Federal Reserve Bulletin, 1954-04

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

VOLUME 40 April 1954 NUMBER 4 CAPITAL OUTLAYS AND SECURITY OFFERINGS Capital outlays by business concerns and level. In the first quarter of this year these by State and local governments have been flotations appear to have been slightly smaller in record volume during the past two years. than last year. Maintenance of a large volume of such out- New construction activity of State and local lays in 1954 is indicated by information re- governments has grown at a rapid rate since cently becoming available. Output repre- the war, exceeding 7 billion dollars in 1953. sented by these capital expenditures is about Some further growth is expected in 1954. A one-tenth of the gross national product. major share of the financing of State and A large part of business investment ex- local government construction is accompenditures this year will be financed, as plished through the security markets. Thus usual, through internal funds. Some indus- the growth in past and planned expenditures tries, however—particularly public utilities for toll highways, schools, and other local and communications—many companies in projects has expanded borrowing. New seother industries, and State and local govern- curity offerings of these governmental units ments finance most of their capital outlays reached a record total of 5.5 billion dollars through borrowing. With current levels of in 1953 and are continuing at an advanced interest rates and ready availability of invest- rate in 1954. ment funds, the securities market is favorable BUSINESS PLANT AND EQUIPMENT for financing the 1954 capital expansion programs. In 1953 total business expenditures on new Business expenditures on new plant and plant and equipment reached a new peak for equipment totaled 28.4 billion dollars in 1953. the third successive year. Toward the end of The amount of such expenditures that busi- last year they began to decline. ness has planned for 1954 is somewhat below A survey conducted jointly by the Departactual expenditures last year, but above 1952. ment of Commerce and the Securities and Most of the funds for financing corporate Exchange Commission in February and early capital outlays have come from retained earn- March of this year indicated that expenditures ings and depreciation allowances. These in 1954 might be below 1953 levels by 4 per were exceptionally large in 1953 and have cent for all business, and by 7 per cent for remained large in early 1954. Corporate manufacturing industries. security issues for new capital in 1953, exclud- Among nonmanufacturing industries, only ing offerings of consumer finance companies, small changes from 1953 levels of plant and were about one-eighth below the record 1952 equipment expenditures were expected in APRIL 1954 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL OUTLAYS AND SECURITY OFFERINGS 1954. A notable exception is a 28 per cent leum, and rubber industries. The motor decline indicated for railroads. Increases of vehicle and other transportation equipment 3 per cent were planned by mining com- group planned the only substantial increase— panies and by the broad group which in- 22 per cent. cludes trade, service, finance, construction, Smaller manufacturing concerns generally and communications. Public utilities looked anticipated greater reduction in capital exfor a 3 per cent decline in expenditures in penditures than large companies. A McGraw- 1954. If realized, this decline would follow Hill survey, primarily of large companies and a continuous rise since 1945. Planned out- released in mid-April, indicated that large lays for electrical works continued large, but manufacturers planned no curtailment of those of gas utilities were smaller. plant and equipment outlays in 1954. Some reduction in plant and equipment Completion of defense-connected projects outlays was anticipated in most manufactur- may account for some declines in anticipated ing industries, as shown in the table. The outlays. By the end of 1953, 20 billion dollars of the 29 billion of investment authorized BUSINESS EXPENDITURES FOR NEW PLANT AND EQUIPMENT under certificates of necessity had been put [In billions of dollars] in place, with the remainder scheduled for Industry 1951 1952 1953 19541 completion over a four-year period. The granting of new certificates slowed appreci- All industries 25.6 26.5 28.4 27.2 Manufacturing—total 10.9 11.6 12.3 11.4 ably in 1953. Primary iron and steel 1.2 1.5 1.3 1.0 Primary nonferrous 0.3 0.5 0.5 0.3 Electrical machinery 0.4 0.4 0.5 0.5 FINANCING CORPORATE OUTLAYS Motor vehicles and other trans- Fo p o o d r s t a a t n io d n b e e q v u er i a p g m e e s nt. 0 1 . . 9 1 0 1 . . 8 1 0 1 . . 8 2 0 1 . . 8 4 During 1953, as in most postwar years, Textile mill products 0.5 0.4 0.4 0.3 Chemical 1.2 1.4 1.6 1.3 funds from operations—retained earnings Petroleum 2.1 2.5 2.8 2.9 Other 3.2 3.0 3.3 3.0 and depreciation allowances—supplied the Mining . 0.9 1.0 1.0 1.0 major portion of funds required by corpora- Railroads 1.5 1.4 1.3 0.9 tions for plant and equipment, inventory ac- Transportation other than rail 1.5 1.5 1.5 1.4 cumulation, and other purposes. Sale of Electric and gas utilities 3.7 3.9 4.5 4.4 stocks and bonds, including both public offer- Commercial and other 2 7.2 7.1 7.8 8.0 ings and private placements with institutional 1 Anticipated by business. investors, was also an important source of 2 Includes communication, trade, service, finance, and construction. funds for corporations as a group, and the NOTE.—Estimates of Department of Commerce and Securities and Exchange Commission for corporate and noncorporate busi- largest source in some industries. Over 1953 ness. Details may not add to totals, and percentages of change may not check with the text, because of rounding. as a whole, borrowing at banks by corporagreatest curtailment—between 25 and 30 tions in the aggregate changed very little. per cent—was projected by iron and steel, Funds from operations. Corporate profits nonferrous metal, and textile companies. Ex- before taxes were larger in 1953 than in 1952, penditures in each of these industries declined despite declines in the second half of last somewhat in 1953. A rather large decline year. After deducting income taxes and divithis year was also planned by the chemical in- dend payments, which were higher in 1953 dustry. Manufacturing groups which antici- than 1952, retained earnings were about 8 per pated slight increases in capital outlays in cent above 1952. Depreciation allowances 1954 include the electrical machinery, petro- increased sharply in 1953, as shown in the 340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL OUTLAYS AND SECURITY OFFERINGS chart, reflecting the completion of additional the volume of borrowing. Security issues of productive facilities, especially those on which manufacturing companies have continued to accelerated amortization is permitted. To- decline, though only moderately, in 1954. gether, retained earnings and depreciation Total new capital issues by railroad and allowances were an estimated 22.5 billion other transportation companies declined dollars in 1953, an all-time record. about 30 per cent from 1952 to 1953. Com- CORPORATE FUNDS FROM OPERATIONS bined offerings of electric power and com- Billions of dollars munications companies, on the other hand, 25 rose moderately to a record level. In these two industries postwar financing needs have 20 far exceeded retained earnings and depreciation allowances, and reliance on security 15 financing has been heavier than in other major industries. New capital issues by elec- 10 tric and gas utilities, for example, have consistently been about two-thirds as large as their total capital outlays. Public utility issues continued large in the first quarter of 1954. 1947 1949 1951 1953 Sales finance and personal loan companies NOTE.—Department of Commerce estimates. took steps in 1953 to finance high levels of Depreciation allowances probably increased consumer credit demand on a more or less further in the first quarter of 1954. Retained permanent basis. Security flotations by these earnings may have been somewhat larger companies of 1% billion dollars were several than in the final quarter of 1953 but are likely times as large as in 1952 or any preceding year. to have been well below a year earlier. CORPORATE NEW CAPITAL ISSUES Security issues. In 1953 new capital offer- Billions of dollars ings by all corporations were only about 2 per cent below the 1952 record level. Excluding issues of consumer finance companies, the decrease was considerably larger, about 13 per cent, as may be determined from the chart. New capital issues in the first quarter of 1954 are estimated to have been only 2 per cent below a year earlier, if offerings of con- - 4 sumer finance companies are excluded. New capital issues by manufacturing companies declined more than 40 per cent from 1952 to 1953 and their share of total offerings fell from about two-fifths in 1951 and 1952 1949 1951 1953 to one-fourth in 1953. Increases in retained NOTE.—Estimates of Securities and Exchange Commission. New capital includes net proceeds from public offerings and earnings and depreciation allowances and private placements of all issues except those for retirement of securities. Public utility comprises electric and gas, railroad the approaching decline in investment outlays and other transportation, and communication. Consumer finance figures, compiled by Federal Reserve, include sales finance and personal loan companies; prior to 1951, these are included in of these companies were factors reducing other. APRIL 1954 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL OUTLAYS AND SECURITY OFFERINGS Debt obligations accounted for four-fifths STATE AND LOCAL CONSTRUCTION of total corporate security offerings in 1953, Billions of dollars as in most other recent years. Within the remaining fifth—comprising preferred and common stocks—preferred stocks have declined in importance. Common stocks accounted for nearly 75 per cent of all stock offerings in 1953 as compared with about 55 per cent in the period 1946-51 and less than 40 per cent in 1938-41. For the first time since 1947, the volume of debt issues placed privately with life inrt surance companies and other financial institutions was smaller than that of publicly offered issues. This decline in the relative importance of private placements reflected 1947 1949 1951 1953 the reduced offerings by manufacturing com- NOTE.—Estimates by Departments of Commerce and Labor of the value of work put in place by State and local governments. panies which generally account for the bulk of such placements. Educational building represented about one-fourth of all State and local construction STATE AND LOCAL CONSTRUCTION in 1953, as in other recent years. Among The value of new construction by State and other categories of local governmental conlocal governments was a record 7.1 billion struction, sewer and water works is the most dollars in 1953, and probably will be even important, amounting to about one-tenth of higher in 1954. Construction activity was the total. This segment increased in 1953, reduced to very low levels during World War whereas residential construction by State and II, when resources were not available for local governments declined as did hospital local projects, but rose rapidly after 1946 to and institutional construction. Public service a level of nearly 5.0 billion dollars in 1949, enterprise structures, such as municipal elecover three times that of 1946. As indicated tric utilities, are small items and have been by the chart, the increase since 1949 has been rather constant in magnitude. rather steady but not so large. Financing of construction activities by State State and local construction is directed to and local governmental units is much more a wide variety of purposes, but highways and heavily dependent upon long-term borrowing educational buildings account for the greater than in the case of corporations. Except for part. Highway construction alone was more the financing of a sizable proportion of highthan two-fifths of the total in 1952 and ways from gasoline excises and other taxes, 1953. Construction of toll roads is of major the bulk of major new construction projects importance and accounted for nearly all of is financed through security issues. It is also the increase from 1952 to 1953 in highway true that most State and local bond issues construction. Expansion in toll facilities is are for construction purposes, the only imporlikely to continue as plans have been laid for tant exception being offerings to raise funds sizable new projects in several States. for veterans' aid. 342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL OUTLAYS AND SECURITY OFFERINGS The timing of financing in relation to con- portance of projects such as toll highways, struction activity varies considerably among which are dependent on prior financing projects. Most undertakings are financed through security markets, has increased by issues sold before construction is under- greatly. Finally, since mid-1953 increasingly taken, though by varying intervals. In the favorable credit conditions have facilitated case of Public Housing projects and certain the sale of State and local government securiothers, however, long-term financing is de- ties. layed until after completion of projects. Issues for financing highways and bridges rose nearly 70 per cent from 1952 to 1953, STATE AND LOCAL SECURITY ISSUES reflecting in large part a marked increase in In 1953 bond issues of State and local gov- the construction of large toll highways. Such ernments for new capital amounted to 5.5 issues accounted for 29 per cent of all State billion dollars, one-third larger than in 1952, and local issues in 1953. Issues for educaas appears from the chart. These offerings tional facilities, the second largest category, increased rapidly in the early postwar period, accounted for one-fourth of total volume in remained relatively stable at a high level from both 1952 and 1953. 1948 through 1951, and then increased mark- Increasing in importance in recent years edly in 1952 and 1953. Flotations in the first have been revenue bonds, that is, bonds sequarter of 1954 were about one-sixth larger cured by nontax revenues of the facility fithan in the first quarter of 1953. nanced. These increased from about 15 per cent of total offerings in the early postwar STATE AND LOCAL NEW CAPITAL ISSUES period to 30 per cent in 1952. In 1953 the Billions of dollars share declined somewhat. The decline was more than offset, however, by increased use - — 5 OTHER of general obligation-revenue bonds, which are bonds expected to be serviced from ***** — 4 SEWER and WATER revenues, but which are also general obligations of the State. HOUSING _ — 3 • BOND YIELDS mi n EDUCATION - 2 Interest rates on long-term securities fluc- ''Wft tuated considerably in 1953 and early 1954 — 1 HIGHWAY ~ in response to changing economic conditions. and BRIDGE A record volume of security issues in early 1951 1952 1953 1953, other heavy demands for credit by NOTE.—Compiled by Federal Reserve from Bond Buyer data. New capital represents principal from sales of long-term securi- businesses and consumers, and Federal Reties offered for purposes other than refunding by States, territories and insular possessions of the United States, and their serve restraint on bank credit and monetary subdivisions. Issues under $500,000 are included in other purposes. expansion were forces operating to raise The record volume of security issues in money rates during the first half of 1953. 1953 and early 1954 reflects a number of fac- Since then, bond yields have generally detors. Expansion in planned construction out- clined, as the chart on the following page lays has been necessary to meet the needs of shows. Factors in this decline have been a a growing and mobile population. The im- continuing large supply of loanable funds, APRIL 1954 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL OUTLAYS AND SECURITY OFFERINGS BOND YIELDS 3.02 per cent in January 1953. Yields on Per cent per annum medium-grade corporate bonds (Moody's Baa series) declined less than high-grade CORPORATE Baa issues and at 3.47 per cent in early April were only slightly below the 1953 low. The market for State and local government securities weakened somewhat after mid-March 1954, reflecting a heavy schedule of offerings, but yields on high-grade municipals in early April, at 2.44 per cent, were slightly below the level of January 1953. HIGH-GRADE MUNICIPAL Recent yields on high-grade corporate bonds, although below the high levels of 1953, were still slightly higher than three years earlier, in March 1951. For medium- 1951 1952 1953 1954 grade corporate bonds, the increase in yields NOTE.—Corporate Aaa and Baa yields are from Moody's Investors Service; high-grade municipals, from Standard and over the period was about V4 of one per cent. Poor's Corporation. Latest figures are for week ending April 3. Yields on the tax-exempt State and local a slackening in some credit demands, particugovernment bonds had declined to an exceplarly for short-term consumer and business tionally low level in early 1951, following an credit, and actions by the Federal Reserve to increase in income tax rates. Subsequently, foster readier availability of funds. Borrowthese yields increased more than other bond ers other than the U. S. Government, in the yields, reflecting the marked increase in secuaggregate, utilized security markets at record rity offerings of State and local governments rates in the last half of 1953 and early 1954. relative to the volume of available funds at- Early in April 1954 yields were at or below tracted by the tax-exempt feature of these the lows of 1953 prevailing in January of that issues. Recently, yields were about l/ of one year. Yields on the highest grade corporate 2 issues were 2.85 per cent as compared with per cent above those of March 1951. 344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD REDEMPTION BILL1 Of the four bills now before this Com- tion at this time to establish redeemability in mittee, the one on which I should like par- gold now, or, as Section 11 proposes, one ticularly to comment is S. 2332. This is a bill, year after the date of enactment of this bill ? as the preamble states, "To resume the re- It is an easy and familiar tactic to say, demption of currency in gold in order to "Well, this is not the time," if you are against restrain further deterioration of the dollar some measure but do not want to say so and to curb further inflation. . . ." frankly. I do not think this is the time for Section 2 describes the measure as one to this measure, but I would not go so far as to strengthen confidence in the dollar, to mini- say there will never be a time when it might mize inflationary pressures, to protect holders be desirable. My reason for thinking this is of savings bonds, owners of savings deposits not the time is simply that I would see no and insurance policies, and those dependent advantage to be gained, no need for further upon pensions, fixed salaries, or wages. safeguards, now. There is universal confi- I have frequently referred to the role of dence in the dollar. Its value is not being the Federal Reserve System as that of a further eroded. That threat does not hang trustee. Its cardinal purpose is to help safe- over us today. I would see no good reason guard the dollar. Therefore, I would of for disturbing the present situation by taking course subscribe wholeheartedly to the this step now, and I would prefer not to take worthy objectives stated in S. 2332. But as it. As I indicated, I can conceive of a situathe members of this Committee know, there tion in which it might be a definite reassuris no magic formula and no simple device for ance. If the country's solvency were in achieving these goals. Confidence in the question, if we were witnessing a flight from dollar rests upon a complex of important the dollar, then it might help to regain confifactors of which monetary as well as fiscal dence by making the dollar redeemable in policies are an indispensable part. In per- gold as part of a program of fiscal and moneforming its role as a trustee, the Federal Re- tary reformation. There might be other ocserve System's objective is to do what it can casions when this measure would be an not only to prevent inflation, but also to pre- added reassurance in the minds of enough vent deflation. That is why we have traveled people to make it so—regardless of its inherfrom a policy of monetary restraint when in- ent merits or demerits. Manifestly, the situaflationary pressures threatened early in 1953 tion would be entirely different if the world to a policy of active ease which has prevailed were at peace, if the fears that now haunt it now for many months. were banished, and if there were no iron curtains. As I see it, the question before this Committee is this: Is it desirable to enact legisla- No doubt this step at this time would entail risks. It is for the Committee to evaluate 1 Statement of Wm. McC. Martin, Jr., Chairman, Board of them. Certainly it is worth while to take Governors of the Federal Reserve System, before the Subrisks, even serious ones if necessary, to safecommittee on Federal Reserve Matters of the Senate Committee on Banking and Currency, Mar. 29, 1954. guard the country from even greater dangers. APRIL 1954 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD REDEMPTION BILL But there is no danger, present or prospec- It seems to me that you have to decide tive, that this measure would avert. I can- whether you want S. 2332 before you can not see how the universal confidence that decide whether you also want the bills numexists today would be enhanced by this meas- bered S. 13 and S. 2364 which contemplate ure at this time. Under these circumstances, the holding of gold for the public and the it seems to me that it is not worth while to establishment of a free gold market in the take the risks. United States. The other measure before I need not assure you that the Federal Re- you, S. 2514, in effect proposes the reintroserve System will continue to do all that it duction of the bimetallic standard. I can discan to minimize inflationary pressures on the cover nothing in the history of our experiupside and deflationary pressures on the ence with national bimetallism to justify the downside. That is the goal we all seek. adoption of such a measure. CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Branch Directors Wieck, Vice President and Treasurer, The May De- On March 11, 1954, the Federal Reserve Bank of partment Stores Company, St. Louis, Missouri, as Dallas appointed Mr. Burton Dunn, President, a Class B director of the Bank for the term ending Corpus Christi National Bank, Corpus Christi, December 31, 1954. Mr. Wieck succeeded Mr. Texas, as a director of the San Antonio Branch for M. Moss Alexander, President, Missouri-Portland the term ending December 31, 1955. Mr. Dunn Cement Company, St. Louis, Missouri, who was succeeded Mr. Ray M. Keck, President, Stockmens appointed by the Board of Governors as a Class C National Bank, Cotulla, Texas, deceased. director and Chairman and Federal Reserve Agent of the Federal Reserve Bank of St. Louis, effective On April 1, 1954, the Board of Governors an- January 1, 1954. nounced the appointment of Mr. Watson H. Vanderploeg, President, Kellogg Company, Battle Tables Published Annually and Semiannually, with Creek, Michigan, as a director of the Detroit Branch Latest BULLETIN Reference of the Federal Reserve Bank of Chicago for the Semiannually Issue Page term ending December 31, 1956. Mr. Vander- Banking offices: Analysis of changes in number of... Feb. 1954 210 ploeg's appointment was occasioned by a change in On, and not on, Federal Reserve Par List, number of Feb. 1954 211 the bylaws of the Detroit Branch providing for an increase from five to seven in the number of di- Annually Earnings and expenses: rectors on the Board of Directors. Federal Reserve Banks Feb. 1954 208-209 Member banks: Election of Class B Director Calendar year May 1953 536-546 First half of year Oct. 1953 1114 The Federal Reserve Bank of St. Louis on March Bank I s n su a r n e d d c b o r m an m ch er e c s i , a l n b u a m n b k e s r of, by May 1953 547 class and State May 1953 548-549 18, 1954, announced the election of Mr. Leo J. Operating ratios, member banks Aug. 1953 904-906 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [ Compiled April 13 and released for publication April 15] Industrial production declined slightly further in reported for farm machinery and output of autos March, while construction volume rose to a new and other consumer goods was generally mainhigh. Total retail sales were close to the reduced tained. Output of military equipment and some January-February level, with auto sales up consider- producers' goods declined further, as did also acably from the low January level. Prices of indus- tivity in industries making various fabricated metal trial materials advanced in March and early April, parts. following earlier declines, and prices of foodstuffs x\ctivity in the textile, leather and apparel inincreased further. Credit availability generally re- dustries showed about the usual seasonal changes mained easy. in March, at levels substantially below a year ago. INDUSTRIAL PRODUCTION Production of chemicals and of petroleum and its products was maintained at high levels. Output The Board's preliminary seasonally adjusted index of paper also continued in large volume in March of industrial production in March was 123 per cent and early April. of the 1947-49 average, down 1 point from February and 3 points from December. The rate of decline CONSTRUCTION in total industrial output so far this year has been Value of new construction put in place, seamuch smaller than in the latter part of 1953, as sonally adjusted, advanced to a new record level in production of nondurable goods and minerals has March. Contracts awarded for new work increased leveled off following earlier substantial declines. substantially further, reflecting somewhat larger Reflecting mainly further weakness in metals and gains in private than in public construction. The metal fabricating industries, activity in durable number of private housing units started rose to a goods industries has continued to decline this year high level for March and in the first quarter was and in March was 13 per cent below a year ago. at a seasonally adjusted annual rate of more than Steel output was reduced from an average rate 1.1 million, close to the rate of a year earlier. of close to 75 per cent of capacity in January and February to 69 per cent in March. In early April EMPLOYMENT output was down slightly further. Over-all ac- Employment in nonfarm establishments, seativity in metal fabricating industries continued to sonally adjusted, in March declined 300,000 further decline in March, although a further pick-up was to 47.8 million and was 1.3 million below the year- CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION Midions of dallars . ,,',3 TOTAL . RESIDENTIAL ^1 - . II _ll 0 800 '! II N / V C ^ PUBLIC OWNERSHIP v PRIVATE NONRESIDENTIAL. Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for March. Monthly figures, latest shown are for March. APRIL 1954 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS ago level. Employment was maintained in non-creased further as coflfee and cocoa continue to rise durable manufacturing industries in March but and hogs advanced. Prices of butter and cheese continued to decline in durable manufacturing, dropped, however, as the Federal support level was mining, and transportation industries. Reflecting lowered on April 1. Industrial materials, which primarily a shorter workweek in durable goods lines, had been declining, rose throughout the period, reaverage weekly earnings of factory workers con- flecting substantial increases in lead, zinc, tin, copper tinued to edge downward. Unemployment rose scrap, and rubber, and a slight rise in steel scrap. slightly further in March to 3,725,000, whereas Demand for nonferrous metals was further strengtha decline is usual at this season owing to expan- ened in late March by the prospect of increases in sion in outdoor activities and seasonal Easter de- Federal stockpile objectives. mands. The consumer price index declined slightly in DISTRIBUTION February reflecting chiefly decreases in foods and some consumer durables. On April 1 Federal ex- Sales at department stores and most other retail cise taxes on various consumer goods—including outlets in March were near the reduced Januaryluggage, cosmetics and toiletries, and household ap- February level after allowance for seasonal and pliances—were cut in half. Excises on telephone late Easter influences. Dealers' sales of new and calls, transportation fares, and theatre admissions used autos, which had shown substantial improvewere also reduced. ment in February from the low January level, rose further in March. Seasonally adjusted stocks held BANK CREDIT AND RESERVES by department stores declined slightly further in February and at the month-end were down 9 per Loans at banks in leading cities increased in the cent from the highs reached last summer. first half of March and then declined somewhat, reflecting the usual borrowing by business in the mid- COMMODITY PRICES March tax payment period and some subsequent Prices of sensitive commodities generally ad- repayment of business loans. Bank holdings of vanced in March and early April. Foodstuffs in- United States Government securities declined sharply in the last half of March, reflecting redemption of maturing tax anticipation certificates held by PRICES AND TRADE banks which was offset only in part by acquisitions WHOLESALE PRICES of new tax anticipation bills. 120 Bank reserve positions were relatively easy in /'""CONSUMER late March and early April. Member bank ex- ^ /^ PRICES s-^l COMMODITIES U/M,i _, ~ 100 cess reserves exceeded their borrowings with the /* FARMV 7 PRODUCTS Federal Reserve by about 500 million dollars. UU- I.M.LM... mminl Vj 80 v 1 i,,. ljl In mid-March, city banks reduced the rate of DEPARTMENT STORE TRADE interest charged on loans to prime commercial DISPOSABLE PERSONAL 140 INCOME/-^""*^ borrowers. On April 14 a reduction in the dis- 1 \ STOCKS /\. count rate from 1% to ll/ per cent became effec- KK 2 120 "i'l -*'£L} ' tive at the Federal Reserve Bank of Chicago. /Ajf TOTAL J100 SALES SECURITY MARKETS Yields on Government securities were generally steady during the second half of March and then Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail declined again in the first week of April. Throughsales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude out the period yields on high-grade corporate bonds were steady, while those on municipal bonds HXX-JLII CIVIL ji.wn.Oj xuai V--A1 LKJL uuivi increased. prices estimated by Federal Reserve. 348 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 351-352 Federal Reserve Bank rates; margin requirements; reserve requirements 352-353 Reserves and deposits of member banks 354 Federal Reserve Bank statistics 355-357 Regulation V: guaranteed loans, fees, and rates 357-358 Bank debits and deposit turnover; Postal Savings System 358 Money in circulation 359 Consolidated statement of the monetary system; deposits and currency. . 360 All banks in the United States, by classes 361-363 All commercial banks in the United States, by classes 364-365 Weekly reporting member banks 366-367 Commercial paper and bankers' acceptances. . 368 Life insurance companies; savings and loan associations 369 Government corporations and credit agencies 370-371 Security prices and brokers' balances 372 Money rates; bank rates on business loans; bond and stock yields 373 Treasury finance 374-379 New security issues 380 Business finance 381-382 Real estate credit statistics 383-385 Statistics on short- and intermediate-term consumer credit 386-388 Business indexes 389-398 Merchandise exports and imports 398 Department store statistics 399-403 Consumer and wholesale prices 404-405 Gross national product, national income, and personal income 406-407 List of tables published in BULLETIN annually or semiannually, with references for latest data 346 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity 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. 349 APRIL 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 25 20 I I FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES: 20 vA*y 15 3 HELD UNDER RE „ PU • RC • HA • S • E * AGR i EE ^ ME . N M TS A , A , .^ «*A^,, 0 5 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Mar. 31. See p. 352. 350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other Date U To .S t . a l Go B v r o o i t g u u . h t g s - t h e t cu u r c a r H n e i g h e t p r d a i l u e e s e d e r s e r - - c v o D a a a u i n n d n s c d - t - e s s Float o A th ll - Total s G to o c ld k s T r t o e c a u i r n u n u n e r r g c y t a d - - y s - - M c t c u o i i i o n l n r a n - e - y T h c i u r o n a e r l g s y a d h s s - - T t r w u h d r e e r e a i a s n t - y h s e - r m F ve . e F e m d R b o i e g b r a . - - n l e a B r n a b c n O p e a d k e o s n t e s h r , s k - - - c O s F o e R e a t e u r r c h e d a v n - - e - l e t r s Tot r a e M l se e r q m v u e b i R e r e b r e - a d l b a 3 a n n c c k e E e s s x s - 2 ment posits posits its W cdnesday 1953 Feb. 4 23,989 23,888 101 1,385 770 26,148 22,935 4,820 29,657 ,331 672 562 326 77020,584 19,956 628 Feb. 11.... 23,929 23,888 41 1,329 649 25,912 22,832 4,820 29,776 ,312 431 558 340 77020,376 19,894 482 Feb. 18 23,89023,888 732 1,023 25,648 22,722 4,821 29,654 ,288 395 458 244 83520,318 19,979 339 Feb. 25 23,853 23,853 806 743 25,406 22,662 4,821 29,735 ,291 389 454 211 83419,975 10,791 184 Mar. 4.... 23,853 23,853 824 1,062 25,742 22,662 4,824 29,772 ,295 488 512 240 83020,090 19,840 250 Mar. 11 23,853 23,853 1,315 770 25,941 22,611 4,824 29,780 ,299 331 581 345 82920,212 19,821 391 Mar. 18.... 23,96323,963 1,009 1,202 26,178 22,612 4,826 29,708 ,305 8 496 381 85220,865 20,002 863 Mar. 25.... 23,86923,869 705 810 25,387 22.562 4,826 29,600 ,306 7 511 351 85220,148 19,854 294 Apr. 1 23,80623,806 465 748 25,023 22,563 4,827 29,754 ,304 286 550 344 86919,305 19,518 -213 Apr. 8.... 23,80623,806 908 709 25,427 22,562 4,828 29,780 ,300 329 568 343 86819,629 19.472 157 Apr. 15.... 23,821 23,806 15 868 856 25,549 22,562 4,833 29,753 ,278 341 574 200 86519,932 19,560 372 Apr. 22 23,80623,806 842 743 25,395 22,562 4,834 29,722 ,279 509 585 356 86419,476 19,481 -5 Apr. 29 23,80623,806 837 581 25,227 22,562 4,836 29,787 ,278 367 518 401 78419,489 19,395 94 May 6 23,86023,806 933 647 25,443 22,561 4,840 29,863 ,285 214 517 374 78019,811 19,386 425 May 13 23,879 23,851 28 1,264 684 25,831 22,561 4,841 29,845 ,285 428 618 366 78019,912 19,282 630 May 20 23,922 23,891 31 530 832 25,288 22,562 4,844 29,795 ,282 145 584 286 77719,824 19,312 512 May 27 24,08823,963 125 571 645 25,308 22,536 4,845 29,825 ,284 355 504 238 77719,706 19,298 408 June 3....24,121 24,071 50 507 785 25,418 22,536 4,849 29,980 ,282 137 520 253 902 19,729 19,209 520 J J u u n n e e 1 1 0 7 . . . . . . . . 2 2 4 5 , , 6 1 3 54 2 2 4 5 , , 6 1 3 5 2 4 5 4 2 5 8 4 6 1, 6 2 4 1 6 3 2 2 5 6 , , 7 6 4 5 1 6 2 22 2 , , 5 5 1 3 3 7 4 4, . 8 8 5 5 1 0 3 2 0 9 , , 0 9 0 7 3 0 , , 2 2 8 7 9 6 6 8 5 5 8 9 7 8 2 1 5 7 2 3 9 9 0 5 2 8 2 2 0 0 , , 1 9 6 5 8 8 1 1 9 9 , , 4 7 4 7 9 8 1,1 7 8 1 0 9 June 24 24,83724,837 317 619 25,776 22,487 4,851 29,929 ,272 8 615 158 96020,173 19,594 579 July 1 24,766 24,766 245 737 25,752 22,463 4,854 30,152 ,269 176 521 174 94919,828 19,113 715 July 8.... 24,96424,964 341 677 25,984 22,438 4,854 30,279 ,266 431 488 176 94819,690 19,002 688 July 15.... 24,96424,964 200 756 25,923 22,374 4,853 30,163 ,264 640 561 179 94719,397 18,253 1,144 July 22 24,96424,964 521 777 26,265 22,276 4,853 30,051 ,267 539 525 323 94719,742 19,098 644 July 29 24,96424,964 747 588 26,301 22,277 4,853 30,044 ,264 841 547 343 86319,529 19,014 515 Aug. 5 24,96424,964 561 625 26,153 22,227 4,858 30,139 ,276 460 557. 332 86019,614 18,959 655 Aug. 12.... 24,96424,964 776 609 26,352 22,228 4,859 30,158 ,275 675 551 329 85919,593 18,942 651 Aug. 19 25,00824,989 19 815 751 26,577 22,228 4,861 30,145 ,280 738 610 390 86219,641 18,865 776 Aug. 26.... 25,017 24,989 28 524 587 26,131 22,228 4,862 30,105 ,273 669 518 354 86219,440 18,860 580 Sept. 2 25,06725,014 53 391 610 26.071 22,178 4,865 30,240 ,278 541 538 333 85919,325 18,884 441 Sept. 9.... 25,126 25,034 92 491 559 26,179 22,178 4,865 30,479 ,274 574 569 363 85919,104 18,731 373 Sept. 16 25,20725,084 123 311 943 26,464 22,178 4,868 30,335 ,278 356 507 381 88219,771 18,885 886 Sept. 23 25,185 25,185 228 813 26,228 22,179 4,869 30,210 ,277 619 543 259 88119,486 18,868 618 Sept. 30 25,235 25,235 329 685 26,252 22,128 4,872 30,275 ,283 642 512 352 88019,309 18,816 493 Oct. 7.... 25,34825,348 281 606 26,238 22,128 4,872 30,374 ,284 524 484 370 89919,303 18,757 546 Oct. 14.... 25,36325,348 15 271 685 26,322 22,128 4,873 30,412 ,271 348 461 375 899 19,557 18,728 829 Oct. 21 25,34825,348 260 826 26,437 22,077 4,874 30,305 ,270 530 461 358 89719,567 18,817 750 Oct. 28... 25,34825,348 359 599 26,309 22,077 4,874 30,268 ,282 644 471 366 89519,334 18,796 538 25,44725,398 49 822 559 26,830 22,076 4,877 30,428 1,283 664 453 376 80119,779 18,845 934 25,123 24,958 165 365 622 26,111 22,077 4,878 30,540 784 322 449 534 80819,630 19,026 604 24,95824,958 594 933 26,487 22,076 4,878 30,487 786 503 419 398 80520,044 19,187 857 25,022 24,993 "29 768 636 26,428 22,027 4,879 30,691 777 522 429 335 80519,775 19,150 625 25,081 25,043 38 427 792 26,302 22,028 4,882 30,791 774 526 431 339 87819,474 19,161 313 25,345 25,143 202 727 606 26,681 22,028 4,883 30,904 778 488 491 331 88019,720 19,053 667 25,45725,243 214 268 1,193 26,921 22,028 4,884 30,953 769 224 464 259 936 20,229 19,309 920 25,886 25,318 568 435 1,369 27,692 22,029 4,886 31,156 763 799 461 427 93720,064 19,297 767 25,902 25,318 584 100 973 26,977 22,029 4,889 30,890 773 377 474 380 936 20,066 19.364 702 25,318 66 170 963 26,519 22,029 4,890 30,591 770 222 440 397 20,184 19,390 794 2 2 24 5 5 , , , 6 3 3 6 1 6 1 8 4 1 1 5 7 1 6 0 0 9 7 7 7 2 5 7 2 4 2 2 2 6 5 6 , , , 4 4 2 9 1 3 5 2 0 2 2 22 2 2 , , , 0 0 0 0 0 3 6 6 0 4 4 4 , , ,8 8 8 9 9 9 0 0 0 3 3 2 0 0 9 , , , 0 2 9 8 8 0 3 4 0 7 7 7 7 9 8 5 5 2 23 8 5 6 6 4 4 5 9 4 0 3 3 0 2 4 2 4 7 8 1 8 6 8 8 8 3 3 3 1 3 6 2 2 1 0 0 9 , , , 8 2 85 7 2 9 4 8 1 1 1 9 9 9 , , , 3 2 2 3 1 5 5 7 0 1, 6 9 5 4 3 7 2 8 9 24,77424,717 515 569 25,860 21,956 4,899 29,930 807 457 477 345 82919,870 19,089 781 24,863 24,806 440 509 25,815 21,957 4,902 29,923 818 638 473 338 82819,654 18,937 717 24,806 24,806 291 798 25,897 21,957 4,905 29,821 820 533 482 346 91219,845 18,921 924 24,559 24,559 249 503 25,312 21,958 4,906 29,838 824 509 461 359 19,273 18,853 420 24,559 267 861 25,689 21,958 4,912 29,885 820 528 476 402 19,540 18,827 713 24,682 411 543 25,638 21,963 4,917 28,970 820 447 487 346 90719,640 18,792 848 24,582 265 855 25,704 21,964 4,920 29,769 823 51 528 191 20,307 19,198 '1,109 24,632 73 349 569 25,625 21,964 4,925 29,632 810 539 517 358 19,739 '18,845 P894 24,632 147 535 25,316 21,965P4.932P29,701 ^822 722 494 363 19,194 •18,759 23,80623,806 485 632 24,927 22,563 4,829 29,754 1,293 222 536 342 85019,322 19,607 -285 23,88023,806 74 1,014 649 25,546 22,562 4,841 29,842 1,269 393 506 416 78319,740 19,389 351 24,24624,031 215 731 607 25,589 22,537 4,849 29,951 1,272 221 515 171 77520,069 19,263 806 24,746 24,718 28 64 601 25,414 22,463 4,854 30,125 1,259 132 527 176 95119,561 19,459 102 24,96424,964 644 565 26,176 22,277 4,859 30,120 1,263 548 566 346 86219,607 19,017 590 25,063 24,989 ' '74 343 549 25,958 22,178 4,867 30,248 1,269 496 524 325 86219,278 18,802 476 25,235 25,235 329 685 26,252 22,128 4,872 30,275 1,283 642 512 352 88019,309 18,816 493 25,34825,348 413 787 26,550 22,077 4,879 30,398 1,275 654 448 468 80219,460 18,826 634 25,095 24,993 102 369 667 26,133 22,028 4,885 30,807 766 451 417 367 80419,434 19,087 347 25,91625,318 598 28 935 22,030 4,894 30,781 761 346 423 493 83920,160 19,397 763 24,64024,640 156 640 25,437 21,956 4,899 29,981 793 405 440 459 83019,384 19,016 368 24,50924,509 350 827 25,688 21,958 4,913 29,904 811 542 490 491 90919,412 18,821 591 24,63224,632 147 535 25,316vl 1,965P4,932 '29,701 P822 722 494 363 91719,194 '18,759 P Preliminary. For footnotes see following page. APRIL 1954 351 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 Dutstanding Deposits, other than member bank Member bank Treas- reserve balances, reserve balances U. S. Govt. securities ury Money Treas- with F. R. Banks Fedp D e o r a i r o te d Total B r o o ig u u h t g - t ht u c r a H e h n g p e a d r l e u s e d e e r r - - v c D o a a a n n u d is c n d - - e ts s Float o e A t r h l i l - Total s G to o c ld k s r o c e t i a u n n u n r c g t - - d y - c t c u i i i o n l r a n - - h c i u n o a r g l s y d h s - T p r u o d e r e s a y i - s ts - p F e o d i o s g e r i - n t - s O p d i e o t t e r s h s - - - c s o e R e a r u r c e a v n - - i e ts Total qu R ir e e - d2 c E es x s - 2 ment 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 1 1 9 9 4 4 1 5 — — D Deecc. 2 2 4 , , 2 2 5 6 4 2 2 2 4 , , 2 26 5 2 4 249 3 57 9 8 4 10 2 2 2 5 , , 3 0 6 9 1 1 2 2 2 0 , , 7 0 3 6 7 5 3 4 , , 2 3 4 3 7 92 1 8 1 , , 5 1 1 6 5 0 2 2 , , 2 2 1 8 5 7 9 8 7 6 7 7 8 7 6 7 2 4 4 5 4 8 6 6 4 2 9 9 5 1 1 1 5 2 , , 9 4 1 5 5 0 1 9 4 , , 3 4 6 57 5 3 1 , ,4 0 5 8 8 5 1947—Dec. 22,559 22,559 85 535 1 23,18122,754 4,56228,868 1,336 870 392 569 563 17,899 16,400 1,499 1948—Dec. 23,333 23,333 223 541 1 24,09724,244 4,58928,224 1,325 1,123 642 547 590 20,479 19,277 1,202 1949—Dec. 18,885 18,885 78 534 2 19,49924,427 4,59827,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 3 22,21622,706 4,63627,741 1,293 668 895 565 714 17,681 16,509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 5 25,00922,695 4,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—June.22,906 22,764 142 59 581 5 23,55123,346 4,75429,026 1,283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 4 25,82523,187 4,81230,433 1,270 389 550 455 777 19,950 20,520 -570 1953—June.24,746 24,718 28 64 601 3 25,41422,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages of daily figures Monthly: 1953—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 19,243 936 Feb.. 24,770 24,729 41 308 667 2 25,74621,957 4,90429,903 811 568 470 429 870 19,557 18,925 632 Mar. 24,633 24,620 13 205 712 2 25,55321,963 4,92029,800 813 490 494 352 913 19,573 Week ending: 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 19,292 1,274 Jan. 27.... 24,958 24,958 91 880 2 25,93022,006 4,89029,999 788 46 466 322 832 20,374 19,236 1,138 Feb. 3.... 24,662 24,654 8 226 558 2 25,44721,963 4,89829,965 799 405 450 372 830 19,487 19,059 428 Feb. 10 24,869 24,803 66 375 552 2 25,79821,956 4,90029,941 807 589 458 371 829 19,659 18,986 673 Feb. 17... . 24,895 24,806 89 316 702 2 25,91621,957 4,90429,915 811 627 488 503 864 19,569 18,916 653 Feb. 24 24,723 24,723 215 796 2 25,73521,957 4,90529,836 815 558 461 448 912 19,569 18,867 702 Mar. 3.... 24,523 24,523 282 738 2 25,54521,958 4,91129,895 817 517 481 413 909 19,382 18,831 551 Mar. 10 24,676 24,662 14 256 684 2 25,61721,960 4,91629,916 818 566 460 385 908 19,441 18,765 676 Mar. 17. ... 24,633 24,629 4 186 689 2 25,50921,963 4,91929,859 816 242 530 289 912 19,744 P19.004 P740 Mar. 24 24,621 24,597 24 177 766 2 25,56521,964 4,92329,722 806 487 505 317 918 19,697 P18.996 P701 Mar. 31.... 24,649 24,636 13 190 703 2 25,54421,965 4,92729,662 809 670 486 399 918 19,492 P18.835 P657 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS' [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935Dec 31, 1935Jan. 1, 1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 S P a o v s i t n a g l s S a d v e i p n o g s s i ts deposits 2 2 V y 2 Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 50 75 50 In less than 90 days For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Maximum rates that may be paid by insured nonmember banks as established by the F.D.I.C., th n e i d m i g a in rk i e C t 4U va ii l v u : e ni v ( , 1 u 0 io 0 % o ) n u a w nd u t n h x e L m HIO ax t i a m u u ic m d i l e o a m n e v u al n u i e d . cute UCIWCCU 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. 352 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 corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances (S s e e e c s u . r 1 e 3 d a b n y d e 1 li 3 gi a b ) l 1 e paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Mar. 31 beginning— rate Mar. 31 beginning— rate Mar. 31 beginning— rate Boston Feb. 5, 1954 Feb. 5,1954 2% Feb. 5, 1954 New York.... Feb. 5, 1954 Feb. 5,1954 Jan. 16, 1953 Philadelphia. . Feb. 5, 1954 Feb. 5,1954 2% Jan. 16, 1953 Cleveland Feb.15, 1954 Feb. 15,1954 Aug. 17, 1953 Richmond. . . Feb.12, 1954 Feb. 12,1954 3 Jan. 23, 1953 Atlanta Feb. 9, 1954 Feb. 9,1954 Feb. 9, 1954 Chicago Feb.11, 1954 Feb. 11,1954 V Aug. 13, 1948 St. Louis Feb. 5, 1954 Feb. 5,1954 May 18, 1953 Minneapolis. . Feb. 5, 1954 Feb. 5,1954 Jan. 26, 1953 Kansas City. , Feb.12, 1954 Feb. 12,1954 3 Jan. 16, 1953 Dallas Feb.15, 1954 Feb. 15,1954 I" Jan. 23, 1953 San Francisco Feb. 5, 1954 Feb. 5,1954 Jan. 20, 1953 3 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discount Bfor and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits) Rate on In effect be- Previous Net demand deposits * Maturity Mar. 31 ginning— rate Time Effective date deposits of change Central Reserve (all 1- 90 days Feb. 5, 1954 2H reserve city Country member 91-120 days Feb. 5, 1954 2M city banks banks banks) 121-180 days Feb. 5, 1954 2H banks 1917—June 21 13 10 7 3 NOTE.—Effective minimum buying rates on prime bankers' acceptances payable in dollars. Back figures.—See Banking and Monetary 1936—Aug. 16 15 P Statistics, Table 117, pp. 443-445. 1937—Mar. 1 22$| 17X May 1 26 20 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16 225* 17H 12 5 OF THE FEDERAL RESERVE ACT 1941—Nov. 1 26 20 14 Maturities not exceeding five years 1942—Aug. 20 24 6 [In effect March 31. Per cent per annum] Sept. 14 22 Oct. 3 20 To industrial or 1948—Feb. 27 22 c b o u m si m ne e s rc se ia s l To financing institutions J S u e n p e t. 1 1 1 6 24 16 27 ¥ Sept. 24 26 22 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 1949— J M M u a n a y y e 30 5 1 24 2 2 0 1 15 3 2 3 6 7 7 Bank lo O an n s * co m m O e m n n t i s t- fo P r o r w ti h o i n ch Re- c m om O en n m ts it- J A A u u u ly g g . . 1 1 1 1 . . 23^ 19J4 1 1 4 3 2 3 6 5 institu- maining Aug 16 . 12 25 tion is portion Aug. 18 23 19 obligated Aug. 25 Sept. 1 22 18 Boston () 1951—Jan. 11 23 19 36 New York Jan 16 13 26 C Ph le i v la e d la e n lp d hia ( ( • • ) ) J F a e n b . 25 1 24 20 i 4 A Ri t c la h n m ta ond (») 1953—July 1 13 Chicago July 9 22 19 S M t. i n L n o e u a is polis.... 8 In effect Apr. 1, 19544... 22 19 13 6 Kansas City.... Dallas 3 1 Demand deposits subject to reserve requirements, which beginning San Francisco... () Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Including loans made in participation with financing institutions. Apr. 13, 1943-June 30, 1947). 2Rate charged borrower less commitment rate. 2 Requirement became effective at country banks. •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. aCharge of J4 per cent per annum is made on undisbursed portion 4 Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; reserve cities •Charge of \i per cent per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on tin.e of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. APRIL 1954 353 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 week en M di o n n g t h W , o e r dnesday b m a b A n e e m l k r l s - 1 N c e i w ty ban C k h s i- b s c a R e i n r t e v y k - e s b C a t o n r u y k n s - 1 week en M di o n n g t h W , o e r dnesday b m a b A n e e m l k r l s - l N c e i w ty ban C k h s i- b s c a e R i r n t e v y k - e s b C a t o n r u y k n s - 1 York cago York cago Total reserves held: Excess reserves: 1952—December 21,180 5,357 L.406 8,323 6,094 1952—December 723 30 -4 120 576 1953—January 20,958 5,184 L,379 8.277 6,118 1953—January 707 5 -6 119 589 February 20,520 5,050 L.356 8,082 6,031 February 638 14 -3 95 531 December 19,920 4,762 1,295 7,962 5,901 December 693 14 1 85 594 1954—January 20,179 4,863 L.320 8,065 5,932 1954—January 936 146 7 162 621 February 19,557 4,652 ,269 7,825 5,811 February 632 8 -7 83 548 Feb. 17 19,569 4,630 ,259 7,817 5,863 Feb.* 17 653 7 -12 67 591 Feb. 24 19,569 4,701 1,268 7,799 5,802 Feb. 24 702 76 2 73 551 Mar. 3 19,382 4,637 1,259 7,735 5,751 Mar. 3 552 -22 -10 76 508 Mar. 10 19,441 4,658 1,254 7,697 5,831 Mar. 10 678 21 4 78 575 Mar. 17 19,744 4,757 1,270 7,833 5,885 Mar. 17 P724 6 -1 96 P623 Mar. 24 19,697 4,734 ,270 7,830 5,863 Mar. 24 ^675 14 -2 64 P599 Borrowings at Federal Required reserves:2 Reserve Banks: 1952—December 20,457 5,328 L.409 8,203 5,518 1952—December 1,593 486 232 639 236 1953—January 20,251 5,180 L.385 8,157 5,529 1953—January 1,347 320 335 529 163 February 19,882 5,036 L,359 7,986 5,500 February 1,310 255 277 624 155 December 19,227 4,748 1,295 7,877 5,307 December 441 115 37 184 105 1954—January 19,243 4,717 L ,313 7,903 5,311 1954—January 101 1 59 41 February 18,925 4,645 1,276 7,742 5,262 February 293 36 46 148 63 Feb. 17 18,916 4,623 1,271 7,750 5,272 Feb. 17 301 27 56 131 87 Feb. 24 18,867 4,624 L.266 7,726 5,251 Feb. 24 200 2 18 122 58 Mar. 3 18,831 4,659 1,269 7,660 5,243 Mar. 3 267 27 166 74 Mar. 10 18,765 4,638 1,251 7,620 5,256 Mar. 10 236 16 43 99 78 Mar. 17 P19.O2O 4,751 L.27O 7,737 P5.262 Mar. 17 170 16 18 61 75 Mar. 24 P19.022 4,720 ,272 7,766 P5.264 Mar. 24.. , . 162 37 25 56 44 p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 2 Reserve requirements were reduced in July 1953; see table on preceding page. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve Item b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n e t v y k - e s C ba t o r n u y k n s - b m a b A n e e l m k r l s - Ne c w ity ban C ks hi- b s c R a e i r n e t v y k - e s C ba t o r n u y k n s - York cago York cago February 1954 February 1953 Gross demand deposits: Total 108,189 22,703 6,080 41,840 37,566 107,339 22,511 987 41,495 37,345 Interbank 12,443 3,981 1,228 6,070 1,164 12,139 3,873 161 5,967 1,138 Other 9,5,746 18,723 4,852 35,770 36,402 95,200 18,639 4,827 35,528 36,207 Net demand deposits2 94,175 20,293 5,461 36,172 32,250 93,802 20,423 5,369 35,898 32,113 Time deposits 36,565 3,008 1,238 14,488 17,831 33,609 2,243 1,175 13,447 16,744 Demand balances due from domestic banks... 6,251 55 112 1,947 4,137 6,037 43 116 1,835 4,044 Reserves with Federal Reserve Banks: Total 19,557 4,652 1,269 ,825 5,811 20,520 5,050 1,356 8,082 6,031 Required3 18,925 4,645 1,276 ,742 5,262 19,882 5,036 1,359 7,986 5,500 Excess 632 8 -7 83 548 638 14 -3" 95 531 Borrowings at Federal Reserve Banks 293 36 46 148 63 1,310 255 277 624 155 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. 3 Reserve requirements were reduced in July 1953; see table on preceding page. 354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1954 1954 1953 Mar. 31 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Mar. Feb. Mar. Assets Gold certificates 20,399,102 20,409,10320,399,10120,399,10120,389,104 20 399,10220,389,10220,619,103 Redemption fund for F. R. notes. . 878,976 872,924 873,039 875,466 878,04i 878,976 880,653 748,134 Total gold certificate reserves. 21,278,078 21,282,02721,272,14021,274,56721,267,149 21,278,078 21,269,75521,367,237 Other cash 427,475 438,855 429,493 426,376 442,683 427,475 459,656 370,502 Discounts and advances: For member banks 131,864 333,519 250,313 386,342 251,732 131,864 335,277 467,239 U In . d F S u o . s r t G r n i o o a v l n e m l r o n e a m m ns b e e n r t b se a c n u k r s i , t i e e t s c : 1 1 5 , , 4 0 7 0 0 0 15 1, , 6 0 3 0 5 0 15 1, , 5 0 3 0 9 0 25 1 , ,6 0 6 0 0 0 15 1, , 7 0 2 0 8 0 1 1 5 , , 4 0 7 0 0 0 1 1 5 , , 7 0 7 0 2 0 1 3 8 , , 6 0 5 0 3 0 Bought outright: Bills 1,910,975 1,910,975 1,860,975 1,960,975 1,837,775 1,910,975 1,787,775 514,754 Certificates: Special Other 6,051 191 6,051,191 ,051,191 6,051,191 6,051,191 6,051,191 6,051,191 4,995,716 Notes 13,029 02113,029,021 13,029,021 13,029,021 13,029,021 13,029,021 13,029,021 13,773,671 Bonds 3,641 150 3,641,150 ,641,150 3,641,150 3,641,150 3,641,150 3,641,150 4,521,975 Total bought outright 24,632,337 24,632,33724,582,337 24,682,33724,559,137 24,632,33724,509,137 23,806,116 73,000 Held under repurchase agreement 24,632,33724,705,337 24,582,337 24,682,337 24,559,137 24,632,337 24,509,137 23,806,116 Total U. S. Government securities. . 24,780,671 25,055,49124,849,18925,095,33924,827,59724,780,67124,861,18624,295,008 Total loans and securities Due from foreign banks 22 22 22 22 22 22 22 23 F. R. notes of other banks 155 130 169,257 159,852 171,732 175,186 155,130 182,856 167,011 Uncollected cash items 3,844884 4,062,081 ,457,085 3,516,467 3,931,573 3,844,884 3,723,526 3,766,936 Bank premises 52 910 52,884 52,842 52,842 52,819 52,910 52,815 49,362 Other assets 164 697 156,956 149,142 154,043 146,368 164,697 142,139 185,864 Total assets 50,703,86:51,217,57352,369,76550,691,38850,843,39750,703,86750,691,95550,201,943 Liabilities Federal Reserve notes 25,486,57525,443,49425,570,23825,682,61625,720,678 25,486,57525,756,835 25,560,203 Deposits: Member bank—reserve accounts 19,194,19219,739,180 20,307,26619,640,32819540,31419,194,19219,412,38719,322,123 U. S. Treasurer—general account 722,054 538,596 51,190 447,483 528,262 722,054 541,544 221,631 Foreign 493,801 517,284 527,993 486,847 475,782 493,801 489,792 535,610 Other 362,892 357,748 190,572 346.184 401,518 362,892 490,653 342,009 Total deposits. 20,772,939 21,152, 21,077,021 20,920,842 20,945,876 20,772,939 20,934,376 20,421,373 Deferred availability cash items 3,309,596 3,492 4,601,837 2,973,942 ,070,088 3,309,596 2,896,772 ,135,168 Other liabilities and accrued dividends.. 18,081 18 16,877 16,840 15,986 18,081 15, 17,734 Total liabilities. 49,587,191 50,107,479 51,265,97349,594,240 49,752,62849,587,191 49,603,977 49,134,478 Capital Accounts Capital paid in 270,208 269,986 269,952 269,749 269,737 270,208 269,656 256,891 Surplus (Section 7) 625,013 625,013 625,013 625,013 625,013 625,013 625,013 584,676 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 193,912 187,552 181,284 174,843 168,476 193,912 165,766 198,355 Total liabilities and capital accounts 50,703,867 51,217,573 52,369,765 50,691,388 50,843,397 50,703,867 50,691,955 50,201,943 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.0 45.7 45.6 45.7 45.6 46.0 45.6 46.5 Contingent liability on acceptances purchased for foreign correspondents 12,916 9,754 9,192 9,372 9,391 12,916 9,741 29,406 Industrial loan commitments 2,957 3,077 3,204 3,168 3,146 2,957 3,146 2,756 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 146,864 348,519 265,313 411,342 266,732 146,864 350,277 485,239 Within 15 days 129,939 326,817 240,508 390,865 251,517 129,939 329,012 442,450 16 days to 90 days 16,925 21,702 24,805 20,477 15,215 16,925 21,265 40,848 91 days to 1 year 1 ,941 Industrial loans—total "^470 1^635 1,539 1,660 1,728 1,470 " 1,772 3,653 Within 15 days 152 508 557 211 231 152 266 648 16 days to 90 days 15 17 17 369 416 15 391 556 91 days to 1 year 1,256 1,064 919 1,033 1,008 1,256 1,041 2,289 Over 1 year to 5 years 47 46 46 47 73 47 74 160 U. S. Government securities—-total 24,632,337 24,705,337 24,582,337 24,682,337 24,559,137 24,632,337 24,509,137 23,806,116 Within 15 days 344,750 492,750 445,000 416,300 405,200 344,750 262,700 75,500 16 days to 90 days ,252,591 ,177,591 ,102,341 682,441 2,570,341 3,252,591 1,525,075 ,577,020 91 days to 1 year 277,575 ,277,575 ,277,575 736,375 12,736,375 12,277,575 13,874,141 ,314,575 Over 1 year to 5 years 307,260 ,307,260 ,307,260 057,964 6,057,964 6,307,260 65,057,964 ,410,550 Over 5 years to 10 years ,035,304 ,035,304 ,035,304 374,400 1,374,400 1,035,304 11,374,400 ,070,224 Over 10 years ,414,857 ,414,857 414,857 414,857 1,414,857 1,414,857 1,414,857 ,358,247 beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the perio'l 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. APRIL 1954 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 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. 20,399,102 1,000,521 5,689,7271,264,6201,857,1071,033,802 937,1153,515,082 781,234 448,240 807,586 769,1322,294,936 Redemption fund for F. R. notes. 878,976 53,339 178,103 58,166 80,369 73,750 57,418 149,445 48,803 25,278 40,969 29,946 83,390 Total gold certificate reserves. . 21,278,078 1,053,860 5,867,8301,322,7861,937,4761,107,552 994,5333,664,527 830,037 473,518 848,555 799,0782,378,326 Other cash 427,475 32,388 78,202 25,404 34,746 21,796 38,369 79,281 27,206 10,050 13,085 17,875 49,073 Discounts and advances: Secured by U. S. Govt. securities. . . 131,192 15,375 8,215 5,520 2,652 10,605 19,700 34,495 6,200 12,475 15,130 825 Other 15,672 987 4,350 1,110 1,380 765 645 2,085 1,170 375 570 705 1,530 Industrial loans 1 470 1 215 142 113 U. S. Government securities: Bought outright 24,632,337 1,356,355 6,341,0531,484,1972,091,015 1,460,6981,259,9194,257,256 1,036,307 607,951 1,073,551 978,4702,685,565 Held under repurchase agreement... Total loans and securities 24,780,671 1,372,717 6,353,6181,492,0422,095,047 1,472,0681,280,4064,293,836 1,043,677 620,914 1,089,251 979,1752,687,920 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 155,130 3,201 19,333 7,694 7,452 23,453 27,264 16,104 8,761 10,298 5,246 8,184 18,140 Uncollected cash items 3,844,884 296,886 783,749 232,620 431,631 313,597 272,994 582,116 157,335 94,318 166,048 164,655 348,935 Bank premises... 52,910 6,131 7,525 4,841 5,161 4,661 3,992 6,390 2,881 1,017 2,207 578 7,526 Other assets 164,697 8,926 41,368 9,926 14,218 9,848 9,032 27,744 6,717 4,039 7,748 7,104 18,027 Total assets 50,703;867 2,774,110 13,151,6313,095,3154,525,7332,952,9762,626,5918,670,0012,076,615 1,214,1552,132,141 1,976,6505,507,949 Liabilities F. R. notes 25,486,575 1,568,068 5,688,1281,817,0092,356,571 1,745,6841,360,9864,927,031 1,155,179 628,812 993,583 708,1872,537,337 Deposits: Member bk.— reserve accts. 19,194,192 755,145 5,994,825 910,491 1,535,196 773,165 891,0812,959,537 675,929 414,337 887,999 983,9042,412,583 U S Treas gen. acct.. . . 722,054 76,509 75,208 54,965 63,034 78,275 52,968 76,365 46,600 38,856 42,277 53,579 63,418 Foreign 493,801 29,457 2150,923 35,735 44,427 24,628 20,765 67,123 18,350 12,073 18,350 22,696 49,274 Other 362,892 4,307 301,731 1,544 5,803 2,317 916 683 7,141 1,655 5,634 582 30,579 Total deposits... 20,772,939 865,418 6,522,6871,002,7351,648,460 878,385 965,7303,103,708 748,020 466,921 954,260 1,060,7612,555,854 Deferred availability cash items 3,309,596 271,239 621,851 192,799 417,226 268,705 248,141 478,443 128,113 88,391 139,604 155,512 299,572 Other liabilities and accrued dividends 18,081 982 5,517 1,040 1,916 781 797 3,043 635 517 648 620 1,585 Total liabilities. . 49,587,191 2,705,707 12,838,1833,013,5834,424,1732,893,5552,575,6548,512,2252,031,947 1,184,6412,088,095 1,925,0805,394,348 Capital Accounts Capital paid in. . 270,208 14,629 83,303 18,315 25,969 12,015 11,630 35,572 9,334 6,034 10,261 13,477 29,669 Surplus (Sec. 7).. 625,013 38,779 176,633 45,909 57,648 31,750 28,034 90,792 25,465 16,219 23,456 28,146 62,182 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 193,912 11,984 46,193 13,019 16,937 12,307 10,511 29,983 9,348 6,188 9,192 8,640 19,610 Total liabilities and capital accounts 50,703,867 2,774,110 13,151,6313,095,3154,525,7332,952,9762,626,5918,670,0012,076,615 1,214,1552,132,141 1,976,6505,507,949 Reserve ratio.... 46.0% 43.3% 48.1% 46.9% 48.4% 42.2% 42.7% 45.6% 43.6% 43.2% 43.6% 45.2% 46.7% Contingent liability on acceptances purchased for foreign correspondents 12,916 787 33,757 955 1,187 658 555 1,793 490 322 490 606 1,316 Industrial loan commitments.. 2,957 1,148 748 47 124 25 865 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $342,859,000 participations of other Federal Reserve Banks. 3After deducting $9,159,000 participations of other Federal Reserve Banks. 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands o dollarsj Wednesday figures End of month Item 1954 1954 1953 Mar. 31 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Mar Feb Mar. F. R. notes outstanding (issued to Bank) 26,714,68626,686,44026 772,28826 822,06326,900,31226,714,68626,938 13126,547,494 Collateral held against notes outstanding: Gold certificates 11,093,000 11,093,000 11093,000 11093,000 11,093,000 11,093,00011,093 00012,524,000 Eligible paper 74 417 231,872 170,081 ?4S,585 H7,800 74,417 192 640 257,553 U. S. Government securities 17,155,000 17,155,000 17 155,000 17 155,000 17,255,000 17,155,000 17,255 000 14,760,000 Tota] collateral 28,322,41728,479,87228 418,08128 493,58528,485,80028,322,417 28,540 640 27,541,553 EACH FEDERAL RESERVE BANK ON MARCH 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 l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,714,686 1,636,032 5,928,373 1,934,4922,480,011 1,847,5771,440,485 5,080,7151,219,628 655,707 1,023,100 761,490 2,707,076 Collateral held: Gold certificates 11,093,000 640,000 2,670,000 800,000 1,050,000 625,000 435,000 2,400,000 355,000 175,000 28800,,000000 283,0001,380,000 Eligible paper. . 74,417 15,447 7,615 5,520 10,605 6,800 12,475 15,130 825 U. S. Govt. securities 17,155,000 1,200,000 3,600,000 1,200,0001,550,0001,300,0001,100,000 2,800,000 960,000 500,000 800,000 525,000 [,620,000 Total collateral.. 28,322,417 1,855,447 6,277,615 2,005,520 2,600,000 1,935,6051,535,000 5,200,0001,321,800 687,4751,095,130 808,000 3,000,825 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] 19 y 4 E m 5 e n a o d r n t o o h f r 3 N , b u 5 A e m 1 r a p 1 - p t p o p l i r c d o A a 5 a v t 4 t m i e e 4 o d o n ,9 u s 6 n 1 t ( b a p p m u c l r A e o o t o t m p v 3 e u n - e 2 d - n o d 0 1 t t ) s (a t L a m 1 o n o , o u d 9 a u t i 9 n - n n 5 s g t) 2 s ( C a t m a o m 1 o n m , e u o d 6 n u t m 4 i - t n n 4 s i g t t ) - s o i ( n a t p t f a u m g a 1 0 r fi t j i u , n o i i d 0 o n o t a u i 8 - n s n n n n 6 s t s g c t i ) - - 3 y E m e n a o d r n t o o h f r N G b u u e m a r a r - u a t t o n h t o e d r A e a i d z t m e ed l o o u a n n t s am To o t o u G a u n l u t t a s lo t r a a a n n n d t s e g P in e u o t d g e a r e r ti a d o n n - a o u a A n b v u n a t o a d t d e m s m i r d e e l t r r a i e a o o t b n n a i w u g o l g t d n e s e u n r i t r e a n a s t e r l g o - - 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1 ,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 62 31,326 8,017 6,265 8,299 1949 3,649 629,326 539 2,178 2,288 2,947 1951 854 1,395,444 675,459 546,597 472,827 1950 3,698 651,389 4 819 2,632 3,754 3,745 1952 1,159 2,124,123 979,428 803,132 586,303 1951 3,736 710,931 3 513 4,687 6,036 11 985 1952 3,753 766,492 1,638 3,921 3,210 3,289 1953 1953 February.. 1,188 2,170,443 999,794 822,257 548,916 March.... 1,204 2,190,643 1,023,666 838,704 520,517 February.. 3,755 773,013 1 185 4,054 2,816 3 234 April 1,212 2,211,201 972,193 801,945 469,324 A J J S A M M u u e p u l n a a p y r g y r e i t c l e u h m st b . e .. r . . 3 3 3 3 3 3 3 , , , , , , , 7 7 7 7 7 7 7 6 5 5 6 5 5 5 0 9 7 0 6 8 8 7 7 7 7 7 7 7 9 9 8 9 8 8 7 5 3 4 0 8 0 6 , , , , , , , 1 4 2 7 4 4 0 9 9 4 9 6 6 5 6 6 6 8 1 8 8 1 1 1 1 1 1 4 9 6 6 7 1 1 9 9 4 9 6 5 8 7 2 6 8 2 1 8 3 3 3 2 2 3 3 , , , , , , , 8 9 2 7 2 4 6 0 9 9 0 8 2 7 1 3 2 6 5 3 8 3 3 3 2 3 2 2 , , , , , , , 3 1 3 7 6 8 3 4 4 5 7 5 6 0 1 2 1 6 6 5 4 3 3 3 3 2 3 3 9 1 1 1 1 1 1 5 3 4 4 2 3 9 5 4 1 1 9 1 3 O N J J A S D M u u e c o e u l n a p t c y v g y e o t e e e u b m m m e s b t r b b . . e e e . r . . r r . . . . 1 1 1 1 1 1 1 1 , , , , , , , 2 , 2 2 2 2 2 2 2 9 3 7 5 6 2 4 8 4 7 9 9 9 1 4 4 2 2 2 2 2 2 2 2 , , , , , , , , 3 3 3 2 3 3 2 2 2 5 2 9 1 0 8 5 0 8 4 2 0 1 3 8 , , , , 1 , , , , 6 3 1 7 9 7 0 8 1 8 8 7 8 5 1 7 2 7 2 7 7 5 1 8 8 8 9 9 8 8 8 0 3 4 9 5 0 6 6 4 7 2 1 7 6 8 0 , , , , , , , , 6 2 5 8 5 5 2 8 8 3 2 6 4 8 7 7 6 8 9 5 1 4 4 4 6 6 6 7 7 7 7 7 9 6 9 1 0 9 4 3 1 6 5 6 9 2 8 6 , , , , , , , , 7 2 5 6 4 0 6 7 2 0 5 1 1 8 9 2 7 5 0 5 8 8 1 3 3 4 4 3 4 4 4 4 7 6 8 1 8 3 4 6 5 3 7 6 2 8 4 9 , , , , , , , , 6 9 9 3 0 6 2 0 6 7 2 9 9 9 6 4 7 7 8 4 1 0 5 8 October. . . 3,762 797,656 1 242 2,685 3,381 2 970 N De o c v e e m m b b e e r r . . . 3 3 , , 7 7 6 6 4 5 8 8 0 0 0 3 , ,4 4 2 2 9 0 1 1 9 6 5 8 1 2 2 1 , , 9 5 0 4 0 6 3 3 , ,0 5 9 6 7 9 3 3 4 6 6 4 9 0 1954 1954 January.. . 1,304 2,377,628 788,320 652,706 347,969 February.. 1,310 2,380,186 772,647 640,121 355,056 January... 3.765 805,115 1 234 1,885 3,532 3 414 February.. 3,765 806,648 1 345 1,792 3,145 3 344 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to bor- 1 Includes applications approved conditionally by the Federal Re- rowers under guarantee agreements outstanding represents amounts serve Banks and under consideration by applicant. repaid, guarantees authorized but not completed, and authorizations 2Includes industrial loans past due 3 months or more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. APRIL 1954 357 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 March 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 ances 1 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 1952—December 2,547 2,736 33 2,551 151 Over 95 40-50 40-50 1953—January 2,536 2,724 33 2,538 152 February 2,523 2,715 33 2,524 158 Maximum Rates Financing Institution May Charge Borrower A M p a r r i c l h 2 2, , 4 5 9 1 5 0 2 2, , 6 7 9 0 7 8 3 3 3 3 2 2 , , 5 5 2 2 0 0 1 1 5 4 5 4 [Per cent per annum] May 2 477 2,665 33 2,488 144 June 2,457 2,653 33 2,477 143 July 2,438 2,648 33 2,469 146 Interest rate August 2,419 2,635 33 2,452 151 Commitment rate. September. . . 2,401 2,618 33 2,435 150 October 2,387 2,596 33 2,428 135 November. . . 2,373 2,577 31 2,407 139 December P2 359 1954—January P2 341 February P2.326 P Preliminary. Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest 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 centersx centers City centersx centers 1943 757,356 281,080 175,499 300,777 20.4 18.0 15.3 1944 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695.133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1952—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. 24.4 18.9 March 153,356 53,898 35,339 64,119 37. 19.4 April 145,567 52,038 32,742 60,788 35.4 18.4 May 141,981 50,255 32,283 59,443 35.6 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.. . 149,606 54,152 31,778 63,676 35.8 23.9 18.4 November, 140,992 50,470 30,477 60,046 38.4 26.4 20.2 December. 168,596 65,367 35,557 67,672 43.1 26.8 19.7 1954—January... M54,289 62,306 30,806 ••61.178 42.7 24.1 18.5 February.. 141,933 56,115 29,341 56,477 42.7 25.5 19.0 r Revised. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943 see BULLETIN for April 1953, pp. 355-357. 358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin $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 1,693 051 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 2,150 983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 ,274 1,039 73 2,313 782 9,201 7,834 ,327 220 454 801 7 24 2 1946 28,952 20,437 1,361 ,029 67 2,173 6,497 9,310 8,518 ,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 ,548 070 428 782 5 17 3 1948 28,224 19,529 1,464 ,049 64 2,047 6,060 8,846 8,698 ,494 074 400 707 5 17 3 1949 27,600 19,025 1,484 ,066 62 2,004 5,897 8,512 8,578 ,435 056 382 689 4 11 3 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 ,422 043 368 588 4 12 2 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 ,544 207 355 556 4 12 2 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 ,669 5,447 343 512 4 10 2 1953—March 29,754 20,896 1,737 1,165 67 2,048 6,418 9,462 8,859 ,621 5,383 339 505 3 1 April 29,843 20,979 1,747 1,163 68 2,056 6,448 9,497 8,865 ,623 5,388 339 503 4 1 May 29,951 21,085 1,755 1,172 69 2,065 6,482 9,542 8,867 ,627 5,388 338 502 4 1 June 30,125 21,243 1,766 1,176 69 2,071 6,527 9,635 8,883 ,645 5,391 337 499 4 1 July 30,120 21,237 1,769 1,171 70 2,055 6,511 9,660 885 ,646 5,396 335 496 4 1 August 30,248 21,331 1,778 1,182 70 2,061 6,531 9,709 8,918 ,655 5,423 334 494 4 2 September.. . 30,275 21,321 1,792 1,207 69 2,060 6,499 9,694 8,956 ,659 5,458 334 493 4 2 October 30,398 21,414 1,802 1,214 70 2,071 6,524 9,734 8,986 ,665 5,488 333 489 4 2 November.. . 30,807 21,771 1,816 1,232 71 2,123 6,659 9,871 9,038 ,689 5,519 332 487 4 2 December. . . 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 ,732 5,581 333 486 4 2 1954—January 29,981 20,939 ,775 ,180 70 2,031 6,351 9,531 9,045 ,693 5,526 331 484 2 February.. . .29,904 20,908 1,770 1,170 70 2,021 6,365 9,512 8,999 2,674 5,502 330 482 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—'See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money leld in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Feb. 28, against Federal Reserve 1954 gold and Treasury Reserve Banks and Feb. 28, Jan. 31, Feb. 28, silver cash Banks and agents 1954 1954 1953 certificates agents Gold 21,958 21,306 2652 Gold certificates 21 306 18,454 2,816 36 36 37 Federal Reserve notes 26,938 84 1,364 25,490 25,587 25,410 Treasury currency—total 4,913 32,379 75 460 4,379 4,359 4,346 Standard silver dollars 491 234 45 5 209 208 199 Silver bullion ... 2,146 2,146 Silver certificates and Treasury notes of 1890.. *2,379 338 2,042 2,018 2,028 Subsidiary silver coin 1,237 23 67 1,146 1,149 1,120 Minor coin 432 4 12 416 418 406 United States notes . . 347 2 35 309 306 312 Federal Reserve Bank notes 189 1 2 186 187 207 National Bank notes 72 (5) (5) 71 71 75 Total—Feb. 28, 1954 (4) 23,685 811 18,454 4,639 29,904 J F a e n b . . 3 28 1 , , 1 1 9 9 5 5 4 3 ( ( 4 4 ) ) 2 2 3 3 , , 6 8 8 8 1 6 1,2 7 8 9 4 3 1 1 8 8 , , 4 66 5 5 9 4 4 , , 8 4 6 2 9 3 29 981 29,793 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. 351. 2Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired 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. APRIL 1954 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS. POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Treas- net— Date Gold s r t o c e u a i u n n u r n c r y g t d - - y - Total Lo n a e n t s, To U ta . l S. G m C o a e v o n r m e c d i r a n - l me R F nt e e d s o e e b r r v a li e l gatio O n th s er O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t i t a s a l l - l, c d u e T a r p o r n o e t d s a n i l c ts y C c m o a a n a u p n i c e n s i d - t c t t a s . , l savings Banks banks 1929—June 29. . 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. . 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. . 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. 20,065 4,339 167,381 30,387 128.417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 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 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—Dec. 30. . 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31.. 22,695 4,706 181,323 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 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Feb. 25. . 22,700 4,800 190,300 75,000 97,800 71,400 23,900 2,500 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 23,800 2,500 17,800 216,400 199,100 17,300 May 27. . 22,500 4,800 188,900 76,600 94,400 67,800 24,100 2,500 17,800 216,200 199,100 17,200 June 30. . 22,463 4,854 190,277 77,071 95,350 68,108 24,746 2,496 17,856 217,594 200,360 17,234 July 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. 26P. 22,200 4,900 195,400 77,700 99,600 72,100 25,000 2,500 18,200 222,500 204,800 17,700 Sept. 30P. 22,100 4.900 195,900 78,400 99,300 71,600 25,200 2,500 18,200 222,900 204,900 18,000 Oct. 28P. 22,100 4,900 196,600 79,100 99,500 71,700 25,300 2,400 18,100 223,600 205,400 18,200 Nov. 25P. 22,000 4,900 198,100 79,500 100,400 73,000 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 1954—Tan. 27P. 22,000 4,900 197,900 79,100 100,300 73,300 24,700 2,400 18,400 224,800 206,700 18,000 Feb. 24P. 22,000 4,900 197,200 79,300 99,100 72,200 24,600 2,400 18,800 224,000 205,800 18,300 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e o b p n r a o e e n i s t g k it n s, T h c i u r n o a e r g l s a y d h s s - - A s m b a t a e a v c n r n i c n o d k i m g a s s l - R F B e e a d A 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 m r n c m k e ia s - l dep M s b o a a s v u i n t i t k s n u s 3 g a 4 s l S S P a y o v s s i t n e ta m g l s o b r u C e a t n u n s c i r k d - y s e 1929—Tune 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30 68.359 1 ,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 2,215 1 ,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1947—Dec. 31 175,348 ,682 1,336 1 ,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—Dec. 31 176,121 2,103 1,325 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 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Dec. 30 184,385 2,518 1,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31 193,404 2,279 1 ,279 3,615 247 185,984 98,234 61,447 37,859 20,887 2,701 26,303 1952—June 30 194,960 2,319 1,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 Dec. 31 204,220 2,501 1,270 5,259 389 194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—Feb. 25 201,000 2,300 1,300 5,400 400 191,600 98,300 66,400 41,000 22,900 2,500 26,900 Mar. 25 200,600 2,400 1 ,300 5,800 (5) 191,000 97,400 66,800 41,200 23,100 2,500 26,900 Apr. 29 199,100 2,400 1,300 2,900 400 192,200 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 6,200 600 194,300 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 5,700 500 197,400 100,200 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 1954—Jan. 27P. 206,700 2,400 800 3,400 200 199,900 102,400 70,500 43,700 24,500 2,300 27,000 Feb. 24P. 205,800 2,4fO 800 4,500 500 197,500 99,700 70,900 44,000 24,700 2,300 26,900 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4Prior to June 30, 1947, includes a relatively small amount of demand deposits. 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 "Capita! 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. 360 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] ]^oans and investments Depositsj Investments Other Total Number Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i e g S n r a t . n - - O s r e i t t c h i u e e s - r a C ss a e s t h s1 TotaP b In an te k r ^ - 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 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 16S,612 14 06 S 10S 935 45 613 10,542 14,553 1 19 9 4 4 9 7 — — D D e e c c . . 3 31 12. -;## 1 1 4 3 0 4.9 5 2 9 4 8 4 4 9 3, , 0 5 0 4 2 4 9 9 1 1 , , 0 9 5 2 4 3 8 7 1 8, , 4 1 3 9 3 9 1 1 ? 0 , , 6 7 2 2 1 3 3 3 8 6 , ,5 3 2 8 2 8 1 1 6 6 1 4 , ,4 8 6 6 7 5 1 1 2 3 0 7 3 1 3 0 9 9 6 5 , , 1 72 5 7 6 5 5 5 3 , , 6 1 0 0 1 5 1 1 3 1 , , 0 9 8 4 8 8 1 1 4 4 , , 6 7 8 1 7 4 1950—Dec. 30 148,0?1 60,386 87,635 7?,894 14,741 41,086 17S,296 14 039 104,744 56,513 13,837 14,650 1951—Dec. 31 . . 154 869 67,608 87,261 71,343 1S,918 4S,531 18S,756 is 087 111,644 59,025 14,623 14,618 1952—jUne 30 157,S?8 69,742 87,786 70,783 17,002 41,667 184,130 13 S13 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—Feb. 25 164 580 7S,630 88,950 71,410 17,540 41,350 188,760 13 ?60 111,280 64,220 15,440 14,563 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 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 4T,480 193,080 13 900 11?,100 67,080 16,070 14,525 Oct. 28P . . 169,s?o 79,720 89,800 71,660 18,140 41,040 193,140 14 300 Ill ,260 67,580 16,120 14,518 Nov. 25P 171 170 80,010 91,160 7?,990 18,170 41,550 194,950 14 ?30 113,480 67,240 16,200 14,510 Dec. 30P 172,??0 81,200 91,020 7?,780 18,240 44,290 199,540 is SOO 11S,910 68,130 16,190 14,511 1954— F y eabn#. 2 27 4 P P 1 1 7 71 1,0 ? 0 ? 0 0 8 7 0 9, , 5 0 4 9 0 0 9 9 1 0 , , 6 9 8 1 0 0 7 7 3 2 , , 2 1 6 5 0 0 1 18 8 4 7 2 6 0 0 4 4 1 1 , , 4 3 5 9 0 0 1 19 9 S 4 . , 8 9 8 1 0 0 1 1 4 4 2 7 0 0 0 0 I 11 ll ?, , 6 7 5 6 0 0 6 6 8 8 , . 9 53 5 0 0 1 1 6 6 , , 3 2 6 4 0 0 1 14 4 , , 4 5 8 1 8 0 All commercial banks: 1939—Dec. 30 40,668 17,238 ?3,430 16,316 7 114 ??,474 S7,718 9 874 3?,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 ?6,083 97,936 90,606 7 331 34,806 1S0,227 14,06 S 10S,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 1949—Dec. 31 120,197 4?,965 77,232 67,005 10 227 3S,650 14S,174 1?,709 96,136 36,328 10,967 14,156 1950—Dec. 30 126,675 S?,249 74,426 6?,027 1? 399 40,289 1SS,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 16?,348 13,SI? 109,222 39,614 12,601 14,070 Dec. 31 141,<V?4 64,163 77,461 63,318 14 143 44,666 17?.931 IS 319 116,600 41,012 12,888 14,046 1953—Feb. 25 140,100 64,070 76,030 61,900 14 130 40,500 165,830 13 ?60 111,7.50 41,320 12,950 14,035 June 30 137 957 65,025 7?,932 S8,644 14 287 41,156 16S,531 n. S98 109,352 42.581 13,275 14,009 Aug. 26P 143,H0 66,040 77,090 6?,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 6?,200 14 530 40,640 169,090 13,900 11?,060 43,130 13,520 13,997 Oct. 28P 143,910 67,120 76,790 6?,340 14 450 40,160 169,050 14,300 Ill ,220 43,530 13,570 13,990 Nov. 25P 145 460 67,250 78,210 63,720 14 490 40,740 170,880 14 ?30 113,440 43,210 13,630 13,982 Dec. 30P 146 400 68,260 78,140 63,590 14 550 43,310 17S,140 IS SOO 115,870 43,770 13,630 13,983 1954—Tan. 27P 145.170 66.490 78.680 64,070 14 610 40,500 171.300 14.700 112.610 43.990 13.660 13.982 Feb. 24 P 144 790 66,930 77,860 6?,960 14 900 40,430 170,210 14,200 111,720 44,290 13,770 13,960 All member banks: 1939—Dec. 30 33 941 13,962 19,979 14,328 s651 19 782 49,340 9 410 ?8 231 11 699 5 522 6 362 1941—Dec. 31 43,S?1 18,021 ?S,500 19,539 S 961 ?3,123 61,717 10, s?s 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 3?,628 65,218 57,914 7 304 3?,845 1??,528 12,403 81,785 28,340 8,464 6,923 1949—Dec. 31 101,S?8 36,230 65,297 56,883 8 414 31 317 1?3,885 1?,097 8?,628 29,160 9,174 6,892 1950—Dec. 30 107,4?4 44,705 6?,719 S?,365 10 355 3S,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—Dec. 31 112 ?47 49,561 6?,687 51,621 11 065 39 ?5? 141,015 14,4?S 9S,968 30,623 10,218 6,840 1952—June 30 113, SO? SO,526 6?,976 SI,261 11 71S 36,046 138,769 12,81? 94,169 31,788 10,526 6 815 Dec. 31 119 547 55,034 64,514 5?,763 11 7S1 39 755 147,527 14,617 100,020 32,890 10,761 6,798 1953—Feb. 25 117,975 54,868 63,107 51,348 11 759 35,614 140,949 12,645 95,186 33,118 10,812 6,785 June 30 115,789 SS,613 60,176 48,318 11 858 36,467 140,830 12,933 93,780 34,117 11,070 6.765 Aug. 26P 120,398 S6,491 63,907 S1,859 1? 048 33,730 141,507 12 ?78 94,995 34,234 11,116 6,759 Sept. 30 120 1«S 56,633 63,552 SI,506 1? 047 35,919 143,803 13 ?38 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. 25* 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 1954—Tan. 27P 122,102 56,657 65,445 53.330 12 115 35.379 145,358 13.972 96,116 35,270 11.386 6,747 Feb. 24P 121,772 57,035 64,737 52,330 12 407 35,395 144,440 13,503 95,421 35,516 11,470 6,737 All mutual savings banks: 1939—Dec. 30 10,216 4,927 s,289 3,101 ? 188 818 10,524 3 10 521 1 309 551 1941—Dec. 31 10 379 4 901 s 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 IS,385 14 15,371 1,592 542 1947—Dec. 312 18 641 4,944 13,696 11,978 1 718 886 17,763 t 17 17,745 1,889 533 1949—Dec. 31 20 400 6,578 13,822 11,428 ? 394 873 19,293 20 19,273 2 122 531 1950—Dec 30 21 346 8 137 13 209 10 868 ? 342 797 ?0 031 22 20 009 2 247 529 1951—Dec. 31 22 259 9,862 i?,398 9,819 ? 579 886 ?0,915 2 26 20 888 2 407 529 1952—June 30 23 091 10,509 i? ,582 9,606 ? 976 966 ?1,782 2 26 21,755 2,438 529 Dec. 31 24 003 11.349 i? ,654 9,422 3 231 918 ??,621 ? 33 22.586 2.479 529 1953—Feb. 25 24,480 11,560 12,920 9,510 3,410 850 22,930 2 30 22,900 2,490 528 June 30 25 1?4 1?,091 13 033 9,464 3 569 867 ?3 628 3 37 23.589 2,516 528 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. 25P 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 1954—Jan. 27P 26 050 13 050 13 000 9,190 3,810 950 24 580 3 40 24,540 2.580 528 Feb. 24P 26 210 13,160 13 050 9,190 3,860 960 24 700 3 40 24,660 2,590 528 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. 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. APRIL 1954 361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES '—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b t a e nk Total Loans Total G m U ov . e S e n r . t n- O se t c h u e - r a C ss a e s t h s1 Total 1 b In a t n e k r - 1 m D a e n - d Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er obliga- rities tions Central reserve city member banks: New York City: 1939—Dec 30 9,339 3,296 6 043 4 772 1,272 6 703 14,509 4,238 9,533 736 1,592 36 1941 Dec 31 12 896 4 072 8 823 7 265 1 559 6 637 17,932 4,207 12,917 807 1,648 36 1945—Dec 31 26,143 7,334 18 809 17 574 1,235 6 439 30,121 4,657 24,227 1,236 2,120 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 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 20,612 9,729 10,883 8 993 1,890 7 922 25,646 4,638 19,287 L ,722 2,351 23 1951—Dec 31 21 379 11,146 10 233 8 129 2,104 8 564 26,859 4,832 20,348 1,679 2,425 22 1952—June 30 21,710 11,268 10,442 8,212 2,231 8,135 26,745 4,639 20,311 1,795 2,460 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—Feb. 25 21,049 12,112 8,937 6,840 2,097 7,224 24,769 4,367 18,589 1,813 2,525 22 June 30 20 452 11,883 8 569 6 639 1 930 7 879 25,244 4,578 18,736 L.930 2,544 22 Aug. 26P 21,407 12,003 9,404 7,380 2,024 6,655 24,706 4,267 18,605 1,834 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 2,006 2,566 22 Nov. 25P 21,926 12,290 9,636 7,704 1,932 7,085 25,462 4,713 18,723 2,026 2,573 22 Dec. 30P 22,609 12,867 9,742 7,740 2,002 7,731 27,019 5,223 19,646 2,150 2,562 22 1954—Jan. 27P 21,709 11,741 9,968 7,909 2,059 7,088 25,612 4,994 18,524 2,094 2,585 22 Feb. 24? 21,665 11,791 9,874 7,621 2,253 7,214 25,509 4,949 18,482 2,078 2,611 22 Chicago: 1939—Dec 30 2,105 569 1,536 1 203 333 1 446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec 31 5,931 1,333 4,598 4 213 385 1 489 7,046 L 312 5 015 719 377 12 1947—Dec 31 5,088 1,801 3,287 2 890 397 1 739 6,402 1,217 4,273 913 426 14 1949—Dec. 31 5,424 1,618 3,806 3 324 482 1 850 6,810 1,191 4,535 1,083 470 13 1950—Dec 30 5,569 2,083 3,487 2 911 576 2 034 7,109 1,228 4,778 1,103 490 13 1951—Dec. 31. . . 5,731 2,468 3,264 2 711 552 2 196 7,402 L.307 4,952 1,143 513 13 1952—June 30 5,664 2,380 3,284 2 721 563 1 899 7,027 1,182 4,681 1,164 530 13 Dec 31 6,240 2,748 3,493 2 912 581 2 010 7,686 L.35O 5,132 1,205 541 13 1953—Feb. 25 5,910 2,569 3,341 2 779 562 2 098 7,222 1,182 4,872 1,168 537 13 June 30 5,627 2,552 3,075 2 529 546 2 058 7,119 1,216 4,696 1,207 551 13 Aug. 26P 5,984 2,670 3,314 2,758 556 2,006 7,357 1,224 4,943 1,190 552 13 Sept 30 5,973 2,609 3,364 2 804 560 2 083 7,338 t ,278 4,855 1,204 557 13 Oct. 28P 5,984 2,597 3,387 2,824 563 1,972 7,323 1,315 4,804 1,204 558 13 Nov. 25P 6,093 2,607 3,486 2,918 568 1,994 7,448 1,269 4,963 1,216 559 13 Dec. 30P 6,189 2,755 3,434 2,861 573 2,123 7,632 1,359 5,040 1,233 563 13 1954—Jan. 27P 6,078 2,516 3,562 2,988 574 2,011 7,492 L.308 4,950 1,234 563 13 Feb. 24P 6,007 2,570 3,437 2,854 583 1,989 7,304 1,240 4,840 1,224 565 13 Reserve city member *MJ banks: 1939—Dec 30 12,272 5,329 6,944 5 194 1,749 6 785 17,741 ?. 686 9,439 4,616 1,828 346 1941—Dec 31 15,347 7,105 8,243 6 467 1 776 8 518 22,313 4 460 13 047 4,806 1,967 351 1945—Dec 31 40,108 8,514 31,594 29 552 2,042 11 286 49,085 6,448 32,877 9,760 2,566 359 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1949—Dec 31 38,301 14,370 23,931 20 951 2 980 12 168 47,559 5,713 30,182 11,664 3,087 341 1950—Dec 30 40,685 17,906 22,779 19 084 3,695 13 998 51,437 6,448 33,342 11,647 3,322 336 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 43,091 19,745 23,346 19 123 4,223 13 925 53,425 5,908 34,764 12,754 3,663 319 Dec 31 45,583 21,697 23,886 19 624 4,262 15 544 57,357 7,001 37,095 13,261 3,745 319 1953—Feb 25 45,271 21,801 23,470 19 161 4,309 14 152 54,912 5,991 35,551 13,370 3,762 322 Tune 30 44,352 22,150 22 201 17 756 4 446 14 447 54 861 6 066 35 052 13,743 3,874 321 Aug. 26P 46,397 22,552 23,845 19,339 4,506 13,546 55,338 5,760 35,798 13,780 3,881 319 Sept. 30 45,906 22,493 23,413 18,959 4,453 14,196 55,713 6,233 35,621 13,859 3,917 319 Oct. 28P 46,221 22,712 23,509 19,049 4,460 14,179 55,710 6,443 35,320 13,947 3,953 319 Nov. 25P 46,825 22,801 24,024 19,592 4,432 14,444 56,541 6,378 36,290 13,873 3,970 319 Dec. 30P 46,996 22,890 24,106 19,669 4,437 15,263 58,004 6,924 36,985 14,095 3,983 319 1954—Jan. 27P 46,897 22,516 24,381 19,933 4,448 14,062 56,640 6,464 35,994 14,182 4,000 319 Feb. 24P 46,885 22,706 24,179 19,639 4,540 14,088 56,362 6,174 35,798 14,390 4,031 319 Country member banks: 1939—Dec 30 10,224 4,768 5,456 3 159 2 297 4 848 13,762 598 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 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 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 42 444 16 296 26 148 21 587 4 561 13 292 52 288 1 309 35 449 15,530 3,760 6 484 1952—Tune 30 43,037 17,133 25 904 21 206 4 698 12 087 51,571 1,083 34 414 16,075 3,873 6,461 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 I953—Feb 25 45 745 18 386 27 359 22 568 4 791 12 140 54 046 1 105 36 174 16,767 3,988 6 428 June 30 45,359 19,028 26,330 21,394 4,936 12,083 53,606 1,073 35,295 17,237 4,101 6,409 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 27,322 22,306 5,016 12,041 54,756 1,081 36,155 17,521 4,213 6,399 Oct. 28P 46,944 19,619 27,325 22,308 5,017 12,085 54,915 1,133 36,118 17,664 4,222 6,398 Nov. 25P 47,455 19,767 27,688 22,631 5,057 12,252 55,577 1,160 36,920 17,497 4,242 6,393 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 1954—Jan. 27P 47,418 19,884 27,534 22,500 5,034 12,218 55,614 1,206 36,648 17,760 4,238 6,393 Feb. 24P 47,215 19,968 27,247 22,216 5,031 12,104 55,265 1,140 36,301 17,824 4,263 6,383 2Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 362 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 o b v l . e i e g n S r a t n . - - O r s i e t t c h ie u e s - r assets1 Total i b In an te k r * - m D a e n - d Time a c c a c p o i u ta n l t? 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 6,726 570 6,562 1951—Dec. 31 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7,144 686 6,602 1952—Dec. 31 20,242 8,605 11,638 9,556 2,081 4,970 23,464 373 15,351 7,740 804 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. 312 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1950—Dec. 30 1,853 527 1,327 1,040 286 468 1,976 294 1,224 458 327 689 1951—Dec. 31 1 ,789 " 490 1,299 991 308 469 1,932 308 1,235 388 314 650 1952—Dec. 31 1 ,854 531 1,322 1,010 312 444 1,960 329 1,229 402 326 624 1953—June 30 1,813 504 1,310 977 332 400 1,880 356 1,130 395 325 592 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,573 457 5,504 3,613 1,288 662 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. 312 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 261 1950—Dec. 30 19,267 7,550 11,718 9,672 2,046 4,767 22,193 591 14,417 7,184 1,897 251 1951—Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 252 1952—Dec. 31 22,096 9,136 12,960 10,567 2,393 5,414 25,424 702 16,580 8,142 2,129 251 1953—June 30 22,188 9,419 12,769 10,339 2,431 4,691 24,722 665 15,572 8,485 2,207 7,247 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 14 12,192 1,252 194 1950—Dec. 30 15,101 6,086 9,015 7,487 1,528 617 14,320 19 14,301 1,513 194 1951—Dec. 31 16,190 7,523 8,668 6,921 1,746 695 15,368 23 15,343 1,678 202 1952—Dec. 31 17,621 8,691 8,930 6,593 2,337 732 16,785 30 16,753 1,730 206 1953—June 30 18,610 9,325 9,284 6,642 2,642 692 17,695 35 17,657 1,771 213 Noninsured mutual savings banks: 1941—Dec. 31 8,687 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. 312 5,957 1,384 4,573 813 760 211 5,556 5,553 637 339 1950—Dec. 30 6,245 2,050 4,194 380 814 180 5,711 5,708 734 335 1951—Dec. 31 6,069 2,339 3,730 897 833 191 5,547 5,544 729 327 1952—Dec. 31 6,382 2,658 3,724 829 895 187 5,836 5,833 749 323 1953—June 30 6,515 2,766 3,749 2,822 927 175 5,933 5,931 745 315 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. APRIL 1954 363 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 ha s s f i o n r g U. S. Government obligations Obli- Cla c s a s l a l o n d f d a b t a e nk i m n T lo a v o e a n e n t n d a s t s t l s - Total 1 c o m m c k p i l i p i n u n a a e a e e g - d - r r l t n , - - - A c t g u u a r r l l i - - - b o d a • e T r r e n e r o o a c c d s k a l u - - r r r i o t y e T i t i e r n h o s s g - l R o t e a a e s t n a - e l s O l u o v i d t t a i a n h o d i n l - - e s - s r O lo t a h n e s r Total Total Bills C o d c e f e a e r d t b i t e - n i t D f s - - i- ire N c o t tes Bonds G t a e u n e a d - r- S p d s £ t a i t u i o c i o a a n o v a b l " f t d n i i e l - t - s s - w s r t e i n t c i e u e r - i per ers ness sions All commercial banks:3 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 6,03453,191 145,2763,729 1951—Dec. 31... 132,610 57,746 25,8793,408 1.581 980 14,58010,451 1,681 74,863 61,524 7,337 7,657 11,40835,101 21 9.198 4,141 1952—Dec. 31 141,624 64,163 27,8713,9192,060 1,103 15,71212,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10.1883,955 1953—June 30. .. 137,957 65,025 27,4183,675 1,719 1,074 16,23114,111 1,737 72.932 58,644 5,050 5,092 11,25937,212 32 10,5333.754 All insured commercial banks: 1941—Dec. 31 .. 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,797 1,102 3,651 3.333 1945—Dec. 31... 121,809 25,765 9,461 1,3143,1643,606 4,677 2,361 1,181 96,043 88,912 2.455 19,071 16,04551,321 22 3,873 3,258 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 5,91852,334 145,129 3,621 1951—Dec. 31... 130,82057,256 25,7443,321 1,571 960 14,45010.378 1,645 73,564 60,533 7,219 7.526 11,25634,511 21 8.9894,042 1952—Dec. 31... 139,770 63,632 27,7393,805 2,050 1.082 15,57212.603 1,683 76,138 62,308 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. co 19 iu 4 i 1 : —Dec. 31... 43,521 18,021 8.671 972 594 598 3,494 3,( 92 25,500 19,539 971 3,007 11,729 $,8323,090 2.871 1945—Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 16^98514,27144,792 163,254 2.815 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 4,81545,286 104,199 3,105 1951—Dec. 31... 112,247 49,561 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 64,514 52,763 6,565 4,255 9,83532,087 198,4093.342 1953—June 30... 115,789 55,613 25,7632,234 1,687 933 12,62811.612 1,585 60,176 48.318 4,064 3.807 9,24231,176 29 8,6803.178 Sept. 30... 120,185 56,633 26.0252,368 1,783 898 12.84011.819 1.732 63,552 51.506 4,171 8.602 10,90927.793 30 8,9023,145 Dec. 31... 122,422 57,762 25,5193,2632,321 1,060 13,02011,911 1,518 64,660 52,603 4,095 8,287 10,30029,890 31 8,871 3,185 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 8 412 169 123 514 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 .... 2,453 1.172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 ] 606 629 1947—Dec. 31... 20,393 7,179 5,361 545 267 HI 564 330 13,214 11,972 1,002 640 558 9,771 638 604 1951—Dec. 31... 21,379 11,146 7,852 1,219 262 514 920 551 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—Dec. 31... 22,130 12,376 8,680 1.531 286 386 1,136 539 9,754 7,678 1,079 233 1,170 5,195 11,453 623 1953—June 30... 20,452 11,883 8,345 i 1,274 237 406 1,285 517 8,569 6,639 789 203 1,035 4,611 2 1,318 612 Sept. 30... 21.568 12.114 8.475 11.383 211 395 1.275 558 9.454 7,436 828 1.132 1,143 4,331 11.422 596 Dec. 31... 22,058 12,289 8,218 126 1,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 Chicago:* 1941—Dec. 31... 2,760 954 732 6 48 52 22 96 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 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 Dec. 31... 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1,598 400 172 Reserve city banks: 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 l.i 12 8.243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1947—Dec. 31... 36,040 13.449 7,088 225 170 484 3,147 1.969 366 22.591 20,196 373 2.358 1,901 15,560 3 1,342 1,053 1951—Dec. 31... 42,694 19,651 10,140 513 203 347 4,651 3,518 572 23,043 19,1942,524 2,493 3,640 10,528 82,458 1,390 1952—Dec. 31... 45,583 21,697 10,842 501 218 422 5,099 4.347 595 23,886 19,624 2,387 1,774 3,854 11,594 142,934 1,328 1953—June 30... 44,352 22,150 10,609 469 229 424 5,270 4.849 645 22.201 17,756 1.344 1,453 3.542 11,393 23 3,184 1.262 Sept. 30... 45,906 22,493 10,718 477 203 409 5,358 4.922 751 23.413 18.959 1,167 3.494 4.335 9,939 24 3.220 1,233 Dec. 31... 46,755 22,763 10,568 774 308 456 5,453 4,942 611 23.993 19,559 1,230 3,357 4,201 10,746 25 3,196 1,238 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1.!30 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 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 62,006 1.262 1951—Dec. 31... 42,444 16,296 4,377 1,610 35 178 6,099 3,906 303 26,148 21.587 2.418 2,568 4.008 12,587 53,334 1,227 1952—Dec. 31... 45,594 18,213 4,6301,901 43 191 6,662 4,702 322 27,381 22,549 2,692 2,024 4,204 13,625 43,639 1,194 1953—June 30.,. 45,359 19,028 4,817 1,757 41 201 6,883 5.243 334 26.330 21,394 1.784 1,916 4,114 13,576 43,802 1,134 Sept. 30.. 46.739 19,417 4.790 1,883 52 206 7.018 5.379 334 27.322 22.306 2.056 3.436 4.745 12.065 53.876 1.141 Dec. 31... 47,404 19,934 4,8222,204 59 210 7,114 5,441 336 27,470 22,423 1,819 3,374 4,285 12,940 53,911 1,136 All nonmember banks: * 1947—Dec. 31... 18,454 5,432 1.205 614 20 156 2.266 1.061 Ml 13 021 11,318 206 1.973 1,219 7.916 4 1,078 625 1951—Dec. 31... 20,380 8.192 1,533 1.268 30 130 3.252 1,927 146 12.189 9,914 939 1,647 1,812 5,510 6 1,671 604 1952—Dec. 31... 22,096 9,136 1,639 1.503 29 137 3,505 2.288 141 12,960 10,567 1,196 1,325 2,043 6,000 3 1,781 613 1953—June 30. .. 22,188 9,419 1,655 1 .441 32 141 3.610 2.499 151 12.769 10.330 987 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. 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. 364 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 fin millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R e R a d r r i n v e e t e v h - - k e r e s a s l 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 l t e - h - i s s c 4 j p m u D a o d s a d s e e t n i - - e - t d s d6 m D e I s n d o t t e - i e c p r 4 o b s a i F e t n i s o g k r n - U G m er . o e n v n S - - t . p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e r f r c c i d d t s k - . i ' - s, p a v s n a i p t I h d r d i n o o i t u r p d n n c a a s i e o s l - - , r s r - , - I b n a t n er k - P U m G S i e a n o r a . n o e s g n v n v d S t s - - a t - . l v S s p i a u i s t o c n i a b l a o i d t d l t n e - i s s - p a v n s a i p t I h d r d i n o o t i u d r p n n c a a i s e o s - l - , r s r - , - 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 KDaanmlreas<:2' 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 11994571——DDeecc.. 3311.. .. 19,911 2,697 11.969 98.243 13.123 1,413 3,359 8,426 J.166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31. . 19,809 2,753 11,875 101,506 13,109 1.465 4,941 8,910 1,956 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 commerciai DaxiKss 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 42,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85.751 11,236 L.379 1.325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1951—Dec. 31. . 19,911 2.665 11,561 97,048 12,969 1,381 3,344 8.288 5,147 95,604 427 278 1,485 35,986 30 11.902 1952—Dec. 31. . 19,809 2,720 11,489 100,329 12,948 L.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 L.305 3,620 9,211 2,431 92,961 696 336 1,675 40,176 103 12,950 Member banks. total! 1941—Dec. 31 . 12,396 1,087 6.246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11.878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23.712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 \2,401 72,704 50 105 693 27,542 54 8,464 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 \2,961 83,240 422 257 1,238 29,128 26 10.218 1952—Dec. 31.. 19,810 2,081 7,378 85,543 12,594 1,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—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 75 11,070 Sept. 30. . 19,215 2,010 6,323 82,177 11,153 1,341 5,555 6,989 2,375 81,132 744 310 1,380 32.825 591 11 .251 Dec. 31. . 19,997 1,870 7,554 86,127 12,858 1,291 3,756 7,530 *',783 85,711 1,021 308 1,595 33,311 43 11,316 New York City:* 1941—Dec. 31. . 5.105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1.648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 "' io 20 1,206 195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1951—Dec. 31.. 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2.425 1952—Dec. 31.. 5.059 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 59 29 L.752 132 2.505 1953—June 30. . 5,204 127 49 15,384 2,979 1.059 887 333 899 16,617 540 50 39 1,841 8 2.544 Sept. 30. . 4.885 135 49 15,221 2,969 1.089 1,694 332 t .012 16,381 587 49 37 1.844 2 2,563 Dec. 31. . 4,846 129 70 15,901 3,363 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 Chicago :z 1941—Dec. 31.. 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.. 1,070 30 175 3.737 1,196 21 72 285 63 3,853 2 9 902 426 1951—Dec. 31.. 1,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—Dec. 31. . 1,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—June 30. . 1.318 31 123 3.913 L.175 33 201 320 53 4,123 8 3 10 L.194 551 Sept. 30. . 1.367 28 113 3.914 1,233 37 368 301 61 4,125 8 3 10 L.191 "l33 557 Dec. 31. . 1,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 .229 566 Reserve city banks: 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1.144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31. . 7,095 562 2.125 25.714 5.497 131 405 2,282 705 26,003 22 45 332 11.045 1 2,844 1951—Dec. 31. . 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 1952—Dec. 31.. 7,788 651 2,419 30,609 6,662 230 1,814 2,693 791 31,798 109 105 739 12,417 8 3,745 1953—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 Dec. 31. . 8,084. 568 2,463 30,986 6,869 219 1,504 2,880 828 32,065 166 98 830 13,203 3,984 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1.982 1945—Dec. 31. . 4,527 796 4,665 23,595 ,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31. . 4,993 929 3,900 27.424 ,049 7 432 2,647 528 25,203 17 45 337 14.177 23 2,934 1951—Dec. 31.. 5,676 1,231 4.862 33.051 ,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—Dec. 31. . 5,820 1,250 4,706 34.519 ,278 11 1,267 3,772 777 31,473 13 152 525 15,908 25 3,970 1953—June 30. . 5,505 1,189 4.057 33.033 ,049 11 932 3.885 668 29.810 14 154 553 16,531 49 4,101 Sept. 30. . 5,465 1.221 4.090 33.463 1.055 12 1,429 3.868 664 30.193 14 154 557 16.810 103 4.213 Dec. 31. . 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 All nonmember banks:2 1947—Dec. 31. . 544 3,947 13.595 385 55 167 1.295 180 12,284 190 6 172 6,858 12 1.596 1951—Dec. 31. . 635 4,507 15.144 489 44 258 1,761 205 13,426 128 22 298 7.213 8 1,999 1952—Dec. 31. . 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 1953—June 30 . . 635 3,856 15,118 462 43 256 1.946 193 t3.177 160 27 335 8,123 38 2,207 'Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 'Central reserve city banks. 4Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942. aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 'Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. APRIL 1954 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loansl Investments or c F a o r r r y p in u g rc h se a c si u n r g ities 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 - Total1 i t n t a c a c r u g d i i n u a r a r u d l a l i l - s , - l , - G U a t T l i o i n o o . o g b d v n a S - b - t s . d . r e o O a k c l t s e u t e i e h e r r r - s s e s i- r G t U l T i o i o o g . b o S v n a - - t . s o . t O h c t e s u t i h e e r r s - s e i- r e l R o st 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 Total Bills o d c C n t f e a e i e e f d t b s i i e r - - n t s - s - - Notes Bonds2 O s ri e t t h c ie e u s r - Total- Leading Cities 1953—March 77,799 39,193 23,204 1,522 793 6,164 587 7,532 38,606 31,067 2,901 2,215 5,913 20,038 7,539 1954—January... 80,275 39,758 22,744 1,812 859 6,483 540 7,957 40,517 33,001 2,740 5,089 6,503 18,669 7.516 February.. 80,036 39,750 22,549 1,968 823 6,493 727 7.82340,286 32,555 2,210 4,401 5,82920,115 7,731 March.... 79,460 39,591 22,682 1,887 821 6,503 557 7,77939,869 31,978 2,316 3,574 4,731 21,357 7,891 1954—Jan. 6... 80,819 40,446 22,942 2,119 862 6,479 680 8,001 40,373 32,861 2,594 5,202 6,482 18,5837,512 Jan. 13. .. 80,376 40,030 22,846 1,913 856 6,490 598 7,96440,346 32,870 2,581 5,138 6,525 18,626 7,476 Jan. 20... 79,838 39,320 22,686 1,633 859 6,484 360 7,93640,518 32,987 2,735 5,076 6,462 18,7147,531 Jan. 27. .. 80,070 39,239 22,502 1,583 858 6,480 525 7,927 40,831 33,287 3,048 4,942 6,543 18,754 7,544 Feb. 3... 80,660 39,963 22,638 2,180 826 6,486 541 7,92440,697 32,989 2,517 4,764 6,756 18,952 7,708 Feb. 10... 79,868 39,785 22,556 2,031 818 6,485 711 7,81040,083 32,409 2,034 4,639 6,714 19,022 7,674 Feb. 17... 79,872 39,796 22,555 1,977 830 6,500 789 7,77740,076 32,346 2,074 4,110 4,974 21,188 7,730 Feb. 24... 79,744 39,457 22,446 1,682 819 6,501 861 7.782 40,287 32,476 2,216 4.091 4,871 21,298 7.811 Mar. 3... 79,534 39,401 22,407 1,907 811 6,478 679 7,754 40,133 32,292 2,084 4,097 4,798 21,313 7,841 Mar. 10. .. 79,700 39,452 22,481 2,005 811 6,489 550 7,752 40,248 32,292 2,162 4,067 4,770 21,293 7,956 Mar. 17 ... 80,765 40,021 22,939 1,931 814 6,509 701 7,76740,744 32,848 2,591 4,121 4,744 21,392 7,896 Mar. 24... 79,247 39,766 22,821 1,834 820 6,517 613 7,80039,481 31,609 2,669 2,848 4,695 21,397 7,872 Mar. 31 ... 78,055 39,317 22,763 1,758 847 6,522 241 7,82538,738 30,850 2,076 2,737 4,649 21,388 7,888 New York City 1953—March 21,083 12,197 8,653 146 967 34 235 384 327 1,637 8,886 6,761 548 192 1,073 4,948 2,125 1954—January. . .21,678 12,064 8,209 2571,069 49 258 381 390 1,646 9,614 7,569 889 982 1,120 4,578 2,045 February.. 21,776 12,057 8,066 490 954 43 263 380 458 1,594 9,719 7,513 658 727 1,046 5,0822,206 March. . . .21,724 11,913 8,101 487 919 41 260 385 324 1,587 9,811 7,489 692 641 769 5,3872,322 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 4,549 2,021 Jan. 13... 21,667 12,231 8,267 2951,120 50 254 388 406 1,646 9,436 7,403 738 983 1,116 4,566 2,033 Jan. 20. .. 21,351 11,762 8,181 1561,030 45 260 380 266 1,639 9,589 7,527 845 980 1,100 4,602 2,062 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 4,595 2,065 Feb. 3... 22,148 12,234 8,126 6181,020 41 261 376 342 1,641 9,914 7,751 862 809 1,309 4,771 2,163 Feb. 10. .. 21,623 12,025 8,067 557 913 37 264 377 416 1,585 9,598 7,402 509 766 1,295 4,832 2,196 Feb. 17. .. 21,709 12,136 8,063 483 997 47 266 383 517 1,571 9,573 7,364 552 663 810 5,3392,209 Feb. 24... 21,626 11,834 8,010 301 886 46 261 385 558 1,578 9,792 7,535 708 671 771 5,3852,257 Mar. 3 ... 21,681 11,844 7,974 508 889 41 261 377 429 1,556 9,837 7,546 649 752 784 5,361 2,291 Mar. 10. .. 21,785 11,833 7,988 593 923 41 257 382 259 1,581 9,952 7,591 677 756 792 5,3662,361 Mar. 17. .. 22,166 12,140 8,213 490 937 42 255 389 425 1,581 10,026 7,695 720 822 775 5,3782,331 Mar. 24... 21,635 11,971 8,182 445 901 42 257 389 341 1,606 9,664 7,347 754 434 760 5,3992,317 Mar. 31 ... 21,355 11,778 8,147 402 943 40 269 391 165 1,611 9,577 7,265 662 438 736 5,4292,312 Outside New York City 1953—March 56,716 26,996 14,551 409 524 5,780 260 5,89529,720 24,306 2,353 2,023 4,840 15,0905,414 1954—January. . .58,597 27,694 14,535 486 552 6,102 150 6,311 30,903 25,432 1,851 4,107 5,383 14,0915,471 February. . 58,260 27,693 14,483 524 517 6,113 269 6,22930,567 25,042 1,552 3,674 4,783 15,0335,525 March 57,736 27,678 14,581 481 520 6,118 233 6,192 30,058 24,489 1,624 2,933 3,962 15,9705,569 1954—Jan. 6... 58,808 27,969 14,643 560 554 6,097 213 6,34430,839 25,348 1,779 4,164 5,371 14,0345,491 Jan. 13... 58,709 27,799 14,579 498 552 6,102 192 6,318 30,910 25,467 1,843 4,155 5,409 14,0605,443 Jan. 20. .. 58,487 27,558 14,505 447 554 6,104 94 6,29730,929 25,460 1,890 4,096 5,362 14,112 5,469 Jan. 27. .. 58,386 27,454 14,412 437 551 6,107 102 6,28630,932 25,453 1,890 4,016 5,388 14,1595,479 Feb. 3... 58,512 27,729 14,512 542 524 6,110 199 6,28330,783 25,238 1,655 3,955 5,447 14,181 5,545 Feb. 10... 58,245 27,760 14,489 561 517 6,108 301 6,22530,485 25,007 1,525 3,873 5,419 14,1905,478 Feb. 17. .. 58,163 27,660 14,492 497 517 6,117 272 6,20630,503 24,982 1,522 3,447 4,164 15,8495,521 Feb. 24... 58,118 27,623 14,436 495 512 6,116 303 6,20430,495 24,941 1,508 3,420 4,100 15,9135,554 Mar. 3... 57,853 27,557 14,433 510 509 6,101 250 6,198 30,296 24,746 1,435 3,345 4,014 15,952 5,550 Mar. 10... 57,915 27,619 14,493 489 513 6,107 291 6,171 30,296 24,701 1,485 3,311 3,978 15,927 5,595 Mar. 17. .. 58,599 27,881 14,726 504 517 6,120 276 6,186 30,718 25,153 1,871 3,299 3,969 16,0145,565 Mar. 24... 57,612 27,795 14,639 488 521 6,128 272 6,194 29,817 24,262 1,915 2,414 3,935 15,9985,555 Mar. 31... 56,700 27,539 14,616 413 538 6,131 76 6,214 29,161 23,585 1,414 2,299 3,913 15,9595,576 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. 366 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- 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 m p u o a s d a t e d s e n - i - d t d s 1 S p s d s a i i o u t c i o n a v b l a n d i t - i l t e - s - s c C h c o e a f e e e i t f n e c c f r r . i d d t k s - i ' s - , U m G er . o e n n v S - t - . s p p u n v h c a o a a o e n i i r d p r l r r d s a t - - - s - , - , S p s d s a i i o u t c i 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 n o e s g n v d n v S t 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 a t u c a p - n - l ts tions Total- Leading Cities 1953—March 14,961 931 2,393 54,11 55,361 3,685 1,636 3,01016,740 773 19610,090 1,331 589 1,302 7,316 1954—January 14,796 991 2,781 55,88057,112 3,932 1,826 1,95617,564 949 19011,437 1,258 1,025 531 7,591 February 14,386 946 2,485 54,63955,528 4,006 1,947 2,51117,640 96 19010,482 1,284 1,096 929 7,639 March 14,381 916 2,595 53,74054,76" 3,895 1,776 2,90517,750 1,04 19010, 1,257 1,213 663 7,674 1954—Jan. 6 14,713 1,002 2,700 55,27256,436 3,973 2,028 2,31317,580 945 19011,743 ,260 997 857 7,600 Jan. 13 14,786 1,02: 2,721 56,04457,63 3,843 1,974 1,74517,562 943 18911,560 ,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 ,246 1,045 242 7,579 Jan. 27 14,525 979 2,699 56,11556,782 4.009 1,553 1,83917,574 959 19: 10,766 ,271 1,062 453 7,608 Feb. 3 14,598 91 2,421 55,58855,831 4,093 2,378 2,27517,619 970 19010,619 ,260 1,069 895 7,630 Feb. 10 14,36: 960 2,413 54,78955,230 4,049 1,742 2,10' 17,635 961 19110,477 ,260 1,080 1,027 7,629 Feb. 17 14,487 923 2,559 54,14355,739 3,953 1,979 2,86217,642 96 19210,600 ,299 1,104 899 7,640 Feb. 24 14,096 990 2,54' 54,03855,313 3,930 1,690 2,79817,663 97: 18810,230 1,318 1,129 895 7,656 Mar. 3 14,263 900 2,47' 53,91354,791 3,908 1,543 2,42417,734 994 18910,517 1,303 1,163 796 7,667 Mar. 10 14,304 939 2,459 54,75355,689 3,803 1,594 1,89117,76. 99 18910,495 1,279 1,198 725 7,669 Mar. 17 14,863 925 2,608 54,89756,535 3,675 1,981 3,01117,713 1,049 19010,949 1,248 1,219 845 7,663 Mar. 24 14,483 933 2,442 53,32553,994 3,858 1,774 3,36217,767 1,109 19010,028 1,229 1,235 786 7,679 13,990 884 2,992 51,81 52,824 4,232 1,987 3,83817,771 1,08 19210,538 1,227 1,252 161 7,692 Mar. 31 New York City 5,112 140 15,84116,827 239 758 909 1,734 31 2,876 1,065 459 341 2,492 1953—March 4,876 153 15,92316,972 284 951 525 ,846 139 3,217 1,000 837 202 2,546 1954—January 4,777 151 15,79216,717 274 1,116 659 ,832 149 2,974 1,033 904 334 2,573 February 4,956 139 15,71216,714 291 880 844 ,842 182 2,979 1,008 1,013 300 2,574 March 1954— J J J T a a a a n n n n . . . . 2 2 1 7 0 6 3 4 4 4 5 , , , , 9 7 7 0 3 6 6 4 2 1 7 4 1 1 1 1 5 5 5 4 7 3 9 3 1 1 1 1 6 5 5 5 , , , , 1 8 8 8 9 2 0 7 3 5 3 41 1 1 1 7 7 6 6 , , , , 0 0 8 8 9 1 9 9 1 1 6 1 3 2 2 2 8 0 9 6 1 0 5 2 1 1 , ,0 1 8 7 7 3 6 3 5 1 4 5 4 6 4 5 7 3 7 1 5 9 4 0 1 1, , , , 8 8 8 8 4 1 4 7 7 3 8 4 1 1 1 1 4 3 4 3 4 5 0 6 3 3 3 3 , , , , 1 3 1 1 0 8 9 7 1 8 9 9 1 1 , , 9 9 0 0 9 8 1 1 2 6 1 0 8 8 8 8 0 6 6 1 9 8 0 2 2 4 1 1 2 3 3 8 7 3 2 2 2 2 2 , , , , 5 5 5 5 4 4 4 4 7 9 5 4 Feb. 3 4,813 139 16,19216,930 273 1,503 626 1,848 144 3,022 1,014 875 338 2,567 Feb. 10 4,784 165 15,76716,512 282 946 564 1,839 147 2,935 1,017 887 399 2,573 Feb. 17 4,779 141 15,63616,774 259 1,120 736 1,821 156 3,002 1,041 916 303 2,575 Feb. 24 4,730 158 15,57316,652 281 895 711 1,820 147 2,936 1,061 939 296 2,575 Mar. 3 4,781 141 39 15,72116,527 285 712 663 1,828 169 2,939 1,047 970 253 2,574 Mar. 10 4,965 148 16,07316,970 269 767 501 1,847 166 2,945 1,031 999 336 2,573 Mar. 17 5,149 136 15,97517,105 245 954 841 1,824 205 3,164 1,001 1,018 443 2,573 Mar. 24 5,029 140 15,38216,293 285 910 1,040 1,856 204 2,873 985 1,030 447 2,570 Mar. 31 4,854 130 15,41216,678 371 1,059 1,173 1,857 165 2,973 977 1,048 21 2,579 Outside New York City 1953—March 9,849 791 2,355 38,276 38,534 3,446 878 2,10115,006 742 138 7,214 266 130 961 4,824 1954—January 9,920 838 2,736 39,957 40,140 3,648 875 1,43115,718 810 8,220 258 188 329 5,045 February 9,609 795 2,442 38,84738,811 3,732 831 1,85215,808 818 136 7,508 251 192 595 5,066 March 9,425 777 2,503 38,02838,053 3,604 896 2,06115,908 865 136 7,526 249 200 363 5,100 1954—Jan. 6 9,946 843 2,651 39,447 39,545 3,711 957 1,67415,706 809 137 8,564 249 185 424 5,056 Jan. 13 10,025 865 2,680 40,170 40,741 3,562 839 ,27115,715 808 136 8,361 261 186 353 5,033 Jan. 20 10,115 818 2,957 40,28740,580 3,610 886 ,41815,722 810 136 8,289 260 185 215 5,032 Jan. 27 9,593 826 2,656 39,92239,691 3,709 819 ,36415,731 815 138 7,665 261 194 321 5,059 Feb. 3 9,785 773 2,38539,396 18,901 3,820 875 ,64915,771 826 136 7,597 246 194 557 5,063 Feb. 10 9,578 795 2,370 39,02238,718 3,767 796 ,54315,796 814 137 7,542 243 193 628 5,056 Feb. 17 9,708 782 2,506 8,50738,965 3,694 859 2,12615,821 811 138 7,598 258 188 596 5,065 Feb. 24 9,366 832 2,50938,46538,661 3,649 795 2,08715,843 825 134 7,294 257 190 599 5,081 Mar. 3 9,482 759 2,43838,192 18,264 3,623 831 1,76115,906 825 135 7,578 256 193 543 5,093 Mar. 10 9,339 791 2,42138,680 18,719 3,534 827 1,390 5,916 831 135 7,550 248 199 389 5,096 Mar. 17 9,714 789 2,56538,922 19,430 3,430 1,027 2,17015,889 844 136 7,785 247 201 402 5,090 Mar. 24 9,454 793 2,40537,943 17,701 3,573 864 2,322 5,911 905 136 7,155 244 205 339 5,109 Mar. 31 9,136 754 2,691 16,400 16,146 3,861 928 2,665 5,914 922 138 7,565 250 204 140 5,113 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-Tune 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. APRIL 1954 367 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 i [Net declines, ( —). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. Period* t l o F iq b a o n u a o d c o d c r , , o a T l p e e a a p x n t a t h d i r l e e e r l s , , p m e M r m r ( a y o a i e c n n e d t h t c a d u a a i n l l c n l . s d t - s ch P l e c e a e m o u n t a r m d i l o c , , - al, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c - s s e u P p t t ( t r i o u i i a l n o b r i n c n t t l i s a l i ) e - . c - s s C t ti r o o u n n c - - bu o ty s A t o i h p n l f e e l e r s ss c c h l N f a a ie n s e d g s t i e - s ch t i a a o n a g n t n d r a g d ' ' l l l e , . * — trans, rubber 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: 1954—Jan -98 14 -152 -104 -31 -108 -37 -153 -16 -11 -43 -737 -878 Feb -94 46 6 8 -3 -32 -52 -83 -34 3 -2 -237 -56 Mar -58 29 133 21 36 72 -125 16 105 17 50 297 317 Week ending: 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 -4 -9 4 -30 -118 -160 Jan. 27 -16 10 -4 -51 -10 -17 -5 -60 -7 -9 -11 -179 -184 Feb. 3 -14 13 11 -1 -4 -31 1 8 -2 -16 -35 136 Feb. 10 -28 9 3 5 -19 -28 -30 -4 3 6 -83 -82 Feb. 17 -24 17 16 2 -4 15 —6 -9 -14 5 3 2 Feb. 24 -29 7 -22 4 3 -20 -52 -16 -2 6 -121 -109 Mar. 3 -24 -1 -4 9 -1 13 -16 6 -6 -1 -7 -31 -39 Mar. 10. ... -29 10 57 15 10 14 -12 -42 6 1 16 46 74 Mar. 17 34 23 102 10 39 27 -20 57 109 8 17 407 458 Mar. 24 -30 -1 -13 -10 -6 10 -30 -17 5 4 -5 -93 -118 Mar. 31.... -10 -2 -9 -4 -6 8 -47 12 -9 5 30 -32 -58 1Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. aFigures for other than weekly periods are based on weekly changes during period. •Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Tot A al ccept O b in i w l g l n s ban b k o B s u il g ls ht B o a a R f F n c c e e f k c o s d o o s e r r e r u r e r e ( v n i a F - g e t l o n r Others I U m S i t n n p a i t o t t o e e r s d ts E U S f x r t n p o a i o m t t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i p d te p p s d o e s d i t n o t b r s e e F d i t o n w r i e n e e i g n o n r spondents) States countries 1948—December 269 259 146 71 76 3 109 164 57 1 25 12 1949—December 257 272 128 58 70 11 133 184 49 30 9 1950—December 333 394 192 114 78 21 180 245 87 28 32 1951—December 434 490 197 119 79 21 272 235 133 23 55 44 1952—December 539 492 183 126 57 20 289 232 125 39 64 32 1953—February 511 490 158 110 48 28 304 234 114 57 53 32 March 507 468 149 105 44 29 289 237 110 39 49 32 April 464 455 115 78 36 32 309 229 115 43 37 31 May 441 417 111 85 26 29 277 198 111 37 39 32 June 408 428 123 92 30 30 276 214 112 35 32 35 July 429 435 131 108 23 25 279 213 115 40 32 35 August 451 478 148 108 40 25 304 211 128 64 36 38 September. . . . 475 515 159 110 49 26 329 237 135 66 40 38 October 535 517 160 122 38 23 334 227 145 56 56 34 November 582 534 170 125 45 20 344 246 139 49 59 41 December 552 574 172 117 55 24 378 274 154 29 75 43 1954—January 620 586 195 144 51 17 373 266 157 45 73 46 February 701 545 185 149 36 10 350 238 151 44 71 41 2As 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. 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities 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 l a i nd Foreign2 Total Bonds3 Stocks gages estate loans assets End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9 478 6,796 2 286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1 773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23 179 21,461 1,718 12 906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 . .. 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 End of month:6 1951—December . 67,983 13,579 10 958 L.7O2 919 28,042 25,975 2,067 19,291 i,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 1.880 2,718 3,075 February 73,943 12,844 10,287 1,300 757 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 1 897 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 1,972 2,831 3,100 October 77,121 12,395 9,913 .897 585 33,887 31,585 2,302 22,842 1,990 2,851 3,156 November 77,552 12.365 9,830 1,945 590 34,096 31 ,781 2,315 23,017 2,000 2,873 3,201 December 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—January 78,866 12,470 9,779 2,105 586 34,639 <\32,266 "2,373 23,435 2,039 2,905 3,378 c Corrected. 1 Includes United States and foreign. 2Central government only. 8Includes 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. 5These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U.S. Savings End of U.S. Savings year Total1 g M ag o e r s t- 2 G m o o v b e e l n i r - t n- Cash Other* capital quarter Total1 g M ag o e rt s - 2 G m o o v b e l e n i r - t n- Cash Other8 capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—1 17,232 13,999 1,547 844 751 14,286 1940 5,733 4,125 71 307 940 4,322 2 17,977 14,539 1,558 940 849 14,910 1941 6,049 4,578 107 344 775 4,682 3 18,429 15,058 1,577 852 852 15,317 1942 6,150 4,583 318 410 612 4,941 4 19,164 15,520 1,606 1,082 866 16,073 1943 6,604 4,584 853 465 493 5,494 1944 7,458 4,800 1,671 413 391 6,305 1952—1 19,688 16,057 1,690 1,080 774 16,811 1945 8,747 5,376 >,420 450 356 7,365 2. .. . 20,599 16,875 1 ,687 1,182 770 17,656 1946 10,202 7,141 >,009 536 381 8,548 3... . 21,295 17,696 1,765 1,044 708 18,198 1947 11,687 8,856 1,740 560 416 9,753 4 22,585 18,336 1,791 1,306 1,072 19,140 1948 13,028 10,305 ,455 663 501 10,964 1949 14,622 11,616 L,462 880 566 12,471 1953—1 P.. . 23,506 19,105 1,931 1,263 1,121 20,105 1950 16,846 13,622 1,489 951 692 13,978 2P... 24,772 20,133 2.003 1,337 1,216 21,154 1951 19,164 15,520 1,606 1,082 866 16,073 3P. .. 25,633 21,145 1,990 1,200 1,215 21,742 1952 22,585 18,336 1,791 1,306 1,072 19,140 4P... 26.726 21,929 1,923 1.481 1,315 22,823 1953P 26,726 21,929 L ,931 1,481 1,307 22,823 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. APRIL 1954 369 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 1 [Based on compilation by United States Treasury Department. In millions of dollars End o' year ]Enc1 of quarter Asset or liability, and agency 1952 1953 1944 1945 1946 1947 1948 1949 1950 1951 4 I 2 3 Loans, by purpose and agency: 3,385 2 878 2,884 2 299 ? 632 4 362 ? 884 4 161 070 671 4 997 1 11? Banks for cooperatives .. . . 189 197 73? 776 305 30? 345 475 424 367 3?4 336 257 731 773 336 476 437 510 633 673 778 781 Federal land banks ' . . .. 1,220 1 088 986 Federal Farm Mortgage Corporation 351 747 149 109 80 60 45 34 25 23 22 90 643 604 590 558 575 573 535 539 596 653 646 658 Rural Electrification Administration 361 407 578 734 999 1 301 1 543 1 74? 1 920 1 966 9 014 9 06? 353 99 170 780 1 793 1 779 898 78? 1 4?6 1 9?7 1 163 1 6S1 Other agencies . . . .. 10 9 6 7 5 9 7 6 6 5 5 5 7 c aid home owners total ... 1,237 896 619 116 768 1 211 1 128 2 14? 7 603 7 777 7 914 7 986 Federal National Mortgage Assn 52 7 6 4 199 828 1 347 1 850 74? 394 498 9 540 RFC ^Mortgage Corporation* 81 24 6 1,091 85? 636 486 369 731 10 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 8? 70 70 70 321 705 153 145 138 112 108 99 80 77 77 77 Other agencies .... 21 18 18 3 3 3 2 2 2 2 2 2 To other industry total 191 232 192 272 310 462 418 488 116 136 118 149 151 741 272 423 400 415 457 468 478 473 73 83 41 31 38 38 58 74 58 59 58 63 216 267 314 447 525 445 824 814 864 611 718 802 Reconstruction Finance Corporation 66 60 14 7 6 8 8 8 (7) 7) (7) 7) 131 195 793 436 515 433 816 806 864 611 718 801 Other agencies .. . 20 12 7 4 4 4 Foreign total .. 225 2 284 1 673 6 102 6 000 6 078 6 110 7 736 7 713 7 798 8 010 Export-Import Bank 225 75? 1 749 1 978 2 145 2 187 2 226 7 796 496 466 9 S47 9 758 8 774 735 246 206 154 101 64 58 55 5S 57 Other agencies' 800 3 450 3,750 3,750 3 750 3,750 5,182 5 191 5 196 5 199 All other purposes total . 1,237 707 623 714 184 484 131 770 1,095 87? 821 Reconstruction Finance Corporation* 8 827 309 737 «340 190 88 59 61 50 51 54 57 305 786 278 278 294 297 366 609 919 688 617 Other agencies U06 112 113 96 100 99 105 109 126 133 142 160 448 438 478 395 368 476 185 173 140 159 22f> 212 Total loans receivable (net) 6,387 5 290 6 649 9 71411,69212,73313 22814,422 17,826 18 089 17 637 18 502 Investments: U. S. Government securities, total 1,630 1 683 873 1 681 814 2 047 2 075 2 226 4?1 641 7,588 7 186 Banks for cooperatives 43 43 43 48 43 43 43 43 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 51 60 53 52 6? Production credit corporations 60 67 70 77 66 39 42 43 43 44 45 45 Federal land banks ' 145 136 144 118 145 139 274 275 199 249 311 460 378 397 Federal Savings and Loan Insurance Corp 151 161 17? 184 199 214 193 700 708 718 Home Owners' Loan Corporation^ 15 15 17 1? 1? 8 87 106 127 137 144 188 244 785 316 330 344 318 Public Housine Administration 10 7 8 8 8 8 Reconstruction Finance Corporation® 75 49 48 (7) 1 Federal Deposit Insurance Corporation 760 897 1 045 1 070 1,064 1,205 1 307 1,353 1 437 1 500 1 508 1 S09 Other agencies 28 30 20 21 1 1 1 1 1 1 1 318 3 381 3,381 3,385 3 385 3,381 3 381 3 381 3 3 381 Other securities, total 424 321 230 114 133 107 88 78 44 42 45 44 Reconstruction Finance Corporation 289 744 159 108 98 83 71 66 36 35 39 38 Production credit corporations 63 55 46 35 29 22 16 11 8 6 5 Other agencies 71 26 24 11 6 2 1 1 1 Commodities, supplies, and materials, total 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,280 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 ' 1,053 1 131 667 157 14? 108 1?9 17? 119 114 Other agencies 438 122 134 138 32 30 28 159 131 128 211 241 16,23721 01716,924 12,600 3,060 2,962 2,945 3,358 3,213 3,240 7 867 7,911 Public Housing Administration ^ 200 ??7 ?04 1 448 1 35? 1 748 1 1,173 1,149 029 1 030 6,526 6 919 9 861 35 630 611 605 594 199 197 185 181 710 7?1 777 754 793 830 886 1,048 1 751 1 ?99 1,360 1 40 S U S Maritime Commission ^ 3,113 395 3 301 3 305 War Shipping Administration 2 5,427 7,813 7,764 6,507 Federal M!aritime Board and ]VIaritime Adm ' ,802 ,802 Other agencies u 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 %5 772 1,190 1,369 1,330 1,107 1 1 Banks for cooperatives 24 8 33 69 70 78 110 170 181 145 11? 119 274 745 793 358 480 490 520 674 704 710 788 776 Federal land banks a 818 79? 756 Commodity Credit Corporation 212 Federal home loan banks 67 69 169 262 415 204 560 525 445 252 231 349 For footnotes see following page. 370 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 x Lia in b t i e li r t a i g es e , n c o y th e it r e m th s an Bonds, notes, m Co o m di - - I m nv e e n s ts t- Land, tu a r n e d s d p e a b y e a n b - le U G e . o r v n S - - . v P a r t i e - ly Date, and corporation or agency Total Cash L c a e r o b e i a l v - e n - s m p s r t a i l i u a n i e a p e t s d l e - s s , , - G U s ri e o t . c i v e u S t s - . . O s ri e t t c h ie u e s - r s t e m u t a q r r n e u u e d n i c s p t - , - O s a t e h s t - e s r a F g U n u u b t . a e y ll S r e y - d . Other O li i a t t i b h e i e s l r - i m n e t e s e n t r t - o in w e t s e n t r e - d All agencies: 1944—Dec. 31. . 31,488 756 6,387 2,942 1,632 42416,237 3,111 1,537 1,395 4,19623,857 504 1945—Dec. 31.. 33,844 925 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 54716,924 1,753 261 1,252 3,58824,810 498 1947—Dec. 31 a. 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,03728,015 143 1948—Dec. 31 *. 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31.. 23,733 44112,733 ,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950— Dec. 31. . 24,635 64213,228 ,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Dec. 312. 26,744 93114,422 ,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952—Dec. 312.. 29,945 94417,826 ,280 2,421 3,429 3,213 832 53 1,330 1,728 26,456 378 1953—Mar. 31 . . 30,564 93618,089 ,259 2,645 3,427 3,240 968 48 1,107 2,069 26,938 401 Tune 302.. 36,153 1,06317,637 2,201 2,588 3,430 7,867 1,367 51 1,131 1,979 32,576 415 Sept. 30. .. 37,141 1,09618,502 2,259 2,586 3,429 7,911 1,357 63 1,243 2,075 33,335 424 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 ) () F R F C e a u o F d r r m m e e a r m l d e a e r E l o r s d a l C e l i H c t r y F o t o r p a m i C f r i e m I r c n e a A s d t M u i i d o t r m n o a C r n i t n A o c g e i r a d s p g t m C o r e a r o i a n t C r i t p i o i s o o n t r n r 3 p ation 6 9 1 4 3 3 2 8 2 2 9 2 2 2 1 , , 5 0 5 4 6 2 6 9 0 1 0 1,884 108 1 37 8 2 1 1 7 7 2 () 73 1 8 7 3 3 2 , ,1 1 6 8 9 3 2 2 3 1 9 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,233 30 801 397 4 349 485 () 399 Federal Savings and Loan Insurance Corp. 217 1 211 5 6 211 Public Housing Administration 1,842 108 620 1,030 84 37 1,805 Federal Housing Administration 528 51 37 318 1 120 62 228 238 Office of the Administrator: Federal National Mortgage Association.. 2,551 ) 2,540 10 11 2,540 Other 127 28 71 4 126 Reconstruction Finance Corporation: Assets held for U. S. Treasury ™ 353 3 1 180 34 353 Other » 815 24 726 1 28 36 779 Export-Import Bank ». . 2,781 3 2,760 18 34 2,747 Federal Deposit Insurance Corp 1,529 6 () 1,509 () 15 100 1,429 A T F e e l n l d o n e t r e h a s e l s r e M e a V ri a t l i l m ey e A B u o t a h r o d r i a t n y d Maritime Adm.P. 9 5 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 , , 3 8 4 5 0 0 8 2 5 3 1 9 1 1 6 5 0 2 4 4 7 6 9 0 9 5 1 , , ,7 7 1 4 6 4 1 1 0 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 lo 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947. when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 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 since dissolution of the RACC in 1949. These activities are reported currently in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund." 4 Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. '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." * 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. APRIL 1954 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSI Bondprices 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- ing6 or week ( n h ic ig ip h a - l (h r i a g t h e - fe P rr r e e d - * Manufacturing Trade, th ( o in ur O s i e e l - s d 2 N r s ie e e - s w 8 grade)4grade)4 T ta o l - d t I a u r n i l s - - - R ro a a i d l- u P i l u t t i i y c b l - - T ta o l - T ta o l - D r b a l u e - - N d b r o a u l n - - e - T p t r o i a o r n n ta s- - u P i l u t t i i y c b l - - a s a f e n i i n c r n c e v d e - - , M in in g - s s h a a o n r f d es s ) 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 4 177 192 149 112 185 207 179 233 199 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 256 1,313 1953 average 93.90 l6i'.46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 1,419 1953—Mar 94.31 121.6 113.4 165.7 198 215 185 125 204 232 207 256 238 124 213 263 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 92.89 100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 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 95.28 103.30 119.7 112.6 167.3 183 197 157 122 187 214 184 240 202 121 201 219 1,225 Nov 94.98 103.67 121.4 113.6 168.8 188 202 159 124 191 219 190 245 204 123 207 231 1,482 Dec. 95.85 104 93 122 3 113 5 166.5 191 206 157 125 193 222 192 249 200 125 209 230 1,644 1954—jan 97.42 106.16 123 6 114 5 168.7 195 211 160 127 198 228 199 256 206 126 213 239 1,669 Feb 98.62 107 04 125.5 116.5 171.8 200 217 166 129 203 234 204 261 215 128 216 250 1,752 Mar 99 87109 11 125 6 117 9 173 3 205 223 165 131 207 240 210 268 212 130 215 259 1,919 Week ending: Mar 6.... 99.59 109.30 126.0 117.5 172.6 203 221 166 130 206 238 208 266 215 130 216 261 2,028 Mar. 13 99.80 109.08 126.0 117.9 173.4 205 223 167 131 207 240 209 268 213 131 215 257 1,839 Mar. 20.... 100.06 109.09 126.0 118.1 173.0 205 223 166 131 208 242 211 270 214 131 214 261 1,787 Mar. 27 99.99 109.05 125.3 118.0 173.6 204 222 163 131 206 239 210 266 208 130 214 259 1,833 Apr. 3.... 99.98 109.09 124.6 118.1 173.8 208 227 164 132 212 247 218 274 212 131 220 266 2,157 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 8Xhe 314 per cent bonds of 1978-83, issued May 1, 1953. ^Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. ^Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. « Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133 ,134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month Customers' bal D an e c b e it s in bal D an e c b e it s in Cash on cre C d u it s t b o a m la e n r c s' es1 Other credit balances ba ( d n l e a e b n t i c ) t i es a in n p a v d a c e c r s t o t r t n u m a e n d r e t i s n n s ' t g a in n a v d c e c f t s i o r r t u a m m n d e t i n n s t g a b h n a a d n n k d in s bo M rr o o n w e e y d2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r u a m t n d n e t e i n n s r t g s' a in n a v I d c n e c t s o f r t u i a m r n d m e t i s n n t g I a n c ( c c n o a e u p t n ) it t a s l 1950—December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 December... 1,362 8 406 343 920 724 200 35 9 315 1953—February. .. 81,350 8871 8730 March 81,513 8966 8744 April 81,594 81,068 8738 May 81,671 •1,193 »673 June 1,684 7 347 282 1,216 653 163 23 16 319 July 81,664 81,161 8651 August 81,682 31,182 8641 September. . 31,624 31,070 8674 October 31,641 31,098 3672 November. . 31,654 31,127 3682 December... 1,694 8 404 297 1,170 709 208 28 31 313 1954—January.... 31,690 31,108 3741 February... 31,688 31,062 3768 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. 3Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 8As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): November, 31; January, 34; February, 35. 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. 372 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 a e h r k , , or m m 4 p P - c o e a r o r n t p i o m c m t e i h a r 6 - e s , l - 1 a P a d b c n e a a r 9 c i c r n y m e 0 s e k s ' p s e 1 - , t- M y 3 a i - r e m k ld o et n s t e h o c i u n R s b s r a i u n i l t t e l e e i s s w es 9 ( i m t s - a s t o o u x n a e 1 t s b h 2 2 l - e) 3 is - y s e t u o a e r s 5 8 - An 1 n 9 A u 1 a r c 9 l e i 4 a t 5 i a e a v s n e : d ra g p e e s r : iod 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 0 S , 2 0 , i 0 z 0 0 e 0 0 - of $ $ 1 2 l 0 2 o 0 0 a 0 , n 3 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 1 19 9 5 5 2 1 a a v v e e r r a a g g e e 2 2 . . 1 3 7 3 1 1. . 7 6 5 0 1 1 . . 5 7 2 2 1 1 . .5 7 5 6 2 6 L L. . 8 7 1 3 2 1 . .9 1 3 3 1 1 1 9 9 9 4 4 4 7 8 9... 2 2 2 . . . 5 7 1 4 4 4 . . . 2 4 6 3 3 3 .5 7 1 3 2 2 . . 5 8 0 2 2 1 . . . 2 4 8 1953 average 2.52 1.88 1.90 1.931 >.07 2.57 1950 2.7 4.5 3.6 3.0 2.4 1953—M A M p a a r r y i c l h 2 2 2 . . . 4 6 3 4 8 6 1 1 1 . . . 8 8 8 8 8 8 2 2 2 . . . 0 1 1 1 6 9 2 2 2. . . 1 0 2 7 8 0 7 2 0 2 2 2. . . 4 2 0 1 7 4 2 2 2. . . 8 6 4 6 1 6 1 1 1 9 9 95 5 5 2 3 1 3 3 3 . . 7 5 1 4 5 4 . . 0 9 7 4 4 4 . . 4 2 0 3 3 3 . . 9 7 4 3 3 2 . . . 3 5 9 J J A N D S O u u e e c o u l n p y c t v g e o t e e e u b m m m e s b r t b b . e . e e . r . r . r . . . . . . 2 2 2 2 2 2 2 . . . . . . . 3 5 7 2 7 7 7 2 5 5 5 5 5 4 1 1 1 1 1 1 1 . . . . . . . 8 8 8 8 8 8 8 8 8 8 8 8 8 8 2 2 2 1 1 1 1 . . . . . . . 3 4 6 7 0 0 1 8 4 0 9 4 4 1 2 2 2 1 1 1 1 . . , . . . . 4 1 6 4 8 2 0 0 3 2 7 0 3 8 2 0 7 6 1 1 8 2 2 1 1 L L . . . . . 3 1 4 3 5 . . 3 7 6 7 6 6 3 1 2 '• 2 2 2 2 2 2 2 . . . . . . . 7 3 9 7 3 6 2 2 6 2 7 6 9 2 Qu 1 a 9 r 1 1 te c 9 9 r i 5 5 t l i 4 3 y e — — : s: S D M Ju e e a n p c r e t 3 3 3 3 . . . . 7 7 7 7 2 6 3 4 4 4 4 5 . . . 9 0 9 9 9 1 8 8 4 4 4 4 . . . 3 3 4 3 7 8 0 9 3 3 3 3. . . . 9 9 9 9 4 6 3 1 3 3 3 3. . . . 5 5 5 5 2 7 4 3 1954— F M J e a a b n r r c u u h a a r r y y . . . . . 2 2 2 . . . 1 0 0 3 0 0 1 1 1 . . . 8 4 6 8 8 9 1 1 . . 1 . 9 0 8 7 3 1 1 . . . 2 0 9 1 5 8 4 3 4 L . . 3 0 . 3 0 2 1 '2 1 1 . . . 0 8 8 4 0 4 Ne 1 w 9 5 Y 3 o _ rk S D ju e e n c p C e . t i . t y . : 3 3 3 . . . 5 5 5 1 2 2 4 4 4 . . . 7 7 6 0 6 3 4 4 4 . . . 2 2 2 5 5 5 3 3 3 . . . 7 7 7 7 6 9 3 3 3 . . . 4 3 3 0 8 9 Week ending: 1954—Mar 3.50 4.79 4.27 3.75 3.37 A M M M M p a a a a r r r r r . . . . . 2 2 1 7 0 3 6 3 . . . . . . . . . . . . . . . 2 2 2 2 2 . . . . . 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 . . . . . 2 2 6 6 6 5 5 3 3 3 1 1 1 1 1 . . . . . 0 0 0 0 0 2 3 3 4 3 1 1 1 1 1 . . . . . 0 0 0 0 0 6 5 5 6 3 6 6 9 3 0 1 ] 1 . . . . . 9 9 0 0 0 2 4 1 9 9 1 1 1 1 1 . . . . . 7 7 8 8 7 7 5 5 5 4 7 N 1 o 9 e r 5 r t 3 h n — e c r D S J n i u t e e i c n p a e . e t s n : d East- 3 3 3 .7 7 7 1 1 9 5 5 5 . . 0 0 0 7 7 8 4 4 4 . . . 4 4 3 5 0 8 3 3 3 . . . 8 9 9 7 6 1 3 3 3 . . . 5 6 5 2 3 4 1954—Mar 3.74 5.06 4.36 3.97 3.57 r Revised. 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and bo 3 n 2 S S d e e r r i i s i e e s s s u e i i n s n . c c l l u u d d e e s s s c e e le rt c i t f e ic d a t n e o s te o f a n i d n d b e o b n t d e d i n s e s s u s e s a . nd selected note and 195 W 3 e — st S J e u e r n n p e t cit . ies: 4 4 . . 0 1 5 0 5 5 . . 1 0 0 9 4 4 . . 4 4 6 6 4 4 . . 0 0 2 6 3 3 . . 8 7 6 9 Dec 4.10 5.06 4.46 4.09 3.86 Back figures.—See Banking and Monetary Statistics, Tables 120-121, 1954—Mar. 4.03 5.05 4.43 4.03 3.76 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks U. S. Govt. Corporate (Moody's)5 Dividends/ E in a g rn s/ - Year, month, (long-term) Munic- By ratings By groups price ratio p ra r t ic io e or week Old New grade) * Total Indus- Rail- Public Pre- Com- Comseries* series8 Aaa Aa A Baa trial road utility ferred « 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 3.15 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 "3.16" 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3.55 3.45 4.27 5.51 10.12 1953— A M p a r r i c l h 2 2. . 9 8 7 9 2 2 . . 6 6 1 3 3 3 . . 3 4 1 0 3 3 . . 1 2 2 3 3 3 . . 1 2 8 9 3 3 . . 3 4 6 4 3 3 . . 5 6 7 5 3 3 . . 1 2 6 7 3 3 . . 4 5 3 1 3 3 . . 3 4 3 4 4 4 . . 2 3 3 3 5 5. . 5 3 2 6 r9.35 May 3.09 "3*!26" 2.73 3.53 3.34 3.41 3.58 3.78 3.39 3.63 3.57 4.38 5.53 J J u u l n y e 3 2 . . 0 9 9 9 3 3. . 2 2 5 9 2 2 . .9 9 9 9 3 3 . . 6 5 1 5 3 3. . 2 4 8 0 3 3 . . 4 4 2 9 3 3 . . 6 6 2 7 3 3 . . 8 8 6 6 3 3 . . 4 4 2 8 3 3 . . 6 7 7 3 3 3 . . 6 5 2 6 4 4 . . 4 3 7 7 5 5. . 4 6 4 0 '10.45 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 no'. 76* October 2.83 3.06 2.72 3.45 3.16 3.33 3.47 3.82 3.33 3.56 3.46 4.19 5.60 November... 2.85 3.04 2.62 3.38 3.11 3.26 3.40 3.75 3.27 3.51 3.38 4.15 5.53 December. . . 2.79 2.96 2.59 3.39 3.13 3.28 3.40 3.74 3.28 3.52 3.37 4.21 5.54 10.51 1954—January 2.68 2.90 2.50 3.34 3.06 3.22 3.35 3.71 3.23 3.47 3.31 4.15 5.28 February.... 2.60 2.85 2.39 3.23 2.95 3.12 3.25 3.61 3.12 3.35 3.23 4.08 5.29 March 2.51 2.73 2.38 3.14 2.86 3.03 3.16 3.51 3.05 3.24 3.14 4.04 5.07 Week ending: Mar. 6 2.53 2.72 2.36 3.18 2.89 3.07 3.20 3.56 3.07 3.31 3.17 4.06 5.21 Mar. 13 2.52 2.74 2.36 3.15 2.86 3.04 3.16 3.53 3.05 3.26 3.14 4.04 5.16 Mar. 20 2.49 2.73 2.36 3.13 2.85 3.02 3.15 3.50 3.04 3.23 3.13 4.05 5.13 Mar. 27 2.50 2.74 2.40 3.12 2.85 3.00 3.15 3.47 3.03 3.20 3.13 4.03 5.17 Apr. 3 2.50 2.73 2.44 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.13 4.03 5.03 •"Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings /price ratio). 2Fully taxable, marketable 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. *The 3% 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. APRIL 1954 373 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 Sales and Balrec N e e i t pts p t e u E n r x d e - s i- S d u e r f o p i r c l i u t s c T o o a a t r u n h c u n d e - s t r t s r o e in o b d a f l e g i m m g e G a n a p o t c r t i v k o i y o t n e . n t s s C co i l a n e u c a g - 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 e u n e i r n n c a n d e l - A a F v b . a le i R l- . B In c e a o s n p s l k l r e s o 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 h s e t - t e s r funds tion Cal. yr.—1950 37,834 MS, 255 1-422 1-38 349 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 L.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 2,017 5,517 950 143 3,268 ,156 1951 . . . 48,143 144,633 13,510 1295 384 -214 -2,135 1,839 7,357 338 250 5,680 ,089 1952 . . . 62,129 66,145 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 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 M9.063 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 L.256 July-Dec. . 26,454 35,515 -9,061 -259 90 40 9,097 -94 4,577 346 131 3,358 742 Monthly: 1953—Mar 10,502 6,187 4,315 -209 12 -135 -3,099 884 6,908 222 448 4,983 L ,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 Aug 4,568 6,042 -1,473 299 1 -430 536 -1,067 7,674 496 96 5,825 L.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—Tan 24,471 25.071 -600 -144 -28 559 -320 -533 4,044 404 363 2,406 871 Feb.3 5,444 4,707 737 527 -117 -135 -67 944 4,988 548 167 3,458 816 Mar n.a. n.a. n.a. n.a. n.a. n.a. -4,546 1,366 6,355 722 462 4,379 792 Budget expenditures Major national security programs Period Total Total4 t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n I t a i e n o n o c i t m a n d o e - a 5 - r ic - l A E C m n s to o i e o i m m r s n g - i - y c I d n e o e t s n e b t r t - A e i t V s i d r o t a m e r n n a t i - 6 s - n- g c S r p u o s a r r e c m o i - i t - a s y l 6 A t c u g u r l r e - i 7 - H h a i o o f n n i m u - g d s 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 r f 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 1,438 684 1,016 2,315 1952 71,366 51,121 43,176 2,975 2,652 1,813 6,065 4,433 1,508 1,564 646 1,573 775 1,193 2,487 1953.... 73,626 52,817 44,465 3,810 2,190 1,889 6,357 4,157 1,630 3,238 -159 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 1,575 593 1,383 2,781 1951... 44,633 25,891 19,955 884 3,863 908 5,613 5,288 1,415 635 460 1,458 624 972 2,276 1952... 66,145 46,319 39,033 2,228 2,904 1,648 5,859 4,748 1,424 1,219 614 1,515 740 1,305 2,402 1953... 74,607 52,847 44,584 3,760 2,272 1,802 6,508 4,250 1,593 3,063 382 1,655 660 1,079 2,570 Semiannual totals: 1950—July-Dec. 10,063 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—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 13 232 May 6,241 4,481 3,746 285 278 153 179 348 125 581 66 155 125 92 213 June 7,988 4,815 4,056 325 246 140 1,882 343 128 382 -10 145 59 194 July 6,068 4,645 3,890 451 151 117 237 369 177 254 -78 174 ' 50 53 237 Aug 6,042 4,172 3,519 197 258 157 206 330 120 377 95 155 157 270 Sept 6,119 4,392 3,787 232 169 155 560 323 101 275 34 158 i<50 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 23* 1,294 371 108 -137 -32 140 57 209 1954—Jan 25,071 P3,681 3,001 385 P104 142 245 340 172 309 -31 97 P241 Feb.3 4,707 n.a. n.a. 256 P121 160 372 340 P128 P-135 -104 n.a. "42 n.a. v Preliminary. n.a. Not available. | 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. 2Nojt adjusted for Treasury's revised treatment of carriers' taxes. 3Beginning February, figures are on basis of revised Treasury monthly statement and not necessarily comparable with back data. 4Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. ^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. 6 Excludes transfers to trust accounts, which are shown separately. 7Includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are included with public works. 374 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 dollarsl Treasury receipts Internal revenue collections Budget receipts, by principal sources (on basis of Internal Revenue Service) Income Deduct and old-age Taxes Individual in- Period insurance taxes Mis- on come and old- Corpo- W he it ld h- Other t n c e e e i r n l o n l - u a a - s l c a p a n l e o r d m r y i e e o - r r n s s O ce r t i e h p - e ts r b c T u e r o d i e p t g - a t e l s t A to t p p i r o o p i n a l r d s - o - - fu R o n e f d - s b c u N e r d i e e p g - t t e s t age t i a n x su es rance r c a a o i t n n m i d o - e n t a g E a n i s t f d - e t 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 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11,980 22,140 849 1953 26,323 30 524 11,211 896 2,570 71,524 3,918 3,137 64,469 26,162 11,401 19,195 923 Fiscal yr.—1950 12,180 18 189 8,303 776 1 ,862 41,311 2,106 2,160 37,045 11,762 7,264 10,854 706 1951 16,654 24 218 9,423 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14,388 730 1952 21,889 33 026 9,726 994 2,364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 1953 25,058 33 101 10,870 902 2,525 72,455 4,086 3,151 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 11,515 9,210 14,318 459 July-Dec. . . 11,716 10 647 5,438 357 1,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 1953—Jan.-June.. . 13,342 22 454 5,432 545 1,137 42,910 2,195 2,700 38,014 13,176 8,834 13,773 502 July-Dec. . . 12,981 2,799 5,272 5,779 352 1,433 28,614 1,723 437 26,454 12,986 2,567 5,422 422 Monthly: 1953—Feb 3,544 1,479 856 271 150 6,300 486 336 5,479 4,990 839 404 65 Mar 2,102 8 551 993 66 158 11,870 425 944 10,502 328 2,698 6,171 154 Apr 1,170 1 837 880 14 144 4,044 232 963 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 904 2,122 490 749 21 332 4,619 84 64 14,471 1,115 2,372 445 65 Feb.2 3.664 1,044 396 860 304 199 6,468 598 306 35,444 n.a. n.a. n.a. n.a. Treasury receipts—Continued Trust and other accounts Internal revenue collections—cont. Social security, Other accounts6 (on basis of Internal Revenue Service) retirement, and Period Excise and miscellaneous taxes insurance accounts Totals Total Liquor Tobacco M an an d u e r x f e a c t c i a s t i e u le re rs r ' s' Other ce R i e p - ts I m nv e e n s ts t- Ex tu pe re n s di- I m n e v n e t s s t 7 - Other5 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 49 8,315 3,504 4,942 329 508 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 -402 6,484 -62 1951 8,704 2,547 1,380 2,841 1,936 295 7,251 3,360 3,752 196 353 1952.... 8,971 2,549 1,565 2,824 2,032 219 8,210 3,361 4,885 275 530 1953 9,946 2,781 1,655 3,359 2,152 462 8,531 3,059 5,257 242 489 Semiannual totals: 1950—July-Dec... 4,462 ! 1,391 683 1,394 994 -173 3,312 1,557 1,644 -22 -307 1951—Jan.-June.. 4,241 1,156 697 1,446 942 468 3,939 1,803 2,108 219 660 July-Dec. . 4,440 1,304 74-8 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 Tuly-Dec... 5,027 1,482 845 1,573 1,127 121 4,073 1,495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 1,786 1 ,025 341 4,458 1,564 2,802 136 385 July-Dec.. . 4,795 1,521 804 1,476 995 -259 3,665 823 3,009 17 -74 Monthly: 1953—Feb 782 186 133 308 155 404 869 223 449 -54 154 Mar 825 229 144 276 176 -209 596 61 488 38 -217 Apr 848 230 133 292 193 -157 405 128 478 -17 27 May 851 229 129 320 173 377 1,020 412 463 42 274 June 854 237 136 307 174 65 1,319 843 476 -107 -42 July 895 244 125 312 213 -260 405 90 470 -29 -134 Aug 793 225 145 267 156 299 1,070 409 462 -14 86 Sept 4472 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 1954— F D Ja e e n b c n 5 3 . 8 9 a 7 5 . n 2 1 . 1 6 a 6 6 . n 1 1 . 2 2 a 3 0 . n. 4 4 a 5 6 . n 2 . 0 6 a 4 1 . - 2 1 - 5 7 4 2 2 4 7 9 5 2 6 9 0 5 7 7 -3 1 3 2 8 4 8 8 6 5 5 2 8 3 7 1 3 - 2 3 8 2 9 8 7 2 1 4 8 1 4 4 4 n.a. Net available. 1Not adjusted for Treasury's revised treatment of carriers' taxes. 2On basis of revised Treasury monthly statement and not comparable with back data. 3Carriers' taxes deducted. 4 Reporting of some excises changed to quarterly basis. 5Excess of receipts, or expenditures (—). 6Consists of miscellaneous trust funds and accounts and deposit fund accounts. The latter reflect principally net transactions of quasi Government corporations, European Payments Union deposit fund, and suspense accounts of Defense and other Government departments. Investments of wholly owned Government corporations are included as specified in footnote 7, but their operating transactions are included in Budget expenditures. 7Consists of net investments in public debt securities of quasi Government corporations and agencies and other trust funds beginning with July 1950, which prior to that date are not separable from the next column; and, in addition, of net investments of wholly owned Government corporations and agencies beginning with November 1950, which prior to that date are included with Budget expenditures (for exceptions see footnote 1 on previous page). APRIL 1954 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY GASH 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 a e l c B ei u p d t L N s g e e o s t n s: - T a P o cc t l a u t. l s : r e T c r L N e u i e o p s s n t s ts : - E o in p C q c i u e n a o a r s g m a l h s t e - : T B o u ta d l get A a e L l c x e s c p s r s e t u : o n - d N i 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 s p t : a 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 u i u e n a t a r s g g a l h o s t- : i o o n c p g u o o e m t r g r i a n e o t - receipts cash1 cash* publics trans.4 cash s Fund6 Cal. yr —1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 —262 -87 41,969 482 1951 53,488 222 8,582 2,508 59,338 56,846 567 2,625 4,397 90 —26 106 58,034 1,304 1952 65,523 184 8,707 2,649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 -1,583 1953 64,469 275 8,596 2,347 70,440 73,626 575 2,585 5,974 34 —82 209 76,529 —6,090 Fiscal yr.—1950.... 37,045 120 6,669 2,623 40,970 40,167 436 2,754 6,881 13 -207 -483 43,155 -2,185 1951 48,143 256 7,796 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952.... 62,129 138 8,807 2,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 1953.... 65,218 210 8,932 2,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 Semiannual totals: 1950—July-Dec. 18,464 91 3,562 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec.. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 —7,254 1953—Jan.-June. . 38,014 104 4,683 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 July-Dec... 26,454 171 3,913 996 29,199 35,515 277 1,129 3,332 36 -38 -40 37,326 -8,128 Monthly: 1953—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 -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— F y e an b.s 74 5 , , 4 4 7 4 1 4 n.a 5 . 1 2 9 3 9 7 3 n 7 .a 5 . 5 4 6 , , 6 5 0 3 2 0 7 4 5 , , 7 0 0 7 7 1 7 1 2 6 n 7 .a 9 . 7 4 4 2 1 1 7 n.a. 8 -12 -5 1 5 5 9 6 4 5 , , 7 3 4 0 9 2 1 - , 1 2 4 2 7 8 Mar n.a. n.a. n.a. n.a. 12,260 n.a. 8 n.a. n.a. n.a. -39 43 6,231 6,028 n.a. Not available. 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by quasi Government corporations. 2 Represents principally interest on investments in U. S. Government securities, payroll 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. 4Represents 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). 5Represents principally repayments of capital stock and paid-in surplus by quasi Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6Cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) 7Not adjusted for Treasury's revised treatment of carrier's taxes. 8 Beginning February, data are on basis of revised Treasury daily and monthly statement and not necessarily comparable with back data. 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 , a d b p s s e t i u s e n - b, F a G n e u t s d e e a e e c r r d - u al r it a ie g a s g N e n u n o t o e c 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 l s s i . c e o 1 i c f n . b b r ( i e o n o - p i g r r ) n r r a , o o g y o o w w t f r . - - m & i D s k s c i t u r o a e e b n c s v l 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 a o vi t n e g s s S s a P p v o e . s c t S i a a y l l s.Other* Cal. yr.—1950 -423 -6 355 94 602 163 -929 —2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 -1,191 -1,099 —997 46 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 •4,829 • -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 7 -32 3,301 719 3 2,918 «5,294 *-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 6-2,028 «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—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 -6 -32 39 June -449 33 735 71 -1 -1,222 -862 5-147 -341 — 11 90 July 6,598 11 15 61 •109 — 1 6,456 6,333 -98 252 -7 Aug 536 1 395 «28 -12 127 -72 •-122 271 -17 -4 Sept -269 75 71 22 -12 -274 -931 e-51 662 -16 101 Oct 449 2 -72 -76 -1 457 -51 -90 618 -7 -67 Nov 1,822 8 108 240 41 -1 1,659 1,647 -36 -53 -36 123 Dec -40 2 -61 150 83 59 -391 -70 -22 -167 -18 -95 1954—Jan -320 -1 -27 -46 73 11 -386 -178 -41 -73 -12 -31 Feb.7 -67 2 -126 77 17 -1 -284 -74 -92 -71 -37 -120 Mar -4,546 -89 -20 9 38 -4,662 -4,304 18 -310 -37 -86 75 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. 3 Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 5Excludes exchanges of savings bonds into marketable bonds. 6See footnote 2 at bottom of following page. 7 Beginning February, on basis of revised Treasury daily statement and not comparable to monthly budget statement. 376 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 Cat h operating outgo Period Total t i a n D u x d i a e i r l v s e s i c o i d t n - t c a a D o t x i i r e o r p s e n o c o s r t 1 - n E m t a a x x n i c s d e i c s s . e i c n S e s o i . p ci r t a s e l 2 - c O c o i t a m n h s - e h e r 3 D R c o e e e f f d i u p r u e n t c s - d t: s Total n g a M r t p a l r a . m o j s - o s e r 4 c. e d I s e t b o ts n g e r V p r a r a e m o n t - - s s6 s g e S r p c o a r u c m o r i - a i s t l 7 y Other Cal. yr.—1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 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 52,753 4,589 4,885 6,648 7,654 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: 195C—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 Julv-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 13,77-3 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 25,854 2,176 2,465 3,401 3,430 Monthly: 1953—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 Tuly 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 4,318 901 423 586 66 1954—Jan 4,602 3,008 490 683 170 315 64 4,749 P3,670 170 393 697 P-181 Feb.8 6,530 4,355 469 741 1,093 177 306 5,302 n.a. 352 411 *>674 n.a. Mar 12,260 4,328 7,097 789 P7\S P267 940 6,231 n.a. 563 428 n.a. n.a. p Preliminary. n.a. Not available. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Year or All series Series A-E and H Series F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 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 4,800 5,661 57,710 4,368 3,625 36,663 432 2,035 21,047 5,730 5,475 6,026 1953—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 lune. . 370 H85 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 33 182 21,703 472 219 4,706 Aug.. . 371 421 57,851 346 280 36,264 25 141 21,587 479 208 4,977 Sept.. 368 457 57,795 343 331 36.311 25 125 21,484 952 290 5,639 Oct.. . 384 419 57,775 357 289 36,391 27 129 21,385 687 68 6,258 Nov. . 369 390 57,806 339 270 36,509 29. 120 21,297 2 55 6,204 Dec. 423 3590 357,710 381 309 36,663 42 3281 321,047 178 6,026 1954—jan "" 561 652 57,736 485 330 36,887 77 322 20,848 70 5,956 Feb.. . 515 496 57,797 422 P308 37,029 93 P187 20,769 68 5,887 ^Preliminary. 1 Figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not 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. APRIL 1954 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s 1 l d d T g i e r o r o b e t s a c t s 2 l t Total Total c i C e a n e d t r d n e t e e i s b s f t i s o - - f Notes B e b l a l ig e n 4 i k B - on s d t B s r r i a e c n - te k d b v C i o e b o n r l n d e t- - s Total5 b S i o a n n g v d - s s n s i T a o n a n a g t v e d 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 259,487 259.140 233,064 176,613 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—June 259.151 259,105 219,124 140,407 17,219 28,423 18,963 48,343 27,460 13,095 65,622 57,685 6.612 37,739 Dec 267,445 267,391 226,143 148,581 21,713 16,712 30,266 58,874 21,016 12,500 65,062 57,940 5,770 39,150 1953—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 273,452 273,386 230,403 152,977 19,509 26,385 33,736 59,942 13,404 12,025 65,402 57,775 6,258 40,888 Nov 275,282 275,209 232,115 154,726 19,509 26,386 33,249 62,181 13,402 12,012 65,377 57,806 6,204 41,013 Dec 275,244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6,026 41,197 1954—Tan 274,924 274,849 231,623 154,631 19,512 26,386 31,419 63,916 13,398 11,976 65,017 57,736 5,956 41,009 Feb 274,859 274,782 231,466 154,500 19,510 25,278 26,866 74,171 8,675 11,957 65,009 57,797 5,887 41,070 Mar 270,312 270,235 226,821 150,081 21,013 19,377 26,787 74,134 8,674 11,932 64,807 57,902 5,581 41,002 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 556 million dollars on Mar. 31, 1954) and fully guaranteed securities, not shown separately. 2Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,223 million dollars on Feb. 28, 1954. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 8 Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars) Total Held by Held by the public U. S. Government End of month (i g n dr c eo l b u sts d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks3 banks com- rations govern- Savings Other invessecuri- issues issues panies ments bonds securities tors3 ties) 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—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 10,500 195 L—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 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 21,500 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 20,700 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 21,100 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 Dec 275,244 41,197 7,116 226,931 25,916 63,600 9,200 15,800 21,100 12,400 49,300 15,800 13,600 1954—Jan 274,924 41,009 7,245 226,670 24,639 64,000 9,200 15,700 21,500 12,600 49,400 15,800 13,800 includes the Postal Savings System. 2Includes holdings by banks in"territories and insular possessions, which amounted to 300 million dollars on June 30, 1953. 3Includes 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. 378 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 March 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 Treasurybonds Treasury bonds—Cont. June 1, 1954 2% 4,858 June 15, 1954 . . .2 1,743 Dec. 15, 1963-68. . 2^ 2,827 Apr. 1, 1954. 1,502 Aug. 15, 1954 2% 2,788 June 15, 1954-553. 373 June 15, 1964-69. 3,754 Apr. 8, 1954. 1,500 Sept. 15, 1954 2% 4,724 June 15, 1954-564."2M 312 Dec. 15, 1964-69. 3,831 Apr. 15, 1954. 1,500 Feb. 15, 1955 1% 7,007 Dec. 15,1954 8,662 Mar. 15, 1965-70. 4,719- Apr. 22, 1954. 1,502 Dec. 15,1954-55.....2 510 Mar. 15, 1966-71 «..2 2,961 Apr. 29, 1954. 1,500 Mar. 15,1955-60.. 2,611 June 15, 1967-72 «..2 1,890 Mar. 15,1956-58.. 1,449 Sept. 15, 1967-72. . 2,716 May 6, 1954. 1,500 Treasury notes Sept. 15,1956-59 5.• 2H 982 Dec. 15, 1967-72 8. 3,823 May 13, 1954. 1,501 Dec. 15, 1954 \% 8,175 Sept. 15,1956-59.. 3,822 June 15, 1978-83. . . 1,606 M M a a y y 2 2 7 0 , , 1 1 9 9 5 5 4 4 . . 1 1, , 5 5 0 0 1 0 M De a c r . . 1 1 5 5 , , 1 1 9 95 5 5 5 \ \ % y2 6 5 , , 8 3 5 6 4 5 J M un ar e . 1 1 5 5 , , 1 19 9 5 5 8 7-59.. .2% 4,2 9 4 2 5 7 Postal Savings J J u u n n e e 1 3 0 , , 1 1 9 9 5 5 4 4 . . 1 1 , , 5 5 0 0 1 1 O A M c p a t r r . . . 15 1 1 , , , 1 1 1 9 9 9 5 5 5 7 6 6 2 \ \ % y y 2 2 2 1 , , 9 0 5 0 9 5 7 7 0 J D T u u e n n c e . e 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 9 8 - -6 6 3 2. 5 . . • ' 2 ' 2 I ¥ P 2 5 , ,2 3 9 7 6 1 7 8 9 P b a o n n a d m s a Canal Loan.. \ 3 i 4 5 6 0 J J J u u u n n n e e e 2 2 1 4 4 7 , , , 1 1 1 9 9 9 5 5 5 4 4 4 2 . . 1 1 1 , , , 5 5 5 0 0 0 1 1 1 A O A p p ct r r . . . 1 1 1, , , 1 1 1 9 9 9 5 5 5 8 7 7 \ \ \ y y y 2 2 2 3 8 5 8 2 3 3 4 1 S D D e e e p c c . t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 5 0 9 1 - - 6 6 5 2 . 5 . .' . • 2 2 % % 3 2 1 , , , 4 4 2 8 6 3 5 9 6 Convertible bonds Oct. 1, 1958 \y2 101 J N u o n v e . 1 1 5 5 , ,1 1 9 9 6 6 1 2-67.. .2Y2 1 2 1 , , 1 1 1 7 6 6 A In p v r e . st 1 m , e 1 n 9 t 7 5 S e 8 ri 0 e . s . B .2 11,932 *Sold on discount basis. See table on Open Market Money Rates, p. 373. 2Tax anticipation series. 3Called for redemption. 4Partially tax-exempt; called for redemption. 5Partially tax-exempt. 6Re.stricted. 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 Govt. Fed- Com- Mu- insurance Total Govt. Fed- Com- Mu- Insurance End of month st o a u n t d - - a c g i e e n s - e R r e a - l m ci e a r l - t s u a a v l - companies Other End of month st o a u n t d - - a c g i e e n s - e R r e a - l m ci e a r l - t s u a a v l - conn;anies Other ing and serve banks ings ing and serve banks ings f t u r n u d st s Banks banks Life Other f t u r n u d st s Banks banks Life Other Type of security: Typa of security: Total marketable Convertible bonds and convertible: (Investment 1951—June 151490 6 177 22,98251,671 9 50411 138 4,161 45,855 Series B): Dec 154 745 6251 23,80154,302 9 12310289 4,301 46,679 1951—June 13,573 2,905 2,714 166 1,252 2,921 312 3,304 1952— June 153502 6467 22,90654,038 8,843 9 613 4,246 47,391 Dec 12,060 2,905 1,214 172 1,246 2,923 318 3,281 Dec 161081 6 613 24,69755,828 8 740 9 514 4,711 50,979 1952—June 13,095 3,437 714 191 1,356 3,172 362 3,864 1953—June 159675 6 899 24,74651,365 8,816 9 347 4,808 53,694 J)nc 12,500 3,438 185 1,352 3,179 360 3,987 Dec 166 619 6989 25,91655,933 8,524 9 120 4,905 55,233 1953—June 12,340 3,439 182 1,314 3,133 353 3,919 Dec 11,989 3,439 168 1,264 2,935 328 3,854 1954—Jan 166607 7 119 24,63956,365 8 525 9093 4,886 55,979 Treasury bills: 1954—Jan 11,976 3 439 168 1,271 2,933 320 3,844 1951—June 13614 26 527 3,750 122 756 72 8,360 Marketable secu- Dec 18102 50 596 6,773 71 428 104 10,080 rities, maturing: 1952—June 17,219 41 381 5,828 103 504 92 10,268 Within 1 year: Dec 21 713 86 1,341 7,047 137 464 119 12,518 1951—June 42,789 55 12,59210,234 201 1,077 451 18,180 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 Dec 48,204 112 13,43714,081 182 648 576 19,167 Dec 19,511 102 2,993 4,368 126 410 109 11,402 1952—June 45,642 101 12,20212,705 223 581 470 19,360 Dec 56,953 133 14,74916,996 263 532 733 23,547 1954—Jan 19,512 173 1,918 4,723 135 454 114 11,995 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 Certificates: Dec 73,235 175 16,97225,062 475 468 1,061 29,023 1951—June 9,509 17 3,194 2,753 37 113 174 3,221 Dec 29,078 49 12,793 6,773 41 217 445 8,761 1954—Jan 73,235 307 15,69525,242 558 530 1,073 29,830 1952—June 28,423 60 11,821 6,877 120 76 378 9,092 1-5 years: Dec 16,712 27 5,061 4,791 37 56 317 6,424 1951—June 45,033 77 5,23529,272 613 218 1,035 8,583 1953—June 15,854 30 4,996 4,351 87 27 310 6,052 Dec 44,401 45 6,68827,991 419 132 992 8,133 Dec 26,386 63 5,967 9,215 184 37 445 10,475 1952—June 44,945 46 7,18827,858 370 63 996 8,424 Dec 37,713 31 7,14622,381 259 48 910 6,938 1954—Jan 26,386 82 5,817 8,691 191 53 448 11,105 1953—June 32,330 152 6,45218,344 464 109 914 5,895 Treasury notes: Dec 29,367 192 6,15516,056 431 123 980 5,430 1951—June 35,806 14 12,43913,704 120 208 478 8,841 Dec 18,409 3 5,06810,465 67 1 315 2,489 1954—Jan 29,369 189 6,15515,950 422 125 967 5,562 1952—June 18,963 2 5,56810,431 42 5 327 2,587 5-10 years: Dec 30,266 16 13,77410,955 49 8 486 4,978 1951—June 8,914 194 31 6,790 86 131 202 1,480 1953—June 30,425 23 13,77410,355 62 5 529 5,678 Dec 8,914 152 34 6,881 73 118 201 1,454 Dec 31,406 8 13,28911,510 130 52 605 5,814 1952—June 15,122 387 693 7,740 1,357 497 765 3,684 Dec 22,834 546 1,387 11,058 1,775 885 1,348 5,835 1954—Jan 31,419 44 13,26411,721 184 55 598 5,553 1953—June 18,677 422 1,374 8,772 1,395 745 1,104 4,865 Marketable bonds:1 Dec 20,292 418 1,374 10,051 1,315 725 1,198 5,211 1951—June 78,989 3 215 4,10831,298 7974 7139 3,125 22,129 Dec 77,097 3 243 4,13030,119 7 697 6 720 3,120 22,068 1954—Jan 20,292 420 1,374 10,314 1,231 709 1,190 5,054 1952—June 75,802 2 928 4,42230,710 7221 5 855 3,087 21,580 After 10 years: Dec 79,890 3046 4,52232,849 7 165 5 807 3,429 23,072 1951—June 41,181 2 947 2,410 5,210 7,353 6,791 2,161 14,309 1953—June 81,349 3300 4,52232,066 f7232 5 855 3,484 24,890 Dec 41,168 3 036 2,428 5,177 7,202 6,470 2,213 14,643 Dec 77,327 3 377 3,66730,671 6 820 5 686 3,418 23,688 1952—June 34,698 2496 2,109 5,544 5,537 5,301 1,652 12,059 Dec 31,081 2464 1,415 5,207 5,091 4,870 1,361 10,673 1954—Jan 77,314 3 381 3,64131,061 6 743 5 599 3,407 23,483 1953—June 31,739 2 723 1,415 4,488 5,167 4,969 1,356 11,621 Dec 31,736 2 765 1,415 4,595 5,039 4,868 1,339 11,716 1954—Jan 31,734 2 764 1,415 4,691 5,042 4 797 1,337 11,689 * 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. APRIL 1954 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES ' [Estimates, in millions of dollars] Gross proceeds, all issuers2 Propo al s l e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 8 eeds* Noncorporate Corporate New capital Re- Y m e o a n r t o h r Total State Bonds Mis- t R ir e e - - m ti e re n - t G m U o e v . n S er . t3 n- ag F e e e r n a d c l - y4 n m a p i n c a u d i l - - Other 8 Total Total of P l f i u e c r l b y e - d p v P l a a r t c e i e - l d y f s e P t r o r r e c e - k d s C m t o o o m c n k - Total m N on ew ey7 l p a o u n u r e s - - m d b e a o e b n f n t k t , r s i e t o c i f e u s poses etc. 8 1938 5,926 ? 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 6,564 517 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 15,157 11, 466 38 956 30 2,667 2,389 1,578 811 167 110 1 ,040 868 28 144 1,583 1942 35,438 33 846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42, 815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 4?4 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 10 357 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 ?,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 lit 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, f>87 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 6,531 226 363 486 1952 26,961 1?, 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 1953—Feb 1,592 494 390 2 706 536 307 229 47 123 666 635 8 23 28 Mar 1,604 503 405 696 517 153 364 62 116 672 630 17 24 12 Apr 1,667 491 349 9 818 659 375 284 35 124 789 757 18 13 17 May 4,630 3, 244 650 5 731 484 287 197 82 165 696 612 35 49 19 June 3,053 1,454 416 3 1,179 988 575 413 33 159 1 ,134 1,046 24 64 27 July 1,928 884 522 1 521 407 106 301 31 82 501 479 9 13 9 Aus. 1,430 853 260 2 243 110 133 7 65 307 278 9 19 2 Sept 2 576 1 320 454 36 766 675 439 235 44 47 753 695 38 20 3 Oct 2,278 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 68 409 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 1954—jan 1,629 561 380 119 569 461 283 178 19 89 545 528 17 15 Feb 1,312 515 393 1 402 316 178 138 27 60 386 363 23 9 Proposed uses of net proceeds , by major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o 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 Year or month T c p n e o r e e o t d t a - s l N ita 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 t a - 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 New 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 1 < ^ ; t 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 i N c t a a e p l w - • m R e e n ti t r s e - i9 T p ce n r o 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 2005 144 891 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 2,276 2043 233 567 517 49 593 558 35 I960 1,175 1,026 149 538 474 63 806 609 196 2,608 1927 682 395 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 2.412 2326 85 605 600 5 515 449 66 1952 4,022 3,765 257 536 512 24 983 758 225 2,626 2539 88 53 747 6 508 448 60 1953 2,241 2,185 57 560 533 26 578 531 47 3 029, 9,970 52 F48 848 1,554 1,547 7 1953—February 148 144 3 92 89 3 51 33 18 ?57 254 3 7 7 140 140 March 203 194 9 31 30 1 81 81 212 210 2 15 15 142 141 1 April 312 309 31 25 6 66 66 223 ?15 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 4 55 51 4 46 46 210 210 15 15 39 38 1 55 54 1 22 21 1 15 15 97 P7 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 94 93 1 31 28 3 32 32 245 9,W 16 5 5 45 45 December.. 420 415 6 109 105 4 96 81 15 201 201 608 608 52 52 1954—January.. 169 154 15 27 26 60 60 265 265 25 25 14 14 February... 25 25 17 16 1 46 39 7 232 232 11 11 63 63 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Includes issues guaranteed. 4 Is sues not guaranteed. 8Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. •Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 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 inc luded under the uses for which the bank debt was incurred. 9 Includes all issues other than those for retirement of securities. i° Retirement of securities only. Source.—Securities and Exchange Commission. 380 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 1948 1949 1950 1951 1952 1953 Manufacturing Total (200 corps.): Sales 38,190 37,803 45,204 52,33253,810 62,491 12,91412,54315,28715,70916,519 '15,41314,851 Profits before taxes 5,390 5,122 7,993 ,668 7,125 8,185 1,643 1,525 2,000 '2,244 2,471 '2,082 1,387 Profits after taxes 3,356 3,151 4,106 3,456 3,096 3,526 643 688 926 848 920 r875 883 Dividends 1,429 1,686 2,272 2,015 2,010 2,087 483 482 556 491 485 487 625 Nondurable good" industries (94 corps.):1 Sales 14,588 13,90615,84718,55818,813 20,096 4,525 4,692 4,958 4,964 5,068 5 .035 5,029 Profits before taxes. 2,282 1,930 2,798 3,290 2,693 2,861 628 669 672 »752 769 566 Profits after taxes 1,520 1,263 1,562 1,451 1,291 1,410 300 318 347 338 346 360 Dividends 682 736 919 872 891 911 213 212 251 216 213 213 270 Durable goods industries (106 corps.):2 Sales 23,602 23,897 29,35733,774 34,997 42,395 8,389 7,851 10,32910,74511,450 '10,378 9,822 Profits before taxes 3,108 3,193 5,195 5,378 4,432 5,324 1,015 857 1,328 1,493 1,702 1,309 820 Profits after taxes 1,837 1, 2,544 2,005 1,804 2,116 342 370 579 511 573 523 Dividends 748 950 1,352 1,142 1,119 1,176 270 270 305 275 272 274 356 Selected industries: Foods and kindred products (28 corps.): Sales 4,528 4,223 4,402 4,909 5,042 5,411 1,220 1,280 1,315 1,316 1,346 -1,355 1,394 Profits before taxes 455 434 532 473 446 463 116 127 104 99 128 131 106 Profits after taxes 285 268 289 227 204 210 52 57 50 46 54 57 53 Dividends 148 149 161 159 154 154 38 37 43 35 37 37 45 Chemicals and allied products (26 corps.): Sales 3,674 3,680 4,577 5,574 5,695 6,071 1,369 1,401 1,520 1,545 1,568 1,506 1,453 Profits before taxes 674 693 1,133 1,421 1,200 1,260 286 289 304 ••360 346 T-330 224 Profits after taxes 420 415 572 496 458 493 108 109 128 123 125 124 121 Dividends 263 321 448 363 381 398 89 90 114 90 90 91 127 Petroleum refining (14 corps.): Sales 3,945 3,865 4,234 4,999 5,319 5,716 1,274 1,325 1,402 1,381 1,396 1,460 1,479 Profits before taxes 721 525 650 863 686 776 147 165 171 194 189 225 167 Profits after taxes 548 406 442 515 485 549 111 115 129 127 124 149 Dividends 172 172 205 231 252 257 60 60 69 65 61 70 Primary metals and products (39 corps.) Sales 9,066 8,187 10,44612,49711,557 13,755 2,385 2,605 3,494 3,428 3,653 •3,476 3,198 Profits before taxes 1,174 993 1,700 2,092 1,161 1,830 98 208 431 457 560 *-510 302 Profits after taxes 720 578 854 776 575 795 31 100 217 183 212 203 198 Dividends 270 285 377 381 367 377 87 86 106 113 Machinery (27 corps.): Sales 4,563 4,363 5,071 6,183 7,082 8,009 1,725 1,697 2,066 1,967 2,045 '1,959 2,038 Profits before taxes 570 520 850 1,003 974 1,009 232 218 290 276 298 '241 193 Profits after taxes 334 321 425 370 380 402 80 89 128 89 103 '95 115 Dividends 127 138 208 192 200 239 49 49 53 50 49 49 90 Automobiles and equipment (15 corps.): Sales 8,093 9,57711,80512,49612,825 16,377 3.427 2,681 3,684 4,308 4,657 "3,918 3,495 Profits before taxes 1,131 1,473 2,305 1,913 1,945 2,048 596 345 503 648 714 '451 235 Profits after taxes 639 861 1,087 705 698 747 194 143 190 200 211 168 168 Dividends 282 451 671 479 462 463 114 114 117 117 114 114 117 Public Utility Railroad: Operating revenue 9,672 8,580 9,47310,39110,580 10,664 2,532 2,633 2,828 2,596 2,732 2,755 2,582 Profits before taxes 1,148 700 1,384 1,260 1,436 1,404 261 368 512 336 397 399 272 Profits after taxes 699 438 783 693 816 871 149 208 318 186 231 234 219 Dividends 289 252 312 328 336 412 74 66 116 97 73 79 162 Electric power: Operating revenue 4,830 5,055 5,431 5,867 6,224 6,683 1,491 1,513 1,618 1,710 1,625 -•1,650 1,699 Profits before taxes 983 1,129 1,303 1,480 1,718 1,880 400 382 439 545 454 426 456 Profits after taxes 657 757 824 818 922 1,032 214 207 244 288 246 233 266 Dividends 493 553 619 661 709 771 173 177 186 182 189 194 206 Telephone: Operating revenue 2,694 2,967 3,342 3,729 4,136 4,525 1,023 1,037 1,084 1,092 1,126 1,129 1,178 Profits before taxes 292 333 580 691 787 925 205 182 206 223 234 220 248 Profits after taxes 186 207 331 341 384 452 98 88 104 109 114 107 122 Dividends 178 213 276 318 355 412 87 91 93 100 101 104 108 r Revised. 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). APRIL 1954 381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks q Y u e a a r r t e o r r P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a o f x t f e i e t r 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 s e s - d Y qu ea a r r te o r r 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 t n ir t e s - ch N a e n t ge i N ss e u w es R m e e t n ir t e s - ch N a e n t ge 1939 6.5 1.5 5.0 3.8 1.2 1945 6,457 6,846 -389 4,924 5,995 -1.071 1,533 851 682 1941 17.2 7.8 9.4 4.5 4.9 1943 25.1 14.4 10.6 4.5 6.2 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 1,286 1945 19.7 11.2 8.5 4.7 3.8 1947 6,882 2,523 4,359 5,015 2,011 3,004 1,867 512 1,355 1948 7,570 1,684 5,886 5,938 1,284 4,654 1,632 400 1,232 1946 23.5 9.6 13.9 5.8 8.1 1949 6,732 1,875 4.856 4,867 1,583 3,284 1,865 292 1,572 1947 30.5 11.9 18.5 6.6 12.0 1950 7,224 3,500 3,724 4.806 2,802 2.004 2,418 698 1,720 1948 33.8 13.0 20.7 7.3 13.5 1949 27.1 10.8 16.3 7.5 8.8 1951 9,048 2,772 6,277 5,683 2,107 3.577 3,365 665 2,701 1950 41.0 18.2 22.7 9.1 13.6 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1953 9,895 2,335 7,561 7,006 1,820 5,186 2,889 514 2,375 1951 43.7 23.6 20.1 9.2 10.9 1952 39.2 20.6 18.6 9.1 9.5 1952-4 2,872 851 2,021 1,880 761 1,119 992 90 902 1953 43.2 23.6 19.6 9.3 10.3 1953—1. . . 2,329 614 1,715 1,492 481 1,012 836 133 703 1952—2 38.2 20.1 18.0 9.1 8.9 2. . . 2,932 607 2,325 2,096 458 1,638 836 148 687 3.... 37.0 19.4 17.5 9.1 8.4 3. . . 1,867 530 1,337 1,327 417 910 540 113 427 4 40.3 21.2 19.1 9.1 10.0 4. . . 2,767 584 2,183 2,091 464 1.626 676 119 557 1953—1 44.6 24.4 20.3 9.2 11.1 2 45.9 25.0 20.8 9.4 11.4 Reflects cash transactions only. As compared with data shown on p. 380, new 3 43.3 23.6 19.6 9.6 10.0 issues exclude foreign and include investment company offerings, sales of securities 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. Re- Source.—Department of Commerce. tirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 380. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e er ar w c o a N r p k e it i t n al g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other securities G U o . v S t.2 . Other G U o . v S t. . 2 Other liabilities 1939 24.5 54 5 10 8 2.2 .0 22.1 18.0 1 4 30.0 .0 21 9 1.2 6 9 1941 32.3 72.9 13.9 4.0 .6 27.4 25.6 1.4 40.7 .8 25.6 7.1 7.2 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 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 r 81 6 161 5 28 1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14 9 1951r 86.1 180.2 30.4 20.5 2.7 59.2 65.3 2.1 94.2 1.3 55.0 22.0 15.9 1952r 89.9 187.3 31.0 20.2 2.8 65.2 65.7 2.4 97.4 2.2 59.4 18.2 17.6 1953—1' 91.2 186.6 28.4 20.0 2.9 65.7 67.2 2.5 95.5 2.5 58.2 16.8 17.9 2* 92.7 187.1 29.9 18.7 2.7 66.0 67.4 2.4 94.4 2.2 57.8 16.1 18.4 3' 93.3 191.8 30.4 20.4 2.7 67.4 68.4 2.4 98.5 2.1 59.0 18.5 18.9 4 92.7 190.6 31.4 21.5 2.6 65.3 67.3 2.4 97.8 1.7 58.6 19.5 18.1 r Revised. 1 Excludes banks and insurance companies. 2Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Estimates, in millions of dollars] Trans- Manu- Transporta- factur- porta- Manu- tion Public Com- tion Public All Year Total factur- Min- Rail- other utili- muni- Other l Quarter Total and incl. utili- other* ing ing roads than ties cations min- rail- ties rail ing roads 1939 5 512 1,943 326 280 365 520 302 1,776 1952—3 6,242 2,936 624 963 1 719^ 1945 8,692 3,983 383 548 574 505 321 2,378 4 7,206 3,490 728 1,150 1,839 1946 . . 14,848 6 790 427 583 923 792 817 4,516 1953—1 6,339 2,972 650 925 1,792 1947 20,612 8 703 691 889 1,298 1,539 1,399 6,093 2 7,289 3,426 725 1,158 1,979 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 3 7,098 3,210 686 1,219 1,984 1949 19,285 7,149 792 1,352 887 3,125 1,320 4,660 4 7,666 3,680 717 1,246 2,023 1950 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 1954—I4 6,808 3,155 653 1,026 1,975 1951 25,644 10,852 929 1,474 1,490 3,664 1,319 5,916 24 6,932 3,176 597 1,170 1,989 1952 26 493 11 632 985 1,396 1,500 3,887 7,094 1953 28 391 12,276 1,011 1.312 1,464 4,548 7,778 19544 27,230 11,410 1.040 940 1,400 4,430 8,010 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 382 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 1 E o n r d q o u f a r y te e r ar h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - - s S F e a e c l g d e i e e c e 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 a o a ti l n n - - s O ho e th l r d s e - r h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r s2 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 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 L3 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 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 L5 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 Q 3.4 1949 62 7 42 9 1.1 18 7 57.1 37.5 28.4 9.1 19.6 12 A 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 \ 0 1952 90 9 66 9 2.4 21.5 83.8 58.2 46.8 11.3 25.6 17.3 8.3 7 1 2.8 /i ^ 1953P 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 i1.7 1952—March . 84 0 61 0 2 2 20 8 77.3 53.2 42.3 10.9 24.1 16 0 8 1 6 7 2 6 i1- i June 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 it.2 September 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 i1.3 1953—March P 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 i1 A June? 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 September. .. 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 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included w'th "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings2 Mutual savingsbank holdingsi Nonfarm Nonfarm End of year or quarter Residential« Residential 3 Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 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 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5 569 1,099 37 1950 13,664 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 1,058 11,379 11,327 9,883 3,168 2,237 4,477 1,444 53 1953P 16,875 15,785 12,935 3,930 3,055 5,950 2,850 1,090 12,970 12,920 11,320 3,520 2,915 4,885 1,600 50 1952—March 14,860 13,830 11,350 3,432 2,928 4,990 2,480 1,030 10,203 10,156 8,843 2,720 1,815 4,308 1,313 47 June ... 15,176 14,113 11,602 3,441 2,952 5,209 2,512 1,063 10,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,060 10,940 10,890 9,490 3,025 2,069 4,396 1,400 50 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,327 9,883 3,168 2,237 4,477 1,444 53 1953—MarchP 16,080 15,000 12,320 3,719 3,010 5,591 2,680 1,080 11,680 11,630 10,165 3,230 2,395 4,540 1,465 50 JuneP 16,387 15,283 12,545 3,798 3,013 5,734 2,738 1,104 12,112 12,062 10,574 3,325 2,590 4,658 1,488 50 September.... 16,640 15,530 12,765 3,867 3,038 5,860 2,765 1,110 12,500 12,450 10,925 3,414 2,759 4,752 1,525 50 December P. . . . 16,875 15,785 12,935 3,930 3,055 5,950 2,850 1,090 12,970 12,920 11,320 3,520 2,915 4,885 1,600 50 ^Preliminary. includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. APRIL 1954 383 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 e - d a g n V u t A a e r e - - d Other Farm 1940 5,972 5,073 668 899 1941 6,442 5,529 815 913 1942 . . 898 6,726 5,830 1,096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1,408 800 1945 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 ,138 1950 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2,026 8,176 ,327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17,787 5,257 3,131 9,399 ,527 1952 3,978 3.606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 ,705 1953? 4,335 3,918 819 457 2,642 417 23,275 21,403 6,015 3,563 11,825 ,872 1953—February 327 289 69 25 195 38 21,547 19,834 5,751 3,367 10,716 11,713 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 .838 October 338 309 60 42 207 29 22,842 20,993 5,963 3,473 11,557 1,849 November 352 327 60 56 211 25 23,017 21,161 5,983 3,511 11,667 1,856 December 478 433 66 81 286 45 23,275 21,403 6,015 3,563 11,825 1,872 1954—Tanuary 318 282 51 57 174 36 23,435 21,538 6,027 3,599 11,912 1,897 February 319 277 44 46 187 42 23,570 21,660 6,037 3,626 11,997 1,910 p Preliminary. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement 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 Average Y m e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r 1 Total* F s H u in r A e - d - a g n V u t A e a e r - - d ti C o v o n e n n al - - * m Y o o e n r a t r h N b u e m r - Total i a n S l s o g a s a s n v n & s - . p I c a n a o n s n m c u ie e r - - s b C m c a o i n e a m r k l - s - M b s i u a n a n t g v u k s - a s l Other a c m o l ( a d r r e o r d o s - u e l ) - d nt 1940 1,200 399 426 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941 . .. 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2.955 1,557 18.444 906 3,398 14,1401952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5.950 1953 7,767 2,475 3,488 1,804 21,929 1,049 3,972 16,908 1953 3,164 19,747 7,365 1,480 3,680 1,327 5,895 6,241 1953-Feb.... 523 164 222 137 1953-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 May'.'.'. 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 1,769 682 131 325 120 511 6,282 July... 758 237 355 166 July... 286 1,798 699 132 323 127 517 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 1,746 658 123 320 123 522 6,283 Nov... 586 190 265 131 Nov... 245 1,549 564 114 290 113 468 6,311 Dec... 584 187 259 138 21,929 1,049 3,972 16,908 Dec... 255 1,622 569 126 291 128 508 6,372 1954-Jan.... 495 152 217 126 1954-Jan.... 218 1,372 467 108 263 85 449 6,292 Feb.... 529 176 220 133 Feb.... 229 1,425 517 105 274 85 444 6,223 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 2Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 384 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 [Inimillions of dollars] [In billions of dollars] FHA-insuredloans VA-guaranteed loans8 Home Home Government- Year mortgages Pro- P e r r o ty p- mortgages Alter- End of underwritten Conmo o n r th Total Total e p N r r t e o i w p es - i e p s r E r t t i o x i n p e - g s - g m j t a e y o g c p r e t e t - s - 1 p l m o r i a m e o n n v - s e t 2 - Total e p N r r t e o i w p es - i e p s E r r t t o i x i n p e - g s - r a e a t p n i a o d i n r2 q y u ea a r r t o e r r Total Total FH in A - - g V u A ar - - ti v o e 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 1953—Feb.. .. 539 265 103 86 15 61 274 184 90 .6 1953P 65.0 28.1 12.0 16.1 36.9 A M p a r r. . . 5 57 0 7 4 2 3 7 4 6 2 1 1 0 0 3 9 8 9 9 2 2 2 0 2 1 6 1 4 9 2 2 3 2 5 8 1 1 5 5 7 2 7 7 5 8 . . 5 4 1951— D S e e c pt . . . . . . 5 5 1 0 . . 9 4 2 2 2 2 . . 0 9 9 9 . . 5 7 1 1 2 3 . . 5 2 2 2 9 8. . 4 0 May... 530 314 97 90 25 102 216 149 66 .5 June... 516 274 91 95 19 69 242 164 78 .4 July. .. 602 363 109 94 40 120 239 160 79 .4 1952—Mar. P.. 53.2 23.5 9.9 13.6 29.7 Aug.... 597 349 106 87 23 133 248 166 82 .3 JuneP. . 54.8 24.0 10.1 13.9 30.8 Sept... . 629 320 106 80 12 122 309 197 112 .4 Sept. P.. 56.5 24.7 10.4 14.3 31.7 Oct 661 368 113 80 23 151 293 193 99 .5 Dec.P. . 58.2 25.4 10.8 14.6 32.8 Nov.... 694 408 105 68 25 210 286 192 93 .5 Dec.. ., 556 304 110 63 15 116 252 170 82 .4 1953—Mar. P.. 59.6 26.1 11.1 15.0 33.5 1954—Jan 512 265 117 66 12 69 247 174 73 4 JuneP.. 61.5 26.7 11.4 15.3 34.8 Feb 488 221 94 60 13 54 267 188 79 .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. 2FHA-insured property improvement loans are not ordinarily secured by mortgage3; VA- p Preliminary. guaranteed alteration and repair loans of $1,000 or le$5S neednot be secured,whereas those NOTE.—For total debt outstanding, figures for for more than that amount must be. first three quarters are Federal Reserve estimatws. 8 Prior to 1949, data are notavailable for classifications shown. For conventional, figures arederivec NOTE.—FHA-insured loans represent gross amount ofinsurance written; VA-guar- Sources.—Home Loan Bank BoardF.ederal Houaan teed loans, gross amount of loans closed. Figures do not take account of principal repay- ing Administration, Veteransl Administration, and ments on previously insured oiguaranteed loans. For VA-guaranteed loans, amounts by Federal Reserve. type are derived from data onnumberand average amount <jf 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] E o n r d m o o f n y t e h ar A m f c u u i u o i z t n t n e h m t d d e - o - s d r- b m C m u d u e o r i n i n m s s t - e - - t - d s To M ta o l rtga F s g u H i e n r A e - h d - oldi a n g n V g u t A s a e r e - - d ( c p M d h p e g u r u a o a r i s r r g o i e t - n e d - s g ) (d p M s g u e a a r o r l g i r i e o n e t s d - g ) Year or month va A n d c - es R m e e p n a t y s - T A o d t v a ( a l e n n c d e S t s o e h f r o o m u p rt t e 1 - s r t i a o n d L t d e ) o i r n n m g g 3 - 1948 528 227 199 188 11 198 1945 278 213 195 176 19 1949 848 824 828 403 425 672 20 1946 329 231 293 184 109 1950 918 485 1,347 169 1,178 1,044 469 1947 351 209 436 218 217 1951 . . 661 239 1,850 204 1,646 677 111 1948 360 280 515 257 258 1952 1.085 323 2,242 320 1.922 538 56 1949 256 337 433 231 202 1953 550 638 2,462 621 1,841 542 221 1950 675 292 816 547 269 1951. . 423 433 806 508 298 1953—March 934 322 2,394 395 1,999 81 7 1952 586 528 864 565 299 April 876 326 2,448 429 2,019 68 3 1953 674 611 952 634 317 May 816 357 2,477 457 2,020 40 3 June 610 542 2,498 477 2,020 31 1 1953—March 30 46 610 391 219 July 597 526 2,527 508 2,019 39 0) April 47 32 626 406 220 August 586 523 2,541 536 2,005 33 11 May 44 26 645 416 229 September... 566 544 2,540 556 1,984 26 19 June 97 23 718 471 248 October 556 568 2,526 585 1,941 39 44 July 61 79 700 469 231 November ... 552 608 2,490 594 1,896 30 59 August 70 25 746 510 236 December.... 550 638 2,462 621 1,841 42 61 September.. 83 28 801 557 244 October.... 62 45 819 564 255 1954—January 550 666 2,434 625 1,809 37 57 November.. 71 25 865 589 276 February.... 542 685 2,424 641 1,783 47 50 December. . 79 14 952 634 317 1954—January 26 226 751 496 255 iLess than $500,000. February... * 15 88 677 438 239 Source.—Federal National Mortgage Association. March 36 84 630 396 233 1 Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. APRIL 1954 385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m o o f n y th ear Total Total Au p to a m pe o r b 1 ile co p O g n a o s t p o h u e d e m r s r 1 er e a r n R l n d o i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1 ,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 7t3 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 L,445 2,713 1,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 L,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 Q34 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953 28,896 21,807 10,289 5,605 1,606 4,307 7,089 2,127 3,249 1,713 1953—February 25,504 18,982 8,480 5,208 1,404 3,890 6,522 2,118 2,678 1,726 March 25,946 19,391 8,799 5,217 1,416 3,959 6,555 2,211 2,613 1,731 April 26,455 19,767 9,111 5,217 1,435 4,004 6,688 2,246 2,682 1,760 May 27,056 20,213 9,432 5,272 1,462 4,047 6,843 2,294 2,763 1,786 June 27,411 20,635 9,692 5,333 1,493 4,117 6,776 2,197 2,781 1,798 July 27,581 21,004 9,973 5,351 1,516 4,164 6,577 2,079 2,705 1,793 August 27,810 21,218 10,136 5,362 1,534 4,186 6,592 2,131 2,668 1,793 September 27,979 21,347 10,232 5,352 1,562 4,201 6,632 2,130 2,716 1,786 October 28,166 21,486 10,337 5,366 1,585 4,198 6,680 2,131 2,811 1,738 November 28,252 21,586 10,358 5,406 1,604 4,218 6,666 2,100 2,840 1,726 December 28,896 21,807 10,289 5,605 1,606 4,307 7,089 2,127 3,249 1,713 1954—January 28,125 21,444 10,084 5,495 1,587 4,278 6,681 2,083 2,893 1,705 February 27,478 21,151 9,915 5,377 1,570 4,289 6,327 2,054 2,550 1,723 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e re a n s i t t 1 - F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s e d e i e s - - d m A ea o u l b t e o i r l - s e 2 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 ,440 379 474 79 101 407 1948 8,968 7,092 3,529 990 334 1,239 ,876 470 604 127 159 516 1949 11,516 9,247 4,439 950 438 1,420 ,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1953—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 1954—January 21,444 18,276 8,723 6,062 1,043 2,448 3,168 1,031 836 270 400 631 February 21,151 17,999 8,534 5,974 1,055 , 2,436 3,152 1,094 814 265 393 586 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 386 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] [Estimatedamounts outstanding, in millions of dollars] Financial Retail E o n r d m o o f n y t e h ar i c T m n n r o s o e e t t d n a n 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 - i p a o a n n y s s - ) D a e c - ( o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m o o f 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 g p c u o a t o m o p h n d e e e - r r s r e R l m r o t a e n i n a o p o i n z d d n a a s - ir - s l P o o e a n r n a - s l m ci e a r l - Other m pa e r n t- t Other banks stores 1 t 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1942 862 149 134 153 124 302 1940 2,824 636 164 251 1.220 553 1941 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946... 1,567 169 311 299 242 546 1945 3,203 674 72 290 1,322 845 1 1 9 9 4 4 8 7 3 2 ,6 5 2 2 5 9 3 5 5 7 2 5 5 7 3 5 9 3 5 7 5 9 0 4 4 5 3 6 7 8 8 7 3 4 9 7 1946 4,212 L.008 114 452 1,624 1,014 1949 4,439 849 946 1,016 715 913 1947 4,875 ,203 153 532 1,821 1,166 1950 5,798 1,177 1,294 1,456 834 1,037 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 L ,576 245 641 2,365 1,496 1953 8,856 2,135 1.884 2,038 1,301 1,498 1951 6,631 1,684 250 685 2,411 1.601 1952 7,143 L.844 250 730 2,612 1,707 1953—February. . 7,797 1,733 1,695 1,835 1,136 1,398 1953 7,089 1,848 279 769 2,480 1.713 March.... 8.059 1 ,814 1,761 1,909 1,144 1,431 April 8,286 1 ,902 1,821 1,956 1,160 1,447 1953—February.. 6,522 1,887 231 504 2,174 1,726 May 8,491 1,989 1,869 1,990 1,184 1,459 March.... 6,555 1,960 251 492 2,121 1,731* June 8,675 2,043 1 ,906 2,029 1,212 1 ,485 April 6,688 1,984 262 487 2,195 1,760 July 8,818 2 ,095 1,941 2,055 1,234 1,493 May 6,843 1,985 309 498 2,265 L ,786 August... . 8,879 2,123 1,957 2,056 1,251 1,492 Tune 6,776 1,922 275 492 2,289 1,798 September. 8,893 2,141 1 .948 2,036 1,273 1,495 July 6,577 1,830 249 457 2,248 1,793 October. . . 8,908 2,157 1 ,939 2,032 1,291 1,489 August.. . . 6,592 L.87O 261 453 2,215 1,793 November. 8,881 2,150 1,920 2,027 1,303 1,481 September. 6,632 L ,857 273 500 2,216 1,786 December. 8,856 2,135 1,884 2,038 1,301 1,498 October. . . 6,680 L ,867 264 524 2,287 1,738 November. 6,666 L ,798 302 578 2,262 :L ,726 1954—'January. . . 8,723 2,079 1,834 2,037 1,283 1,490 December. 7,089 L,848 279 769 2,480 1,713 February.. 8,534 2,024 1 ,809 1,937 1,267 1,497 1954—January.. . 6,681 1,824 259 631 2,262 L, 705 February.. 6,327 :1,782 272 541 2,009 L ,723 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 End of year instal- Auto- con- and Per- E o n r d m o o f n y t e h ar i c T m n r o s e e t t d n a a i t l l t - m A pa o u p b t e o il r - e s O g p c u o a o t m p o h n d e e e - r r s r m i R z lo a o e a n a p d ti n d a e o s r i n r n- s l P o o a e n n r a - s l 1939 or month c m r 7 e e 8 d n 9 i t t m pa o p b 8 e i 1 l r e s g p u o a m o p 2 d e e 4 r s r m iz lo o a a d t 1 i n e o 5 s r n n- s lo o 6 a n 6 n a 9 s l 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1.197 878 115 148 56 1942 726 65 27 14 620 1940 1,575 1,187 136 190 62 1941 1,797 1,363 167 201 66 1945 731 54 20 14 643 1942 588 341 78 117 52 1946 991 77 34 22 858 1947 1,275 130 69 39 1,037 194S 300 164 24 58 54 1948 1,573 189 99 59 1,226 1946 677 377 67 141 92 1949 1,858 240 137 89 1,392 1947 1,355 802 185 242 126 1950. . 2,237 330 182 115 1,610 1948 1,990 1,378 232 216 164 1951 2,537 358 209 132 1,838 1949 2,950 2,425 303 83 139 1952 3,053 457 279 187 2,130 1950 3,785 3,257 313 57 158 1953 3.531 557 334 222 2,418 1951 3,769 3,183 241 70 275 1952 4,833 4,072 332 82 347 1953—Februaiy 3,082 468 286 188 2,140 1953 6,147 5,306 367 83 391 March 3,147 486 291 193 2.177 April 3,202 504 297 195 2,206 1953—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 1954—January 3,491 543 331 218 2,399 December... . 6,147 5,306 367 83 391 February.... 3,491 539 330 218 2,404 1954—January 6,062 5,228 359 86 389 February.... 5,974 5,150 351 85 388 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. 387 APRIL 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 io a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 I 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 1953—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 ,258 946 648 648 109 90 590 545 May 2,580 2,134 L ,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 L ,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 1954—Tanuarv 1,869 2,232 750 955 517 627 67 86 535 564 February 1,864 2,157 776 945 470 588 81 98 537 526 SEASONALLY ADJUSTED* 1953—February, 2,585 2,173 1.236 909 628 611 108 80 613 573 March 2,713 2,276 1,248 947 710 644 127 100 628 585 April 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 Tune 2,458 2,195 1,090 939 672 622 112 99 584 535 July 2,498 2,183 1,117 921 662 609 114 96 605 557 August 2,358 2,273 1,044 967 621 643 108 100 585 563 September 2,409 2,252 1,102 962 600 633 112 94 595 563 October 2,393 2,249 1,117 963 589 633 111 100 576 553 November 2,441 2,294 1,080 1,006 631 619 106 92 624 577 December . .... 2,331 2,283 L.035 1,015 593 604 102 94 601 570 1954—January 2,211 2,301 872 977 661 636 87 81 591 607 February 2,243 2,320 919 1 ,028 586 612 109 99 629 581 * Includes adjustment for differences in trading da FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en t p ag 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 e c 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 Item month year Year or month F 19 e 5 b 4 . J 1 a 9 n 5 . 4 D 19 e 5 c 3 . F 19 e 5 b 4 . 1 T 9 a 4 n 5 . D 19 e 5 c 3 . D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t l o i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1953 Total +4 -43 +25 -10 -14 -15 February 13 11 10 44 Cash sales +2 -47 +38 -6 -15 -14 March 15 12 11 49 Credit sales: April 14 12 10 46 Instalment +9 -43 +20 -11 -18 -20 May 14 12 10 46 Charge account +3 -34 +27 -7 -6 -6 J Ju u l n y e 1 1 3 4 1 12 3 1 1 0 0 4 4 7 6 Accounts receivable, end August 14 12 10 45 of month: September 14 12 10 46 Total -4 -6 +5 -3 0 + 1 October 14 12 10 48 Instalment -3 -4 +5 -1 + 1 0 November 14 11 9 47 Charge accounts -8 -11 n.a. -10 -7 n.a. December 14 11 9 46 Inventories, end of 1954 month, at retail value. +2 -2 -8 -7 -5 -1 January 13 12 45 February 14 11 43 n.a. Not available. 1 Collections during month as percentage of accounts outstanding at beginning of month. 388 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts Employment and payrolls8 (physical volume)*1 awarded (value)2 1947-49=100 (1947-49 = 100) 1947-49=100 D m ep e a n r t t- Whole- Freight Con- sale or Y m ea o r nth Total Tot M al an r u D a f b a u c - le 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 N p t a c e u l g o m u e o r n r n l y a - i - - - t - l pr E M o m m d a u p e n c n l u t o t i f y o a - n c t w ur o i r n P r k g o a e l r y ls s - c 1 a 9 i = r n 4 l g 1 7 o s 0 a - * 4 0 d 9 - 1 v ( s 9 = r a a 4 e l l 1 7 e u ta 0 s - e i 4 * 0 ) l 9 4 1 p s 9 = u r 4 i m 1 c 7 e 0 e - s 4 0 r 8 9 1 m p 9 c = r o 4 o i d c 1 m 7 e 0 i - t - s 4 0 y 3 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.6 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 62.2 69.0 37.1 98 32 85 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 192 178 201 112.5 110.4 149.2 96 112 114 4 110 1 1952 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 '•111 224 176 255 111.8 106.7 107.7 145.6 92 113 115.0 109.8 December. . 126 124 127 142 112 ••113 208 177 229 111.1 105.2 106.0 144.0 88 112 114.9 110.1 1954 January.... 125 124 ••127 '141 '113 113 195 185 202 110.6 103.9 103.4 138.6 90 107 115.2 110.9 February... 124 126 126 139 113 112 196 201 192 110.2 102.7 102.5 137.3 88 P109 115.0 110.5 March P123 P125 P124 P135 P113 P112 P109.5P101.6P101A 135.1 85 107 110.6 e Estimated. P Preliminary. r Revised. * Average per working day. 1 Revised index; for description see BULLETIN for December 1953. 2Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 397. 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. 399-403. Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 1490- 1515. APRIL 1954 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 Industry proportion 1951 1952 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. SEASONALLY ADJUSTED Industrial Production—Total . . . 100 00 120 124 134 135 136 137 136 137 136 133 132 129 126 125 P124 Manufactures—Total .... .. . 90 02 121 125 136 137 138 139 138 139 138 '135 134 131 127 127 P126 Durable Manufactures—Total .. 45 17 128 136 155 155 155 156 154 157 157 152 151 146 142 141 P139 Primary metals. 6 70 126 116 137 136 136 139 137 136 137 130 128 122 113 111 P108 Metal fabricating 28.52 131 146 168 168 169 169 168 171 171 166 166 159 156 155 P!52 Fabricated metal products 5.73 122 121 136 137 138 139 139 142 140 135 134 130 126 126 P124 Machinery 13.68 130 147 163 163 164 162 161 164 165 161 159 r152 146 143 P142 Nonelectrical machinery 9.04 126 136 145 147 147 146 144 145 145 141 141 '136 133 130 P130 Klectrical machinery 4.64 138 167 200 195 195 194 194 200 203 200 193 184 172 169 P164 Transportation equipment 7.54 135 154 191 190 190 192 188 196 191 186 189 '•iso 182 185 P178 Instruments and related products. . . . 1.29 128 142 153 155 153 156 157 156 156 155 154 154 148 P148 155 Clay, glass, and lumber products 5.91 121 118 128 127 127 127 124 127 125 r124 rl24 rl23 r119 120 P124 Stone clay and glass products 2.82 131 125 133 135 134 135 134 135 135 134 133 132 129 125 P129 Lumber and products 3 09 113 111 124 121 120 119 114 119 116 114 117 115 110 115 P119 Furniture and misc. manufactures 4.04 116 118 128 131 134 135 135 134 135 129 129 124 120 P120 Furniture and fixtures 1.64 111 113 119 121 124 123 122 121 119 114 113 109 106 105 P103 Miscellaneous manufactures 2.40 120 122 135 138 141 143 145 143 146 140 140 138 136 130 P132 Nondurable Manufactures— Total.. 44.85 114 114 118 119 121 123 121 121 119 117 117 1/5 rll2 113 P113 Textiles and apparel 11.87 106 105 108 110 113 115 113 111 106 102 102 98 05" 97 v95 Textile mill products 6.32 107 103 106 108 109 113 111 108 104 100 98 95 '90 91 P90 Apparel and allied products . 5 55 105 108 110 112 116 117 115 114 109 104 107 101 101 104 P101 Rubber and leather products 3.20 105 107 118 119 120 122 113 116 111 105 105 103 104 103 P101 Rubber products 1.47 119 116 134 138 137 139 130 130 127 121 120 118 116 11 3 P109 Leather and products 1 73 94 99 104 103 104 108 99 104 97 91 93 91 93 94 P94 Paper and printing 8.93 118 118 123 125 125 126 126 126 126 126 126 125 122 122 P122 Paper and allied products 3.46 125 120 130 133 134 134 134 134 133 135 132 132 125 126 P126 Printing and publishing 5.47 113 116 119 120 120 121 121 121 121 121 123 121 120 120 P119 Chemical and Petroleum products 9.34 132 133 139 140 144 146 145 146 143 143 142 141 140 139 P!40 Chemicals and allied products 6.84 136 137 143 145 148 151 150 152 148 147 146 145 145 144 P144 Petroleum and coal products 2.50 122 123 128 128 131 131 131 132 132 131 129 129 128 1?4 P126 Foods, beverages, and tobacco 11.51 105 106 108 108 108 109 106 107 108 108 108 108 103 105 P106 Food and beverage manufactures.... 10.73 105 105 107 107 108 109 106 108 108 109 108 108 103 105 P106 Tobacco manufactures .78 107 110 120 116 108 107 103 103 104 104 106 108 112 100 Minerals—Total 9 98 115 114 116 115 115 117 119 120 119 118 114 rlll 113 113 P112 Mineral fuels 8.35 114 113 115 113 114 116 119 120 119 118 113 111 112 113 P112 Coal 2 68 94 83 77 74 75 85 86 87 86 81 76 70 69 70 68 Anthracite .36 82 78 59 56 47 65 62 68 59 57 54 50 55 62 59 Bituminous coal .... 2 32 96 84 80 77 79 88 89 89 90 84 80 73 71 7? 69 Crude oil and natural gas 5 67 123 128 134 132 133 131 134 135 135 136 131 131 133 134 P133 Metal, stone, and earth minerals 1.63 121 115 118 121 121 120 121 121 120 120 116 114 114 111 pJ14 M!etal mining .82 116 108 113 116 118 118 117 116 117 117 108 '103 101 104 P104 Stone and earth minerals .81 127 123 123 126 124 122 125 125 124 123 124 r125 127 119 P125 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100 00 120 124 136 138 136 136 136 129 136 135 136 130 124 124 P126 MANUFACTURES—TOTAL 90.02 121 125 139 140 139 138 138 130 137 136 138 132 125 126 Durable Manufactures—Total . .. 45.17 128 136 158 160 159 157 155 147 153 151 154 146 140 140 P141 Primary metals 6.70 126 116 142 143 141 142 138 124 130 127 129 122 110 113 P112 Ferrous metals 5.03 129 115 142 145 142 143 138 127 131 127 130 122 rll0 111 Pig iron and steel 3.51 131 115 145 149 144 147 142 136 138 134 136 128 114 115 113 Pig iron .37 123 107 132 135 130 133 133 132 131 130 132 127 117 113 108 Steel 3.05 131 117 146 150 146 148 143 137 138 134 136 129 114 115 114 Carbon steel 2.62 128 112 139 143 139 140 137 131 133 131 138 131 116 115 113 Alloy steel .43 153 144 192 194 191 196 183 170 169 152 126 113 105 11 5 Ferrous castings and forgings 1.52 127 114 136 136 136 133 127 106 116 113 117 108 101 103 Iron and steel castings 1.29 124 109 128 128 129 125 120 101 112 109 113 103 98 98 Steel forgings .23 140 143 181 179 176 179 166 133 141 137 139 134 122 130 P Preliminary. r Revised. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, and some other products, as discussed in the BULLETIN for December 1953, pp. 1269-1271. For description and back figures, see BULLETIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1951 1952 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 116 119 142 139 138 139 139 115 128 126 128 121 108 118 Primary nonferrous metals .38 114 123 143 146 147 143 144 143 141 147 147 146 ••145 145 147 Copper smelting .09 107 106 114 126 122 115 108 109 105 111 114 109 109 104 103 Conper refining .06 102 99 110 110 115 116 129 120 107 116 124 121 121 110 113 lead .04 92 100 111 106 107 96 84 89 84 97 99 120 108 108 103 Zinc .10 109 112 116 115 114 113 116 111 115 115 115 107 108 107 103 Aluminum .09 140 156 202 205 207 207 212 215 217 222 213 215 217 228 240 Secondary nonferrous metals .13 120 114 126 122 133 118 121 101 110 107 111 106 101 P96 Nonferrous shapes and castings.. . . 1.16 116 119 143 138 136 139 139 107 125 121 123 114 96 111 Copper mill shapes .63 108 113 131 119 113 125 128 85 112 108 110 103 78 100 " 98' Aluminum mill shapes . . .20 128 140 178 190 195 186 183 174 169 163 158 136 126 136 Nonferrous castings .33 124 115 145 144 146 138 135 109 124 122 127 121 114 120 Metal Fabricating 28.52 131 146 172 175 173 170 168 161 166 164 167 158 155 155 P155 Fabricated metal products 5.73 122 121 136 138 139 139 139 135 140 137 137 130 126 124 P124 Structural metal parts 2.68 122 121 137 139 139 139 140 135 137 135 136 134 135 129 ^127 Stampings and misc. metal products. . 2.12 128 121 142 145 145 144 143 137 136 133 133 130 131 127 P\25 Tin cans .30 120 122 104 105 114 120 134 160 199 182 139 124 69 104 Furnaces, gas ranges, and heaters. . . . .63 98 89 91 92 99 102 '92 83 108 106 113 82 63 73 Machinery . . . . 13.68 130 147 170 172 167 163 159 148 157 158 161 154 149 146 PU7 Nonelectrical machinery 9.04 126 136 149 154 150 148 146 138 137 137 138 135 137 133 P\M Farm and industrial machinery 8.13 126 135 143 146 144 142 142 137 136 135 135 133 134 130 P129 Farm machinery . . . 1.02 114 103 110 112 109 105 102 98 93 86 79 73 74 76 PSO Industrial and commercial machinery . 7.11 128 140 148 151 149 148 148 143 142 142 143 ••141 142 138 P136 Machine tools and presses .68 144 179 190 193 192 191 189 184 183 187 188 185 186 181 P181 Laundry and refrigeration appliances. .69 124 108 163 '180 '157 144 '133 r98 '94 '104 ••112 r99 110 106 133 Electrical machinerv 4.64 138 167 210 206 199 192 184 168 197 200 205 191 172 172 P172 Electrical apparatus and parts 3.23 127 162 179 183 184 182 182 176 178 179 178 176 176 169 P168 Radio and television sets .74 178 184 294 266 237 208 180 136 242 249 276 230 157 173 170 Transportation equipment 7.54 135 154 195 199 198 194 193 190 189 182 189 173 174 183 P182 Autos, trucks, and parts 4.80 120 102 134 142 143 137 136 131 126 114 122 103 101 115 P113 Autos 1.50 127 103 151 161 170 162 166 161 153 134 151 107 107 135 138 Trucks .66 125 111 121 144 142 124 106 118 127 115 106 95 98 121 Pill Light trucks .22 120 105 118 144 138 107 76 113 118 114 106 85 100 132 Medium trucks .19 93 69 55 87 80 53 37 57 62 54 50 47 56 64 Heavy trucks .14 180 194 214 233 218 201 198 175 186 151 146 134 150 204 Truck trailers .07 161 137 184 187 246 285 270 247 282 275 232 229 149 137 Auto and truck parts . . -2.58 114 98 127 131 127 125 126 116 110 102 109 102 99 101 99 Aircraft and parts 1.30 211 368 461 461 452 452 452 461 473 480 481 '463 ••483 483 P487 Shipbuilding and repair .81 121 136 138 138 139 136 135 133 130 127 125 124 '126 123 PI 25 Railroad equipment .53 89 74 83 76 78 76 74 62 66 64 83 67 '53 59 P55 Railroad cars . ... .35 77 62 82 64 65 66 62 58 56 55 83 61 41 49 42 Instruments and related products.. 1.29 128 142 153 157 155 156 157 151 153 155 156 156 155 148 P148 Clay, Glass, and Lumber Products. 5.91 121 118 124 127 130 128 129 122 129 rl28 '131 '123 rll3 112 P120 Stone, clay, and glass products 2.82 131 125 129 132 134 135 136 132 137 136 139 134 128 122 P126 Gl F as l s a t a g n l d a s p s o a t n te d r y v i p tr r e o o d u u s c t p s roducts. . . 1. . 0 60 9 1 1 2 3 0 0 1 12 1 2 4 1 1 2 3 5 6 1 1 2 3 8 9 1 1 2 3 6 8 1 1 2 3 5 7 1 13 2 5 3 1 1 1 2 3 8 1 1 3 2 4 3 1 1 2 3 2 6 1 14 2 1 8 1 1 2 3 2 9 111366 1 1 1 3 5 0 P P1 i 2 3 0 1 Flat and other glass .47 131 124 141 143 142 139 137 128 135 139 145 143 140 132 Pi 34 Glass containers .26 113 112 114 123 122 126 129 122 132 121 127 114 102 115 121 Home glassware and pottery .23 103 94 110 107 99 93 86 65 86 84 93 86 •77 79 91 Cement .32 123 124 113 119 132 137 138 142 143 144 145 137 119 104 110 Structural clay products .... .35 122 112 103 106 111 110 117 114 114 116 116 112 106 97 P100 Brick .12 121 108 90 97 108 108 119 113 114 118 116 109 97 81 Clay firebrick, nine, and tile .... .20 123 116 113 114 114 114 118 117 117 115 118 116 113 110 P109 Concrete and plaster products .48 151 155 153 155 162 164 168 172 175 169 170 163 ••157 143 P147 Misc. stone and earth manufactures.. .58 143 131 139 142 142 143 142 141 143 145 146 143 146 140 P141 Lumber and products . . 3.09 113 111 119 122 126 122 122 112 122 121 123 114 99 103 P114 Lumber 2.05 107 105 110 112 120 114 117 109 123 118 120 110 93 98 109 Millwork and plvwood .60 136 138 170 172 164 159 152 128 135 n47 ••148 -141 '124 138 P152 Mill work .39 116 118 142 143 125 124 109 98 115 117 116 101 87 93 Softwood plywood .12 159 167 211 218 226 215 222 174 164 194 198 206 184 212 241 Wood containers .29 105 99 102 103 103 103 104 101 98 94 96 94 94 88 P90 Furniture and Misc. Manufactures 4.04 116 118 131 133 132 130 131 125 132 132 135 '132 127 119 P122 Furniture atid fixtures 1.64 111 113 122 123 121 118 117 113 116 115 116 114 112 106 P106 Household furniture 1.10 109 113 126 127 123 119 117 112 116 114 116 '113 '109 103 P!04 Fixtures and office furniture .54 114 112 116 116 118 115 117 114 117 118 117 115 117 113 P110 Miscellaneous manufactures 2.40 120 122 136 140 140 139 140 133 143 144 148 145 138 128 P133 P Preliminary. r Revised. For other footnote see preceding page. APRIL 1954 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1953 1954 pro- Industry portion 1951 1952 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 114 119 121 118 119 121 113 121 122 122 118 110 Ill Nondurable Manufactures—Total... 11.87 106 105 117 116 108 HI 114 97 HI 104 103 98 98 P103 Textiles and Apparel Textile mill products 6.32 107 103 112 113 109 112 111 93 107 102 100 96 87 91 3.72 112 105 114 117 111 115 114 95 110 105 101 102 90 97 101 Cotton consumption 2.30 114 104 113 114 107 110 110 87 107 104 103 101 89 100 101 Synthetic fabrics .97 122 112 116 120 125 129 130 124 119 109 102 105 95 90 99 Fabric finishing .45 100 102 119 124 106 112 108 74 100 100 87 96 83 94 101 Wool textiles .97 97 85 83 82 80 87 91 78 82 73 74 64 58 57 Wool apparel yarns .16 99 96 98 99 93 103 110 90 102 93 82 '68 59 67 Wool fabrics .75 97 83 80 79 78 83 87 75 77 68 73 63 '62 56 PS4 Knit goods . «. 1.15 110 115 125 123 123 123 117 102 118 116 115 108 103 ^109 Hosierv .65 113 116 128 122 123 121 111 88 114 115 114 109 94 113 119 Full-fashioned hosiery . .45 119 121 134 128 130 128 116 89 117 119 118 114 97 120 127 Seamless hosiery .20 98 105 116 108 105 103 100 87 105 104 104 98 87 96 102 Knit garments .50 106 113 120 124 124 125 125 121 125 117 116 107 101 90 Floor coverings ... .48 90 95 118 117 114 100 98 67 94 97 101 89 P93 Woven carpets .31 78 80 110 110 106 87 82 45 80 83 89 69 72 76 Apparel and allied products 5.55 105 108 123 120 107 110 117 102 115 106 107 100 98 105 v\\? Men's outerwear.. . . 1.78 103 105 128 134 123 128 124 83 117 113 105 104 87 111 117 ]Vfen's suits and coats .73 88 87 107 109 100 110 109 63 107 94 90 88 78 96 92 Men's suits . .50 84 83 109 112 98 102 98 57 94 83 83 86 81 102 96 Men's outercoats .13 86 83 69 71 85 114 125 74 133 115 94 71 46 52 56 Shirts and work clothing .99 104 114 142 151 138 141 133 94 122 125 114 113 90 120 133 Women's outerwear 1.85 106 108 123 106 86 94 119 '111 rill r92 r96 r83 106 117 Women's suits and coats . .76 120 123 160 109 53 67 142 141 145 106 118 *-Q0 122 123 135 Misc apparel and allied mfrs 1.92 108 111 118 119 112 110 110 107 112 108 114 109 105 98 P103 Rubber and Leather Products 3.20 105 107 125 125 121 118 113 101 112 107 111 103 r98 103 vlO7 Rubber products 1.47 119 116 140 143 140 137 131 114 122 122 127 120 111 114 P113 Tires and tubes .70 115 115 135 138 135 132 123 109 106 103 108 101 93 96 112 Auto tires .40 94 106 128 136 134 134 125 117 112 104 109 99 89 92 111 Truck and bus tires .30 144 128 145 142 137 130 121 97 99 102 106 103 99 102 Miscellaneous rubber products .. .77 123 117 144 148 145 142 138 119 137 Leather and products 1.73 94 99 112 110 104 102 97 91 103 94 97 89 »-87 94 P102 Leather .44 84 87 100 94 96 101 93 80 93 85 91 87 81 86 Cattlehide leathers .29 87 87 100 92 97 101 91 79 94 86 94 91 86 93 .15 77 86 98 96 94 100 97 81 90 83 87 79 72 74 .90 97 104 120 118 109 106 99 93 109 97 97 85 88 102 110 l^Iiscellaneous leather products .39 99 101 108 109 104 95 98 98 102 96 101 99 92 85 Paper and Printing 8.93 118 118 124 128 128 126 125 116 123 127 132 129 121 120 P122 Paper and allied products 3.46 125 120 133 136 136 132 134 120 135 135 140 135 119 125 P129 Pulp and paper 1.76 126 120 131 132 134 131 133 117 133 130 138 133 117 128 •\Vood pulp .51 132 132 142 144 146 144 146 130 146 141 151 147 129 142 1.25 123 116 127 127 129 126 128 112 127 126 132 127 113 122 Printing paper . . .. .22 115 111 121 120 122 119 119 108 121 118 124 120 112 120 Fine paper .14 123 117 118 118 122 122 118 96 118 118 121 120 109 112 Coarse paper .20 125 112 120 120 120 120 117 104 118 118 127 124 113 122 Miscellaneous paper .18 130 123 131 130 132 126 129 118 127 128 136 131 123 135 Paperboard .41 126 117 136 138 138 135 140 118 141 137 143 137 US 128 Building paper and board .10 115 112 117 119 128 126 132 116 121 122 123 108 92 96 Converted paper products 1.70 125 120 136 141 139 132 136 124 137 140 143 136 121 123 Shipping containers .51 124 120 136 143 138 133 137 122 138 141 140 135 118 115 126 Sanitary paper products .11 131 126 141 141 146 131 132 131 134 139 151 139 131 146 Printing and publishing 5.47 113 116 118 123 123 122 120 114 116 122 126 126 122 116 r>118 Newsprint consumption 1.85 115 115 115 125 127 127 118 102 106 119 129 117 108 114 Job printing and periodicals . 3.62 113 117 120 122 120 120 121 119 121 123 125 123 125 121 P120 Chemical and Petroleum Products. 9.34 132 133 142 143 144 143 142 139 141 142 145 '145 141 141 P143 Chemicals and allied products . 6.84 136 137 147 149 150 148 146 141 143 145 151 150 146 147 Industrial chemicals.. 2.54 146 140 150 154 159 159 161 157 157 151 151 149 147 146 P146 Basic inorganic chemicals .57 135 137 153 152 154 152 149 146 147 138 153 153 148 Industrial organic chemicals 1.97 149 141 149 155 161 161 164 160 160 154 150 148 147 14S P146 Plastics materials .24 163 157 190 200 199 191 194 163 175 181 179 173 166 168 Synthetic rubber.. .11 184 175 191 210 221 220 214 205 176 162 147 152 1S3 148 152 Synthetic fibers .59 148 141 149 157 170 168 174 171 167 148 143 135 136 133 j>136 Miscellaneous organic chemicals.. 1.03 143 133 135 138 140 143 146 148 150 150 148 149 149 147 Vegetable and animal oils .64 112 112 131 119 112 104 95 84 94 109 140 141 135 138 138 Vegetable oils .48 112 110 127 115 105 93 83 70 83 106 144 141 137 138 138 Grease and tallow .16 111 119 143 130 135 136 131 124 125 120 129 140 127 138 140 .71 107 110 126 121 112 112 100 76 97 116 134 128 117 118 124 Paints .66 108 112 116 118 119 122 121 122 119 118 117 117 116 114 Fertilizers .23 112 122 139 168 177 139 112 101 104 112 108 101 106 112 P137 P Preliminary. r 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. 392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1951 1952 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued Petroleum and coal products 2.50 122 123 128 127 127 129 131 132 135 133 131 131 128 125 P126 Petroleum refining 1.97 125 128 134 132 131 132 136 137 138 136 135 137 137 134 Gasoline. 1.04 126 132 141 137 137 140 145 149 150 147 143 147 146 140 P142 Automotive gasoline .98 123 128 136 133 132 135 140 144 144 141 138 143 141 136 Aviation gasoline .06 174 194 223 216 227 235 241 234 243 247 220 211 228 214 Fuel oil .56 123 128 134 132 127 125 130 128 128 128 128 130 129 131 P135 Distillate fuel oil .30 138 151 160 158 151 148 155 153 152 153 155 155 153 156 Residual fuel oil .26 105 102 104 103 100 98 101 100 100 98 97 100 102 104 Kerosene 10 122 119 132 118 118 107 107 105 105 108 116 116 124 128 I rubricating oil .17 124 112 95 103 105 109 106 103 110 112 111 112 109 105 Coke .26 112 97 113 114 113 114 114 113 112 '110 '109 107 102 97 90 Asphalt roofing and siding .15 103 102 72 80 108 118 109 111 139 123 121 90 53 56 Foods, Beverages, and Tobacco 11.51 105 106 98 100 100 103 108 111 118 123 120 98 97 P97 Food and beverage manufactures. . 10.73 105 105 97 99 99 102 108 112 118 124 120 111 -99 97 Food manufactures 8.49 105 106 99 99 98 101 105 110 118 127 121 114 102 101 98 Meat products 1.48 110 114 118 117 111 103 105 98 102 111 123 135 125 126 112 Beef .46 92 100 119 120 127 126 128 127 132 139 144 139 134 141 129 Pork .83 117 119 114 112 98 87 89 79 82 92 107 128 116 114 99 Dairy products .69 96 98 89 100 112 136 146 132 118 99 85 80 81 86 96 Butter .14 91 92 102 111 122 145 143 120 111 88 82 86 94 110 115 Natural cheese .07 100 103 96 107 124 151 159 130 116 102 89 86 93 100 109 Concentrated milk . . .19 91 91 78 91 111 137 140 110 94 72 67 68 74 78 84 Ice cream .28 98 102 86 95 100 121 144 149 135 118 94 80 73 72 87 Canned and frozen foods 1.13 121 117 79 75 80 90 103 162 209 233 154 104 '86 76 P70 Grain-mill products 1.16 104 108 102 102 99 104 110 108 109 111 111 103 101 106 P106 Wheat flour .46 84 84 81 81 75 81 78 78 83 84 90 82 76 86 p&6 Cereals and feeds .70 117 124 116 116 114 120 131 128 126 128 125 117 117 119 P119 Bakery products 1.64 101 101 99 100 98 100 103 102 101 102 101 99 97 95 P95 Sugar .27 100 104 55 67 67 57 80 73 75 106 250 277 177 89 Cane sugar .11 102 109 105 128 105 116 123 129 124 121 105 97 96 97 Beet sugar .13 101 94 8 8 30 1 39 20 27 89 370 429 242 77 Confectionery .71 102 102 110 101 98 89 74 64 92 135 135 128 88 111 Miscellaneous food preparations . .. 1.41 97 100 98 99 97 101 107 109 108 113 110 107 100 P\02 Beverages 2.24 105 102 91 99 105 110 119 121 118 113 116 99 84 82 P90 Bottled soft drinks 54 107 116 Alcoholic beverages 1.70 104 98 88 100 102 102 107 107 108 108 118 100 80 79 PS7 Beer and ale 1.02 100 102 90 103 109 106 117 127 129 111 100 79 76 79 86 Liquor distilling .17 120 54 46 54 53 55 51 41 33 67 122 88 65 66 76 Liquor bottling .37 107 99 97 110 105 110 104 90 92 115 148 146 89 79 88 Tobacco manufactures .78 107 110 117 113 104 107 110 94 117 111 116 111 92 98 Cigarettes .46 110 114 119 119 107 109 114 99 123 115 118 110 96 105 Cigars .17 101 105 122 109 106 112 108 88 110 110 120 122 90 90 MINERALS—TOTAL 9.98 115 114 113 111 115 118 120 117 122 122 118 113 111 111 P109 Mineral Fuels 8.35 114 113 115 113 114 115 117 114 119 119 116 113 113 114 P112 Coal 2 68 94 83 77 74 74 81 81 69 85 84 84 76 71 74 68 Anthracite . . .36 82 78 59 52 45 66 65 54 56 60 66 55 51 62 59 Bituminous coal 2.32 96 84 80 77 79 84 83 71 90 88 87 79 74 75 69 Crude oil and natural gas 5.67 123 128 134 132 133 131 134 135 135 136 131 131 133 134 Oil and gas extraction 4.82 121 125 132 131 129 127 130 130 131 130 126 128 127 127 P128 Crude oil 4.12 118 120 126 125 124 122 126 127 126 126 120 120 120 120 P120 Natural gas .34 148 159 187 172 164 152 152 154 156 150 165 179 188 Natural gas liquids .36 136 145 156 155 155 151 154 154 158 160 159 162 166 163 Oil and gas well drilling .85 133 144 140 140 157 154 157 163 160 167 158 147 163 170 P162 Metal, Stone, and Earth Minerals . 1.63 121 115 98 102 121 132 136 134 137 135 127 110 '98 91 P95 Metal mining .82 116 108 85 88 119 139 142 138 140 139 122 95 74 75 Iron ore .33 124 104 45 53 131 184 201 199 199 198 155 8S 40 39 42 Nonferrous metal mining .49 111 110 111 112 111 109 102 98 100 100 100 101 97 99 Copper mining .24 114 114 116 120 118 120 109 109 112 112 114 116 110 112 Lead mining .09 99 97 97 94 95 89 87 78 80 81 79 78 '80 76 Zinc mining .06 109 107 104 101 100 93 90 79 80 76 72 74 71 75 Stone and earth minerals .81 127 123 112 116 123 125 130 130 133 131 132 126 122 108 P\U P Preliminary. T Revised. c Corrected. For other footnote see preceding page. APRIL 1954 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF MAJOR CONSUMER DURABLE GOODS (Adjusted for Seasonal Variation) [Federal Reserve index numbers, 1947-49 average =100] 1953 1954 Product group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total 148 146 148 144 142 144 138 131 132 121 115 121 P121 Passenger automobiles 146 151 159 155 158 159 149 139 142 0) Household goods, total 150 141 135 131 125 128 127 122 121 0) Carpets 104 101 98 87 C1) Fur niture 122 123 126 126 123 122 117 iii 110 0) 126 125 121 122 109 108 100 93 (1) Radios and television... 273 226 201 182 182 204 217 22 9 1 4 217 0) P Preliminary. 1 Publication has been discontinued pending a general revision of the major consumer durable goods index. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1954 Industry group or industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. ADJUSTED FOR SEASONAL VARIATION Total 13,857 13,906 13,930 13,943 13,904 13,733 13,577 13,409 13,194 13,015 '12,850 12,704 12,567 Durable goods 8,175 8,218 8,220 8,228 8,202 8,099 7,998 7,891 7,712 7,587 '7,467 7,353 7,206 Ordnance and accessories 147 150 156 158 162 159 159 158 153 150 '144 132 121 Lumber and wood products 698 712 713 724 718 704 699 695 681 653 '629 637 621 Furniture and fixtures 330 331 330 327 328 320 313 306 300 295 '289 284 283 Stone, clay, and glass products.. 459 462 461 465 463 461 463 461 454 442 430 427 426 Primary metal industries 1,139 1,144 1,149 1,149 1,151 1,134 1,117 1,094 1,071 1,050 '1,030 1,009 986 Fabricated metal products 943 947 957 966 967 960 944 924 902 866 '868 857 839 Machinery except electrical 1,322 1,314 1,300 1,294 1,277 1,247 1,234 1,225 1,211 1,196 '1,193 1,182 1,162 Electrical machinery 916 926 928 920 924 923 913 896 872 839 '821 808 794 Transportation equipment 1,574 1,576 1,556 1,548 1,533 1,521 1,493 1.479 1,423 1,460 '1,441 1,400 1,375 Instruments and related products 243 243 244 245 248 241 241 240 241 238 235 230 220 Misc. manufacturing industries.. 404 413 426 432 431 429 422 413 404 398 '387 387 r379 Nondurable goods 5,682 5,688 5,710 5,715 5,702 5,634 5,579 5,518 5,482 5,428 '5,383 5,351 5,361 Food and kindred products 1,138 1,132 1,138 1,124 1,121 1,103 1,110 1,108 1,113 1,100 '1,094 1,093 1,097 Tobacco manufactures 95 96 97 98 98 97 94 93 96 103 99 95 93 T A e p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,123 1,119 1,123 1,122 1,128 1,119 1,108 1,076 1,044 1,021 '994 988 990 tiles 1,106 1,103 1,111 1,123 1,120 1,093 1,055 1,053 1,060 1,055 '1,050 1,039 1,048 Paper and allied products 437 440 442 448 451 452 456 452 446 439 '440 439 440 Printing, publishing and allied industries 502 501 502 502 501 504 509 508 505 504 '502 499 503 Chemicals and allied products... 518 526 528 529 526 521 '512 503 498 491 495 491 489 Products of petroleum and coal. 188 190 189 189 188 187 185 186 184 182 '180 180 179 Rubber products 221 222 222 222 220 216 214 207 200 198 197 196 194 Leather and leather products. . . 354 359 358 358 349 342 336 332 336 335 '332 331 328 WITHOUT SEASONAL ADJUSTMENT Total 13,831 13,758 13,699 13,787 13,666 13,851 13,832 13,627 13,317 13,107 12,793 12,683 12,541 Durable goods 8,211 8,215 8,179 8,190 8,056 8,054 8,016 7,941 7,767 7,651 '7,477 7,375 7,238 Ordnance and Accessories 147 150 156 158 162 159 159 158 153 150 rl44 132 121 Lumber and Wood Products 688 701 713 731 718 722 713 705 688 650 r616 621 612 Sawmills and planing mills.. 408 416 422 432 426 429 423 419 407 388 '372 371 Furniture and Fixtures 333 329 322 317 315 315 315 312 308 301 r293 290 286 Household furniture 247 242 237 232 228 228 228 226 223 216 '209 208 Stone, Clay, and Glass Products.. 459 462 461 465 456 463 465 463 456 446 426 425 426 Primary Metal Industries 1,145 1,144 1,138 1,143 1,134 1,128 1,117 1,099 1,076 1,061 '1,035 1,014 991 Blast furnaces, steel works 564 562 562 567 571 572 561 555 542 534 522 512 and rolling mills 952 952 952 956 938 946 944 929 907 879 '877 866 847 Fabricated Metal Products 1,335 1,321 1,307 1,300 1,264 1,235 1,228 1,219 1,205 1,202 rl , 193 1,188 1,174 Machinery except Electrical 228 228 227 227 222 221 224 223 222 220 '218 214 Metalworking machinery... 925 J26 919 911 892 905 913 905 885 856 r829 816 802 Electrical Machinery Electrical apparatus (gen- 285 287 288 288 283 281 281 278 274 274 '268 263 erating, etc.) 418 415 407 399 388 405 410 407 394 368 '353 347 Communication equipment. 1,574 1,576 1,556 1,548 1,533 1,521 1,493 1,479 1,423 1,460 '1,441 1,400 1,375 Transportation Equipment 821 831 816 803 796 775 738 732 703 726 '696 666 Motor vehicles and equipment 542 533 532 535 537 545 555 551 528 545 560 552 Aircraft and parts 244 244 244 245 241 239 241 241 242 240 236 231 221 Instruments and Related Products. 410 411 413 415 403 420 428 432 424 406 *387 393 385 Misc. Manufacturing Industries.. For footnotes see following page. 394 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 Industry group or industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Nondurable goods 5,620 5,543 5,520 5,597 5,610 5,797 5,816 5,686 5,550 5,456 '5,316 5,308 5,303 Food and Kindred Products 1,025 1,027 1,051 1,097 1,184 1,264 1,297 1,202 1,131 1,068 '1,011 992 992 Meat products 238 233 233 237 240 240 242 249 258 253 243 235 Canning and preserving.. . . 123 134 146 165 244 316 342 232 168 136 120 113 Bakery products 180 179 181 184 184 182 183 183 181 177 174 174 Tobacco Manufactures 87 85 85 85 85 107 114 111 103 106 99 92 86 Textile-mill Products 1,134 1,119 1,117 1,122 1,094 1,102 1,097 1,076 1,054 1,036 rl,004 1,003 1,000 Broad-woven fabric mills... 499 494 494 497 490 486 484 475 467 459 448 446 Knitting mills 235 233 232 232 226 231 229 224 217 211 203 207 Apparel and Other Finished Textiles 1,139 1,086 1,061 1,072 1,053 1,109 1,087 1,090 1,071 1,071 '1,050 1,070 1,079 Men's and boys' furnishings. 289 289 288 288 277 291 290 288 282 273 266 270 Women's and misses' outerwear 356 318 298 309 314 335 316 317 316 335 337 347 Paper and A Hied Products 439 440 440 446 442 450 454 452 450 446 '442 441 442 Pulp, paper and paperboard mills 223 222 222 225 225 227 228 226 226 227 225 225 Printing, Publishing and Allied Industries 499 498 499 502 496 499 509 513 510 512 '502 499 500 Newspapers 146 146 148 148 146 146 149 150 149 150 145 144 Commercial printing 159 158 158 159 157 156 159 161 160 163 161 158 Chemicals and Allied Products... 526 526 517 513 508 511 515 513 508 501 500 498 496 Industrial organic chemicals. 190 191 192 195 195 196 193 190 187 185 182 177 Products of Petroleum and Coal.. 186 188 188 190 190 191 188 186 184 181 '178 178 177 Petroleum refining 144 144 143 145 145 146 144 143 142 141 139 139 221 221 220 220 213 214 214 209 204 202 199 197 194 Rubber Products 363 355 344 351 344 351 341 335 334 333 r332 338 336 Leather and Leather Products 238 232 226 231 224 228 221 214 216 220 224 226 Footwear (except rubber)... ' Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for March 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 1954 1953 1954 Mar. Jan. Feb. Mar Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 71.93 70.92 70.88 70.53 41.1 39.4 39.6 39.4 1.75 1.80 1 79 1.79 Durable goods. 77.52 '76 59 76.38 75.81 41.9 40.1 40.2 39.9 1.85 1.91 1.90 1.90 Ordnance and accessories 77.46 '77.60 78.00 78.21 41.2 '40.0 40.0 39.7 1.88 1.94 1.95 1.97 Lumber and wood products 64.21 -62.25 63.99 63.74 40.9 '39.4 40.5 40.6 1.57 '1.58 1.58 1.57 Furniture and fixtures 63.65 ••61.78 62.56 62.40 41.6 '39.6 40.1 40.0 1.53 1.56 1.56 1.56 Stone, clay, and glass products. 70.21 '69.8 7 70.70 70.70 41.3 '39.7 40.4 40.4 1.70 1.76 1.75 1.75 Primary metal industries 84.23 '•81.74 79.31 78.49 41.7 '39.3 38.5 38.1 2.02 2.08 2.06 2.06 Fabricated metal products 77.59 '76.73 76.92 75.95 42.4 '40.6 40.7 40.4 1.83 1.89 1.89 1.88 Machinery except electrical 84.05 82.40 82.40 81.80 43.1 41.2 41.2 40.9 1.95 2.00 2.00 2.00 Electrical machinery 72.21 70.74 72.00 71.28 41.5 39.3 40.0 39.6 1.74 1.80 1.80 1.80 Transportation equipment 85.49 '85.86 84.80 83.98 41.7 '40.5 40.0 39.8 2.05 2.12 2.12 2.11 Instruments and related products 73.74 '72.22 73.53 72.18 41.9 39.9 40.4 40.1 1.76 '1.81 1.82 1.80 Miscellaneous manufacturing industries. 64.74 63.43 64.16 64.56 41.5 39.4 40.1 40.1 1.56 1.61 1.60 1.61 Nondurable goods. 63.60 63.53 63.63 63.63 40.0 38.5 38.8 38.8 1.59 1.65 1.64 1.64 Food and kindred products 65.28 68.71 67.64 67.87 40.8 40.9 40.5 40.4 1.60 1.68 1.67 1.68 Tobacco manufactures 47.63 45.97 46.44 47.29 37.8 36.2 36.0 36.1 1.26 1.27 1.29 1.31 Textile-mill products 54.80 '50.86 51.68 52.20 40.0 '37.4 38.0 38.1 1.37 '1.36 1.36 1.37 Apparel and other finished products... . 49.76 '47.68 49.46 49.32 37.7 '34.8 36.1 36.0 1.32 1.37 1.37 1.37 Paper and allied products 72.31 72.07 72.07 71.90 43.3 41.9 41.9 41.8 1.67 1.72 1.72 1.72 Printing, publishing and allied products. 85.24 86.40 86.18 86.85 39.1 38.4 38.3 38.6 2.18 2.25 2.25 2.25 Chemicals and allied products 73.87 '76.45 76.63 76.45 41.5 41.1 41.2 41.1 1.78 '1.86 1.86 1.86 Products of petroleum and coal 87.89 91.53 91.30 90.23 40.5 40.5 40.4 40.1 2.17 2.26 2.26 2.25 Rubber products 80.29 '74.69 75.46 74.69 41.6 '38.7 39.1 38.7 1.93 1.93 1.93 1.93 Leather and leather products 53.84 '51.89 52.72 52.54 39.3 '37.6 38.2 37.8 1.37 '1.38 1.38 1.39 ' Revised. NOTE.—Data are for production and related workers, Figures for March 1954 are preliminary. Back data are available from the Bureau of Labor Statistics. APRIL 1954 395 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, Manufac- Contract tion and State, and Yeai or month Total turing ing construction public Trade Finance Service local 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 1,957 5,280 6,633 1953 49,150 17,006 832 2,543 4,276 10,475 2,034 5,317 6,667 SEASONALLY ADJUSTED 1953—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 49,303 17,127 821 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 48,877 16,587 815 2,596 4,280 10,485 2,077 5,330 6,707 December '48,544 16,404 810 2,572 4,228 10,480 2,074 5,325 '6,651 1954—January '48,339 '16,217 799 '2,469 4,173 10,520 '2,073 '5,331 6,757 February 48,154 16,057 788 2,526 4,153 10,482 2,070 5,332 6,746 March 47,842 15,906 768 2,508 4,085 10,459 2,071 5,331 6,714 UNADJUSTED 1953—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 49,340 16,706 816 2,674 4,273 10,772 2,056 5,303 6,740 December '49,703 16,488 809 2,521 4,240 11,310 2,064 5,272 '6,999 1954—January '47,721 '16,158 792 '2,247 4,137 10,365 '2,052 ••5,224 6,746 February 47,422 16,034 777 2,248 4,103 10,250 2,060 5,225 6,725 March 47,288 15,873 760 2,282 4,050 10,252 2,071 5,251 6,749 ' 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. March 1954 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor labor force population torce Total Unem- Total In nonagricul- In ployed tural industries agriculture 1945 105 370 65 140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106 370 60 820 57 520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108 482 62 748 61 442 59,378 51,405 7,973 2,064 45,733 1949 109 623 63 571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3.142 46,181 1951 111 924 65 832 62 884 61,005 53,951 7,054 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 1,523 48,081 1953—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—January2 115,738 66,292 62,840 59,753 54,469 5,284 3,087 49,447 February 115,819 67,139 63,725 60,051 54,349 5,697 3,671 48,679 March 115,914 67,218 63,825 60,100 54,225 5,875 3,725 48,696 1 Includes self-employed, unpaid family, and domestic service workers. 2 Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 396 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- Resi- den- Mili- High- Conser- All Total dential Indus- Com- Public tial Total tary way vation other Total trial mercial utility 1939 198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 ,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 ,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 ,075 3,415 1,715 1,287 346 155 786 413 10,660 ,016 734 357 4,553 1943 ,301 1,979 885 759 156 33 570 335 6,322 ,550 446 285 3,041 1944 ,259 2,186 815 989 208 •56 725 382 3,073 837 362 163 1,711 1945 ,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 ,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 ,689 13,256 6,310 4,896 1,702 856 2,338 2 ,050 3,433 204 1,451 394 1,384 1948 ,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 ,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 ,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 895 21,564 10,973 7,217 2,117 1,371 3,729 3,374 9,331 887 2,518 853 5,073 1952 638 21,812 11,100 7,460 2,320 1,137 003 3,252 10,826 1,388 2,860 854 5,724 1953 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—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 ,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 2,915 1,971 965 734 170 189 375 272 944 94 260 62 528 Februarys 3,038 2,036 1,021 740 177 188 375 275 1,002 83 303 60 556 March? 3,075 2,097 1,081 739 181 178 380 277 978 93 292 64 529 Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9 430 3 107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14 501 4 409 10 092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952. 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 17 443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1953—March J 348 417 931 605 105 101 124 120 293 April L 742 673 1 069 674 262 120 147 151 387 May .. L.606 554 1,052 638 132 156 163 131 386 June L 116 372 744 463 85 99 148 127 193 July 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 1,892 689 1,203 635 235 171 153 200 500 November L 394 483 911 484 232 101 140 138 298 December . . 3OO 479 821 434 136 97 176 131 326 1954—January 1 ,152 363 789 462 111 114 132 117 216 February 1,221 436 785 509 106 93 144 125 244 March 1,528 484 1,043 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1952—December 1,467 41 221 120 144 162 269 182 79 22 54 173 1953—January L,O76 101 154 91 97 110 117 154 53 21 79 99 February 1,021 51 182 61 101 106 160 137 57 19 43 106 1953—December 1,300 90 262 63 145 110 167 159 88 55 49 114 1954—January 1,152 61 212 92 143 101 158 166 58 23 45 92 February 1,221 58 192 103 110 100 156 218 74 60 53 95 APRIL 1954 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 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 1,106 n.a. n.a. 1,070 n.a. n.a. n.a. 36 407 252 155 1953—March 106 59 47 96 84 4 9 10 32 22 10 April 111 57 54 107 94 4 9 4 36 23 13 May 108 55 53 106 93 4 8 3 34 22 12 Tune 105 53 51 102 90 3 9 3 38 24 14 July 97 48 49 96 84 4 8 0) 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 82 39 43 80 70 3 7 33 20 13 December P68 n.a. n.a. P67 n.a. n.a. n.a. n 27 15 12 1954—Tanuary n.a. n.a. n.a. n.a. n.a. 25 13 12 February ... n.a. n.a. P72 n.a. n.a. n.a. 30 16 14 March n.a. n.a. n.a. n.a. n.a. pi 36 20 16 FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1953 1954 1953 1954 1952 1953 Feb. Sept. Oct. Nov. Dec. Jan. Feb. Feb. Sept. Oct. Nov. Dec. Jan. Feb. Total 126 127 130 126 126 122 117 120 117 119 137 135 124 108 108 107 Coal 109 103 97 114 110 104 97 100 87 97 114 110 104 97 100 87 Coke 168 171 181 164 163 155 135 120 109 191 162 160 155 142 126 116 Grain 142 135 114 131 157 140 119 124 124 112 147 157 137 112 124 122 Livestock 69 63 57 59 70 69 58 58 54 46 78 108 86 56 56 43 Forest products 144 143 146 137 136 145 135 136 133 140 148 144 142 120 122 128 Ore 181 215 275 216 172 172 201 231 222 69 324 263 160 62 58 55 Miscellaneous 140 143 149 139 137 134 132 133 134 140 150 149 140 124 122 126 Merchandise, 1. c. 1 46 43 45 43 44 42 40 39 41 43 45 45 43 38 38 40 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1952 1953 1954 1952 1953 1954 1952 1953 1954 January ,254 1,293 PI.091 922 922 P837 332 370 P254 February ,344 1,199 "1,169 893 856 «792 451 343 •377 March ,447 1,389 964 1,005 482 385 April ,355 1,394 933 1,013 422 381 May ,480 1,451 835 902 644 550 June ,171 1,383 861 933 310 450 July ,030 1,357 839 908 191 450 August ,087 1,184 818 841 269 343 September ,229 1,254 877 925 352 329 October ,216 1,251 918 813 298 438 November ,190 1,244 805 849 386 395 December ,391 1,349 1,053 908 338 441 January-February 2,598 2,491 "2,260 1,815 1,778 •1,629 783 713 •631 pPreliminary. "Estimated. 1 Exports of domestic and foreign merchandise. Includes exports under foreign aid programs, including Department of Defense"* shipments under the Mutual Security Program as follows (in millions of dollars): 1952, 1,988; 1953, 3,504; January-February 1954, 353. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t te e s d Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c Ch a i g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as SALES» 1947 98 99 99 96 97 97 96 99 97 98 98 1948 104 102 103 104 105 103 103 104 104 104 103 1949 98 99 98 100 98 100 101 97 98 99 99 1950 105 103 101 106 105 105 109 104 104 105 108 1951 109 105 105 109 111 113 115 108 107 104 111 1952 110 104 101 109 110 118 124 106 110 104 113 1953 112 105 102 110 113 119 126 111 112 104 112 SEASONALLY ADJUSTED 1953—February 112 106 100 112 115 120 123 110 113 105 115 March 115 105 103 112 116 124 128 114 118 108 114 April 110 106 102 113 105 117 118 110 111 99 112 May . . 117 106 104 119 115 128 134 114 118 107 115 June 115 103 102 110 118 119 128 112 122 106 118 113 106 104 117 114 120 127 110 107 105 111 112 99 99 116 120 114 130 109 110 102 112 September 107 105 98 104 109 114 119 106 102 100 103 October 110 107 104 106 110 117 128 109 108 103 108 November 113 107 102 108 115 118 128 113 114 105 112 December 112 108 101 108 112 121 127 115 113 107 114 1954—January 107 105 101 106 104 109 122 106 108 104 110 February P109 109 102 107 104 123 107 108 P109 UNADJUSTED 1953—February 88 80 81 85 89 r91 101 85 89 80 91 103 95 93 106 107 110 124 101 104 92 103 April . 104 101 95 103 103 111 117 104 105 97 106 May 115 106 101 118 115 127 131 114 118 107 115 June . 108 103 99 105 111 112 114 110 110 98 111 July 89 76 75 83 89 96 102 89 86 84 91 August . 98 79 75 92 104 97 114 98 100 97 104 September 112 112 102 108 114 121 122 113 109 110 109 October 115 107 110 114 115 122 130 112 119 118 114 November 136 129 129 142 142 144 146 137 136 121 129 December 192 194 178 188 187 211 219 188 185 171 189 1954—January 83 83 81 80 ••80 80 94 82 83 75 83 February 85 81 83 81 80 P89 101 83 J>88 83 STOCKS i 1947 93 95 98 93 93 94 90 89 93 91 93 1948 107 105 105 107 107 105 108 111 102 110 108 1949 100 100 97 99 100 101 102 100 96 100 100 1950 109 109 105 108 106 113 120 110 107 104 113 1951 . .. .... 129 124 124 127 128 133 140 128 128 117 132 1952 118 111 113 113 111 130 135 115 117 107 124 1953 126 116 116 119 119 141 146 123 126 115 136 SEASONALLY ADJUSTED 1953—February 123 114 112 115 115 139 146 119 119 113 130 March .. . . 122 116 112 112 113 138 145 118 122 111 129 April 125 119 116 117 114 140 145 123 128 114 131 May 127 120 118 121 117 142 145 123 131 115 136 June 128 117 118 122 122 146 147 123 132 114 140 July 130 117 121 122 124 145 148 125 131 117 146 August... 131 119 122 122 124 148 141 128 134 120 145 September 128 117 117 122 121 139 148 127 129 122 141 October 128 117 116 122 124 143 148 126 124 118 138 November 127 115 115 120 121 144 149 124 121 115 137 December 123 112 113 117 121 132 142 122 118 111 133 1954—January 120 114 111 114 115 134 142 117 117 106 128 February P119 112 107 114 113 132 P141 117 127 110 P130 UNADJUSTED 1953—February 119 108 109 112 113 ••134 144 116 113 109 127 March... 127 118 117 120 119 144 151 122 125 115 133 April 132 124 122 126 121 151 153 128 137 119 140 May 132 121 121 124 119 150 147 125 138 117 144 June 123 110 111 113 115 139 139 117 132 109 136 July. .. 121 106 107 108 112 141 137 117 122 114 137 August 126 114 118 116 119 147 141 121 130 115 137 September 132 120 123 127 127 143 152 129 138 123 144 October 141 132 130 139 137 154 161 139 138 126 149 November . .. 142 134 132 137 136 151 165 143 132 128 152 December 109 105 104 103 106 115 125 111 104 101 117 1954—January 108 102 98 '99 104 120 130 108 99 100 February P115 106 104 111 111 127 P139 114 108 106 00 00 San Dallas Fran- cisco 94 99 105 104 102 98 113 105 117 109 124 114 125 115 125 117 126 119 124 116 131 124 134 121 124 117 127 113 112 110 122 111 127 112 125 109 119 108 121 107 101 94 117 102 117 105 127 117 118 112 104 101 116 109 119 111 128 111 144 131 209 195 94 85 98 86 89 93 110 107 101 100 112 110 132 131 126 155 138 133 134 133 133 133 138 132 139 135 141 135 140 138 142 135 141 132 139 132 136 133 131 129 128 123 P129 121 132 125 142 134 146 141 141 147 130 136 131 133 140 128 147 137 152 148 151 144 120 108 115 111 P126 113 P 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. APRIL 1954 399 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 2 Stocks2 stand- Re- New Out- plus (total (end ing ceipts3 orders3 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 1.0 1946 average 345 767 964 373 354 2.3 3.0 5.3 1.1 1947 average 365 887 588 366 364 2.5 1.7 4.3 1.0 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 average 376 1.012 495 391 401 2.8 1.4 4.2 1.1 1951 average 391 1.202 460 390 379 3.2 4.4 1.0 1952 average 397 1,097 435 397 401 2.9 4.1 1.0 1953 average 402 1,157 421 403 397 3.0 1.1 4.2 1.0 1953—February 301 '•1.103 ••458 '373 '376 3.7 1.5 5.2 1.2 March 381 1,169 401 '447 '390 3.1 1.1 4.1 1.2 April 373 1 ,213 324 417 340 3.3 0.9 4.1 1 .1 May 387 1.184 321 358 355 3.1 0.8 3.9 0.9 Tune 375 1,103 461 294 434 2.9 1.2 4.2 0.8 July 305 1.081 525 283 347 3.5 1.7 5.3 0.9 August 343 1,135 491 397 363 3.3 1.4 4.7 1.2 September 388 1.206 492 459 460 3.1 1.3 4.4 1.2 October 440 1,297 462 531 501 2.9 1.1 4.0 1.2 November 477 1.327 371 507 416 2.8 0.8 3.6 1.1 December 725 1,042 288 440 357 1.4 0.4 1.8 0.6 1954—January 310 1,010 370 278 360 3.3 1.2 4.5 0.9 FebruaryP 295 1,074 404 359 393 3.6 1.4 5.0 1.2 pPreliminary. rRevised. *The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1953, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1947-49 = 100] Without seasonal adjustment 1950 1951 1952 1953 1950 1951 1952 1953 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. . . 1.27 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. . . 2.20 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 31 87 30. ... 85 12 94 11. ... 87 9. . . .90 8. ... 92 19 97 18 93 16 95 15 95Feb. 3 81Feb. 2. ... 84Feb. 7 88Feb. 6. . .. 86 26. . . .99 25 97 23 100 22 100 10 94 9 87 14 92 13. . .. 91 30 110 29 101 17. . . .94 16 89 21 85 20. ... 86 24 95 23 83 28 93 27. ... 90 Sept. 2 107Sept. 1. ... 105Sept. 6. ... 100Sept. 5 101 9. ... 102 8 100 13 114 12. ... 102Mar. 3 99Mar. 1. ... 85Mar. 7. ... 96Mar. 6. . .. 85 16.. . .127 15.... 114 20.... 113 19 120 10 105 8 88 14 100 13. ... 92 23 .... 111 22 111 27 112 26 114 17 101 15.... 90 21 109 20. ... 95 30 110 29.... 114 24 105 22 94 28 112 27. . .. .100 Oct. 7 112Oct. 6 110Oct. 4. ... 116Oct. 3 112 31 89 29.... 101 14 111 13 117 11 126 10 120Apr. 7 101Apr. 5 109Apr. 4 118Apr. 3. . .. .103 21 105 20.... 116 18.... 124 17.... 118 14.... 100 12. . . .111 11 97 10 28 108 27 113 25 122 24 113 21. . . .97 19.... 97 18.. . .105 17 31 113 28 101 26 105 25 104 24 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 400 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] Federa a l r e R a e , s o e r r v c e i t d y istrict, F 19 e 5 b 4 . 1 Ja 95 n 4 . m 19 2 o 5 s 4 . Federa a l re R a e , s o e r r v c e i t d y istrict, F 19 e 5 b 4 . 1 Ja 95 n 4 . m 19 2 o 5 s 4 . Federa a l r e R a e , s o e r r v c e i t d y istrict, F 19 e 5 b 4 . 1 Ja 95 n 4 . 1954 United States p-3 -7 -5 Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) B M o L W N P B s e D C o o o t e t o r w o r w a s o o r t t n m w c l e p o a e l B o n b n l n D s - l , r e t d t i L o i e t d i , d M a s a w r f g n , t w o M a n r e r M r s i , d a e s A c B , i n M a t r n o c s e M e a s e s a t s , . a s o 2 s 1 s n M s ass... + + + + - - - 1 1 4 4 8 3 5 - - + 1 - - - - 1 - 4 2 3 2 4 0 3 2 - + + - 1 - - 1 3 7 0 3 0 0 1 M C S L G N R N R C i e t p y o i i h t r o e e r c e a n a w a r o s h e r f n c r p t p n o m l h o a e o v o l b k n o s k l i r i u t e l b n - t t o l a , P r d u e n g N n o , , V r , , g r e S V a t A , W V w s . . a m 2 S r s a C . . e , . 2 . o a V 2 . V 2 C u s a x t a h . - 2 , C o V n a t. .2 - + 1 - - - - - 9 3 9 4 3 7 2 - - - - - - - 1 1 2 1 1 1 1 -6 0 0 2 1 3 0 3 - - - 1 1 1 - - 8 8 0 0 8 A c K C a L G G D M it n a i u r r a e M s a e l s n a C u n a i k s t d t r n h o a n F C - s t F . S o a s - i o e l , u t W l r , y p s k M , W i e s s D r , i M c i i n i s . o N n 2 s o e r t . , n r t D ict p + + + - - 1 4 5 2 1 0 8 r_ r - -6 + 1 1 - - 5 7 4 3 7 + - - - 1 5 3 6 0 Cities Huntington, W. Va.2. . . . -10 -13 -11 Metropolitan Areas Springfield, Mass +5 -3 0 Parkersburg, W. Va -15 -14 -15 Denver, Colo -2 -5 -4 Providence, R. I.2 + 1 -6 -3 Pueblo, Colo Atlanta District p-1 -6 -4 Topeka, Kans -2 -9 N M e N w e N t e r N N w e Y o w e e p o w w o r J Y l a i k e Y t r o r a k s o r D n , e k r k y - i N s N , A t C . r N o r e J i i r t . a . c t y 2 Y h s t , 1 e . N a & s . t N Y er . . n J 2. . + + + + 3 2 3 2 - - - 3 2 7 2 - _ 1 2 0 0 M J M M M B e a i t c o o i r r a k m o b n m s p i t i l o g o n e i n , o l , g i v m t F h A a i a l l e n l a l m r a e . y 2 , , A , F A r A e l l a a l a a . s . 2 1 2 P - - + 1 3 -3 0 3 -1 - - - 4 1 6 4 r + - - - - 7 9 5 4 1 W A S O O T t u l k m . i b l c l s J u a a h a o h h q i , s t a o u a e , O m e , p r N k h a q K l , u e a a C b e M n , r i s t o y N , . O M kl e a x.. . . - - + 1 1 -5 9 1 3 Q - - - - + 1 1 1 1 -5 2 2 0 6 1 - - - + 1 1 1 - - 5 7 6 2 2 2 A S R B B N B y l o u i b n r f u c i a a f g a h f a c n f g h e l a u y o a a s l s o , - r t m e e a S , N r t c C , o F N h . n i a N e t . Y , l y n l . Y , s N e , Y c N . . 2 t N . a . Y 2 d . Y y Y - .2... . + + - - — 3 3 9 1 0 \ - - - - - 4 4 5 6 3 0 + - - - - - 3 3 1 3 4 4 A O S A C S T t o u r t . t l l a l g . a a u P m u n n P m t s d t p r e t a s b o a a t , b u , e , , g r s G F F G s , . - b l a l a a G T a u .2 . a r a 2 g m , p F a l , a Fla.. . P - - - - -2 3 6 9 1 0 2 + - - - - - - 3 4 9 5 5 6 2 + - - - - — - 3 3 7 7 4 3 1 C J G K E H i o t n i r a u p e e i n t l s d e c i s , l n h a e , i s O y n , M k s C o l C a i o n t o y , l , o K M an o s — - + + - 1 8 2 0 4 5 1 - - + 1 1 - - 4 4 9 9 1 - + 1 -6 5 3 0 A T lb ro an y y , , N N . . Y Y + 1 0 - - 9 8 -5 4 S M a a v c a o n n n , a G h, a G .2 a - - 9 2 - - 1 1 3 3 -1 -8 1 Dallas District -3 -10 -6 Schenectady, N. Y -2 -9 -6 Baton Rouge, La.2 P+3 -7 -2 C U E B it U l t r i m e i i t c d s i i a c g r - a e a R , , p o o N N m r . t . , e Y Y , C N on . n Y .2 + - - - 8 1 7 3 - - 1 1 - - 9 8 1 2 - - - - 8 9 7 3 J N N C K a h a e n c w s a o k h t x s t v v o O a i i n n l r l l , o l l e e e o , M , a g n T T i a s s e , e , s n n . L T n 2 n e a . . 2 2 n .2 n.2 P + + - - 1 8 3 3 0 - - - - - 5 8 3 3 3 + + - - 6 3 3 3 q M F S D E C e o h l o a t r r r l r P o t e l p a a p v u W s s o e s , o l p o i , T C t o r a T e r t h n t h x e , r , . i x 2 s A L T t r a i e , e x a T s ex + + - - 6 9 1 2 c - - - 1 1 1 - - 9 8 2 5 4 - - - 1 1 1 - - 3 4 0 1 0 Poughkeepsie, N. Y +6 -2 +2 Cities Houston, Tex.2 -2 -9 -5 Rome, Ga -1 -9 c San Antonio, Tex -11 -10 -11 Philadelphia District -5 -6 -5 Meridian, Miss P-1 -7 —4 Waco, Tex -5 -14 -10 Metropolitan Areas Bristol, Tenn -3 -11 -7 T La re n n c t a o s n te , r, N P . J a . . 2 2 -1 -1 4 -1 -2 3 -1 -1 3 Chicago District P-2 -5 San Francisco District. . . p-8 -10 -10 C M C l A W C C C Y W e R P i e t v P h l k i a o e y t i e i n r e a i n a r r l l v o l c l o m k k . d t a a 2 p e i o n , e i d n i n l o n n , s n a e P n l d g - , n i g l O a B t a , p d t a O t . D h o a h i , n P 2 , h r i n i i O o a r a i , O s e , o 2 A . t h 2 - D 2 h r r H P i e i o i e o a a a c 2 l 2 . z s t 2 leton, P + + - - - - - - - 9 4 4 8 6 3 6 7 1 - — - - - 1 1 - - - 6 9 1 7 2 7 1 2 1 5 Q - -1 1 - — — - - - 8 5 1 7 1 1 0 6 5 A M F L G F T G M P D D M C I e n l e o a e h r e r t e i a i d r o e n a r r s n l i t d o i t r c w e r r n s t a e i p i o a n , M i d s W n a a n o g i o , H u a M t g l o o B , R n a i p k , 1 , i t a , y a i n a o e a M 1 u c M 1 y n e n e p l W 1 h t 1 i , , s e i . i e s 1 i . 2 c , d , W 2 , , c i W . A h 2 s s h I I r I I , . o i n i 2 . e n n s 2 s w M d a d d . . 2 2 s . a . . 2 i 2 2 ch.2 . . . P P + - + + + + 1 + - - - - - 1 4 4 4 9 3 0 5 5 5 1 1 5 - - + + + 1 - - - - 1 - - - - 8 5 8 3 3 8 3 7 1 3 6 4 3 + (3 + + + - - - - - - - ) 1 4 2 8 8 9 1 6 3 5 1 0 M S S S F L R P e S S L P a a a r o h i t e n n v n W D a c r a a s o o s o n a e r n s e n F o n a A p D r r a e t n g w s d r m a o F o d s n i i a i , i x l t e e r d n g B e n n i s M a g , n t e t C e n i o . a e n o o a - d l A t , o a n a e c O w , , o e a c l n s i r C , i L n C s a h n , C i i f A z c c a k d , , . . C a a C 2 o . l a r L l l 2 i l C A a , a i , e f a i . f S f l n a l a . i . A C C i a , s 2 f d l f i . 1 n a . a . , 2 f C , 2 l l . i C i C 2 f a f B . a l a 2 i e l l f i i r . . f f - 2 . . . . . 2 2 P P - - - 1 1 - - 1 - - - - - - - - 0 2 7 5 4 7 4 3 6 4 7 4 6 -1 - - - - - - - - - - - - 7 6 8 6 8 9 7 8 6 9 3 5 6 - - 1 - 1 - - - - - - - 7 4 5 6 7 3 7 4 0 6 W C S Y T E P p i o r o o t h i r l l t u e i e e u s n , n e d b m g g l o P u i f s b , n i r a t e u g g o O . l 2 s , h d w , h , , W n i O o P O , . 2 h a h O V i . i o 2 h o a 2 i 2 . o 2 2 - + 1 - - - - 7 7 6 7 1 1 - - - - + 1 1 1 1 -9 6 4 1 1 1 - — + 1 - - - 9 8 8 1 2 3 1S M t L F . L E e o o i v L t t r u r a t o o t l i n e s p u s S v o i v R i m s l l i i l l o t i e D l a t c e , h n k , i , s K , I t A A n A r y r d i r . r e c 2 k k a t . s 2 P + + - - -1 4 7 2 2 -1 - - - - 6 2 9 4 3 -1 - - - 5 3 2 0 0 S S P V O t a o o n D r a a c t C l k o l k J l a e l a w o t a n j l o s o n i n d n e f , d t . , , , o 2 - C C O B w C a a e n r a l e i l r l f i k i . f O 2 f e . . 2 2 a le k y l , a n C d a , lif.2 - - - - 1 1 1 1 - - 7 6 7 0 1 4 Q - - - - 1 1 1 1 - - - 4 8 4 5 0 0 6 - - - - 1 1 1 1 - - 7 5 0 6 2 3 7 C P it o y rtsmouth, Ohio2 +7 0 +4 S S M p t. e r i m L n o g p u f h i i i e s s l , , d , M T e M o n o n.2 P -1 + -1 2 2 -1 - - 6 2 4 -1 - - 1 2 3 S S S p a e l a o t t k t L a le n a , e k , W e W C as a i h t s y . h 2 , .2 Utah2. . . - - - 6 9 2 - - -1 1 1 2 1 9 -1 -9 5 Richmond District P-2 -9 -5 Cities Tacoma, Wash.2 Quincy, 111 + 1 +3 +2 Metropolitan Areas1 Paducah, Ky -19 -35 -27 Cities Washington, D. C.2 +2 -8 -3 Tucson, Ariz P-21 -19 -20 Downtown Wash., D. C.. -1 -11 -6 Minneapolis District +3 -3 Bakersfield, Calif.2 -9 -5 -7 Baltimore, Md.2 P + 1 7 -3 Boise and Nampa, Idaho. -12 -14 -13 Asheville, N. C.2 -2 -6 -4 Metropolitan Areas1 Twin Falls, Idaho -14 -7 -10 Raleigh, N. C.2 -10 -12 -11 Mpls.-St. Paul, Minn.2... +3 ' + 1 +2 Idaho Falls, Idaho -15 -12 -13 Winston-Salem, N. C.2 ... -2 -9 -5 Minneapolis City, Minn.2 +4 +1 +3 Everett, Wash.2 -10 -25 -18 Charleston, S. C.2 + 1 -4 -1 St. Paul City, Minn.2... +2 + 1 Walla Walla, Wash.2 -25 -19 -22 Columbia, S. C.2 + 1 -3 -1 Sioux Falls, S. D +22 +9 Yakima, Wash.2 -19 -15 -16 P Preliminary. r Revised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 3 Data not available. APRIL 1954 401 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 change from a year ago Number of Sales stores during Department report- period ing Jan. 1954 376 5 376 -5 336 0 302 -4 214 Q 181 201 + -5 3 329 + 1 297 273 +2 262 +5 360 -6 212 258 346 341 228 304 93 246 297 140 261 374 374 330 307 180 346 362 364 368 269 313 290 353 359 274 241 254 371 363 248 239 343 302 342 366 291 302 367 313 271 357 289 339 331 212 1 1 1 00 nC NO -9 -10 -5 -17 -5 ot MC MC Stocks (end of month) Jan. 1954 _2 -1 -5 -7 -8 -8 A -5 -5 + 1 -7 -11 -4 -1 -4 -6 -4 -7 7 -4 Q -4 -1 -5 -6 -10 -7 -19 -4 -7 -1 -6 -4 -8 -2 -6 -12 -1 -2 0 -1 -1 1 1 1 1 nC nC NO MC Ratio of Federal Reserve index numbers stocks to without seasonal adjustment, sales1 1947-49 average=1002 January Sales during Stocks at end period of month 1954 1953 1954 1954 1953 Jan. Dec. Jan. Jan. 3.5 3.3 3.7 3.5 80 189 85 105 2.4 2.5 129 116 129 99 3.7 3.8 67 62 70 88 3.8 3.8 58 58 63 80 3.9 4.1 65 69 68 88 3.2 3.5 85 63 83 105 2.0 2.1 173 154 171 104 2.5 2.6 143 189 147 95 1.3 1.4 234 109 229 116 2.7 3.0 138 156 131 112 0 4.2 4.0 80 248 85 105 -2 4.6 4.3 63 131 69 94 -1 4.0 3.9 80 153 84 113 -4 3.6 3.5 94 265 100 102 +2 6.5 5.8 58 253 63 107 0 8.7 7.9 54 196 60 120 + 7 3.5 3.1 60 277 63 86 0 13.1 10.8 50 303 60 111 -4 3.4 3.3 105 141 111 97 +5 3.6 3.4 88 343 90 111 0 2.8 2.8 94 285 96 99 +6 4.1 3.7 83 366 86 114 -1 3.1 2.9 77 177 81 107 -1 3.7 3.6 72 206 75 107 +9 2.6 2.5 76 295 75 105 -4 4.8 4.6 46 295 50 72 -10 1.5 1.5 57 96 64 84 -6 4.5 4.6 61 277 63 77 +3 3.0 2.9 112 138 113 125 -6 2.6 2.7 68 182 71 100 0 3.6 3.4 62 266 65 96 +2 3.4 3.2 84 288 87 123 -1 3.9 3.7 53 244 56 89 -1 2.9 2.7 54 314 58 75 -4 3.5 3.4 78 214 81 104 0 3.6 3.3 56 259 61 99 0 5.9 5.7 81 138 84 + 1 6.7 6.6 60 156 60 5.8 5.5 81 133 86 0 2.5 2.3 82 147 87 -4 1.9 1.8 93 93 104 -7 1.4 1.4 100 103 108 -2 3.3 2.7 71 57 88 -2 2.9 2.9 63 177 66 -1 2.3 2.1 66 128 70 3.8 3.9 60 237 61 +2 2.1 2.0 78 108 83 1.6 1.6 79 111 82 +3 2.6 2.4 75 107 82 +8 3.0 2.7 80 222 81 2.1 2.0 94 145 100 -10 3.5 3.4 94 163 106 + 1 4.8 4.7 72 266 73 +5 4.3 4.0 98 171 100 0 4.9 4.9 59 336 60 -4 5.2 5.4 59 253 59 + 1 6.0 5.8 81 228 82 ot ot ot oo ot ot 1953 Dec. Jan. GRAND TOTAL—entire store3 MAIN STORE—total 108 107 Piece goods and household textiles 111 105 Piece goods 84 95 Silks, velvets, and synthetics 77 87 Woolen yard goods 90 96 Cotton yard goods 98 no Household textiles 126 no Linens and towels 110 100 Domestics—muslins, sheetings 159 124 Blankets, comforters, and spreads 119 115 Small wares 111 106 Laces, trimmings, embroideries, and ribbons 98 96 Notions 117 115 Toilet articles, drug sundries 108 106 Silverware and jewelry 114 105 Silverware and clocks 127 121 Costume jewelry 102 81 Fine jewelry and watches 121 111 Art needlework 110 101 Books and stationery 110 106 Books and magazines 108 98 Stationery 108 108 Women's and misses' apparel and accessories 107 108 Women's and misses' ready-to-wear accessories 109 108 Neckwear and scarfs 109 97 Handkerchiefs 71 74 Millinery 73 93 Women's and children's gloves 83 82 Corsets and brassieres 133 122 Women's and children's hosiery 104 106 Underwear, slips, and negligees 100 97 Knit underwear 131 121 Silk and muslin underwear, and slips 97 90 Negligees, robes, and lounging apparel 81 76 Infants' wear 111 108 Handbags, and small leather goods 104 99 Women's and children's shoes 126 128 Children's shoes 116 121 Women's shoes 127 123 Women's and misses' ready-to-wear apparel 108 104 108 Women's and misses' coats and suits 106 101 111 Coats 90 100 97 Suits 127 89 130 Juniors' and girls' wear 103 98 T105 Juniors' coats, suits, and dresses 101 96 102 Girls' wear 105 99 108 Women's and misses' dresses 112 104 109 Inexpensive dresses 104 97 105 Better dresses 108 108 105 Blouses, skirts, and sportswear 119 116 110 Aprons, housedresses, and uniforms 102 103 103 Furs 86 98 96 Men's and boys' wear 104 111 103 Men's clothing 118 126 113 Men's furnishings and hats 100 104 100 Boys' wear 89 94 93 Men's and boys' shoes and slippers 108 119 108 For footnotes see following page. 402 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 Number of Sales Stocks stores during (end of January Sales during Stocks at end Department report- period month) period of month ing 1954 1953 Jan. Tan. 1954 1954 1954 Jan. Dec. Jan. Jan. Dec. Jan Homefurnishings 338 -9 -3 4.5 4.2 82 134 90 106 109 109 Furniture and bedding 257 -8 0 4.0 3.7 110 103 120 116 119 116 Mattresses, springs, and studio beds 192 -5 -2 1.9 1.9 134 81 141 136 149 138 Upholstered and other furniture 200 -10 0 4.9 4.4 97 108 107 111 114 110 Domestic floor coverings 291 -15 5.1 4.8 75 81 103 106 112 Rugs and carpets 165 -15 -9 4.9 4.6 76 80 89 99 106 110 Linoleum 84 -4 -10 5.2 5.6 50 45 52 73 63 81 Draperies, curtains, and upholstery 320 -9 -3 5.3 5.0 72 120 79 104 108 107 Lamps and shades 269 -5 4.3 4.3 74 177 80 100 111 105 China and glassware 267 -7 -3 8.0 7.6 82 232 89 117 119 121 Major household appliances 241 -8 3.0 3.0 59 57 64 84 82 91 Housewares (including small appliances) 283 + 1 4.8 4.3 72 173 78 107 113 106 Gift shop 195 + 1 7.3 6.9 64 369 67 114 127 112 Radios, phonographs, television, records, etc 239 -12 2.6 2.5 101 225 115 91 89 99 Radios, phonographs, television 183 -18 -14 2.2 2.1 121 231 146 87 94 101 Records, sheet music, and instruments 124 +4 + 13 4.5 4.1 64 284 61 98 78 Miscellaneous merchandise departments 346 -4 4.4 4.2 55 325 57 99 94 99 Toys, games, sporting goods, cameras 322 +3 +6 10.9 10.6 31 488 30 104 103 98 Toys and games 279 + 13 +7 15.1 16.0 20 577 18 114 97 106 Sporting goods and cameras 166 -3 +5 8.2 7.6 48 303 50 96 111 92 Luggage 297 -17 +2 6.5 5.3 56 231 67 115 116 113 191 -1 1.7 1.7 292 65 103 104 Candy 64 85 202 -4 -5 2.5 2.6 171 80 94 100 BASEMENT STORE—total 76 98 137 -4 -5 1.8 1.8 143 147 103 109 Domestics and blankets 140 124 191 -6 -5 2.1 2.1 162 75 90 95 Women's and misses' ready-to-wear 70 92 167 -4 -2 2.5 2.5 84 100 Intimate apparel 132 -4 —5 2.2 2.3 80 100 D C G B In l o r i f o U r H e a a l u s s t n o n s s s ' d s t e e s w i s e s a e ' , r n e r w w y a s d k r e e s i a a r u r r t , i s t , s c a o n rs d e t s s p a o n rt d s w b e r a a r ssieres 1 1 1 1 1 1 1 2 2 2 7 6 7 3 6 9 6 7 0 5 4 - - + - - - 1 1 3 3 4 4 9 3 ^ - - - + - - 1 1 1 5 4 2 0 2 0 1 2 2 2 2 2 1 1 . . . . . . . 7 7 6 4 0 5 5 2 2 2 2 2 1 1 . . . . . . . 8 1 5 9 4 6 4 ( ( * 5 6 7 7 7 ) ) 6 5 7 4 0 2 2 ( 1 1 1 2 9 8 1 ) 9 3 3 3 4 ( 5 7 7 7 7 9 9 5 1 6 ( 9 9 8 8 7 ) 8 0 5 8 6 ( 1 9 9 0 8 8 ) 0 2 2 8 2 ( 1 9 9 8 0 8 ) 4 3 7 4 6 Aprons, housedresses, uniforms Men's and boys' wear 171 + 1 -5 3.1 3.3 71 93 97 Men's wear 149 +2 -4 3.0 3.2 75 249 73 94 99 98 Men's clothing 113 + 1 -3 2.8 2.9 93 168 92 101 106 104 Men's furnishings 128 +4 3.1 3.4 63 297 61 92 92 -5 Boys' wear 124 2 3.4 3.6 61 62 95 -7 Homefurnishings 109 -8 3.9 3.7 69 117 75 102 107 108 -5 Shoes 123 -3 4.1 4.2 76 148 78 100 106 106 -6 NONMERCHANDISE—total 200 -1 0) 98 149 99 Barber and beauty shop 84 + 7 103 !The 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. 3 For movements of total department store sales and stocks, see the indexes for the United States on p. 399. 4Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. APRIL 1954 403 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 th or it A em ll s Foods Total Rent s O he t l h te e r r i e G a l n e a c d s - S f a u o n e l d l i s d H n f o u is u r h - se - - 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 o r n t n a s - - M ic e a d l - s P o e n r a - l t a i i n n o g d n g a i o c n o e 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 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1953—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 1954—Tan 115.2 113.1 118.8 127.8 107.1 125.7 107.2 117.2 104.9 130.5 123.7 113.7 108.7 120.3 Feb.. . . 115.0 112.6 118.9 127.9 107.5 126.2 107.2 117.3 104.7 129.4 124.1 113.9 108.0 120.2 1 Indexes for this subgroup are not yet available. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49=100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d d - e s - l - l H s e p u k a a r i n c i t o d n h t d d e s s e s - , r , p l t F i o e m a i g u n r w n h i e a g d a e t l - l - , r s , C a p i u a l c h r l n c o a i e e t d l d m s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o n c o e m o t d d r s d - - p P a p u a l a r u l n c o p i l e t d d p e s d r - , ,M m p u a r e e n c o t t t d d a a s l - l s p c M m a t e h r i n r o v i o a y n d d e - - - . h F o d h t b o u t u u o h l u r r r e l n e s a e d s e r i - - -e s N t r m t m t a a u r o l l i u r e l s n n a i - c — c - l - - b b e m o b T a a r t e a n f c o t r v g l c d - s e - e o . d s n c M e e l o i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1953 February 109.6 97.9 105.2 113.1 98.5 98.0 108.1 103.6 126.2 121.1 115.3 124.6 121.6 112.9 114.6 111.9 101.2 March 110.0 99.8 104.1 113.4 97.5 98.1 108.4 104.2 125.7 121.7 115.1 125.5 121.8 113.1 115.1 114.8 101.7 April 109.4 97.3 103.2 113.2 97.4 97.9 107.4 105.5 124.8 122.2 115.3 125.0 122.0 113.9 116.9 114.8 98.5 May 109.8 97.8 104.3 113.6 97.6 100.4 107.1 105.5 125.4 121.8 115.4 125.7 122.4 114.1 117.2 114.8 99.7 June 109.5 95.4 103.3 113.9 97.4 101.0 108.3 105.6 125.0 121.5 115.8 126.9 122.9 114.3 118.1 114.9 95.8 July 110.9 97.9 105.5 114.8 97.5 100.0 111.1 106.2 124.6 121.1 115.8 129.3 123.4 114.7 119.4 115.6 95.3 August 110.6 96.4 104.8 114.9 97.5 99.9 111.0 106.3 123.5 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96.4 September 111.0 98.1 106.6 114.7 96.9 99.7 110.9 106.7 124.0 119.2 116.9 128.5 124.0 114.9 120.7 116.2 94.7 October 110.2 95.3 104.7 114.6 96.5 97. 111.2 106.7 124.2 118.1 117.5 127.9 124.1 114.8 120.7 118.1 94.4 November 109.8 93.7 103.8 114.5 96.2 97.1 111.2 107.2 124.3 117.3 117.3 127.9 124.2 114.9 120.8 118.1 93.2 December 110.1 94.4 104.3 114.6 95.8 95.6 111.1 107.1 124.8 117.4 117.1 127.5 124.3 115.0 120.8 118.1 100.1 1954 January 110.9 97.8 106.2 114.6 96.1 95.3 110.8 107.2 124.8 117.0 117.0 127.2 124.4 115.2 120.9 118.2 101.1 February 110.5 97.7 104.8 114.4 95.3 94.9 110.5 107.5 124.6 116.8 117.1 126.2 124.5 115.1 121.0 118.0 102.8 Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 404 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] Annual 1944 Annual 1954 Subgroup Subgroup 1952 1953 Jan. Feb. 1952 1953 Jan. Feb. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 120.3 100.4 91.2 89.7 Grains 98.2 90 1 91 3 91 6 Paperboard 127.4 124.3 125.5 125.1 Livestock and poultry 102.4 88.4 91.8 91.3 Converted paper and paperboard. . 113.8 112.2 113.2 113.2 Plant and animal fibers 115.1 103.5 104.2 106.5 Building paper and board 115.5 121.4 127.9 127.9 Fluid milk 109.6 98.9 97.5 95.0 Eggs... . ... 95 9 105 7 92 7 89 6 Metals and Metal Products: Hay and seeds 98.3 90.2 90.5 91.6 Other farm products 136 7 141 2 161 0 168 0 Iron and steel 124.7 131.3 132.0 131.0 Nonferrous metals 123 5 125 1 121.5 119.8 Processed Foods: Metal containers . . .... 122.0 127.3 130.0 130.0 Hardware 125.4 132.7 137.5 137.9 Cereal and bakery products 106.9 109.5 112.4 112.7 Plumbing equipment 117.4 116.0 118.2 118.2 Meats, poultry, and fish 108.3 93.0 96.4 92.9 Heating equipment 113.8 114.8 115.3 114.8 Dairy products and ice cream 113.6 110.6 109.4 107.4 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 115.1 115.7 117.6 116.8 bles 105 0 104 7 103 8 103 0 Fabricated nonstructural metal Sugar and confectionery 109.2 109 4 110 1 110 2 products 124.9 125.5 127.2 126.5 Packaged beverage materials 162.2 167.7 182.1 191.4 Other processed foods 119.0 116.9 111.5 108.9 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121 6 122 3 122 7 123.0 Cotton products 98.5 93.5 90.4 88.8 Construction machinery and equip- Wool products .... 113 0 111 8 111 0 109 0 ment 125 4 129 3 131 2 131.5 Synthetic textiles 88.9 87.1 85.4 85.4 Metal working machinery 128.5 131.1 132.8 133.0 Silk products .... 133.7 136.6 142.1 135.8 General purpose machinery and Apparel 100.0 99 3 99 1 98 8 equipment 122.6 125.3 128.2 128.2 Other textile products 101.7 83.7 82.7 83.1 Miscellaneous machinery 119.4 122.5 124.7 124.9 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 120.3 123.7 126.8 126.8 Motor vehicles 119.6 118.9 118.9 118.9 Hides and skins 63.0 68 3 56 8 55 4 Leather 89.4 93.4 88.1 87.4 Furniture and Other Household Dura- Footwear 112 4 111 8 111 9 111 9 bles: Other leather products 100.8 99.3 98.1 98.0 Household furniture 113.0 113.9 114.2 113.9 Fuel, Power, and Lighting Materials: Commercial furniture 123.0 124.9 126.2 126.2 Floor covering 122.8 124.7 122.5 122.3 Coal .. . 108 7 112 8 111 9 110 9 Household appliances 107 3 108 4 109 6 109.7 Coke 124.7 132 0 132 5 132 5 Radio.... ... 94 0 95 0 96.1 96.1 Gas ... . 103 7 107 8 111 8 113 5 Television 75 5 74 5 73 5 73 8 Electricity 98.9 99.1 100.7 101.3 Other household durable goods 118.8 125.3 128.1 128.1 Petroleum and products 109.3 112.7 114.2 113.5 Nonmetallic M inerals—Structural: Chemicals and Allied Products: Flat glass 114.3 120.8 124.7 124.7 Industrial chemicals 115 2 117 6 118 4 118 4 Concrete ingredients 113 0 117 4 119 9 119 8 Prepared paint 110.4 111 1 112 8 112 8 Concrete products.. 112.5 115.4 117.2 117.6 Paint materials 100 3 96 2 96 5 95 2 Structural clay products 122 0 128 1 131 9 131 9 Drugs, Pharmaceuticals, cosmetics. 92.5 92 9 93 9 93 9 Gypsum products 117.7 121.0 122.1 122.1 Fats and oils, inedible 50.0 52.7 61.2 63.5 Prepared asphalt roofing 102.9 107.3 109.9 109.9 Mixed fertilizers 109.3 111.1 111.1 110.0 Other nonmetallic minerals 112.3 116.8 119.8 119.8 Fertilizer materials . 110 6 112 9 114 0 114 0 Other chemicals and products 103.3 103.3 105.3 106.8 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 106.5 122.0 124.0 124.0 Crude rubber 157.8 121 6 113 4 112 9 Cigars 100.1 103.2 103.5 103.5 Tires and tubes 129 8 127 2 130 3 130 3 Other tobacco products 116 6 120 9 120 7 120.7 Other rubber products 126.7 123 8 123 7 123 3 Alcoholic beverages 110.7 111.5 115.0 114.6 Nonalcoholic beverages 119 7 122.5 125.1 125.1 Lumber and Wood Products: Miscellaneous: Lumber 120.5 119.3 115.9 115.5 Millwork 127.0 131.5 131.1 131.1 Toys, sporting goods, small arms. . 113.5 113.7 113.1 113.0 Plywood 105.0 109.3 103.5 105.0 Manufactured animal feeds 108.0 87.7 94.0 97.2 Notions and accessories 93 8 93 4 93.5 93.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.0 101.7 102.1 102.0 Other miscellaneous 120.8 120.1 119.8 120.4 Woodpulp . 111.5 109.0 109.7 109.7 Wastepaper 70.1 90.7 79.1 85.7 Paper 124.0 125.6 126.8 126.8 Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. APRIL 1954 405 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 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 Less: Capital consumption allowances.. 8.8 7.2 9.3 17.6 19.4 21.6 24.2 27.0 29.3 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 30.0 28.9 29.3 30.1 30.2 30.4 S B t u a s t i i n st e i 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 -.1 .6 1. . 2 7 1. . 6 5 -3.2 .7 . . 8 2 . . 8 4 1. . 1 9 . . 9 5 -.7 .9 1. . 6 9 -1.2 .9 . . 9 7 . . 9 4 n.a. .9 Plus: Subsidies less current surplus of government enterprises -.1 0) .'l .0 .0 .4 .4 .1 — .1 — .2 .0 .2 — .3 — .2 Equals: 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. 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 N Di e v t id in e t n e d r s est paid by government . 5 1 . . 8 0 2 1 . . 1 2 4 1 . . 5 3 4 7 . . 5 2 4 7 . . 6 5 4 9. . 1 7 9 4 . . 2 8 9 4 . . 1 9 5 9 . . 1 3 9 4 . . 1 9 4 9. . 2 9 5 9. . 4 0 9 5. . 1 6 59..24 Business transfer payments .6 .7 .5 .7 .8 .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 3.9 3.7 3.8 3.9 3.9 4.0 Equals: Disposable personal income. 82.5 45.2 92.0 188.4 187.2 205.8 225.0 235.0 247.9 243.0 245.4 247.7 249.8 249.3 Less: 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 Equate: Personal saving 3.7 -1.2 9.8 10.5 6.7 11.3 16.9 16.9 18.1 18.6 17.7 17.2 18.8 19.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual ratei 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 61.7 134.4 133.4 145.6 169.8 183.6 197.6 191.3 194.5 198.0 200.6 198.0 Private 45.2 23.7 51.5 115.7 113.0 123.4 141.2 151.1 164.1 158.3 161.3 164.5 166.9 164.4 Military , .3 .3 1.9 4.0 4.2 5.0 8.6 10.4 10.4 10.4 10.4 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 40.7 n.a. Corporate profits before tax 9.8 17.2 33.8 27.1 41.0 43.7 39.2 43. 40.3 44.6 45.9 43.3 n.a. Corporate profits tax liability.... 1.4 7.8 13.0 10.8 18 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 20.1 18.6 19.6 19.1 20.3 20.8 19.6 n.a. Inventory valuation adjustment.... -2.1 -2.6 -2.1 2.1 -5.0 -1.3 1.0 -.8 1.4 -.8 — .6 -2.6 1.0 Net interest 6.5 5.0 4.1 4.3 5.0 5.7 6.4 7.0 7.8 7.4 7.6 7.7 7.9 8.1 n.a. Not available. ^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. 406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME— Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q u u st a e r d te r a s nnualrates 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 * 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 Residential, nonfarm 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 58.5 60.5 60.4 59.5 O N t a h ti e o r nal security }l.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. . 1 8 5 1 0 0 . . 0 0 Less: Government sales * .... /|\ (*) .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 adjustment monthly totals at annual rates] Wages and salaries Year or month in s P c o e o n r m a - l e re T ce o i t p al ts4 b m T u d o e i r s n t s a - e t l s - Wag d p m i e n u C r o o g s o a d d t m n r u i i i d t n e c - y - s - sal D a i u r n i t y s r t d i i t u e v r d i s s e b i - s - bu S r i s n e t e r r d i m v e u i s s e c - e nts 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 c e P a i o n e r n o m t t d o a - l e rs 6 ' i i n n d s D p t a c o e e i n e o n n r v r d m d a e - i l - s s e t T m p r f e a a e n y n r t - s s - 7 b p c i a s u e n o L o n f r t s n o c e s i c u o t i s o r e r a r s n n 8 i - l - s al i a n g N t c u r o o i r c m a n u l - e l- 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 284.5 193.8 197.6 88.5 51.9 23.7 33.5 5.1 49.9 22.2 13.7 4.1 267.4 1953—January 280.5 188.8 192.8 86.8 50.2 22.7 33.1 5.1 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 5.1 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 5.1 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 5.1 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 5.1 50.0 22.1 13.5 4.0 267.2 June 286.3 195.6 199.5 89.8 52.2 23.9 33.6 5.1 50.1 22.3 13.5 4.2 268.8 July 287.5 197.3 201.2 90.6 52.9 24.2 33.5 5.1 49.5 22.4 13.5 4.2 270.6 August 287.0 197.1 201.0 90.2 52.9 24.1 33.8 5.1 48.9 22.5 13.6 4.1 270.7 September.... 286.3 196.0 199.9 89.3 52.7 24.1 33.8 5.1 49.0 22.7 13.6 4.0 270.0 October 287.2 195.6 199.3 88.7 52.7 24.2 33.7 5.1 49.5 22.8 14.5 4.0 270.5 November. . . . 285.9 194.5 198.3 87.7 52.9 24.1 33.6 5.1 50.0 22.7 13.8 4.0 269.0 December 284.6 192.5 196.3 86.4 52.2 24.2 33.5 5.1 50.3 22.7 14.3 4.1 267.2 1954—-January 283.7 191.2 195.7 85.4 52.6 24.1 33.6 5.1 50.0 23.0 14.7 4.8 266.4 FebruaryP.... 282.9 190.2 194.7 84.7 52.5 24.1 33.4 5.1 49.8 23.1 15.0 4.8 265.8 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 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. includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions 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. 407 APRIL 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 410-415 Gold production 415 Reported gold reserves of central banks and governments 416 Net gold purchases and gold stock of the United States 417 International Monetary Fund and Bank 418 Central banks 418-422 Money rates in foreign countries 423 Commercial banks •. 424 Foreign exchange rates 425 Price movements in principal countries: Wholesale prices 426 Consumers' price indexes 427 Security prices 427 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. APRIL 1954 409 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 in U. S. securities: securities: Inflow in From Jan. 2, 1935, Total banking Inflow of Return brokerage through— Total F of 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 - a f b u r n o d a s d f f o u r n e d ig s* n o f f u n U d . s 3 S. balances 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 ,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 ,702.3 231.4 1,202.9 1,064.5 131.7 1951—Dec. 31 10,140.7 8,548.1 2.770.2 4.089.6 ,688.3 160.9 618.6 687.5 125.6 1952—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—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 ,684.7 88.8 976.6 389.0 120.7 Apr. 30 11,683.2 10,125.8 4,043.8 4,340.9 I,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. 31 12,483.0 10,767.8 4,488.7 4,410.6 1,868.5 221.9 916.8 463.2 113.3 Nov. 30 12,599.0 10,937.3 4,622.9 4,451.7 ,862.6 219.3 912.3 418.2 112.0 Dec. 31P 12,542.1 10,887.4 4,606.5 4,333.2 ,947.8 226.2 915.0 395.9 117.6 1954—Jan. 31? 12,520.3 11,064.1 4,650.4 4,375.2 ',038.5 200.5 907.2 225.9 122.6 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 ed - France N la e e n r t d - h s - S la w e n r i d - tz * - Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r in ica Asia ot A h l e l r tutions8 and Official* private 1949—Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0179.5 1950—Dec. 31... 1,722.2 •6,922.6 3,425.9 •656.6 260.7 193.6 553.0 314.7 799.2 «2,777.7 899.0 1,612.9 1,378.5254.5 1951—Dec. 31... 1,708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.51,022.2 2,924.7 ,307.1 1,455.2 1,609.6297.4 1952—Dec. 31 .. 1,758.4 8,787.6 4,480.7 817.9 342.6 203.1 641.8 308.91,259.3 3,573.5 1,420.7 1,612.9 1,845.0335.6 1953—Feb. 28. . 1,745.2 8,655.1 4,351.7 754.4 253.5 221.1 608.6 286.61,273.7 3,397.8 1,387.5 ,610.0 1,901.5358.4 Mar. 31. . 1,704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.91,307.1 3,485.9 1,349.1 1,692.5 2,012.6359.1 Apr. 30. . I,761.0 9,118.9 4,754.1 837.3 233.3 231.5 657.8 312.11,370.8 3,642.7 1,365.0 1,744.0 2,005.6361.5 May 31. . 1,783.5 9,156.3 4,813.8 900.0 255.0 245.0 624.1 314.41,411.0 3,749.6 1,231.4 ,829.9 1,966.7378.7 June 30.. 1,777.1 9,137.5 4,857.9 911.2 301.8 268.6 650.1 313.61,444.5 3,889.8 L,119.4 1,808.9 1,935.3384.1 July 31. . 1,788.7 9,212.8 4,822.3 887.6 334.0 227.5 659.9 336.01,537.8 3,982.9 1,142.1 1,785.5 1,948.2354.1 Aug. 31. . 1,794.0 9,403.0 4,959.1 890.0 362.6 243.1 663.7 353.91,619.5 4,132.9 1,147.5 1,815.4 1,963.4343.9 Sept. 30. . 1,796.0 9,607.8 5,159.4 900.8 375.8 230.7 664.4 368.21,676.8 4,216.7 1,197.1 ,839.7 2,001.1353.2 Oct. 31.. 1,888.4 9,633.5 5,199.0 916.3 425.6 241.2 661.2 390.81,707.8 4,343.0 1,205.7 1,734.9 2,000.9349.0 Nov. 30. . 1,882.6 9,808.8 5,333.2 907.8 423.4 252.8 653.7 430.11,786.4 4,454.0 1,260.3 1,762.4 2,008.3323.8 Dec. 31 P. 1,967.7 9,673.8 5,316.8 708.8 430.7 242.9 674.1 449.31,868.5 4,374.2 L,295.5 1,768.3 1,909.7326.1 1954—Jan. 31 P. 2,058.4 9,759.8 5,360.7 715.2 413.0 211.6 670.4 455.91,947.0 4,413.1 1,345.4 1,770.2 1,912.8318.2 p Preliminary. 1 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also funds held in accounts with the U. S. Treasury. 2 Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. 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. lt)30. 410 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 r1 1949—Dec. 31. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—Dec. 31. . 799.2 4l!9 128.2 S.6 45.5 18.3 221 6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Dec. 31.. 1,022.2 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 2.5 7.1 57.6 1952—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—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. . 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. 1,786.4 182.2 126.9 .6 92.8 35.7 850.0 92.0 117.6 2.9 73.1 6.0 35 9 105 2 2 8 7 7 54.9 Dec. 31 P. 1,868.5 190.9 130.3 .6 95.7 37.9 898.8 100.9 118.5 2.2 72.4 5.8 36.0 116.7 2.0 6.9 52.9 1954—Jan. 31 P. 1,947.0 199.7 135.1 .6 104.2 39.7 943.1 106.5 118.5 2.9 71.9 5.7 33.5 124.7 3.1 6.1 51.7 Table 2b.--Latin Americsi Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c l u i a i e c b n n - - - G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d s i i e - 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 - A O L i m c a th a t e i e 2 r n r nam 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 '25!4' 207.1 30.2 60.2 59.2 16.1 85.2 71.3 1951—Dec. 31. 1,455.2 249.7 27.8 100.3 54.0 106.4 263.6 45.8 27.3 158.2 34.9 47.2 67.7 27.8 84.7 71.9 87.8 1952—Dec. 31. 1,612.9 138.8 24.5 72.5 79.3 118.2 301.2 44.2 34.3 231.2 44.3 60.9 80.8 25.6 94.1 145.5 117.4 1953—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 Apr. 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 . 1,785.5 151.3 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 84.1 129.9 402.1 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. 1,734.9 143.1 19.9 110.0 86.0 116.2 385.0 41.9 32.7 180.2 49.0 68.2 82.8 28.7 93.5 173.1 124.6 Nov. 30. 1,762.4 137.1 18.8 148.9 81.5 132.0 352 6 42.4 32.1 189.3 52.2 73.5 79.9 24.9 89.4 184.1 123 5 Dec. 31 P 1,768.3 130.0 19.1 101.7 78.8 150.2 340.8 39.3 37.9 183.2 51.5 68.0 89.9 26.8 109.6 222.4 119.2 1954—Jan. 31 P.1,770.2 139.2 18.8 100.0 68.6 152.5 345.1 42.8 44.7 184.9 53.3 72.7 87.8 38.0 99.5 201.4 120.8 Table ;2c.—Asia and All Other For- Egypt mosa Phil- _ and Union Date Asia M C a h a n i i n d n a - H K o o n n g g India I n n e d s o ia - Iran Isnlei Japan i p p R u p b e i - n li e c T la h n a d i- T k u e r y - O A t s h ia e 8 r ot A h l e l r t A ra u l s i - a C g o ia n n go A E t n i g a g y n l p o - - S A o f o r u f i t c h a Other* land Sudan 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 79.5 1950—Dec. 31. 1,378.5 81.7 86.1 55.7 114.7 20'.3 12!<5458 5 374.4 48 2 14 3 111.9 254.5 19.1 "58.1 75.6 44.0 57.7 1951—Dec. 31. 1,609.6 87.4 62.4 62.1 140.6 25 5 26.6 596 0 329.7 96.7 14 1 168.4 297.4 38.5 54.5 110.7 7.0 86.8 1952—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—Feb. 28. 1,901.5 72.8 71.4 75.1 60.7 16 4 22.7 862 8 313.7 190.4 8 6 206.9 358.4 52.3 119.5 55.1 38.1 93.5 Mar. 31. 2,012.6 70.7 71.4 76.3 67.3 19 3 15.4 897 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 16.5 891 7 307.4 197.5 8 0 232.2 384.1 67.3 126.3 55.2 37.4 97.8 July 31. 1,948.2 71.6 68.2 89.1 39.6 20 3 14.2 910 2 303.0 191.9 6 3 233.9 358.2 54.6 119.4 45.3 37.2 101.7 Aug. 31. 1,963.4 73.3 68.5 93.5 33.6 22 9 19.6 919 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 19.5 932 2 308.8 191.3 14 2 231.6 353.2 54.0 116.8 43.9 38.9 99.4 Oct. 31. 2,000.9 77.1 67.9 95.3 34.7 47 4 18.3 912 0 303.3 187.1 16 7 241.0 349.0 58.9 110.6 44.7 44.7 90.1 Nov. 30. 2,008.3 77.2 68.7 100.0 34.0 42 6 14.4 914 9 299.2 177.0 22.6 257.8 323.8 58.5 94.0 40.9 38.0 92.4 Dec. 31? 1,909.7 73.6 68.0 99.0 39.3 43.6 18.0 827 9 295.5 167.9 14 2 262.8 326.1 59.2 89.6 43.3 38.2 95.7 1954—Jan. 31, 1,912.8 77.6 67.4 97.5 75.7 41 5 26.0 795 4 298.1 153.3 10 9 269 A 318.2 51.5 91.1 44.0 34.5 97.0 P Preliminary. 1 Beginning January 1950rexcludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Beginning January 1950/excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 3Beginning January 1950,'excludes Iran, Israel, and Thailand, reported separately as of that date. 4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. APRIL 1954 411 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 i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia ot A h H er 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—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—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. 907.5 39.5 9.8 9.1 15.4 20.0 95.4 189.1 80.7 503.4 112.0 22.3 Nov. 30. 910.0 48.1 8.2 6.3 16.8 20.3 89.9 189.5 67.1 506.5 125.4 21.6 Dec. 31 903.2 66.3 10.6 8.6 17.9 18.8 93.9 216.0 56.4 476.3 129.6 24.9 1954—Jan. 31 928.9 66.9 7.4 6.2 18.1 16.7 103.1 218.4 51.7 476.9 156.1 25.7 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 De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - t P u o g r a - l Spain S d w en e- Y sl u av g i o a - ot A he ll r1 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 1 6 6 9 4 0 1951—Dec. 31 111.2 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 3.9 4.0 1952—Dec. 31 81.9 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11.2 2.5 8.6 5.4 1953—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 1.5 5.9 2.4 1.5 6.5 Apr. 30 74.8 .1 14 1 3 6 4.1 30.2 .1 1.1 .s 7.5 3.2 3.5 6 7 May 31 71.3 .1 12.4 1.5 2.9 31.0 .2 1.3 .5 6.7 2.9 4.5 7.3 June 30 70.0 .1 11.6 1.3 3.8 30.9 .1 1.1 .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 95 4 1 11 0 5 7 2 7 37.3 .5 .9 .4 22 6 1.7 5 3 7 1 Nov 30 89.9 .2 12.3 5.3 1.8 31.3 .7 .8 .6 22.8 2.4 4.3 7.5 Dec. 31 P 93 9 .8 13 0 6 2 1 9 30.5 1.3 1.0 .6 24.3 2.7 4 8 6 8 1954—Jan. 31 P 103.1 .2 13.4 6.0 1.5 40.1 1.4 1.2 .4 24.4 2.1 4.5 7.9 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 i - a 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 d u 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 n b 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 a m c th t a e i e 8 n r r nam 1949—Dec. 31. . 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 i!9 *2!6 70.6 1.3 11.0 3.1 **6\8 *8!6 49.4 14.6 1951—Dec. 31. . 489.3 7.6 7.5 185 0 24 8 43 7 32.3 1 8 3 8 90.6 1.2 11.8 3.0 9.5 10.5 41.7 14.5 1952—Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 1.3 14.8 6.5 9.1 14.3 36.7 13.7 1953—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 13.4 370.7 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. . 503.4 7.0 11.9 204.6 6.1 47.1 41.7 1.7 4.2- 86.3 3.0 17.7 4.9 6.0 3.8 39.2 18.2 Nov. 30.. 506.5 6.7 9.7 186.5 7.1 52.0 49.4 1.7 4.7 90.1 1.6 18.5 7.4 7.9 4.4 40.3 18.6 Dec. 31 P. 476.3 7.1 10.8 128.8 22.6 56.9 51.2 1.9 4.1 92.9 2.6 20.2 4.6 8.2 3.7 41.6 19.3 1954—Jan. 31 P. 476.9 7.3 9.2 125.6 20.9 53.1 60.0 2.0 3.4 98.1 2.6 18.8 5.7 8.9 2.8 40.8 17.8 ^Preliminary. 1 Beginning January 1950, excludes Austria, reported separately as of that date. 2Less than $50,000. sBeginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 412 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 A t s h 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 l g 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 Other2 Main- public tian Africa land Sudan 1949—oeCt 31 139.7 16 6 3.7 17.4 .2 14.1 23.2 14 3 50.3 20 4 7 9 2 4 5 7.7 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 .9 13.9 60.0 40.8 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 5.7 .2 6.7 6.5 1952—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—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 ^ 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 . . 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. 30.. 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 Dec. 31 P. 129.6 7.3 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 15.7 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—Jan. 31 P. 156.1 8.1 2.3 2.9 1.0 14.7 32.7 29.9 6.0 5.5 29.2 23.9 25.7 6.9 6.5 .7 4.7 6. TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 3 (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds and stocks5 Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch e a t ses purchases sales s d e o c m u o r e f i s ti t e ic s 1949 430.0 333.6 96.4 354.1 375.3 -21.2 784.1 708.9 75.2 1950 1,236.4 294.3 942.1 774.7 772.3 2.4 2,011.1 1,066.6 944.4 1951 673.6 1,356.6 -683.0 859.8 761.0 98.7 1,533.3 2,117.6 -584.3 1952 533.7 231.4 302.3 850.3 837.7 12.6 1,384.0 1,069.0 314.9 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 (6) 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 October 24.4 28.8 -4.4 53.3 50.8 2.5 77.7 79.5 -1.9 November 37.0 38.6 -1.6 57.5 60.4 -3.0 94.5 99.1 -4.6 December P 186.8 195.6 75.4 63.8 11.5 262.2 259.5 2.8 1954—Januarys 33.1 38.0 -4.9 68.7 71.6 -2.9 101.9 109.6 -7.8 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES 8 (Return of U. S. Funds) [In millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch e a t ses Purchases Sales pur N ch et ases purchases sales se fo c r u o e r i f i g ti n es 1949 88.8 70.8 18.0 321.2 311.5 9.8 410.1 382.3 27.8 1950 173.8 198.2 —24.4 589.2 710.2 —121.0 763.0 908.4 — 145 4 1951 272.3 348.7 -76.4 500.4 801.0 -300.6 772.7 1,149.7 -377.0 1952 293.9 329.6 -35.8 495.3 677.4 -182.1 789.1 1,007.0 -217.9 1953—Tanuarv 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 16.9 41.8 -24.9 111.7 19.0 92.7 128.6 60.8 67.8 June 44.9 21.9 23.0 62.1 32.8 29.3 107.1 54.7 52.3 July 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, 23.1 18.4 4.7 83.9 120.6 -36.7 106.9 139.0 -32.0 November 25.6 25.6 34.6 79.6 -45.0 60.2 105.1 -45.0 Decembers . . . 32.0 30.2 1.8 37.9 62.1 -24.2 69.9 92.3 -22.3 1954—January? 28.1 26.9 1.2 58.6 229.8 -171.2 86.7 256.6 -170.0 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. 3Includes transactions of international institutions. 4Through 1949 includes transactions in corporate bonds. 8Through 1949 represents transactions in corporate stocks only. flLess than $50,000. APRIL 1954 413 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] Y m e o a n r t o h r n I a i n n ti t s o e t n i r - - al Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia o A th l e l r tutions 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 — .7 73.8 347.5 458.2 30.1 —15.3 2.7 1951 —15.9 —568.4 21.4 6.0 -22.2 45.9 1.9 —43.8 9.2 —595.5 13.9 4.8 y 1952 14.7 300.2 70.4 5.5 -21.9 50.7 .5 6.2 111.4 191.6 4.7 -9.5 l.*9 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 -.1 .1 0) - 1 .0 1.4 0) -1.0 May... 5.2 1.0 -.6 .4 -.9 2.5 -.7 0) .8 -.4 .8 .2 -.5 June... 1.3 18.7 5.4 2.0 -1.1 5.2 .1 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.... -8.2 6.3 4.2 .3 -2.8 1.3 0) 1.6 4.7 - 9 .9 11.8 .1 ? Nov.... 8.5 -13.0 -2.5 .2 — .1 2.1 -.5 0) -.7 -14.9 3.9 -.5 -.8 Dec.p.. - 4 .4 7.2 19.5 1.1 -1.1 1.2 .1 .8 21.5 -17.4 2.7 -.5 .9 1954—Jan.P. . .9 - 8 .6 8.5 -7.1 - 2 .0 1.1 0) 1.0 1.5 - 6 .8 -3.3 -.3 .3 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 - ot A h 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 R u o a b e f n - 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 a h a n o i i s d n n a a - H K o o n n g g P p p h R u i i n e l b i - e - p- O A t s h ia er ama land lic 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 .5 6.1 2.5 .8 2.6 1.5 4.8 — .2 7.0 -2.1 (i) - 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 1953—Jan.... 2.0 0) .9 .9 .2 -1.1 -1.3 .4 -.6 .4 0) .3 .2 .3 8 — .1 Feb.... -7.7 -.2 -.1 - 6 .8 -.6 — .4 -.3 0).8 -.2 .3 -.3 -.6 .1 0) .1 .1 J A M M J A u u p u a a n l r g r y y e . . . . . . . . . . . . . . . . . . - - 0 1 1 2 ) . . 4 . 5 . 6 1 0 0 0 0 0 ) ) ) ) ) -2 2 . J . . 2 2 2 c - .1 . . 2 1 e 1 - 0 1 - 1 ) . . ' 6 5 .4 2 1 1 . . . 3 . 4 . . 5 8 8 8 0 - - - — ) . ! . 1 i i .1 " . . . 3 I 5 6 ( - - l) . . 3 1 . . 3 1 - - 2 . . 5 6 . . . . 7 1 3 7 « __ 2 . « . . . 0 2 6 2 1 1 1 . . . . . . 2 0 0 3 2 6 0 — - ) .5 . . . 2 1 5 .2 0 0 0 ) ) ) !i 0 - - - - ) . . . . 2 2 ' 1 5 0 0 0 0 0 ) ) ) ) ) . . . . . 1 1 2 1 5 Sept. . 0) l.( 0) .1 .5 -.1 -.2 .4 .6 -.2 0) .1 N O D o c e t c v . . . p . . . . . 0 1 ) ^6 0 0 2 ) ) .0 — .1 .6 1 — .1 1 3 2 1 . . 7 8 9 0 0 ) ) 1 2 2 1 . . 4 7 6 - — - . . 4 7 6 — -.4 2 0) . * 1 6 5 1. . . 6 4 9 - - . . 5 5 .1 0 0 ) ) " ( - -} . 3 4 0 ( — 0 ) .1 -.1 . . 1 1 1954—Jan. P. 1.0 0) —3 3 C1) .5 -.3 .6 -4.2 -.3 -.3 0) 0) 0) 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] Y m e o a n r t o h r n t a I u i n n t t i t s i o e o t n i r n - - a s l Total U K d n i o i n m t g ed - France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia ot A h ll er 1949 —16.0 43.8 -13.5 .4 — .1 19.1 .4 24.6 30.8 —10.6 20.2 .8 2 .6 1950 -3.6 -141.8 -6.1 -1.3 -4.7 17.2 .5 7.8 13.4 —190.0 29! 8 i!o 3.9 1951 -152.7 —224.3 —2.0 —4.1 2.8 14.2 1.2 16.4 28.5 —258.6 33.8 —36.0 7 !9 1952 —118.1 —99.8 -4.4 4.9 -8.7 8.7 1.2 18.2 19.9 — 141.0 25^3 —10.0 6.0 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 41.1 5.8 -.1 5.2 15.8 1.9 4.9 33.7 -9.8 9.3 — .8 8.8 Nov... -.6 -45.5 3.7 -.4 - 2 .7 2.3 .1 1.8 4.8 -49.6 2.2 -3.5 .5 Dec.p.. -.5 -21.8 4.0 .3 - 2 .0 1.4 .6 0) 4.2 -24.6 1.6 -5.1 2.1 1954—Jan.P. . -100.6 -69.3 1.5 .3 -.9 2.1 .4 5.5 8.9 -90.7 5.6 - 2 .6 9.4 p Preliminary. iLess than $50,000. 2 Not available until 1950. 414 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 t d h 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 s v 2 - la M n i e s o ce u l s - 3 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—Mar. 31 536 2,246 90 1952 -1.8 -1.6 -1.0 1.0 -.2 Apr. 30 506 2,425 97 May 31 515 2,455 95 1953—January 3.5 .3 2.0 .7 .4 June 30 527 2,449 101 February.... -4.8 -4.7 1.1 -1.0 -.2 July 31 566 2,378 95 March -1.7 -1.3 1.6 -1.1 -.9 Aug. 31 524 2,588 95 April -1.2 4.7 -4.4 -2.2 .6 Sept. 30 512 2,641 94 May -.2 c .8 -.6 .1 Oct. 31 448 2,674 97 June -.6 -4.9 6.7 -1.7 -.8 Nov. 30 417 2,694 99 July 1 .8 2.6 -1.7 .2 .7 Dec. 31 423 2,586 106 August -3.5 -2.9 -.5 .6 -.6 September. . . ? -.8 -.1 1 .0 .2 1954—Jan. 31 440 2,632 99 October -3^9 2.0 -6.1 1.4 -1.2 Feb. 28 490 2,716 88 November. . . -1.3 -1.6 1.0 -2.2 1 .4 Mar. 31 494 2,784 92 December. . . . 5.6 1.7 1.4 2.0 .6 1954—Mar. 3 476 2,742 87 1954—JanuaryP 25.1 3.8 -1.5 3.1 -.3 Mar. 10 487 2,741 88 Mar. 17 528 2,727 87 Mar. 24 517 2,767 88 P Preliminary. iLess than $50,000. 2Amounts outstanding (in millions of dollars): foreign brokerage Represents dollar assets belonging to foreign monetary authorities balances in U. S., 89.2; U. S. brokerage balances abroad, 43.4. and the Bank for International Settlements. Excludes assets held for the International Bank for Reconstruction and Development and International Monetary Fund and earmarked gold. See footnote 4, p. 417, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month Total U o . u S t . s S i . d R e .i r m e o p n o t r h te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t * C B o el n g g ia o n 2 S U t n a i t t e e s d 3 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 4 Au li s a tra- India2 $1 = 15*/m grains of gold 9/io fine: i. e., an ounce 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 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 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 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 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 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 417.9 17.5 25.4 13.0 69.7 142.4 15.3 9.1 7.4 1953—January. . . 64.0 34.7 1.4 2.1 1.1 4.5 13.0 1.4 .7 2.9 .6 February.. 60.9 32.4 1.4 2.1 1.1 4.3 12.4 1.2 .7 2.8 .6 March.... 65.2 34.7 1.4 2. 1.1 5.2 13.3 1.2 .7 3.1 .6 April 64.2 34.3 1.4 2. 1.1 5.2 12.9 1.2 .7 2.9 .7 May 65.5 34.9 1.4 2. 1.0 6.1 12.9 1.1 .9 3.0 .7 June 64.7 34.1 1.5 2. 1.1 6.0 12.7 1.0 3.4 .5 July , 67.0 35.9 1.5 2. 1.1 6.8 12.9 1.1 2.8 .7 August.... 66.0 35.6 1.5 2. 1.2 6.2 11.5 1.1 3.7 .6 September. 65.7 35.0 1.5 2. 1.2 6.2 11.7 1.9 3.0 .7 October. . . 35.6 1.5 2.2 1.2 6.8 10.0 3.1 .6 November. 35.1 1.5 2.2 1.1 6.2 9.5 1.6 .6 December. 35.7 1.5 2.2 .9 6.1 9.6 1.1 .5 1954—January.. . 35.7 1.5 5.1 .6 Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data 01 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. Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 3Yearly figures through 1952 are estimates of United States Mint. Figures for 1953 and 1954 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. APRIL 1954 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f ota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)i Treasury Total2 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec. . . 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec. . . 36,280 23,186 23,252 706 21 317 896 42 214 31 23 1953—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 36,480 22,128 22,220 721 21 317 970 42 196 31 23 Oct. .. 22,077 22,146 754 21 317 976 42 186 31 23 Nov.. . . 22,028 22,112 766 21 317 984 42 186 31 23 Dec P36.710 22,030 22,091 776 321 996 42 186 31 23 1954—Tan.. 21,956 22 044 779 321 1,005 42 186 31 23 Feb 21,958 22,036 787 1,017 42 186 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 1949—Dec# 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—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 27 247 163 137 346 155 723 55 38 Oct 174 576 282 27 247 150 137 346 156 733 55 38 Nov 174 576 303 27 247 150 137 158 733 55 38 Dec 174 576 326 27 247 145 137 737 52 38 1954—Jan 174 576 340 27 247 137 787 48 38 Feb 174 576 247 137 772 47 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 1,504 118 154 41,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 43,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 42,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 ,411 113 143 41,846 207 373 1,692 196 1953—Feb 298 29 173 52 194 L ,417 113 144 42,103 207 373 1,692 214 Mar.... 305 29 174 52 194 ,418 113 144 42,166 217 373 1,693 233 Apr 311 29 173 53 194 L ,418 113 144 42,273 217 373 L.693 242 May.... 318 29 175 53 194 ,432 113 144 42,321 222 373 ,693 211 Tune.... 324 29 175 54 193 ,441 113 144 42,367 222 373 1,698 193 July.... 330 29 175 54 203 1,450 113 144 42,456 222 373 1,699 195 Aug 331 29 176 54 204 ,452 113 143 42,469 222 373 1,700 188 Sept 337 29 175 54 206 ,456 113 143 42,486 222 373 ,700 198 Oct.... 348 29 175 54 219 1,460 113 143 42,520 222 373 1,700 195 Nov... 350 29 175 54 219 ,460 113 143 42,561 222 373 ,701 190 Dec. . . 361 29 176 54 218 1,459 113 143 42,518 227 373 1,702 193 1954—jan 29 176 54 218 1,458 113 144 42,543 373 1,702 194 Feb 29 177 218 1,469 113 144 42,583 373 190 p Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2Includes gold in Exchange Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. -544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 416 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 80! 2 —29.9 27.3 337.9 153 2 —30 0 36 9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949 193.3 446.3 -41.0 —23 5 14 0 -40.0 2-159.9 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 1953 — 1,164 3 -480.0 —84 9 —65 0—59 9 -20 6 —65 0 3 —238 5 —84 8 —28 1 1951 Jan.-Mar -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 Apr -June -55.6 -80.0 2.0 — 15 0 -11.2 -10.0 64.1 July-Sept 291.4 320.0 -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 July-Sept. -1.3 3 Oct.-Dec -268.0 -80.0 -24.0 -100.0 -5.0 -19.3 -20.0 -25.0 1953 Jan -IVIar -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 —40.0 — 15 0 — 10 0 — 15 0 —82 8 — 10 0 Oct -Dec. -130.3 —32 6 -15 0 -5.0 -65.3 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES (Negative figures indicate net sales by the United States) [In millions of dollars] [In millions of dollars at $35 per fine troy ounce] Gold stock at Earend of period Net marked Year or Uru- Vene- O La th ti e n r Asia Un o i f on 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 Amer- and South other ica Oceania Africa gold export or in- produc- Treas- Total i stock (-) crease tion ury (-) 1945 -37.9 -73.1 -27.8 4-188.3 3.7 1946 -4.9 -9.2 25.0 13.7 94.3 22.9 1942 22,726 22,739 —23.0 315.7 —458.4 125.4 1947 . . 25.1 -3.7 79.1 1 0 256.0 11.9 1943 21,938 21,981 —757.9 68.9 —803 .6 4g*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 !o 1950 -64.8 -17.2 -35.4 13.1 5-47.2 1946 .... 20,529 20,706 623.1 311.5 456.4 51.2 1951 22 2 -.9 -17.2 6—50 1 52.1 5-84.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1952 14.9 -25.1 -4.8 11.5 -2.0 1948 .... 24,244 24,399 1,530.4 1,680.4 — 159.2 70.9 1953 — 15 0 -3.8 -9.4 -9.9 1949 24,427 24,563 164.6 686 5 —495 7 67 3 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1951 1951 22,695 22,873 52.7 —549 0 617 6 66 3 1952 23,186 23,252 378.9 684.3 -304.8 67.4 J A a p n r . . - - M Ju a n r e -5 1 0 5 . . 9 0 -.9 -1 -5 1 . . 0 7 -1 -2 8 . . 4 8 12.7 - - 2 2 8 5 . . 0 0 1953 22,030 22,091 — 1,161.0 2 .2-1,170.8 69.7 July-Sept 28.0 3.5 -3.9 20.3 -31.0 1953—Mar.. . 22,563 22,649 -102.5 3.5 -106.5 5.2 Oct.-Dec 30.1 -4.0 -25.0 19.2 Apr. . . 22,562 22,639 -10.0 7.0 -16.8 5.2 May. . 22,537 22,590 -48.7 .1 -48.9 6.1 1952 June.. 22,463 22,521 -69.4 -2.0 -68.5 6.0 July... 22,277 22,353 -168.0 -.5 -171.7 6.8 J A a p n r - - M Tu a n r e 10 0 -1 -7 7 . . 4 6 — -2 3 .4 2 4 7 . . 3 2 A Se u p g t . . . .. . 2 2 2 2 , , 1 1 7 2 8 8 2 2 2 2 , , 2 2 7 2 5 0 - -5 7 5 7 . . 6 4 - - . . 1 1 - - 5 7 5 8 . . 0 8 6 6 . . 2 2 July-Sept. -2.0 .4 -.1 Oct.... 22,077 22,146 -73.3 .6 -72.5 6.8 Oct -Dec 4 8 2.0 .3 -1.9 Nov.. . 22,028 22,112 -34.0 -.6 -35.1 6.2 Dec. . 22,030 22,091 -21.9 -1.4 -21.2 6.1 1953 1954—Jan.... 21,956 22,044 -46.6 -5.5 -43.3 5.1 Jan.-Mar -10.0 -3.6 -4.3 Feb... 21,958 22,036 -7.7 1.6 -9.9 4.9 A Ju p ly r - - S J e u p n t e . —5 0 -.1 — — 1 1 . . 2 4 Mar.. . P21,965 P22.O35 P-1.4 (3) 4-2.0 (3) Oct.-Dec 1 -2.4 -9.9 P Preliminary. !See footnote 2 on opposite page. 1 Includes Bank for International Settlements. 2Change includes transfer of 687.5 million dollars gold subscrip- 2 Includes sale of 114.3 million dollars of gold to Italy. tion to International Monetary Fund. 3 Includes sales of 130.0 million dollars of gold to Federal Republic 3 Not yet available. of Germany. 4Gold held under earmark at the Federal Reserve Banks for foreign includes sales of 185.3 million dollars of gold to China. account, including gold held for the account of international institu- 5Includes sales of gold to Egypt as follows: 1950, 44.8 million tions amounted to 6,539.0 million dollars on Mar. 31, 1954. Gold dollars; and 1951, 76.0 million. under earmark is not included in the gold stock of the United States. 6Includes sales of 45.0 million dollars of gold to Indonesia. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. APRIL 1954 417 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] 1954 1953 1953 1952 International Fund International Bank Jan. Oct. July Jan, Dec. Sept. June Dec. Gold 1,702 1,700 1,699 1,692 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,386 1,310 1,332 1,288 United States 8 5 10 Other 14,847 4,920 14,885 4,395 Other 1,004 1,008 1,022 1,040 Unpaid balance of member subscriptions. 796 799 812 1,354 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 430 385 423 495 Member subscriptions 8,739 8,739 8,737 8,737 Calls on subscriptions to capital stock3 . 3 3 4 4 Accumulated net income Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,619 1,484 1,487 1,409 1954 1953 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- Feb. Jan. Dec. Feb. antee 84 76 70 66 Loans—undisbursed 401 325 398 423 Other liabilities 10 8 9 9 Australian pounds 38.0 38.0 38.0 50.0 General reserve 87 82 77 66 B B e o l l g iv ia ia n n f r b a o n l c iv s ianos 11 2 . . 5 4 1 2 1 . . 5 4 1 2 1 . . 5 4 11.4 S C p a e p c i i t a a l l 3 reserve 1,80 4 8 3 1,80 4 8 0 1,80 3 7 7 1,80 3 7 2 Brazilian cruzeiros 65.5 65.5 65.5 18.8 Chilean pesos 10.7 10.7 10.7 Czechoslovakian koruny. 6.0 6.0 6.0 " 6.6 'Revised. Danish kroner 10.2 10.2 10.2 10.2 includes amounts receivable from member countries for currency F E i g n y n p is ti h a n m p a o rk u k n a d a s -5 4 .5 .5 -5 4 . . 5 5 -5 4 . . 5 5 -5 4 . . 5 5 ad 2 j A us s t m of e n F t e s: b . J u 2 l 8 y , 1 1 9 9 5 5 4 3 , , t $ h 5 e , 0 F 00 u , n 0 d 0 0 h ; a J d a n so u l a d r y 9 1 1 4 9 .0 5 4 m , i $ l 2 li , o 0 n 0 0 U ,0 . 0 S 0 . . dollars. French francs 125.0 125.0 125.0 125.0 In addition, other sales have included the following: to the Nether- Indian rupees 100.0 100.0 100.0 100.0 lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian Iranian rials 8.8 8.8 8.8 francs (May 1948); to Norway, 200.0 million Belgian francs (June and Japanese yen 62.4 62.4 62.4 July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and Netherlands guilders. . . . 48.1 October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million Turkish liras 27.0 -27.0 30.0 10.0 Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling Pounds sterling 300.0 300.0 300.0 300.0 (September 1953), 13.0 million pounds sterling (November 1953) Yugoslav dinars 9.0 9.0 9.0 9.0 and 26.3 million pounds sterling (December 1953). Repurchases All other -1.6 -1.6 -1.6 -1.6 amounted to 347.6 million dollars. Currencies the net transactions in which amount to less than one million are reported under "All other." Total 773.9 773.9 776.9 694.5 3Excludes uncalled portions of capital subscriptions, amounting to 7,231 million dollars as of December 31, 1953, of which 2,540 million represents the subscription of the United States. 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 te i r l l l i i n o g n ) s of Gold* a O ss th et e s r 3 N c a o o n t i d n es a c v n o a D d u n i s c n - a e t d s s - Se t c ie u s ri- ci t r io cu n l * a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - d l 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. 1947—Dec. 31 .... .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18. 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. 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. 1950—Dec 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18. 1951—Dec 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18. 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. 1953—Mar. 25 .... .4 1,550.0 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 1,600.0 62.2 8.1 346.9 1,540.2 276.7 9.8 44.5 68.2 18.1 July 29 4 1,625 0 29.0 10.7 369.1 1,598.8 274.8 9.8 38.4 67.5 18.3 Aug. 26 .... .4 1,575.0 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 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—jan 27 4 41,575 0 42.6 15.4 330.2 1,535.2 278.6 10.7 12 5 68 1 18 3 Feb. 24 .... .4 1,575.0 29.9 14.0 340.1 1,547.9 284.0 10.9 4.7 65.9 18.4 *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27. For details on previous changes, see BULLE- TIN for February 1954, p. 222. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re a s d i i a n n m d i o ll l i l o a n rs s ) of Gold* an S d S t e t U a rl t i n e n s i g ted securities O as t s h e e t r s circ N ul o a 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 i e n n r t n io - n Other capital4 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 . .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 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. 31. 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—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 1,504.8 646.7 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 1,385.7 824.9 81.0 1,552.5 616.9 15.4 37.8 138.0 Oct. 31. 70.5 1,469.9 812.1 118.6 1,555.9 733.6 3.8 37.2 140.8 Nov. 30. 61.2 1,378.6 894.9 89.7 1,559.3 625.6 50.3 43.4 145.7 Dec. 31. 54.9 1,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954—Jan. 30. 61.6 1,328.3 880.6 103.1 1,519.2 634.4 48.8 29.5 141.6 Feb. 27. 53.0 1,374.8 900.8 116.7 1,506.2 676.6 126.1 34.4 102.0 Assets Liabilities Bank of France Advances to milli ( o F n ig s u o re f s f i r n ancs) Golds Fo e re x i - gn Domestic bills Government6 a O ss th e e ts r 6 ci N rc o u t l e a- Deposits7 l O i i a t t i b h e i e s l r change Open tion Govern- and market6 Special Other Current Other ment ECA Other capital 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382 774 770 29 935 21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572 510 748 37 855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721 865 765 63 468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,6581,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,8221,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,8301,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,7272,123,514 27 897 137,727 49,305 1953—Mar. 26. 200,187 16,734 252,386 41,544 911,458 199,400 504,982 122,9952,051,991 10 498 128,788 68,399 Apr. 30. 200,187 14,700 281,119 32,627 923,968 199,400 546,482 153,1012,127,140 60 312 165,572 58,500 May 28. 200,187 14,896 291,555 28,494 926,296 199,600 534,982 129,4122,065,483 64 18,525 182,849 58,501 June 25. 200,187 15,088 281,415 2.0,630 926,024 199,700 554,982 118,3092,054,347 46 16,838 182,828 62,276 July 30. 200,187 2,275 262,811 15,341 960,622 200,000 650,482 139,7542,163,216 70 18,883 193,516 55,788 Aug. 27. 201,282 2,870 276,048 4,877 953,856 200,000 668,349 144,1542,176,277 41 397 188,594 86,126 Sept. 24. 201,282 4,803 260,777 23,441 905,862 200,000 617,049 133,3852,141,807 73 394 139,313 65,011 Oct. 29. 201,282 9,319 272,559 49,968 877,283 200,000 632,149 152,0852,193,383 96 479 139,662 61,023 Nov. 26. 201,282 12,444 255,680 59,533 836,117 200,000 654,949 150,2222,168,977 78 458 131,490 69,224 Dec. 31. 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,9642,310,452 21 2,061 142,823 56,292 1954—Jan. 28. 201,282 18,596 262,211 56,988 895,508 195,000 657,549 162,7722,253,485 72 628 133,398 62,323 Feb. 25. 201,282 20,807 272,186 51,577 870,066 195,000 667,549 9159,0272,257,405 42 627 131,996 47,425 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. 5For 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. 6For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580; 1942, 16,857; 1943, 10,724. includes advance to Stabilization Fund, amounting to 35.7 billion francs on Feb. 25. NOTE.—por 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. 419 APRIL 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1954 1953 1954 1953 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan Dec. Feb. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 1,196 Loans and discounts 269,466282,987 331,972 384,956 Other gold and foreign exchange. 1,439 1,461 262 Government loans and securities.254,083249,987 251,602 176,547 Government securities 3,898 3,907 2,326 Other assets 124,534 94,924 92,923 106,994 Rediscounts and loans to banks.. 57,405 57,845 49,648 Note circulation 597,117608,057 688,088 537,959 Other assets 263 199 247 Deposits 348,200 315,674 294,428 392,280 Currency circulation 25,978 26,496 21,256 Other liabilities and capital 98,945 97,666 89,022 r81,127 Deposits—Nationalized 34,339 34,304 28,545 Central Bank of Costa Rica Other sight obligations 503 456 696 (thousands of colones): Other liabilities and capital 3,807 3,780 3,184 Gold 11,503 11,503 11,503 11,511 Commonwealth Bank of Aus- Foreign exchange 96,852 89,241 87,377 101,301 tralia (thousands of pounds): Net claim on Int'l. Fund4 7,032 7,032 7,032 7,031 Gold and foreign exchange 534,536 526,031520,530 403,745 Loans and discounts 97,575103,233109,469 75,314 Checks and bills of other banks.. 5,259 5,521 5,732 5,322 Securities 7,125 Securities (incl. Government and Other assets 24 ",122 23", 352 22',337 23,968 Treasury bills) 373,246 393,859 445,329 377,810 Note circulation 140,523141,729150,602 138,865 Other assets 64,324 44,386 21,187 106,393 Demand deposits 67,956 64,225 58,839 66,559 Note circulation 336,863335,613 363,613 318,918 Other liabilities and capital 28,605 28,407 28,277 20,826 Deposits of Trading Banks: National Bank of Cuba Special 323,720 312,970 283,765 216,095 (thousands of pesos): Other 45,950 43,010 59,855 56,107 Gold 185,748185,748185,748 213,748 Other liabilities and capital 270,833278,205285,545 302,150 Foreign exchange (net) 27,767 25,468 29,516 55,768 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 267,950 260,243251,432 143,972 Gold 157 157 101 100 Silver 7,616 ,616 7,883 32,204 Foreign exchange 7,607 7,349 6,956 2,422 Net claim on Int'l. Fund4 12,512 ,512 12,512 12,511 Loans and discounts 5,565 5,629 5,847 6,342 Loans and discounts 34,073 ,175 28,431 47,076 Claim against Government 1,855 1,858 1,858 2,403 Credits to Government 28,854 ,238 28,295 40,931 Other assets 38 35 29 41 Other assets 69,220 ,513 70,423 46,360 Note circulation 10,404 10,258 10,474 8,818 Note circulation 409,930 401,572 416,448 418,706 Deposits—Banks 2,109 1,870 1,496 316 Deposits 208,037203 529182,878 162,246 Other 830 994 816 292 Other liabilities and capital 15,772 15 409 14,912 11,620 C N e a ( n t m i t O N D O L G F C G o i r l o n o a o l o t e t o o i h h r a p n a l l o v t e d e e n e o s n l e i r r o s g B s r s c B n i l n l a a i t a i o i m a s r d s a n n c c — f s n a b d e l u e k t a i k f n e t l l D i E B r a s d i d m t a t t C o o i l e i n i o s s e s o m f f G A c e c c s n a o c s k a B o n B ) a u u e n v : n e d r d n o d e i l d t t l r g b s i i n e v i a c m u s i l a a a m p e n — n i c t t a e M l s d o ( e n n b e e t t . - ) 3 3 9 1 4 9 2 3 8 4 5 7 3 1 , , , , , , , , , , 0 1 4 4 3 8 0 2 6 2 1 2 7 1 7 9 5 6 7 3 0 6 1 2 7 9 6 2 3 5 4 8 0 3 3 9 1 3 8 3 4 9 4 6 6 1 1 , , , , , , , , , , 9 6 9 9 7 0 9 0 1 6 1 * 0 6 5 6 6 3 6 8 6 9 1 5 9 2 2 3 0 5 0 8 9 0 1 3 3 0 1 4 4 8 2 4 6 8 0 3 1 , , , , , , , , , , 0 4 7 6 8 1 0 6 9 9 1 8 9 8 9 7 4 7 8 0 9 6 8 7 5 9 6 6 3 3 0 4 7 3 9 3 1 4 3 6 5 3 4 6 7 6 1 , , , , , , , , , , 6 2 0 7 2 8 0 6 0 6 1 8 0 6 0 6 2 6 2 7 5 7 4 2 9 9 3 9 6 4 8 0 0 N N a a ( t t m i i O S O F N D G L G o o il e o n n o l t o t e o o i h c h r a a a p l o t v e u e d e n e o l n l t i r r r g . s s s i B c B t i n l c a i i a t i o e a r s o a s a n c — f e s s n m n b d u x e k k i k l t c p l G O a s r d i h e t o o t o i i o t a n i s f e h n o f v n s c s e e n C a e g o D r r t r a e u z ) i n e n o : n e m n d n t c s m e h c n a o a a t c s p r c l i k o t o a v u l a n k t i . a . B .. 3 1 1 1 , , , , 9 4 2 9 4 2 3 1 1 5 3 3 8 7 2 3 6 2 4 1 1 1 1 0 9 9 1 4 6 3 1 1 1 , , , , 9 4 2 2 3 4 8 1 1 9 5 2 2 3 8 9 6 4 6 1 1 3 5 2 1 5 9 6 6 3 2 1 1 , , , , 1 3 2 2 4 9 4 1 1 1 1 7 1 4 8 3 6 8 9 8 7 4 2 2 7 5 9 9 9 3 1 1 1 , , , , 4 3 3 8 4 5 1 7 1 8 4 1 5 1 4 6 7 3 0 1 9 4 5 4 2 9 5 6 2 tary dept. (millions of bolivianos): (Nov.) Central Bank of the Dominican Gold at home and abroad1 4,418 1,396 Republic (thousands of pesos): Foreign exchange (net) 28,740 2,652 12,076 12,076 12,076 12,076 L G o o a v n e s r n a m nd en d t is s c e o cu u r n i t t s ies 2 3, , 9 5 4 0 1 5 2 1 , , 1 88 9 6 6 F N o e r t e i c g la n i m ex c o h n a n In ge t' l. ( n F e u t) nd4 18 1 , ,2 8 5 0 0 2 1 1 7 , , 2 7 5 9 0 0 16 1, , 2 1 5 6 0 2 1 1 7 , , 2 2 5 1 0 8 Other assets 496 618 Loans and discounts 1,860 2,175 1,647 1,016 Note circulation 11,304 6,750 Government securities 9,420 9,420 9,750 9,848 Deposits 1,922 1,204 Other assets 3,722 3,724 3,841 »-2,598 Other liabilities and capital1 .... 6,874 794 Note circulation 36,096 35,182 37,060 33,515 Central Bank of Ceylon (thousands Demand deposits 9,089 9,350 5,562 8,650 of rupees): Other liabilities and capital 1,945 1,903 2,104 rl,842 Foreign exchange 314,036284,401245,074 395,142 Central Bank of Ecuador Advances to Government 20,100 12,300 72,100 87.600 (thousands of sucres): Government securities 124,619150,134151,349 73,331 Gold 342,349342 287341,925 338,880 O Cu th r e re r n a c s y s e i t n s circulat;ion 348 4 , , 2 4 9 5 1 7 34 4 7 , , 4 3 0 4 1 0367 7 , , 0 7 9 9 1 7 38 2 6 , , 0 9 1 2 0 4 F N o e r t e i c g la n i m ex c o h n a n I g n e t' l. ( n F e u t) nd4 7 1 7 8 , , 2 7 3 5 3 7 9 1 5 8 4 7 7 5 9 7 12 1 5 8 , , 0 7 1 5 9 7 23 1 3 8 , , 8 7 5 5 1 7 Deposits—Government 1,472 581 771 1,818 Credits—Government 334,770 324 557290,989 235,939 Banks 70,513 60,552 65,759 133,500 Other 188,052196 193 230,906 148,466 Other liabilities and capital 42,935 42,763 42,699 35,840 Other assets 170,125168 714170,609 151,365 Central Bank of Chile (millions Note circulation 571,377570 419601,041 536,589 of pesos): Demand deposits—Private banks 177,258 204747209,138 174,448 Gold3 5,649 5,649 5,647 1,248 Other 187,976169 755155,561 205,875 Foreign exchange (net) 503 533 557 161 Other liabilities and capital 194,675201 067212,463 210,347 Net claim on Int'l. Fund4 332 National Bank of Egypt (thou- Discounts for member banks.... 2,124 2,842 2,361 1,708 sands of pounds): Loans to Government 10,495 7,860 7,995 4,059 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 7,428 7,361 8,091 8,280 Foreign exchange 19,475 18,302 18,283 19,513 Other assets 2,660 2,575 2,559 2,699 Foreign and Egyptian Note circulation 19,481 18,525 18,879 12,488 Government securities 258,975262,472272,440 323,383 Deposits—Bank 4,826 3,906 3,461 2,635 Loans and discounts 19,036 14,900 16,408 12,940 Other 819 587 1,182 422 Advances to Government 4,372 Other liabilities and capital 3,733 3,804 3,689 2,941 Other assets 1,580 1,815 3,159 4,175 Bank of the Republic of Colombia Note circulation 179,110180,833184,382 197,661 (thousands of pesos): Deposits—Government 71,071 66,080 67,875 84,177 Gold and foreign exchange 371,802369,123370,666 318,495 Other 99,179102,131105,645 122,658 Net claim on int'l. Fund4 24,376 24,376 24,376 24,374 Other liabilities and capital 10,259 8,999 12,941 20,440 •Latest month available. 'Revised. iOn May 14, 1953, gold reserve revalued from 0.0148112 to 0.00467722 grams of fine gold per boliviano. 2 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 3On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso. 4This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 8For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1954 1953 Central Bank 1954 1953 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones) : Other assets 278 284 287 298 Gold 7? S1 72,593 77 67, 73,330 Note circulation 5.121 S 030 920 4 352 67,383 53,216 28,672 70,116 Deposits—ECA 495 495 495 496 Net claim on Int'l. Fund1 1,567 1,567 1,567 1,566 Other 1,426 1,429 1,383 1,521 Loans and discounts 16 788 18,75. ,076 14,043 Other liabilities and capital.... 479 480 509 615 Government debt and securities. 15,104 14,149 13,22 5,677 Central Bank of Ireland (thousands Other assets 9 663 2,894 7,,467 1,558 of pounds): 103 412 101 010 9S ,490 99,522 Gold 2 646 9 646 2 646 2 646 Denosits 63,716 53,457 43,64. 59,026 Sterling funds 64,48f 63,989 68 181 60 796 Other liabilities and capital.... 8,392 8,708 8,485 7,743 Note circulation 67,132 66,635 70,827 63,442 Bank of Finland (millions of mark- Bank of Italy (billions of lire): kaa G ): old s,862 5,862 S869 5,862 F G o o r l e d ign exchange 63 65 63 L 45 4 Foreign assets (net) 13 439 12,430 11 S36 9,249 Advances to Treasury 567 S67 567 573 Clearings (net) . .. 9 678 8,840 9,597 4,666 Loans and discounts 351 377 376 323 Loans and discounts 816 36,857 43 180 38,075 Government securities 289 988 283 249 Securities 7 736 2,231 7,741 1,165 Other assets 723 740 760 724 Other assets 9 048 1,994 1 903 2,287 Note circulation 1,339 1 376 1 449 1 275 Note circulation 46 97S 42,230 45 44,238 Deposits—Government 77 14 137 DeDosits 7 991 9,973 11 799 1,050 Demand 51 S7 72 49 Other liabilities and capital 14,583 16,011 17,569 16,016 Other . . . 416 433 390 358 Bank of German States2 Other liabilities and capital 115 111 135 98 (millions of German marks): Bank of Japan (millions of yen): Gold 1 SS1 1,429 1 368 775 Bullion 448 448 448 448 Foreign exchange 7 493 7,276 6,964 4,468 Advances to Government 11,513 11 S13 11 513 37 501 Loans and discounts 7 179 1,988 3,226 2,853 Loans and discounts 464,149439,190391,107 376,065 Loans to Government S 14f 5,887 6,887 Government securities 177,880761 886 314 380 194 369 Other assets 843 827 875 998 Other assets 99,751 9S 993 114 392 108 500 11 4S7 11,259 11 S47 10,570 Note circulation 549,569 S66,168629 892 521 137 Denosits—Government 1,116 1,137 1 790 1,368 Deposits—Government 64,482 103 3S3 S9 869 86 744 Banks 9 483 2,316 3,311 2,071 Other 71,089 78 3S6 88 168 60 411 Other 225 239 242 Other liabilities 68,601 61 1S4 53 911 43 590 Other liabilities and capital 1,862 1,852 1,881 1,731 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve7. . 1,272 1,262 1 290 1 203 mae): "Authorized" holdings of secu- Gold and foreign exchange (net)3 5,044 1,803 rities, etc 2,947 2,988 3 163 3 229 Loans and discounts 193 141 Bills and discounts 619 600 704 529 8 389 8,926 Other assets 750 736 534 320 Other 3 603 3,377 Note circulation 3,517 3 491 3 603 3 302 1 953 1,485 Demand liabilities 1,570 1 S56 1 5S7 1 508 3 503 2,341 Other liabilities and capital 501 539 531 470 1 0S9 805 Netherlands Bank (millions of Reconstruction and guilders): 7 110 7,431 Gold 2,924 982 2 792 2 187 Other 9 60S 1 ,919 Silver (including subsidiary coin). 13 1S 16 15 4 906 3,236 Foreign assets (net) 1,403 1 407 1 509 1 531 Bank of Guatemala (thousands of Loans and discounts 31 31 35 35 quetzales): Govt. debt and securities 1,217 1 217 1 217 1 451 Gold 27,228 77 998 27,228 Other assets 412 409 428 508 Foreign exchange (net) 17,805 17 633 21,177 Note circulation—Old 30 30 31 36 Gold contribution to Int'l. Fund.. 1,250 1 250 1,250 New 3,192 3 177 3 330 2 983 24,883 19 7,764 Deposits—Government 959 87S 736 994 Other assets 29,017 78 S08 21,994 ECA 1,016 1 009 1 002 1 163 52,678 51 876 44,412 Other 570 740 679 330 Coin 3,638 3 630 3,527 Other liabilities and capital 231 236 990 221 2,768 7 411 3,431 Reserve Bank of New Zealand Banks . 18,388 13 371 12,072 (thousands of pounds): 22 712 17 506 15,972 Gold 6,095 6 0S4 6 0S2 6 015 National Bank of Hungary* Foreign exchange reserve 71,793 61 819 60 826 49 674 Reserve Bank of India (millions of Loans and discounts 6,019 6 019 6 019 6 019 rupees): Advances to State or State un- Issue department* dertakings 55,667 55 607 S4071 58 350 Gold at home and abroad 400 400 400 Investments 53,062 57 083 S7 081 58 132 Foreign securities 6,182 S 782 5,682 Other assets . ... 1,510 1 467 1 700 1 360 Indian Govt securities 4,214 4 714 4,499 Note circulation 67,932 69 984 76 612 61,908 Ruoee coin 948 963 827 Demand deposits 116,815 09 30 S 00 462 109 444 11,560 11 755 11,198 Other liabilities and capital 9,399 8 760 8 67S 8,198 Banking department: Sank of Norway (millions of kroner): Notes of issue department 184 104 209 Gold 218 931 255 279 1,162 1 445 1,523 Foreign assets (net) — 8 -4 -10 280 Bills discounted 152 114 120 Clearing accounts (net) -41 -52 -43 30 Loans to Government 18 33 Loans and discounts 67 67 74 53 1,048 944 1,202 Securities 32 35 127 44 Deposits 2,224 7,370 2,690 Occupation account (net) 5,546 5 546 5 546 5, S46 321 30S 396 Other assets 52 47 48 Bank Indonesia8(millions of rupiah): Note circulation 2,928 2 951 3, 128 2,712 Gold6 1 ,3S8 1,553 1,6S1 788 Deposits—Government 1,647 1453 1 S39 2,096 —367 —399 -336 47 Banks 664 830 721 672 Loans and discounts S99 447 433 669 FOA—MSA 172 188 189 299 Advances to Government 5, 731 5,550 5,272 5,181 Other liabilities and capital 454 448 428 496 ^his figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2Combined 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. *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. 8Gold 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. APRIL 1954 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1954 1953 Central Bank 1954 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 32,276 32,657 34,926 29,533 Issue department: Note circulation «.. 37,712 37,441 38,758 37,033 Gold at home and abroad... 81 81 81 81 Deposits—Government 3,173 3,710 2,808 2,440 Sterling securities 505 475 425 416 Other 3,775 3,394 4,113 4,604 Pakistan Goyt. securities. . . 1,276 ,276 1,247 1,146 Other liabilities and capital 28,386 28,760 31,462 25,429 Govt. of India securities 146 146 126 126 Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 481 481 482 428 Rupee coin 58 60 62 67 Foreign assets (net) 1,419 1,511 1,492 1,320 Notes in circulation 2,307 ,274 2,198 2,053 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 60 65 42 83 vances to National Debt Office8 2,342 2,284 2,786 2,665 Bills discounted 2 5 Other domestic bills and advances 407 291 357 294 Loans to Government 48 30 8 23 Other assets 885 879 906 '820 Other assets 342 369 422 525 Note circulation 4,584 4,610 4,835 4,365 Deposits 340 362 371 522 Demand deposits—Government.. - 357 177 363 371 Other liabilities and capital.. 113 108 102 108 Other 31 105 182 286 Central Bank of Paraguay1 Other liabilities and capital 690 683 771 '634 (thousands of guaranies): (Nov.)* Swiss National Bank (millions of Gold 1,138 1,138 francs): Foreign exchange (net) 43,465 61,580 Gold 6,131 6,084 6,086 5,905 Net claim on Int'l. Fund2 11 11 Foreign exchange 495 524 522 464 Loans and discounts 268,661 90,176 Loans and discounts 189 216 272 219 Government loans and securities. 400,293 349,643 Other assets 67 64 99 70 Other assets 581,894 -•159,696 Note circulation 4,911 4,904 5,228 4,787 Note and coin issue 495,008 346,757 Other sight liabilities 1,767 1,783 1,541 1,672 Deposits—Government 148,704 63,686 Other liabilities and capital 203 202 210 199 Other 230,143 114,294 Central Bank of the Republic of Other liabilities and capital 421,608 r137,508 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 413 460 451 532 clearings 189 207 197 212 Net claim on Int'l. Fund2 67 67 67 67 Loans and discounts 2,077 2,033 2,042 1,709 Loans and discounts to banks. . . 609 581 619 317 Securities 25 25 25 26 Loans to Government 1,004 984 1,003 941 Other assets 109 116 150 124 Other assets 146 200 119 '173 Note circulation 1,447 1,414 1,414 1,272 Note circulation 1,597 ,560 1,602 1,370 Deposits—Gold 154 154 153 153 Deposits 388 429 426 404 Other 763 812 846 791 Other liabilities and capital 253 303 231 257 Other liabilities and capital 439 403 402 258 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): (Nov.)* Gold 813 18,813 18,552 Gold 336,572 313,786 Foreign exchange ,320 441,718 453,988 Silver , 9,044 9,215 Net claim on Int'l. Fund2 504 29,504 29,504 Advances to State and Govern- Loans 324 27,334 54,140 ment bodies 110,086 153,938 Domestic securities 127230,518 235,142 Other loans and discounts 347,741 343,185 Other assets 899151,653 148,842 Other assets 608,991 "511,423 Circulation—Notes ,205 619,304 571,417 Note circulation 414,329 401,339 Coin 498 84,804 89,041 Deposits—Government 129,081 98,101 Demand deposits 998151,716 229,299 Other 333,184 360,568 Other liabilities and capital 285 43,715 '50,410 Other liabilities and capital 535,840 r471,540 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 5,030 4,561 Gold 1,141 1 ,141 1,141 1,141 Foreign exchange (net) 12,579 11,623 Foreign exchange (net) 278 279 322 102 Loans and discounts 751 887 Other assets 134 106 109 94 Advances to Government 1,422 1,424 Note circulation 1,009 1,012 1,041 971 Other assets 816 518 Deposits 299 282 261 269 Note circulation 9,788 8,984 Other liabilities and capital 246 231 269 97 Demand deposits—Government.. 1,334 1,632Bank for International Settle- ECA 6 9 ments (thousands of Swiss gold Other 7,304 6,366 francs): Other liabilities and capital 2,166 2,022 Gold in bars 582,752 595, 592,158 656,518 South African Reserve Bank Cash on hand and with banks. . . 99,965 51,229 44,558 57,355 (thousands of pounds): Sight funds at interest 1,233 1,232 1,374 10,699 Gold 62,771 423 62,445 61,157 Rediscountable bills and accept- Foreign bills 26,887 195 36,211 57,896 ances (at cost) 345,443338,051316,129 213,287 Other bills and loans 38,000 ,637 28,331 23,186 Time funds at interest 163,480 108,855 107,791 39,536 Other assets 48,975 ,807 46,117 42,626 Sundry bills and investments 265,927 274,950 276,779 232,606 Note circulation 95,498 ,798 99,539 87,468 Funds invested in Germany 297,201 297,201 297,201 297,201 Deposits 58,521 ,212 54,652 75,178 Other assets 2,486 1,786 2,594 1,425 Other liabilities and capital 22,615 ,051 18,911 22,219 Demand deposits (gold) 435,484 435,480 431,715 463,460 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 596 596 570 Central banks—Own account.. 753,715 673,687 652,065 476,330 Silver 336 336 336 366 Other 59,379 50,000 46,378 66,047 Government loans and securities. 15,782 ,534 15,096 15,810 Long-term deposits: Special 228,909 228,909 228,909 228,909 Other loans and discounts 24,054 ,181 26,185 23,227 Other liabilities and capital 280,999 280,245 279,515 273,880 xThe 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. 2 This 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. 422 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 e e n - S la w e n r i - d tz- ba C n e k n t o r f a — l R F 2 e a 8 b t . e ef D fe a ct t i e ve ba C n e k n t o r f a — l R F 2 e a 8 b t . e ef D fe a ct t i e ve M In a 1 e y 9 f f 4 e 2 8 c 7 t , D 1 e 9 c. 4 3 9 1, 2 3 1 14 5 X sy 2 2X 2X A A Be r u g l s g e t i r n u i t a m ina 3 2 V % 2 S O M e c a p t r . t . . 2 29 4 1 , , , 1 1 1 9 9 9 5 3 5 3 6 3 J I I t r a a e p l l a y a n nd J 5. « 84 A O M c p a t r r . . . 25 6 1 , , , 1 1 1 9 9 9 5 5 5 2 0 1 July 14 14 Bolivia 6 Sept. 30, 1950 Mexico *X June 4, 1942 Oct. 6 3H June 8, 1950. . 2X Sept. 11 ... . 3% Sept. 26 3 Canada 2 Oct. 17, 1950 Netherlands . Apr. 7, 1953 Oct. 27 l6 Ceylon 3 July 23, 1953 New Zealand. July 26, 1941 Dec. 1 3 Chile 4X June 13, 1935 Norway Jan. 9, 1946 Apr. 17, 1951. . 4 Colombia July 18, 1933 Pakistan.... 3 3 July 1, 1948 July 5 3H Costa Rica... . 4 Feb. 1, 1950 Sept. 13 . Oct. 11 3 Nov. 8 2X Nov. 9 4 Denmark *X Sept. 23, 1953 Peru 6 Nov. 13, 1947 Jan. 22 1952 . 3H Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 Mar. 12 4 Egypt 3 Nov. 15, 1952 South Africa. Mar. 27, 1952 May 29 15 El Salvador. . . 3 Mar. 22, 1950 Spain Mar. 18, 1949 Aug. 1 3 Finland Dec. 16, 1951 Sweden f Nov. 20, 1953 Aug. 21 14X Dec. 18 3 Jan. 8, 1953. . *4 Apr. 7 2X France 3H Feb. 4, 1954 Switzerland.. Nov. 26, 1936 June 11 Germany. ... ^X June 11, 1953 Turkey Feb. 26, 1951 Sept. 17 *X 3H Greece 10 Jan. 1,1954 United King- Oct 29 2% India *X Nov. 15, 1951 dom I" Sept. 17, 1953 Nov. 20 2% Indonesia Apr. 1, 1946 USSR July 1,-1936 Feb. 4, 1954... 3K In effect Feb. 28, 1954 3M 2M 2V2 2% IX 1 Rates established for the Land Central banks. SX NOTE.—Changes since Feb. 28: None. OPEN MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1944—January .41 1.03 1.01 1.08 .50 1.62 3-53^ 1.25 1945—January 17 1.03 1.01 1.00 .50 1.65 3-5^ 1 9^ 1946—January .36 .53 .50 .63 .50 1.27 1.01 1.00 23^-5 1.25 1947—January .40 .53 .50 .63 .50 1 .48 1.44 .77 2^-4^ 1.25 1948—January .41 .54 .51 .63 .50 2.02 L .28 .57 2K-4M 1.50 1949—January .41 .56 .52 .63 .50 2.09 1.23 1.13 1.63 1950—January .51 .69 .52 .63 .50 2.18 L .31 1.22 1.50 1951—January .63 .69 .51 .63 .50 2.45 1.31 .83 3-5 L.50 1952—January .89 1.50 .97 1.00 .75 3.50 1.18 1.00 3-5 1.50 1953—January 1.35 3.00 2.39 2.25 2.00 3.97 .83 .54 3-5 1.50 1953—February 1.47 3.00 2.42 2.25 2.00 4.10 .81 .50 3-5 L.50 March 1.50 3.00 2.40 2.25 2.00 3.93 .90 .51 3-5 L.50 April 1.53 3.00 2.41 2.25 2.00 4.05 .93 .71 3-5 L.50 May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 3-5 L.50 June 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 3-5 L.50 July L .76 3.00 2.35 2.25 2.00 4.13 .50 .50 3-5 L.50 August 1.80 3.00 2.36 2.25 2.00 4.18 .50 .50 3-5 L.50 September.... 1.91 2.67 2.27 2.09 1.88 4.34 .43 .50 3-5 L.50 October L.93 2.19 2.11 1.94 1.75 3.91 .38 .50 3-5 L.50 November. . . . .90 2.19 2.10 1.94 1.75 4.00 .28 .50 3-5 L.50 December .88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 L.50 1954—January L .88 2.19 2.12 1.94 1.75 3.66 .23 .50 2HS L.50 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. APRIL 1954 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom i Assets Liabilities (11 London clearing b m a i n ll k io s s . n t e s r F l o i f i n g g p u ) o re u s n d in s re C se a r s v h es M c n a s o l o h l n t o e a ic 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 c L u o s a to n m s e to rs O as t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1.965 ,950 867 6,333 4,290 2.042 651 1952—December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—March.... 497 472 1,024 2,122 ,811 641 6,053 3,873 2,179 515 April 498 454 1,010 2,119 ,825 664 6,060 3,860 2,200 511 May 498 464 1,080 2,123 ,784 654 6,083 3,896 2,187 520 June 514 469 1,209 2,136 ,778 673 6,299 4,040 2,259 481 July 510 460 1,244 2,140 ,742 633 6,247 3,990 2,257 483 August. . . 511 456 1,331 2,140 ,688 595 6,240 3,971 2,269 480 September 515 476 1,376 2,137 ,675 623 6,320 4,004 2,316 482 October... 518 476 1,340 2,238 ,666 607 6,373 4,041 2,332 472 November 520 469 1,354 2,245 ,687 626 6,419 4,080 2,339 483 December. 542 501 1,417 2,275 ,725 729 6,694 4,327 2,368 495 1954—January.. 526 483 1,330 2,277 ,706 633 6,457 4,124 2,333 499 February., 504 454 1,113 2,275 ,754 638 6,237 3,954 2,283 501 Assets Liabilities Canada3 E (1 n 1 d c o h f a r m te o r n e t d h b f a ig n u k r s e . s Entirely in Canada S a e l b o c r a u o n r a i s d ty e D x e c p lu o d s i i n ts g p i a n y te a r b b l a e n i k n d C e a p n o a s d it a s Other Ca i n n a m di i a l n li o d n o s l o la f rs) re C se a r s v h es Se lo cu an ri s ty d lo i O s a c n t o s h u e a n r n t d s d a f u b n o e a d r e n f i k r n g o s e n m t Securities O as t s h e e ts r Notes* Total Demand Time li c a a b a p i n l i i d t t a ie l s 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—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 5,107 ,774 May 822 138 3,526 331 4,024 ,402 8,486 3,386 5,100 ,755 June 903 123 3,576 331 3,956 ,509 8,634 3,508 5,126 ,764 July 877 125 3,649 328 3,872 ,359 8,496 3,344 5,152 ,713 August.... 883 135 3,732 353 3,886 ,329 8,651 3,445 5,206 ,667 September.. 897 110 3,772 330 3,918 ,372 8,692 3,466 5,226 ,706 October 962 144 3,838 342 3,789 ,432 8,744 3,596 5,148 ,763 November.. 899 152 3,977 390 3,789 ,512 8,918 3,851 5,068 ,801 December.. 906 154 3,897 424 3,831 ,510 8,881 3,847 5,034 1,841 1954—January 881 143 3,929 370 3,944 1,337 8,772 3,679 5,093 1,832 Assets Liabilitiei France (4 o m f l i a m l r l g i o o e n n t s b h a o n f f i k g f s u r . a r e n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n d te i d s- Loans O as t s h e e t r s Deposits a a c O n c w c e e p n s t- lia O b a t n i h l d i e ti r es Total Demand Time capital 1948—December. 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December. 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December. 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December. 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—December. 51,155 68,243 636,624 170,298 29,734 902,547 870,504 32,043 24,957 28,551 1953—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 November. . 47,103 78,797 696,942 189,753 60,636 978,019 935,267 42,752 28,142 67,070 December P 50,763 85,739 743,686 183,302 68,819 1,029,660 987,111 42,549 30,308 72,341 ^Preliminary. !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 3Beginning December 1953, when a new bank was added, figures are for 11 banks. 4 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. 424 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada Year or month (peso) t A r u a s l - ia Austria Belgium Brazil i M Br a i l t a is y h - (dollar) Basic P e r n e t f i e a r l - Free (pound) (schilling) (franc) (cruzeiro) (do si l a lar) Official Free 1948 . . .. 29 773 321 22 2.2816 5.4406 100.000 91.691 1949 29 774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 5.4406 32.788 90.909 91.474 19S1 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—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 5.4L455 32.610 101.180 September 20.000 13.333 7.198 223.33 2.0050 5.4t466 32.569 101.580 October 20.000 13.333 7.198 223.57 2.0063 35.4H66 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—January 20.000 13.333 7.198 224.01 3.8580 2.0023 4.2808 3.5261 32.646 102.781 February 20.000 13.333 7.198 224.13 3.8580 2.0036 4.2808 3.5261 32.656 103.439 March 20.000 13.333 7.198 224.27 3.8580 1.9152 4.2808 3.5261 32.668 102.996 France Year or month Ceylon m De a n rk - Finland (franc) G (d e e r u m ts a c n he 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—Ap'ril 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 26.410 278.30 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 February 21.044 .4354 .2856 21.047 281.29 11.614 26.408 278.50 March 21.052 .4354 .2856 21.056 281.45 11.608 26.408 278.67 Year or month Norway P p h i i n li e p- Po g r a t l u- A So fr u ic th a S d w en e- e S r w la it n z d - U K n i i n t g e - d Uruguay4 (krone) Re (p p e u so b ) lic (escudo) (pound) (krona) (franc) (p d o o u m nd) (peso) 1948 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 18.481 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 23.316 281.27 365.833 556.180 542.553 634.217 1953—April 14.015 49.677 3.4882 280.61 19.323 23.329 281.66 65.833 56.180 42.553 34.205 Mav 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 23.289 281.03 565.833 556.180 542.553 532.573 1954—January 14.008 49.677 3.4900 280.09 19.333 23.308 281.14 February 14.008 49.677 3.4900 280.23 19.333 23.315 281.29 March 14.008 49.677 3.4900 280.40 19.333 23.308 281.45 *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. 6Free rate, based on quotations Feb. 10-Dec. 4, 1953. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for furthur information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409. APRIL 1954 425 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 t 7 0 e e 0 - d s 4 ) 9 ( C 1 = 9 a 3 n 1 5 0 a - 0 d 3 ) a 9 M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n n 1 9 g 0 3 it 0 d 0 e ) o d = m F (1 r 1 9 a 0 4 n 0 9 ) c = e (1 I 1 9 t 0 a 3 0 8 ly ) = ( a 1 J v 9 a = e 3 p r 4 1 a a - ) g n 3 e 6 N (1 l e 9 a 1 t 4 0 n h 8 0 d e ) 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 ) - 39 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947.. .... 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1953 110 221 393 328 138 5,250 P354 134 298 213 1953—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 5,246 357 133 295 212 October 110 221 401 326 136 5,237 359 133 295 212 November 110 219 396 328 137 '5,222 360 134 297 212 December 110 219 396 326 138 5,259 P360 134 296 211 1954—January 111 220 396 P325 P139 135 P296 213 February 111 219 397 P324 P138 213 P Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49 = 100) (1935-39=100) (1930=100) (1948=100) Year or month pr F od a u rm 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 od a u rm cts R fa m p g a c a o w t a r o u n t d r a l u e y s n - d d F f u a c m g l c h l o t a y i o u e n f d r a u l e s y n - d d Foods pr I o n t d r d i u u a c l s t - s Foods t p r I r i n o a d l d u u r s c a - t w s p f I i r n n t o r i d d s i h a u 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 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 . 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 »364 122 171 143 1952 107 109 113 249 219 231 284 »352 129 166 135 1953 97 105 114 '220 207 229 307 123 156 132 1953—February 98 105 113 '230 208 229 300 »337 127 159 132 March 100 104 113 '228 210 229 302 >337 124 159 132 April 97 103 113 '222 206 228 318 122 157 131 May 98 104 114 '224 206 228 317 124 157 131 95 103 114 '227 207 230 316 124 155 131 July 98 106 115 '227 207 230 315 118 155 131 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 '305 122 153 132 December 94 104 115 207 204 228 302 122 153 132 1954—Tanuary 98 106 115 209 207 228 302 127 153 133 February 98 105 114 209 205 227 P3O5 n.a. Not available. P Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 426 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Con tinned 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 1 n 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . ( U S = 19 n t 1 a 4 i 0 t 7 t 0 e e - ) d s 4 i 9 = C ( a 1 1 a 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 0 e 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 ioo 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 . .. 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 184 1953—February 113 116 105 146 120 170 112 113 110 142 124 183 March 114 115 105 145 120 169 112 112 111 141 123 183 April 114 115 106 145 120 169 112 111 113 140 124 182 May 114 114 106 146 121 170 112 110 113 141 125 183 June 115 115 107 145 121 170 114 111 114 141 127 184 July.. . 115 115 107 144 121 170 114 113 114 137 127 184 August 115 116 106 143 120 170 114 113 112 136 123 185 September 115 116 106 141 121 170 114 114 111 132 126 186 October 115 117 106 141 121 170 114 116 111 132 125 187 November 115 116 106 141 120 170 112 113 111 132 124 187 December 115 116 106 142 120 170 112 112 110 134 186 1954—January 115 116 106 143 123 170 113 112 110 136 185 February 115 116 106 124 170 113 112 110 185 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i i d g t t e e e h s d ) * C (1 = a 9 n 3 1 5 a 00 - d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b d 0 m e 0 r ) F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l e a t n h d e s r 2 - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e 0 - e 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 14 480 101 278 295 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 83.6 112.0 113.5 100.2 189.0 160.3 92.2 159 212 1953—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 M51 206 April 111.7 84.1 111,3 112.6 98.0 190.0 160.8 92.3 151 203 J J A O M S N D u u e c u e o a n l p t c y g v y e o t e u e e b m s m m e t b r b b e e e r r r . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 3 3 2 0 1 0 9 8 . . . . . . . . 5 6 6 7 4 9 8 8 8 8 8 8 8 8 8 8 4 5 3 2 2 2 2 2 . . . . . . . . 2 3 6 6 8 9 9 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 2 1 1 2 2 . . . . . . . . 2 2 9 2 5 4 0 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 3 3 4 4 2 5 2 . . . . . . . . 4 8 2 1 7 9 0 9 1 1 1 1 1 1 1 9 0 0 0 0 0 0 0 9 3 1 4 2 1 2 4 . . . . . . . . 7 4 2 0 7 1 8 0 1 1 1 1 1 1 1 1 9 8 8 8 8 8 7 8 0 5 7 9 3 2 7 9 . . . . . . . . 7 2 5 5 4 8 3 6 1 1 1 1 1 1 1 1 5 6 6 5 5 5 5 5 3 1 4 0 2 9 6 1 . . . . . . . . 6 2 2 7 9 9 8 8 9 9 9 9 9 9 9 9 3 3 1 1 2 1 2 1 . . . . . . . . 7 5 4 1 1 6 5 1 .• • 1 ' • 1 • 1 1 1 1 1 1 6 6 6 6 5 7 5 5 9 2 5 7 3 0 7 4 2 2 2 2 2 2 2 2 0 2 0 3 1 1 1 1 6 3 7 0 7 5 4 8 1954—January 114.5 87.0 114.3 114.6 '103.7 195.4 157.4 94.1 180 239 February.... 116.5 88.7 114.8 101.8 199.6 163.2 95.8 245 r Revised. c Corrected. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. APRIL 1954 427 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 MALCOLM BRYAN J. L. ROBERTSON GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. M. EVANS M. S. SZYMCZAK GEORGE GUND, CLEVELAND DISTRICT H. G. LEEDY JAMES K. VARDAMAN, JR. A. L. MILLS, JR. ALFRED H. WILLIAMS ROBERT V. FLEMING, RICHMOND DISTRICT Vice President C. S. YOUNG WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel W. W. CAMPBELL, ST. LOUIS DISTRICT WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT GEORGE W. MITCHELL, Associate Economist CHARLES }. CHANDLER, KANSAS CITY DISTRICT H. V. ROELSE, Associate Economist CLARENCE W. TOW, Associate Economist GEO. G. MATKIN, DALLAS DISTRICT RALPH A. YOUNG, Associate Economist JOHN M. WALLACE, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Market Account HERBERT V. PROCHNOW, Secretary 428 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 8 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. Poor man Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari« E. C. Hill Richard G. Wilgus » 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 8 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 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.8 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 Otis R. Preston Leslie N. Perrin A. W. Mills E. B. Larson M. H. Strothman, Jr. H. G. McConnell Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen * E. D. Vanderhoof Cecil Puckett Henry O. Koppang Clarence W. Tow D. W. Woolley Dallas J. R. Parten Watrous H. Irons E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry J. L. Cook 8 Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco... A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVEI BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha P. A. Debus Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland J. A. Randall Louisville Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. • Cashier. > Also Cashier. * Counsel. APRIL 1954 429 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. BANKING AND MONETARY STATISTICS. Statistics of THE FEDERAL RESERVE SYSTEM—PURPOSES AND banking, monetary, and other financial develop- FUNCTIONS. Revised edition. April 1954. 224 ments. November 1943. 979 pages. $1.50 per pages. copy. No charge for individual sections (unbound). ANNUAL REPORT of the Board of Governors of the Federal Reserve System. Issued each year. A STATISTICAL STUDY OF REGULATION V LOANS. FEDERAL RESERVE BULLETIN. Issued monthly. Sub- September 1950. 74 pages. 25 cents per copy; scription price in the United States and its pos- in quantities of 10 or more copies for single sessions, Bolivia, Canada, Chile, Colombia, Costa shipment, 15 cents each. Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Nicaragua, Panama, Paraguay, Peru, El Salvador, INGS AND THEIR USE IN ECONOMIC ANALYSIS. Uruguay, and Venezuela is $2.00 per annum or January 1952. 175 pages. 25 cents per copy; in 20 cents per copy; elsewhere $2.60 per annum or quantities of 10 or more copies for single ship- 25 cents per copy. Group subscriptions in the ment, 15 cents each. United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 THE FEDERAL RESERVE ACT, as amended to Novemfor 12 months. ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY Federal Reserve System. 372 pages. 50 cents per RATES, AND BUSINESS. Issued monthly. $6.00 paper-bound copy; $1.00 per cloth-bound copy. per annum including edition of historical supplement (listed below) available when subscription COMPILATION OF FEDERAL AND STATE LAWS RELATis entered or renewed. 60 cents per copy; in ING TO BRANCH BANKING WITHIN THE UNITED quantities of 10 or more copies of a particular STATES. (July 1, 1951.) December 1951. 33 issue for single shipment, 50 cents each. (Do- pages. mestic rates) RULES OF ORGANIZATION AND RULES OF PROCEDURE HISTORICAL SUPPLEMENT TO FEDERAL RESERVE —Board of Governors of the Federal Reserve CHARTS ON BANK CREDIT, MONEY RATES, AND System (with Amendments). September 1946. BUSINESS. Issued annually in September. Annual 31 pages. subscription to monthly chart book includes one issue of supplement. Single copies, 60 cents each; REGULATIONS OF THE BOARD OF GOVERNORS OF THE in quantities of 10 or more copies for single FEDERAL RESERVE SYSTEM. Individual regulations shipment, 50 cents each. (Domestic rates) with amendments and supplements thereto. *A more complete list, including periodic releases and reprints, appeared on pp. 1414-17 of the December 1953 BULLETIN. 430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS THE TRANSITION TO FREE MARKETS. April 1953. (From Federal Reserve Bulletin unless preceded by an asterisk) 6 pages. THE SECOND ARMAMENT BUDGET. February 1952. 9 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE BALANCE. March 1952. 7 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. BANKING IN THE SOVIET UNION. April 1952. 8 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE REVISED WEEKLY INDEX OF DEPARTMENT STORE CORPORATIONS. July 1953. 12 pages. SALES. April 1952. 4 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS ERNORS BEFORE SUBCOMMITTEE ON GENERAL AND BUSINESSES. July 1953. 2 pages. (Also CREDIT CONTROL AND DEBT MANAGEMENT, MARCH similar article from July 1952 BULLETIN.) 11, 1952. April 1952. 4 pages. RECENT CREDIT AND MONETARY DEVELOPMENTS. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. July 1953. 8 pages. 6 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. UNITED STATES BALANCE OF PAYMENTS IN 1952-53. June 1952. 18 pages. October 1953. 9 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- REVISED INDEXES OF DEPARTMENT STORES SALES AND LATION X. June 1952. 18 pages. STOCKS, BY MAJOR DEPARTMENTS. November 1953. 65 pages. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL REVISED SERIES ON DEPARTMENT STORE SALES, PRODUCTION, 1953 Revision. December 1953. 96 STOCKS, AND ORDERS. October 1952. 5 pages. pages. (Also, similar index from August 1940, September 1941, and October 1943 issues of RECENT CREDIT EXPANSION. December 1952. 7 BULLETIN with supplementary data. October pages. 1943. 120 pages.) CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 7 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. BANK CREDIT AND MONEY IN 1953. February 1954. 6 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- March 1954. 9 pages. (Also, similar article from BILITY. May 1953. 7 pages. March 1953 BULLETIN.) REVISION OF CONSUMER CREDIT STATISTICS. April 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY 1953. 19 pages. FINDINGS OF THE 1954 SURVEY OF CONSUMER FI- *DETAILED DESCRIPTION OF SOURCES AND METHODS NANCES. March 1954. 4 pages. (Other articles USED IN REVISION OF SHORT- AND INTERMEDIATE- on the 1954 Survey will appear in later issues of TERM CONSUMER CREDIT STATISTICS (supplemen- the BULLETIN. Also, similar surveys for earlier tary details for item listed above), April 1953. years from 1946, 1947, 1948, 1949, 1950, 1951, 25 pages. 1952, and 1953 BULLETINS.) APRIL 1954 431 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 IW ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES APRIL I, 1934. VE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis