Federal Reserve Bulletin, 1954-05

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

FEDERAL RESERVE BULLETIN VOLUME 40 May 1954 NUMBER 5 CONSUMER DURABLE GOODS MARKETS The decline in industrial activity, which PRODUCTION set in last summer, has slackened this year. Seasonally adjusted, 1947-49=100 Ratio scale - - 180 Output of passenger automobiles and major TOTAL - INDUSTRIAL 140 household durable goods has increased moderately from the reduced rates of late 1953. Automobile markets have become more ac- // 100 tive in recent months and auto sales have CONSUMER l/ - DURABLE GOODS ' - 80 been only moderately below last year's high rate. Consumer takings of household dur- 1 \ 1 1 1 60 able goods have approximated the large vol- 1947 1949 1951 1953 ume of a year ago. With production gen- NOTE.—Latest figures shown are for April. erally below final takings since last autumn, nonagricultural lines has been maintained. business inventories of consumer durable Unemployment increased sharply in the wingoods, except new cars, have been reduced. ter from the postwar lows of 1953, but de- The further decline in over-all industrial creased in April by about the usual seasonal activity this year has reflected mainly conamount. Disposable personal income has tinued curtailment in ordnance output and continued close to last year's high, owing in declines in production of iron and steel and part to the reduction in personal income various semifabricated metal products. Nontaxes, effective January 1. durable goods production generally has held During this period of decline in output steady and output of building materials has and employment, common stock prices have been maintained as construction activity has advanced. Commodity price indexes have continued at very high levels. generally remained stable at both wholesale In April industrial production was 123 per and retail levels, in contrast to price decent of the 1947-49 average, about 10 per creases in earlier periods of contraction in cent below the mid-1953 peak but somewhat economic activity. Since early March there above the level prevailing for two years behas been a rise in market prices of some infore the upsurge that began in 1952. Perdustrial materials for which price reductions sonal income has declined 2 per cent since had accompanied earlier marked cuts in buymid-1953, reflecting mainly reductions in ing. Prices of farm products have advanced employment and hours of work in manufacsince last autumn, reflecting sharp increases turing, mining, and transportation. Federal civilian and military employment has also for hogs, marketings of which have been redeclined, while employment in most other duced, and moderate gains for cattle and MAY 1954 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER DURABLE GOODS MARKETS cotton and other crops. Prices of most fin- with about 150 in mid-1953 and an average ished goods have continued to change little. of 105 in the spring of 1952. Since mid- February the number of autos sold at retail MAIN SHIFTS IN CONSUMER DURABLE GOODS or exported has been close to the rate of cur- Output, sales, and inventories of consumer rent output, while sales of major household durable goods usually fluctuate widely in goods have exceeded the rate of output since periods of general expansion and contraction last autumn. in the economy, and this development has PASSENGER AUTOMOBILES been repeated in the past two years. From the spring of 1952 to May 1953, output of Following the change-overs to 1954 models, consumer durable goods rose more than onewhich were completed for major makes in third, as measured by a new index for these January, sales of passenger automobiles goods described in the following article showed a marked seasonal pickup. Since and shown in the chart on page 433. Total January, unit sales of new cars at retail have industrial production meanwhile increased been only 7 per cent below the high rate about one-seventh. After early 1953 conof a year ago. Exports of new autos this sumer buying of durable goods leveled off year have been above year-earlier levels and and then declined, and in the last five months have accounted for 4 per cent of total auto of the year total output of consumer duraoutput. In 1953 output and sales of autos bles was reduced about one-fifth, while indushad been larger than in any other year except trial production decreased one-twelfth. The 1950 when demands were especially stimuchanges for consumer durable goods related by the outbreak of Korean hostilities. flected largely fluctuations in the major items. During most of 1953, however, output ex- This year output of major consumer dur- ceeded sales and dealers' stocks increased furable goods has increased one-tenth from the ther to new highs for the postwar period. reduced rate reached at the end of 1953 as Stocks and output of new autos. At the output of both autos and major household beginning of the current spring selling seagoods has risen. As shown in the accom- son, dealers' stocks of new cars amounted to panying chart, the revised index for major about V/z months' supply—high by postwar, goods in April is indicated to be 125 per but not by prewar, standards. Dealers' stocks cent of the 1947-49 average, as compared of new autos are thus in the ample, or more than ample, supply position that has gener- OUTPUT OF MAJOR CONSUMER DURABLE GOODS Seasonally adjusted, 1947-49=100 Ratio scale ally characterized other consumer durable 180 goods in recent years. The rise in auto sales this year has been accompanied by some recovery in output, despite the high level of stocks. For different makes of cars, however, changes in sales and output have been quite diverse, and the share of the market accounted for by some - 80 makes has increased. Assembly of autos recovered more than 60 seasonally in January, following a sub- 1952 1953 '54 1952 1953 stantial reduction in the latter part of 1953. NOTE.—Latest figures shown are for April. 434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER DURABLE GOODS MARKETS The January rate, seasonally adjusted, was have been lower than at any other time in about one-third above the 1947-49 average the postwar period. and not far below the January 1953 rate; List prices of new autos have changed little output was maintained at this level through since 1952, in contrast to the sequence of in- March, as shown in the chart on the pre- creases in 1951 and early 1952 associated with ceding page. In April and early May pro- shortages, strong demands, and rising production was above the first quarter rate. As- duction costs. The high level of dealers' semblies in April totaled 533,000 units com- stocks of new autos, which became a feature pared with 600,000 a year earlier. of the automobile market in the latter part Used autos and prices. Unit sales of used of 1953, has encouraged more aggressive sellcars this year have been as large as a year ago, ing efforts. With new car list prices about reflecting in part lower used car prices. unchanged, the substantial decline in used Stocks of used cars increased substantially car prices since mid-1952 has resulted in a during 1953 but, unlike new cars, have marked increase in the spread between the tended downward this year. two. Autos in use. An important aspect of the AUTO PRICES automobile market has been a further in- 1947-49 = 100 crease in the number and a reduction in the 140 average age of autos on the road. It is estimated that by mid-1954 about 44 million 120 units will be in use, an increase of almost NEW CARS 25 per cent from mid-1950. In these four years, over 21 million new passenger auto- 100 mobiles will have been sold to domestic consumers, and about 13 million cars scrapped. The rise in consumer stocks has been ac- 80 companied by a further shift in the agegroup distribution toward that prevailing before the war. In mid-1939, when 24 million 60 autos were on the road, 29 per cent were 1949 1951 1953 Federal Reserve indexes compiled from trade sources. Fig- under 3 years of age, 53 per cent were from ures for used cars are based on advertised prices for late model, low priced cars in major cities and are adjusted for normal 3 to 9 years old, and 18 per cent were 10 depreciation; for new cars, on factory prices for the same makes, with allowances for freight, accessories, and sales tax years of age or older. The estimates for added. these same age classes in mid-1954 are 27, The increase in stocks of used cars last 53, and 20 per cent, respectively. Because of year was accompanied by a marked decline the greatly expanded total number of cars in prices, after allowance for depreciation, in use now, there are close to 9 million cars from the unusually high levels reached in in the oldest age group, as compared with 1952 at the time of the steel strike. Since 4.2 million in mid-1939. December there has been some seasonal strengthening in used car prices, as shown HOUSEHOLD GOODS in the chart. In relation both to list prices Dollar retail sales of major household of new cars and to the general level of com- goods this year have been close to their admodity prices, used car prices since late 1953 vanced year-ago levels, following some de- MAY 1954 435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER DURABLE GOODS MARKETS cline in the autumn of 1953. Since aver- were still fairly large at both factories and age prices of these products have been below wholesalers in March. earlier advanced levels—reflecting partly a Selected goods. Output of television sets reduction on April 1 in excise taxes on most has risen considerably since the end of last major appliances—the volume of units sold, year, but the April level was still about 25 including those for installation in new per cent below the advanced rate of a year houses, has been about as large as a year ago, as shown in the chart. With retail ago. sales showing a more than seasonal expan- Output of major household goods has in- sion since last autumn, inventories of telecreased about one-tenth this year from the vision sets have been worked down apprereduced rate reached in December 1953, as ciably from the high levels reached in the the chart shows. During 1953 output of autumn of 1953. these goods had been cut about one-fourth Output of major appliances increased about to the level prevailing in early 1952 before one-eighth in the first four months of this the expansion of that year. In the rise this year from the curtailed end-of-1953 rates. year output reached an indicated level in From May through December of last year April of 113 per cent of the 1947-49 average. output had decreased about 30 per cent, fol- Business inventories of household durable lowing an expansion of 50 per cent from goods had increased substantially by mid- the second quarter of 1952 to the spring of 1953 but the subsequent sharp output cur- 1953. While most appliances showed simitailments resulted in reductions in over-all lar, marked ups and downs, output of room stocks, particularly of television. Stocks air conditioners expanded rapidly through- HOUSEHOLD DURABLE GOODS RADIOS AND TELEVISION Seasonally adjusted, 1947-49=100 Ratio $cale Seasonally ad Lusted^1947-49=100 Ratio 1000 .AA 800 - 600 \ / \ / // \ /' \ /_ 400 / ' A 1 fS* v _ / /v | / \ 1^ LAA/ \ / \i - 200 /TOTAL l f/ \V / \ /" / / 'V J 100 V 80 RADIOS - 60 / ! \_^!_ 40 60 1947 1949 1951 1953 ]/ 1 1 1 1 1 NOTE.—Federal Reserve indexes of the value of retail sales 1947 1949 1951 1953 and stocks based on department store data and Department of NOTE.—Output of television prior to February 1948 was less Commerce retail store figures. Latest figures shown: output than 30 per cent of the 1947-49 average. Latest figures shown and sales, April; stocks, end of March. for all series are for April. 436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER DURABLE GOODS MARKETS out the period, to a rate about three times year, instalment credit outstanding declined higher than that in 1952. 900 million dollars in the first quarter. The Manufacture of furniture and floor- reduction, which reflected in part seasonal coverings has been stable this year at a level influences, compared with an increase of 700 nearly one-fifth below a year ago. At retail million in the corresponding period of 1953. stores, dollar sales of these products have On a seasonally adjusted basis, total exbeen moderately below year-ago levels. The tensions of instalment credit have declined value of stocks held by furniture manufac- since early 1953 while repayments have conturers had been reduced about 8 per cent by tinued to increase. Credit extensions to fithe end of 1953, and stocks at retailers had nance sales of new and used automobiles inalso been lowered. creased slightly in February and March of For most miscellaneous household and this year, as shown in the chart, but for the personal durable goods, output rose much first quarter they were about one-fourth beless in the 1952-53 period than was the case low the advanced rates of the same period for the major goods, and the curtailment of 1953. Instalment credit extended in conafter mid-1953 also was less pronounced, as nection with sales of other consumer durable shown in the chart on page 442. In the goods was about one-eighth smaller in the January-April period of this year production first quarter than a year earlier. of these goods decreased further, however, in contrast to the rise in major durable goods. INSTALMENT CREDIT Prices. Prices of household appliances Seasonally adjusted, millions of dollars Ratio scale and television generally were raised some- OTHER 1800 CONSUMER GOODS what last summer following increases in steel 1400 prices. Toward the year-end, however, some producers of television introduced lower 1000 priced models and there were some reductions in list prices. Prices of carpets also 800 extended were reduced somewhat. As in the case of autos, there were indications beginning in 600 ^repaid the latter part of 1953 of larger discounts \J and more frequent special sales than before 1 I 400 midyear. 1951 1953 1951 1953 NOTE.—Latest figures shown are for March. Federal excise taxes on most major appliances were reduced on April 1 from 10 per On new auto contracts the most common cent to 5 per cent, and decreases in retail list terms are one-third down and 24 months prices generally reflected the tax cut. Ex- maturity, but many contracts are written cises on radios and television were not af- for shorter periods and some for longer ones. fected by the tax reduction. For used cars, instalment contract maturities are typically shorter than for new cars. Re- INSTALMENT CREDIT cently, competitive market pressures have While sales of major consumer durable been operating to liberalize instalment credit goods have shown a moderate recovery this terms, particularly in the automobile field. MAY 1954 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS1 The Board's monthly index of output of MAJOR CONSUMER DURABLE GOODS major consumer durable goods has been re- Seasonally adjusted, 1947-49 = 100 Ratio scale 1 220 vised to incorporate information developed - 180 recently in revising the index of industrial production and to introduce new allowances - 140 for seasonal variation. The coverage of the index has been expanded and in addition new output indexes have been developed for other consumer durable goods, including automobile parts and tires and miscellaneous home and personal goods. These new in- - 60 dexes and the revised index for major consumer durable goods have been combined to 1947 1949 1951 1953 provide a new monthly measure of total ucts late in 1951. Moreover, certain relaoutput of consumer durable goods for the tively new products became sufficiently imperiod beginning January 1947. portant to require representation in the index. Reexamination of the major consumer dur- The levels as well as the monthly moveable goods index was considered desirable in ments of the revised index for major goods view of the availability of improved data and are generally similar to those of the old index, the marked changes in this strategic sector as shown in the accompanying chart. The of the economy since the index was first pubeffect on levels of the addition of rapidly lished in October 1951. As indicated in the growing items such as room air conditioners leading article of this BULLETIN, expansion has been offset by the addition of established through mid-1953 and subsequent conproducts such as heating apparatus. Differtraction in the nation's output were parences in monthly changes of the new and ticularly evident in major consumer durable the old indexes largely reflect changes in the goods. Wide fluctuations in output were allowances made for seasonal variation, notaccompanied by marked variations in busiably for passenger automobiles, television, ness inventories as retail sales fluctuated less and major appliances. than production. Also, seasonal variations The main structural features are the same in both demand and output became more in the revised index for major consumer durpronounced for these highly volatile prodable goods as in the old index. The comparison base period is the three years 1947-49. 1This article was written by Milton Moss. Work on the Weights used for combining series into new indexes was organized by Clayton Gehman, Chief, and the staff of the Business Conditions Section of the Division indexes for the subgroups and the total are of Research and Statistics, under the direction of Ralph A. based on gross factory value of output, Young, Director, and Kenneth B. Williams, Assistant Director, of the Division. and weight data are drawn chiefly from the 438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS Census of Manufactures for the year 1947.2 on pages 448-51 for the total and its 18 The index measures output of major dur- components and subtotals. The revised inable goods of the types produced primarily dex of major consumer durable goods will for sale to consumers. Such output includes be a separately published group of the new not only the units produced for consumers total index of consumer durable goods. Curbut also the units produced for business and rent indexes will be published regularly in Government use, including military use, and the Federal Reserve BULLETIN and in the for export. Imports of finished consumer release on Business Indexes. Individual indurable goods are not included. The struc- dexes without seasonal adjustment, for tural features of the index of total output of woven carpets, appliances, heaters, radios, consumer durable goods are the same as and television are available on request. those given above. Sources and descriptions of the data used in constructing the new REVISION OF MAJOR CONSUMER DURABLE indexes are shown in the table beginning on GOODS INDEX page 446. As in the old index, the products included The products in the revised index of major in the revised index for major consumer consumer durable goods represent about 10.3 durable goods are of generally high unit billion dollars in factory value of output in value. Certain exceptions were deemed de- 1947-49 (at 1947 prices) as compared to 9.2 sirable, however, in cases where items of billion in the old index. The new index lower unit value were important to comfor other consumer durable goods accounts plete their product groupings. For example, for an additional 4.4 billion dollars of output, scatter rugs are included in the floor-coverand brings the over-all amount included in ings index and small radios in the radio the new total index to 14.7 billion. index. Also, for the purpose of obtaining full Indexes beginning with January 1947 are representation in the radio index, total output shown with and without seasonal adjustment of auto radios is included even though some proportion is installed as original equip- 2 The weights used in this index are based on unit values in 1947 and average quantities in the comparison base period, ment in new automobiles. In the weight for 1947-49, except that for television 1949 unit values are used the auto index, however, the value of factory in conjunction with 1947-49 quantities. Gross-value weights are used because such weights are installed auto radios is excluded. best suited for measuring output of finished goods and for The old index for major goods was comcomparing changes in output with various other market developments. In the Board's index of industrial production, posed of monthly output series for automoindustry value-added weights are used in order to summarize biles and 11 types of household goods, the contributions being made at any one time by producers including furniture, carpets, radios, television at different stages of fabrication, including the final stage. The general movement of the consumer durable goods index sets, and 7 types of major appliances. In this would not be greatly changed by substituting value-added revision 13 types of products have been added, weights for the gross-value weights. Differences arise, however, because some products have greater importance under which together account for about 11 per cent one weighting structure than under the other, and these of the revised index for major consumer products sometimes show markedly divergent output movements from most other products. durable goods in the base period. For a discussion of the weights used in the index of in- In addition to this expansion in coverage, dustrial production and the relation between gross-value and value-added weights, see the description of the revision adjustments of monthly measures to levels of of that index published in the Federal Reserve BULLETIN independently calculated annual indexes have for December 1953. A reprint of that article is available on request to the Board's Division of Administrative Services. been introduced for most series, and certain MAY 1954 439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS other improvements have been incorporated MAJOR HOUSEHOLD GOODS Annuolly, 1947-49-100 Ratio scale in series used in the old index. Revisions of 150 ^1 300 seasonal adjustments are discussed in a later - 250 section of this article. Expansion of coverage. Most of the addi- 100 -*^V - 200 tional coverage for the major durable goods index in this revision is represented by five - 150 new monthly series, for household furnaces, gas water heaters, electric water heaters, tufted and hard-surface floor coverings, and bicycles and motorcycles. The first three of these series are based on physical output, and the others on man-hours adjusted for changes in output per man-hour by correction to annual output levels. The remainder of the added coverage is 75 75 represented indirectly on a monthly basis, al- 1947 '49 '51 '53 1947 though annually it is directly represented, siderably above the old for recent years bein large part by physical output data. Added cause of the addition of series for tufted rugs products include auto trailers, air condiand hard-surface floor coverings. In the old tioners, dehumidifiers, dishwashers, food- index only woven carpets were represented, waste disposers, sewing machines, and resi- output of which has been generally below dential stokers. Monthly changes in output the 1947-49 average in recent years. For of these products around their annual levels major appliances, the difference reflects inare based on movements of related produc- corporation of output measures for certain tion indexes, as indicated in the table begin- newer and more rapidly growing products, ning on page 446. In the case of air condi- namely, air conditioners, dehumidifiers, and tioners, the availability of improved factory food-waste disposers. shipments data has made possible direct Some indexes added to the revised major representation for this product on a quarterly durable goods category have not shown upbasis, beginning with the first quarter of 1953. ward trends compared with the 1947-49 base The expansion of coverage has substantially period. These include the new indexes for affected the movement of certain subgroup heating apparatus, comprising household indexes but, because of offsetting tendencies, furnaces and gas and electric water heaters, it has produced little difference between the and for auto trailers and bicycles and motorlevels or movements of the new and the old cycles. The advanced level for heating appamajor durable goods total. On an annual ratus in 1947-49 reflected abnormally large basis the most pronounced difference be- replacement demand in the early postwar tween the new and the old subgroup indexes period, while that for trailers reflected the is the substantially higher level since 1947 housing shortage. for the new indexes for major appliances and Adjustments to annual data. As in the floor coverings, as shown in the chart. industrial production index, annual measures The new index for floor coverings is con- calculated in greater detail or from prefer- 440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS able types of data are used for the purpose goods is a combination of the revised index of periodically checking and correcting the for major durable goods and a new index levels of most of the monthly measures. of output of other consumer durable goods. These annual indexes are described in the This new index is based on 11 monthly last column of the table on pages 446-47. series developed mainly in the revision of Such independently determined annual the Board's index of industrial producoutput levels are used to adjust monthly tion, and accounts for about 30 per cent man-hour series in order to allow for changes of the new total consumer durable goods in output per reported man-hour. Annual index in the base period. With the exlevel adjustments are also used for products ception of the presently published series for that are indirectly represented on a monthly household glassware and pottery, the series basis. Similar adjustments are made to cer- in the index for other consumer durable tain monthly series based on physical output goods are unpublished components of the data. For example, the new monthly series index of industrial production but, as indifor refrigerators, which is based on the un- cated above, the weights used are based on weighted total number of units of all sizes, value-of-product data rather than valueis adjusted to an annual index based on sep- added data. arately weighted output series for different Modifications were made in a few of the sizes of refrigerators. General methods of industrial production index series, such as annual adjustment are discussed in the those for auto tires and small appliances, to article referred to in the note on page 439. make them more appropriate for use in the Improvements in data. Better data have consumer durable goods index. For exambeen incorporated for some products rep- ple, the series for tires was broken down into resented in the old index. In the case of two components relating to output for new laundry appliances, production data have car assembly and output for the replacement been derived and substituted for factory sales market, and only the replacement component to take into account factory inventory was included in the consumer durables index. changes. For automobiles also production In general, because of limitations in the data have been substituted fof factory sales. available data, the monthly indexes for other Factory stocks of automobiles are apparently consumer durable goods are less reliable than subject to wider fluctuations, particularly dur- the indexes for the major items. Publication ing model change-over periods, than had of monthly indexes will be confined to the been realized when the old index was con- total for other consumer durable goods and structed. Other improvements in data in- two subtotals—one for auto parts and tires clude revisions in figures, particularly for and the other for miscellaneous home and radios and television, to take into account personal goods. more complete information made available Fluctuations in output of major consumer since the publication of the old index. Redurable goods account for most of the visions in the furniture series reflect use of changes in the new index of total consumer more detailed annual value-of-shipments durable goods output, as the chart on the data from Census Facts for Industry surveys. following page indicates, Production of other consumer durable goods tends to be TOTAL CONSUMER DURABLE GOODS much more stable thaft omtpmt oi the gen- The index for total consumer MAY 1954 441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS CONSUMER DURABLE GOODS goods as compared to output of major dur- Seasonally adjusted, 1947-49 • 100 Ratio sea le able goods. For various reasons the volume 180 of repair parts produced tends to be more 140 stable than output of new autos. The two other series in this subgroup, those for auto replacement tires and batteries, while influenced by sharp seasonal fluctuations in demand and marked short-run changes in distributors' stocks, have some of the longer run stability shown by the series for vehicle repair parts. Special factors arising from World War II and its aftermath, however, resulted in an abnormally large early postwar demand for replacement parts. Following a sharp decrease in 1949 and an increase in 1950, over-all output of parts J I 60 and tires has tended to be quite stable, after 1947 1949 1951 1953 allowing for seasonal changes, as shown in the chart. erally higher unit value goods included in the major goods index. Thus in the second OTHER CONSUMER DURABLE GOODS half of 1953, the former declined about 5 Seasonally adjusted, 1947-49=100 Ratio scale per cent and the latter about 25 per cent. 140 In contrast with the index for other con- MISCELLANEOUS sumer durable goods, the index for major consumer durable goods has shown substantial growth since 1947-49. Output of both •^"X /AUTO PARTS types of durable goods has increased con- ^ and TIRES siderably since World War II, however, but I I I I J L 60 1947 1949 1951 1953 the increase came much earlier for auto repair parts, jewelry, and small appliances than The index for miscellaneous home and for autos and television. personal goods also tends to be relatively In the subgroup for auto parts and tires, stable. Output of such items as cutlery, the series for motor vehicle repair parts has household glassware and pottery, toasters, the largest weight. It accounts for 10 per and ophthalmic goods, which are included cent of the new total index in the base period. in this subgroup, is generally more stable This series, which is based largely on de- than output of autos, major appliances, and flated value data for replacement parts and television sets. Among the miscellaneous accessories, mainly for autos but also for home and personal items, however, there are trucks, is derived from figures on Federal some luxury goods of high unit value which excise tax collections and from other sources. may be especially sensitive to changes in in- The relative stability of this series in recent come and demand. These include certain years has contributed to the smaller fluctua- jewelry items, sporting goods, and musical tion in output of other consumer durable instruments. 442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS The eight series making up the index for included in the nonworking day allowances miscellaneous home and personal goods are, used to compute daily average output from with the exception of household glassware, monthly totals, but now observance of holiderived from man-hour data reported by the days is reflected in the movement of the in- Bureau of Labor Statistics, adjusted to in- dexes without seasonal adjustment. When dependently determined annual output levels. output in a month with no major holidays, These annual levels are based mainly on de- such as June, is compared with output in flated value-of-shipments data. Use of man- a month with one major holiday, such as hour series in production indexes is dis- January, the amount of monthly fluctuation cussed in the article referred to in the note on in the new unadjusted indexes attributable page 439. to observance of the holiday is about 5 per cent. In effect, approximately this amount SEASONAL AND WORKING DAY ADJUSTMENTS of fluctuation is now reflected in the new In the new index for consumer durable seasonal adjustment factors. goods, seasonal adjustments have generally These and other aspects of the seasonal been made to subgroups rather than to in- and working day adjustments are discussed dividual series as was the case in the old index in the article referred to earlier. As also for major durable goods. Thus a seasonally noted in that article, a survey of trade assoadjusted series is calculated for refrigeration ciations was made by the Federal Reserve appliances, but not for refrigerators sepa- in 1952 to ascertain the length of the work rately. This procedure is similar to current week in individual industries. A 5-day work practice in the revised industrial production week was found to be generally observed in index and permits greater flexibility in revis- consumer durable goods industries and this ing seasonal factors. Exceptions to this prac- information has been used as a basis for detice are made in the cases of autos and furni- termining the number of working days each ture, which are adjusted separately. month for computing daily average output Seasonal adjustment factors for all pub- from monthly totals. An exception is the lished indexes are shown in the table on auto tire industry where the work week inpage 452. Two combinations of unpublished dicated was 5l/ 2 days. A daily average comcomponents are also seasonally adjusted in putation is not required for series based on order to arrive at a seasonally adjusted total man-hour data since they are reported as index. The combinations are vacuum clean- weekly rates rather than monthly totals. ers with other major appliances and auto The period since World War II has pretrailers with bicycles and motorcycles. sented unusual difficulties for the measure- Part of the difference between the new and ment of seasonal variation. This is especially the old seasonal adjustments for components true for major consumer durable goods of the major consumer durable goods index whose production, except for furniture, was reflects the fact that allowances for output largely suspended during the war. Morefluctuations due to holidays are now included over, in the early postwar years, very strong in the seasonal adjustment rather than in demands and shortages of materials and other the working day adjustment. This is also resources minimized and obscured seasonal the case in the revised industrial production variations. Seasonal fluctuations were again index. Formerly six principal holidays were obscured beginning in mid-1950, first by the MAY 1954 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS sharp rise in production associated with the the timing and duration of model changeupsurge in demand following the outbreak over periods as a seasonal phenomenon of the Korean War, and then by the opera- separate from other seasonal influences. In tion of the expanded defense program in this revision weekly changes in auto outlimiting output of some major durable goods. put have been analyzed for recent years to In revising seasonal factors the old allow- make possible a more precise determination ances for the years 1947 and 1948 were of such seasonal influences, including the changed little, except to reflect the different decline in output during change-overs as well treatment of holidays. After 1948 the changes as the sharp increases which follow. The were more basic, particularly for television, model change-over and total seasonal admajor appliances, and autos. justment factors are shown for recent years For television, rapid growth tended to in the accompanying chart. limit seasonal fluctuations in the earlier pe- After allowance for variations caused by riod, but in recent years much wider sea- the introduction of new models, it seems that sonal fluctuations have become evident, tak- since 1949 auto output has moved toward ing the form particularly of accentuated au- higher spring and lower autumn-winter tumn and late winter output rates. Seasonal levels of production. Despite larger seasonal allowances for refrigerators and other major fluctuations in recent years, the range of appliances have also been revised to take into seasonal variation in auto output is still much account the tendency in recent years toward smaller than that prevailing before World greater concentration of output in the first War II. quarter of the year and much less production COMPARISON WITH CONSUMPTION in the third quarter. EXPENDITURES In the case of autos, the new factors— like the old—incorporate allowances for The new monthly index of output of consumer durable goods differs in important SEASONAL ADJUSTMENT FACTORS FOR AUTOS respects from Department of Commerce esti- 120 mates of personal consumption expenditures for durable goods. These data differ mainly because one measures factory output and the other consumer purchases. The expenditure data, which are components of the gross national product statistics, are published quarterly and annually in terms of current prices—that is, reflecting changes in prices as well as in physical volume. Comparisons have been made of the annual movements of the expenditure figures, deflated by the Department of Commerce to eliminate the effect of price changes, and the new output indexes, mainly for selected major products. Of the various factors that affect relative movements of factory out- 1949 1953 444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS put and consumer purchases of a given class index is the item for consumer net purchases of products, changes in business inventories of used cars. Other categories included in appear to be the most important in the pe- expenditure figures but not in the output riod since 1947, particularly for major ap- index are writing equipment, books and pliances and radio and television sets. In maps, boats and pleasure craft, and the larger periods of expanding inventories such as part of the expenditure group for "durable 1950-51, output of these goods rose relative household furnishings, not elsewhere classito deflated expenditures. In the subsequent fied." The chief items in this group which period of inventory liquidation, output fell are not included in the output index are more than expenditures. This cycle of blankets, pillows, comforters, and portable change was repeated in 1952-53 and 1953-54. lamps. All of these categories, with the Another cause of difference between move- exception of net purchases of used cars, acments of the output and the deflated ex- count for about 7 per cent of estimated total penditure data relates to the fact that the ex- personal consumption expenditures for durpenditure data include imported goods and able goods in 1947-49. The principal type exclude exports, while the reverse is true of product in the output index which is not for the output figures. Imports are of some included in the expenditure data is heating significance for floor coverings, bicycles, apparatus—home furnaces and water heaters watches, and certain other consumer dur- —which is purchased in large volume for able goods. Changes in the proportions of replacement. This subgroup accounts for output exported, however, probably have had 4 per cent of the consumer durable goods a more important bearing on differences be- index in 1947-49. tween the movement of the output and the Various other differences in the concepts expenditure data. In the case of autos, ex- and basic data used in developing these ports in the postwar period have ranged measures contribute to their divergent befrom about 7 per cent of annual total out- havior. The expenditure estimates relate to put in 1947 to approximately 2 per cent in the value of retail sales including Federal, 1950. Recently this proportion has been State, and local excise taxes, while the weights about 4 per cent. Exports are also of im- used in the output index are based on the portance for appliances and vehicle repair factory value of production and exclude such parts and tires and, as in the case of autos, taxes. the proportion of output exported has varied Even after allowance for the conceptual over the postwar period. differences described above, variations in Other differences between the output and movements between the deflated expenditure the expenditure data arise because the latter data and the output indexes could occur beare designed to exclude domestic purchases cause of estimating or reporting errors in of these goods by business and Government both sets of data. As analyses of demand while, as noted, the output figures relate to and supply developments in this area proceed total output for all uses. Also, certain items and improvements occur in the statistics are included in the expenditure data but not underlying both measures, problems related in the output figures, and vice versa. to the physical flow of commodities in this The most important item represented in important sector of the economy should be the expenditure data but not in the output further illuminated. MAY 1954 445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDEX OF OUTPUT OF CONSUMER DURABLE GOODS 1947-49 Series propor- Source of data and description Description of annual indexes used for tion of monthly series adjusting levels of monthly series CONSUMER DURABLES—TOTAL 100 00 MAJOR DURABLES 69.72 Autos 32 10 Ward's Automotive Reports, production of passen- 0) eer cars, in units. Major Household Goods 36 13 Furniture and floor coverings 1532 Household furniture 11.31 BLS, man-hours, for household furniture indus- 16 series, based on Census value of shipments try. data for household furniture industry deflated by BLS price indexes. Floor coverings 4 01 Woven carpets 2 60 Carpet Institute, Inc., production of Axminster, C1) Wilton, Velvet, and Chenille type fabrics, in sq. yds. Tufted and hard-surface floor coverings i 41 BLS, man-hours, for carpets, rugs, and other floor 3 series, for cotton-tufted carpets, linoleum, and coverings industry minus wool carpets industry. asphalted-felt-base hard-surface floor coverings, based partly on information from trade sources. Appliances and heaters 15 60 Major appliances 11 88 Ranges 2 60 Gas ranges 1 63 Census, production, derived by FR from reported 10 series, for products included monthly, by type, factory shipments and inventories of domestic and for other household types of nonelectric standard- and apartment-size gas ranges, in cooking equipment. units. Electric ranges.... 97 Natl. Electrical Manufacturers Assn., production, 2 series, for products included monthly, with FR derived by FR from reported factory shipments estimates, based partly on Electrical Merchanand inventories of standard- and apartment- dising data, for output not reported monthly. size electric ranges, in units. Refrigeration appliances 4 98 Refrigerators 4 20 Natl. Electrical Manufacturers Assn. and other 3 series, for products included monthly, by size, trade sources, production, derived by FR from with FR estimates, based partly on Electrical reported factory shipments and inventories of Merchandising data, for output not reported household refrigerators, in units. monthly. Freezers. 67 Natl. Electrical Manufacturers Assn., production, Based on data for products included monthly, derived by FR from reported factory shipments with FR estimates, based partly on Electrical and inventories of home and farm freezers, in Merchandising data, for output not reported units. monthly. Room air conditioners and dehumidifiers 11 FR estimates, based on Air-Conditioning and Re- Based on Census and Electrical Merchandising frigeration Institute quarterly factory ship- factory shipments data for room air condiments data. Before 1953, represented by "re- tioners and, beginning in 1950, dehumidifiers. frigeration appliances." Laundry appliances 2 51 Washing machines. 2 26 American Home Laundry Manufacturers' Assn., 2 series, for products included monthly, with FR production, derived by FR from reported fac- estimates, based partly on Electrical Merchantory shipments and inventories of automatic dising data, for output not reported monthly. and nonautomatic washing machines, in units. Before 1951, monthly inventory changes estimated by FR. Driers and ironer3. 25 American Home Laundry Manufacturers' Assn., 2 series, for products included monthly, with FR production, derived by FR from reported fac- estimates, based partly on Electrical Merchantory shipments and inventories of household dising data, for output not reported monthly. driers and ironing machines, weighted combination. Before 1951, monthly inventory changes estimated by FR. Vacuum cleaners .79 Vacuum Cleaner Manufacturers' Assn., factory 0) shipments of standard type vacuum cleaners, in units. (Other major appliances). 1.00 Represented by "laundry appliances," "refrigera- 4 series, based on Census factory shipments data tion appliances," and "vacuum cleaners." for residential mechanical stokers; Census value of shipments data, deflated, for sewing machine industry; and Electrical Merchandising factory shipments data for dishwashing machines and food waste disposers. Heating apparatus 3.72 Furnaces 2.75 Census, production, derived by FR from reported 25 series, for products included monthly, and for factory shipments and inventories of warm air heating boilers, floor and wall furnaces, range furnaces, oil burners, and domestic heating boilers, unit heaters, and parts. stoves, weighted combination. Water heaters .97 Gas water heaters.... .62 Gas Appliance Manufacturers Assn. (before June 10 series, for products included monthly, by type* 1953, Census), production, derived by FRfrom and for other types of nonelectric water heaters. reported factory shipments and inventories of underfired gas storage water heaters, in units. Electric water heaters .35 Natl. Electrical Manufacturers Assn., production, 0) derived by FR from reported factory shipments and inventories of electric storage water heaters, in units. 1 Annual index based on same data as monthly index. For additional footnotes see next page. 446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESCRIPTION OF SERIES IN INDEX OF OUTPUT OF CONSUMER DURABLE GOODS—Continued 1947-49 Series pr t o io p n or- Source o o f f m d o at n a t h a l n y d s e d r e ie s s cription De a s d c j r u ip s t t i i o n n g o le f v a e n ls n u o a f l m in o d n e t x h e ly s u se se ri d e s for MAJOR DURABLES—Cont. Major Household Goods—Cont. 5.21 • Radio and television sets 3.42 Radio sets .74 Radio - Electronics - Television Manufacturers 0) Auto radios Assn., production, in units. Original data are 4- and 5-week totals. Before 1950 partly estimated by FR. Household radios . . . 2.68 ditto 2 series, for products included monthly, by type. Television sets 1.79 Table model TV.. . .85 ditto 0) Console model TV. .94 ditto 2 series, for products included monthly, by type. {Auto trailers) .75 Represented by "autos, trucks, and parts" sub- Based on Trailer Coach Manufacturers Assn. facgroup index of FR industrial production index. tory shipments data. Before 1949, FR estimates. Bicycles and motorcycles .74 BLS, man-hours, for motorcycles and bicycles 2 series, based on Bicycle Manufacturers Assn. of and transportation equipment n.e.c. industries. America factory shipments data for bicycles, and Census value of shipments data for motorcycles, motorbikes, motor-scooters, and parts. Before 1952, for motorcycles, Tariff Comm. production data. OTHER CONSUMER DURABLES. 30.28 Auto Parts and Tires 14.00 Motor vehicle repair parts 9.79 FR estimates, based mainly on Internal Revenue 0) Service excise tax data. Auto replacement tires. The Rubber Manufacturers Assn., Inc., produc- 0) tion, derived by FR from reported factory shipments of auto replacement tires and inventory data. Replacement batteries 1.50 Assn. of American Battery Manufacturers, Inc., 0) factory shipments of automotive replacement batteries. Miscellaneous Home and Personal Goods 16.28 Small appliances, records, and electrical products n.e.c. , . . 2.78 BLS, man-hours, for the electrical appliances 17 series based on Electrical Merchandising factory and miscellaneous electrical products industries shipments data for small electrical appliances; minus storage batteries, primary batteries (wet and 2 series based on Census value of shipments and dry), and X-ray and non-radio electronic data, deflated, and man-hour data for phonograph tubes industries. Before 1951, FR estimates. records and electrical products n.e.c. industries. Cutlery. .96 BLS, man-hours, for cutlery and edge tools in- Based on Census value of shipments and mandustries. hour data for cutlery industry and BLS price data for cutlery. Home glassware and pottery.. 1.73 Household glassware. ... .70 American Glassware Assn., production of tum- 10 series, based on Census factory shipments data blers, in units. for tumblers, tableware, kitchenware, etc. Household pottery 1.03 BLS, man-hours, for vitreous china and earthen- 3 series based on Tariff Comm. production dataware food utensils, china decorating for the for vitreous china and earthenware food utensils trade, and pottery products n.e.c. industries. for 1947-51 and Census value of shipments and Before 1953, FR estimates based on special man-hour data for later years; and 2 series BLS tabulations. based on Bureau of Mines data for clay supplied to producers of stoneware and art pottery and flower pots. Luggage and related goods.. .. 2.87 BLS, man-hours, for luggage, handbags, and small Based on Census value of shipments and manleather goods industries. Before 1951, man- hour data, BLS man-hour data, and retail trade hour data also include leather gloves and mit- data from various sources. Before 1951, same tens, industrial leather belting, footwear cut as "miscellaneous leather products" series of stock, and miscellaneous leather goods indus- FR industrial production index. tries. Watches and clocks. 2.11 BLS, man-hours, for watches and clocks industry. Based on Tariff Comm. production data for 1947- 50, and Census value of shipments data for watches and clocks industry, deflated, for later years. Ophthalmic goods .73 BLS, man-hours, for ophthalmic goods industry. Based on Census value of shipments and man-hour data, and BLS man-hour data for ophthalmic goods industry. Other misc. consumer durables 5.10 BLS, , man-hours, for jjeyw elry and silverware,, toyy Based on Census value of shipments and man-hour andd sportiin g goodds , aanndd mmuussiiccaall iinnssttrruummeenntts data and BLS price and man-hour data for and pparts industries. BBfe fore 11995511 ,t totlt al fo f ffiirtst jewelry and silverware, sporting and athletic 22 onlly. goods, and musical instruments and parts industries. NOTE TO COLUMN HEADINGS— Series: Products shown in parentheses are represented monthly by series for other products, as indicated in the next to last column. Series in lightface italics are included in published combined indexes but are not published separately. For home glassware and pottery, however, indexes are published in the Board's industrial production index. 1947-49 proportion: Weights assigned to series in calculating combined indexes on the 1947-49 comparison base. Weights shown are rounded. Source of data and description of monthly series: Descriptions are given of data reported by compiling agency and any FR modifications of reported data. The data described are reported by the compiling agencies for calendar-month periods except for man-hour figures, which relate to the payroll period ending nearest the 15th of the month, and for radio and television series which, as noted, are reported for twelve 4- and 5-week periods per year. Description of annual indexes, etc.: Unless otherwise noted, sources and types of data are the same as indicated for monthly series. Methods of adjusting monthly series, including man-hour series, to annual levels are explained in the article on revision of industrial production index in the December 1953 BULLETIN (reprint available). SPECIAL ABBREVIATIONS USED: BLS—U. S. Bureau of Labor Statistics; Census—U. S. Bureau of the Census; FR—Federal Reserve; and n.e.c.— not elsewhere classified. MAY 1954 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS, 1947-1953 x Indexes, Without Seasonal Adjustment, 1947-49 Average — 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year CONSUMER DURABLES—TOTAL. 1947 87 94 98 98 94 98 87 93 102 106 108 105 98 1948 98 100 103 99 92 101 99 103 104 114 106 98 102 1949 92 94 98 100 93 101 98 108 116 119 102 92 ior 1950 112 111 118 125 128 144 131 148 150 156 136 134 133 1951 125 139 143 130 117 116 92 98 104 106 101 94 114 1952 92 101 107 104 101 102 71 93 118 127 126 118 105 1953 126 136 141 139 133 131 120 127 122 131 110 103 127 MAJOR DURABLES 1947 79 88 94 93 88 95 81 86 98 101 105 103 93 1948 97 98 102 96 85 98 97 100 100 116 107 100 100 1949 95 97 103 107 96 109 105 118 128 131 108 95 107 1950 127 123 132 141 144 167 146 168 170 176 149 148 149 1951 138 155 163 143 127 125 92 99 107 110 104 95 122 1952 92 104 113 110 105 108 63 91 127 136 137 126 109 1953 138 151 157 156 147 144 130 138 130 142 113 106 138 1947 68 82 90 89 80 91 75 77 87 86 95 97 85 1948 90 86 94 86 67 89 102 98 85 112 103 102 93 1949 98 102 109 128 112 141 143 151 151 146 106 82 122 1950 141 119 127 142 158 203 178 185 181 187 143 148 159 1951 134 158 172 150 137 143 108 117 112 111 102 83 127 1952 77 98 112 117 111 117 43 71 125 130 126 114 103 1953 132 151 161 170 162 166 161 153 134 151 107 107 146 Major Household Goods. 1947 87 93 97 97 95 98 85 94 106 113 113 107 99 1948 102 108 108 104 100 105 92 102 114 119 111 98 105 1949 92 94 98 89 84 83 74 91 110 119 111 109 96 1950 117 131 139 143 134 137 120 156 162 170 156 150 143 1951 144 156 158 138 120 111 78 85 103 109 108 106 118 1952 105 111 115 104 100 100 80 109 129 143 148 137 115 1953 144 153 155 145 136 126 103 125 129 137 120 106 132 Furniture and floor coverinorS! 1947 94 97 96 96 94 95 88 97 99 106 107 110 98 1948 110 112 111 104 102 103 92 102 107 110 105 106 105 1949 99 99 99 93 87 87 79 91 101 106 105 111 96 1950 109 116 118 117 114 119 106 123 129 129 129 125 120 1951 120 124 122 114 101 96 84 90 94 98 100 103 104 1952 104 105 106 105 102 98 96 108 115 121 121 123 109 1953 120 124 124 121 114 112 101 110 110 112 106 104 113 Household furniture. . . 1947 99 102 100 97 96 97 94 99 101 107 109 112 101 1948 112 111 109 102 98 96 95 100 102 107 104 103 103 1949 93 93 92 89 85 86 84 93 102 108 108 113 96 1950 111 117 119 118 118 120 116 129 132 132 132 128 123 1951 124 125 125 115 105 98 95 97 100 103 107 110 109 1952 108 109 108 106 105 106 106 114 119 124 125 128 113 1953 123 126 127 123 119 117 112 116 114 116 113 109 118 Floor coverings 1947 79 83 87 93 89 89 72 92 92 105 103 102 91 1948 104 114 119 112 114 121 83 106 118 118 108 113 111 1949 115 116 117 105 91 89 63 85 97 101 99 105 98 1950 104 114 116 116 103 118 79 108 120 120 121 115 111 1951 112 121 114 111 91 88 54 70 77 81 78 80 90 1952 89 92 99 102 94 75 65 90 103 115 110 108 95 1953 109 118 117 114 100 98 67 94 97 102 87 88 99 Appliances and heaters .. 1947 82 90 98 97 97 106 88 94 116 121 119 108 101 1948 100 109 109 109 109 116 100 106 128 134 113 92 110 1949 89 92 94 79 73 80 72 85 107 107 93 88 88 1950 102 119 129 137 126 137 128 138 156 152 134 130 132 1951 125 143 147 135 115 120 74 84 106 101 96 95 112 1952 89 97 104 89 87 92 63 95 109 119 122 115 99 1953 119 135 149 138 132 123 94 101 108 114 96 92 118 Major appliances . . . 1947 72 80 90 93 93 104 83 82 107 110 113 107 94 1948 102 116 119 115 115 124 105 101 126 131 116 97 114 1949 99 103 105 87 79 84 74 81 103 99 90 94 92 1950 115 133 144 151 134 141 131 131 152 147 133 133 137 1951 131 150 155 141 119 124 73 81 106 101 95 101 115 1952 95 104 113 93 89 93 59 88 iO4 112 123 123 100 1953 130 148 166 149 140 130 93 95 105 110 98 100 123 Ranges 1947 89 99 106 105 102 114 88 92 110 120 115 104 104 1948 113 125 127 121 122 128 94 122 134 134 119 83 118 1949 90 81 87 67 61 65 57 70 86 98 86 86 78 1950 94 112 118 132 125 118 109 124 142 132 122 116 120 1951 119 135 133 120 102 90 54 73 96 87 92 78 98 1952 84 79 88 70 65 69 41 72 76 84 86 82 75 1953 90 97 109 105 106 96 72 83 92 86 75 66 90 For footnotes see next page. 448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS, 1947-1953 1—Continued Indexes, Without Seasonal Adjustment, 1947^-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Year Major appliances—Cont Refrigeration appliances 1947 61 65 78 81 84 96 78 67 101 97 100 103 84 1948 90 105 113 110 112 130 119 91 125 138 123 119 115 1949 119 123 123 104 92 97 88 80 108 91 85 104 101 1950 136 147 158 174 159 173 161 139 165 157 139 142 154 1951 148 165 176 166 140 146 88 80 106 99 92 113 127 1952 104 111 124 101 93 98 69 87 108 110 127 138 106 1953 148 173 199 182 168 149 112 89 95 100 86 111 137 Laundry appliances 1947 75 87 94 101 100 107 87 95 116 124 133 112 102 1948 116 129 123 124 121 117 95 105 127 122 107 66 113 1949 69 83 83 66 66 79 64 95 112 115 103 83 85 1950 100 137 152 140 107 119 104 128 153 155 149 141 132 1951 121 148 148 128 107 125 65 94 124 120 107 103 116 1952 92 120 117 105 106 109 55 108 127 146 157 144 115 1953 142 163 171 144 135 146 89 126 145 160 149 122 141 Heating apparatus 1947 116 121 122 111 108 114 105 134 144 155 137 113 123 1948 95 86 78 88 87 93 82 123 136 143 103 75 99 1949 59 58 59 56 56 67 64 96 119 130 101 67 78 1950 62 73 80 95 101 126 118 163 167 167 136 120 117 1951 105 119 123 114 104 108 75 93 104 104 100 77 102 1952 69 73 76 77 81 91 77 114 124 140 120 90 94 1953 87 92 94 101 107 100 95 120 117 127 90 68 100 Radio and television sets 1947 82 92 93 96 91 83 63 86 98 110 111 96 92 1948 82 92 94 89 71 80 66 88 92 101 118 94 89 1949 81 87 107 105 108 80 65 105 145 194 186 166 119 1950 187 209 230 234 216 189 140 307 281 344 303 286 243 1951 272 289 293 221 189 129 70 72 124 168 167 151 178 1952 160 171 173 142 134 128 85 157 232 277 300 244 184 1953 288 293 266 236 208 179 136 242 249 276 230 156 230 Radio sets 1947 123 138 139 143 134 121 93 125 134 159 157 134 133 1948 115 123 120 112 83 91 77 99 93 93 105 76 99 1949 63 66 76 65 74 57 51 63 75 82 70 68 68 1950 67 75 76 88 86 83 45 89 73 83 83 81 77 1951 80 88 91 90 93 58 33 37 58 56 48 44 64 1952 46 56 58 62 54 50 31 38 49 54 65 64 53 1953 72 78 82 76 74 61 45 65 62 68 68 57 67 Television sets 1947 3 5 6 6 8 10 8 11 29 18 23 23 13 1948 19 32 44 45 49 60 45 67 90 116 143 127 70 1949 116 125 165 182 173 122 91 186 277 407 408 354 217 1950 415 464 524 514 464 392 321 723 678 842 725 677 561 1951 640 673 678 471 374 266 141 139 251 383 395 355 396 1952 377 390 393 296 286 276 188 384 581 702 750 586 436 1953 701 704 618 542 464 404 310 581 606 673 541 347 541 OTHER CONSUMER DURABLES . 1947 105 108 109 110 106 105 103 108 113 118 115 108 109 1948 103 104 104 106 107 107 103 109 111 109 102 95 105 1949 87 87 86 84 85 83 82 86 88 02 89 83 86 1950 79 81 85 88 91 93 97 102 106 110 106 100 95 1951 96 100 98 100 95 95 92 94 97 97 95 92 96 1952 92 94 94 90 90 89 91 98 99 105 103 99 95 1953 98 98 102 102 102 101 99 104 103 106 103 96 102 Auto Parts and Tires 1947 106 113 113 116 111 109 111 116 123 127 120 108 114 1948 102 102 101 107 113 114 109 115 116 109 96 89 106 1949 80 80 79 78 82 80 81 83 81 83 77 70 80 1950 65 66 73 79 86 89 99 99 100 102 95 88 87 1951 85 86 84 92 90 91 90 89 95 93 88 86 89 1952 89 91 89 85 85 85 92 97 93 95 89 86 90 1953 87 89 90 90 94 91 92 95 93 93 89 84 91 Misc. Home and Personal Goods. 1947 105 104 106 105 102 101 96 102 105 110 110 109 105 1948 103 105 106 105 102 102 98 104 106 109 107 100 104 1949 93 93 92 89 88 86 82 89 95 100 99 93 92 1950 90 93 95 96 96 96 96 105 111 116 115 109 101 1951 105 111 111 107 100 99 94 98 99 100 100 98 101 1952 94 97 98 94 94 92 89 99 104 113 114 111 100 1953 107 111 114 113 110 110 105 111 112 117 115 107 111 1 Index numbers through March 1954 are shown in the regular BULLETIN table on p. 510. NOTE.—Individual indexes for woven carpets, appliances, heating apparatus, radio sets, and television sets are available on request to the Division of Research and Statistics. MAY 1954 449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS, 1947-1953 * Seasonally Adjusted Indexes, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. CONSUMER DURABLES—TOTAL 1947 91 96 98 98 96 98 94 93 98 99 104 106 1948 103 100 101 99 94 101 106 103 99 106 102 99 1949 96 95 94 97 94 101 105 108 111 112 101 96 1950 112 109 113 121 130 145 147 151 145 144 142 138 1951 133 134 133 126 119 116 103 98 102 100 100 98 1952 97 98 100 101 103 103 82 95 115 117 124 124 1953 127 130 132 135 138 134 137 129 121 118 112 109 MAJOR DURABLES .... ... 1947 82 88 92 93 91 95 88 88 94 94 101 104 1948 101 97 99 96 88 97 106 102 97 109 104 101 1949 97 97 97 103 98 108 114 118 122 123 107 102 1950 125 120 124 135 146 167 167 173 164 161 159 155 1951 147 147 148 136 129 124 107 100 105 103 104 100 1952 97 99 103 105 108 109 77 94 123 125 135 134 1953 138 142 144 149 153 147 152 142 130 126 117 114 Autos 1947 70 83 88 87 82 89 77 75 87 85 95 99 1948 92 86 93 85 69 87 104 96 84 110 103 104 1949 101 105 103 122 112 135 142 145 144 144 111 97 1950 137 118 122 133 156 191 181 181 177 176 175 167 1951 154 153 155 137 133 132 112 112 113 110 108 98 1952 91 95 102 108 109 109 44 69 121 124 135 137 1953 137 146 150 157 160 158 164 150 137 132 127 127 IVIajor Household Goods 1947 92 92 94 98 99 100 98 98 101 103 106 107 1948 107 106 104 104 104 106 106 107 107 108 104 98 1949 94 91 92 87 86 87 90 96 104 107 105 108 1950 117 124 128 139 140 148 158 168 155 151 147 146 1951 144 145 143 137 128 118 103 91 99 99 101 104 1952 104 103 104 103 109 109 107 118 125 126 136 133 1953 140 141 140 144 148 139 143 136 125 121 110 104 Furniture and floor coverings 1947 93 94 93 97 97 97 98 100 99 102 105 107 1948 109 109 108 104 105 104 104 105 105 105 103 103 1949 98 96 95 92 90 89 90 94 99 102 103 107 1950 108 111 113 117 119 122 123 127 127 125 124 120 1951 119 119 118 114 105 98 96 94 93 94 96 98 1952 102 101 102 104 106 101 109 112 114 116 117 118 1953 118 119 120 120 119 115 115 115 109 107 102 99 Household furniture 1947 97 99 98 99 100 102 101 101 100 103 106 108 1948 110 108 107 104 102 100 102 102 101 103 101 99 1949 92 91 91 91 89 89 91 95 101 104 104 108 1950 110 113 116 120 123 125 125 131 130 128 127 122 1951 122 122 123 118 109 103 101 99 99 100 103 105 1952 107 107 106 108 110 111 113 116 118 120 121 122 1953 122 123 125 125 124 122 120 118 113 112 109 104 Floor coverings 1947 81 80 80 89 89 84 89 97 95 99 102 102 1948 107 110 110 106 113 114 111 112 115 111 107 113 1949 113 110 107 98 93 87 90 92 94 95 98 103 1950 102 105 106 108 106 114 117 117 118 113 116 113 1951 110 110 104 102 94 86 82 78 77 75 75 79 1952 88 84 90 94 97 74 99 100 104 106 106 106 1953 107 107 106 105 103 95 102 104 98 93 84 87 Appliances and heaters ... 1947 92 92 98 101 103 105 102 100 104 104 110 112 1948 110 108 106 111 114 113 114 115 115 117 106 95 . 1949 93 89 87 79 77 80 83 92 97 95 90 91 1950 107 114 119 134 132 135 149 149 142 136 134 135 1951 133 137 134 131 121 118 96 91 97 91 95 97 1952 94 92 93 88 92 92 83 102 100 105 120 118 1953 126 128 132 134 138 121 123 109 99 101 93 95 Major appliances 1947 77 77 85 90 94 98 94 96 101 102 110 112 1948 109 111 112 112 116 116 118 119 119 121 113 101 1949 101 96 93 82 80 81 85 95 99 95 92 99 1950 117 123 127 141 137 137 152 153 146 141 138 136 1951 134 136 131 132 122 120 98 95 102 96 97 100 1952 97 94 95 88 92 91 8) 104 101 107 125 122 1953 132 134 139 140 144 127 127 111 101 104 98 100 Ranges . . . 1947 90 94 100 104 103 109 106 96 106 110 111 114 1948 115 119 120 119 124 122 116 127 128 122 116 91 1949 91 77 78 66 63 63 70 75 81 88 85 94 1950 95 105 106 128 129 126 134 134 132 119 120 122 1951 121 126 120 114 105 96 82 78 88 78 84 79 1952 83 74 79 66 68 74 64 77 69 75 79 84 1953 89 91 98 100 110 102 113 89 85 77 68 67 For footnotes see next page. 450 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS, 1947-1953—Continued Seasonally Adjusted Indexes, 1947-49 Average = 100 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Major appliances—Cont. Refrigeration appliances. 1947 68 64 72 77 83 86 79 88 96 92 100 105 1948 101 104 104 104 110 116 122 120 119 130 123 121 1949 119 116 109 95 91 90 94 102 107 94 92 106 1950 136 137 140 155 156 160 173 177 163 162 154 145 1951 148 149 145 148 138 135 108 102 106 104 105 110 1952 104 100 101 90 91 91 85 110 109 116 144 134 1953 148 156 163 162 165 138 138 113 96 105 98 108 Laundry appliances 1947 79 81 93 99 102 104 104 106 107 112 121 123 1948 122 120 122 122 124 113 114 117 117 110 97 72 1949 75 74 75 66 68 76 83 106 104 104 97 92 1950 108 123 132 140 119 115 141 142 142 140 141 144 1951 130 129 126 128 119 121 99 107 115 103 101 105 1952 99 105 100 108 118 105 83 123 119 125 142 147 1953 152 143 146 148 150 142 135 143 136 137 136 125 Heating apparatus 1947 138 141 140 135 131 129 128 112 112 113 113 112 1948 114 101 90 107 106 105 100 103 105 103 85 74 1949 70 68 68 68 68 76 78 80 92 94 83 66 1950 77 86 92 109 116 129 140 137 129 121 120 130 1951 129 140 141 129 119 111 90 78 81 75 87 86 1952 85 86 87 88 90 94 90 96 96 101 105 105 1953 107 108 109 115 119 103 111 101 91 92 79 79 Radio and television sets 1947 90 89 87 90 91 91 84 86 96 100 97 95 1948 92 89 87 84 71 87 91 91 90 89 101 92 1949 85 80 95 98 103 103 110 115 139 157 159 163 1950 175 188 201 221 229 260 288 344 279 275 256 259 1951 249 242 244 226 212 , 177 142 82 123 137 136 138 1952 136 143 144 145 167 184 176 181 231 220 239 223 1953 245 246 222 244 262 262 285 279 248 221 185 145 Radio sets 1947 135 134 130 134 134 133 122 125 132 144 138 133 1948 126 120 113 106 83 100 101 99 92 85 92 75 1949 68 64 71 61 67 63 68 63 73 75 69 69 1950 71 71 71 77 78 84 73 89 70 80 81 81 1951 80 80 80 79 84 59 53 41 56 54 47 46 1952 46 51 51 54 49 52 50 42 48 52 64 67 1953 72 72 72 67 67 63 73 72 60 65 66 59 Television sets 1947 4 5 5 5 8 11 12 13 27 15 19 23 1948 25 31 38 41 48 62 72 77 86 96 119 125 1949 118 111 141 169 173 180 190 213 264 313 332 344 1950 374 411 448 494 515 595 699 830 678 648 589 600 1951 57? 551 556 507 456 403 313 161 251 294 307 314 1952 309 320 322 318 392 438 417 446 581 540 573 519 1953 575 577 507 583 635 642 689 676 606 518 413 307 OTHER CONSUMER DURABLES . 1947 113 113 111 111 106 106 106 105 107 109 111 110 1948 110 108 106 107 107 109 107 106 105 101 98 96 1949 93 90 87 85 85 85 84 84 85 86 86 83 1950 83 83 86 89 92 95 100 100 102 103 102 101 1951 100 102 99 101 96 97 95 92 95 91 92 94 1952 95 95 94 91 91 91 94 95 97 99 100 101 1953 101 102 103 103 104 103 102 101 101 101 101 97 Auto Parts and Tires 1947 118 123 119 118 108 108 111 109 114 116 118 112 1948 114 111 107 109 111 113 109 108 107 99 95 93 1949 89 87 83 79 80 79 79 79 77 76 75 73 1950 71 71 77 81 84 88 96 94 95 94 93 92 1951 91 92 88 94 88 90 87 84 90 87 88 90 1952 94 94 92 87 85 85 90 91 89 90 89 90 1953 92 93 93 92 94 91 90 89 89 88 89 88 Misc. Home and Persona! Goods 1947 108 104 105 105 104 105 103 102 102 104 105 108 1948 106 105 105 105 104 106 105 104 103 103 102 99 1949 96 93 91 89 89 90 88 89 92 94 95 92 1950 93 93 94 96 98 100 103 105 107 110 110 108 1951 108 110 109 107 102 10? 101 93 98 95 96 97 1952 96 96 96 94 96 95 96 99 103 108 110 110 1953 109 110 112 113 112 113 112 111 111 112 110 106 i Index numbers through March 1954 are shown in the regular BULLETIN table on p. 510. NOTE.—Individual indexes, without seasonal adjustment, for woven carpets, appliances, heating apparatus, radio sets, and television sets are available on request to the Division of Research and Statistics. MAY 1954 451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL FACTORS IN MONTHLY INDEX OF OUTPUT OF CONSUMER DURABLE GOODS Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Autos 1947 97 99 102 102 97 102 98 102 101 102 100 98 1948 97 99 102 102 97 102 98 102 101 102 100 98 1949 97 97 106 105 99 105 100 105 105 102 95 85 1950 102 100 104 106 101 106 98 102 102 106 82 89 1951 87 103 111 109 103 108 97 104 99 101 94 85 1952 84 104 109 109 102 107 99 103 103 105 93 83 1953 96 104 107 108 101 105 98 102 98 114 84 84 Household furniture 1947 102 103 102 98 96 96 93 98 101 104 103 104 1948 102 103 102 98 96 96 93 98 101 104 103 104 1949 101 103 102 98 96 96 93 98 101 104 103 105 1950 101 103 102 98 96 96 93 98 101 103 104 105 1951 101 102 102 98 96 96 94 98 101 103 104 105 1952 101 102 102 98 96 96 94 98 101 103 104 105 1953 101 102 102 98 96 96 94 98 101 103 104 105 Floor coverings . ..1947 97 104 108 105 100 106 81 95 97 106 101 100 1948 97 104 108 105 100 106 75 95 103 106 101 100 1949 102 105 110 107 98 103 70 93 103 106 101 102 1950 102 108 110 107 97 103 67 92 102 106 104 102 1951 102 110 110 109 97 102 66 90 100 108 104 102 1952 102 110 110 109 97 102 66 90 99 109 104 102 1953 102 110 110 109 97 102 66 90 99 109 104 102 Ranges 1947 98 105 106 101 99 105 83 96 104 109 103 91 1948 98 105 106 101 99 105 81 96 105 110 103 91 1949 99 105 111 101 97 103 81 93 106 111 102 91 1950 99 107 111 103 97 94 81 93 107 111 102 95 1951 99 107 111 105 97 94 66 93 109 111 110 98 1952 102 107 111 105 96 94 64 93 109 111 110 98 1953 102 107 111 105 96 94 64 93 109 111 110 98- Refrigeration appliances 1947 89 101 109 105 101 112 98 76 105 106 100 98 1948 89 101 109 105 101 112 98 76 105 106 100 98 1949 100 106 113 110 101 108 94 79 101 97 93 98 1950 100 107 113 112 102 108 93 79 101 97 90 98 1951 100 111 121 112 102 108 81 79 100 95 88 103 1952 100 111 122 112 102 108 81 79 99 95 88 103 1953 100 111 122 112 102 108 81 79 99 95 88 103 Laundry appliances . ... 1947 95 108 101 102 98 103 83 90 108 111 110 91? 1948 95 108 101 102 98 103 83 90 108 111 110 91 1949 93 112 111 100 98 103 77 90 108 111 106 91 1950 93 112 115 100 90 103 74 90 108 111 106 98 1951 93 114 117 100 90 103 66 88 - 108 117 106 98 1952 93 114 117 97 90 103 66 88 107 117 110 98 1953 93 114 117 97 90 103 66 88 107 117 110 98 Heating apparatus 1947 84 86 87 82 82 88 82 119 129 138 122 101 1948 84 86 87 82 82 88 82 119 129 138 122 101 1949 84 86 87 82 82 88 82 119 129 138 122 101 1950 81 85 87 87 87 97 84 119 129 138 114 92 1951 81 85 87 88 87 97 84 119 129 139 114 90- 1952 81 85 87 88 90 97 85 119 129 139 114 86 1953 81 85 87 88 90 97 85 119 129 139 114 86 Radio sets 1947 91 103 107 106 100 91 76 100 101 110 114 101 1948 91 103 107 106 100 91 76 100 101 110 114 101 1949 93 103 107 106 110 91 76 100 103 110 102 99> 1950 95 106 107 114 110 98 62 100 103 104 102 99- 1951 100 109 113 114 110 98 62 90 103 104 102 95 K52 100 109 113 114 110 98 62 90 103 104 102 95 1953 100 109 113 114 110 98 62 90 103 104 102 95 Television sets 1947 78 103 115 108 103 96 63 87 105 120 120 102 1948 78 103 115 108 103 96 63 87 105 120 120 102 1949 98 113 117 108 100 68 48 87 105 130 123 103 1950 111 113 117 104 90 66 46 87 100 130 123 113 1951 112 122 122 93 82 66 45 86 100 130 129 113 1952 122 122 122 93 73 63 45 86 100 130 131 113 1953 122 122 122 93 73 63 45 86 100 130 131 113 Auto parts and tires 1947 90 92 95 98 102 101 100 106 108 110 102 96. 1948 90 92 95 98 102 101 100 106 108 110 102 96 1949 90 92 95 98 102 101 103 106 105 110 102 96. 1950 91 93 95 98 102 101 103 106 105 108 102 96. 1951 93 94 95 98 102 101 103 106 105 107 101 95 1952 95 96 97 98 100 100 102 106 105 106 100 95 1953 95 96 97 98 100 100 102 106 105 106 100 95: Miscellaneous home and personal goods. . 1947 97 100 101 100 98 96 93 100 103 106 105 101 1948 97 100 101 100 98 96 93 100 103 106 105 101 1949 97 100 101 100 98 96 93 100 103 106 105 101 1950 97 100 101 100 98 96 93 100 103 106 105 101 1951 98 101 102 100 98 97 93 100 101 105 104 101 1952 98 101 102 100 98 97 93 100 101 105 104 101 1953 98 101 102 100 98 97 93 100 101 105 104 101 NOTE.—All seasonal factors reflect the influence of holidays. The factors shown for autos are derived from separate adjustments for shifting dates of model change-overs and for other seasonal variations, as described on p. 444. These separate adjustment factors are available on request. 452 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SENATE BILLS 3206 AND 3268 I am glad to have this opportunity to testify on behalf of the Board of Governors of the Federal Reserve System relative to the proposed legislation which you have before you. The Board of Governors endorses both of these proposed bills. S. 3206 would extend for another two years the authority (continuously provided since 1942) of the Federal Reserve to purchase up to 5 billion dollars of United States securities directly from the Treasury. Without this authority the Treasury and the Federal Reserve on occasions would be unable to prevent the disturbing effects on the money market of the sudden drains that occur at tax payment periods. The use of this authority prior to tax payment dates avoids creating unnecessary financial strains that would otherwise occur if the Treasury had to draw heavily on its accounts. Temporary Treasury borrowing through this means followed by prompt repayment from the proceeds of tax payments provides a smooth operating mechanism, without the abrupt money market fluctuations that would otherwise occur, and thus is helpful in the conduct of Federal Reserve policy. Use of this procedure as required by law is reported each year in detail in the Board's Annual Report. We believe that this authority, under existing safeguards, should remain available. S. 3268 would repeal the provisions of Section 16 of the Federal Reserve Act which prohibit a Federal Reserve Bank from paying out notes of another Federal Reserve Bank. Under present law it is necessary for each Federal Reserve Bank to sort all of the millions of Federal Reserve notes fit for further circulation which are received by it from member banks, according to the Reserve Bank by which each note was originally issued. In addition, it is necessary for the Reserve Bank to return such notes to the Reserve Banks that originally issued them. Such sorting and crisscross shipping of currency are expensive. It is estimated that the annual cost of these operations, which would not be necessary except for the statutory restriction, is in excess of $750,000 annually. The pending legislation would remove a provision of law which was thought to be important in the early days of the System but which in practice has not proved to be so. Experience over the years definitely establishes that the requirement for the return of fit Federal Reserve notes to the Federal Reserve Banks of issue has no important economic effect on the amount of Federal Reserve notes in circulation. The notes that are returned to the Federal Reserve Banks of issue, in accordance with the requirements of the law, are again placed in circulation as demand for currency appears. Outstanding currency which is not needed by the economy is returned to the Reserve Banks for credit to the reserve accounts of the member banks. In other words, the amount of currency in circulation rises and falls in accordance with changes in the demand for currency on the part of the public, and is in no way affected by the return of fit notes to the Bank of issue. Accordingly, no useful purpose is served by retaining the restriction upon a Federal Reserve Bank's paying out of currency issued by other Federal Reserve Banks. This matter has been thoroughly studied by the Presidents of the Federal Reserve Banks and has their approval. 1 Statement of Wm. McC. Martin, Jr., Chairman, Board of Governors of the Federal Reserve System, before the Subcommittee on Federal Reserve Matters of the Senate Banking and Currency Committee, May 13, 1954. MAY 1954 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953 : Net profits after taxes of all member banks to 1,809 million, but the proportion of the amounted to 865 million dollars in 1953, an total carried over to net profits was smaller increase of 36 million from the preceding than in 1952 because of larger losses and year. The ratio of net profits to average charge-oflfs on loans and investments and total capital accounts remained about the larger provisions for income taxes.2 same as in 1952. Net current earnings Growth of earnings on loans and securities before income taxes rose 190 million dollars more than offset the increase in current expenses. The volume of loans outstanding, 1 This article was prepared by Oliver H. Jones of the as well as the average rate of return, rose Board's Division of Bank Operations. 2 Net current earnings are gross current operating earnings during the year. The average rate of reless gross current operating expenses, before adjustments for turn on United States Government securilosses, recoveries, and transfers to and from valuation reserves, and before taxes on net income. ties increased sufficiently to offset a modest MEMBER BANK EARNINGS, SELECTED YEARS, 1929-53 [Dollar amounts in millions] Item 1929 1932 1939 1941 1945 1947 1948 1949 1950 1951 1952 1953 Earnings $2,399 $1,554 $1,296 $1,417 $2,102 $2,579 $2,828 $2,986 $3,265 $3,669 $4,120 $4,590 On U. S. Government securi- On t i o es t 1 her securities1 I 473 45S 444 2 2 0 3 6 9 9 1 9 3 7 9 9 1 2 4 1 9 8 1 5 5 5 8 8 1 5 6 9 9 8 1 6 9 5 0 2 83 1 2 1 9 2 2 3 9 5 1,0 2 1 5 1 2 On loans2 1,563 851 560 665 588 1,044 1,308 1,427 1,634 2,003 2,306 2,632 Service charges on deposit ac- Ot c h o e u r n e t a s rnings2 i 363 245 \ I 2 5 3 4 7 24 6 2 5 29 8 1 7 3 1 4 1 6 9 3 1 6 4 7 1 3 1 7 5 3 8 4 1 0 7 3 2 4 1 3 8 6 7 4 1 5 9 2 8 2 4 1 7 9 7 - Expenses^5 1,684 1,143 895 988 1,268 1,650 1,715 1,889 2,020 2,232 2,501 2,782 Salaries and wages 464 357 388 426 580 797 876 926 1,000 1,125 1,?44 1,371 Interest on time deposits3 . . . . 445 302 159 140 183 236 250 261 271 306 365 425 Interest on interbank and demand deposits 314 132 Taxes other than on net income2 112 67 85 129 83 88 90 96 109 115 118 125 Other expenses2 348 285 262 293 422 529 579 605 640 686 775 860 Net current earnings before income taxes2 715 410 401 429 835 929 1,033 1,097 1,245 1,437 1,619 1,809 Recoveries and profits4 137 113 327 278 454 232 190 155 175 139 113 120 Losses and charge-off s2 5 295 778 380 318 230 251 195 166 149 202 332 Net increase in valuation re- 226 serves6 173 125 121 128 40 68 Profits before income taxes. . . /l,058 910 854 961 1,150 1,247 1,558 Taxes on net income \ 270 257 234 275 369 491 1,437 692 608 C N a et s h p r d o i f v i i t d s ends declared 8 5 3 5 8 7 7 -2 2 5 4 5 5 3 2 4 0 7 7 3 2 9 1 0 1 7 2 8 4 8 6 6 2 5 8 3 1 6 2 2 9 1 4 6 3 8 1 6 3 7 3 8 4 1 6 7 3 5 7 6 1 8 3 2 9 9 0 4 86 1 5 9 Number of banks at end of year. 8,522 6,816 6,362 6,619 6,884 6,923 6,918 6,892 6,873 6,840 6,798 6,743 JNot reported separately prior to 1945; data for 1941 are estimated. 2The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on loans, previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses. 3Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits is included in other expenses. 4 Beginning with 1948, includes recoveries credited either to undivided profits or to valuation reserves; see footnote 7. 5Beginning with 1948, includes losses charged either to undivided profits or to valuation reserves; see footnote 7. GThis is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited to valuation reserves. 7Not reported separately; transfers to these reserves were included with losses, and transfers from these reserves were included with recoveries. Such amounts are estimated to have been relatively small, especially prior to 1947. 8Includes interest on capital notes and debentures. 454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953 decline in holdings. Both the average rate Earnings and earning assets. Gross curof return and holdings of State and local rent earnings for all member banks aggregovernment securities increased. The in- gated 4,590 million dollars in 1953, an 11 per crease in earnings on loans was 326 million cent increase from 1952. All categories of dollars, on United States Government se- earnings were larger than in the preceding curities 82 million, and on other securities year. Earnings on loans continued to be the 17 million. Total current expenses increased major factor in both the dollar and the per- 281 million dollars. centage growth of gross current earnings. The net result of these changes was a 12 An increase of 326 million dollars, or 14 per per cent rise in net current earnings before cent, resulted largely from an increase in income taxes, compared to 13 per cent in average loan holdings and partly from a 1952. A 47 per cent increase in losses and change in the average rate of return from charge-offs and a 14 per cent increase in pro- 4.51 per cent to 4.69 per cent. Commercial visions for income taxes, only partly offset and industrial loans declined 713 million by increased recoveries and a smaller net indollars in the course of 1953, while most of crease in valuation reserves, resulted in an the other types of loans continued to inincrease of only 4 per cent in net profits. crease. Changes in member bank holdings This followed a 10 per cent rise in 1952. of loans and investments are shown in the The increase in net profits corresponded to accompanying table. the growth in capital accounts and the ratio of net profits to average total capital ac- MEMBER BANK LOANS AND INVESTMENTS, DECEMBER 31, 1953 counts was 7.8 per cent, about the same as [Amounts in millions of dollars] in 1952. Cash dividends were 29 million Change from Dec. 31, 1952 dollars larger in 1953, representing a slightly Item Der. 31, 1953 greater proportion of net profits after taxes Amount Percentage than in 1952. Total capital accounts rose relatively more than total assets, but not Total loans and investments... 122,422 +2,874 + 2.4 Loans1 57,762 +2,728 + 5.0 enough more to change the ratio of average Commercial and industrial 25,519 - 713 - 2.7 Agricultural 3,263 + 847 +35.0 total capital accounts to average total assets For purchasing and carrying securities 3,381 + 384 + 12.8 from 7 per cent. As in other recent years, O Re th a e l r e l s o ta a t n e s to individuals 1 11 3 , , 9 0 1 2 1 0 + + 1,5 8 1 0 4 7 + + 1 - 4 6 . . 6 6 All other 1,518 - 58 - 3.7 the proportion of assets held in loans and U. S. Government securities. .. 52,603 - 160 - 0.3 investments other than United States Gov- Treasury bills, notes, and certificates 22,682 +2,026 + 9.8 ernment securities continued to increase, Bonds2 29,921 -2,186 - 6.8 though at a reduced rate. The ratio of aver- Ot S h t e a r t e s e an cu d r l i o ti c e a s l government.... 1 8 2 , , 8 0 7 5 1 7 + + 3 4 0 6 6 3 + + 2 5. . 5 6 Other . . 3,185 - 157 - 4.7 age total capital accounts to average total assets other than cash and United States Gov- 1 Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals. ernment securities declined slightly from 2 Includes small holdings of guaranteed obligations. 16.2 per cent in 1952 to 15.8 per cent. According to sample data from more than Earnings figures for selected years from 200 of the largest member banks, reduced 1929 to 1953 appear in the table on the pre- borrowing by food processors, commodity ceding page. dealers, and sales finance companies ac- MAY 1954 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953 counted for most of the decline in holdings May to ease the pressure on reserves, in the of commercial and industrial loans. Manu- second half of the year banks were able to facturers of metals and metal products and replenish their portfolios almost to the exthe petroleum and public utility industries tent of the earlier reductions. The average increased their borrowings, but by smaller rate of return increased from 1.79 per cent amounts than in previous years. in 1952 to 1.98, and earnings on United Agricultural loan holdings increased 847 States Government securities for the year million dollars to 3,263 million and showed were 1,011 million dollars, 82 million greater the largest percentage increase of any loan than in 1952. category, largely as the result of increased Aggregate earnings on securities other holdings of Commodity Credit Corporation than those of the United States Governcertificates of interest. "Other loans to in- ment, predominantly State and local governdividuals," which are largely consumer ment securities, amounted to 252 million loans, rose 1,514 million dollars or 14.6 per dollars, 7 per cent more than in 1952. The cent; this was less than the increase during average rate of return increased slightly 1952. Real estate loans increased 6.6 per from 2.03 to 2.11 per cent, and holdings also cent, compared to 7.8 per cent in 1952. increased. Holdings of State and local gov- Holdings of United States Government se- ernment securities increased 463 million dolcurities declined 160 million dollars after lars, while holdings of "other" securities dehaving expanded more than a billion dollars creased 157 million dollars. These shifts in 1952. An increase of more than 2 billion continued the pattern of portfolio changes dollars in holdings of lower yield short-term during the two previous years, but the bills, notes, and certificates was accompanied amounts involved were smaller. by a slightly larger decline in holdings of Expenses. Total current expenses of all long-term bonds. member banks were 11 per cent larger than Some changes in holdings of United States in the previous year and amounted to 2,782 Government securities in the course of 1953 million dollars. All categories of expenses are not evident in a comparison of year- increased, in most cases in about the same end figures or of average holdings for the proportion as in the previous year. Salaries year. During the first half of the year, and wages, amounting to 1,371 million dolmember banks were under pressure to main- lars, continued to be the largest item of extain their reserve positions, and the Treas- pense. The expansion of 127 million dollars ury was retiring debt by using surplus re- in this item was due to increases of 4 and 5 ceipts and by drawing down its balances per cent respectively in the numbers of ofwith banks. At the same time, banks were ficers and employees and to an increase of still confronted with substantial demands about 5 per cent in average compensation for credit, principally consumer credit, and of both officers and employees. Interest paid a large seasonal decline in demand de- on time deposits increased 60 million dollars posits. As a result, member bank holdings to 425 million, reflecting a growth of 2.5 of United States Government securities were billion dollars in the average volume of reduced by 4 billion dollars in the first six time deposits and a rise from 1.13 per cent months of the year. Following actions to 1.23 per cent in the average rate of intaken by the Federal Reserve System in terest paid. 456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953 Losses, charge-offs, recoveries, and prof- amount in 1952. Losses charged directly its.3 Net changes in losses, charge-offs, re- to these reserves exceeded recoveries simicoveries, and profits had a greater effect in larly handled by 33 million dollars, more reducing net profits in 1953 than in other re- than offsetting net transfers and reducing cent years. Losses and charge-offs on se- the reserves to 196 million dollars. At the curities amounted to 174 million dollars as end of the year, valuation reserves on secompared to 108 million in 1952, while re- curities were about 0.30 per cent of the book coveries of 11 million were about 25 per value of all securities held and 1.6 per cent cent below the 1952 amount. Net losses and of all securities other than those of the charge-offs on securities amounting to 163 United States Government. Correspondmillion dollars represented a rise of 69 mil- ing percentages at the end of 1952 were 0.32 lion dollars, about 73 per cent more than in and 1.8 per cent respectively. the previous year. Profits on the sale of se- Income taxes. Provision for income curities increased 6 million dollars to 35 taxes, including excess profits taxes, conmillion. tinued to increase in 1953, but to a much Losses and charge-offs on loans increased smaller extent than in the preceding three 24 million dollars to 95 million, while off- years. The 692 million dollars provided for setting recoveries on loans increased 7 mil- this purpose was an increase of 14 per cent lion dollars to 52 million. The net of these over 1952 and amounted to 44 per cent of two items, 43 million dollars, was about 1.6 profits before income taxes as compared to per cent of total earnings on loans in 1953 42 per cent in 1952. as compared to 1.1 per cent in 1952. A summary of factors that contributed to Valuation reserves. Net transfers to the increase in net profits of member banks valuation reserves on loans aggregated 96 in 1953 appears in the accompanying table. million dollars in 1953, which was 12 million dollars less than in 1952. In 1953, FACTORS IN HIGHER NET PROFITS many banks were at or near the ceilings [In million? of dollars] then permitted by the Bureau of Internal Change Revenue on the amount of reserves accu- Item from 1952 mulated from taxable income for bad debt Increase in net profits + 36 losses on loans.4 The year-end balance of Factors Increasing net profits, total +504 Increase in earnings on loans 326 valuation reserves was 850 million dollars Increase in earnings on U. S. Government securities. 82 Increase in other earnings 62 or 1.5 per cent of loans outstanding. Smaller net increase in valuation reserves 28 Increase in profits on securities sold 6 Net transfers from undivided profits to Factors decreasing net profits, total -469 valuation reserves on securities were 22 mil- Increase in expenses 281 Increase in provisions for taxes on net income.... 84 Increase in net losses on securities1 69 lion dollars in 1953, about three times the Increase in other losses 16 Decrease in other recoveries 2 Increase in net losses on loans1 17 *In this analysis, losses and charge-offs comprise those debited to either undivided profits or valuation reserves, and includes recoveries credited and losses charged either to unrecoveries are those credited to either account; transfers be- divided profits or to valuation reserves. tween undivided profits and valuation reserves are not included. Gash dividends and capital. The amount *On Apr. 8, 1954, the Bureau of Internal Revenue revised distributed as cash dividends in 1953 was the ruling current in 1953 by allowing banks an alternative method of determining the average experience factor. 419 million dollars, 29 million more than MAY 1954 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 19 5 3 in 1952. This was 48 per cent of net profits, and in net current earnings before income slightly more than the proportion dis- taxes were similar among the various classes tributed in 1952. There was little change of banks. Exceptions occurred at central in the ratio of cash dividends to average reserve city banks, where increases in earntotal capital accounts, which was 3.8 per ings on securities were small as compared to cent in 1953 as compared to 3.7 per cent reserve city and country member banks, in 1952. and at central reserve city banks in New For many years, retained profits have been York City, where the increase in interest the major source of funds contributing to paid on time deposits was relatively larger the growth of total capital accounts. In than at other classes of banks. These ex- 1953, 446 million dollars were retained by ceptions did not greatly affect relative inmember banks to strengthen capital ac- creases in net current earnings before taxes, counts. This was 52 per cent of net profits, which ranged from 9 per cent at country slightly less than the proportion retained in member banks to 15 per cent at reserve city 1952, and 80 per cent of the net increase in banks and included increases of 10 per cent total capital accounts. in New York City and 13 per cent in Chi- Earnings and profits by class of bank. cago. Generally, increases in earnings and expenses Changes in net profits after taxes never- MEMBER BANK EARNINGS, BY CLASS OF BANK, 1953 AND 1952 [Dollar amounts in millions] Central reserve city banks Reserve Country city banks banks Item New York Chicago 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 Earnings . . .. $4,590 $4,120 $757 $691 $188 $169 $1,798 $1,594 $1,847 $1,665 On U. S. Government securities 1,011 929 137 134 53 49 376 344 445 403 On other securities 252 235 43 12 12 96 87 100 93 On loans 2,632 2,306 434 378 95 83 1,059 915 1,045 930 All other . . . 695 650 144 137 28 26 267 248 257 240 Expenses 2,782 2,501 404 371 102 93 1,083 974 1,192 1,063 Salaries and wq.ges 1 371 1 ,244 228 2H 48 44 529 478 566 509 Interest on time deposits 425 365 28 18 15 14 181 160 201 173 All other 985 893 148 140 39 35 372 337 426 381 Net current earnings before income taxes 1,809 1,619 353 321 86 76 715 620 655 602 Recoveries and profits * 120 113 20 25 8 11 47 38 45 39 Losses and charge-offs2 332 226 55 25 13 9 136 92 128 101 Net increase in valuation reserves^ .. 40 68 6 8 3 4 15 29 16 27 Profits before income taxes 1,558 1,437 312 313 78 74 610 537 556 513 Taxes on net income 692 608 151 139 35 29 282 241 224 199 Net Profits 865 829 161 175 43 45 328 295 333 314 Gash dividends declared4 419 390 103 95 20 18 167 156 129 122 Ratios (per cent): Net current earnings before income taxes to— Average total capital accounts 16.4 15.4 13.9 13.1 15.7 14.5 18.5 17.1 16.0 15.6 Average total assets 1.15 1.06 1.21 1.08 1.07 0.97 1.18 1.06 1.11 1.07 Net profits to- Average total capital accounts . 7.8 7.9 6.3 7.1 7.9 8.6 8.5 8.1 8.1 8.1 Average total assets 0.55 0.55 0.55 0.59 0.54 0.58 0.54 0.51 0.56 0.56 1 Includes recoveries credited either to undivided profits or to valuation reserves. 2 Includes losses charged either to undivided profits or to valuation reserves. 3This is the net of transfers from undivided profits to valuation reserves and vice versa, and of losses charged and recoveries credited to valuation reserves. 4 Includes interest on capital notes and debentures. 458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953 theless varied considerably; there was a de- disposition of a larger portion of holdings of crease of 8 per cent at central reserve city United States Government securities durbanks in New York City and one of 4 per ing the first half of 1953 and. the more excent in Chicago, while there were increases tensive adjustments made in portfolios. of 11 and 6 per cent respectively at reserve As would be expected from the foregocity and country banks. Variations were ing, the ratios of net current earnings belargely in the relative increases in net losses, fore taxes to average total capital accounts charge-offs, and transfers to valuation re- and to average total assets showed similar serves on loans and securities. These in- increases at each class of bank, but considercreases were substantial at all classes of banks able variation occurred in the net profits but relatively less at reserve city and country ratios. banks than at central reserve city banks. Summary data by class of bank are shown The New York City increase was largely in the table on the preceding page, and the result of substantially larger losses and detailed figures on earnings and related items charge-offs on securities, which reflected the appear on pages 524-35 of this BULLETIN. MAY 1954 459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Interest on Deposits deposits and withdrawals made during the current week, and issuance of a new card would auto- Payroll Deduction Savings Plan matically cancel cards previously issued. It appears The Board of Governors has been requested by that the proposed plan has been devised so as to a member bank to consider the question whether permit the bank to use its IBM punch card equipaccounts accepted by the bank under a payroll ment for the processing of the deposits. deduction savings plan, proposed to be established The definition of the term "savings deposit" in for approximately 2,500 employees of a company, section l(e) of Regulation Q requires that the demay be classified as "savings deposits" under section posit shall be "evidenced by a passbook" which \(e) of Regulation Q. must be presented in connection with each with- Under the proposed plan, the company would drawal, except where payment is made to the dewithhold a specified amount from the weekly pay positor himself. The regulation also requires that of each employee participating in the plan and every withdrawal shall be entered in the passbook. deposit such amount to the credit of the employee Furthermore, the Board has indicated previously in the member bank. Thus, on each weekly pay that the term "passbook" as used in Regulation Q day the participating employee of the company means an account book in which deposits and withwould receive with his pay check a "savings account drawals are entered and that such a book should be card" which would show on its face his name, the a continuing record of the transactions in the account number, date of issue of the card, columns account. for the entry of deposits and withdrawals, the cur- The 1933 amendments to section 19 of the Fedrent account balance, and the following inscriptions: eral Reserve Act prohibited the payment of interest on demand deposits and the payment of time de- "PASSBOOK SAVINGS DEPARTMENT posits before maturity but did not make those BANK AND TRUST COMPANY, restrictions applicable to savings deposits. Accordingly, savings deposits were made a favored class "THIS CARD MUST BE BROUGHT TO THE BANK WHENEVER A DEPOSIT IS MADE OR MONEY of deposits in that they became the only type of WITHDRAWN. CARDS FOR THIS ACCOUNT BEARING A PRIOR DATE ARE HEREBY deposit with respect to which member banks were CANCELLED." given the privilege of making payment on demand Savings account rules and regulations which ordi- with interest and, at the same time, of carrying narily appear on the inside cover of the conven- reserves less than those required against demand tional-type passbook would be printed on the reverse deposits. The versions of Regulation Q immediside of the card. ately following the 1933 amendments stated that a It was explained further that the "savings account "savings deposit", among other things, was a decards" would be intended to serve the participating posit evidenced by a "passbook or other form of employee-depositors as "savings passbooks" until receipt." This was similar to the language already the following weekly pay day when new cards in use in Regulation D relating to reserves of memwould be issued; that deposits or withdrawals by ber banks. However, these definitions proved inan employee-depositor between pay days would be adequate to prevent the favored status of savings permissible and would be entered by a savings teller deposits from leading to certain abuses, including on the then current card; that the account balance the classification of checking accounts as savings at the end of each weekly period would be carried deposits. It was to prevent such abuses and conover to the new card; and that interest payments fusion between classes of deposits that both Reguand taxes would be computed and posted quarterly. lation D and Regulation Q were amended in 1936 Thus, any particular card would show only the to provide that a deposit may not be regarded as a 460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT savings deposit unless "evidenced by a passbook." The "savings account card" under consideration These amendments to the regulations recognized appears to differ materially from a passbook as it that a workable distinction between savings ac- is generally understood and, accordingly, the Board counts and checking accounts could not be main- does not regard such a card as constituting a "passtained unless the regulatory language was such book" within the meaning of section l(e) of Reguas to prevent various arrangements which would lation Q. Therefore, the accounts as proposed eliminate the use of passbooks of the kind tradi- under the plan would not be eligible for classificationally a distinguishing mark of savings deposits. tion as "savings deposits." CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Data for Historical Supplement to the Monthly ,T-r.ht e F-re^d Ter alt AAd iv is•o ry Cr>ou nci*l ihieilid a meet•in g i•n Federal Reserve Chart Book Washington on May 16-18, 1954, and met with the A mimeographed set of data is available for the Board of Governors of the Federal Reserve Sys- October 1953 edition of the historical supplement, tern on May 18 providing figures for charts for the period October 5, 1953-April 16, 1954. Copies may be obtained Election of Class A Directors p request from the Division of Administrative U On The Federal Reserve Bank of Kansas City on Services, Board of Governors of the Federal Re- May 4, 1954, announced the election of Mr. Harold serve System, Washington 25, D. C. Kountze, President, The Colorado National Bank A J • • ro T »I ** L I • • I _ _ ' . . . AT Admission of State Bank to Membership in the r of Denver, Denver, Colorado, as a Class A direc- Federal Reserve System tor of the Bank for the term ending December 31, . The folWi State bank was admitted t0 mem 1954. He succeeded Mr. T. A. Dines who re- ^ ^^ ^ bership [n Reserye System dudng signed At the time of Mr. Dines resignation, he ^ ^ . iod March 1954 tQ April 1954 was Chairman of the Board, The United States National Bank of Denver, Denver, Colorado. Mr. Virginia Kountze formerly served as a director of the Den- ^ . r> i r /^i i ^ D u f u T? J i D T? i r v Berryvnille—Bank of Clarke County, ver Branch or the Federal Reserve Bank ot Kansas City from September 24, 1925 through December Admission of National Bank in Alaska to Membership 31, 1936, and from December 21, 1939 through in the Federal Reserve S?stem December 31, 1946. On April 15, 1954, the City National Bank of The Federal Reserve Bank of Minneapolis on Anchorage, Anchorage, Alaska, was admitted to May 11, 1954, announced the election of Mr. John membership in the Federal Reserve System. W. Scott, President, The First State Bank of Gilby, Under the provisions of Section 19 of the Fed- Gilby, North Dakota, as a Class A director of the eral Reserve Act, national banks in Alaska, de- Bank for the term ending December 31, 1954, to pendencies, and insular possessions, may be nonsucceed Mr. C. W. Burges, deceased. Mr. Burges member banks or, with the consent of the Board was Vice President and Cashier of the Security of Governors of the Federal Reserve System, be- National Bank, Edgeley, North Dakota. come member banks. r» *u r TV 4. Tables Published Annually and Semiannually, with Deaths of Directors BULLETIN Reference Latest Mr. W. M. Jenkins, President, First National Semiannually issue Page Bank of Everett, Everett, Washington, who had Banking offices: , .. r 1 r< i r> i r ^i Analysis of changes in number of... Feb. 1954 210 Served as a director Ot the Seattle Branch Ot the On, and not on, Federal Reserve Par Federal Reserve Bank of San Francisco since Janu- List' number of Feb' 1954 2n ary 1, 1953, died on May 2, 1954. Annually Mr. Montfort Jones, Professor of Finance, The EaffitteZ^lL Feb. 1954 208-209 University of Pittsburgh, Pittsburgh, Pennsylvania, ^Lndafyear May 1954 524-534 who had served as a director of the Pittsburgh ^ ^i^^;;;;;;;;;; °& »g »JJ Insu on r Branch of the Federal Reserve Bank of Cleveland Banks and branches, number of, by class , ^ ^ and State May 1954 536-537 Since January 1, 1949, died On May 17, 1954. Operating ratios, member banks Aug. 1953 904-906 MAY 1954 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 14 and released for publication May 17] Industrial production changed little in April and year-ago levels in April, and activity in the furniture early May. Retail sales rose moderately in April as industry was maintained at the earlier reduced rate. auto sales increased further and sales of most other Activity in industries manufacturing textile, rubgoods were up. Construction activity continued at ber, and leather products apparently showed about record levels. Unemployment declined about sea- the usual large seasonal declines in April, and output sonally to 3.5 million. Prices of industrial materials of paper, chemicals, and petroleum products was continued to advance to mid-April and subsequently maintained at high levels. leveled off. Prices of common stocks advanced fur- A slight decline in the seasonally adjusted index ther through early May. of minerals production in April reflected mainly the failure of iron mining to show the usual very INDUSTRIAL PRODUCTION large seasonal increase as demand from steel mills The Board's preliminary seasonally adjusted index continued at reduced levels. Output of crude peof industrial production in April was unchanged troleum advanced further in April but showed a from March .at 123 per cent of the 1947-49 average, decline in early May. Output of coal has continued and indications are that in early May production at unusually low levels. continued steady. In May a year ago the index was CONSTRUCTION at its all-time high of 137. Steel output in April and early May was main- Total outlays for new construction work in April, tained at about the reduced March rate of 69 per seasonally adjusted, continued at the record level of cent of capacity although there has usually been a earlier months. Value of contract awards increased seasonal tapering of! in steel output after March. substantially further in April reflecting entirely con- After allowing for seasonal influences, automobile tinued gains in awards for privately financed conassemblies in April and the first half of May were struction. The number of private housing units moderately above first quarter rates and television started rose seasonally in April to 109,000, or slightly output rose considerably further. There was some more than a year earlier. The number of new further decline, however, in output of various semifinished metal products and of ordnance. Output PRICES AND TRADE Per cent, 1947 49 - 100 of most building materials continued close to high WHOLESALE PRICES INDUSTRIAL PRODUCTION >d, 1947-49 • 100 "7 COMMODITIES VV\, FARM PRODUCTS •l.'I'llll.'li'lllllllllHJ^I DURABLE | DEPARTMIIENT STORE TRADE MANUFACTURES/ ISPOSABLE PERSONAL J 140 L NONDURABLE MANUFACTURES Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail sales, based on Department of Commerce data; department store L trade, Federal Reserve. "Other" wholesale prices exclude 1950 1952 1954 1950 1952 processed foods, included in total but not shown separately. Monthly figures, latest shown: March for income and department Federal Reserve indexes. Monthly figures, latest shown are store stocks; April for other series. April consumer prices for April. estimated by Federal Reserve. 462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS housing units covered by appraisal requests to VA showed little change in April, after allowance for and applications to FHA increased considerably usual seasonal movements. Growth of time deposits further in April. continued. EMPLOYMENT Member bank reserve positions continued easy in late April and early May. Excess reserves of mem- Unemployment declined 250,000 between early ber banks averaged about 800 million dollars and March and April to 3.5 million. The decline, the borrowings with the Federal Reserve averaged less first since last autumn, reflected seasonal expansion than 200 million. in agricultural and other outdoor activity and a pre-Easter increase in trade employment. Employ- SECURITY MARKETS ment in all nonagricultural industries combined increased less than seasonally and in durable manu- Yields on short-term Government securities defacturing industries employment and average hours clined in April and leveled off in early May. On of work declined moderately further. 3-month Treasury bills market rates averaged .75 per cent in the week ending May 8. Yields on DISTRIBUTION longer term Government securities were steady to moderately lower during the last three weeks of Retail sales of new autos which had risen more April and rose somewhat in early May. The Treasthan seasonally in February and March rose further ury on April 21 sold 1 billion dollars of June 18 in April. With sales of most other goods also up tax anticipation bills at an average discount rate of somewhat, total retail sales increased moderately. .73 per cent, and on May 4 sold for cash 2.2 billion The Board's seasonally adjusted index of departdollars of 1% per cent notes, due February 1959. ment store sales rose approximately 2 points in April Holders of 2% per cent certificates maturing in to 107 per cent of the 1947-49 average, while in June were offered in exchange either the 1% notes March seasonally adjusted department store stocks or a one-year 1% per cent certificate, and holders rose slightly after declining steadily from last of bonds maturing and called in June were also autumn. offered the certificate. COMMODITY PRICES Yields on corporate and municipal bonds showed Prices of industrial materials continued to ad- little change during the second half of April and vance to mid-April, and subsequently leveled off. the first week of May. Stock prices continued to Metal scrap increased somewhat further, and prices rise. of hides and cotton textiles advanced as buying expanded. Waste paper and tin declined. Grain LOANS AND INVESTMENTS futures dropped as crop prospects improved, but cash prices changed little. Average livestock prices rose further in early April but subsequently leveled off as marketings expanded. Following a slight further decline in the consumer price index in March, retail meat prices advanced. Dairy products declined further, however, and excise taxes on various consumer goods were reduced on April 1. BANK CREDIT AND RESERVES \ Total loans and investments at banks in leading 72 -V '< \ !V V -| 32 -I i i cities increased somewhat during the last half of 30 April and early May. Holdings of United States Government and municipal securities increased, 28 while loans to businesses declined further as is usual Federal Reserve data. Weekly figures, latest shown arefor at this time of year. Demand deposits adjusted May 5. MAY 1954 463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGB Member bank reserves, Reserve Bank credit, and related items 467-468 Federal Reserve Bank rates; margin requirements; reserve requirements 468-469 Reserves and deposits of member banks 470 Federal Reserve Bank statistics 471-473 Regulation V: guaranteed loans, fees, and rates 473-474 Bank debits and deposit turnover; Postal Savings System 474 Money in circulation 475 Consolidated statement of the monetary system; deposits and currency . 476 All banks in the United States, by classes 477-479 All commercial banks in the United States, by classes 480-481 Weekly reporting member banks 482-483 Commercial paper and bankers' acceptances 484 Life insurance companies; savings and loan associations 485 Government corporations and credit agencies 486-487 Security prices and brokers' balances 488 Money rates; bank rates on business loans; bond and stock yields 489 Treasury finance 490-495 New security issues 496 Business finance 497-498 Real estate credit statistics 499-501 Statistics on short- and intermediate-term consumer credit 502-504 Business indexes 505-514 Merchandise exports and imports 514 Department store statistics 515-519 Consumer and wholesale prices 520-521 Gross national product, national income, and personal income 522-523 Member bank earnings, 1953 524-535 Number of banks and branches in operation on December 31, 1953. . . . 536-537 List of tables published in BULLETIN annually or semiannually, with references for latest data 461 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. MAY 1954 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesdoy Figures, 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 15 . EXCESS RESERVES -. 2 -j 0 30 FEDERAI RESERVE CREDIT - S GOVERNME *T SECURITIES \_ 25 \ V * /^ OUTRIGHT 20 J BOUGHT - - 15 3 HELD UNDER REPURCHASE AGREEMENTS \ 0 5 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Apr. 28. See p. 468. 466 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 creditoutstanding Deposits, other U.S. Govt. securities Treas th re a s n e r m ve e m ba b l e a r n b ce a s n , k Other Ivltniub sr a b la <nK ury Money Treas with F. R. Banks Fed- reserve aces Diite Bought u H n e d l e d r co D a u n is n d - ts Float o A th ll Total s G to o c ld k r o c e u n u c r t- - y c c u i i n l r a - - h c u o a r l s y d h - Treas- For- Oth- s e R e r r e a v - l e Total r o ig u h t- t r c e h p a u se r- va a n d c - es eri sta in n g d- tion ings u d r e y - e d ig e- n d e e r - co a u c n - ts Total qu R ir e e - d2 c E es x s - 8 agree- posits posits posment its Wednesday 1953 Mar. 4 23,853 23,853 824 1,062 25,742 22,662 4,824 29,772 1,295 488 512 240 830 20,090 19,840 250 Mar. 11 23,853 23,853 1,315 770 25,941 22,611 4,824 29,780 1,299 331 581 345 829 20,212 19,821 391 Mar.18 23,963 23,963 1,009 1,202 26,178 22,612 4,826 29,708 1,305 8 496 381 852 20,865 20,002 863 Mar.25.... 23,869 23,869 705 810 25,387 22,562 4,826 29,600 1,306 511 351 852 20,148 19,854 294 Apr. 1 23,806 23,806 465 748 25,023 22,563 4,827 29,754 1,304 286 550 344 869 19,305 19,518 -213 Apr. 8 23,806 23,806 908 709 25,427 22,562 4,828 29,780 1,300 329 568 343 868 19,629 19,472 157 Apr. 15 23,821 23,806 15 868 856 25,549 22,562 4,833 29,753 1,278 341 574 200 865 19,932 19,560 372 Apr. 22 23,806 23,806 842 743 25,395 22,562 4,834 29.722 1,279 509 585 356 864 19,476 19,481 -5 Apr. 29 23,806 23,806 837 581 3 25,227 22,562 4,836 29,787 1,278 367 518 401 784 19,489 19,395 94 May 6 23,860 23,806 54 933 647 25,443 22,561 4,840 29,863 1,285 214 517 374 780 19,811 19,386 425 May 13 23,879 23,851 28 1,264 684 25,831 22,561 4,841 29,845 1,285 428 618 366 780 19,912 19,282 630 May 20 23,922 23,891 31 530 832 25,288 22,562 4,844 29,795 1,282 145 584 286 777 19,824 19,312 512 May 27 24,088 23,963 125 571 645 25,308 22,536 4,845 29,825 1,284 355 504 238 777 19,706 19,298 408 June 3 24,121 24,071 50 507 785 , 25.418 22,536 4,849 29,980 1,282 137 520 253 902 19,729 19,209 520 June 10 24,637 24,632 5 454 646 4 25,741 22,537 4,850 30,003 1,289 6 587 173 902 20,168 19,449 719 June 17 25,154 25,154 286 1,213 26,656 22,513 4,851 29,970 1,276 8 598 252 958 20,958 19,778 1,180 June 24 24,837 24,837 317 619 ; 25,776 22,487 4,851 29,929 1,272 8 615 158 960 20,173 19,594 579 July 1 24,766 24,766 245 737 25,752 22,463 4,854 30,152 1,269 176 521 174 949 19,828 19,113 715 July 8 24,964 24,964 341 677 25,984 22,438 4,854 30,279 1,266 431 488 176 948 19,690 19,002 688 July 15 24,964 24,964 200 756 25,923 22,374 4,853 30,163 1,264 640 561 179 947 19,397 18,253 1,144 July 22 24,964 24,964 521 777 26,265 22,276 4,853 30 051 1,267 539 525 323 947 19,742 19,098 644 July 29 24,964 24,964 747 588 26,301 22,277 4,853 30,044 1,264 841 547 343 863 19,529 19,014 515 Aug. 5 24,964 24,964 561 625 26,153 22,227 4,858 30,139 1,276 460 557 332 860 19,614 18,959 655 Aug. 12 24,964 24,964 776 609 26,352 22,228 4,859 30,158 1,275 675 551 329 859 19,593 18,942 651 Aug. 19 25,008 24,989 19 815 751 26,577 22,228 4,861 30,145 1,280 738 610 390 862 19,641 18,865 776 Aug.26.... 25,017 24,989 28 524 587 26,131 22,228 4,862 30,105 1,273 669 518 354 862 19,440 18,860 580 Sept. 2 25,067 25,014 53 391 610 3 26,071 22,178 4,865 30,240 1,278 541 538 333 859 19,325 18,884 441 Sept. 9 25,126 25,034 92 491 559 26,179 22.178 4,865 30,479 1,274 574 569 363 859 19,104 18,731 373 Sept.16 25,207 25,084 123 311 943 26,464 22,178 4,868 30,335 1,278 356 507 381 882 19,771 18,885 886 Sept.23 25,185 25,185 228 813 26,228 22,179 4,869 30 210 1,277 619 543 259 881 19,486 18 868 618 Sept.30 25,235 25,235 329 685 i 26,252 22,128 4,872 30 275 1,283 642 512 352 880 19,309 18,816 493 Oct. 7.... 25,348 25,348 281 606 3 26,238 22,128 4,872 30 374 1,284 524 484 370 899 19,303 18,757 546 Oct. 14 25,36325,348 ii 271 685 ^ 26,322 22,128 4,873 30 412 1,271 348 461 375 899 19,557 18,728 829 Oct. 21 25 34825,348 260 826 26,437 22,077 4 874 30 305 1 270 530 461 358 897 [9,567 18 817 750 Oct. 28]... 25,348 25,348 359 599 26,309 22,077 4]874 30 268 1,282 644 471 366 895 19,334 18 796 538 Nov. 4 25,447 25,398 49 822 559 26,830 22,076 4,877 30 428 1,283 664 453 376 801 19,779 18 845 934 Nov. 11 75,123 24,958 165 365 622 26,111 22,077 4 878 30 540 784 322 449 534 808 19,630 19 026 604 Nov.18 24,958 24,958 594 933 26,487 22,076 4 878 30 487 786 503 419 398 805 20,044 19 187 857 Nov.25 25,022 24,993 29 768 636 26,428 22,027 4,879 30 691 777 522 429 335 805 19,775 19 150 625 Dec. 2 25,081 25,043 38 427 792 26,302 22,028 4,882 30 791 774 526 431 339 878 19,474 19,161 313 Dec. 9 25,345 25,143 202 727 606 26,681 22,028 4,883 30 904 778 488 491 331 880 19,720 19 053 667 Dec. 16 75,457 25,243 214 268 1,193 26,921 22,028 4,884 30 953 769 224 464 259 936 20,229 19 309 920 Dec. 23 25,886 25,318 568 435 1,369 27,692 22,029 4,886 31 156 763 799 461 427 937 20,064 19 297 767 Dec. 30.... 25,902 25,318 584 100 973 26,977 22,029 4,889 30 890 773 377 474 380 936 20,066 19 364 702 1954 JJaann.. 136.... 2 2 5 5 , , 3 3 8 1 4 8 2 2 5 5 , , 3 3 1 1 8 8 66 1 15 7 6 0 9 7 6 5 3 4 2 2 6 6 , , 5 2 1 3 9 0 2 2 2 2 0 03 2 0 9 4 4 8 8 9 9 0 0 3 3 0 0 5 2 9 8 1 4 7 77 7 5 0 22 8 2 6 4 5 4 0 0 0 3 4 9 4 7 1 8 8 3 3 6 6 2 2 0 0, , 2 1 2 8 8 4 1 1 9 9 3 2 9 5 0 0 9 7 7 9 8 4 Jan. 20 25,364 25,364 70 977 26,412 22 006 4 890 30 083 782 5 443 286 833 20,874 19 335 1,539 Jan. 27 24,661 24,661 110 722 25,495 22 006 4 890 29 900 795 236 493 278 831 9,859 19 217 642 Feb. 3 24,774 24,717 57 515 569 25,860 21,956 4 899 29 930 807 457 477 345 829 19,870 19 089 781 Feb. 10 24,863 24,806 57 440 509 25,815 21 957 4 902 29 923 818 638 473 338 828 19,654 18 937 717 Feb. 17 24,806 24,806 291 798 25,897 21 957 4 905 29 821 820 533 482 346 912 19,845 18 921 924 Feb. 24 24,559 24,559 249 503 25,312 21 958 4 906 29 838 824 509 461 359 911 19,273 18 853 420 Mar. 3 24,559 24,559 267 861 25,689 21 958 4 912 29 885 820 528 476 402 908 19,540 18 827 713 Mar. 10 24,682 24,682 411 543 25,638 21 963 4 917 '29 870 820 447 487 346 907 9,640 18 792 848 Mar. 17 24,582 24,582 265 855 25,704 21 964 4 920 29 769 823 51 528 191 919 20,307 19 224 1,083 Mar.24 24,705 24,632 " '73 349 569 25,625 21 964 4 925 29 632 810 539 517 358 919 19,739 18 869 870 Mar.31 .... 24,632 24,632 147 535 25,316 21 965 4 935 29 707 819 722 494 363 917 19,194 18 689 505 Apr. 7 24,632 24,632 177 546 25,357 21 966 4 935 29 795 823 570 491 371 936 19,272 18 651 621 Apr. 14 24,632 24,632 171 599 1 25,404 21 966 4 943 29 793 831 639 469 353 935 19.293 18 585 708 Apr. 21 .... 24,632 24,632 155 704 125,493 21 967 4 945 29 673 839 565 443 388 931 19,566 Pig 660 P906 Apr. 28. 24,632 24,632 217 533 1 25,383 21 968 4 947 29 645 829 499 469 305 852 9,699 P\ 8 774 End of month 1953 Apr. 23,880 23,806 74 1,014 649 3 25,546 22 562 4 841 29, 842 1 269 393 506 416 783 9 740 19 389 351 May. 24,246 24,031 215 731 607 4 25,589 22 537 4 849 29,951 272 221 515 171 775 20]069 19 263 806 June. 24,746 24,718 28 64 601 3 25,414 22 463 4 854 30, 125 1 259 132 527 176 951 9,561 19 459 102 July. 24,964 24,964 644 565 3 26,176 22 277 4 859 30, 120 1 263 548 566 346 862 9,607 19 017 590 Aug.. 25,063 4,989 "*74 343 549 3 25,958 22 178 4 867 30,248 1 269 496 524 325 862 9 278 18 802 476 Sept. 25,235 5,235 329 685 3 26,252 22 128 4 872 30, 275 1 283 642 512 352 880 9 309 18 816 493 Oct.. 25,348 5,348 413 787 3 26,550 22 077 4 879 30,398 1 275 654 448 468 802 9 460 18,826 634 Nov. 25,095 4,993 102 369 667 3 26,133 22 028 4 885 30,807 766 451 417 367 804 9 434 19,087 347 Dec. 25,916 5,318 598 28 935 2 26,880 22,030 4( 894 30, 781 761 346 423 493 839 o160 397 753 1954 Jan 24,640 4,640 156 640 2 25,437 21,956 899 29,981 793 405 440 459 830 9 384 19,016 368 Feb.. 24,509 4,509 350 827 2 25,' 688 21 ]958 4,'913 29, 904 811 542 490 491 909 9 412 18]821 591 Mar.. 24,632 4,632 147 535 1 25,316 21,965 4,935 29, 707 819 722 494 363 917 9 194 18,689 505 Apr.. 4,632 4,632 172 576 1 25,382 21,969 4,950 29, 731 821 579 471 321 850 9 528 P18,864 J»664 P Preliminary. c Corrected. For footnotes see following page. MAY 1954 467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Money Treas- w re it s h e rv F e . R ba . la B n a c n e k s, s O F t e h d e - r reserve balances p D e o r a i r t o e d Total B r o o ig u u h t g - t h t j u r c a m H e h n g p e e a d r u l n e s e d r e e t r - - I , v c D a o a a n n u d is c d n - - e ts s Float o A th ll - Total s G t o o l c d k s r o c e t i a u n n u n g r c t - - d y - c t c u i i i o n l r a n - - h c i u o n a r l g 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 e g - 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 - - l e ts Total qu R ir e e - d2 Ex- End of month: 1929—June. 216 148 68 1,037 52 ,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 ,220 4,031 ,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec.. 2,484 2,484 7 91 ,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 ,36122,737 3,24711,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec. 24,262 24,262 249 578 ,09120,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec.. 22,559 22,559 85 535 ,18122,754 4 28,868 1,336 870 392 569 56317,899 16,400 1,499 1948—Dec. 23,333 23,333 223 541 ,09724,244 4,589 28,224 1,325 1,123 642 547 590 20,479 19,277 1,202 1949—Dec. 18,885 18,885 78 534 ,49924,427 4,598 27,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 ,21622,706 4,636 27,741 1,293 668 895 565 714 17,681 16,509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 ,00922,695 4,709 29,206 1,270 247 526 363 746 20,056 19,667 389 1952—June. 22,906 22,764 142 59 581 ,55123,346 4,754 29,026 1,283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 ,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 ,41422,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages of daily figures Monthly: 1953—Apr.. 23,861 23,806 55 1,184 843 25,892 22,562 4,83229,782 ,281 395 563 397 86120,007 19,472 535 May. 23,973 23,881 92 955 750 25,682 22,557 4 843 2299,869 ,279 356 552 350 77919,897 19,306 591 June. 24,748 24,729 19 433 776 25,960 22,514 4,85130,011 ,273 52 566 203 93320,287 19,499 788 July. 24,955 24,943 12 428 737 265,12322,366 4 853 30,165 ,264 545 537 239 939 19,653 18,869 784 Aug.. 25,000 24,974 26 658 660 265,32222,226 4 860 30,167 ,273 656 548 376 861 19,526 18,882 644 Sept. 25,168 25,097 71 468 771 26,410 22,176 4,86730,328 ,273 537 538 354 871 19,552 18,834 718 Oct.. 25,344 25,341 3 367 800 26,51422,102 4 873 30,366 ,274 557 463 406 88919,536 18,784 752 Nov. 25,172 25,078 94 494 744 26,41322,057 4 878 30,555 915 497 434 424 80519,718 19,035 683 Dec. 25,639 25,218 421 448 1,018 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 26,24322,015 4 89130,282 778 201 453 422 834 20,179 19,243 936 Feb.. 24,770 24,729 41 308 667 25,74621,957 4 904 29,903 811 568 470 429 870 19,557 18,925 632 Mar. 24,633 24,620 13 205 712 25,55321,963 4 920 29,800 813 490 494 352 913 19,573 18,881 692 Apr.. 24,635 24,632 3 151 696 25,48321,966 4,94129,755 825 584 481 427 926 19,392 Weekending: 1954 Feb. 3.... 24,662 24,654 226 558 25,44721,963 4,898 29,965 799 405 450 372 830 19,487 19,059 428 Feb. 10.... 24,869 24,803 375 552 25,79821,956 4,900 29,941 807 589 458 371 82919,659 18,986 673 Feb. 17 24,895 24,806 316 702 25,916 21,957 4.904 29,915 811 627 488 503 86419,569 18,916 653 Feb. 24.... 24,723 24,723 215 796 25,73521,957 4.905 29,836 815 558 461 448 91219,569 18,867 702 Mar. 3.... 24,523 24,523 282 738 25,54521,958 4,91129,895 817 517 481 413 909 19,382 18,831 551 Mar. 10 24,676 24,662 256 684 25,61721,960 4,91629,916 818 566 460 385 908 19,441 18,765 676 Mar. 17 24,633 24,629 186 689 25,509 21,963 4,919 29,859 816 242 530 289 91219,744 19,018 726 Mar. 24.... 24,621 24,597 177 766 25,565 21,964 4,92329,722 806 487 505 317 91819,697 19,017 680 Mar. 31 24,649 24,636 190 703 25,544 21,965 4,928 29,663 809 670 486 399 91819,492 18,759 732 Apr. 7 24,632 24,632 153 583 25,370 21,965 4,93329,780 819 526 507 399 93619,300 18,595 705 Apr. 14 24,643 24,632 156 597 25,397 21,966 4,938 29,817 823 650 503 379 93519,194 18,595 599 Apr. 21 24,632 24,632 141 955 25,730 21,967 4,94529,780 831 680 461 574 93319,384P18.616 P768 Apr. 28 24,632 24,632 148 672 25,453 21,968 4,946 29,652 827 495 456 388 92019,630P18,658 P972 p Preliminary. 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, 1935 Dec. 31, 1935 Jan. 1, 1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more 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: For loans by banks on stocks 50 75 50 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limtt the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C., the market value (100%) and the maximum loan value. effective Feb. 1, 1936, are the same as those in effect for member banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 468 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 g a ib ) 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 Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning— rate Boston Apr. 27,1954 Apr. 27, 1954 2% Feb. 5, 1954 New York Apr. 16,1954 Apr. 16, 1954 Jan. 16, 1953 Philadelphia Feb. 5,1954 Feb. 5, 1954 2% Jan. 16, 1953 Cleveland Apr. 23,1954 Apr. 23, 1954 Aug. 17, 1953 Richmond Feb. 12,1954 2H Feb. 12,1954 Jan. 23,1953 Atlanta Feb. 9,1954 2H Feb. 9, 1954 Feb. 9, 1954 Chicago Apr. 14,1954 2M Feb. 11, 1954 f Aug. 13, 1948 St. Louis Apr. 23,1954 2 Apr. 23, 1954 May 18,1953 K M a in n n sa e s a p C o i l t i y s A A p p r r . . 2 2 9 3 , , 1 1 9 9 5 5 4 4 2 A Fe p b r . . 2 1 9 2 , , 1 1 9 9 5 5 4 4 J J a a n n . . 2 1 6 6 , , 1 1 9 9 5 5 3 3 Dallas Apr. 23,1954 2X Apr. 23, 1954 2M Jan. 23,1953 San Francisco Apr. 16,1954 2 Apr. 16, 1954 3 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. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Maturity R A a p t r e . 3 o 0 n In g i e n f n f i e n c g t — b - e- Pre ra v t i e ous Net demand deposits1 Time deposits 1 9 2 1 1 1 - - - 1 1 2 9 8 0 0 0 d d d a a a y y y s s s A A A p p p r r r . . . 1 1 1 6 6 6 , , , 1 1 1 9 9 9 5 5 5 4 4 4 2 Ef o fe f c t c i h v a e ng d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r NOTE.—Effective minimum buying rates on prime bankers' accept- 1917—June 21 13 10 ances payable in dollars. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. 1 1 9 9 3 3 6 7 — — A M u a g r . . 1 1 6 5i 15 May 1 26 20 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr. 16 22% 17}* 12 OF THE FEDERAL RESERVE ACT 1941—Nov. 1 26 20 14 Maturities not exceeding five years 1942—Aug. 20 24 [In effect April 30. Per cent per annum] Sept. 14 22 Oct. 3 20 To industrial or 1948—Feb. 27 22 commercial To financing institutions June 11 24 businesses Sept. 16 16 271, Sept. 24 26 R F B e e d s a e e n r r k v a e l On com O m n it- Po O r n ti p o d u n i r s c c h o a u s n e t s s or co O m n mit- 1949— J J A M M u u u a a l n g y y y e . 3 5 1 1 0 1 24 2 2 1 0 1 1 1 5 4 3 « » 2 2 7 6 6 7 loansx ments fo in r s w ti h tu ic - h ma R in e i : ng ments A A u u g g . . 1 1 1 6 23^ 12 25 tion is portion Aug. 18 '23*' 19 obligated Aug. 25 18* Sept. 1 22 18 Boston () 1951—Jan. 11 23 19 36 New York 52 Jan. 16 13 36 Philadelphia ( ) Jan. 25 24 26 ii' Cleveland Feb. 1 Richmond Atlanta 1953—July 1 13 Chicago 2H5 July 9 22 19 St. Louis Minneapolis.... 1K-2X In effect May 1, 1954* 22 19 13 Kansas City.... Dallas (()2) 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 3 2 1 R R In a a c t t l e e u d c c i h h n a a g r r g g l e o e d d a n b s b o o m r r r r o a o d w w e e e r i r n . l e p s a s r c ti o c m ip m a 4 t i R i t o m a n t e e w n t c i t h h ra a r t f e g in . e a d n c b in o g rr o i w ns e t r i tu b t u io t n n s. ot A (a p l 2 s r o R . e 1 m q 3 u , i n i 1 r u 9 e s 4 m 3 w e - n a J t u r n b l e o e a c 3 n a 0 m , a e 1 n 9 d e 4 ff 7 s e ) e c . r t i i e v s e E at b c o o n u d n tr a y c c b o a u n n k ts s . during the period to exceed 1 per cent above the discount rate. 3 Requirement became effective at central reserve and reserve city o o f f ^ 5 l l C C o o a a h h n n a a . . r r g g e e o o f f 3 H 4 p p e e r r c c e e n n t t p p e e r r a a n n n n u u m m i i s s m m a a d d e e o o n n u u n n d d i i s s b b u u r r s s e e d d p p o o r r t t i i o o n n b d d 1 e e a 0 p p n 4 a o o k P n s s s r d i i . e t t s s s 2 e — a n 0 t t c p a e l e l e n l r g t m r a c a l e e l m m nt r i b ; e n e s i c r e m o r b u v u a n e m n t r k c y a s i n , , t i d 3 e 7 s m a , a n n a d 1 d x 3 i 6 m 1 a p 4 u n e m d p r e c r r 2 e e 6 n c q t e u , n p ir r t e , e e r s m r p e c e e s e n c p n t t e s t i c ; v t o e i r n l v e y e s n . l e e y r t ; v e d o e n c m i t t a i i m n e d s e , Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MAY 1954 469 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 k l r l s - i N c e i w ty ban C k h s i- b s R a er n e v 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 k l m r l s - * N c e i w ty ban C k h s i- b s c R a e 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: 1953—January 20,958 5,184 11,379 8,277 6,118 1953—January 707 5 -6 119 589 February 20,520 5,050 1,356 8,082 6,031 February 638 14 -3 95 531 March 20,416 5,089 1,366 8,014 5,947 March 588 16 3 87 482 1954—January 20,179 4,863 L.320 8,065 5,932 1954—January 936 146 7 162 621 19,557 4,652 1,269 7,825 5,811 632 8 -7 83 548 March 19,573 4,725 1,267 7,767 5,815 March 692 38 8 83 563 Mar. 17 19,744 4,757 L.27O 7,833 5,885 Mar. 17 726 6 -1 96 625 Mar. 24 19,697 4,734 1,270 7,830 5,863 Mar. 24 680 14 -2 64 604 Mar. 31 19,492 4,777 1,254 7,772 5,689 Mar. 31 732 127 18 132 455 Apr. 7 19,300 4,657 1,191 7,686 5,766 Apr. 7 705 19 7 114 565 Apr. 14 19,194 4,578 1,215 7,684 5,717 Apr. 14 598 -17 -3 101 517 Apr. 21 19,384 4,665 1,218 7,715 5,787 Apr. 21 P767 57 5 126 P579 Borrowings at Federal Required reserves:3 Reserve Banks: 1953—January 20,251 5,180 1,385 8,157 5,529 1953—January 1,347 320 335 529 163 February 19,882 5,036 1,359 7,986 5,500 February 1,310 255 277 624 155 March 19,828 5,073 1,362 7,926 5,466 March 1,202 211 277 559 154 1954—January 19,243 4.717 1,313 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 March 18,881 4,687 1,259 7,684 5,252 March 189 16 29 79 65 Mar. 17 19,018 4,751 1,270 7,737 5,260 Mar. 17 170 16 18 61 75 Mar. 24 19,017 4,720 1,272 7,766 5,259 Mar. 24 162 37 25 56 44 Mar. 31 18,759 4,650 1,235 7,640 5,234 Mar. 31 175 38 71 66 Apr. 7 18,595 4,638 L .184 7,572 5,201 Apr. 7 135 23 63 49 Apr. 14 18,595 4,594 ,218 7,583 5,200 Apr. 14 138 5 70 63 Apr. 21 *18,616 4,607 1,212 7,589 P5,208 Apr. 21 133 7 82 44 » 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 e R a i r n t e v y k - e s C ba t o r n u y k n s - b m a b A e n e l m r k l s - Ne c w ity ban C ks hi- b s c R a e i r n t e v y k - e s C ba t o r n u y k n s - York cago York cago March 1954 March 1953 Gross demand deposits: Total 107,525 22,692 5,988 41,477 37,367 106,716 22,601 5,996 41,221 36,899 Interbank 12,364 3,945 1,226 6,006 1,187 11,998 3,830 1,158 5,916 1,094 Other 95,161 18,747 4,762 35,471 36,181 94,719 18,771 4,838 35,305 35,805 Net demand deposits2 93,755 20,440 5,386 35,828 32,101 93,341 20,554 5,385 35,579 31,824 Time deposits 36,985 3,166 1,232 14,609 17,978 33,857 2,339 1,167 13,512 16,839 Demand balances due from domestic banks... 6,227 49 106 1,964 4,108 5,923 51 103 1,862 3,907 Reserves with Federal Reserve Banks: Total 19,573 4,725 1,267 7,767 5,815 20,416 5,089 1,366 8,014 5,947 Required3 18,881 4,687 1,259 7,684 5,252 19,828 5,073 1,362 7,926 5,466 Excess 692 38 8 83 563 588 16 3 87 482 Borrowings at Federal Reserve Banks 16 29 79 65 1,202 211 277 559 154 * 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. 470 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 Apr. 28 Apr. 21 Apr. 14 Apr. 7 Mar. 31 Apr. Mar. Apr. Assets Gold certificates 20,412,100 20 402,104 20404,102 20,399,10120,399,102 ,412,10120,399,102 20,633,103 Redemption fund for F. R. notes. . 871,224 873,646 874,501 878,976 878,976 871,225 878,976 750,029 Total gold certificate reserves. 21,283,324 21,275,750 21,278,603 21,278,077 21,278,078 21,283,326 21,278,078 21,383,132 Other cash 395,921 389,069 384,840 404,796 427,475 404,890 427,475 354,872 Discounts and advances: For member banks 208,723 147,169 162,870 155,292 131,864 164,055 131,864 995,100 For nonmember banks, etc.. 8,000 8,000 8,000 22,000 15,000 8,000 15,000 18,500 Industrial loans 1,221 1,206 1,321 1,491 1,470 1,286 1,470 3,460 U. S. Government securities: Bought outright: Bills 1,910,975 1,910,975 1,910,975 1,910,975 1,910,975 1,910,975 1,910,975 514,754 Certificates: Special Other 6,051,191 6,051,191 051,191 6,051,191 6,051,191 6,051,191 ,051,191 4,995,716 Notes 13,029,021 13,029,021 029,021 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 ,641,150 4,521,975 Total bought outright 24,632,337 24,632,33724,632,337 24,632,33724,632,337 24,632,33724,632,33723,806,116 Held under repurchase agreement. 74,000 Total U. S. Government securities. 24,632,33724,632,33724,632,33724,632,337 24,632,33724,632,33724,632,33723,880,116 Total loans and securities 24,850,28124,788,712 24,804,52824,811,120 24,780,67124,805,678 24,780,67124,897,176 Due from foreign banks 22 22 22 22 22 22 22 23 F. R. notes of other banks. . . 155,067 152,619 137,064 140,275 155,130 150,097 155,130 151,350 Uncollected cash items 3,552,230 4,140,809 4,183,651 3,355,631 3,844,884 3,210,851 ,844,884 3,518,032 Bank premises 53,264 53,354 52,979 52,908 52,910 53,213 52,910 49,533 Other assets 178,750 169,847 161,226 152,212 164,697 181,151 164,697 203,939 Total assets. 50,468,859 50,970,18251,002,91350,195,04150,703,86750,089,228 50,703,86750,558,057 Liabilities Federal Reserve notes 25,393,812 25,416,76125,515,94425,539,950 25,486,575 25,472,276 25,486,57525,598,279 Deposits: Member bank—reserve accounts 19,698 91519,565,82419,292,65719,271,730 19,194,19219,527,64219,194,19219739,784 U. S. Treasurer—general account 499 243 564,842 638,909 570,451 722,054 578,611 722,054 392,741 Foreign 469 059 443,173 469,292 491,052 493,801 470,624 493,801 505,675 Other 304 704 388,289 352,869 371,100 362,892 321,138 362,892 416,499 Total deposits. 20,971,921 20,962,128 20,753,727 20,704,333 20,772,939 20,898,015 20,772,939 21,054,699 Deferred availability cash items 3,019 059 3,437,038 3,584,338 2,809,471 3,309,596 2,634,402 3,309,596 2,869,182 Other liabilities and accrued dividends 19 359 18,048 19,368 18,123 18,081 18,050 18,081 19,391 Total liabilities. 49,404,151 49,833,975 49,873,37749,071,877 49,587,191 49,022,743i 49,587,19149,541,551 Capital Accounts Capital paid in 271,203 271,087 270,530 270,423 270,208 271,216 270,208 257,254 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 140,949 212,564 206,450 200,185 193,912 142,713 193,912 147,033 Total liabilities and capital accounts. 50,468,859 50,970,182 51,022,913 50,195,04150,703,86750,089,228 50,703,86750,558,057 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.9 46.0 46.0 46.0 45.9 46.0 Contingent liability OIL acceptances purchased for foreign correspondents 16,455 17,380 16,424 14,482 12,916 16,595 12,916 31,887 Industrial loan commitments 2,958 2,977 2,863 2,891 2,957 2,892 2,957 2,867 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 216,723 155 169 170,870 177,292 146,864 172,055 146,864 ,013,600 Within 15 days 195,877 137 865 153,683 160,600 129,939 149,464 129,939 946,732 16 days to 90 days 20,846 17304 17,187 16,692 16,925 22,591 16,925 66,830 91 days to 1 year 38 Industrial loans—total 1,221 1,206 1,321 ,491 1,470 1,286 ,470 3,460 Within 15 days 7 8 118 152 7 152 421 16 days to 90 days 171 177 276 275 15 270 15 1,164 91 days to 1 year 998 976 991 ,051 1,256 964 ,256 1,722 Over 1 year to 5 years 45 45 46 47 47 45 47 153 U. S. Government securities—total ,632,33724,632,337 24,632,337 24,632,337 24,632,337 24632,33724,632,337 23,880,116 Within 15 days 492,675 444,125 385,125 325,700 344,750 320,000 344,750 300,750 16 days to 90 days ,104,666 3,153,216 212,216 3,271,641 ,252,591 277,341 3,252,591 ,415,270 91 days to 1 year ,277,57512,277,575 277,57512,277 57512,277,575 277,575 12,277 575 ,460,675 Over 1 year to 5 years ,307,260 6,307260 307,260 6,307260 ,307,260 307,260 6,307 260 ,914,164 Over 5 years to 10 years ,035,304 1,035 304 035,304 1,035 304 ,035,304 035,304 1,035 304 ,374,400 Over 10 years ,414,857 1,414,857 414,857 1,414 857 ,414,857 414,857 1,414 857 ,414,857 1 Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance withjmaximum maturity of the agreements. MAY 1954 471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 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 in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates.20,412,101 1,020,825 5,578,8211,238,0561,707,1791,024,206 925,2713,665,979 778,244 467,116 822,480 848,6542,335,270 Redemption fund for F. R. notes. 871,225 52,897 176,393 59,295 79,821 69,368 57,001 148,896 48,628 25,207 40,837 29,819 83,063 Total gold certificate reserves. .21,283,326 1,073,722 5,755,2141,297,3511,787,0001,093,574 982,2723,814,875 826,872 492,323 863,317 878,4732,418,333 Other cash 404,890 27,869 75,751 23,912 34,929 23,389 36,898 72,108 26,073 10,497 12,528 18,986 41,950 advances: Secured by U. S. Govt. securities. . . 164,036 22,020 17,745 4,360 15,735 8,825 23,990 22,625 16,525 15,713 9,848 1,000 5,650 Other 8,019 507 2,320 592 736 408 344 1,112 304 200 304 376 816 Industrial loans.. 1,286 1,177 109 U. S. Government securities: Bought outright 24 632 337 1 359 163 6 291 8871 499 0752 111 1641 450 7951 254 5504 306 1761 030 740 604 8961 062 738 967 9032 693 250 Held under repurchase agreement... Total loans and securities 24,805,678 1,381,690 6,311,9521,505,2042,127,6351,460,0281,278,8844,329,9131,047,569 620,9181,072,890 969,2792,699,716 Due from foreign banks 22 1 2 2 1 1 3 1 1 1 1 2 F. R. notes of other Banks... 150,097 3,746 19,596 11,011 8,072 21,288 25,063 14,924 9,176 6,319 5,659 8,657 16,586 items 3,210,851 243,163 576,085 200,946 302,224 252,339 240,505 539,198 137,516 93,625 199,408 140,059 285,783 Bank premises... 53,213 6,097 7,548 4,844 5,136 4,640 3,978 6,371 2,875 1,014 2,460 575 7,675 Other assets 181,151 9,600 44,879 10,898 15,889 10,662 9,858 31,094 7,872 4,356 8,266 7,975 19,802 Total assets 50,089,228 2,745,88812,791,0313,054,1684,280,8872,865,9212,577,4598,808,4862,057,9541,229,0532,164,5292,024,0055,489,847 Liabilities F. R. notes 25,472,276 1,569,868 5,699,7681,815,1382,349,7231,726,1551,364,1004,922,5591,150,168 628,199 991,672 719,3662,535,560 Deposits: Member bk.— reserve accts.19,527,642 813,300 5,835,179 924,8441,493,106 800,256 899,7993,183,599 691,539 451,635 939,3641,017,6602,477,361 TT Q TVmQ gen. acct 578,611 37,462 95,045 34,574 40,780 43,518 35,510 69,158 36,406 27,375 26,920 78,422 53,441 Foreign 470,624 28,023 2144,432 33,996 42,264 23,429 19,754 63,857 17,457 11,485 17,457 21,592 46,878 Other 321,138 2,722 264,420 1,721 4,354 2,132 695 3,877 7,546 1,645 337 679 31,010 Total deposits... 20,898,015 881,507 6,339,076 995,1351,580,504 869,335 955,7583,320,491 752,948 492,140 984,0781,118,3532,608,690 ability cash items 2,634,4*02 227,514 447,994 163,989 251,116 212,970 208,211 413,918 111,394 79,750 146,098 135,957 235,491 Other liabilities and accrued dividends 18,050 1,111 4,778 1,025 2,085 880 893 2,892 686 592 694 687 1,727 Total liabilities..49,022,743 2,680,00012,491,6162,975,2874,183,4282,809,3402,528,9628,659,8602,015,1961,200,6812,122,542 1,974,3635,381,468 Capital Accounts Capital paid in. . 271,216 14,623 83,342 18,432 26,027 12,046 11,689 35,609 9,348 6,056 10,349 13,535 30,160 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 accounts 142,713 9,475 32,121 10,051 12,778 9,436 8,012 20,796 7,424 5,024 7,045 6,654 13,897 Total liabilities and capital accounts 50,089,228 2,745,88812,791,0313,054,1684,280,8872,865,9212,577,4598,808,4862,057,9541,229,0532,164,5292,024,0055,489,847 Reserve ratio 45.9% 43.8% 47.8% 46.2% 45.5% 42.1% 42.3% 46.3% 43.4% 43.9% 43.7% 47.8% 47.0% Contingent liability on acceptances purchased for foreign correspondents 16,595 1,006 34,880 1,221 1,518 841 710 2,293 627 413 627 776 1,683 Industrial loan commitments.. 2,892 1,094 747 47 122 24 858 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $326,174,000 participations of other Federal Reserve Banks. 3 After deducting $11,715,000 participations of other Federal Reserve Banks. 472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1954 1954 1953 Apr. 28 Apr. 21 Apr. 14 Apr. 7 Mar. 31 Apr. Mar. Apr. F. R. notes outstanding (issued to Bank). 26,551,454 26,587,34126,637,536 26,682,373 26,714,686 26,520,909 26,714,686 26,532,864 Collateral held against notes outstanding: Gold certificates 11,043,000 11,043,000 11,043,000 11,043,000 11,093,000 11,043,000 11093,000 12,574,000 Eligible paper 91,893 61,469 70,235 72,090 74,417 97,655 74,417 610,478 U. S. Government securities 16,955,000 16,955,000 17,055,000 17,155,000 17,055,000 16,955,000 17,155,00014,760,000 Total collateral 28,089,893 28,059,469 28,168,23528,170,090 28,322,41728,095,655 28,322,41727,944,478 EACH FEDERAL RESERVE BANK ON APRIL 30, 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 i e s - 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) 26,520,909 1,632,130 5,869,463 1,925,714 2,465,7041,828,1471,447,749 5,037,092 ,197,562 642,9711,022,117 762,8032,689,457 Collateral held: Gold certificates11,043,000 640,000 2,670,000 800,000 950,000 625,000 485,000 2,400,000 355,000175,000 280,000 283,0001,380,000 Eligible paper.. 97,655 22,039 14,695 4,360 8,825 16,525 15,713 9,848 5,650 U. S. Govt. securities 16,955,000 1,200,000 3,600,000 1,200,0001,550,0001,300,0001,000,000 2,700,000 960,000 500,000 800,000 525,0001,620,000 Total collateral.. 28,095.655 L, 862,039 6,284,695 2,004,360 2,500,0001,933,8251,485,000 5,100,000 1,331,525 690,7131,089,848 808,000 3,005,650 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] Applications Ap- pations y E m e n a o d r n t o o h f r N b u e m r a - p to p r d o A a v t m e e d ount ( b a p p m u c l r e o o t o t m v e u n e d - n o d 1 t t ) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 s ( C t a m a o m o n m e u o d n m u t i - t n n s i g t t ) - s o i ( n a t t f a g u m o n f t i u o i d i n o n u t i a - n n s n n s t g t c i ) 3 - - y E m e n a o d r n t o o h f r Gua a r u a t t o n h t o e d r e a i d t z e e l d oans o G u u t a s lo t r a a a n n n d t s e in ed g u a A b v n a o a d d m i r d e l r r a i o o t b w i u g o l n e e u n t r a a s t r l o - Num- Total Portion antee agreeber Amount amount guaran- ments 1945 3,511 544,961 320 1,995 1,644 1,086 teed outstanding 1946 3,542 565,913 i,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 1,819 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 March.... 1,204 2,190,643 1,023,666 838,704 520,517 April 1,212 2,211,201 972,193 801,945 469,324 A M p a r r i c l h 3 3, , 7 7 5 5 7 6 7 7 7 8 6 0 , , 4 4 6 6 1 8 1 1, , 7 1 5 8 1 8 3 3, , 4 6 8 7 5 8 2 2 , , 7 8 5 6 6 6 3 3 , , 1 13 9 1 3 J M u a n y e 1 1, , 2 2 3 2 7 1 2 2 , , 2 2 5 8 8 3 , , 0 7 1 5 1 5 9 9 0 5 6 7 , , 5 5 8 4 4 1 7 7 4 9 8 2 , , 6 0 9 1 1 5 4 4 6 8 9 7 , , 0 9 4 2 8 8 May 3,758 784,246 1,698 3,706 2,671 3,141 July 1,244 2,292,777 891,865 736,723 482,394 June 3,758 788,058 1,646 3,223 3,142 3,141 August.... 1,259 2,301,987 868,274 716,618 444,265 July 3,759 790,798 1,162 3,292 3,304 3,129 September 1,269 2,310,182 860,874 709,488 438,091 August.... 3,760 793,196 1,492 2,801 3,355 2,955 October. . . 1,279 2,320,187 842,529 695,550 416,690 September. 3,760 795,496 997 2,993 3,341 3,134 November. 1,284 2,324,612 837,238 691,727 375,977 October. . . 3,762 797,656 1,242 2,685 3,381 2,970 December. 1,294 2,358,387 804,686 666,205 363,667 November. 3,764 800,420 1,682 2,546 3,097 3,640 December.. 3,765 803,429 L ,951 1,900 3,569 3,469 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 11,234 1,885 3,532 3,414 March.... 1,316 2,399,321 737,605 612,265 321,619 February. . 3,765 806,648 1,345 1,792 3,145 3,344 March 3,766 808,505 11,720 1,487 2,957 2,666 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 2 Includes 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. 3Not 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. MAY 1954 473 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 April 30] Assets Feet Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month itors' Cash U.S. Cash bal- in Govern- reserve ances1 Total deposi- ment funds, Guarantee fee Percentage of tory securi- etc.3 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—February 2,523 2,715 33 2,524 158 March.. . 2,510 2,708 33 2,520 155 April 2,495 2,697 33 2,520 144 Maximum Rates Financing Institution May Charge Borrower May 2 477 2,665 33 2,488 144 [Per cent per annum] June 2,457 2,653 33 2,477 143 July 2,438 2,648 33 2,469 146 August 2,419 2,635 33 2,452 151 Interest rate September. . . 2,401 2,618 33 2,435 150 Commitment rate. October 2,387 2,596 33 2,428 135 November. . . 2,373 2,577 31 2,407 139 December 2,359 2,558 31 2,389 138 *2 341 February J>2,326 P2 311 r Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to demand deposit accounts, Annual rate of turnover of except interbank and demand deposits except interbank U. S. Government accounts and U. S. Government deposits Year or month Total, all New 6 338 other New 6 338 other reporting York other reporting York other reporting centers City centers1 centers City centers1 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 1953—January... 145,919 52,048 31,660 62,212 34.3 23.9 18.4 February.. 129,163 45,749 28,126 55,287 35.1 24.4 18.9 March 153,356 53,898 35,339 64,119 37.1 28.7 19.4 April 145,567 52,038 32,742 60,788 35.4 26.7 18.4 May 141,981 50,255 32,283 59,443 35.6 26.2 18.8 June 153,846 56,623 33,807 63,416 38.9 26.5 19.2 July 147,957 51,799 32,683 63,476 36.0 25.7 19.2 August 134,386 45,516 29,958 58,913 32.2 23.6 17.8 September 147,699 54,888 31,422 61,390 40.2 25.9 19.3 October... 149,606 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... 154,289 62,306 30,806 61,178 42.7 24.1 ••18.6 February.. 141,933 56,115 29,341 56,477 42.7 25.5 '19.1 March 171,260 67,913 36,666 66,681 44.6 29.2 19.5 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. 474 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 currency5 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 .... 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 2 1953—March 29,754 20,896 1,737 1,165 67 2,048 6,418 9,462 8,859 2,621 5,383 339 505 3 8 April 29,843 20,979 1,747 1,163 68 2,056 6,448 9,497 8,865 2,623 5,388 339 503 4 8 May. 29,951 21,085 1,755 1,172 69 2,065 6,482 9,542 8,867 2,627 5,388 338 502 4 8 June 30,125 21,243 1,766 1,176 69 2,071 6,527 9,635 8,883 2,645 5,391 337 499 4 8 Tulv 30,120 21,237 1,769 1,171 70 2,055 6,511 9,660 8,885 2,646 5,396 335 496 4 8 August 30,248 21,331 1,778 1,182 70 2,061 6,531 9,709 8,918 2,655 5,423 334 494 4 8 2 September... 30,275 21,321 1,792 1,207 69 2,060 6,499 9,694 8,956 2,659 5,458 334 493 4 8 2 October 30,398 21,414 1,802 1,214 70 2,071 6,524 9,734 8,986 2,665 5,488 333 489 4 8 2 November... 30,807 21,771 1,816 1,232 71 2,123 6,659 9,871 9,038 2,689 5,519 332 487 4 8 2 December. . . 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 2 1954—January 29,981 20,939 1,775 1,180 70 2,031 6,351 9,531 9,045 2,693 5,526 331 484 4 8 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 4 8 2 March 29,707 20,757 1,776 1,166 70 2,010 6.304 9,431 8,952 2,654 5,473 328 481 4 12 1 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 held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal M 1 a 9 r. 5 3 4 1, g a o s g l i d a lv in e a r s n t d Tre ca a s s h ury B R F an e e d k se s e r r v a a n e l d B R a a n e g s k e e s n r t v a s n e d M 1 a 9 r. 5 3 4 1, Fe 1 b 9 . 5 2 4 8, M 1 a 9 r. 5 3 3 1, certificates agents Gold 21,965 21,314 2651 Gold certificates 21,314 18,463 2,816 36 36 37 Federal Reserve notes 26,715 74 1,383 25,257 25,490 25,321 Treasury currency—total 4,935 *2,385 94 427 4,414 4,379 4,396 Standard silver dollars 491 237 41 5 209 209 199 Silver bullion. 2,149 2,149 Silver certificates and Treasury notes of 1890 32,385 314 2,071 2,042 2,066 Subsidiary silver coin 1,258 45 62 1,152 1,146 1,130 Minor coin . • 432 4 12 416 416 407 United States notes 347 2 32 312 309 314 Federal Reserve Bank notes 187 1 2 185 186 205 National Bank notes 71 (5) 1 71 71 74 Total—Mar. 31, 1954 (4) 23,699 819 18,463 4,626 29,707 Feb. 28, 1954 (4) 23,685 811 18,454 4,639 29,904 Mar 31 1953 (4) 23,767 1,293 18,552 4,340 29,754 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. 467. 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. * 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 MAY 1954 475 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 i a u n n u r n y c r 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 rc m e d i r a n - l me R F n e t e d s o e e b r r v a li e l gati O o t n h 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 t d t i 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 r 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 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 16,64? 1953—Mar. 25. 22,600 4,800 190,200 76,000 96,400 70,000 23,900 2,500 17,800 217,600 200,600 17,000 Apr. 29. 22,600 4,800 189,000 76,500 94,700 68,400 23,800 2,500 17,800 216,400 199,100 17,300 May 27. 22,500 4,800 188,900 76,600 94,400 67,800 24,100 2,500 17,800 216,200 199,100 17,200 June 30. 22,463 4,854 190,277 77,071 95,350 68,108 24,746 2,496 17,856 217,594 200,360 17.234 July 29. 22,300 4,900 195,500 77,400 100,200 72,700 25,000 2,500 18,000 222,700 205,100 17,600 Aug. 26. 22,200 4,900 195,400 77,700 99,600 72,100 25,000 2.500 18,200 222,500 204,800 17.70O Sept. 30. 22,100 4,900 195,900 78.400 99,300 71,600 25,200 500 18,200 222,900 204,900 18,000 Oct. 28. 22,100 4,900 196,700 79,100 99,500 71,700 25,300 2,400 18,200 223,700 205,500 18,100 Nov. 25. 22,000 4,900 198,200 79,500 100,400 73,000 25,000 2,400 18,200 225,100 207,1C0 18,000 Dec. 31. 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,53* 1954—Jan. 27P 22,000 4,900 198,000 79,100 100,400 73,400 24,700 2,400 18,500 224,900 207,100 17,800 Feb. 24P 22,000 4,900 197,300 79,300 99,100 72,000 24,600 2,400 18,900 224,100 206,200 17,900 Mar. 31 P 22,000 4,900 196,100 80,300 96,800 69,800 24,600 2,300 19,000 223,000 205,100 17,800 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 o n a e r g l s a y d h s s - - A s m b a t a e a v n r n c i c n o d k i g m a s s l - R F B e e A a d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 1 Total m T b C e a i o m r n c m k i e a s - l dep M b s o a a s v u n it i t k s n u « s g a 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 s n c i r k d - y s e 1929—June 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 1,682 ,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 ,325 2,451 ,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Dec. 31. .. 177,313 2,150 ,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Dec. 30... 184,385 2,518 ,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31'. 193,410 2,279 ,270 3,615 247 185,999 98,234 61,450 37,859 20,887 2,704 26,315 1952—June 30... 194,960 2,319 ,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 Dec. 31... 204,220 2,501 ,270 5,259 389 194,801 101,508 65,799 40,666 22,586 2,547 27 ,494 1953—Mar. 25... 200,600 2,400 ,300 5,800 <) 191,000 97,400 66,800 41,200 23,100 2,500 26,900 Apr. 29... 199,100 2,400 ,300 2,900 400 192,200 98,000 67,200 41,500 23,300 2,500 27,000 May 27.., 199,100 2,400 ,300 2,900 400 192,100 97,500 67,600 41,700 23,400 .2,500 27,000 June 30. ., 200,360 2,467 ,259 3,942 132 192,560 96,898 68,293 42,245 23,589 2,459 27,369 July 29... 205,100 2,500 ,300 7,500 800 193,000 97,400 68,400 42,300 23,700 2,400 27,200 Aug. 26... 204,800 2,400 ,300 7,000 700 193,400 97,500 68,700 42,500 23,800 2,400 27,300 Sept. 30... 204,900 2,500 ,300 6,200 600 194,300 97,700 69,100 42,800 24,000 2,400 27,500 Oct. 28... 205,500 2,600 ,300 3,800 600 197,300 100,300 69,600 43,200 24,100 2,400 27,400 Nov. 25... 207,100 700 800 5,700 500 197,400 100,200 69,300 42,900 24,000 2,400 27,900 Dec. 31... 209,175 2,694 761 4,457 346 200,917 102,451 70,375 43,659 24,358 2,359 28,091 1954—Jan. 27?' 207,100 2,800 800 3,400 200 199,800 102,300 70,600 43,700 24,600 ,300 26,900 Feb. 24P' 206,200 2,900 800 4,500 500 197,400 99,600 71,000 44,000 24,700 ,300 26,900 Mar. 31 P. 205,100 3,000 800 5,400 700 195,200 96,700 71,700 44,500 24,900 2,300 26,900 P Preliminary. r Revised. 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. 'Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. * Prior to June 30, 1947, includes a relatively small amount of demand deposits. 6Less than 50 million dollars. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against the same item instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency 476 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 ASSBTS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov .S er . n- Other a C ss a e s t h s1 TotaP b In an te k r - i a c c T a c p o o i t u t a a n l l ts N b u a m o n f k b s er Total ment secu- De- Time obliga- rities mand tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 312..;.. 134.924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59.025 14,623 14,618 1952—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—Mar. 25 164,610 76,820 87,790 70,040 17,750 40,300 187,660 12,900 110,110 64,650 15,490 14,556 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 Sept. 30 168,560 78,730 89,830 71,620 18,210 41,480 193,080 13,900 112,100 67,080 16,070 14,525 Oct. 28 169,580 79,720 89,860 71,660 18,200 40,980 193,140 14,300 111,260 67,580 16,120 14,518 Nov. 25 171,240 80,010 91,230 72,990 18,240 41,520 194,990 14,230 113,480 67,280 16,200 14,510 Dec. 31 171,497 80,518 90,980 72,610 18,370 45,811 201,100 15,957 116,788 68,355 16,118 14,509 1954—Jan. 27*"-. . . . 171,380 79,500 91,880 73,350 18,530 41,280 195,950 14,710 112,620 68,620 16,170 14,510 Feb. 24pr 171,100 80,020 91,080 72,220 18,860 41,250 194,970 14,210 111,760 69,000 16,290 14,488 Mar. 31 P 169,190 80,380 88,810 69,800 19,010 41,500 194,160 14,490 109,960 69,710 16,350 14,482 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 312 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Dec. 31 132,610 57,746 74,863 61,524 13,339 44,645 164,840 15,086 111,618 38,137 12,216 14,089 1952—Dec. 31 141,624 64,163 77,461 63,318 14,143 44,666 172,931 15,319 116,600 41,012 12,888 14,046 1953—Mar. 25 140,000 65,170 74,830 60,520 14,310 39,420 164,530 12,900 110,080 41 550 12,980 14,028 June 30 137.957 65,025 72,932 58,644 14,287 41,156 165,531 13,598 109,352 42.581 13,275 14,009 Sept. 30. 142,990 66,260 76,730 62,200 14.530 40,640 169,090 13,900 112,060 43,130 13,520 13,997 Oct. 28 143,970 67,120 76,850 62,340 14,510 40,100 169,050 14,300 111,220 43,530 13,570 13,990 Nov. 25 ... 145,530 67,250 78,280 63,720 14,560 40,710 170,920 14,230 113,440 43,250 13,630 13,982 Dec. 31 145,687 67,593 78,094 63,426 14,668 44,828 176,702 15,955 116,750 43,997 13,559 13,981 1954—Jan. 27?' 145,330 66,460 78,870 64,160 14,710 40,330 171,360 14,710 112,580 44,070 13,600 13,982 Feb. 24*"- 144,900 66,870 78,030 63,030 15,000 40,290 170,270 14,210 111,720 44,340 13,700 13,960 Mar. 31 P 142,790 67,050 75,740 60,650 15,090 40,490 169,220 14,490 109,920 44,810 13,750 13,954 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1950—Dec. 30. 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—Dec. 31 112,247 49,561 62,687 51,621 11,065 39,252 141,015 14,425 95,968 30,623 10,218 6,840 1952—Dec. 31 119,547 55,034 64,514 52,763 11.751 39,255 147,527 14,617 100,020 32,890 10,761 6,798 1953—Mar. 25 117,894 55,864 62,030 50,117 li;913 34,704 139,911 12,308 94,320 33,283 10,839 6,776 June 30 115,789 55,613 60,176 48,318 11,858 36,467 140,830 12,933 93,780 34,117 11,070 6.765 Sept. 30 120,185 56,633 63.552 51,506 12.047 35,919 143,803 13.238 96.051 34,514 11,251 6,753 Oct. 28 121,050 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. 31. 122,422 57,762 64,660 52,603 12,057 39,381 150,164 15,170 99,780 35,213 11,316 6,743 1954—Jan. 27*"- 122,102 56,657 65,445 53,330 12,115 35,349 145,358 13,978 96,116 35,264 11,356 6,747 Feb. 24P>\ . . . 121,772 57,035 64,737 52,330 12,407 35,365 144,440 13,509 95,421 35,510 11,440 6,737 Mar. 31 P 119,840 57,109 62,731 50,241 12,490 35,640 143,608 13,801 93,905 35,902 11,484 6,733 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1 592 542 1947—Dec. 312 , 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1950—Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 19S2—Dec. 31 24,003 11,349 12,654 9,422 3,231 918 22,621 2 33 22,586 2.479 529 1953—Mar. 25 24,610 11,650 12,960 9,520 3,440 880 23,130 2 30 23,100 2,510 528 June 30 25,124 12,091 13,033 9,464 3.569 867 23,628 3 37 23.589 2,516 528 Sept. 30 25,570 12,470 13,100 9,420 3,680 840 23,990 3 40 23,950 2,550 528 Oct. 28 25,610 12,600 13,010 9,320 3,690 880 24,090 3 40 24,050 2,550 528 Nov. 25 25,710 12,760 12,950 9,270 3,680 810 24,070 3 40 24,030 2,570 528 Dec. 31 25,810 12,925 12,885 9,184 3,701 983 24,398 2 38 24,358 2,559 528 1954—Jan. 27P' 26,050 13,040 13,010 9,190 3,820 950 24,590 2 40 24,550 2,570 528 Feb. 24*"- 26,200 13,150 13,050 9,190 3,860 960 24,700 2 40 24,660 2,590 528 Mar. 31? 26,400 13,330 13,070 9,150 3,920 1,010 24,940 2 40 24,900 2,600 528 P Preliminary. r Revised. * "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. i 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. MAY 1954 477 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—Con tinned [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i S e g n r . a t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 Total1 b In a t n e k r ! - m D a e n - d Time a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6 703 14,509 4,238 9,533 736 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 1950—Dec. 30 20,612 9,729 10,883 8 993 1,890 7 922 25,646 4,638 19,287 1,722 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—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—Mar. 25 21,185 12,335 8,850 6,717 2,133 7,227 24,942 4,292 18,773 1,877 2,520 22 June 30 20,452 11,883 8,569 6,639 1,930 7,879 25,244 4,578 18,736 1,930 2,544 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. 28. 21,901 12,487 9,414 7,482 1,932 6,932 25,505 4,719 18,780 2,006 2,566 22 Nov. 25 21,926 12,290 9,636 7,704 1,932 7 085 25,462 4.713 18,723 2,026 2,573 22 Dec. 31 22,058 12,289 9,769 7,765 2,004 8,074 27,037 5,214 19,673 2,150 2,572 22 1954—Jan. 27*" 21,709 11,741 9,968 7,909 2,059 7,088 25,612 5,001 18,524 2,087 2,585 22 Feb. 24i"-. ... 21,665 11,791 9,874 7,621 2,253 7,214 25,509 4,956 18,482 2,071 2,611 22 Mar. 31 P 21,392 11,726 9,666 7,350 2,316 8,028 26,382 5,019 19,237 2,126 2,614 22 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1 566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1 489 7,046 1,312 5,015 719 377 12 1947—Dec. 31 5,088 1,801 3,287 2.890 397 1,739 6,402 1,217 4,273 913 426 14 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 1,307 4,952 1,143 513 13 1952—Dec. 31 6,240 2,748 3,493 2,912 581 2 010 7,686 L.350 5,132 1,205 541 w13 1953—Mar. 25 6,033 2,604 3,429 2,864 565 1,922 7,122 1,133 4,835 1,154 539 June 30 5,627 2,552 3,075 2,529 546 2,058 7,119 1,216 4,696 L,2O7 551 Sept. 30 . . 5,973 2,609 3,364 2,804 560 2,083 7,338 1,278 4,855 1,204 557 13 Oct. 28 5,984 2,597 3,387 2,824 563 1,972 7,323 L ,315 4,804 1,204 558 13 Nov. 25 6,093 2,607 3,486 2,918 568 1,994 7,448 1,269 4,963 1.216 559 13 Dec. 31 6,204 2,776 3,428 2,856 572 2,115 7,724 L ,387 5,095 L.242 566 13 1954—Jan. 27r 6,078 2,516 3,562 2,988 574 2,011 7,492 1,308 4,950 1,234 563 13 Feb. 24* 6,007 2,570 3,437 2,854 583 1,989 7,304 L.240 4,840 1,224 565 13 Mar. 31 P 5,568 2,638 2,930 2,339 591 1,650 6,602 1,703 3,695 1,204 570 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5 194 1,749 6 785 17,741 J.686 9,439 it.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 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—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—Mar. 25 45,085 22,274 22,811 18,439 4,372 13,848 54,527 5,831 35,298 13,398 3,780 322 June 30 44,352 22,150 22,201 17,756 4,446 14,447 54,861 6,066 35,052 13,743 3,874 321 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. 28. 46,221 22,712 23,509 19,049 4,460 14,179 55,710 6,443 35,320 13,947 3,953 319 Nov. 25 46,825 22,801 24,024 19,592 4,432 14,444 56,541 6,378 36,290 13,873 3,970 319 Dec 31 46,755 22,763 23,993 19,559 4,434 15,925 58,663 7,254 37,277 14,132 3,984 319 1954—Jan. 27?* 46,897 22,516 24,381 19,933 4,448 14,062 56,640 6,462 35,994 14,184 4,000 319 Feb. 24pr 46,885 22,706 24,179 19,639 4,540 14,088 56,362 6,172 35,798 14,392 4,031 319 Mar. 31 P 45,802 22,485 23,317 18,783 4,534 13,993 55,614 5,960 35,120 14,533 4,037 319 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 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—Dec. 31 45,594 18,213 27,381 22,549 4,832 13,281 55,175 1,301 37,289 16,585 3,970 6,444 1953—Mar. 25 45,591 18,651 26,940 22,097 4,843 11,707 53,320 1,052 35,414 16,854 4,000 6,419 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 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. 28 . 46,944 19 619 27 325 22 308 5 017 12,085 54,915 L, 133 36,118 17,664 4,222 6,398 Nov. 25 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. 31 47,404 19,934 27,470 22,423 5,047 13,268 56,740 1,315 37,735 17,689 4,194 6,389 1954—Jan. 27P»- 47,418 19,884 27,534 22,500 5,034 12,188 55,614 L,2O7 36,648 17,759 4,208 6,393 Feb. 24PT 47,215 19,968 27,247 22,216 5,031 12,074 55,265 1,141 36,301 17,823 4,233 6,383 Mar. 31P 47,078 20,260 26,818 21,769 5,049 11,969 55,010 1,119 35,853 18,038 4,263 6,379 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. 478 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 G U ov . e S rn . - Other assets1 Total i b In an te k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All Insured commercial banks: 1941—Dec. 31 ... . 40 290 91,259 98,031 91,046 6,984 25,788 69,411 10,654 43 059 IS 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 1H 274 M,583 76,691 67,941 8,750 36,926 141,851 12 670 94 300 34 882 9 734 13 39g 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 1S9 770 63 63? 76,138 6?,308 13 831 44,222 170,971 14,990 115,371 40,610 12,563 13,422 1953— D y eunce. 3 3 1 0.. 143,7 1 9 4 6 4 6 6 7 4 , , 0 5 8 2 2 2 7 7 1 6 , , 6 7 2 1 2 4 6 S 2 7 , , 3 6 8 6 1 7 1 n 4 , ,3 9 3 5 3 5 4 4 4 0 , ,7 3 5 9 6 8 1 1 7 63 4 , ,6 6 9 5 7 0 1 1 5 3 , , 5 24 4 2 8 1 1 1 08 5 , , 2 5 2 3 2 8 4 49 3, , 6 1 1 8 0 6 1 1 3 2 ,2 9 3 5 9 0 1 1 3 3 , 4 4 1 1 2 7 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 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 S6,420 41 428 ^9,958 8,471 24,279 94,475 8 594 69 364 93 516 7 221 4. 874. Dec. 31 81,913 37,831 44,082 35,482 8,600 26,479 100,654 10,152 66,343 24,160 7,391 i1,856 State member banks: 1941—Dec. 31 .. 15 950 6,295 Q 654 7,500 ?,155 8,145 ?9,259 3 739 14495 4,025 2 246 I 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 ^1 365 19,240 ?,125 10,822 40,505 3 993 97 449 q 062 3 055 918 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 1 1 9 9 5 5 2 3 — — D ju e n c e . 3 3 1 0 . . 3 3 9 7 ,3 9 6 4 7 1 1 1 9 9 , , 0 1 3 9 0 4 2 1 0 8 3 7 3 4 7 8 1 1 5 6 , , 3 9 6 2 1 8 3 , , 3 4 8 0 7 9 1 1 2 2 , ,9 1 2 8 2 8 4 4 8 6, , 3 5 5 5 5 3 4 4 , , 3 6 3 9 9 9 3 3 3 1, , 4 6 1 5 5 8 1 1 0 0 , , 6 1 0 9 1 6 3 3 ,7 8 1 5 9 0 1 L , 8 8 8 9 9 1 Dec. 31 40,509 19,931 20,578 17,121 3,457 12,903 49,510 5,019 33,437 11,054 3,925 1,887 Insured nonmiamber 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 t>,810 1945—Dec. 31 14 639 7,992 11 647 10 584 1063 4,448 18,119 244 1?,196 S,680 1,083 t» 416 1947—Dec. 31 . 16 444 4,958 11 486 10 039 1,448 4,083 19,340 266 19,515 6,558 1 271 6 478 1951—Dec. 31. . IS 591 7 701 10 890 8 923 1 967 4,926 71,912 353 14,415 7 144 1,686 6 602 1952—Dec. 31 'JO242 8 605 11 638 9 556 7 081 4,970 23,464 373 15,351 7 740 1,804 6,627 1953—June 30 20 375 8,915 11 460 9 361 2 099 4,292 22,841 309 14,443 8,090 1,882 6,655 Dec. 31 21 396 9 328 12 069 9 790 2 278 5,020 24,555 378 15,758 8 419 1,925 6,672 Noninsured nonmember commercial banks: 1941—Dec. 31 1 457 455 1 002 761 241 763 1 872 329 1,291 253 329 852 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 12 2 2 2 0 1 0 1 9 3 4 1 7 8 4 1 8 5 9 3 3 5 1 1 6 2 9 8 3 0 2 2 0 5 0 5 5 5 1 7 4 6 2 2,2 4 5 5 1 2 3 1 6 8 3 1 1, ,4 9 1 0 1 5 3 4 6 7 5 8 2 3 7 2 9 5 7 7 1 8 4 3 1951—Dec. 31 1 789 490 299 991 308 469 1,932 308 ,235 388 314 *So 1952—Dec. 31 1 854 531 322 1 010 31? 444 1 960 329 ,229 402 326 624 1953— D j e un c e . 3 3 1 0 1 1 8 8 9 1 1 3 5 5 1 0 1 4 3 3 8 1 0 0 1 9 0 7 4 7 5 3 3 3 3 2 5 4 4 3 0 0 0 2 1 0 8 0 8 5 0 4 3 0 5 7 6 , , 1 21 3 2 0 3 3 9 8 5 6 3 3 2 2 5 0 5 5 9 6 2 9 All nonmember commercial banks: 1941—Dec. 31. . . 7 233 696 3 536 ? 270 1 266 3,431 9 573 457 5,504 3 613 1,288 662 1945—Dec. 31 16 849 ^ 310 13 539 19 277 1 262 4,962 70 571 425 14 101 6 045 1 362 -?130 1947—Dec. 312 18 454 5 432 13021 11 318 1 703 4,659 21 591 629 13926 7 036 1,596 7,261 1951—Dec. 31. . 20 380 8 192 19 189 9 914 ? 275 5,395 73 843 661 15 650 533 1 999 252 1 1 9 9 5 5 2 3 — — D ju e n c e . 3 3 1 0. . 2 2 2 2 0 1 9 8 6 8 9 9 4 1 1 3 9 6 1 1 2 ? 9 7 6 6 0 9 1 1 0 0 3 5 3 6 9 7 2 7 3 43 9 1 3 5 4 , , 4 6 1 9 4 1 2 7 5 4 4 7 2 2 4 2 6 7 6 0 5 2 1 1 6 5 5 5 8 7 0 2 8 8 4 1 8 4 5 2 2 2 , , 2 1 0 2 7 9 7 7 ,2 2 5 4 1 7 Dec. 31 23 287 9 838 13 449 10 835 2 613 5,450 26 560 784 16 970 8 806 2,245 7,241 Insured mutual savings banks: 1 1 9 9 4 4 5 1 — — D D eecc 3 3 1 1 10 1 8 6 4 9 6 3 3 0 6 8 4 1 2 7 10 7 5 65 0 7 6 1 2 60 9 6 4 0 2 6 1 4 1 2 5 9 1 10 1 3 7 6 8 3 9 12 10 1 3 7 5 8 1 9 1 0 16 3 4 4 1 5 92 2 1947—Dec. 31 19 683 ^ 560 9 123 8 165 958 675 12 207 1 14 1? 192 1,252 194 1951—Dec. 31 16 190 7 523 8 668 6 921 1 746 695 15 368 2 23 1S 343 1 678 202 1952—Dec. 31. . 17 621 8 691 8 930 6 S93 7 337 732 16 785 2 30 16 75* 1,730 206 1953—June 30 18 610 9 325 9 284 6 647 7 64? 692 17 695 2 35 17 657 1,771 213 Dec. 31 19 252 10 016 9 236 6 476 2 760 799 18 383 2 35 18 345 1,819 219 Noninsured mutual savings banks: 1941—Dec 31 g 687 /\ 259 4 428 075 1 ,3 S3 642 8 744 6 8 738 1 077 1945—Dec 31 5 361 1 198 /| 163 3 522 641 180 5 022 2 s020 558 350 1947—Dec. 312 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1951—Dec 31 069 9 339 3,730 ?,897 833 191 5 547 3 S544 729 327 1952—Dec. 31 6 382 ? 658 ^t724 7,829 895 187 5 836 2 S 833 749 323 1953—June 30. . 6 515 ?,766 3, 749 7,87? 977 175 5 933 2 5 931 745 315 Dec. 31 6,558 2,910 3, 649 2, 707 941 184 6 015 2 6 013 740 309 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. MAY 1954 479 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] Loansl Investments Cla c s a s l a l o n d f d a b te ank i m n T lo a v o e n a e n t n d s a t s t l s - Total C c o m m c k p p i l i p o i n u n a e a e e a e m g d - r r r - t l n , - - - - A t c u g a u r r l l i - - - b o p d a L e s T r r u e n o e r o o a r s d c c k c a l a u - - n h r r a s r i o t y s e i T f i t i e o r n h n o s s r g - g l R t o a a e t n a e s l O l v u o i d t t a i n a h o i d l n - - e s - s r O lo th an e s r Total Total U. B S il . l s G C o o d c v e e f a e e r d t b t r i e i - n n t f D s - i - m - ir e e N n c t o t t o e b s lig B at o i n o d n s s G t a e u n e a - d r- S O p d s t a i t g i u o b c i a o n o v a b a l l t f d n i i - e i l - t - - s s - O s ri e t t h c ie e u s j ers ness All commercial banks:2 1947—Dec. 31... 116.28438.057 18,1671,660 8301,220 9,393 5,723 ,06378,22669.221 2,193 7,789 6.034 53,191 14 5,276 3,729 1951—Dec. 31... 132,61057,746 25,879 3,4081,581 98014,580 10,451 ,68174,86361,5247,337 7,657 11,408 35,101 9,1198 4,141 1952—Dec. 31... 141,62464,16327,8713,919 2,0601,10315,71212,684 718 77,46163,3187,761 5,58011,878 38,077 10,188 3,,955 1953—June 30. .. 137,95765,025 27.418 3,6751,7191,07416,23114,111 ,73772,93258,6445,050 5,09211,259 37,212 10.533 3:,754 Dec. 31. .. 145,68767,593 27,2044,965 2,3611,20216,69414,461 ,66678,09463,4265,00410,237 12,439 35,713 10,821 3•,847 All insured commercial banks: 1941—Dec. 31... 49,29021,259 9,2141,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,797 4,102 3,6513,333 1945—Dec. 31... 121,80925,765 9,4611,314 3,164 ,606 4,677 2,361 ,18196,04388,9122,45519,07116,045 51,321 22 3,873 3,258 1947—Dec. 31... 114,27437,583 18,0121,610 8—2"3 ,190 9,266 5,654 028 76,691 67,941 2,124 7,552 5,918 52,334 14 5,129 3,621 1951—Dec. 31... 130,82057,25625,7443,321 1,571 96014,45010,378 645 73,56460,533 7,219 7,52611,256 34,511 8,989 4,042 1952—Dec. 31... 139,77063,63227,739 3,805 2,050 ,08215,57212,603 683 76,13862,308 7,622 5,49411,714 37,456 22 9,977 3,854 1953—June 30. . . 136.14464,522 27.2823.5941.704 ,05116.10014.025 ,70271,62257,6674,927 00011,119 36,589 3,653 Dec. 31. . .143,79667,082 27,0824,8672,344 ,18116,56614,373 ,62976,71462,381 4,89510^07612,283 35,093 10,587 3,746 Member banks, total: 1941—Dec. 31... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 ,832 3,090 2,871 1945—Dec. 31... 107,183 22,775 8,949 855 3,133 3,378 3,455 1,9001,104 84,40878,3382,27516,98514,27144,792 16 3,2542,815 1947—Dec. 31... 97,846 32,628 16,9621,046 8111,065 7.130 4,662 95265,21857,914 1,987 5,816 4,815 45,286 10 4,,199 3,105 1951—Dec. 31... 112,24749,561 24,3472,1401,551 85111,334 8,5241,535 62,68751,621 6,399 6,010 9,596 29,601 157,528 3,538 1952—Dec. 31... 119,547 55,03426,2322,416 2,032 96612,21410,3961,57764,51452,7636,565 4,255 9,835 32,087 409 3,342 1953—June 30... 115,789 55,61325,763 2,234 ,687 93312,62811,6121,58560,17648,3184,064 3,807 9,24231,176 29 8,680 3,178 Dec. 31... 122,422 57,762 25,5193,2632,321 1,06013,02011,9111,518 64,66052,6034,095 8,28710,300 29,890 31 8,8713,185 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,453 ,172 80 287 29818,809 17,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 31... 20,393 7,179 5,361 545 267 111 564 33013,214 11,972 1,002 640 558 9,771 638 604 1951—Dec. 31... 21,379 11,146 7,852 1,219 262 514 920 55110,233 8,129 1,122 616 1,428 4,960 21,385 719 1952—Dec. 31... 22,130 12,376 8,680 1,531 286 386 1,136 539 9,754 7,6781,079 233 1,170 5,195 11,453 623 1953—June 39... 20.452 11.883 8,345 11,274 237 406 1,285 517 8,569 6,639 789 203 1.035 4,611 21,318 612 Dec. 31. . . 22,058 12,289 8,218 1261,667 320 383 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 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 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 87 149 26 3,287 2,890 132 235 248 2,274 213 185 1951—Dec. 31... 5,731 2,468 1,977 16 94 63 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—Dec. 31... 6,240 2,748 2,080 14 239 66 211 120 3,493 2,912 407 224 607 1,674 384 197 1953—June 30... 5.627 2.552 1,992 7 142 71 235 90 3,075 2,529 147 235 551 1,596 375 170 Dec. 31... 6,204 2,776 1,912 158 286 75 234 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 1,512 8,243 6,467 295 751 4,2481,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,59429,552 1,034 6,982 5,65315,878 51,126 916 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 31,342 ,053 1951—Dec. 31... 42,694 19,651 10,140 513 203 347 4,651 3,518 23,043 19,1942,524 2,493 3,640 10,528 82,458 ,390 1952—Dec. 31... 45,583 21,697 10,842 501 218 422 5,099 4,347 23,886 19,6242,387 1,774 3,854 11,594 142,934 ,328 1953—June 30... 44,352 22,150 10,609 469 229 424 5,270 4.849 22,201 17,756 1,344 1,453 3,542 11,393 23 3,184 ,262 Dec. 31... 46,755 22,763 10,568 774 308 456 5,453 4,942 23,993 19,559 1,230 3,357 4,201 10,746 25 3,196 ,238 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,377 110 481 2,926 8611,222 ,028 1945—Dec. 31... 35,002 5,596 1,484 648 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 91,342 ,067 1947—Dec. 31... 36,324 10,199 3,096 818 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 62,006 .262 1951—Dec. 31... 42,444 16,296 4,377 1,610 178 6,099 3,906 30326,14821.5872,418 2,568 4,00812,587 5 33,334 ,227 1952—Dec. 31... 45,594 18,213 4,630 1,901 191 6,662 4,702 32227,381 22,5492,692 2,024 4,20413,625 43,639 ,194 1953—June 30... 45,359 19.028 4,817 1,757 201 6,883 5,243 334 26,33021,394 1,784 1,916 4,114 13,576 43,802 ,134 Dec. 31.. . 47,404 19,934 4,8222,204 210 7,114 5,441 336 27,47022,423 1,819 3,374 4,28512,940 53,911 ,136 All nonmember banks: 2 1947—Dec. 31... 18,454 5,432 1,205 614 156 2,266 1,061 111 13,021 11.318 206 1,973 1,219 7,916 ,078 625 1951—Dec. 31...20,380 8,192 1,533 1,268 130 3,252 1,927 146 12,189 9,914 939 1,647 1,812 5,510 ,671 604 1952—Dec. 31...22,096 9,136 1,639 1,503 137 3,505 2,288 14112,96010,567 1,196 1,325 2,043 6,000 ,781 613 1953—Tune 30. .. 22,188 9,419 1,655 1,441 141 3,610 2,499 15112,769 10,339 987 1,285 2,017 6,047 ,855 576 Dec. 31.. . 23,287 9,838 1,6851,702 142 3,681 2,551 14813,449 10,835 909 1,951 2,139 5,834 ,951 662 * 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. 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposiL.S Time deposits Class of bank s w e R r i e v t - h es Cash a w B n a i c t l e - h s m D d a e e n - - d In de te p r o b s a it n s k Staites C f e ie r d ti- vi I d n u d a i- ls, U G . o v S - . States vi I d n u d a i- ls, Bor- C t a a p l ical a l n d d ate F B s e R e a d r e n e v - k r e a s l va in ult b m a d e n o s k - ti s c 4 j p u o a s d s t i e - t d s 5 rr D es o t - ic4 F ei o g r n - U m G er . o e n v n C - J - t . p v s o i u a l s i b n i t o d d ic n i a - s l ch c o a e e e f t n c f c r i d . s k - ' s, a p n s a p t h d r i o o t i r n p n c a e s o s - , r r - - I b n a t n e k r- P m S a o e n a e s r v d n t n a - t - l v s p i a i u s o c n i b l a o d i d l t n - i s - p an s a p t h d i r o o t i r n p c n a e s o s - , r r - - r i o n w gs - co a u c- nts ings All commercial banks:2 1947—Dec. 31.. 17,796 2,216 10,216 87,12311,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1951—Dec. 31.. 19,911 2,697 11,969 98,24313,123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31.. 19,809 2,753 11,875 101,506 13,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12,888 1953—June 30. . 19,446 2,590 10,233 96,892 11,409 1,343 3,634 9,350 2,449 93,918 846 336 1,731 40,514 113 13,275 Dec. 31.. 19,995 2,512 12,103 102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1951—Dec. 31. . 19,911 2,665 11,561 97,04812,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec. 31.. 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—June 30. . 19,446 2,559 9,885 95,795 11,241 1,305 3,620 9,211 2,431 92,961 696 336 1,675 40,176 103 12,950 Dec. 31. . 19,995 2,482 11,724101,28913,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6,246 33,754 ?,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 1L,24322 179 4 240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 1L.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 ]L,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 Dec. 31. . 19,997 1,870 7,554 86,127 12,858 1,291 3,756 7 530 2,783 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 10 20 1,206 "195 2,120 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1951—Dec. 31. . 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Dec. 31.. 5,059 148 84 16,288 3,346 1,154 1 143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—June 30. . 5,204 127 49 15,384 2,979 1,059 887 333 899 16,617 540 50 39 1,841 8 2,544 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:* 1941—Dec. 31. . 1,021 43 298 2,215 L.O27 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. \ 070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1951—Dec. 31. . ,407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—Dec. 31. . ,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—June 30. . ,318 31 123 3,913 1,175 33 201 320 53 4,123 8 3 10 1,194 551 Dec. 31. . ,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 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 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 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 1,199 8 5 465 2 004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 2 647 528 25,203 17 45 337 14,177 23 2,934 1951—Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3 554 783 30,234 13 125 491 14,914 16 3,760 1952—Dec. 31. . 5,820 1,250 4,706 34,519 1,278 11 1 267 3 772 777 31,473 13 152 525 15,908 25 3,970 1953—June 30.. 5,505 1,189 4,057 33,033 1,049 11 932 3 885 668 29,810 14 154 553 16,531 49 4,101 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—Tune 30 635 3,856 15,118 462 43 256 1 946 193 13,177 160 27 335 8,123 38 2,207 Dec. 31 642 4,550 16,325 586 52 390 2 016 213 14,351 146 30 350 8,426 19 2,245 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 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. MAY 1954 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total1 i t n a a c r g d u i n a l r u d - i l s - , - G U an o . d v S t . d . e O al t e h r e s rG U T o .S o v . t o . t O he th rs er 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 t f a e i f e t b i i e r n - t - s - - Notes Bonds2 O s ri e t t h c ie e u s r tural ob- ob- edliga- curi- liga- cun- ness tions ties tions ties Total- Leading Cities 1953—April. 76,669 39,512 23,229 1,634 799 6,197 554 7,708 37,15729,508 1,726 2,098 5,8 19,8767,649 1954-February. 80,036 39,750 22,549 1,968 823 6,493 727 7,823 40,28632,555 2,210 4,401 5,829 20,115 7,731 March. . . 79,460 39,591 22,682 1,887 821 6,503 557 39,86931,978 2,316 3,574 4,73121,3577,891 April 78,949 39,310 22,451 1,786 836 6,543 584 7,750 39,63931,607 2,540 2,936 4,59221,539 8,032 1954—Feb. 3.. 80,660 39,963 22,638 2,180 826 6,486 541 7,924 40,69732,989 2,517 4,764 6,75618,9527,708 Feb. 10. .. 79,868 39,785 22,556 2,031 818 6,485 717 7,810 40,08332,409 2,034 4,639 6,714 19,0227,674 Feb. 17. . 79,872 39,796 22,555 1,977 830 6,500 789 7,777 40,07632,346 2,074 4,110 4,97421,188 7,730 Feb. 24.. 79,744 39,457 22,446 1,682 819 6,501 861 7,782 40,28732,476 2,216 4,091 4,87121,298 7,811 Mar. 3.. 79,534 39,401 22,407 1,907 811 6,478 679 7,754 40,13332,292 2,084 4,097 4,798 ,3137,841 Mar. 10. . 79,700 39,452 22,481 2,005 811 6,489 550 7,75240,24832,292 2,162 4,067 4,770 ,2937,956 Mar. 17. . 80,765 40,021 22,939 1,931 814 6,509 701 7,767 40,74432,848 2,591 4,121 4,744 ,3927,896 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 ,3977,872 Mar. 31. . 78,055 39,317 22,763 1,758 847 6,522 241 7,82538,73830,850 2,076 2,737 4,649 388 7,888 Apr. 7. . 79,078 39,530 22,714 1,676 828 6,532 672 7,74739,54831,518 2,486 2,867 4,641 ,5248,030 Apr. 14. . 78,742 39,406 22,558 1,799 828 6,542 567 7,75139,33631,298 2,296 2,908 4,608 ,4868,038 Apr. 21. . 78,858 39,364 22,348 1,925 840 6,544 597 7,750 39,49431,452 2,392 2,925 4,587 ,5488,042 Apr. 28. . 79,118 38,941 22,183 1,744 849 6,553 500 7,753 40,17732,160 2,987 3,045 4,53021,5988,017 New York City 1953—April 20,824 12,380 8,653 1541,090 227 384 348 1,672 8,444 6,282 247 199 1,050 4,7862,162 1954-February. 21,776 12,057 8,066 490 954 263 380 458 ,594 9,719 7,513 658 727 1,046 5,082 2,206 March. . . 21,724 11,913 8,101 487 919 260 385 324 ,587 9,811 7,489 692 641 769 5.3872,322 April 21,603 11,805 8,033 352 988 276 391 347 ,567 9,798 7,432 803 527 695 5,4072,366 1954-Feb. 3. . 22,148 12,234 8,126 6181,020 261 376 342 ,641 9,914 7,751 862 809 1,309 4,7712,163 Feb. 10. . 21,623 12,025 8,067 557 913 264 377 416 ,585 9,598 7,402 509 766 1,295 4,8322,196 Feb. 17.. 21,709 12,136 8,063 483 997 266 383 517 ,571 9,573 7,364 552 663 810 5,339 2,209 Feb. 24. . 21,626 11,834 8,010 301 886 261 385 558 ,578 9,792 7,535 708 671 771 5,,385 2,257 Mar. 3. . 21,681 11,844 7,974 508 889 261 377 429 ,556 9,837 7,546 649 752 784 5,3612,291 Mar. 10. . 21,785 11,833 7,988 593 923 257 382 259 ,581 9,952 7,591 677 756 792 5,3662,361 Mar. 17. . 22,166 12,140 8,213 490 937 255 389 425 ,58110,026 7,695 720 822 775 5,378 2,331 Mar. 24. . 21,635 11,971 8,182 445 901 257 389 341 1,606 9,664 7,347 754 434 760 5,3992,317 Mar. 31. . 21,355 11,778 8,147 402 943 269 391 165 1,611 9,577 7,265 662 438 736 5,429 2,312 Apr. 7. . 21,601 11,826 8,126 353 929 266 393 337 1,572 9,775 7,411 780 471 715 5,4452,364 Apr. 14. . 21,513 11,835 8,086 356 972 272 392 335 1,571 9,678 7,301 695 515 709 5,3822,377 Apr. 21. . 21,648 11,870 7,996 3871,059 280 391 346 1,560 9,778 7,396 764 531 710 5,3912,382 Apr. 28. . 21,648 11,688 7,922 313 993 287 389 368 1,565 9,960 7,619 974 591 644 5,4102,341 Outside New York City 1953—April 55,845 27,132 14,576 390 535 5,813 206 6,036 28,713 23,226 1,479 1,899 4,75815,0905,487 1954—February. 58,260 27,693 14,483 524 517 6,113 269 6,229 30,56725,042 ,552 3,674 4,78315,0335,525 March... 57,736 27,678 14,581 481 520 6,118 233 6,192 30,05824,489 ,624 2,933 3,96215,970 5,569 April 57,346 27,505 14,418 446 519 6,152 237 6,183 29,84124,175 ,737 2,409 3,89716,1325,666 1954—Feb. 3. . 58,512 27,729 14,512 542 524 6,110 199 6,283130,783 25,238 ,655 3,955 5,44714,1815,545 Feb. 10. . 58,245 27,760 14,489 561 517 6,108 301 ,225 30,48525,007 ,525 3,873 5,419 14,190 ,478 Feb. 17. . 58,163 27,660 14,492 497 517 6,117 272 ,206 30,50324,982 ,522 3,447 4,164 15,849 5,521 Feb. 24.. 58,118 27,623 14,436 495 512 6,116 303 6,204 30,49524,941 ,508 3,420 4,100 15,913 5,554 Mar. 3. . 57,853 27,557 14,433 510 509 6,101 250 6,198 30,29624,746 ,435 3,345 4,014 15,9525,550 Mar. 10. . 57,915 27,619 14,493 489 513 6,107 291 30,29624,701 ,485 3,311 3,978 15,9275,595 Mar. 17.. 58,599 27,881 14,726 504 517 6,120 276 6,186 30,71825,153 ,871 3,299 3,96916,014 5,565 Mar. 24. . 57,612 27,795 14,639 488 521 6,128 272 194 29,81724,262 ,915 2,414 3,93515,998 5,555 Mar. 31. . 56,700 27,539 14,616 413 538 6,131 76 214 29,161 23,585 ,414 2,299 3,913 15,9595,576 Apr. 7.. 57,477 27,704 14,588 394 522 6,139 335 6,175 29,77324,107 ,706 2,396 3,92616,079 5,666 Apr. 14.. 57,229 27,571 14,472 471 515 6,150 232 6,180 29,65823,997 ,601 2,393 3,89916,104 5,661 Apr. 21. . 57,210 27,494 14,352 479 519 6,153 251 6,190 29,71624,056 ,628 2,394 3,877 16,1575,660 Apr. 28. . 57,470 27,253 14,261 438 521 6,lo4 132 6,188 30,21724,541 2,013 2,454 3,88616,188 5,676 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. 482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e n a d t v h - l k - e s v C a i a n u s l h t b m a w n a d e n i c o s t e k - h t s i s c j m u a d s a t d e e n - - d d 1 s p p u v n h c a o a a o i e n i d r l p r r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n d i t i l t - e - s - s c C h c o e f a e e e i f t n e c f r c r i d t s k d . - i ' s - , U m G er . o e n n v S - t - . s p p u v n c h a o a a o i e n i d r l p r r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n t d i i e l t - - s - s P U m G S e i a o n r a . n o e g s n v v d n S t s - - a - t . l m D ti D e o c s - e - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts tions tions Total- Leading Cities 1953—April 14,289 925 2,426 53,228 54,325 3,946 1,762 2,50516,774 790 192 9,847 1,319 611 1,065 7,349 1954—February. 14,386 946 2,48554,639 55,528 4,006 ,947 2,51117,640 967 19010,482 1,284 ,096 929 7,639 March.... 14,381 916 2,59553,740 54,767 3,895 ,776 2,90517,750 1,047 19010,505 1,257 ,213 663 7,674 April 14,192 936 2,63553,288 54,135 4,098 ,747 2,68717,835 1,095 19210,400 1,272 ,317 537 7,731 1954—Feb. 3. 14,598 912 2,42155,58855,831 4,093 ,378 2,27517,619 970 19010,619 1,260 ,069 895 7,630 Feb. 10. 14,362 960 2,41354,78955,230 4,049 ,742 2,10717,635 961 19110,477 1,260 ,080 1,027 7,629 Feb. 17. 14,487 923 2,559 54,143 55,739 3,953 ,979 2,86217,642 967 19210,600 1,299 ,104 899 7,640 Feb. 24. 14,096 990 2,547 54,038 55,313 3,930 ,690 2,79817,663 972 18810,230 1,318 ,129 895 7,656 Mar. 3. 14,263 900 2,47753,91354,791 3,908 ,543 2,42417,734 994 18910,517 1,303 ,163 796 7,667 Mar. 10. 14,304 939 2,459 54,75355,689 3,803 ,594 1,89117,763 997 18910,495 1,279 ,198 725 7,669 Mar. 17. 14,863 925 2,608 54,89756,535 3,675 ,981 3,01117,713 ,049 19010,949 1,248 ,219 845 7,663 Mar. 24. 14,483 933 2,44253,32553,994 3,858 ,774 3,36217,767 ,109 19010,028 1,229 ,235 786 7,679 Mar. 31. 13,990 884 2,99251,81252,824 4,232 ,987 3,83817,771 ,087 19210,538 1,227 ,252 161 7,692 Apr. 7 14,006 886 2,54752,37652,764 3,996 ,595 3,34717,818 ,101 19210,403 1,269 ,282 647 7,723 Apr. 14 14,041 965 2,670 52,93354,572 3,971 ,813 2,49817,817 ,120 19210,669 1,285 ,314 505 7,722 Apr. 21 14,299 922 2,61353,736 54,714 4,119 ,860 2,23217,851 ,079 19310,354 1,255 ,330 568 7,725 14,423 970 2,710 54,108 54,488 4,308 ,720 2,67117,854 ,078 19210,171 1,279 ,344 429 7,755 Apr. 28 New York City 4,801 139 15,69716,656 875 637 1,716 33 2,800 1,061 474 306 2,500 1953—April 1954—February. 4,777 151 15,79216,717 274 1,116 659 ,832 149 2,974 1,033 904 334 2,573 March. . . 4,956 139 15,71216,714 291 880 844 ,842 182 2,979 1,008 1,013 300 2,574 April 4,800 145 49 15,51516,405 361 895 730 ,856 148 3,011 1,026 1,101 196 2,582 1954—Feb. 3. 4,813 139 36 16,19216,930 273 1,503 626 ,848 144 3,022 1,014 875 338 2,567 Feb. 10. 4,784 165 4315,76716,512 282 946 564 ,839 147 2,935 1,017 887 399 2,573 Feb. 17. 4,779 141 5315,63616,774 259 1,120 736 ,821 156 3,002 1.041 916 303 2,575 Feb. 24. 4,730 158 3815,57316,652 281 895 711 ,820 147 2,936 1,061 939 296 2,575 Mar. 3. 4,781 141 3915,72116,527 285 712 663 ,828 169 2,939 1,047 970 253 2,574 Mar. 10. 4,965 148 3816,07316,970 269 767 501 ,847 166 2,945 1,031 999 336 2,573 Mar. 17. 5,149 136 4315,97517,105 245 954 841 ,824 205 3,164 1,001 1,018 443 2,573 Mar. 24. 5,029 140 3715,38216,293 285 910 1,040 ,856 204 2,873 985 1,030 447 2,570 Mar. 31. 4,854 130 30115,41216,678 371 1,059 1,173 ,857 165 2,973 977 1,048 21 2,579 Apr. 7 4,727 140 5515,30216,015 374 787 961 ,846 167 2,927 1,028 1,070 211 2,583 Apr. 14 4,644 152 4315,30316,316 359 976 664 ,845 172 3,017 1,033 1,098 206 2,581 Apr. 21 4,876 139 49 15,706 16,630 346 965 582 ,863 127 3,024 1,012 1,113 266 2,582 Apr. 28 4,950 150 5015,750>16,661 365 851 711 ,870 126 3,073 1,031 1,123 101 2,583 Outside New York City 1953—April 9,488 786 2,346 37,53137,669 3,618 887 1,86815,058 757 137 7,047 258 137 759 4,849 1954—February. . 9,609 795 2,442 38,847 38,811 3,732 831 1,85215,808 818 136 7,508 251 192 595 5,066 March 9,425 777 2,503 38,028 38,053 3,604 896 2,06115,908 865 136 7,526 249 200 363 5,100 April 9,392 791 2,586 37,773 37,730 3,737 852 1,95715,979 947 138 7,389 246 216 341 5,149 1954—Feb. 3. 9,785 773 2,385 39,396 38,901 3,820 875 1,649 15,771 826 136 7,597 246 194 557 5,063 Feb. 10. 9,578 795 2,370 39,02238,718 3,767 796 1,543 15,796 814 137 7,542 243 193 628 5,056 Feb. 17. 9,708 782 2,506 38,507 38,965 3,694 859 2,12615,821 811 138 7,598 258 188 596 5,065 Feb. 24. 9,366 832 2,509 38,465 38,661 3,649 795 2,087 15,843 825 134 7,294 257 190 599 5,081 Mar. 3. .. 9,482 759 2,438 38,19238,264 3,623 831 1,761 15,906 825 135 7,578 256 193 543 5,093 Mar. 10... 9,339 791 2,42138,680 38,,719 3,534 827 1,390 15,916 831 135 7,550 248 199 389 5,096 Mar, 17... 9,714 789 2,565 38,92239,430 3,430 1,027 2,17015,889 844 136 7,785 247 201 402 5,090 Mar, 24. .. 9,454 793 2,405 37,943 37,701 3,573 864 2,322 15,911 905 136 7,155 244 205 339 5,109 Mar.31. .. 9,136 754 2,69136,400 36,146 3,861 928 2,66515,914 922 138 7,565 250 204 140 5,113 Apr. 7 9,279 746 2,492 37,074 36,749 3,622 808 2,386 15,972 934 138 7,476 241 212 436 5,140 Apr. 14 9,397 813 2,627 37,630 38,256 3,612 837 1,83415,972 948 138 7,652 252 216 299 5,141 Apr. 21 9,423 783 2,564 38,030 38 3,773 89b 1,,6650 15,988 952 139 7,330 243 217 302 5,143 Apr. 28 9,473 820 2,660 38,358 37 3,943 869 1,,9960 15,984 952 138 7,098 248 221 328 5,172 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-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. MAY 1954 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY * [Net declines, (-). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. Period" t l o F iq b a o u n a o c o d d c r , , o a T l p e e a a p x n t a t h i d r l e e e r l s , , p m M m r ( a a o i e c n e n d t h t c d u a a i l l c n l . s t - s ch P l e c e a e m o u n t a m r d i o l c , , a - l, Other ( r T w e s a r t h a n a a l o d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i o i u i a l o n r b i n n t c t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f e e l e r s ss c c h l N f a a i n e s e d g s t i e - s ch t i a a o n a g n t n d a g r d ' ' l e I l s , . — ery and rubber trans, equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec.... 754 -40 250 36 141 662 544 -57 13 191 2,494 2,435 1953—Jan.-June... -621 151 446 -10 95 208 -632 -90 84 18 -8 -360 -593 July-Dec 501 -101 -351 102 -54 1 380 -138 18 -23 98 433 583 Monthly: 1954—Jan -98 14 -152 -104 -31 -108 -37 -153 -16 -11 -43 -737 -87S 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 Apr -147 -29 -135 23 -9 7 -88 — 11 -75 15 34 -415 -580 Week ending: 1954—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 2 -4 15 -6 -9 -14 5 3 2 -1 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 Apr. 7 -33 3 -11 -4 1 -1 -22 22 -39 5 32 -47 -49 Apr. 14 -29 1 -58 3 -9 18 -36 -4 -24 8 23 -107 -156 Apr. 21 -34 -18 -40 4 2 2 -23 11 -26 3 —20 -139 —210 Apr. 28 -51 -15 -26 20 -4 -12 -7 -40 14 -1 — 1 -122 -165 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2 Figures for other than weekly periods are based on weekly changes during period. 3 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 R f F a c c n e e f c o d o s k o r e r e s u r r e r e n v ( i a - g f e t l o n r Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x t r n p a o i o t t m e e r s d ts c D h e o a x l n l - a g r e G U s o h n o i i p t d e p p s d o e s d i t n c) t b r s e e F i t d o n w r i e e n 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 2 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—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 March 720 580 198 149 50 13 369 247 139 47 107 39 *Ais reported by dealers; includes some finance company paper sold in open market. Baick figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for descriptiion see p. 427. 484 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 a l1 nd Foreign 2 Total Bonds3 Stocks gages estate loans assets End of year:* 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 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 11,773 684 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 11,047 915 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 ,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 ,247 2,240 2,245 1950 64,020 16,066 13,459 11,547 1,060 25,403 23,300 2,103 16,102 ,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 ,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 ,903 2,713 3,088 End of month:* 1951—December 67,983 13,579 10 958 L,7O2 919 28,042 25,975 2,067 19,291 ,617 2,575 2,879 1952—December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 ,868 2,699 3,135 1953—February ... 73,943 12,844 10,287 1,300 757 31,878 29,644 2,234 21,547 ,887 2,727 3,060 March 74,295 12,630 10,063 L.820 747 32,243 30,005 2,238 21,725 897 2 742 3 058 April 74,686 12,666 10,089 1,837 740 32,472 30,218 2,254 21,897 1,918 2,756 2,977 May 75,063 12,543 10,082 1,835 626 32,732 30,462 2,270 22,055 ,924 2,770 3,039 June 75,403 12,456 10,030 1,840 586 33,021 30,752 2,269 22 221 935 2 789 2 981 July 75,855 12,429 9,991 L,857 581 33,247 30,977 2,270 22,429 ,943 2,808 2,999 August 76,244 12,436 9,994 :1,861 581 33,349 31,079 2,270 22,552 ,967 2,819 3,121 September 76,612 12,397 9,930 ,880 587 33,614 31,319 2,295 22,698 972 2 831 3 100 October 77,121 12,395 9,913 ,897 585 33,887 31,585 2,302 22,842 I,990 2,851 3,156 November . . 77,552 12,365 9,830 945 590 34,096 31,781 2,315 23,017 OOO 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 February ... 79,251 12,498 9,781 2,122 595 34,816 32,430 2,386 23,570 2,053 2,923 3,391 1 Includes United States and foreign. 2 Central government only. 8Includes International Bank for Reconstruction and Development. * These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 'These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U.S. Savings End of U.S. Savings year Total i g M ag o e rt s - 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 r s t- 2 G m o o b v e e l n i r - t n- Cash Other* capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—2 17,977 14,539 1,558 940 849 14,910 1940 5,733 4,125 71 307 940 4,322 3 18,429 15,058 1,577 852 852 15,317 1941 6,049 4,578 107 344 775 4,682 4 19,164 15,520 1,606 1,082 866 16,073 1942 6,150 4,583 318 410 612 4,941 1943 6,604 4,584 853 465 493 5,494 1952—1 19,688 16,057 1,690 1,080 774 16,811 1944 7,458 4,800 1,671 413 391 6,305 2 20,599 16,875 1,687 1,182 770 17,656 1945 8,747 5,376 >,420 450 356 7,365 3 21,295 17,696 1,765 1,044 708 18,198 1946 10,202 7,141 5,009 536 381 8,548 4 22,585 18,336 1,791 L,306 1,072 C19,143 1947 11,687 8,856 1,740 560 416 9,753 1948 13,028 10,305 1,455 663 501 10,964 1953—1»... 23,506 19,105 1,931 1,263 1,121 20,105 1949 14,622 11,616 1,462 880 566 12,471 2»... 24,772 20,133 2,003 ,337 1,216 21,154 1950 16,846 13,622 1,489 951 692 13,978 3>... 25,633 21,145 1,990 1,200 1,215 21,742 1951 19,164 15,520 1,606 1,082 866 16,073 4:9... 26,726 21,929 1,923 L.481 1,315 22,823 1952 22,585 18,336 ,791 1,306 1,072 "19,143 1953P 26,726 21,929 1,923 1,481 "1,315 22,823 1954—1P... 27,659 22,684 1,942 1,616 1,341 23,880 P Preliminary. c Corrected. 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. MAY 1954 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by UnitedStates Treasury Department. In millions of dollars End of year ]5nd of quarter Asset or liability, and agency 1952 1953 1944 1945 1946 1947 1948 1949 1950 1951 4 L 2 3 Loans, by purpose and agency: To aid agriculture total 3,385 2,878 2,884 2,299 3 632 4 362 3 884 4,161 5,070 5 671 4,997 5,512 189 197 73? 776 305 30? 345 425 424 367 336 Federal intermediate credit banks 257 231 273 336 426 437 510 633 673 728 824 781 Federal land banks * 1 ??0 1 088 986 351 74? 149 109 80 60 45 34 75 ?3 22 20 Farmers Home Administration * 643 604 590 558 5?S 573 535 539 596 653 646 658 Rural Klectrification Administration 361 407 578 734 999 1 301 1 543 1,742 1,920 1 966 9 014 2,062 353 99 170 280 1 293 1 729 898 782 1,476 1 9?7 1 163 1,651 Other agencies 10 9 6 5 9 7 6 6 5 5 5 ?,37 896 619 556 768 1251 1 528 2,142 ? 603 ? 777 7 914 2 986 57 7 6 4 199 828 1 347 1,850 ,?4? 9 394 9 498 2,540 RFC Mortgage Corporation4 81 74 6 Home Owners' Loan Corporation * 1 091 85? 636 486 369 231 10 17 12 10 « 1 177 168 137 123 115 113 111 110 Other agencies 1 1 1 65 22 24 35 169 246 270 305 337 To railroads total 343 223 171 147 140 114 110 101 82 70 79 79 Reconstruction Finance Corporation 371 205 153 145 138 112 108 99 80 77 77 77 Other agencies 21 18 18 3 3 3 2 2 2 2 2 2 To other industry total 191 ?,32 192 272 310 462 458 488 516 526 536 536 Reconstruction Finance Corporation" 118 149 151 241 272 423 400 415 457 468 478 473 Other agencies 73 83 41 31 38 38 58 74 58 59 58 63 267 HI 4 447 525 445 824 814 864 611 71ft 802 66 60 14 7 6 8 8 8 7) (7) Federal home loan banks 131 195 793 436 515 433 S16 806 864 611 718 801 Other agencies 20 12 7 4 4 4 Foreign, total 221 526 284 5 673 6 102 6 090 6 078 6,110 7,736 7 713 7 798 8,010 Export-Import Bank .. ??5 ?5? 1 749 1 978 145 7 187 7 776 2,296 9 496 9 466 9 547 2,758 (? 274 735 246 206 154 101 64 58 S5 55 52 Other acencies' ( 800 3 450 3,750 3 750 3 750 3,750 5,182 5 191 5 196 5,199 All other purposes total 1237 707 623 714 584 484 531 779 1095 87? 821 830 Reconstruction Finance Corporation* 8877 309 73? i340 190 88 59 61 50 SI 54 57 305 7,86 278 278 294 297 366 609 919 688 626 612 Other agencies 8106 112 113 96 100 99 105 109 126 133 142 160 448 438 478 395 368 476 185 173 140 159 226 252 Total loans receivable (net) 6 387 5 290 6 649 9 714 11,692 12 733 13,228 14,42217,8?6 18 089 17 63718,502 Investments: U S Government securities, total 1630 1683 1873 1685 1814 2 047 2 075 2,226 ? 421 ? 645 2 588 2 586 Banks for cooperatives 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 47 48 44 74 46 51 60 53 52 62 Production credit corporations . . 60 67 70 72 66 39 42 43 43 44 45 45 Federal land banks J 145 136 Federal home loan banks 144 118 145 139 274 275 199 249 311 460 378 397 Federal Savings and Loan Insurance Corp 151 161 172 184 199 214 193 200 208 212 218 211 Home Owners' Loan CorDoration ^ is 17 1? 1? 8 Federal Housing Administration 87 106 17? 13? 144 188 744 285 316 330 344 318 Public Housing Administration *" 7 8 8 8 8 Reconstruction Finance Corncration ' 7S 49 48 7) 1 Federal Deposit Insurance Corporation . 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,500 1 508 1,509 78 30 20 21 1 1 1 1 1 1 1 1 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3 385 3,385 424 321 230 114 133 107 88 78 44 4? 45 44 Reconstruction Finance Corporation . 289 244 159 108 98 83 71 66 36 35 39 38 Production credit corporations 63 55 46 35 29 22 16 11 8 6 5 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 1,28© 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 • 1053 1 131 667 235 157 142 108 129 17? 119 114 134 Other agencies 438 122 134 138 32 30 28 159 131 128 211 241 Land structures, and equipment, total ... . 16,237 21,017 16,924 12,600 3,060 2,962 2,945 3,358 3,213 3,240 7,867 7,911 Public Housing Administration 10 700 ??? 777 ?04 1 448 1,352 1,748 1,251 1,173 1,149 1 029 1 030 6 576 6 919 2 861 35 630 611 605 594 199 197 185 181 Tennessee Valley Authority. . . • • 710 721 727 754 793 830 886 1,048 1,251 1,299 1,360 1,405 U S Maritime Commission ^ ,113 3 395 3,301 3,30S War Shinning Administration 2 s,477 7,813 7,764 6 507 ,802 P4.802 Other agencies *•* 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 1,252 689 965 772 1,190 1,369 1,330 1,107 1,131 1,243 Banks for cooperatives 74 33 69 70 78 110 170 181 14S 112 119 774 745 793 358 480 490 570 674 704 710 788 776 Federal land banks* 818 792 756 71? Federal home loan banks 67 69 169 262 415 204 560 525 445 252 231 349 For footnotes see following page. 486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency items * interagency items Date, and corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s r t a i l i u o o a n i e a e p m t d s l d e s s - , i , - - - G U s ri e t o . c i v I e u S m n s t - . . v e e n O s s r t t s i e - t t c h ie u e s - r L s t e m u t a q a r r n e u u n e n d i c d s p t - , , - O s a t e h s t - e s r a t B F g u n a u b u o r t n e a e l y n d l e r s d y - d s d p , e a O n b y o e a th n t b e e - l s e r , l O i i a t t i b h e i e s l r - i U m G n e e t o . e s r e n v n t S r - - - t . o v in P w a e t r t s e n e i t r - e l - y d U. S. All agencies: 1944—Dec. 31 31,488 756 6,387 2,942 1,632 424 16,237 3,111 1,537 1,395 4,196 23,857 504 1945—Dec. 31 33,844 925 5,290 2,288 1,683 325 21,017 2,317 555 1,113 4,21227,492 472 1946—Dec. 31 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,588 24,810 498 1947—Dec. 31 » 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 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,72826,456 378 1953—Mar. 31 30,564 93618,089 1,259 2,645 3,427 3,240 968 48 1,107 2,06926,938 401 Tune 302 36,153 1,06317,637 2,201 2,588 3,430 7,867 1,367 51 1,131 1,97932,576 415 Sept. 30 37,141 1,09618,502 2,259 2,586 3,429 7,911 1,357 63 1,243 2,07533,335 424 Classification by agency, Sept. 30, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 405 333 119 259 25 Federal intermediate credit banks 886 781 776 99 Production credit corporations 51 51 Agricultural Marketing Act (7) () (7) C F F R e a o u F d r m r m e e a r d m l e a e r E o l r s a d l C e l H it c r y F o o tr a p m i C f r i m e I c r n e a A d s t M i u i d o t r m n o a C n r i t A c o n g e r i a d s p g t m C o r e a r o i a t n C r i t o i p i s o o n t r n r s p ation 2 3, , 9 1 6 4 3 8 2 3 2 2 2 2 9 2 1 , , 5 5 0 6 2 4 6 1 0 9 0 1,884 10 1 8 37 8 2 1 1 7 7 2 73 1 8 7 3 3 2 , , 1 1 6 9 3 8 2 2 1 3 2 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. 217 211 5 6 211 O F P e u ff d b ic e l e i r c a o l H f H o th o u u s e i s n i A n g g d A m A d i d n m m is in t i r n i a s i t t s r o t a r r t a : i t o io n n 1, 5 84 2 2 8 1 5 0 1 8 6 3 2 7 0 318 1,030 1 1 8 2 4 0 62 2 3 2 7 8 1, 2 80 3 5 8 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 1 134 180 34 353 Other M 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 l e e l n d n o e t r e a h s l e s e r M e a V ri a t l i l m ey e A B u o t a h r o d r i a t n y d Maritime Adm.p 9 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 68 2 1 3, ( 3 ) 85 4 1 , , 8 3 4 0 0 5 2 8 5 3 1 9 1 1 6 5 0 2 4 4 7 6 9 0 9 5 1 , , , 7 7 1 6 4 4 1 1 0 P Preliminary. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses. 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. » 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. 8 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. • Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. s 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. " 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. " Include? 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. MAY 1954 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS » Bondprices Stock pri(:es Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume Year, month, Cor- (index, 1935 39—100) (index, 1939=100) tr o a f dor week ( n h M ic ig u ip h - a - l (h r p i a g o t - h e - fe P r r r e e - d' Manufacturing Trade, t i h n ( o i g n u ^ r O i s e e l s - d a r N i s e e e s w - ' 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 t t i u i y c l b - - T ta o l - T ta o l - D r b a l u e - - N d b ra o u le - n - - T p t r o i a o r n n t s a - - u P i l u t t i i y c b l - - a s a f n e i i n c r c n e v d e - - , M in i g n- s s h a a o n r f d e s 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 C276 1,313 1953 average 93.90l6i.46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 1.419 1953—Apr 93.25 121.3 111.7 161.7 190 206 173 122 194 220 194 245 223 120 207 252 1,637 May 91 59 99 75 119.4 109.8 160 0 190 205 174 121 194 221 196 244 226 120 209 247 1,227 June 91.56 99.16 115.2 108.8 156.8 183 198 169 117 187 213 187 236 219 117 204 237 1,185 July 92.98100.03 115.1 110.7 160.1 186 200 174 119 190 217 188 243 223 119 206 237 967 Aug. 92 89100 44 116 8 111.4 163 1 187 202 170 121 190 217 186 245 217 121 206 236 1,138 Sept 93.40101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 1,294 Oct 95.28103.30 119.7 112.6 167.3 183 197 157 122 187 214 184 240 202 121 201 219 1,225 Nov 94 98103 67 121 4 113 6 168 8 188 202 159 124 191 219 190 245 204 123 207 231 1,482 Dec 95.85104.93 122.3 113.5 166.5 191 206 157 125 .193 222 192 249 200 125 209 230 1,644 1954—jan 97.42106.16 123.6 114.5 168.7 195 211 160 127 198 228 199 256 206 126 213 239 .669 Feb. 98 62107 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 Apr 100.36109.65 123.9 118.1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 Week ending: Apr. 3 99.98109.09 124.6 118.1 173.8 208 227 164 132 212 247 218 274 212 131 220 266 2,157 Apr. 10 100.48109.68 124.1 118.2 174.3 209 229 162 132 214 250 221 277 212 131 218 266 2,066 Apr. 17 100.21109.41 123.9 118.2 174.0 214 234 165 133 217 254 224 282 212 132 220 267 2,086 Apr. 24 100.36109.76 123.8 118.1 174.5 213 234 162 133 216 254 224 282 209 132 220 264 1,979 May 1 100.45109.86 123.8 117.7 174.2 215 236 165 133 220 259 230 287 213 133 221 267 2,240 c Corrected. 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2)4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 8The 3\i 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 C b u a ( d s n l t e a o e b n m t i c ) t i e e r s s' a b in n p a a v d a c l D a e c r n t s e o t r t n c b u m a e e i n d t r s e t i s n s n i ' n t g a b in n a a v d c l D a e c f t n s i o e r r t c b u m a m e i n d t s e t i n s n in t g C a b h a n a s a d n h n k d i o n s n bo M rr o o n w e e y d2 F cr r e e C d e u it s t b o a m la e n r O ( c s n e t ' h e s* t e ) r a i I n n n a v d c p e c a t s o r t r u m a t n n d O e t e i n s n r th t g s' er a in c n a r v I d c e n e c d t s o f r i t u i t a m r n d m b e t i a s n n l t g anc I e a n s 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—March 81,513 3966 3744 April 31,594 31,068 3738 May 31,671 3673 1,684 7 347 282 l',216 653 163 23 16 319 July 81,664 31,161 8651 August 31,682 31,182 8641 September. . 31,624 31,070 8674 October 31,641 31,098 8672 November.. 31,654 31,127 8682 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 3 768 March 31,716 31,051 3787 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. 1 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): January, 34; February, 35; March, 39. 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. 488 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 n e t a h r , , or m P c e r o r i c m m ia - e l a b P c e a r c r i n m e a k ' p e - t- 3-mon s t e h c u b r i i l t l i s es (taxable) Area and period lo A a l n l s $1,000- $10 S ,0 iz 0 e 0 - of $ 1 lo 00 an ,000- $200,000 week paper, ancea, 9-to 12- 3- to 5- $10,000 $100,000 $200,000 and over m 4- o n to t h 6 a - 1 da 9 y 0 s1 M y a i r e k ld et o i R n ss a n u t e e e w s i m ss o u n e t s h 2 is y s e u a e r s1 An 1 n 9 u 1 a c 9 l i 4 ti a 5 e v s e : rages: 2.2 4.3 3.2 2.3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1947 2.1 4.2 3.1 2.5 1.8 1951 average 2.17 I 60 1 52 1.552 1 73 1.93 1948 2.5 4.4 3.5 2 8 2.2 1952 average 2 33 L.75 1.72 1.766 1 81 2.13 1949 2.7 4.6 3.7 3.0 2.4 1953 average 2.52 .88 1.90 1.931 2 07 2.57 1950 2.7 4.5 3 6 3 0 2 4 1951 3.1 4.7 4.0 3.4 2.9 1953—April 2.44 L.88 2.19 2.177 2 27 2.61 1952 3.5 4.9 4.2 3.7 3.3 May 2.68 L .88 2.16 2.200 2 41 2.86 1953 3.7 5.0 4.4 3.9 3.5 June 2 75 I 88 2 11 2.231 2 46 2 92 July 2 75 L 88 2 04 2 101 2 36 2 72 Quarterly: August.... 2.75 L.88 2.04 2.088 2 33 2.77 19 cities: September. 2.74 1.88 1.79 1.876 2 17 2.69 1953—jUne 3.73 4.98 4.38 3.91 3.53 October. . . 2.55 .88 1.38 1,402 1 72 2.36 Sept. 3.74 5.01 4.40 3.93 3.54 November. 2.32 L.88 1.44 1.427 1 53 2.36 Dec. . . . 3.76 4.98 4 39 3 96 3.57 December.. 2.25 L.88 1.60 1.630 1 61 2.22 1954—Mar 3.72 4.99 4.37 3.94 3.52 1954—January... 2.13 .88 1.18 1.214 1 33 2.04 New York City: February.. 2.00 1.69 .97 .984 1 01 1.84 1953—june 3.52 4.63 4.25 3.79 3.39 March 2.00 48 1 .03 1.053 1 02 1.80 Sept. .. 3.52 4.76 4.25 3.76 3.40 April 1.77 .25 .96 1.011 90 1.71 Dec 3.51 4.70 4.25 3 77 3.38 Week ending: 1954—Mar 3.50 4.79 4.27 3.75 3.37 Apr. 3... 2.00 .25 1.03 1.063 92 1.75 7 Northern and East- Apr. 10. .. 2.00 .25 1.00 1.013 99 1.73 ern cities: Apr. 17. .. 1.69 .25 1.04 1.066 94 1.74 1953—Tune 3.71 5.07 4.38 3 87 3.54 Apr. 24... 1.69 .25 .99 1.027 88 1.70 Sept. 3 71 5 08 4.45 3 91 3.52 May 1... I.b9 1.25 .82 .886 78 1.66 Dec. 3 79 5.07 4.40 3.96 3.63 1954—Mar 3.74 5.06 4.36 3.97 3.57 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and 2Series includes certificates of indebtedness and selected note and Western cities: bond issues. 1953—June 4.05 5.09 4.46 4.02 3 79 3Series includes selected note and bond issues. Sept 4.10 5.10 4.46 4.06 3.86 Back figures.—See Banking and Monetary Statistics, Tables 120-121, Dec 4.10 5.06 4.46 4.09 3.86 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1954—.Mar. 4.03 5.05 4.43 4.03 3.76 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949 pp. 228-237. BOND AND STOCK YIELDS1 [Per cent per annum] Bonds Industrial stocks Corporate (Moody's)5 Earn- U. S. Ck>vt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade) 4 Total Old New Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa A Baa trial road utility ferred 6 mon7 mon8 N"umber of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 L 951 average 2.57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 "3.16" 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3.55 3.45 4.27 5.51 '•10.14 1953—April 2.97 2.63 3.40 3.23 3.29 3.44 3.65 3.27 3.51 3.44 4.33 5.52 May 3.09 2.73 3.53 3.34 3.41 3.58 3.78 3.39 3.63 3.57 4.38 5.53 June 3.09 3.29 2.99 3.61 3.40 3.49 3.67 3.86 3.48 3.73 3.62 4.47 5.60 10.45 July 2.99 3.25 2.99 3.55 3.28 3.42 3.62 3.86 3.42 3.67 3.56 4.37 5.44 August 3.00 3.22 2.88 3.51 3.24 3.39 3.56 3.85 3.37 3.61 3.54 4.29 5.79 September... 2.97 3.19 2.88 3.54 3.29 3.43 3.56 3.88 3.40 3.65 3.58 4.30 5.76 10.76 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 r10.49 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 9.12 April 2.47 2.70 2.47 3.12 2.85. 3.00 3.15 3.47 3.04 3.19 3.13 4.02 4.86 Week ending: 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 Apr. 10 2.45 2.70 2.46 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.12 4.02 4.97 Apr. 17 2.48 2.72 2.47 3.11 2.85 2.99 3.15 3.46 3.04 3.18 3.12 4.02 4.92 Apr. 24 2.47 2.70 2.48 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.12 4.01 4.90 May 1 2.46 2.69 2.48 3.13 2.87 3.01 3.15 3.47 3.05 3.20 3.13 4.02 4.86 r Revised. 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2Fully taxable, marketable 2% Per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3Ji per cent bonds of 1978-83, issued May 1, 1953. 4Standard and Poor's Corporation. 5Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 issues, and the railroad Aaa and Aa groups from 10 to 5 and 4 issues, respectively. 6Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7Moody's Investors Service. 8Computed by Federal Reserve from data published by Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. MAY 1954 489 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 Budget receipts and Excess of receipts Increase or General fund of theTreasury expenditures or expenditures (—) decrease (—J (end of period) during perioc Period Trust Sales and Bal- Deposits in rec N e e ip t ts p t e u E n r x e d - s i- S d u e r o f p i r c l i u t s c o o a a t u n h c n d e - t r s r o e in o b d a f l e g i m m g G e a a n p o t r c i t k v o i y o e t n . n t s s C co i l a n e u c g a - n r- t p d G d u i r e r 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 i e r n n a c n d l e - A a F v b . a l i e R l- . B In c e a o s n p s l k l r e s o o c c - f - S d it p e a e p r c o i i e s a s - l O s n a t e h e s t - t s er funds tion Cal. yr.—1950 37,834 138,255 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 ,134 1952 ... 65,523 71,366 -5,842 49 -90 -319 7,973 1, 770 6,064 389 176 4,368 ,132 1953 ... 64,469 73,626 -9,157 82 19 -209 7,777 -1.' 188 4,577 346 131 3,358 742 Fiscal yr.—1950 . 37,045 40,167 -3,122 121 -22 483 4,587 2, 347 5,517 950 143 3,268 ,156 1951 . 48,143 144,633 13,510 1295 384 -214 -2,135 1, 339 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 ,175 1953 . 65,218 74,607 -9,389 462 -25 -312 6,966 -2, 299 4,670 132 210 3,071 ,256 1950—July-Dec'.. 18,464 119,063 1-599 1-173 392 -254 -650 -1, 285 4,232 690 129 2,344 1,069 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3, 124 7,357 338 250 5,680 1,089 July-Dec.. 23,809 31,276 -7,467 291 64 -146 4,197 -3, 062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 3,451 -72 -136 -255 -313 2, 674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June. 38,014 38,110 -96 341 -71 -248 -1,320 -1, 394 4,670 132 210 3,071 1,256 July-Dec.. 26,454 35,515 -9,061 -259 90 40 9,097 -94 4,577 346 131 3,358 742 Monthly: 1953—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 g,741 548 181 6,690 ,322 4,568 6,042 — 1,473 299 1 —430 536 —1, 067 7,674 496 96 5,825 1,257 Sept. 6,041 6,119 —79 —40 75 117 —269 — IQrt 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 .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, 4,577 346 131 3,358 742 1954—jan 24,471 25,071 -600 -144 -28 559 —320 533 4,044 404 363 2,406 871 Feb. 3 5,444 4,707 737 527 —117 — 135 —67 944 4,988 548 167 3 458 816 Mar 11,434 5,555 5,879 253 -60 -160 -4,546 1,366 6,355 722 462 4,379 792 Apr n.a. n.a. n.a. n.a. n.a. n.a. 811 -1, 567 4,787 579 180 3,273 756 Budget expenditures Major national security programs Period Total Total* 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 ti a e n o n o i c t m a d n e o - « a r - ic - l A E C t m s n o o i e m i o m s r n - i g - c y I d n e o e t s n e b t r t - A e i t d V s i r m o t a e r n n t a i - s n s - - g c S p u r o s a r r c e o i m - i t - a y s l 6 A t c u g u r r l e - i 7 - H n h a a i o o f n n n m i u g d - c s e e - P w u o b r l k i s c o P d f i f c o e ic i f s t - e t T c t o f r r a e t u a u c o r n n s - s t s ts - Other 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. 19,063 9,850 7,505 247 1 692 341 2,390 2,678 670 164 158 878 260 804 1,210 1951—Jan.-June.. 25,570 16,041 12,450 637 2 170 567 3,223 2,610 745 470 302 580 364 168 1,066 July-Dec. . 31,276 21,113 17,825 921 1 389 711 2,761 2,479 718 540 392 858 320 848 1,249 1952—Jan.-June.. 34,869 25,206 21,208 1 306 1 514 937 3,099 2,269 706 679 222 657 420 457 1,153 July-Dec. . 36,497 25,915 21,968 1 669 1,137 876 2,966 2,164 802 885 424 916 355 737 1,333 1953—Jan.-June., 38,110 26,932 22,616 2 092 1 134 926 3,542 2,086 791 2,178 -42 740 305 342 1,236 July-Dec.. 35,515 25,885 21,848 1 718 1 056 963 2,816 2,072 839 1,059 -117 945 220 441 1,357 Monthly: 1953—Mar 6,187 4,670 3,789 523 181 157 563 358 10 281 —3 88 —30 58 193 Apr. 6,362 4,582 3,891 366 120 167 372 350 239 293 —35 193 125 13 232 May 6,241 4,481 3,746 285 278 153 179 348 125 581 66 155 92 213 June 7,988 4,815 4,056 325 246 140 1,882 343 128 382 -10 145 50 59 194 July 6,068 4,645 3,890 451 151 117 237 369 177 254 -78 174 53 237 Aug 6,042 4,172 3,519 197 258 157 206 330 120 377 95 155 160 157 270 Sept 6,119 4,392 3,787 232 169 155 56Q 323 101 275 34 158 60 217 Oct 5,477 4,266 3,647 155 175 208 354 336 211 -12 -46 161 18 189 Nov 5,423 4,034 3,540 198 162 95 164 343 123 302 —89 157 60 95 234 Dec 6,387 4,377 3,465 484 141 231 1,294 371 108 — 137 —32 140 57 209 1954— F j eanb.3 25 4 , 0 7 7 07 1 P n 3 . . a 6 . 81 3 n ,0 .a 0 . 1 3 2 8 5 5 6 « P > 1 1 2 0 1 4 1 1 4 6 2 0 3 2 7 4 2 5 3 3 4 4 0 0 P 1 1 7 2 2 8 P-1 3 3 0 5 9 -1 — 0 3 4 1 n.a 9 . 7 "42" P21 P 6 5 n P . 2 a 4 . 1 Mar 5,555 n.a. n.a. 321 P54 181 588 334 P114 P194 -54 n.a. 91 P6 n.a. P Preliminary. n.a. Not available. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." Adjustments for July-October 1950 investments were made by the Treasury in the November 1950 and January 1951 figures. 2Not adjusted for Treasury's revised treatment of carriers' taxes. * Beginning 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. 6Consists 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. 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Internal revenue collections Budget receipts, by principal sources (on basis of Internal Revenue Service) Income Deduct Period p W l h e o b e m i y y t l e h d - in r - s a su n r d a v I n o i n d c l d d e u i - a O - a t l a g t x h e e e C r s r a o t r i p o o n - t n c e M e r e e i n e r n l o n i v u l - s u a a - e - - s l c a p o T a n m l f e o r a d o m r o y 8 x n i r e e e - o e o r s r n s s r O ce r t i e h p - e t r s b c T u e r o d i e p t g - a t e l s t A to t t f p p i r a u r o u g p o n i n a s e l r d d s t - o - - c fu e R r o n i e e p f d - - t s s b c u N e r d i e e p g - t t e s t W c I a h o n g e i m d e t ld h i e v i t - n a i a d x s n u u e d O s r a a l t o n h i l c n d e e - r - C p r t c a r a a o o i o t x n n r m i f p d o e - i o t e s n s - t t a a g E a n x i s t f d e e - t s 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—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. Mar 2,002 2,454 7,353 954 56 193 13,013 589 940 11,434 n.a. n.a. n.a. n.a. Treasury receipts—Continued Trust and other accounts (on I n b t a e s r i n s a l o f r e I v n e t n e u rn e a l c o R ll e e v c e ti n o u n e s — Se c r o v n i t c . e) Social security, Other accounts8 retirement, and Period Excise and miscellaneous taxes insurance accounts Totals Total Liquor Tobacco M an an d u r f e a t c a t i u le re rs r ' s' Other Re- Invest- Expendi- I m n e v n e t s s t- 7 Others excise ceipts ments tures 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 1,304 748 1,343 1,045 291 3,967 1,352 2,398 52 126 1952—Jan.-June.. 4,531 1,245 817 1,481 988 -72 4,242 2,009 2,486 223 404 July-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—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 Dec 587 216 120 46 204 -72 597 188 533 -39 14 1954—Jan 395 166 123 45 61 -144 207 -334 581 288 184 Feb n.a. n.a. n.a. n.a. n.a. 2527 965 28 627 27 244 Mar n.a. n.a. n.a. n.a. n.a. 253 768 -74 689 44 144 n.a. Not available. *Not adjusted for Treasury's revised treatment of carriers' taxes. 2On basis of revised Treasury monthly statement and not comparable with back data. 3 Carriers' taxes deducted. 4 Reporting of some excises changed to quarterly basis. 5 Excess of receipts, or expenditures (—). 6 Consists 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). MAY 1954 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net cash Period T N n o e e r t e t t a c l B ei u p d t N L 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 N r L e u i e o p s s n s t ts : - E o in p C q c i e u n a o r a g s m a l h s t e : - T B o u ta d l get A a e L l x c e s c p ss r e t : u o n - d N it o u I G n n r c o e t a r s v s a t h - . P T e l x u o p s t : a e n l T d r it . L N u a e r o c s e c n s s t : - . S E l t t i x i a z o c a b n h - i P - . lus i : C c n o g le u a a n r c t - - E o o p C q u i e u n a t r a s g g a h l o t s - : i o o n c p u o g o e m t r r g in a e o t - receipts cash1 cash2 public8 trans.* cash* Fund8 Cal. yr.—1950 37,834 171 7,001 5,211 42,451 38,255 503 5,307 6,923 65 -262 -87 41,969 482 1951 53,488 222 8,582 5,508 59,338 56,846 567 :•,625 4,397 90 -26 106 58,034 1,304 1952 65,523 184 8,707 5,649 71,396 71,366 734 .,807 4,825 28 38 319 72,980 -1,583 1953,., 64,469 275 8,596 5,347 70,440 73,626 575 5,585 5,974 34 -82 209 76,529 -6,090 Fiscal yr.—1950 37,045 120 6,669 5,623 40,970 40,167 436 5,754 6,881 13 -207 -483 43,155 -2,185 1951.... 48,143 256 7,796 5,244 53,439 44,633 477 5,360 3,945 138 -13 214 45,804 7,635 1952.... 62,129 138 8,807 5,705 68,093 66,145 710 5,837 4,952 5 9 401 67,956 137 1953.... 65,218 210 8,932 5,595 71,344 74,607 694 5,774 5,169 31 -28 312 76,561 -5,217 Semiannual totals: 1950—July-Dec.. . 18,464 91 3,562 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June.. 29,679 164 4,234 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 L.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.-Tune. . 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—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 5 430 6,720 -1,193 Sept 6,041 43 482 107 6,373 6,119 21 108 451 41 11 -117 6,294 78 Oct 2,659 10 378 78 2,950 5,477 -1 91 604 -3 -235 5,759 -2,809 Nov 4,695 4 839 133 5,396 5,423 40 133 636 3 376 6,258 -862 Dec 5,183 80 627 391 5,339 6,387 82 483 549 -12 -60 -29 6,294 -956 1954—Tan 74,471 51 237 755 4,602 75,071 72 797 427 8 -12 -559 4,749 -147 Feb.« 5,444 n.a. 993 n.a. 6,530 4,707 16 n.a. 411 n.a. 156 5,302 1,228 Mar 11,434 n.a. 824 n.a. 12,260 5,555 8 n.a. 601 n.a. -39 43 6,231 6,028 Apr n.a. n.a. n.a. n.a. 3,036 n.a. 19 n.a. n.a. n.a. 13 -314 5,303 -2,267 n.a. Not available. l 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 Stabi 8 l i B za eg ti i o n n n in F g u n F d e . b ru ( a S r e y e , f d o a o t t a n o a t r e e 3 o . n ) basis o 7 f N r o e t v i a s d ed ju T st r e e d a s f u o r r y T d r a e i a ly su a r n y' d s m re o v n is t e h d ly t s r t e a a t t e m m e e n n t t o a f n c d a n rr o ie t r n s e ' c t e a s x sa es r . ily 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 ( —) ofborrowing to the public3 Period o cr r e d as e e - Fed se e c r u a r l it a ie g s e o n f cies N in e t F i e n d v . . Accruals to public1 b i o n r g r , o o w r - Direct Savings Postal d (/ i g d r r . e \; o b p . s t s u mj_ b. a G n u te a e r d - a g N n u o t a e n r e - - d & Go s t e v r c t . . . f a b u g y n e d n s . T I b n r o t e n . a d o s s n . b a s n i a ll d v s . P F f e o a d r y . m t s s . e o i c f n . b r ( o e - p r i ) n r a o g y o w t f . - m & is k s c t u a o e b n s l v 8 e . . b p (i o r s i n s c u d e e ) s S n av o i t n es gs S s a i p v s e s . u c S i e a y s l s. Other* Cal vr 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 « -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 1953—\pr 105 1 —51 112 42 —2 —97 47 1 —83 —62 May 1,930 38 453 48 43 1,425 •1,571 «-147 -6 -32 39 June -449 33 735 71 —1 —1,222 —862 —98 —341 — 11 90 July 6,598 11 15 61 «109 — 1 6,456 6,333 •—122 252 —7 Aug 536 1 395 «28 —12 127 -72 •—51 271 —17 —4 Sept -269 75 71 22 — 12 —274 —931 —90 662 —16 101 Oct 449 2 -72 —76 — 1 457 —51 —36 618 _7 —67 Nov. 1,822 8 108 240 41 — 1 1,659 1,647 —22 —53 —36 123 Dec -40 2 -61 150 83 59 -391 —70 —41 — 167 — 18 -95 1954—jan -320 -27 —46 73 11 -386 — 178 —92 —73 — 12 —31 Feb. 7 -67 2 -126 77 17 — 1 —284 —74 18 — 71 —37 — 120 Mar -4,546 -89 -20 9 38 -4,662 -4,304 75 -310 -37 -86 Apr 811 3 -74 35 20 -14 699 838 32 -82 -21 -67 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. 7Beginning February, on basis of revised Treasury daily statement and not comparable to monthly budget statement. 492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d a i e i r l v s e s i c i o d t n - t a c a D o t x i i r e o r p s e n o c s o r t 1 - n E t m a a x x n i c s d e i c s s . e i c n S e s o i . p ci t r 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 u r n e t c s - d t: s Total n g a M r t p a l a r . m o jo - s s e r * c. e I d s n e t t b e o t r * n - g e r V p r a r a e m o n t - - s s8 s g e S r p c o a r u c m o r i - a i s t l " y Other Cal. yr.—1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 18,347 4,072 8,864 4,400 6,286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,195 4,230 5,209 5,617 6,729 1953 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 52,753 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: 1950—July-Dec 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 25,250 1,984 2,709 2,741 2,938 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953—Jan.-June 41,241 20,329 13,773 4,931 3,656 1,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 July-Dec 29,199 14,478 5,272 5,357 3,037 1,492 437 37,326 25,854 2,176 2,465 3,401 3,430 Monthly: 1953—Apr. . . 3,214 2,204 654 795 344 180 963 6,443 4,583 297 408 658 497 May 5,294 3,076 359 860 1,000 243 244 6,662 4,438 127 406 529 1,162 June.. . 10,185 3,081 5,683 879 528 173 159 7,932 4,817 1,045 401 543 1,126 July 3,615 1,603 651 854 333 278 105 6,001 4,647 128 428 586 212 Aug.. . . 5,526 3,119 326 894 991 260 65 6,720 4,184 178 386 522 1,450 Sept 6,373 3,292 1,636 917 399 192 63 6,294 4,404 525 378 509 478 Oct 2,950 1,233 385 923 266 218 75 5,759 4,268 322 456 625 88 Nov 5,396 3,172 336 912 791 245 60 6,258 4,034 122 393 572 1,137 Dec 5,339 2,059 1,938 856 256 299 69 6,294 4,-318 901 423 586 66 1954—Jan 4,602 3,008 490 683 170 315 64 4,749 *3,670 170 393 697 * —181 Feb.s 6,530 4,355 469 741 1,093 177 306 5,302 n.a. 352 411 J»674 n.a. Mar 12,260 4,328 7,097 789 P718 P267 940 6,231 n.a. 563 428 P729 n.a. Apr 3,036 1,791 763 735 P378 P277 907 5,303 n.a. 299 414 n.a. n.a. ^Preliminary, n.a. Not available. 1 Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement. 2Includes taxes for old-age and unemployment insurance,^carriers taxes, and veterans life insurance premiums. 3Represents mostly nontax receipts. 4Represents Budget expenditures adjusted foi net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 5Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 8Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance, and Government employees and Railroad retirement funds. 8 Beginning February, data are on basis of revised Treasury daily and monthly statement and not necessarily comparable with back data. 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—Mar. . 440 380 58,371 397 308 35,784 43 72 22,587 63 826 4,879 Apr... 383 380 58,413 351 318 35,852 31 62 22,561 109 190 4,798 May.. 371 1906 57,920 340 300 35,939 31 1606 21,981 1,714 1,719 4,793 June.. 370 1485 57,886 340 308 36,048 30 U78 21,837 1,068 1,408 4,453 July.. 402 3524 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 »590 357,71O 381 309 36,663 42 8281 »21,047 178 6,026 1954—Tan... 561 652 57,736 485 330 36,887 77 322 20,848 70 5,956 Feb.. . 515 496 57,797 422 308 37,029 93 188 20,769 68 5,887 Mar. . 602 525 57,902 474 P347 37,175 128 *179 20,728 306 5,581 ^Preliminary. !Figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. 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. MAY 1954 493 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 T d g e r o b o t t s a * s l d T d g i e r o r o b t e s a t c s 2 l t Total Total Bills c i C e n a d e d t n r e e t s e b i s f t o i s - - f Notes B e b l a i l g e n i 4 B k - on s d t B s r r a i e c n - t k ed b v C i o e b o n r l n d e t- - s Totals b S i o n a n g v d s - s n s i T a n o a n a t g v d e x s - s S i p ss e u c e ia s l 1940—Dec 50.942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64.262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 "2^471 6,982 1942—Dec 112,471 108,170 98,276 76.488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212.565 161.648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198,778 17.037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259.487 259.149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—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—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 Apr 271,127 271,047 227,806 151,104 22.014 19,377 26,809 74,230 8,674 11,910 64,792 57,967 5,500 41,049 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 555 million dollars on Apr. 30, 1954) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,203 million dollars on Mar. 31, 1954. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. •Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government End of month in ( a s i g n e d n t c i c e t e g u l e b s u u r e ) t a d i d - r - - S is p a s t e r u g c u e e ia s n s t l c i f e u s n P i a s d u n su b s d l e li s c Total R F B e e a d s n e e r r k v a s e l m b C a e o n r m c k i s a - 3 l s M b a a v u n i t n u k g a s s l p I c a n a o n s n m u c i e e r - s - r c O a o t t r i h p o e o n r - s g m o S l a o v t e n c a e n a d r t t e n l s - S b a o v I n i n n d d g s i s vi s d e u O c a u t l h r s i e t r ies l M a in t n o v i e s r e o c s s e u 3 - l s - 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256.981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46.200 19,400 8 400 1948—Dec 252,854 31,714 5,614 215.526 23,333 62,500 11,500 21,200 14,800 7,900 47)800 17,600 8,900 1949—June 252,798 32,776 5,512 214,510 19,343 63.000 11,600 20,500 15,600 8,000 48,800 18,000 9,600 Dec 257,160 33,896 5,464 217.800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 257,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,800 8,700 49,900 17,200 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 20,500 8,800 49,600 15,900 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,800 9,400 49,100 15,600 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 21,300 9,600 49,100 15,000 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 19,700 10,400 49,000 14,800 11,600 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—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 Feb 274,859 41,070 7,223 226,566 24,509 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Not available. 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1953. 'Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 494 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 April 30, 1954 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. June 1,1954 2% 4,858 June 15, 1954 Dec. 15, 1963-68. ..2' 2,826 May 6, 1954. 1,500 Aug. 15, 1954 2% 2,788 June 15, 1954-553. June 15, 1964-69...2 3,754 May 13, 1954. 1,501 Sept. 15, 1954 2% 4,724 June 15, 1954-564. Dec. 15, 1964-69. ..2 3,831 May 20, 1954. 1,500 Feb. 15, 1955 1% 7,007 Dec. 15, 1954 Mar. 15, 1965-70... 2 4,719 May 27, 1954. 1,501 Dec. 15, 1954-55. . Mar. 15, 1966-71«.. 2 2,961 Mar. 15, 1955-60 5. June 15, 1967-72 «.. 2 1,889 June 3, 1954. 1,501 Mar. 15, 1956-58. . Sept. 15, 1967-72. ..2 2,716 June 10, 1954. 1 ,501 Treasury notes Sept. 15, 1956-59 5. Dec. 15, 1967-72«.. 2 3,823 Tune 17, 1954. 1,501 Dec. 15, 1954 1 8,175 Sept. 15, 1956-59. . June 15, 1978-83... 3} 1,606 June 18, 19542 1,001 Mar. 15, 1955 1 5,365 Mar. 15, 1957-59. . June 24, 19542 1,501 Dec. 15, 1955 6,854 June 15, 1958 Postal Savings June 24, 1954. 1,501 Apr. 1, 1956 1,007 Tune 15, 1958-63 5. bonds 2\i 46 Oct. 1, 1956 550 Dec. 15, 1958 Panama Canal Loan. .3 50 Tuly 1, 1954. 1,501 Mar. 15, 1957 2,997 June 15, 1959-62. . July 8, 1954. 1,500 Apr. 1, 1957 531 Dec. 15, 1959-62. . July 15, 1954. 1,501 Oct. 1, 1957 824 Dec. 15, 1960-65 5. July 22, 1954. 1,501 Apr. 1,1958 383 Sept. 15, 1961 Convertible bonds July 29, 1954. 1,503 Oct. 1,1958 121 Nov. 15, 1961 Investment Series B Apr. 1, 1959 2 June 15, 1962-67. . Apr. 1, 1975-80. . .2M 11,910 ^old on discount basis. See table on Open Market Money Rates, p. 489. 2Tax anticipation series. 3Called for redemption. 4Partially tax-exempt; called for redemption. 5Partially tax-exempt. 6Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par values in millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a d - l - G f a t u a c r g o u n n i e e v d d s n s t t s - . B s F e R e a e r r n e a d v - k l - e s b C m c a o i n e a m r k l - s - b M s t i a n u a n g v a u k s l - - s L c I i o n fe m su p r a a O n n i c t e h e s er Other End of month s T t o i a o n u n t g t a d - l - G f a t u a c r g o u n n i e e v d d s n s t t s - . B s F e R e a e r r n e a d v k - l - e s b C m c a o i n e a m r k l - s - \> M t s in u a a g n a v u k s l - - s L s [ i o f n e m su p r a a O n n i c t e h e s er Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1951—Dec 154,745 6,251 23 80154,302 9,12310,289 4,301 46,679 Series B): 1952—June 153,502 6467 2290654,038 8 843 9,613 4,246 47,391 1951—Dec 12,060 2,905 1,214 172 1,246 2,923 318 3 281 Dec 161,081 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 159,675 6,899 24 74651,365 8,816 9,347 4,808 53,694 Dec 12,500 3,438 185 1,352 3,179 360 3,987 Dec 166,619 6,989 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 166,607 7.119 24 63956,365 8.525 9,093 4,886 55,979 Feb 166,457 7,095 24 50955,450 8,526 9,097 4,870 56,910 1954—Jan. 11,976 3,439 168 1 271 2,933 320 3,844 Treasury bills: Feb 11,957 3,439 167 1,271 2,921 320 3,838 1951—Dec 18,102 50 596 6,773 71 428 104 10,080 Marketable secu- 1952—June 17,219 41 381 5,828 103 504 92 10,268 rities, maturing: Dec 21,713 86 1341 7,047 137 464 119 12,518 Within 1 vear: 1953—June 19,707 106 1455 4,411 120 327 132 13,155 1951—Dec 48,204 112 13,43714081 182 648 576 19,167 Dec 19,511 102 2 993 4,368 126 410 109 11,402 1952—June 45,642 101 12,20212705 223 581 470 19,360 Dec 56,953 133 14,74916996 263 532 733 23,547 1954—Jan 19,512 173 1918 4,723 135 454 114 11,995 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 Feb 19,510 149 1,788 3,920 133 456 106 12,958 Dec 73,235 175 16,97225,062 475 468 1,061 29,023 Certificates: 1951—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 Feb 63,632 241 15,56517,505 404 533 783 28,601 Dec 16,712 27 5,061 4,791 37 56 317 6,424 1-5 years: 1953—June 15,854 30 4,996 4,351 87 27 310 6,052 1951—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 Feb 25,278 79 6,051 7,377 169 60 389 11,153 Dec 29,367 192 6,15516,056 431 123 980 5,430 Treasury notes: 1951—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 Feb 27,917 189 6,15514,704 372 111 922 5,464 Dec 30,266 16 13,77410,955 49 8 486 4,978 5-10 vears: 1953—June 30,425 23 13,77410,355 62 5 529 5,678 1951—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 Feb 26,866 9 13,029 8,813 104 54 499 4,358 Dec 20,292 418 1,374 10,051 1,315 725 1,198 5,211 Marketable bonds:1 1951—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 ,231 709 1,190 5,054 1952—June 75,802 2 928 4,42230,710 7221 5,855 3,087 21,580 Feb 31,222 450 1,374 18,355 1,456 777 1,505 7,304 Dec 79,890 3 046 4,52232,849 7 165 5,807 3,429 23,072 After 10 years: 1953—June 81,349 3 300 4,52232066 7232 5,855 3,484 24,890 1951—Dec 41,168 3036 2,428 5,177 7,202 6470 2,213 14,643 Dec 77,327 3 377 3,66730 671 6 820 5,686 3,418 23,688 1952—June 34,698 2 496 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 3381 3,64131061 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 Feb 82,846 3 418 3,64135 173 6 949 5,605 3,557 24,604 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 >,042 4 797 1,337 11,689 Feb 31,730 2 776 1,415 4,718 5,023 4 755 1,340 11,703 * 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. MAY 1954 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES 3 [Estimates, in millions of dollars] Gross proceeds, all issuers3 Prop a o l s l e d co u r s p e o s r a of te n i e s t s u p e r r o s c 0 eeds, Noncorporate Corporate New capital Re- Y m e o a n r t o h r Total State Bonds Mis- t R ir e e - - m tir e e n - t G m U o e v .S n e . r t n 8 - ag F e e e r n d a - c l y4 n m a p i n a c u d i l - - Other* Total Total o P f l f i u e c b r ly 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 p l p a o o u n u s r e e s - - s d m b e e a t o e b c n f n . t k 8 t , r s i e t o c i f e u s - 1938 5,926 2,'180 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,:n? 13 1,128 50 2,164 1,979 1,276 703 98 87 4?0 325 26 69 1,695 1940 6,564 2,.>17 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 15,157 Hi' 166 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35,438 33,1U6 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42, i*1S 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 52,'1?4 1 661 22 3,202 2,670 1,892 778 369 163 7S3 657 47 49 2,389 1945 54,712 47,»*S3 506 795 47 6,011 4,855 3,851 1,004 758 397 1 1,080 133 134 4,555 1946 18,685 io,:M7 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,.>89 2,324 451 6,577 5,035 2,888 2,147 761 778 s IIS 4,591 168 356 1,352 1948 20,250 10,.*?7 2,690 156 7,078 5,973 2,963 3,010 492 614 6 6S1 S,929 234 488 307 1949 21,110 11.1W4 216 2,907 132 6,052 4,890 2,434 2,455 424 736 5, S58 4,606 315 637 401 1950 19,893 9,(S87 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 '26,929 12,.>77 459 '4,121 237 '9,534 '7,601 3,645 '3,957 564 1,369 r8, 716 '8 ,180 537 '664 1953 '28,824 13, <P57 106 '5,558 '306 '8,898 '7,083 '3,856 '3,228 '489 '1,326 '8,495 '7 ,560 535 '260 1953—Mar. '1,635 ^03 '433 696 517 '155 '362 62 116 '666 '628 38 '17 Apr '1,676 i191 349 '21 '815 '656 375 '280 35 '125 '779 '748 32 '23 May '4,613 3,.244 650 5 '714 '468 287 '181 82 '164 675 '591 85 '22 June '3,066 1 t1S4 '443 3 1,166 '977 575 '402 33 '156 M,034 89 '24 July 1,928 {384 522 r? '520 407 106 301 31 82 483 '459 24 '27 Aug '1,453 I353 260 '4 '336 '263 110 '153 7 65 '325 '270 55 '5 Sept '2,599 l,v 320 '476 36 '768 '676 '449 '226 44 '48 753 '691 62 '4 Oct '2,291 1,(170 76 483 60 '603 '375 '153 '222 18 '210 '577 '550 28 '12 Nov '3,506 2,<S10 411 '27 459 '353 95 '258 37 '69 429 '406 23 '22 Dec. ... '2,736 1?3 '777 57 '1,478 '1,385 1,057 '327 43 51 '1 438 '1,413 25 '26 1954—jan# '1,655 S61 '399 '123 '571 '462 '284 178 '20 '90 r544 '531 13 '18 Feb '1,386 '414 1 '456 '366 178 '188 27 '63 r439 '410 29 9 Mar 1,913 502 522 63 726 513 226 286 69 144 660 590 70 53 Proposed uses of net proceedsi, by major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd ea l f i e n s a t n a c te ial Tear or month T c p n e o r e o e t d - a t s l N £ e ? w • m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d - a t s l N it e e w l* m R e et n ir ts e " - T c p e n o r e e o t d - t a s l N ita e T 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 o t d t a - s l i N c t a a e p l w - * m R e e n ti t r s e * - ° T c p e n o r e e o t d - t a s l N ita e T w * m R e e n ti t r s e » - 1948 2,180 ?,1716 54 403 382 21 748 691 56 ? 150 2,005 144 891 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 9,276 2.043 233 567 517 49 593 558 35 1950 1,175 1026 149 538 474 63 806 609 196 2608 1,927 682 395 314 81 739 639 100 1951 3,066 ?,846 221 518 462 56 490 437 53 412 1 326 85 605 600 5 515 449 66 1952 '3,973 '3,712 '261 536 512 24 983 758 225 9,626 c 539 88 753 747 6 508 448 60 1953 '2,218 '2,128 '90 '542 '502 '40 '589 '553 '36 '2,972 re\905 '67 '874 '871 '3 '1,561 '1,536 '24 1953—March '199 '192 '7 '36 '35 1 '82 '82 212 210 2 '16 '16 '139 '132 '7 April '309 '302 '7 '29 '23 6 66 66 223 915 8 13 13 162 '160 '2 May '109 r89 '19 57 '55 '2 40 40 '391 '391 7 7 r\ '94 '93 J J u u n ly e ' ' 2 1 8 3 3 3 ' '2 1 7 1 6 6 1 7 7 ' ' 3 5 8 9 ' '5 3 5 8 i' '4 4 5 6 '4 4 5 6 ' '2 3 0 3 9 1 ' '2 3 0 1 7 4 1 '1 7 ' '2 3 0 7 ' ' 1 3 8 7 '2 '4 ' 1 4 2 3 4 '4 1 0 2 ' r 3 An^ust '46 '2 '19 '17 '3 15 15 97 97 .... '30 '30 '123 '122 September.. '132 '131 '1 19 18 1 32 32 '242 '241 . 89 '88 '243 '242 '2 October.... '56 '53 '2 '49 '47 2 '36 '36 '356 '350 5 13 13 '80 '77 '3 November.. '99 93 '6 '25 '25 32 32 245 229 16 5 5 45 45•••• — December.. '418 '409 '9 '104 '100 4 '88 '84 •'3" '200 '191 '8 608 608 '47 '46 1954 January '134 '118 '16 '50 '48 '2 '65 '65 '276 '?,75 '26 '26 '12 '12 February... '52 '51 '26 '25 1 '43 '36 7 '269 '269 '7 '7 '51 '51 March 107 107 68 62 5 58 57 2 362 316 46' 30 30 88 88 ' Revised. 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. 4 Issues not guaranteed. 6Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. « Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 8Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. includes all issues other than those for retirement of securities. 10Retirement of securities only. Source.—Securities and Exchange Commission. 496 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 dollarsj Annual Quarterly Industry 1952 1953 1948 1949 1950 1951 1952 1953 2 3 4 1 2 3 4 Manufacturing Total (200 corps.): Sales 38,190 37,80345,204 52,332 53,810 62,491 12,914 12,543 15,287 15,709 16,519 15,413 14,851 Profits before taxes 5,390 5,122 7,993 8,668 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 3,526 643 688 926 848 920 875 883 Dividends . 1,429 1,686 2,272 2,015 2,010 2,087 483 482 556 491 485 487 625 Nondurable goods industries (94 corps.):1 Sales 14,588 13,906 15,847 18,558 18,813 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 2,861 628 669 672 752 769 773 566 Profits after taxes 1,520 1,263 1,562 1,451 1,291 1,410 300 318 347 338 346 367 360 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 29,357 33,774 34,997 42,395 8,389 7,851 10,329 10,745 11,450 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 1,888 2,544 2,005 1,804 2,116 342 370 579 511 573 509 523 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 S3 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 4^3 Profits before taxes 674 693 1,133 1,421 1,200 1,260 286 289 304 360 346 330 224 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 548 406 442 515 485 549 111 115 129 127 124 149 149 Dividends 172 172 205 231 252 257 60 60 69 65 61 61 70 Primary metals and products (39 corps.): Sales 9,066 8,187 10,446 12,497 11,557 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 S60 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 88 88 88 113 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 11 5 Dividends . . 127 138 208 192 200 239 49 49 53 50 49 49 90 Automobiles and equipment (15 corps.): Sales 8,093 9,577 11,805 12,496 12,825 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 9,473 10,391 10,580 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 1,404 261 368 512 336 397 399 272 699 438 783 693 816 871 149 208 318 186 231 234 219 289 252 312 328 336 412 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: Ooeratinc 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 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). MAY 1954 497 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 o er r P be ro fo fi r t e s co In m - e P a r f o t f e i r ts C di a v s i h - tr U ib n u d t i e s d - Y qu ea a r r te o r r New Retire- Net New Retire- Net New Retire- Net taxes taxes taxes dends profits issues ments change issues ments change issues ments change 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 L,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' 41.9 22.9 19.0 9.3 9.7 1953—1... 2,329 614 1,715 1,492 481 1,012 836 133 703 1952—3 37.0 19.4 17.5 9.1 8.4 2. . . 2,932 607 2,325 2,096 458 1,638 836 148 687 4 40.3 21.2 19.1 9.1 10.0 3. .. 1,867 530 1,337 1,327 417 910 540 113 427 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 3 2 4 4 3 5 . . 3 9 2 2 3 5 . . 6 0 2 1 0 9 . . 8 6 9 9. . 6 4 1 1 1 0 . . 4 0 1 Reflects cash transactions only. As compared with data shown on p. 496, new 4. ... 34.0 18.6 15.4 9.4 6.0 i h s e s l u d e s b y ex a c f lu fi d li e a te fo d r e c ig o n m p a a n n d i e i s n c o lu r d R e F in C v , e s s p tm ec e ia n l t c o o ff m er p in a g n s y to o ff e e m ri p ng lo s y , e s e a s l , es a n o d f a s l e s c o u r n i e ti w es stock issues and cash proceeds connected with conversions of bonds into stocks. Re- ' Revised. tirements include the same types of issues, and also securities retired with internal Source.—Department of Commerce. funds or with proceeds of issues for that purpose shown on p. 496. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e er ar w c o a N r p k e it i t 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 14.6 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 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 1951 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 1952 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 1 Excludes banks and insurance companies. 2 Receivables 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- ing tion Public All Year Total factur- Min- Rail- other utili- muni- Other» Quarter Total and ind. 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—1* 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 2* 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 L ,312 1,464 4,548 7,778 19544 27,230 11.410 1,040 940 1,400 4,430 8,010 1 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. 498 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 h O ol t d h e e r r s 1- to 4-family houses com M m u e l r t c i- i f a a l m p i r l o y p a e n rt d ies > E o n r d q o u f a r y t e er 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 t l i n n - - s S F e a e c l g d e i e e e c n s r te 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 a o a t l i 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 t l i 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 n l n - s - h O ol t d h e e r r s1 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 i:.8 6.4 J 5 4.9 1942 36.7 20 7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 I 6.0 1 4 4.5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 iL 6 5.4 1 4.1 1944 34 7 20 2 1 l 13.3 29.7 17.9 11.7 6.2 11.8 7.2 t1 6 4.9 3.7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 I 7 4.8 L.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 s 3.4 1947 48.9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 7 3.3 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 0 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.6 2.1 3.5 1950 72.8 51.6 1.4 19.7 66.7 45.1 35.3 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.1 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6 6 2.6 4.0 1952 91.1 66.8 2.4 21.8 84.0 58.7 47.0 11.7 25.3 17.0 8.3 7.1 2.8 4.3 1953 100.9 75.0 2.8 23.1 93.2 65.9 53.4 12.5 27.3 18.6 8.8 3.0 4.7 7.7 1952-—March r 84.1 61.0 2.2 20.9 77.4 53.3 42.4 11.0 24.1 16.0 8.1 6.7 2.7 4.1 Juner 86.4 63.0 2.2 21.3 79.5 55.1 43.9 11.1 24.4 16.3 8.1 7.0 2.7 4.2 Septemberr. . . 88.9 65.0 2.3 21.6 81.8 57.0 45.6 11.4 24.9 16.6 8.2 7.1 2.8 4.3 Decemberr.. . . 91.1 66.8 2.4 21.8 84.0 58.7 47.0 11.7 25.3 17.0 8.3 7.1 2.8 4.3 1953—March' 93.4 68.6 2.6 22.2 86.0 60.3 48.4 11.9 25.7 17.3 8.4 7.3 ?.9 4.4 S T e u p n t e e r mberr. . . 9 98 6 . . 7 1 7 7 3 0. . 9 0 2 2 . . 8 7 2 2 2 2 . . 5 9 9 8 1 8 . . 1 6 6 64 2 . . 3 4 5 5 1 0. . 2 9 1 1 2 2. . 2 4 2 2 6 6 . . 2 7 1 1 8 7 . . 1 7 8 8 . . 5 6 7 7 . . 5 6 3 3. . 0 0 4 4. . 6 6 Decemberr. . . 100.9 75.0 2.8 23.1 93.2 65.9 53.4 12.5 27.3 18.6 8.8 3.0 7.7 4.7 1954—March? 102.9 76.8 2.7 23.4 95.1 67.4 54.8 12.6 27.7 19.0 8.8 7.8 3.1 4.8 ^Preliminary. 'Revised. 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 with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bank holdings * Mutual savings bank holdings * Nonfarm Nonfarm End of year or quarter Residential • Residential3 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 1941 4,906 4,340 3,292 1,048 566 4,812 1,784 3,884 900 28 1942 4,746 4,256 3,332 924 491 4,627 i1,601 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 i1,395 3,558 837 25 1944 4,430 3,967 3,218 749 463 4,305 1,281 3,476 805 24 1945 4,772 4,251 3,395 856 521 4,208 i1,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 702 4,441 i1,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 1.828 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 1 1 1 9 9 9 5 5 5 1 2 3 r 1 1 1 6 4 5 , , , 7 8 8 3 6 5 2 7 0 1 1 1 5 4 3 , , , 7 7 8 6 2 0 8 8 9 1 1 1 1 2 2 , , , 9 1 2 2 8 7 5 8 0 3 3 3 , , , 9 4 6 1 2 7 2 1 5 3 2 3 , , , 0 9 0 6 2 1 1 1 2 4 5 5 , , , 9 9 5 5 0 2 1 1 9 2 2 2 , , , 6 4 8 2 5 4 1 8 3 1 1 1, , , 0 0 0 8 5 0 2 8 4 1 1 9 1 2 , , , 9 9 3 1 4 7 6 3 9 1 1 9 1 2 , , , 8 3 8 6 2 9 7 9 0 1 8 9 1 , , , 5 8 3 9 8 3 5 4 3 2 3 3 , , , 5 1 4 6 6 8 7 8 9 3 2 1 , , ,7 2 0 2 3 5 6 7 3 4 4 4 , , , 7 3 4 9 0 7 2 3 7 1 1 1 , , , 5 4 2 5 4 7 6 4 4 4 5 5 7 3 3 1952—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 L,06010,940 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 L.05811,379 11,327 9,883 3,168 2,237 4,477 1,444 53 1953—March 16,080 15,000 12,320 3,719 3,010 5,591 2,680 1,080 11,680 11,630 10,165 3,230 2,395 4,540 1,465 50 June .... 16,387 15,283 12,545 3,798 3,013 5,734 2,738 1,104 12,112 12,062 10,574 3,325 2,590 4,658 1,488 50 September1". . . .16,640 15,550 12,770 3,860 3,040 5,870 2,780 ,090 12,500 12,450 10,930 3,405 2,785 4,740 1,520 50 December r .. . . 16,850 15,768 12,925 3,912 3,061 5,951 2,843 ,082 12,943 12,890 11,334 3,489 3,053 4,792 1,556 53 1954—March* 16,960 15,865 13,000 3,940 3,100 5,960 2,865 1,095 13,355 13,300 11,710 3,590 3,290 4,830 1,390 55 r Revised. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank 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. MAY 1954 499 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 1,138 1950 4,980 4,621 1,572 930 2,119 359 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,111 4,704 1,051 1,268 2,385 407 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 L.7O5 1953 4,335 3,918 819 457 2,642 417 23,275 21,403 6,015 3,563 11,825 L.872 1953—March 403 353 88 29 236 50 21,725 19,992 5,804 3,370 10,818 1,733 April 364 321 77 27 217 43 21,897 20,139 5,820 3,388 10,931 1,758 May 344 308 62 30 216 36 22,055 20,277 5,854 3,390 11,033 1,778 June 359 330 67 34 229 29 22,221 20,425 5,884 3,396 11,145 1,796 July 405 371 71 36 264 34 22,429 20,614 5,905 3,412 11,297 1,815 August 305 279 62 32 185 26 22,552 20,722 5,924 3,430 11,368 1,830 September 313 289 57 40 192 24 22,698 20,860 5,943 3,448 11,469 1,838 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—January 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 March P 419 372 68 77 227 47 23,769 21,845 6,066 3,683 12,096 1,924 ^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 iNumber in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Year amount 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 i Total' F su H in r A e - d - a g n V u te A a e r - - d t C i v o o n e n n a - l - * mo o n r th 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 u c 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 co l ( a r d r e r d o s - e l ) - d 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 8,85 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 9,8121950 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 '18.336 '904 '3,385 '14,0471952 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 '1,048 '3,973 16,908 1953 3,164 19,747 7,365 1,480 3,680 1,327 5,895 6,241 1953-Mar... 639 206 266 167 19,105 924 3,492 14,689 1953-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 '1,048 '3,973 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.... 539 176 220 143 Feb.... 229 1,425 517 105 274 85 444 6,223 Mar. . 710 246 288 176 22,684 1,083 4,106 17,495 Mar... 281 1,784 666 124 335 103 556 6,339 ' Revised. Source.—Home Loan Bank Board. 1 Includes loans for repair, additions and alterations, refinancing, etc. 2 Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 500 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 MORTGAGB DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans8 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t o e i w o p es - rtga i e p s g E r r t t e o i x i s n p e - g s - g m j t P a e y o r g c p o r e t e - t - s - 1 p l P m o e r i r a m r o e o t n v n y p - s e t - 2 - Total p e N r r m t o e i w o p es - rtga i e p s g E r r t t e o i x i s n e p - g s - r A a e a t l p n i t a o e d i n r r - 2 q y E u e n a a d r r t o o e f r r Total Tota u l nd F er H i w n A - ri - tte g n V u A ar - - t C i v o e o n n n a - - l sured anteed 1939 925 925 486 208 52 179 1940 .. 991 991 588 175 13 216 1939 16.3 1.8 1.8 14.5 1941 1,152 1,152 728 183 14 228 1940 17.3 2.3 2.3 15.0 1942... 1,121 1 121 766 208 21 126 1941 18.4 3.0 3.0 15.4 1943 934 934 553 210 85 86 1942 18.2 3.7 3.7 14.5 1944 877 877 484 224 56 114 1943 17.8 4 1 4.1 13.7 1945 857 665 257 217 20 171 192 1944 17.9 4.2 4.2 13.7 1946 3 058 756 120 302 13 321 2 302 1945 18.5 4 3 4.1 2 14 2 1947 5 074 1 788 477 418 360 534 3,286 1946 23.1 6.1 3.7 2.4 17.0 1948 5 222 3 341 1 434 684 609 614 1 881 1947 28.2 9.3 3.8 5 5 18 9 1949 5 250 3 826 1 319 892 1 021 594 1,424 793 629 3 1948 33.3 12.5 5.3 7.2 20.8 1950 7 416 4 343 1 637 856 1 157 694 3 073 1 865 1 202 5 1949 37.5 15 0 6.9 8 1 22.5 1951 6 834 3 220 1 216 713 584 707 3,614 2,667 942 6 1950 45.1 18.9 8.6 10.3 26.2 1952 5,830 3 113 969 974 322 848 2.721 1,824 890 6 1951 51.9 22.9 9.7 13.2 29.0 1953 6,946 3,882 1,259 1,030 259 1,334 3,064 2,045 1,014 6 1952* 58.7 25.4 10.8 14.6 33.3 1953—Mar. . . 504 276 103 89 20 64 228 152 75 .5 1953P 65.9 28.1 12.0 16.1 37.8 Apr 577 342 109 92 22 119 235 157 78 .4 1951—Sept... 50.4 22.0 9.5 12.5 28.4 M Ju a n y e . . . . . . 5 5 3 1 0 6 3 2 1 7 4 4 9 9 1 7 9 9 0 5 2 1 5 9 1 6 0 9 2 2 24 1 2 6 1 16 4 4 9 6 7 6 8 . , 5 4 Dec ... 51.9 22.9 9.7 13.2 29.0 July... 602 363 109 94 40 120 239 160 79 .4 1952—Mar. . . 53.3 23.5 9.9 13.6 29.8 Aug.... 597 349 106 87 23 133 248 166 82 .3 June. . . 55.1 24.0 10.1 13.9 31.1 Sept 629 320' 106 80 12 122 309 197 112 .4 Sept... 57.0 24.7 10.4 14.3 32.3 Oct.... 661 368 113 80 23 151 293 193 99 .5 Dec.. . . 58.7 25.4 10.8 14.6 33.3 Nov.... 694 408 105 68 25 210 286 192 93 .5 Dec.. ., 556 304 110 63 15 116 252 170 82 .4 1953—Mar. . . 60.3 26.1 11.1 15.0 34.2 1954—Jan 512 265 117 66 12 69 247 174 73 4 June. . . 62.4 26.7 11.4 15.3 35.7 Feb.... 488 221 94 60 13 54 267 188 79 .4 Sept... 64.3 27.5 11.7 15.8 36.8 Mar. . . 471 246 95 67 16 69 225 160 65 .4 Dec.. . . 65.9 28.1 12.0 16.1 37.8 1954—Mar.p.. 67.4 28.6 12.2 16.4 38.8 1Monthly figures do not reflect mortgage amendments included in annual totals. aFHA-insured property improvement loans are not ordinarily secured by mortgage*J: VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those P Preliminary. for more than that amount must be. NOTE.—For total debt outstanding, ficrures for "Prior to 1949, data are not available for classifications shown. first three quarters are Federal Reserve estimates. NOTE.—FHA-insured loans represent grosis amount of insurance written: VA-guar- For conventional, figures are derivecI. anteed loans, gross amount of loans closed. Figures do not take account of principal repay- Sources.—Home Loan Bank Board.Federal Housments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by ing Administration, Veterans Administration, and type are derived from data on number and average amount of loans closed. Federal Reserve. 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 i o z t n t n e m h t d - d e o - s d r- b m C u m d u e o r i n i s s n m 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 s A e a e r - - d ( c p M d p h e g u a r u o a i r s r g r o i e - t n e d - s g ) ( p d M s g e u a a r o r l i g i e r o n e s t d - g ) Year or month va A n d c - es R m e e p n a ts y- T A o d t v a ( l a e n n c d e S t s o e h f r o o m p u rt e t 1 - s r t i a o n d L t ) d e o i r n n m g g 2 - 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—April 876 326 2,448 429 2,019 68 3 1952 586 528 864 565 299 May 816 357 2,477 457 2,020 40 3 1953 674 611 952 634 317 June 610 542 2,498 477 2,020 31 1 July 597 526 2,527 508 2,019 39 0) 1953—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 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 March 539 745 2,366 653 1,713 49 98 April? 539 812 2,299 667 1,632 50 108 1954—January.... 26 226 751 496 255 February... 15 88 677 438 239 March 36 84 630 396 233 p Preliminary. April 35 51 613 382 231 iLess than $500,000. Source.—Federal National Mortgage Association. 1Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. MAY 1954 501 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 t e h ar Total Total Au p to a m pe o r b i ile co p O g n a o s t p o u h e d m e r r s i er e a r n R l n d o i e a z p m n a a t s i o i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n a m g n l e e s n - t a C cc h o a u r n ge ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 ft** 1946 .... 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 ,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 ,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 ,285 1949 17,104 11,516 4,699 3,486 8R7 2,444 5,588 1,532 2,680 L.376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 L.496 1951 21,468 14,837 6,242 4,270 ,090 3,235 6,631 1,934 3,096 ,601 1952 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3,342 ,707 1953 28,896 21,807 10,289 5,605 :1,606 4,307 7,089 2,127 3,249 ,713 1953—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 L ,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 L.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 L.562 4,201 6,632 2,130 2,716 L.786 October 28,166 21,486 10,337 5,366 1,585 4,198 6,680 2,131 2,811 L,738 November 28,252 21,586 10,358 5,406 1,604 4,218 6,666 2,100 2,840 L .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 L,7O5 February 27,478 21,151 9,915 5,377 1,570 4,289 6,327 2,054 2,550 1,723 March 27,151 20,900 9,800 5,220 1,554 4,326 6,251 2,073 2,438 1,740 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m o o f n y t e h ar i c n m r s e e t d n a i l t t - Total m b C e a o r n m c k ia - s l f p i S c n a o a a n m l n i e e c - s s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F st t u o u r r r n e e i s - H a s a h t p o o n o u p r c l s l d e 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 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1953—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 March 20,900 17,845 8,452 5,892 1,074 2,427 3,055 1,056 795 261 388 555 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m of o n y t e h ar i T m n n s o o e t t n n a a - l t l - C m i ( o n s m e i s n n t - g i t t l u e o - t p i a o a n n y s s - ) D a e- c ( o c c u h o t a u l r e n g t t s e s) S c e r r e v d i it ce E o n r d m of o n y t e h ar i c T m n r s o e e t t d 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 o a p o iz n d d a n a s - ir - s l P o o a e n n r a - s l credit mer- Other part- Other cial ment banks stores l 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1.178 518 1942 862 149 134 153 124 302 1940 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 L.008 114 452 L.624 L.014 1949 ... 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 1.821 1,166 1950 5,798 1,177 1,294 1,456 834 1,037 1948 5,443 L ,261 184 575 2^138 1,285 1951 ... 5,771 1,135 J .311 1,315 888 1,122 1949 5,588 1,334 198 584 2,096 1,376 1952 7,524 1,633 L ,629 1,751 1,137 1,374 1 19 9 5 5 1 0 6 6, , 6 3 3 2 1 3 1 1 , , 5 6 7 8 6 4 2 2 4 5 5 0 6 6 4 8 1 5 2 2 , ,4 3 1 6 1 5 1 1, , 6 4 0 9 1 6 1953 8,856 2,135 L.884 2,038 1,301 1,498 1952 7,143 1,844 250 730 2,612 L.7O7 1953—March 8,059 1,814 1,761 1,909 1,144 1,431 1953 7,089 1,848 279 769 2,480 1,713 April 8,286 1,902 1,821 1,956 1,160 1,447 May 8,491 1,989 1,869 1,990 1,184 1,459 1953—March 6,555 1,960 251 492 2,121 1,731 June 8,675 2,043 1,906 2,029 1,212 1,485 April 6,688 1,984 262 487 2,195 1,760 July 8,818 2,095 1,941 2,055 1,234 1,493 May 6,843 1,985 309 498 2,265 1,786 August.... 8,879 2,123 1,957 2,056 1,251 1,492 June 6,776 1,922 275 492 2,289 1,798 September. 8,893 2,141 1,948 2,036 1,273 1,495 July 6,577 1,830 249 457 2,248 1,793 October. . . 8,908 2,157 1,939 2,032 1,291 1,489 August 6,592 1,870 261 453 2,215 1,793 November. 8,881 2,150 1,920 2,027 1,303 1,481 September. 6,632 1,857 273 500 2,216 1,786 December. 8,856 2,135 1,884 2,038 1 ,301 1,498 October. . . 6,680 1,867 264 524 2,287 1,738 November. 6,666 1,798 302 578 2,262 1,726 1954—January.. . 8,723 2,079 1,834 2,037 1,283 1,490 December. 7,089 1,848 279 769 2,480 1,713 February.. 8,534 2,024 1,809 1,937 1,267 1,497 March.... 8,452 1,994 1,799 1,887 1,253 1,519 1954—January.. . 6,681 1,824 259 631 2,262 1,705 February.. 6,327 1,782 272 541 2,009 1,723 March.... 6,251 1,780 293 497 1,941 1,740 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUincludes mail-order houses. 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 amo T un o t t s a l outsta A n u d t i o n - g, in O c m o th n il e - l r ions o R f a e n p d d a o i l r lars] Per- E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i 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 t o m o p h n d e e e - r r s r m i R z lo a o e a n a d p ti n d e a o s r i n r n- s l P o o e a n n r a - s l End of year instal- mobile sumer modern- sonal or month ment paper goods ization loans credit paper loans 1939 789 81 24 15 669 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1,197 878 115 148 56 1942 726 65 27 14 620 1940 1,575 1,187 136 190 62 1941 1,797 1,363 167 201 66 1945 731 54 20 14 643 1942 588 341 78 117 52 1946 991 77 34 22 858 1947 1,275 130 69 39 1,037 1945 300 164 24 58 54 1948 1,573 189 99 59 1,226 1946 677 377 67 141 92 1949 1,858 240 137 89 1,392 1947 1,355 802 185 242 126 1950 2,137 330 182 115 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—March 3,147 486 291 193 2,177 1953 6,147 5,306 367 83 391 April 3,202 504 297 195 2,206 May 3,251 518 302 200 2,231 1953—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 Tune 5,633 4,836 356 76 365 September. . . 3,430 558 321 215 2,336 Tuly 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.... S 491 539 330 218 2.404 March 3,501 540 326 217 2,418 1954—Tanuary 6,062 5,228 359 86 389 February.... 5,974 5,150 351 85 388 March 5,892 5,079 340 84 389 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. MAY 1954 503 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 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 19S2 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—March . . . 2,713 2,304 1,281 962 657 648 111 99 664 595 April 2,605 2,229 1,258 946 648 648 109 90 590 545 May 2,580 2,134 1,218 897 658 603 115 88 589 546 June 2,670 2,248 1,219 959 687 626 129 98 635 565 July- 2,602 2,233 1,226 945 622 604 124 101 630 583 August 2,436 2,222 1,126 963 619 608 120 102 571 549 September 2,389 2,260 1,089 993 625 635 120 92 555 540 October 2,486 2,347 1,121 1,016 668 654 131 108 566 569 November 2,297 2,197 974 953 646 606 108 89 569 549 December 2,598 2,377 947 1,016 824 625 98 96 729 640 1954—Tanuary 1 ,869 2,232 750 955 517 627 67 86 535 564 February 1.864 2,157 776 945 470 588 81 98 537 576 IMarch 2.285 2,536 985 1,100 540 697 94 110 666 629 SEASONALLY ADJUSTED* 1953—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 1.035 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 March 2,200 2,412 924 1,042 566 667 103 107 607 596 * Includes adjustment for differences in trading days, XT T\ t /"• 1 it 1_ _ ' ? T_ FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year Item M 19 a 5 r 4 . F 19 e 5 b 4 . 1 T 9 a 5 n 4 . M 19 a 5 r 4 . F 19 e 5 b 4 . 1 T 9 a 5 n 4 . Year or month 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 o l i o d a u r n a s e c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1953 Total +9 +4 -43 -10 -10 -14 March 15 12 11 49 C C a re s d h i t s a s l a e l s es: +8 +2 -47 -5 -6 -15 A M p a r y il 1 1 4 4 1 1 2 2 1 1 0 0 4 4 6 6 Instalment + 11 +9 -43 -12 -11 -18 June , 14 13 10 47 Charge account +8 +3 -34 -1 -6 J A u u ly gust 1 1 3 4 1 1 2 2 1 1 0 0 4 45 6 Accounts receivable, end September 14 12 10 46 of month: October 14 12 10 48 Total -2 -4 -6 -4 -3 0 November 14 11 9 47 Instalment -2 -i -4 -2 -1 + 1 December 14 11 9 46 Charge accounts -1 -8 -11 -8 -10 1954 Inventories, end of month, at retail value. +5 +2 -2 -6 -7 -5 January 13 12 9 45 February 14 11 9 43 March 15 13 10 48 Collections during month as percentage of accounts outstanding at beginning of month. 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation) Construction I ( n p d h u y s s t i r c i a a l l v p o ro lu d m uc e t ) i * o 1 n awar c d o e n d t ra (v c a ts lue)3 Employ 1 m 94 e 7 n - t 4 9 a n = d 1 0 p 0 ayrolls8 (1947-49 = 100) 1947-49=100 Freight D m ep e a n r t t- Con- W s h a o le leor Y m ea o r nth Total Tot M al anu r D a f b a u l c - e ture r N 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 y r 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 u t e a 0 - s e 4 i * 0 ) l 9 4 1 p s 9 = u r 4 i m c 1 7 e 0 - e 4 s 0 r 8 9 1 m p 9 c = r o o 4 i m d c 1 7 e 0 - i - t 4 s 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 30 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 62 752 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 '108.2 106.4 129 8 101 109 111.0 114 8 1952 124 125 136 114 114 183 183 183 110.5 106.3 136.6 95 110 113.5 111.6 1953 P134 J>136 P153 P118 P116 192 178 201 113.6 112.0 151.6 96 112 114.4 110.1 1952 October 130 134 132 147 117 111 210 185 227 '112.3 108.9 110.7 147.2 97 115 114.2 111.1 November.. 133 134 135 151 118 118 196 178 207 112.7 110.4 111 .4 149.1 101 111 114.3 110.7 December. . 133 131 135 152 118 117 205 183 219 1 13.1 111.2 111.9 152.5 99 115 114.1 109.6 1953 January.... 134 132 136 154 117 116 190 173 201 '•113.2 111.9 111.4 150.1 101 111 113.9 109.9 February... 134 136 136 155 118 116 173 182 167 '•I 13.6 112.6 112.4 151.4 98 112 113.4 109.6 March 135 138 137 155 119 115 177 176 178 ••113.8 113.5 113.2 153.8 99 115 113.6 110.0 April 136 136 138 155 121 115 179 179 179 ••113.8 113.9 112.7 152.0 97 110 113.7 109 4 May 137 136 139 156 123 117 161 164 159 113 9 114.2 112 3 151 9 98 117 114 0 109 8 June 136 136 138 154 121 119 169 174 166 '•114.3 114.3 113.1 153.9 97 115 114.5 109.5 July 137 129 139 157 121 120 172 175 170 114.4 114.1 112.2 151.1 93 113 114 7 110 9 August 136 136 138 157 119 119 205 184 220 114.0 112.7 113.8 154.0 98 112 115.0 110.6 September.. 133 135 135 152 117 118 218 180 243 113.7 111.5 113.7 153.4 96 107 115.2 111.0 October 132 136 134 151 117 114 230 183 262 113.8 110.2 112.0 152.6 95 110 115.4 110.2 November.. 129 130 131 146 115 111 224 176 255 113.0 108.4 109.4 148.0 92 113 115.0 109.8 December. . 126 124 127 142 112 113 208 177 229 112.2 107.0 107.7 147.2 88 112 114.9 110.1 1954 Tanuary.... 125 124 127 140 113 113 195 185 202 111.6 105.6 105.1 140.8 90 107 115.2 110.9 February... 124 126 126 139 113 113 196 201 192 111.3 104.6 104.3 140.5 88 109 115.0 110.5 March 123 125 124 135 113 113 191 205 182 110.7 103.9 103.6 138.4 85 P105 114.8 110.5 April H23 ^123 *>124 Pi 35 P113 P112 P110.1P1O2.7PIOI.6 134.7 83 107 111.1 • Estimated. *» Preliminary. «• 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. 513. 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 figures on employment and payrolls incorporate revisions to first-quarter 1953 benchmark levels. 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. 515-519. Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 1490- 1515. MAY 1954 505 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 pro- Industry portion 1952 1953P Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar SEASONALLY ADJUSTED Industrial Production—Total 100.00 124 134 135 136 137 136 137 136 133 132 129 126 125 124 123 Manufactures—Total 90.02 125 136 137 138 139 138 139 138 135 134 131 127 127 126 124 Durable Manufactures—Total 45.17 136 153 155 155 156 154 157 157 152 151 146 142 140 139 135 Primary metals 6.70 132 136 136 139 137 136 137 130 128 122 113 111 109 104 Metal fabricating 28.52 146 167 168 169 169 168 171 171 166 166 159 156 154 151 147 Fabricated metal products 5.73 121 136 137 138 139 139 142 140 135 134 130 126 126 123 120 Machinery 13.68 147 160 163 164 162 161 164 165 161 159 152 146 143 141 139 Nonelectrical machinery 9.04 136 143 147 147 146 144 145 145 141 141 136 133 130 130 126 Electrical machinery 4.64 167 194 195 195 194 194 200 203 200 193 184 172 169 163 163 Transportation equipment 7.54 154 189 190 190 192 188 196 191 186 189 180 182 183 178 171 Instruments and related products... 1.29 142 155 155 153 156 157 156 156 155 154 155 154 148 147 139 Clay, glass, and lumber products 5.91 118 125 127 127 127 124 127 125 124 124 123 119 120 125 123 Stone, clay, and glass products 2.82 125 133 135 134 135 134 135 135 134 133 132 129 125 130 131 Lumber and products 3.09 111 118 121 120 119 114 119 116 114 117 115 110 115 120 Furniture and misc. manufactures 4.04 118 131 131 134 135 135 134 135 129 129 126 124 120 120 119 Furniture and fixtures 1.64 113 117 121 124 123 122 121 119 114 113 109 106 105 103 104 Miscellaneous manufactures 2.40 122 140 138 141 143 145 143 146 140 140 138 136 130 132 129 Nondurable Manufactures—Total 44.85 114 118 119 121 123 121 121 119 117 117 115 112 113 113 113 Textiles and apparel 11.87 105 107 110 113 115 113 111 106 102 102 98 95 r96 95 96 Textile mill products 6.32 103 104 108 109 113 111 108 104 100 98 95 90 90 90 91 Apparel and allied products 5.55 108 110 112 116 117 115 114 109 104 107 101 101 103 100 103 Rubber and leather products 3.20 107 113 119 120 122 113 116 111 105 105 103 104 103 102 102 Rubber products 1.47 116 128 138 137 139 130 130 127 121 120 118 116 112 110 112 Leather and products 1.73 99 99 103 104 108 99 104 97 91 93 91 93 94 94 93 Paper and printing 8.93 118 125 125 125 126 126 126 126 126 126 125 122 122 12 3 123 Paper and allied products 3.46 120 132 133 134 134 134 134 133 135 132 132 125 126 129 131 Printing and publishing 5.47 116 121 120 120 121 121 121 121 123 121 120 120 119 118 Chemical and petroleum products 9.34 133 142 140 144 146 145 146 143 143 142 141 140 138 140 139 Chemicals and allied products 6.84 137 147 145 148 151 150 152 148 147 146 145 145 143 145 145 Petroleum and coal products 2.50 123 130 128 131 131 131 132 132 131 129 129 128 124 126 123 Foods, beverages, and tobacco 11.51 106 107 108 108 109 106 107 108 108 108 108 103 105 105 106 Food and beverage manufactures. . . 10.73 105 107 107 108 109 106 108 108 109 108 108 103 105 106 107 Tobacco manufactures .78 110 108 116 108 107 103 103 104 104 106 108 112 100 98 Minerals—Total 9.98 114 116 115 115 117 119 120 119 118 114 111 113 113 113 P113 Mineral fuels 8.35 113 115 113 114 116 119 120 119 113 111 112 113 113 P113 Coal , 2.68 83 78 74 75 85 86 87 86 81 76 70 69 70 68 62 Anthracite .36 78 57 56 47 65 62 68 59 57 54 50 55 62 59 52 Bituminous coal 2.32 84 81 77 79 88 89 89 90 84 80 73 71 72 69 63 Crude oil and natural gas 5.67 128 133 132 133 131 134 135 135 136 131 131 133 134 135 P138 Metal, stone, and earth minerals 1.63 115 119 121 121 120 121 121 120 120 116 114 114 112 P112 Metal mining .82 108 113 116 118 118 117 116 117 117 108 103 101 '103 101 •100 Stone and earth minerals .81 123 124 126 122 125 125 124 123 124 125 127 119 124 124 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 124 134 138 136 136 136 129 136 135 136 130 124 124 126 125 MANUFACTURES—TOTAL 90.02 125 136 140 139 138 138 130 137 137 138 132 125 126 128 127 Durable Manufactures—Total 45.17 136 153 160 159 157 155 147 153 151 154 146 140 140 141 140 Primary metals 6.70 116 132 143 141 142 138 124 130 127 129 122 110 113 113 109 Ferrous metals 5.03 115 133 145 142 143 138 127 131 127 130 122 110 111 111 105 Pig iron and steel 3.51 115 138 149 144 147 142 136 138 134 136 128 114 115 113 105 Pig iron .37 107 130 135 130 133 133 132 131 130 132 127 117 113 108 100 Steel 3.05 117 139 150 146 148 143 137 138 134 136 129 114 115 114 106 Carbon steel 2.62 112 135 143 139 140 137 131 133 131 138 131 116 115 113 105 Alloy steel .43 144 165 194 191 196 183 170 169 152 126 113 105 115 119 114 Ferrous castings and forgings 1.52 114 121 136 136 133 127 106 116 113 117 108 101 103 106 Iron and steel castings 1.29 109 115 128 129 125 120 101 112 109 113 103 98 98 103 Steel forgings .23 143 154 179 176 179 166 133 141 137 139 134 122 130 125 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. 506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953P Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 119 129 139 138 139 139 115 128 126 128 121 108 118 120 P119 Primary nonferrous metals .38 123 144 146 147 143 144 143 141 147 147 146 145 145 147 147 Copper smelting .09 106 112 126 122 115 108 109 105 111 114 109 109 104 102 101 Copper refining .06 99 116 110 115 116 129 120 107 116 124 121 121 110 113 115 Lead . .04 100 101 106 107 96 84 89 84 97 99 120 108 108 103 113 Zinc .10 112 113 115 114 113 116 111 115 115 115 107 108 107 102 P97 Aluminum .09 156 209 205 207 207 212 215 217 222 213 215 217 228 240 240 Secondary nonferrous metals .13 114 114 122 133 118 121 101 110 107 111 106 101 96 103 Nonferrous shapes and castings.. . . 1.16 119 126 138 136 139 139 107 125 121 123 114 96 112 113 Copper mill shapes .63 113 112 119 113 125 128 85 112 108 110 103 78 100 100 96 Aluminum mill shapes .20 140 168 190 195 186 183 174 169 163 158 136 126 136 139 143 Nonferrous castings .33 115 130 144 146 138 135 109 124 122 127 121 114 120 122 Metal Fabricating .. 28.52 146 167 175 173 170 168 161 166 164 167 158 155 155 155 153 Fabricated metal products 5.73 121 136 138 139 139 139 135 140 137 137 130 126 124 123 121 Structural metal parts . 2.68 121 137 139 139 139 140 135 137 135 136 134 135 129 127 125 Stampings and misc. metal products. . 2.12 121 138 145 145 144 143 137 136 133 133 130 131 127 124 121 Tin cans .30 122 129 105 114 120 134 160 199 182 139 124 69 104 107 Furnaces, gas ranges, and heaters.... .63 89 93 92 99 102 92 83 108 106 113 82 63 r74 74 Machinery 13.68 147 160 172 167 163 159 148 157 158 161 154 149 146 147 146 Nonelectrical machinery . ... 9.04 136 143 154 150 148 146 138 137 137 138 135 137 132 134 132 Farm and industrial machinery 8.13 135 139 146 144 142 142 137 136 135 135 133 134 130 129 128 Farm machinery . . . 1.02 103 96 112 109 105 102 98 93 86 79 73 74 76 80 84 Industrial and commercial machinery 7.11 140 145 151 149 148 148 143 142 142 143 141 142 13S 136 134 Machine tools and presses . .68 179 188 193 192 191 189 184 183 187 188 185 186 181 181 177 Laundry and refrigeration appliances. .69 108 128 180 157 144 133 98 94 104 112 99 110 106 129 122 Electrical machinery 4.64 167 194 206 199 192 184 168 197 200 205 191 172 172 17? \^^ Electrical apparatus and parts 3.23 162 179 183 184 182 182 176 178 179 178 176 176 169 167 165 Radio and television sets .74 184 230 266 237 208 180 136 242 249 276 230 157 173 170 182 Transportation equipment 7.54 154 189 199 198 194 193 190 189 182 189 173 174 181 181 180 Autos trucks, and parts 4.80 102 126 142 143 137 136 131 126 114 122 103 101 112 112 111 Autos 1 50 103 146 161 170 162 166 161 153 134 1 SI 107 107 135 138 14? Trucks .66 111 118 144 142 124 106 118 127 115 106 95 98 103 103 103 Light trucks .... ... .22 105 112 144 138 107 76 113 118 114 106 85 100 112 103 104 Medium trucks .19 69 58 87 80 53 37 57 62 54 50 47 56 *67 62 66 Heavy trucks .14 194 183 233 218 201 198 175 186 151 146 134 150 145 164 152 Truck trailers .07 137 229 187 246 285 270 247 282 275 232 229 149 137 143 Auto and truck parts 2.58 98 117 131 127 125 126 116 110 102 109 102 99 101 99 95 Aircraft and parts 1.30 368 465 461 452 452 452 461 473 480 481 463 483 483 489 484 Shipbuilding and repair .81 136 135 139 '143 ••141 141 139 '135 130 127 124 127 123 123 P123 .53 74 72 76 78 76 74 62 66 64 83 67 53 59 54 54 Railroad cars .35 62 64 64 65 66 62 58 56 55 83 61 41 49 42 44 Instruments and related products.. 1.29 142 155 157 155 156 157 151 153 155 156 156 155 148 147 141 Clay, Glass, and Lumber Products 5.91 118 125 127 130 128 129 122 129 128 131 123 113 112 120 122 Stone, clay, and glass products 2.82 125 133 132 134 135 136 132 137 136 139 134 128 122 126 128 Gl F as l s a t a g n l d as p s o a tt n e d ry v i p tr r e o o d u u s c t p s roducts. . . 1. . 0 60 9 1 12 1 2 4 1 1 2 3 3 6 1 1 2 3 8 9 1 1 2 3 6 8 1 13 2 7 5 1 13 2 5 3 1 12 1 8 3 1 13 2 4 3 1 1 2 3 2 6 1 14 2 1 8 1 1 2 3 2 9 1 1 1 3 6 6 1 13 1 0 5 1 1 2 3 1 0 1 1 2 2 1 9 Flat and other glass .47 124 139 143 142 139 137 128 135 139 145 143 140 132 133 131 Glass containers .26 112 120 123 122 126 129 122 132 121 127 114 102 115 124 129 Home glassware and pottery .23 94 91 107 99 93 86 65 86 84 93 86 77 79 '92 93 Cement .32 124 132 119 132 137 138 142 143 144 145 137 119 104 110 118 Structural clay products .35 112 110 106 111 110 117 114 114 116 116 112 106 97 101 105 Brick .12 108 106 97 108 108 119 113 114 118 116 109 97 81 90 Clay firebrick, pipe, and tile .20 116 115 114 114 114 118 117 117 115 118 116 113 110 110 111 Concrete and plaster products .48 155 163 155 162 164 168 172 175 169 170 163 157 143 148 152 Misc. stone and earth manufactures.. .58 131 143 142 142 143 142 141 143 145 146 143 146 140 141 139 Lumber and products . 3.09 111 118 122 126 122 122 112 122 121 123 114 99 104 116 117 Lumber 2.05 105 112 112 120 114 117 109 123 118 120 110 93 98 109 109 Millwork and plywood .60 138 149 172 164 159 152 128 135 147 *148 141 124 140 160 Millwork .39 118 118 143 125 124 109 98 115 117 116 101 87 ^96 110 109 Softwood plywood .12 167 199 218 226 215 222 174 164 194 198 206 184 212 241 Wood containers .29 99 99 103 103 103 104 101 98 94 96 94 94 88 90 90 Furniture and Misc. Manufactures 4.04 118 131 133 132 130 131 125 132 132 135 132 127 119 122 121 Furniture and fixtures 1.64 113 117 123 121 118 117 113 116 115 116 114 112 106 107 106 Household furniture 1 10 113 118 127 123 119 117 112 116 114 116 113 109 103 10S 106 Fixtures and office furniture . . .54 112 116 116 118 115 117 114 117 118 117 115 117 113 110 108 Miscellaneous manufactures 2.40 122 140 140 140 139 140 133 143 144 148 145 138 128 133 131 p Preliminary. r Revised. 0 Corrected. For other footnote see preceding page. MAY 1954 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [FederalReserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 • 953, Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 118 121 118 119 121 113 121 122 122 118 110 Ill 114 114 Nondurable Manufactures—Total... 11.87 105 107 116 108 111 114 97 111 104 103 98 92 102 102 Textiles and Apparel . ... Textile mill products 6.32 103 104 113 109 112 111 93 107 102 100 96 87 91 95 94 Cotton and synthetic fabrics 3.72 105 107 117 111 115 114 95 110 105 101 102 90 97 100 Cotton consumption 2.30 104 104 114 107 110 110 87 107 104 103 101 89 100 101 100 Synthetic fabrics . ... .97 112 115 120 125 129 130 124 119 109 102 105 95 '98 99 Fabric finishing .45 102 101 124 106 112 108 74 100 100 87 96 83 r91 97 Wool textiles .97 85 78 82 80 87 91 78 82 73 74 64 61 58 ••58 P59 Wool apparel yarns .. .16 96 91 99 93 103 110 90 102 93 82 68 59 '68 72 .75 83 75 79 78 83 87 75 77 68 73 63 62 56 54 57 Knit goods . ... 1.15 115 116 123 123 123 117 102 118 116 115 108 97 103 109 105 Hosiery .65 116 113 122 123 121 111 88 114 115 114 109 94 113 119 112 Full-fashioned hosiery .45 121 118 128 130 128 116 89 117 119 118 114 97 120 127 120 Seamless hosiery.. . .20 105 102 108 105 103 100 87 105 104 104 98 87 96 102 93 Knit garments .50 113 119 124 124 125 125 121 125 117 116 107 101 90 95 96 Floor coverings . . . .48 95 99 117 114 100 98 67 94 97 101 88 89 96 94 Woven carpets .31 80 86 110 106 87 82 45 80 83 89 69 72 76 85 82 Apparel and allied products 5.55 108 110 120 107 110 117 102 115 106 107 100 98 '104 111 110 ]Vfen's outerwear 1.78 105 113 134 123 128 124 83 117 113 105 104 87 111 117 105 IVlen's suits and coats .73 87 96 109 100 110 109 63 107 94 90 88 78 96 92 78 Men's suits .50 83 92 112 98 102 98 57 94 83 83 86 81 102 96 81 IVlen's outercoats .. . .13 83 89 71 85 114 125 74 133 115 94 71 46 52 56 48 Shirts and work clothing .99 114 124 151 138 141 133 94 122 125 114 113 90 120 133 122 Women's outerwear .. 1.85 108 103 106 86 94 119 111 111 92 96 83 98 M12 122 Women's suits and coats .76 123 117 109 53 67 142 141 145 106 118 90 122 123 135 145 l^tisc apparel and allied mfrs . 1.92 111 112 119 112 110 110 107 112 108 114 109 105 98 104 107 Rubber and Leather Products 3.20 107 113 125 121 118 113 101 112 107 111 103 98 103 108 107 Rubber products 1.47 116 128 143 140 137 131 114 122 122 127 120 111 114 114 116 Tires and tubes .70 115 117 138 135 132 123 109 106 103 108 101 93 96 112 108 Auto tires .40 106 117 136 134 134 125 117 112 104 109 99 89 92 111 113 Truck and bus tires .30 128 118 142 137 130 121 97 99 102 106 103 99 102 114 101 Miscellaneous rubber oroducts .77 117 148 145 142 138 119 137 Leather and products 1.73 99 99 110 104 102 97 91 103 94 97 89 87 94 102 100 Leather .. . .44 87 91 94 96 101 93 80 93 85 91 87 81 r87 94 Cattlehide leathers .29 87 92 92 97 101 91 79 94 86 94 91 86 93 101 Skin leathers' .15 86 89 96 94 100 97 81 90 83 87 79 72 74 82 Shoes and slippers .90 104 103 118 109 106 99 93 109 97 97 85 88 102 110 109 ^liscellaneous leather products .. .39 101 100 109 104 95 98 98 102 96 101 99 92 85 91 90 Paper and Printing .... 8.93 118 125 128 128 126 125 116 123 127 132 129 121 120 124 126 Paper and allied products 3.46 120 132 136 136 132 134 120 135 135 140 135 119 133 135 Pulp and paper 1.76 120 130 132 134 131 133 117 133 130 138 133 117 128 132 133 .51 132 142 144 146 144 146 130 146 141 151 147 129 142 145 147 1.25 116 125 127 129 126 128 112 127 126 132 127 113 122 127 127 Printing paper . ... .22 111 119 120 122 119 119 108 121 118 124 120 112 120 122 124 Fine paper .14 117 116 118 122 122 118 96 118 118 121 120 109 112 121 121 .20 112 118 120 120 120 117 104 118 118 127 124 113 122 125 122 Miscellaneous paper .... .18 123 129 130 132 126 129 118 127 128 136 131 123 135 139 137 Paperboard .41 117 134 138 138 135 140 118 141 137 143 137 115 128 130 131 .10 112 118 119 128 126 132 116 121 122 123 108 92 96 113 115 Converted DaDer Droducts . .. 1.70 120 134 141 139 132 136 124 137 140 143 136 121 123 134 137 .51 120 133 143 138 133 137 122 138 141 140 135 118 115 126 133 Sanitary paper products .11 126 138 141 146 131 132 131 134 139 151 139 131 155 149 Printing and publishing 5.47 116 121 123 123 122 120 114 116 122 126 126 122 116 118 121 1.85 115 118 125 127 127 118 102 106 119 129 131 117 108 114 120 Toh nrintinsr and neriodicals 3.62 117 122 122 120 120 121 119 121 123 125 123 125 121 120 121 Chemical and Petroleum Products. 9.34 133 142 143 144 143 142 139 141 142 145 145 141 -140 143 142 dheinicals and allied oroducts 6.84 137 147 149 150 148 146 141 143 145 151 150 146 150 149 Ind B u a s s t i r c i a i l n o c r h g e a m n i i c c a l c s h emicals • .. . 2. . 5 5 4 7 1 1 4 3 0 7 1 1 5 4 4 9 1 1 5 5 4 2 1 1 5 5 9 4 1 1 5 5 9 2 1 1 6 4 1 9 1 14 57 6 1 14 57 7 1 1 5 3 1 8 1 1 5 5 1 3 1 1 4 5 9 3 1 1 4 4 7 8 141 1 14 4 6 8 147 Industrial orcanic chemicals .... 1.97 141 155 155 161 161 164 160 160 154 150 148 147 145 148 147 .24 157 183 200 199 191 194 163 175 181 179 173 166 168 .11 175 186 210 221 220 214 205 176 162 147 152 153 148 152 144 Synthetic fibers .59 141 156 157 170 168 174 171 167 148 143 135 136 133 137 139 Miscellaneous organic chemicals.. 1.03 133 144 138 140 143 146 148 150 150 148 149 149 147 144 142 Vecetable and animal oils .... .64 112 116 119 112 104 95 84 94 109 140 141 135 138 138 122 .48 110 112 115 105 93 83 70 83 106 144 141 137 138 138 122 .16 119 131 130 135 136 131 124 125 120 129 140 127 138 140 122 Soan and allied oroducts . .71 110 113 121 112 112 100 76 97 116 134 128 117 118 124 127 Paints .66 112 118 118 119 122 121 122 119 118 117 117 116 114 115 115 Fertilizers .23 122 124 168 177 139 112 101 104 112 108 101 106 112 136 172 v 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. 508 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 1952 1953? Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 127 127 129 131 132 135 133 131 131 128 125 126 121 PePtertorloeluemu m arnedf incionagl products 1.97 128 135 132 131 132 136 137 138 136 135 137 137 134 136 131 Gasoline 1.04 132 144 137 137 140 145 149 150 147 143 147 146 140 141 135 Automotive gasoline .98 128 139 133 132 135 140 144 144 141 138 143 141 136 136 Aviation gasoline .06 194 227 216 227 235 241 234 243 247 220 211 228 214 227 Fuel oil .56 128 130 132 127 125 130 128 128 128 128 130 129 131 135 129 Distillate fuel oil . . .30 151 155 158 151 148 155 153 152 153 155 155 153 156 164 Residual fuel oil .26 102 101 103 100 98 101 100 100 98 97 100 102 104 102 Kerosene . • .10 119 117 118 118 107 107 105 105 108 116 116 124 128 135 Lubricating oil .17 112 106 103 105 109 106 103 110 112 111 112 109 105 111 Coke 26 97 111 114 113 114 114 113 112 110 109 107 102 97 90 86 Asphalt roofing and siding .15 102 99 80 108 118 109 111 139 123 121 90 53 '57 67 Foods, Beverages, and Tobacco 11.51 106 107 100 100 103 108 HI 118 123 120 111 98 97 96 98 Food and beverage manufactures. . 10.73 105 107 99 99 102 108 112 118 124 120 111 99 97 96 98 Food manufactures . . 8.49 106 108 99 98 101 105 110 118 127 121 114 102 101 98 08 Meat products 1 .48 114 115 117 111 103 105 98 102 111 123 135 125 126 112 115 Beef .46 100 129 120 127 126 128 127 132 139 144 139 134 141 129 132 Pork .83 119 104 112 98 87 89 79 82 92 107 128 116 114 99 102 Dairy products .69 98 105 100 112 136 146 132 118 99 85 80 81 86 96 104 Butter .14 92 108 111 122 145 143 120 111 88 82 86 94 110 115 124 Natural cheese .07 103 112 107 124 151 159 130 116 102 89 86 93 100 109 117 Concentrated milk .19 91 93 91 111 137 140 110 94 72 67 68 74 78 84 95 Ice cream .28 102 106 95 100 121 144 149 135 118 94 80 73 72 87 92 Canned and frozen foods 1 13 117 121 75 80 90 103 162 209 233 154 104 86 76 72 71 Grain-mill products 1.16 108 106 102 99 104 110 108 109 111 111 103 101 106 104 10? Wheat flour .46 84 81 81 75 81 78 78 83 84 90 82 76 86 83 79 Cereals and feeds .... .70 124 122 116 114 120 131 128 126 128 125 117 117 119 118 117 Bakery products 1.64 101 100 100 98 100 103 102 101 102 101 99 97 95 97 95 Sugar . .... .27 104 113 67 67 57 80 73 75 106 250 277 177 89 63 Cane sugar .11 109 113 128 105 116 123 129 124 121 105 97 96 97 104 Beet sugar . . . . 13 94 108 8 30 1 39 20 27 89 370 429 242 77 24 Confectionery .71 102 102 101 98 89 74 64 92 135 135 128 88 111 110 09 Miscellaneous food preparations . .. 1.41 100 104 99 97 101 107 109 108 113 110 107 102 100 103 105 Beverages ... 2.24 102 105 99 105 110 119 121 118 113 116 99 84 82 89 99 Bottled soft drinks .54 116 Alcoholic beverages . . 1.70 98 100 100 102 102 107 107 108 108 118 100 80 r78 86 90 Beer and ale 1 02 102 103 103 109 106 117 127 129 111 100 79 76 79 86 10? Liquor distilling .17 54 60 54 53 55 51 41 33 67 122 88 65 r61 69 Liquor bottling .37 99 107 110 105 110 104 90 92 115 148 146 89 79 88 103 Tobacco manufactures .78 110 108 113 104 107 110 94 117 111 116 111 92 98 96 Cigarettes . . .46 114 111 119 107 109 114 99 123 115 118 110 06 10S 100 Cigars .17 105 108 109 106 112 108 88 110 110 120 122 90 90 96 MINERALS—TOTAL 9.98 114 116 111 115 118 120 117 122 122 118 113 111 111 110 PllO Mineral Fuels 8.35 113 115 113 114 115 117 114 119 119 116 113 113 114 113 P113 Coal 2 68 83 78 74 74 81 81 69 85 84 84 76 71 74 68 61 Anthracite .36 78 57 52 45 66 65 54 56 60 66 55 51 62 59 48 Bituminous coal 2.32 84 81 77 79 84 83 71 90 88 87 79 74 75 69 63 Crude oil and natural gas 5.67 128 133 132 133 131 134 135 135 136 131 131 133 134 135 ^138 Oil and gas extraction 4.82 125 129 131 129 127 130 130 131 130 126 128 127 130 Crude oil 4.12 120 124 125 124 122 126 127 126 126 120 120 120 120 122 P125 Natural gas . . .34 159 167 172 164 152 152 154 156 150 •165 179 188 Natural gas liquids .36 145 157 155 155 151 154 154 158 160 159 162 166 163 167 Oil and gas well drilling .85 144 154 140 157 154 157 163 160 167 158 147 163 170 163 Metal, Stone, and Earth Minerals . 1.63 115 119 102 121 132 136 134 137 135 127 no 98 91 94 P95 Metal mining... .82 108 113 88 119 139 142 138 140 139 122 95 74 r74 75 Iron ore .33 104 128 53 131 184 201 199 199 198 155 85 40 39 42 Nonferrous metal mining .49 110 104 112 111 109 102 98 100 100 100 101 97 r98 08 Copper mining .24 114 114 120 118 120 109 109 112 112 114 116 110 '•111 105 Lead mining .09 97 86 94 95 89 87 78 80 81 79 78 80 90 Zinc mining .06 107 87 101 100 93 90 79 80 76 72 74 71 75 78 Stone and earth minerals .81 123 124 116 123 125 130 130 133 131 132 126 122 108 113 114 P Preliminary. r Revised. For other footnote see preceding page. MAY 1954 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve index numbers, 1947-49 average=10Q] 1947-49 Annual 1954 Product proportion 1952 1953 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. .100.00 105 127 132 135 138 134 137 129 121 118 112 109 112 113 111 Major Durables 69.72 109 138 144 149 153 147 152 142 130 126 117 114 119 121 119 Autos 32.10 103 146 150 157 160 158 164 150 137 132 127 127 134 135 134 Major household goods 36.13 115 132 140 144 148 139 143 136 125 121 110 104 108 110 108 Furniture and floor coverings 15.32 109 113 120 120 119 115 115 115 109 107 102 99 98 99 99 Household furniture 11.31 113 118 125 125 124 122 120 118 113 112 109 104 102 103 104 Floor coverings 4.01 95 99 106 105 103 96 102 104 98 93 84 87 87 87 85 Appliances and heaters 15.60 99 118 132 134 138 121 123 109 99 101 93 95 104 111 104 Major appliances 11.88 100 123 139 140 144 127 127 111 101 104 98 100 108 117 108 Ranges 75 90 98 100 110 102 113 89 85 77 68 67 70 85 82 Refrigeration appliances 106 137 163 162 165 138 138 113 96 105 98 108 114 131 118 Laundry appliances 115 141 146 148 150 142 135 143 136 137 136 125 145 140 129 Heating apparatus 3.72 94 100 109 115 119 103 111 101 91 92 79 79 90 89 88 Radio and television sets 5.21 184 230 222 244 262 262 285 279 248 221 185 145 148 142 151 Radio sets 3.42 53 67 72 67 67 63 73 72 60 65 66 59 58 47 43 Television sets 1.79 436 541 507 583 635 642 689 676 606 518 413 307 321 325 356 Other Consumer Durables 30.28 95 102 103 103 104 103 102 101 101 101 101 97 95 96 93 Auto parts and tires 14.00 90 91 93 92 94 91 90 89 89 88 89 88 88 90 86 Misc. home and personal goods 16.28 100 111 112 113 112 113 112 111 111 112 110 106 101 102 100 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. .100.00 105 127 141 139 133 131 120 127 122 131 110 103 112 117 118 Major Durables 69.72 109 138 157 156 147 144 130 138 130 142 113 106 121 127 129 Autos 32.10 103 146 161 170 162 166 161 153 134 151 107 107 135 138 142 Major household goods 36.13 115 132 155 145 136 126 103 125 129 137 120 106 109 119 120 Furniture and floor coverings 15.32 109 113 124 121 114 112 101 110 110 112 106 104 99 103 103 Household furniture 11.31 113 118 127 123 119 117 112 116 114 116 113 109 103 105 106 Floor coverings 4.01 95 99 117 114 100 98 67 94 97 102 87 88 89 96 94 Appliances and heaters 15.60 99 118 149 138 132 123 94 101 108 114 96 92 98 117 116 Major appliances 11.88 100 123 166 149 140 130 93 95 105 110 98 100 106 130 129 Ranges 2.60 75 90 109 105 106 96 72 83 92 86 75 66 71 91 91 Refrigeration appliances 4.98 106 137 199 182 168 149 112 89 95 100 86 111 114 145 144 Laundry appliances 2.51 115 141 171 144 135 146 89 126 145 160 149 122 135 159 151 Heating apparatus 3.72 94 100 94 101 107 100 95 120 117 127 90 68 73 76 77 Radio and television sets 5.21 184 230 266 236 208 179 136 242 249 276 230 156 173 170 182 Radio sets 3.42 53 67 82 76 74 61 45 65 62 68 68 57 58 51 49 Television sets 1.79 436 541 618 542 464 404 310 581 606 673 541 347 391 397 435 Other Consumer Durables 30.28 95 102 102 102 102 101 99 104 103 106 103 96 92 95 93 Auto parts and tires 14.00 90 91 90 90 94 91 92 95 93 93 89 84 84 87 83 Misc. home and personal goods 16.28 100 111 114 113 110 110 105 111 112 117 115 107 99 103 101 NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and teleyision sets are available on request from the Division of Research and Statistics. For a description of this index, see the article on pp. 438-47 of this BULLETIN. PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1953 1954 Industry group or industry Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. ADJUSTED FOR SEASONAL VARIATION Total 14,088 14,123 14,143 14,115 13,944 13,792 13,626 13,414 13,231 13,067 12,937 12,847 12,705 Durable goods 8,344 8,351 8,364 8,341 8,243 8,142 8,037 7,855 7,728 7,606 7,499 7,392 7,277 Ordnance and accessories 184 191 194 199 194 194 193 187 184 177 165 150 133 Lumber and wood products. 718 721 733 727 713 707 702 688 657 630 643 646 646 Furniture and fixtures 330 330 327 327 320 313 307 300 295 289 286 287 282 Stone, clay, and glass products. 464 462 467 465 464 465 463 457 444 432 429 429 429 Primary metal industries 1,151 1,158 1,159 1,160 1,144 1,129 1,106 1,083 1,063 1,044 1,022 1,007 990 Febricated metal products 945 954 963 963 956 939 919 898 862 865 855 844 826 Machinery except electrical.... 1,341 1,328 1,323 1,308 1,281 1,268 1,260 1,246 1,232 1,230 1,214 1,194 1,180 Electrical machinery 952 956 946 951 951 941 924 900 866 847 831 822 810 Transportation equipment 1,601 1,580 1,573 1,559 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1,377 Instruments and related products 243 244 245 249 242 242 241 242 239 236 232 222 222 Misc. manufacturing industries. 415 427 434 433 431 424 415 405 399 386 387 382 382 Nondurable goods 5,744 5,772 5,779 5,774 5,701 5,650 5,589 5,559 5,503 5,461 5,438 5,455 5,428 Food and kindred products. . . . 1,144 1,153 1,137 1,136 1,117 1,124 1,125 1,133 1,119 1,114 1,118 1,121 1,117 Tobacco manufactures 93 94 95 97 95 93 92 94 101 97 93 91 94 Textile-mill products 1,110 1,114 1,113 1,119 1,110 1,099 1,067 1,036 1,013 987 980 981 982 Apparel and other finished textiles 1,114 1,124 1,136 1,134 1,104 1,067 1,066 1,074 1,068 1,062 1,056 1,070 1,050 Paper and allied products 437 439 445 448 449 452 448 442 435 436 435 434 434 Printing, publishing and allied industries 511 512 512 512 515 521 520 517 517 514 514 517 516 Chemicals and allied products.. 562 564 567 566 561 552 541 537 529 535 528 532 529 Products of petroleum and coal 189 188 188 188 187 185 185 184 182 180 180 179 180 Rubber products 227 228 229 226 223 221 214 206 205 204 202 200 199 Leather and leather products. . 357 356 357 348 340 336 331 336 334 332 332 330 327 510 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] 1954 Industry group or industry Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr, WITHOUT SEASONAL ADJUSTMENT Total 13,939 13,890 13,985 13,875 14,070 14.061 13,852 13,534 13,319 13,002 12,906 12,813 12,561 Durable goods 8,341 8,311 8,326 8,194 8,195 8,161 8,088 7,910 7,791 7,616 7,520 7,424 7,274 Ordnance and accessories 184 191 194 199 194 194 193 187 184 177 165 150 133 Lumber and wood products 707 721 740 727 731 721 713 695 654 617 627 636 636 Furniture and fixtures 328 322 317 314 315 315 313 308 301 293 292 290 281 Stone, clay, and glass products.. 464 462 467 458 466 467 465 459 448 428 427 429 429 Primary metal industries 1,151 1,146 1,153 1,143 1,138 1,129 1,112 1,088 1,074 1,049 1,027 1,012 990 Fabricated metal products 950 949 953 934 942 939 924 902 875 874 864 852 830 Machinery except electrical 1,348 1,335 1,330 1,295 1,268 1,262 1,254 1,240 1,238 1,230 1,220 1,206 1,186 Electrical machinery 952 946 937 918 932 941 933 913 883 855 839 830 810 Transportation equipment 1,601 1,580 1,573 1,559 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1,377 Instruments and related products 244 244 245 242 240 242 242 243 241 237 233 223 223 Misc. manufacturing industries.. 413 414 417 405 422 430 434 425 407 386 393 388 380 Nondurable goods 5,598 5,579 5,659 5,681 5,875 5,900 5,764 5,624 5,528 5,386 5,386 5,389 5,287 Food and kindred products 1,035 1,060 1,108 1,202 1,289 1,326 1,224 1,149 1,083 1,024 1,009 1,008 1,012 Tobacco manufactures 83 83 83 84 105 112 109 101 104 97 90 84 84 Textile-mill products 1,110 1,108 1,113 1,085 1,093 1,088 1,067 1,046 1,028 997 995 991 982 Apparel and other finished textiles 1,097 1,073 1,085 1,066 1,121 1,099 1,103 1,085 1,084 1,062 1,088 1,102 1,034 Paper and allied products 437 437 443 439 447 450 448 446 442 438 437 436 434 Printing, publishing and allied industries 508 509 512 507 510 521 525 522 525 514 514 514 513 Chemical and allied products 562 553 550 546 550 555 552 548 540 540 536 540 529 Products of petroleum and coal. 187 187 189 190 191 188 185 184 181 178 178 177 178 Rubber products 226 226 227 219 221 221 216 210 209 206 203 200 198 Leather and leather products. . . 353 342 350 343 349 341 334 334 332 332 339 338 324 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 April 1954 are preliminary. The series without seasonal adjustment for recent years were revised by the Bureau of Labor Statistics in May 1954 to first-quarter 1953 benchmark levels indicated by data from government social insurance programs, and the Federal Reserve is reviewing seasonal factors. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1953 1953 1954 1953 1954 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 71.40 71.28 70.71 70.20 40.8 39.6 39.5 39.0 1.75 1.79 1.80 Durable goods. 77.56 76.38 76.00 75.43 41.7 40.2 40.0 39.7 1.86 1.90 1.90 1.90 Ordnance and accessories 76.52 78.40 78.79 79.79 40.7 40.0 40.2 40.5 1.88 1.96 1.96 1.97 Lumber and wood products. . . . 65.85 63.76 64.00 64.31 40.9 40.1 40.0 39.7 1.61 1.59 1.60 1.62 Furniture and fixtures 63.19 62.16 62.71 61.46 41.3 40.1 40.2 39.4 1.53 1.55 1.56 1.56 Stone, clay, and glass products. 69.87 70.70 70.47 71.05 41.1 40.4 40.5 40.6 1.70 1.75 1.74 1.75 Primary metal industries 83.22 79.52 78.11 78.52 41.2 38.6 38.1 38.3 2.02 2.06 2.05 2.05 Fabricated metal products 77.41 76.33 75.95 75.01 42.3 40.6 40.4 39.9 1.83 1.88 1.88 1.88 Machinery except electrical 83.66 82.60 82.40 81.20 42.9 41.3 41.2 40.6 1.95 2.00 2.00 2.00 Electrical machinery 71.86 72.22 71.46 70.77 41.3 39.9 39.7 39.1 1.74 1.81 1.80 1.81 Transportation equipment 85.70 84.82 84.00 84.23 41.6 40.2 40.0 40.3 2.06 2.11 2.10 2.09 Instruments and related products 72.51 73.12 72.18 72.07 41.2 40.4 40.1 39.6 1.76 1.81 1.80 1.82 Miscellaneous manufacturing industries. 64.43 64.16 64.24 62.47 41.3 40.1 39.9 38.8 1.56 1.60 1.61 1.61 Nondurable goods. 62.81 64.02 64.02 62.87 39.5 38.8 38.8 38.1 1.59 1.65 1.65 1.65 Food and kindred products 64.48 67.64 67.70 67.54 40.3 40.5 40.3 40.2 1.60 1.67 1.68 1.68 Tobacco manufactures 47.62 46.31 47.39 49.98 37.2 35.9 35.9 37.3 1.28 1.29 1.32 1.34 Textile-mill products 53.84 52.06 52.06 50.32 39.3 38.0 38.0 37.0 1.37 1.37 1.37 1.36 Apparel and other finished products. 47.73 49.46 49.59 45.41 37.0 36.1 36.2 34.4 1.29 1.37 1.37 1.32 Paper and allied products 71.81 72.07 72.66 71.55 43.0 41.9 42.0 41.6 1.67 1.72 1.73 1.72 Printing, publishing and allied products. 85.19 85.95 86.85 86.40 38.9 38.2 38.6 38.4 2.19 2.25 2.25 25 Chemicals and allied products 74.70 76.86 76.86 77.27 41.5 41.1 41.1 41.1 1.80 1.87 1.87 Products of petroleum and coal 88.29 90.68 90.45 91.30 40.5 40.3 40.2 40.4 2.18 2.25 2.25 2.26 Rubber products 79.32 75.47 74.31 73.32 41.1 38.9 38.5 37.6 1.93 1.94 1.93 1.95 Leather and leather products 51.79 52.44 52.16 50.04 37.8 38.0 37.8 36.0 1.37 1.38 1.38 1.39 NOTE.—Data are for production and related workers. Figures for April 1954 are preliminary, Data for recent years revised as indicated in note to table above. Back data are available from the Bureau of Labor Statistics. MAY 1954 511 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 Year or month Total turing Mining 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 47.289 16,104 916 2,603 4,166 10,012 1,862 5,278 6,348 1952 48,306 16,334 885 2,634 4,185 10,281 1,957 5,423 6,609 1953 ... 49,660 17,259 844 2,644 4,224 10,533 2,025 5,486 6,645 SEASONALLY ADJUSTED 1953—April 49,717 17,466 849 2,614 4,219 10,459 1,999 5,483 6,628 May 49,781 17,531 844 2,581 4,236 10,524 2,004 5,479 6,582 June 49,970 17,575 842 2,607 4,228 10,579 2,017 5,494 6,628 July 49,999 17,569 828 2,611 4,237 10,584 2,036 5,524 6,610 August 49,837 17,397 834 2,616 4,225 10,548 2,047 5,518 6,652 September 49,699 17,235 832 2,679 4,243 10,562 2,051 5,484 6,613 October 49,729 17,064 822 2,725 4,264 10,616 2,061 5,506 6,671 November 49,385 16,870 828 2,708 4,223 10,539 2,055 5,494 6,668 December 49,047 16,686 823 2,686 4,176 10,530 2,050 5,490 6,606 1954—January 48,787 16,501 812 2,581 4,104 10,577 2,054 5,487 6,671 February . . . 48,632 16,349 801 2,647 4,087 10,543 2,054 5,490 6,661 March 48,376 16,259 779 2,641 4,024 10,493 2,057 5,489 6,634 April 48,114 16,113 750 2,617 4,026 10,412 2,063 5,501 6,632 UNADJUSTED 1953—April 49,413 17,309 845 2,509 4,197 10,370 2,009 5,483 6,691 May 49,531 17,283 842 2,607 4,233 10,405 2,014 5,534 6,613 June 49,904 17,416 846 2,711 4,260 10,473 2,037 5,576 6,585 July 49,716 17,336 836 2,768 4,283 10,414 2,067 5,607 6,405 August 49,962 17,537 844 2,825 4,274 10,392 2,067 5,601 6,422 September 50,200 17,510 839 2,866 4,265 10,523 2,041 5,566 6,590 October 50,180 17,301 826 2,889 4,257 10,669 2,040 5,506 6,692 November 49,851 16,988 829 2,789 4,216 10,828 2,034 5,467 6,700 December 50,197 16,765 822 2,632 4,187 11,361 2,040 5,435 6,955 1954—Tanuary 48,147 16,434 805 2,349 4,069 10,421 2,033 5,377 5,659 February 47,880 16,322 790 2,356 4,039 10,310 2,044 5,380 6,639 March 47,800 16,220 770 2,403 3,990 10,286 2,057 5,407 6,667 April 47,925 15,965 747 2,512 4,006 10,422 2,073 5,501 6,699 NOTE.—Data include al! 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. The series without seasonal adjustment for recent years were revised by the Bureau of Labor Statistics in May 1954 to first-quarter 1953 benchmark levels indicated by data from government social insurance programs, and the Federal Reserve is reviewing seasonal factors. April 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 ageand 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 ,879 46,092 1952. 113,119 66,410 62,966 61,293 54,488 6,805 ,673 46,710 1953 115,046 66,965 63,417 61,894 55,366 6,528 ,523 48,081 1953—Mnrrh 114,755 66,679 63,134 61,460 55,740 5,720 ,674 48,076 April 114,828 66,338 62,810 61,228 55,158 6,070 1,582 48,490 May 114,931 66,497 62,964 61,658 55,268 6,390 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 Df»rf»mb*»r 115,634 66,106 62,614 60,764 55,326 5,438 1.850 49,528 1954—Tannarv2 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 April 115,987 67,438 64,063 60,598 54,522 6,076 3,465 48,549 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. 512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Other non- Year or month Total Business resi- Total d R en e t s i i a - l Indus- Com- Public d t e ia n l - Total M ta i r l y i- High- C va o t n i s o e n r- o A th l e l r Total trial mercial utility 1939 8,198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 ,702 856 2,338 050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 ,397 1,253 3,043 580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 ,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 30,895 21,564 10,973 7,217 ,117 1,371 3,729 3,374 9,331 887 2,518 853 5,073 1952 32,638 21,812 11,100 7,460 2,320 1,137 4,003 3,252 10,826 1,388 2,860 854 5,724 1953 34,843 23,615 11,905 8,456 2,226 1,791 4,439 3,254 11,228 1,323 3,150 822 5,933 1953—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 Tune 2,922 1,986 1,008 707 191 139 377 271 936 122 253 74 487 July 2,849 1,955 979 702 182 143 377 274 894 105 267 70 452 August. . . 2,811 1,937 956 712 178 154 380 269 874 96 267 64 447 September 2,824 1,928 942 717 173 163 381 269 896 89 271 60 476 October... 2,841 1,945 957 717 165 172 380 271 896 80 278 57 481 November 2,900 1,969 963 728 163 186 379 278 931 88 273 56 514 December. 2,900 1,985 989 723 162 187 374 273 915 98 244 59 514 1954—January.. 2,915 1,971 965 734 170 189 375 272 944 94 260 62 528 February. 3,038 2,036 1,021 740 177 188 375 275 1,002 83 303 60 556 March?.. . 3,099 2,116 1,101 738 182 176 380 277 983 79 302 64 538 April P. . . . 3,079 2,088 1,074 731 184 166 381 283 991 79 321 70 521 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 Fac- Com- Educa- Other public tories mercial tional utilities 1947 .. 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10 359 3,718 6,641 4,239 559 885 824 1,376 2 476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15 751 6,122 9,629 6,205 2,883 915 1,335 1,689 2 723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1953—April 1,742 673 1,069 674 262 120 147 151 387 May 1,606 554 1,052 638 132 156 163 131 386 June 1,116 372 744 463 85 99 148 127 193 July 1,793 610 1,183 653 207 200 176 181 376 August .... 1,414 532 882 508 110 111 146 179 361 September 1,742 725 1,017 507 383 145 138 116 451 October 1,892 689 1,203 635 235 171 153 200 500 November 1,394 483 911 484 232 101 140 138 298 December 1,300 479 821 434 136 97 176 131 326 1954—January ... 1,152 363 789 462 111 114 132 117 216 February 1,221 436 785 509 106 93 144 125 244 March 1,528 484 1,043 668 80 134 179 140 328 April 1,692 796 94 178 171 163 290 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 1953—January 1.076 101 154 91 97 110 117 154 53 21 79 99 February 1,021 51 182 61 101 106 160 137 57 19 43 106 March 1,348 71 246 73 159 110 127 272 80 47 73 88 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 March 1,528 116 219 120 146 130 210 245 96 51 81 113 MAY 1954 513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1- ily family 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 ,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 1953 1,104 565 539 1,068 933 42 94 36 407 252 155 1953—April 111 57 54 107 94 4 4 36 23 13 May 108 55 53 106 93 4 3 34 22 12 June 105 53 51 102 90 3 3 38 24 14 July 97 48 49 96 84 4 0) 39 24 15 August 93 46 47 92 82 3 1 41 23 18 September 95 47 48 92 81 3 3 36 22 14 October 90 43 47 90 79 4 37 22 15 November 82 39 43 80 70 3 0) 33 20 13 December 66 35 31 65 54 3 27 15 12 1 1954—January .- n.a. n.a. n.a. n.a. n.a. Pi 25 13 12 February P73 n.a. n.a. P72 n.a. n.a. n.a. Pi 30 16 14 March P97 n.a. n.a. P96 n.a. n.a. n.a. Pi ••37 '21 16 April P110 n.a. n.a. P109 n.a. n.a. n.a. Pi 43 23 20 reported starts of public units, and a sample of places not issuing permit FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted Monthly—unadjusted Annual Class 1953 1954 1953 1954 1952 1953 Mar. Oct. Nov. Dec. Jan. Feb. Mar. Mar. Oct. Nov. Dec. Jan. Feb. Mar. Total 126 127 132 126 122 117 120 117 112 122 135 124 108 108 107 105 Coal 109 103 92 110 104 97 100 87 78 92 110 104 97 100 87 78 Coke 168 171 184 163 155 135 120 109 104 186 160 155 142 126 116 105 Grain 142 135 130 157 140 119 124 124 127 119 157 137 112 124 122 117 Livestock 69 63 60 70 69 58 58 54 64 47 108 86 56 56 43 51 Forest products 144 143 142 136 145 135 136 133 126 142 144 142 120 122 128 126 Ore . . . 181 215 273 172 172 201 231 222 177 79 263 160 62 58 55 51 Miscellaneous 140 143 154 137 134 132 133 134 132 146 149 140 124 122 126 125 Merchandise, 1. c. 1 46 43 45 44 42 40 39 41 41 45 45 43 38 38 40 41 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 J .954 1,293 1,091 922 922 833 332 370 258 February 1,344 1,199 1,181 893 856 809 451 343 37? March 1,447 '1,390 Pl.122 964 1,005 P858 482 '386 P264 April ,355 1 .394 933 1,013 422 381 May . . . . . .. 1,480 1,453 835 902 644 r551 June ,171 1,384 861 933 310 '451 July L ,030 1,358 839 908 191 r451 August . . . . . . . .087 1,186 818 841 269 '345 September 1,229 1,255 877 925 352 '330 October . . 1,216 1,253 918 813 298 '440 November 1,190 1,245 805 849 386 •"396 December 1,391 1,349 1,053 »-9O7 338 441 January-March 4,044 3,882 P3.394 2,779 2,783 vl,500 1,265 1,099 P894 ^Preliminary. 'Revised. 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-March 1954, 558. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a hi 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 Dallas F c S r i a a sc n n o - SALESi 1947 98 99 99 96 97 97 96 99 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 . 112 105 102 110 113 119 126 111 112 104 112 125 115 SEASONALLY ADJUSTED 1953—March 115 105 '102 112 116 '128 128 114 118 108 114 126 r120 April 110 106 102 113 105 117 118 110 111 99 112 124 116 May .... 117 106 104 119 115 128 134 114 118 107 115 131 124 June 115 103 102 110 118 119 128 112 122 106 118 134 121 July- 113 106 104 117 114 120 127 110 107 105 111 124 117 August 112 99 99 116 120 114 130 109 110 102 112 127 113 September 107 105 98 104 109 114 119 106 102 100 103 112 110 October 110 107 104 106 110 117 128 109 108 103 108 122 111 November 113 107 102 108 115 118 128 113 114 105 112 127 112 December 112 108 101 108 112 121 127 115 113 107 114 125 109 1954—Tanuary 107 105 101 106 104 109 122 106 108 104 110 119 108 February 109 109 102 '111 104 117 123 107 112 108 109 121 107 March P105 102 99 106 92 119 P117 101 108 95 P103 115 111 UNADJUSTED 1953—March . '104 95 93 106 107 '112 '125 101 104 92 103 117 102 April 104 101 95 103 103 111 117 104 105 97 106 117 105 May . . 115 106 101 118 115 127 131 114 118 107 115 127 117 June 108 103 99 105 111 112 114 110 110 98 111 118 112 July . 89 76 75 83 89 96 102 89 86 84 91 104 101 August 98 79 75 92 104 97 114 98 100 97 104 116 109 September 112 112 102 108 114 121 122 113 109 110 109 119 111 October 115 107 110 114 115 122 130 112 119 118 114 128 111 November 136 129 129 142 142 144 146 137 136 121 129 144 131 December 192 194 178 188 187 211 219 188 185 171 189 209 195 1954—Tanuary 83 83 81 80 80 80 94 82 83 75 83 94 85 February . .... '86 81 83 '84 80 89 101 83 88 83 86 98 86 March P89 86 85 91 82 97 P110 86 92 79 P90 102 88 STOCKS i 1947 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 102 110 108 110 107 1949 100 100 97 99 100 101 102 100 96 100 100 101 100 1950 109 109 105 108 106 113 120 110 107 104 113 112 110 1951 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 . 118 111 113 113 111 130 135 115 117 107 124 126 125 1953 126 116 116 119 119 141 146 123 126 115 136 138 133 SEASONALLY ADJUSTED 1953—March 122 116 112 112 113 '140 145 118 122 111 129 133 133 April 125 119 116 117 114 140 145 123 128 114 131 138 132 May 127 120 118 121 117 142 145 123 131 115 136 139 135 June 128 117 118 122 122 146 147 123 132 114 140 141 135 July 130 117 121 122 124 145 148 125 131 117 146 140 138 August ... 131 119 122 122 124 148 141 128 134 120 145 142 135 September 128 117 117 122 121 139 148 127 129 122 141 141 132 October . . 128 117 116 122 124 143 148 126 124 118 138 139 132 November 127 115 115 120 121 144 149 124 121 115 137 136 133 December 123 112 113 117 121 132 142 122 118 111 133 131 129 1954—Tanuary 120 114 111 114 115 134 142 117 117 106 128 12S 123 February 119 112 107 '113 113 132 141 117 127 110 128 130 121 March .- P121 118 111 111 112 136 141 121 120 111 P130 P126 124 UNADJUSTED 1953 March 127 118 117 120 119 '146 151 122 125 115 133 142 134 April 132 124 122 126 121 151 153 128 137 119 140 146 141 May . 132 121 121 124 119 150 147 125 138 117 144 141 147 June 123 110 111 113 115 139 139 117 132 109 136 130 136 July . 121 106 107 108 112 141 137 117 122 114 137 131 133 August 126 114 118 116 119 147 141 121 130 115 137 140 128 September 132 120 123 127 127 143 152 129 138 123 144 147 137 October 141 132 130 139 137 154 161 139 138 126 149 152 148 November 142 134 132 137 136 151 165 143 132 128 152 151 144 December 109 105 104 103 106 115 125 111 104 101 117 120 108 1954—'Tanuary 108 102 98 99 104 120 130 108 99 100 118 115 111 February 114 106 104 111 111 127 139 114 108 106 125 127 113 March P126 120 116 119 119 142 147 126 123 115 P133 P135 125 p Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. MAY 1954 515 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 Sales2 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 1.3 4.4 1.0 1952 average 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 average 402 1,157 421 403 397 3.0 1.1 4.2 1.0 1953—March '385 1,176 '402 ••454 '398 3.1 1.0 4.1 1.2 Anril 373 1,213 324 '410 '332 3.3 0.9 4.1 1.1 May 387 1,184 321 358 355 3.1 0.8 3.9 0.9 June 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 February.. 299 1,075 403 364 397 3.6 1.3 4.9 1.2 March?. . , 351 1,179 345 455 397 3.4 1.0 4.3 1.3 pPreliminary. rRevised. xThe 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. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1947-49 =100] Without seasonal adjustment 1950 1951 1952 1953 1950 1951 1952 1953 June 3 90June 2 95June 7 111June 6 118Dec. 2 153Dec. 1 161Dec. 6. ... 195Dec. 5. . .. 190 10 104 9. ... 108 14.... 116 13. . . .112 9 191 8. ...191 13.... 223 12. ... 216 17. . . .104 16 106 21 98 20 111 16 220 15 213 20 237 19. . .. 234 24 86 23 92 28 91 27. . . 94 23 221 22 228 27.... 146 26. ... 163 30 89 30.... 82 29. . ... 92 July 1 91July 7 75July 5 79July 4. . . 79 1951 1952 1953 1954 212 Oo 5 . . . 1 . 90 1 1 4 J 22 11 18 4A ..... 8 o 8 ? 1 0 2 1 W 6 2 .'.W 8 8 7 3 2 9 2 18 5 ' . . . ' . . '. 9 8 8 2 4 3 'Jan. 1 6 3 1 9 0 8 5 Jan. 1 5 2.... 9 7 2 8Jan. 1 3 0 8 8 9 1Jan. 2 9 . . . . . . . . 8 9 1 4 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 2 11 1 / 69 9 . • . . . . . 9 Q 9 A 9 7 2 1 1 5 8 1 . .... 9 0 9 0 3 /7 7 21 QV 36 . . . . . . 1 . 9 9 0 0 5 0 2 1 2 5 0 . " . . " 1 9 9 0 2 5 0 Feb. 1 3 0 . . . .8 9 1 4 Feb. 9 2. 8 8 4 7 Feb. 1 7 4 9 8 2 8Feb. 1 6 3. ... 8 9 6 1 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 31 89 29 101 Oct. 7 112Oct. 6 110Oct. 4 116Oct. 3. . . 112 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. . .. 113 28 108 27 113 25 122 24. .. 113 21 97 19 97 18 105 17. . .. 118 31 113 28 101 26 105 25 104 24. ... 101 Nov. 4 109Nov. 3 121Nov. 1 115Nov. 7 121May 5 113May 3 111May 2 114May 1. . .. 113 11 118 10 127 8 118 14 133 12 110 10 117 9. ...128 8. . . 18 127 17 130 15.... 130 21. . . .131 19.... 99 17.... 99 16.... 105 15 25 110 24 123 22 134 28 133 26.... 100 24 105 23.... 112 22 29 138 31 97 30.... 97 29. .. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 516 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 re R a e , s o er r v c e i t d y istrict, M 19 a 5 r 4 . F 19 e 5 b 4 . m 19 3 o 5 s 4 . Federa a l r e R a e , s o er r v c e i t d y istrict, 1 M 95 a 4 r. F 19 e 5 b 4 . m 19 3 o 5 s 4 . Federa a l r e R a e , s o er r v c e i t d y istrict, 1 M 95 a 4 r. F 19 e 5 b 4 . m 19 3 o 5 s 4 . United States P-11 -3 -7 Richmond Dist. (Cont.) Minneapolis Dist. (Cont.) B M o P B s e o t o tr o r s o t n t l p o a o n n D l , d i t i , M a s t n M a r s i a c A s i t r n e e as1 - - - 6 6 5 + + -1 3 5 - - 3 1 2 M N G R R e o i r o t c r e a r o h e f n p n o m o o v l k o k l i i e l n - t l , a P d e n o , , V r S V t a s . . A a m 2 C r .2 o e . a u 2 s t 1 h - , C V on a t . . 2 P - - - — 1 1 1 6 2 2 2 -1 — - - 3 3 7 9 -1 - - - 8 9 8 6 C G G D M iti r r u a e a e l s n n u a k t d t h a F - t F S o a o l , u l r s p k M , e s r , i M n io N n o r . n , t D - - - 1 1 1 9 0 2 + + + 1 2 1 8 - - - 3 8 9 W L N D C o e o w w a o r m w c e e l B b n l s - r e t t L o i e d d a w r f g , o w n e r M r d , e B , n M a o c s M a s e s t s , . a o 2 s s n M s ass.. . - + - 1 - - 6 9 6 0 2 + + — - - 1 4 4 8 5 + - - - 9 4 9 2 2 C L S N C it p y h i e e a n w a s r c r p t l h a e o b n s r u t b t o r u n g N r , , g e W , w V S s a . , . . V 2 V C a a .2 - - - - 1 1 2 2 2 9 0 0 + - - - 9 4 4 2 - - - 1 1 1 -8 4 3 3 Ka L n a M sa C i s r n o n C s . s - i e t W , y W i D sc i i s . s 2 e trict P -1 - - 9 9 8 - - 5 4 0 -1 -7 0 Cities Huntington, W. Va.2 .... -16 -10 -13 Metropolitan Areas Springfield, Mass -1 + s 0 Parkersburg, W. Va -23 -15 -18 Denver, Colo -11 2 Providence, R. I.2 -14 + 1 -7 Pueblo, Colo () Atlanta District P-9 -1 -6 Topeka, Kans -8 _2 -6 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 k i e Y t r o r a k D s o r n , e k r i k y - N s N , A t C . r r N o J e i i r c t a . . t y 2 t Y h s , 1 e . N a & s . t e N Y rn . .2 T . . - - - - 3 3 5 4 + + + + 3 2 3 2 - - - — 1 2 1 3 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 r A A e l l a a l a . a s . 2 1 2 P - -1 1 - - -9 3 7 7 4 r - + 1 - _ 3 4 0 3 2 -1 - - - - 7 8 6 3 1 W O A S O T t u l m k . i b l c l s J a u a h a o h h q i , s t o a u a e , O m e , p r N k h a q K l , e u a C a b e M n r , i s t o y N , . O M kl e a x.. . . - - 1 1 - - - - 6 2 4 9 4 5 - - + 1 1 - - - 5 9 3 1 9 3 - - 1 + 1 -5 2 5 1 A S R B B N B y l o u i b n r f u c i a f a g a f h a c f n g h e l a u o y 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.. . . - - - 1 1 1 - - 9 6 2 5 4 i + + - - 3 1 9 1 0 - - - - - 8 3 5 5 8 0 A O S A C S T t o u r t . l t l a l g . a a u P m u n n m P t s d t r p e t a s b o a a t , b u , e , , g s r G F G F s , . - b l a l G a T a a u .2 . a r a 2 g m , p F a, l a Fla.. . - - - — 8 3 5 9 j - 5 2 - - - - - - 9 1 2 3 6 2 0 - - — - - - 3 7 3 6 5 0 5 I C J G E K H i o t n r i u a p e e i n t l d s e c i s , l n h a e , i s O y n , M s k C o l C a i o n t o y , l , o K M an o s .. .. - - 1 1 - - - 9 8 5 1 9 r - - + + 1 2 — 0 1 4 5 7 - - 1 2 - - - 2 6 2 3 0 C U B E i A S t U l t r i T m e i c i l t c d s b h i r i a c g o a e r - a e a n n y R , p , y , e o o N c , N N m r t N . a t . , . e d Y Y . Y , y C Y , N o N n . n Y . . Y 2 - - - - 1 1 1 - — - 1 6 4 4 0 3 2 1 + + - - - - 2 1 7 8 3 0 1 - -1 1 - - - - - 4 5 4 9 6 1 0 J v N N C M K B a S h e a a n c a a w s t a o k c v o h t x o s a n t v o v O n a n i i n n n , l R r l l a , o l l e G o e e h o , M , a u , a g n T g T G i . a s e 2 s e , e , , s a n n . L T L 2 n n e a . a . 2 2 n . . 2 2 n.2 P - - - - - -1 1 1 1 1 1 - -8 6 5 0 1 0 6 1 + + + + - - - 1 1 9 2 8 5 0 1 1 -1 - - - - - -8 1 5 2 7 8 3 o D M a S F D C E e l h o l l o a t a r r r l r P o e t s l p a a p v u W s D s o e s , o l p i o i , T s C t o r a t T e r t h n r t h x , e r i , . i c x 2 s A L t T t r a i e , e a x T s ex - - - 1 2 1 - - - 9 9 9 3 0 0 + + - - - - 9 6 3 5 2 1 - - -1 1 1 - - 6 8 0 4 1 Poughkeepsie, N. Y -13 +6 -4 Cities Houston, Tex.2 -8 -2 -6 Rome, Ga -23 -1 -13 San Antonio, Tex -10 -11 -10 Philadelphia District -10 r-1 -6 Meridian, Miss -10 -1 — 7 Waco, Tex -15 -5 M T L W W P R e P h r a e t i i e r n i a a l l l o n m k c . d a 2 p t e a i d o i o n s s n e n l g - t g l i e B , , t p t a r o h a , N P n r n i a r P a . , e , A . J a - 2 D r . H P . 2 e 2 e a a a l z . s 2 leton, - - - - 1 1 1 1 - - 6 2 9 3 3 8 r - + 1 - - - _ 1 6 3 4 2 7 - - 1 1 — - - - 1 6 9 5 4 4 C M h F C P B I e i n o e c h r t d r o i r a i s o i t c r g a t p i a o W n a o o g l , a , l o a i D p 1 , t T y a o 1 i 1 n e n l s 1 1 i n e t . s 1 2 r , n , A . i 2 I c r I n e n t a d d s . . 2 2 P - - - -1 1 1 2 - - 9 1 2 2 7 0 + + - - - 4 4 2 5 1 -5 - - + 1 1 - - — 4 7 0 3 3 7 S M a L F P n e r o h t e W D r s F o s o e r o n A p e n a w o o s n i n , t x l n g i s c , t t C e i a o i d l A s n a e w e c l s r i L o n , i f A z , . . C 2 . D r L 2 A e a . i a l A s . i s , f t 1 . . r C , 2 i C a c l a t i . l f i . f . 2 . . . 2 Pp P P P P - - -— - 1 1 1 2 - - 7 0 9 3 0 1 - - 1 1 - - - - 8 4 7 1 4 6 - - - 1 1 1 - - - 5 7 8 0 1 8 City Terre Haute, Ind.2 -13 —9 -10 Long Beach, Calif.2 -8 -4 -7 York, Pa.2 -12 + 1 -5 Des Moines, Iowa -7 3 -8 Pasadena, Calif p-7 -3 -4 Detroit, Mich.2 -19 -10 -13 Santa Monica, Calif -8 -6 -7 Cleveland District p-20 -9 -14 Flint, Mich.2 -19 -4 -10 Riverside and San Ber- C M A W T Y C P C C S E C i e t p i o r y k l a i o o t h t e i n r r l n r t l u e i o e e v u c s o n t , n e d p e b i o m n g g n l o o l P u n , i f a s n b , l n i r , a n i t O e a u g g t o O . d l a O t s 2 , h d h w i , n , h , , , h i W n i o O O i O o P O , 2 o A . 2 h h 2 h a r O h V i i e i . o i o o h 2 a o 2 a 2 2 i s 2 . o 2 2 - - - - - - - - - 1 1 1 2 1 1 1 2 1 — 9 4 1 2 9 9 9 3 9 6 — + - - - — — - - - 4 7 8 7 6 7 1 1 1 4 1 - - - - - - - - 1 1 1 1 1 - 1 1 1 - 5 4 2 2 2 5 5 3 0 4 S M t S L . L G G L F M M E e t o a o i L v r r t . i a t r e n a u r a l t d o o t L w e n l s i n e i s p u n i d o s s S a v n o i v o u u R i m g s l B l R i n i i k , l l s o t i , e D l a a e a , t c e M , e y h n p W k , i M , , , i s K , i d I t W c W A i A o n A r s s y h r , i d r i . i . r e c 2 s 2 k s k M a t . . 2 . s 2 2 ich.2 . . . P p p p - - — - 1 — — 1 1 - - - - - 9 8 4 7 6 3 0 0 1 9 9 3 + + + + + + + - - - - 1 4 1 1 7 2 5 2 2 5 1 5 - + - 1 - - - - - - 7 5 1 4 2 1 6 4 2 0 c S S S S S S S P V S O a e a a t a a o o n D n n n l a a c r a a t c n t t C a r l k o F l t k a l J D r L a l e a l w o d r m t F e a n a j l i o a s i , o i e n r n k d e n n e n f a g , d t W . e n , , o . , n o 2 o - - C t , c O w C O B , o C C a a i C , s a e n C s r a a i l h e i t c l r a k l C f y a i k i . l o . O f l 2 f 2 i l , a e a . , f i . 2 2 f a l l n U i C e . k f d 3 y t . l a , 2 a , a l C n h i C f 2 d . a a 2 , l l . i i . f . f . . . . . 2 2 p P p - - - - - - - - ( 1 3 1 1 1 1 1 1 1 - - - — ) 9 3 6 4 0 0 5 5 7 6 3 o 6 -- - - - - 11 - - 1 1 1 - - 1 - - - - 4 7 7 5 9 6 6 7 0 0 0 1 7 4 - - 4 - - - 1 1 - - - 1 1 1 - 0 7 6 9 5 2 1 0 6 Portsmouth, Ohio2 -7 +7 -1 S M p e ri m ng p f h i i e s l , d , T e M n o n.2 P - -5 8 - + 12 2 -1 — 1 3 S T p a o co k m an a e , , W W a a s s h h . . 2 2 - - 8 6 - - 9 2 -7 Richmond District P-11 -2 -8 Cities Quincy, 111 -8 + 1 -2 Cities Metropolitan Areas1 Paducah, Ky -27 -19 -27 Tucson, Ariz -8 -18 -15 W D a o s w hi n n t g o t w on n , W D a . s C h. . , 2 D. C. P P - - 4 4 + -1 2 - - 3 5 Minneapolis District -10 '+3 4 B Bo ak is e e r s a fi n e d ld N , a C m al p i a f. , 2 Idaho. -10 7 -1 -9 2 -1 -8 1 Baltimore, Md.2 P-10 + 1 -6 Twin Falls, Idaho -16 -14 -12 Asheville, N. C.2 -15 -2 -9 Metropolitan Areas1 Idaho Falls, Idaho -12 -15 -13 Raleigh, N. C.2 -9 -10 -10 Mpls.-St. Paul, Minn.2 ... -9 +3 -2 Bellingham, Wash —6 (3) -5 Winston-Salem, N. C.2... -15 _2 -9 Minneapolis City, Minn.2 -10 +4 -2 Everett, Wash.2 -13 -10 -16 Charleston, S. C.2 -8 + 1 -4 St. Paul City, Minn.2... -8 +2 -2 Walla Walla, Wash.2 .... -19 -25 -21 Columbia, S. C.2 -6 + 1 -3 Sioux Falls, S. D -15 +22 -1 Yakima, Wash.2 p-7 -19 -13 "Preliminary. 'Revised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the'area or city is located. 3 Data not available. 4Two months 1954. MAY 1954 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales1 1947-49 average=1002 Sales Stocks during (end of February Sales during Stocks at end Department period month) period of month Two 1954 1953 1954 1953 F 1 e 9 b 5 . 4 mo 1 n 9 t 5 h 4 s F 1 e 9 b 5 . 4 1954 1953 Feb. Jan. Feb. Feb. Jan. Feb. GRAND TOTAL—entire store3 -2 -4 -3 3.9 3.9 MAIN STORE—total -2 -4 -3 4.1 4.1 75 80 77 110 105 113 Piece goods and household textiles 0 0 -6 4.4 4.7 70 129 70 100 99 106 Piece goods + 1 -2 -7 3.5 3.9 73 67 72 91 88 99 Silks, velvets, and synthetics -5 -11 3.5 3.8 65 58 66 82 80 92 Woolen yard goods -14 -9 -5 4.4 4.0 61 65 70 92 88 97 Cotton yard goods + 14 +8 -5 3.1 3.7 95 85 84 110 105 116 Household textiles 0 +1 -6 5.0 5.3 68 173 68 104 104 110 Linens and towels -1 -2 -6 5.4 5.7 66 143 66 95 95 101 Domestics—muslins, sheetings +5 +3 -9 4.2 4.8 72 234 69 149 116 164 Blankets, comforters, and spreads -3 +2 -3 5.5 5.4 67 138 70 108 112 110 Small wares -3 -5 1 4.4 4.3 78 80 80 107 105 108 Laces, trimmings, embroideries, and ribbons. . .. —2 -5 -3 4.7 4.8 72 63 74 111 94 114 Notions 0 -2 -2 4.7 4.8 73 80 73 117 113 120 Toilet articles, drug sundries -5 -6 -3 3.9 3.8 86 94 91 100 102 104 Silverware and jewelry -3 -5 +1 6.0 5.8 66 58 67 114 107 113 Silverware and clocks -4 -7 8.6 8.4 57 54 60 125 120 127 Costume jewelry -3 -4 +4 3.4 3.2 71 60 73 98 86 95 Fine jewelry and watches -7 -12 0 11.8 11.0 58 50 63 115 111 116 Art needlework -6 -6 -5 4.5 4.4 83 105 88 99 97 104 Books and stationery 0 -1 + 1 3.4 3.4 88 88 88 106 111 104 Books and magazines -7 -5 + 1 2.8 2.6 89 94 96 94 99 94 Stationery +4 0 + 1 3.7 3.8 87 83 84 109 114 108 Women's and misses' apparel and accessories -1 -3 -3 3.3 3.4 77 77 77 116 107 120 Women's and misses' ready-to-wear accessories.. -1 -3 -3 3.9 4.0 76 72 77 118 107 121 Neckwear and scarfs 0 0 +3 2.7 2.6 86 76 86 123 105 120 Handkerchiefs -3 -5 3.7 3.9 59 46 61 71 72 78 W M W Co i o o l r l m m s i e n e e t e s n n r ' ' y a s s n a a d n n d d b r c c a h h ss i i l l i d d er r r e e e s n n ' ' s s g h l o o s v ie e r s y + - - 5 6 4 + - - - 8 5 4 1 - - - - 1 6 1 6 8 Q 5 3 2 1 . . . . 7 4 4 5 5 3 2 1 . . . . 6 4 8 7 1 5 7 7 0 8 7 4 2 1 5 6 6 1 7 1 8 2 9 8 6 7 8 1 1 6 1 1 1 8 1 1 3 6 0 0 0 1 1 8 7 2 0 4 7 5 0 1 1 1 9 3 3 1 2 1 5 8 Underwear, slips, and negligees -2 -4 -3 3.6 3.7 65 62 66 102 96 105 Knit underwear -3 -3 -2 3.7 3.7 79 84 81 129 123 131 Silk and muslin underwear, and slips _ j -4 -3 3.8 3.9 57 53 58 95 89 98 Negligees, robes, and lounging apparel -4 -6 -7 2.6 2.7 66 54 69 81 75 86 Infants' wear -1 -3 -4 3.8 3.9 79 78 80 115 104 120 Handbags, and small leather goods -1 -4 -5 3.2 3.3 71. 56 72 110 99 117 Women's and children's shoes +2 -1 0 6.5 6.6 83 81 82 143 128 144 Children's shoes +3 + 1 -1 7.2 7.6 67 60 64 140 122 141 Women's shoes + 1 0 6.3 6.4 85 81 84 141 122 141 Women's and misses' ready-to-wear apparel -1 A -3 2.7 2.8 77 82 78 114 108 117 Women's and misses' coats and suits -9 -10 -6 2.5 2.4 77 93 85 117 106 124 Coats -6 -7 -10 2.0 2.1 74 100 78 98 90 109 Suits -15 -17 -1 3.0 2.6 92 71 108 157 127 158 Juniors' and girls' wear -1 -3 -4 3.0 3.1 72 63 73 121 103 125 Juniors' coats, suits, and dresses -3 -5 -3 2.4 2.4 70 66 72 114 101 117 Girls' wear 0 0 -4 3.7 3.9 74 60 74 126 105 131 Women's and misses' dresses +3 -1 -2 2.2 2.3 78 78 75 114 112 117 Inexpensive dresses +4 0 -5 1.7 1.9 76 79 73 106 104 112 Better dresses +2 -3 0 2.7 2.7 83 75 81 122 108 122 Blouses, skirts, and sportswear +4 + 1 +5 3.1 3.1 80 80 77 126 119 120 Aprons, housedresses, and uniforms +4 -1 -5 2.2 2.5 89 94 85 105 102 110 Furs -6 -9 -11 4.9 5.2 64 94 68 83 86 94 Men's and boys' wear -1 -1 0 5.9 5.9 64 72 64 115 104 114 Men's clothing -4 -3 +4 6.9 6.4 67 98 69 130 118 125 Men's furnishings and hats +2 +1 5.0 5.2 61 59 60 104 100 106 Boys' wear -5 5.9 6.1 62 59 63 106 89 111 Men's and boys' shoes and slippers 0 -1 +1 7.5 7.5 72 81 72 120 108 120 For footnotes see following page. 518 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 salesl 1947-49 average=1002 Sales Stocks during (end of February Sales during Stocks at end Department period month) period of month Two 1954 1953 1954 1953 Feb. months Feb. 1953 1954 1954 1954 Feb. Jan. Feb. Feb. Jan. Feb. Homefurnishings -6 -3 4.6 4.5 82 82 88 108 106 112 Furniture and bedding -10 -9 0 4.0 3.6 109 110 121 117 116 116 Mattresses, springs, and studio beds -9 -7 -2 2.1 2.0 126 134 139 140 136 143 Upholstered and other furniture -11 -10 + 1 4.7 4.1 106 97 119 116 111 115 Domestic floor coverings -10 -13 -9 5.3 5.2 72 75 80 99 103 109 Rugs and carpets -12 -14 -10 5.3 5.2 74 76 85 105 99 117 Linoleum -16 -10 -14 5.4 5.2 45 50 54 65 73 76 Draperies, curtains, and upholstery -4 -6 -5 5.3 5.4 76 72 79 109 104 115 Lamps and shades -6 -6 -6 4.4 4.4 74 74 78 104 100 111 China and glassware -2 -5 -5 7.8 8.0 86 82 88 120 117 126 Major household appliances -9 -4 3.7 3.5 54 59 59 95 84 99 Housewares (including small appliances) -1 -5 +1 4.8 4.7 77 72 78 115 107 114 Gift shop -1 -3 0 6.5 6.4 76 64 76 121 114 121 Radios, phonographs, television, records, etc -5 -9 3.0 3.1 90 101 95 93 91 102 Radios, phonographs, television -14 -16 -15 2.8 2.8 82 121 95 82 87 97 Records, sheet music, and instruments +35 +19 +6 3.6 4.6 103 64 77 97 88 91 Miscellaneous merchandise departments -1 3.8 3.9 63 55 63 97 99 97 Toys, games, sporting goods, cameras +8 +6 +3 8.2 8.6 41 31 38 106 104 103 Toys and games +14 +14 +2 8.2 9.2 33 20 29 100 114 97 Sporting goods and cameras + 1 -1 +3 8.1 8.0 55 48 54 110 96 106 Luggage -10 -14 2 6.3 5.8 54 56 60 106 115 108 Candy +5 +2 +5 1.2 1.2 64 84 98 103 93 -1 2.9 3.2 71 76 72 103 94 112 BASEMENT STORE—total -3 -1 -10 3.4 3.7 77 140 78 106 103 118 Domestics and blankets -3 -3 A -8 2.3 2.5 70 70 72 100 90 110 Women's and misses* ready-to-wear +1 -2 ? 2.7 2.8 81 80 81 110 100 113 Int H im os a i t e e r y apparel + -1 2 - - 1 2 - - 3 4 2 2 . . 2 9 3 2 . . 0 3 ) ( () ) ( (* 4) ) () () () Underwear, corsets and brassieres -9 -9 -16 2.0 2.1 65 70 72 93 76 110 C D o re a s t s s e s and suits + -1 3 + -7 4 -1 -2 0 2 1. . 5 3 2 1 . . 4 6 6 7 8 4 6 7 5 4 6 7 9 2 1 8 0 9 1 9 8 0 8 1 9 0 8 3 G Bl i o rl u s s ' e w s, e a sk r irts, and sportswear + -1 1 - - 3 1 - - 1 1 0 0 3 2 . . 2 9 3 3. . 2 5 6 7 4 5 5 7 6 7 6 7 4 4 1 1 0 0 7 9 8 9 5 8 1 1 2 2 0 1 Infants' wear -15 -14 -14 2.4 2.3 (*) Aprons, housedresses, uniforms Men's and boys' wear +6 +3 -6 3.5 4.0 71 71 67 106 93 113 Men's wear +7 +4 -4 3.4 3.8 73 75 68 107 94 112 Men's clothing +7 +4 -3 3.4 3.7 87 93 81 117 101 122 Men's furnishings +7 +6 -5 3.4 3.9 65 63 60 100 88 105 Boys' wear +2 -10 3.9 4.4 65 61 63 107 119 Homefurnishings -2 -5 -6 3.6 3.7 76 69 78 106 102 113 Shoes 0 -7 5.1 5.5 71 76 71 117 100 126 NONMERCHANDISE—total +2 0 92 98 91 Barber and beauty shop + 15 + 11 113 110 98 JThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3 For movements of total department store sales and stocks, see the indexes for the United States on p. 515. 4 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. MAY 1954 519 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 ar n t o h r it A em ll s Foods Total Rent s O he t l h t e e r r1 e G a l n e a d c s - S f a u o n e l d l i s d H n f o u i u s 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 r o n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re a t i c i n n o r g d e n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117 4 60 3 1933 55.3 41.6 83 6 45 9 1941 62.9 52.2 88 4 55 6 1942 69.7 61.3 90 4 64 9 1943 74.0 68.3 90.3 67 8 1944 75.2 67.4 90 6 72 6 1945 76.9 68.9 90.9 76.3 1946 83.4 79.0 91 4 83 7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951. 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 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—Jan.. . . 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 Mar.... 114.8 112.1 119.0 128.0 107.6 125.8 107.2 117.5 104.3 129.0 124.4 114.1 108.2 120.1 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 ar n th or m c t A o o ie m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d d - e s - - H s e p k u a a r i i c n t o d n h t d d e s s e s - , r , p t l F e o i a m i g r u w n n i h e a a g d e l t - 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 r d s - - L w p u a r b u o n c o e m o t d d r s d - - p a P p u a l a r u l c n o p i l e t d d p e s d - r , ,M m p u a r e e n c o t t t d d a a s l - l s p c M a m t e h r i n r o v i o a y n d d e - - - . h F d o h t b a o u u t u o n l h u r r e r l d n s e a e d s e r - i- -e s N t r t m t m 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 a T r a t e a n f c t o v r g l d c - s e - e o . d s n c M e e o l i l u s a - s - 1947 96 4 100 0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93 7 98.6 91.3 92.5 95.6 93.9 98 0 100 8 1948 104 4 107 3 106.1 103.4 104.4 102.1 107.1 103.8 102 1 107 2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99 92 8 95.7 101 95.5 96.9 101 9 94.8 98 9 99 2 98.5 104.8 106 6 103.1 104.4 101 6 96. 1 1950 103 1 97 5 99.8 105.0 99.2 104.6 103 0 96.3 120 5 113 9 100.9 110.3 108 6 105.3 106.9 102 4 96.6 1951 114 8 113 4 111.4 115 9 110.6 120.3 106 7 110.0 148 0 123 9 119.6 122.8 119 0 114.1 113.6 108 1 104.9 1952 111 6 107 0 108.8 113 2 99.8 97.2 106 6 104.5 134 0 120 3 116.5 123.0 121 5 112.0 113.6 110 6 108.3 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 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 97 103.2 113 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 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 ^ 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 o 106.3 123 5 120 4 116.2 129 A 123 7 114.8 119.6 115 6 96.4 September 111.0 98.1 106.6 114 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 95 2 104.7 114.6 96 97.1 111 1 106.7 124 2 118 1 117.5 127.9 124 1 114.8 120.7 118 1 94.4 November 109 < 93 7 103.8 114 96 1 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 94 104.3 114.6 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 ( 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 97 7 104.8 114 4 95 94.9 110 5 107.5 124 6 116 8 117.1 126.2 124 115 1 121.0 118 0 102 8 March 110• ( 98 c 105.3 114 95 1 94.6 109.0 107.4 124 9 116 6 116.6 126.3 124 6 115 1 121.0 118 0 104 9 Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 520 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] 1953 1954 1953 1954 Subgroup Subgroup Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm Products: Pulp, Paper and Allied Products- Continued Fresh and dried produce 105.8 91.2 89.7 89.6 Grains 94.7 91.3 91.6 93.0 Paperboard 123.4 125.5 125.1 124.6 Livestock and poultry 91.7 91.8 91.3 92.4 Converted paper and paperboard. . 111.1 113.2 113.2 112.3 Plant and animal fibers 104.6 104.2 106.5 105.9 Building paper and board 118.2 127.9 127.9 127.9 Fluid milk 100.5 97.5 95.0 94.4 Eggs 100.6 92.7 89.6 80.1 Metals and Metal Products: Hay and seeds 97.5 90.5 91.6 93.4 Other farm products 142.5 161.0 168.0 181.2 Iron and steel 127.7 132.0 131.0 130.6 Nonferrous metals 131.5 121.5 119.8 121.3 Processed Foods: Metal containers 125.3 130.0 130.0 130.0 Hardware 126.2 137.5 137.9 138.0 Cereal and bakery products 108.9 112.4 112.7 112.6 Plumbing equipment 114.3 118.2 118.2 118.2 Meats, poultry, and fish 91.2 96.4 92.9 92.8 Heating equipment 113.9 115.3 114.8 114.4 Dairy products and ice cream 109.7 109.4 107.4 106.2 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 113.6 117.6 116.8 116.8 bles 105.1 103.8 103.0 103.0 Fabricated nonstructural metal Sugar and confectionery 109.6 110.1 110.2 112.6 products 122.2 127.2 126.5 126.3 Packaged beverage materials.... 168.9 182.1 191.4 209.1 Other processed foods 120.9 111.5 108.9 106.5 Machinery and Motive Products: Textile Products and Apparel- Agricultural machinery and equipment 122.2 122.7 123.0 123.0 Cotton products 93.1 90.4 88.5 Construction machinery and equip- Wool products 111.9 111.0 109.0 109.3 ment 127.1 131.2 131.5 131.5 Synthetic textiles 87.9 85.4 85.4 84.9 Metal working machinery 129.1 132.8 133.0 133.0 Silk products 141.4 142.1 135.8 135.1 General purpose machinery and Apparel 99.6 99.1 98.8 98.7 equipment 122.1 128.2 128.2 128.4 Other textile products 82.8 82.7 83.1 80.6 Miscellaneous machinery 120.3 124.7 124.9 125.0 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 119.9 126.8 126.8 126.8 Motor vehicles 120.0 118.9 118.9 118.9 Hides and skins 64.8 56.8 55.4 55.5 Leather 93.5 88.1 87.4 86.3 Furniture and Other Household Dura- Footwear 112.1 111.9 111.9 111.9 bles: Other leather products 99.0 98.1 98.0 98.0 Household furniture 113.6 114.2 113.9 113.9 Fuel, Power, and Lighting Materials: Commercial furniture 123.2 126.2 126.2 126.2 Floor covering 124.1 122.5 122.3 122.6 Coal 114.4 111.9 110.9 107.9 Household appliances 107.9 109.6 109.7 109.6 Coke 131.8 132.5 132.5 132.5 Radio 95.5 96.1 96.1 95.7 Gas 109.5 111.8 113.5 113.5 Television 74.9 73.5 73.8 73.8 Electricity 100.7 100.7 101.3 101.3 Other household durable goods.... 121.8 128.1 128.1 128.2 Petroleum and products 109.0 114.2 113.5 111.5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 116.4 124.7 124.7 124.7 Industrial chemicals 113.9 118.4 118.4 117.9 Concrete ingredients 113.8 119.9 119.8 119.8 Prepared paint 110.5 112.8 112.8 112.8 Concrete products 112.8 117.2 117.6 177.4 Paint materials , 95.4 96.5 95.2 95.2 Structural clay products 124.3 131.9 131.9 132.0 Drugs, Pharmaceuticals, cosmetics 91.6 93.9 93.9 93.9 Gypsum products 118.3 122.1 122.1 122.1 Fats and oils, inedible 59.0 61.2 63.5 60.5 Prepared asphalt roofing 106.0 109.9 109.9 109.9 Mixed fertilizers 110.7 111.1 110.0 110.0 Other nonmetallic minerals 115.3 119.8 119.8 119.8 Fertilizer materials 112.8 114.0 114.0 114.0 Other chemicals and products 102.9 105.3 106.8 108.1 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 126.6 113.4 112.9 113.8 Cigars 102.9 103.5 103.5 103.5 Tires and tubes 126.3 130.3 130.3 130.3 Other tobacco products 122.4 120.7 120.7 120.7 Other rubber products 124.3 123.7 123.3 123.5 Alcoholic beverages 110.0 115.0 114.6 114.6 Nonalcoholic beverages 119.8 125.1 125.1 125.1 Lumber and Wood Products: Miscellaneous: Lumber 120.9 115.9 115.5 115.6 Millwork 131.9 131.1 131.1 131.1 Toys, sporting goods, small arms. . 112.9 113.1 113 0 113.0 Plywood 112.0 103.5 105.0 102.9 Manufactured animal feeds 95.0 94 0 97.2 101.1 Notions and accessories 94.3 93 5 93.5 93.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.8 102.1 102.0 102.0 Other miscellaneous 121.0 119.8 120.4 121.2 Woodpulp 108.8 109.7 109.7 109.7 Wastepaper , 83.8 79.1 85.7 84.1 Paper 124.9 126.8 126.8 126.8 Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. MAY 1954 521 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 1953 1954 1 O9O 1 Oil 1 Q4.9 i oKn 1 2 3 4 1 Gross national product 103.8 55.t 126.4 259.0 258.2 286.8 329.8 348.0 367.2 363.9 371.4 369.5 363.5 357.8 Less: Capital consumption allowances.. 8.8 7.2 9.3 17.6 19.4 21.6 24.2 27.0 29.3 28.2 29.2 29.6 30.0 30.3 Indirect business tax and related liabilities 7.0 7.1 11.3 20.4 21.6 23.7 25.7 28.1 30.0 29.3 30.1 30.2 30.4 30.4 Business transfer payments .6 7 5 .7 8 .8 9 9 .9 9 9 9 Q 9 Statistical discrepancy -.1 1.2 1.6 -3.2 .2 .4 1.1 .5 '.5 -1.2 .7 .4 1.1 n.a. Plus: Subsidies less current surplus of government enterprises — .1 (i) .1 .0 .0 .4 .4 .1 -.1 .0 .2 -.3 — .2 -.3 Equals: National income 87.4 39.6 103.8 223.5 216.3 240.6 278.4 291.6 '306.4 306.7 310.7 308.1 300.8 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 '41.1 43.8 45.2 40.7 35.0 n.a. Contributions for social insurance.. .2 .3 2.8 5.2 5.7 6.9 8.2 8.6 8.9 9.0 9.0 8.8 8.7 10.0 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 12.6 12.6 12.6 13.3 14.2 Net interest paid by government. . 1.0 1.2 1.3 4.5 4.6 4.7 4.8 4.9 5.1 4.9 5.0 5.1 5.2 5.2 Dividends 5.8 2.1 4.5 7.2 7.5 9.1 9.2 9.1 9.3 9.2 9.4 9.6 9.4 9.6 Business transfer payments .6 7 5 .7 8 8 9 9 9 9 9 9 9 9 Equals: Personal income 85.1 46.6 95.3 209.5 205.9 226.7 254.3 269.7 284.5 281.6 284.4 286.8 285.9 283.2 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.1 18.6 20.9 29.3 34.6 36.6 36.2 36.7 37.0 36.6 33.4 Federal 1.3 .5 2.0 19.0 16.2 18.1 26.2 31.1 32.7 32.3 32.8 33.1 32.7 29.4 1.4 1.0 1.3 2.1 2.5 2.8 3.2 3.6 3.9 3.8 3.9 3.9 4.0 4.0 State and local 82.5 45.2 92.0 188.4 187.2 205.8 225.0 235.0 247.9 245 4 247.7 249 8 249.3 249.8 Equals: Disposable personal income. 78.8 46.3 82.3 177.9 180.6 194.6 208.1 218.1 229.8 227.7 230.4 231.0 230.0 229.8 Less: Personal consumption expenditures 3.7 -1.2 9.8 10.5 6.7 11.3 16.9 16.9 18.1 17.7 17.2 18.8 19.3 20.0 Equals: Personal saving NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual ratef by quarters 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 '306.4 306.7 310.7 308.1 300.8 n.a. Compensation of employees , 50.8 29.3 64.3 140.2 139.9 153.4 178.9 193.2 207.6 204.5 208.0 210.4 207.7 205.1 Wages and salaries3 50.2 28.8 61 134 A 133.4 145.6 169.8 183.6 197.6 194.5 198.0 200.6 198.0 194.7 Private 45.2 23.7 51.5 115.7 113.0 123.4 141.2 151.1 164.1 161.3 164.5 166.9 164.4 161.2 Military .3 .3 1.9 4.0 4.2 5.0 8.6 10.4 10.4 10.4 10.6 10.5 10.3 10.0 Government civilian 4.6 4.9 8.3 14.7 16.1 17.1 20.0 22.2 23.1 22.8 22.9 23.1 23.3 23.5 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 9.8 9.8 10.4 Proprietors* and rental Income2... 19.7 7.2 20.8 47.3 42.1 45.4 50.7 51.2 49.9 50.8 49.7 49.1 50.0 49.9 Business and professional 8.3 2.9 9.6 22.1 21.6 23.6 26.1 26.3 27.0 27.0 27.0 26.9 26.9 26.7 Farm 5.7 2.3 6.9 17.7 12.8 13.3 15.5 14.8 12.4 13.4 12.3 11.6 12.2 12.3 Rental income of persons 5.8 2.0 4.3 7.5 7.7 8.5 9.1 10.0 10.6 10.4 10.4 10.6 10.8 10.9 Corporate profits and inventory valuation adjustment 10.3 -2.0 14.6 31.7 29.2 36.0 42.4 40.2 '41.1 43.8 45.2 40.7 35.0 n.a. Corporate profits before tax 9.8 .2 17.2 33.8 27.1 41.0 43.7 39.2 '41.9 44.6 45.9 43.3 34.0 n.a. Inv C C e o o n r r t p p o o o r r r y a a t t v e e a l p p u r r a o o t f f i i i o t t s s n a t a a f d t x e j r u l i s t a t a m b x i e l n it t. y . .. . . . . 8 1 . . . 4 4 5 - - 2 . . 4 . 1 5 -2 9 7 . . . 6 4 8 - 2 1 2 0 3 . . 1 . 7 0 1 1 2 6 0 . . . 1 3 8 - 2 1 5 2 8 . . . 0 7 2 - 2 2 1 3 0 . . . 3 6 1 2 1 0 1 8. . . 6 6 0 ' ' 2 1 2 9 . . 9 0 2 2 - 4 0 .8 . . 4 3 2 2 — 5 0 . . . 0 8 6 - 2 1 2 3 9 . . 6 . 6 6 1 1 1 5 8 . . . 0 4 6 n n . . a a . . Net interest 6.5 5.0 4.1 4.3 5.0 5.7 6.4 7.0 7.8 7.6 7.7 7.9 8.1 8.1 n.a. Not available. 'Revised. iLess than 50 million dollars. 2 Includes employee contributions to social insurance funds. * Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 522 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 i\nnual totals Seasonally b a y d j q u u s a te r d te r a s nnual rates 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 1 2 3 4 1 Cross national product . . .. 103.8 55.8 126.4 259.0 258.2 286.8 329.8 348.0 367.2 363.9 371.4 369.5 363.5 357.8 Personal consumption expenditures 78.8 46.3 82.3 177.9 180.6 194.6 208.1 218.1 229.8 227.7 230.4 231.0 230.0 229 8 Durable goods 9.4 3.5 9.8 22.9 23.8 29.2 27.3 26.7 30.1 30.2 30.7 30.4 29.1 28.2 Nondurable goods 37 7 22.3 44.0 100.9 99.2 102.6 113.4 118.8 121.2 121.2 122.1 121.3 120.4 120 4 Services 31.7 20.6 28.5 54.1 57.5 62.7 67.4 72.7 78.4 76.3 77.6 79.2 80.5 81 3 Gross private domestic investment 15.8 1.3 18.3 42.7 33.5 52.5 58.6 52.5 54.4 54.9 58.5 55.2 48.8 46 8 7.8 1.1 6.8 17.7 17.2 22.7 23.1 23.4 25.1 25.0 25.3 24.9 25.3 26 4 Residential, nonfarm 3.6 .5 3.5 8.6 8.3 12.6 11.0 11.1 11.8 12.2 12.0 11.5 11.6 12.3 Other 4.2 .7 3.3 9.1 9.0 10.1 12.2 12.3 13.3 12.8 13.4 13.4 13.6 14 1 Producers' durable equipment 6.4 1.8 7.7 19.9 18.7 22.3 24.6 25.4 26.7 26.2 26.9 27.1 26.5 25.2 Change in business inventories.... 1.6 -1.6 3.9 5.0 -2.5 7.5 10.9 3.7 2.5 3.7 6.3 3.1 -3.0 -4.8 Nonfarm only 1.8 -1.3 3.4 3.7 -1.6 6.6 9.6 3.1 3.2 4.0 7.0 4.2 -2.3 -4.4 Net foreign investment .8 .2 1.1 1.9 .5 -2.3 .3 -.2 -1.9 -2.1 -2.5 -2.1 -1.0 -1.0 Crovernment purchases of Fe g d o er o a d l s and services 8 1. . 3 5 8 2. . 0 0 2 16 4 . . 9 7 3216..06 4253..46 4222..10 6412..19 5 7 4 7 . . 2 5 5894..79 5 8 8 3 . . 5 4 8 60 5 . . 5 0 8 60 5 . . 4 5 5 8 9 5 . . 5 7 5852. 12 O N t a h ti e o r nal security } 1.3 2.0 1 3 3 . . 2 8 1 5 6 . . 6 1 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 . . 1 4 4 5 8 . . 8 9 5 8 1 . . 5 8 5 7 1 . . 6 6 5 7 3 . . 6 5 5 8 2 . . 8 1 5 1 0 0 . . 0 0 4 8 6 . . 7 9 Less: Government sales • (') («) ft .6 .4 .2 .4 .5 .6 .7 .7 .5 .5 .5 State and local 7.2 5.9 15.6 18.2 19.9 21.8 23.4 25.2 24.9 24.6 25.2 26.3 27.1 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Less Wage and salary disbursements Pro- dends personal Per- Other prietors' and Trans- contri- Non- Year or month in s c o o n m al e re T ce o ip ta ts l < b T u d o r is t s a - e l - p m in C ro o g o d d m u i i t n c - y - - D i u n is t d i t u v ri s e b - - S in e tr r d i v u e i s s c - e m G er o e n n v - t - in l c a o b m or e 5 in r c e a o n n m t d al e6 i i n n s p t c o e e o n r r m a e - l s e t m p f e a e n y r t - s7 b i a s u n o n f t s o c i c u o i r e a r n 8 - l s i a n g t c u r o i r c m a u l e l- 9 ments dustries tries 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—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 February 283.0 190.2 194.7 84.9 52.2 24.1 33.5 5.1 50.0 23.0 15.0 4.8 266.0 March?7 282.8 189.1 193.6 83.9 52.0 24.3 33.4 5.2 49.9 23.1 15.7 4.7 265.5 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Less than 50 million dollars. 4Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 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. MAY 1954 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] Item All member banks1 n m b a e t a A m i n o l k l b n s e a r l m b S e a A t m n a l t k l b e s er N c e i w t C y e Y m n o t e r r m a k l b r e e r C s e h b r i a v c n e a k g s o m R b e e c a s m i n e ty k r b v s e e r C m b o e a u m n n k b t s e ry r 1950 1951 1952 1953 Year 1953 Earnings 3,264,686 3,668,715 4,119,649 4,590,236 3,057,753 1,532,483 757,009 188,258 1,797,877 1,847,092 Interest and dividends on securities: U. S. Government.... 865,063 831,920 929,307 1,011,000 692,848 318,152 136,676 53,323 375,880 445,121 Other 190,173 210,766 234,528 251,777 176,079 75,698 42,912 12,322 96,371 100,172 Interest and discount on loans 1,607,967 1,974,325 2,269,944 2,591,483 1,745,811 845,672 426,029 93,641 1,037,918 1,033,896 Other charges on loans. . 26,068 28,670 35,936 40,538 27,901 12,637 7,595 1,320 20,654 10,969 Service charges on deposits 172,489 186,872 197,734 218,831 149,899 68,932 19,571 1,948 85,297 112,015 Other charges, fees, etc... 70,754 79,003 82,871 92,324 59,882 32,442 15,767 3,171 33,736 39,650 Trust department 170,519 182,421 194,430 207,218 85,967 121,251 69,657 16,626 78,774 42,162 Other current earnings... 161,655 174,737 174,901 177,065 119,366 57,699 38,803 5,907 69,246 63,109 Expenses 2,019,746 2,231,946 2,501,091 2,781,518 1,837,481 944,037 404,142 102,387 1,082,804 1,192,185 Salaries—officers 344,777 375,298 408,330 447,142 296,850 150,292 54,428 14,093 146,286 232,335 Salaries and wages-others 655,151 750,039 835,300 924,348 593,288 331,060 173,544 34,039 383,181 333,584 Directors' fees, etc 17,449 19,150 21,514 23,714 16,060 7,654 1,698 239 4,074 17,704 Interest on time deposits. 271,016 305,536 364,503 424,738 297,598 127,140 28,167 15,089 180,878 200,604 Interest on borrowed money 3,895 9,077 19,825 22,657 14,362 8,295 5,419 2,434 10,731 4,074 Taxes other than income. 108,854 114,958 117,659 125,192 84,290 40,902 12,741 4,812 52,163 55,476 Recurring depreciation. . 48,016 53,067 60,064 67,047 47,147 19,900 4,130 963 23,527 38,428 Other current expenses. . 570,588 604,822 673,896 746,681 487,886 258,795 124,015 30,719 281,965 309,983 Net current earnings before income taxes 1,244,941 1,436,769 1,618,558 1,808,718 1,220,272 588,446 352,867 85,871 715,073 654,907 Recoveries, transfers from reserves, and profits. 218,570 148,624 125,008 132,274 81,877 50,397 20,525 14,908 49,949 46,892 On securities: Recoveries 12,789 13,531 9,954 9,847 7,876 1,970 1,088 1,078 3,144 4,538 Transfers from reserves 36,799 10,936 19,646 25,87 15,226 10,651 4,194 6,087 11,355 4,240 Profits on securities. . . 82,149 51,881 29,047 34,603 23,449 11,154 6,984 3,852 13,222 10,545 On loans: Recoveries 22,548 17,577 16,966 23,158 16,427 6,731 4,192 896 8,903 9,168 Transfers from reserves 26,960 25,622 24,734 15,729 5,327 10,402 3,073 1,814 2,287 8,555 Allother 37,327 29,076 24,660 23,060 13,572 9,488 995 1,181 11,038 9,847 Losses, charge-offs, and transfers to reserves. 313,661 338,857 306,381 383,477 265,814 117,663 60,918 22,503 154,577 145,479 On securities: Losses and charge-offs. 32,623 72,103 83,851 139,880 96,625 43,254 36,397 2,174 50,258 51,051 Transfers to reserves. . 50,933 28,418 27,040 48,299 31,388 16,911 2,080 2,977 35,420 7,822 On loans: Losses and charge-offs. 14,269 13,555 15,652 20,416 15,323 5,093 608 215 2,186 17,407 Transfers to reserves. . 166,272 180,034 132,896 111,976 76,878 35,098 15,015 8,679 43,035 45,247 All other 49,565 44,747 46,942 62,906 45,600 17,306 6,818 8,458 23,678 23,954 Profits before income taxes 1,149,850 1,246,536 1,437,185 1,557,515 1,036,335 521,180 312,475 78,275 610,445 556,320 Taxes on net income 369,060 490,919 607,850 692,252 464,488 227,764 151,400 34,777 282,457 223,618 Federal 346,909 465,480 578,68: 660,206 445,574 214,632 138,445 34,777 271,017 215,967 State 22,151 25,439 29,168 32,045 18,914 13,131 12,954 11,440 7,651 Net profits 780,790 755,617 829,335 865,263 571,847 293,416 161,075 43,499 327,988 332,701 Cash dividends declared. 345,52: 370,504 390,430 418,65: 274,628 144,024 103,174 19,550 166,616 129,312 On preferred stock2 2,835 2,587 2,310 1,95: 332 1,623 57 68 27 1,557 On common stock 342,68 367,91 388,121 416,69 274,296 142,401 103,117 19,482 166,344 127,754 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 3,036 2,085 4.308 767 449 318 328 193 246 On loans 17,016 25,054 28,088 28,930 19.743 9,18 6,223 1,342 10,259 11,106 Losses charged to reserves (not included in losse: above): On securities 5,808 15,919 24,642 33,926 22,448 11,478 2,111 54 28,140 3,622 On loans 46,329 55,581 54,938 74,49- 52,837 21,657 8,605 2,115 31,850 31,924 Loans 39,098,000 47,016,000 51,169,000 56,142,000 12,201,0002,629,00022,274,00019,038,000 U. S. Government securities 54,916,000 50,075,000 51,811,000 51,091,000 7,145,000 ,754,00018,936,00022,257,000 Other securities 9,398,000 10,583,000 11,557,000 11,923,000 2,026,000 567,000 4,411,000 4,919,000 Cash assets 29,854,000 33,727,000 35,564,000 35,608,000 7,290,000 ,031,00014,210,00012,078,000 Other assets 1,622,000 1,811,000 1,977,000 2,049,000 509,000 48,000 836,000 655,000 Total assets 134,889,000 143,212,000 152,079,000 156,813,000 29,171,0008,029,00060,667,00058,946,000 Time deposits 29,506,000 30,074,000 32,120,000 34,647,000 2,479,0001,201,00013,777,00017,189,000 Total deposits 123,559,000 130,760,000 138,398,000 142,380,000 25,336,0007,298,00055,424,00054,322,000 Total capital accounts 9,455,000 9,947,000 10,480,000 11,043,000 2,541,000 548,000 3,856,000 4,097,000 Number of officers 48,967 50,553 52,652 54,639 37,958 16,681 3,693 963 14,973 35,010 Number of employees 263,643 282,266 300,868 315,972 205,892 110,080 48,591 10,338 126,175 130,868 Number of banks 6,873 6,840 6,798 6,743 4,856 1.8 319 6,389 See footnotes on pp. 525-527. 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 233,591 1,132,093 256,587 365,396 209,517 224,234 655,596 167,448 127,762 205,989 239,509 772,514 Interest and dividends on securities: U. S. Government 45,972 217,389 54,728 94,000 50,242 52,427 197,038 39,898 29,600 51,706 47,292 130,709 Other 10,657 65,177 17,886 23,692 9,138 13,072 37,935 9,319 6,239 10,965 10,218 37,480 Interest and discount on loans 128,888 641,582 142,679 194,274 117,543 120,694 329,095 97,772 70,721 114,182 147,643 486,410 Other charges on loans... 911 10,487 1,210 2,396 908 1,376 5,451 870 997 910 1,984 13,040 Service charges on deposits. 12,938 44,598 9,025 13,903 11,326 13,443 28,806 6,065 7,545 11,685 10,285 49,212 Other charges, fees, etc... . 5,549 22,561 2,901 5,429 5,977 7,495 12,537 3,791 5,498 3,546 4,019 13,021 Trust department 17,524 79,259 18,674 16,798 8,065 5,603 25,157 4,564 2,984 4,327 3,847 20,416 Other current earnings.. . . 11,151 51,040 9,484 14,906 6,318 10,125 19,578 5,169 4,179 8,667 14,222 22,226 Expenses 145,257 662,499 154,341 221,382 127,204 139,567 405,745 99,745 80,440 121,443 146,381 477,514 Salaries—-officers 24,726 92,978 25,254 32,709 23,800 24,474 63,361 19,954 16,421 27,291 30,939 65,235 Salaries and wages—others 48,687 252,781 51,123 67,969 39,164 43,085 129,960 29,383 23,123 35,418 41,802 161,854 Directors' fees, etc 1,524 4,630 2,791 2,128 1,609 1,317 3,123 1,391 778 1,515 1,525 1,383 Interest on time deposits.. 15,995 77,512 21,243 37,584 18,132 14,910 68,795 11,808 12,668 13,652 10,613 121,826 Interest on borrowed money 617 6,600 921 1,633 1,136 922 4,079 1,263 613 1,441 720 2,711 Taxes other than income. . 6,459 22,552 6,881 18,307 5,846 7,589 19,094 5,097 2,710 4,213 12,739 13,706 Recurring depreciation... . 4,191 12,063 4,296 6,002 4,084 4,822 8,718 2,468 1,914 3,410 4,508 10,574 Other current expenses. ... 43,059 193,383 41,833 55,050 33,433 42,448 108,615 28,381 22,213 34,503 43,537 100,226 Net current earnings before income taxes 88,334 469,594 102,246 144,015 82,314 84,667 249,851 67,703 47,323 84,546 93,128 294,999 Recoveries, transfers from reserves, and profits. . 15,480 33,774 7,821 8,005 4,844 4,896 23,438 4,206 3,235 4,535 8,116 13,924 On securities: Recoveries 1,015 1,449 1,115 525 269 572 1,733 668 177 702 300 1,322 Transfers from reserves. 5,188 6,329 523 550 656 308 6,534 967 442 28 1,927 2,426 Profits on securities.... 1,590 10,468 2,290 2,730 1,356 2,006 7,263 1,459 522 1,159 1,033 2,729 On loans: Recoveries 4,722 5,500 963 735 592 505 1,655 390 1,350 1,552 2,124 3,070 Transfers from reserves. 835 6,700 294 1,541 218 555 2,398 219 139 255 921 1,654 All other 2,131 3,328 2,635 1,925 1,753 951 3,855 503 606 840 1,812 2,723 Losses, charge-offs, and transfers to reserves. . 27,681 93,239 24,151 30,291 13,624 15,608 62,410 12,343 8,348 14,773 22,613 58,398 On securities: Losses and charge-offs. . 5,751 45,488 8,851 8,488 6,076 6,686 23,351 3,322 3,441 3,476 6,346 18.603 Transfers to reserves.... 6,744 6,795 2,035 9,572 1,028 1,020 5,452 2,344 482 890 1,653 10,284 On loans: Losses and charge-offs. . 474 1,646 616 836 547 1,293 1,493 1,011 1,837 3,931 5,652 1,081 Transfers to reserves.... 5,309 28,834 9,066 7,153 3,629 3,549 18,064 3,526 1,498 4,053 5,707 21,588 All other 9,402 10,477 3,583 4,242 2,343 3,060 14,049 2,140 1,089 2,424 3,255 6,843 Profits before income taxes 76,134 410,128 85,915 121,730 73,534 73,955 210,879 59,566 42,210 74,307 78,631 250,525 Taxes on net income 34,364 189,263 32,771 49,453 32,949 31,304 87,363 24,933 18,442 32,568 36,754 122,086 Federal 29,458 173,650 32,771 49,453 32,572 30,737 87,255 24,509 16,970 31,392 36,729 114,711 State 4,907 15,613 377 567 108 424 1,473 1,177 25 7,376 Net profits 41,769 220,856 53,144 72,276 40,585 42,651 123,517 34,633 23,768 41,739 41,878 128,438 Cash dividends declared. . 22,429 128,390 27,161 30,744 17,263 15,663 47,358 13,747 9,891 14,374 21,157 70,474 On preferred stock2 16 1.515 61 3 25 220 38 6 1 16 56 On common stock 22,413 126,875 27,100 30,741 17,238 15,663 47,139 13,710 9,885 14,373 21,141 70,418 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 554 4 43 6 1 14 11 50 53 24 On loans 823 8,872 851 1,242 921 1,021 3,843 731 700 1,898 1,984 6,045 Losses charged to reserves (not included in losses above): On securities 301 5,978 1,894 12,900 245 637 2,621 1,245 154 453 131 7,368 On loans 3,016 15,934 2,848 3,473 2,216 3,491 7,026 2,548 1,938 4,854 8,987 18,163 Loans 2,786,00016,446,0002,935,000 4,291,000 2,339,000 2,313,000 7,333,000 2,087,0001,376,000 2,235,000 2,916,000 9,086,000 U. S. Government securities. 2,312,00011,120,000 2,664,000 4,781,000 2,542,000 2,667,00010,058,000 2,017,0001,479,000 2f,627,000 2,371,000 6,454,000 Other securities 555,000 3,103,000 804,000 1,032,000 432,000 564,000 1,964,000 409,000 316,000 560,000 434,000 1,748,000 Cash assets 1,555,000 9,301,0001,718,000 2,699,000 1,713,000 1,931,000 5,637,0001,462,000 930,0002,028,0002,486,000 4,147,000 Other assets 121,000 665,000 103,000 155,000 92,000 98,000 204,000 56,000 39,000 61,000 138,000 317,000 Total assets 7,328,000 40,635,0008,224,00012,959,0007,118,000 7,573,00025,196,000 6,031,000 4,140,000 7,511,0008,345,00021,753,000 Time deposits 1,337,000 6,487,000 2,094,000 3,600,000 1,524,0001,283,000 6,708,0001,072,0001,025,000 940,000 883,000 7,694,000 Total deposits 6,,558844,,000000 35,840,0007,394,00011,818,0006,511,000 7,000055,,00000023,343,0005,530,0003,881177,,000000 6,,994411,,000000 7,716,00019,881,000 Total capital accounts 613,000 3,349,000 739,000 978,000 493,000 468,000 1,477,000 403,000 257,000 473,000 548,000 1,246,000 Number of officers 3,047 8,711 3,519 4,096 3,252 3,104 7,145 2,922 2,434 4,023 4,198 8,188 Number of employees 18,575 77,812 18,484 23,493 15,313 16,875 44,922 11,976 9,030 13,585 15,532 50,375 Number of banks 317 700 607 652 1,014 493 472 754 635 259 ng those becoming members during :nts for member banks in operation y y 2Includes interest on capital notes and debentures. 3Not available on the 13-month basis used for all member banks. See note on pp. 526-527. For other footnotes see pp. 526-527. MAY 1954 525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas San Earnings 81,333 48,137 101,552 207,058 87,633 94,450 201,943 82,025 42,550 105,378 111,347 634,473 Interest and dividends on securities: U. S. Government 13,347 8,384 15,019 51,185 21,576 20,781 68,200 16,839 8,036 27,725 20,408 104,380 Other 3,388 2,922 6,721 14,098 3,618 5,692 11,347 4,303 2,239 6,185 3,507 32,352 Interest and discount on loans. 45,298 28,404 58,749 108,320 45,557 51,485 96,065 50,274 24,939 56,578 69,777 402,473 Other charges on loans 380 538 571 1,758 345 1,019 2,312 459 348 382 1,527 11,015 Service charges on deposits.. . . 2,309 3,120 2,804 6,277 4,792 4,113 12,036 2,051 1,631 4,190 2,169 39,805 Other charges, fees, etc 3,216 968 889 2,946 3,349 3,403 3,913 1,735 1,299 1,195 1,461 9,363 Trust department 8,509 960 12,261 13,837 5,393 3,175 3,758 3,828 2,448 3,650 3,146 17,810 Other current earnings 4,886 2,841 4,538 8,637 3,003 4,783 4,312 2,537 1,610 5,473 9,353 17,274 Expenses 45,226 33,475 59,400 121,789 51,516 57,400 130,476 46,763 25,923 60,387 66,159 384,291 Salaries—officers 7,475 3,847 8,566 14,403 8,824 8,334 15,519 7,168 3,703 9,235 9,917 49,296 Salaries and wages—others 17,309 11,444 25,494 42,800 18,903 18,669 49,042 16,092 10,275 20,409 19,448 133,298 Directors' fees, etc 164 196 355 408 402 289 559 227 90 341 254 790 Interest on time deposits 1,662 6,562 2,124 18,485 4,321 5,506 21,479 4,390 2,647 6,584 5,878 101,241 Interest on borrowed money... 155 153 560 1,426 758 749 1,006 1,068 486 1,286 600 2,484 Taxes other than income 1,894 951 2,590 10,230 2,774 3,873 5,775 2,360 529 2,113 7,502 11,572 Recurring depreciation 1,142 666 856 2,907 1,275 1,610 2,762 804 465 1,709 1,782 7,550 Other current expenses 15,426 9,658 18,854 31,130 14,260 18,370 34,333 14,655 7,729 18,710 20,778 78,062 Net current earnings before income taxes 36,107 14,662 42,152 85,269 36,117 37,050 71,467 35,262 16,627 44,991 45,188 250,182 Recoveries, transfers from reserves, and profits 10,787 1,920 4,096 4,935 2,970 2,759 3,825 2,594 1,498 1,950 2,767 9,848 On securities: Recoveries 761 11 355 99 360 40 531 59 151 144 632 Transfers from reserves 4,661 187 492 203 611 230 343 819 384 25 1,005 2,396 Profits on securities 545 876 1,181 2,013 970 1,348 1,740 986 166 873 458 2,065 On loans: Recoveries 3,954 17 225 213 169 216 178 45 714 251 196 2,727 Transfers from reserves 128 501 175 989 12 191 117 19 7 129 19 All other 739 329 2,023 1,161 1,110 414 1,406 194 168 521 964 2,009 Losses, charge-offs, and transfers to reserves 14,280 3,141 10,705 19,297 6,784 7,492 22,534 6,779 2,709 5,742 8,140 46,973 On securities: Losses and charge-offs 390 175 3,125 3,374 2,698 3,578 12,492 1,510 1,247 1,739 4,164 15,768 Transfers to reserves 5,814 1,370 1,860 8,922 697 864 2,040 2,052 35 723 1,243 9,800 On loans: Losses and charge-offs 77 8 37 251 299 79 772 309 67 288 Transfers to reserves 2,488 1,407 4,135 4,220 2,054 1,662 4,597 2,113 453 2,001 1,261 16,643 All other 5,587 189 1,509 2,773 1,298 1,137 3,106 1,026 201 971 1,405 4,475 Profits before income taxes. . 32,614 13,441 35,542 70,907 32,303 32,316 52,758 31,077 15,417 41,199 39,815 213,057 Taxes on net income. 15,551 5,965 13,914 29,330 15,312 14,268 21,500 14,366 7,069 19,132 20,762 Federal 12,741 5,414 13,914 29,330 15,125 14,073 21,459 14,054 6,349 18,437 20,762 105,288 State 2,811 552 188 196 42 312 720 695 99,362 Net profits 17,063 7,476 21,628 41,578 16,990 18,048 31,258 16,711 8,349 22,067 19,053 5,926 107,768 Gash dividends declared. 10,242 4,030 12,822 19,118 7,911 7,248 12,085 7,718 3,754 7,296 12,204 62,188 On preferred stock2 208 40 24 On common stock 'l 0,2 42 3,822 12,822 19,118 7,911 7,248 12,045 V,7i8 3,754 7,296 Y2,204 62,164 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 85 1 1 50 48 9 On loans 153 212 384 625 472 481 1,311 281 147 811 453 4,929 Losses charged to reserves (not included in losses above): On securities 1,691 1,803 12,673 202 636 2,320 1,193 446 44 7,131 On loans 897 774 1,495 1,869 929 1,818 2,212 1,521 705 1,962 3,094 14,575 Loans 1,141,000 613.0001,341,000 2,638,000 1,044,0001,085,000 2,105,000 1,215,000 549,000 1,261,000 1,630,0007,653,000 U. S. Government securities.... 673,000 412,000 749,000 2,654,000 1,123,0001,069,000 3,420,000 850,000 410,000 1,421,0001,012,0005,145,000 Other securities 165,000 126,000 288,000 566,000 168,000 212,000 626,000 172,000 117,000 313,000 150,0001,509,000 Cash assets 615,000 339,000 838,000 1,729,000 828,000 900,0001,849,000 814,000 400,0001,205,0001,245,0003,447,000 Other assets 57,000 22,000 42,000 100,000 45,000 47,000 70,000 29,000 14,000 41,000 88,000 280,000 Total assets. 2,651,000 1,513,000 3,257,0007,688,000 3,208,000 3,313,000 8,069,000 3,079,0001,490,000 4,240,000 4,124,000 18,034,000 Time deposits 180,000 381,000 248,000 1,709,000 472,000 468,000 2,366,000 364,000 183,000 468,000 483,0006,456,000 Total deposits 2,334,000 1,,338899,,000000 2,,992200,,000000 6,,997711,,000000 2,,993300,,000000 3,049,000 7,574^00 2,798,0001,335522,,000000 3,,990066,,000000 3,778822,,000000 16,418,000 Total capital accounts. 249,000 101,000 278,000 583,000 205,000 196,000 390,000 202,000 94,000 252,000 277,0001,029,000 Number of officers 720 381 719 1,183 839 836 1,404 708 360 978 891 5,954 Number of employees. 6,183 3,980 5,156 13,421 7,048 7,006 16,510 6,252 3,541 7,349 6,82 39,902 Number of banks 10 24 31 21 75 20 50 29 29 * Not including central reserve city banks. NOTE.—The figures of assets, deposits, and capital accounts are average^ of the amounts reported for the call dates at the beginning, middle, and end of each year, plus the last-Wednesday-of-the-month figures for the 10 intervening months. The number of officers, employees, and banks are as of the end of the year. Cash assets are comprised of cash, balances with other banks (including reserves balances), and cash (continued on following page). For other footnotes see pp. 525-527. 526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 152,258 326,947 155,035 158,339 121,884 129,785 265,395 85,423 85,212 100,611 128,162 138,041 Interest and dividends on securities: U. S. Government 32,625 72,329 39,710 42,815 28,665 31,646 75,515 23,059 21,564 23,981 26,884 26,329 Other 7,269 19,343 11,166 9,594 5,520 7,380 14,266 5,016 4,000 4,780 6,711 5,128 Interest and discount on loans 83,591 187,150 83,930 85,954 71,987 69,210 139,389 47,498 45,782 57,604 77,866 83,936 Other charges on loans 532 2,354 639 638 563 358 1,819 411 649 528 456 2,024 Service charges on deposits. 10,629 21,908 6,221 7,626 6,534 9,330 14,822 4,015 5,913 7,496 8,115 9,407 Other charges, fees, etc 2,333 5,826 2,013 2,482 2,628 4,092 5,453 2,057 4,199 2,351 2,558 3,658 Trust department 9,015 8,642 6,414 2,960 2,673 2,428 4,774 736 536 677 702 2,607 Other current earnings.... 6,265 9,396 4,945 6,269 3,315 5,343 9,359 2,632 2,569 3,195 4,869 4,952 Expenses 100,031 224,882 94,941 99,593 75,688 82,167 172,882 52,982 54,517 61,056 80,222 93,224 Salaries—officers 17,251 34,703 16,688 18,306 14,976 16,141 33,749 12,786 12,719 18,055 21,022 15,939 Salaries and wages—others 31,378 67,793 25,629 25,169 20,261 24,417 46,878 13,292 12,848 15,010 22,353 28,557 Directors' fees, etc 1,360 2,736 2,436 1,720 1,207 1,029 2,325 1,165 688 1,174 1,271 593 Interest on time deposits.. 14,333 42,783 19,118 19,099 13,812 9,403 32,227 7,418 10,021 7,069 4,735 20,586 Interest on borrowed money 462 1,029 361 208 378 173 639 195 128 155 120 227 Taxes other than income.. 4,565 8,861 4,291 8,077 3,072 3,715 8,507 2,737 2,181 2,100 5,237 2,134 Recurring depreciation 3,049 7,267 3,440 3,095 2,809 3,212 4,992 1,664 1,449 1,701 2,726 3,024 Other current expenses.... 27,633 59,711 22,979 23,920 19,173 24,078 43,564 13,726 14,484 15,793 22,759 22,164 Net current earnings before income taxes 52,227 102,065 60,094 58,746 46,196 47,618 92,514 32,441 30,695 39,555 47,939 44,817 Recoveries, transfers from reserves, and profits. . 4,693 11,328 3,725 3,070 1,874 2,137 4,706 1,612 1,737 2,585 5,350 4,076 On securities: Recoveries 254 351 1,115 170 170 212 615 138 118 551 156 690 Transfers from reserves. 527 1,948 32 346 45 78 104 148 58 3 922 30 Profits on securities.... 1,045 2,608 1,109 717 387 657 1,671 473 356 286 575 663 On loans: Recoveries 768 1,292 738 522 423 289 581 345 636 1,302 1,928 343 Transfers from reserves. 707 3,126 119 552 206 364 467 200 132 126 921 1,635 All other 1,391 2,005 612 763 643 537 1,268 309 438 318 849 714 Losses, charge-offs, and transfers to reserves.. 13,401 29,180 13,446 10,994 6,839 8,116 17,373 5,564 5,639 9,031 14,472 11,425 On securities: Losses and charge-offs. . 5,361 8,916 5,727 5,115 3,378 3,108 8.685 1,813 2,194 1,737 2,182 2,836 Transfers to reserves... 930 3,345 175 650 331 156 435 291 447 167 410J 484 On loans: Losses and charge-offs. . 474 1,037 539 828 510 1,043 979 932 1,065 3,622 5,585 792 Transfers to reserves 2,821 12,412 4,931 2,932 1,575 1,886 4,788 1,413 1,045 2,053 4,446 4,945 All other 3,815 3,470 2,074 1,469 1,045 1,923 2,486 1,114 888 1,452 1,850 2,368 Profits before income taxes 43,519 84,213 50,374 50,822 41,231 41,639 79,847 28,489 26,793 33,109 38,817 37,468 Taxes on net income 18,813 31,898 18,857 20,124 17,637 17,036 31,086 10,567 11,374 13,436 15,992 16,798 Federal 16,717 29,791 18,857 20,124 17,447 16,664 31,020 10,455 10,621 12,955 15,967 15,349 State 2,096 2,107 190 372 66 112 753 481 25 1,450 Net profits 24,706 52,315 31,516 30,699 23,595 24,603 48,760 17,922 15,419 19,672 22,825 20,670 Cash dividends declared. . 12,186 21,186 14,339 11,626 9,352 8,415 15,723 6,029 6,137 7,078 8,953j 8,286 On preferred stock2 16 1,250 61 3 25 112 38 6 1 16j 32 On common stock 12,171 19,937 14,278 11,623 9,327 8,4 i 5 15,612 5,992 6,131 7,078 8,937 8,254 Memoranda items: Recoveries credited to reserves (not included in recoveries above) : On securities 142 3 42 6 1 14 11 5 15 On loans 670 2,437 466 618 448 540 1,190 450 553 1,087 1,531 1,115 Losses charged to reserves (not included in losses above): On securities 301 2,176 91 227 43 1 247 51 154 7 87 237 On loans 2,119 6,556 1,353 1,605 1,287 1,673 2,698 1,026 1,234 2,892 5,893 3,588 Loans 1,645,000 3,632,0001,594,000 1,653,0001,295,0001,228,000 2,599,000 872,000 827,000 975,0001,286,000 1,433,000 U. S. Government securities. 1,639,000 3,563,0001,915,000 2,127,000 1,,441199,,0000001,598,000 3,884,0001,168,0001,069,000 1,207,0001,359,000 1,309,000 Other securities 390,000 951,000 517,000 466,000 263,000 352,000 772,000 237,000 199,000 247,000 284,000 239,000 Cash assets 939,000 1,673,000 880,000 970,000 8^8844,,000000 1,031,000 1,758,000 649,000 529,000 823,0001,241,000 701,000 Other assets 63,000 133,000 61,000 55,000 47,000 52,000 86,000 27,000 26,000 20,000 50,000 37,000 Total assets 4,676,000 9,952,000 4,967,000 5,272,000 3,909,000 4,260,000 9,098,0002,952,0002,650,000 3,271,000 4,220,000 3,719,000 Time deposits 1,157,000 3,627,0001,846,000 1,891,0001,052,000 815,000 3,141,000 708,000 842,000 473,000 400,000 1,238,000 Total deposits 4,249,000 9,115,000 4,,447744,^00000 4,884477,,000000 3,,558811,,000000 3,,995566,,000000 8,471,0002,732,0002,,446644,,000000 3,,003355,,000000 3,,993344,,000000 3,462,000 Total capital accounts 364,000 707,000 460,000 395,000 287,000 272,000 539,000 202,000 162,000 222,000 271,000 217,000 Number of officers 2,327 4,637 2,800 2,913 2,413 2,268 4,778 2,214 2,074 3,045 3,307 2,234 Number of employees 12,392 25,241 10,328 10,072 8,265 9,869 18,074 5,724 5,489 6,236 8,705 10,473 Number of banks 307 667 597 628 446 342 926 473 463 704 230 NOTE.—(cont.)—items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. For other footnotes see pp. 525-526. MAY 1954 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1953 ALL MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 4, 574 084 8,76? 55,861 255,791 301,446 445 155 353 071 361,203 2,792,795 Interest and dividends on securities: TJ. S Government 1 007 381 1 7S7 13 451 64,378 74,812 109 111 85 137 82,370 576,384 Other 250 886 2,407 13,843 18,213 76 035 19 914 17,664 152,460 Interest and discount on loans. 2,585 827 5, 707 34,052 149,420 170,451 243,005 190,363 193,156 1 599,673 Other charges on loans 40 491 5? 143 820 1,384 2 413 2,692 29,786 Service charges on deposits.. . . 217 981 458 2,956 14,487 19,306 31,006 23,640 20,135 105,993 Other charges, fees, etc 9? 095 790 1,703 6,427 6,984 9,799 6,720 6,602 54,071 Trust department 202 768 5 33 675 2,661 8 653 10 785 23,124 157,331 Other current earnings 176 657 163 1,117 5,741 7,636 14,843 14,600 15,460 117,097 Expenses 770,010 5 589 35,650 163,702 193,989 ?94 ,860 233,972 1 611,228 Salaries—officers 444,797 2 227 12,136 44,514 43,031 54,194 38,442 36,225 214,027 Salaries and wages—others. . . . 920,764 730 5,748 33,361 47,723 83,294 72,886 78,483 598,539 Directors' fees etc. 23 602 176 1,060 4,646 3,996 4 09? 2 173 1,731 5,780 Interest on time deposits 423,599 733 5,724 29,922 35,652 52,246 35,626 31,587 232,109 Interest on borrowed money.. . 22,628 5 54 249 341 739 907 1,361 18,972 Taxes other than income 124,825 239 1,719 7,678 9,259 12,943 10,885 10,206 71,896 Recurring depreciation 66,853 137 1,076 5,320 6,597 9,776 7,055 6,866 30,028 Other current expenses 742,941 1 341 8,133 38,013 47,392 76,738 63,935 67,513 439,876 Net current earnings before income taxes 1 804,074 3 172 20,211 92,088 107,457 151,135 121,211 127,232 1 181,566 Recoveries, transfers from reserves and profits 130,519 342 1,300 4,752 6,381 8,879 8,954 12,078 87,833 On securities: Recoveries 9 745 16 35 288 1,138 8?7 535 1,716 5,190 Transfers from reserves 25 759 16 99 224 587 1,440 22,966 Profits on securities . . . 34,519 20 121 744 1,251 2,480 2,513 3,093 24,297 On loans: Recoveries 22,977 876 2,331 1,782 1 84? 989 701 14,196 Transfers from reserves 15,359 10 32 324 751 791 1,097 3,254 9,101 All other 22 161 35 220 966 1,236 7 513 3 733 1,874 12,084 Losses, charge-offs, and transfers to reserves 381,131 919 3,512 17,408 22,798 ?9 686 25 635 29,768 251,404 On securities: Losses and charge-offs 138,310 52 483 4,466 7,075 12,174 10,201 8,988 94,871 Transfers to reserves 48,276 2 114 382 629 1,152 1,895 2,712 41,391 On loans: Losses and charge-offs 20,379 676 1,790 5,560 4,341 2,828 1,431 762 2,992 Transfers to reserves 111,762 71 642 4,205 7,075 8,736 7,727 12,901 70,407 All other 62 404 119 484 2,795 3,679 4 796 4 381 4,406 41,743 Profits before income taxes. . . 1 553,462 2,596 17,999 79,432 91,041 130,327 104,530 109,542 1 017,995 Taxes on net income 690,734 797 4,974 25,842 34,971 54,163 44,162 49,965 475,860 Federal 658 801 761 4,767 24,917 33,879 52,444 43 114 48,113 450,807 State 31 933 36 207 924 1,092 1,719 1,048 1,853 25,054 Net profits .... . . 86?,728 1 799 13,025 53,591 56,070 76,164 60,368 59,577 542,135 Cash dividends declared 417,559 696 4,416 19,070 20,783 29,097 23,539 24,146 295,812 On preferred stock2 1,955 2 85 80 199 57 457 1,070 On common stock 415,604 695 4,409 18,985 20,703 78 898 23,48? 23,690 294,742 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 758 24 54 18 28 630 On loans 78,893 23 270 1,442 2,322 7 898 1 694 2,855 17,390 Losses charged to reserves (not included in losses above): On securities 33 832 72 242 346 96? 1,697 30,506 On loans . 74,205 63 676 3,943 6,473 7,588 6,516 7,010 41,937 Loans 57 737 830 94 819 602,514 2,745 988 3 166,883 4 636,829 3,841,435 3,989,979 38 659,383 U. S. Government securities 52,559,788 80,190 642,288 3,131,782 3,723,687 5,540,367 4,407,044 4,292,849 30 741,581 Other securities 054 066 14486 108 311 667 722 933,250 1335,092 1,034,880 909,630 7 050,695 Cash assets 39 361 238 67 653 433,832 1,942,307 2,232,611 ?49,77? 2,787,S84 2,929,188 75,718,491 Other assets 2 176,979 1 7S7 12,502 71,694 97,509 175 770 150,799 162,176 1,504,792 Total assets 163 889 901 258 885 1,799,447 8,559,493 10,153,940 14 9S7 8S0 12,221,54? 12,283,822 103,674,942 Time deposits . . . 36 213 523 57 40? 469,661 2,499,133 3,130,100 4 7?7,766 3,290,006 2,845,864 19,193,591 Total deposits 150,095,426 230,300 1,630,099 7,858,610 9,380,177 13,835,279 11,356,798 11,383,671 94,420,492 Total capital accounts 11,293,253 27,966 164,642 673,066 727,290 1,000,690 761,558 766,276 7,171,765 Number of officers 54 456 7S4 3 019 8 756 6,864 7,?0? 4,469 3,776 19,636 Number of employees 315,304 500 3,131 14,981 19,578 32,340 27,601 28,485 188,688 Number of banks . . .. 6,717 308 1,077 2,374 1,332 916 332 165 213 totals are for all banks that submitted reports covering the entire year, except three trust companies having no deposits. 2 Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. See note on preceding page regarding the composition of cash assets and total capital accounts. 528 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1953—Continued NATIONAL BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5.000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 3,047,149 6,523 38,431 188,416 222,010 324,896 237,479 219,444 1,809,950 Interest and dividends on securities: U. S. Government 689,760 1,316 9,361 48,425 56,692 81,942 61,420 53,523 377,081 Other 175,306 277 1,690 10,741 13,848 19,075 13,613 11,220 104,842 Interest and discount on loans. 1,740,684 4,253 23,187 108,594 123,871 176,433 124,240 119,363 1,060,743 Other charges on loans 27,861 17 104 581 1,011 1,968 1,530 1,446 21,204 Service charges on deposits.. . . 149,132 353 2,069 10,606 14,257 22,357 15,841 12,846 70,803 Other charges, fees, etc 59,702 186 1,194 4,620 4,939 6,466 4,409 3,927 33,961 Trust department 85,691 1 21 482 1,612 5,862 5,766 6,954 64,993 Other current earnings 119,013 120 805 4,367 5,780 10,793 10,660 10,165 76,323 Expenses 1,830,609 4,157 24,482 120,376 141,460 212,689 154,996 140,691 1,031,758 Salaries—officers 295,605 1,661 8,219 32,461 31,524 39,508 25,706 22,495 134,031 Salaries and wages—others. . . . 591,174 562 4,049 24,743 34,926 60,118 48,218 45,574 372,984 Directors' fees, etc 15,969 136 745 3,506 2,962 2,991 1,373 1,103 3,153 Interest on time deposits 296,590 531 3,901 21,842 25,578 37,094 23,624 18,364 165,656 Interest on borrowed money... 14,334 2 34 174 263 511 554 885 11,911 Taxes other than income 83,998 164 1,110 5,555 6,700 9,431 7,195 6,639 47,204 Recurring depreciation 46,981 95 757 4,015 4,827 7,171 4,642 4,290 21,184 Other current expenses 485,958 1,006 5,667 28,080 34,680 55,865 43,684 41,341 275,635 Net current earnings before income taxes 1,216,540 2,366 13,949 68,040 80,550 112,207 82,483 78,753 778,192 Recoveries, transfers from reserves, and profits 80,252 248 960 3,517 5,005 6,482 5,041 5,349 53,650 On securities: Recoveries 7,776 6 19 234 1,031 620 397 931 4,538 Transfers from reserves 15,108! 3 73 157 309 281 450 13,835 Profits on securities 23,379 14 83 585 1,006 1,829 1,502 1,894 16,466 On loans: Recoveries 16,306 198 669 1,799 1,393 1,509 813 508 9,417 Transfers from reserves 4,957 3 28 170 434 529 474 712 2,607 All other 12,726 27 158 656 984 1,686 1,574 854 6,787 Losses, charge-offs, and transfers to reserves 263,597 667 2,490 12,868 17,098 21,594 16,569 15,361 176,950 On securities: Losses and charge-offs 95,119 41 356 3,636 5,770 9,119 7,238 5,796 63,163 Transfers to reserves 31,365 72 239 415 778 660 727 28,474 On loans: Losses and charge-offs 15,291 483 1,326 4,091 3,394 2,149 1,269 673 1,906 Transfers to reserves 76,667 38 399 2,954 4,606 5,886 4,420 5,667 52,697 All other 45,155 105 337 1,948 2,913 3,662 2,982 2,498 30,710 Profits before income taxes. . . 1,033,195 1,947 12,419 58,689 68,457 97,095 70,955 68,741 654,892 Taxes on net income 463,522 598 3,431 18,822 25,964 41,002 29,681 32,312 311,712 Federal 444,656 570 3,272 18,096 25,105 39,703 29,037 31,407 297,466 State 18,866 28 159 726 859 1,299 644 905 14,246 Net profits 569,673 1,349 8,988 39,867 42,493 56,093 41,274 36,429 343,180 Cash dividends declared 273,902 553 3,215 14,640 15,745 21,674 15,945 14,738 187,392 On preferred stock 332 4 67 46 64 8 35 108 On common stock 273,570 '"553 3,211 14,573 15,699 21,610 15,937 14,703 187,284 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 440 2 11 10 7 3 407 On loans 19,706 13 197 1,164 1,812 2,158 1,204 1,380 11,778 Losses charged to reserves (not included in losses above): On securities 22,354 5 40 49 207 474 592 20,987 On loans 52,548 51 502 3,090 4,652 5,202 4,208 3,587 31,256 Loans 37,815,619 69,953 405,317 1,991,396 2,309,720 3,337,496 2,524,110 2,499,800 24,677,827 U. S. Government securities 35,461,824 59,014 445,182 2,332,199 2,800,800 4,145,660 3,183,822 2,789,066 19,706,081 Other securities 8,598,731 11,574 74,453 509,428 698,792 985,462 725,990 579,415 5,013,617 Cash assets 26,465,483 49,846 300,831 1,437,020 1,665,138 2,426,130 2,009,497 2,010,849 16,566,172 Other assets 1,410,678 1,305 9,055 54,359 71,402 127,391 102,237 99,282 945,647 Total assets 109,752,335 191,692 1,234,838 6,324,402 7,545,85211,022,139 8,545,656 7,978,412 66,909,344 Time deposits 24,616,227 40,778 312,408 1,813,629 2,256,578 3,356,590 2,212,128 1,692,700 12,931,416 Total deposits 100,608,561 169,599 1,113,655 5,793,785 6,964,81010,213,731 7,964,900 7,418,061 60,970,020 Total capital accounts 7,385,569 21,619 118,048 511,560 549,941 735,771 515,829 479,165 4,453,636 Number of officers 37,915 550 2,047 6,453 5,083 5,329 2,985 2,342 13,126 Number of employees 205,729 378 2,198 11,081 14,389 23,439 18,194 17,036 119,014 Number of banks 4,842 1,733 994 677 233 See footnotes on preceding page. MAY 1954 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1953—Continued STATE MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total1 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1 526,935 2,239 17,430 67,375 79,436 120,259 115,592 141,759 982,845 Interest and dividends on securities: U. S. Government 317,621 421 4,090 15,953 18,120 27,169 23,717 28,847 199,303 Other 75,580 73 717 3,102 4,365 6,960 6,301 6,444 47,618 Interest and discount on loans. 845,143 1,454 10,865 40,826 46,580 66,572 66,123 73,793 538,930 Other charges on loans 12,630 35 39 239 373 1,235 883 1,246 8,582 Service charges on deposits.... 68,849 105 887 3,881 5,049 8,649 7,799 7,289 35,190 Other charges, fees, etc 32,393 104 509 1,807 2,045 2,833 2,311 2,675 20,110 Trust department 117,077 4 12 193 1,049 2,791 4,519 16,170 92,338 Other current earnings 57,644 43 312 1,374 1,856 4,050 3,940 5,295 40,774 Expenses 939,401 1,432 11,168 43,326 52,529 81,332 76,864 93,281 579,470 Salaries—officers 149,192 566 3,917 12,053 11,507 14,686 12,736 13,730 79,996 Salaries and wages—others.... 329,590 168 1,699 8,618 12,797 23,176 24,668 32,909 225,555 Directors' fees, etc 7 633 40 315 1,140 1,034 1,101 750 628 2,627 Interest on time deposits 127,009 202 1,823 8,080 10,074 15,152 12,002 13,223 66,453 Interest on borrowed money.. . 8,294 3 20 75 78 228 353 476 7,061 Taxes other than income 40,827 75 609 2,123 2,559 3,512 3,690 3,567 24,692 Recurring depreciation 19,872 42 319 1,305 1,770 2,605 2,413 2,576 8,844 Other current expenses 256,983 335 2,466 9,933 12,712 20,873 20,251 26,172 164,241 Net current earnings before income taxes 587,534 806 6,262 24,048 26,907 38,928 38,728 48,479 403,374 Recoveries, transfers from reserves, and profits 50,267 94 340 1,235 1,376 2,397 3,913 6,729 34,183 On securities: Recoveries . .. 1 969 10 16 54 107 207 138 785 652 Transfers from reserves 10,651 13 26 67 117 306 990 9,131 Profits on securities 11,140 6 38 159 245 651 1,011 1,199 7,831 On loans: Recoveries 6 671 63 207 532 389 333 176 193 4,779 Transfers from reserves 10,402 7 4 154 317 262 623 2,542 6,494 All other . . . 9 435 8 62 310 827 1,659 1,020 5,297 Losses, charge-offs, and transfers to reserves 117,534 252 1,022 4,540 5,700 8,092 9,066 14,407 74,454 On securities: Losses and charge-offs 43,191 11 127 830 1,305 3,055 2,963 3,192 31,708 Transfers to reserves 16,911 2 42 143 214 374 1,235 1,985 12,917 On loans: Losses and charge-offs 5,088 193 464 1,469 947 679 162 89 1,086 Transfer to reserves 35,095 33 1,251 2,469 2,850 3,307 7,234 17,710 All other 17,249 14 147 847 766 1,134 1,399 1,908 11,033 Profits before income taxes. . . 520,267 649 5,580 20,743 22,584 33,232 33,575 40,801 363,103 Taxes on net income 227,212 199 1,543 7,020 9,007 13,161 14,481 17,653 164,148 Federal 214 145 191 1,495 6 821 8,774 12,741 14,077 16,706 153,341 State 13,067 8 48 198 233 420 404 948 10,808 Net profits 293,055 450 4,037 13,724 13,577 20,071 19,094 23,148 198,955 Gash dividends declared 143,657 143 1,201 4,430 5,038 7,423 7,594 9,408 108,420 O O n n c pr o e m fe m rr o e n d s s t t o o ck c k2 . . . . .. 14 1 2 ,0 6 3 2 4 3 142 2 1,198 3 4,41 1 2 8 5,00 3 4 4 7,2 1 8 3 8 5 7,54 4 5 9 8,9 4 8 2 7 2 107,4 9 5 6 8 2 Memoranda items: Recoveries credited to reserves (not included in recoveries above) : On securities 318 2 1 13 44 11 25 On loans 9 187 10 278 510 740 490 1,475 5,612 Losses charged to reserves (not included in losses above): On securities 11,478 32 139 488 1,105 9,519 On loans 21,657 12 174 853 1,821 2,386 2,308 3,423 10,681 Loans .... 19 922 211 24 866 197 197 754 592 857 163 1 299 3331 317 3251 490 17913,981,556 U. S. Government securities 17,097,964 21,176 197,106 799,583 922,887 1,394,707 1,223,222 1,503,783 11,035,500 Other securities 3,455,335 2,912 33,858 158,294 234,458 349,630 308,890 330,215 2,037,078 Cash assets 12,895,755 17,807 133,001 505,287 567,473 823,642 777,887 918,339 9,152,319 Other assets 766 301 432 3,447 17 335 26 107 48,379 48,562 62,894 559,145 Total assets 54,137,566 67,193 564,609 2,235,091 2,608,088 3,915,691 3,675,886 4,305,410 36,765,598 Time deposits... 11,597,296 16,624 157,253 685,504 873,522 1,371,176 1,077,878 1,153,164 6,262,175 Total deposits 49,486,865 60,701 516,444 2,064,825 2,415,367 3,621,548 3,391,898 3,965,610 33,450,472 Total capital accounts 3,907,684 6,347 46,594 161,506 177,349 264,919 245,729 287,111 2,718,129 Number of officers 16 541 184 972 2 303 1 781 1 873 1 484 1 434 6,510 Number of employees 109,575 122 933 3,900 5,189 8,901 9,407 11,449 69,674 Number of banks 1,875 82 348 641 338 239 99 57 71 See footnotes on p. 528. 530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks city b m an e k m s ber Re c s i e ty rve C m o e u m n b tr e y r Item Y N o e r w k Chicago m b e a m nk b s er banks 1950 1951 1952 1953 Year 1953 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. . 13.2 14.4 15.4 16.4 13.9 15.7 18.5 16.0 Profits before income taxes 12.2 12.5 13.7 14.1 12.3 14.3 15.8 13.6 Net profits 8.3 7.6 7.9 7.8 6.3 7.9 8.5 8.1 Cash dividends declared 3.7 3.7 3.7 3.8 4.1 3.6 4.3 3.2 Percentage of total assets: Total earnings 2.42 2.56 2.71 2.93 2.60 2.34 2.96 3.13 Net current earnings before income taxes. .92 1.00 1.06 1.15 1.21 1.07 1.18 1.11 Net profits .57 .53 .55 .55 .55 .54 .54 .56 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 26.5 22.7 22.5 22.0 18.0 28.3 20.9 24.1 Other securities 5.8 5.7 5.7 5.5 5.7 6.5 5.4 5.4 Earnings on loans 50.1 54.6 56.0 57.3 57.3 - 50.5 58.9 56.6 Service charges on deposit accounts. 5.3 5.1 4.8 4.8 2.6 1.0 4.7 6.1 Other current earnings 12.3 11.9 11.0 10.4 16.4 13.7 10.1 7.8 Total earnings. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.6 30.7 30.2 29.9 30.1 25.6 29.4 30.6 Interest on time deposits. 8.3 8.3 8.8 9.3 3.7 8.0 10.1 10.9 Other current expenses... 19.6 20.7 23.0 23.0 21.8 21.7 21.4 20.8 Total expenses 53.4 60.2 64.5 61.9 60.8 60.7 60.6 54.4 Net current earnings before income taxes. 46.6 39.8 35.5 38.1 39.2 39.3 39.4 45.6 Net losses including transfers. 2.9 5.2 4.4 5.4 5.3 4.0 5.8 5.4 Taxes on net income 11.3 13.4 14.8 15.1 20.0 18.5 15.7 12.1 Net profits 23.9 20.6 20.1 18.9 21.3 23.1 18.3 18.0 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.57 1.66 1.79 1.91 1.94 1.99 Interest and dividends on other securities 2.02 1.99 2.03 2.12 2.17 2.18 Net losses (or recoveries and profits -j-)1 + .09 .03 .10 .33 + .08 .26 Return on loans: Earnings on loans 4.17 4.26 4.51 3.55 3.61 4.75 5.49 Net losses (or recoveries +)* 2 .05 .06 .05 + .01 .0 .07 Distribution of assets: Percentage of total assets: U. S. Government securities 40.7 35.0 34.1 32.6 24.5 34.3 31.2 37.8 Other securities 7.0 7.4 7.6 7.6 6.9 7.1 7.3 8.3 Loans 29.0 32.8 33.6 35.8 41.8 32.7 36.7 32.3 . Cash assets 22.1 23.6 23.4 22.7 25.0 25.3 23.4 20.5 Other assets 1.2 1.2 1.3 1.3 1.8 .6 1.4 1.1 Other ratios: Total capital accounts to: Total assets 7.0 6.9 6.9 7.0 8.7 6.8 6.4 7.0 Total assets less Government securities and cash assets 18.9 16.7 16.2 15.8 17.2 16.9 14.0 16.6 Total deposits 7.7 7.6 7.6 7.8 10.0 7.5 7.0 7.5 Time to total deposits 23.9 23.0 23.2 24.3 9.8 16.5 24.9 31.6 Interest on time deposits to time deposits. .91 1.02 1.13 1.23 1.14 1.26 1.31 1.17 Number of banks. 6,873 6,840 6,798 6,743 22 13 319 6,389 1"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 2 Ratios of less than .005 are shown as .0. NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 150 largest member banks have total earnings which, combined, are larger than those of all the other member banks, numbering about 6,600.) Ratios based on aggregates show combined results for the banking system as a whole, and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1954 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953—Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o ew rk P p d h h e i l i l - a a - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o ea l i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income 14.4 14.0 13.8 14.7 16.7 18.1 16.9 16.8 18.4 17.9 17.0 23.7 Profits before income taxes 12.4 12.2 11.6 12.4 14.9 15.8 14.3 14.8 16.4 15.7 14.3 20.1 Net profits 6 8 6.6 7.2 7.4 8.2 9.1 8 4 8 6 9.2 8.8 7.6 10.3 Cash dividends declared 3.7 3.8 3.7 3.1 3.5 3.3 3.2 3.4 3.8 3.0 3.9 5.7 Percentage of total assets: Total earnings 3.19 2.79 3.12 2.82 2.94 2.96 2.60 2.78 3.09 2.74 2.87 3.55 Net current earnings before income taxes 1 21 1 16 1 24 1 11 1 16 1 12 99 1 12 1 14 1 13 1 12 1 36 Net profits .57 .54 .65 .56 .57 .56 .49 .57 .57 .56 .50 .59 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U.S. Government securities 19.7 19.2 21.3 25.7 24.0 23.4 30.1 23.8 23.2 25.1 19.7 16.9 Other securities 4.6 5.8 7.0 6.5 4.4 5.8 5.8 5.6 4.9 5.3 4.3 4.9 Earnings on loans . . .. 55 6 57.6 56.1 53 8 56 5 54 4 51 0 58 9 56.1 55.9 62.5 64.7 Service charges on deposit accounts. 5.5 3.9 3.5 3.8 5.4 6.0 4.4 3.6 5.9 5.7 4.3 6.3 Other current earnings . . .. 14.6 13.5 12.1 10.2 9.7 10.4 8.7 8.1 9.9 8.0 9.2 7.2 Total earnings . . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.4 30.5 29.8 27.6 30.0 30.1 29.5 29.5 31.0 30.5 30.4 29.4 Interest on time deposits 6 9 6.9 8.3 10.3 8.7 6.6 10.5 7 1 9.9 6.6 4.4 15.8 Other current expenses 23.9 21.1 22.1 22.7 22.0 25.5 21.9 23.0 22.1 21.9 26.3 16.6 Total expenses . 62.2 58.5 60.2 60.6 60.7 62.2 61.9 59.6 63.0 59.0 61.1 61.8 Net current earnings before income taxes 37.8 41.5 39.8 39.4 39.3 37.8 38.1 40.4 37.0 41.0 38.9 38.2 Net losses including transfers 5.2 5.3 6.3 6.1 4.2 4.8 6.0 4.8 4.0 4.9 6.1 5.8 Taxes on net income 14.7 16.7 12.8 13.5 15.7 14.0 13.3 14.9 14.4 15.8 15.3 15.8 Net profits 17.9 19.5 20.7 19.8 19.4 19.0 18.8 20.7 18.6 20.3 17.5 16.6 Rates of returns on securities and loans: Return on securities: Interest on U. S. Government securities .... 1.99 1.95 2.05 1.97 1.98 1.97 1.96 1.98 2.00 1.97 1.99 2.03 Interest and dividends on other securities 1.92 2.10 2.22 2.30 2.12 2.32 1.93 2.28 1.97 1.96 2.35 2.14 Net losses1 .12 .27 .21 .31 .16 .15 .14 .10 .16 .06 .18 .27 Return on loans: Earnings on loans 4 66 3.96 4.90 4.58 5.06 5.28 4.56 4.73 5.21 5.15 5.13 5.50 Net losses (or recoveries +)1 + .07 .02 .06 .05 .05 .14 .04 .12 .13 .24 .36 .11 Distribution of assets: Percentage of total assets: U. S. Government securities 31 6 27.4 32.4 36 9 35.7 35.2 39 9 33 4 35.7 35.0 28.4 29.7 Other securities 7.6 7.6 9.8 8.0 6.1 7.5 7.8 6.8 7.6 7.4 5.2 8.0 Loans 38 0 40.5 35.7 33.1 32.9 30.5 29.1 34.6 33.2 29.8 34.9 41.8 Cash assets 21 2 22.9 20.9 20 8 24 1 25 5 22 4 24 2 22.5 27.0 29.8 19.1 Other assets 1.6 1.6 1.2 1.2 1.2 1.3 .8 1.0 1.0 .8 1.7 1.4 Other ratios: Total capital accounts to: Total assets 8 4 8.2 9.0 7.5 6.9 6.2 5.9 6.7 6.2 6.3 6.6 5.7 Total assets less Government securities and cash assets 17 7 16.6 19.2 17.8 17.2 15.7 15.5 15 8 14.8 16.6 15.7 11.2 Total deposits 9.3 9.3 10.0 8.3 7.6 6.7 6.3 7.3 6.7 6.8 7.1 6.3 Time to total deposits 20.3 18.1 28.3 30.5 23.4 18.3 28.7 19.4 26.9 13.5 11.4 38.7 Interest on time deposits to time deposits 1.20 1.19 1.01 1.04 1.19 1.16 1.03 1.10 1.24 1.45 1.20 1.58 Number of banks 317 700 607 652 477 363 1,014 493 472 754 635 259 1MNet losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries" is the reverse. Transfers to and from valuation reserves are excluded. 532 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953—Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 14.5 14.5 15.2 14.6 17.6 18.9 18.3 17.5 17.7 17.9 16.3 24.3 Profits before income taxes 13.1 13.3 12.8 12.2 15.8 16.5 13.5 15.4 16.4 16.3 14.4 20.7 Net profits . 6.9 7.4 7.8 7.1 8.3 9.2 8.0 8.3 8.9 6.9 10.5 Cash dividends declared 4.1 4.0 4.6 3.3 3.9 3.7 3.1 3.8 4.0 2.9 4.4 6.0 Percentage of total assets: Total earnings 3.07 3.18 3.12 2.69 2.73 2.85 2.50 2.66 2.86 3.52 Net current earnings before income taxes 1.36 .97 1.29 1.11 1.13 1.12 .89 1.15 1.12 1.06 1.10 1.39 Net profits .64 .49 .66 .54 .53 .54 .39 .54 .56 .52 .46 .60 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 16.4 17.4 14.8 24.7 24.6 22.0 33.8 20.5 18.9 26.3 18.3 16.4 Other securities 4.2 6.1 6.6 6.8 4.1 6.0 5.6 5.2 5.3 5.9 3.2 5.1 Earnings on loans 56.2 60.1 58.4 53.2 52.4 55.6 48.7 61.9 59.4 54.0 64.0 65.2 Service charges on deposit accounts 2.8 6.5 2.8 3.0 5.5 4.4 6.0 2.5 3.8 4.0 2.0 6.3 Other current earnings 20.4 9.9 17.4 12.3 13.4 12.0 5.9 9.9 12.6 9.8 12.5 7.0 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.5 31.8 33.5 27.6 31.7 28.6 32.0 28.4 32.8 28.1 26.4 28.8 Interest on time deposits 2.0 13.6 2.1 8.9 4.9 5.8 10.6 5.3 6.2 6.3 5.3 16.0 Other current expenses 23.1 24.1 22.9 22.3 22.2 26.4 22.0 23.3 21.9 22.9 27.7 15.8 Total expenses 55.6 69.5 58.5 58.8 58.8 60.8 64.6 57.0 60.9 57.3 59.4 60.6 Net current earnings before income taxes 44.4 30.5 41.5 41.2 41.2 39.2 35.4 43.0 39.1 42.7 40.6 39.4 Net losses including transfers 4.3 2.6 6.5 6.9 4.3 5.0 9.3 5.1 2.9 3.6 4.8 5.8 Taxes on net income 19.1 12.4 13.7 14.2 17.5 15.1 10.6 17.5 16.6 18.2 18.7 16.6 Net profits 21.0 15.5 21.3 20.1 19.4 19.1 15.5 20.4 19.6 20.9 17.1 17.0 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.98 2.03 2.01 1.93 1.92 1.94 1.99 1.98 1.96 1.95 2.02 2.03 Interest and dividends on other securities 2.05 2.32 2.33 2.49 2.15 2.68 1.81 2.50 1.91 1.98 2.34 2.14 Net losses (or recoveries and profits +) i + .11 .17 .36 .42 .14 .20 .32 .12 .19 .06 .31 .30 Return on loans: Earnings on loans 4.00 4.72 4.42 4.17 4.40 4.84 4.67 4.18 4.61 4.52 4.37 5.40 Net losses (or recoveries +)1 + .28 .09 .07 .04 .03 .13 .05 .10 .11 .10 .15 .09 Distribution of assets: Percentage of total assets: O U t . h S e . r G se o c v u e r r i n ti m es ent securities 2 6 5 . . 2 4 2 8 7 . . 3 3 2 8 3 . . 8 0 3 7 4 . . 4 5 3 5 5 . . 2 0 3 6 2 . . 4 3 4 7 2 . . 7 4 27 5 . . 6 6 2 7 7 . . 9 5 33 7. . 4 5 2 3 4 . . 6 5 2 8 8 . . 4 5 Loans 43.0 40.5 41.2 34.3 32.6 32.7 26.1 39.5 36.8 29.7 39.5 42.4 Cash assets 23.2 22.4 25.7 22.5 25.8 27.2 22.9 26.4 26.8 28.4 30.2 19.1 Other assets 2.2 1.5 1.3 1.3 1.4 1.4 .9 .9 1.0 1.0 2.2 1.6 Other ratios: Total capital accounts to: Total assets 9.4 6.7 8.5 7.6 6.4 5.9 4.8 6.6 6.3 5.9 5.7 Total assets less Government securities and cash assets 18.3 13.3 16.6 17.6 16.3 14.6 13.9 14.3 13.8 15.6 14.8 10.9 Total deposits 10.7 7.3 9.5 8.4 7.0 6.4 5.1 7.2 7.0 6.5 7.3 6.3 Time to total deposits 7.7 27.4 8.5 24.5 16.1 15.3 31.2 13.0 13.5 12.0 12.8 39.3 Interest on time deposits to time deposits .92 1.72 .86 1.08 .92 1.18 .91 1.21 1.45 1.41 1.22 1.57 Number of banks 10 11 10 24 31 21 75 20 50 29 29 * Not including central reserve city banks. 1"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. MAY 1954 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1953—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e il i l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o ea l i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 14.3 14.4 13.1 14.9 16.1 17.5 17.2 16.1 18.9 17.8 17.7 20.7 Profit before income taxes 12.0 11.9 11.0 12.9 14.4 15.3 14.8 14.1 16.5 14.9 14.3 17.3 Net profits 6.8 7.4 6.9 7.8 8.2 9.0 9.0 8.9 9.5 8.9 9.5 Cash dividends declared 3.3 3.0 3.1 2.9 3.3 3.1 2.9 3.0 3.8 3.2 3.3 3.8 Percentage of total assets: Total earnings 3.26 3.29 3.12 3.00 3.12 3.05 2.92 2.89 3.22 3.08 3.04 3.71 Net current earnings before income taxes 1.12 1.03 1.21 1.11 1.18 1.12 1.02 1.10 1.16 1.21 1.14 1.21 Net profits .53 .53 .63 .60 .61 .60 .56 .58 .58 .54 .58 .54 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 21.4 22.1 25.6 27.0 23.5 24.4 28.4 27.0 25.3 23.8 21.0 19.1 Other securities 4.8 5.9 7.2 6.1 4.5 5.7 5.4 5.9 4.7 4.8 5.2 3.7 Earnings on loans 55.2 58.0 54.6 54.7 59.5 53.6 53.2 56.1 54.5 57.8 61.1 62.3 Service charge on deposit accounts. . 7.0 6.7 4.0 4.8 5.4 7.2 5.6 4.7 6.9 7.4 6.3 6.8 Other current earnings 11.6 7.3 8.6 7.4 7.1 9.1 7.4 6.3 8.6 6.2 6.4 8.1 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.9 31.3 27.3 27.4 28.9 31.3 30.4 30.5 30.0 32.9 33.8 32.2 Interest on time deposits 9.4 13.1 12.3 12.1 11.3 7.2 12.1 8.7 11.8 7.0 3.7 14.9 Other current expenses 24.4 24.4 21.6 23.4 21.9 24.8 22.6 22.8 22.2 20.8 25.1 20.4 Total expenses 65.7 68.8 61.2 62.9 62.1 63.3 65.1 62.0 64.0 60.7 62.6 67.5 Net current earnings before income taxes 34.3 31.2 38.8 37.1 37.9 36.7 34.9 38.0 36.0 39.3 37.4 32.5 Net losses including transfers 5.7 5.5 6.3 5.0 4.0 4.6 4.8 4.6 4.6 6.4 7.1 5.3 Taxes on net income 12.4 9.7 12.2 12.7 14.5 13.1 11.7 12.4 13.3 13.3 12.5 12.2 Net profits 16.2 16.0 20.3 19.4 19.4 19.0 18.4 21.0 18.1 19.6 17.8 15.0 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.99 2.03 2.07 2.01 2.0: 1.98 1.94 1.97 2.02 1.99 1.98 2.01 Interest and dividends on other securities 1.86 2.03 2.16 2.06 2.10 2.10 1.85 2.1 2.01 1.94 2.36 2.15 Net losses1 .21 .18 .1 .17 .17 .11 .14 .09 .15 .06 .09 .11 Return on loans: Earnings on loans 5.11 5.2: 5.31 5.24 5.60 5.6' 5.43 5.49 5.61 5.96 6.09 6.00 Net losses1 .07 .11 .04 .08 .07 .15 .07 .13 .13 .62 .20 .42 Distribution of assets: Percentage of total assets: U. S. Government securities 35.1 35.8 38.6 40.3 36.3 37.5 42.7 39.6 40.3 36.9 32.2 35.2 Other securities 8.3 9.6 10.4 8.8 6.7 8.3 8.5 8.0 7.5 7.6 6.7 6.4 Loans 35.2 36.5 32.1 31.4 33.1 28.8 28.6 29.5 31.2 29.8 30.5 38.5 Cash assets 20.1 16.8 17.7 18.4 22.6 24.2 19.3 22.0 20.0 25.2 29.4 18.8 Other assets 1.3 1.3 1.2 1.1 1.3 1.2 .9 .9 1.0 .5 1.2 1.1 Other ratios: Total capital accounts to: Total assets 7.8 7.1 9.3 7.5 7.3 6.4 5.9 6.8 6.1 6.8 6.4 5.8 Total assets less Government securities and cash assets 17.3 15.0 21.2 18.2 17.9 16.7 15.6 17.8 15.4 17.9 16.7 12.7 Total deposits 8.6 7.8 10.3 8.1 8.0 6.9 6.4 6.6 7.3 6.9 6.3 7.4 Time to total deposits 27.2 39.8 41.3 39.0 29.4 20.6 37.1 25.9 34.2 15.6 10.2 35.8 Interest on time deposits to time deposits 1.2 l.li 1.0 1.0 1.3 1.11 1.0. 1.01 1.1' 1.49 1.18 1.66 Number of banks 307 667 597 628 446 342 926 473 463 704 606 230 1<4Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual re-, coveriea and profits credited to net profits plus recoveries credited to valuation reserves. Transfers to and from valuation reserves are excluded 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1953 INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1950-1953 [Amounts in thousands of dollars! All insured commercial banks1 F B ed an er k a s l n R o e t s m er e v m e b S e y r s s t o em f Items 1950 1951 1952 1953 1950 1951 1952 1953 Earnings 3,930,696 4,395,411 4,931,688 5,483,954 666,514 727,242 812,634 894,387 Interest and dividends on securities: 1 015,456 983,662 1,099,059 1,206,965 150,662 152,005 170,023 196,261 Other 225,425 249,495 276,993 297,739 35,283 38,759 42,498 45,997 Interest and discount on loans 1 976,100 2,390,106 2,742,100 3,107,885 368,320 416,015 472,429 516,720 Other charges on loans 31 724 34 595 42 295 47 850 5 658 5 927 6,361 7,314 Service charges on deposits 212,272 230,507 244,696 271,444 39 783 43,635 46,962 52,613 Other charges, fees, etc 104,602 116,140 121,868 132,978 33,855 37,145 39,003 40,661 Trust department 180 674 192,313 204,967 217,996 10 157 9 895 10,539 10,781 Other current earnings 184,445 198,593 199,713 201,101 22,797 23,862 24,820 24,044 Expenses 2,444,534 2,701,313 3,028,575 3,375,552 425,210 469,835 528,002 594,593 Salaries—officers 446 043 486,300 530,035 582,405 101 325 111,065 121,770 135,335 Salaries and wages—others 755,681 864,519 965,197 1,069,890 100,568 114,526 129,948 145,597 Directors' fees, etc. . ... 24 745 27,343 30 871 34,591 7 298 8 197 9,362 10,882 Interest on time deposits 343,040 385,344 458,059 534,493 72,266 80,076 93,866 110,097 Interest on borrowed money 4 296 9 667 20 921 24,171 401 590 1,096 1,514 Taxes other than income 128,101 135,590 139,290 148,783 19,259 20,645 21,645 23,606 Recurring depreciation 59 469 65 845 74 953 84 085 11 456 12 781 14,892 17,042 Other current expenses 683,159 726,707 809,252 897,137 112,636 121,956 135,426 150,522 Net current earnings before income taxes 1,486,164 1,694,100 1,903,112 2,108,398 241,306 257,409 284,631 299,790 Recoveries, transfers from reserves, and profits 245,461 169,233 144,146 152,373 26,891 20,621 19,139 20,101 On securities: Recoveries 14 718 15,292 11,191 11,454 1 930 1,761 1,237 1,608 Transfers from reserves 38,639 12,285 20,492 27,545 1,840 1,350 846 1,668 Profits on securities . . .. 90,469 56,563 33,806 38,865 8,321 4,683 4,759 4,264 On loans: Recoveries . ... 28 506 22,595 22,004 28,423 5 958 5,018 5,038 5,265 Transfers from reserves 29,971 28,453 27,330 18,292 3,011 2,841 2,596 2,563 All other 43,157 34,046 29,324 27,794 5,830 4,970 4,665 4,734 Losses, charge-offs, and transfers to reserves 366,932 395,687 362,444 448,323 53,301 56,840 56,065 64,854 On securities: Losses and charge-offs 38,721 83*, 756 97,512 155,969 6,098 11,655 13,662 16,096 Transfers to reserves 54,518 31,680 29,531 54,160 3,585 3,262 2,491 5,861 On loans: Losses and charge-offs 23 030 21,215 23,637 31,774 8 762 7 660 7,985 11,358 Transfers to reserves 191,248 204,202 154,510 132,127 24,980 24,168 21,614 20,151 All other 59,414 54,836 57,253 74,291 9,875 10,097 10,312 11,387 Profits before income taxes 1,364,690 1,467,645 1,684,813 1,812,451 214,894 221,189 247,704 255,040 Taxes on net income 427,776 559,475 694,883 786,490 58,716 68,556 87,033 94,238 Federal 402,582 530,810 662,277 750,796 55,673 65,330 83,595 90,590 State 25 194 28,664 32,606 35,693 3 043 3,225 3,438 3,648 Net profits 936,915 908,175 989,931 1,025,963 156,179 152,638 160,672 160,804 Cash dividends declared 391,249 418,860 441,971 473,866 45,727 48,356 51,541 55,214 On preferred stock2 4,333 3,876 3,675 2,979 1,498 1,289 1,365 1,024 On common stock 386,916 414,984 438,298 470,888 44,229 47,067 50,177 54,191 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 3 565 2,363 4 355 2,232 529 278 47 1,465 On loans . .. 20 385 28 477 31 508 33 612 3 369 3 423 3,420 4 682 Losses charged to reserves (not included in losses above): On securities . .. . . 6 324 17 725 25 598 38 480 516 1 806 956 4,554 On loans 56,250 64,735 64,607 89,186 9,921 9,154 9,669 14,692 Loans 46 250 272 54 533 221 59 999 743 65 213 144 6 723 419 7 494 950 8,299,177 9,083,796 U. S. Government securities 63,846,830 59,711,922 61,065,059 60,868,295 8,855,315 8,691,259 9,194,638 9,652,460 Other securities.... .... 11 043 342 12 554 632 13 562 462 14 082 070 1 678 776 1 885 830 ?,053,320 ?,195,092 Cash assets 36,006,423 40,373,273 42,952,808 43,192,523 3,934,637 4,368,648 4,771,055 4,827,446 Other assets ... 1,840,027 2,034,346 2,223,391 2,329,251 201,885 215,804 237,903 260,710 Total assets ... 158,986,894 169,207,394 179,803,463 185,685,283 21,394,032 22,656,491 24,556,09326,019,504 Time deposits . 36,446,656 37,271,294 39,817,653 43,047,556 6,853,262 7,023,832 7,575,491 8,228,876 Total deposits 146 269 294155 460 465165 031 495170 075 88810 725 789?0 864 285??,613,728r\,923,316 Total capital accounts 11,007,396 11,615,767 12,270,913 12,941,478 1,545,040 1,650,644 1,770,932 1,894,427 Number of officers 71 566 73,806 76 754 79 574 22 610 23 263 24,113 24,947 Number of employees 312,324 334,961 358,325 376,750 48,696 52,713 57,475 60,797 Number of banks 13,446 13,455 13,439 13,432 6,576 6,618 6,644 6,692 1 Excludes three mutual savings banks, State member banks of the Federal Reserve System, which are included in member bank figures on preceding pages. 2Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. MAY 1954 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1953 All banks maintaining branches or additional offices All banks by class of bank (except banking facilities), by class of bank1 Commercial 1Danks Commercial Danks Mutual sav- Mutual sav- State Member Nonmember ings banks Member Nonmember ings banks Total banks banks Total banks banks Total Total ti N on a a - l m S b t e a e m t r e - su In re - d s N u i o n re n - d - su I r n e - d s N u i o n re n - d - ti N on a a - l m S b t e a e m t r e - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - United States 14,509 213,981 4,856 21,887 6,672 569 2219 309 1,609 1,474 444 258 745 27 85 50 Alabama 231 231 71 25 135 4 4 3 1 Arizona 14 14 3 2 8 1 8 8 2 1 4 1 Arkansas 230 230 53 17 154 19 19 1 18 California 206 206 90 35 72 9 58 58 21 15 20 2 Colorado 162 162 77 17 58 10 1 1 1 Connecticut 181 109 44 15 35 15 5 67 33 25 10 7 8 2 6 Delaware 37 35 11 3 20 1 1 1 9 8 3 4 1 1 Dist of Col 19 19 9 6 4 15 15 8 4 3 Florida 217 217 66 11 136 4 2 2 2 Georgia 400 400 52 13 280 55 17 17 8 4 4 1 Idaho 38 38 11 9 18 8 8 4 2 2 Illinois 900 900 387 125 377 11 Indiana 482 2478 124 2113 233 9 23 1 70 70 23 7 40 Iowa 664 664 96 68 448 52 121 121 1 118 2 Kansas 606 606 172 41 264 129 Kentnckv 378 378 90 20 250 18 30 30 6 6 18 Louisiana 171 171 39 12 119 1 46 46 13 6 27 Maine . 95 63 32 6 17 8 8 24 28 27 7 4 10 6 1 Maryland 162 154 58 14 81 1 7 1 38 33 7 6 19 1 5 Massachusetts 367 179 114 25 34 6 188 99 58 25 18 14 1 41 Michigan 431 431 77 150 192 12 79 79 15 21 41 2 M innesota 678 677 177 28 460 12 1 2 2 2 Mississippi 200 200 25 7 165 3 41 41 3 1 37 Missouri 598 598 77 101 402 18 109 109 38 44 27 Nebraska 419 419 124 16 233 46 2 2 2 Nevada 8 g 5 1 2 4 4 2 1 1 New Hampshire 109 75 51 1 10 13 11 23 3 2 1 1 1 New Jersey 333 310 197 67 43 3 23 76 70 37 23 10 6 New Mexico 52 52 26 8 17 1 13 13 4 9 New York 712 582 354 153 65 10 130 192 131 55 51 22 3 61 North Carolina 226 226 46 9 170 1 77 77 17 6 53 1 North Dakota 153 153 39 2 107 5 15 15 15 Ohio 647 644 235 177 226 6 3 85 83 36 19 28 2 Oklahoma 384 384 199 25 152 8 Oregon 68 67 18 9 38 2 1 13 13 3 2 8 Pennsylvania 911 904 581 97 210 16 7 104 100 56 19 22 3 4 Rhode Island 20 12 5 2 2 3 5 3 10 8 2 2 2 2 1 1 South Carolina 150 150 25 8 103 14 22 22 9 1 12 South Dakota 169 169 35 27 107 28 28 4 24 Tennessee 298 298 74 10 207 7 40 40 13 3 24 Texas 921 921 443 137 302 39 Utah 54 54 9 20 25 9 9 1 5 3 Vermont 74 67 37 1 28 1 7 9 8 3 5 1 Virginia 316 316 133 71 112 66 66 24 13 29 ^Vashington 116 112 33 15 61 3 4 23 21 13 2 6 2 West Virginia 182 182 74 36 68 4 Wisconsin 558 2554 95 273 382 6 23 1 90 90 4 4 81 1 Wyoming 53 53 25 15 13 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table* however, covers all branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business . .. at which deposits are received, or checks paid, or money lent." In addition the last column on the second page of the table shows the number of "banking facilities" at military and other Government establishments provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. These tables are similar to those appearing in previous years (see May 1953 BULLETIN, pp. 548-549), except that the number of banks that have no additional offices, other than "banking facilities" at military and other Government establishments provided through arrangements made by the Treasury Department, are excluded from the number of banks maintaining branches or additional offices; these "banking facilities" are shown in the last column of the table on p. 537, but are not included elsewhere. Branches that have been designated by the Treasury Department as "banking facilities" are included in the number of branches, but are not included in the number of "banking facilities." 2The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." 3These facilities are operated by 138 banks, 74 of which have no other type of branch or additional office. 4Each bank is reported once only—according to the widest area in which it operates branches or additional offices. NOTE.—All of the branches and additional offices are located in the same States as their parent banks except that one national bank in New Jersey has a branch in Pennsylvania, one national bank in California has two branches in Washington and one in Oregon, and one noninsured (unincorporated) bank in New York has one branch in Massachusetts and one in Pennsylvania. In the table these branches are shown according to their own location, rather than that of the parent bank. Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, for data through 1941 (descriptive text, pp. 14 and 294-295) and BULLETINS for subsequent data, the latest of which appeared in May 1953, pp. 548-549. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1953—Continued All branches and addit b i y o n c a l l a s o s f f o ic f e s b a (e n x k c 1 ept banking facilities), All b (e ra x n c c ep h t e s b a an n k d i a n d g d f i a ti c o i n li a ti l e s o ) f , fices Bankby location1 facfi- Commercial banks ties at Mutual Gov- State savings Outside; head office city ern- Member Nonmember banks Total Total ti N on a- a b l an m k S s e t m at b e er su In re - d bank in N s s o u n re - d su In re - d in N s o u n re - d o h c f e i fi t a c y d e I c n o o f u f h i n c e t e a y d c I t o n i u g n c u o t o i n u e - s s c I c o n o u u n o n n t u o t i i s g n e - - s m e l s e i t s n a h t b - s - 8 United States 5,897 5,627 2,590 1,631 1,365 41 192 78 2,662 1,571 758 906 199 Alabama 26 26 25 1 6 8 4 8 5 Arizona .... . 71 71 50 5 15 1 16 19 26 10 3 Arkansas 21 21 1 20 16 4 1 1 California 1,023 1,023 797 169 55 2 256 129 144 494 35 Colorado 1 1 1 1 4 92 76 32 30 14 2 14 37 33 20 Delaware . 34 33 14 17 2 1 12 14 8 District of Columbia 46 46 24 12 10 46 5 Florida . . . 2 2 2 1 1 10 Georgia 50 50 32 11 6 1 35 1 7 7 8 Idaho 64 64 55 4 5 4 5 9 46 1 Illinois 3 Indiana 138 138 56 25 57 72 66 3 Iowa 163 163 1 160 2 120 43 Kansas . . 3 Kentucky 55 55 25 10 20 40 13 2 4 Louisiana 92 92 46 11 35 48 35 6 3 3 Maine . . 83 82 13 29 30 10 1 13 38 32 2 Maryland 156 136 20 58 56 2 20 84 33 32 7 11 Massachusetts . ... 270 212 105 82 23 2 58 161 101 7 1 2 Michigan .. 306 306 114 129 57 6 198 72 26 10 1 6 6 6 6 Mississippi . ... 76 76 7 2 67 12 40 18 6 2 Missouri 1 Montana Nebraska . 2 2 2 2 Nevada 20 20 14 4 2 3 3 4 10 2 New Hampshire 3 2 1 1 1 3 New Jersey 214 204 101 80 23 10 109 105 3 New M!exico 21 21 7 14 11 6 3 1 4 New York 1,016 901 251 579 67 4 115 779 159 61 17 13 North Carolina 270 270 37 35 196 2 65 53 84 68 2 North Dakota 22 22 22 11 11 Ohio 305 302 119 145 38 3 190 110 5 3 Oklahoma 2 Oregon 116 116 94 12 10 23 13 13 67 Pennsylvania . 332 309 178 87 40 4 23 185 106 40 1 5 Rhode Island 66 57 10 34 11 9 5 '4 22 23 10 11 South Carolina . . . 66 66 47 1 18 19 9 9 29 5 South Dakota 51 51 22 29 22 18 11 1 117 117 63 15 39 67 35 7 8 7 Texas 17 Utah 32 32 18 11 3 6 4 9 13 5 Vermont 20 11 4 7 9 11 9 Virginia 127 127 49 22 56 71 23 24 9 17 172 168 150 6 12 4 45 28 34 65 5 West Virginia Wisconsin . . . 150 150 15 7 127 1 18 107 25 Wyoming 1 Nonmember Mutusil Member banks commercial banks savings binks Distribution by location of Dranches with T> 1 1 respect to head office Non- Non- National State Insured insured Insured insured Banks with branches or additional offices (except banking facilities)* 1,609 444 258 745 27 85 50 501 193 117 83 6 78 24 Outside head office city but not beyond head office county.. . . 765 176 92 461 12 3 21 Outside head office county but not beyond contiguous caunties.. 265 43 27 180 6 4 5 In counties not contiguous to head office county 78 32 22 21 3 Branches and additional offices (except banking faciHties)... 5,897 2,590 11,631 1,365 41 192 78 In head office city . - 2,662 1,123 \,055 249 16 173 46 Outside head office city: 1,571 463 324 734 14 10 26 In contiguous counties. 758 270 163 303 7 9 6 In noncontiguous counties 906 734 89 79 4 Banking facilities at militaryr and other Government establishments3 199 156 21 22 For footnotes see opposite page. MAY 1954 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 540-545 Gold production 545 Reported gold reserves of central banks and governments 546 Net gold purchases and gold stock of the United States 547 International Monetary Fund and Bank 548 Central banks 548-552 Money rates in foreign countries 553 Commercial banks 554 Foreign exchange rates 555 Price movements in principal countries: Wholesale prices 556 Consumers' price indexes 557 Security prices 557 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. MAY 1954 539- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES [Net movement from United States, (—). In millions of dollars] Increase in banking funds in U. S. Decrease Domestic Foreign From Jan. 2, 1935, in U. S. securities: securities: Inflow in through— Total banking Inflow of Return brokerage Total F of o fi r c e i i a g l n i F o o t r h e e ig r n I t n io te n r a n l a 3 - 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 8 S. balances 1949—Dec. 31 8,763.5 6,863.9 2,197.8 3,028.2 1,637.8 307.6 258.5 1,209.9 123.7 1950—Dec. 31 10,521.1 7,890.7 2,715.6 3,472.8 1,702.3 231.4 1,202.9 1,064.5 131.7 1951—Dec. 31 10,140.7 8,548.1 2,770.2 4.089.6 1,688.3 160.9 618.6 687.5 125.6 1952—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 1,684.7 88.8 976.6 389.0 120.7 Apr. 30 '11,683.8 10,125.8 4,043.8 4,340.9 1,741.1 100.1 977.3 361.1 119.5 May 31 11,870.7 10,185.7 4,103.5 4,318.6 1,763.5 153.5 983.5 428.9 119.3 June 30 11,946.6 10,160.5 4,147.6 4,255.7 1,757.2 182.7 1,003.5 481.2 118.7 July 31 12,022.4 10,247.4 4,112.0 4,366.6 1,768.7 '209.8 965.8 479.0 120.5 Aug. 31 12,221.7 10,443.0 4,248.8 4,420.0 1,774.1 ••211.6 968.9 481.2 117.0 Sept. 30 12,408.4 10,649.7 4,449.1 4,424.5 1,776.1 r227.6 918.7 495.2 117.2 Oct. 31 12,484.0 10,767.8 4,488.7 4,410.6 1,868.5 '222.9 916.8 463.2 113.3 Nov. 30 12,599.0 10,937.3 4,622.9 4,451.7 1,862.6 219.3 912.3 418.2 112.0 Dec. 31 12,541.0 10,879.3 4,611.1 4,330.4 1,937.8 224.9 922.0 397.4 117.4 1954—Jan. 31* 12,519.5 11,054.7 4,650.4 4,365.8 2,038.5 200.5 914.3 227.4 122.6 Feb. 28* 12,657.6 11,187.9 4,758.6 4,376.9 i.052.5 227.9 893.1 225.6 123.2 TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total breign In countries Date t t i e i n o r s n n t a i a - l - Official U K d n i o i n m t g e - d France N la e e n r t d - h s - S la w e n r i - d tz 5 - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Official1 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 1L.436.7 961.0 179.5 1950—Dec. 31... ,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 11,612.9 1,378.5254.5 1951—Dec. 31... ,708.2 7,594.0 3,480.5 642.6 289.4 148.8 521.3 300.5 1,022.2 2,924.7 1,307.1 11,455.2 1,609.6297.4 1952—Dec. 31 .. ,758.4 8,787.6 4,480.7 817.9 342.6 203.1 641.8 308.9 1,259.3 3,573.5 1,420.7 11,612.9 1,845.0335.6 1953—Feb. 28.. ,745.2 8,655.1 4,351.7 754.4 253.5 221.1 608.6 286.6 1,273.7 3,397.8 1,387.5 :L,610.0 1,901.5358.4 Mar. 31.. L.704.6 8,899.2 4,577.0 751.6 259.1 230.7 632.6 304.9 1,307.1 3,485.9 1,349.1 1,692.5 2,012.6359.1 Apr. 30. . L,761.0 9,118.9 4,754.1 837.3 233.3 231.5 657.8 312.1 1,370.8 3,642.7 1,365.0 L,744.0 2,005.6361.5 May 31.. 1,783.5 9,156.3 4,813.8 900.0 255.0 245.0 624.1 314.4 1,411.0 3,749.6 1,231.4 1,829.9 1,966.7378.7 June 30.. L,777.1 9,137.5 4,857.9 911.2 301.8 268.6 650.1 313.6 1,444.5 3,889.8 1,119.4 1,808.9 1,935.3384.1 July 31.. 1,788.7 9,212.8 4,822.3 887.6 334.0 227.5 659.9 336.0 1,537.8 3,982.9 1,142.1 1,785.5 1,948.2354.1 Aug. 31.. 1,794.0 9,403.0 4,959.1 890.0 362.6 243.1 663.7 353.9 1,619.5 4,132.9 1,147.5 1,815.4 1,963.4343.9 Sept. 30.. .796.0 9,607.8 5,159.4 900.8 375.8 230.7 664.4 368.2 1,676.8 4,216.7 1,197.1 1,839.7 2,001.1353.2 Oct. 31.. 1,888.4 9,633.5 5,199.0 916.3 425.6 241.2 661.2 390.8 1,707.8 4,343.0 1,205.7 1,734.9 2,000.9349.0 Nov. 30.. L.882.6 9,808.8 5,333.2 907.8 423.4 252.8 653.7 430.1 1,786.4 4,454.0 1,260.3 L,762.4 2,008.3323.8 Dec. 31.. 1,957.7 9,675.7 5,321.4 708.9 430.7 242.9 674.2 450.7 1,868.6 4,376.0 1.295.5 L.768.4 1,909.7326.1 1954—Jan. 31*. 2,058.4 9,750.4 5,360.7 715.2 413.0 211.6 670.4 455.9 1,947.0 4,413.1 1,336.0 1*770.2 1,912.8318.2 Feb. 28*. 2,072.4 9,869.6 5,468.9 734.4 430.1 215.6 669.3 469.8 1,988.1 4,507.2 1,348.4 1,781.4 1,901.8330.8 p Preliminary' r Revised. 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. a Includes Bank for International Settlements, International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. ' 'Figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securities of such institutions are included in foreign securities. *"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. 1D30. 540 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 i s a - g B iu e m l- C v o z a s e k lo c i h - a - m De a n r - k 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- U S. . R S. . s Y la u v g i o a - ot A h l e l rl 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 ii!9 128.2 **5.6' 45.5 18.3 221 6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 4.0 13.2 52.4 1951—Dec. 31.. 1,022.2 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 2.5 7.1 57.6 1952—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..1,868.6 190.9 130.3 .6 95.7 37.9 898.8100.9 118.5 2.2 72.4 5.8 36.0 116.7 2.0 6.9 53.0 1954—Jan. 31 P. 1,947.0 199.7 135.1 .6 104.2 39.7 943.1106.5 118.5 2.9 71.9 5.7 33.5 124.7 3.1 6.1 51.7 Feb. 28P.1,988.1208.4 133.9 .6 99.4 42.5 971.7110.8 118.7 3.8 74.2 7.8 22.0 129.4 2.3 6.3 56.1 Table 2b.—Latin Americf1 Neth- Do- er- Date A L i m a c t a e in r- 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 R c u i a e b n - n - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s Peru l p P i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic m t a h * t e e i 2 n r r lic Suri- ama nam 1949—Dec. 31. 1,436.7 201.1 13.5192.8 60.9 85.9 164.2 214.6 25.9 52.8 74.3 143.2 207.4 1950—Dec. 31. 1,612.9301.8 20.4226.0 79.5 53.4 259.1 '42.'7* '25.4' 207.1 30.2 60.2 59.2 i6!i' 'HYl 85.2 71.3 1951—Dec. 31. 1,455.2 249.7 27.8100.3 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. ,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 27.4119.7 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. L.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 . ,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 H5.7 Aug. 31. ,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. 11,839.7 146.6 20.3164.4 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. 11,734.9 143.1 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. ,762.4 137.1 18.8148.9 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. 1,768.4 130.0 19.1101.7 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 P1,770.2 139.2 18.8100.0 68.6 152.5 345.1 42.8 44.7 184.9 53.3 7? 7 87 ft 3R 0 99.5 201 4 120 8 Feb. 28 P 1,781.4 160.8 20.3 90.1 65.7 151.2 353.5 45.4 52.0 187.4 49.0 69.9 89.3 42.5 99.1 179.2 126.0 Table 2c.—Asia and All Other For- Egypt mosa Phil- and Union Date Asia C a h n i d na H K o on ng gIndia I n n e d s o ia - Iran IsraelJapan ip R p e i - ne T la h n a d i- T k u ey r- O A t s h ia e * r ot A h l e l r t A ra u l s i - a g B ia el n - A E n g g y l p o - - So o u f th Other* Main- public Congo tian Africa 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 i6!3 12!6458.5 374.4 "48!i 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 6596 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 18.8808.0 315.1 181.0 8.4 221.5 335.6 47.2 US.6 59.7 23.6 86.5 1953—Feb. 28. 1,901.5 72.8 71.4 75.1 60.7 16.4 22.7862.8 313.7 190.4 8.6 206.9 358.4 52.3 119.5 55.1 38.1 93.5 Mar. 31. 2,012.6 70.7 71.4 76.3 67.3 19.3 15.4897.1 324.8 193.0 8.8 268.4 359.1 54.8 125.9 53.4 33.2 91.9 Apr. 30. 2,005.6 72.1 70.1 85.3 64.3 19.5 15.3892.6 327.9 194.8 8.4 255.3 361.5 57.9 124.9 54.1 36.0 88.7 May 31. 1,966.7 72.1 67.3 92.3 58.9 17.1 16.4882.9 326.1 192.1 7.4 234.2 378.7 66.5 130.5 54.4 33.3 94.0 June 30. 1,935.3 71.3 67.2 87.4 38.4 17.8 16.5891.7 307.4 197.5 8.0 232.2 384.1 67.3 126.3 55.2 37.4 97.8 July 31. 1,948.2 71.6 68.2 89.1 39.6 20.3 14.2910.2 303.0 191.9 6.3 233.9 358.2 54.6 119.4 45.3 37.2 101.7 Aug. 31. 1,963.4 73.3 68.5 93.5 33.6 22.9 19.6919.4 309.8 188.2 8.4 226.4 343.9 53.9 112.5 44.5 39.6 93.4 Sept. 30. 2,001.1 75.9 68.8 92.7 35.1 31.0 19.5932.2 308.8 191.3 14.2 231.6 353.2 54.0 116.8 43.9 38.9 99.4 Oct. 31. 2,000.9 77.1 67.9 95.3 34.7 47.4 18.3912.0 303.3 187.1 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 14.4914.9 299.2 177.0 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 18.0827.9 295.5 167.9 14.2 262.8 326.1 59.2 89.6 43.3 38.2 95.7 1954—Jan. 31 P 1,912.8 77.6 67.4 97.5 75.7 41 .5 26.0 705 4 208.1 153.3 10.9 269.4 318.2 51.5 91.1 44.0 34.5 97.0 Feb. 28 P 1,901.8 79.2 65.8 120.2 74.6 40.5 20.0 737.7 313.0 157.5 8.8 284.5 330.8 53.4 87.7 45.9 44.8 99.0 P Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. ^Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 3 Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. * Beginning January 1950, excludes Belgian Congo, reported separately as of that date. MAY 1954 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLB 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 o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t 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 i m a c t a e in r- Asia o A th l e l r 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 rl,029 3 23.4 8.8 5.9 13.9 25 6 74 8 152.4 60.6 '662 4 132 0 21.9 May 31 '975.9 27.3 9.5 5.6 12.8 25.5 71.3 151.9 57.4 '635.2 110.3 21.1 '946 7 28 7 7.8 5.1 15 2 24 8 70 0 151.7 58 3 '602 9 112 1 21.6 July 31 '919.5 28.5 10.5 5.2 14.0 22.1 75 4 155.7 49.6 '590.2 103.6 20.4 Aug. 31 r917.8 26.6 9.7 5.7 13.4 22 2 84 1 161.7 42 0 '594 1 100 2 19 8 Sept. 30 '901.8 33.9 9.9 7.2 14.7 21.7 90 7 178.1 56.7 '540.4 106.3 20.3 Oct. 31 '906.5 39.5 9.8 9.1 15.4 20.0 95.4 189.1 80.7 '502.4 112.0 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. 31 904.5 70.5 10.6 8.6 17.9 18.8 93 9 220.2 56.4 472.7 130.4 24.9 1954—jan, 3i P 928.9 66.9 7.4 6.2 18.1 16.7 103.1 218.4 51.7 476 0 156.1 25 7 Feb. 28P 901.5 59.9 7.1 9.4 16.1 17.5 100.1 210.2 59.2 450.4 157.6 24.0 Table 3a.—Other Europe Date E O u th ro e p r e A tr u i s a - g B iu e m l- 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 - t P u o g r a - l Spain S d w e e n - 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 (i) 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 26.8 .2 1.9 .5 11.2 2.5 8.6 5.4 1953 M Fe a b r . . 2 3 8 1 7 70 2 . . 9 9 . .2 2 1 1 4 5 . . 8 8 4 5. . 1 3 4 5. . 1 4 2277..23 . . 1 3 1 1 . . 5 7 . .5 6 5 5. . 9 7 2 2. . 4 2 3 1 .5 9 66 .56 Apr 30 74.8 .1 14.1 3.6 4.1 30.2 .1 1.1 .5 7.5 3.2 3.5 6.7 May 31 71.3 .1 12.4 1.5 2.9 31.0 .2 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 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. 3iP 103.1 .2 13.4 6.0 1.5 40.1 1.4 1.2 .4 24.4 2.1 4.5 7.9 Feb 28P 100.1 .2 14.3 4.1 1.3 43.6 1.4 1.6 .5 19.8 1.7 5.4 6.2 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 u li i a o e b c 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 i r d d - e s i s - s t Peru l p P a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m t a h ti a e e 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 26.6 43.1 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 Y.9* 2.6 70.6 1.3 11.0 3.1 *6i8 *8i6 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.. '662.4 7.7 14.6 '382.0 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.. '635.2 10.2 15.4 '366.5 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.. '602.9 9.0 14.7 '324.1 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.. '590.2 8.0 14.3 '316.2 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. . '594.1 7.6 13.4 '319.6 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.. '540.4 7.5 13.2 '273.7 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. . '502.4 7.0 11.9 '203.6 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. t Dec. 31.. 472.7 7.1 10.8 125.1 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—Tan. 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 Feb. 28P. 450.4 7.2 8.7 116.7 20.1 50.6 62.2 1.8 3.4 87.2 1.8 17.2 6.2 7.4 3.3 38.8 17.8 ^Preliminary. 'Revised. 1 Beginning January 1950, excludes Austria, reported separately as of that date. 2Less than $50,000. 3Beginning January 1950, excludes Dominican Republic, Guatemala. El Salvador, and Uruguay, reported separately as of that date. 542 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 mosa Phil- and Union Date Asia C a h n in d a H Ko o n n g g India I n n e d s o ia - Iran IsraelJapan ippine T la h n a d i- T k u e r y - O As th ia e * r ot A h l e l r t A ra u l s i - a g B i e a l n - A E n g g y l p o - - So o u f th Other2 Main- public Congo tian Africa land Sudan 1949—Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Dec. 31.. 96.3 18.2 3.0 16.2 .2 o\6 18.9 12.1 4.9 'i!s' .9 13.9 60.0 40.8 \X .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 2.3 2.5 1.2 13.3 17.8 18.8 10.8 4.5 8.7 15.5 20.4 6.3 7.1 .2 2.9 3.9 Aug. 31. . 100.2 7.9 2.9 2.7 1.6 13.9 18.8 17.1 10.1 5.2 4.5 15.5 19.8 6.3 5.9 .2 2.9 4.6 Sept. 30. . 106.3 8.5 2.9 2.9 1.1 13.0 24.4 20.5 9.4 5.9 1.0 16.7 20.3 7.0 5.7 .1 2.3 5.1 Oct. 31.. 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.. 130.4 8.1 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 6.8 Feb. 28P. 157.6 8.1 2.2 3.2 .9 15.8 26.4 32.8 8.0 4.2 31.0 25.0 24.0 7.2 6.5 .5 5.1 4.6 TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8 (Inflow of Foreign Funds) [In millions of dollars] U. S. Government bonds and notes4 Corporate bonds and stocks 5 Net Year or month Purchases Sales pur N ch et ases Purchases Sales pur N ch e a t ses pu T rc o h ta a l ses T sa o l t e a s l s p d e u o c r m u c o r e h f i s t a t i s e i e c s 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—February 27.6 37.5 -9.8 76.2 64.9 11.3 103.8 102.3 1.4 March 26.3 18.6 7.7 85.8 85.8 (•) 112.1 104.4 7.7 April .. 12.9 9.6 3.3 71.3 73.9 -2.6 84.2 83.5 .7 May 145.5 136.7 8.8 61.7 64.3 -2.7 207.2 201.0 6.2 June 28.8 22.7 6.1 65.0 51.1 14.0 93.8 73.8 20.0 July 36.6 82.3 -45.7 56.2 48.3 7.9 92.8 130.5 -37.8 August 30.1 29.3 .8 49.7 47.3 2.4 79.7 76.5 3.2 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 191.1 192.6 -1.5 75.4 64.1 11.3 266.4 256.7 9.8 -J954—TanuaryP 33.1 38.0 -4.9 68.7 71.6 -2.9 101.9 109.6 -7.8 FebruaryP 87.4 99.9 -12.6 77.1 85.7 -8.6 164.5 185.6 -21.2 TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNED IN THE UNITED STATES, BY TYPES • (Return of U. S. Funds) Fin millions of dollars] Foreign stocks Foreign bonds Net Total Total purchases Year or month Purchases Sales pur N ch et ases Purchases Sales pur N ch et ases purchases sales se fo cu r o e r f i 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—February 24.7 24.3 .4 29.4 67.8 -38.4 54.1 92.1 -38.0 March 27.5 37.6 —10.1 29.7 43.0 — 13.3 57.2 80.6 —23 4 April 21.8 20.8 1.0 29.2 58.2 —29.0 51.1 79.0 —28 0 May 16.9 41.8 -24.9 111.7 19.0 92.7 128.6 60.8 67.8 June 44.9 21.9 23.0 62.1 32.8 29.3 107.1 54.7 52 3 Julv 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 !6.9 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 (6) 34.6 79.6 -45.0 60.2 105.1 -45 0 December . . 34.5 30.9 3.6 39.5 64.0 -24.4 74.1 94.9 -20.8 -1954—Tanuaryp 28.1 26.9 1 .2 58.6 229.8 -171 .2 86.7 256.6 -170.0 February? 26.9 38.9 -12.0 44.7 34.5 10.2 71.6 73.4 -1.8 MAY 1954 543 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 t I a u in n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la it n z d er- Italy E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - Asia ot A h l e l r 1 1 9 9 4 5 9 0 .. 1 8 21 7 .0 2 — 82 1 3 1 . 2 8 6 2 4 0 .9 0 1 — 97 6 .8 8 — — 25 6 . 5 3 4 1 4 9 .2 0 — 1. 5 .7 7 2 3 . . 2 8 34 3 7 6 .5 5 — 45 4 g 9 * . 2 0 3 2 0 . 5 !l — — 15 2 . 1 3 2 #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 1952 14.7 300.2 70.4 5.5 —21.9 50.7 .5 6.2 111.4 191.6 4l7 —9!5 1953—Feb.... 10.5 -9.1 2.1 -.4 -1.3 6.7 .1 -7.7 -.5 -8.8 -.4 .1 .6 Mar.... 1.0 6.8 10.0 .6 -3.4 4.4 -.2 -1.4 10.0 -3.8 .8 -.5 .2 Apr.... 1.2 -.5 2.5 .1 -5.4 2.7 -.1 .1 C1) — 1.0 1.4 (*) -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 -.3 Nov.... 8.5 -13.0 -2.5 .2 — .1 2.1 -.5 0) -.7 — 14.9 3.9 -.5 -.8 Dec.... -4.4 14.2 25.7 1.1 -1.1 1.2 .1 1.6 28.5 -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 Feb. P.. .7 -21.8 6.1 -16.2 -2.9 .1 -.1 1.9 -11.1 -6.7- -2.9 ' -.1 -1.0 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 O Su t r h o e p r e A tr u ia s - » { B h e im l- N w o a r y - o A th l e l r A L m i a c t e a i r n - l C o b m i o a - - Cuba M ic e o x- p P a R u m o a b e f n a - l - ic g U u r a u y - 8 A O L m i a t c h t e a i e r n r - Asia M C m l a a h a n o n i i d s n d n a a - H Ko o n n g g P p P h R l u i i i n e c l b i - e p - - 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 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 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 1952 6.2 .4 — .5 6.0 4.7 — .8 .2 2 6 —6.5 2.7 6.6 —9.5 — .3 1.3 -11 .4 1953 Feb —7 7 — 2 — i —6 8 6 3 8 — 2 3 — 3 6 .1 .1 Mar.... -1.4 .2 — .1 -1.5 .8 -.1 5., -.3 .7 .2 .3 -.5 -.5 J A M J A u u p u a n r l g y y e . . . . . . . . . . . . - 0 1 2 ) . ^ 5 .1 6 1 0) - _ 2 _ 2 . . J E 2 2 0) .2 1 — 1. . 4 6 1 2 1 . . . . . 4 5 : 8 8 0 - — ) .1 1 . . . . 5 3 5 6 -.1 .3 1 - - 2 . . 5 6 . . 1 7 3 0 — ) . 6 3 1 1 1 . . . . 2 0 2 6 0 — ! .5 i 2 K 0 - ) .2 .2 Sept. . l.( 0) .1 .5 -.1 0) -.2 .4 -!2 Oct. ... 1.6 — J 11.8 0) 11.7 -.7 — .1 .9 .1 .6 (0 Nov... 0) 2.0 .1 3.9 2.6 — 6 — .2 .*5 1.6 — 5 Dec. .. 1.6 0) #^ .6 2.7 0) 2.4 -.4 -.4 .6 .4 _ e 0) -.4 0) 1954—T F a e n b . . P P . .. . 1 1 . . 9 0 0) # * ^ t -.1 .1 r. - - 3 2. . 9 3 0 0 ) ) -.1 .5 -.3 3 -2.8 .1 .6 -4.2 .3 3 i 0) -.3 .2 3333 '333133 33 Other Asia 5.5 -15.6 (\ .1 .1 .1 .5 .1 .1 .1 -.1 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 I a u i n n t t i t s i o e o t n r i n - - a s l Total U K d n i o n i 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 o A th l e l r 1949 —16.0 43.8 -13.5 .4 _ x 19.1 .4 24.6 30.8 -10.6 20.2 .8 2.6 1950 -3.6 -141.8 -6.1 -1.3 17.2 .5 7.8 13.4 -190.0 29.8 1.0 3.9 1951 -152.7 -224.3 -2.0 -4.1 2.8 14.2 1.2 16.4 28.5 -258.6 33.8 -36.0 7.9 1952 —118.1 -99.8 -4.4 4.9 -8.7 8.7 1.2 18.2 19.9 -141.0 25.3 -10.0 6.0 1953—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 C1) 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.... -.5 -20.3 4.5 .3 -2.0 1.4 .6 0) 4.7 -23.3 1.6 -5.4 2.1 1954—Jan.P. . -100.6 -69.3 1 .5 .3 — Q 2.1 .4 5 5 8.9 -90.7 5.6 -2.6 9.4 Feb. P.. .8 -2.6 2.8 .2 -4.1 .1 .1 11.7 1C.7 —1 .3 .1 -4.8 -7.4 p Preliminary. iLess than $50,000. 2Not available until 1950. 544 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 x (The Net Effect o i 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 i r n - a o n A t d h s i e a a r ll Date Deposits U se e . c r S u n . m r i G t e i n o e t s v 2 - la M n i e s o c u el 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—Apr. 30 506 2,425 97 1952 -1.8 -1.6 -1.0 1.0 -.2 May 31 515 2,455 95 June 30 527 2,449 101 1953—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 -.5 .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. . . .2 -.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.... 5.5 1.7 1.3 2.0 .6 Apr. 30 471 2,840 96 1954—January P 5.2 3.8 -1.4 3.1 -.3 1954—Apr. 7 491 2,791 93 February P 2.5 -.9 .4 .3 .6 Apr. 14 469 2,817 96 Apr. 21 443 2,865 97 Apr. 28 469 2,857 96 P Preliminary. iLess than $50,000. 2Amounts outstanding (in millions of dollars): foreign brokerage 1 Represents dollar assets belonging to foreign monetary authorities balances in U. S., 89.5; U. S. brokerage balances abroad, 43.2. 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. 547, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Y m e o a n r th or p U r o o . w u S d t o . u s S r i c l . d d R t e io .i n r m e T o p o n o t t r a h te l l d y A So fr u ic th a d R e h s o i - A a fric A a W fr e ic st a' B C e o l 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 n a - orth M a i n c e d o x - Sou C th o b l i o A a m m - eri C ca hile r N ag ic u a a - 4 Au l s ia tr O a- the I r ndia2 $1=1 5«/n grains of go\d 8/io fine: i. e., ai* ounce of fine gohI =$35. 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864 5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 864.5 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 417.9 17.5 25.4 13.0 69.7 142.4 15.3 9.1 7.4 1953—February 60.9 32.4 1.4 2.1 1.1 4.3 12.4 1.7 .3 .7 2.8 .6 March 65 2 34.7 4 2.1 1 5.2 13.3 s L 2 .4 .7 3.1 6 April. . . . 64.2 34.3 4 2.1 1 5.2 12.9 L 2 .4 .7 2.9 .7 May 65.5 34.9 4 2.1 0 6.1 12.9 1 1 .3 .9 3.0 .7 June 64.7 34.1 5 2.1 1 6.0 12.7 2 0 .4 .8 3.4 .5 July 67 0 35.9 s 2.1 1 6.8 12.9 1 1 .3 .9 2.8 .7 August 66.0 35.6 S 2.1 6.2 11.5 4 1 .3 .8 3.7 .6 September. 65.7 35.0 1.5 2.1 .2 6.2 11.7 3 .9 .4 .7 3.0 .7 October 35.6 2.2 6.8 10.0 .8 3.1 .6 N o vember 35 1 2 2 1 6.2 9.5 7 6 December. 35.7 2.2 .9 6.1 9.6 1 .7 .5 1954—— Tanuarv 35.7 1.5 2.1 1.5 5.1 10.3 1 4 7 .6 February r 34.5 1 4.9 .6 Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. i Estimates of United States Bureau of Mines. 2Reported by American Bureau of Metal Statistics. 3 Yearly 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. MAY 1954 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu el m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- U.S.S.R.)1 Treasury Total* 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—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—jan 21.9S6 22 044 779 321 1,005 42 186 31 23 Feb 21,958 22.036 787 321 1,017 42 186 31 23 Mar 21,965 22,035 787 321 1,022 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—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 46 Oct 174 576 282 27 247 150 137 346 156 733 55 38 36 Nov. ... 174 576 303 27 247 150 137 346 158 733 55 38 36 Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 1954—jan 174 576 340 27 247 137 787 48 38 36 Feb 174 576 369 27 247 137 772 47 38 36 Mar 174 576 387 247 772 47 38 36 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 ,504 118 154 41,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 ,470 118 150 43,300 236 373 ,495 167 1951—Dec 265 26 190 51 152 ,452 113 151 *2,335 221 373 ,530 115 1952—Dec 286 29 170 51 184 ,411 113 143 41,846 207 373 ,692 196 1953—Mar 305 29 174 52 194 ,418 113 144 42,166 217 373 ,693 233 Apr 311 29 173 53 194 ,418 113 144 42,273 217 373 ,693 242 May.... 318 29 175 53 194 ,432 113 144 42,321 222 373 ,693 211 June 324 29 175 54 193 ,441 113 144 42,367 222 373 .698 193 July.... 330 29 175 54 203 ,450 113 144 42,456 222 373 ,699 195 Aug 331 29 176 54 204 ,452 113 143 42,469 222 373 ,700 188 Sept 337 29 175 54 206 ,456 113 143 42,486 222 373 ,700 198 Oct 348 29 175 54 219 ,460 113 143 42,520 222 373 1,700 195 Nov.... 350 29 175 54 219 ,460 113 143 42,561 222 373 1,701 190 Dec... 361 29 176 54 218 1,459 113 143 42,518 227 373 L.7O2 193 1954—Jan 373 29 176 54 218 1,458 113 144 42,543 227 373 1,702 194 Feb 379 29 177 54 218 1,469 113 144 42,583 227 373 ,702 190 Mar 386 29 218 144 42,685 1,703 199 ^Preliminary. 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. 546 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_i5Q 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 ' J.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 19"53 -1,164.3 -480.0 -84.9 -65.0 -59.9 -20 '.b' -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 Tan -IVtar 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.-Mar -599.1 -320.0 -36.5 -25.0 -15.0 -10.0 -20.0 -71.7 -54.9 -28.1 Apr -June — 128 2 —40 0 —3 4 -15.0 -25.0 -18.8 -20.0 July-Sept -306.6 -120.0 -12.4 -40.0 -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 Y qu e a ar r te o r r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th n a o A th l e l r Period I in n g c o r t e o ld a t s a e l g p e o o x ld p rt o i o m rt r -go c o l r r d e : a i n s d e - e- p D ti r c o o m d g u o e c l s d - - Treas- Total* stocfc (-) crease tion ury (-) 1945 -37.9 -73.1 -27.8 4-188.3 3.7 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 5 4 5 4 5 5 9 8 2 7 0 6 1 3 . . .. - - — 1 1 - 2 2 1 1 6 4 4 5 2 5 4 0 4 . . . . . . 9 4 0 2 1 7 9 8 -1 -5 - - 0 — 9 3 0 8 . . . . 2 7 0 0 .9 - - - 1 2 1 - - 2 7 3 1 7 7 7 5 . 5 9 3 8 . . . . 5 . . 2 . 2 1 0 1 4 « - - - 3 5 5 - - - 1 4 9 4 5 2 0 1 3 . . . . . . . . 8 1 4 4 1 1 0 7 " 4 2 1 9 5 5 9 1 1 9 4 6 2 8 3 1 5 ! . . . . . 3 1 6 1 5 7 0 8 5 - - - 4 8 - - 2 1 2 9 1 7 4 6 2 1 . . . . . . . 0 9 6 . 2 0 9 9 9 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 8 4 3 9 6 7 5 2 . . . . . 2 2 2 2 2 2 2 2 0 2 4 2 0 0 4 1 , . , , , , . , 4 0 2 7 7 5 9 6 2 6 4 5 2 2 3 1 7 5 4 4 6 9 8 9 2 2 2 2 2 2 2 2 2 0 4 0 4 1 0 2 , , , , , , , , 7 8 3 0 5 9 6 7 0 9 8 3 8 6 6 3 6 9 1 1 3 3 8 9 — 22 1 - — 1 , , 5 — 1 5 , 6 1 3 7 4 3 6 2 6 4 2 5 7 0 2 3 4 9 7 3 . . . . 1 8 6 4 1 9 0 8 1 1 - - , 8 1 8 3 3 6 6 4 0 6 6 1 1 8 8 5 6 8 6 5 1 6 0 . . . . . . 4 3 7 5 5 3 9 4 — — — — — -4 4 2 3 4 8 4 9 1 5 1 5 5 0 5 5 5 6 6 0 3 9 8 9 . . . . . . 7 4 0 . 6 8 4 7 2 1 4 3 3 5 6 7 7 2 5 7 8 1 0 2 5 5 ^ ^ . . . . . 2 3 0 4 8 8 3 9 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 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 ' "u.7 - - 2 2 5 8 . . 0 0 1 19 9 5 5 2 3 2 22 3, ,0 1 3 8 0 6 2 2 3 2 , , 2 0 5 9 2 1 — 1, 3 1 7 6 8 1 .9 .0 684 2 .2 3 -1 — ,1 3 7 0 0 4 ^ . 8 8 6 69 7 ^ .4 7 O Ju c l t y .- - D Se e p c t 3 2 0 8 .0 1 • - 4 3 . . 0 5 -2 -3 5 . . 9 0 2 19 0 . . 2 3 * -31.0 1953— M Ap a r y . . . . . 2 2 2 2, , 5 5 6 3 2 7 2 2 2 2 , , 6 5 3 9 9 0 - -4 1 8 0 . . 7 0 7. . 0 1 — -1 4 6 8 . . 8 9 6 5 . . 1 2 June.. 22.463 22,521 -69.4 -2.0 -68.5 6.0 1952 July... 22,277 22,353 -168.0 — .5 -171.7 6.8 J J O A u a c o n l t r y - - - - M S D T e u ^ e p a n c t r e . .. 1 4 0 8 0 -1 - - 7 2 7 2 . . . . 4 0 6 0 - - 3 2 . . 2 . . 4 4 3 4 7 . . 3 2 -1 -. . 1 9 O A S N D e u o c e p g t v c . t . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 , , , , , 0 0 1 1 0 7 3 7 2 2 7 0 8 8 8 2 2 2 2 2 2 2 2 2 2 , , , , . 1 0 1 2 2 1 9 4 7 2 2 1 6 5 0 - - - - - 2 5 7 3 7 1 5 7 4 3 . . . . . 9 6 4 0 3 -1 - — -. . . 6 1 4 .6 1 - - - - - 2 3 5 7 7 1 5 5 8 2 . . . . . 2 1 0 5 8 6 6 6 6 6 . . . . . 2 2 1 2 8 1953 1954—Jan.... 21,956 22,044 -46.6 -5.5 -43.3 5.1 J A T a u p n l r v . . - - - M S J e u D a n r e t -1 — 0 5 .0 .0 -3 — .6 1 - — - 4 1 1 . . 2 3 4 A F M e p a b r r . . . . . . . . .P 2 2 2 1 1 1, , . 9 9 9 6 6 5 9 5 8 P 2 2 2 2 2 2. , , O 0 0 3 3 8 5 6 2 P - - 1 4 7 7 . . 7 . 5 5 (3) 9 1 . . 0 6 4 - - 3 2 9 7 . . . 9 0 5 4 5 (3 . . ) 4 9 Oct -Dec -.1 -2.4 -9.9 P Preliminary. ^ee 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. 3Includes 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 4Includes 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 6,501.5 million dollars on Apr. 30, 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. MAY 1954 547 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 1954 1953 International Fund International Bank Jan. Oct. July Jan. Mar. Dec. Sept. Mar. 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 3 Other 14,847 4,920 4,395 Other 987 1,004 1,008 1,033 Unpaid balance of member subscriptions. 796 799 812 1,354 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 473 430 385 446 Member subscriptions 8,739 8,739 8,737 8,737 Calls on subscriptions to capital stocks . 3 3 3 3 Accumulated net income -8 -8 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,653 1,619 1,484 1,445 1954 1953 Other assets 27 21 18 17 Net currency purchased2 Bonds outstanding 742 653 567 556 (Cumulative—millions of dollars) Liability on obligations sold under guar- Mar. Feb. Jan. Mar. antee 92 84 76 66 Loans—undisbursed 357 401 325 404 Other liabilities 10 10 8 9 Australian pounds 32.0 38.0 38.0 50.0 General reserve 92 87 82 71 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 46 43 40 35 Bolivian bolivianos 2.5 2.5 2.5 Capital 1,808 1,808 1,808 1,807 Brazilian cruzeiros 65.5 65.5 65.5 C Cz h e il c e h a o n s l p o e v s a o k s ian koruny. 1 6 0 . . 0 7 1 6 0 . . 0 7 1 6 0 . . 0 7 -1 6 .8 .0 1 Includes amounts receivable from member countries for currency D Eg a y ni p s t h ia k n r o p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 .5 .2 adj 2 u A s s t m of e n M ts a : r J . u 3 l 1 y , 1 1 9 9 5 5 3 4 , , 5 th m e i F ll u io n n d d h o a l d la s rs o ; l d J a 9 n 1 u 4 a .0 ry m 1 il 9 l 5 io 4 n , 2 U m . S il . l i d o o n l . lars. Finnish markkaa 4.5 4.5 4.5 4.5 In addition, other sales have included the following: to the Nether- French francs 125.0 125.0 125.0 125.0 lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian Indian rupees 63.8 100.0 100.0 100.0 francs (May 1948); to Norway, 200.0 million Belgian francs (June and Iranian rials 8.8 8.8 8.8 8.8 July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and Japanese yen 62.4 62.4 62.4 October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million Netherlands guilders.... *48.i Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling Turkish liras 27.0 27.0 27.0 10.0 (September 1953), 13.0 million pounds sterling (November 1953) Pounds sterling. 300.0 300.0 300.0 300.0 and 26.3 million pounds sterling (December 1953). Repurchases Yugoslav dinars 9.0 9.0 9.0 9.0 amounted to 389.8 million dollars. Currencies the net transactions in All other -1.6 -1.6 -1.6 -1.6 wh 3 i E ch x c a l m ud o e u s n t u n to ca l l e le ss d th po an rt i o o n n e s m of il l c io a n p i a ta r l e s r u e b p s o c r r te ip d t i u o n n d s, e r a m "A o l u l n o ti t n h g e r. t " o Total. 731.6 773.9 773.9 711.4 7,231 million dollars as of March 31, 1954, of which 2,540 million represents the subscription of the United States. CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fi p g o u u re 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 2 N c a o o n t i d e n s a c v n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 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 ,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec 25 2 ,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18 1 1947—Dec. 31 .2 ,450.0 100.8 15.2 331.3 1,349.7 315.1 • 18.6 95.5 18.1 194g—Dec 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec 26 4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18 1 1952—Dec. 31 .4 1L, 575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—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 4L,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 Mar. 31 .4 41,625.0 51.3 15.2 319.3 1,576.9 262.7 30.6 1.0 72.9 18.6 *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. 4Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27 and increased by 50 million on Mar. 17. For details on previous changes, see BULLETIN for February 1954, p. 222. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig a u n re a s d i i a n n m d i o l l l l i a o r n s s ) of Gold* an S d S t e t U a rl t i n e n i s t g ed securities Other circ N ul o a t t e ion5 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 ve in rn io - n Other capital* ment 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 ,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 1,561.2 626.6 16.2 44.5 132.9 1953—Apr. 30. 68.0 ,436.6 796.0 86.5 1,504.8 646.7 48.3 76.8 110.6 May 30. 59.3 ,364.8 821.4 99.9 1,517.9 594.9 45.6 72.1 114.8 June 30. 66.4 ,405.5 852.0 100.2 1,529.0 647.6 47.9 82.6 116.9 July 31. 74.9 ,451.6 838.5 87.5 1,547.2 646.6 43.8 68.7 146.3 Aug. 31. 67.4 ,414.0 830.9 83.0 1,549.7 617.8 66.4 35.2 126.4 Sept. 30. 69.0 ,385.7 824.9 81.0 1,552.5 616.9 15.4 37.8 138.0 Oct. 31. 70.5 ,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 Mar. 31. 50.0 1,552.8 636.3 146.2 1,512.6 660.0 81.8 28.9 102.0 Assets Liabilities Bank of France Advances to mill ( io F n ig s u o re f s f r in ancs) Gold« F c o h e r a x e n - i g g e n m O a p r e k n e D t6 om S e p s e t c i i c a l bills Other Cu G rr o e v n e t r nm O en th t6 er a O ss th et e s r 6 ci N r ti c o o u t n l e a- G m ov e e n r t n- De E p C o A sits7 Other c O li a i a a t t p n i b h e i d i e t s l a r - l 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 29,935 821,318 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 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,727 ,123,514 27 897 137,727 49,305 1953—Apr. 30. 200,187 14,700 281,119 32,627 923,968 199,400 546,482 153,101 ,127,140 60 312 165,572 58,500 May 28. 200,187 14,896 291,555 28,494 926,296 199,600 534,982 129,412 2,065,483 64 18,525 182,849 58,501 June 25. 200,187 15,088 281,415 20,630 926,024 199,700 554,982 1'1 '8", 309 ,054,347 46 16,838 182,828 62,276 July 30. 200,187 2,275 262,811 15,341 960,622 200,000 650,482 139,754 ,163,216 70 18,883 193,516 55,788 Aug. 27. 201,282 2,870 276,048 4,877 953,856 200,000 668,349 144,154 ,176,277 41 397 188,594 86,126 Sept. 24. 201,282 4,803 260,777 23,441 905,862 200,000 617,049 133,385 ,141,807 73 394 139,313 65,011 Oct. 29. 201,282 9,319 272,559 49,968 877,283 200,000 632,149 152,085 ,193,383 96 479 139,662 61,023 Nov. 26. 201,282 12,444 255,680 59,533 836,117 200,000 654,949 150,222 ,168,977 78 458 131,490 69,224 Dec. 31. 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,964 2,310,452 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 51,577 870,066 195,000 667,549 159,0272,257,405 42 627 131,996 47,425 Mar. 25. 201,282 23,646 227,003 40,319 905,854 195,000 672,949 9146,1952,235,417 70 79 114,617 62,064 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). Securities maturing in two years or less. 3Includes notes held by the chartered banks, which constitute an important part of their reserves. 4 Beginning November 1944, includes a certain amount of sterling and United States dollars. 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. 7Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580; 1942, 16,857; 1943, 10,724. 9Includes advance to Stabilization Fund, amounting to 33.8 billion francs on Mar. 25. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. MAY 1954 549 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 1,358 Loans and discounts 306,968 269,466 282,987 369,627 Other gold and foreign exchange. 1,635 1,439 402 Government loans and securities. 258,418 254 249,987 175,566 Government securities 3,879 3,898 2,753 Other assets 125,800 94,924 '96,444 Rediscounts and loans to banks.. 58,465 57,405 51,223 Note circulation 580,923 597,117 608,057 533,702 Other assets 306 263 250 Deposits 400,443 348,200 315,674 382,066 Currency circulation 25,820 25,978 21,449 Other liabilities and capital 101,551 98,945 97,666 '•84,700 Deposits—Nationalized 35,530 34,339 30,621Central Bank of Costa Rica Other sight obligations 620 503 626 (thousands of colones): Other liabilities and capital 3,939 3,807 3,289 Gold 11,503 11,503 11,503 11,511 Commonwealth Bank of Aus- Foreign exchange 104,291 96,852 89,241 111,153 tralia (thousands of pounds): Net claim on Int'l. Fund4 7,032 7,032 7,032 7,031 Gold and foreign exchange 534,536 526,031 421,838 Loans and discounts 93,596 97,575103,233 68,848 Checks and bills of other banks.. 5,259 5,521 6,893 Securities 4,819 Securities (incl Government and Other assets 26,462 24,122 23,352 24,403 Treasury bills) 373,246 393,859 377,285 Note circulation 137,548 140,523141,729 141,683 Other assets 64,324 44,386 116,142 Demand deposits 76,290 67,956 64,225 64,730 Note circulation 336,863 335,613 322,918 Other liabilities and capital 29,046 28,605 28,407 21,352 Deposits of Trading Banks: National Bank of Cuba Special 323,720 312,970 239,095 (thousands of pesos): Aust O ri t O h an e t r h e N l r ia a b ti il o it n ie a s l a B n a d n c k a p ( i m ta i l llions 2 4 7 5 0 , , 9 8 5 3 0 3 27 4 8 3, , 0 2 1 0 0 5 3 5 0 4 5 , , 4 7 3 0 9 6 F G F o o o r r l e e d i i g g n n e e x x c c h h a a n n g g e e (n (S e t t a ) bilization 1 3 8 6 5 , , 5 7 0 4 9 81 2 8 7 5 , , 7 7 6 4 7 81 2 8 5 5 , , 4 7 6 4 8 8 19 74 5 , , 6 7 8 4 6 8 Na o t f i O F G L C D N o s o c o n l o t e o a h r h a l p a t i e d e e i n l m o l i r s l g s c B i n i a n a i a t r a s g s g n c e s n — s a d u e x ) k i t l : c n O B d s B a h s o i t l a t a t s i o f h o n n c c G e n k o g B k r s e u o e e n v d l t e g s r i n u m m ent 1 2 5 7 1 1 0 , , , , , , 3 8 2 7 8 4 6 1 6 8 7 8 9 2 3 9 8 8 0 6 4 9 3 5 9 6 1 2 5 7 1 1 0 , , , , , , 1 5 8 6 8 4 8 1 7 5 6 0 0 0 3 3 5 9 5 5 9 7 4 8 0 7 1 5 7 1 1 1 0 , , , , , , 6 9 8 8 3 2 9 1 0 7 5 2 4 5 3 9 5 5 0 8 9 9 8 5 4 7 2 6 2 8 1 , , , , , 3 5 4 9 7 3 3 1 0 8 1 8 7 4 4 5 0 2 4 2 9 0 2 2 0 0 Nati S O O N D L C N o i o n r t t e e o l F h h e v a t p a t d e e u e e n l o c r r r i n s s l B t c a s d i a l a i t i i a ) r s s m a n t c s n o b d u e k i t o l l G d s a i o n t t i o i f i s e o v I c s C n n e o t r z a u ' n l e n n . m c d ts F h e c u o n a t s n p l d i o t 4 v al akia 8 4 2 2 3 4 7 2 6 2 1 1 3 3 6 8 1 6 7 6 2 , , , , , , , , , 6 1 3 8 4 6 6 3 5 4 9 8 7 5 1 1 1 7 1 6 3 5 6 3 2 4 6 4 2 2 0 6 0 1 9 8 7 5 , , , , 5 0 8 2 6 0 9 9 7 7 1 5 1 2 3 7 5 3 3 2 4 6 0 2 7 0 0 4 2 2 0 0 3 2 6 6 J 1 '1 1 3 9 8 5 2 7 0 " , , , . , , , , 1 , 5 4 2 5 6 2 5 5 7 1 1 1 0 3 4 2 7 5 3 2 3 9 8 9 6 24 1 1 4 3 4 3 4 1 1 7 8 8 5 9 0 0 2 2 8 3 , , , , , , , , , 5 0 2 9 1 4 6 0 6 1 6 9 1 3 5 3 6 9 1 2 9 6 0 6 0 8 8 (millions of francs): National Bank of Denmark Gold 39,354 39,356 38,962 35,078 (millions of kroner): Foreign claims and balances (net). 13,247 13,273 13,910 15,238 Gold 69 69 69 69 Loans and discounts 5,384 5,172 6,169 5,606 Foreign exchange 1,008 931 891 775 Consolidated Government debt.. 34,660 34,660 34,660 34,660 Loans and discounts 210 121 166 118 Government securities 5,393 7,417 6,935 7,837 Securities 502 481 482 446 Other assets 4,216 4,021 4,063 3,997 Govt. compensation account. . . 3,233 3,234 3,235 3,310 Note circulation 97,274 98,234 99,080 95,843 Other assets 128 146 146 185 Deposits—Demand 1,504 2,068 1,769 2,799 Note circulation 1,972 1,951 1,991 1,889 ECA 119 105 198 220 Deposits—Government 1,477 1,370 1,451 1,443 Other liabilities and capital 3,359 3,492 3,652 3,553 Other 1,478 1,431 1,323 1,401 Central Bank of Bolivia—Mone- (Nov. Other liabilities and capital.... 222 229 225 171 tary dept. (millions of bolivianos): 1953)* Central Bank of the* Dominican Gold at home and abroad1 4,418 1,396 Republic (thousands of pesos): Foreign exchange (net) 28,740 3,235 Gold 12,076 12,076 12,076 12,076 L G o o a v n e s r n a m nd e n d t is s c e o cu u r n i t t s ies 3 2 , , 9 5 4 0 1 5 2 1 , , 1 77 9 4 2 F N o e r t e i c g la n i m ex c o h n a I n n g t e ' l. ( n F e u t n ) d4 23 1 , , 8 2 6 5 7 0 18 1 , , 8 2 0 5 2 0 17 1 , , 7 25 90 0 1 1 6 , , 2 6 5 04 0 Other assets 496 572 Loans and discounts 1,766 1,860 2,175 798 Note circulation 11,304 7,032 Government securities 9,420 9,420 9,420 8,689 Deposits 1,922 1,335 Other assets 3,720 3,722 3,724 '3,057 Other liabilities and capital1. . . 6,874 803 Note circulation 36,796 36,096 35,182 32,587 Central Bank of Ceylon (thousands Demand deposits 13,318 9,089 9,350 8,036 of rupees): Other liabilities and capital 1,984 1,945 1,903 '1,851 Foreign exchange 329,305 314,036 284,401 360,699 Central Bank of Ecuador Advances to Government 35,200 20,100 12,300 91,100 (thousands of sucres): Government securities 91,021 124,619 150,134 107,486 Gold 342.368 342,349 342,287 338,966 Other assets 3,911 4,457 4,401 2,508 Foreign exchange (net) 80,679 95,479 220,560 Currency in circulation 348,101348,291347,340 394,518 Net claim on Int'l. Fund4 18,757 18,757 18,757 Deposits—Government 440 1,472 581 3,033 Credits—Government 369.369 334,770 324,557 275,635 Banks 66,280 70,513 60,552 127,120 Other 175,135188 052 196,193 162,940 Other liabilities and capital 44,615 42,935 42,763 37,122 Other assets 176,849170 125168,714 162,471 Central Bank of Chile (millions Note circulation 574,832571 377570,419 550,747 of pesos): Demand deposits—Private banks 174,055177!258 204,747 178,559 Gold3 5,655 5,649 5,649 1,326 Other 192,556187 976 169,755 225,636 Foreign exchange (net) 215 503 533 356 Other liabilities and capital 221,716194 675201,067 224,387 Net claim on Int'l. Fund* 387 National Bank of Egypt (thou- Discounts for member banks.... 1,801 2,124 2,842 1,849 lands of pounds): Loans to Government 11,509 10,495 7,860 4,059 Gold 60,553 60,5r3 60,553 60,553 Other loans and discounts 7,392 7,428 7,361 9,622 Foreign exchange 22,617 19,475 18,302 20,087 Other assets 2,737 2,660 2,575 3,004 Foreign and Egyptian Note circulation 19,369 19,481 18,525 13,447 Government securities 251,445258,5 !62,472 310,756 Deposits—Bank 4,693 4,826 3,906 3.457 Loans and discounts 15,070 19,036 14,900 10,935 Other 722 819 587 435 Advances to Government Other liabilities and capital 4,525 3,733 3,804 3,264 Other assets 1,954 1,580 1,815 2,499 Bank of the Republic of Colombia Note circulation 172,118 179,110 180,833 191,349 (thousands of pesos): Deposits—Government 69,678 71,071 66,080 76,429 Gold and foreign exchange 367,355 371,802 369,123 334,457 Other 101,717 99,179 102,131 128.889 Net claim on Int'l. Fund4 24,377 24,376 24,376 24,373 Other liabilities and capital.... 8,125 10,259 8,999 8,163 •Latest month available. 'Revised. iOn May 14, 1953, gold reserve revalued from 0.0148112 to O.OO467722 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. 6For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 550 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Reserve Bank of £1 Salva- Bank Indonesia—Cont. dor (thousands of colones): Other assets 252 278 284 269 Gold 72,435 72,515 72,593 73,243 Note circulation 5,105 5,121 5,030 4,480 Foreign exchange (net) 75,243 67,383 53,216 78,672 Deposits—ECA 495 495 495 496 Net claim on Int'l. Fund1 1,567 1,567 1,567 1,566 Other 1,544 1,426 1,429 1,862 Loans and discounts 11,229 16,288 18,755 9.121 Other liabilities and capital 614 479 480 571 Government debt and securities.. 14,454 15,104 14,149 5,299Central Bank of Ireland (thousands Other assets 2,361 2,663 2,894 1,545 of pounds): Note circulation 101,591 103,412 101,010 97,047 Gold 2,646 2,646 2,646 2,646 Deposits 66,114 63,716 53,457 64,637 Sterling funds 64,832 64,486 63,989 61,788 Other liabilities and capital 9,583 8,392 8,708 7,762 Note circulation 67,477 67,132 66,635 64,434 Bank of Finland (millions of mark- Bank of Italy (billions of lire): kaa): Gold 4 4 4 4 Gold 5,862 5,862 5,862 5,862 Foreign exchange 65 63 65 47 Foreign assets (net) 14,429 13,439 12,430 8,972 Advances to Treasury 567 567 567 572 Clearings (net) 10,029 9,628 8,840 6,154 Loans and discounts 331 351 327 313 Loans and discounts 36,645 34,816 36,857 36,108 Government securities 291 289 288 267 Securities 2,222 2,236 2,231 1,652 Other assets 721 723 740 715 Other assets 2,046 2,048 1,994 2,310 Note circulation 1,332 1,339 1,376 1,277 Note circulation 44,658 46,225 42,230 44,078 Deposits—Government 55 77 14 121 Deposits 11,917 7,221 9,973 535 Demand 65 51 57 59 Other liabilities and capital 14,659 14,583 16,011 16,445 Other 406 416 433 359 Bank of German States2 Other liabilities and capital 121 115 111 101 (millions of German marks): Bank of Japan (millions of yen): Gold 1,627 1,551 1,429 775 Bullion 448 448 448 448 Foreign exchange 7,673 7,423 7,276 4,583 Advances to Government 12,300 11,513 11,513 38,424 Loans and discounts 2,305 2,179 1,988 2,681 Loans and discounts 485,764 464,149 439,190 387,695 Loans to Government 4,801 5,146 5,281 7,069 Government securities 178,802 177 880 261,886 193,635 Other assets 926 843 827 1,118 Other assets 111,472 99 751 95,993 132,653 Note circulation 11,403 11,457 11,259 10,611 Note circulation 534,625549 569566,168 515,977 Deposits—Government 1,221 1,116 1,137 1,526 Deposits—Government 107,667 64 482103,353 129,894 Banks 2,618 2,483 2,316 2,106 Other 67,110 71 089 78,356 54,478 Other 240 225 239 249 Other liabilities 79,383 68 601 61,154 52,506 Other liabilities and capital 1,849 1,862 1,852 1,733 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- (Dec. Monetary reserve7 1,279 1,272 1,262 1,229 mae): 1953)* "Authorized" holdings of secu- Gold and foreign exchange (net)3 5,044 1,903 rities, etc 2,886 2,947 2,988 3,198 Loans and discounts 193 142 Bills and discounts 658 619 600 602 Advances—Government 8,389 8,940 Other assets 801 750 736 366 Other 3,603 3,426 Note circulation 3,463 3,517 3,491 3,333 Other assets 1,953 1,463 Demand liabilities 1,651 1,570 1,556 1 ,583 Note circulation 3,503 2,414 Other liabilities and capital 509 501 539 479 Deposits—Government 1,059 823 Netherlands Bank (millions of Reconstruction and guilders): relief accts 7,110 7,663 Gold 2,924 2,924 2,982 2,291 Other 2,605 1,949 Silver (including subsidiary coin). 12 13 15 16 Other liabilities and capital 4,906 3,026 Foreign assets (net) 1,419 1,403 1,407 1,541 Loans and discounts 33 31 31 57 Bank of Guatemala (thousands of Govt. debt and securities 1,217 1,217 1,217 1,451 quetzales): Other assets 404 412 409 536 O G F C G R o i e o t o r h r d l l c e d d e i u i r s g c l c a n a o o t s n u i e s o t n e x r n t i t c s — s b h u a a N C t n n io g o o d n e i t n e a s t d ( o n v e a I t n n ) t c ' e l. s Fund. 2 5 2 2 2 3 9 3 3 3 7 1 , , , , , , , 5 1 6 7 6 2 2 9 6 7 2 4 2 5 2 9 5 7 8 9 0 2 5 2 2 1 3 9 2 4 7 7 1 , , , , , , , 0 8 6 6 8 2 2 8 1 7 0 2 3 5 3 7 8 5 8 8 0 2 4 2 2 3 2 5 5 7 7 1 , , , , , , , 5 0 4 5 0 2 2 3 8 5 7 5 2 5 4 7 1 6 5 8 0 Rese O D N rv t e o h e p t e e o B r s c a i l i t i r n s a c — k b u i l l O G o E a it t f C i t o i e h o v N A s e n e r e — a r w n n O m d N Z l e e c d n e w a a t p l i a ta n l d 3 1 , , 2 2 8 5 0 1 3 8 5 2 9 9 0 8 4 7 0 3 1 , , 9 1 2 5 0 5 3 9 3 1 7 9 1 0 2 0 6 3 1 , , 1 2 8 0 7 7 7 3 3 0 4 5 0 6 7 2 0 3 1 1 , , , 0 2 2 1 1 8 0 3 4 7 4 1 5 8 5 4 9 Deposits—Government 3,268 2,768 3,513 (thousands of pounds): Other liabil B iti a e n s k s and capital 2 2 4 0 , , 5 8 1 6 7 9 2 1 2 8 , , 7 3 1 8 2 8 1 1 2 7 , , 8 7 8 6 2 6 F G o o r l e d ign exchange reserve 7 6 8 , , 1 76 5 6 3 7 6 1, , 7 0 9 9 3 5 61 6 , , 8 0 1 5 9 4 53 6 , , 8 0 8 1 3 5 National Bank of Hungary* Loans and discounts 6,019 6,019 6,019 6,019 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 57,350 55,667 55,607 58,074 Issue department: Investments 33,902 53,062 57,083 32,132 Gold at home and abroad 400 400 400 400 Other assets 1 ,671 1,510 1,467 1,449 Foreign securities 6,482 6,382 6,182 5,782 Note circulation 68,004 67,932 69,984 62,469 Indian Govt. securities 4,213 4,213 4,214 4,499 Demand deposits 106,180 116,815 109,305 86,725 Rupee coin 937 942 948 821 Other liabilities and capital 9,677 9,399 8,760 8,377 Note circulation 11,859 11,714 11,560 11,331 Bank of Norway (millions of kroner): Banking department: Gold 218 218 231 280 Notes of issue department.... 172 223 184 170 Foreign assets (net) 30 A 261 Balances abroad 1,048 1,068 1,162 1,455 Clearing accounts (net) -42 -41 -52 30 Bills discounted 107 107 152 88 Loans and discounts 66 67 67 60 Loans to Government 5 11 33 Securities 32 32 35 44 Other assets 1,163 1,123 "1!048 1,310 Occupation account (net) 5,546 5,546 5,546 5,546 Deposits 2 ,145 2,198 2,224 2,650 Other assets 46 52 47 53 Other liabilities and capital.... 351 335 321 407 Note circulation 2,954 2,928 2,951 2,775 iBank Indonesia6(millions of rupiahl: Deposits—Government 1 ,756 1,647 1,453 2,174 Gold and foreign exchange (net)6. 838 991 1,153 977 Banks 607 664 830 552 Loans and discounts 542 522 447 545! FOA—MSA 137 172 188 302 Advances to Government 6,126 5,731 5,550 5,618! Other liabilities and capital 443 454 448 472 *Latest month available. 1This 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. 4For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 5 As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent Issue and Banking Departments combined. GGold not reported separately beginning January, 1954. includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. MAY 1954 551 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,157 32,276 32,657 29,890 Issue department: Note circulation , ,675 37,712 37,441 37,303 Gold at home and abroad... 81 81 81 81 Deposits—Government ,471 3,173 3,710 1,814 Sterling securities 535 505 475 418 Other ,851 3,775 3,394 4,128 Pakistan Goyt. securities. . . 1,286 ,276 1,276 1,144 Other liabilities and capital ,205 28,386 28,760 25,798 Goyt. of India securities... 146 146 146 126 Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold 481 481 481 428 Rupee coin 55 58 60 66 Foreign assets (net) ,329 1,419 1,511 1,241 Notes in circulation 2,315 ,307 2,274 2,087 Net claim on Int'l. Fund* 129 129 129 129- Banking department: Swedish Govt. securities and ad- Notes of issue department. . 90 60 65 48 vances to National Debt Office8 ,299 2,342 2,284 2,404 Bills discounted 2 5 6 Other domestic bills and advances 384 407 291 322* Loans to Government 115 48 30 43 Other assets 883 885 879 '83 T Other assets 379 342 369 519 Note circulation ,459 4,584 4,610 4,311 Deposits 477 340 362 501 Demand deposits—Government.. 309 357 177 343 Other liabilities and capital.. 107 113 108 115 Other 21 31 105 53; Central Bank of Paraguay1 (Nov. Other liabilities and capital 716 690 683 '654 (thousands of guaranies) : 1953)* Swiss National Bank (millions of Gold 1,138 1,138 f rancs): Foreign exchange (net) 43,465 62,939 Gold ,131 6,131 6,084 5,911 Net claim on Int'l. Fund2 11 11 Foreign exchange 496 495 524 467 Loans and discounts 268,661 160,666 Loans and discounts 151 189 216 22S Government loans and securities 400,293 349,280 Other assets 72 67 64 76 Other assets... 581,894 165,440 Note circulation ,921 4,911 4,904 4,806 Note and coin issue 495,008 375,954 Other sight liabilities ,732 1,767 1,783 1,677 Deposits—Government 148,704 62,930 Other liabilities and capital 197 203 202 196 Other 230,143 127,989Central Bank of the Republic of Other liabilities and capital 421,608 172,602 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 413 460 620 clearings 192 189 207 206 Net claim on Int'l. Fund8 67 67 67 Loans and discounts ,069 2,077 2,033 1,691 Loans and discounts to banks. . . 609 581 364 Securities 25 25 25 26 Loans to Government ,004 984 829 Other assets 95 109 116 112 Other assets 146 200 '184 Note circulation ,412 1,447 1,414 1,239- Note circulation ,597 1,560 1,416 Deposits—Gold 154 154 154 153; Deposits 388 429 379 Other 772 763 812 765 Other liabilities and capital 253 303 269 Other liabilities and capital 446 439 403 28a Central Bank of the Philippines Bank of the Republic of Uruguay (Nov. (thousands of pesos): (thousands of pesos): 1953)* Gold 18,813 813 18,813 18,552 Gold 336,572 328,977 Foreign exchange 436,112 447 149432,320 458,355 Silver 9,044 9,046 Net claim on Int'l. Fund2 29,504 504 29,504 29,504 Advances to State and Govern- Loans 19,724 524 33,324 48,140 ment bodies 110,086 161,605 Domestic securities 239,887 241 094233,127 234,826 Other loans and discounts 347,741 338,594 Other assets 160,303153,324 154,899 149,783 Other assets 608,991 521,967 Circulation—Notes 612,202 611,333605,205 576,465 Note circulation 414,329 420,200 Coin 84,376 385 84,498 88,618 Deposits—Government 129,081 95,163 Demand deposits 156,290 507163,998 223,939 Other 333,184 354,868 Other liabilities and capital 51,476 183 48,285 '50,136 Other liabilities and capital 35,840 489,958 Bank of Portugal (millions of (Dec. Central Bank of Venezuela (milescudos): 1953)* lions of bolivares): Gold 5,030 4,616 Gold 141 1,141 1,141 1,141 Foreign exchange (net) 12,579 11,770 Foreign exchange (net) 246 278 279 71 Loans and discounts 751 840 Other assets 101 134 106 98 Advances to Government 1,422 1,423 Note circulation 011 1,009 1,012 955 Other assets 816 555 Deposits 275 299 282 266 Note circulation 9,788 8,869 Other liabilities and capital 201 246 231 88 Demand deposits—Government.. 1,334 1,569Bank for International Settle- ECA 6 9 ments (thousands of Swiss gold Other 7,304 6,726 francs): Other liabilities and capital 2,166 2,032 Gold in bars 609,059 582,752595,019 712,617 South African Reserve Bank Cash on hand and with banks... 59,160 99,965 51,229 50,748 (thousands of pounds): Sight funds at interest 1,574 1,233 1,232 7,571 Gold 62,660 ,771 62,423 61,573 Rediscountable bills and accept- Foreign bills 34,023 ,887 15,195 56,350 ances (at cost) 315 345,443 3•38,051 216,548 Other bills and loans 41,690 ,000 44,637 16,931 Time funds at interest 182, 163,480 108,,855 45,557 Other assets 52,940 ,975 42,807 46,047 Sundry bills and investments.... 272 764 265,927;274,950 227,165 Note circulation 96,754 ,498 95,798 89,144 Funds invested in Germany 297 201297,201297,201 297,201 Deposits 72,952 ,521 50,212 70,143 Other assets 2 710 2,486 1,786 1,316 Other liabilities and capital 21,607 ,615 19,051 21,614 Demand deposits (gold) 439 056 435,484 435,480 476,315 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 596 596 570 Central banks—Own account.. 745,193 753,715 673,687 518,401 Silver 336 336 336 359 Other 46,C 50,000 60,783 Government loans and securities. 15,913 ,782 15,534 15,801 Long-term deposits: Special 228,909 228,909 228,909 228,909 Other loans and discounts 24,200 ,054 24,181 22,423 Other liabilities and capital 281,517 280 999 280,245 274,314 •Latest month available. r Revised. JThe new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2This figure represents the amount of the country's subscription to th« Fund less the bank's local currency liability to the Fund. 8 Includes small amount of non-Government bonds. 552 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 o i i n t m g ed - Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - t d z- ba C n e k n t o r f a — l M R 3 a a 1 t r e . eff D ec a t t i e ve ba C n e k n t o r f a — l M R 3 a a 1 t r e . ef D fe a ct t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland J« Mar. 25, 1952 Ma 1 y 9 4 2 8 7 1949 2 3 1 1 4 5 H SH 2y2 2X IH A Be u l s g t i r u ia m 4 2% S O e c p t. t . 2 2 4 9 , , 1 1 9 9 5 5 3 3 J It a a p l a y n 5.84 A O p c r t. . 6 1, , 1 1 9 9 5 5 1 0 July 14 M Bolivia 6 Sept. 30, 1950 Mexico June 4,1942 Oct 6 3\4. June 8, 1950. . 2H Sept 11 3H Sept. 26.. 3 Canada 2 Oct. 17, 1950 Netherlands . Apr. 7, 1953 Oct. 27 16 Ceylon July 23, 1953 New Zealand. July 26, 1941 Dec. 1 3 Chile June 13, 1935 Norway Jan. 9, 1946 Apr. 17, 1951 4 Colombia July 18, 1933 Pakistan 3 3 July 1, 1948 July 5 3Vv Costa Rica 4 Feb. 1, 1950 Sept. 13. 11/ Oct. 11 3 N N o o v v . . 9 8 2y2 4 Denmark Sept. 23, 1953 Peru 6 Nov. 13, 1947 Jan. 22 1952 3K Ecuador 10 May 13, 1948 Portugal Jan. 12, 1944 M Ma a r y . 2 1 9 2 4 E E g l y S p a t lvador... 3 N M o a v r . . 1 2 5 2 , , 1 1 9 9 5 5 2 0 S Sp o a u i t n h Africa. 4 2y2 M M a a r r . . 2 18 7 , , 1 1 9 9 4 5 9 2 Aug. 1 3 Finland SH Dec. 16, 1951 Sweden 2M Nov. 20, 1953 Aug. 21 \ATLZ Dec 18 3 Jan. 8, 1953 14 Apr. 7 France Feb. 4, 1954 Switzerland.. Nov. 26, 1936 June 11 131J; Germany June 11, 1953 Turkey 3* Feb. 26, 1951 O Se c p t. t . 2 1 9 7 3y2 3% 2% G In r d e i e a ce 10 2 J N a o n v . . 15 1 , , 1 1 9 9 5 5 4 1 Un d i o te m d King- Sept. 17, 1953 Nov. 20 2M Indonesia 3 2 Apr. 1, 1946 USSR 4 July 1, 1936 Feb. 4,1954... 3H In effect Mar. 31, 1954 SH 2% 2H 2% 1 Rates established for the Land Central banks. NOTE.—Changes since Mar. 31: New Zealand—Apr 12, from \y2 to 3}A per cent. 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—February. .39 1.03 1.00 1.13 .50 1.69 1945—February. .37 1.03 1.00 1.00 .50 1.60 .25 1946—February. .36 .53 .51 .63 .50 1.36 1.18 1.00 .25 1947—February. .40 .53 .51 .63 .50 1.39 1.72 1.46 .25 1948—February. .41 .56 .50 .63 .50 00 1.38 .78 .50 1949—February. .42 .56 .52 .63 .50 2.08 1.39 .90 .63 1950—February. .51 .69 .52 .63 .50 2.40 1.54 1.50 .50 1951—February. .73 .69 .51 .63 .50 2.42 1.55 1.00 .50 1952—February. .91 1.50 .99 1.00 .75 3.93 1.17 1.00 .50 1953—February. 1.47 3.00 2.42 2.25 2.00 4.10 .81 .50 .50 1953—March 1.50 3.00 2.40 2.25 2.00 3.93 .90 .51 .50 April 1.53 3.00 2.41 2.25 2.00 4.05 .93 .71 .50 May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 .50 June 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 .50 July 1.76 3.00 2.35 2.25 2.00 4.13 .50 .50 .50 August 1.80 3.00 2.36 2.25 2.00 4.18 .50 .50 .50 September. 1.91 2.67 2.27 2.09 1.88 4.34 .43 .50 .50 October. . . 1.93 2.19 2.11 1.94 1.75 3.91 .38 .50 .50 November, 1.90 2.19 2.10 1.94 1.75 4.00 .28 .50 .50 December.. 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 .50 i954—January... 1.88 2.19 2.12 1.94 1.75 3.66 .23 .50 .50 February. . 1.74 2.15 2.07 1.94 1.75 3.65 .25 .50 .50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, ipp. 656-661, and for description of statistics see pp. 571-572 in same publication. MAY 1954 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOMMBRCIAL BANKS United Kingdom * Assets Liabilities (11 London clearing b m a i n ll k io s s n . t e s r o F li f i n g g p u ) o r u es 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 i a r c y n t e d at B co il u ls n d te i d s- T r d e 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 t r s Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a r ie l s 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 ,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 ,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1.965 ,950 867 6,333 4,290 2.042 651 1952—December. 549 529 ,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—April 498 454 ,010 2,119 ,825 664 6,060 3,860 2,200 511 May 498 464 ,080 ,123 ,784 654 6,083 3,896 2,187 520 June 514 469 ,209 2,136 ,778 673 6,299 4,040 2,259 481 July 510 460 ,244 2,140 ,742 633 6,247 3,990 2,257 483 August. . .. 511 456 ,331 2,140 ,688 595 6,240 3,971 2,269 480 September. 515 476 ,376 2,137 ,675 623 6,320 4,004 2,316 482 October 518 476 .340 2,238 ,666 607 6,373 4,041 2,332 472 November. 520 469 ,354 2,245 ,687 626 6,419 4,080 2,339 483 December.. 542 501 ,417 2,275 ,725 729 6,694 4,327 2,368 495 1954—January.. 526 483 .330 2,277 ,706 633 6,457 4,124 2,333 499 February.. 504 454 ,113 2,275 ,754 638 6.237 3,954 2,283 501 March.... 512 468 ,078 2,269 ,773 632 6,243 3,957 2,286 489 Assets Liabilities Canada3 Security Deposits payable in Canada (11 chartered banks. Entirely in Canada loans excluding interbank deposits Other En C d a i n n o a f m d m i i a l o l n i n o t d n h o s l o f la i f g r u s) res 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 h s u e a n r n t d s d a f a u b n o b e a r d r e n f o i n r k g a o e s n d m t Securities Other 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 1,537 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—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 ,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 ,841 1954—January... 881 143 3.929 370 3.944 ,337 8,772 3,679 5,093 .832 February. . 898 197 3,951 370 3,885 ,332 8,843 3,681 5,162 ,791 Assets Liabilities France (4 o m f l a i m l r li g o o e n n t s b h o a f n f i g k fr u s a . r n e c E s 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 co il u ls 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 e c p e n s t- lia O b a t i n h li d e t r i - 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—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 1954—January 46,077 76,601 782.293 180,524 37,840 1,056,908 1,013,546 43,363 31,301 35,126 pPrelimtnary. iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2Represent six-month loans to the Treasury with a yield of Y% per cent after October 1945. 3 Beginning 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. 554 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 cabletransfers. In cents per unit of foreign currency] Argentina Canada Year or month (peso) t A ra u l s i - a 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 1951 20.000 13.333 7.067 223.07 1.9859 5.4406 32.849 94.939 1952 20.000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 1953 20.000 13.333 7.198 224.12 23.8580 2.0009 35.4420 32.595 101.650 1953—May 20.000 13.333 7.198 224.25 2.0019 5.4406 32.585 100.559 June 20.000 13.333 7.198 224.19 2.0007 5.4406 32.579 100.546 July 20.000 13.333 7.198 224.32 2.0011 5.4406 32.582 100.782 August 20.000 13.333 7.197 224.30 2.0006 5.4455 32.610 101.180 September 20.000 13.333 7.198 223.33 2.0050 5.4466 32.569 101.580 October 20.000 13.333 7.198 223.57 2.0063 35.4466 32.596 101.762 November 20.000 13.333 7.198 223.97 23.8580 2.0062 4.2808 3.5261 32.641 102.266 December 20.000 13.333 7.198 223.93 3.8580 2.0053 4.2808 3.5261 32.635 102.754 1954—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 April 20.000 13.333 7.198 224.55 3.8580 1.9868 4.2808 3.5261 32.689 101.786 France Year or month Ceylon m De a n rk - Finland (franc) G (d e e r u m ts a c n h y e 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 ' 286!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—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 April 21.079 .4354 .2856 423.838 21.084 281.81 59.965 26.413 279.02 Year or month N (k o r r o w n a e) y R P e ( p h p p i e i u n l s i o e b p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) (k S d r w o e n n e a - ) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d - d ) Ur ( u p g e u so a ) y* 1948 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 ... . 18.481 "49!723" 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42.553 1950 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1952 ... 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1953 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 765.833 756.180 742.553 834.217 1953—May 14.015 49.677 3.4903 280.38 19.323 23.329 281.43 65.833 56.180 42.553 33.633 June 14.015 49.676 3.4897 280.30 19.323 23.331 281.35 65.833 56.180 42.553 33.270 July. . . 14.015 49.677 3.4896 280.47 19.323 23.333 281.53 65.833 56.180 42.553 32.994 August 14.015 49.676 3.4897 280.45 19.323 23.334 281.50 65.833 56.180 42.553 34.001 September 14.015 49.677 3.4896 279.24 19.323 23.332 280.28 65.833 56.180 42.553 35.228 October 14.015 49.677 3.4896 279.53 19.323 23.310 280.58 65.833 56.180 42.553 34.791 November 14.015 49.677 3.4899 280.04 19.323 23.255 281.09 65.833 56.180 42.553 33.567 December 14.015 49.677 3.4900 279.98 19.323 23.289 281.03 765.833 756.180 742.553 732.573 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 April 14.008 49.677 3.4900 280.76 19.333 23.313 281.81 *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 2Based on quotations beginning Nov. 30, 1953. 3Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange 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. 4 Based on quotations beginning Apr. 1, 1954. BThe Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 6 Rate applied (except free rate) depends upon type of merchandise. In addition to the rates shown, a fifth rate was certified May 8-Dec. 4; the average for this period was 53.1914. 7Based on quotations through Dec. 4, 1953. 8Free 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. MAY 1954 555 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 t n 1 a 4 i 0 t t 7 0 e e - d s 4 ) 9 ( C 1 - 9 a 1 3 n 0 5 a 0 - d 3 ) a 9 M (19 1 e 3 0 x 9 0 i ) co - 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 9 1 t 3 0 a 8 0 l y ) = ( a 1 J v 9 a = e 3 p r 4 1 a a ) - g n 3 e 6 N (1 l e a 9 1 t 4 0 n h 8 0 d e ) s r - - S (1 w 1 9 e 0 3 d 0 5 ) en - (A Sw u = l g a i . 1 t n z 0 d 1 e 0 9 r ) 3 - 9 1944 68 131 179 166 14 2 196 207 1945... 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 . . .. 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1953. 110 221 393 328 138 5,250 >354 134 298 213 1953—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 '5,256 P361 134 296 211 1954—January 111 220 396 326 138 5,286 P368 135 296 213 February 111 219 397 P326 P138 136 J>296 213 March 111 219 401 P329 P136 P214 v Preliminary. «" Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49-100) (1935-39 = 100) (1930=100) (1948 = 100) Year or month pr F o a d r u m cts Pr f o o c o e d ss s ed co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p g a c a o w t a r o u n t d r a u l e y s n - d d F f u a c m g l c h o l t a y i o u e n f d r a u l e s n y - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s a c - 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 P364 122 171 143 1952 107 109 113 '250 219 231 284 >352 129 166 135 1953 97 105 114 220 207 229 307 123 156 132 1953—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 June 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—January 98 106 115 209 207 228 302 '125 153 133 February 98 105 114 209 205 227 305 128 153 133 March 99 105 114 207 204 227 P310 n.a. Not available. P Preliminary. 'Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S = 19 t n 1 a 4 0 i 7 t t 0 e e - ) 4 d s 1 9 « C ( a 1 * a d 9 1 n 4 0 a 9 0 - ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l = ( a e 1 1 t n 9 h 0 4 d 0 e 9 s ) r- 1 ( l 9 A a e 3 r n u 9 - d g = , ( U S = 19 t n 1 a 4 i 0 7 t t 0 e e -4 ) d s 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 g 9 . 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 u 9 - 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 ioo 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 . . 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1953—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 115 116 106 142 120 170 112 112 110 134 122 186 1954—Tanuary 115 116 106 143 123 170 113 112 110 136 124 185 February 115 116 106 144 124 170 113 112 110 137 126 185 March 115 116 P144 124 P169 112 111 P136 ^Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S n ta it t e e d si ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( 1 K D 9 U i e 2 n n c 1 g e i = m t d 1 e o b d 0 m e 0 r ) F = ( r 1 a 1 9 0 n 4 0 c 9 ) e N l e a t n h d e s r 2 - ( U 1 S = 9 t n 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 er s' - 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—March 113.4 84.1 110.5 111.9 95.8 198.0 170.0 93.2 151 206 April 111.7 84.1 111.3 112.6 98.0 190.0 160.8 92.3 151 203 Mav 109.8 83.6 111.4 113.2 99.7 189.6 159.8 91.1 153 206 June 108.8 82.9 112.2 112.9 101.2 182.8 * 156.8 91.1 154 207 July 110.7 82.9 111.5 112.9 102.7 185.5 160.7 91.6 157 214 August 111.4 82.6 112,0 114.1 101.8 187.3 161.2 92.5 162 218 September. .. 110.9 82.3 112.8 115.0 102.1 179.2 152.9 91.4 165 215 October 112.6 82.8 114.2 114.7 104.0 183.4 151.9 92.1 167 217 November. . . 113.6 84.2 114.9 114.4 104.0 187.5 154.2 93.7 169 223 December 113.5 85.3 114.2 113.8 103.4 190.7 153.6 93.5 170 230 1954—January 114.5 87.0 114.3 114.6 103.7 195.4 157.4 94.1 180 239 February.... 116.5 88.7 114.8 114.9 101.8 199.6 163.2 95.8 184 245 March 117.9 95.5 115.3 100.0 204.9 165.0 95.6 250 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2 Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3 Average 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 19-52, p. 1357. MAY 1954 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director GEORGE B. VEST, General Counsel HENRY BENNER, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS DAVID B. HEXTER, Assistant General Counsel ROBERT F. LEONARD, Director G. HOWLAND CHASE, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER LEWIS N. DEMBITZ, Assistant Director EDWIN J. JOHNSON, Controller 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 H. G. LEEDY JAMES K. VARDAMAN, JR. GEORGE GUND, CLEVELAND DISTRICT A. L. MILLS, JR. ALFRED H. WILLIAMS ROBERT V. FLEMING, RICHMOND DISTRICT C. S. YOUNG Vice President WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT President GEORGE B. VEST, General Counsel 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 J. 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 558 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 l 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. 0. Latham 0. A. Schlaikjer R. F. Van Amringe New York Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber H. H. Kimball T. G. Tiebout L. W. Knoke V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman 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 * 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 J. M. Nowlan2 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. Yourig 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 J Alfred T. Sihler W. W. Turner St. Louis M. Moss Alexander Delos C. Johns Dale M. Lewis H. H. Weigel Caffey Robertson Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis.... Paul E. Miller 0. S. Powell H. C. Core 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 0. 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 * Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco... A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan » Y. Frank Freeman H. N. Mangels H. F. Slade 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE 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. 1Cossin Kansas City.. Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Charlotte R. L. Cherry Omaha P. A. Debus Atlanta Birmingham H. C. 1"razer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Ivloody, 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 V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. a Cashier. 8 Also Cashier. 4 Counsel. MAY 1954 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from BANKING STUDIES. Comprising 17 papers on bankthe Division of Administrative Services, Board of ing and monetary subjects by members of the Governors of the Federal Reserve System, Wash- Board's staff. August 1941; reprinted October ington 25, D. C. Where a charge is indicated, 1952. 496 pages. Paper cover. $1.00 per copy; remittance should be made payable to the order in quantities of 10 or more copies for single of the Board of Governors of the Federal Reserve shipment, 75 cents each. System. THE FEDERAL RESERVE SYSTEM—PURPOSES AND BANKING AND MONETARY STATISTICS. Statistics of FUNCTIONS. Revised edition. April 1954. 224 banking, monetary, and other financial developpages. ments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (un- ANNUAL REPORT of the Board of Governors of the bound). Federal Reserve System. Issued each year. FEDERAL RESERVE BULLETIN. Issued monthly. Sub- A STATISTICAL STUDY OF REGULATION V LOANS. scription price in the United States and its pos- September 1950. 74 pages. 25 cents per copy; sessions, Bolivia, Canada, Chile, Colombia, Costa in quantities of 10 or more copies for single Rica, Cuba, Dominican Republic, Ecuador, shipment, 15 cents each. Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Uruguay, and Venezuela is $2.00 per annum or INGS AND THEIR USE IN ECONOMIC ANALYSIS. 20 cents per copy; elsewhere $2.60 per annum or January 1952. 175 pages. 25 cents per copy; in 25 cents per copy. Group subscriptions in the quantities of 10 or more copies for single ship- United States for 10 or more copies to one ad- ment, 15 cents each. dress, 15 cents per copy per month, or $1.50 for 12 months. THE FEDERAL RESERVE ACT, as amended to Novem- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ber 1, 1946, with an Appendix containing pro- RATES, AND BUSINESS. Issued monthly. $6.00 visions of certain other statutes affecting the per annum including edition of historical supple- Federal Reserve System. 372 pages. 50 cents per ment (listed below) available when subscription paper-bound copy; $1.00 per cloth-bound copy. is entered or renewed. 60 cents per copy; in quantities of 10 or more copies of a particular COMPILATION OF FEDERAL AND STATE LAWS RELATissue for single shipment, 50 cents each. (Do- ING TO BRANCH BANKING WITHIN THE UNITED mestic rates) STATES. (July 1, 1951.) December 1951/ 33 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. Annual RULES OF ORGANIZATION AND RULES OF PROCEDURE subscription to monthly chart book includes one —Board of Governors of the Federal Reserve issue of supplement. Single copies, 60 cents each; System (with Amendments). September 1946. in quantities of 10 or more copies for single 31 pages. shipment, 50 cents each. (Domestic rates) REGULATIONS OF THE BOARD OF GOVERNORS OF THE *A more complete list, including periodic releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 1414-17 of the December 1953 with amendments and supplements thereto. BULLETIN. 560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS FEDERAL RESERVE BANK RESPONSIBILITIES. May (From Federal Reserve Bulletin unless preceded by an asterisk.) 1953. 5 pages. RECENT CHANGES IN GERMANY'S FOREIGN TRADE UNITED STATES POSTWAR INVESTMENT IN LATIN BALANCE. March 1952. 7 pages. AMERICA. May 1953. 6 pages. BANKING IN THE SOVIET UNION. April 1952. 8 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE CORPORATIONS. July 1953. 12 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- AND BUSINESSES. July 1953. 2 pages. (Also ERNORS BEFORE SUBCOMMITTEE ON GENERAL similar article from July 1952 BULLETIN.) CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 11, 1952. April 1952. 4 pages. RECENT CREDIT AND MONETARY DEVELOPMENTS. July 1953. 8 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 6 pages. UNITED STATES BALANCE OF PAYMENTS IN 1952-53. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. October 1953. 9 pages. June 1952. 18 pages. REVISED INDEXES OF DEPARTMENT STORES SALES AND REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- STOCKS, BY MAJOR DEPARTMENTS. November LATION X. June 1952. 18 pages. 1953. 65 pages. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. 96 REVISED SERIES ON DEPARTMENT STORE SALES, pages. (Also, similar index from August 1940, STOCKS, AND ORDERS. October 1952. 5 pages. September 1941, and October 1943 issues of BULLETIN with supplementary data. October RECENT CREDIT EXPANSION. December 1952. 7 1943. 120 pages.) pages. CREDIT AND MONETARY REVIEW FOR 1952. February EXTENSIONS AND REPAYMENTS OF CONSUMER IN- 1953. 7 pages. STALMENT CREDIT. January 1954. 14 pages. THE MONETARY SYSTEM OF THE UNITED STATES. BANK CREDIT AND MONEY IN 1953. February 1954. February 1953. 16 pages. 6 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. March 1954. 9 pages. (Also, similar article from FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- March 1953 BULLETIN.) BILITY. May 1953. 7 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY 1953. 19 pages. FINDINGS OF THE 1954 SURVEY OF CONSUMER FI- NANCES. March 1954. 4 pages. (Other articles *DETAILED DESCRIPTION OF SOURCES AND METHODS on the 1954 Survey will appear in later issues of USED IN REVISION OF SHORT- AND INTERMEDIATE- the BULLETIN. Also, similar surveys for earlier TERM CONSUMER CREDIT STATISTICS (supplemen- years from 1946, 1947, 1948, 1949, 1950, 1951, tary details for item listed above), April 1953. 1952, and 1953 BULLETINS.) 25 pages. THE TRANSITION TO FREE MARKETS. April 1953. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE 6 pages. GOODS. May 1954. 15 pages. MAY 1954 561 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 MINNEAPOLIS == BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES i( BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM <§> FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES APRIL I. 1954. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis