dollars Financial Retail E o n r d m of o n y t e h ar i c T m n n r o s o e e t t n d n a a - i l t l t - C m i ( o n s m e i s n n t - g i t t l u e lo - t p i a o a n n y s s - ) D a e- c ( o c c u h o t a u l r e 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 o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O p g u c o a o t m o p h n d e e e - r r s r e R l m r o t a e n i a n o p o i n z d d n a a s - ir - s l P o o a e n r n a - s l m ci e a r l - Other m pa e r n t t - Other banks stores * 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 L .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 . 3,529 575 753 704 568 839 1 1 9 9 4 4 6 7. 4 4 , , 2 8 1 7 2 5 1 L , . 0 2 0 0 8 3 1 15 1 3 4 4 5 5 3 2 2 1 1. , 8 6 2 2 1 4 1 1, , 1 0 6 1 6 4 1 1 9 9 4 5 9 0... . 4 5 , , 4 7 3 9 9 8 1,1 8 7 4 7 9 1,2 9 9 4 4 6 1 1 , , 0 4 1 5 6 6 8 7 3 1 4 5 1,0 9 3 1 7 3 1948 5,443 L ,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 1953 8,856 2,135 L.884 >,038 1,301 1,498 1951 6,631 1,684 250 685 2,411 1,601 1952 7,143 1,844 250 730 2,612 1,707 1952—November. 7,310 1,572 1,598 1,659 1,130 1,351 1953.. 7,089 1,848 279 769 2,480 1,713 December . 7,524 1,633 1,629 1,751 1,137 1,374 1952—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 L ,878 265 587 2,388 L.7O5 April 8,286 1,902 1,821 1,956 1,160 1,447 February.. 6,522 1,887 231 504 2,174 1,726 May 8,491 1,989 1,869 1,990 1,184 1,459 March.... 6,555 ,960 251 492 2,121 1,731 June 8,675 2,043 1,906 *,029 1,212 1,485 April 6,688 ,984 262 487 2,195 1,760 July 8,818 2,095 1,941 >,G55 1,234 1,493 May 6,843 1,985 309 498 2,265 1,786 August.... 8,879 2,123 1,957 1,056 1,251 1,492 June 6,776 ,922 275 492 2,289 1,798 September. 8,893 2,141 1,948 1,036 1,273 1,495 July 6,577 ,830 249 457 2,248 1,793 October. . . 8,908 2,157 1,939 1,032 1,291 1,489 August.... 6,592 ,870 261 453 2,215 1,793 November. 8,881 2,150 1,920 1,027 1,303 1,481 September. 6,632 ,857 273 500 2,216 1,786 December. 8,856 2,135 1,884 1,038 1,301 L.498 October. .. 6,680 ,867 264 524 2,287 1,738 November. 6,666 1,798 302 578 2,262 1,726 December. 7,089 1,848 279 769 2,480 1,713 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE [Estimated amounts outstanding,in millions of dollars] COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Total Other Repair Total Other Repair E o n r d m of o 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 c u o o m o n d e - s r m iz o a a n d ti d e o r n n- l s P o o e a n r n a - s l 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 - m A pa o u p b t e o il r - e s g c u o o m o n d e - s r m iz a o a d n ti d e o r n n- s l P o o e a n r n a - s l paper loans paper loans 1939 789 81 24 15 669 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1,197 878 115 148 56 1942 726 65 27 14 620 1940 1,575 1,187 136 190 62 1941 1,797 1,363 167 201 66 1945 731 54 20 14 643 1942 588 341 78 117 52 1946 991 77 34 22 858 1947 ... 1,275 130 69 39 1,037 1945 . 300 164 24 58 54 1948 1,573 189 99 59 1,226 1946 677 377 67 141 92 1949 1,858 240 137 89 1,392 1947 1,355 802 185 242 126 1950 . . 2,237 330 182 115 1,610 1948 1,990 1,378 232 216 164 1951 2,537 358 209 132 1,838 1949 2,950 2,425 303 83 139 1952 3,053 457 279 187 2,130 1950 3,785 3,257 313 57 158 1953 3,531 557 334 222 2,418 1951 . 3,769 3,183 241 70 275 1952 4,833 4,072 332 82 347 1952—November.... 2,968 447 272 184 2,065 1953 6,147 5,306 367 83 391 December.... 3,053 457 279 187 2,130 1952—November.... 4,670 3,940 317 79 334 1953—January 3,083 462 284 189 2,148 December... . 4,833 4,072 332 82 347 February 3,082 468 286 188 2,140 March 3,147 486 291 193 2,177 1953—January 4,930 4,159 337 81 353 April 3,202 504 297 195 2,206 February 5,031 4,260 339 80 352 May 3,251 518 302 200 2,231 March 5,174 4,402 342 79 351 June 3,313 534 307 205 2,267 April 5,312 4,536 345 80 351 July 3,366 544 311 207 2,304 May . . . 5,480 4,694 351 78 357 August 3,402 552 315 211 2,324 June 5,633 4,836 356 76 365 September. . . 3,430 558 321 215 2,336 July 5,816 5,007 367 75 367 October 3,438 563 321 218 2,336 August 5,924 5,108 374 72 370 November. . . 3,467 559 328 222 2,358 September. . . 6,005 5,186 375 74 370 December... . 3,531 557 334 222 2,418 October 6,093 5,272 372 76 373 November. . . 6,147 5,321 368 79 379 December... . 6,147 5,306 367 83 391 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. 187 FEBRUARY 1954 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 i a o 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 1945 . 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4 278 3 959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 29,812 26,689 13.553 11,363 7,741 7,464 1,340 1,140 7,178 6,722 UNADJUSTED 1952—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 [,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 December 2,598 2,377 947 1,016 824 625 98 96 729 640 SEASONALLY ADJUSTED* 1952—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 2,595 2,095 1,174 862 711 604 118 89 592 540 February r 2,585 2,173 L.236 909 628 611 108 80 613 573 Marchr 2,713 2,276 1,248 947 710 644 127 100 628 585 Aprilr 2,546 2,232 1,168 955 675 632 113 98 590 547 May 2,485 2,184 1,142 917 649 610 109 98 585 559 Juner 2,458 2,195 ,090 939 672 622 112 99 584 535 July- 2,498 2,183 ,117 921 662 609 114 96 605 557 August r 2,358 2,273 1,044 967 621 643 108 100 585 563 Septemberr 2,409 2,252 ,102 962 600 633 112 94 595 563 Octoberr 2,393 2,249 1,117 963 589 633 111 100 576 553 Novemberr 2,441 2,294 ,080 1,006 631 619 106 92 624 577 December 2,331 2,283 ,035 1,015 593 604 102 94 601 570 * Includes adjustment for differences in trading days. r Revised to bring monthly estimates into agreement with annual totals of the unadjusted estimates. NOTE.—Back figures by months beginning January 1940, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive'the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en ta p g re e c e c d h i a n n g ge f m P ro o e m r n c t e h c n o o ta r f r g e e p s r p c e o c h n e a d d n i i g n n e g g Instalment accounts a C cc h o a u rg n e ts month year Item D 19 e 5 c 3 . N 19 o 5 v 3 . 1 O 9 c 5 t 3 . D 19 e 5 c 3 . N 19 o 5 v 3 . 1 O 9 c 5 t 3 . Year or month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h p H s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1952 Total +25 -2 + 16 -15 -6 -7 November 17 10 11 48 Cash sales +38 0 + 19 -14 -2 -3 December 17 10 11 48 Credit sales: Instalment +20 -4 + 18 -20 -9 -10 1953 Charge account +27 -3 + 14 -6 -2 -4 J F a e n b u ru ar a y ry , 1 1 6 5 1 9 0 1 1 1 0 4 4 7 4 Accounts receivable, end March 17 10 11 49 of month: April 15 10 10 46 Total +5 +2 + 1 + 1 +5 +7 May 15 10 10 46 Instalment +5 +2 0 0 +2 +2 June 15 11 10 47 July 15 10 10 46 Collections during August 15 10 10 45 month: September , 15 10 10 46 Total +1 -6 +9 -4 -1 +4 October 16 10 10 48 Instalment -2 -6 + 11 -6 -1 +4 N D o ec v e e m m b b e e r r , 1 1 5 5 1 9 0 9 9 4 4 7 6 Inventories, end of month, at retail value. -8 -2 +2 -1 -4 -2 1 Collections during month as percentage of accounts outstanding at beginning of month. 188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u y s s t i r c ia a l l v p o ro lu d m uc e t ) i * o 1 n awar c d o e n d tr a (v ct a s lue)2 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls8 (1947-49 = 100) 1947-49=100 Depart- Whole- Freight ment Con- sale carload- sumer com- Non- Manufacturing ings* sales* prices8 modity or Y m e o ar nth Total Tot M al an r u D a fa b u c l - e ture N r s a d o b u n l - e - M era in ls - Total R d t e i e a n s l i - - ot A h l e l r m p t a e c u l g m u e o r r n l y a i - - - t - l pr E o m m du p e c n l t o t i y o - n wor P r k o a e l y r l - s s 19 = 4 1 7 0 -4 0 9 1 v ( 9 = a r 4 e lu 7 1 ta 0 - e 4 i ) 0 l 9 ^ 19 = 4 7 10 -4 0 9 1 p 9 = r 4 i c 7 1 e 0 - s 4 0 3 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.6 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.2 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.4 52.8 24.0 83 30 76 4 1922. 39 39 37 40 45 43 41 43 58.7 58.4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.6 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.8 62.1 30.4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.5 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.9 65.5 33.0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 68.2 64.1 32.4 111 37 74 2 62 0 1928 ... . 53 52 53 51 63 73 76 70 68.3 64.2 32.8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71.3 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 67.0 59.5 28.3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60.6 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.7 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.9 47.2 15.9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 59.0 55.1 20.4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61.6 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 66.2 63.9 27.2 81 33 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.6 70.1 32.6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66.4 59.6 25.3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.6 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.6 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 83.1 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 91.2 103.9 72.2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.6 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95.3 118.1 102.8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 92.1 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 95.1 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101.5 102.8 105.1 104 104 102.8 104 4 1949 . . . 97 97 95 99 94 113 116 111 99.1 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.0 106.2 129.6 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 109.8 105.5 135.3 95 110 113.5 111 6 1953 P134 P136 P153 P118 P116 192 178 201 P112.4 P110 4P149 2 96 J>112 1952 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 134 132 136 154 117 116 190 173 201 112.1 110.6 110.1 148.4 101 111 113.9 109.9 February.. . 134 136 136 155 118 116 173 182 167 112.4 111.2 111.0 149.3 98 112 113.4 109.6 March 135 138 137 155 119 115 177 176 178 112.5 112.0 111.8 151.9 99 115 113 6 110 0 April 136 136 138 155 121 115 179 179 179 112.5 112.4 111.2 150.0 97 110 113 7 109 4 May 137 136 139 156 123 117 161 164 159 112.8 112.6 110.8 149.9 98 117 114.0 109.8 June 136 136 138 154 121 119 169 174 166 113.2 112.7 111.5 150.8 97 115 114 5 109 5 July 137 129 139 157 121 120 172 175 170 113.2 112.4 110.5 148.9 93 113 114 7 110 9 August 136 136 138 157 119 119 205 184 220 112.8 111.0 112.0 151.6 98 112 115.0 110.6 September.. 133 135 ••135 152 117 118 218 180 243 112.6 109.8 111.8 150.9 96 107 115.2 111.0 October 132 136 134 151 117 114 230 183 262 112.6 108.4 110.2 149.3 95 110 115.4 110.2 November.. 129 130 131 146 115 111 224 176 255 111.8 '106.7 107.7 145.7 92 113 115.0 109.8 December. . 127 125 128 143 113 111 208 177 229 111.1 105.4 106.1 144.2 88 P112 114.9 110.1 1954 January.... P125 P124 P126 P140 P112 P113 P110.6P103.5P103.1 •138.1 90 «110 110.8 • Estimated; all estimates are those of the Federal Reserve. P Preliminary. r Revised. * Average per working day. i 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. 197. 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. 199-203. Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 1490- 1515. FEBRUARY 1954 189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 1947-49 Annual 1952 1953 pro- Industry portion 1951 1952 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. SEASONALLY ADJUSTED Industrial Production—Total 100.00 120 124 133 134 134 135 136 137 136 137 136 133 132 129 P127 Manufactures—Total 90.02 121 125 135 136 136 137 138 139 138 139 138 '135 134 131 P129 Durable Manufactures—Total 45.17 128 136 152 154 155 155 155 156 154 157 157 152 151 146 P143 Primary metals 6.70 126 116 135 135 137 136 136 139 137 136 137 130 128 122 P115 Metal fabricating 28 52 131 146 166 168 168 168 169 169 168 171 171 166 '166 159 P157 Fabricated metal products 5.73 122 121 134 135 136 137 138 139 139 142 140 ••135 134 132 P130 ]Vlachinery 13 68 130 147 161 164 163 163 164 162 161 164 165 161 159 153 P147 Nonelectrical machinery 9.04 126 136 143 144 145 147 147 146 144 145 145 141 141 137 P133 Electrical machinery 4 64 138 167 196 203 200 195 195 194 194 200 203 '200 193 185 Pi 74 Transportation equipment 7 54 135 154 190 191 191 190 190 192 188 196 191 186 189 178 P181 Instruments and related products.... 1.29 128 142 154 153 153 155 153 156 157 156 156 155 155 155 P155 Clay, glass, and lumber products 5.91 121 118 122 126 128 127 127 127 124 127 125 123 124 124 P123 Stone, clay, and glass products 2.82 131 125 129 129 133 135 134 135 134 135 135 134 133 133 P133 Lumber and products .. . 3.09 113 111 115 122 124 121 120 119 114 119 116 111 114 111 P109 Furniture and misc. manufactures 4.04 116 118 129 129 128 131 134 135 135 134 135 r129 129 127 P126 Furniture and fixtures 1.64 111 113 120 120 119 121 124 123 122 121 119 '114 113 110 PIOS Miscellaneous manufactures 2.40 120 122 135 135 135 138 141 143 145 143 146 140 139 138 P139 Nondurable Manufactures—Total.. 44.85 114 114 118 117 118 119 121 123 121 121 119 117 117 116 P114 Textiles and apparel 11.87 106 105 111 107 108 110 113 115 113 111 106 102 no2 98 P97 Textile mill products 6.32 107 103 108 103 106 108 109 113 111 108 104 100 '98 95 P91 Apparel and allied products . . 5.55 105 108 114 112 110 112 116 117 115 114 109 104 106 101 P102 Rubber and leather products 3.20 105 107 115 117 118 119 120 122 113 116 111 105 '105 103 P103 Rubber products 1 47 119 116 128 131 134 138 137 139 130 130 127 121 120 118 P117 Leather and products 1.73 94 99 104 104 104 103 104 108 99 104 97 91 93 90 P91 Paper and printing 8.93 118 118 122 121 123 125 125 126 126 126 126 126 127 125 P122 Paper and allied products 3.46 125 120 127 125 130 133 134 134 134 134 133 135 132 132 125 Printing and publishing 5.47 113 116 119 119 119 120 120 121 121 121 121 121 123 121 P119 Chemical and petroleum products. . 9 34 132 133 138 138 139 140 144 146 145 146 143 r143 142 142 P142 Chemicals and allied products 6.84 136 137 141 142 143 145 148 151 150 152 148 147 146 146 P147 Petroleum and coal products 2.50 122 123 128 128 128 128 131 131 131 132 132 131 129 129 P128 Foods, beverages, and tobacco 11 51 105 106 106 106 108 108 108 109 106 107 108 108 108 108 P105 Food and beverage manufactures.... 10.73 105 105 106 106 107 107 108 109 106 108 108 109 109 108 P105 Tobacco manufactures... 78 107 110 114 106 120 116 108 107 103 103 104 104 106 108 P108 Minerals—Total 9 98 115 114 117 116 116 115 115 117 119 120 119 118 114 111 Pill Mineral fuels 8.35 114 113 117 116 115 113 114 116 119 120 119 118 '113 111 Pill Coal 2.68 94 83 82 77 77 74 75 85 86 87 86 81 76 70 69 Anthracite 36 82 78 74 60 59 56 47 65 62 68 59 57 54 50 55 Bituminous coal 2.32 96 84 83 80 80 77 79 88 89 89 90 84 80 73 71 Crude oil and natural gas 5.67 123 128 134 134 134 132 133 131 134 135 135 136 131 130 P131 Metal, stone, and earth minerals 1.63 121 115 115 116 118 121 121 120 121 121 120 120 '116 114 P113 Metal mining .82 116 108 106 111 113 116 118 118 117 116 117 117 108 104 P102 Stone and earth minerals .81 127 123 123 121 123 126 124 122 125 125 124 123 125 125 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 120 124 131 132 136 138 136 136 136 129 136 135 136 130 P!25 MANUFACTURES—TOTAL 90.02 121 125 133 135 139 140 139 138 138 130 137 136 138 132 P127 Durable Manufactures—Total 45.17 128 136 151 154 158 160 159 157 155 147 153 151 154 146 P142 Primary metals 6.70 126 116 131 137 142 143 141 142 138 124 130 127 129 122 P112 Fe P rr i o g u i s r o m n e a ta n l d s steel 3 5 .5 0 1 3 1 13 2 1 9 1 1 1 1 5 5 1 14 3 2 4 1 14 3 5 9 1 1 4 4 2 5 1 1 4 4 5 9 1 1 4 4 2 4 1 1 4 4 7 3 1 14 3 2 8 1 1 2 3 7 6 1 1 3 3 1 8 1 1 2 3 7 4 1 1 3 3 6 0 1 1 2 2 2 8 P1 1 1 1 2 4 Pig iron . . 37 123 107 132 133 132 135 130 133 133 132 131 130 132 127 117 Steel 3.05 131 117 143 146 146 150 146 148 143 137 138 134 136 129 114 Carbon steel 2.62 128 112 137 139 139 143 139 140 137 131 133 131 138 131 116 Alloy steel 43 153 144 178 189 192 194 191 196 183 170 169 152 126 113 105 Ferrous castings and forgings 1.52 127 114 117 125 136 136 136 133 127 106 116 113 117 108 Iron and steel castings 1.29 124 109 110 118 128 128 129 125 120 101 112 109 113 103 Steel forgings .23 140 143 154 164 181 179 176 179 166 133 141 137 139 135 P Preliminary. •• Revised. ^Corrected. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, ?nd some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description an^ back ng^r*3, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 190 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 pro- Industry portion 1951 1952 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals . . 1.67 116 119 122 132 142 139 138 139 139 115 128 126 128 121 P109 Primary nonferrous metals .38 114 123 129 131 143 146 147 143 144 143 141 147 147 146 ^145 Copper smelting . .09 107 106 105 101 114 126 122 115 108 109 105 111 114 -109 109 Copper refining .06 102 99 109 106 110 110 115 116 129 120 107 116 124 121 121 Lead .04 92 100 108 105 111 106 107 96 84 89 84 97 99 120 108 Zinc .10 109 112 112 112 116 115 114 113 116 111 115 115 115 -107 Aluminum .09 140 156 164 177 202 205 207 207 212 215 217 222 213 215 Secondary nonferrous metals .13 120 114 105 115 126 122 133 118 121 101 110 -107 -113 Nonferrous shapes and castings.. . . 1.16 116 119 122 135 143 138 136 139 139 107 125 121 123 Copper mill shapes .63 108 113 110 128 131 119 113 125 128 85 112 108 110 103 78 Aluminum mill shapes .20 128 140 152 160 178 190 195 186 183 174 169 163 158 137 Nonferrous castings .33 124 115 126 132 145 144 146 138 135 109 124 122 127 121 Metal Fabricating . 28.52 131 146 166 169 172 175 173 170 168 161 166 164 167 158 P156 Fabricated metal products 5.73 122 121 134 134 136 138 139 139 139 135 140 137 -136 132 Structural metal parts . .. 2.68 122 121 137 136 137 139 139 139 140 135 137 -135 -136 134 P135 Stampings and misc. metal products. . 2.12 128 121 141 141 142 145 145 144 143 137 136 133 -134 130 Tin cans .... .30 120 122 92 101 104 105 114 120 134 160 199 182 139 124 Furnaces, gas ranges, and heaters. . . . .63 98 89 85 86 91 92 99 102 86 83 108 106 113 96 Machinery 13.68 130 147 164 167 170 172 167 163 159 148 157 158 161 155 P149 Nonelectrical machinery 9.04 126 136 147 147 149 154 150 148 146 138 137 137 138 135 P\31 Farm and industrial machinery 8.13 126 135 144 143 143 146 144 142 142 137 136 -135 135 134 Farm machinery 1.02 114 103 107 107 110 112 109 105 102 98 93 86 79 73 Industrial and commercial machinery 7.11 128 140 149 148 148 151 149 148 148 143 142 142 143 142 Machine tools and presses .68 144 179 193 192 190 193 192 191 189 184 183 -189 187 Laundry and refrigeration appliances. .69 124 108 134 142 163 186 163 148 137 101 96 107 116 102 Electrical machinery 4.64 138 167 196 207 210 206 199 192 184 168 197 -200 205 192 P174 Electrical apparatus and parts 3.23 127 162 179 178 179 183 184 182 182 176 178 179 178 177 Radio and television sets .74 178 184 244 288 294 266 237 208 180 136 242 249 276 230 Transportation equipment 7.54 135 154 182 189- 195 199 198 194 193 190 189 182 189 171 P174 Autos, trucks, and parts 4.80 120 102 115 126 134 142 143 137 136 131 126 114 122 103 103 Autos 1.50 127 103 114 132 151 161 170 162 166 161 153 134 151 107 107 Trucks .66 125 111 113 119 121 144 142 124 106 118 127 115 106 -95 P110 Light trucks .22 120 105 129 126 118 144 138 107 76 113 118 114 106 85 100 Medium trucks .19 93 69 60 61 55 87 80 53 37 57 62 54 50 47 56 Heavy trucks .14 180 194 171 195 214 233 218 201 198 175 186 151 -146 134 150 Truck trailers .07 161 137 143 163 184 187 246 285 270 247 282 275 -232 229 Auto and truck parts 2.58 114 98 116 124 127 131 127 125 126 116 110 102 109 102 99 Aircraft and parts 1.30 211 368 452 455 461 461 452 452 452 461 473 -480 -483 457 Shipbuilding and repair .81 121 136 144 142 138 138 139 136 135 133 130 127 125 123 Railroad equipment . . .53 89 74 77 79 83 76 78 76 74 62 66 -64 -83 67 PS4 Railroad cars .35 77 62 71 76 82 64 65 66 62 58 56 55 83 61 41 Instruments and related products. . 1.29 128 142 156 153 153 157 155 156 157 151 153 -155 156 157 P157 Clay, Glass, and Lumber Products. 5.91 121 118 115 117 124 127 130 128 129 122 129 127 rl30 124 P117 Stone, clay, and glass products 2.82 131 125 128 125 129 132 134 135 136 132 137 136 -139 134 Glass and pottery products 1.09 120 114 118 120 125 128 126 125 123 113 123 122 -127 122 Flat glass and vitreous products. . . .60 130 122 136 134 136 139 138 137 135 128 134 r136 -140 139 Flat and other glass . . . .47 131 124 142 139 141 143 142 139 137 128 135 -139 -145 143 P146' Glass containers .26 113 112 95 107 114 123 122 126 129 122 132 121 127 114 102 Home glassware and pottery .23 103 94 96 100 110 107 99 93 86 65 86 -84 93 86 Cement .32 123 124 123 111 113 119 132 137 138 142 143 144 145 137 119 Structural clay products .35 122 112 107 100 103 106 111 110 117 114 114 -116 -116 112 Brick .12 121 108 96 84 90 97 108 108 119 113 114 118 116 109 Clay firebrick pipe and tile .20 123 116 116 113 113 114 114 114 118 117 117 -115 118 116 P\ 13 Concrete and plaster products .48 151 155 159 149 153 155 162 164 168 172 175 -169 -171 164 P159 Misc. stone and earth manufactures.. .58 143 131 138 137 139 142 142 143 142 141 143 -145 -146 144 P146 Lumber and products 3.09 113 111 103 110 119 122 126 122 122 112 122 -118 -120 110 Lumber 2.05 107 105 92 101 110 112 120 114 117 109 123 118 120 110 93 Millwork a-nd plywood .60 136 138 142 153 170 172 164 159 152 128 135 138 145 Millwork .39 116 118 125 136 142 143 125 124 109 98 115 117 116 101 87 Softwood plywood .12 159 167 165 177 211 218 226 215 222 174 164 Wood containers .29 105 99 105 101 102 103 103 103 104 101 98 r94 -95 -94 P95 Furniture and Misc. Manufactures 4.04 116 118 133 128 131 133 132 130 131 125 132 rl32 135 132 P130 Furniture and fixtures 1.64 111 113 125 121 122 123 121 118 117 113 116 -115 -116 114 Household furniture 1 10 109 113 128 123 126 127 123 119 117 112 116 -114 115 114 P113 Fixtures and office furniture .54 114 112 120 117 116 116 118 115 117 114 117 -118 -118 116 #116 Miscellaneous manufactures 2.40 120 122 137 132 136 140 140 139 140 133 143 144 148 145 P Preliminary. r Revised. For other footnote see preceding page. FEBRUARY 1954 191 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 pro- Industry portion 1951 1952 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 114 115 115 119 121 118 119 121 113 121 122 123 118 Pill Nondurable Manufactures—Total.. 11.87 106 105 107 108 117 116 108 111 114 97 HI 104 103 98 P94 Textiles and Apparel 6.32 107 103 104 104 112 113 109 112 111 93 107 102 100 96 Textile mill products 3.72 112 105 107 106 114 117 111 115 114 95 110 105 101 102 P91 Cotton and synthetic fabrics 2.30 114 104 103 106 113 114 107 110 110 87 107 104 103 101 Cotton consumption .97 122 112 115 111 116 120 125 129 130 124 119 109 102 105 95 Synthetic fabrics .45 100 102 113 100 119 124 106 112 108 74 100 100 87 96 Fabric finishing .97 97 85 82 79 83 82 83 91 98 85 89 77 '78 '66 '60* Wool textiles .16 99 96 93 90 98 99 93 103 110 90 102 93 82 70 Wool apparel yarns .75 97 83 81 78 80 79 81 89 96 84 86 •74 '77 65 P60 Wool fabrics 1.15 110 115 114 119 125 123 123 123 117 102 118 116 115 108 98 Knit goods .65 113 116 104 120 128 122 123 121 111 88 114 115 114 109 94 Hosiery .45 119 121 107 124 134 128 130 128 116 89 117 119 118 114 97 Full-fashioned hosiery .20 98 105 99 110 116 108 105 103 100 87 105 104 104 98 87 Seamless hosiery .50 106 113 125 117 120 124 124 125 125 121 125 117 116 108 106 Knit garments .48 90 95 108 109 118 117 114 100 98 67 94 '97 '101 88 P85 Floor coverings .31 78 80 94 100 110 110 106 87 82 45 80 83 89 69 Woven carpets Apparel and allied products 5.55 105 108 111 113 123 120 107 110 117 102 115 106 106 100 P99 Men's outerwear 1.78 103 105 113 110 128 134 123 128 124 83 117 113 105 104 Men's suits and coats .73 88 87 98 92 107 109 100 110 109 63 107 94 90 88 Men's suits .50 84 83 96 94 109 112 98 102 98 57 94 83 83 87 Men's outercoats .13 86 83 83 65 69 71 85 114 125 74 133 115 94 71 Shirts and work clothing .99 104 114 122 121 142 151 138 141 133 94 122 125 114 113 Women's outerwear 1.85 106 108 102 115 123 106 86 94 119 116 116 98 100 87 101 Women's suits and coats .76 120 123 126 147 160 109 53 67 142 150 156 115 123 95 126 Misc. apparel and allied mf rs 1.92 108 111 117 114 118 119 112 110 110 107 112 108 114 109 P108 Rubber and Leather Products 3.20 105 107 110 117 125 125 121 118 113 101 112 107 111 103 P98 Rubber products 1.47 119 116 123 132 140 143 140 137 131 114 122 122 127 120 P112 Tires and tubes .70 115 115 117 122 135 138 135 132 123 109 106 103 108 101 93 Auto tires .40 94 106 107 114 128 136 134 134 125 117 112 104 109 99 89 Truck and bus tires .30 144 128 130 132 145 142 137 130 121 97 99 102 106 103 99 Miscellaneous rubber products .77 123 117 129 142 144 148 145 142 138 119 137 Leather and products 1.73 94 99 98 104 112 110 104 102 97 91 103 94 97 88 P86 Leather .44 84 87 91 94 100 94 96 101 93 80 93 85 91 87 Cattlehide leathers .29 87 87 91 97 100 92 97 101 91 79 94 86 94 91 Skin leathers .15 77 86 89 89 98 96 94 100 97 81 90 83 87 79 Shoes and slippers .90 97 104 98 110 120 118 109 106 99 93 109 97 97 85 Miscellaneous leather products .39 99 101 109 103 108 109 95 98 98 102 '96 '100 99 Paper and Printing 8.93 118 118 121 119 124 128 128 126 125 116 123 127 132 129 121 Paper and allied products 3.46 125 120 121 125 133 136 136 132 134 120 135 135 140 135 119 Pulp and paper 1.76 126 120 116 127 131 132 134 131 133 117 133 130 138 133 117 Wood pulp .51 132 132 129 141 142 144 146 144 146 130 146 141 151 147 128 Paper and board 1.25 123 116 111 121 127 127 129 126 128 112 127 126 132 '127 113 Printing paper .22 115 111 110 118 121 120 122 119 119 108 121 118 124 120 112 Fine paper .14 123 117 100 109 118 118 122 122 118 96 118 118 121 120 109 Coarse paper .20 125 112 105 117 120 120 120 120 117 104 118 118 127 124 113 Miscellaneous paper .18 130 123 121 129 131 130 132 126 129 118 127 128 136 131 124 Paperboard .41 126 117 118 130 136 138 138 135 140 118 141 137 143 137 115 Building paper and board .10 115 112 101 105 117 119 128 126 132 116 121 122 123 108 92 Converted paper products 1.70 125 120 125 123 136 141 139 132 136 124 137 140 143 136 121 Shipping containers .51 124 120 128 120 136 143 138 133 137 122 138 141 140 135 118 Sanitary paper products .11 131 126 124 137 141 141 146 132 131 134 139 151 139 132 Printing and publishing 5.47 113 116 121 116 118 123 123 122 120 114 116 122 127 126 121 Newsprint consumption 1.85 115 115 116 106 115 125 127 127 118 102 106 119 129 131 117 Job printing and periodicals 3.62 113 117 123 121 120 122 120 120 121 119 121 123 '126 124 123 Chemical and Petroleum Products 9.34 132 133 139 140 142 143 144 143 142 139 141 rl42 145 145 P143 Chemicals and allied products 6.84 136 137 143 144 147 149 150 148 146 141 143 '145 '151 151 P148 Industrial chemicals 2.54 146 140 148 149 150 154 159 159 161 157 157 '151 151 149 Basic inorganic chemicals .57 135 137 146 149 153 152 154 152 149 146 147 '138 '153 153 P146 Industrial organic chemicals 1.97 149 141 149 149 149 155 161 161 164 160 160 '154 '150 148 Plastics materials .24 163 157 180 178 190 200 199 191 194 163 175 181 179 174 145* Synthetic rubber .11 184 175 169 179 191 210 221 220 214 205 176 162 147 152 Synthetic fibers .59 148 141 156 156 149 157 170 168 174 171 167 '148 '143 '135 153' Miscellaneous organic chemicals. 1.03 143 133 136 135 135 138 140 143 146 148 150 150 '149 150 P124 Vegetable and animal oils .64 112 112 130 134 131 119 112 104 95 84 94 109 140 141 P149 Vegetable oils .48 112 110 132 134 127 115 105 93 83 70 83 106 144 141 135 Grease and tallow .16 111 119 124 137 143 130 135 136 131 124 125 120 129 140 137 Soap and allied products .71 107 110 101 112 126 121 112 112 100 76 97 116 134 128 127 Paints .66 108 112 116 116 116 118 119 122 121 122 119 '118 '117 117 117 Fertilizers .23 112 122 112 119 139 168 177 139 112 101 104 '112 109 100 P115 P102 p Preliminary. ' Revised. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 192 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 122 123 128 129 128 127 127 129 131 132 135 133 131 131 P128 PePtertorloeluemu m arnedf incionagl products 1.97 125 128 136 136 134 132 131 132 136 137 138 136 135 137 P138 Gasoline 1.04 126 132 140 140 141 137 137 140 145 149 150 147 143 147 P148 Automotive gasoline .98 123 128 136 136 136 133 132 135 140 144 144 141 138 143 Aviation gasoline .06 174 194 210 204 223 216 227 235 241 234 243 247 220 211 Fuel oil .56 123 128 135 136 134 132 127 125 130 128 128 128 128 130 P129 Distillate fuel oil 30 138 151 160 162 160 158 151 148 155 153 152 153 155 155 Residual fuel oil .26 105 102 107 107 104 103 100 98 101 100 100 98 97 100 Kerosene 10 122 119 138 142 132 118 118 107 107 105 105 108 116 116 Lubricating oil .17 124 112 105 100 95 103 105 109 106 103 110 112 111 112 Coke. . .26 112 97 112 113 113 114 113 114 114 113 112 111 110 107 Asphalt roofing and siding .15 103 102 60 66 72 80 108 118 109 111 139 123 121 90 53 Foods, Beverages, and Tobacco 11.51 105 106 101 98 98 100 100 103 108 HI 118 rl23 120 HI P100 Food and beverage manufactures. . 10.73 105 105 102 98 97 99 99 102 108 112 118 124 121 111 P100 Food manufactures 8.49 105 106 105 102 99 99 98 101 105 110 118 127 122 115 P103 Meat products 1 48 110 114 141 134 118 117 111 103 105 98 102 111 123 135 Beef .46 92 100 105 117 119 120 127 126 128 127 132 139 144 139 134 Pork .83 117 119 156 139 114 112 98 87 89 79 82 92 107 128 116 Dairv products .69 96 98 75 81 89 100 112 136 146 132 118 99 85 77 81 Butter 14 91 92 84 94 102 111 122 145 143 120 111 88 82 86 94 Natural cheese .07 100 103 86 88 96 107 124 151 159 130 116 102 89 86 93 Concentrated milk .... 19 91 91 69 73 78 91 111 137 140 110 94 72 67 68 74 Ice cream .28 98 102 71 74 86 95 100 121 144 149 135 118 94 80 73 Canned and frozen foods 1 13 121 117 87 82 79 75 80 90 103 162 209 ••233 159 109 90 Grain-mill products 1.16 104 108 106 108 102 102 99 104 110 108 109 rill 111 103 P100 Wheat flour 46 84 84 79 86 81 81 75 81 78 78 83 84 90 82 Cereals and feeds .70 117 124 124 122 116 116 114 120 131 128 126 128 125 117 P117 Bakery products 1.64 101 101 102 98 99 100 98 100 103 102 101 102 102 99 P96 Sugar .27 100 104 142 68 55 67 67 57 80 73 75 106 250 277 Cane sugar .11 102 109 86 106 105 128 105 116 123 129 124 121 105 97 Beet sugar A3 101 94 184 30 8 8 30 1 39 20 27 89 370 429 Confectionery .71 102 102 95 110 110 101 98 89 74 64 92 135 135 128 88 Miscellaneous food preparations . .. 1.41 97 100 100 95 98 99 97 101 107 109 108 113 110 106 P101 Beverages 2.24 105 102 87 84 91 99 105 110 119 121 118 113 116 99 84 Bottled soft drinks 54 107 116 95 Alcoholic beverages 1 70 104 98 85 82 88 100 102 102 107 107 108 108 118 100 80 Beer and ale .... 1 02 100 102 86 87 90 103 109 106 117 127 129 111 100 79 76 Liquor distilling .17 120 54 42 45 46 54 53 55 51 41 33 67 122 88 65 Liquor bottling. .37 107 99 95 80 97 110 105 110 104 90 92 115 148 146 89 Tobacco manufactures .78 107 110 93 104 117 113 104 107 110 94 117 111 116 111 P89 Cigarettes 46 110 114 99 109 119 119 107 109 114 99 123 115 118 110 Cigars . .17 101 105 87 101 122 109 106 112 108 88 110 110 120 122 MINERALS—TOTAL 9.98 115 114 115 113 113 111 115 118 120 117 122 122 118 112 P109 Mineral Fuels 8 35 114 113 118 117 115 113 114 115 117 114 119 119 116 113 P112 Coal 2 68 94 83 85 81 77 74 74 81 81 69 85 84 84 76 71 Anthracite .36 82 78 69 60 59 52 45 66 65 54 56 60 66 55 51 Bituminous coal 2.32 96 84 87 84 80 77 79 84 83 71 90 88 87 79 74 Crude oil and natural gas 5.67 123 128 134 134 134 132 133 131 134 135 135 136 131 130 Oil and gas extraction 4.82 121 125 133 132 132 131 129 127 130 130 131 130 126 127 P128 Crude oil . . . 4.12 118 120 127 126 126 125 124 122 126 127 126 126 120 120 Natural gas 34 148 159 174 180 187 172 164 152 152 154 156 150 164 Natural gas liquids .36 136 145 159 158 156 155 155 151 154 154 158 160 159 162 Oil and gas well drilling .85 133 144 138 147 140 140 157 154 157 163 160 167 158 147 P151 Metal, Stone, and Earth Minerals .1.63 121 115 98 95 98 102 121 132 136 134 137 135 127 110 P98 Metal mining .82 116 108 79 80 85 88 119 139 142 138 140 139 122 95 Iron ore 33 124 104 41 43 45 53 131 184 201 199 199 198 155 85 Nonferrous metal mining .49 111 110 104 105 111 112 111 109 102 98 100 100 100 102 P99 Copper mining .24 114 114 111 111 116 120 118 120 109 109 112 112 114 116 110 Lead mining 09 99 97 87 90 97 94 95 89 87 78 80 81 79 Zinc mining .06 109 107 93 101 104 101 100 93 90 79 80 76 72 Stone and earth minerals .81 127 123 118 110 112 116 123 125 130 130 133 132 126 P Preliminary. r Revised. For other footnote see preceding page. FEBRUARY 1954 193 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—1001 1952 1953 Product group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 134 141 148 146 148 144 142 144 138 131 132 121 P115 Passenger automobiles 129 134 146 151 159 155 158 159 149 139 142 0) Household goods, total 139 149 150 141 135 131 125 128 127 122 121 0) Carpets 94 103 104 101 98 87 (i) Furniture 125 121 122 123 126 126 123 122 ni7 112 mo 0) M Ra a d jo io r s a a p n p d li a te n l c e e v s ision 2 1 3 1 6 5 2 1 7 2 9 3 2 1 7 2 3 6 2 1 2 2 6 5 2 1 0 2 1 1 1 1 2 8 2 2 1 18 0 2 9 2 1 0 0 4 8 2 1 1 0 7 0 2 rQ 21 4 2 '9 1 3 7 0 0 ) ) P Preliminary. - Revised. Publication of detailed indexes has been discontinued pending a general revision of the major consumer durable goodzs index. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1954 Industry group or industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. ADJUSTED FOR SEASONAL VARIATION Total 13,682 13,757 13,857 13,906 13,930 13,943 13,904 13,733 13,577 13,409 13,201 13,032 12,800 Durable goods 8,009 8,089 8,175 8,218 8,220 8,228 8,202 8,099 -7,998 -7,891 7,707 7,581 7,440 Ordnance and accessories 139 142 147 150 156 158 162 159 159 -158 153 149 142 Lumber and wood products 690 694 698 712 713 724 718 704 -699 -695 678 648 624 Furniture and fixtures 324 325 330 331 330 327 328 320 -313 -306 302 299 288 Stone, clay, and glass products.. 456 455 459 462 461 465 463 461 -463 -461 454 441 434 Primary metal industries 1,133 1,136 1,139 1,144 1,149 1,149 1,151 1,134 -1,117 -1,094 1,073 1,054 1,031 Fabricated metal products 922 933 943 947 957 966 967 960 -944 -924 902 861 866 Machinery except electrical 1,313 1,316 1,322 1,314 1,300 294 1,277 1,247 -1,234 -1,225 1,213 1,201 1,192 Electrical machinery 890 907 916 926 928 920 924 923 913 -896 872 836 813 Transportation equipment 1,509 1,543 1,574 1,576 1,556 1,548 1,533 1,521 -1,493 -1,479 1,414 1,452 1,421 Instruments and related products 240 240 243 243 244 245 248 241 -241 240 241 238 233 Misc. manufacturing industries.. 393 398 404 413 426 432 431 429 -422 -413 405 402 396 Nondurable goods 5,673 5,668 5,682 5,688 5,710 5,715 5,702 -5,634 -5,579 -5,518 5,494 5,451 5,360 Food and kindred products 1,135 1,144 1,138 1,132 1,138 1,124 1,121 rl,103 -1,110 -1,108 1,118 1,104 1,082 Tobacco manufactures 101 97 95 96 97 98 98 97 -94 -93 96 104 93 T A e p x p t a il r e e - l m a il n l d p r o o th d e u r c t f s inished tex- 1.121 1,117 1,123 1,119 1,123 1,122 1,128 1,119 -1,108 -1,076 1,045 1,024 988 tiles 1.109 1,104 1.106 1.103 1,111 1,123 1,120 1,093 -1,055 1,053 1,063 1,063 1,051 Paper and allied products 434 435 437 440 442 448 451 452 456 -452 446 438 436 Printing, publishing and allied industries 498 497 502 501 502 502 501 504 -509 508 507 505 503 Chemicals and allied products... 511 511 518 526 528 529 526 521 512 -503 499 493 495 Products of petroleum and coal. 188 188 188 190 189 189 188 187 -185 186 184 184 182 Rubber products 217 218 221 222 222 222 220 216 -214 -207 200 198 195 Leather and leather products. . . 359 357 354 359 358 358 349 342 -336 332 336 338 335 WITHOUT SEASONAL ADJUSTMENT Total 13,619 13.733 13,831 13,758 13,699 13,787 13,666 13,851 13,832 13,627 13,322 13,122 12,747 Durable goods 8,020 8,115 8,211 8,215 8,179 8,190 8,056 8,054 -8,016 -7,941 7,762 7,645 7,451 Ordnance and Accessories 139 142 147 150 156 158 162 159 159 '158 153 149 142 Lumber and Wood Products 676 677 688 701 713 731 718 722 '713 '705 685 645 612 Sawmills and planing mills.. 406 404 408 416 422 432 426 429 -423 -419 407 386 Furniture and Fixtures 329 332 333 329 322 317 315 315 '315 '312 310 305 292 Household furniture 243 246 247 242 237 232 228 228 -228 226 225 219 Stone, Clay, and Glass Products.. 451 453 459 462 461 465 456 463 r465 '463 456 445 430 Primary Metal Industries 1.139 1.142 1,145 1,144 1,138 1,143 1,134 1,128 -1,117 '1,099 1,078 1,065 1,036 Blast furnaces, steel works 562 563 564 562 562 567 571 572 -561 -555 543 535 and rolling mills 931 942 952 952 952 956 938 946 r944 '929 907 874 875 Fabricated Metal Products 1,313 1,323 1,335 1,321 1,307 1,300 1,264 1,235 '1,228 '1,219 1,207 1,207 1,192 Machinery except Electrical 226 227 228 228 227 227 222 221 -224 223 222 221 Metalworking machinery.. . 899 916 925 926 919 911 892 905 913 '905 885 853 821 Elect E ri l c e a c l t r M ic a a c l hi a n p e p ry aratus (gen- 277 281 285 287 288 288 283 281 281 278 273 274 erating, etc.) 411 418 418 415 407 399 388 405 -410 -407 394 368 Communication equipment. 1.509 1,543 1,574 1,576 1,556 1,548 1,533 1,521 '1,493 '1,479 1,414 1,452 1,421 Transportation Equipment 769 798 821 831 816 803 796 775 -738 -732 703 732 M m ot e o n r t vehicles and equip- 531 538 542 533 532 535 537 545 -555 -551 519 532 Aircraft and parts 241 241 244 244 244 245 241 239 '241 241 242 240 234 Instruments and Related Products. 393 404 410 411 413 415 403 420 '428 '432 425 410 396 Misc. Manufacturing Industries.. For footnotes see following page. 194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1953 1954 Industry group or industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Nondurable goods 5,599 5,618 5,620 5,543 5,520 5,597 5,610 5,797 '5,816 '5,686 5,560 5,477 5,296 Food and Kindred Products 1,045 1,033 1,025 1,027 1,051 1,097 1,184 1,264 '1,297 r1,202 1,136 1,071 1,001 Meat products 249 241 238 233 233 237 240 240 242 '249 257 252 Canning and preserving.... 132 129 123 134 146 165 244 316 '342 '232 172 140 Bakery products 179 180 180 179 181 184 184 182 183 183 180 176 Tobacco Manufactures 101 94 87 85 85 85 85 107 '114 rill 103 107 93 Textile-mill Products 1,132 1,134 1,134 1,119 1,117 1,122 1,094 1,102 '1,097 Tl, 076 1,055 1,039 998 Broad-woven fabric mills... 502 502 499 494 494 497 490 486 '484 '475 467 459 Knitting mills 230 232 235 233 232 232 226 231 '229 '224 218 212 Apparel and Other Finished Textiles 1,109 1,137 1,139 1,086 1,061 1,072 1,053 1,109 '1,087 1,090 1,074 1,079 1,051 Men's and boys' furnishings. 279 284 289 289 288 288 277 291 290 '288 282 274 Women's and misses' outerwear 351 360 356 318 298 309 314 335 '316 317 318 339 Paper and Allied Products 436 437 439 440 440 446 442 450 454 '452 450 445 438 Pulp, paper and paperboard mills 223 223 223 222 222 225 225 227 r228 '226 226 226 Printing, Publishing and Allied Industries 498 497 499 498 499 502 496 499 '509 513 512 513 503 Newspapers 144 144 146 146 148 148 146 146 149 150 150 150 Commercial printing 161 159 159 158 158 159 157 156 159 161 161 163 Chemicals and Allied Products... 516 519 526 526 517 513 508 511 515 '513 509 503 500 Industrial organic chemicals. 190 189 190 191 192 195 195 196 193 190 188 186 Products of Petroleum and Coal.. 186 186 186 188 188 190 190 191 '188 186 184 183 180 Petroleum refining 2 1 1 4 9 4 2 1 1 4 9 4 2 1 2 4 1 4 2 1 2 4 1 4 2 1 2 4 0 3 2 1 2 4 0 5 2 1 1 4 3 5 2 1 1 4 4 6 ' 1 2 4 1 4 4 r 1 2 4 0 3 9 2 1 0 4 4 2 2 1 0 4 2 2 197 Rubber Products 359 364 363 355 344 351 344 351 '341 335 334 336 335 Leather and Leather Products 236 238 238 232 226 231 224 228 '221 '214 216 222 Footwear (except rubber)... r Revised. m 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 January 1954 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1953 1954 1953 1954 1953 1954 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 71.34 71.60 71.96 70.92 41.0 40.0 40.2 39.4 1.74 1.79 1.79 1.80 Durable goods 76.91 76.73 77.52 76.59 41.8 40.6 40.8 40.1 1.84 1.89 1.90 1.91 Ordnance and accessories 75.85 76.42 77.97 77.41 41.0 39.8 40.4 39.9 1.85 1.92 1.93 1.94 Lumber and wood products 63.09 64.96 63.99 61.78 40.7 40.1 40.5 39.6 1.55 1.62 1.58 1.56 Furniture and fixtures 62.51 63.34 63.90 61.93 41.4 40.6 40.7 39.7 1.51 1.56 1.57 1.56 Stone, clay, and glass products 68.21 71.05 71.63 69.38 40.6 40.6 40.7 39.2 1.68 1.75 1.76 1.77 Primary metal industries 84.65 82.59 82.18 82.39 41.7 39.9 39.7 39.8 2.03 2.07 2.07 2.07 Fabricated metal products 76.74 76.67 78.02 76.33 42.4 41.0 41.5 40.6 1.81 1.87 1.88 1.88 Machinery except electrical 82.99 82.78 83.80 82.00 43.0 41.6 41.9 41.0 1.93 1.99 2.00 2.00 Electrical machinery 71.72 71.73 71.96 70.20 41.7 40.3 40.2 39.0 1.72 1.78 1.79 1.80 Transportation equipment 85.06 84.63 85.88 86.88 41.9 40.3 40.7 40.6 2.03 2.10 2.11 2.14 Instruments and related products 73.57 74.93 75.71 72.40 41.8 41.4 41.6 40.0 1.76 1.81 1.82 1.81 Miscellaneous manufacturing industries 64.17 65.12 65.85 64.48 41.4 40.7 40.9 39.8 1.55 1.60 1.61 1.62 Nondurable goods 62.88 63.73 64.06 63.53 39.8 39.1 39.3 38.5 1.58 1.63 1.63 1.65 Food and kindred products 65.35 68.31 68.15 68.04 41.1 41.4 41.3 40.5 1.59 1.65 1.68 Tobacco manufactures 46.59 47.49 48.61 47.74 38.5 38 39.2 37.3 1.21 1.24 1.28 Textile-mill products 54.94 52.33 52.47 50.96 40.1 38 38.3 37.2 1.37 1.37 1.37 Apparel and other finished products... . 48.81 48.06 48.96 47.75 36.7 35.6 36.0 34.6 1.33 1.35 1.38 Paper and allied products 71.55 73.79 73.62 73.27 43.1 42.9 42.8 42.6 1.66 1.72 1.72 Printing, publishing and allied products. 83.21 86.30 88.65 87.01 38.7 38.7 39.4 38.5 2.15 2.23 2.26 Chemicals and allied products 72.51 76.59 77.19 76.45 41.2 41.4 41.5 41.1 1.76 1.85 1.86 Products of petroleum and coal 88.10 92.62 91.76 92.84 40.6 40.8 40.6 40.9 2.17 2.27 2.27 Rubber products 78.09 76.03 75.46 77.61 41.1 39.6 39.1 39.8 1.90 1.92 1.95 Leather and leather products 53.06 49.54 51.65 52.30 39.3 35.9 37.7 37.9 1.35 1.38 1.37 1.38 NOTE.—Data are for production and related workers. Figures for January 1954 are preliminary. Back data are available from the Bureau of Labor Statistics. 195 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a l and utilities government 1945 40,069 15,302 826 1,132 3,872 7,522 1.394 4,055 5,967 1946 41,412 14,461 852 1,661 4,023 8,602 1,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 1,641 4,807 5,456 1948 44,382 15,321 982 2,169 4,141 9,519 1,711 4,925 5,614 1949 ... 43,295 14,178 918 2,165 3,949 9,513 1,736 5,000 5,837 1950 44,696 14,967 889 2,333 3,977 9,645 1,796 5,098 5,992 1951 47,202 16,082 913 2,588 4,166 10,013 1,861 5,207 6,373 1952 47,993 16,209 872 2,572 4,220 10,251 L.957 5,280 6,633 1953 49,152 17,007 832 2,542 4,276 10,476 2,034 5,316 6,669 SEASONALLY ADJUSTED 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 »"49,216 ••16,959 ••820 '2,571 '4,301 '10,503 2,064 '5,313 6,685 October '49,229 '16,790 '810 '2,615 4,317 '10,558 '2,076 '5,336 6,727 November . 48,868 16,589 816 2,591 4,279 10,479 2,077 5,330 6,707 December 48,577 16,412 810 2,571 4,229 10,493 2,074 5,321 6,667 1954—January 48,352 16,169 800 2,475 4,179 10,579 2,070 5,322 6,758 UNADJUSTED 1953—January 48,382 16,884 866 2,303 4,210 10,283 1,969 5,192 6,675 February 48,369 17 013 856 2,280 4,210 10,214 1,977 5,194 6,625 March 48,685 17,135 846 2,301 4,235 10,284 1,993 5,225 6,666 April 48,860 17 077 835 2,416 4,244 10,314 2,014 5,307 6,653 May 49,058 17,040 831 2,509 4,279 10,348 2,025 5,357 6,669 June 49,416 17,162 835 2,608 4,315 10,415 2,046 5,397 6,638 July 49,215 17 069 823 2,662 4,340 10,355 2,075 5,413 6,478 August 49,409 17,258 831 2,715 4,337 10,334 2,076 5,409 6,449 September '49,695 ••17,221 ••826 '2,751 '4,323 '10,464 2,054 '5,393 6,663 October »-49,663 ••17,017 '813 '2,772 4,310 '10,611 '2,055 '5,336 6,749 November 49,332 16,709 817 2,669 4,272 10,766 2,056 5,303 6,740 December 49,739 16,495 809 2,520 4,241 11,324 2,064 5,268 7,018 1954—January 47,736 16,113 793 2,252 4,143 10,423 2,049 5,216 6,747 ' 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. January 1954 figures and 1953 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed 1 Not in the Year or month in p s o t p it u u l t a i t o io n n al l f a o b rc o e r Total Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture U pl n o e y m ed - labor force 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 14? 46,181 1951. . 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 . 115,046 66,965 63,417 61,894 55,366 6,528 L,523 48,081 1953—January 114,191 65,959 62,416 60,524 55,072 5,452 1,892 48,232 February 114,479 66,255 62,712 60,924 55,558 5,366 1,788 48,224 March 114,755 66,679 63,134 61,460 55,740 5,720 1,674 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 1,306 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 1,548 46,874 August 115,232 68,238 64,648 63,408 56,134 7,274 1,240 46,994 September 115,342 67,127 63,552 62,306 55,044 7,262 1,246 48,215 October 115,449 66,954 63,404 62,242 55,083 7,159 1,162 48,495 November 115,544 66,873 63,353 61,925 55,274 6,651 1,428 48,671 December 115,634 66,106 62,614 60,764 55,326 5,438 1,850 49,528 1954—January 115,738 65,589 62,137 59,778 54,433 5,345 2,360 50,149 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. 196 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- High- 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 4,015 195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 30,895 21,564 10,973 7,217 2,117 1,371 3,729 3,374 9,331 887 2,518 853 5,073 1952 32,638 21,812 11,100 7,460 2,320 1,137 4,003 3,252 10,826 1,388 2,860 854 5,724 1953? 34,843 23,615 11,905 8,456 2,226 1 ,791 4,439 3,254 11,228 1,323 3,150 822 5,933 1953—January... 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 3,050 2,055 1,089 700 208 131 361 266 995 134 265 77 519 April 3,025 2,059 1,080 706 208 126 372 273 966 123 257 80 506 May 2,910 1,980 989 711 202 132 377 280 930 121 244 77 488 June 2,922 1,986 1,008 707 191 139 377 271 936 122 253 74 487 July 2,849 1,955 979 702 182 143 377 274 894 105 267 70 452 August 2,811 1,937 956 712 178 154 380 269 874 96 267 64 447 September. 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? 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 1954—January?.. 2,911 1,966 959 735 171 189 375 272 945 105 260 62 518 ? Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 17 4.43 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1953—January 1,076 450 626 460 76 87 106 138 209 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 June 1,116 372 744 463 85 99 148 127 193 Tulv L,793 610 1,183 653 207 200 176 181 376 August L,414 532 882 508 110 111 146 179 361 September . . . L.742 725 1,017 507 383 145 138 116 451 October RQ? 689 1,203 635 235 171 153 200 500 November 1,394 483 911 484 232 101 140 138 298 December 1,300 479 821 '434 136 97 176 131 326 1954—January 1,152 462 111 114 132 117 216 f Revised. 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] Federal Reserve district Total Month (11 districts) Boston Y N o ew rk 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 Lo S u t. is M ap in o n li e s - K C an it s y as Dallas 1952—October 1,320,958 95,40? 236,441 73 178 114,626 125,405 130 3?0 233,315 83 775 57 778 65 79Q 105 969 November 1,248,803 262,274 75 963 106,837 110,193 126 615 192,761 93 888 35 967 61 039 99 695 December 1,467,384 41 183 221,415 119 670 144,201 162,085 268 780 182,231 78 539 77 043 54 378 177 909 1953—October 1 892 388 103 925 279 404 124 789 338,569 144,973 286 S93 237,388 139 477 73 07? 51 937 11? 3(S1 November.. 1,394,050 7S,550 195,768 94 915 221,361 167,722 154 40? 200,532 78 706 51 4? 174 117 770 December 1,299,764 90,012 261,563 63 003 144,726 109,823 166 866 158,615 87 513 54,571 49 044 114,028 197 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Pri\rate Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 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 1953P 1,105 n.a. n.a. 1,069 n.a. n.a. n.a. 36 407 252 155 1953—January 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 10 111 57 54 107 94 4 9 4 36 23 13 May 108 55 53 106 93 4 8 3 34 22 12 105 53 51 102 90 3 9 3 38 24 14 July 97 48 49 96 84 4 8 (i) 39 24 15 August 93 46 47 92 82 3 8 1 41 23 18 September 95 47 48 92 81 3 8 3 36 22 14 October 90 43 47 90 79 4 7 (i) 37 22 15 November 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. P\ 28 16 12 1954—January . . .... P66 n.a. n.a. P65 n.a. n.a. n.a. v\ 26 14 12 p Preliminary. n.a. Not available. 1Less than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average =100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1952 1953 1952 1953 1952 1953 Dec. July Aug. Sept. Oct. Nov. Dec. Dec. July Aug. Sept. Oct. Nov. Dec. Total 126 127 131 123 130 126 126 122 117 120 128 134 137 135 124 108 Coal 109 103 111 94 112 114 110 104 97 111 94 112 114 110 104 97 Coke 168 171 191 167 169 164 163 155 135 200 162 162 162 160 155 142 Grain 142 135 131 138 131 131 157 140 119 123 166 142 147 157 137 112 Livestock 69 63 69 60 58 59 70 69 58 66 46 55 78 108 86 56 Forest products 144 143 152 146 145 137 136 145 135 135 147 153 148 144 142 120 Ore 181 215 248 213 221 216 172 172 201 77 341 331 324 263 160 62 Miscellaneous 140 143 144 139 145 139 137 134 132 135 141 146 150 149 140 124 Merchandise, 1. c. 1 46 43 45 42 44 43 44 42 40 43 42 44 45 45 43 38 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1951 1952 1953 1951 1952 1953 1951 1952 1953 January 974 1,254 ,292 1,025 922 922 -51 332 370 February 1,076 1,344 ,197 910 893 856 166 451 341 March 1,295 1,447 ,389 1,102 964 1,004 193 483 384 April 1,369 1,352 ,393 1,034 933 1,013 336 420 '380 May 1,354 1,474 ,450 1,018 835 902 337 639 548 June 1,297 1,168 ,383 930 861 933 366 306 '450 July 1,186 1,027 ,355 895 839 908 292 188 448 August 1,270 1,087 ,190 881 818 '841 390 269 '349 September 1,232 1,228 ,239 721 877 '925 510 351 '314 October 1,152 1,216 ,249 834 918 812 319 297 437 November 1,388 1,191 ,241 819 805 P848 569 386 P393 December 1,438 1,391 ,316 800 1,053 638 338 «405 January-December 15,033 15,177 e15,693 10,967 10,718 «10,875 4,065 4,459 «4,817 p Preliminary. * Revised. e Estimated. 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, 1,988; 1953, 3,503. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t t e es d Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 1947 98 99 99 96 97 97 96 99 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 ?112 P105 P102 ?110 P113 Pll9 P127 Pill pin P104 P112 P125 P115 SEASONALLY ADJUSTED 1952—December 115 107 103 111 117 123 129 114 115 110 118 128 '116 1953—January 111 105 100 108 113 113 126 107 108 103 114 127 116 February 112 106 100 112 115 117 124 110 113 105 115 125 116 March 115 105 103 112 116 124 128 114 118 108 114 126 119 April 110 106 102 113 105 117 118 110 111 99 112 124 116 May . .. 117 106 104 119 115 M28 134 114 118 107 115 131 124 June 115 103 102 110 118 119 128 112 122 106 118 134 121 July 113 106 104 117 114 120 127 110 107 105 111 124 117 August 112 99 99 116 120 114 130 109 110 102 112 127 113 September 107 105 98 104 109 114 119 106 102 100 103 112 110 October 110 107 104 106 110 r117 128 109 108 103 108 122 111 November 113 107 102 108 115 118 128 113 114 105 112 127 112 December P112 108 101 107 112 P121 P127 115 113 107 P114 125 109 UNADJUSTED 1952—December 196 M92 181 194 194 214 221 186 189 175 196 215 '207 1953—January 85 83 80 82 87 83 97 83 83 74 86 101 91 February 88 80 81 85 89 89 102 85 89 80 91 101 94 March 103 95 93 106 107 110 124 101 104 92 103 117 102 April 104 101 95 103 103 111 117 104 105 97 106 117 105 May 115 106 101 118 115 '•127 131 114 118 107 115 127 117 June 108 103 99 105 111 112 114 110 110 98 111 118 112 July 89 76 75 83 89 96 102 89 86 84 91 104 101 August 98 79 75 92 104 97 114 98 100 97 104 116 109 September 112 112 102 108 114 121 122 113 109 110 109 119 111 October 115 107 110 114 115 n22 130 112 119 118 114 128 111 November 136 129 129 142 142 144 146 137 136 121 129 144 r131 December P192 194 178 188 187 P211 P219 188 185 171 P189 209 194 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 M13 113 111 130 135 115 117 107 124 126 125 1953 *>126 ^116 P116 £119 P119 P141 PI 46 "123 P126 P115 Pi 36 P138 P133 SEASONALLY ADJUSTED 1952—December.. 120 111 113 114 112 '129 144 116 119 109 124 132 131 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 March . 122 116 112 112 113 138 145 118 122 111 129 133 133 April 125 119 116 117 114 140 145 123 128 114 131 138 132 May 127 120 118 121 117 142 145 123 131 115 136 139 135 Tune 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 M43 148 126 124 118 138 139 132 November 127 115 115 120 121 144 149 124 121 115 137 136 133 December... ^123 P112 113 118 121 *>132 ^142 122 118 111 P134 P134 129 UNADJUSTED 1952—December . 107 104 r104 100 98 M13 127 106 104 99 109 120 109 1953—January 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 ••154 161 139 138 126 149 152 148 November 142 134 132 137 136 151 165 143 132 128 152 151 144 December P109 P105 104 104 106 PllS P125 111 104 101 P118 P122 108 v Preliminary. r Revised. 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. 199 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales1 Out- Stocks Year or month Sales* Stocks* stand- Re- New Out- plus (total (end ing ceipts' orders8 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average 276 604 775 277 291 2.3 3.0 5.3 1L.O 1946 average 345 767 964 373 354 2.3 3.0 5.3 l.l 1947 average 365 887 588 366 364 2.5 1L.7 4.3 L.O 1948 average 381 979 494 386 363 2.7 1.4 4.1 L.O 1949 average 361 925 373 358 358 2.7 1L.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 -•397 r ,097 '435 '397 »-401 2.9 .2 4.1 L.O 1953 averageP 402 ,157 421 404 397 3.0 1.1 4.2 L.O 1952—December. ••738 r1,022 '365 '480 '388 1.4 0.4 1.9 (3.7 1953—January... 325 1,027 452 "330 '417 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 ().9 June 375 1,103 461 294 434 2.9 1L.2 4.2 ().8 July 305 1,081 525 283 347 3.5 L.7 5.3 ().9 August 343 1,135 491 397 363 3.3 L.4 4.7 L.2 September. 388 1,206 492 459 460 3.1 1.3 4.4 L.2 October... 440 1,297 462 531 501 2.9 L.I 4.0 L.2 November. 477 1,327 371 507 416 2.8 0.8 3.6 L.I December? 725 L.044 291 442 362 1.4 ().4 1.8 ().6 9 Preliminary. r Revised. 1 The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 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 Mar. 4 84Mar. 3 99Mar. 1 85Mar. 7 96Sept. 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 114Nov. 4 109Nov. 3 121Nov. 1. .. 115Nov. 7 121 13 106 12 110 10 117 9 128 11 118 10 127 8. . . 118 14 133 20 95 19 99 17 99 16 105 18 127 17 130 15.. . 130 21 131 27 97 26 100 24 105 23 112 25 110 24 123 22. . . 134 28 133 31 97 30 97 29. . . 138 June 3 90June 2 95June 7 111June 6 118Dec. 2 153Dec. 1 161Dec. 6. .. 195Dec. 5 190 10 104 9 108 14 116 13 112 9 191 8 191 13.. . 223 12 216 17 104 16 106 21 98 20 111 16 220 15 213 20.. . 237 19 234 24 86 23 92 28 91 27 94 23 221 22 228 27. . . 146 26 163 30 89 30 82 29 92 July 1 91July 7 75July 5 79July 4 79 1951 1952 1953 1954 8 75 14 83 12 83 11 92 15 91 21 81 19 82 18 84Jan. 6 98Jan. 5 78Jan. 3.. . 81Jan. 2 81 22 104 28 80 26 79 25 83 13 105 12 92 10. . . 89 9 94 29 102 20 104 19 90 17.. . 92 16 85 27 96 26 83- 24.. . 86 23 86 Aug. 5 102Aug. 4 88Aug. 2 87Aug. 1 86 o"2L 4 . . 08/7 • " Jy i J. n ... OOPO 12 94 11 87 9 90 8 92Feb. 3 81Feb. 2 84Feb. 7. . . 88Feb. 6 87 19 97 18 93 16 95 15 95 10 94 9 87 14. . . 92 13. . 26 99 25 97 23 100 22 100 17 94 16 89 21. .. . 85 20 30 110 29 101 24 95 23 83 28... . 93 27. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Federal Reserve district, Dec. Nov. Year Federal Reserve district, Dec. Nov. Year Federal Reserve district, Dec. Nov. Year area, or city 1953 1953 1953 area, or city 1953 1953 1953 area, or city 1953 1953 1953 United States P-2 0 +2 Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) Boston District +1 +1 +1 M N e o tr r o f p o o lk li - t P a o n r ts A m re o a u s t 2 h - , C o V n a t . . . P-4 -3 0 C M iti a e n s kato, Minn 0 -1 + 1 Metropolitan Areas Richmond, Va.1 -1 +1 0 Great Falls, Mont -4 -5 Portland, Maine +2 0 +4 Roanoke, Va.1 -13 -11 0 Grand Forks, N. D -4 +9 -5 L N W o e o w w rc e e l B l s - e t L e d a r f , w o r M r d e , n a c M s e s. , a 1 s M s ass... + - 2 1 0 - - 2 2 0 + + + 1 2 5 C S C it p h ie a a s r r t l a e n st b o u n r , g , W S . . V C a.1 - - 6 4 + - 5 4 + -3 2 D La u M C lu r i t n o h n s - s . S - e W u , p W i e s r c i i s . o 1 e r, - - 4 1 + 0 1 + -3 1 C D S it p i o e r w i s n n g t f o ie w ld n , B M o a s s to s n, Mass.1 +2 0 + + 2 4 +3 0 N L H y e u n w n c t p i h n o b g r u t t r o g N n , e , V w W a s, . . 1 V V a a.1 P+ - - 2 5 4 - - - 1 2 3 3 + - - 5 3 3 K M a e n t s r a o s p o C li i t t a y n D A i r s e t a r s ict -4 -1 Providence, R. I.1 0 0 0 Atlanta District +1 +2 D Pu e e n b v l e o r , , C C o o l l o o - - 3 5 -1 -4 3 + -1 1 N M e N B w e N N B u e t N N r w u f e i Y f o a f w e e a f p g o w l w a o o a r l Y J a o , r k l e Y i a r o t r N k a D C s r o F , k n e . r i i a k y - N t s Y N l y , A t l . C , s r N o r , J i e N i r c . . t a t N 1 Y y t . h s , . e 2 Y . a Y N & . s 1 . t e N Y rn . J 1 . . - - - - 3 3 1 1 0 0 0 + + + + + + 1 1 1 1 2 9 1 1 + + + + - -3 4 4 4 1 1 0 M J M O S M M B e a S t i r t c . o o i r r t l a k . m a b n P o m s n i t p P t i l o g d r n o i e e s n , o o , g l t b i v m e , F h t A g i a r a l F l e s . l a n l m - a r b l e . T a y 1 , u , A , a r F A r m g A l e , a l p a l a . a F s a 1 .1 2 , l a Fla.. . P- + - - - 5 2 1 1 2 0 0 2 + + + + + + 4 8 4 3 2 4 c + + + + + - - 3 5 5 3 1 2 7 0 C A O T T W S K O it t u o l k i a m . i b e l p n l c s s J u a a e s h a o h q h a k i , s o t u s a a e a O m , e , p , C r N k a h K q K i l , t e u a a y C a b e M n , n r , i s t s M o y N , . o O M k e la x - - - - - 3 6 7 2 1 <7 - + 2 - - - - 5 1 8 4 1 6 A r C + + + - - O 2 4 2 1 1 0 S R B y o in r c a g h c h e u a s s t m e e , r t , o N n N . , . Y N Y . . 1 .1 Y + -1 3 0 + + 2 6 0 + + 5 4 0 A A C T o t u l a l g a u m u n m s t p a t b a a , u , , s G F G , a l a G a .1 . a 1 + + - - 2 9 1 1 - + + 1 5 2 0 4 - + + - 1 4 2 2 0 J H E o n u p i t l d c i , n h , i O n M s k o l o a n, Kans - + 1 -4 0 4 - + + 16 4 1 + + 4 1 0 Cities Macon, Ga.1 -4 -4 0Dallas District -3 +1 Albany, N. Y -4 0 -2 Savannah, Ga -3 -2 0 Elmira, N.Y -2 0 + 1 Baton Rouge, La.1 +2 +5 +7 Metropolitan Areas S U P c o t h i u c e g a n h , e k N c e t e . a p d Y s y i , e , N N . . Y Y + + 3 3 0 + + + 5 1 2 + + + 5 3 3 J N C a h e c w a k t s t o O a n n r , o l e o M a g n i a s s , , s . L T 1 a e . n 1 n.1 + + -1 1 6 + + - 2 6 2 + + 4 7 S D C h o a r l r e l p a v u s e s , p T C o e r h t x , r . i 1 s L t a i, Tex + -3 2 1 + - - 2 7 2 + + + 3 1 2 Knoxville, Tenn.1 +1 + 13 +8 El Paso, Tex -3 -8 + 1 Philadelphia District -3 -1 +1 Nashville, Tenn.1 +4 +3 F H o o r u t s W ton o , r t T h e , x T .1 ex -4 c + + 2 2 + -4 3 M T e r t e r n op to o n li , t a N n . A J reas Q -6 -1 C R it o ie m s e, Ga -4 -4 +2 S W a a n c o A , n T to e n x io, Tex - - 2 4 -11 - - 2 5 Lancaster, Pa +2 -3 +3 Meridian, Miss -2 -1 +2 Philadelphia, Pa —4 +1 + 1 Bristol, Tenn -1 -4 San Francisco District. .. p-6 -6 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 a r , e - D H e a l zleton, + - - 2 4 4 - - - 4 3 4 +2 0 0 C M h C i e c h tr a i o c g a p o g o o l D i , t a i 1 s n 1 t 1 r A . i 1 c re t as p+ -2 1 + + 5 5 + + 4 1 M L F P e r h o t e r s o s o e A n p n o o n i , x g l i , e C t a l 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 -1 - - 5 1 2 - - 1 1 -1 2 7 + - -6 4 1 C Y it o y rk, Pa +4 +2 +9 F P In e o d o r i t r a ia W n , a a p 1 y o 1 n 1 li . e s 1 , , I I n n d d . . 1 1 P + - + 1 7 2 1 + + + 1 1 2 8 + + + 1 2 4 3 L D W on o e g w s t n B s t i e o d a w e c h n L , . L A C . . a A , l i C . f , . a 1 C li a f l . i 1 f . . . 1 P- - - 4 7 4 + -8 0 1 + -1 2 C M l C C S A C C T Y e e v p o l o i a k o t e n r e r l n l r u i v e u o l c o n t n a d e i m p o n g n g n l o o n , f a b n s , d i l , n e O t i u a o O t d l O t s a D d h w i , , h n , , h i i n O i O o s i O o O A , o 1 t h h x h r 1 r h O i i e i i o o i c o a h o 1 1 t 1 s i 1 o1 P + - - - - - - - 4 3 1 2 4 4 6 1 3 + + + + + + - — 1 5 2 2 1 4 2 0 1 0 + + + + + + + + 3 9 3 5 6 4 1 1 3 St. T D F D G L M M G l L e a e r r e i i a e n r a s n l t o d r w e r n s t e u i o M n , i d s a n i i o H u s M t g o B , R n k , i a D , a i n e M a u c M y e e p W i h t , s , s i i e . i c , d t 1 c W , i W h r s s h I i . I , o i 1 . c i n 1 s s w M t d . . 1 1 a , i 1 ch.1 P- + + + + + 2 2 2 4 1 1 + + + + + + + + - - 1 2 4 7 8 4 2 4 1 3 1 + + + + + + + + - 1 1 6 8 8 7 1 8 1 1 0 S S S R O S S P a a a i n D v n n c a a a a C a r e n s n k o F a D r r a t a l w F s m d a r d a l i i a i r i e n e n d e n f a n M g n d e t . n n o . 1 o o a - - t c o , B w , O , o a i n C , s e C n n C a i c r a c d k C a a o k l a O i l l l , e a , f i a i f S f l a l C n i . e C k a f 1 d y a . a n l 1 , l , a l i i n f C C f . B d 1 a a , e l l i r i f f - . . * 1 P P - + - - - - - 4 7 3 5 5 7 1 A - + 1 - - - - - 6 2 3 2 2 0 2 •j + + - - - 6 1 1 2 6 0 0 R C M i P W W A P E B c i e t D i o h r s y a t t h a i h r t r l m o e s e s t t o e , w i s h b e v p m o m l i P u n i o i n n l o n r a t o l l g d g o i e r g . u t 1 t e , h w , a o t , D , n h N n W n M , P , i . s W A . a O D d t C r . V r . 1 a h e . . 1 i 1 s a a i c C h o . s t 1 . 1 2 . , 1 D. C. P P P P + - - + + - - P 4 1 3 1 3 4 5 O + + + - - - - 1 4 3 3 1 5 3 1 + + + + - - 1 2 2 1 3 2 0 5 7 M C M Q i S S L F L M E i n e t p t o o i v u y t . n e t r r u r a i t i m e t o n L l i n n e s p a c g o s S p v y o p v f u R h m i i , l l i o i e i i l l o s s t i e l l l 1 , a t c e d , 1 i , h s k n , , M 1 T , K , I D M e A A o n y A n r i d . r o n e s i r k k a t .1 r . s 1 ict P P - - - - - - + 1 2 3 2 2 2 2 + + + + + - - 2 4 2 2 1 2 3 0 + + + - - 2 1 6 3 1 0 0 C S T S T S S S T P B B it V e p a a t a o u w o a i o e n a l c o c r k i a t i c s s t t o s k e l n t l e k J l o L m r l a a e o e t s n F n n j a a o f s , a o , e n i d k a n e , e , W , l d , e , A , l l W d C W s O C r C a C N , , i a s a a z r a a i l I a h C e s i t l l d s f m i y h . i . f h a 1 1 f a , . . . l . 1 h 1 p 1 1 i U f o a . , 1 t a I h d 1 a . h o .. . P P P -1 - - + - - - - 3 6 7 2 6 3 2 0 3 1 - - - - + + 1 1 1 - - - - - 2 - 1 4 9 9 5 5 7 9 5 1 2 3 5 + + - - - - - - - 1 1 5 1 5 4 1 1 3 W Ra i l n e s i t g o h n , -S N a . le C m .1 , N. C*... -3 0 - - 3 1 + — 3 1 M M et p r l o s p - o S l t i . t a P n a u A l, r e M as i 2 nn.1.... -2 +3 + 1 I B d e a l h li o n g F h a a l m ls , , W Ida a h sh o -4 -17 + - 1 7 8 Charleston, S. C.1 +4 -1 +2 Minneapolis City.Minn.1 -2 r+2 +1 Everett, Wash.1 -15 -2 Columbia, S. C.1 +4 +1 +4 St. Paul City, Minn.1... -2 +4 +1 Walla Walla, Wash.1 -14 -24 -10 Greenville, S. C.1 -3 -8 +2 Sioux Falls, S. D + 1 +6 0 Yakima, Wash.1 -4 -9 -4 p Preliminary. r Revised. 1 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. 3 Data not available. 4Ten months 1953. 5Eleven months 1953. 6Six months 1953. FEBRUARY 1954 201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage Ratio of Federal Reserve index numben> change from a stocks to without seasonal adjustment, year ago sales1 1947-49 average =1002 Department r b N s e t e p o u r o r m e o rt s - 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 ) November Sale p s e r d io u d ring Sto o c f k m s o a n t t e h nd ing 1953 1952 1953 1952 N 19 o 5 v 3 . m E 1 o le 9 n v 5 t e h 3 n s N 19 o 5 v 3 . 1953 1952 Nov. Oct. Nov. Nov. Oct. Nov. GRAND TOTAL—entire store3 366 4-2 +1 +4 3.0 2.9 MAIN STORE—total 366 4-2 4-1 +4 3.2 3.1 123 112 121 138 136 132 Piece goods and household textiles 332 +2 0 0 3.8 3.8 93 94 91 114 114 114 Piece goods 308 4-1 -2 -4 3.3 3.5 73 82 72 87 94 90 Silks velvets and synthetics 218 -4 -7 -6 3.3 3.3 67 70 70 81 87 86 Woolen yard goods 182 4-8 4-4 -1 2.9 3.1 93 123 86 94 107 95 Cotton yard goods 203 4-2 4-1 -1 3.8 3.9 67 70 66 94 100 95 Household textiles 323 4-2 4-2 4-2 3.9 3.9 107 103 105 129 124 127 Linens and towels ... 297 0 4-2 + 1 3.8 3.8 118 94 118 122 117 121 Domestics—muslins, sheetings 274 4-2 4-2 0 4.7 4.7 79 90 78 145 137 144 Blankets comforters and spreads 259 4-2 +2 +6 3.5 3.4 123 133 120 129 128 122 Small wares . . .. . .. 353 4-3 4-2 4-3 3.6 3.6 129 106 126 146 130 142 Laces, trimmings, embroideries, and ribbons 207 4-4 -2 0 3.7 3.9 96 90 93 118 113 118 Notions 254 0 0 4-2 3.9 3.9 104 102 104 142 135 139 Toilet articles, drug sundries . . . 338 4-2 4-1 4-3 4.3 4.2 115 105 113 146 119 142 Silverware and jewelry 332 4-2 4-3 4-3 4.1 4.1 126 103 124 149 134 145 Silverware and clocks 231 —1 0 +1 5.4 5.3 112 93 113 154 143 152 Costume jewelry 297 4-2 4-6 4-7 3.0 2.8 129 115 127 154 137 145 Fine jewelry and watches 93 4-3 0 +1 6.1 6.2 130 98 127 138 131 136 Art needlework 245 4-2 0 4-1 3.6 3.6 120 112 119 118 119 117 Books and stationery 292 4-7 4-7 4-5 2.5 2.6 186 118 173 165 150 157 Books and magazines 139 4-2 4-4 4-3 2.6 2.6 150 116 148 148 129 144 Stationery . ... 254 4-9 +8 4-6 2.4 2.5 201 118 184 168 155 159 Women's and misses' apparel and accessories. 363 4-2 4-2 4-5 2.7 2.6 117 116 115 144 143 137 Women's and misses' ready-to-wear accessories. . 363 4-3 4-2 4-4 3.1 3.1 121 113 118 150 146 144 Neckwear and scarfs 319 4-10 4-10 4-12 2.3 2.3 152 145 139 183 171 163 Handkerchiefs 291 -1 -2 -5 3.7 3.9 104 65 106 127 104 133 Millinery 171 -3 4-3 1.0 0.9 101 143 107 99 122 96 Women's and children's gloves 339 +1 -5 + 1 3.4 3.4 144 107 142 138 139 136 Corsets and brassieres 352 4-3 4-7 4-6 3.4 3.4 109 127 106 139 139 131 Women's and children's hosiery 354 -5 2.6 2.5 102 97 107 149 136 152 Underwear, slips, and negligees 358 +3 4-1 4-4 3.1 3.1 123 89 120 167 151 161 Knit underwear 263 4-2 4-7 3.2 3.2 146 114 139 205 186 190 Silk and muslin underwear, and slips 307 4-05 4-1 4-3 3.2 3.2 104 75 104 143 131 140 Negligees, robes, and lounging apparel 279 4-3 +3 4-2 2.7 2.7 138 87 134 173 149 170 Infants' wear 347 4-7 4-2 4-6 2.6 2.6 151 132 141 149 148 141 Handbags, and small leather goods 347 4-3 0 +4 2.7 2.7 126 117 122 164 142 158 Women's and children's shoes 262 4-4 4-4 4-5 5.1 5.0 106 120 103 145 151 137 Children's shoes 231 4-6 4-3 4-7 4.4 4.3 111 103 105 143 145 133 Women's shoes 243 4-3 4-3 4-5 5.3 5.2 105 123 102 146 151 139 Women's and misses' ready-to-wear apparel.... 361 4-1 4-2 4-7 2.2 2.1 112 119 111 135 140 126 Women's and misses' coats and suits 354 -4 4-2 1.7 1.6 112 125 116 118 144 115 Coats . . .. 245 —4 -6 4-4 1.6 1.4 130 130 137 131 159 126 Suits 237 -4 -2 A 2.4 2.4 59 98 62 83 94 86 Juniors' and girls' wear 336 4-6 4-4 4-7 2.0 2.0 130 124 123 145 153 135 Juniors' coats, suits, and dresses 291 0 4-4 4-6 1.8 1.7 102 112 101 125 134 117 Girls' wear 335 4-n +5 4-7 2.2 2.2 165 139 149 160 168 148 Women's and misses' dresses 356 — 1 4-3 4-5 2.0 1.9 88 105 88 117 120 112 Inexpensive dresses 281 4-2 4-4 4-4 1.6 1.5 87 102 85 110 112 106 Better dresses 293 +2 +4 2.4 2.2 91 110 94 120 125 115 Blouses, skirts, and sportswear 357 4-6 4-6 4-20 2.6 2.3 130 139 123 172 159 143 Aprons, housedresses, and uniforms 306 +4 4-4 4-2 2.6 2.6 90 79 86 122 107 119 Furs 270 -15 -12 3.9 3.6 121 115 143 126 125 135 Men's and boys' wear 349 4-4 +2 4-7 3.7 3.6 140 107 135 157 155 146 Men's clothing 283 2 +1 4-9 4.4 4.0 128 120 130 158 163 145 Men's furnishings and hats 331 4-6 4-3 4-7 3.4 3.4 144 94 136 166 155 156 Boys' wear 326 4-8 4-3 4-7 3.2 3.2 154 119 142 139 145 130 Men's and boys' shoes and slippers 210 4-2 4-3 4-8 5.2 4.9 123 112 121 143 144 132 For'footnotes see following page. 202 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 sales i 1947-49 average =1002 Department r b s N e t e p o u r o r m e r o t s - 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 ) November 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 N 19 o 5 v 3 . m E o 1 le 9 n v 5 t e h 3 n s N 19 o 5 v 3 . 1953 1952 1953 1952 1953 1952 Nov. Oct. Nov. Nov. Oct Nov. Homef urnishings 332 -1 +2 3.6 3.4 118 118 119 120 121 118 Furniture and bedding 260 -1 +3 +7 3.8 3.5 121 132 122 120 121 113 Mattresses, springs, and studio beds 188 0 +5 +4 2.3 2.3 118 150 118 141 141 136 Upholstered and other furniture 195 -2 +2 +7 4.2 3.8 121 123 124 117 117 110 Domestic floor coverings 287 -3 i 0 3.8 3.6 109 122 113 109 114 109 Rugs and carpets 165 2 -1 0 3.7 3.6 111 125 114 107 114 107 Linoleum 87 -19 -12 -16 4.4 4.3 61 65 75 70 77 84 Draperies, curtains, and upholstery 314 0 0 0 3.2 3.2 135 134 135 117 122 117 Lamps and shades 265 -2 -2 +2 3.1 3.0 133 117 136 132 128 129 China and glassware 267 + 1 + 1 + 1 5.5 5.4 142 112 141 138 136 136 Major household appliances 243 -8 2.8 2.9 65 75 68 86 86 93 Housewares (including small appliances) 277 +2 +4 +5 3.8 3.7 115 109 113 135 127 128 Gift shop 196 +6 +3 +9 3.8 3.7 192 125 181 177 173 162 Radios, phonographs, television, records, etc.... 237 -2 -5 2.2 2.2 157 141 160 116 123 122 Radios, phonographs, television 180 -6 -12 -10 1.8 1.9 199 166 212 141 141 157 Records, sheet music, and instruments 127 + 14 +7 + 14 3.6 3.6 138 103 121 122 116 107 Miscellaneous merchandise departments 338 +5 +1 2.4 2.4 170 97 162 165 162 152 +8 Toys, games, sporting goods, cameras 321 +9 +7 2.6 2.5 255 99 234 205 211 184 Toys and games 262 + 10 +7 + 11 2.1 2.1 317 103 289 251 268 220 Sporting goods and cameras 161 +5 +6 + 14 4.4 4.3 136 92 130 150 137 142 Luggage 289 -6 A +6 5.0 4.4 97 71 104 155 145 145 Candy 194 + 1 +2 + + 1 7 1 1.6 1.4 112 101 111 151 105 136 201 +1 2.2 2.2 123 113 119 130 130 128 BASEMENT STORE—total +4 +1 Domestics and blankets 139 +5 +3 +3 2.7 2.7 118 120 113 131 126 127 Women's and misses' ready-to-wear 191 +3 0 +1 1.8 1.8 117 111 114 129 127 128 167 +3 + 1 +2 2.3 2.3 121 105 117 140 130 137 Intimate apparel 124 -1 -3 2.0 2.1 Hosiery 122 +5 +2 +5 2.4 2.4 () () () () () () Underwear, corsets and brassieres 174 -6 0 1.3 1.2 108 113 114 101 123 101 C D G B o l r i o r e a l u s s t s s s ' e e w a s s, n e d a s k r s i u rt i s t , s and sportswear 1 1 1 1 2 5 7 2 5 7 6 6 + + + - 1 1 1 9 1 0 + + + -1 6 6 3 + + + -2 8 4 2 1 1 1 1 . . . . 6 9 9 3 2 1 1 1 . . . . 7 1 9 3 1 1 1 6 8 2 6 2 2 9 6 1 1 1 3 4 4 8 2 1 9 1 1 1 11 8 5 4 9 3 2 6 1 1 1 1 0 4 4 4 2 9 3 4 1 1 1 9 5 4 4 4 3 5 1 1 1 1 1 3 0 4 3 7 4 6 3 Infants' wear 117 2.6 2.7 Aprons, housedresses, uniforms 2 Men's and boys' wear 170 +8 +3 +6 2.4 2.4 151 116 140 151 149 143 Men's wear 158 +7 +2 +6 2.4 2.4 146 109 136 152 144 143 M M e e n n ' ' s s f c u lo rn th is i h ng ings 1 12 0 6 9 + + 9 5 0 + + 5 7 2 2 . . 5 3 2 2 . . 5 4 1 14 4 8 1 1 1 0 2 4 1 1 1 3 3 6 5 1 15 4 5 4 1 1 3 4 9 6 1 1 3 4 5 8 +4 Boys' wear 122 +9 +7 2.2 2.2 161 133 148 147 158 138 +5 Homef urnishings 107 +2 -2 2.3 2.4 131 124 128 117 119 120 -2 Shoes 117 +5 -2 3.4 3.7 111 109 105 124 128 127 +1 NONMERCHANDISE—total 184 +6 140 123 132 +3 Barber and beauty shop 80 + 12 +6 100 107 89 JThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 199. 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. 203 FEBRUARY 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 G a l n e a c d s - S f a u o n e l d i l d s H fu i o s r u h n s - - e- H o h p o o e u l r s d a e - - p A a p re - l T p t r o i a r o t n n a s - - M c i a c 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—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 Dec... 114.9 112.3 118.9 127.6 107.2 125.3 108.1 117.0 105.3 128.9 123.6 113.6 108.9 120.3 i 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 o ie m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d d - e s - l - l H s p e u k a a r i c n i o d t n h t d d e s s e s - , r , p l t F i o e O a m i g u n r w n t h i a e g d h a e - t l l e - , r s , r C c a p i u o a l h c r l c n m o a e ie t d l m d s m s d - - od p R i u a b r t u c n i o e e b t 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 P a p u a l a r u l c n o p i l e t d d e p 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 c n o r v i o a y t n d 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 n s a e d s e r - i- - s : N t t m r t m a u a r o l l i r u e l s n a n i c - — c - l - - b m b e t o b f a u T a r 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 - c M el i l s a - - 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. 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 December. 109.6 99.2 104.3 112.9 98.: 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 99 104.1 113.4 97. 98.1 108.4 104.2 125.7 121.7 115.1 125.5 121.8 113.1 115.1 114.8 101.7 April 109.4 97 103.2 113.2 97.4 97.9 107.4 105.5 124.8 122.2 115.3 125.0 122.0 113.9 116.9 114.8 98.5 May 109.8 97 104.3 113.6 97.6 100.4 107.1 105.5 125.4 121.8 115.4 125.7 122.4 114.1 117.2 114.8 99.7 June , 109.5 95 103.3 113.9 97.4 101.0 108.3 105.6 125.0 121.5 115.8 126.9 122.9 114.3 118.1 114.9 95.8 July 110.9 97 105.5 114.8 97.5 100.0 111.1 106 124.6 121.1 115.8 129.3 123.4 114.7 119.4 115.6 95.3 August 110.6 96 104.8 114.9 97.5 99.9 111.0 106 123.5 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96.4 September. 111 .C 98 106.6 114.7 96.9 99.7 110.9 106 124.0 119.2 116.9 128.5 124.0 114.9 120.7 116.2 94.7 October 110.2 95 104. 114.6 96.5 97.1 111.2 106 124.2 118.1 117.5 127.9 124.1 114.8 120.7 118.1 94.4 November. 109.? ••93.7 103.8 114.5 96.2 r97.1 "111.2 107 124.3 117.3 117.3 127.9 124.2 114.9 120.8 118.1 93.2 December. , 110 94.5 104.3 114.6 95.8 95.6 110.5 107.1 124.8 117.4 117.1 127.6 124.3 114.9 120.8 118.1 100.1 ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 204 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 112.3 94.2 94.2 89.7 Grains 96 1 87 9 89 3 90 6 Converted paper and paperboard. . 112.3 113.2 113.4 113.4 Livestock and poultrv 86.8 82.0 78.4 83.9 Building paper and board 118.2 123.0 123.0 123.0 Plant and animal fibers 101.9 103.2 103.5 103.2 Fluid milk ... 108.9 100.7 101.9 99.9 Metals and Metal Products: Eggs 99.6 126.3 111.6 97.2 Hay and seeds 98 3 84 3 88 0 89 7 Iron and steel 127.0 133.4 133.6 132.8 Other farm products 134.7 146.2 145.9 148.1 Nonferrous metals 122.3 122.1 122.3 122.1 Metal containers 125.4 128.7 128.7 128.7 Processed Foods: Hardware 125 9 137.2 137.2 137.2 Plumbing equipment 118.1 118.2 118.2 188.2 Cereal and bakery products 106.8 112.0 112.6 112.2 Heating equipment 113.6 115.8 115.8 155.5 Meats, poultrv, and fish 93.9 88.9 86.2 89.6 Fabricated structural metal prod- Dairy products and ice cream 113.0 112.7 113.9 111.3 ucts 113.9 117.7 117.5 117.5 Canned, frozen fruits, and vegeta- Fabricated nonstructural metal bles 105 0 104 9 104 7 103 9 products . . . 126.5 127.2 127.2 127.2 Sugar and confectionery 108.2 110.2 108.7 108.9 Packaged beverage materials 161.9 109.8 171.0 171.6 Machinery and Motive Products: Other processed foods 116 9 117 1 110 2 113 9 Agricultural machinery and equip- Textile Products and Apparel: ment 121.7 122.4 122.5 122.5 Construction machinery and equip- Cotton products. 97 7 92.4 91 6 90 9 ment 126.3 131.0 131.1 131.1 Wool products 112.6 111.6 • 111.5 112.1 Metal working machinery 129.0 132.7 132.8 132.8 Svnthetic textiles 87.8 85 .9 85.2 85.5 General purpose machinery and Silk products 139.7 135.8 136.5 139.3 equipment 121.9 128.2 128.5 128.5 Apparel 98 3 98 7 r98 7 98 0 Miscellaneous machinery.. 119.6 124.1 124.4 124.4 Other textile products . . . 84.4 82.7 83.5 82.3 Electrical machinery and equipment 119.6 126.5 126.6 126.7 Hides, Skins, and Leather Products: Motor vehicles 119.7 118.5 118.5 118.7 Hides and skins 70.6 64.4 64.3 57.7 Furniture and Other Household Dura- Leather 92 9 90.4 r90A 89.1 bles: Footwear 112 0 111 7 111 8 111 8 Other leather products 100 3 99.1 r98 8 98 2 Household furniture 113.0 114.2 114.1 114.1 Commercial furniture. 123.2 125.8 126.2 126.2 Fuel, Power, and Lighting Materials: Floor covering 122.7 125.2 125.0 124.8 Household appliances 107.5 109.0 109.0 109.0 Coal 116 1 112.5 112 5 112 5 Radio 95.0 94.8 94.3 94.1 Coke 129 0 132 S 132 5 132 S Television 74.9 74.2 74.2 74.2 Gas 104 9 106 6 106 3 106 3 Other household durable goods 119.6 126.8 127.6 127.6 Electricity 98.5 98.5 r99.6 99.6 Petroleum and products 107.9 116.6 116.3 114.9 Nonmetallic M inerals—Structural: Chemicals and Allied Products: Flat glass 114.4 124.7 124.7 124.7 Concrete ingredients . 113.1 119.4 119.4 119.6 Industrial chemicals 112 3 119 5 119 2 118 6 Concrete products 112.7 117.4 117.4 117.2 Paint and paint materials 106.1 107.9 108.2 107.9 Structural clay products 124.0 132.0 132.1 132.1 Drugs, Pharmaceuticals, cosmetics. 91.3 93.5 93 .5 93.8 Gypsum products 117.7 122.1 122.1 122.1 Fats and oils, inedible 52.8 53.3 58.0 58.5 Prepared asphalt roofing 106.0 109.9 109.9 109.9 Mixed fertilizers 111 1 111 7 111.5 HI 4 Other nonmetallic minerals 115.3 118.0 118.9 118.9 Fertilizer materials 113.0 112.9 112.9 113.9 Other chemicals and products 103.1 103.4 105.0 105.2 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 105 7 124.0 124.0 124.0 Crude rubber 137 3 111 3 112 0 114 5 Cigars 102 .4 103.5 103.5 103.5 Tires and tubes 126.3 130.1 130.1 130.1 Other tobacco products 118.4 120.7 120.7 120.7 Other rubber products 124 3 123.2 123.2 123.2 Alcoholic beverages 111.2 114.9 114.9 114.9 Nonalcoholic beverages . . 119.7 125.1 125.1 125.1 Lumber and Wood Products: Miscellaneous: Lumber 119 8 117 2 116.3 116 4 Mill work 128 3 131 2 131 2 131 2 Toys, sporting goods, small arms 113.1 114.1 114.0 113.2 Plywood 102.3 104.7 103.1 103.9 Manufactured animal feeds 102.1 81.0 78.7 92.2 Notions and accessories 92.9 93.5 93.5 93.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.0 101.9 101 .9 101.9 120.8 119.5 119.5 119.7 Woodpulp.. 108 8 109 7 109.7 109.7 Wastepaper 89.3 112.9 90.8 79.1 Paper 124 9 126 6 126 8 126 8 Paperboard . . ... 124.4 126.2 126.0 125.9 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. FEBRUARY 1954 205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1948 1949 1950 1951 1952 1953 Gross national product 103.8 55.8 126.4 259.0 258.2 286.8 329.8 348.0 361.1 363.9 371.4 '369.5 363.5 Less: Capital consumption allowances.. 8.8 7.2 9.3 17.6 19.4 21.6 24.2 27.0 28.2 28.2 29.2 29.6 30.0 Indirect business tax and related liabilities 7.0 7.1 11.3 20.4 21.6 23.7 25.7 28.1 28.9 29.3 30.1 '30.2 30.4 S B t u a s t i i n s e ti s c s a l t ra d n is s c f r e e r p a p n a c y y ments .6 .7 .5 .7 . . 8 2 . . 8 4 .9 . . 9 5 .9 -1.2 .9 r. . 7 9 .9 n.a. .9 Plus: Subsidies less current surplus of -.1 1.2 1.6 -3.2 1.1 1.6 .4 government enterprises 0) .0 .4 .1 .0 .2 -.2 Equals: National income -.1 39.6 .1 .0 216.3 240.6 .4 291.6 -.2 306.7 310.7 -.3 n.a. 87.4 103.8 223.5 278.4 301.4 308.1 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 31.7 29.2 36.0 42.4 40.2 42.4 41.7 43.8 45.2 40.7 n.a. Contributions for social insurance.. .2 .3 2.8 5.2 5.7 6.9 8.2 8.6 8.9 8.8 9.0 9.0 8.8 8.7 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments... .9 1.5 2.6 10.5 11.6 14.3 11.6 12.0 12.8 12.4 12.6 12.6 12.6 13.3 Net interest paid by government. . 1.0 1.2 1.3 4.5 4.6 4.7 4.8 4.9 5.1 4.9 4.9 5.0 5.1 5.2 Dividends 5.8 2.1 4.5 7.2 7.5 9.1 9.2 9.1 9.3 9.1 9.2 9.4 9.6 9.4 Business transfer payments .6 .7 .5 .7 .8 .9 .9 .9 .9 .9 .9 .9 .9 Equals: Personal income 85.1 46.6 95.3 209.5 205.9 226.7 254.3 269.7 284.5 278.3 281.6 284.4 286.8 285.9 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.1 18.6 20.9 29.3 34.6 36.6 35.3 36.2 36.7 37.0 36.6 Federal 1.3 .5 2.0 19.0 16.2 18.1 26.2 31.1 32.7 31.6 32.3 32.8 33.1 32.7 State and local , 1.4 1.0 1.3 2.1 2.5 2.8 3.2 3.6 3.7 3.9 3.9 3.8 3.9 4.0 Equals: Disposable personal income. 82.5 45.2 92.0 188.4 187.2 205.8 225.0 235.0 243.0 247.7 247.9 245.4 249.8 249.3 Less: Personal consumption expenditures 78.8 46.3 82.3 177.9 180.6 194.6 208.1 218.1 224.4 230.4 229.8 227.7 231.0 230.0 Equals: Personal saving 3.7 -1.2 9.8 10.5 6.7 11.3 16.9 16.9 18.6 17.2 18.1 17.7 18.8 19.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1948 1949 1950 1951 1952 1953 National income 87.4 39.6 103.8 223.5 216.3 240.6 278.4 291.6 307.7 301.4 306.7 310.7 308.1 n.a. Compensation of employees 50.8 29.3 64.3 140.2 139.9 153.4 178.9 193.2 207.6 201.3 204.5 208.0 210.4 207.7 Wages and salaries2 50.2 28.8 61.7 134.4 133.4 145.6 169.8 183.6 197.6 191.3 194 198.0 200.6 198.0 Private 45.2 23.7 51.5 115.7 113.0 123.4 141.2 151.1 164.1 158.3 161 164.5 166.9 164.4 Military.. .3 .3 1.9 4.0 4.2 5.0 8.6 10.4 10.4 10.4 10 10.6 10.5 10.3 Government civilian 4.6 4.9 8.3 14.7 16.1 17.1 20.0 22.2 23.1 22.6 22.8 22.9 23.1 23.3 Supplements to wages and salaries.., .6 .5 2.6 5.8 6.6 7.9 9.1 9.6 9.9 10.0 10.0 10.0 9.8 9.8 Proprietors* and rental income3 19.7 7.2 20.8 47.3 42.1 45.4 50.7 51.2 49.9 51.1 50.8 49.7 49.1 50.0 Business and professional 8.3 2.9 9.6 22.1 21.6 23.6 26.1 26.3 27.0 26.7 27.0 27.0 26.9 26.9 Farm 5.7 2.3 6.9 17.7 12.8 13.3 15.5 14.8 12.4 14.0 13.4 12.3 11.6 12.2 Rental income of persons 5.8 2.0 4.3 7.5 7.7 8.5 9.1 10.0 10.6 10.3 10.4 10.4 10.6 10.8 Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 31.7 29.2 36.0 42.4 40.2 42.4 41.7 43.8 45.2 40 n.a. Corporate profits before tax 9.8 .2 17.2 33.8 27.1 41.0 43.7 39 43.2 40.3 44.6 45.9 43.3 n.a. Corporate profits tax liability.... 1.4 .5 7.8 13.0 10.8 18.2 23.6 20.6 23.6 21.2 24.4 25.0 23.6 n.a. Corporate profits after tax 8.4 -.4 9.4 20.7 16.3 22.7 20 18.6 19.6 19.1 20.3 20.8 19.6 n.a. Inventory valuation adjustment.... .5 -2.1 -2.6 -2.1 2.1 -5.0 -1 1 1.4 -.8 -.6 -2 1.0 Net interest 6.5 5.0 4.1 4.: 5.0 5.7 6.4 7.0 7.8 7.4 7.6 7.7 7.9 8.1 n.a. Not available. ^Revised ^ess than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 206 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 EXPENDITURB Seasonally adjusted annual rates Annual totals by quarters 1952 1953 1929 1933 1941 1948 1949 1950 1951 1952 1953 4 1 2 3 4 Gross national product 103.8 55.8 126.4 259.0 258.2 286.8 329.8 348.0 367.2 361.1 '363.9 '371.4 '369.5 363.5 Personal consumption expenditures 78.8 46.3 82.3 177.9 180.6 194.6 208.1 218.1 229.8 224.4 227.7 230.4 231.0 230.0 Durable goods 9 4 3.5 9.8 22.9 23.8 29.2 27.3 26 7 30.1 28 2 30.2 30.7 30.4 29.1 Nondurable goods 37.7 22.3 44.0 100.9 99.2 102.6 113.4 118.8 121.2 121.1 121.2 122.1 121.3 120.4 Services . .. 31.7 20.6 28.5 54.1 57.5 62.7 67.4 72.7 78.4 75.1 76.3 77.6 79.2 80.5 Gross private domestic investment 15.8 1.3 18.3 42.7 33.5 52.5 58.6 52.5 54.4 57.9 '54.9 '58.5 '55.2 48.8 New construction 1 7.8 1.1 6.8 17.7 17.2 22.7 23.1 23 4 25.1 23 9 25.0 25.3 24.9 25.3 3.6 .5 3.5 8.6 8.3 12.6 11.0 11.1 11.8 11.6 12.2 12.0 11.5 11.6 Other . 4 2 .7 3.3 9.1 9.0 10 1 12 2 12 3 13 3 12 3 12 8 13.4 13.4 13 6 Producers' durable equipment 6.4 1.8 7.7 19.9 18.7 22.3 24.6 25.4 26.7 25.5 26.2 26.9 27.1 26.5 Change in business inventories.... 1.6 -1.6 3.9 5.0 -2.5 7.5 10.9 3.7 2.5 8.5 '3.7 '6.3 '3.1 -3.0 Nonfarm only 1.8 -1.3 3.4 3.7 -1.6 6.6 9.6 3.1 3.2 8.1 '4.0 '7.0 '4.2 -2.3 Net foreign investment .8 .2 1.1 1.9 .5 -2.3 .3 -.2 -1.9 -1.6 -2.1 -2.5 -2.1 -1.0 Government purchases of goods and services 8.5 8.0 24.7 36.6 43.6 42.0 62.9 77.5 84.9 80.4 '83.4 '85.0 '85.5 85.7 Federal 1.3 2.0 16.9 21.0 25.4 22.1 41.1 54.2 59.7 56.4 r58.5 r60.5 r60.4 59.5 N Ot a h ti e o r nal security ... } 1.3 2.0 1 3 3 . . 2 8 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 . . 1 4 4 5 8 . . 8 9 5 8 1 . . 5 8 5 6 0 . . 3 5 5 '7 1 . . 6 6 5 '7 3 . . 6 5 5 '8 2 . . 8 1 5 1 0 0 . . 0 0 Less: Government sales * C) («) (») 6 .4 .2 4 5 6 5 7 7 5 5 State and local 7.2 5.9 7.8 15.6 18.2 19.9 21.8 23.4 25.2 24.0 24.9 24.6 25.2 26.3 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Year or month in s P o c e o n r m a - l e re T ce o i t p al ts b m T u d o e i r s n 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 n r i u i i n d t e c - y - s - sal D a i r u n t i y r s t d i i t u e v r d s i s e i b - s - bu S r i s n e t e r r d i m v u e i s s e c - n e ts m G er o e n n v - t - in O l c a t o b h m o e r r e5 i p n r r e P c a i n r o e n o t t m d - a o l e rs 6 ' i i n n d s p t a c o e e e o n n n r r m d d e a - l s s e t m T p r f e a a e n y n r t - s s - 7 p b c i e s u n o o r f t s n s o c i u o o t i r r a r n n i - l a - s l i ag n N t r c o u i r n o c a - m u l l e - 9 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .5 19.7 13.3 1.5 .1 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .4 7.2 8.2 2.1 .2 43.0 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .6 20.8 9.9 3.1 .8 86.1 1947 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.4 42.4 14.5 11.8 2.1 170.8 1948 209.5 132.1 134.3 60.2 38.8 16.6 18.7 2.8 47.3 16.0 11.3 2.2 187.1 1949 205.9 131.2 133.4 56.9 38.9 17.2 20.4 3.1 42.1 17.1 12.4 2.2 188.7 1950 226.7 142.6 145.5 63.5 41.3 18.6 22.1 3.9 45.4 19.6 15.1 2.9 209.0 1951 254.3 166.4 169.8 74.9 45.9 20.3 28.7 4.3 50.7 20.5 12.5 3.4 234.0 1952 269.7 180.1 183.7 80.6 48.7 21.8 32.5 4.7 51.2 21.0 12.9 3.8 249.9 1953 284.5 193.8 197.8 88.5 51.9 23.7 33.5 5.1 49.9 22.2 13.7 4.1 267.4 1952—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. 50.1 22.3 13.5 4.2 268.8 July 287.5 197.3 201.2 90.6 52.9 24.2 33.5 5. 49.5 22.4 13.5 4.2 270.6 August 287.0 197.1 201.0 90.2 52.9 24.1 33.8 5. 48.9 22.5 13.6 4.1 270.7 September. . . . 286.3 196.0 199.9 89.3 52.7 24.1 33.8 5. 49.0 22.7 13.6 4.0 270.0 October 287.2 195.6 199.3 88.7 52.7 24.2 33.7 5. 49.5 22.8 14.5 4.0 270.5 November. . . . 285.9 194.5 198.3 87.7 52.9 24.1 33.6 5. 50.0 22.7 13.8 4.0 269.0 December?.... 284.7 192.6 196.4 85.9 52.8 24.2 33.5 5.1 50.4 22.5 14.3 4.0 267.2 ^Preliminary. 'Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less 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. 5Includes 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. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. •Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. FEBRUARY 1954 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1953 Phila- Item Total Boston New York delphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $15,276,054 $417,488 $3,282,566 $635,823 $1 364,294 $710,297 $746,702 Industrial loans 121,163 98,000 2,274 15,310 Commitments to make industrial loans 14,363 1 184 6,147 560 371 U. S. Government securities 497,454,961 32,345,705116,423,910 0,649 361 46 084,614 33,343.10629,348,440 All other 170,696 12,421 27,906 11 15,872 11,128 9,435 Total current earnings 513,037,23732,775,614 119,734,38231,396,305 47,470,92734,067,36530,120,258 Current Expenses Salaries: Officers 4,545,557 266,659 872,390 289,362 374,176 333,423 377,596 Employees 66,618,406 4,249,157 15,300,598 3,944,678 5,788,609 4,159,913 3,541,781 Directors' and other fees 293,529 15,477 31,556 16,185 24,930 2 7,617 40,988 Retirement contributions 6,405,489 404,234 1,406,030 368 525 560,442 419.102 371,836 Traveling expenses 1,201,675 76,138 177,201 47,251 98.931 102.007 96,282 Postage and expressage 16,988,335 1,347,822 2,723,399 997,500 1,387,361 1,473,321 1,405,522 Telephone and telegraph 937,735 51,939 205,251 52,828 67,754 60.118 82,187 Printing, stationery, and supplies 5,311 ,521 443,641 941,369 288,090 438,375 358.953 381,760 Insurance 991,763 75,518 197,692 41 ,367 85,025 83.046 59,805 Taxes on real estate 2,581,310 382,020 580,047 101,501 263,978 129.018 131,456 Depreciation (building) 2,920,359 403,814 305,259 66,352 470,188 329.697 176,498 Light, heat, power, and water 1,042,430 69,736 190,621 59,521 101,374 87,762 53,308 Repairs and alterations 1,078,302 257,645 36,413 68,836 120,134 127,085 52,273 Rent 527,495 41,871 3,796 43,067 63,934 2,348 99,371 Furniture and equipment: Purchases 2,505,644 330,291 174,218 128,479 165,779 323,683 313,918 Rentals 4,325,905 423,893 697,586 332,258 384,701 311,731 232,062 Assessment for expenses of Board of Governors 4,099,800 251,100 1,206,500 309,600 375,500 206.400 175,900 Federal Reserve currency 10,922,067 718,476 2,312,255 829,852 956,587 889,104 748,985 All other 11,564,867 116,069 221,605 128,147 391,861 120,955 98,038 Total. 1134,862,189 9,925,500 27,583,786 8,113,399 12,119,639 9,545,283 3,439,566 Less reimbursement for certain fiscal agency and other expenses 121,347,169 1,161,352 4,348,623 1,965,221 1,272,063 1 ,304,258 Net expenses. 113,515,020 8,764,148 23,235,163 6,962 10,154,418i 8,273,220 7,135,308 Profit and Loss Current net earnings 399,522,217 24,011,466 96,499,21924,433,718 37,316,50925,794,14522,984,950 Additions to current net earnings: Profits on sales of U. S. Government securities (net). 1,952,270 132,962 447,980 125 184,975 129,574 109,312 All other 143,904 116,422 4,618 14,693 33 4,263 Total additions. 2,096,174 249,384 452,598 125,939 199,668 129,607 113,575 Deductions from current net earnings: Retirement System (adjustment for revised benefits) 2,493,153 140,403 659,362 159 160,793 167,576 94,537 Reserves for contingencies 567,132 51,301 93,730 31 39,472 64,579 42,052 All other 94,882 53,756 705 617 9,370 3 2.124 Total deductions 3,155,167 245,460 200,970 137,206 762,462 194 234,279 Net deductions 1,058,993 +3,924 356 1,302 23,631 309.864 68 104,672 Net earnings before payments to U. S. Treasury 398,463,224 24,015,390 96,189,355 37,315,20725 22,961,319 ,689,473 Paid U. S. Treasury (interest on F. R. notes) 342,567,985 20,857,523 82.180,35820,974 32,249,472 ,511.392 20,074,824 Dividends 15,558,377 840,331 4,878,435 ,060 168 1,482,436 676,502 655,703 Transferred to surplus (Sec. 7) 40,336.862 2,317,536 9.130,562 2,330 682 3,583,299 .501,579 2,230,792 Surplus (Sec. 7), January 1 584,676,881[36,461,592 167,502,856 43,577 83754,064,650 ,247,93625,803,328 Surplus (Sec. 7), December 31 625,013,743j38.779.128 176,633,41845,908,51957,647,94931,749,515 28,034,120 1 After deducting $395,772 of prorated inter-Bank expenses to avoid duplication in combined totals. 208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1953—Continued Chicago St. Louis Minneapolis K C a i n t s y as Dallas Fra S n a c n isco Item Current Earnings $3,564,394 $748,630 $546,742 $1,202,892 $574,744 $1,481,482 Discounts and advances 5,579 Industrial loans 457 5,449 195 Commitments to make industrial loans 77,107,351 24,681,118 14, 308,615 70,346,256 22,427,000 50,389,485 V. S. Government securities 20,140 18,569 7,971 15,174 8,623 11,520 All other 80,692,342 25,448,317 14,868,907 21,569,771 23,010,367 51,882,682 Total current earnings Current Expenses Salaries: 533,874 283,777 257,032 291,531 279,901 385,836 Officers 10,473,012 3,862,343 2,045,440 3,500,138 3,130, 595 6,622,142 Employees 16,017 28,887 14,655 24,669 18,681 33,867 Directors' and other fees 1,004,699 364,869 192,252 352,896 325,281 635,323 Retirement contributions 147,065 85,439 68,345 79,472 83,973 139,571 Traveling expenses 2,470,456 953,323 504,568 938,250 859,732 1,927,081 Postage and expressage 96,056 59,806 35,403 56,767 64,944 104,682 Telephone and telegraph 922,057 373,278 159,290 267,877 226,404 510,427 Printing, stationery, and supplies 125,345 66,772 32,994 71,445 47,267 105,537 Insurance 369,669 96,511 99,497 123,445 62,680 241,488 Taxes on real estate 368,087 135, 453 27,801 202,627 48,394 386,189 Depreciation (building) 154,101 80,985 33,562 86,827 45,085 79,548 Light, heat, power, and water 106,648 80,418 69,607 35,569 28, 663 95,011 Repairs and alterations 91,292 23,901 53,386 16 000 30,976 57,553 Rent Furniture and equipment: 434,501 187,210 93,974 58,766 133,777 161,048 Purchases 639,715 223,617 163 340 246 247 230,272 440,488 Rentals 561,000 155, 900 103,700 154 700 185,800 413,700 Assessment for expenses of Board of Governors 1,784,003 609,552 194 152 388 223 387,777 1,103,101 Federal Reserve currency 294,047 119,759 78 111 122 312 84,590 184,479 All other 20,591,644 7,791,750 4,227 775 7,017 756 6,274,792 13 627,071 Total 3,635,765 1,323,217 623 501 1,515 048 1,136,577 2 306,504 Less reimbursement for certain fiscal agency and other expenses 16,955,879 6 468,533 3,604 274 5 502 708 5,138 215 11 320,567 Net expenses Profit and Loss 63 736,463 18 979 784 11,264 633 16 067 063 17,872 152 40 562 115 Current net earnings Additions to current net earnings: 292,477 105 011 61 079 88 787 89 628 184 658 Profits on sales of U. S. Government securities (net) 123 2 226 72 763 4 625 All other 292,600 107 237 61 101 89 550 89 632 185 283 Total additions Deductions from current net earnings: 299,518 145 596 71 052 221 937 99 799 273 223 Retirement System (adjustment for revised benefits) 81,996 32 098 13 690 29, 746 28 834 58 377 Reserves for contingencies 5,343 2 050 12 375 444 1 314 3 103 All other 386,857 179 744 97, 117 252,127 129 947 334 703 Total deductions 94,257 72 507 36,016 162,577 40 315 149 420 Net deductions 63 642,206 18 907 277 11 228,617 15 904,486 17 831,837 40,412 695 Net earnings before payments to LT. S. Treasury 55 473,066 16 533 509 9 791 ,772 13,780,962 14 291 ,018 33, 849 577 Paid U. S. Treasury (interest on F. R. notes) 2,005,407 536 709 348,774 592,217 775,661 1,706 034 Dividends 6 163,733 1 837 059 1 088,071 1 ,531 ,307 2 765,158 4,857 084 Transferred to surplus (Sec. 7) 84,628,184 23 628 310 15 131,297 21,924,735 25 380,756 57,325 400 Surplus (Sec. 7), January 1 90, 791,917 25,465,369 16 219,368 23,456,042 28 145,914 62, 182,484 Surplus (Sec. 7), December 31 FEBRUARY 1954 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for lastdate shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutualsavings All Member banks Nonmember banks banks Total Total1 ti N on a- al me S m ta b te er1 Total su I r n e - d2 in N su o r n e - d2 sur I e n d - 12 in N su o r n e - d Banks (head offices) Dec. 31, 1933 15 029 14,450 6,011 5 154 857 8,439 8 <39 519 Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 19473 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec 31 1952 14,575 14,046 6,798 4,909 1,889 7,251 6,627 624 206 323 Dec. 31, 1953 14,509 13,981 6,743 4,856 1,887 7,241 6,672 569 219 309 Branches and additional offices Dec. 31 1933 2,911 2,786 2,081 1,121 960 705 7C5 12. Dec. 31, 1934 3,133 3,007 2,224 1 243 981 783 4783 *12(5 Dec. 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 1946 4,138 3,981 2,913 1 781 1,132 1,068 1,006 62 115 42 Dec. 31. 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951 5,383 5,153 3,837 2 370 1,467 1,316 1,275 41 165 65 Dec. 31, 1952 5,711 5,465 4,106 2,556 1,550 1,359 1,318 41 177 69 Dec. 31, 1953 6,096 5,826 4,398 2,746 1,652 1,428 1,387 41 192 78 Changes, Jan. 1-Dec. 31, 1953 Banks New banks5 +64 +64 +22 + 12 + 10 +42 +36 +6 Suspensions -1 -3 -2 Reopenings +3 +3 + 1 + 1 +2 +2 Consolidations and absorptions: Banks converted into branches -93 —92 -68 —54 — 14 —24 -20 —4 — 1 Other -23 -23 -12 -9 -3 -11 -9 -2 Voluntary liquidations® -10 -10 -10 -3 7 Other changes7 -3 -3 -3 -3 Interciass bank changes: Conversions— National into State —4 —4 +4 +4 State into national . . + 1 +2 -1 -1 Federal Reserve membership:8 Admissions of State banks +10 + 10 -10 -7 -3 Fede W ral i t d h e d p ra o w si a t ls i n o s f u r S a t n a c te e :9 banks —4 +4 +4 Admissions of State banks +41 -41 +13 -13 Net increase or decrease -66 -65 -55 -53 -2 -10 +45 -55 +13 -14 Number of banks, Dec. 31, 1953 14,509 13,981 6,743 4,856 1,887 7,241 6,672 569 219 309 Branches and additional offices10 De novo branches +304 +280 +214 +145 +69 +66 +63 +3 +13 +11 D B i a s n c k o s n t c i o n n u v e e d rted into branches + — 9 2 3 0 + — 9 1 2 9 + — 8 1 1 1 +57 + — 24 4 + - 1 8 1 + — 10 8 + 1 + 1 — 1 Interciass branch changes: National to State member — 11 +11 National to nonmember 2 2 +2 +2 State I^Iember to national +3 -3 State member to nonmember — 1 — 1 +1 +1 Nonmember to national +2 +2 -1 Nonmember to State member +5 +5 —5 —5 Noninsured to insured +3 -3 + 1 -1 Net increase or decrease +377 +353 +288 +187 + 101 +65 +65 +15 +9 Number of branches and additional offices Dec. 31, 1953 5,897 5,627 4,221 2,590 1,631 1,406 1,365 41 192 78 Banking facilities11 Established +18 +18 +14 +13 +1 +4 +4 Discontinued -10 — 10 -10 -10 Net increase . . . . +8 +8 +4 +3 + 1 +4 +4 Number of banking facilities, Dec. 31, 1953 199 199 177 156 21 22 22 JThe State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2Federal deposit insurance did not become operative until Jan. 1, 1934. 8As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4Separate figures not available for branches of insured and noninsured banks. 5Exclusive of new banks organized to succeed operating banks. 6Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7Three institutions, not engaged in banking business, eliminated from series. 8Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interciass bank changes." 10 Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. 11 Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Three of these banking facilities are, in each case, operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES 1 Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31 1947. 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec. 31 1949. 14,051 4,562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Dec. 31, 1950 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 Dec. 31, 1951. 13,987 5,145 12,158 4,843 6,835 3,837 5,323 1,006 1,829 302 Dec. 31, 1952 13,942 5,456 12,122 5,152 6,792 4,106 5,330 1,046 1,820 304 Dec. 31, 1953P 13,886 5,816 12,085 5,503 6,737 4,398 5,348 1,105 1,801 313 By districts and by States Dec. 31, 1953P District Boston 464 416 464 416 316 326 148 90 New York 814 1,106 814 1,106 700 1,013 114 93 Philadelphia 799 265 799 265 607 205 192 60 Cleveland 1,065 435 1,065 435 652 378 413 57 Richmond... 1,007 685 814 534 477 337 337 197 193*' 151 ' Atlanta 1,231 274 642 232 363 200 279 32 589 42 Chicago 2,480 707 2,480 707 1,011 347 1,469 360 St. Louis 1,460 186 1,144 119 493 74 651 45 316 67 Minneapolis 1,275 115 677 74 472 29 205 45 598 41 Kansas City 1,759 29 1,752 29 753 19 999 10 7 Dallas 1 045 79 947 67 635 47 312 20 98 12 San Francisco 487 1,519 487 1,519 258 1,423 229 96 State Alabama 231 31 134 31 96 31 38 97 Arizona 13 73 13 73 5 57 8 16 Arkansas... 230 22 114 5 70 2 44 3 116 17 California 198 1,057 198 1,057 124 1,001 74 56 Colorado. . . 154 5 154 5 94 4 60 1 Connecticut 101 76 101 76 59 62 42 14 Delaware 35 33 35 33 14 14 21 19 District of Columbia... 19 51 19 51 15 41 4 10 Florida 209 10 159 9 77 8 82 1 50 1 Georgia 400 58 120 55 65 50 55 5 280 3 Idaho .. 38 65 38 65 20 60 18 5 Illinois 897 3 895 3 512 3 383 2 Indiana 477 141 477 141 236 84 241 57 Iowa 663 163 663 163 164 1 499 162 Kansas 606 3 604 3 213 3 391 2 Kentucky 376 59 376 59 110 39 266 20 Louisiana 171 95 65 69 51 60 14 9 106 26 Maine . . 62 83 62 83 38 42 24 41 Maryland 154 147 154 147 72 84 82 63 Massachusetts 175 213 175 213 138 189 37 24 Michigan 427 307 427 307 227 244 200 63 Minnesota 676 6 268 6 205 6 63 408 Mississippi 200 78 43 18 32 10 11 8 157 60 Missouri 594 1 533 1 177 1 356 61 Montana 109 109 82 27 Nebraska . 413 2 413 2 140 2 273 Nevada 8 22 8 22 6 20 2 2 New Hampshire 74 2 74 2 52 1 22 1 New Jersey. . 307 207 307 207 264 184 43 23 New Mexico 52 25 52 25 34 8 18 17 New York... 581 910 581 910 507 843 74 67 North Carolina 211 272 105 127 55 74 50 53 106 145 North Dakota 153 22 60 6 41 19 6 93 16 Ohio ... 644 305 644 305 412 266 232 39 Oklahoma 383 2 376 2 224 2 152 7 Oregon 66 116 66 116 27 106 39 10 Pennsylvania 898 314 898 314 678 269 220 45 Rhode Island 12 57 12 57 7 44 5 13 South Carolina 150 71 68 65 33 53 35 12 82 6 South Dakota.. 169 52 72 27 62 23 10 4 97 25 Tennessee 296 124 211 110 84 83 127 27 85 14 Texas 918 17 871 17 580 17 291 47 Utah 54 37 54 37 29 34 25 3 Vermont 66 11 66 11 38 4 28 7 Virginia 316 144 312 144 204 85 108 59 4 Washington 112 173 112 173 48 161 64 12 West Virginia 182 181 110 71 1 Wisconsin 5 S3 150 553 150 166 22 387 128 Wyoming 53 1 53 1 40 1 13 P Preliminary. 1Does not include mutual savings banks, on a few of which some checks are drawn, but does include 199 banking facilities (see footnote 11, on preceding page). The difference between the number of member banks on Dec. 31, 1953, shown in this and the preceding table is due to the fact that this table excludes 3 member nondeposit trust companies and 3 member mutual savings banks on which no checks are drawn. The difference for nonmember commercial banks on that date is due to the fact that this table excludes 92 banks and trust companies on which no checks are drawn. Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 211 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 214-219 Gold production 219 Reported gold reserves of central banks and governments 220 Net gold purchases and gold stock of the United States 221 International Monetary Fund and Bank 222 Central banks 222-226 Money rates in foreign countries 227 Commercial banks 228 Foreign exchange rates 229 Price movements in principal countries: Wholesale prices 230 Consumers' price indexes 231 Security prices 231 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, FEBRUARY 1954 213 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 o F f o f r ic e i i a g l n 1 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 L.7O2.3 231.4 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—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 1,747.1 93.4 967.4 450.4 127.3 Feb. 28 11,245.3 9,646.2 3,641.4 4,279.6 1,725.2 95.3 968.9 412.5 122.4 Mar. 31 11,424.9 9,849.7 3,866.7 4,298.4 1,684.7 88.8 976.6 389.0 120.7 Apr. 30 11,683.2 10,125.8 4,043.8 4,340.9 L,741.1 99.4 977.3 361.1 119.5 May 31 ••11,869.8 10,185.7 -•4,103.5 4,318.6 1,763.5 152.5 983.5 428.9 119.3 June 30 11,945.6 '•10,160.5 '4,147.6 ••4,255.7 1,757.2 181.7 1,003.5 481.2 118.7 July 31 '•12,021.5 10,247.4 '4,112.0 '•4,366.6 1,768.7 208.9 965.8 479.0 120.5 Aug. 31 12,221.6 10,443.0 '"4,248.8 '4,420.0 1,774.1 211.5 968.9 481.2 117.0 Sept. 30 12,407.3 10,649.7 4,449.1 4,424.5 1,776.1 226.5 918.7 495.2 117.2 Oct. 31P 12,490.9 10,769.8 4,487.0 4,414.3 1,868.5 223.4 920.8 463.6 113.3 Nov. 30P 12,608.7 10,948.4 4,627.6 4,459.8 1,861.0 218.4 911.1 418.8 112.0 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 i o 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 t - z * - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Official private 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 1,287.0 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 1,436.7 961.0 179.5 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 1,378.5 2545 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 1,307.1 1,455.2 1,609.6297.4 1952—Nov. 30. 1,765.6 8,912.5 4,670.0 337.3 343.1 627.7 326.2 1,243.1 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 1,845.0 335.6 1953—Jan. 31. 1,767.1 8,734.0 4,402.1 887.8 249.5 210.4 610.5 308.3 1,,225.0 3,491.5 1,442.0 1,591.4 1,855. 353.7 Feb. 28. 1,745.2 8,655.1 4,351.7 754.4 253.5 221.1 608.6 286.6 ,273.7 3,397.8 1,387.5 1,610.0 1,901. 358.4 Mar. 31. 1,704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.9 ,307.1 3,485.9 1,349.1 1,692.5 2,012..6 359.1 Apr. 30. 1,761.0 9,118.9 4,754.1 837.3 233.3 231.5 657.8 312.1 ,370.8 3,642.7 1,365.0 1,744.0 2,005..6361.5 May 31. 1,783.5 '•9,156.3 '4,813.8 900.0 255.0 245.0 624.1 314.4 ,411.0 3,749.6 1,231.4 '1,829.9 1,966. 378.7 June 30. 1,777.1 r9,137.5 ••4,857.9 911.2 301.8 268.6 650.1 313.6 ,444.5 3,889.8 1,119.4 '1,808.9 1,935. 384.1 July 31. 1,788.7 '9,212.8 -•4,822.3 887.6 334.0 227.5 659.9 336.0 1,537.8 3,982.9 1,142.1 '1,785.5 1,948. 354.1 Aug. 31. 1,794.0 '•9,403.0 -•4,959.1 890.0 362.6 243.1 663.7 353.9 ,619.5 4,132.9 1,147.5 1,815.4 1,963.4 343.9 Sept. 30. . 1,796.0 9,607.8 5,159.4 900.8 375.8 230.7 664.4 368.2 ,676.8 4,216.7 1,197.1 1,839.7 2,001. Oct. 31 P .4 9,635.5 5,197.3 916.3 425.6 241.2 665.0 390.8 ,707.8 4,346.9 1,205.7 1,730.8 2,000.9 351.3 Nov. 30P 1,880.9 9,821.6 5,337.9 907.7 423.8 252.8 653.7 ,789.4 4,459.4 1,260.3 1,770.2 2,007. P Preliminary. r Revised. ^Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 2 Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 8Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. 4"Short-term liabilities" reported in these statistics represent principally demand deposits and U. S. Government obligations maturing in not more than one year from their date of issue, held by banking institutions in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions (see footnote 1 above) as well as other banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. ^Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. •Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951, certain changes were made in the order and selection of the material published. An explanation of the changes appears on p. 1202 of that issue. For further explanation and information on back figures see BULLETIN for August 1951, p. 1030. 214 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 lo c i h a - - m D a en 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 r i 194g—E)eCt 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—r>ec 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 4l!9 128.2 5.6' 45.5 18.3 221 6 32.3 43.6 4.2 45.7 6.1 2l!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—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. . 1,676.8 161.1 148.0 .5 81.7 30.7 793.7 77.9 113.7 3.4 66.7 5.8 23.4 103.5 8.3 7.4 51.0 Oct. 31 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 Nov. 30?. 1,789.4 183.5 126.9 .6 92.8 35.7 851.7 92.0 117.6 2.9 73.1 6.0 35.9 105.2 2.8 7.7 54.9 Table 2b.--Latin i\merica Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a e o 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 e u n n d e r r d d - i s i e 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 - A O L i m c a th a t e i e a r 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* '25!4' 207.1 30.2 60.2 59.2 16.'i " 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—Nov. 30 1,561 ? 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 1?6 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 <\pr. 30. 1,744.0 152.4 19.6 81.2 89.1 125.4 356.9 48.3 49.1 199.4 41.2 63.8 90.4 52.2 94.1 143.2 137.8 May 31. '•1,829.9 153.1 27.4 119.7 93.1 122.0 '372.5 48.0 47.2 181.7 42.3 62.5 95.2 48.9 90.2 186.4 139.6 June 30. '1 ,808.9 155.6 25.6 133.6 88.1 121.6 '383.0 47.5 45.2 167.5 44.8 63.4 97.1 44.7 88.5 156.8 '145.9 July 31. '•I, 785.5 151.3 22.9 83.5 89.1 130.4 '390.0 50.2 43.2 168.7 45.6 61.2 103.8 42.1 91.3 166.5 '145.7 Aug. 31 . ••1,815.4 145.9 20.6 132.5 84.1 129.9 r402.1 48.9 40.3 160.5 45.1 62.0 108.1 39.2 89.6 165.2 '141.2 Sept. 30. 1,839.7 146.6 20.3 164.4 92.1 115.6 391.0 45.0 36.4 170.3 43.6 60.0 101.9 33.7 89.0 197.8 131.7 Oct. 31 P 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 Nov. 30P 1,770.2 137.1 28.1 149.2 81.5 132.0 350.7 42.4 32.1 189.4 52.2 73.5 79.9 24.9 89.4 184.1 123.6 Table 2c.—Asia and All Other For Egypt mosa Phil and Union Date Asia C a h n i d na K H o o n n g g India I n n e d s o ia - Iran IsraelJapan ip R p e i - ne T la h n a d i- T k u ey r- O A t s h ia e * r ot A h l e l r t A ra u l s i - a g JD ia C1 n - A E n g g y l p o - - So o u f th Other* Main- public Congo 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 3 9 8 165.7 179 5 32.4 61.6 6 0 1*79.5 1950—Dec. 31. 1,378.5 81.7 86.1 55 7114.7 20 3 12.6 458.5 374 4 48 2 14 3 111.9 254 5 19. 1"58 ] 75.6 44 0 57.7 1951—Dec. 31. 1,609.6 87 4 62 4 62 1140.6 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 L 1952—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 8 808.0 315.1 181 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 2821.6 309 6 186 7 10 2 210.7 353.7 51.1 117 8 58.4 36 3 90.1 Feb. 28. 1,901.5 72 8 71 4 75 1 60.7 16 4 22 7862.8 313.7 190 4 8.6 206.9 358.4 52.3 119.5 55.1 38 1 93.5 Mar. 31. 2,012.6 70 7 71 4 76 3 67.3 19 3 15 4897.1 324.8 193 0 8 8 268.4 359.1 54.8 125 9 53.4 33 2 91.9 Apr. 30. 2,005.6 72 1 70 1 85 3 64.3 19 5 15 3 892.6 327.9 194 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 4 882.9 326.1 192 1 7 4 234.2 378.7 66.5 130 5 54.4 33 3 94.0 June 30. 1,935.3 71 3 67 2 87 4 38.4 17 8 16 5891.7 307.4 197 5 8 0 232.2 384.1 67.3 126 3 55.2 37 4 97.8 July 31. 1,948.2 71 6 68 2 89 1 39.6 20 3 14 2910.2 303.0 191 9 6 3 233.9 358.2 54.6 119 4 45.3 37.2 101.7 Aug. 31. 1,963.4 73 3 68 5 93 5 33.6 22 9 19 6919.4 309.8 188 2 8 4 226.4 343.9 53.9 112 5 44.5 39 6 93.4 Sept. 30. 2,001.1 75 9 68 8 92 7 35.1 31 0 19 5932.2 308.8 191 3 14 2 231.6 353.2 54.0 116 8 43.9 38.9 99.4 Oct. 2,000.9 77 1 67 9 95 3 34.7 47 4 18.3 912.0 303.3 187 1 16 7 241.0 351.3 61 .2 110 6 44.7 44 7 90.1 Nov. 30P 2,007.9 77.2 68 7100 0 34.0 42.6 13 6915.2 299.2 177 0 22 6 257.8 323.8 58.5 94 0 40.9 38 0 92.4 P Preliminary. 'Revised. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately aa of that date. 2 Beginning 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. 4Beginning January 1950, excludes Belgian Congo, reported separately as of that date. FEBRUARY 1954 215 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, in millions of dollars] Date Total U K d n i o n i m t g e - d 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 ur o o ta p l e C a a d n a - A L m i a c t a e i r n - Asia ot A h l e l r 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 -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 1,048.7 30.3 31.9 4.4 7.1 17.8 81.9 173.4 62.3 662.0 128.6 22.4 1953—Jan. 3i 1,036.0 32.5 28.6 6.4 13.5 22.9 78.4 182.4 56.3 647.5 125.9 24.1 Feb. 28 1,034.1 35.4 8.8 6.2 13.2 20.2 72.9 156.7 57.8 676 9 124 0 18.7 Mar. 31 1,040 6 35 8 8 2 6 9 14 2 25 3 70 9 161 5 61 3 672 7 125 5 19.6 Apr. 30 1,029 9 23.4 8 8 5.9 13.9 25.6 74 8 152.4 60.6 663.0 132 0 21.9 May 31 976.8 27.3 9.5 5.6 12.8 25.5 71.3 151.9 57.4 636.1 110.3 21.1 June 30 947.7 28 7 7 8 5.1 15.2 24.8 70 0 151.7 58 3 603.9 112 1 21 .6 July 31 920.5 28.5 10.5 5.2 14.0 22.1 75.4 155.7 49.6 591.2 103.6 20.4 Aug. 31 917 9 26.6 9 7 5.7 13 4 22.2 84 1 161.7 42 0 594 2 100 2 19 8 Sept. 30 902.9 33.9 9.9 7.2 14.7 21.7 90.7 178.1 56.7 541.5 106.3 20.3 Oct 31 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 Nov. 30P 910.9 48.1 8.2 6.3 16.8 20.3 89.9 189.5 67.1 507.4 125.4 21 .6 Table 3a.—Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- 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 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 16 6.9 4.0 1951 —Dec. 31 ... 111.2 (2) 39.6 4.8 3.1 28.3 .2 2 5 8 18 8 5 4 3 9 4.0 1952—Nov. 30 82.7 1.0 17.7 3.3 4.0 25.4 .2 1.8 .6 11.8 3.0 7.9 5.8 Dec. 31 81.9 .8 16.2 2.1 5.6 26.8 .2 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 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 L.I .5 7.5 3.2 3.5 6.-7 May 31 71.3 .1 12.4 1.5 2.9 31.0 .2 3 .5 6.7 2.9 4.5 7.3 June 30 70 0 1 11 6 1 3 3 8 30 9 .1 1 .5 6.9 2.4 4 7 6 5 July 31 75.4 .2 12.2 2.3 3.5 27.0 .1 .8 .5 14.4 2.6 5.3 6.4 Aug. 31 84 1 4 10 3 3 5 3.4 30 3 .2 .8 .4 20.3 1.8 5 8 6 9 Sept 30 90.7 .3 11.1 4.3 2.3 33.6 .4 1.0 .5 24.1 2.2 4.2 6.7 Oct 31 P 93.8 .1 11.0 5.7 2.7 35.7 .5 .9 .4 22.6 1.7 5.3 7.1 Nov. 3QP 89.9 ' .2 12.3 5.3 1.8 31.3 .7 .8 .6 22.8 2.4 4.3 7.5 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 m p 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- t s 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 ic m a th a t e i e a 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 1*9 2 6 70.6 13 11 0 3.1 6 8 8 0 49.4 14.6 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 18 38 90.6 1.2 11 8 3.0 9 5 10 5 41.7 14.5 1952—Nov. 30.. 641.8 9.3 6.0 354.5 20.5 36.0 30.6 1.7 3.5 90 3 1 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 L.3 14.8 6.5 9.1 14.3 36.7 13.7 1953—Jan. 31.. 647.5 7.4 6.5 353.2 23.4 36.4 26.5 1.8 4 4 94.2 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 1.9 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. 30.. 541.5 7.5 13.2 274.7 7.5 47.4 21.6 1.7 3.6 79.3 1.8 16.8 5.8 4.8 3.4 36.3 16.1 Oct. 31 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 Nov. 30P. 507.4j 6.7 9.7 187.4 7.1 52.0 49.4 1 .7 4.7 90.1 1.6 18.5 7.4 7.9 4.4 40.3 18.6 'Preliminary. 1 Beginning January 1950, excludes Austria, reported separately as of that date. aLess than $50,000. •Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 216 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 a h n o in s 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 e r y - O As th ia e 1 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 a n g n g y d l p o - - S U o n o u f i t o h n Others Main- public tian Africa 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 19S0— 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 4.4 .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 S 7 2 6.7 6.5 1952- — Vov. 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—fan. 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 Nov. 3OP. 125.4 8.5 4.3 4.1 .6 13.3 23.4 26.6 5.2 6.8 7.7 24.9 21.6 5.7 5.8 .4 2.3 7.4 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8 (Inflow of Foreign Funds) fin millions of dollars! U. S. Government bonds and notes4 Corporate bonds and stocks* Net Year or month Purchases Sales pur N ch et ases Purchases Sales pur N ch et a se ' s pu T rc o h ta a l ses 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 t a i 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 ,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— November 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 1953—January 42.6 14.9 27.7 81.8 75.6 6.2 124.4 90.5 33.9 February 27.6 37.5 -9.8 76 2 64.9 11.3 103 8 102.3 1.4 March 26 3 18.6 7.7 85 8 85.8 (•) 112.1 104.4 7.7 April 12 9 9.6 3.3 71 3 73.9 -2 6 84.2 83.5 .7 May 145.5 136.7 8.8 61 .7 64.3 -2.7 207.2 201.0 6.2 June 28.8 22.7 6.1 65.0 51.1 14.0 93 8 73.8 20.0 July 36.6 82.3 -45.7 56.2 48.3 7.9 92.8 130.5 -37.8 August 30.1 29.3 .8 49.7 47.3 2.4 79.7 76.5 3.2 September 43.1 116.4 -73.3 68.2 45.1 23.1 111.3 161.5 -50.2 Octoberp 29.4 28.8 .6 53.3 51.8 1.5 82.6 80.5 2.1 November? 32.0 33.6 -6.6 57.3 60.4 -3.1 89.3 99.0 -9.7 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES » (Return of U. S. Funds) Tin millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch et ases Purchases Sales pur N ch et ases 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 19S1 . 272.3 348.7 -76.4 500.4 801.0 -300.6 772.7 1,149.7 -377.0 19S2 293.9 329.6 -35.8 495.3 677.4 — 182.1 789.1 1,007.0 -217 9 195?—\JnvpmTvr 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 1Q53—.Tannarv 25.4 26.1 -.7 33.0 51.5 -18.4 58.4 77.6 — 19 2 February 24.7 24.3 .4 29.4 67.8 -38.4 54.1 92.1 -38.0 March 27.5 37 6 -10.1 29.7 43.0 -13.3 57.2 80.6 —23 4 April 21.8 20.8 1.0 29.2 58.2 -29.0 51.1 79.0 -28.0 May 16.9 41 .8 -24.9 111.7 19.0 92.7 128.6 60.8 67.8 44.9 21.9 23.0 62.1 32.8 29.3 107.1 54.7 52.3 Tulv 23.1 21 .2 2.0 46.2 50.3 -4.1 69.3 71.5 -2.2 August 18.6 18.5 .1 20.0 17.9 2.1 38.6 36.4 2.2 September 23 9 16.3 7.7 23.2 16.9 6.3 47.1 33.1 14.0 October P 23 1 18.4 4.7 74.8 111.1 -36.3 97.9 129.5 -31 .6 November? 25.6 25.6 (fi) 32.3 77.2 -44.9 57.9 102.8 -44.8 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. 4Through 1949 includes transactions in corporate bonds. 5Through 1949 represents transactions in corporate stocks only. 6Less than $50,000. 217 FEBRUARY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES (Inflow of Foreign Funds) [Net sales, ( —). In millions of dollars] Inter- Y m e o a n r t o h r n t a u in t t i i s 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 ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1948 7.6 -199.8 9.1 -82.8 -79.3 —40.0 0) 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 —49.0 2.5 —2.1 .2 1950 121.2 823.2 64.0 197.8 —6.3 19.0 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 l!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—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 -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 -A .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 -14.1 -36.2 2.6 .7 -.8 9.6 0) .5 12.7 -50.5 .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 Nov. P.. 3.4 -13.1 -2.5 .2 -.1 2.1 -.5 0) -.8 -15.0 3.9 -.5 -.8 TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES Other Europe; Latin America; and Asia For- Y m e o a n r t o h r E O u t r h o e p r e A tr u ia s - 2 g B iu e m l- N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P a R u m o a b e n f - a l - ic g U u r a u y - ' A O L m i a t c h t e a i e r n r - Asia M C m l a a h a n o n i i d s n d n a a - H K o o n n g g P p p h R l u i i i n e l c b i - e - p- O A t s h i e a r 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 -5.0 11.1 -15.3 -3.0 2.3 .9 -15.6 1951 -43.8 -11.9 5.7 -38.1 13.9 6.1 2.5 .8 2.6 1.5 4.8 -.2 7.0 -2.1 0) 1952 6.2 .4 5 6.0 .3 4.7 -.8 .2 2.6 -6.5 2.7 6.6 -9.5 -.3 1.3 -11.4 .9 1952—Nov. . . 3.3 8 .6 3.1 -.3 3.4 .4 0) .3 2.3 0) .6 — .1 — .1 0) 8 .1 Dec. .. -1.2 -1.5 — .1 5 .1 -.1 -1.6 1.1 .4 0) .4 1.0 -.1 1.1 .1 1953— A M F J p e a a r b n r . . . . . . . . . . . . - - 7 1 2 . . . 7 4 . 0 1 0 0 ) ) -.1 . . . 9 2 1 -6 -. . 1 8 . . 9 1 — — 1 . 2 . . 5 6 -1 - 1 . . 4 1 . . 4 8 -1 - .3 J 0 0 ) ) .8 - - . . 2 3 .4 -.6 . . . 3 7 1 0 - ) .3 . . 4 2 ' . . 2 3 0 — ) . . . 3 1 5 0 0 ) ) ' — -.5 . . 3 1 .2 0 8 ) -.1 . . 1 1 J M N J O A S u u e o c u a n p l t v g . y y t e . . . P . P . . . . . . . . . . . . . . . . . - 0 0 1 2 ) 1 ) . ^ 5 .7 6 0 0 0 0 0 2 ) ) ) ) ) .0 - _ 2 2 . 8 2 c i 0) A c 1 — 1 1 . . 0 4 .6 1 2 3 1 1 . . . . . . 3 5 9 8 8 8 0 0 0 ) ) ) 1 2 1 . . . . . 6 3 7 6 1 c — .6 C -l _ — - . _ t A A c — 2. . 0 1 c 3 - 1 1 1 1 .2 . . . . . 2 0 6 6 0 9 - — .2 . . . . 2 1 5 4 .5 ( 0 0 - 0 ) ) . * 2 .6 C 0 - - — 1 ) ) . . 2 1 .2 .2 "( 0 0 0 0 0 I - ) ) ) ) ) ) . ' 1 C1) . . . . ' 5 1 1 1 2 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 i s 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 in r- Asia o A th l e l r 1948 0) —94.9 -9.9 -4.3 -5.3 -35.4 .1 11.4 -43.4 —102.2 40 7 1.6 8.4 1949 Jg Q 43.8 -13.5 .4 — .1 19.1 .4 24.6 30.8 — 10.6 20.2 2 .6 1950 —3.6 —141.8 —6.1 —1.3 —4.7 17.2 .5 7.8 13.4 — 190.0 29.8 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 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—Nov.... -.8 7.9 -.7 — .1 — .1 .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.* .. -73.1 41.4 5.8 0) 5.2 15.7 1.9 5.1 33.7 -4.5 9.3 -.8 3.8 Nov. P.. -.3 -44.5 3.7 -.4 -2.7 2.3 .1 1.8 4.8 -49.4 2.2 -2.7 .5 Preliminary. 'Less than $50,000. 'Not available until 1950. 218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 8.—INFLOW IN BROKERAGE BALANCES, BY TABLE 9.—DEPOSITS AND OTHER DOLLAR ASSETS HELD COUNTRIES AT FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in [In millions of dollars] U. S. with Brokers and Dealers Abroad) [In millions of dollars] Assets in custody Year or month Total Europe Canada A L m i a c t a e in r- a o n A d th s i e a a r ll Date Deposits s U e e . c r S n u . m r i G t e i n o e t v s2 - la M n 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—Feb. 28 511 2,170 89 1952 -1.8 -1.6 -1.0 1.0 — .2 Mar. 31 536 2,246 90 Apr. 30 506 2,425 97 1952—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 1954—Jan. 31 440 2,632 99 August -3.5 -2.9 -.5 .6 -.6 September. . . .2 -.8 -.1 1.0 .2 1954—Tan. 6 440 2,583 107 October v -3.9 2.0 -6.1 1.4 -1.2 Jan. 13 500 2,554 106 November?5... 2-1.3 -3.0 1.1 -2.1 2.8 Jan. 20 443 2,567 103 Jan. 27.... 493 2,574 99 » Preliminary. » Less than $50,000. 1 Represents dollar assets belonging to foreign monetary authorities 1 Amounts outstanding (in millions of dollars): foreign brokerage and the Bank for International Settlements. Excludes assets held for balances in U. S., 73.8; U. S. brokerage balances abroad, 38.6. the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 221, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE USSR [In millions of dollars] Production reported monthly * world Africa North and South America Other Y m e o a n r t o h r pr U o o u S d t S u si R c d t * e ion r m e T o p o n o t t r a h te l l d y A So fr u ic th a d R e h s o i - a A W fr e i s c t a' B C e o lg n i g a o n 2 S U t n a i t t e e s d 8 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - * Au l s ia tra- India3 $1 grains of gold 9/10 fine: i. e., an ounee of fine gold =$35. 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840 0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 864.5 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 195 2——November 64 9 34.3 1.5 2.1 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 1953 Tanuary 64.0 34.7 2. 4.5 13.0 L.I 1.4 .6 .7 2.9 .6 60.9 32.4 1 2. 4.3 12.4 1 7 1 2 .3 .7 2.8 .6 March . . 65.2 34.7 2. 5.2 13.3 ,5 .4 .7 3.1 .6 April 64.2 34.3 2. 5.2 12.9 2 I 2 .4 .7 2.9 .7 May .. 65.5 34.9 2. i 6.1 12.9 1 1 .3 .9 3.0 .7 64.7 34.1 5 2. 6.0 12.7 2 0 .4 .8 3.4 .5 July- 35.9 S 2. 6.8 12.9 1 1 .9 2.8 .7 August 35 6 s 2 1L 2 6.2 11.5 4 1 .8 3 7 6 September.. 35.0 1.5 2. L.2 6.2 11.7 9 .7 .7 October 3«5 6 2 2 9 6 8 10 0 •\ .8 35 1 2.2 L 6.2 9.5 .7 .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. 3 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. 219 FEBRUARY 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 ( l e x w cl o . rld A t r i g n e a n- g B iu el m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- USSR) i Treasury Total2 1947—Dec.. . . 34,550 22,754 22,868 322 597 23 354 294 45 83 2 79 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 r35,97O 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 31 23 Feb 22,662 22,751 701 21 317 904 42 214 31 23 Mar 36,330 22,563 22,649 702 21 317 911 42 196 31 23 Apr 22,562 22,639 690 21 317 924 41 196 31 23 May. .' '. 22,537 22,590 695 21 317 934 41 196 31 23 June... 36^390' 22,463 22,521 696 21 317 944 41 196 31 23 July.... 22,277 22,353 701 21 317 951 41 196 31 23 Aug.. . . 22,178 22,275 715 21 317 960 41 196 31 23 Sept. P36A80 22,128 22,220 721 21 317 970 42 196 31 23 Oct. .. 22,077 22,146 754 317 976 42 186 31 23 Nov 22,028 22,112 766 317 984 42 31 23 Dec..'. .' 22,030 22,091 776 321 996 31 23 Ger- E m n o d n t o h f Egypt France3 F m ed an er y a , l G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru Republic of 1947—Dec 53 548 27 274 4180 142 58 100 231 72 20 1 19 9 4 4 9 8 — — D D eecc 5 5 3 3 5 5 4 2 8 3 2 2 7 7 2 2 4 5 7 6 178 1 1 4 4 0 0 25 9 6 6 4 5 2 2 1 19 6 5 6 5 5 1 2 2 1 7 4 2 2 8 0 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 27 247 163 137 155 723 55 38 Oct 174 576 282 27 247 150 137 733 55 38 Nov 174 576 303 27 247 150 137 733 55 38 Dec 174 576 326 247 145 137 737 52 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 S d a or l- A So fr u ic th a Spain Sweden Sw a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S I a n e ti t t o t e l n r e - a - l Fund ments 1947—Dec 310 15 762 111 105 1,356 34 170 52,079 175 215 1,356 30 1948—Dec 236 15 183 111 81 1,387 34 162 51,856 164 323 1,436 36 1949—Dec 178 17 128 85 70 1,504 118 154 51,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 53,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 52,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 51,846 207 373 1 ,692 196 1953—Jan 297 29 165 51 195 1,417 113 143 51 ,978 207 373 1,692 215 Feb 298 29 173 52 194 1,417 113 144 52,103 207 373 1,692 214 Mar. . . . 305 29 174 52 194 1,418 113 144 52,166 217 373 1 .693 233 Apr 311 29 1.73 53 194 ,418 113 144 52,273 217 373 1 ,693 242 May.... 318 29 175 53 194 1,432 113 144 52,321 222 373 1 ,693 211 Tune... . 324 29 175 54 193 ,441 113 144 52,367 222 373 1,698 193 July. . . . 330 29 175 54 203 I ,450 113 144 52,456 222 373 1 ,699 195 Aug 331 29 176 54 204 1,452 113 143 52,469 222 373 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 1,460 113 143 52,520 222 373 1,700 195 Nov.... 350 29 175 54 219 1,460 143 52,561 222 373 1 ,701 190 Dec 361 29 176 54 218 143 52,518 373 1,702 193 P Preliminary. r Revised. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of yarious 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. ^Exchange 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. 220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $35 per fine troy ounce] Neth- Switz- Year or quarter Total United Bel- France er- Portu- Swe- er- Other Canada Argen- Cuba Mexico Kingdom gium lands gal den land Europe1 tina 1945 -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946 721.3 -.2 14.2 -10.0 ' 'w.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947 2 864 4 406.9 222.8 264 6 130.8 116 0 238 0 10 0 86 6 311 2 727 5 —6S 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 -IVlar -201.3 -80.0 -35.0 -13.0 -12 A -15.8 Apr -June -30 4 -20.0 -3.0 -11.9 July-Sept. -731.0 -580.0 -28.5 -16.0 -25.6 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 Tulv-Seot 291 4 320 0 —5 0 -17.0 -3 5 —20 0 Oct -Dec 715.7 629.9 71.7 -5.0 -1.1 1952 Jan -Mar 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June 105.7 6 9 101.4 Tulv-Sept -1.3 3 Oct.-Dec -268.0 -80.0 -24.0 -100.0 -5.0 -19.3 -20.0 —25 0 1953 Jan -Mar -599.1 -320.0 -36.5 -25.0 -15.0 -10.0 -20.0 -71.7 -54.9 -28 1 Apr -June — 128 2 —40.0 -3.4 — 15.0 -25.0 — 18.8 —20 0 July-Sept -306.6 -120.0 -12.4 -40.6 -15.0 -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- Other L'nion end of period Net marked Year or Uru- Vene- Latin Asia of All Period I in n cr t e o a t s a e l g p o o ld rt i o m r -go c l r d e : a s d e e- D tic o m go e l s d quarter guay zuela Am ica er- Oc a e n a d nia A So fr u ic th a other gold export or in- produc- Treas- Total' stock ( ~) crease tion ury (-) 1945 . . -37.9 -73.1 -27.8 3 -188.3 3.7 1946. . -4.9 -9.2 25.0 13.7 94.3 22.9 1942. 22,726 22,739 -23.0 315 7 -458.4 125 4 1947. . 25.1 -3.7 79.1 1.0 256.0 11.9 1943. 21,938 21,981 -757.9 68 9 -803.6 48 3 1948. . 10.7 -108.0 13.4 -4.1 498.6 6.9 1944. 20,619 20,631 -1,349.8 -845 4 -459.8 35 8 1949. . -14.4 -50.0 -7.5 -52.1 195 .7 -1 .6 1945 . 20,065 20,083 -547.8 -106 3 -356.7 32 0 1950. . -64.8 -17.2 -35.4 13.1 4-47 .2 1946. 20,529 20,706 623.1 311 5 456.4 51 2 1951. . 22.2 — . 9 -17.2 5-50.1 52 .14-84 .0 1947. 22,754 22,868 -2,162.1 1 ,8663 210.0 75 8 1952. . 14.9 -25.1 -4.8 11.5 — 2.0 1948. 24,244 24,399 1,530.4 1 ,6804 — 159.2 70 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 Jan.-Mar.. . . -12.0 -10.4 3.9 -26 .9 1 1 9 9 5 5 1 2 . . 2 2 2 3 , , 6 1 9 8 5 6 2 23 2 , , 2 8 5 7 2 3 3 5 7 2 8 . . 7 9 -5 6 4 8 9 4 3 0 -3 6 0 1 4 7 . . 6 8 66 3 4 Apr.-June. . . -2.0 -.9 1 .0 9.2 -2 .8 1953. 22,030 22,091 -1 ,161 .0 2 2-1.170.8 67 ? July-Sept.. . -23.9 -13.9 -14 .7 Oct.-Dec.. . . -26.9 -5^9 -22.8 -2 .8 1953—Jan.... 22,986 23,079 -172.8 — i 2 -171 .7 4 5 Feb... 22,662 22,751 -327.5 — ? () -324.1 4 3 1951 Mar.. . 22,563 22,649 -102.5 3 5 — 106.5 5 2 Apr. . . 22,562 22,639 -10.0 7 0 -16.8 5 2 J A a p n r . . - - M Ju a n r e .. . . . . . -5 1 0 5 . . 9 0 -1 -5 1 . . 0 7 -1 -2 8 . . 4 8 12.7 - -2 2 5 8 . . 0 0 J M u a n y e . . . . 2 2 2 2 , , 5 4 3 6 7 3 2 22 2 , , 5 5 2 9 1 0 — -4 8 69 .7 .4 _2 0 1 - - 4 6 8 8 . . 9 5 6 6 0 1 J O u c l t y . - -D Se e p c t . . . . . . . 2 30 8 . . 1 0 -4 3 . . 0 5{ -2 -3 5 . . 9 0 2 1 0 9 . . 3 2 -31 .0 J A u u l g y . . . . . . 2 2 2 2 , , 2 1 7 7 7 8 2 2 2 2 , ,2 3 7 5 5 3 -1 -7 68 7 . . 4 0 — _ 5 1 -1 -7 7 8 1. . 7 8 6 6 8 2 Sept.. . 22,128 22,220 -55.6 — 1 -55.0 6 2 1952 Oct.... 22,077 22,146 -73.3 6 -72 5 6 8 Nov.. . 22,028 22,112 -34.0 (- -35.1 6 2 J A a p n r .- .- M Ju a n r e... 10.0 -1 -7 7 . . 4 6 - - 3 2 . . 2 4 4 7 . . 3 2 Dec. . . 22,030 22,091 -21.9 -1 4 — 21 .2 (3 J O u c l t y .- - D Se e p c t . . . . . . . -2 2 . . 0 0 . . 4 3 -1.9 1954—Jan... . "21 ,956"22,044 P -46.6 c> 4 -43 .3 (« 1953 p Preliminary. !See footnote 2 on opposite page. Jan.-Mar... -10.0 -3.6 -4.3 2Change includes transfer of 687.5 million dollars gold subscrip- Apr.-June.. -5.0 -1.2 tion to International Monetary Fund. July-Sept.. . -A -1.4 3 Not yet available. 4Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international instituincludes Bank for International Settlements. tions amounted to 6,527.1 million dollars on Jan. 31, 1954. Gold 2 Includes sales of 114.3 million dollars of gold to Italy. under earmark is not included in the gold stock of the United States. 3 Includes sales of 185.3 million dollars of gold to China, NOTE.—For back figures and description of statistics, see Banking includes sales of gold to Egypt as follows: 1950, 44.8 million and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. dollars; and 1951, 76.0 million. 5Includes sales of 45.0 million dollars of gold to Indonesia. 221 FEBRUARY 1954 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. Dec. Sept. June Dec. 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 10 Other 4,920 14,885 4,640 4,390 Other 1,004 1,008 1,022 1,040 Unpaid balance of member subscriptions. 799 812 1,057 1,354 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 430 385 423 495 Member subscriptions 8,739 8,737 8,737 8,737 Calls on subscriptions to capital stock8. 3 3 4 4 Accumulated net income -8 -7 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,619 1,484 1,487 1,409 1953 1952 Other assets 21 18 14 13 Net currency purchased2 Bonds outstanding 653 567 556 568 (Cumulative—millions of dollars) Liability on obligations sold under guar- Dec. Nov. Oct Dec. antee 84 76 70 66 Loans—undisbursed 401 325 398 423 Other liabilities 10 8 9 9 Australian pounds 38.0 50.0 50.0 50.0 General reserve 87 82 77 66 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 43 40 37 32 Bolivian bolivianos 2.5 .5 2.5 Capital* 1,808 1,808 1,807 1,807 Brazilian cruzeiros 65.5 65.5 65.5 37.5 C Cz 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 . . 0 7 1 6 0 . . 0 7 1 6 0 . . 0 7 3 6 . . 6 0 1 Includes 5 million dollars receivable from a member country for D Eg a y n p is t h ia n k 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 D ad e j c u . s 3 tm 1, e 1 n 9 t. 53, the Fund had sold 914.0 million U. S. dollars. Finnish markkaa 4.5 4.5 4.5 4.5 In addition, other sales have included the following: to the Nether- French francs 125.0 125.0 125.0 125.0 lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian Indian rupees 100.0 100.0 100.0 100.0 francs (May 1948); to Norway, 200.0 million Belgian francs (June and I J N r a a e p n t a h i n a e e n rl s a e r n ia y d l e s s n guilders.... 62 8. .4 8 5 8 0 . . 8 4 1 8 4 . . 8 0 48.1 J O D u c e l t y u o t b s 1 c e 9 r h 4 e 1 8 9 ) m ; 5 a t 3 o r ) k ; s B t o r ( a A T zi u u l g , r k u 1 e s 0 t y . , 0 1 2 9 m . 5 0 i 3 l l m ) i ; o i n t l o l i o p J n o a u p p n a o d n u s , n s d 5 t s . e 0 r s l t m i e n r i g l l l i i n o ( g J n a a n p n u o d a u r n 1 y d 8 s . 1 5 9 s m 5 te 1 i r l l l a i i n n o g d n Turkish liras 30.0 30.0 30.0 10.0 (September 1953), 13.0 million pounds sterling (November 1953) Pounds sterling 300.0 300.0 300.0 300.0 and 26.3 million pounds sterling (December 1953). Repurchases Y A u ll g o o t s h l e a r v dinars -1 9 . . 6 0 -1 9 . . 6 0 -1 9 . . 6 0 -1 9 . . 6 0 a w m h 3 i o c E u h x n c a t l e m u d d o e t u o s n t 3 u 4 n to 4 c . a 6 l l e l e s m s d i t ll h p io a o n n rt i d o o o n n l e s l a m o rs f i . l l c io a C n p u i a t r a r r e l e n s r c u e i p b es o s c r t t r h e ip e d t i n u o e n n t d s , t e r r a a n m "A s o a l u c l n ti o t o i t n n h g s e r i . t n " o Total... 776.9 776.8 740.4 716.8 r 7 e ,2 p 3 re 1 s e m n i t l s l io th n e d s o u l b la s r c s r i a p s ti o o n f o D f e c th e e m U be n r i t 3 ed 1 , S 1 t 9 a 5 te 3 s , . of which 2,540 million CENTRAL BANKS A d s e se p t a s r t o m f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of banking department Bank of England Note (Fi p g o ur u e n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss th et e s r 2 N c a o o n t i d n es a v c n o a D d n u i c n s a e - t d s s - Se ti c e 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 i l O e i a a s p t b h i a i t e l n a i r - d l 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 41,500.0 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 Dec. 30 .4 1,675.0 57.8 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 JOn 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. 4Fiduciary 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; decreased by 50 million on Aug. 26; and increased by 50 million on Dec. 2 and Dec. 16. 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. 222 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 r a es d i i a n n m d i o ll l i l o a n rs s ) of Gold1 an S d S t e t U a rl t n i e n s i g ted securities O as t s h e e t r s circ N u o la t t e ion* lia O b a t i n h li d e ti r es dollars S te h r o m rt 2 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital4 1941—Dec. 3i 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 1,036.0 401 7 12 9 27 7 209 1 1945—Dec. 31. .. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 3i 1.0 1,197.4 708.2 42.1 1,186 2 565 5 60 5 93 8 42 7 1947—Dec. 31... 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42 4 1948—Dec. 31 .4 1,233.7 779.1 45.4 1,289 1 547.3 98 1 81 0 43 1 1949—Dec. 31... 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119 2 1950—Dec. 30 . . 111.4 1,229.3 712.5 297.1 1,367 4 578 6 24 7 207 1 172 6 1951—Dec. 31. . . 117.8 1,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200 0 1952—Dec. 31... 77.1 1,459.8 767.2 77.3 1,561.2 626.6 16.2 44 5 132 9 1953—Tan 31 64 3 1,351 2 803 0 82 3 L 479 6 603 1 40 5 47 6 130 1 Feb. 28 . . 72.0 L,411.9 817.5 88.8 L.472.8 668 0 88 6 51 4 109 3 Mar. 31. .. 65.5 1,371.0 810.9 79.4 1,493.4 601.1 60 6 66 5 105.1 Apr. 30 . . 68.0 1,436.6 796.0 86.5 L,504.8 646.7 48 3 76 8 110 6 May 30 ... 59.3 1,364.8 821.4 99.9 1,517.9 594.9 45 6 72 1 114 8 June 30 66.4 1,405 5 852.0 100.2 1,529 0 647 6 47 9 82 6 116 9 July 31 . . 74.9 1,451.6 838.5 87.5 1,547.2 646.6 43 8 68 7 146 3 Aug 31 67 4 1,414 0 830.9 83 0 1,549 7 617 8 66 4 35 2 126 4 Sept 30 . . 69.0 L,385.7 824.9 81.0 1,552.5 616 9 15 4 37 8 138 0 Oct 31 70 5 1,469 9 812 1 118 6 L 555 9 733 6 3 8 37 2 140 8 Nov 30 61 2 I,378 6 894 9 89.7 I,559 3 625 6 50 3 43 4 145 7 Dec. 31. .. 54.9 L.376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t8 Deposits7 Other (Figures in Foreign Other Note liabilmillions of francs) Gold* ch e a x n - ge m O a p rk en et6 Specia1 Other Current Other assets 8 tion G m ov e e n r t n- ECA Other ca i a t p n i i e d t s al 1941—Dec. 31... 84,598 38 (\,812 i;) 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 fl,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 q,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 •15,596 1944—Dec 28 75,151 42 1?,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 30:\ 25,548 445,447 24,734 570,006 1?,048 57,755 4,087 1946—Dec. 26. 94,817 7 M,618 3,13^ 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec 31 65,225 12 67,395 64I 117,826 147,400 558,039 59,024 ?20,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,57'J 238,576 150,900 558,039 57,622 S>87,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,54*\ 335,727 157,900 560,990 112,658 1, 278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 13fi ,947 34,08 393,054 158,900 481,039 212,822 1, 560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 23^ ,923 31,95< 741,267 160.000 481,039 190,830 1, 341,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042I 937,459 172,000 479,982 159,727 2, 123,514 27 897 137,727 49,305 1953—Jan. 29. 200,187 16,040 262,363 55,681 915,903 175,000 501,982 124,5782, [)65,210 56 730 128,731 57,008 Feb. 26. 200,187 16,502 26- ,286 48,658 929,291 185,300 504,982 121,445 2, )67,257 55 3,479 146,509 52,350 Mar. 26. 200,187 16,734 252,386 41,54* 911,458 199,400 504,982 122,995 2, )51,991 10 498 128,788 68,399 Apr. 30. 200,187 14,700 281,119 32,62*j• 923,968 199,400 546,482 153,101 2, L27.140 60 312 165,572 58,500 May 28. 200,187 14,896 291,555 28,49^ 926,296 199,600 534,982 129,412 2, 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 2, )54,347 46 16,838 182,828 62,276 July 30. 200,187 2,275 262,811 15,34 960,622 200,000 650,482 139,754 2, 163,216 70 18,883 193,516 55,788 Aug. 27. 201,282 2,870 27(5,048 4,87' 7 953,856 200,000 668,349 144,154 2, 176,277 41 397 188,594 86,126 Sept. 24. 201,282 4,803 26C,777 23,44 905,862 200,000 617,049 133,385 2, L41.8O7 73 394 139,313 65,011 Oct. 29. 201,282 9,319 277,559 49,968 877,283 200,000 632,149 152,085 2, 193,383 96 479 139,662 61,023 Nov. 26... 201,282 12,444 2 5."5,680 59,53.J 836,117 200,000 654,949 150,222 2, 168,977 78 458 131,490 69,224 Dec. 31... 201,282 15,421 292,465 61,10*I 891,560 200,000 679,849 9169,964 2 310,452 21 2,061 142,823 56,292 xOn 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). 2 Securities maturing in two years or less. 3 Includes notes held by the chartered banks, which constitute an important part of their reserves. 4 Beginning November 1944, includes a certain amount of sterling and United States dollars. 6For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. «For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. includes advance to Stabilization Fund, amounting to 8.6 billion francs on Dec. 31. 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. 223 FEBRUARY 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) Dec. Nov. Oct Dec. date of month) Dec. Nov. Oct. Dec. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 906 Loans and discounts 331,972323,749 334,66771 424,144 Other gold and foreign exchange 1,459 1 ,328 177 Government loans and securities. 251.602238,663 ,485 170,083 Government securities 3,665 3,208 2,127 Other assets 92.923 90,321 93.346 r98.S38 Rediscounts and loans to banks. . 55,978 55,405 49,073 Note circulation 688,088580,018546,234 609,727 Other assets 290 263 102 Deposits 294,428337,976 167,455 325,267 Currency circulation 24,344 23,626 21,270 Other liabilities and capital. . . 89,022 97,847 92,366 r78,039 Deposits—Nationalized 34,218 33,900 27,276 Central Bank of Costa Rica Other sight obligations 451 410 786 (thousands of colones): Other liabilities and capital. . . 4,002 3,892 3,054 Gold 11.503 11.511 11,511 11 ,511 Commonwealth Bank of Aus- Foreign exchange 87,377 86,111 90,807 70,510 tra G li o a l d ( t a h n o d u s fo an re d i s g n o f e x p c o h un a d n s g ) e : .... 492,055487,588 352,266 N Lo e a t n c s l a a im nd o d n is I c n o t u 'l n . ts Fund4 10 7 9 , , 0 4 3 6 2 9100 7, , 0 5 3 2 2 7 90 7 , ,0 1 3 3 1 4 100 7 , , 8 03 31 1 Checks and bills of other banks 5,928 4,148 7,094 Securities 7,205 O S N e t o T c h t u e e r r r e i c a t a i i s r e s u c s s r u e y ( t l s a in b ti i d o ll n s G ) overnment and 4 3 2 3 1 9 5 3 , , , 0 1 8 1 9 0 3 0 83 3 3 8 3 2 6 3 , , , 8 3 1 7 7 1 0 3 3 4 3 4 4 4 4 0 2 , , , 9 1 4 6 3 1 6 5 8 O O N D t t e o h h m t e e e r r a c n l a i d i r s a c s b d u e i e t l l s a i p t t i o i e o s s n i ts and capital.... 1 5 2 2 5 8 8 2 0 , , , , 8 2 3 6 3 0 7 3 9 2 7 7 1 6 2 2 3 5 9 5 5 , , , , 3 2 3 9 0 9 9 6 8 9 4 81 2 6 2 3 2 4 8 3 . . , 5 6 2 4 4 9 0 2 7 7 7 6 1 2 6 2 3 4 2 0 5, , , , 0 6 3 9 8 6 2 7 1 2 3 8 Deposits of Trading Banks: National Bank of Cuba Special 251,530 251,730 157,595 (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 8 2 2 9 8 7 , , 6 51 1 6 9 29 5 1 2 , , 9 5 2 2 2 7 F G o o r l e d ign exchange (net) 1 5 8 6 5 , , 7 7 4 4 1 8 21 7 3 4 , , 7 03 4 5 8 Austrian National Bank (millions Foreign exchange (Stabilization of O G F L 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 n i m o i l r s g l s c i n i a n i a a t r s s g g n c e s — s a d u e x ) i t l : c n O B s a d B h s t i a l t t a i s o h o n n c c e n k G o g k r s e u e o n d v ts ernment...... 1 6 5 2 1 1 0 , , , , , 8 8 9 0 4 , 8 1 4 5 4 0 5 7 1 2 0 9 8 4 7 6 4 6 9 1 6 6 5 9 1 1 1 , , , , , 8 7 4 3 8 , 8 1 9 5 2 4 9 8 3 7 0 4 2 4 2 5 3 3 3 1 3 6 9 5 2 1 1 , , , , , , 1 7 8 6 6 0 1 5 3 5 3 3 7 1 6 0 0 1 2 3 7 4 1 4 \ 2 2 6 2 9 1 , , , , , 1 6 3 9 0 6 7 6 0 3 3 5 0 9 7 4 2 8 1 4 8 0 5 0 8 Nati S N O N O C D L o i n o r t t e 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 l t 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 t c d s F h e c u n o a t n s p l d i o 4 t v a a l. k . i a . 5 4 2 2 3 2 6 0 3 7 1 1 0 4 8 6 7 4 1 2 5 , , , , , , , , . , 8 6 3 6 0 5 4 C 6 9 0 7 1 1 3 2 8 ) 6 3 7 ? 7 4 8 7 6 4 1 1 3 4 5 4 2 3 1 7 1 4 1 6 2 8 4 2 8 0 , , . , , , , , . 3 5 5 7 4 4 3 9 2 1 6 6 4 5 1 4 1 5 1 1 5 6 4 4 0 8 1 National Bank of Belgium National Bank of Denmark Ce t ( n a m t r O O N G C D F G L G y r il o a o o o t t o e o l o h h i r d l a l n p l t v o e d d e e e n e s o n e i r r o p s g B s s r a c l t n n i l a i t a . i a t i o r m d s s a n n c c h f s ( — a b k d u l e m e o t a i f n e l t l m i D r s E i a d i d t m l a t t o i l e G i e i n s i s e s f o o m G c A e c s a n n a o c s o a n n s B a ) u u n v : d d n r n o o d e i t d a l t b r f s i i n b a e v c b m r s l i a o a o a p e n l a — i i n c d v t t a e 1 i M a l s d n ( o e o n n b s e e t ' t ! - ) : 1 3 3 1 0 4 6 4 8 4 8 3 1 0 , , , , , , , , , 1 4 0 6 7 6 8 9 9 1 4 8 9 9 8 6 7 7 8 9 7 8 9 5 7 0 6 6 3 3 3 3 9 1 4 6 6 4 8 8 4 3 1 , , , , , , , , . 0 5 5 1 6 5 1 2 8 1 9 6 6 4 5 6 1 0 9 9 7 ? 4 2 3 6 6 0 0 ? (S 9 3 3 1 4 8 7 4 4 4 6 7 3 e 1 , , , , , , , p , , 4 1 8 , 6 7 1 8 6 6 t 1 . 1 8 9 0 0 4 0 8 6 7 8 ) 8 9 3 2 2 0 * 8 0 9 7 7 6 3 3 9 1 5 4 6 4 4 7 7 6 1 1 1 , , , , , , , , , , 1 , 2 4 7 0 7 1 6 3 3 6 7 6 9 9 6 0 9 9 5 4 9 1 5 3 5 3 0 8 6 8 1 4 Ce R ( n m e t O S N O F G D G L i r p l e o o a t l t o o e o u c i h h r a p l l v t o e u b d e e e n o n t i r r r B l . s g s s i c i t n c i c a a l i a i t o i r o s e n s a n c e f s s ( m — b k d u x e t i k h t l p c l O G s d a r i o o h e t o t i u i t n o a f i s e n h o s n c s v s t e e n a a o g e h r r n t a e u r ) i d n e o n : n s m n t d D s o e a o c n f c a m t c p p o e i i n u s t o i a n c s l t a . ) . : . n . . . . 3 2 1 1 , , , . 2 9 4 1 2 3 1 1 4 4 8 3 1 1 1 6 9 8 7 5 2 7 2 7 8 9 9 9 4 3 1 1 1 , , , , 2 9 4 2 9 5 1 1 3 5 4 3 7 2 0 6 3 9 9 1 5 6 3 6 7 9 2 2 8 3 1 1 1 , . , , 2 9 4 3 2 1 1 5 9 5 6 7 2 6 0 5 8 6 1 2 6 7 2 9 5 2 9 ? 6 3 1 1 1 , . . , 4 3 3 7 1 1 4 9 4 4 4 2 6 6 3 7 4 6 9 2 4 8 5 9 4 5 4 6 7 Foreign exchange (net) 2 7,501 2 ,746 Gold 12,076 12.076 12,076 12,076 L G o o a v n e s r n a m n e d n d t is s c e o c u u n ri t t s ies . 3 2 , , 2 6 5H 2 .5 2 1 , , 1 8 9 4 6 0 F N o e r t e i c g la n i m ex o ch n a n In g t e ' l. ( n F e u t n ) d4 16 1 , , 1 2 6 5 2 0 14 1 , , 2 2 5 5 1 0 14 1 , , 8 2 6 5 ? 0 20 1 , , 1 2 8 5 9 0 Ce o n f t O N O D r ru a t o t e h h p l p t e e r e o B r r e s c a s i a l i t ) n i r s s : a c s k b u e i t l o l s a i f t t i i C e o s n e y a l n o d n c ( a t n h i o t u al s 1 a n . d . s . . 1 6 1 0 , , , 4 2 3 6 7 0 0 5 7 8 4 1 6 1 , , 4 5 8 4 8 1 3 1 1 5 7 9 O O L N D G o t t e o o h h a m v t e e e n e r r a s r c n n l a a i d i r m s a n c s b d d e u e i n e t l l s d a i t p t t i i o i s s e o s c e s n i o c t a s u u n r n i d t t s i e c s apital.... 37 9 3 5 2 1 . , , , , , 8 5 0 1 7 6 4 6 0 6 5 4 1 2 0 4 0 7 33 4 9 8 2 1 , , , , , , 7 6 0 4 8 9 2 7 9 4 2 5 3 6 3 6 7 0 33 9 5 2 1 1 , , , , . , 0 4 6 9 6 9 4 7 8 5 5 9 1 ? 4 4 0 9 3 - r3 5 1 7 7 , , , , , 0 6 1 8 1 8 4 ^ 5 0 2 7 3 1 4 7 4 0 Foreign exchange 245,074 259,68° 81,543 401,089 Central Bank of Ecuador Advances to Government .... 72.100 81,400 74,100 85\000 (thousands of sucres): Government securities 151.34O 121,543118.717 75,650 Gold 341,925341 536 340,460 338.642 O Cu th r e re r n a c s y s e i t n s circulation . 367 7 , , 0 7 9 9 1 7 36 9 3 , . 9 7 4 5? ? 37 1 5 2 , , 1 3 7 4 8 7 388 3, , 8 8 9 2 7 8 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) nd4.... 1 1 2 8 5 , , 7 0 5 1 7 913 1 8 8 0 7 8 5 2 7 12 1 8 8 , , 8 7 6 5 2 7 23 1 4 8 , , 1 75 6 7 8 Deposits—Government 771 974 1 ,171 7,108 Credits—Government 290,989310 722313.579 194,879 Banks 65,750 61.98' 65,602 131,926 Other 230,906241 862260,595 175,360 Other liabilities and capital 42,699 45,853 44,757 37,774 Other assets 170,609188 59 =188,180 151 ,560 Central Bank of Chile (millions Note circulation 601,041 597 948602,413 569,864 of pesos): Demand deposits—Private banks 209,138176 815 175,910 200,699 Gold 5,647 5,63° 35,637 1,174 Other 155,561 171 040 178,549 162.042 Foreign exchange (net) 557 648 432 279 Other liabilities and capital.... 212,463293 752293,562 180,761 Net claim on Int'l. Fund4 221 National Bank of Egypt (thou- Discounts for member banks. ... ' 2 \ 763 2^489 2,633 lands of pounds): Loans to Government 7 QQ- 5,43* 5.535 4,059 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 8.001 6,691 6,667 6,932 Foreign exchange 18,283 18,425 18,905 19,710 Other assets 2.559 2.711 2,666 2,780 Foreign and Egyptian Note circulation 18.879 15.876 15,664 12,787 Government securities 272,440 281,172293,835 291,737 Deposits—Bank 3,4*1 3 , 3^8 3,293 2,002 Loans and discounts 16,408 18,136 20,965 23,490 Other. . . 1,18? 6?? 507 584 Advances to Government 2,761 Other liabilities and capital 3,689 4,081 3,963 2,705 Other assets 3,159 4,118 3,402 4,717 Bank of the Republic of Colombia Note circulation 184,382 186,323 192,850 199,803 (thousands of pesos): Deposits—Government 67,875 78,506 87,494 81,206 Gold and foreign exchange. . . . 370,666338.733324,176 295,895 Other 05,64= 105,885 106,160 98,099 Net claim on Tnt'l. Fund4 . 24,376 24,376 24,376 24,373 Other liabilities and capital 12,941 11,690 11,155 23,858 •Latest month available. 'Revised. *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. «For last available report (March 1950), see BULLETIN for September 1950. p. 1262. 224 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Other assets 287 278 276 411 Gold 77,673 77 745 77 809 73 478 Note circulation 4 0 70 4 853 4,883 4 008 Foreign exchange (net) 28,672 31,635 39,566 30,140 Deposits—EC A 495 495 495 496 Net claim on Int'l Fund* 1 567 566 1 566 1 566 Other 1 1 357 1 290 1 218 Loans and discounts ?9 0?6 77 734 7? 396 33 707 Other liabilities and capital.... 509 548 504 885 Government debt and securities. . 13,221 8,528 5,026 6, 800 Central Bank of Ireland (thousands Other assets 7 46? 3 019 648 1 ?78 of pounds): Note circulation 95 490 85 847 84 Ml 94 187 Gold ? 64 6 9 646 9 646 2 646 Deposits . ... 43 645 45 965 51 9 59 45 701 Sterling funds 68 181 66 ?05 65,711 63 886 Other liabilities and capital 8,485 8,415 8,430 7,532 Note circulation 70,827 68,851 68,357 66,532 Bank of Finland (millions of mark- Bank of Italy (billions of lire): kaa)- Gold 4 4 4 4 Gold 5,862 5 8f)9 S 86? 5 863 Foreign exchange 63 61 60 43 Foreign assets (net) 11,536 11,667 11,652 7,427 Advances to Treasury 567 567 567 576 Clearings (net) 9 507 8 8 4 430 Loans and discounts .... 376 319 332 329 Loans and discounts . . 43 180 39 576 40 580 47 643 Government securities 246 250 Securities ? 9 308 1 Other assets 760 730 717 Other assets 1,903 2,020 1,936 290 Note circulation 1 449 1 317 1,300 1,381 Note circulation 45,019 45,590 42.759 46,153 Deposits—Government. 7 23 35 '25 Deposits 11 7?9 6 391 9 454 3 889 Demand 7? 53 63 79 Other liabilities and capital 17 569 18,332 18,246 16 773 Other ... 390 427 409 360 Bank of German States2 Other liabilities and capital 135 123 118 108 (millions of German marks): Bank of Japan (millions of yen): Gold 1 368 1 973 1 185 587 Bullion 448 448 448 448 Foreign exchange 6 964 6 547 6,356 4 308 Advances to Government 11 513 11 513 11,513 38,390 Loans and discounts 3 ?76 9 179 9 056 3 990 Loans and discounts 391 107410 776 446,320 317,763 Loans to Government 5 887 6 153 6,385 7 556 Government securities 314 380234 816 176,234 286,141 Other assets 8?5 889 833 1 033 Other assets 114 30? 95 936 118,420 123,619 11 547 11 403 11 37? 10 509. Note circulation 6?9 80? 54 7 ?53 533 568 576 431 Deposits—Government 1 990 1 1 085 1 747 Deposits—Government 59 860 75 906 96,892 91 ,627 Banks 3 311 9 4?4 9 4?4 2 990 Other . . 88 79 783 68 171 59,251 Other 941 9?7 Other liabilities 53 911 49 846 54,303 39,051 Other liabilities and capital 1 881 1 691 1 706 1 966 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve7 1 165 1,151 1,224 mae): "Authorized" holdings of secu- Gold and foreign exchange (net)3 4 898 4, 669 1 667 rities, etc 2 820 2,796 3,406 Loons and discounts 173 Bills and discounts 644 683 473 Advances—Government 8 441 8 618 9 107 Other assets 53? 472 297 Other 3 558 3 405 3 477 Note circulation 3 999 3,210 3,479 Other assets 2 152 2 261 1 415 Demand liabilities 1 360 1,393 1,416 Note circulation 3 173 3 141 2 476 Other liabilities and capital. 50? 499 504 Denosits—Government 1 280 1 225 764 Netherlands Bank (millions of Reconstruction and guilders): relief accts 6 857 6 040 7 454 Gold 9 792 9 775 9 775 2 061 Other 2 741 2 596 2 027 Silver (including subsidiary coin). 16 16 16 14 Other liabilities and capital 5 219 5 340 3 067 Foreign assets (net) . . 1 509 1 496 1,454 1,497 Bank of Guatemala (thousands of Loans and discounts 35 40 35 68 quetzales): Govt. debt and securities 1 217 1 217 1,217 1,451 Gold 27 77 778 Other assets 4?8 437 428 605 Foreign exchange (net) 9 086 14 783 Note circulation—Old . . 31 31 31 39 Gold contribution to Int'l Fund 1 ?50 1 7 50: New 3 330 3 953 3 3,118 Rediscounts and advances 17 436 8 958 Deposits—Government 736 681 596 888 Other assets 26 499 21 697 ECA 1 00? OQC) 1 1,1 55 Circulation—Notes 48 056 44 103 Other 670 80? 767 283 Coin 6?? 3 500 Other liabilities and capital 9 90 ?1 5 211 214 Deposits—Government 9 083 2 983 Reserve Bank of New Zealand Banks 12 161 9 671 (thousands of pounds): Other liabilities and capital . 1 5499 13 659 Gold 6 05? 6 0?8 6 0?8 6,013 National Bank of Hungary4 Foreign exchange reserve 60 826 61 971 63,010 31,119 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 54 071 55 168 54,280 54,221 Gold at home and abroad 400 400 400 400 Investments 57 081 5? 049 47,030 58,132 Foreign securities 5 782 5 682 5 582 5 382 Other assets . . 1 700 1 488 ,515 1,236 Indian Govt. securities 4 4 914 4 4 501 Note circulation 76 65 800 64,667 69,247 Rupee coin 963 975 979 847 Demand deposits .... 100 46? 08 ?49 104.891 79,849 Note circulation 11 955 10 969 10 778 10 971 Other liabilities and capital 8 675 8 674 8 Mi 7,644 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 104 302 397 208 Gold 281 281 243 Balances abroad 1 445 1 416 1 422 1,673 Foreign assets (net) 39 84 403 Bills discounted 114 50 16 70 Clearing accounts (net) -3? —2 54 Loans to Government 18 14 33 Loans and discounts 71 69 58 Other assets 944 995 1 019 1,192 Securities 38 38 45 Deposits 2,320 2 492 2 574 2,832 Occupation account (net) . 5,546 5,546 5,546 Other liabilities and capital.... 305 285 280 344 Other assets 63 63 52 Bank Indonesia5(millions of rupiah): Note circulation 2,938 2,916 2,916 Gold6 1 ,651 1 ,701 1 701 89? Deposits—Government 1 788 1 849 1,969 Foreign exchange (net) -336 -306 -308 Banks 641 671 732 Loans and discounts 433 544 756 726 FOA—MSA 182 176 295 Advances to Government 5,272 5,035 4 746 4,555 Other liabilities and capital 456 467 489 r Revised. !This 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. 4 For 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. 7Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. FEBRUARY 1954 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,926 31,555 32,106 31,456 Issue department: Note circulation ,758 37,069 37,595 38,493 Gold at home and abroad... 81 81 81 81 Deposits—Government ,808 3,880 3,501 1,294 Sterling securities 425 425 425 423 Other ,113 3,522 3,448 4,658 Pakistan Goyt. securities.. . 1,247 ,187 1,147 1,059 Other liabilities and capital ,462 27,835 28,335 28,218 Govt. of India securities.... 126 126 126 126Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 482 482 483 406 Rupee coin . 62 65 68 68 Foreign assets (net) ,492 1,416 1,374 1,351 Notes in circulation 2,198 ,097 2,147 2,008 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 42 86 113 48 vances to National Debt Office8 ,786 2,326 2,352 3,240 Bills discounted 40 54 3 Other domestic bills and advances 357 325 325 321 Loans to Government 30 24 153 Other assets 906 854 883 '858 Other assets 422 457 455 418 Note circulation ,835 4,511 4,503 4,577 Deposits 371 506 557 525 Demand deposits—Government.. 363 205 192 449 Other liabilities and capital.. 102 106 89 97 Other 182 82 113 580 Central Bank of Paraguay1 Other liabilities arid capital 771 734 738 '701 (thousands of guaranies): (May)* Swiss National Bank (millions of Gold 1,138 1,138 francs): Foreign exchange (net) 60,151 63,860 Gold ,086 6,092 6,092 5,876 Net claim on Int'l. Fund2 11 11 Foreign exchange 522 504 509 491 Loans and discounts 198,666 92,676 Loans and discounts 272 207 207 310 Government loans and securities. 349,909 316,768 Other assets 99 73 73 103 Other assets 248,361 ••275,252 Note circulation ,228 4,993 4,943 5,122 Note and coin issue 424,830 378,976 Other sight liabilities ,541 1,676 1,731 1,454 Deposits—Government 75,386 49,251 Other liabilities and capital 210 207 208 204 Other 134,950 129,589Central Bank of the Republic of Other liabilities and capital 223,072"•191,890 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 434 416 559 clearings 197 202 196 133 Net claim on Int'l. Fund2 67 67 67 Loans and discounts ,042 2,047 1,993 1,785 Loans and discounts to banks. . . 523 529 305 Securities 25 26 26 26 Loans to Government ,006 1,003 906 Other assets 150 159 141 120 Other assets 128 165 '145 Note circulation ,414 1,439 1,474 1,238 Note circulation ,557 1,539 1,379 Deposits—Gold 153 153 153 153 Deposits 380 384 369 Other 846 853 805 817 Other liabilities and capital 221 258 235 Other liabilities and capital 402 389 325 258 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (Sept.)* Gold 18,813 18813 18,813 18,427 Gold 336,572 313,786 Foreign exchange 441,718430 198 443,339 435,729 Silver 9,278 9,053 Net claim on Int'l. Fund2 29,504 29 29,504 29,504 Advances to State and Govern- Loans 27,334 16 16,180 54,165 ment bodies 116,340 126,642 Domestic securities 230,518227 696 228,125 235,438 Other loans and discounts 342,367 347,122 Other assets 151,653161 233156,126 149,220 Other assets 616,920 518,852 Circulation—Notes 619,304586080574,786 579,584 Note circulation 399,119 406,230 Coin 84,804 84 931 85,260 89,945 Deposits—Government 130,378 93,157 Demand deposits 151,716169896181,958 205,899 Other 370,518 315,794 Other liabilities and capital 43,715 43 304 50,084 '47,054 Other liabilities and capital 521,462 500,274 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 906 4,887 4,547 Gold 141 1,141 1,141 1,141 Foreign exchange (net) 304 12,272 11,629 Foreign exchange (net) 322 C276 291 186 Loans and discounts 704 685 988 Other assets 109 129 85 93 Advances to Government 432 1,430 1,430 Note circulation 041 933 906 1,000 Other assets. 756 748 498 Deposits 261 257 248 255 Note circulation 260 9,238 9,528 Other liabilities and capital 269 "357 364 165 Demand deposits—Government.. 558 1,532 1,389Bank for International Settle- ECA 6 6 29 ments (thousands of Swiss gold Other 137 7,112 6,111 francs): Other liabilities and capital 140 2,135 2,036 Gold in bars 592 158583,070596,511 599,415 South African Reserve Bank Cash on hand and with banks... 44 558 62,374 77,039 48,700 (thousands of pounds): Sight funds at interest 1 374 1,310 1,162 15,320 Gold ,924 62,101 60,255 Rediscountable bills and accept- Foreign bills ,896 26,281 69,469 ances (at cost) 316 129294,938302,631 267,912 Other bills and loans ,849 34,475 14,792 Time funds at interest 107 791 88,521 45,519 91,563 Other assets ,644 43,301 43,305 Sundry bills and investments.... 276 779290,827247,852 346,985 Note circulation ,679 95,818 91,646 Funds invested in Germany 297 201297,201297,201 297,201 Deposits ,412 51,314 71,903 Other assets 2 594 2,072 1,703 1,333 Other liabilities and capital ,221 19,025 24,272 Demand deposits (gold) 431 715448,968 448,871 480,021 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 596 596 563 Central banks—Own account. .652 065603,508555,927 640,318 Silver 336 336 336 369 Other 46 378 59,864 57,710 46,086 Government loans and securities. 15,096 ,157 15,899 15,189 Long-term deposits: Special 228 909228,909228,909 228,909 Other loans and discounts 26,185 ,663 23,942 25,085 Other liabilities and capital 279 515279,064278,200 273,096 * Latest month available. c Corrected. r Revised. !The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 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. 226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n tr o a f— l R D 3 e a 1 c te . eff D ec a t t i e ve ba C n e k n tr o a f— l R D 3 e a 1 c te . eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland Mar. 25, 1952 Ma 1 y 9 4 2 8 7, 1949 2 3 14 1 ^ 5 3y2 A Be u l s g t i r u ia m 2 4 % O Se c p t. t . 2 2 9 4 , , 1 1 9 95 5 3 3 J It a a p l a y n 4 5.84 A O p ct r . . 6 1 , , 1 1 9 9 5 5 0 1 July 14 14 Bolivia 6 Sept. 30, 1950 Mexico June 4, 1942 Oct 6 3% J S u e n p e t 1 8 1 , 1950 2Y2 3% Sept. 26 ... 3 Canada.. 2 Oct. 17, 1950 Netherlands . Apr. 7, 1953 Oct. 27 16 Ceylon 3 July 23, 1953 New Zealand. July 26, 1941 Dec. 1 . 3 Chile June 13, 1935 Norway Jan. 9, 1946 Apr. 17, 1951. . 4 Colombia 4 July 18, 1933 Pakistan.... 3 July 1, 1948 S Ju e l p y t 1 5 3 .. 3 3 H y2 Costa Rica. 4 Feb. 1, 1950 Oct. 11 3 N N o o v v . . 9 8 2Y2 4 Denmark . Sept. 23, 1953 Peru 6 Nov. 13, 1947 J M an a . r . 2 12 2,1952... •'4"'" 3y2 E E g cu y a p d t or 1 3 0 2 N M o a v y . 1 1 5 3 , , 1 1 9 9 5 4 2 8 S P o o u r t t h u g A a f l r . ic .. a . . 4 J M an a . r . 2 1 7 2 , , 1 1 9 9 5 4 2 4 A M u a g y . 29 1 15 . „.. F E i l n S la a n l d vador. . . 3 M De a c r . . 2 1 2 6 , , 1 1 9 9 5 5 0 1 S Sw pa e i d n en 4 2K N M o a v r. . 2 1 0 8 , , 1 1 9 94 5 9 3 Aug. 21 14.x/ Dec. 18 3 Jan. 8, 1953. 14 Apr 7 2y France Sept. 17, 1953 Switzerland.. Nov. 26, 1936 June 11 . 13 V 2 Germany June 11, 1953 Turkey Feb. 26, 1951 Sept. 17 3H 3y Greece 12 July 12, 1948 United King- Oct. 29 . 2 2% India Nov. 15, 1951 dom Sept. 17, 1953 Nov 20 2% Indonesia 3 2 Apr. 1, 1946 USSR 4 July 1, 1936 In effect Dec. 31, 1953 3H 3M •3H 2K 2V_ ••;« 1 Rates established for the Land Central banks. NOTE.—Changes since Dec. 31: None. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- 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 deposit money 3 months money 3 months rate 1943—November .41 1.03 1.00 1.00 .50 1.64 3-5^ 1.25 1 1 9 9 4 4 4 5 — — N N o o v v e e m m b b e e r r . . 3 3 8 6 1. . 0 5 3 3 1. . 0 5 0 1 1. . 0 6 0 3 . . 5 5 0 0 1 1. . 3 2 6 1 Y 3 5 -5 y2 1 1 . . 2 2 5 5 1946—November .40 .53 .51 .63 .50 1.21 1.01 .78 1.25 1947—November .41 .53 .51 .63 .50 2.12 .93 .74 1.38 1948—November .41 .56 .51 .63 .50 2.03 1.08 .77 1.63 1949—November .51 .69 .52 .63 .50 P2.55 1.16 .93 1.50 1950—November .62 .69 .51 .63 .50 2.19 1.20 .88 1.50 1951—November .92 1.38 .84 .92 .69 3.27 1.17 1.00 1.50 1952—November 1.21 3.00 2.38 2.25 2.00 3.98 .87 .54 1.50 1952—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 .83 .54 3-5 1.50 February. 1.47 3.00 2.42 2.25 2.00 .81 .50 3-5 1.50 March 1.50 3.00 2.40 2.25 2.00 .90 .51 3-5 1.50 April 1.53 3.00 2.41 2.25 2.00 .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 November. 1.90 2.19 2.10 1.94 1.75 4.00 .28 .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. FEBRUARY 1954 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities ( b 1 m a 1 i n ll L k io s o s . n n t e s d r o l F o i n f n ig g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o l o h l n t o e i a c r y n t e d at B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i s r t y * Securities Loans to O as t s h e e t r s Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i d i t e t a i r e l s 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 ,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—January... 498 515 ,204 148 ,764 659 6,259 4,025 2,234 528 February.. 491 456 ,046 130 ,783 649 6,029 3,836 2,192 525 March.... 497 472 ,024 122 ,811 641 6,053 3,873 2,179 515 April 498 454 ,010 119 ,825 664 6,060 3,860 2,200 511 May 498 464 ,080 123 ,784 654 6,083 3,896 2,187 520 June 514 469 ,209 2,136 ,778 673 6,299 4,040 2,259 481 July 510 460 ,244 140 ,742 633 6,247 3,990 2,257 483 August. . . 511 456 ,331 140 ,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 1,354 2,245 1,687 626 6,419 4,080 2,339 483 December. 542 501 1,417 2,275 1 ,725 729 6,694 4,327 2,368 495 Assets Liabilities C anada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits Other En C d a i n n o a f d m m i i a l o n li n o d t n h o s l f l o i a g f r u s) res re C se a r s v h es Se l c o u an ri s ty d lo i O s a c n t o h s u e a n r n t d s d a a f u n b o b e d a r r e n o f i r k g n a o s n d e m t Securities a O s t s h e e ts r Notes' Total Demand Time li c a a b a p i n l i d i t t a ie l s 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—December. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—January.. 835 135 3,293 308 3,981 ,321 8,188 3,244 4,945 ,684 February. 877 141 3,301 330 4,042 ,342 8,310 3,301 5,008 ,724 March.... 851 140 3,394 322 4,082 ,394 8,458 3,391 5,067 ,724 April 897 152 3,508 345 4,135 ,380 8,642 3,535 107 ,774 May 822 138 3,526 331 4,024 ,402 8,486 3,386 100 ,755 June 903 123 3,576 331 3,956 ,509 8,634 3,508 126 ,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 ,706 October... 962 144 ,838 342 3,789 ,432 8,744 3,596 5,148 ,763 November. 899 152 3,977 390 3,789 ,512 8,918 3,851 5 ,068 1 ,801 Assets Liabilities France (4 large banks. End Deposits Own Other o m f i m lli o o n n t s h o f f i g f u ra re n s c s i ) n 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 t r s a a c n c c e e p s t- liab an il d ities Total Demand Time capital 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—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 October... 46,003 74,964 694,021 185,109 54,393 965,798 924,602 41,196 24,355 64,338 iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of Y% per cent after October 1945. 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; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES lAverages 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 Basic P e r n e t f i e a r l - Free (p t A r o a u u l s n i - a d) ( A sc u h s il t l r in ia g) B ( e fr l a g n i c u ) m (c B r r u a ze z i i r l o 1 ) M (d a o si l l a l a a y r) - Official Free 1948 29.773 321.22 2.2816 5.4406 100 000 91.691 1949 29 774 293.80 2.2009 5 11406 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— 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 1954—Tanuarv 20.000 13.333 7.198 224.01 3.8580 2.0023 4.2808 3.5261 32.646 102.781 France Year or month Ceylon m D a en rk - Finland (franc) G (d e e r u m tsc a h n e y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound; Official Free 1948 20.857 .4929 .3240 30.169 18.860 37 668 350.48 1949 27.839 19.117 .4671 .3017 27.706 12.620 34.528 365.07 1950 20.850 14.494 .2858 23.838 20.870 11.570 26.252 277.28 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 277.19 1952 20.903 14.492 .4354 . 2856 23.838 20.922 279.68 11.588 26.315 276.49 1953 21.046 .4354 .2856 21.049 281.27 11.607 26.340 278.48 1953—February 21.088 .4354 .2856 21.089 281.90 11.620 26.269 279.11 March 21.061 .4354 .2856 21.061 281.56 11.614 26.321 278.78 April 21.067 .4354 .2856 21.069 281.66 11.608 26.335 278.87 May 21 046 4354 2856 21.049 281.43 11 564 26 340 278 65 June. 21 041 .4354 .2856 21.044 281.35 11 561 26 334 278 57 July 21.047 .4354 .2855 21.051 281.53 11 589 26.321 278.74 August 21.067 .4354 .2855 21.073 281.50 11 620 26.322 278.71 September 20.990 .4354 .2855 20.995 280.29 11 615 26.338 277.51 October 21.004 .4354 .2856 21.005 280.58 11.624 26.400 277.80 November 21.041 .4354 .2856 21.044 281.09 11.627 26.410 2 78.30 December 21 037 4354 .2856 21.039 281.03 11 626 26 410 278 25 1954—January 21.038 .4354 .2856 21.039 281.14 11.619 26.405 278.35 Year or month N (k o r r o w n a e y ) R P ( e p h p p e i i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th d a ) (k S d r w o en 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—February 14.015 49.677 3.4856 280.84 19.323 23.318 281.90 665.833 656.180 642.553 736.025 March 14.015 49.677 3.4842 280.51 19.323 23.317 281.56 65.833 56.180 42.553 35.547 April 14.015 49.677 3.4882 280.61 19.323 23.329 281.66 65.833 56.180 42.553 34.205 May 14 015 49.677 3.4903 280.38 19.323 23.329 281.43 65.833 56.180 42.553 33.633 June 14.015 49.676 3.4897 280.30 19.323 23.331 281.35 65.833 56.180 42.553 33.270 July 14 015 49 677 3 4896 280.47 19 323 23 333 281.53 65 833 56 180 42 553 32 994 August 14.015 49.676 3.4897 280.45 19.323 23.334 281.50 65.833 56.180 42.553 34.001 September 14.015 49.677 3.4896 279.24 19.323 23.332 280.28 65.833 56.180 42.553 35.228 October 14 015 49 677 3 4896 279.53 19.323 23.310 280.58 65.833 56.180 42 553 34 791 November 14.015 49.677 3.4899 280.04 19.323 23.255 281.09 65.833 56.180 42.553 33.567 December 14.015 49.677 3.4900 279.98 19.323 23.289 281.03 565.833 556.180 S42.553 532.573 1954—January 14.008 49.677 3.4900 280.09 19.333 23.308 281.14 *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. 2 Based on quotations beginning Nov. 30, 1953. 3Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these two rates were 4.2808 and 3.5261, respectively. 4Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4; the average for this period was 53.1914. 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, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409. FEBRUARY 1954 229 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 t 7 e e 0 -4 s d ) 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 1 9 t 0 a 3 0 8 ly ) = ( a 1 J v 9 a = e 3 p r 4 D 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 1 9 e 0 3 d 0 5 ) e = n (A Sw u = l g a i . 1 t n z 0 d 1 e 0 9 ) r 3 - 9 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 . . .. 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 . 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 . . .. 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 . . .. 112 226 400 328 145 5,270 349 140 317 220 1953 221 393 P328 P138 213 1952—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 111 222 398 326 137 5,249 357 133 295 212 October 110 221 401 326 136 359 133 295 212 November 110 219 r396 328 P137 134 212 December 110 219 396 P326 P138 211 p Preliminary. ' Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month pr F o a d r u m cts Pro fo c o es d s s ed co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p g a c a w o a t r u o n t r d a l u e y s n - d d F f u a c m g l c h l o a t y i o u e n a f d r u l e n s y - d d Foods p I r n t o r d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s a c - w ts p f I r in n o tr i d d s ia u h u l e s c - d ts 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 ioo 1949 . 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 *364 122 171 143 1952 107 109 113 249 219 231 284 »352 129 166 135 1953 . .. 218 207 229 P308 1952—December 99 104 113 r233 210 228 297 *344 132 162 132 1953—January 100 106 113 '231 209 229 297 J»341 128 160 132 February 98 105 113 '227 208 229 300 J»337 127 159 132 March 100 104 113 '225 210 229 302 P337 124 159 132 April 97 103 113 '219 206 228 318 122 157 131 May 98 104 114 221 206 228 317 124 157 131 95 103 114 '224 207 230 316 124 155 131 July . . 98 106 115 '224 207 230 315 118 155 131 August 96 105 115 214 210 230 309 119 155 131 September 98 107 115 209 207 230 307 121 155 132 October 95 105 115 209 205 230 304 120 154 132 November 94 104 115 205 203 228 306 122 153 132 December 94 104 115 207 204 228 P303 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. 230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S = 19 t n 1 a 4 i 0 7 t t 0 e e - ) 4 s d 1 9 = C ( a 1 a 1 d 9 n 0 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 = ( e a 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 = . ( U S 19 t n a 4 i 0 7 t t 0 e e - d 4 ) s i 9 = C ( a 1 a 1 d 9 0 n 4 a 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( e a 1 t 1 n 9 h 0 4 d e 0 9 s r ) 1 ( l 9 A a e 3 r n 9 u - d g = . = 100) 100) = 100) 100) 1946. 83 78 35 152 79 36 160 1947. 96 85 77 57 158 96 67 57 170 1948. 103 97 82 90 163 104 72 92 176 1949. 102 100 84 100 100 162 100 100 76 100 100 174 1950. 103 103 86 111 109 159 101 103 82 111 111 176 1951 . 111 114 95 130 119 167 113 117 91 128 121 181 1952. 114 116 103 145 120 171 115 117 105 141 123 184 1953. 115 P144 120 170 113 P137 184 1952—December.. 114 105 145 120 171 114 114 109 141 122 186 1953—January. 114 116 104 146 120 170 113 114 109 141 123 184 Fe;lbruary 113 116 105 146 120 170 112 113 110 142 124 183 March 114 115 105 145 120 169 112 112 111 141 123 183 April 114 115 106 145 120 169 112 111 113 140 124 182 May 114 114 106 146 121 170 112 110 113 141 125 183 June 115 115 107 145 121 170 114 111 114 141 127 184 July 115 115 107 144 121 170 114 113 114 137 127 184 August 115 116 106 143 120 170 114 113 112 136 123 185 September 115 116 106 141 121 170 114 114 111 132 126 186 October 115 117 106 141 121 170 114 116 111 132 125 187 November 115 116 106 141 120 170 112 113 111 132 124 187 December 115 116 P142 120 170 112 112 P134 186 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 ( n r t h a a i i d g t t e e h e d ) si ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( 1 K D 9 U i e 2 n n c 1 g e i = m t d 1 e o b d 0 m e 0 r ) F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l e a t n h d e s r 2 - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 d s ) 9 ( C 1 = a 9 n 3 1 5 0 a - 0 d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d e s r 3 - Number of issues. . . 17 87 60 14 480 103 278 295 27 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131.6 90.0 90 217 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1953 112.1 83.6 112.0 100.2 189.0 160.3 92.2 212 1952—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 84.2 114.9 114.4 104.0 187.5 154.2 93.7 168 223 December.... 113.5 85.3 114.2 103.4 190.7 153.6 93.5 230 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. FEBRUARY 1954 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director GEORGE B. VEST, General Counsel HENRY BENNER, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS DAVID B. HEXTER, Assistant General Counsel ROBERT F. LEONARD, Director G. HOWLAND CHASE, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER LEWIS N. DEMBITZ, Assistant Director EDWIN J. JOHNSON, Controller Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT J. A. ERICKSON A. L. MILLS, JR. GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. M. EVANS O. S. POWELL W. D. FULTON J. L. ROBERTSON GEORGE GUND, CLEVELAND DISTRICT DELOS C. JOHNS M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT JAMES K. VARDAMAN, JR. Vice President WINFIELD W. RIEFLER, Secretary WALLACE M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT 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 PARKER B. WILLIS, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 232 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. O. Latham O. A. Schlaikjer R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber H. H. Kimball T. G. Tiebout L. W. Knoke V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari4 E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland. John C. Virden W. D. Fulton 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 3 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 O. S. Powell H. C. Core J. Marvin Peterson Leslie N. Perrin A. W. Mills E. B. Larson Otis R. Preston H. G. McConnell M. H. Strothman, Jr. Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen 2 E. D. Vanderhoof Cecil Puckett Henry O. Koppang Clarence W. Tow D. W. Woolley Dallas J. R. Parten 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 Eliot J. Swan Y. Frank Freeman H. N. Mangels H. F. Slade Ronald T. Symms 3 O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Branch Vice Presidents Federal Reserve Branch Vice Presidents Bank of Bank of New York Buff "o I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha P. A. Debus 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. 3 Also Cashier. 4 Counsel. 233 FEBRUARY 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. $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 ANNUAL REPORT of the Board of Governors of the FUNCTIONS. November 1947 edition out of print. Federal Reserve System. Issued each year. Revised edition in process. Available without charge upon request. BANKING AND MONETARY STATISTICS. Statistics of FEDERAL RESERVE BULLETIN. Issued monthly. Subbanking, monetary, and other financial developscription price in the United States and its posments. November 1943. 979 pages. $1.50 per sessions, Bolivia, Canada, Chile, Colombia, Costa copy. No charge for individual sections (un- Rica, Cuba, Dominican Republic, Ecuador, bound). Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or A STATISTICAL STUDY OF REGULATION V LOANS. 20 cents per copy; elsewhere $2.60 per annum or September 1950. 74 pages. 25 cents per copy; 25 cents per copy. Group subscriptions in the in quantities of 10 or more copies for single United States for 10 or more copies to one ad- shipment, 15 cents each. dress, 15 cents per copy per month, or $1.50 for 12 months. THE DEVELOPMENT OF BANK DEBITS AND CLEAR- INGS AND THEIR USE IN ECONOMIC ANALYSIS. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY January 1952. 175 pages. 25 cents per copy; in RATES, AND BUSINESS. Issued monthly. $6.00 quantities of 10 or more copies for single shipper annum including edition of historical supple- ment, 15 cents each. ment (listed below) available when subscription is entered or renewed. 60 cents per copy; in THE FEDERAL RESERVE ACT, as amended to Novemquantities of 10 or more copies of a particular ber 1, 1946, with an Appendix containing proissue for single shipment, 50 cents each. (Do- visions of certain other statutes affecting the mestic rates) Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. An- RULES OF ORGANIZATION AND RULES OF PROCEDURE nual subscription to monthly chart book includes —Board of Governors of the Federal Reserve one issue of supplement. Single copies, 60 cents System (with Amendments). September 1946. each; in quantities of 10 or more copies for single 31 pages. shipment, 50 cents each. (Domestic rates) aA more complete list, including periodic releases and REGULATIONS OF THE BOARD OF GOVERNORS OF THE reprints, appeared on pp. 1414-17 of the December 1953 FEDERAL RESERVE SYSTEM. Individual regulations with amendments. BULLETIN. 234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. (From Federal Reserve Bulletin unless preceded by an asteris\) BANKING IN THE SOVIET UNION. April 1952. 8 UNITED STATES POSTWAR INVESTMENT IN LATIN pages. AMERICA. May 1953. 6 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE 1953 SURVEY OF CONSUMER FINANCES—PART I. THE SALES. April 1952. 4 pages. 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. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE PROBLEMS OF TRADE EQUILIBRIUM. October 1952. CORPORATIONS. July 1953. 12 pages. 9 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 BALANCE SHEET OF AGRICULTURE, 1953. THE MONETARY SYSTEM OF THE UNITED STATES. August 1953. 13 pages. February 1953. 16 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 1953. 65 pages. INTERNATIONAL FLOW OF GOLD AND DOLLARS, 1952. March 1953. 8 pages. (Also similar article from FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL March 1952 BULLETIN.) 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 BULLETIN with supplementary data. October ^DETAILED DESCRIPTION OF SOURCES AND METHODS 1943. 120 pages.) USED IN REVISION OF SHORT- AND INTERMEDIATE- TERM CONSUMER CREDIT STATISTICS (supplemen- EXTENSIONS AND REPAYMENTS OF CONSUMER INtary details for item listed above), April 1953. STALMENT CREDIT. January 1954. 14 pages. 25 pages. THE TRANSITION TO FREE MARKETS. April 1953. BANK CREDIT AND MONEY IN 1953. February 1954. 6 pages. 6 pages. 235 FEBRUARY 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 I FEDERAL RESERVE BRANCH CITIES JANUARY I, 1954 w TEM bd Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis