Federal Reserve Bulletin, 1954-06

F E D E R AL E S E R VE BULLETIN JUNE 1954 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 June 1954 NUMBER 6 REAL ESTATE IN MID-1954 This year construction has expanded to a KONFARM MORTGAGE LENDING new record level and real estate markets Millions of dollars 2000 have been quite active. Prices of building materials have changed little, while wage 1800 rates in the building trades have risen slightly further. Construction costs have been stable or, in some lines, have declined as compet- 1600 itive pressures have increased and efficiency has improved. Sales of both new and old 1400 houses have remained numerous at stable SEASONAL VARIATION or slightly lower prices, the advance in rents 1200 has slowed down, and vacancies in some areas have increased slightly. Saving has continued in large volume this 1000 year and monetary and credit policy has contributed to easier conditions in money mar- 800 1950 1952 1954 kets. Partly as a result, funds for construc- NOTE.—Data represent mortgage recordings of $20,000 or less tion and mortgage loans, after a short period on nonfarm properties and are from the Home Loan Bank Board. Adjustment for seasonal variation is by Federal Reserve of tightness last year, have been generally and is based on 3-month moving averages of unadjusted data centered at the middle month. Latest figures shown for unadavailable on terms attractive to borrowers. justed series are for April; for adjusted, March. Modifications in housing legislation now un- CONSTRUCTION OUTLAYS der consideration in Congress would permit Outlays for new construction have set a further liberalization of terms. new record this spring, and in May were at Mortgage lending on small residential a seasonally adjusted annual rate of close to properties, after declining somewhat more 37 billion dollars. The rise, amounting to than seasonally in the second half of 1953, 3 per cent since last spring and 5 per cent has risen sharply from the very high yearsince autumn, has reflected different moveend level, as can be seen from the chart. Rements in private business, private residential, payments on outstanding loans have conand public construction, which are shown in tinued the steady rise of recent years, and the chart on page 564. While the behavior in the first few months of 1954 the growth of these major types will probably continue in residential mortgage debt outstanding to differ, the high and rising volume of conslowed down. struction contracts awarded and of work JUNE 1954 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE IN MID-1954 planned and started in recent months sug- counted for most of the change in 1953. In gests that total construction activity will re- the first five months of 1954 outlays for busimain large in the immediate future. ness construction were relatively stable, as Public construction. An important part of were those for farm construction, but other the movement in total construction outlays private nonresidential building—principally during the past year is attributable to changes work on private schools and colleges, in publicly financed construction. Outlays churches, and hospitals—rose appreciably. by State and local governments have been increased more than Federal spending for CONSTRUCTION OUTLAYS public housing, military and other defense Seasona lly adjusted, millions ol doliars installations, and conservation work has been reduced. As a result, total public expendi- - -- 1200 tures, seasonally adjusted, have risen since PRIVATE autumn after declining moderately last RESIDENTIAL k spring and summer. Outlays in May were 1 — 1000 slightly larger than a year earlier, and in the first five months of 1954 were about as large as in the corresponding period of last year. -— 800 ^/'TOTAL Construction of military facilities has de- - // *PUBLIC clined almost steadily from the peak reached / early in 1953, and has been more than one- / ^^TRIVATE - 600 third smaller this year than a year ago. / BUSINESS _ Public housing construction has declined substantially since last summer as the maximum 'Vv 1 1 1 400 1950 1952 1954 number of units authorized for the year end- NOTE.—Joint estimates of Departments of Commerce and Laing in June 1954 was reduced to 20,000 from bor, adjusted for seasonal variation by Department of Commerce, except private business, which is adjusted by Federal 35,000 in the preceding year. Reserve. Components shown do not add to total construction, which includes miscellaneous types such as farm, religious, and State and local expenditures so far this year recreational. Private business includes commercial, industrial, and public utility construction. Latest figures shown are for May. for highways, schools, and sewer and water works have been considerably larger than in The high-level stability of private business the corresponding 1953 period. The large construction in recent months, some 6 per and rapidly increasing population of school cent higher than a year earlier, has reflected age, the rising number of motor vehicles in a general leveling off in all major types of use, and the extensive private building in such construction. Commercial has been previously undeveloped areas indicate that two-fifths higher than last year, industrial the need for State and local construction will an eighth lower, and public utility about the continue large for some time. same. The rapid rise during 1953 in com- Private nonresidential. Private nonresi- mercial construction, including retail stores, dential building rose markedly in the first warehouses, and office buildings, followed half of 1953 and, after showing little change removal of emergency building limitations in the second half, has increased further this and credit restrictions in force during most year to a new record level. Construction for of the two preceding years. Judging from business purposes, shown in the chart, ac- the recent level of contract awards, such con- 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE IN MID-1954 struction in the immediate future is likely to NONFARM HOUSING UNITS STARTED [Numbers in thousands] remain close to the record volume of recent months. Percentage distribution ol privately financed units Construction of industrial plant, in contrast to commercial building, was encouraged Period Total v P a r t i e - Public un F d e e d r e w r r a i l t l t y en after Korea. It remained high in 1952 and Conven- FHA- VA- tional the first half of 1953, then declined steadily in- guarsured anteed until the end of the year. Since then it has shown little change. The expectation of Annually: 1949 1,025 989 36 36 11 53 concerns in most manufacturing industries 1950. 1,396 1,352 44 35 15 50 1951 1,091 1,020 71 26 15 60 that they will spend somewhat less this year 1952 1,127 1,069 59 26 13 61 1953 1,104 1,068 36 24 15 62 than last for plant and equipment, together Jan.-May: 1950 561 553 8 31 13 56 with the recent volume of contract awards, 1953 477 451 26 23 12 65 suggests that industrial building may remain 1954? 452 447 5 22 19 59 close to the current reduced level for some P Preliminary. months. NOTE.—Data are from the Bureau of Labor Statistics, Federal Housing Administration, and Veterans Administration. Federally Public utilities, whose capital outlays have underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgages. increased substantially each year since the war, are continuing to expand at about the financing, which declined fairly steadily same rate as in 1953. For some time expend- after 1950, has been somewhat larger this itures for public utility facilities have ex- year, as can be seen from the table, reflecting ceeded the combined outlays for commercial a sharp increase in units started under mortand industrial construction. The bulk of guarantee commitments of the Vetpublic utility expenditures has been to pro- REQUESTS FOR FEDERALLY AIDED FINANCING vide electric power, gas, and telephones, and Thousands of new homes demand for such services is apparently still 60 strong. Construction expenditures by other public utilities (including railroads and local transit companies), which are relatively small, are markedly lower than a year ago. REQUESTS / Private residential. Unlike private business TO VA 1 —— 40 construction, which was strong throughout /A all of 1953, private residential work, season- J ally adjusted, declined somewhat after the spring. Since midwinter, such construction I — 20 has risen almost 9 per cent to exceed the advanced level of a year ago. In the first five months of 1954, 447,000 APPLICATIONS TO F H A private dwelling units were started, compared with 451,000 in the corresponding 1 months of 1953 and a record 553,000 in the 1951 1952 1953 1954 same period of 1950. The proportion of NOTE.—Data represent the number of new 1- to 4-family units included in requests to VA and in applications to FHA for mortprivate units started with Federally aided gage guarantee and insurance, as reported by these agencies. Latest figures shown are for May. JUNE 1954 565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE IN MID-1954 erans Administration. In recent months the 1953, or slightly more than in 1952. In the exceptional rise in appraisal requests to the first five months of this year sales of new VA, together with the more moderate in- houses continued numerous, and purchases crease in loan applications to the Federal of existing houses remained close to earlier Housing Administration, shown in the chart record levels. on the preceding page, suggests that the rela- The steady trend toward home ownership, tive importance of new units started with which has been in process for several years, Federally aided financing may continue to has influenced the market for rental housing. increase for some months. Vacancies in rental units have apparently increased in recent months, although they RESIDENTIAL SALES AND FINANCING are still relatively low, and rents, which rose 5 per cent in 1953, have been practically un- For almost three years markets for resichanged this year. Building of apartmentdential real estate have been characterized type structures, which declined sharply after generally by high levels of activity and little 1950, has continued small. change in prices. At times during this period, sales have slowed down and prices Mortgage lending. The sustained high have appeared to weaken, especially for level of activity in the market for both new older properties. For the most part, how- and old houses has been accompanied by ever, demands for additional housing space record demands for credit by builders and have continued large as population has con- purchasers. In the summer of 1953 these tinued to increase rapidly and to change resi- demands exceeded the large supply of funds dence frequently, as families have increased available at interest rates and other terms in number and size, and as incomes have re- then prevailing. Despite the difficulty in obmained high. Further information on some taining credit experienced for a time by some of these developments is available in the find- borrowers, the 19.7 billion dollars of new ings of the Survey of Consumer Finances mortgage credit extended during 1953, reported in the article on pages 570 to 586 shown in the table, was substantially more of this BULLETIN. than in any other year. About 6.6 billion An important element of change in the dollars of this was borrowed in connection current market for houses stems from the MORTGAGE LENDING ON 1- TO 4-FAMILY NONFARM HOUSES [In billions of dollars] fact that consumers generally are much bet- C te o r ns h e o q u u s e e n d t ly th , a p n u rc in h as e e a r r s l ie n r o w p o a s r tw e a m r o y re e a s r e s - . Period m l N o a a e d n w e s A r m p e p t e i a r n r e t e * s nt o I u n t i c s n i r t n g e a a s n s d e - O p ( u e e i t n n s r d i t g o a s d o n ) f dlective and both new and old houses frequently take longer to sell than formerly. Annually: 1949 11.8 7.6 4.2 37.5 Builders and contractors, competing more 1 1 9 9 5 5 0 1 1 1 6 6 . . 2 4 8 9 . . 6 6 6 7 . . 8 6 4 5 5 1 . . 1 9 1952 18.0 11.2 6.8 58.7 vigorously, are devoting more attention to 1953 19.7 12.5 7.2 65.9 design, location, extras, quality, and price. January-March: 1952 4.0 2.5 1.5 53.3 These efforts, together with renewed avail- 1953 4.4 2.8 1.6 60.3 1954P 4.6 3.1 1.5 67.4 ability of financing, have been important elements sustaining new house sales. p Preliminary. NOTE.—Annual figures on new loans made, which represent About one million new private 1- and nonfarm mortgage recordings of $20,000 or less, and on outstandings are from Home Loan Bank Board. Apparent retirements are derived from these figures. All first quarter figures are Federal 2-family houses were completed and sold in Reserve estimates. 566 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE IN MID-1954 with the purchase of new houses and 9.2 each year since 1945. This has occurred billion for the purchase of old houses, both notwithstanding large and increasing debt record amounts. The remaining 3.9 billion repayments each year, including payments was for a variety of purposes, including in full (largely in connection with sales refinancing, repairs, and financing expend- of existing houses), partial prepayments, and itures not directly associated with the prop- regular amortization. Debt on such properties. erties, which has more than tripled since About half of all mortgage credit used to 1945, has risen much more than all other finance the purchase of new houses during kinds of mortgage debt, as shown in the 1953 was Federally underwritten. This was chart. Currently, debt on 1- to 4-family a larger proportion than in 1952 but sub- houses accounts for two-thirds of the total stantially smaller than in 1950 and 1951. mortgage debt outstanding, as compared with Federally underwritten credit is of much one-half at the end of the war. less importance in the market for old houses than for new, accounting in recent years for REAL ESTATE MORTGAGE DEBT one-fifth to one-fourth of total lending on Billions of do old houses. As capital markets have eased 100 and yields on other investments have declined in recent months, lenders have found FHA and VA mortgages increasingly attrac- 80 tive and have made funds readily available for advance commitments as well as for com- 60 pleted mortgages. In the first four months of 1954, 6.4 billion dollars of mortgage credit was extended, 40 4 per cent more than in the corresponding months a year earlier. The average size of 20 new mortgage in early 1954 continued the MULTI-FAMILY AND COMMERCIAL upward trend of recent years, reflecting larger loans relative to value of properties , I FARM and some tendency toward purchase of more 1940 1945 1950 '54 expensive houses. Both Federally underwrit- NOTE.—Data are from Home Loan Bank Board, Department of Commerce, Department of Agriculture, and Federal Reserve. Latest figures shown are Federal Reserve estimates for Mar. ten and conventional loans, whether on new 31, 1954. or on old houses, have increased in size. Rising prices for real estate, an important About half of all owner-occupied nonfarm element in the increase in loan size before houses in the United States are mortgaged. 1952, have not been an appreciable factor On many of those purchased in recent years recently. the mortgages are quite large, partly because of the high prices at which purchases REAL ESTATE MORTGAGE DEBT were made and partly because of the high Reflecting the record volume of postwar ratios of loan to value that have been availmortgage financing, debt secured by 1- to 4- able. family nonfarm houses has risen markedly In the first quarter of 1954 home mortgage JUNE 1954 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE IN MID-1954 debt rose about 1.5 billion dollars or slightly ticularly Federally underwritten mortgages less than in the corresponding quarter of whose rates were fixed, less attractive to in- 1953, as can be seen from the table on page vestors than other types of securities. The 566. The smaller growth in outstandings higher rates established for FHA and VA resulted from a larger increase in repayments mortgages in early May 1953 and the easing than in new loans. The increase in Federally in money conditions and decline in yields on underwritten debt relative to conventional other investments have encouraged larger inmortgage debt has been smaller this year stitutional investments in these mortgages than in corresponding periods of the two pre- since late 1953. ceding years, and the proportion of total Commercial banks and life insurance comhome mortgage debt that is Federally under- panies ordinarily invest a large portion of written has declined slightly. The Federal their funds in assets other than mortgages; Government is now contingently liable for since 1950 and 1951, respectively, additions about 42 per cent of all home mortgage debt, to their mortgage portfolios have been subnot far from double the proportion at the stantially less than in those years. In recent end of the war. months, however, life insurance companies Institutional mortgage portfolios. Partici- have become more active in the market for pation by major types of lenders in the resi- Federally underwritten loans, and have indential mortgage market, shown in the table, creased their acquisitions of VA-guaranteed has been influenced in recent years by changes mortgages sharply. At commercial banks, in capital markets generally and in monetary where total loans have been declining this and debt management policies. Rising in- year, mortgage holdings have increased modterest rates during the period from early 1951 erately. to mid-1953 made home mortgages, par- Savings and loan associations, which invest their funds largely in conventional mort- CHANGES IN RESIDENTIAL MORTGAGE DEBT HELD BY SELECTED gages, expanded their mortgage portfolios TYPES OF FINANCIAL INSTITUTIONS [In billions of dollars] as much in the first quarter of this year as a year earlier. The growth in mortgage Private institutions Federal holdings of these associations in recent years Total, Na- Period t l u i e n t s c i e s t o - t e i n d - s lo s t S a i o a i n n o a c n g v n i d a s a - s - s- p i c a n L a o n s n i m u f c i e e e r - - s b M s t i a n u a n g v a u k s l - - s b C m c a o i n e a m r k l - s - c M t A i g i a o a s o t n s g i r o o a e t - - n l h o ex a th s p e a r n b s e l i e e o n n n d e c i o r n s n . s t i h d I e e n i r r a b 1 p 9 ly o 5 r 3 t l f a o a r l n g io e d s r ea t a r h m l a y o n u 1 n 9 th t 5 e a 4 d t o t t h o f e almost half the increase in all private insti- Annually: 1949 4.8 1.3 1.5 .8 6 .6 tutional holdings compared with two-fifths 1950 8.5 2.0 2.8 1.5 1 8 .5 1 19 9 5 5 2 1 6 7 . . 8 4 2 1. . 7 8 2 1. . 4 8 1 1 . . 3 5 9 8 . . 4 5 in 1952 and about one-fourth in the two pre- 1953 7.1 3.5 1.3 1.5 7 .2 ceding years. Jan.-Mar.: 1952. 1.5 .5 .4 .3 1 .2 Mutual savings banks also invest most of 1953 1.7 .7 .3 .3 1 .2 1954? 1.5 .7 A .4 1 -.1 their funds in mortgages but, unlike savings and loan associations, they invest heavily in P Preliminary. NOTE.—Data are from Home Loan Bank Board, Federal Government-underwritten mortgages. As Deposit Insurance Corporation, Federal National Mortgage Association, and Federal Reserve. Data for savings and loan associa- mortgage markets eased during the latter tions represent loans on 1- to 4-family nonfarm houses, which include more than 95 per cent of their residential loan holdings. All first quarter figures are Federal Reserve estimates except those part of 1953, these banks increased their portfor sayings and loan associations and Federal National Mortgage Association, which are from Home Loan Bank Board and Federal folios substantially more than in the pre- National Mortgage Association, respectively. 568 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE IN MID-1954 ceding year. As credit has eased further in PENDING LEGISLATION 1954, mutual savings banks have continued The proposed Housing Act of 1954 would to expand their holdings and during the first make appreciable changes in the statutes unquarter added more to their home mortgage der which the major Federal housing and portfolios than in the corresponding quarter real estate programs are carried on. The of most postwar years. bills passed by the House and Senate differ Federal National Mortgage Association. substantially in their treatment of public In view of the improved market for home housing, the Federal National Mortgage Asmortgages the Federal National Mortgage sociation, and home modernization loans Association on February 1, 1954, announced insured by the Federal Housing Administraan increase in the sale price of its holdings of tion. On June 21 these bills were under VA-guaranteed 4 per cent mortgages from consideration by a conference committee. 96 to 98 per cent of par, and of its FHA- The bills are broadly similar in that they insured 4% per cent mortgages from 97% would consolidate many different provisions to 99%. The Association continued prices governing terms available for financing new for all 41>4 per cent mortgages at par. houses with FHA insurance and in many Sales of mortgages by FNMA increased cases permit larger loans and longer matusharply in March and rose further in April rities for both new and old houses. They to reach a postwar record of 108 million dol- would also permit somewhat larger insured lars. A sharp decline in May, to the smallest loans on rental and cooperative properties; volume since last August, reflected the fact make mortgage insurance available for rethat FNMA had practically completed the habilitation of existing dwellings and consale of 500 million dollars of mortgages au- struction of new units in urban renewal thorized under the "one-for-one" program. areas; and make particularly easy terms Under this program FNMA contracted to available to families displaced because of buy from the purchasers of its mortgages an urban renewal and other public improveequal amount of eligible mortgages at a ment programs. later time. The bills also agree on a number of proce- Almost from the beginning of the one-for- dural and technical changes in the operations one program last summer, the Association of the Federal Home Loan Bank System and sold more mortgages than it purchased, with the Federal Savings and Loan Insurance the result that its mortgage holdings de- Corporation. They would increase the maxclined steadily from 2.5 billion dollars on imum home mortgage loan that a Federal August 31, 1953, to 2.3 billion on May 31, savings and loan association may make from 1954. Obligations to buy mortgages under $20,000 to $35,000, and the maximum unone-for-one contracts amounted to 424 mil- secured property improvement loan from lion dollars at the end of May. $1,500 to $2,500. JUNE 1954 569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES PURCHASES OF DURABLE GOODS AND HOUSES IN 1953 Consumer purchases of new cars and major As in other recent years, consumers used household durable goods increased substan- credit freely in connection with the purtially last year while purchases of used cars chase of cars, major household goods, and and houses continued at high levels. Out- homes. About three-fifths of all automolays for home repairs and improvements bile buyers and somewhat more than half were also maintained in large volume. In- of the purchasers of major household durable creased buying of new cars and other durable goods utilized credit last year. More than goods was reported by nearly all income and four-fifths of the home buyers financed their occupational groups and in most parts of the purchases with credit. country. Prices paid by consumers differed little from those paid in 1952, when prices AUTOMOBILES of durable goods and houses were at or close Consumer purchases of new automobiles, to their postwar highs. which had declined in 1951 and 1952 from Reflecting in part the further expansion the peak reached in 1950, increased sharply in consumer buying last year, ownership of in 1953. The number of spending units buyautomobiles, major household durable goods, ing new cars (5.0 million) was more than and homes established record levels in terms one-third larger than in 1952 (3.6 million) of both total numbers and proportions of and only moderately smaller than in 1950 consumers owning such goods. In early (5.3 million). 1954, nearly two-thirds of all spending units owned one or more automobiles and about TABLE 1 CONSUMER PURCHASES OF AUTOMOBILES half owned television sets. Well over half of all nonfarm families owned their homes Estimated number of Median Median and about half of these families owned their Type of purchase spending units expendi- net purchasing ture1 outlay2 homes free of mortgage debt. (In millions) 1This is the second of a series of three articles presenting New automobile: 1953 5.0 $2,500 $1,590 the results of the 1954 Survey of Consumer Finances con- 1952 3.6 2,500 1,430 ducted by the Federal Reserve System in cooperation with 1951 r4 4 2,200 1,400 1950 »"5.3 2,110 1,590 the Survey Research Center of the University of Michigan. The first article, presenting information on the economic Used automobile: 1953 8.0 900 600 outlook of consumers and their plans for purchasing durable 1952 '8.0 850 600 goods and houses, was published in the March BULLETIN. 1951 '7.3 600 450 1950 *7.6 550 490 The final article, to be published in a subsequent issue of the BULLETIN, will analyze the financial position of con- rRevised. See technical note, p. 576. sumers and related materials. The sampling procedure of 1 Before deduction for trade-in or sale of automobile. the Survey and the limitations of the data are discussed in a 2After deduction for trade-in or sale of automobile. technical note at the end of this article. The steady postwar rise in the median This article was prepared by John Frechtling and Tynan Smith of the Consumer Credit and Finances Section of the amount consumers paid for new automobiles Board's Division of Research and Statistics. A close work- came to a halt in 1953, although the median ing relationship is maintained with the staff of the Survey Research Center at all stages of the work, and the authors net outlay after trade-in or sale of previously have had the benefit of suggestions from the Center's staff, owned cars increased (See Table 1). The particularly Peter de Janosi, Stanley Steinkamp, and Kent median net outlay for used cars was un- Winter. 570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES PURCHASERS OF AUTOMOBILES WITHIN REGIONS in 1952. Buyers of new cars utilized credit Per cent of spending units 30 almost as frequently as buyers of used cars (see Table 2). The proportion of consumers owning cars rose last year after changing little in 1951 20 and 1952. The increase in ownership re- USED CARS flected mainly the large volume of purchases of new cars. The number of cars scrapped during the year appears to have been close to the number for 1952. By early 1954, 58 per 10 cent of all spending units reported owning one car and an additional 8 per cent reported NEW CARS owning two or more cars. Ownership of cars is primarily related to •52 '53 '52 '53 '52'53 '52 '53 level of income, with the proportion of NORTH NORTH SOUTH WEST EAST CENTRAL ownership rising steadily from about 25 per changed. The rise in net outlay for new cars cent for spending units with incomes of less reflected in part a reduction in the proportion than $1,000 to nearly 95 per cent for spendof late model trade-ins as only about one- ing units with incomes of $7,500 or more. fourth of the cars traded in on new cars in For those with two or more cars, concentra- 1953 were one- or two-year old models as tion of ownership among the higher income compared with nearly one-half in 1952. Marked increases in new car purchases TABLE 2 were reported in 1953 by skilled and semi- METHOD OF FINANCING AUTOMOBILES [Percentage distribution of purchasers] skilled workers, unskilled and service workers, and farm operators; for other occupa- Method of financing 1953 1952 1951 1950 tional groups, frequency of purchase was Automobile:1 little changed. Purchases by these three Full cash (including trade-in allow- 38 35 44 47 Instalment credit and/or other boroccupational groups accounted for nearly 61 63 55 52 one-half of all new car purchases last year Method not ascertained 1 2 1 1 100 100 100 100 as compared with only about one-third in 714 650 635 859 1952. New automobile: Significant increases in frequency of auto- Full cash (including trade-in allow- 40 41 52 54 Instalment credit and/or other bormobile purchases were reported for the South 59 57 47 46 and North East, where car ownership has Method not ascertained 1 2 1 (2) 100 100 100 100 been and remains less common than in other 305 245 295 400 regions. Increases were substantial for both Used automobile: new and used cars in the South, as shown in Full cash (including trade-in allow- 37 33 39 41 Instalment credit and/or other borthe accompanying chart, while they were 62 65 60 57 limited to new cars in the North East. Method not ascertained 1 2 1 2 100 100 100 100 About three in five automobile buyers 409 405 338 458 used credit in connection with their purchases last year, about the same proportion as 1 Includes both new and used automobiles. 2 No cases reported or less than one-half of 1 per cent. JUNE 1954 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES TABLE 3 from 21.4 million in 1952 to 23.5 million in AGE OF AUTOMOBILES OWNED 1953. After a decline in 1952, the proportion [Percentage distribution of automobiles] of spending units buying returned in 1953 Age of automobile1 1954 1953 1952 1951 1950 to approximately the same level as in 1951 3 years or less 36 42 44 39 36 and 1950 (see Table 4). 1 year or less 13 11 14 17 17 A large part of the increase during 1953 2 to 3 years 23 31 30 22 19 in the proportion of spending units purchas- More than 3 years 64 58 56 61 64 ing major household items was accounted for 4 to 7 years 40 30 20 14 6 More than 7 years 24 28 36 47 58 by an increase in purchases of television sets. All cases 100 100 100 100 100 The proportion buying television sets rose iAutomobiles owned on January 1, 1954, were classified for from 11 per cent in 1952 to 14 per cent in age as follows: 1 year or less—1953 and 1954 models; 2 to 3 years— 1951 and 1952 models; 4 to 7 years—1947, 1948, 1949, and 1950 1953, but there was considerably less rise in models; more than 7 years—1946 models and earlier. Similar classifications were used in previous Surveys. the proportion buying washing machines, groups is even greater. Location, as well as refrigerators, and furniture. Purchases of income, appears to be a significant factor in some of the newer appliances—dish washers, car ownership. A larger proportion of each clothes dryers, and air conditioners—inincome group owns one or more cars in the creased, but these items were not bought in West than in other parts of the country, and sufficient numbers to be measured accurately the proportion of spending units owning two by the Survey. or more cars is more than twice as large there as in other regions. TABLE 4 The postwar decline in average age of au- CONSUMER PURCHASES OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES tomobiles owned by consumers continued during 1953 as the percentage of cars more Item 1953 1952 1951 1950 than seven years old reached its lowest level Percentage of spending units purin the postwar period. The proportion chasing 42.8 39.3 42.1 41.8 Estimated number of spending units three years old or less declined, however, (in millions) 23.5 ••21.4 ••22.5 -22.0 Median expenditure1 $300 $300 $280 $280 reflecting mainly the relatively low level Average expenditure1 410 400 380 350 of production of cars in 1951 and 1952 (see •"Revised. See technical note, p. 576. Table 3). 1 Before deduction for trade-in. Nearly one-half of the automobiles owned The further spread of television transmisby consumers with incomes of $5,000 or more sion service was a factor in 1953 in the inwere 1951 or later models at the beginning creased purchases of television sets. Substanof the year and only one-tenth were prewar tial increases in the proportion of spending models. Most of the cars owned by conunits purchasing sets were reported in all sumers with incomes of less than $3,000 were regions except the North East, where tele- 1950 or earlier models and about one-third vision transmission has been available to the were prewar cars. majority of the population for a longer FURNITURE AND MAJOR HOUSEHOLD period. In previous years the North East had APPLIANCES reported the highest rate of purchase, but in The number of spending units purchasing 1953 higher rates were reported in both the furniture or major household appliances rose West and North Central regions. In early 572 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES 1954 nearly one-half of all spending units TABLE 6 owned television sets. Frequency of owner- PURCHASES OF FURNITURE AND MAJOR HOUSEHOLD ship remained greater in the North East than APPLIANCES IN RELATION TO INCOME AND FAMILY STATUS, 1953 in other parts of the country notwithstand- [Purchasers as percentage of all spending units within groupsl ing more rapid gains in ownership in other 1953 money income before taxes regions during the past year. Family status of all T i h te e m m s e o d f i a f n u r a n m itu o r u e n t an co d n m su a m jo e r r s h s o p u e s n e t h o o l n d spending unit i g n r c A o o u l m l ps e $ U 3 n ,0 d 0 e 0 r $ 4 3 , , 9 0 9 0 9 0- $ o 5 a v , n 0 e d 0 r 0 appliances has changed little since 1950 after All family status groups' 43 30 48 53 rising substantially during the earlier post- Single: Age 18-44 22 18 24 (') war period. Median amounts spent for most Age 45 and over 22 16 33 (2) of the individual items for which separate Married:3 Age 18-44, no children uninformation is obtained have followed similar der 18 50 47 56 Age 18-44, children under 18. 58 patterns. For washing machines, however, Age 45 and over, no children 47 59 62 Ag u e n d 4 e 5 r 1 an 8 d over, children 39 33 44 40 the median expenditure has shown a steady under 18 48 38 46 55 upward trend throughout the postwar peincludes spending units for which family status was not ascerriod, probably reflecting in part an increas- tained. 2Too few cases to be computed. ing proportion of automatic washing ma- 3 Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. chines. Amounts spent for television sets In 1953, as in previous years covered by declined sharply after 1948 as volume prothe Survey, young married people, particuduction was achieved, but since 1950 they larly those with children, purchased furnihave been relatively constant. ture and major household appliances more Credit was used by about 55 per cent of frequently at each income level than other the spending units that reported buying furfamily status groups (see Table 6). Large niture and major household appliances in expenditures ($500 or more) on furniture 1953. This was a larger proportion than in and major household appliances were twice 1951, the last previous year for which simias frequent at each income level among marlar data were obtained (see Table 5). Survey ried groups under 45 years of age as among data show little change in the use of credit older married groups. for buying furniture from 1951 to 1953 but Movement to a different dwelling appears a substantial rise in credit for television sets, to be a factor influencing the frequency and refrigerators, and washing machines. amount of expenditures for furniture and household equipment. Spending units that TABLE 5 had resided at a given address, whether PURCHASERS OF FURNITURE AND SPECIFIED HOUSEHOLD APPLIANCES ON INSTALMENT CREDIT * rented or owned, for less than two years [Percentage of purchasers using credit] bought household durable goods much more Type of purchase 1953 1951 1950 frequently than those in residence for longer periods, as shown in the chart on page 574. All items 55 52 49 Furniture 50 51 47 While this finding reflects in part the basic Television set 55 43 44 Refrigerator 63 43 54 requirements for furniture and equipment Washing machine. 58 45 42 of recently established households, it also re- 1 Purchasers who bought two items of the same type, one for credit and one for cash, were classified as credit purchasers. 1952 flects outlays for furniture and equipment data not available. JUNE 1954 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES PURCHASES OF FURNITURE AND HOUSEHOLD GOODS TABLE 7 RELATED TO LENGTH OF RESIDENCE, 1953 HOUSING STATUS OF NONFARM FAMILIES Per cent of spending units [Percentage distribution] Estimated 30 Year number of non- All Owns Rents Other i farm families cases home home (In millions) 1954 45.6 100 56 40 4 1953 '44.3 100 54 43 3 1952 '43.0 100 54 42 4 20 1 1 9 9 5 5 1 0 ' ' 4 41 1 . . 2 9 1 10 0 0 0 5 5 5 1 4 4 1 4 4 5 rRevised. See technical note, p. 576. families that receive housing as part of compensation, that are temporarily living in houses they have sold, etc. 10 in the proportion of home ownership among veterans. Families of veterans of World War II now own their homes about as frequently as other families. TELEVISION REFRIGERATOR A large proportion of home owners have lived in their present houses for a relatively by established families that had recently short period of time. At the beginning of moved. Large expenditures for furniture 1954, more than one-third of all home ownand equipment were particularly frequent ers had occupied their homes for less than among spending units that had recently five years (see Table 8). Of this group bought houses. In 1953 nearly one-third of about two-thirds were younger families, the home owners that had acquired their many of them headed by veterans. homes within the past year spent $500 or The average value placed on their homes more on such purchases. by owner-occupants in early 1954 was about $10,700, the same as a year earlier. The HOUSING average value, however, has increased sub- Consumer purchases of houses continued stantially from early 1950 when it was aplarge in 1953 and outlays for home repairs proximately $8,600. Slightly over half of and improvements were maintained at the the home owners in 1954 reported having high level reached in 1952. As has been the a mortgage on their property and the average case in other recent years, veterans constimortgage amounted to about $4,800 (see tuted a larger proportion of the market than nonveterans. The median expenditure for TABLE 8 houses last year was about the same as in YEARS IN PRESENT RESIDENCE, EARLY 1954 1952 and larger than in other postwar years. [Percentage distribution of nonfarm families] The proportion of consumers owning their homes has increased significantly in recent Years in residence A f ll a m no il n ie fa s1 rm O ho w m n e s R ho e m nt e s years. About 56 per cent of all nonfarm Under 2 years 28 15 46 families owned their own homes in early 2 to 5 years 22 21 23 5 years and over 48 63 29 Not ascertained 2 1 2 1954 as compared with 51 per cent in early All cases 100 100 100 1950 (see Table 7). A striking change during this period was the substantial increase 1 Includes 4 per cent of nonfarm families that neither own nor rent their homes. 574 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES TABLE 9 MORTGAGE STATUS RELATED TO MORTGAGE DEBT ON OWNER-OCCUPIED NONFARM HOUSES LENGTH OF HOUSE OWNERSHIP, EARLY 1954 [Percentage distribution of houses] Per cent of houses MORTGAGE DEBT AS PER CENT OF HOUSE VALUE Amount1 1954 1953 1951 1950 80 Zero 49 53 53 54 Under $5,000 28 27 30 28 $5,000-$7,499 12 12 8 12 $7,500-$9,999 7 5 5 3 $10,000 and over 4 3 2 1 Not ascertained C2) (2) 2 2 60 All cases 100 100 100 100 Average (thousands of dollars)3 4.8 4.5 3.8 3.9 1 Early in year specified. 1952 data not available. 40 2 No cases reported or less than one-half of 1 per cent. 3Average for mortgaged houses only. Table 9). Four years earlier about 45 per cent of the owner-occupied homes were mort- 20 gaged and the average mortgage was approximately $3,900. Nearly four-fifths of the owner-occupied LESS THAN 5 10 AND OVER homes purchased within the past five years YEARS OF OWNERSHIP NOTE.—The chart shows the relationship of size of mortgage are mortgaged. Mortgages amount to a to house value for owner-occupied nonfarm houses grouped by the length of occupancy of present owners. much larger proportion of the value of recently acquired homes than of homes owned who acquired their houses 10 or more years for longer periods, as shown in the accom- ago have generally reduced or paid off their panying chart. The liberal mortgage terms mortgages and the ratio of mortgage debt to in recent years, particularly those extended value is relatively low. to veterans of World War II, and the large Nonfarm home owners are estimated to proportion of recent purchasers who are vet- have spent about 6.5 billion dollars in 1952 erans, account in part for the relatively large and again in 1953 on repairs and improveproportion of mortgages equal to 70 per cent ments as compared with an annual expendior more of the value of houses acquired ture of about 6 billion in each of the previous five years. Although the number of home within the past five years. Home owners owners making such expenditures has re- TABLE 10 mained relatively constant at about 14 mil- EXPENDITURES ON HOME IMPROVEMENT AND MAINTENANCE lion since 1950, it has become a smaller pro- [Percentage distribution of home-owning nonfarm families] portion of all home owners because of the Amount1 1953 1952 1950 increase in home ownership (see Table 10). The proportion of renters that repaired None. . . 42 40 38 Some. . . 58 60 62 and improved rented dwellings was sur- Under $100 15 14 14 prisingly large—about one-fifth in 1953 and $100-$299 16 18 20 $ $ 5 3 0 0 0 0 - - $ $ 9 4 9 9 9 9 9 8 1 9 1 1 9 2 in 1952. The average expenditure, however, $1,000 and over. 8 7 6 Not ascertained. 2 1 1 was much smaller than that of home owners All cases. 100 100 100 because most of the projects involved redecoration rather than major change. !1951 data not available. (For technical note and supplementary tables, see following pages.) JUNE 1954 575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES TECHNICAL NOTE Interviews during January, February, and tives who earn more than $15 a week but the first week of March with 3,000 consumer who do not pool their incomes are treated as spending units provided the information on related secondary spending units. Persons which this series of Consumer Finance ar- in the dwelling not related to members of ticles is based.2 The spending units inter- the primary spending unit are designated as viewed were those living in a sample of unrelated secondary spending units. Seconddwelling units located in the 12 largest ary spending units, either related or unmetropolitan areas in the country and in 54 related, may include more than one person, additional sampling areas chosen as a rep- as in the case of a married couple living with resentative cross section of the population of relatives but not pooling their incomes. the United States residing in private house- Some Survey information is also presented holds. on a family unit basis. A family unit is The consumer spending unit, which has defined as all persons living in the same been the interview unit and the basic tabula- dwelling who are related by blood, marriage, tion unit of all the Surveys of Consumer or adoption. Information for the primary Finances, is defined as all persons living in spending unit is combined with that for its the same dwelling and related by blood, mar- related secondary spending units to obtain riage, or adoption, who pool their incomes family data. The number of family units is for their major expenses. A husband and equal to the number of primary spending wife living together are always treated as units plus the number of unrelated secondary one spending unit even though they may spending units. have separate incomes which are not pooled. Estimated numbers of spending units and All children under 18 years of age, irrespec- family units covered by the Surveys in the tive of their incomes, are included in the same years 1950-54 are included in the accompanyspending unit with their closest relatives. ing table. These estimates were derived by Children over 18 years of age and other rela- multiplying the number of dwelling units estimated from Census data by the average 1 From the Board of Governors, general supervision of the Survey was under the direction of Ralph A. Young, Director, and Kenneth B. Williams, Assistant Director, of the Division SPENDING UNITS AND FAMILY UNITS IN SURVEY POPULATION of Research and Statistics, and of Homer Jones, Chief of [Estimated number, in millions] the Consumer Credit and Finances Section of the Division. The Division of Research and Statistics has responsibility Year of Survey for planning the over-all content of the Survey, analyzing Type of unit Survey results, and preparing the special articles reporting 1954 1953 1952 1951 1950 Survey findings that appear in the BULLETIN. From the University of Michigan, Rensis Likert, Director a. Primary spending unit of the Institute for Social Research, and Angus Campbell, (equals occupied dwell- Director of the Survey Research Center, were in general ing unit) 47.6 46.7 45.7 44.7 43.7 charge of the Survey. The Survey Research Center is a b. Related secondary spending unit 5.6 6.0 5.9 6.2 7.0 division of the Institute for Social Research of the University of Michigan. Responsibility for detailed planning and super- c. Unrelated secondary vision of the Survey, including interviewing, editing, tabula- spending unit 1.8 1.8 1.8 1.7 2.3 tion of Survey results, and preparation of Survey Research Family (a plus c) 49.4 48.5 47.5 46.4 46.0 Center studies was carried by George Katona in collabora- Spending unit (a plus b tion with James N. Morgan and John B. Lansing of the plus c) 55.0 54.5 53.5 52.6 53.0 Survey Research Center staff. Charles F. Cannell served as head of the field staff and Leslie Kish as head of the sam- NOTE.—Estimates for 1950-53 have been revised on the basis of pling section of the Center. the revised data on occupied dwelling units prepared recently by the Bureau of the Census. 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES numbers of spending and family units per owning various items and aggregate dollar dwelling unit included in the Survey samples. estimates for the population covered by the Revision of Census estimates of occupied Survey are dependent on the estimate of dwelling units for the period 1950-53 has re- occupied dwelling units and, consequently, sulted in revisions of the estimated numbers estimates for the years 1950-53 have been of spending and family units covered by revised. Surveys for these years. All Survey findings are subject to sam- Survey data in the form of percentage pling, processing, and response errors. For distributions, medians, or averages are inde- more extensive discussion of these limitations pendent of the estimated number of dwell- and of the methods of the Survey, see "Mething units and so have not required adjust- ods of the Survey of Consumer Finances," ment as a result of the revision in estimates of Federal Reserve BULLETIN, July 1950, as well occupied dwelling units. Estimated numbers as tables of sampling error in the BULLETIN of spending or family units purchasing or for July 1952, page 750. SUPPLEMENTARY TABLE 1 PRICE PAID AND NET OUTLAY BY AUTOMOBILE PURCHASERS [Percentage distribution of purchasers] Price 1953 1952 1951 1950 Net outlay1 1953 1952 1951 1950 New automobile: New automobile: Under $1,500 (2) 1 2 1 Under $500 1 1 5 3 $l,50O-$l,999 5 26 38 $500-$899 9 13 15 14 $2,000-$2,499 39 40 32 33 $900-$l,299 15 24 23 15 $2,500-$2,999 30 26 24 21 $l,300-$l,799 35 28 24 34 $3,000 and over 23 26 14 7 $l,800-$2,299 22 20 21 22 Not ascertained 1 2 2 (2) $ N 2 o ,3 t 0 a 0 s c a e n r d ta i o n v e e d r 1 2 6 12 2 9 3 1 1 1 100 100 100 100 All cases 100 100 100 100 $2,500 $2,500 $2,200 $2,110 Average $2 ,650 $2,680 $2,390 $2,220 Median $1 ,590 $1,430 $1,400 $1,590 $1,660 $1,560 $1,440 $1,540 Number of cases 305 245 295 415 Number of cases 305 244 294 400 Used automobile: Under $500 29 33 41 43 Used automobile: $500-$999 25 24 22 24 Under $500 38 39 50 54 $l,000-$l,499 25 20 21 17 $5OO-$899 3 2 29 24 23 $1,500 and over 18 21 15 12 $900-$l,299 17 15 16 15 Not ascertained 3 2 1 4 $1,300 and over 10 15 8 7 Not ascertained 3 2 2 1 All cases 100 100 100 100 All cases 100 100 100 100 Median $900 $850 $600 $550 Average $920 $950 $790 $730 Median $600 $600 $450 $490 Average $640 $700 $570 $550 Number of cases 409 405 338 458 Number of cases 400 390 328 458 1 After deduction for trade-in or sale of automobile. 2 No cases reported or less than one-half of 1 per cent. JUNE 1954 577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 2 TRADE-INS AND SALES IN CONNECTION WITH AUTOMOBILE PURCHASES [Percentage distribution of purchasers] Buye u rs s e o d f c n a e r w s and Buyers of new cars Buyers of usec cars Type of transaction 1953 1952 1951 1953 1952 1951 1953 1952 1951 Traded in a car 63 57 57 82 74 67 51 49 52 Sold a car 6 8 10 4 8 14 7 8 7 Neither 30 32 30 14 15 15 41 40 39 Not ascertained 1 3 3 0) 3 4 1 3 2 All cases 100 100 100 100 100 100 100 100 100 Number of cases 714 650 635 305 245 295 409 405 338 *No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 3 AGE OF AUTOMOBILES OWNED BY URBAN FAMILIES WITHIN INCOME QUINTILES X [Percentage distribution of newest cars owned] Income quintile All and year cases All income quintiles: 1954 1953 1941 Highest fifth: 1954 1953 1941 Second fifth: 1954 1953 1941 Third fifth: 1954 1953 1941 Fourth fifth: 1954 1953 1941 Lowest fifth: 1954 1953 1941 ooo ooo ooo ooo ooo ooo ooo ooo ooo ooo ooo ooo SUPPLEMENTARY TABLE 4 AUTOMOBILE OWNERSHIP WITHIN INCOME, OCCUPATIONAL, AND REGIONAL GROUPS, EARLY 1954 [Percentage distribution of spending units] Age of automobile2 Owns Num- Does Group characteristic ber of All not 1 year 2 to 3 4 to 7 More than cases cases 1 auto- 2 or own or less years years 7 years mobile more All spending units 3,000 100 58 8 34 15 26 40 19 14 32 29 25 1953 money income before 19 23 40 18 taxes: Under $1,000 239 100 23 3 74 $l,000-$l,999 351 100 36 1 63 29 30 34 7 $2,000-$2,999 381 100 51 6 43 25 40 26 9 $3,000-$3,999 447 100 60 4 36 36 32 25 7 $4,000-$4,999 465 100 70 8 22 $5,000-$7,499 670 100 77 9 14 $7,500 and over 447 100 68 26 6 16 30 42 12 16 35 26 23 Occupation of head of 15 29 46 10 spending unit: Professional and semiprofessional 281 100 74 10 16 7 24 49 20 Managerial 179 100 76 13 11 9 28 36 27 Self-employed 278 100 60 21 19 12 17 52 19 Clerical and sales 392 100 58 4 38 Skilled and semiskilled. . 850 100 65 7 28 Unskilled and service.... 273 100 47 3 50 9 20 42 29 Farm operator 227 100 63 12 25 5 24 32 39 Retired 203 100 41 4 55 4 15 45 36 Region:1 North East 879 100 51 6 43 2 11 29 58 North Central 1,053 100 65 6 29 5 14 29 52 South 686 100 56 7 37 9 0 24 67 West 382 100 60 16 24 *Data for early 1954 and 1953 (obtained from the Survey of 1 Survey regions are defined as follows: North East includes Consumer Finances) relate to latest model automobile owned at New England, the Middle Atlantic States, and Delaware; North time of interview and to income in the previous year; they differ Central includes West North Central and East North Central somewhat from data for 1941 (estimated from information obtained States; South includes East South Central, West South Central, in Family Spending and Saving in Wartime, Bureau of Labor and South Atlantic States other than Delaware; West includes Statistics Bulletin No. 822, April 1945) in definition of automobile Mountain and Pacific Coast States. ownership and the family unit, in the universe covered, and in sampling methods. Data in this table cannot be used to measure precise changes in automobile ownership, but are believed to show with reasonable Continuation of footnotes to Table 8. accuracy the nature of certain broad changes in the pattern of 2For derivation of age of automobile from model year informaownership. tion, see text Table 3. 578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 5 AUTOMOBILE OWNERSHIP WITHIN RURAL AND URBAN FAMILY INCOME QUINTILES * [Automobile owners as a percentage of all families in group] All families Urban famiies Rural families Families ranked by annual income before taxes 21954 21953 31941 21954 21953 31941 21954 21953 31941 All cases 70 65 58 66 62 54 78 71 65 Highest fifth 91 88 85 91 86 84 97 94 90 Second 87 82 70 85 81 72 91 86 83 Third 74 70 59 74 67 59 85 79 73 Fourth 63 55 50 55 51 40 74 60 55 Lowest fifth 35 32 27 27 23 17 44 39 23 r Finances) relate to ownership of automobile at time of inter year than in later years. All families (including single-person families) were ranked by size o)ff aa:nnual money income before taxes in 1953 and_ 1952, and then classified in fifths (quintiles). For 1941 the rankings were derived from a"n- open-end distribution of families among various income size groups by a process of freehand graphic interpolation of cumulative frequency dii:^s_tr:uib..u..-t.i•o ns. ^Ujirubaaun. aamndu irmuraail lfaammiuliieas wwce±rec osiumniiilaanrlvy ranked and classified. It is believed that the data show with reasonable accuracy the nature of certain changes in the pattern of ownership during this period. 2Ownership of an automobile by some member of the family at time of interview. 3Ownership in some period during 1941 of an automobile used wholly or partly as a family car. Excludes cars used exclusively for business purposes. SUPPLEMENTARY TABLE 6 PURCHASES OF CONSUMER DURABLE GOODS1 Percent- Estimated Expenditure3 Percent- Estimated age of number age of number Type of purchase s p p u u e r n n c i d h t i a s n s g - u sp n e it n o s d f i ( n I g n Median4 Average4 E t s o t t i a m l a ( t I e n d Type of purchase5 s p p u u e r n n c d i h t i s a n s g - s u p n e it n o s d f i ( n I g n e M x t p u e e d r n e ia d 8 n iing2 millions) billions) ing millions) Automobile:7 Furniture: 1953 23.6 13.0 $1,500 $1,600 20.7 1953 16.4 9.0 $200 1952 21.3 '11.6 1,380 1,490 '17.3 1952 15.4 '8.4 220 1951 21.9 '11.7 1,300 1,380 '16.2 1951 14.3 '7.7 200 1950 24.5 '11.9 1,420 1,340 '17.3 1950 12.6 '6.6 215 New automobile: Television set: 1953 9.1 5.0 2 ,500 2,650 13.3 1953 14.2 7.8 300 1952 6.7 3.6 2,500 2 ,680 9.7 1952 11.3 '6.2 300 1951 8.2 '•4.4 2,200 2,390 '10.5 1951 12.0 '6.4 300 1950 10.1 '5.3 2,110 2,220 '11.8 1950 11.8 '6.2 300 Used automobile: Refrigerator:8 1953 14.5 8.0 900 920 7.4 1953 8.7 4.8 280 1952 14.6 '8.0 850 950 '7.6 1952 8.2 '4.5 270 1951 13.7 '7.3 600 790 '5.8 1951 11.7 '6.3 255 1950 14.4 '7.6 . 550 730 5.5 1950 13.4 '7.1 270 Washing machine: 1953 6.5 3.6 200 1952 5.5 3.0 190 1951 5.7 '3.1 180 1950 6.4 '3.4 175 r Revised. See technical note, p. 7. Purchases for given years were ascertained from interviews in January, February, and early March of following year. 2 Proportion of all spending units that bought cars during the given year and still owned them at the time of interview. 3Refers (1) only to the most recent car purchase during the given year in the case of spending units that bought more than one car but owned only one at the time of interview, and (2) only to the more expensive car purchased during the given year in the case of spending units that bought more than one car and owned more than one at the time of interview. 4Before deduction for trade-in or sale of automobile. 6Includes both new and used items. 6 Before deduction for trade-in. 7Includes both new and used automobiles. 8Includes home freezers in 1950 and 1951 but not in 1952 and 1953. An estimated 1.9 per cent of the population bought home freezers in 1953 and 1.6 per cent in 1952. JUNE 1954 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 7 PURCHASERS OF CONSUMER DURABLE GOODS WITHIN VARIOUS GROUPS [Purchasers as a percentage of spending units within groups] Furniture and major New automobile Used automobile household appliances Group characteristic 1953 1952 1951 1953 1952 1951 1953 1952 All spending units 15 14 39 42 Money income before taxes: Under $1,000 n 0) 1 7 4 6 22 15 21 $l,000-$l,999 2 3 12 10 10 30 27 25 $2,000-$2,999 0) 2 4 17 16 14 34 36 38 $3,000-$3,999 6 5 7 16 23 20 43 41 47 $4,000-$4,999 7 6 10 20 21 17 52 47 49 $ $ 7 5 , , 5 0 0 0 0 0 - a $ n 7 d ,4 9 o 9 ver 1 6 4 2 1 5 3 3 1 0 5 1 1 5 0 14 16 5 5 2 6 5 5 2 2 6 5 7 9 29 Occupation of head of spending unit: Professional and semiprofessional 16 15 15 10 9 10 41 47 45 Managerial 17 17 14 7 11 16 52 42 61 Self-employed 16 14 16 16 16 11 43 46 52 Clerical and sales 8 8 9 10 15 12 46 36 42 Skilled and semiskilled 9 6 8 20 22 19 51 45 50 Unskilled and service 4 1 3 17 17 15 38 40 33 Farm operator 13 5 11 14 10 12 42 36 41 All other2 4 3 3 10 3 7 28 26 25 Family status: Single: Age 18-44 11 14 13 22 22 23 Age 45 and over 4 5 4 22 17 19 Married:3 Age 18-44, no children under 18 11 13 23 18 21 52 63 57 Age 18-44, children under 18 14 10 21 21 23 58 53 55 Age 45 and over, no children under 18 9 9 11 5 6 39 34 39 Age 45 and over, children under 18. .. 11 11 14 17 16 48 42 48 'No cases reported or less than one-half of 1 per cent. 2Includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations were not ascertained. 3Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. SUPPLEMENTARY TABLE 8 OCCUPATION AND FAMILY STATUS OF PURCHASERS OF CONSUMER DURABLE GOODS [Percentage distribution of spending units] Purchasers of All spending Purchasers of Purchasers of furniture and units new automobiles used automobiles major house- Group characteristic hold appliances 1953 1952 1953 1952 1953 1952 1953 1952 Occupation of head of spending unit: Professional and semiprofessional . . . 7 8 13 18 5 5 7 9 Managerial and self-employed 12 12 22 28 11 12 14 14 Clerical and sales 12 12 11 15 8 12 12 11 Skilled and semiskilled 31 29 31 23 43 43 37 33 Unskilled and service 11 13 5 3 13 15 10 13 Farm operator 8 8 10 6 7 6 7 8 All other1 ... . . . .... 19 18 8 7 13 7 13 12 All cases ... . . ... 100 100 100 100 100 100 100 100 Family status: Single: Age 18-44 11 12 6 11 8 12 6 7 Marr A ie g d e : 2 45 and over 14 12 2 3 4 4 7 5 Age 18-44, no children under 18 7 7 9 14 12 9 9 12 Age 18-44, children under 18 32 30 49 36 46 46 43 40 Age 45 and over, no children under 18 21 20 20 21 15 6 19 17 Age 45 and over, children under 18 10 10 12 8 10 12 11 10 All others3 5 9 2 7 5 11 5 9 All cases 100 100 100 100 100 100 100 100 Number of cases 3,000 3,097 305 245 409 405 1,307 1,232 includes spending units headed by retired and unemployed persons and by students, housewives, and persons whose occupations were not ascertained. 2Age refers to head of spending unit. Includes only spending units in which both husband and w;fe are present. 8 Includes spending units with or without children from which husband or wife is absent, and those for which family status was not ascertained. 580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 9 INCOMES OF PURCHASERS OF CONSUMER DURABLE GOODS [Percentage distribution Number All Type of purchase of cases casesl Automobile:2 1953 714 1957 650 1951 635 New automobile: 1953 305 19 52 245 1951 295 Used automobile: 1953 409 1952 405 1951 338 Furniture and major household appliances:4 1953 1,307 1952 1,232 1951 1,216 Television set: 1953 430 1952 355 1951 376 OOO CO OOO OO of spending units] Under $1,000- $2,000- $3,000- $4,000- $5,000 $1,000 $1,999 $2,999 $3,999 $4,999 and over 3 7 13 16 17 44 2 7 13 23 19 36 4 9 14 22 18 33 1 8 12 11 68 3 4 12 13 68 100 1 6 8 14 18 53 100 5 11 16 18 21 29 100 3 9 18 28 21 21 100 6 11 18 27 18 20 100 5 9 11 16 20 39 100 4 9 15 19 18 35 100 6 9 16 20 17 32 100 1 5 9 21 21 43 100 1 4 16 20 22 37 100 2 5 12 20 17 44 Distribution of spending units 1953 3,000 100 10 13 14 16 16 31 1952 3,097 100 11 14 16 18 15 26 1951 2,820 100 13 15 18 18 14 22 1 Refers to buyers only in distribution of purchasers and to all spending units in distribution of spending units. 2Includes both new and used automobiles. 3 No cases reported or less than one-half of 1 per cent. 4Includes television sets. SUPPLEMENTARY TABLE 10 SUPPLEMENTARY TABLE 11 EFFECT OF FAMILY STATUS ON PURCHASES OF FURNITURE AND PURCHASES OF TELEVISION SETS WITHIN INCOME GROUPS AND MAJOR HOUSEHOLD APPLIANCES REGIONS [Purchasers as percentage of all spending units within groups] [Purchasers as a percentage of spending units within groups] Tee- Purchasers vision Washing Refrig- Furni- Income and region Family status of set machine erator1 ture spending unit 1953 1952 1951 19531952195319521953195219531952 All spending units 14 11 12 Single: Money income before taxes: Age 18-44 5 6 1 1 1 3 10 12 Under $1,000 1 2 2 Age 45 and over 7 4 1 1 5 5 5 4 $l,000-$l,999 5 3 4 $2,000-$2,999 9 11 8 Married:2 $3,000-$3,999 18 13 14 Age 18-44, no children $4,000-$4,999 19 17 14 under 18 14 19 10 8 14 16 26 33 $5,000-$7,499 19 16 24 Age 18-44, children $7,500 and over 21 16 26 under 18 21 16 11 9 10 10 24 21 Age 45 and over, no Region: children under 18. . 13 10 4 4 7 7 11 12 North East 14 13 17 Age 45 and over, chil- North Central 16 12 14 dren under 18 16 11 8 7 8 8 16 12 South 11 9 7 West 17 12 9 1 Excludes home freezers. 2Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. JUNE 1954 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 12 OWNERSHIP OF TELEVISION SETS WITHIN VARIOUS GROUPS, EARLY 1952 AND 1954 [Owners as a percentage of spending units within groups] Group characteristic 1954 1952 Group characteristic 1954 1952 All spending units 49 30 Region: North East 63 49 Money income in preceding year (before taxes): North Central 51 30 Under $1,000 12 4 South 33 13 $l,000-$l,999 18 10 West 50 29 $2,000-$2,999 28 17 $3,000-$3,999 52 32 Family status: $4,000-$4,999 62 48 Single: $5,000-$7,499 75 54 Age 18-44 19 11 $7,500 and over 75 60 Age 45 and over 28 13 Size of community: Married:2 Metropolitan area1 67 51 Age 18-44, no children under 18 52 31 Other city, 50,000 and over 53 27 Age 18-44. children under 18 65 40 Town or city, 2,500 to 50,000 40 23 Age 45 and over, no children under 18 53 33 Town under 2,500 46 22 Age 45 and over, children under 18. . 59 37 Open country 26 8 JThe 12 largest cities in the United States and their suburbs. 2Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. SUPPLEMENTARY TABLE 13 HOUSING STATUS OF NONFARM FAMILIES [Percentage distribution of nonfarm families within specified groups] Number of cases Owns home Rents home Other i All Group characteristic cases 1954 1953 1950 1954 1953 1950 1954 1953 1950 1954 1953 1950 All nonfarm families2 2,478 2,540 2,670 100 56 54 51 40 43 Family income in preceding year (before taxes): Under $1,000 154 178 268 100 44 50 43 37 35 41 19 15 16 $l,000-$l,999 209 247 372 100 45 49 35 46 45 56 9 6 9 $2,000-$2,999 222 292 472 100 47 38 47 47 59 49 6 3 4 $3,000-$3,999 340 382 538 100 45 45 50 52 53 48 3 2 2 $4,000-$4,999 395 382 363 100 52 52 55 45 47 43 3 1 2 $5,OOO-$7,499 637 602 392 100 65 64 65 33 35 33 2 1 2 $7,500 and over 515 450 233 100 72 70 71 27 30 27 1 2 Occupation of head of family: Professional and semiprofessional 249 275 254 100 58 48 41 38 48 52 4 7 Managerial and self-employed . . . 443 432 441 100 69 67 66 29 31 31 2 3 Clerical and sales 296 313 349 100 56 46 44 42 52 54 2 2 Skilled and semiskilled 773 752 765 100 54 53 55 43 46 43 3 2 Unskilled and service 239 287 294 100 41 38 36 46 53 49 13 15 Retired 190 180 176 100 65 75 69 25 19 25 10 6 Age of head of family: 18-24 92 120 100 18 14 18 77 76 5 25-34 527 «598 585 100 42 41 33 55 57 62 3 35-44 614 «568 626 100 57 54 51 39 43 45 4 45-54 490 «491 555 100 63 60 60 33 38 35 4 55-64 410 •352 402 100 66 64 65 30 32 28 4 65 and over 339 "368 354 100 63 69 65 27 25 30 1C Veteran status: No veteran of World War II in family 1,534 1,762 1,957 100 57 56 54 38 40 One or more veterans of World War II in family 911 740 694 100 54 46 43 54 Size of community: Metropolitan area , 885 875 959 100 46 43 45 52 55 52 2 Other city, 50,000 and over 428 470 433 100 51 46 43 46 51 54 3 Town or city, 2,500 to 50,000... 542 515 100 57 57 39 41 4 Town under 2,500 397 462 1,278 100 70 68 57 23 29 36 7 Open country 226 218 100 68 69 20 23 12 Region: North East 747 761 100 50 44 47 53 North Central 824 815 100 61 64 35 34 South 578 620 100 56 50 39 45 West 323 337 100 55 57 38 40 «Estimated. 1 Families that receive housing as part of compensation, that are temporarily living in houses they have so!d, etc. 2 Includes single-person units. 3No cases reported or less than one-half of 1 per cent. 4 Data not available. 582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 14 HOUSING STATUS AND YEARS IN PRESENT RESIDENCE IN RELATION TO FAMILY STATUS, EARLY 1954 [Percentage distribution of nonfarm families] Years in present Years in present residence residence Family status of spending unit1 b N c e a u r s m e o s - f ca A s l e l s O ho w m n e s Un 2 der 2 to 5 5 o v a e n r d R ho e m nt e s Un 2 der 2 to 5 5 o a v n er d Other2 All nonfarm families3 2,478 100 56 8 12 36 40 19 9 12 4 Single4 478 100 43 2 4 37 48 23 10 15 9 Married:5 Age 18-44, no children under 18. .. 190 100 41 15 14 12 55 38 10 7 4 Age 18-44, children under 18 854 100 54 14 19 21 43 23 11 9 3 Age 45 and over, no children under 18. 592 100 71 4 11 56 25 7 6 12 4 Age 45 and over, children under 18.. 258 100 69 7 11 51 27 6 8 13 4 1 Family status refers to primary spending unit in those families (about 9 per cent of all families) which include two or more related spending units. 2Families that receive housing as part of compensation, that are temporarily living in houses they have sold, etc. 3Includes cases in which family status was not ascertained. 4For family units consisting of a single person or two or more single persons with head of unit whose age is 18-44, 19 per cent own their homes. 74 per cent rent, and 7 per cent have other arrangements. For similar units with head aged 45 and over, the corresponding data were 51, 40, and 9 per cent. 5Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. SUPPLEMENTARY TABLE 15 SUPPLEMENTARY TABLE 16 NONFARM HOUSES CLASSIFIED BY VALUE, MORTGAGE DEBT, MORTGAGE DEBT IN RELATION TO HOUSE VALUE AND TERM AND OWNER'S EQUITY OF OWNER OCCUPANCY, EARLY 1954 [Percentage distribution of owner-occupied nonfarm houses] [Percentage distribution of owner-occupied nonfarm houses] Mortgage Owner's Term of owner occupancy Value1 debt* equity3 Amount Mortgage debt Un- 2 5 7 10 16 1954 1953 19501954 1953 19501954 1953 1950 All der to to to to years terms 2 5 7 10 16 and years years years years years over Zero 49 53 54 $ $2 l- , $ 5 2 0 , 0 4 - 9 $ 9 4,999 18 24 i 28 27 28 [ \1 1 9 5 1 1 3 9 2 1 1 7 No debt1 49 17 25 37 51 67 88 $5,000-$7,499 18 17 21 12 12 12 23 20 21 Some debt 51 83 75 63 49 33 12 $7,500-$9,999 16 15 18 5 3 13 12 14 $10,000-$12,499. . . 18 17 15 12 10 10 Debt as a percentage $12,500-$19,999. . . 19 19 11 3 1 11 13 7 of house value: $20,000 and over.. . 9 9 4 6 5 3 Less than 20 9 3 5 8 17 16 8 Not ascertained . . . 1 5 7 (*) 2 1 8 7 20-39 14 9 19 25 19 12 3 40-59 14 24 28 21 10 4 (2) All cases 100 100 100 100 100 100 100 100 100 6 80 0 - a 7 n 9 d over 1 4 0 2 2 7 0 19 4 8 1 2 1 (2 1 ) (2) Avveerraaggee ((tthhousands of dollars) 10.7 10.7 8.6H.8 54.5 53.9 8.2 8.6 6.8 All cases 100 100 100 100 100 100 100 Number of cases... . 1,466 225 328 159 197 219 321 lAs estimated by respondents early in year indicated, except that houses purchased during preceding year were valued at purchase price. 1 Includes a few cases where the existence of a mortgage was not 2Early in year specified. ascertained. 3 Estimated value of house minus mortgage and, in 1953 only, 2No cases reported or less than one-half of 1 per cent. a few cases of repair and modernization debt. 4No cases reported or less than one-half of 1 per cent. 5 Average mortgage pertains to mortgaged houses only and cannot be subtracted from average value to obtain average equity. JUNE 1954 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 17 SUPPLEMENTARY TABLE 18 PURCHASES OF NONFARM HOUSES1 PURCHASERS OF NONFARM HOUSES [Purchasers as a percentage of all nonfarm spending units within groups] Type of house n s c o p e n e P n n f o e t a d f a r r - g i m n e g n c o m u h f E ( a m a s I s p t t n b e e i u - d r e r s r - e M x tu e p r d e e n ia 2 d n i- A ex t v u p e r e r e a n 2 g d e i- e m x t E t p o ( u a s I e t t r t n a e n e i l - d di- All nonfarm G s r p o e u n p d i c n h g a u ra n c it t s eristic 1953 1951 units millions) billions) Money income before taxes: Under $1,000 0) 1953- N Ex ew isting. . . 2 1. . 4 9 1. . 5 7 }$10,500$11,600 $25.5 $ $ $ 2 3 l, , , 0 0 0 0 0 0 0 0 0 - - - $ $ $ 2 3 l, , , 9 9 9 9 9 9 9 9 9 4 3 1 $4,000-$4,999 5 1952: N Ex ew isting. . . 2 1 . . 3 3 0 1 . . 6 1 J 10,800 11,800 20.7 Fa $ m 5 i , l 0 y 0 0 s t a a n tu d s o o v f e r spending unit: 8 Single: 1951: N Ex ew isting. . . 3 1 . . 5 4 0 1. . 7 7 } 8,500 9,300 22.3 Ma A A r g g r e e ie 4 d 1 5 : 8 2 - a 4 n 4 d over O 0) ) 1 1 1950: N Ex e i w sting. . . 2 1. . 7 9 0 1 . . 8 4 J 8,500 9,400 20.7 A A g g e e 1 1 8 8 - - 4 4 4 4 , , c n h o i l c d h r i e l n d re u n n d u e n r d 1 e 8 r 18 6 8 1 9 1 Age 45 and over, no children under 18.. 3 3 1949: N Ex ew isting. . . 2 1 . . 2 3 0 1 . . 6 0 \ 5,900 7,000 11.2 Vete A ra g n e s 4 t 5 a tu an s: d over, children under 18. .. 4 3 Veteran of World War II in spending unit. 1 Purchases in each year were ascertained from interviews early No u n v i e t teran of World War II in spending in the following year. 2 Data regarding median and average expenditures are based on a relatively small number of cases and should be used with caution. :No cases reported or less than one-half of 1 per cent. 2 Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. SUPPLEMENTARY TABLE 19 CHARACTERISTICS OF PURCHASERS OF NONFARM HOUSES1 [Percentage distribution of nonfarm spending units] All nonfarm spending units Purchasers Group characteristic 1953 1952 1951 1953 1952 1951 Money income before taxes: Under $1,000 8 9 11 () 2 3 $l,000-$l,999 13 13 15 3 3 5 $2,000-$2,999 13 16 18 11 12 15 $3,000-$3,999 16 19 18 9 12 18 $4,000-$4,999 17 15 15 19 17 27 $5,000 and over 33 28 23 58 54 32 All cases 100 100 100 100 100 100 Family status of spending units: Single person: Age 18-44 11 13 12 1 3 3 Age 45 and over 15 12 12 1 6 3 Married-.3 Age 18-44, no children under 18 7 7 10 10 16 Age 18-44, children under 18 32 30 30 60 41 53 Age 45 and over, no children under 18. . . . 20 19 20 12 21 14 Age 45 and over, children under 18 9 9 10 9 13 7 Other and not ascertained 5 10 9 7 6 4 All cases 100 100 100 100 100 100 Veteran status: Veteran of World War II in spending unit 35 28 28 52 34 50 No veteran of World War II in spending unit.. 64 70 70 45 64 50 Not ascertained 1 2 2 3 2 All cases 100 100 100 100 100 Number of cases 2,865 2,604 133 108 1 Includes new and existing nonfarm houses. 2No cases reported or less than one-half of 1 per cent. 3Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. 584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 20 EXPENDITURES BY NONFARM HOME OWNERS FOR HOME IMPROVEMENT AND MAINTENANCE, 1953 [Percentage distribution of home-owning families within specified groups] Group characteristic N b c e a u r s m e o s - f ca A s l e l s None U $1 n 0 d 0 er $ $ 1 2 0 9 0 9 - $ $ 3 4 0 9 0 9 - $ $ 5 9 0 9 0 9 - $1 o a v , n 0 e d 0 r 0 a ta N s i c n o e e t r d - Nonfarm home owner 1,468 100 42 15 16 8 9 8 1953 family income before taxes: Under $1,000 67 100 55 26 10 2 3 1 3 $ $2 l, , 0 0 0 0 0 0 - - $ $2 l, , 9 9 9 9 9 9 1 9 0 8 4 1 1 0 0 0 0 4 4 5 7 27 6 2 1 5 1 4 9 6 9 2 5 0) $ $4 3 , , 0 0 0 0 0 0 - - $ $ 4 3 , , 9 9 9 9 9 9 2 1 2 6 4 4 1 1 0 0 0 0 4 5 0 2 1 1 4 8 18 7 9 7 10 8 5 9 1 $5,000-$7,499 428 100 38 14 20 10 9 7 2 $7,500 and over 379 100 38 9 15 8 14 15 2 1 Length of ownership: Less than 1 year 126 100 64 14 9 2 6 3 2 1 to 3 years 206 100 40 15 16 8 11 6 4 3 to 5 years 221 100 39 14 20 11 7 7 2 5 to 10 years 356 100 40 14 20 10 7 7 2 10 to 21 years 314 100 36 18 14 7 13 11 1 21 years and over 226 100 48 14 15 5 11 7 0) Value of house:2 Under $5,000 188 100 49 18 10 7 8 5 $5,000-$7,499 222 100 46 19 12 8 10 4 $7,500-$9,999 231 100 39 14 23 6 7 10 $10,000-$12,499 274 100 38 12 20 10 13 6 $12,500-$19,999 347 100 42 12 16 9 10 10 $20,000 and over 195 100 38 7 19 9 9 15 Family status:3 Single: Age 18-44 (4) (*) (4) («) (*) (*) (*) (*) Marr A ie g d e :5 45 and over 182 100 36 23 14 6 12 7 2 Age 18-44, no children under 18 84 100 44 16 16 5 7 8 Age 18-44, 1 or more children under 18 504 100 42 16 17 9 8 6 Age 45 and over, no children under 18 427 100 46 11 14 10 9 9 Age 45 and over, 1 or more children under 18 194 100 39 12 20 7 13 7 1No cases reported or less than one-half of 1 per cent. 2Refers only to owner-occupied nonfarm houses. 3 Refers only to primary spending unit in home-owning nonfarm families. 4Too few cases to be computed. sAge refers to head of family unit. Includes only spending units in which both husband and wife are present. SUPPLEMENTARY TABLE 21 CONSUMER PLANS TO PURCHASE DURABLE GOODS Prospective purchasers Percentage of all a a s l l a s p p e e n r d c i e n n g t a u g n e it o s f an M tic e i d p i a a t n ed spen p d la in n g s u to n i b ts u y with Type of purchase expendi- Type of purchase ture1 Definite, Uncertain Definite, Uncertain probable probable New automobile: Furniture: 1954 5.1 2.8 $2,500 1954 10.4 1.5 1953 5.8 3.3 2,500 1953 11.5 1.7 1952 .. 4.3 2.5 2,300 1952 8.7 0.9 1951 4.0 2.6 1,970 1951 8.2 2.2 Used automobile: Television set: 1954 4.3 2.1 750 1954 6.7 1.0 1953 4.2 1.9 900 1953 . . . . 8.1 2.7 1952 4.2 1.8 600 1952 5.6 1.2 1951 3.1 2.3 590 1951 5.1 1.3 Furniture and major household Refrigerator:3 appliances:2 1954 3.7 0.4 1954 23.0 3.9 300 1953 4.4 1.0 1953 26.4 5.5 300 1952 4.6 0.9 1952 19.6 3.5 290 1951 5.1 1.5 1951 21.7 5.7 300 Washing machine: 1954 3.2 0.4 1953 3.2 0.5 1952 1.8 0.1 1951 2.7 0.8 1 Based on planned expenditures of spending units definitely or probably going to buy. 3 Includes all spending units planning to buy one or more of specified items, includes home freezers in 1951 and 1952 but not in 1953 and 1954. JUNE 1954 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES SUPPLEMENTARY TABLE 22 PROSPECTIVE PURCHASERS OF CONSUMER DURABLE GOODS AND NONFARM HOUSES WITHIN INCOME GROUPS * [Prospective purchasers as a percentage of spending units within groups] Consumer durable goods Nonfarm houses, Money income before taxes in Furniture and major new and used preceding year New automobiles Used automobiles household appliances 1953 1954 1953 1954 1953 1954 1953 All spending units2 23 26 Under $1,000 2 1 7 9 (•) $l,000-$l,999 1 1 13 17 3 $2,000-$2,999 3 4 20 17 3 $3,000-$3,999 3 4 19 30 4 $4,000-$4,999 5 5 29 30 7 $5,000-$7,499 6 10 32 40 9 $7,500 and over.... 18 17 33 40 12 1 Includes units definitely or probably going to buy, but excludes the undecided. 2Data for consumer durable goods refer to all spending units and those for nonfarm houses to nonfarm spending units only. 3 Less than one-half of 1 per cent. 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EL R. BILL 7602 : I am here in response to a request from For many years the Board had its own ac- Chairman Hoffman to appear and testify on counts audited by representatives of the auditthe bill H. R. 7602, which would direct the ing departments of the seven nearest Federal Comptroller General to make an audit for Reserve Banks on a rotating basis. However, the year ending December 31, 1953, of the in order to avoid any question as to the im- Board of Governors of the Federal Reserve partiality of these audits, in 1952 the Board System, the Federal Open Market Commit- engaged the firm of Arthur Andersen & Co. tee, and the Federal Reserve Banks and their to audit its accounts. The certificate of the branches. audit for 1952 was included in the Board's The Board of Governors recognizes the Annual Report for that year. The firm has importance of budgetary and accounting pro- completed an audit of the Board's records for cedures that will make for effective and ef- the year 1953 and a copy of its report has ficient operations throughout the Federal Re- been sent to the Congressional Banking and serve System and is entirely in sympathy Currency Committees. with the objectives sought in various pro- Manifestly, Federal Reserve operations posals on the subject that have been advanced should be conducted with maximum efin the Congress. Fully effective procedures ficiency and economy. To that end Congress are already provided, however, and to super- placed upon the Board of Governors, which impose a further budgetary and auditing re- is a part of the Government, direct responview upon the existing procedures is neither sibility for general supervision and periodic necessary nor advisable. examination of the Federal Reserve Banks. The functions and responsibilities of the The Federal Reserve Act also provides that Board of Governors and the Federal Reserve each Federal Reserve Bank shall have a Banks are such that Congress has provided board of directors of nine men chosen from that they be carried out with independent their respective districts. They are outstanddiscretion and judgment. Accordingly, the ing men in their communities, prominently expenses of the Board and of the Federal identified with industry, commerce, agricul- Reserve Banks are not subject to the budg- ture, banking, and professional life, who etary and auditing control of any other bring to the Reserve Banks their personal exagency of Government. The Board of Gov- perience in applying high standards of efernors is the governmental supervisory ficiency in their fields of private enterprise. agency of the reserve banking system and as It has thus been aptly said that the Federal such has responsibility for general supervi- Reserve combines advantages of governsion over expenditures at the Reserve Banks mental control with advantages of private (which include the great bulk of System ex- business management. penditures). It also has direct responsibility The Board believes that the Congress has for expenditures at the Board. provided a sound, prudent, and adequate means of achieving efficiency and economy 1 Statement of Wm. McC. Martin, Jr., Chairman, Board of in Federal Reserve operations by combining Governors of the Federal Reserve System, before the House in one agency, which of necessity is thor- Committee on Government Operations, June 2, 1954. JUNE 1954 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

H. R. BILL 7602 oughly informed concerning Federal Reserve addition, its staff of examiners conducts a Bank operations, not only the authority to thorough and effective annual examination examine and audit, but also the power to put of each Federal Reserve Bank and branch. into effect through its supervisory author- In order to be assured that its examination ity any improvements the need for which procedures meet the highest standards of is thus disclosed. Legislation to superimpose commercial auditing procedures and techa further audit of these operations by an- niques, the Board has adopted the policy of other Government agency would make for engaging a nationally recognized public acduplication and needless expense. Moreover, counting firm to accompany the examiners the audit might constitute an entering wedge on one Federal Reserve Bank examination in encroaching upon that independence of each year for the purpose of reviewing and judgment which Congress has sought to observing the procedures in actual use. safeguard. Such independence of judgment The Federal Open Market Committee by is indispensable in the determination and statute is exclusively a policy making body execution of impartial credit and monetary and, therefore, does not handle any funds. policy. If through some measure of control However, the annual examination of the over the finances of the reserve banking sys- Federal Reserve Bank of New York, which is tem, another agency of Government could the bank designated to carry out System open restrict operations which the System deemed market transactions for the twelve Federal necessary in performing its statutory func- Reserve Banks, as directed by the Federal tions, the resulting substitution of judgment Open Market Committee, includes a comprecould only result in a growing loss of effec- hensive examination of the accounts relattiveness of the Federal Reserve System. ing to these transactions. In meeting its statutory responsibility of The Board believes enactment of the bill, exercising general supervision over the Re- H. R. 7602, would conflict with the fundaserve Banks, the Board constantly strives mental purposes which Congress has sought through budgetary measures, comparative to achieve in the Federal Reserve Act and, cost studies, and similar methods to increase therefore, would be contrary to the public economy and efficiency of operations. In interest. 588 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Interest on Deposits interest is charged by the bank at the agreed rate on the net amount of the credit available for with- Adjustment of Interest on Loan drawal, and no interest is charged on that part In two recent cases, the Board was presented with of the proceeds which is retained by the bank as questions as to whether an adjustment in the inter- a "reserve" and set up as a nonwithdrawable est rate charged by a member bank on a loan to deposit. The Board stated, therefore, that this view its customer involved a payment of interest on a of the matter, if factually correct, suggested that demand deposit in violation of section 19 of the the proposed arrangement would involve no ques- Federal Reserve Act and section 2(a) of the Board's tion as to a payment of interest on the deposit. Regulation Q. Although somewhat similar super- Amount paid to borrower for account of deficially, the two cases differed factually and the positor. In the other case recently considered by Board reached different conclusions. The two cases the Board, it appeared that a certain Mortgage are as follows: Company on the West Coast is engaged in originat- Interest charged borrower on net withdrawable ing and servicing real estate mortgage loans in a credit. In the first case considered by the Board, given area. After the mortgage loans are in "final it appeared to be contemplated that a member form", they are sold by the Mortgage Company bank would extend credit to a certain Corporation to insurance companies, including a certain Life on the basis of certain instalment paper received Insurance Company. In most cases, the loans arc by the bank from the Corporation and that, in held by the Mortgage Company from two months calculating the amount of interest payable by the to twelve months before they are sold to an insur- Corporation to the bank, there would first be de- ance company. In order to provide this interim ducted from the principal amount of the credit financing, the Mortgage Company borrows conthe amount of a cash margin or reserve which tinuously from a local national bank through would be set aside in a demand deposit account demand notes secured by the real estate loans "in with the bank by the Corporation but which ap- process of completion." The amount of such parently would not be subject to withdrawal. For borrowing was in excess of $1,000,000 from Sepexample, if the credit amounted to $100,000, and tember 1950 to August 1953, and at times has a cash margin or reserve of $7,500 were set aside, been in the neighborhood of $3,000,000. interest at the rate of 4*4 per cent would be com- The Mortgage Company also services real estate puted on the basis of $92,500. loans for the aforementioned Life Insurance Com- In its reply, the Board referred to the fact that pany. This arrangement involves the collection of it has been the Board's general policy for many interest and principal payments from mortgagors years not to pass upon the question whether par- and the accumulation of such collections for periodic ticular practices involve a payment of interest in transfer to the Life Insurance Company. Prior to violation of Regulation Q, except after consideration 1953, the Mortgage Company from time to time of all the facts and circumstances of a specific case would transfer the balances in its several collection as developed by examinations of the member bank accounts to the Life Insurance Company in New involved, but to rely instead upon the cooperation York. Early in 1953, pursuant to its policy of and good faith of member banks in adapting their leaving funds on deposit in the localities in which practices to conform to the spirit and purpose of they originate, the Life Insurance Company inthe law and the Board's regulation. This policy structed the Mortgage Company to make the transhas proved to be the most feasible basis for dealing fers from the collection accounts into a demand with questions of this kind. However, the Board account in the above-mentioned national bank in stated that, as it understood the facts in this case, the name of the Life Insurance Company, and this JUNE 1954 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT procedure has been followed for the past year or information submitted also showed that in all more. A memorandum in the credit files of the probability the "refund" for the last six months of national bank dated February 9, 1953, mentions 1953 would exceed the amount for the first six that, under the new arrangement just described, months in that year. Although the national bank the balance in the Life Insurance Company's makes the payment to the Mortgage Company, account with the bank "will be allowed to build the Life Insurance Company benefits from the up; and for this reason ... it has been agreed that arrangement to the extent that it permits the Mortwe will continue to charge the [Mortgage Com- gage Company, which is producing real estate pany] . .. an interest rate of 4% per cent, but loans on behalf of the Life Insurance Company, that twice each year—probably July and in January "to continue to function profitably and obtain the —we will compute the increase in average balance required bank credit." maintained with us by the [Life Insurance Com- Summarizing the foregoing facts, it appears that pany] and adjust the interest rate paid by the the national bank, in consideration of the Life [Mortgage Company] . .. by making rebate to Insurance Company's maintaining an increased the latter." A notation in the national bank's credit demand deposit balance with the bank, has paid files dated August 3, 1953, refers to the memoran- to the Mortgage Company !/2 per cent per annum dum just quoted and reiterates that the bank had of the average "Additional Loanable Funds" so "agreed to make to the [Mortgage Company] . . . maintained on deposit by the Life Insurance Coma V2 of 1 per cent interest adjustment upon net pany. In August 1953 such payment was made loanable funds derived from additional balances by the national bank through an actual remittance placed with us by the . .. Life Insurance Company." to the Mortgage Company. This notation, which is followed by a computation Based on these facts, the Board of Governors by which the national bank ascertained that the expressed the view that the arrangement involves average "Additional Loanable Funds" in the Life a payment by the national bank for the account Insurance Company's account during the first six of its depositor, the Life Insurance Company, as months of 1953 amounted to $82,930.67, also stated compensation for the use of funds constituting a that "Based upon the above, adjustment of !/2 of demand deposit, and therefore constitutes the pay- 1 per cent for the six-month period would amount ment of interest on a demand deposit by a member to $207.33, which amount was remitted to the bank in violation of section 19 of the Federal Re- [Mortgage Company] . . . August 11, 1953." The serve Act and section 2{a) of Regulation Q. CURRENT EVENTS AND ANNOUNCEMENTS Change in Board's Staff On June 4, 1954, the Board of Governors announced the appointment of Mr. Theodore E. Mr. Dwight L. Allen, who for the past ten years Fletcher, Sr., Senior Partner, Albert W. Sisk & Son, has been a member of the Board's staff and has Preston, Maryland, as a director of the Baltimore served as Director of the Division of Personnel Branch of the Federal Reserve Bank of Richmond Administration since June 1, 1951, is resigning for the term ending December 31, 1956. Mr. effective June 30, 1954, to accept a position as Vice Fletcher succeeded Mr. James M. Shriver, Presi- President of the Federal Reserve Bank of Cleveland. dent, The B. F. Shriver Company, Westminster, Maryland, wrhose term expired. Appointments of Branch Directors On June 10, 1954, the Federal Reserve Bank of On June 2, 1954, the Federal Reserve Bank of Cleveland appointed Mr. John Christian Warner, San Francisco appointed Mr. S. B. Lafromboise, President, Carnegie Institute of Technology, Pitts- President, The First National Bank of Enumclaw, burgh, Pennsylvania, as a director of the Pittsburgh Enumclaw, Washington, as a director of the Seattle Branch of the Federal Reserve Bank of Cleveland Branch for the term ending December 31, 1954. for the term ending December 31, 1954. Mr. Mr. Lafromboise succeeded Mr. W. M. Jenkins, Warner succeeded Mr. Montfort Jones, Professor of President, First National Bank of Everett, Everett, Finance, The University of Pittsburgh, Pittsburgh, Washington, deceased. Pennsylvania, deceased. 590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Appointment of Class C Director small amounts; the totals excluded for March 31, 1954, are shown in footnotes to the appropriate On June 10, 1954, the Board of Governors antables. nounced the appointment of Mr. J. Stuart Russell, Changes in the geographical classification of Farm Editor, Des Moines Register and Tribune, certain countries or accounts are as follows: The Des Moines, Iowa, as a Class C director of the Bank for International Settlements, previously in- Federal Reserve Bank of Chicago for the term cluded in international institutions, is now included ending December 31, 1956. Mr. Russell succeeded in foreign countries under "Europe—all other." Mr. Allan B. Kline, President, American Farm The accounts of East Germany and the Soviet Bureau Federation, Chicago, Illinois, whose term Sector of Berlin, previously included with Gerexpired. many, are also included under "Europe—all other." Changes in Bulletin Tables Turkey is included in Europe, rather than in Asia, and the Republic of Korea is now reported sepa- A number of changes have been made in the rately from "Other Asia." In order to present concontent and arrangement of the BULLETIN tables sistent series of data, the published material for dealing with international capital transactions of previous dates has been revised, insofar as posthe United States and foreign gold reserves and sible, in accordance with the new classifications. dollar holdings, which appear on pages 656-661 of A new table "Estimated Gold Reserves and this issue. Dollar Holdings of Foreign Countries and Inter- The material now published in the section "In- national institutions" is published on page 661. ternational Capital Transactions of the United The table shows end-of-quarter data on gold re- States" excludes the tables on cumulative net capital serves of central banks, governments, and intermovement to the United States since 1935, sup- national institutions, plus official and private dollar plementary country data on securities transactions, holdings reported by banks in the United States. and brokerage balances (formerly tables 1, 6(a), and 8). Transactions in domestic and foreign Admission of State Bank to Membership in the securities are now shown in one table, and country Federal Reserve System data on foreign securities have been condensed. A table showing supplementary country data on short- The following State bank was admitted to memterm liabilities to foreigners for end-of-year dates, bership in the Federal Reserve System during the 1950-53, (table l(d) on page 657) has been added. period April 16, 1954 to May 15, 1954: Some of the changes in the tables have been necessitated by a recent revision of the Treasury Florida Foreign Exchange Forms, from which most of the Miami—Metropolitan Bank of Miami data in this section are compiled, and by revised instructions to the financial institutions that report Tables Published Annually and Semiannually, with on such forms. The main features of the revision Latest BULLETIN Reference of the reporting forms are (1) an increase in the amount of liabilities to or claims on foreigners that Semiannually Issue Page is exempt from reporting; (2) changes in the Banking offices: Analysis of changes in number of... Feb. 1954 210 geographical classification of certain countries and On, and not on, Federal Reserve Par List, number of Feb. 1954 211 accounts; and (3) discontinuance of a monthly series on brokerage balances. Annually Reporting institutions having total liabilities to Earnings and expenses: Federal Reserve Banks Feb. 1954 208-209 or claims on foreigners of less than $500,000 are Member banks: Calendar year May 1954 524-534 now generally exempt from monthly reporting. First half of year Oct. 1953 1114 Insured commercial banks May 1954 535 The previous exemption was $100,000. This Banks and branches, number of, by class change has resulted in the exclusion of relatively and State May 1954 536-537 Operating ratios, member banks Aug. 1953 904-906 JUNE 1954 591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled ]une 11 and released for publication June 14] Industrial production rose somewhat in May cember. Activity in equipment industries generafter leveling off in April. Construction activity ally changed little while output of ordnance dereached a new high. Unemployment continued to clined considerably further. decline. Sales at department stores were close to Output of nondurable goods in May, after allowtheir improved April level, and auto sales contin- ance for seasonal changes, continued to recover ued in large volume. Prices of agricultural prod- from earlier reduced levels. Activity in the textile ucts eased after mid-May, while prices of most other and apparel industries showed much less than the commodities changed little. usual seasonal decline in April and preliminary data indicate a moderate rise in May. Production INDUSTRIAL PRODUCTION of manufactured foods also increased in May re- The Board's preliminary seasonally adjusted in- flecting partly a substantial rise in meat production dex of industrial production in May was up 2 points to a seasonally adjusted rate about 5 per cent from the March-April level of 123 per cent of the higher than in the first quarter. Activity at paper 1947-49 average as output of durable goods, non- mills generally was maintained at advanced levels durable goods, and minerals showed small gains. in May and output of paperboard rose contraseason- Steel mill operations in May and early June rose ally. Production of most other nondurable goods to about 71 per cent of rated capacity, from a low changed little. of 68 per cent in April, and in the second week Minerals production was up slightly in May, as of June were scheduled at 73 per cent. Output of reduced output of crude petroleum was more than lumber and most other building materials has con- offset by a moderate recovery in coal production tinued to show little change in recent months. and a pickup in iron ore mining from earlier re- Production of autos, after allowance for seasonal duced levels. Output of coal and iron ore this variation, increased further in May but declined year through early June, however, has been conmoderately in the first half of June. Reflecting siderably below the corresponding period in 1953. mainly a continued gain in television set production, seasonally adjusted output of major house- CONSTRUCTION hold goods recovered further in May, to a rate Value of new construction put in place, seasonabout 13 per cent above the low reached last De- ally adjusted, rose slightly further in May to a new CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION 140 - f- 120 TOTAL DURABLE / ^\ J MANUFACTURES/ \ - 100 - - \ w 1... ' ' RESIDENTIAL r lr 0 / /^\ AN* 120 NONDURABLE 800 . <Y- MANUFACTURES W - 100 MINERALS » PRIVATE H NONRESIDENTIAL .(J U1 19 M5 10 1 1 11 1 1 ( 1952 ( 1954 80 ii ]j 1 i 9 M 5 j 0 1111 1) 11 | 1 J11 : ] l l 1 !11 9 1 5 1 2 1 1 i ! 1 1 1 11 1 . ! ]j ji1 1 1|1 9 [1 5 M 4 jJ i ,,,1 , 1 I,, Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for May. Monthly figures, latest shown are for April. 592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS record, reflecting continued gains in private con- BANK CREDIT AND RESERVES struction work. Value of contract awards in the U. S. Government security holdings of banks first three weeks of May was at a monthly rate in leading cities increased substantially during the sharply higher than in April, with large gains last half of May and early June, largely as a result in all major categories of awards. The number of acquisitions of the new 1% per cent Treasury of private housing starts did not show the usual notes. Business loans declined further as is usual rise in May, but continued about as large as a year at this time of year. earlier. Member bank reserve positions continued generally easy during late May and early June. Excess EMPLOYMENT reserves of member banks averaged close to 800 Unemployment declined further in May to 3.3 million dollars and borrowings with the Federal million, reflecting continued seasonal expansion in Reserve averaged less than 200 million. Federal agriculture, construction, and other outdoor activi- Reserve purchases of Treasury bills supplied reties. After allowance for seasonal changes, em- serves to banks during the period while reserves ployment in nonagricultural establishments was were absorbed through increases in required redown somewhat further to 48.2 million, as manu- serves and outflow of currency into circulation. facturing employment continued to decline; em- SECURITY MARKETS ployment in nonmanufacturing lines generally was maintained. The average workweek at factories Yields on Government and high-grade corporate rose three-tenths of an hour to 39.3. and municipal bonds rose during the last half of May. In early June yields on Government DISTRIBUTION bonds declined again. Yields on three-month Treasury bills, which rose moderately around the Seasonally adjusted sales at department stores middle of May, declined in late May and early in May and early June continued at about their June to the lowest level since mid-1947. Stock improved April rate. With auto sales in May prices continued to rise during late May and the near the high April level and output below sales, first week of June, but declined sharply in the secdealers' stocks of new cars apparently declined ond week of June. for the first time this year. Seasonally adjusted stocks held by department stores declined slightly in April to a level 4 per cent below a year ago. MONEY RATES COMMODITY PRICES The average level of wholesale commodity prices CORPORATE A ^ eased slightly after mid-May, reflecting chiefly de- J creases in agricultural commodities. Declines in / ^^ livestock prices reflected the expansion of market- u. s g- G te O rm VT.1 S* H M IG U H N - I G C R IP A A D L E ings in May, and wheat prices decreased as crop r prospects improved further. Buying of zinc and SCOUNT RATE' ii lead expanded in May and early June, partly under V the stimulus of stockpiling activities, and prices V were raised; steel scrap prices increased slightly further; and wool textiles advanced. Petroleum products declined, however, and some new models of television were introduced at lower prices. 1 i i i i ii i u<AJ^ The consumer price index declined slightly further in April as increases in foods and rents were Figures except for Federal Reserve discount rate are monthly average market yields. Corporate Aaa bonds, Moody's Investors more than offset by reductions resulting from the Service; U. S. Government long-term (excludes 3]4- per cent bonds issued May 1, 1953), U. S. Treasury Department and April 1 cut in excise taxes. Retail food prices Federal Reserve; municipal high-grade bonds, Standard and Poor's Corporation; Treasury bills, Federal Reserve. Latest figincreased further in May. ures shown are for June 12. 593 JUNE 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 597-598 Federal Reserve Bank rates; margin requirements; reserve requirements 598-599 Reserves and deposits of member banks 600 Federal Reserve Bank statistics 601-603 Regulation V: guaranteed loans, fees, and rates 603-604 Bank debits and deposit turnover; Postal Savings System 604 Money in circulation 605 Consolidated statement of the monetary system; deposits and currency. . 606 All banks in the United States, by classes 607-609 All commercial banks in the United States, by classes 610-611 Weekly reporting member banks 612-613 Commercial paper and bankers' acceptances 614 Life insurance companies; savings and loan associations 615 Government corporations and credit agencies 616-617 Security prices and brokers' balances 618 Money rates; bank rates on business loans; bond and stock yields 619 Treasury finance 620-625 New security issues 626 Business finance 627-628 Real estate credit statistics 629-631 Statistics on short- and intermediate-term consumer credit 632-634 Business indexes 635-644 Merchandise exports and imports 644 Department store statistics 645-649 Consumer and wholesale prices 650-651 Gross national product, national income, and personal income 652-653 List of tables published in BULLETIN annually or semiannually, with references for latest data 591 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication. Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. JUNE 1954 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951 - Billions of Dollars 25 15 EXCESS RESERVES -, 2 [SvW «VU*WJ* r**^A**^^ -| 0 £2£^£jA£^ FEDERAI RESERVE CREDIT u S. GOVERNME NT SECURITIES 25 J BOUGHT OUTRIGHT V * 20 - - 15 f ,..J 3 HELD UNDER REPURCHASE AGREEMENTS . ,, __i i —t ^v i jy-fmrr 0 5 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT ^ 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending May 26. See p. 598. 596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other DiHe U.S. Go B v o t. u g s h e t cu u r H n it e d i l e e d s r co D a u n is d n - ts Float o A th ll - Total s G to o c ld k T r o e c u r n u u e r r c y t a - - y s- M c c u o i i n l n r a - e - y T h c u r o a e r l s y d a h s - - T t w h r r e e a i a n t s h s e - r m F ve . e F m R b o . b a r - l e B a r a iUc n O cell k J t sK s h ,. - O s F e R e t e r r h e a d v e - l - e r re A M s T e t r m ve u c b i al u a d a n c k es Total ou t- repur- ad- er1 stand- tion ings ury eign de- ac- Total Re- Exright chase vances ing de- de- pos- counts luiied2 cess2 agree- posits posits its ment Wednesday ADI I ,3 8or 465 748 4 25,023 22 563 4,827 29,754 1,304 286 550 344 869 19,305 19.518 -213 A A p p r r 8 M ^3,80' !M 8 S 0 0 ' 6 > 9 8 0 6 8 3 8 7 5 0 6 9 4 .i . 2 2 5 5 . . 4 5 2 4 7 9 2 2 2 2 ,5 5 6 62 2 4 4 , , 8 8 2 3 8 3 2 2 9 9 . . 7 7 8 5 C 3 1 1 , , 2 3 7 0 8 0 3 34 2 1 9 5 57 6 4 8 3 2 4 0 3 0 8 86 6 5 8 1 1 9 9 , ,9 6 3 2 2 9i 1 1 9 9 , , 5 4 6 7 0 2 3 1 7 5 2 7 Apr 21 21 M 806 S\2 743 4 25,395 22,562 4,834 29,72? 1,279 509 585 356 864 19,476 19,481 Api 29 h 80< M so< 837 581 25,227 22,562 4,836 29,787 1,278 367 518 401 784 19,489 19,395 94 Mav 6 M 86' ' 1 8fV 54 9,3,' 647 25.443 22.561 4.84C 29.863 i,285 214 517 374 78( 19,811 19,386 425 Ma\ 13 "'I 87<' 851 2ir 1 .264 684 ; 25.831 22.561 4,842 29,845 1,285 428 618 366 78f 19,912 19,282 630 Mw ?0 ?3 92"» > <, 891 31 53* 83: 3 25,28? 22, 56? 4,844 29.795 1,282 145 584 286 711 19,824 19,312 512 Miv n 71 08>- 2 3 Of 125 57: 645 3 25,308 22,536 4,845 29,825 1,284 355 504 238 777 19,706 19,298 408 JtV " 2\ 1 ' M r<< S( 507 785 4 25,418 22. 536 4 ,849 29,98r i,282 137 520 253 902 19,729 19,209 520 J - -\»'rs 74 6 3 '4 6 > 45* 646 i 25,741 22,537 4 85( 30,003 1,289 6 587 173 902 20,168 19,449 719 j ,* i 7 2S | 51 >5 1*4 28^ 1 ,213 ; 26,656 22,513 4.851 29,97* 1,276 8 598 252 958 20,958 19,778 1,180 jh< * •M 24 fir »4 8^" 31" 61' |25,77f 22,487 4.851 29,929 l,272 8 6.15 158 960 20,173 19,594 579 1 24 7<,< 24 76f 24 r 737 3|25,752 22. 463 4.854 30,152 l,269 176 521 174 949 19,828 19,113 715 Jiil* 8 "4 °64 2\ 9<>4 341 677 25 984 22,438 4 .854 30,279 i,26C 431 488 176 948 19, 690 19,002 688 July IS 74 96 -4 964 20( 75( ; 25,923 22,374 4,853 30,163 1,264 640 561 179 947 19,397 18,253 1,144 July 2? 74,961 24 964 521 777 26.265 22,276 4.85? 30,051 1,267 539 525 323 947 19,742 19,098 644 July 29 24 964 74,964 747 588 26,301 22,277 4,853 30,044 l,264 841 547 343 863 19,529 19,014 515 Aug. 5.... 24,964 24, 964 561 625 3 26,153 22,227 4,858 30,139 l,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 l,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 3 26,131 22,228 4,862 30,105 l,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 9? 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 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 26,238 22,128 4,872 30,374 l,284 524 484 370 899 19,303 18,757 546 Oct. 14. . . ,25.363 25,348 15 271 685 26,322 22,128 4,873 30,412 l,271 348 461 375 899 19,557 18,728 829 Oct. 21 . . . .25,348 25,348 260 826 26,437 22.077 4,874 30,305 l,270 530 461 358 897 19,567 18,817 750 Oct. 28. . . .25,348 25,348 359 599 26,309 22,077 4,874 30.268 l,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 i,283 664 453 376 801 19,779 18,845 934 Nov. 11. . . .25,123 24,958 165 365 622 26,111 22,077 4,878 30.540 784 322 449 534 808 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 . . .25.457 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 2 5 886 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 2S 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 Jan. 6 . . .25,384 25 318 66 170 963 26,519 22 029 4,890 30,591 770 222 440 397 836 20,184 19,390 794 Jan. 13 . . .25,318 25 318 156 754 26,230 22 030 4.890 30,284 775 86 500 441 836 20,228 19,250 978 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 ?5 495 22, 006 4,890 29,900 795 236 493 278 831 19,859 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 57 440 500 25,815 21,957 4 .902 29,923 818 638 473 338 828 19,654 18.937 717 Feb. 17. . . .24, 80624, 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 5 59 249 503 2 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 2 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 2 25,638 21 963 4,917 29,870 820 447 487 346 907 19, 640 18,792 848 Mar. 17. ... 24,582 24 582 265 855 2 25,704 21 964 4,920 29,769 823 51 528 191 919 20,307 19,224 1,083 Mar. 24. ... 24, 70524 632 73 349 569 2 25,625 21 964 4,025 29,632 810 539 517 358 919 19, 739 18,869 870 Alar.31 .... 24,632 24 632 147 535 1 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 2 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 1 25,493 21 967 4,945 29,673 839 565 443 388 931 19,566 18,648 918 Apr. 28. ... 24,632 24 632 217 533 1 25,383 21 968 4,947 29,645 829 499 469 305 852 19,699 18,759 940 May 5. ... 24,632 24 632 140 501 1 25,274 21 969 4,951 29,756 837 617 601 328 849 19,207 18,837 ?37O May 12. ... 24,632 24 632 268 582 1 25,484 21 970 4,952 29,759 840 542 579 357 848 19,481 18,717 764 May 19 24,687 24 687 177 662 1 25,528 21 971 4,956 29,707 841 418 533 390 880 19,686 P18,940 M!av 76 24,737 24 737 202 550 1 25,490 21 972 4,957 29,697 834 505 502 383 881 19,617 M8.937 pAQf) End of month 1953 May 24,246 24 031 215 731 607 4 25,589 22 537 4,849 29,951 l 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 i 259 132 527 176 951 19 561 19,459 102 July 24,964 24 964 644 565 3 26,176 22 277 4,859 30,120 l 263 548 566 346 862 19,607 19,017 590 Aug. 25 063 24 989 74 343 549 3 25,958 22 178 4,867 30,248 l 269 496 524 325 862 19 278 18,802 476 Sept 25 235 25 329 685 3 26,252 22 128 4,872 30,275 1 283 642 512 352 880 19 309 18,816 493 Oct.. 25 348 25 348 413 787 3 26,550 22 077 4,879 30,398 l 275 654 448 468 802 9 460 18,826 634 Nov 25 095 24 993 102 369 667 3 26,133 22 028 4,885 30,807 766 451 417 367 804 19 434 19,087 347 Dec. 25 916 25 318 598 28 935 2 26,880 22 030 4,894 30,781 761 346 423 493 839 20 160 19^397 763 1954 Jan. 24 640 24 640 156 640 2 25,437 21 956 4,899 29,981 793 405 440 459 830 9 384 19,016 368 Feb.. 24 509 24 509 350 827 2 25,688 21, 958 4,913 29,904 811 542 490 491 909 9 412 18.821 591 Mar. 24 632 24 632 147 535 1 25,316 21 965 4,935 29,707 819 722 494 363 917 9 194 18,689 505 Apr 24 632 24 63? 172 576 1 25,382 21,969 r4,951 r29,735 K1Q 579 471 321 850 19 528 18,844 684 May. 24 812 24,812 245 723 1 25,781 P21,973 P4.959 ^29,866 *>826 408 527 645 878 19 563 P18,903 ^Preliminary. rRevised. For footnotes see following page. JUNE 1954 597 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 dcliars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserve balances, Other reserve balances U. S. Govt. securities ury Money Treas- with F. R. Banks Fedp D e o r a i r t o e d Total B r o o ig u u h t g - t ht u c r a H e n h g p e a d r l u e s e d e e r r - - v c D a o a a n n u d is c d n - - e ts s Float o e A t r l h 1 l - Total s G to o c ld k s r o c e t i a u n u n n r g 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 s e 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 h s s - - - c s o e R e a r u r c e a v - n - l e ts Total qu R ir e e - d2 c E es x s - 2 ment End of month: 1929—June. 216 148 68 1,037 52 95 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 54 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec. 2,484 2,484 7 91 11 2,593 17,644 2,963 7,598 2,409 634 397 256 251 11,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 10 2,361 22,737 3,247 11,160 2,215 867 774 586 291 12,450 9,365 3 085 1945—Dec 24,262 24,262 249 578 2 25,091 20,065 4,339 28,515 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 1 23,181 22,754 4,562 28,868 1,336 870 392 569 563 17,899 16,400 1,499 1948—Dec 23,333 23,333 223 541 1 24,097 24,244 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 2 19,49924,427 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 3 22,216 22,706 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 5 25,009 22,695 4,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—June. 22,906 22,764 142 59 581 5 23,551 23,346 4,754 29,026 1,283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 4 25,825 23,187 4,812 30,433 1,270 389 550 455 777 19,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 3 25,414 22,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages of dally figures Monthly: 1953—May. 23,973 23,881 92 955 750 4 25,682 22,557 4,84329,869 1,279 356 552 350 779 19,897 19,306 591 June. 24,748 24,729 19 433 776 3 25,96022,514 4,851 30,011 1,273 52 566 203 933 20,287 19,499 788 July. 24,955 24,943 12 428 737 3 26,123 22,366 4,85330,165 1,264 545 537 239 939 19,653 18,869 784 Aug.. 25,000 24,974 26 658 660 3 26,322 22,226 4,86030,167 1,273 656 548 376 861 19,526 18,882 644 Sept. 25,168 25,097 71 468 771 3 26,410 22,176 4,86730,328 1,273 537 538 354 871 19,552 18,834 718 Oct.. 25,344 25,341 3 367 800 3 26,514 22,102 4,87330,366 1,274 557 463 406 889 19,536 18,784 752 Nov. 25,172 25,078 94 494 744 3 26,413 22,057 4,87830,555 915 497 434 424 805 19,718 19,035 683 Dec. 25,639 25,218 421 448 1 ,018 2 27,107 22,028 4,88530,967 767 602 466 390 908 19,920 19,227 693 1954—Jan.. 25,263 25,149 114 118 861 2 26,243 22,015 4,891 30,282 778 201 453 422 834 20,179 19,243 936 Feb.. 24,770 24,729 41 308 667 2 25,746 21,957 4,904 29,903 811 568 470 429 870 19,557 18,925 632 Mar. 24,633 24,620 13 205 712 2 25,553 21,963 4,920 29.800 813 490 494 352 913 19.573 18,881 692 Apr.. 24,635 24,632 3 151 696 1 25,48321,966 4,941 29.755 825 584 481 427 926 19,392 18,627 765 May. 24,689 24,680 9 172 640 1 25,503 21,971 4,954 29,773 830 486 531 412 863 19,533 Week ending: 1954 Mar. 3.... 24,523 24,523 282 738 2 25,545 21,958 4,911 29,895 817 517 481 413 909 19,382 18,831 551 Mar. 10 24,676 24,662 14 256 684 2 25,617 21,960 4,916 29,916 818 566 460 385 908 19,441 18,765 676 Mar. 17 24,633 24,629 4 186 689 2 25,509 21,963 4,919 29,859 816 242 530 289 912 19,744 19,018 726 Mar. 24 24,621 24,597 24 177 766 2 25,565 21,964 4,92329,722 806 487 505 317 918 19,697 19,017 680 Mar. 31 24,649 24,636 13 190 703 2 25,544 21,965 4,92829,663 809 670 486 399 918 19,492 18,759 -733 Apr. 7 24,632 24,632 153 583 2 25,370 21,965 4,93329,780 819 526 507 399 936 19,300 18,595 705 Apr. 14 24,643 24,632 ii 156 597 1 25,397 21,966 4,93829,817 823 650 503 379 935 19,194 18,595 599 Apr. 21 24,632 24,632 141 955 1 25,73021,967 4,945 29,780 831 680 461 574 933 19,384 18,612 ^772 Apr. 28 24,632 24,632 148 672 1 25,45321,968 4,94629,652 827 495 456 388 920 19,630 18,654 >-976 May 5 24,632 24,632 158 634 1 25,426 21,969 4,95029,738 826 586 503 351 850 19,490 18,769 r721 May 12 24,652 24,632 20 184 541 1 25,379 21,970 4,952 29,810 829 453 572 370 848 19,418 18,708 '710 May 19. ... 24,659 24,640 19 143 739 1 25,542 21,971 4,955 29,769 838 551 532 411 862 19,506 P18,763 P743 May 26 24,709 24,709 164 638 1 25,512 21,972 4,957 29,707 829 397 500 437 880 19,690 *>18,886 P804 P Preliminary. r Revised. 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 2V2 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 2H 1 For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C., the market value (100%) and the maximum loan value. effective Feb. 1, 1936, are the same as those in effect for member banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 598 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 advance 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 el 1 i 3 g a ib )1 le paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous May 31 beginning—• rate May 31 beginning— rate May 31 begiining—• rate Boston IX Apr. 27,1954 Apr. 2 7,1954 2% Feb. 5, 1954 3 New York Apr. 16,1954 Apr. 16,1954 2H 3 Jan. 16, 1953 23^ Philadelphia IX May 21,1954 May 21,1954 2H 2% Jan. 16, 1953 2lA Cleveland Apr. 23,1954 Apr. 23,1954 2*4 3 Aug. 17, 1953 2% Richmond \X May 15,1954 May 15,1954 2H 3 fan. 23,1953 2X S C A t h t . l i a c L n a o g t u a o is 1 \ \ X X> A '2 A A M p p a r r y . . 1 2 1 5 3 4 , , , 1 1 1 9 9 9 5 5 5 4 4 4 F A M p e a r b y . . 1 2 1 5 3 1 , . , 1 1 1 9 9 9 5 5 5 4 4 4 2 2 H 3 3 2 M % A F M e u a b g v . 1 1 9 3 8 , , , 1 1 1 9 9 9 4 5 5 8 3 4 3 2 2 X V X 2 K M D a a in n ll n s a a e s s a p C o i l t i y s \ I \ X X X A A A A p p p r r r . . . 2 2 2 3 9 3 . , , 1 1 1 9 9 9 5 5 5 4 4 4 A A F p p e r r b . . . 2 2 1 3 9 2 . , , 1 1 1 9 9 9 5 5 5 4 4 4 2 IX )4 3 2 3 % T I fa a a n n n . . . 7 2 16 3 6 , , , 1 1 1 9 9 9 5 5 5 3 3 3 2 2 2 % X V2 San Francisco.. . . Apr. 16,1954 Apr. 16,1954 Jan. 20, 1953 2X ' Rates skown 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 M a a t y e 3 o 1 n In g in ef n f i e n c g t — b - e- Pre ra v t i e ous Net demand deposits1 de T p i o m s e its 1 9 2 1 1 1- - - 1 1 2 8 9 0 0 0 d d d a a a y y y s s s . . . Wz 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 Eff o e f c t c iv h e a 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 ba e ( n m a k l b l s e ) r I NOTE.—Effective minimum buying rates on prime bankers' accept- 1917-— June 21 . 13 10 7 nces payable in dollars. Bark figures.—See Banking and Monetary tatislics, Table 117, pp. 443-445. 1936 -Aug. 16. X 15 10V 1937 -Mar. 1 . 22% 12^ May 1 . 26 20 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13B 1938—Apr, 16. 22% 17H 12 OF THE FEDERAL RESERVE ACT Maturities not exceeding five years 24 20 14 [In effect May 3\. Per cent per annum] 20 22 24 26 15 24 21 37 20 14 26 13 •35" 12 2 s; 23 19 22 \ 1 8 1<- 22 18 19 3 6 13 ' 26 24 20 14 13 22 19 12 19 13 'Demand de])osits subject to reserve requirements, which beginnirg Aug. 23, 1935, have been total demand deposits minus cash items iu process of collection and demand balances due from domestic banks 2 1 R IP C i t l e u i i r h i 'T ir A l'M f'i ' i- b i o i r ji r o t w de c i i n 1« p * a -> iu c u o > m i n 'u i i n 'i n w e i u t t h r f a in te a . ncing institutions. A (a p l - s r R o . e 1 m q 3 u . i n i 1 r u e 9 s m 4 3 w e -- n a . t ] r u n b l e e o c a 3 a n 0 m , a e 1 n 9 d e 4 f f 7 e s ) e c . r ti i v es 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 U-i.ite 'liii^nl boimv.fr 'Rite charged borrower but not 3Requirement became effective at central reserve and reserve city to ev eed 1 in i cent abo\e the lwouut rate. banks. '( huge ot 3-i pet cetxt- pel I'ji.im is made on undisbursed portion 4Present legal minimum and maximum requirements on net demand of 6C lo h an arge of )4 per cent per antium is made on undisbursed portion d 1 e 0 p a o n s d it s 2 — 0 c p e e n r t r c al e nt r ; e s c e o rv u e n tr c y i , t ie 7 s , a n 1 d 3 1 a 4 n d p er 2 6 c en pe t, r re c s e p n e t: c ti r v e e s l e y r ; v e o n c i t t i i m es e , of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. JUNE 1954 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve week en M di o n n g t h W , o e r dnesday b m a b A n e e m l k r l s - 1 N c e i w ty ban C k h s i- b s c R a e i r n e t v y k - e s b C a t o n r u y k n s - 1 week en M di o n n g t h W , o e r dnesday b m a b A n e e l m k r l s - 1 N c e i w ty ban C k h s i- b s c R a e i r n e t 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—February 20,520 5,050 1,356 8,082 6,031 1953—February 638 14 -3 95 531 March 20,416 5,089 1,366 8,014 5,947 March 588 16 3 87 482 April 20,007 4,947 1,291 7,872 5,896 April 535 —6 70 471 1954—February 19,557 4,652 1,269 7,825 5,811 1954—February 632 8 -7 83 548 March 19,573 4,725 1,267 7,767 5,815 March 692 38 8 83 563 April 19,392 4,693 1,221 7,739 5,740 April 765 66 11 148 541 Apr. 21 19,384 4,665 1,218 7,715 5,787 Apr. 21 771 57 5 126 583 Apr. 28 19,630 4,824 1,240 7,830 5,735 Apr. 28 977 186 25 231 535 May 5 19,490 4,760 1,260 7,779 5,691 May 5 722 45 11 145 521 May 12 19,418 4,636 1,237 7,727 5,817 May 12 709 -19 -8 102 634 May 19 19,506 4,686 1,281 7,759 5,779 May 19 P744 33 8 100 P603 May 26 19,690 4,806 1,269 7,865 5,750 May 26 P804 68 8 153 P575 Borrowings at Federal Required reserves:2 Reserve Banks: 1953—February 19,882 5,036 1,359 7,986 5,500 1953—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 April 19,472 4,947 1,297 7,802 5,425 April 1,166 278 113 584 190 1954—February 18,925 4,645 1,276 7,742 5,262 1954—February 293 36 46 148 63 March 18,881 4,687 1,259 7,684 5,252 March 189 16 29 79 65 April 18,627 4,627 1,210 7,591 5,199 April 139 9 71 59 Apr. 21 18,612 4,607 1,212 7,589 5,204 Apr. 21 133 7 82 44 Apr. 28 18,654 4,638 1,216 7,600 5,200 Apr. 28 140 3 65 72 May 5 18,769 4,716 1,249 7,634 5,170 May 5 150 7 62 81 May 12 18,708 4,655 1,245 7,625 5,183 May 12 174 28' 15 64 67 May 19 P18.763 4,654 1,274 7,659 P5,176 May 19 120 8 46 66 May 26 P18,886 4,738 1,261 7,712 P5,175 May 26 141 i 3 62 75 p Preliminary. 1Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 2Reserve requirements were reduced in July 1953; see table on preceding page. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve 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 a R e i n r e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba t o r n u y k n s - York cago York cago April 1954 April 1953 Gross demand deposits: Total 105,961 22,326 5,779 40,966 36,890 104,774 22,025 5,730 40,532 36,486 Interbank 12,294 3,973 1,225 5,933 1,163 11,777 3,806 1,166 5,744 1,062 Other 93,667 18,353 4,554 35,032 35,727 92,997 18,219 4,565 34,789 35,424 Net demand deposits2 92,235 20,152 5,161 35,283 31,640 91,574 20,030 5,111 34,940 31,493 Time deposits 37,354 3,220 1,245 14,789 18,101 34,017 2,334 1,175 13,575 16,932 Demand balances due from domestic banks... 6,270 67 113 2,016 4,074 5,854 68 103 1,845 3,838 Reserves with Federal Reserve Banks: Total 19,392 4,693 1,221 7,739 5,740 20,007 4,947 1,291 7,872 5,896 Required3 18,627 4,627 1,210 7,591 5,199 19,472 4,947 1,297 7,802 5,425 Excess 765 66 11 148 541 535 -6 70 471 Borrowings at Federal Reserve Banks 139 59 1,166 278 113 584 190 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Reserve requirements were reduced in July 1953; see table on preceding page. 600 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 May 26 May 19 May 12 May 5 Apr. 28 May Apr. May Assets Gold certificates 20,427,101 ,417,099 10,417,10020,412,102 20,412.10020,432,10220,412,10120,607,602 Redemption fund for F. R. notes 860,530 863,856 866,239 870,887 871,224 871,225 748,473 860,529 Total gold certificate reserves 21,287,631 ! 1,280,95521,283,33921,282,98921 ,283,324 21,356,075 21 ,292,631 Other cash 366,253 369,750 367,277 381,079 395,921 326,847 Discounts and advances: 359,291 For member banks 178,800 154,396 245,029 131,680 208.723 221 ,511 164,055 722,122 For nonmember banks, etc.. 23,000 23,000 23,000 8,000 8,000 23,000 8,000 9,500 U In . d S u . s t G ri o a v l e l r o n a m ns ent securities: 1,341 1,356 1,249 1 ,269 1 ,221 1,282 1 ,286 3,674 Bought outright: Bills 1,965,975 1,910,975 1,910,975 1,910,975 2,090,975 1,910,975 739,754 Certificates: Special Other 599,791 6 599,791 6,051,191 6,051.19] ,051.191 4, Q95,716 Notes 029,021 13 029,021 13,029,021 13,029,021 029,021 ,020,021 13,773.671 Bonds 092,550 3.092.550 3,641,150 3,641,150 ,641,150 ',521,975 Total bought outright 24,737,337 24,687,33 24,632,33724,632,33724,632,33724,812,33724,(532,33724,031,116 215,260 Held under repurchase agreement 24,737,33724,687,337 24,632,33724,632,337 24,SI2,33 24,246,376 Total U. S. Government securities, . 24,940,47824,866,089 '4,773,28624,850,28125,058,130 24,981,672 Total loans and securities Due from foreign banks. 22 22 22 22 23 F. R. notes of other banks...... 135.892 140,579 145,043 155,06 150,097 149, 945 Uncollected cash items ,495,015 ,057,045 3,531,277 3,552,230 3,414,147 ,210,851 3,278,976 Bank premises 53,362 53,473 53,374 53,264 53.385 53,213 49,763 Other assets 178,232 170,224 187,252 178,750 183,913 181,151 245.450 Total assets 50,456,88550,938,13750,807,97950,354,32250,468,85950,493,89350,089,228 Liabilities Federal Reserve notes 25,392,122 411,88625,467,06725,481,60625,393,81225,544,36225,472,27625,670,567 Deposits: Member bank—reserve accounts 19,617,046 19,481,19619,206,591 19,698,91519,563,35919,52 7,64220,068,897 U. S. Treasurer—general account 505,278 542,030 617,075 499,243 407,672 578,611 221,345 Foreign 501,942 579,025 600,895 469,059 527,021 470,624 514,653 Other 382,987 357,148 328,482 304,704 645,193 321,138 170,963 Total deposits. 21,007,253 20,959,399 20,753,04320,971,92121,143,24520,898,01520,975,858 Deferred availability cash items 2,945,416 3,285,009 3,030,489 3,019,059 2,634.402 2,671,839 Other liabilities and accrued dividends 22,024 19,055 18,287 19,359 18,050 21,497 Total liabilities 49,366,815 854,38649,730,530 49,283,42549,404,15149,399,064 49,022,74349,339,761 Capital Accounts Capital paid in 271,553! 271,499 271,329 271,251 271,203 271,583 271 ,216 257,777 Surplus (Section 7) 625,013j 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 2 7,543 27,543 27,543 27.543 Other capital accounts 165,96l| 159,696 153,564 147,090 140.949 170,690 142,713 178,994 Total liabilities and capital accounts 50,456,885150,938,137 50,354,322 50,089,228 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.8 46.0 45.91 Contingent liability on acceptances purchased for foreign correspondents 13,7111 13,672 13,302 16,405 16,455 14,330 16,595 20,231 Industrial loan commitments 2 ,3151 I 2,305 2,413 2,899 2,958 2,374 2,892 2,670 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 201,800 177,396 268,029 139,680 216,723 244,511 172,O55| 731 ,622 Within 15 days 163,807 143,655 234,270 121,464 195,877 209,309 149,464 660,498 16 days to 90 days 37,993 33,741 18,759 18,216 20,846 35,202 22,591 70,948 91 days to 1 year 15,000 176 Industrial loans—total 1,341 1,356 1,249 " ' l',269 1^221 '{',282 ' i',286 3,674 W7ithin 15 days 4 4 4 6 4 442 16 days to 90 days 256 274 194 260 171 222 270 1,260 91 days to 1 year 1,038 1,035 1,007 959 998 1,013 964 1,823 Over 1 year to 5 years 43 43 44 44 45 43 45 149 U. S. Government securities—total 24,737,337 ,687,337 24,632,337 ,632,337 24,632,337 ,812,337 ,632,337 ,246,376 Within 15 days 522,500 579,300 495,100 440,100 492,675 316,000 320,000 ,368,026 16 days to 90 days ,643,875 ,537,075 3,102,241 ,157,241 3,104,666 ,925,375 ,277,341 895,154 91 days to 1 year ,813,541 ,813,541 12,277,575 ,277,575 12,277,575 ,813,541 ,277,575 ,279,775 Over 1 year to 5 years ,307,260 ,307,260 307,260 ,307,260 6,307,260 ,307,260 6,307,260 ,914,164 Over 5 years to 10 years ,035,304 ,035,304 035,304 ,035,304 1,035,304 ,035,304 035,304 ,374,400 Over 10 years ,414,857 ,414,857 414,857 ,414,857 1,414,857 ,414,857 414,857 ,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 with maximum maturity of the agreements. JUNE 1954 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificates 20,432,102 5,736,0721,207,6131,695,3851,010,818 938,985 3,623,933 764,931 476,711 859,575 801,4132,310,134 Redemption fund for F. R. notes. 860,529 174,307 58,274 79,102 65,329 56,519 148,125 48,421 25,117 40,685 29,677 82,642 Total gold certificate reserves. . 21,292,631 1,058,863 5,910,3791,265,8871,774,4871,076,147 995,5043,772,058 813,352 501,828 900,260 831,090 2,392,776 Other cash. ... 359,291 23,993 66,291 22,476 33,889 20,950 34,939 61,451 24,291 9,846 10,111 16,812 34,242 Discounts and advances: Secured by U. S. Govt. securities 221,060 24,160 30,975 8,455 9,950 20,261 31,959 30,325 24,450 8,100 18,525 12,800 1,100 Other. . 23,451 1,485 6,670 2,002 2,116 1,173 989 3,197 874 575 874 1,150 2,346 Industrial loans. 1,282 1,176 106 U. S. Government securities: Bought outright 24,812,337 1,369,095 6,337,8651,510,0292,126,591 1,461,3971,263,7174,337,643 1,038,272 609,317 1,070,504 974,9762,712,931 Held under repurchase agreement.. . Total loans and securities. . 25,058,130 1,394,740 6,375,5101,521,6622,138,657 1,296,665 4,371,1651,063,596 618,0981,089,903 988,9262,716,377 Due from foreign banks 22 1 2 2 1 3 1 1 1 1 F. R. notes of other Banks. 132,374 3,912 10,139 8,213 14,408 20,506 13,233 7,745 3,566 5,639 6,434 Uncollected cash items 3,414,147 230,151 580,434 213,653 325,200 305,338 284,779 560,915 151,890 96,020 192,225 168,375 305,167 O Ba th n e k r p a r s e s m et i s ses.. . 1 5 8 3 3 , , 3 9 8 1 5 3 1 6 0 , , 0 00 6 8 4 45 7 , , 4 5 3 7 7 2 1 5 1 , , 0 0 3 4 1 3 1 5 6 , , 1 0 1 7 1 7 1 4 0 , , 6 82 1 2 8 1 3 0 , , 9 0 6 2 5 4 31 6 , , 5 3 3 8 1 6 8 2 , ,8 0 7 2 1 3 4 1 , , 4 0 9 1 5 2 2 8, , 2 4 4 5 8 8 8, 5 0 7 9 1 3 20 7 , , 1 7 1 2 2 6 Total assets 50,493,893 2,727,732 13,007,2623,049,893 4,301,6362,915,115 8,816,7422,071,769 1,234,8662,208,8452,020,302 5,493,348 Liabilities F. R. notes 25,544,362 1,571,831 5,720,947 1,817,4262,356,107 1,717,2201,361,2554,938,207 1,148,368 627,946 997,678 723,9612,563,416 Deposits: Member bk.— reserve accts. 19,563,359 811,030 5,986,251 904,23911,492,014 857,7773,150,887 694,328 456,461 963,2011,013,6662,432,280 1U. S. Treas.— gen. acct.. . . 407,672 25,786 54,965 25,042 29,643 38,241 30,335 55,402 24,863 22,148 17,874 32,373 51,000 foreign 527,021 30,494 2172,O73 36,993 45,991 25,495 21,496 69,486 18,996 12,498 18,996 23,495 51,008 Other 645,193 1,896 300,302 10,568 9,393 57,780 127,514 4,751 33,456 4,793 5,985 49,518 39,237 Total deposits. .. 21,143,245 869,206 6,513,591 976,842 1,577,041 922,7411,037,1223,280,526 771,643 495,9001,006,0561,119,0522,573,525 Deferred avail- I ability cash items 2,690,811 218,176 459,166 1 73,972 ! 266,461 216,080 197,176 441,071 107,195 81,471 161.184 125,839 243,020 Other liabilities and accrued dividends 20,646 1,211 6,497 l,090| 2,266 896 990 3,063 729 548 746 751 1,859 Total liabilities. . 49,399,0642,660,42412,700,2012,969,3304,201,875 2,856,937 8,662,8672,02 7,935 ,205,8652,165,664 1,969,6035,381,820 Capital Accounts Capital paid in. . 271,583 14,630 83,393 18,435! 26,045 12,071 11,709 35,649 9,379 6,062 10,449 13,565 30,196 Surplus (Sec. 7) . 625,013 38,779 176,633 45,909! 57,648 31,750 28,034 90,792 25,465 16,219 23,456 28,146 62,182 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 170,690 10,888 39,716 11,730 15,062 11,008 9,335 26,005 8,469 5,647 8,139 7,681 17,010 Total liabilities and capital accounts 50,493,893 2,727,73213,007,2623,049,893 4,301,6362,915,1152,646,3838,816,7422,071,769 2,208,8452,020,302 5,493,348 Reserve ratio. .. . 45.6% 43.4% T&\3% 45.3% 45.1% 40.8%y 41.5% 45.9% 42.4%, 44.7% 44.9% 45.1% 46.6 Contingent liability on acceptances purchased for foreign correspondents 14,330 34,603 1,014 1,260 699 589 1,904 521 Industrial loan commitments.. 2,374 589 747 45 120 23 850 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $354,929,000 participations of other Federal Reserve Banks. 3After deducting $9,727,000 participations of other Federal Reserve Banks. 602 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1953 May 26 May 19 May 12 May 5 Apr. 28 May Apr. May F. R. notes outstanding (issued to Bank) . 26,498,934 26,520,22026,565,626 26,529,194 26,551,454 26,547,653 26,520,909 26,575,818 Collateral held against notes outstanding: Gold certificates 11,043,000 11,043,000 11,043,000 11,043,000 11,043,00012,464,000 Eligible paper 101,547 85,208i 65,950 91,893 97,655 416,256 U. S. Government securities 16,945,000 16,945,000 16,945,000 16,955,000 16,955,00014,800,000 Total collateral 28,089,547 28,073,208 28,113,286 28,053,950 28,089,893 28,111,933 ! 8,095,65527,680,256 EACH FEDERAL RESERVE BANK ON MAY 31, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dalla F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,547,653 1,632,664 1,929,261 2,474,375 1,821,612 j 1,440,5345,029,448 1,195,998 641,587 1,019,175 755,9612,705,326 Collateral held: Gold certificates 11,043,000 640,000 2,670.000 800,000 950,000 62 5,0001 485,0002,400,000 355,000 1 75,000, 280,000283,000 1,380,000 Eligible paper. . 123,933 24,242 18,800 8,455 20,261 24,450 8,100: 18,525 1,100 V. S. Govt. se- I curities 1,200,000 3,600,0001,200,0001,550,000 1,300,000 l.OOO.OOC2,700,000 500,000 800,000525,000 1,620,000 Total ( llateral.. 28,111,933 1,864,242 6,288,8002,008,455 2,500,000 1,945,261 j 1,485,00015,100,000! 1,329,450 683,1001,098,5251808,000 3,001,100 I INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] y E m e n a o d r n t o o h f r Nu A m a p - p t p o p l i r c d o a a v t t i e e o d ns ( b a p p m u c l r A e o t o o t m p 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 a t 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 in t p t f a g u a n o f t t i d u i i i n o o i n t a n - n n s n g s t s c i - - - ' End of Gua a r u a t t o i H l d o e r a e i d t z e e l d oans o G u u t a s l t o r a a a n n ri s t d e i e n d g a A b v a d o a m d i r l r i a t o o i b o w u l n n e e a t r l s " to ber Amount (amount) year or under guarmonth \T b u e m r - Amount am To o t u a n l t g P u o a r r ti a o n n - ante m e e n a t g s ree- 1945 3,511 544,961 320 1 ,995 1,644 1 ,086 teed outstanding 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1 ,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1 ,990 1950 62 31 ,326 8,017 6.265 8,299 1949 3 ,649 029,326 539 2,178 2,288 2,947 1951...... 854 1,395,444 675,459 546,597 472,827 1950...... 3 ,698 651.389 4,819 2,632 3,754 3,745 1952 I ,159 2,124,123 9 79.428 803.132 586,303 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 April 1 ,212 2,211,201 972,193 801,945 469,324 May ,221 2,258,011 957,541 792,015 469,048 April 3,757 780,468 1,751 3 ,485 2,866 3,131 June I ,237 2,283,755 906.584 748,691 487,928 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... . ,259 2,301,987 868,274 716,618 444,265 July 3,759 790,798 1,162 3,292 3,304 3,129 September L ,269 2,310,182 860,874 709,488 438,091 August.... 3 ,760 793,196 1 ,492 2.801 3,355 2,955 October. . . ,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 1 ,951 1 ,900 3,569 3,469 1954 1954 January. . . ,304 2 377,628 788,320 652,706 347,969 February. . ,310 2 380,186 772,647 640,121 355,056 January. . . 3,765 805,115 1 ,234 1,885 3,532 3,414 March.... ,316 2 399,321 737,605 612,265 321,619 February. . 3,765 806,648 1 ,345 1,792 3,145 3,344 April 1,322 2 406,651 684,631 569,551 347,823 March 3,766 808,505 1,720 1,487 2,957 2,666 April 3,767 810,051 405 1,302 2,891 2,412 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 rot completed, and authorizations 2Includes industrial loans past due 3 months or more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 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. JUNE 1954 603 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 May 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to a r l- s' C i a n sh G U ov . e S rn . - re C s a e s rv h e ances 1 Total deposi- ment funds, Guarantee fee Percentage of tory securi- etc.2 Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December... . 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December... . 3,417 3,525 6 3,308 212 75 15 15 1948—December... . 3,330 3,449 7 3,244 198 80 20 20 1949—December 3,188 3,312 7 3,118 187 85 25 25 1950—December 2,924 3,045 11 2,868 166 90 30 30 1951—December 2,705 2,835 28 2,644 162 95 35 35 1952 —December 2,547 2,736 33 2,551 151 Over 95 40-50 40-50 1953—February 2,523 2,715 33 2,524 158 March. 2,510 2,708 33 2,520 155 Maximum Rates Financing Institutions May Charge Borrower A M p a r y il 2 2 , , 4 4 7 9 7 5 2 2 , , 6 6 9 6 7 5 3 3 3 3 2 2 , , 5 4 2 8 0 8 1 14 4 4 4 [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 Intend 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 1954—January 2,343 2,540 31 2,373 136 February P2.326 March P2 311 April ^2,290 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2Includes 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 account; 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 centers* 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—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 '•19.2 March. . . 171,260 67,913 36,666 66,681 44.6 29.2 '19.7 April. . . . 154,666 60,479 33,152 61,035 41.3 27.6 18.8 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. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 ,553 590 559 36 1,019 1,772 576 2,048 460 919 191 425 20 32 1940 8,732 ,247 648 610 39 1,129 2,021 800 2,489 538 1,112 227 523 30 60 1941 11,160 ,120 751 695 44 1,355 2,731 545 3,044 724 1,433 261 556 24 46 1942 15,410 ,576 880 801 55 1,693 4,051 096 3,837 1,019 1,910 287 586 9 25 1943 20,449 ,871 1,019 909 70 1,973 5,194 705 5,580 1,481 2,912 407 749 9 22 1944 25,307 ,580 1,156 987 81 2,150 5,983 224 7,730 1,996 4,153 555 990 10 24 1945 28,515 ,683 1,274 1 ,039 73 2,313 6,782 201 7,834 2,327 4,220 454 801 7 24 1946 28,952 ,437 1,361 1,029 67 2,173 6,497 9,310 518 492 4,771 438 783 8 26 1947 28,868 ,020 1,404 1 ,048 65 2,110 6,275 9,119 8,850 548 070 428 782 5 17 1948 28,224 ,529 1,464 1,049 64 2,047 6,060 8,846 8,698 494 074 400 707 5 17 1949 27,600 ,025 1,484 1,066 62 2,004 5,897 8,512 8,578 435 056 382 689 4 11 1950 27,741 ,305 1,554 1,113 64 2,049 5,998 8,529 ,438 422 043 368 588 4 12 1951 29,206 ,530 1 ,654 1,182 67 2,120 6,329 177 ,678 544 207 355 556 4 12 1952 30,433 ,450 1,750 1,228 71 2,143 6,561 9,696 ,985 2,669 5,447 343 512 4 10 1953—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 ,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 July 30,120 21,237 1,769 1,171 70 2,055 6,511 9,660 8,885 2,646 5,396 335 496 4 8 August... . 30,248 21,331 1,778 1,182 70 2,061 6,531 9,709 8,918 2,655 5,423 334 494 4 8 September. 30,275 21,321 1,792 1,207 69 2,060 499 9,694 8.956 2,659 5,458 334 493 4 8 October. . . 30,398 21,414 1,802 1,214 70 2,071 6,524 9,734 ,986 2,665 5,488 333 489 4 8 November. 30,807 21,771 1 ,8161,232 71 2,123 6,659 9,871 9,038 2,689 5,519 332 487 4 8 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 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 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 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 April 29,735 20,799 1,783 1,173 70 2,006 6,325 9,443 8,936 2,651 5,470 327 478 4 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money leld in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal A 1 p 9 r. 5 4 30, 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 A 1 p 9 r. 5 4 30, M 1 a 9 r 5 . 4 31, A 1 p 9 r. 5 3 30, certificates agents Gold 21 969 21,319 2 650 Gold certificates 21,319 18,468 2,816 36 36 37 Federal Reserve notes 26 521 83 1 199 25,239 25 257 25,376 Treasury currency—total 4,951 3 2,407 86 405 4,460 4,414 4,429 Standard silver dollars 491 256 22 5 209 209 200 Silver bullion 2,151 2,151 Silver certificates and Treasury notes of 1890. . 32,407 299 2,109 2,071 2,090 Subsidiary silver coin 1,270 56* ' 57 1,158 1,152 1,138 M[inor coin 434 5 12 417 416 409 United States notes 347 2 30 315 312 314 Federal Reserve Bank notes 186 1 2 183 185 204 National Bank notes 71 (5) 1 70 71 74 Total—Apr. 30 1954 n(4) 23,726 819 18 468 4 419 29 735 Mar 31 1954 . 23,699 819 18,463 4,626 29,707 Apr. 30, 1953 23,796 1 ,269 18,568 4,256 29,843 1Outside 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. 597. 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. 4Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6Less than $500,000. JUNE 1954 605 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, net— Date Gold T s r t o c e u r i a u n n e u r n a r c y g t d - - s y - - Total Lo n a e n t s, To U ta . l S. G m C o a e v o n r m c e d i r a - n l me R F nt e e d s o e e b r r v a li e l gatio Ot 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 d t i t a s a l l - l, c d u e T a r p o r n o e t d s a n i l c ts y C c m o a a n a u p n i c e s n - i d t c t t a . s l , savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—Dec. 31 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—Dec. 31 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31 22,695 4,709 181,323 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 16,647 1953—Apr. 29 22,600 4,800 189,000 76,500 94,700 68,400 23,800 500 17,800 216,400 199,100 17,300 May 27 22,500 4,800 188,900 76,600 94,400 67,800 24,100 500 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 25,000 500 18,000 222,700 205,100 17,600 Aug. 26 22,200 4,900 195,400 77,700 99,600 72,100 25,000 500 18,200 222,500 204,800 17,700 Sept. 30 22,100 4,900 195,900 78,400 99,300 71,600 25,200 2,500 18,200 222,900 204,900 18,000 Oct. 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 18,200 225,100 207,100 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 17,538 1954—Tan. 27? 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 Apr. 28P 22,000 4,900 197,200 79,900 98,200 71,200 24,600 2,300 19,200 224,100 206,200 17,900 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Fo b r a e n ig k n Treas- At com- Time deposits 3 Total dep n o e s t its, h c i u n o a r g l s y d h s - s m b a a e a v n r n i c n d k i g a s s l R F B e e a d A s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n c m k ia s - l M b sa a v u n i t k n u s g a 4 s l S S P a y o v s s i t n e ta m g l s o b r u C e a t n u 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 2 7,059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1 ,498 2,215 1,895 867 76,336 38,992 2 7,729 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 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Dec. 30 184,385 2,518 1,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31 193,410 2,279 1,270 3,615 247 185,999 98,234 61,450 37,859 20,887 2,704 26,315 1952—June 30 194,960 2,319 1,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 Dec. 31 204,220 2,501 1,270 5,259 389 194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—Apr. 29. . 199,100 ,400 1,300 2,900 400 192,200 98,000 67,200 41,500 23,300 2,500 27,000 May 27. . 199,100 ,400 1,300 2,900 400 192,100 97,500 67,600 41,700 23,400 2,500 27,000 June 30. . 200,360 2,467 1,259 3,942 132 192,560 96,898 68,293 42,245 23,589 2,459 27,369 July 29.. 205,100 ,500 1,300 500 800 193,000 97,400 68,400 42,300 23,700 2,400 27,200 Aug. 26. . 204,800 ,400 1,300 000 700 193,400 97,500 68,700 42,500 23,800 2,400 27,300 Sept. 30. . 204,900 .500 1,300 200 600 194,300 97,700 69,100 42,800 24,000 2,400 27,500 Oct. 28.. 205,500 2,600 1,300 800 600 197,300 100,390 69,600 43,200 24,100 2,400 27,400 Nov. 25.. 207,100 2 ,700 800 700 500 197,400 100,200 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 2,300 26,900 Feb. 24P 206,200 2,900 800 4,500 500 197,400 99,600 71,000 44,000 24,700 2,300 26,900 Mar. 31 v 205,100 3,000 800 5,400 700 195,200 96,700 71,700 44,500 24.900 2 ,300 26,900 Apr. 2SP 206,200 3,100 800 4,500 500 197,300 98,600 72,000 44,700 25,000 2,300 26,700 I v Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4Prior to June 30, 1947, includes a relatively small amount of demand deposits. 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. 606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES • PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets1 Total1 b In a t n e k r 1 - a c c a c p o i u ta n l ts ba o n f ka 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—Apr. 29 163,310 77,110 86,200 68,400 17,800 39,410 185,460 12,690 107,740 65,030 15,570 14,546 June 30 163,082 77.117 85,965 68,108 17,856 42,023 189,159 13,600 109,389 66,170 15,791 14,537 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—Tan. 27P. ... 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. 24P 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 Apr. 28P 170,710 80,280 90,430 71,240 19,190 40,780 194,450 14,260 110,180 70,010 16,480 14,472 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—Apr. 29 138,520 65,280 73,240 58,890 14,350 38,560 162,180 12,690 107,710 41,780 13,070 14,018 June 30 137.957 65,025 72,932 58,644 14,287 41,156 165,531 13,598 109,352 42.581 13,275 14,009 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—Tan. 27P 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. 24P 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 v 142,790 67,050 75.740 60,650 15,090 40,490 169,220 14,490 109,920 44.810 13,750 13 ,954 Apr. 28P 144,110 66,750 77,360 62,130 15,230 39,830 169,400 14,260 110,140 45,000 13,870 13,944 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—Apr. 29. 116,377 55,868 60,509 48,549 11,960 34,017 137,738 12,116 92,148 33,474 10,906 6,769 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 Oct. 28 121,050 57,415 63.635 51,663 11,972 35,168 1431453 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—Tan. 27P 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. 3\P 119,840 57,109 62,731 50,241 12,400 3 5 640 143,608 13,801 93 905 35.902 11 ,484 6,733 Apr. 28P 121,125 56,804 64,321 51,690 12,631 35,043 143,913 13,575 94 277 36,061 11,585 6,729 All mutual savings 1939—Dec. 30. 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208| 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1947—Dec. 312. . . . . 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 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 2,407 529 195^—Dec 31 24 003 11,349 12,654 9,422 3,231 918 22,621 2 33 22.586 2.479 529 1953—Apr. 29. ..... 24,790 11,830 12,960 9,510 3,450 850 23,280 2 30 23,250 2 ,500 528 June 30 25.124 12,091 13,033 9,464 3.569 867 23,628 3 37 23.589 2,516 528 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— Tan. 2 7P 26,050 13,040 13,010 9,190 3,820 950 24,590 2 40 24,550 2,570 528 Feb. 24 P 26,200 13,150 13,050 9,190 3,860 960 24,700 2 40 24,660 2,590 528 Mar. 31 P 26,400 13,330 13,070 9,150 3.920 1,010 24,940 2 40 24,900 2,600 528 Apr. 28P 26,600 13,530 13,070 9,110 3,960 950 25,050 2 40 25,010 2,610 528 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages JUNE 1954 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS^-Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Total Number Cla a s n s d o d f a b te ank U.S. a C ss a e s t h s1 Inter- a c c a c p o i u ta n l ts ba o n f ks Total Loans Total G m ov e e n r t n- O se t c h u e - r Total i bank i m D a e n - d Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30. 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6 637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1947—Dec. 3i 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—Apr. 29 20,637 12,305 8,332 6,229 2,103 7,008 24,286 4,345 18,088 1,853 2,528 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 S98 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—Tan. 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. 24P 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 Apr. 28P 21,680 11,635 10,045 7,701 2,344 7,305 25,874 5,247 18,529 2,098 2,619 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 1,350 5,132 1,205 541 13 1953—Apr. 29 5,588 2,547 3,041 2,455 586 2,051 7,006 1,144 4,688 1,174 541 13 June 30 5,627 2,552 3,075 2,529 546 2,058 7,119 1,216 4,696 1,207 551 13 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 1,315 4,804 1,204 558 13 Nov. 25 6,093 2,607 3,486 2,918 568 1,994 7,448 L.269 4,963 1.216 559 13 Dec. 31 ... 6,204 2,776 3,428 2,856 572 2,115 7,724 1,387 5,095 1,242 566 13 1954—Jan. 27* 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 1,240 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 Apr. 28P 5,850 2,539 3,311 2,725 586 2,017 7,261 1,200 4,826 1,235 571 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5 194 1,749 6 785 17,741 \. 686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8 518 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31 40,108 8,514 31,594 29 552 2,042 11 286 49,085 6,448 32,877 9,760 2 ,566 359 1947—Dec. 31 36,040 13,449 22,591 20 196 2,396 13 066 46,467 5,649 29,395 11,423 2,844 353 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—Apr. 29 44,591 22,162 22,429 18,006 4,423 13,447 53,419 5,613 34,334 13,472 3,803 321 June 30 44,352 22,150 22,201 17,756 4,446 14 447 54,861 6,066 35,052 13,743 3,874 321 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—Tan. 27P 46,897 22,516 24,381 19,933 4,448 14,062 56,640 6,462 35,994 14,184 4,000 319 Feb. 24P 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 Apr. 28P 46,353 22,317 24,036 19,409 4,627 13,928 55,902 6,007 35,286 14,609 4,089 319 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 L, 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 L,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—Apr. 29 45,561 18,854 26,707 21,859 4,848 11,511 53,027 L,014 35,038 16,975 4,034 6,413 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 L,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 1,133 36,118 17,664 4,222 6,398 Nov. 25 47,455 19,767 27,688 22,631 5,057 12,252 55,577 L.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 L ,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 1,207 36,648 17,759 4,208 6,393 Feb. 24P 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. 31 P 47,078 20,260 26,818 21,769 5,049 11,969 55,010 1,119 35,853 18,038 4,263 6,379 Apr. 28? 47,242 20,313 26,929 21,855 5,074 11,793 54,876 L.121 35,636 18,119 4,306 6,375 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i e g n S r a t . n - - O s ri e t t c h ie u e s - r a C ss a e s t h sl Total1 b In an te k r - i m D a e n - d Time a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er tions AH insured commercial banks: 1941—Dec 3i 49 290 21,259 28,031 21 046 6,984 25,788 69,411 10,654 43,059 15 699 6 844 13 426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1951— Dec. 31 130,820 57,256 73,564 60,533 13,031 44,176 162.908 14,777 110,382 37,749 11,902 13,439 1952—Dec. 31 139,770 63,632 76,138 62,308 13,831 44,222 170,971 14,990 115,371 40,610 12,563 13,422 1953—Time 30 136,144 64,522 71,622 57,667 13,955 40,756 163,650 13,242 108,222 42,186 12,950 13,417 Dec. 31 , 143,796 67,082 76,714 62,381 14,333 44,398 174,697 15,548 115,538 43,610 13,239 13,412 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 36,420 41,428 32,958 8,471 24,279 94,475 8,594 62,364 23,516 7,221 4,874 Dec. 31 SI,913 37,831 44,082 35,482 8,600 26,479 100,654 10,152 66,343 24,160 7,391 4,856 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1947—Dec. 31 . 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 195 {—Dec 3i 36 992 17,243 19 748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3 565 1 901 1952—Dec. 31 39,367 19,030 20,337 16,928 3,409 12,922 48,553 4,699 33,658 10,196 3,719 1,889 1953—June 30. 37,941 19,194 18,748 15,361 3,387 12,188 46,355 4,339 31,415 10,601 3,850 1,891 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 nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec 3i 14 639 2,992 11 647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6 416 1947—Dec. 31 . 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1951—Dec. 31 18,591 7,701 10,890 8,923 1,967 4,926 21,912 353 14,415 7,144 1,686 6,602 1952—Dec. 31 20,242 8,605 11,638 9,556 2,081 4,970 23,464 373 15,351 7,740 1,804 6,627 1953—June 30 20,375 8,915 11,460 9,361 2,099 4,292 22,841 309 14,443 8,090 1,882 6,655 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 1945—Dec. 31 2 211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1947—Dec. 31 2 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1951—Dec. 31 1 789 490 1 ,299 991 308 469 1,932 308 1,235 388 314 650 1952—Dec. 31 . 1,854 531 1,322 1,010 312 444 1,960 329 1,229 402 326 624 1953—June 30 1,813 504 1,310 977 332 400 1,880 356 1,130 395 325 592 Dec. 31 1,891 511 1,380 1,045 335 430 2,005 407 1,212 386 320 569 All nonmember commercial banks: 1 1 9 9 4 4 1 5 — — 1 D 3 e ecc . 3 3 i 1 1 7 6 ,8 2 4 3 9 3 3 3 , , 3 6 1 9 0 6 1 3 3 , . 5 5 3 3 6 9 1 2 2 , , 2 2 7 7 0 7 1 1, , 2 2 6 6 2 6 3 4 , , 4 9 3 6 1 2 2 9 0 , , 5 5 7 71 3 4 4 5 2 7 5 14 5 , . 1 5 0 0 1 4 3 6 , , 6 0 1 4 3 5 1 1, , 3 2 6 8 2 8 7 7, , 1 6 3 6 0 2 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1951— Dec. 3] 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 7,252 1952—Dec. 31 22,096 9,136 12,960 10,567 2,393 5,414 25,424 702 16,580 8,142 2,129 7,251 1953—June 30. 22 188 9,419 12,769 10,339 2,431 4,691 24,722 665 15,572 8,485 2,207 7,247 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 [nsured mutual savings banks: 1941—Dec 31 1 693 642 1 050 629 421 151 1 ,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1951—Dec. 31 16 190 7,523 8,668 6,921 1,746 695 15,368 2 23 15,343 1,678 202 1952—Dec. 31 17,621 8,691 8,930 6,593 2,337 732 16,785 2 30 16,753 1,730 206 1953—june 3o 18 610 9,325 9,284 6,642 2,642 692 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 8 687 4 259 4 428 3,075 1,353 642 8,744 6 8,738 1,077 1945 Dec 31 5 361 1 198 4 163 3 522 641 180 5,022 2 5 020 558 350 1947—Dec. 312 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1951—Dec. 31 6 069 2,339 3,730 2,897 833 191 5,547 3 5,544 729 327 1952 Dec 31 6 382 2 658 3 724 2 829 895 187 5,836 2 5 833 749 323 1953—June 30 6 515 2,766 3,749 2 822 927 175 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. 609 JUNE 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- p L u o r a c n h s a s f i o n r g u.S. Governmen. obligations Obli- 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 d n s a t s t l s - Total i c o m c i l i p i n u n a a e g d - r l n , - - A c t g u a u r r l l i - - - b o s T r r e o o c c k a u - r r r it y i T i e o n s g l R t o e a a e s t n a - e l s O l v o i d t t i a n h o i d n - - e - s r O o th an er s Total Total C c e a r t t e if D s i- irect G a u n a - r- S p t a i t g i o c o a n o a a l t f d - i n e l t s s - O s ri e t t h c ie e u s r ket ci s oth- uals Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:2 1947—Dec. 31... 116.284 38,057 18,167 1,660 830 1,220 9,393 5,723 1.063 78,226 69,221 2,193 7,789 6.034 53,191 145,2763,729 1951—Dec. 31... 132,610 57,746 25,8793,408 1,581 980 14.580 10,451 1,681 74,863 61,524 7,337 7,657 11,408 35,101 21 9,198 4,141 1952—Dec. 31... 141,624 64,163 27,871 3,9192,0601,103 15,712 12,684 1,718 77,461 63,318 7,761 5,580 11,87838,077 22 10,1883,955 1953—June30. . .137,957 65,025 27,4183,675 1,7191,074 16.231 14,111 1,737 72,932 58,644 5,050 5,092 11,25937,212 32 10.5333,754 Dec, 31. . .145,687 67,593 27,2044,9652,361 1,202 16,694 14,461 1,666 78,094 63,426 5,004 10,237 12,43935,713 34 10,8213,847 All insured commercial banks: 1941—Dec. 31... 49,290 21,259 9,214 1,450 614 662 4,773 4,.!45 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31... 121,809 25,765 9,461 I,3143,1643,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,873 3,258 1947—Dec. 31... 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,91852,334 145,129 3,621 1951—Dec. 31... 130,820 57,256 25,744 3,321 1,571 960 14,450 10,378 1,645 73,564 60,533 7,219 7 526 11,25634,511 21 8,9894,042 1952—Dec. 31... 139,770 63,632 27,7393,8052,050 1,082 15,572 12,6031,683 76,138 62,308 7,622 5 494 11,71437,456 22 9,977 3,854 1953—June 30. .. 136.144 64,522 27.2823.5941,704 1,051 16.10014,025 1,702 71,622 57,667 4,927 5 000 11,11936 589 32 10,3023,653 Dec. 31. .. 143,796 67,082 27,0824,8672,344 1,181 16,56614,373 1,629 76,714 62,381 4,895 10,076 12,28335,093 33 10,5873,746 Member banks, total: 31 43,521 18 021 8,671 972 594 598 3 494 3.t 92 25,500 19 539 971 3,007 11,7293,832 3 09C2 871 11994415 —DDeecc! 31!!! 107,183 22! 775 8,949 855 3,1333.378 3.455 1,900 1,104 84,408 78,338 2,275 16 985 14,271 44'792 163! 2542,'815 1947—Dec. 31... 97,846 32,628 16,962 1,046 811 1.065 7.130 4,662 952 65.218 57,914 1,987 5 816 4,81545 286 104,199 3 105 1951—Dec. 31... 112,247 49,561 24,347 2.140 1,551 851 11,334 8,524 1,535 62,687 51,621 6,399 6 010 9,59629 601 15 7,5283 538 1952—Dec. 31... 119,547 55,034 26,232 2,4162,032 966 12.214 10,396 1,577 64,514 52,763 6,565 4 255 9 835 32 087 198,4093 342 1953—June 30. . .115,789 55,613 25,763 2.234 I.687 933 12.628 11,612 1,585 60,176 48,318 4,064 3 807 9 242 31 176 29 8,6803 178 Dec. 31. . .122,422 57,762 25,5193,2632,321 1,060 13,02011,911 1,518 64,660 52,603 4,095 8 287 10 300 29 890 31 8,871 3 185 New York Citv:* 1941 Dec 31 12,896 4 072 2,807 8 412 169 123 554 8,823 7 265 311 1,623 3 652 1,679 729 830 1945—Dec! 31!!! 26!143 7! 334 3! 044 I.453 I,172 80 287 298 18,809 17,574 477 3 433 3,325 10 337 606 629 1947—Dec. 31... 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9 771 638 604 1951—Dec. 31... 21,379 11,146 7,852 t,219 262 514 920 551 10,233 8,129 1,122 616 1 428 4 960 2 1,385 719 1952—Dec. 31... 22,130 12,376 8,680 I,531 286 386 1,136 539 9,754 7,678 1,079 233 1 170 5 195 11,453 623 1953—June 30... 20,452 11,883 8,345 1.274 237 406 1 ,285 517 8,569 6, 639 789 203 1 035 4 611 2 1,318 612 Dec. 31. .. 22,058 12,289 8,218 126 I,667 320 383 1,294 475 9,769 7,765 924 1 104 1 130 4 605 11,365 639 Chicago:8 1941—Dec. 31... 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 i 467 749 1 864 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2 274 213 185 1951—Dec. 31... 5,731 2,468 1,977 16 94 63 70 180 109 3,264 2,711 334 332 520 1 526 351 201 1952—Dec. 31 6,240 2,748 2,080 14 239 66 67 211 120 3,493 2,912 407 224 607 1 674 384 197 1953—June 3o!!! 5,627 2,552 1,992 7 142 71 70 235 90 3,075 2,529 147 235 551 596 375 170 Dec. 31. .. 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1 598 400 172 Reserve city banks: 1941 Dec '1 15 347 7 105 3,456 300 114 194 1 527 1,112 8,243 6,467 295 751 4 248 I 173 956 820 1945—Dec! 31... 40!108 3!661 205 427 I,503 1 459 855 404 31,594 29,552 1,034 6 982 5 653 15 878 5 1,126 916 1947—Dec. 31... 36,040 13 .'449 7,088 225 170 484 3 147 1.969 366 22,591 20,196 373 2 358 1 901 15 560 3 1,342 1 053 1951—Dec. 31... 42,694 19,651 10,140 513 203 347 4 651 3,518 572 23,043 19,194 2,524 2 493 3 640 10 528 82,458 390 1952—Dec. 31... 45,583 21,697 10,842 501 218 422 5 099 4,347 595 23,886 19,624 2,387 1 774 3 854 11 594 14 2,934 1 328 1953—June 30. .. 44,352 22,150 10,609 469 229 424 5 270 4,849 645 22,201 17,756 1,344 1 453 3 542 11 393 23 3,184 1 262 Dec. 31 46 ,755 22,763 10,568 774 308 456 5 453 4,942 611 23,993 19,559 9 -^Q 3 357 4 201 10 746 25 3,196 238 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1 823 1,530 6,628 4,377 110 481 2 926 861 1,222 1 028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1 881 707 363 29,407 26,999 630 5 102 4 544 16 713 9 1,342 1 067 1947—Dec. 31... 36,324 10,199 3,096 818 23 227 3 827 1,979 229 26,125 22,857 480 2 583 2 108 17 681 62,006 1 262 1951—Dec. 31... 42,444 16,296 4,377 1 610 35 178 6 099 3,906 303 26,148 21.587 2,418 2,568 4 008 12 587 53,334 I 227 1952—Dec. 31... 45,594 18,213 4,630 [ 901 43 191 6 662 4,702 322 27,381 22,549 2,692 2,024 4 204 13,625 43,639 L194 1953—June 30... 45,359 19,028 4,817 [ 757 41 201 6 883 5,243 334 26,330 21,394 ,784 1,916 4 114 13 576 43,802 134 Dec. 31... 47,404 19,934 4,822 2 204 59 210 7 114 5,441 336 27,470 22,423 ,819 3,374 4 285 12,940 53,911 136 All nonmember b 1 a 9 n 4 k 7 s — : " Dec. 31... 18,454 5,432 1,205 614 20 156 2 266 1.061 111 13,021 11.318 206 973 1,219 7,916 4 1,078 625 1951—Dec. 31... 20,380 8,192 1,533 268 30 130 3 252 1,927 146 12,189 9,914 939 11647 1,812 s,510 6 1,671 604 1952—Dec. 31... 22,096 9,136 1,639 503 29 137 3 505 2,288 141 12,960 10,567 ,196 325 2,043 6,000 3 1,781 613 1953—June 30. . . 22,188 9,419 1,655 441 32 141 3 610 2.499 151 12,769 10,339 987 1 f285 2 017 6,047 3 1,855 576 Dec. 31... 23,287 9,838 1,685 702 40 142 3 681 2,551 148 13,449 10 835 909 951 2 139 5,834 2 1,951 662 For other footnotes see opposite page 610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R e R a r d r i n v e e e t v - - h e k r e s a s l v C a i a n u s l h t b m a w a B n d e n i o c a s k t - e l t h - i s s c 4 j m p u D o a d s a d e s e t n i - e - - t d d s • 5 m D e I s n o d t - t e i e c p 4 r o b s a i F e n t i s o g k r n - U m G er . o e n v n S - - t . p v s S o i u a t l s b i a n i t o t d d i e c n i s - a s l c C h c o a f e e e e i f t n e c f r r c d i d t s k . - i ' s - , a p v n s a p i I t h d d r i n o o t i u d r n p n c a a i e s o s - l - , r s r - , - I b n a t n e k r- P U G m S i a o n e . o a n e s g r v d S v n t n s a - - t . - l v S s p i a u i s o t c n a b i l a o d i t d l t e n - i s s - p a v n a s p i I t h d d r i n o o t i u d r n p c n a a i e s o s - - l , r s r - - , r B i o n o w g r s - - c C o a t a u a c p l - n i- ts All commercial banks:2 1947—Dec. 31. . 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1951—Dec. 31. . 19,911 2,697 11,969 98,243 13,123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31.. 19,809 2,753 11,875 101,506 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 97,048 12,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec. 31. . 19,809 2,720 11,489100.329 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 11,724 101,28913,221 1S296 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 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 2,961 83,240 422 257 1,238 29,128 26 10,218 1952—Dec. 31. . 19,810 2,081 7,378 85,543 12,594 1,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—June 30. . 19,448 1,956 6,378 81,774 10,947 1,300 3,378 7,403 2,256 80,741 686 310 1,395 32,412 75 11,070 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:3 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—j-)ec- 3i 4 015 111 78 15,065 3 535 1,105 6,940 237 1,338 15,712 17 io 20 I 206 195 2 120 1947— Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2^259 1951—Dec. 31, . 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Dec. 31 .. 5,059 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 59 29 L,752 132 2.505 1953—June 30. . 5,204 127 49 15,384 2,979 1,059 887 333 899 16,617 540 50 39 ,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:3 1941—Dec. 31.. 1,021 43 298 2,215 1.027 8 127 233 34 2,152 476 288 1945—rjec 3i 942 36 200 3,153 ,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.. 1,070 30 175 3,737 ,196 21 72 285 63 3,853 2 9 902 426 1951—Dec. 31 .. 1,407 32 165 4,121 ,269 38 242 240 66 4,404 1 5 11 ], 128 513 1952—Dec. 31 .. 1.144 32 169 4,126 ,308 37 34.* 242 56 4,491 5 4 11 1,190 541 1953—Tune 30. . 1.318 31 123 3,913 ,175 33 201 320 53 4,123 8 3 10 1,194 551 Dec. 31. . 1,287 34 166 4,211 .339 39 259 2 72 64 4 ,500 0 3 10 ],229 566 Reserve city banks: 1941—Dec. 31 . . 4,060 425 2,500 11,117 4,302 54 491 1 .1 41 786 11,127 104 20 243 AL542 1,967 1915—Dec. 31 .. 6,326 494 2,174 22,372 6.307 110 8,22! 1,763 611 22,281 30 38 160 9.563 2 2,566 1947—Dec. 3\ . . 7,095 562 2,125 25,714 5,497 131 405 2,2S2 705 26,003 22 45 332 11,045 1 2,844 1951—Dec. 31 .. 7,582 639 2,356 29,489 6,695 192 1 , 1 24 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 1,314 2 693 791 31,708 100 105 730 i: ,417 8 3,745 1953—Tune 30. . 7,420 609 2,150 29,444 5 , 744 197 1,358 2 ,866 636 30 192 124 103 794 i:.,847 17 3,874 Dec. 3! . . 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 ,3 70 239 8,500 30 31 146 6.082 4 1,982 1045—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 ,040 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 1,2 78 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 31.63^ 15 153 615 16,921 20 4,194 All nontnember banks:2 1947—Dec. 31 .. 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1951—Dec. 31 .. 635 4,507 15,144 489 44 258 1.761 205 13,426 128 22 298 7,213 8 1,999 1952—Dec. 31 .. 672 4,498 15,964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 1953—June 30. . 635 3,856 15,118 462 43 256 1,946 193 13,177 160 27 33 S 8.123 38 ? 207 Dec. 31 .. ....... 642 4,550 16.325 586 52 390 2.016 213 14,351 146 30 350 $,426 19 2 245 2Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 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. 5Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JUNE 1954 611 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 mer- Date or month i m n lo a v e n a e n n d s t s t s - Total1 i t t n a c a c r u g d i i u n r a a r u l d a l i l - s , - l , - G a U t T l i o i n o o o . g b d v n a S - - b s t . . d r e o O a k c l t s e u t e i e h e r r r - s s i e s - r G t U l T i o i o o g . b o v S n a - - t s . o . t O h c t s e u t i e h e r r - s s i e - r e l R o st e a a n a t l s e L ba o t n a o k n s s O lo t a h n e s r Total Total Bills o d c C n t f e a e i e e f d t b s i i e r - - n t s - s - - Notes Bonds2 O s ri e t t h c i e e u r s - Total- Leading Cities 1953—May 75,985 39,499 23,006 1,599 793 6,237 669 7,80536,486 28,955 1,479 1 978 5,692 19,806 7,531 1954—March 79,460 39,591 22,682 1,887 821 6,503 557 7,77939,869 31,978 2,316 3 574 4,73121,357 7,891 April 78,949 39,310 22,451 1,786 836 6,543 584 7,75039,639 31.607 2,540 2 936 4,59221,539 8,032 May . . 80,149 39,544 22,005 2,178 898 6,568 815 7,72040,605 32,592 2,536 3 008 5,48521,563 8,013 1954—Mar. 3. . .79,534 39,401 22,407 1,907 811 6,478 679 7,75440,133 32,292 2,084 4 097 4,79821,313 7,841 Mar. 10. . .79,700 39,452 22,481 2,005 811 6,489 550 7,75240,248 32,292 2,162 4 067 4,770 293 7,956 Mar. 17. . .80,765 40,021 22,939 1 ,931 814 6,509 7C1 7,76740,744 32,848 2,591 4 121 4,744 392 7,896 Mar. 24. .. 79,247 39,766 22,821 1,834 820 6,517 613 7,800 39,481 31,609 2,669 2 848 4,695 397 7,872 Mar. 31... 78,055 39,317 22,763 1,758 847 6,522 241 7,82538,738 30,850 2,076 2 737 4,649 388 7,888 Apr. 7. . .79,078 39,530 22,714 1,676 828 6,532 672 7,747 39 548 31,518 2,486 2 867 4,641 524 8,030 Apr. 14. . .78,742 39,406 22,558 1,799 828 6,542 567 7,75139,336 31,298 2,296 2 908 4,608 486 8,038 Apr. 21 ... 78,858 39,364 22,348 1,925 840 6,544 597 7,75039 494 31,452 2,392 2 925 4,587 548 8,042 Apr. 28. .. 79,118 38,941 22,183 1,744 849 6,553 500 7,75340,17732,160 2,987 3 045 4,530 598 8,017 May 5. .. 79,893 39,434 22,145 2,014 866 6,541 765 7,74340,459 32,377 2,985 3 285 4,455 652 8,082 May 12... 79,670 39,729 22,045 2,314 866 6,559 876 7,71039 941 31,994 2,383 3 408 4,442 761 7,947 May 19. . .80,530 39,589 21,975 2,275 922 6,582 766 7,70940 941 32,958 2,400 2 660 6,5132l]385 7,983 May 26. .. 80,502 39,422 21,854 2,108 938 6,590 853 7,71941 080 33,041 2,377 2 680 6,53121,453 8,039 New York City 1953—May 20,454 12,331 8,507 127 1,107 43 217 388 466 1,061 8 123 6,103 237 170 1,041 4,655 2,020 1954—March.... 21,724 11,913 8,101 487 919 41 260 385 324 1,587 9 811 7,489 692 641 769 5,387 2,322 April 21,603 11,805 8,033 352 988 41 276 391 347 1,567 9 798 7,432 803 527 695 5,407 2,366 May 22,159 12,139 7,859 584 1,056 43 320 382 516 1,569 10 020 7,750 744 661 934 5,411 2,270 1954—Mar. 3. . .21,681 11,844 7,974 508 889 41 261 377 429 1,556 9 837 7,546 649 752 784 5,361 2,291 Mar. 10. . .21,785 11,833 7,988 593 923 41 257 382 259 1,581 9 952 7,591 677 756 792 5,366 2,361 Mar. 17. . .22,166 12,140 8,213 490 937 42 255 389 425 1,581 10 026 7,695 720 822 775 5,378 2,331 Mar. 24. .. 21,635 11,971 8,182 445 901 42 257 389 341 1,606 9 664 7,347 754 434 760 5,399 2,317 Mar. 31. .. 21,355 11,778 8,147 402 943 40 269 391 165 1,611 9 577 7,265 662 438 736 5,429 2,312 Apr. 7. . .21,601 11,826 8,126 353 929 40 266 393 337 1,572 9 775 7,411 780 471 715 5,445 2,364 Apr. 14. . .21,513 11,835 8,086 356 972 41 272 392 335 1,571 9 678 7,301 695 515 709 5,382 2,377 Apr. 21. .. 21,648 11,870 7,996 3871,059 41 280 391 346 1,560 9 778 7,396 764 531 710 5,391 2,382 Apr. 28. . .21,648 11,688 7,922 313 993 41 287 389 368 1,565 9 960 7,619 974 591 644 5,410 2,341 May 5. . .22,148 12,078 7,948 4661,044 41 301 378 521 1,569 10070 7,771 997 696 618 5,460 2,299 May 12. .. 21,912 12,172 7,864 6851,076 38 301 381 450 1,567 9 740 7,491 598 769 627 5,497 2,249 May 19. .. 22,196 12,176 7,841 6571,037 47 333 387 495 1,570 10020 7,763 624 572 1,233 5,334 2,257 May 26. . .22,381 12,129 7,781 5281,067 46 346 382 598 1,571 10252 7,977 759 609 1,257 5,352 2,275 Outside New York City 1953—May 55,531 27,168 14,499 365 533 5,849 203 6,14428 363 22,852 1,242 1,808 4,651 15,151 5,511 1954—March. . . . 57,736 27,678 14,581 481 520 6,118 233 6,19230 058 24,489 1,624 2,933 3,962 15,970 5,569 April 57,346 27,505 14,418 446 519 6,152 237 6,18329 841 24,175 1,737 2,409 3,897 16,132 5,666 Alay 57,990 2 7,405 14,146 538 535 6,186 299 6,15130 585 24,842 1,792 2,347 4,551 16,152 5,743 1954—Mar. 3. . .57,853 27,557 14,433 510 509 6,101 250 6,19830 296 24,746 1,435 3,345 4,014 15,952 5,550 Mar. 10. . .57,915 27,619 14,493 489 513 6,107 291 6,17130 296 24,701 1,485 3,311 3,978 15 927 5,595 Mar. 17. . .58,599 27,881 14,726 504 517 6,120 276 6,18630 718 25,153 1,871 3,299 3,969 16 014 5,565 Mar. 24. .. 57,612 27,795 14,639 488 521 6,128 272 6,19429 817 24.262 1,915 2,414 3,935 15 998 5,555 Mar. 31. . .56,700 27,539 14,616 413 538 6,131 76 6,21429 161 23,585 1,414 2,299 3,913 15 959 5,576 Apr. 7. . .57,477 27,704 14,588 394 522 6,139 335 6,17529 773 24,107 1,706 2,396 3,926 16 079 5,666 Apr. 14. . .57,229 27,571 14,472 471 515 6,150 232 6,18029 658 23,997 1,601 2,393 3,899 16 104 5,661 Apr. 21 57,210 27,494 14,352 479 519 6,153 251 6,19029 716 24,056 1,628 2,394 3,877 16 1 S7S 660 Apr. 28. .. 57,470 27,253 14,261 438 521 6,104 132 6,18830 217 24,541 2,013 2,454 3,886 16 188 5,676 May 5. .. 57,745 27,356 14,197 504 524 6,163 244 6,17430 389 24,606 1,988 2,589 3,837 16 192 5,783 May 12. .. 57,758 27,557 14,181 553 527 6,178 426 6,14330 201 24,503 1,785 2,639 3,815 16 264 5,698 May 19. .. 58,334 27,413 14,134 581 542 6,195 271 6,13930,921 25,195 1,776 2,088 5,280 16 051 5,726 May 26. .. 58,121 27,293 14,073 513 546 6,208 255 6,14830,828 25,064 1,618 2,071 5,274 16 101 5,764 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 3 Includes guaranteed obligations. For other footnotes see opposite page. 612 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 F w e R e a e r r i n e a d t v h - l k - e : v C a i a n u s l h t b m a w a n d e n i c o s t e k - h t s i s c j p m u o a d s a t d s e n e i - - t d d s 3 s p p u v n h c a o a a o i e i n d r r l p 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 a b n i d t i l t - e s - - s c C h c o e a f e e e i f t n e c f r c r i d d t k s . - i ' s - , U m G er . o e n v n S - - t . s p p u n v h a c o a a o e n i i r r d p l r r d a s t - - - s - , - , S p s d s a i i o t u i c o n a v l a b n i d t i l t - e s - - s P U m G S e i a o n r . a o n e s g n v v n d t S s - - a - t . l m D ti e D o c s - e - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a t u a c a - p n l - ta tions tions Total— Leading Cities 1953—May.. . . 14,506 942 2,34553,41754,117 4,164 1,470 1,737 16,839 828 9,702 1,318 1,111 7,400 1954—March. . . 14,381 916 ,59553,74054,767 3,895 1,776 2,905 17,750 1,047 19010,505 1,257 ,213 663 7,674 April. . . 14,192 936 .63553,28854,135 4.098 1 .747 2,687 17,835 1 ,095 19210,400 1,272 ,317 537 7,731 May.... 14,231 930 ,59054,06854,646 4,346 1,758 2,588 17,939 1,137 19010,483 1,253 ,390 757 7,781 1954—Mar. 3. 14,263 900 ,47753.913 54,791 3,908 1,543 2,424 17,734 994 18910,517 1,303 ,163 796 7.667 Mar. 10. 14,304 939 ,45954,75355,689 3,803 1,594 1,891 17,763 997 18910,495 1,279 ,198 725 7,669 Mar. 17. 14,863 925 ,60854,89756,535 3,675 1,981 3,011 17,713 1,049 19010,949 1,248 ,219 845 7,663 Mar. 24. 14.483 933 ,442 13,32553,994 3,858 1,774 3,362 17,767 1,109 19010,028 1,229 ,235 786 7,679 Mar. 31. 13,990 ,99251,812 52,824 4,232 1,987 3,838 17,771 1,087 19210,538 1,227 ,252 161 7,692 Apr. 7 14,006 886 ,54752,37652,764 3,996 1 ,595 3,347 17,818 1,101 19210,403 1,269 ,282 647 7,723 Apr. 14 14,041 965 ,67052,93354,572 3,971 1,813 2,498 17,817 1,120 19210,669 1,285 ,314 505 7,722 Apr. 21 14,299 922 ,61353,73654,714 4,119 1 ,860 2,232 17,851 1,079 19310,354 1,255 ,330 568 7,725 Apr. 28 14,423 970 ,71054,10854,488 4,308 1,720 2,671 17,854 1,078 19210,171 1 ,279 ,344 429 7,755 May 5 13,954 874 ,66254,04754,159 4,467 2,016 2,056 17,895 1,147 19110,731 1,268 ,364 647 May 12 14,168 963 ,66554,15355,321 4,332 1,655 1,601 17,916 1,123 19010,838 1,251 ,364 943 May 19 14,433 918 ,54553,71554,485 4,221 1,810 3,545 17,949 1,142 19010,367 1,269 ,406 720 ,778 14,370 965 ,48654,35854,619 4,362 1,552 3,149 17,996 1,136 190 9,995 1,223 ,427 718 ,794 May 26 New York City 4,909 143 15,54416,360 370 648 554 1,702 43 2,771 1,078 498 259 2,511 1953—May 4,956 139 92 15,71216,714 291 880 844 1,842 182 2,979 1,008 1,013 2,574 1954—March 4,800 145 49 15,515 16,405 36\ 895 730 1,856 148 3.011 1.026 1,101 2.582 Anril 4,768 145 4115,78216,568 415 932 857 1,865 127 2,981 1,012 1,167 349 2,594 1954—MMaayr. 3. 4,781 141 39 15,721 16,527 285 712 663 1,828 169 2 ,939 1,047 970 253 2.574 Mar. 10. 4,965 148 3816,073 16,970 269 767 501 1,847 166 2,945 1,031 999 33( 2,573 Mar. 17. 5,149 136 4315,97517,105 245 954 841 1,824 205 3,164 1,001 1,018 443 2.573 Mar. 24. 5,029 140 3715,38216,293 285 910 1,040 1 ,856 204 2,873 985 1,030 447 2.570 Mar. 31 . 4,854 130 301 15,412 16,678 371 1,059 1,173 1,857 165 2,973 977 1,048 21 2,579 Apr. 7 4,727 140 5515,302 16,015 374 787 961 1,846 167 2,927 1,028 1,070 211 2.583 Apr. 14 4,644 152 43 15,30316,316 359 976 664 1,845 172 3,017 1,033 1,098 206 2.581 Apr. 21 4,876 139 4915,706 16,630 346 965 582 1 ,863 127 3,024 1,012 1,113 266 2,582 Apr. 28 4,950 150 5015,75016,661 365 851 711 1,870 126 3,073 1,031 1,123 101 2,583 May 5 4,668 139 3715,91516,610 416 1,144 604 1,862 144 3,097 1,027 1,144 254 595 May 12 4,812 150 4115,71316,622 383 847 454 1,854 120 3,059 1,007 1,142 589 597 May 19 4,918 140 4415,615 16,446 387 978 1,257 1,854 123 2,918 1,026 1,181 339 592 May 26 4,674 152 4215,88716,595 473 760 1,115 1 ,890 119 2 ,848 989 1,201 213 2,593 Outside New York City 1953—May 9,597 799 2,306 37,87337,757 3,794 822 1,183 15,137 785 6,931 852 4,889 1954—Mamh. . 9,425 777 2,503 38,028 38,053 3,604 896 2,061 15,908 865 136 249 20C 363 5 100 Anril. .. 9,392 791 2,586 37,773 3,737 852 1,957 15,979 947 138 246 216 341 5,149 May.. . , 9,463 785 2,549 38,286 38,078 3,931 826 1,731 16,074 1,010 137 241 223 408 5,187 1954—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 2,421 38,680 38,719 3,534 827 1,390 15,916 831 135 7,550 248 199 389 5,096 Mar. 17. 9,714 789 2,56538,92239,430 3,430 1,027 2,170 15,889 844 136 7,785 247 201 402 5,090 Mar. 24. 9,454 793 2,40537,94337,701 3,573 864 2,322 15,911 905 136 7,155 244 205 339 5,109 Mar. 31. 9,136 754 2,691 36,400 36,146 3,861 928 2,665 15,914 922 138 7,565 250 204 140 5,113 Apr. 7 9,279 746 2,49237,074 36,749 3,622 808 2,386 15,972 934 138 7,476 241 212 436 5,140 Apr. 14 9,397 813 2,62737, ,256 3,612 837 ,83415,972 948 138 7,652 252 216 299 5,141 Apr. 21 9,423 783 2,56438,030 38,084 3,773 89b 650 15,988 952 139 7,330 243 217 302 5,143 Apr. 28 9,473 820 2,660 38,358 37,827 3,943 869 ,96015,984 952 138 7,098 248 221 328 5,172 May 5 9,286 735 2,625 38,132 37,549 4,051 872 ,45216,033 1,003 138 7,634 241 220 393 5,180 May 12 9,356 813 2,624 ,44038,699 3,949 808 ,14716,062 1,003 137 7,779 244 222 354 5,181 May 19 9,515 778 2,501 38,10038,039 3,834 832 2,2, 16,095 1,019 137 7,449 243 225 381 5,186 May 26 9,69 b 813 2,44438,47138,024 3,889 792 2,034 16,106 1 ,017 138 7,147 234 226 505 5,201 3Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-Tune 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. JUNE 1954 613 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. Period2 t l o F i b a q o n u a o d c o d c r , , o a T l p e e a p a x n a t t d h i r l e e e r l s , , p m e M r r m ( a y o a i e c e n n d t h t d a c u a a i l n l c . l n s d t - s ch r P l u e c e a e m b o u n t a b r m i d l o c e , , a - r l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i o u i 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 ti r o o u n n c - - bu o ty s A t o i h p n l f e e l e r s ss c c h l N f a a i n e s e d g s t i e - s ch t i a a o a n g n t n d r a g d ' ' l l l e , 3 . — 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 —878 Feb -94 46 6 8 -3 -32 -52 -83 -34 3 -2 -237 -56 Mar -58 29 133 21 36 72 -125 16 105 17 50 297 317 Apr -147 -29 -135 23 -9 7 -88 -11 -75 15 34 -415 -580 May -78 -10 -124 60 -16 18 -25 -12 -39 28 5 -193 -329 Week ending: 1954—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 A -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 May 5.... -19 7 -20 18 -27 _2 -29 45 1 10 12 -17 -38 May 12 .... -20 -1 -33 7 7 18 -50 8 10 7 -46 -100 May 19. ... -10 2 -26 33 -4 Q -3 -2 -32 8 -3 -31 -70 May 26. ... -29 -46 2 8 -8 7 -6 -15 -12 -98 -121 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. 3Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month 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 Accepting banks B R F an e es d k e e s r r v a ( e f l or Im in p t o o rts E f x ro p m orts Dollar G s o h o ip d p p s o e s d i t n o t b r s e e d t in w i e n e n or Total O bi w ll n s bo B u il g ls ht o a f c c f c o o o r r r u e e n i - g t n Others U St n a i t t e e s d U St n a i t t e e s d ch e a x n - ge United Foreign 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—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 April 672 623 228 165 63 17 379 270 142 38 127 46 *As reported by dealers; includes some finance com p>aany paper sold in open market. Back figures.—See Banking and Monetary Statistics, TTable 127, pp. 465-467; for description see p. 427. 614 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 tin millions of dollars] Government securities Business securities Datr a T s o s t e a t l s Total U St n a i t t e e s d St l a o t c e a a l1 nd Foreign: Total Bonds3 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y a O s t s h e e ts r End of year:* 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 693 1943 37,766 14,994 12,537 ,773 684 10,494 9,842 652 6,714 1,352 2,373 839 1944 41,054 18,752 16,531 ,429 792 10,715 9,959 756 6,686 1,063 2,134 704 1945 44,797 22,545 20,583 ,047 915 11,059 10,060 999 6,636 857 1,962 738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 808 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 ,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 ,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16.066 13,459 ,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 ,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 ,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 End of month:8 1951—December. . . 67,983 13,579 10 958 ,702 919 28,042 25,975 2,067 19,291 i.617 2,575 2,879 1952—December . . . 73,034 12,683 10,195 ,733 755 31,404 29,226 2,178 21,245 1 ,868 2,699 3,135 1953—March 74,295 12,630 10,063 ,820 747 32,243 30.005 2,238 21,725 1,897 2,742 3.058 April 74,686 12,666 10,089 ,837 740 32,472 30,218 2,254 21,897 1,918 2,756 2,977 May 75,063 12,543 10,082 ,835 626 32,732 30,462 2,270 22,055 1,924 2,770 3,039 June 75,403 12,456 10,030 ,840 586 33,021 30,752 2,269 22,221 1,935 2,789 2,981 July 75,855 12,429 9,991 ,857 581 33,247 30,977 2,270 22,429 1,943 2,808 2,999 August 76,244 12,436 9,994 ,861 581 33,349 31,079 2,270 22,552 1,967 2,819 3,121 September. . . 76,612 12,397 9,930 ,880 587 33,614 31,319 2,295 22,698 1,972 2,831 3,100 October 77,121 12,395 9,913 ,897 585 33,887 31,585 302 22,842 1,990 2,851 3,156 November. . . 77,552 12,365 9,830 ,945 590 34,096 31,781 2,315 23,017 2,000 2,873 3,201 December . . . 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—January 78,866 12,470 9,779 2,105 586 34,639 32,266 2,373 23,435 2,039 2,905 3,378 February 79,251 12,498 9,781 2,122 595 34,816 32,430 2,386 23,570 2 ,053 2,923 3,391 March 79,649 12,416 9,661 2,170 585 35,053 32,635 2,418 23,769 2,066 2,956 3,389 includes United States and foreign. 2Central government only. 'Includes International Bank for Reconstruction and Development. 4These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. sThese 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 cf Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U. S. Savings year Total1 g M ag o e r s t - 2 G m o o v b e e l n i r - t n- Cash Other8 capital quarter Total1 g M ag o e r s t - a G m o o v b e e l n i r - t n- Cash Other8 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 2,420 450 356 7,365 3... . 21,295 17,696 1,765 1,044 708 18,198 1946 10,202 7,141 ',009 536 381 8,548 4 22,585 18,336 1,791 1,306 1,072 19,143 1947 11,687 8,856 1,740 560 416 9,753 1948 . . . 13,028 10,305 1,455 663 501 10,964 1953—1 P.. . 23,506 19,105 1,931 1,263 1,121 20,105 1949 14,622 11,616 1,462 880 566 12,471 2P.. . 24,772 20,133 2.003 1,337 1,216 21 ,154 1950 16,846 13,622 1,489 951 692 13,978 3P. .. 25,633 21,145 1,990 1,200 1,215 21,742 1951 19,164 15,520 1,606 1,082 866 16,073 4P. . . 26,726 21,929 1,923 1 ,481 1,315 22,823 1952 22,585 18,336 ,791 1,306 1,072 19,143 1953P 26,726 21,929 ,923 1,481 1,315 22,823 1954—1P. .. 27,659 22,684 1,942 1,616 1,341 23,880 v Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. r 3Includes 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. JUNE 1954 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1952 1953 1945 1946 1947 1948 1949 1950 1951 Loans, by purpose and agency: To aid agriculture, total 3,385 2,878 ,884 2,299 ,632 4,362 3,884 4,161 5,070 5,671 5,512 Banks for cooperatives 189 197 232 276 305 302 345 425 424 367 324 336 Federal intermediate credit banks.... 257 273 336 426 437 510 633 673 728 824 781 Federal land banks * 1,220 1,088 986 Federal Farm Mortgage Corporation. 351 242 149 109 80 60 45 34 25 23 22 20 Farmers Home Administration * 643 604 590 558 525 523 535 539 596 653 646 658 Rural Electrification Administration. 361 407 734 999 1,301 1,543 1,742 1,920 1,966 2,014 2,062 Commodity Credit Corporation 353 99 280 1,293 1,729 898 782 1,426 1,927 1,163 1,651 Other agencies 10 9 7 5 9 7 6 6 5 5 5 To aid hotne owners, total , 1,237 896 659 556 768 1,251 1,528 2,142 2,603 2,777 2,914 2,986 Federal National Mortgage Assn , 52 7 6 4 199 828 1,347 1,850 2,242 2,394 2,498 2,540 RFC Mortgage Corporation* , 81 24 6 Home Owners' Loan Corporation !.. ., 1,001 636 486 369 231 10 Reconstruction Finance Corporation. . 12 12 10 * 1 177 168 137 123 115 113 111 110 Other agencies 1 1 1 65 22 24 35 169 246 270 305 337 To railroads, total 343 223 171 147 140 114 110 101 82 79 79 79 Reconstruction Finance Corporation. . 321 205 153 145 138 112 108 99 80 77 77 77 Other agencies , 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total 191 232 192 272 310 462 458 488 516 526 536 536 Reconstruction Finance Corporation8 . 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 To financing institutions, total 216 267 314 447 445 824 814 864 Reconstruction Finance Corporation. 66 60 14 7 6 8 8 8 (7) 611 718 802 Federal home loan banks 131 195 293 436 515 433 S16 806 864 Other agencies 20 12 7 4 4 4 611 718 801 Foreign, total 225 526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 7,713 7,798 8,010 Export-Import Bank 252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,466 2,547 2,758 Reconstruction Finance Corporation •. 274 235 246 206 154 101 64 58 55 55 52 Other agencies9 (8) 800 3,450 3,750 3,750 3,750 3,750 5,182 5,191 5,196 5,199 All other purposes, total 1,237 707 623 714 584 484 531 779 1,095 872 821 830 Reconstruction Finance Corporation* . «827 309 «340 190 88 59 61 50 51 54 57 Public Housing Administration10 305 286 278 278 294 297 366 609 919 688 626 612 Other agencies 112 113 100 99 8 106 96 105 109 126 133 142 160 Less: Reserve for losses. 438 478 368 476 448 395 185 173 140 159 226 252 Total loans receivable (net). 5,290 6,649 11,69212,733 6,387 9,714 13,22814,42217,82618,089 17,63718,502 investments: U. S. Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,645 2,588 2,586 Banks for cooperatives 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 51 60 53 52 62 Production credit corporations 60 67 70 72 66 39 42 43 43 44 45 45 Federal land banks 2 145 136 Federal home loan banks 144 118 145 139 274 275 199 249 311 460 378 397 Federal Savings and Loan Insurance Corp.. 151 161 172 184 199 214 193 200 208 212 218 211 Home Owners' Loan Corporation2 15 17 12 12 8 Federal Housing Administration 87 106 122 132 144 188 244 285 316 330 318 Public Housing Administration 10 7 8 8 8 8 Reconstruction Finance Corporation* 75 49 48 1 Federal Deposit Insurance Corporation.. .. 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,500 1,508 1,509 Other agencies 28 30 20 21 1 1 1 1 1 1 1 Investment in international institutions. 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 424 325 230 154 133 107 88 78 44 42 45 Reconstruction Finance Corporation. 289 244 159 108 98 83 71 66 36 35 39 44 Production credit corporations 63 55 46 35 29 22 16 11 8 6 6 38 Other agencies 71 26 24 11 6 2 1 1 1 5 1 Commodities, supplies, and materials, total. . 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,286 1,259 2,201 2,259 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,174 978 1,013 1,876 1,884 Reconstruction Finance Corporation 6 1,053 1,131 667 235 157 142 108 129 172 119 114 134 Other agencies 438 122 134 138 32 30 28 159 131 128 211 241 Land, structures, and equipment, total 16,23721,01716,92412,600 3,060 2,962 2,945 3,358 3,213 3,240 7,867 7,911 Public Housing Administration 10 200 204 1,448 1,352 1,248 1,251 1,173 1,149 1,029 1,030 Reconstruction Finance Corporation 6 6,526 6,919 2,861 35 630 611 605 594 199 197 185 181 Tennessee Valley Authority 710 721 727 754 793 830 886 1,048 1,251 1,299 1,360 1,405 U. S. Maritime Commission 2 3,113 3,395 3,301 3,305 War Shipping Administration 2 5,427 7,813 7,764 6,507 Federal Maritime Board and Maritime Adm.2. ?4,802 1,802 Other agencies u 262 1,948 2,044 1,793 189 168 206 465 590 595 491 493 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 1,252 689 965 772 1,190 1,369 1,330 1,107 1.1 1,243 Banks for cooperatives 24 8 33 69 70 78 110 170 181 145 112 119 F F e e d d e e r r a a l l l i a n n te d r m b e a d n i k a s t 2 e credit banks 2 81 7 8 4 2 7 4 9 5 2 2 7 9 5 3 6 358 480 490 520 674 704 710 788 776 Commodity Credit Corporation Federal home loan banks 67 69 169 262 415 204 560 525 445 252 231 For footnotes see following page. 616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES—Continued PRINCIPAL ASSETS AND LIABILITIES [Based on compilation by United States Treasury Department. In millions of dollars] Assets, other than interagency items 1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i i u o o a n i e a m p e d t d s l e s - s , i - , - - G U s ri e o . t c i v I e u m S n t s - . . v e e n O s t s r s t i e - t t c h ie u e s - r L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - s a e s 1 t - s a t B F g u n a u u b o r t n y a e l n e d l r e s d y - d s d p , e a n O b y o e a t t h n b e e - l s e r , li i a t ii i b e i s l- i U G n e e t . o s r e n v t S r - - - . o i v n P w a e t r s t e n i e t - r e l - y d U. S. All agencies: 1944—Dec. 31 31,488 7S6 6 387 2 942 1 6S9 424 16 9^7 111 1,537 1,395 4,196 23,857 504 1945—Dec. 31 33,844 99 S 5,290 2,288 68S 325 91 017 ? S17 555 1,113 4 ?19 27,492 472 1946—Dec 31 30 409 1 S98 6 649 1 265 1 87S 547 16 994 1 75S 261 1 252 ,588 24 810 498 1947—Dec. 31 2 30,966 1 481 9,714 822 1 68S 3,539 19 600 1 1?S 82 689 9 0S7 28,015 143 1948—Dec 31 2 21,718 630 11,692 627 1 854 3,518 3 060 337 38 965 1,663 18,886 166 1949—Dec. 31 23,733 441 12,733 1,549 2 047 3,492 9 Q69 SOP 28 772 1 7?0 21,030 183 1950—Dec 31 24,635 642 13,228 1,774 2 075 3,473 2 945 499 23 1,190 1,193 21,995 234 1951—Dec. 31 2 26 744 9^1 14 422 1,461 9 996 3,463 SS8 889 43 1,369 1,161 23,842 329 1952—Dec 312 . 29 945 944 17 826 1,280 9 491 3,429 9H 8S9 53 1,330 1,798 26,456 378 1953—Mar. 31 30,564 QS6 18,089 1,259 9 64 5 3,427 ^ 940 Q68 48 1,107 ? 069 26,938 401 June 302 36 153 1,063 17,637 2,201 2 588 3,430 7 867 1 367 51 1,131 1,979 32,576 415 Sept 30 37,141 1096 18,502 2,259 9 S86 3,429 7 911 1 SS7 63 1,243 9 07S33,335 424 Classification by agency, Sept. 30, 1953 Department of Agriculture: Farm Credit Administration: Banks for cooperatives . 405 24 333 43 ( 5 119 1 259 25 Federal intermediate credit banks 886 32 781 69 11 776 11 99 Production credit corporations 51 45 5 ( 51 Agricultural Marketing Act (7) ( Federal Farm Mortgage Corp 22 1 20 (7) Rural Electrification Administration 2,182 35 2,060 1 87 1 2,182 F C a o r m m m er o s d i H ty o m C e r e A di d t m C in o i r s p t o ra ra ti t o io n n 3 3,9 6 3 3 2 9 62 7 1,5 5 6 4 1 9 i',884 i ( 108 37 2 1 7 738 7 3,1 6 9 3 3 1 Federal Crop Insurance Corp. 42 30 12 13 29 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks . . . 1,233 SO 801 S97 (7) 4 349 48 S 399 Federal Savings and Loan Insurance Corp.. 217 1 211 5 6 211 Public Housing Administration 1 ,842 108 620 (7) 1 OSO 84 M 1,805 Federal Housing Administration 528 51 37 2 318 1 1 120 62 228 238 Office of the Administrator: Federal National Mortgage Association.. . 2,551 (7) 2,540 (7) 10 11 2,540 Other 127 ?8 71 (7) 9S 4 1 126 Reconstruction Finance Corporation: Assets held for U S Treasury 12 353 3 1 134 1 180 34 353 Other 13 815 24 726 37 1 28 36 779 E Fe x d p e o r r a t l - I D m e p p o o r s t it B I a n n s k urance Corp 2 1 , 7 " 8 52 1 9 3 6 2,760 i son ( (7) 1 1S 8 1 3 0 4 0 2 1 , 7 4 4 2 7 9 Tennessee Valley Authority 1,787 SSO 22 1 40 5 10 46 1,741 Federal Maritime Board and Maritime Adm.P. 5,390 141 51 4 802 396 249 5,140 All other 9,831 163 5,641 168 "(7)" 3,385 358 115 70 9,761 pPreliminary. 1 Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figurea 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." * Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 5 Reconstruction Finance Corporation loans to aid home owners, which increased steadily through the first three quarters of 1947 and during 1948, appear to have been included with "other" loans in the statement for Dec. 31, 1947. 6 Figures have been adjusted to include certain affiliates of the Reconstruction Finance Corporation. Several of these—including the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, and Rubber Reserve Company—were merged with the parent effective July 1, 1945. Most of their activities were reflected under "Commodities, supplies, and materials" and "Land, structures, and equipment." 7 Less than $500,000. 8 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. 9 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 10 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 10. 12 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 13 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. JUNE 1954 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices Common U. S. Govt. Vol- (long-term) Sta (i n n d d a e r x d , a 1 n 9 d 3 5 P - o 3 o 9 r = 's 1 s 0 e 0 r ) ies Securities an ( d i n E de x x c , h a 1 n 9 g 3 e 9 = C 1 o 0 m 0 m ) ission series u o m f e Year, month, C p o o r - - t i r n a g d ^ or week . n h i i c g ip h a - l (h r i a g t h e - fe P rr r e e d - * Manufacturing Trade, th ( o in ur O i s e e l s - d * r N s i e e e - w s' grade)4grade)4 T ta o l - d t I u a r n l i s - - - R r a o i a l d - u P i l t t u i i y c b l- - T ta o l - T t o a - l D r b u l a - e - N d r b o u l a n - e - - T p t r o i a o r n n ta s- - u P i t l u t i i b l y c - - a s a f e n ic n i r c n e v d e - - , M in i g n s s h a a o n r f d es s ) Number of issues. . 3-7 17 15 20 40 265 170 72 29 31 14 1951 average. 98.85 133.0 117.7 170.4 177 192 149 112 185 207 179 233 199 113 208 205 ,684 1952 average. 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 276 ,313 1953 average. 93.90 101.46 11Q.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 ,419 1953-May 91 SO 99.75 119.4 109.8 160.0 190 205 174 121 194 221 196 244 226 120 209 247 ,227 June 91 .$(• 99 16 115.2 108.8 156.8 183 198 169 117 187 213 187 236 219 117 204 237 ,185 July 92 .98 100 03 115.1 110.7 160 1 186 200 174 119 190 217 188 243 223 119 206 237 967 Aug 92 .89 100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 ,138 Sept 93 .40 101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 ,294 Oct 95.28 103.30 119.7 112.6 167.3 183 197 157 122 187 214 184 240 202 121 201 219 ,225 Nov 94 98 103.67 121.4 113.6 168. 188 202 159 124 191 219 190 245 204 123 207 231 ,482 Dec 95.85 104.93 122.3 113.5 166.5 191 206 157 125 193 222 192 249 200 125 209 230 ,644 1954—Tan 97 42 106 16 123.6 114.5 168.7 195 211 150 127 198 228 199 256 206 126 213 239 ,669 Feb 98 62 107 04 125.5 116.5 171 8 200 217 166 129 203 234 204 261 215 128 216 250 ,752 Mar 99.87 1 09 11 125.6 117.9 173 .3 205 223 165 131 207 240 210 268 212 130 215 259 1,919 Apr 100.36 109.65 123.9 118.1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 May 99.68 109.39 123.6 117.5 173 220 242 173 135 223 263 233 291 221 134 226 270 2,096 Week ending: May 1 100.45 109.86! 123.8 117.7 174.2! 215 236 165 133 220 259 230 287 213 133 221 267 2,240 May 8 100.32 109.86 123.9 117.8 173.8 238 171 134 222 261 231 288 218 134 223 265 1,987 May 15 99.80 109.581 123.9 117.7 241 172 135 222 262 231 291 219 134 226 268 2,020 May 22 . . . . 99 46 109.251 123.5 117.4 220 242 173 135 224 264 233 292 223 135 227 2 74 2,230 May 29 99.15 108.89 123.0 117.2 1 73. 7 245 175 136 225 265 235 293 222 135 227 272 2,146 'Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 334 T>^r cent bonds of 1978-83, issued May 1, 1953. 4Priees 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. 6Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollarsl Debit balances Credit balances Debit Debit cre C di u t st b o a m la e n rs c ' esl Other credit balances End of month C b u a ( s d n l t e a e o b n t m ) i c t e e i s rs' a b in n p a a d v l c a a e c r n t s t o r n c t u a m e e n d s r e t i s s n n i ' n g t a b in n a a v d l c a e c f n t s i o r r c t m u a m e n d s e t i s n n in g t C a b a h n a s a d n h n k d i o s n n bo M rr o o n w e e y d 2 Free O (n th e e t) r a i I n n n a v d c p e c s t a o r t r u a m t n d n e t i e s n n r t g s' a in n a v d c I n e c t s o r t f u a i m r n d m e t i s n n g t I a n c ( c c n o a e u p t n ) it t a s l 1950—December... 1,356 9 399 397 745 390 230 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 o i?7 365 912 708 219 23 16 324 December. . 1,362 8 406 343 920 724 200 35 9 315 1953—April 81,594 »1 068 *'M8 May 81,671 M 193 '6 73 June 1 ,684 7 '347' 282 ' ! 216 ft 5 3 163 23 16 319 July 31,664 «1.161 *651 August . . . 31,682 3 1.182 3641 September. . 31 ,624 1 3 1.070 »674 October 3 1,641 1 31,098 3 672 1 November. . 3 1,654 31 ,127 3682 December... 1 ,694 8 404 297 1 ,170 709 20S 28 31 313 1954—January.... 81 ,600 31.108 3 741 February . .. 31,688 3 1.06? 3 768 March 31,716 r?>\ .054 3787 April 31,786 31,094 «819 r Revised. 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) firms' own partners. 2Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): February, 35; March, 39; April, 38. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN f >r 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. 618 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 [Per cent per annum] IT. S. Government securities (taxable Size 0f loan Prime Prime All com- bank- Area and period loans $1,000- $10,000-$100,000- $200,000 Year, mercial ers' 3-month bills $10,000 $100,000 $200,000 and over month, or paper, acceptweek 4- to 6- ances, 9-to 12- 3- to 5months1 90 Rate month year Annual averages: days1 Market on new issues2 issues3 19 cities: yield issues 1945 2 ^ 4.3 3.2 2.3 2.0 1946 2A 4.2 3.1 2.2 1.7 1947 2.1 4.2 3.1 2 .5 1.8 L951 average 2.17 1 .60 1.52 1.552 1.73 1 .93 1948 2.5 4.4 3.5 2.8 2.2 1952 average 2.33 1 .75 1.72 1.766 1.81 2.13 1949 2 7 4.6 3 7 3.0 2 4 1953 average 2.52 1.88 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—May 2.68 1.88 2.16 2.200 2.41 2.86 1952 3.5 4.9 4.2 3.7 3.3 June 2 75 1.88 2.11 2.231 2 .46 2 92 1953 3.7 5.0 4.4 3.9 3.5 July 2.75 1.88 2.04 2.101 2.36 2^72 August.... 2.75 1.88 2.04 2.088 2.33 2.77 Quarterly: S O e c p to te b m er b .. e r . . . 2 2. . 5 7 5 4 1 1 . . 8 8 8 8 1 1 . . 7 3 9 8 1 1 . .4 8 0 7 2 6 2 1 . .7 1 2 7 2 2. . 3 6 6 9 19 1 c 9 i 5 ti 3 e — s: June 3.73 4.98 4.38 3.91 3.53 November. 2.32 1.88 1.44 1.427 1.53 2 .36 Sept 3.74 5.01 4.40 3.93 3.54 December.. 2.25 1.88 1.60 1.630 1.61 2.22 Dec 3.76 4.98 4.39 3.96 3.57 1954 -January... 2.13 1.88 1.18 1.214 1.33 2.04 1954—Mar 3.72 4.99 4.37 3.94 3.52 February.. 2.00 1.69 .97 .984 1.01 1.84 New York City: March 2.00 1.48 1 .03 1.053 1.02 1.80 1953—June 3.52 1 4.63 4.25 3.79 3.39 April 1 .77 1.25 .96 1.011 .90 1.71 Sept 3.52 4.76 4.25 3.76 3.40 May 1 .59 1 .25 .76 .782 .76 1.78 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 May 1 ... 1.69 1 .25 .82 .886 .78 1.66 7 Northern and East- M M a a y y 15 8 . . . . . . 1 1 . . 5 6 6 9 1 1 . . 2 2 5 5 . . 8 7 0 5 . . 8 7 2 7 5 3 . .7 6 4 9 1 1. . 7 7 7 0 19 e 5 r 3 n — c J i u ti n e e s: 3.71 1 5.07 4.38 3.87 3.54 May 22 1 .56 1 .25 .79 .813 .82 1.81 Sept 3.71 5.08 4.45 3.91 3.52 May 29 ... 1.56 1.25 .7, .718 .79 1.86 Dec 3.79 5.07 4.40 3.96 3.63 1954—Mar 3.74 5.06 4.36 3.97 3.57 2 1 S M er o i n es t hl i y n c f lu ig d u e r s e s c a er re ti f a ic v a e t r e a s g e o s f o i f n d w e e b e t k e l d y n e p s r s e v a a n il d i ng s el r e a c t t e e s d . note and 11 Southern and bond issues. Western cities: 3Series includes selected note and bond issues. 1953—June 4.05 5.09 4.46 4.02 3.79 Back figures.—See Banking and Monetary Statistics, Tables 120-121, Sept 4.10 5.10 4.46 4.06 3.86 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October Dec 4.10 5 .06 4.46 4.09 3.86 1947, pp. 1251-1253. 1954—Mar 4.03 | 5.05 4.43 4.03 3.76 NOTE.—For description of series see BULLETIN for March 1949, I pp. 228-237. BOND AND STOCK YIELDS * [Per cent per annum] Bonds Industrial stocks Corporate (Moody's) 5 Earn- U. S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade) 4 Total Old New nd us- Rail- Public Pre- Com- Comseries2 series3 Aaa Aa Baa trial road utility ferred0 mon7 mon8 Number of issues.. . 3-7 15 120 30 30 30 30 40 40 40 15 125 1951 average 2.57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 3.16 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1953—May 3.09 3.26 2.73 3.53 3.34 3.41 3.58 3.78 3.39 3.63 3.57 4.38 5.53 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 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 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 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 3.38 I 3.11 3.26 3.40 3.75 3.27 3.51 3.3S 4.15 5.53 December. . . 2.79 2.96 2.59 3.39 ' 3.13 3.28 3.40 3.74 3.28 3.52 3.37 4.21 5.54 10.49 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 '9.06 April 2.47 2.70 2.47 3 12 3 00 3.1S 3.47 3 04 3,15 3.13 4.02 4 .86 May 2.49 3.13 3 .03 3.15 3.47 3.06 3.21 3 .13 4.03 j 4.81 Week ending: May 1 ... 2 .46 2 .69 2.48 3.13 2.87 3.01 3.15 i 3.47 3 .05 3.2C 3.13 ! 4.02 I 4.86 May 8 2.48 2 .69 2.47 3 . 13 2.87 3.02 3.15 3.47 3 05 3 20 3.13 4.03 I 4.82 May 15 2 .52 2.71 2 .47 3.12 2.87 3.01 3.14 I 3.47 3 .05 3.20 3.12 4.02 4.84 May 22 2 .54 2 .50 3.13 2.87 3.03 3.15 I 3 .05 3.21 3.13 4.04 4.82 May 29 2 . 56 2 . 74 2.53 3.14 2.89 3.04 3.16 I 3.48 3 .08 3.21 3.14 4.03 I 4.81 '•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 o^ earnings/price ratio). 2Fully taxable, marketable 21^ per cent bonds first callable after 12 years. Of these the 1957-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. -The 3\i per cent bonds of 1978-83, issued May 1, 1953. ^Standard and Poor's Corporation. 5Moody's Investors Service, week ending Fridiy. Because of a limited number of suitable issue;, 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 ani Mynetary Statistics, Tables 128-129, pp. 468-474. an 1 BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. JUNE 1954 619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On bas sof daily statements }f United States Treasury unless otherwise note1. In iTrillions of dollars Summary Bud e g x e p t e r n e d c i e t i u pt e s s and or E x expenc itures ( d I e n c c re re a a se s e ( o — r ) Cener- " 1 ( e f m u nd o of p e th ri e od T ) V{*-} on r- \ during period Period 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 T o o a a t r u n h c u c n - e s t r t s r o e i S n o b d a a f l e l i g m e m g e G s a a n p t o r c a i t k v o i y n o e t n d . 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 t i s c t G ba f e u l n a n e n d r c a e l f a g -• e J u n c i e r U n n a c n .- d l e - A f a u F v b . n a l d e i R s l- . D B e In c a p e o n s t o i s l p k s o l r s e i n o o t c s f c - i1 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 s e t - t e s r Cal. yr.—1950 37,834 138,255 1 -422 i -38 349 87 -423 -447 4,232 690 129 2,344 1,069 1951 53,488 56,846 -3,358 759 56 -106 2,711 62 4,295 321 146 2 ,693 1 ,134 1952 65,523 71,366 -5,842 49 —90 -319 7,973 1,770 6,064 389 176 4,368 1,132 1953 64,469 73,626 -9,157 82 19 -209 7,777 -1,488 4,577 346 131 3,358 742 Fiscal vr.—1950. . . 37,045 40,167 -3,122 121 — 22 483 4,587 2,047 5,517 950 143 3,268 1,156 1951. . . 48,143 H4,633 13,510 1295 384 -214 -2,135 1 ,839 7,357 338 250 5,680 1 ,089 1952. . . 62,129 66,145 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1 ,175 1953. . . 65,218 74,607 -9,389 462 -25 -312 6,966 -2,299 4,670 132 210 3,071 1,256 Semiannual totals: 1950—Julv-Dec. 18,464 119,063 i —599 i -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, 24 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—May 4,380 6,241 -1,862 377 38 -428 1,930 57 3,639 221 108 2,109 1,201 June 9,744 7,988 1,756 65 32 -373 -449 1,032 4,670 132 210 3,071 1,256 July 3,308 6,068 -2,759 -260 26 466 6,598 4,071 8,741 548 181 6,690 1,322 Aug 4,568 6,042 -1,473 299 1 -430 536 -1,067 7,674 496 96 5,825 1,257 Sept 6,041 6,119 -79 -40 75 117 -269 -196 7,478 642 183 5,255 1,398 Oct. 2 659 5 477 —2 818 — 149 — 70 235 449 —2 352 5 126 662 185 2,892 1 387 Nov 4,695 5,423 -728 -37 116 -376 1,822 797 5,923 451 81 4,545 847 Dec 5,183 6,387 -1,204 -72 -59 29 -40 -1,346 4,577 346 131 3,358 742 1954—Jan 24,471 25,07l -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 2,751 5,296 -2,545 -375 -53 593 811 -1,567 4,787 579 180 3,273 756 May n.a. n.a. n.a. n.a. n.a. n.a. 2,428 700 5,487 422 146 4,095 824 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 t I i a e n o n o c i t m a n o d e - - s a r ic - l A E C t m s n o o i e i m 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 t n a i - 6 n s - - g c S p r u o s a r r c e o m i - i - t a y s l 6 t A c u g u r l r 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 e o i f c i s t - e t T c t o f r r a e t a u 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—Apr 6,362 4,582 3,891 366 120 167 372 350 239 293 -35 193 125 13 232 May 6,241 4,481 3,746 285 278 153 179 348 125 581 66 155 92 213 June . . .. 7,988 4,815 4,056 325 246 140 1,882 343 128 382 — 10 145 50 59 194 July 6,068 4,645 3,890 451 151 117 237 369 177 254 -78 174 53 237 Aug 6 042 4 172 3,519 197 258 157 206 330 120 377 95 155 160 157 270 Sept 6,119 4,392 3,787 232 169 155 560 323 101 275 34 158 60 217 Oct 5,477 4,266 3,647 155 175 208 354 336 211 — 12 —46 161 18 189 Nov 5,423 4,034 3,540 198 162 95 164 343 123 302 -89 157 "60 95 234 Dec 6,387 4,377 3,465 484 141 231 1,294 371 108 -137 -32 140 57 209 1954—Tan 25,O71 P3,681 3,001 385 P104 142 245 340 172 309 -31 97 P216 P241 Feb.3 4,707 P3,809 P3.225 256 P121 160 372 340 P128 P-135 -104 P90 42 P5 P161 Mar 5,555 P3,916 P3 ,339 321 P54 181 588 334 P114 P194 -54 P102 91 P6 P263 Apr 5,296 P3,847 P3,195 343 P117 164 350 P3 75 P120 P468 -195 P116 P8 P206 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. 3 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. ^Consists of foreign economic and technical assistance under the Mutual Security Act, net transactions of the Export-Import Bank, and other nonmilitary foreign aid programs, as well as State Department expenditures. 6Excludes 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. 620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Con tinned [On basis o daily statements of United States Ireasury unless otherwise noted. In millions of dollars Treasury receipts Budget receipts, by )rineipa. sources Internal revenue collections (on basis of Internal Revenue Service) Income Deduct i and old-age Mis- Taxes Individual in- i Period j insurance taxes cella- on come and c>ld- Corpocarriers Other Total Appro- Net age insurance ration Esneous and on budget pria- Re- budget taxes in- tate W he it l h d - Other ternal pl e o m y - ers ce r i e p - ts ce r i e p - ts to ti o o n ld s - fu o n f ds ce r i e p - ts c a o n m d e a g n if d t | by rev- of 8 or re- With- profits taxes 1 em- Indi- Corpo- enue more ti ust ceipts held Other taxes | ployers vidual ration fund Cal yr 19 50 I 13 775 17,36 J 8,771 770 1 ,980 42,657 2,657 2 . 1 5637 ,834 12,963 384 0 0^7 658 1951 ...... ! 19^392 26',876 9 ' 392 944 2^337 58\941 3',355 2 ,0<>8 53! 483 18[840 362 ; 16,'565 801 1952 23,658 34, 174 10,416 902 2,639 71.788 3,814 2,451 65,523 23,090 11 ,)R0 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. .... 1 12,180 18,189 8,303 776 1 .862 41,311 2,106 2 , 160 37,045 11,762 7 164 10,854 706 1951 1 16,654 24,218 9,423 811 2,263 53,369 3 ,1 20 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 |1O,87O 902 2,525 72,455 4,086 3,151 65,218 24,750 11, 604 21,595 891 Semiannual totals: 1950—Tulv-Dec. . . 7,209 6,841 4,779 317 ,039 20,185 1,411 311 18,464 6.858 1 ,S81 4,971 303 1951 —Tan.-June.. .1 9,445 17,376 4,644 494 ,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 ,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 Tuly-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,S34 13,773 502 July-Dec. . . 12,981 2,799 5,272 5,779 352 ,433 28,614 1,723 437 26,454 12,986 2, 567 5,422 422 Monthly: 1953—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 9,744 527 437 5,683 60 Julv 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 i 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 I 1,882 63 1954—Jan 904 2,122 *490 749 21 332 4^619 84 64 H',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. 86 Mar 2,002 2 ,454 7,353 954 56 193 13,013 589 940 11,434 (4) 119 Apr 1,387 808 645 860 26 231 3,956 278 906 2,751 96 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 er u n 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 accounts7 retirement, and Period Excise and miscellaneous taxes insurance accounts Totals Total Liquor Tobacco M a a n n d u e x r f e c a t i c a s t e i u le r r e s r ' s' Other ce R i e p - ts I m nv e e n s ts t- Ex tu p r e e n s di- I m n e v n e t s s t 8 - Other6 Cal. yr.—1950 8,150 2,419 1,348 2,519 1,864 -38 6,543 56 6,214 -22 -333 1951 8,682 2.46C 1,446 2,790 1,987 759 7,906 3,15.5 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 — 40? 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—Tulv-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—}an.-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—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 5472 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 1,316 181 111 757 267 2527 965 28 627 27 244 Mar 629 224 135 60 211 253 768 -74 689 44 144 Apr 477 223 130 50 74 -375 436 25 665 18 -102 n.a. Not available. xNot adjusted for Treasury's revised treatment of carriers' taxes. 2Beginning February, on basis of revised Treasury monthly statement and not comparable with back data. 3 Carriers' taxes deducted. 4 Beginning March, income and profits taxes announced in the Treasury's Monthly Statement. 5Reporting of some excises changed to quarterly basis. 6Excess of receipts, or expenditures ( —). 7 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 8, but their operating transactions are included in Budget expenditures. 8Consists 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). JUNE 1954 621 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 cjf daily statements of l"i ited States Treasury and Tr'usury Bulletin. In millons of dc)llars! Cash operating income,other than debt Ca* \ operating outgo, other than debt Net Net Budget Plus:Trust Budget expenditures Plus: Tr. acct. PI is: cash receipts acct. receipts Equals: expenditures Equals: operat- Period Cash re T c n o e e t i t a p l ts c L N a e o s s n h s - 1 : Total c L N a e o s s n h s: - 2 o in Cp c i e n a o rs g m aht e - Total A p L a u e l c s b s c l s r i t : c u o * - N 5 o t I G n r n a c o t n a v r s s a t n . . - 4 - Total c L N a e o s s h s n : - 5 F S tL l u t t i i X a z n o C b a d n h - i - . 6 i C c n o g le u a a n r c t - - o o p u i e n t r g g a o t- i o n c ( u o g - o m t ) r g in e o - Cal. yr.—1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 -262 -87 41.969 482 1951 53,488 222 8,582 2,508 59,338 56,846 567 2 ,625 4,397 90 —26 106 58,034 1 304 1952 65,523 184 8,707 2,649 71,396 71,366 734 2^807 4! 825 28 38 319 72,980 -1,583 1953 64,469 275 8,596 2,347 70,440 73,626 575 2,585 5,974 34 -82 209 76,529 -6,090 Fiscal yr.—1950 37,045 120 6,669 2,623 40,970 40,167 436 2,754 6,881 13 -207 -483 43,155 -2,185 1951 48,143 256 7,796 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952 62,129 138 8,807 2 ,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 1953 65,218 210 8,932 2,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 Semiannual totals: 1950—July-Dec.. . 18,464 91 3,562 1,033 20,900 19,063 281 1,075 2,201 55 254 20,105 796 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 1 ,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 1 ,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec.. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1953—Jan.-June. . 38,014 104 4,683 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 July-Dec.. . 26,454 171 3,913 996 29,199 35,515 277 1,129 3,332 36 -38 -40 37,326 -8,128 Monthly: 1953—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 ii 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 I 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 M.471 51 237 755 4,602 75,071 72 797 427 8 -12 -559 4,749 -147 Feb. s 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 2,751 n.a. 479 n.a. 3,036 5,296 19 n.a. 810 n.a. 13 -314 5 ,303 -2,267 May n.a. n.a. n.a. n.a. 4,882 n.a. 43 n.a. n.a. n.a. —33 271 6,228 -1,347 n.a. Not available. J Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by quasi Government corporations. 2Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3Represents 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. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash tmst 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). cCash transactions between Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) 7Not adjusted for Treasury's revised treatment of carriers' taxes. 8Beginning February, data are on basis of revised Treasury daily and monthly statement and not necessarily comparable with back data. DERIVATION OF CASH BORROWING FROM OR REPAYMENTOF BORROWING TO THE PUBLIC In- Plus:Cash Less: Noncash debt transactions Equals: Detais of net cash borrowing fromor crease, issuance of Net cash repayment ( —) of borrowing to the public2 or de- securi Net inv. Accruals to PU.IJ.IKJ-1 borrow- Period ( \ in Federal agencies in Fed. ing, or Direct Savings Postal d v i . g d r — . r e o p ) b s t 1 u s b in . a G n u te a e r d - a g N n u t o e a n r e - - d G & o s t v e r t c . . . a f 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 i n a ll d v s . P F f a o e y d rm . t s s . e o i c f n . b r ( e o — p r in r a o g ) y w t o . - f m & is k s c t u a o e b n s l v 3 e . . b p (i o r s i n s c u d e e s ) S n av o i t n es gs S s a i p v ss e . u c S e ia y s l s. Other^ Cal. yr.—1950 -423 -6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1 ,999-1,191 -1 ,099 -997 46 1952 7,973 12 102 3 ,833 770 -74 3,353 5,778 -406 -1,784 -113 -122 1953 7,777 22 -3 2 ,540 591 66 4,601 54,829 5 -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 55,294 5-103 -2,164 -100 -9 Semiannual totals: 1950— Tuly-Dec.. . . -650 4 388 1 ,544 337 -56 -2,081 -2,761 292 187 -170 371 1951— jan.-Tune. . . -1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec 4,197 13 51 1 ,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 — 2,998 -1 ,544 -285 -955 -81 -134 July-Dec 8,286 8 37 1 ,601 409 -29 6,351 7,322 -121 -829 -32 11 1953—Jan.-June. . . -1 ,320 2 -69 1 ,700 308 34 -3,433 5-2,028 518 -1,335 -68 -20 July-Dec.. . . 9,097 24 66 840 283 32 8,034 6,857 -362 1,583 -94 50 Monthly: 1953—May 1,930 38 453 48 43 1,425 •H,571 5-147 —6 -32 39 June -449 33 735 71 -1 -1 ,222 -862 -98 -341 -11 90 July 6,598 11 15 61 6! 09 -1 6,456 6,333 6 —122 252 -7 Aug 536 1 395 628 -12 127 -72 6-51 271 ' ' " '_ 17 ' -4 Sept — 269 75 71 22 — 12 i —274 —931 —90 662 — 16 101 Oct.. 449 2 — 76 — 1 457 — 51 — 36 618 — 7 -67 Nov 1,822 8 108 240 41 " -1 1 ,659 I 1,647 22 -53 -36 123 Dec. — 40 2 —61 150 83 59 I -391 1 —70 —41 — 167 — 18 -95 1954—Jan -320 -1 -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 May 2,428 1 74 380 44 32 2 ,046 2 ,144 5 -152 -22 71 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 GASH 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- Direct Direct Excise Social Other Deluct: Major Vet- vSocial Total taxes on taxes oi and ins. re- cash Refunds Total natl. sec. est on erans security Other in u d a i l v s i i d- c a o ti r o p n o s r 1 - m ta i x s e c s . ceipts2 co i m ne3 c O e J ip re t s gr p a r m os4 debt5 g p ra ro m s6 gr p a r m os7 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 79,980 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 14 338 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, S93 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—Tuly-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.-Tune... . 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 Tuly-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 —Tan.-Tune.... 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 3 7,35 7 25,944 2,246 2 ,500 2 876 3,791 1953—Tan.-Tune. . . . 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 43 7 3 7,326 25; 854 2,176 2,465 3 401 3 430 Monthly: 1953—May 5 ,294 3,076 359 860 1 000 243 244 6, 662 4,438 127 406 529 1 162 Tune 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 4,64 7 U8 428 586 212 Aug 5,526 j 3,119 326 894 991 260 65 6,720 4,1 84 178 386 522 1 450 Sept 6,373 3,292 1 636 917 399 192 63 6,294 4,404 525 378 509 478 Oct 2,950 j 1,233 385 923 266 218 75 5' 759 4,268 322 456 625 88 Nov 5,396 j 3,172 336 912 791 245 60 6,258 4,034 122 593 572 i 1 137 Dec. 5,339 | 2 ,059 1 938 856 256 299 69 6,294 4 ,318 901 423 586 66 1954— Tan. 4,602 I 3', 008 490 683 170 31 5 64 4,749 j P3.670 170 393 697 v —181 Feb. 8 6,530 I 4,355 469 741 1 ,093 177 306 5,302 j *>3,810 352 411 P674 P55 Mar.. | 12,260 4,328 7 097 789 P718 P267 940 6,231 J'3,878 563 428 %729 1'634 Apr i 3 036 1 ,791 763 735 P378 Wil 907 5,303 I P3,862 299 414 2718 P9 May. I 4,882 2,875 397 787 P\,188 P251 616 6,228 n.a. 196 392 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. " Includes taxes lor old-age and unemployment insurance, carriers t:»xes, and veterans life insurance premiums. 33RReepprreesseennttss mmoossttllyy nnoonnttaaxx rreecceeiippttss.. 11 RReepprreesseennttss BBuuddggeett eexxppeennddiittuurreess aaddjjuusstteedd ffoorr nneett rreeddeemmppttiioonnss ooff aarrmmeedd ffoorrcceess lleeaavvee bboonnddss amnaa ssppeecciiaall IInntteerrnnaattiioonnaall BBaannkk aanndd MMoonneettaarryy FFuunndd nnootteess.. _ -•^'R'Reepprreesseennttss BBuuddggeett eexxppeennddiittuurreess lleessss tthhee eexxcceessss ooff iinntteerreesstt aaccccrruuaallss oovveerr ppaayymmeennttss oonn ssaavviinnggss bboonnddss aanndd TTrreeaassuurryy bbiillllss aanndd lleessss iinntteerreesstt poaaiidd bbyy tthhee TTrreeaassuurryy ttoo ((11)) ttrruusstt ffuu:n d"s and accounts and (2) G"overnment corporations not wholly owned. ^Represents Budget outlays plus payments to i\i:i public from veterans life insurance funds and redemptions of adjusted service bonds. ' Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance and Government employees and Railroad retirement funds. ^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 o\ dc!!ar:d Savings bonds sa\'ings notes \ 1 1 G T K f )l t l\ ) 1 P n Out t i O il t md Rec emp- Outstandv 1 L (1 1 1 n 1 o t f H udo tions and ing fend of 111 ' t lud^ 1 1 u\K J"11 maturities period) ~ i 7 / ^6-5 10 \i 1 r 5 853 1 J 1 -iO }()! ] 0 )(1 7 2 76 9 ,843 1 ' J- s S(1 S 4S lf -5 s s i i 7 111 8 .235 l> 6 ) -, t ) / 76 1 c (r - 5 300 5,725 )< 4 S =; >0^ } 1 * J )- 3 266 5,384 If 4. <s 0S1 4 1 , 3 843 4.572 1 s / ' / 4. s , 0 s 2 934 7,610 ) ' ( 3 ,> 1 1 2 583 8,640 1 1 {> 0 *> T / r< J 1 ) 1 0') I 6 029 7,534 1' 1 1 ') 1 i » 1 ( > 5 491 5,770 to 1 •> c 1 "10 4 ? > ) > 5 475 6 ,026 ) li 5 1 s 7 190 4.798 •>0 1 719 4,793 1 408 4.4 S3 219 4,706 ^1 S 208 4,977 M 1 S 1 9 > I 290 5.639 1. ° ( S 68 6.258 ] i 55 6,204 178 6.026 70 5!9S6 68 5^887 306 5.581 ->" )(>7 20 ()<• / 81 5,500 J T> 1 1 (M ludi "' »> n il ion d< 1 11 the r n fun 11 hi h 1 S m l' < 1 c 1 1 \ ( rt( ' ' >f T \n(] G l>onds maturing in 1953, to m u ( i ' Tune 1( /S <• ' \n 1 '(Ml ' c m llio i r < ' 1 lc elm 1 1 t e itf 1 L (i < 11 i* Oi I [ ends and is not included him nlici 1 pio f 1^ 1 ] ugc nn m t f c 1 mi * OIMI I b nKnli! ^ - I t 1) ) t L '' ran ish issue price and accrued nn t <-fIf mnlK 11s fi ui 1 sho vi MI h s s< u TIL1 h ount I li •> Mt 1 ition is b<-m * u vei d in subsequent months, uicluc'c i ir umit 1 12 > m Ihon d )lli's )t in 1 cmc 1 Sc r ( s 19-. M mr G bo ids n ic )'(hi t \ith Treasury practice all un- '-> ot th seiuswtir arried as out-.t md t t, nttie x 1 1 it, ( ebt u tiM'u c itirt stn s m itui 1 \ vn de u jemptions aid mttintesof bonn re sho \ 1 it 1-. u1 >n 6 imtini' out Liidii" u tin rent iec^ mption value. Maturities O II f 11 >t i t H It I 1 l 1 n e h s 1 \ I) an 1 F ai 1 G bond-ctrt il ]^d a o^midnt \s a' >r ilir\iu>«n1 >nK mtetc t bearing debt is included in JUNE 1954 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s 1 l d d T g i e r o r o b e t s a c t s 2 l t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t - - f Notes B el a ig n i k B - ond B s r a e n - k b v C i o e b o n r l n e d t- - s Totals b S i o n a n g v d s - s s T i a n a n a g v d x s - S i p ss e u c e ia s l ble* stricted notes 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 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—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 2 73,386 230,403 152,977 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 May 273,555 273,475 229,913 153,325 22,019 18,577 31,923 72,133 8,674 11,899 64,690 58,025 5,344 41,367 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 553 million dollars on May 31, 1954) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3Includes amounts held by Government agencies and trust funds, which aggregated 7,151 million dollars on Apr. 30, 1954. 4Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5Includes 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 HelcI by Held by the public gross U. S. Government End of month (i d n e c b lu t d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks2 banks com- rations govern- Savings Other invesse ti c e u s r ) i- issues issues panies ments bonds securities tors3 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 11.6C0 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—Tune 2i>7,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 ••18,400 8,700 49,900 '17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 '•19,700 8,800 49,600 '16,700 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 '20,000 9,400 49,100 '16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 n0,500 9,600 49,100 '15,700 10,600 1952—Tune 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 '18,900 10,400 49,000 '15,600 11,600 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 '20,200 11,100 49,200 '15,700 11,700 1953—Mar 264,536 39,354 6,908 218,274 23,806 59,500 9,600 16,000 '20,000 11,400 49,500 '15,900 12,500 Apr 264,642 39,474 6,866 218,302 23,880 59,100 9,500 16.000 '19,800 11,500 49,600 '15,900 13,000 May 266,572 39,710 7,057 219,805 24,246 58,600 9,600 16,000 '20,800 11 ,900 49,300 '16,600 12,800 June 266,123 40,538 7,022 218,563 24,746 58,800 9,500 16,000 '18,700 12 ,000 49,300 '16,800 12,800 July 272,732 40,594 7,007 225,131 24,964 63,500 9,500 16,000 '20.000 12,200 49,300 '16,600 '13,200 Aug 273,269 40,988 6,986 225,295 25,063 62,700 9,500 16,000 '20,700 '12,300 49,300 '16,300 '13,400 Sept 273,001 40,958 7,076 224,967 25,235 62,500 9,500 15,900 '20,400 '12,400 49,300 '16,500 '13,300 Oct 273,452 40,888 7,078 225,486 25,348 62,700 9,300 15,900 '20,900 '12,400 49,200 -"16,200 '13,500 Nov... 275,282 41,013 7 156 227,113 25,095 63,800 9,300 15,900 '21 ,700 '12,500 49,300 '16,100 '13,500 Dec 275,244 41,197 7,116 226,931 25,916 63,600 9,200 15,800 '21,500 '12,500 49,300 '16,200 '12,900 1954—Jan 274,924 41,009 7,245 226,670 24,639 64,000 9,200 15,700 '21.700 12,600 49,400 '16,100 '13,300 Feb 274,859 41,070 7,223 226,566 24,509 63,000 9,200 15,700 22.400 12,600 49,400 16,100 13,600 Mar 270,312 41,002 7,203 222,107 24,632 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 'Revised. 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. 3 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. 624 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 May 31, 1954 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Issue and coupon rate Issue and coupon raittee Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds—Cont. June 1, 1954. 2 239 Dec. 15, 1963-68 .2^ 2,826 June 3, 1954. Aug. 15, 1954. 2M 52 June 15, 1964-69 2% 3,754 June 10, 1954. Sept. 15, 1954 . 2H 39 Dec. 15, 1964 69. , 2^ 3,831 Tune 17, 1954. Feb. 15, 1955 . .2 8,662 Mar. 15, 1965 70. .2^ 4,719 June 18, 19542 May 17, 1955. 2 510 Mar. 15, 1966-71 «. 2}4 2,961 June 24, 19542 2% 2,611 June 15, 1967-72« .2^ 1,889 June 24, 1954. Treasury notes 1,449 Sept. 15, 1967-72. .2% 2,716 Dec. 15,1954.. 2 % 982 Dec. 15, 1967-72* 2H 3,823 July 1, 1954. Mar. 15,1955 2H 3,822 June 15, 1978-83.. .3H 1,606 July 8, 1954. Dec. 15,1955 . 2% 927 T T u u l l y y 2 1 2 5 , , 1 19 9 5 5 4 4 . . O A c p t r . . 1 1 9 9 5 5 6 6 . 2 2 % V8 4,2 9 4 1 5 9 P b o o st n a d l s Savings 2 H 46 July 29, 1954. Mar. 1 1957 2,368 Panama Canal Loan 3 50 Apr. 1957 2)4 5,277 Aug. 5, 1954. Oct. 1957. 2M 3 ,466 Aug. 12, 1954. Apr. 1958.. 2% 1 ,485 Aug. 19, 1954. Oct. 195 2M 2,239 Convertible bonds Aug. 26, 1954. 1 1959 11 ,177 Investment Series B 1959. 2,116 Apr. 1, 1975-80. . .2% 11,899 lSold on discount basis. See table on Open Market Money Rates, p. 619. 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 value in millions of dollars] U. S. U. S. Total Govt. Fed- Com- Mu- Insurance Total Govt. Fed- Com- Mu- Insurance End of month st o a u n t d - - a c g i e e n s - e R r e a - l m ci e a r l - t s u a a v l - companies Other End of month st o a u n t d - - a c g i e e n s - e R r e a - l m ci e a r l - t s u a a v l - companies Other ing and serve banks ings ing and serve banks ings f t u ru nd st s Banks banks Life Other f t u ru nd st s Banks banks Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1951—Dec 154,745 6251 23,80154,302 9,12310,289 4,301 46,679 Series B): 1952-June... 153,502 6467 22,90654,038 8,843 9,613 4,246 47,391 1951—Dec 12,060 2905 1214 172 1246 2923 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 1356 3 172 362 3,864 1953-June 159,675 6899 24,74651,365 8,816 9,347 4,808 53,694 Dec 12,500 3 438 185 1352 3 179 360 3,987 Dec 166,619 6989 25,91655,933 8,524 9,120 4,905 55,233 1953—June 12,340 3 439 182 1314 3 133 353 3,919 Dec 11,989 3 439 16S 1264 2 935 328 3,854 1954- Feb 166,457 7095 24,50955,450 8,526 9,097 4,870 56,910 Mar 162,013 7076 24,63253,327 8,481 8,983 4,866 54,648 1954—Feb 11,957 3 439 167 1271 2 921 320 3,838 Treasury bills: Mar 11,932 439 167 1270 2907 320 3,829 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 1,341 7,047 137 464 119 12,518 Within 1 year: 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 1951—Dec 48,204 112 13,43714,081 182 648 576 19,167 Dec 19,511 102 2,993 4,368 126 410 109 11,402 1952—June... 45,642 101 12,20212,705 223 581 470 19,360 Dec 56,953 133 14,74916,996 263 532 733 23,547 1954—Feb 19,510 149 1,788 3,920 133 456 106 12,958 1953—June... 64,589 163 IE,50519,580 476 390 1,082 27,393 Mar 21,013 89 1,911 3,858 154 476 142 14,383 Dec 73,235 175 It,97225,062 475 468 1,061 29,023 Certificates: 1951—Dec 29,078 49 12,793 6,773 41 217 445 8,761 1954—Feb 63,632 241 U,56517,505 404 533 783 28,601 1952—June.... 28,423 60 11,821 6,877 120 76 378 9,092 Mar 64,335 165 11,77818,489 405 499 905 28,095 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 C,68^27,991 419 132 992 8,133 Dec 26,386 63 5,967 9,215 184 37 445 10,475 1952—June.. 44,945 46 ,18S27,858 370 63 996 8,424 Dec 37,713 31 ',14622,381 259 48 910 6,938 1954— Feb 25,278 79 6,051 7,377 169 60 389 11,153 1953—June... 32,330 152 t,45218,344 464 109 914 5,895 Mar 19,377 63 6,051 5,425 137 6 315 7,380 Dec 29,367 192 t,15516,056 431 123 980 5,430 Treasury notes: 1951— Dec 18,409 3 5,06810,465 67 1 315 2,489 1954—Feb. 27,917 189 e,15514,704 372 111 922 5,464 1952—June 18,963 2 5,56810,431 42 5 327 2,587 Mar 23,477 171 c,40411,670 371 114 772 3,976 Dec 30,266 16 13,77410,955 49 8 486 4,978 5-10 years: 1953—June 30,425 23 13,77410,355 62 5 529 5,678 1 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 1357 497 765 3,684 Dec 22,834 546 i,38711,058 1775 885 1,348 5,835 1954-Feb 26,866 9 13,029 8,813 104 54 499 4,358 1953—June 18,677 422 i,374 8,772 1395 745 1,104 4,865 Mar 26,787 8 13,029 8,458 104 54 499 4,635 Dec... 20,292 418 i,37410,051 1315 725 1,198 5,211 Marketable bonds:1 1951—Dec 77,097 3,243 4,13030,119 7697 6 720 3,120 22,068 1954—Feb... . 31,222 450 i,37418,355 1456 777 1,505 7,304 1952—June 75,802 2 928 4,42230.710 7 221 5 855 3,087 21,580 Mar 30,541 534 i,03518,207 1453 707 1,528 7,077 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 4,52232,066 7 232 5 855 3,484 24,890 1951—Dec 41,168 3 036 ,428 5,177 7202 6,470 2,213 14,643 Dec 77,327 3377 3,66730,671 6 820 5 686 3,418 23,688 1952—June.. 34,698 2496 ,109 5,544 5 537 5,301 1,652 12,059 Dec 31,081 2 464 ,415 5,207 5091 4,870 1,361 10,673 1954-Feb 82,846 3 418 3,64135,173 6949 5.605 3,557 24,604 1953—June... 31,739 2 723 ,415 4,488 5 167 4,969 1,356 11,621 Mar 82,904 3477 3,64! 35,419 6 817 5 539 3,591 24,421 Dec 31,736 2 765 ,415 4,595 5039 4,868 1,339 11,716 1954—Feb. 31,730 2 776 ,415 4,718 5 023 4,755 1,340 11,703 Mar 31,728 2 766 ,415 4,795 4 983 4,756 1,341 11,672 * 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. includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. JUNE 1954 625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUESJ [Estimates, in millions of dollars] Gross proceeds, all issuers3 Propo a s ll e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 8 eeds, Noncorporate Corporate New capital Re- Year or Bonds Mis- Re- tiremonth Total G m U ov e . e n S rn t . 8 - ig f e e e r r d a ip - l v4 S n m a t i n c a u d i t - - e Other* Total Total P li u c b ly - v P a r t i e - ly f s e P t r o r r c e e - k d s C m t o o o m n c - k Total m N on ew ey7 l p c o a u e u n r l e s - - - m b t a e i o r n n f e k t - r s m i e t o e c ie f u n s - t pal offered placed poses debt, etc.* 1938 5,926 2 480 115 1 . 10S 69 2 044 1,353 691 86 25 903 681 7 215 1,206 1930 5,687 2 332 13 1 128 50 1 979 1,276 /03 98 87 420 325 26 69 1,695 1940 6,564 2 517 $09 1 ,238 24 2,386 1.628 758 183 108 762 569 19 I 174 1,854 1941. 15,157 11,466 38 95 ft 30 2.380 1,578 811 167 110 1 ,040 868 28 144 1,583 1942. 35,438 33,846 1 524 5 917 506 41i 112 34 647 474 35 138 396 1943. 44,518 42 815 2 435 97 990 621 369 124 56 408 308 27 73 789 1944. 56,310 52 424 1 661 22 2,670 1,807 778 369 163 753 657 47 49 2,389 1945. 54,712 47.353 506 795 47 4,855 3,851 1 , )04 758 397 1,347 1,080 133 134 4,555 1946. 18,685 10,217 357 1,15/ 56 4,881 3,019 1 , 6621.126 891 3,889 3,279 231 379 2,868 1947. 19,941 10 589 2.324 451 5,035 2,888 2,147 761 778 5.115 4,591 168 356 1,352 1948 20,250 10 327 2,690 156 5,973 2,963 3,010 492 614 6,651 5,929 234 488 307 1949 21 ,110 11 804 216 2,907 132 4,890 2,434 2,455 424 736 5,558 4,606 315 637 401 1.950 19,893 9.687 30 3,532 282 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 '051 , 21,265 9,778 110 3,189 446 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,929 12,577 459 121 237 7,601 3 ,645 3,957 564 1,360 8,716 8,180 537 664 1953 28,824 13,957 106 ,558 306 7,083 3,856 3,228 480 1,326 8,495 7,560 535 260 1953—Apr.. 1 ,676 491 340 21 656 375 280 35 125 770 748 32 23 May. 4,613 3,244 650 5 468 287 181 82 164 675 591 85 22 June. 3,066 1,454 443 3 977 575 402 33 156 1,123 1,034 89 24 Tuly.. 1,928 884 522 2 407 106 301 31 82 483 459 24 27 Aug.. 1 ,453 853 260 4 263 110 IS 3 7 65 325 270 55 5 Sept.. 2 ,599 1.320 476 36 676 449 226 44 48 753 691 62 4 Oct.. 2,291 1 ,070 76 483 60 375 153 222 18 210 577 550 28 12 Nov.. 3,506 2,610 411 27 353 95 258 37 60 429 406 23 22 Dec . 2,736 423 777 57 1,385 1,057 327 43 51 1,438 1,413 25 26 1954—Jan.. 1,655 561 399 123 462 284 178 20 90 544 531 13 18 Feb.. 1 ,386 515 414 1 366 178 188 27 63 430 410 29 9 Mar.. 1 ,913 602 522 63 513 226 286 69 144 660 500 70 53 Apr.. 1,954 511 726 428 216 212 108 110 496 480 15 139 Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd ea f l i n e a s n ta c t i e al Year or month T c p n e o r e e o t d a t - s l m R e e n ti t r s e 1 - 0 T p n o r e o ta t - 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 N c i a t e a p w l - " m R e e n ti t r s e 1 - 0 T c p e n o r e e o t d a t - s l N c it a e a p w l - " m R e e n ti t r s e l - 0 T p o n r t e o a t - l i N c t a a e p l 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 i - o 1948 2,180 2,126 54 403 382 748 691 56 2,150 2,005 144 891 587 557 30 1949 1,391 1,347 44 338 310 795 784 11 2,276 2,043 233 567 517 593 558 35 1950 1,175 1,026 149 538 474 806 609 196 2,608 1,927 682 395 314 739 639 100 1951 3,066 2,846 221 518 462 490 437 53 2.412 2.326 85 605 600 515 449 66 1952 3,973 3,712 261 536 512 983 758 225 2,626 2,539 88 753 747 508 448 60 1953 2,218 2,128 90 542 502 589 553 36 2,972 2,905 67 874 871 1,561 1,536 24 1953—April 309 302 7 29 23 66 223 215 13 13 162 160 May 109 r89 19 57 55 40 391 391 7 7 94 93 June 283 276 7 38 38 45 331 314 37 37 412 412 July 133 116 17 59 55 46 209 207 20 18 43 40 An^ust '46 44 2 19 17 15 97 97 30 30 123 122 September. 132 131 1 19 18 32 242 241 89 88 243 242 October. .. 56 53 2 49 47 36 356 350 13 13 80 77 November. 99 93 6 25 25 32 245 229 5 5 45 45 December. 418 409 104 100 84 200 191 47 46 1954—January... 134 118 50 48 65 276 275 12 12 February.. 52 51 26 25 36 269 269 51 51 March 107 107 68 62 57 362 316 88 88 April .... 117 101 15 63 51 3S 328 254 53 28 25 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. 3Includes issues guaranteed. 4Issues not guaranteed. 5Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7Includes 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. 9Includes all issues other than those for retirement of securities. 10Retirernent of securities only. Source.—Securities and Exchange Commission. 626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Quarterly Industry 1953 1948 1949 1950 1951 1953 Manufacturing Total (200 corps.): Sales 38,190 37,803 455.20452,33253,810 •62,48512,54315,28715,709 16,51915,413 •14,845 14,140 Profits before taxes 5.390 5,122 7,993 ,668 7,125 '8,183 1,525 2 ,000 2,244 2.471 2,082 ••1,384 1,744 Profits after taxes 3,356 3,151 4.106 3,456 3,096 '3,527 688 926 848 920 875 '885 870 Dividends 1,429 1 ,686 2,272 2,015 2,010 2,087 482 556 491 485 487 625 521 Nondurable goods industries (94 corps.):1 Sales 14,588 13,90615,84718,55818,813 '20,095 4,692 4,958 4,964 5,068 5 ,035 ••5,028 4,884 Profits before taxes 2,282 1,930 2 ,798 3.290 2,693 '2,866 669 672 752 769 773 '570 656 Profits after taxes 1,520 1 ,263 1,562 1,451 1,291 ••1,413 318 347 338 346 367 '363 352 Dividends 682 736 919 872 891 911 212 251 216 213 213 270 225 Durable goods industries (106 corps.):2 Sales 23,60223,89729,35733,77434,997 r42.390 7,85110.32910,745 11,45010,378 '9,817 9,256 Profits before taxes 3,108 3,193 5,195 5,378 4.432 '5,317 857 ,328 1,493 1,702 1,309 '814 1,088 Profits after taxes 1,837 1,888 2,544 2 ,005 1,804 ••2,114 370 579 511 573 509 ••521 517 Dividends 748 950 1,352 1,142 1 ,119 1,176 270 305 275 272 274 356 296 Selected industries: Foods and kindred products (28 corps.): Sales 4,528 4,223 4,402 4,909 5,042 5,411 1,280 1,315 1,316 1,346 1,355 1 ,394 1,320 Profits before taxes. 455 434 532 473 446 '465 127 104 99 128 131 '107 99 Profits after taxes 285 268 289 227 204 '211 57 50 46 54 57 '54 46 Dividends 148 149 161 159 154 154 37 43 35 37 37 45 36 Chemicals and allied products (26 corps.): Sales 3,674 3,680 4,577 5,574 5,695 6,071 1,401 1,520 1,545 1,568 1,506 1,453 1,434 Profits before taxes 674 693 1,133 i ,421 1 ,200 1,260 289 304 360 346 330 224 271 Profits after taxes 420 415 572 496 458 493 109 128 123 125 124 121 133 Dividends 263 321 448 363 381 398 90 114 90 90 91 127 97 Petroleum refining (14 corps.): Sales . . . . 3,945 3,865 4,234 4,999 5,319 '5,715 1,325 1 ,402 1,381 1,396 1,460 '1,478 1 ,455 Profits before taxes. 721 525 650 863 686 r779 165 171 194 189 225 '170 207 Profits after taxes 548 406 442 515 485 ••551 115 129 127 124 149 '152 139 Dividends 172 172 205 231 252 257 60 69 65 61 61 70 66 Primary metals and products (39 corps.) Sales. 9,066 8,18710,44612,49711,557 •13,750 2,605 3,494 3,428 3,653 3,476 '3,194 2 ,893 Profits before taxes. 1 ,174 993 1,700 2,092 1 ,161 ••1,824 208 431 457 560 510 '295 303 Profits after taxes. 720 578 854 776 575 '793 100 217 183 212 203 '196 151 Dividends 270 285 377 381 367 377 86 106 113 100 Machinery (27 corps.): Sales 4,563 4,363 5,071 6,183 7 ,082 8,009 1,697 2 ,066 1,967 2,045 1,959 2,038 1,917 Profits before taxes 570 520 850 1,003 974 1,009 218 290 276 298 241 193 252 Profits after taxes 334 321 425 370 380 402 89 128 89 103 95 115 115 Dividends 127 138 208 192 200 239 49 53 50 49 49 90 58 Automobiles and equipment (15 corps.): Sales 8,093 9,57711,80512,49612,825 16,377 2,681 3,684 4,308 4,657 3,918 3,495 3,485 Profits before taxes 1,131 1,473 2,305 1,913 1,945 2,048 345 503 648 714 451 235 435 Profits after taxes 639 861 1,087 705 698 747 143 190 200 211 168 168 204 Dividends 282 451 671 479 462 463 114 117 117 114 114 117 114 Public Utility Railroad: Operating revenue 9,672 8,580 9,47310,391 10,580 10,664 2,633 2,828 2,596 2,732 2,755 2,582 2,275 Profits before taxes 1,148 700 1,384 1,260 1,436 1,404 368 512 336 397 399 272 156 Profits after taxes 699 438 783 693 816 871 2 OS 318 186 231 234 219 88 Dividends. 289 252 312 328 336 412 66 116 97 73 79 162 96 Electric power: Operating revenue 4,830 5,055 5,431 5,867 6,224 6,683 1,513 1,618 1,710 1,625 1.650 1,699 1,797 Profits before taxes 983 1,129 1,303 1,480 1 ,718 1 ,880 382 439 545 454 426 456 571 Profits after taxes....... 657 757 824 818 922 1 ,032 207 244 288 246 233 266 324 Dividends. 493 553 619 661 709 771 177 186 182 189 194 206 212 Telephone: Operating revenue 2,694 2,967 3,342 3,729 4.136 4,525 ,037 1,084 1,092 1,126 1,129 1,178 1,174 Profits before taxes 292 333 580 691 787 92 182 206 223 234 220 248 242 Profits after taxes...... 186 207 331 341 384 452 88 104 109 114 107 122 116 Dividends. 178 213 276 318 355 412 911 93 100 101 104 108 109 I ' Revised. 1 Includes 26 compa.nies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 25 compamnyies 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. for about 95 per cent of all electric power operations) and are JUNE 1954 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES ] UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks q Y u e a a r r t e o r r P b r e o fo fi r t e s co In m - e P a r f o t f e i r ts C di a v s i h - tr U ib n u d t i e s- d 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 1 19 9 4 3 1 9 . 1 6 7 . 5 2 7 1 .5 8 5 9 .0 4 3 4 .8 5 4 1. . 2 9 1945 .. 6 457 6 846 —389 4 924 5 995 — 1 071 1 533 851 682 1943 25.1 14 4 10 6 4 5 6 2 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 1,286 1945 19.7 11.2 8 5 4 7 3.8 1947 6,882 2,523 4,359 5,015 2,011 3,004 1,867 512 1,355 1948 7,570 1,684 5,886 5,938 1,284 4,654 1,632 400 1,232 1946 23.5 9.6 13 9 5 8 8 1 1949 6,732 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1947 30.5 11 9 18.5 6 6 12.0 1950 7,224 3,500 3,724 4,806 2,802 2,004 2,418 698 1,720 1948 33.8 13 0 20.7 7 3 13 5 1949 27.1 10.8 16.3 7 5 8.8 1951 9,048 2,772 6,277 5,683 2,107 3,577 3,365 665 2,701 1950 41.0 18.2 22.7 9 1 13 6 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1953 '9,594 2,335 '7,259 '6,705 1,820 '4,885 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 1953—1 . . . 2,329 614 1,715 1,492 481 1,012 836 133 703 1953 41.9 22.9 19.0 9.3 9.7 2. . 2,932 607 2,325 2,096 458 1,638 836 148 687 3. . 1 ,867 530 1,337 1,327 417 910 540 113 427 1952—4 40.3 21.2 19.1 9 1 10 0 4. . . '2,465 584 '•1,882 1,789 464 '1,325 676 119 557 1953—1 .... 44.6 24 A 20.3 9.2 11.1 1954—1 . . . 2,700 977 1,724 1,619 758 862 1,081 219 862 2 45.9 25.0 20.8 9.4 11 4 3. ... 43.3 23.6 19.6 9 6 10.0 'Revised. 4. . . 34.0 18.6 15.4 9.4 6.0 1 Reflects cash transactions only. As compared with data shown on p. 496, new issues exclude foreign and include investment company offerings, sales of securities 1954—1 i ... 36.5 18.5 18.0 9.6 8.4 held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Re- 1 Preliminary estimates by Council of Economic Ad- tirements include the same types of issues, and also securities retired with internal visers. funds or with proceeds of issues for that purpose shown on p. 626. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N r p k e it i t a n l g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a le ccts. 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 .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 .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 > 4 45.8 .9 24 8 10.4 9 7 1946 56.2 108 1 22 8 15.3 .7 30.0 37.6 1.7 51.9 .1 31 .5 8.5 11.8 1947 62.1 123.6 25.0 14.1 38.3 44.6 L.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 L.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 L.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 * ^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 i Quarter Total and incl. utili- others ing ing roads than ties cations min- rail- ties rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1952—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—I' 6,240 2,864 608 910 1,859 1951 25 644 10 852 929 1,474 1,490 3,664 1,319 5,916 24' . . . 7,034 3 263 591 1,167 2,014 1952 26,493 11,632 985 1,396 1 ,500 3,887 7,094 3-* 6,686 3,031 495 1,178 1,982 1953 28,391 12,276 1,011 1,312 1,464 4.548 7,778 19544 . .. 27,230 11.410 1,040 940 1 ,400 4,430 8,010 'Revised. 1 Corporate and noncorporate business, excluding agriculture. 2Includes trade, service, finance, and construction. 3Includes communications and other. 4Anticipated by business. Sources.— Department of Commerce and Securities and Exchange Commission. 628 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 End of year h O ol t d h e e r r s 1- to 4-family 1houses com M m u e l r t c i- i f a a l m p i r l o y p e a r n t d ies ' or quarter h A e o r l l s d l - t F u i i n c t n i s i o a a ti l n n - - s S F e a e l g d e e e c n r te - a d l v I i a d n n u d d a i- ls h A e o r l l s d l - Total F i i n c n i s a a t l i n - - O ho th ld e - r Total F i i n c n i s a a t l i n - - O ho th ld e - r h e o A 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 - ho O l t d h e e r r s2 cies others tutions ers tutions ers 1941 37.6 20.7 2.0 14.9 31 .2 18.4 11 .2 7.2 12.9 8.0 4.8 6.4 1.5 4.9 1942 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 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 4.6 5.4 1.3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 3.7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4.8 1.3 3.4 1946 41.8 26.0 .6 15.1 36 9 23 .1 16.0 7.0 13.8 8.4 5.4 4.9 1.5 3.4 1947 48.9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 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 1.9 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 7.7 3.0 4.7 1952—Tune 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 September.... 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 December 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 73 2 9 4.4 June 96.1 70.9 2.7 22.5 88.6 62.4 50.2 12.2 26.2 17.7 8.5 7.5 3.0 4.6 September. . . . 98.7 73.0 2.8 22.9 91.1 64.3 51 .9 12.4 26.7 18 1 8.6 7.6 3.0 4 6 December. . . . 100.9 75.0 2.8 23.1 93.2 65.9 53.4 12.5 27.3 18.6 8.8 7.7 3.0 4.7 1954—March* 102.9 76.8 2.7 23.4 95.1 67.4 54.8 12.6 27.7 18.9 8.8 7.8 3.1 4.8 pPreliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included 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 BANKS1 [In millions of dollars] Commercial bank holdin Mutual savings bank holdings i Nonfarm Nonfarm End of year or quarter Residential3 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 4,784 3,884 900 28 1942 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 4.395 3.558 837 25 1944 4 430 3,967 3 218 749 463 4,305 4,281 3,476 805 24 1945 4,772 4,251 3,395 856 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 70? 4,441 4,415 3,588 877 26 1947 9 446 8 623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 01 S 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1 1 1 9 9 9 5 5 5 2 1 0 1 1 1 4 3 5 , , , 7 6 8 3 6 6 2 4 7 1 1 1 2 3 4 , , , 6 7 8 9 2 0 5 8 9 1 1 1 1 0 2 , , , 4 2 1 3 7 8 1 0 8 3 3, , 6 4 7 2 5 1 2 3, 9 0 2 1 1 2 4 S 9 S ? 0 9 1 2 2 2 , , , 6 4 2 2 5 6 1 8 4 1 1 ,0 9 0 5 0 6 8 4 8 1 9 8 1 , . . 2 9 3 6 1 7 1 6 9 11 8 9 , , , 2 8 3 1 6 2 8 9 7 8 9 7 , , , 8 5 0 8 5 9 3 4 5 ? 3 S 16 6 8 7 1 7 7 7 3 6 7 4 4 477 1 1 1 ,1 74 6 474 4 4 4 453 4 7 1953 16,850 15,768 12,925 3,912 3,061 s 9S1 2,843 1,087 12,943 12,890 11,334 3 489 3 053 4,797 ,556 53 1952— Time 15,176 14,113 11,602 3,441 s ?09 2,512 1, 06310,554 10,506 9,145 7.898 1 917 4, 330 1.361 48 September . 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,060 10,940 10,890 9,490 3 025 2 069 4,396 1,400 50 December.... 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,327 9,883 3,168 2,237 4,477 1,444 53 16,080 15,000 12,320 3,719 3,010 5 S91 2,680 1 080 11,680 11,630 10,165 3 730 395 4 540 1.465 50 Tune 16,387 15,283 12,545 3.798 3,013 5,734 2,738 1 104 12,112 12,062 10,574 3 325 7 590 4,658 1,488 50 September 16,640 15,550 12,770 3,860 3,040 5,870 2,780 1,090 12 ,500 12,450 10,930 3 405 2 785 4,740 ,520 50 December 16,850 15,768 12,925 3,912 3,061 5,951 2,843 1,082 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 P Preliminary. includes ali 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. JUNE 1954 629 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) Nonfarm Nonfarm Year or month Total Total in F s H ur A e - d a g V n u t A a e r e - - d Other Farm Total Total in F s H u A re - d a g V n 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 1,705 1953 4,335 3,918 819 457 2,642 417 23,275 21.403 6,015 3,563 11,825 1,872 1953—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 3,4-48 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 419 372 68 77 227 47 23,769 21,845 6,066 3,683 12,096 1,924 April 443 403 47 86 270 40 24,005 22,060 6,081 3,746 12,233 1,945 Sources.—Institute of Life Insuran :nd-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 [In millions of dollars] [Number in thousands; amounts (except averages) in millions of dollars Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t s u h e r e s - r l Total' F su H in r A e - d - a g n V u te A a e r - - d t C io v o n e n n a - l - * m Y o o e n r a t r h N b u e m r - Total i a n S l s o g s a a s n v n s & - . p I c a n a o n s n m c u ie e r - - s b C m c a o i n e a m r k l - s - M b s i u a n a n t g v u k s - a s l Other a c m o l ( a d r r e o r d o s - u e l ) - n d t 1940. 1,200 399 426 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 "'563 !U97 "7^3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2.955 1,557 18,336 904 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-Apr.... 678 226 288 164 1953-Apr.... 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 2i,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 Apr.. . 732 257 298 177 Apr. . . 280 1,793 669 130 333 112 550 6,411 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 2Prior to 1948, data are not avai able for classifications shown, 3 Excludes shares pledged againsi mortgage loans, Source.—Home Loan Bank Board. 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL, ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONE ARM 1. TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans3 Home Home Government- Year mortgages Pro- P e r r o ty p- mortgages Alter- End of underwritten Conmo o n r th e p N r r t o e i w p es - e i p s r ' r E t t o i i x n p e - g s - g m j t a e y o g c p r e t e t - s' p l m o r i a m o e n v n - s e t 2 - Total p e N r r t o e i w p es - r a e a t p n i a o d i n r5 q y u ea a r r t o er r Total Total FH in A- guar- ti v o e n n a - l sured anteed 486 208 52 179 588 175 13 216 1939. 16.3 1.8 1 8 14.5 728 183 14 228 1940. 17.3 2.3 2 3 15.0 766 208 21 126 1941 18 4 3.0 3 0 15.4 553 210 85 86 1942. 18 2 3.7 3 7 14.5 484 224 56 114 1943.. 17.8 4.1 4 1 13.7 257 217 20 171 192 1944.. 17.9 4,2 4 2 13.7 120 302 13 321 2,302 1945.. 18 5 4.3 4 1 2 14.2 477 418 360 534 3,286 1946.. 23.1 6 1 3 7 2.4 17.0 1,434 684 609 614 1.881 1947.. 28 2 9.3 3 8 5.5 18 9 1 ,319 892 1 02 i 594 1,424 793 629 1948.. 33 3 12.5 5 3 7 2 20.8 1 637 856 1 157 694 3,073 1,865 1 ,202 1949.. 37.5 15.0 6 9 8.1 22.5 i ,216 713 584 707 3,614 2,667 942 1950.. 45 1 18 9 8 6 10.3 26.2 969 974 322 848 2,721 1,824 890 1951.. 51 .9 22.9 9 7 13,2 29.0 1,259 1 .030 259 1 ,334 3,064 2 ,045 1 ,014 1952P. 58.7 254 10 8 14 6 33.3 109 92 22 119 235 157 78 1953P. 65.9 28.1 12 0 16.1 37.8 1 9 9 0 7 1 9 9 9 9 0 5 4 2 4 1 5 0 9 120 2 2 2 4 1 3 2 6 9 1 1 1 6 4 6 4 9 0 6 7 7 6 8 9 1951—S D e e p c t .. 5 5 0 1 . . 4 9 2 2 2 2 9 0 9 9 5 7 1 1 2 3 5 2 2 2 9 8. . 4 0 1 1 1 1 1 0 0 0 1 1 6 6 5 0 3 6 8 8 8 6 3 7 0 0 8 2 1 2 1 ) 5 5 3 2 i 2 1 1 1 1 1 5 3 2 I 0 1 3 2 6 2 3 2 2 2 0 4 9 5 8 9 8 3 2 6 1 1 1 1 1 9 9 9 6 7 3 7 2 6 0 1 9 8 9 8 1 . 0 2 2 2 3 1952— J S D M u e e n a c p r e . t . . . . . . . . 5 5 5 5 5 3 8 7 . . . . 1 3 7 0 2 2 2 2 3 5 4 4 . . . . 7 4 0 5 1 1 1 9 0 0 0 9 4 8 1 1 1 1 1 3 4 4 3 . . . . 6 3 6 9 3 2 3 3 2 1 3 9 . . . . 1 3 3 8 117 66 12 69 247 174 1953—Mar. . 60.3 26.1 11 1 15.0 34.2 i (>4 60 13 54 267 188 Tune. . 62.4 26.7 11 4 15.3 35.7 95 67 16 69 225 160 Sept.. 64.3 27.5 11 7 15.8 36.8 83 70 17 76 248 163 Dec.. . 6.5 .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. 3FHA-insured property improvement loans are not ordinarily secured by mortgages; 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, figures for * Prior to 1949, data are not available for classifications shown, first three quarters are Federal Reserve estimates. NOTE.—FHA-insured loans represent grosj* amount of insurance written; VA-guar- For conventional, figures are derived. anteed loans, gross amount of loans dosed 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 dollarsl [In millions of dollars] E o n r d m o o f n y th ear A m c u i u i o z t t n e h m t - d e o - d t b m C u m d u o e r i n i s s m n 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 h p 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 t s 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 r in n m g g s - 1948 528 227 199 188 11 198 1945 278 213 195 176 19 1949 848 82 4 828 403 425 672 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—May 816 357 2,477 457 2 020 40 3 1952 586 528 864 565 299 June 610 542 2 ,498 477 2,020 31 1953. . . 674 611 952 634 317 July... 597 526 2,527 508 2,019 39 C1) August 586 523 2,541 536 2 .005 33 11 1953—May... 44 26 645 416 229 September, . 566 544 2.540 556 1,984 26 19 June 97 23 718 471 248 October 556 568 2,526 585 1,941 39 44 July 61 79 700 469 231 November . .. 552 608 2 ,490 594 1.896 30 59 AugU3t .... 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 5'-$9 745 2,366 653 1,713 49 98 April 539 812 2,299 667 1 .632 50 108 1954—January... . 26 226 751 496 255 May 560 791 2,299 680 1,619 .-8 30 February.. . 15 88 677 438 239 March 36 84 630 396 233 April 35 51 613 382 231 iLess than $500,000. May 28 33 608 377 231 Source.—Federal National Mortgage Association. 1 Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. 631 JUNE 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p to a m pe o r b 1 ile co p O g n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d ic i e t 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1 ,929 376 1,322 3,087 845 1,645 597 1942 5 983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 11 570 6,695 1,924 2,143 718 1,910 4,875 1 356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3 342 1,707 1953 28,896 21,807 10,289 5,605 1,606 4,307 7,089 2,127 3,249 1,713 1953—April 26,455 19,767 9,111 5,217 1,435 4,004 6,688 2,246 2,682 1,760 May 27,056 20,213 9,432 5,272 1,462 4,047 6,843 2,294 2,763 1,786 June 27,411 20,635 9,692 5,333 1,493 4,117 6,776 2,197 2,781 1,798 July- 27 581 21,004 9,973 5,351 1 516 4 164 6,577 2,079 2,705 1.793 August 27,810 21,218 10,136 5,362 1,534 4,186 6,592 2,131 2,668 1,793 September 27.979 21,347 10,232 5,352 1,562 4 201 6,632 2,130 2,716 1 786 October ... . 28,166 21.486 10,337 5,366 1,585 4.198 6,680 2,131 2,811 1,738 November 28,252 21,586 10,358 5,406 1,604 4,218 6,666 2,100 2,840 1,726 December... 28,896 21,807 10,289 5,605 1 ,606 4,307 7,089 2,127 3,249 1,713 1954—January .... 28,125 21,444 10,084 5,495 1,587 4,278 6,681 2,083 2,893 1,705 February 27.478 21 ,151 9,915 5,377 1,570 4,289 6,327 2,054 2,550 1.723 March 27,151 20,900 9,800 5,220 1,554 4,326 6,251 2,073 2,438 1,740 April 27,330 20,909 9,798 5,188 1,554 4,369 6,421 2,105 2,566 1,750 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k i s a - 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 s t t u o u r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m e A a o u l b e to i r l - s e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1 ,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1953—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 17,900 8.534 5,074 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 April 20,909 17,859 8,417 5,901 1,096 2 ,445 3,050 1 ,058 789 260 388 555 includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 632 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 o o f n y t e h ar i , c T m n r r i o s e O e t t d n I a a l i l t - l t - C m c m i ( o i n s e a m e i s r l n n - t - g i t t l u e o t - i O p a o a n t n y h s s ) - er m p D a e a e r n c - t ( o - t c c u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m p o h n d e e e - r r s r e R m l r t o a e n i n o a p o iz n d d a n a s - ir - s l P o o e a n n r a - s l banks stores * 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1942 862 149 134 153 124 302 1940 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942. 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 . 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946. 4,212 1,008 114 452 1,624 1,014 1949 4,439 849 946 1,016 715 913 1947. 4,875 1,203 153 532 1,821 1,166 1950 5,798 1,177 ,294 1,456 834 1,037 1948 5,443 L ,261 184 575 2,138 1,285 1951 5,771 1,135 ,311 1,315 888 1,122 1949. 5,588 1,334 198 584 2,096 1,376 1952 7,524 1,633 ,629 1,751 1,137 1,374 1950. 6,323 1,576 245 641 2,365 1,496 1953 8,856 2,135 ,884 2,038 1,301 1,498 1951. 6,631 L.684 250 685 2,411 1,601 1952 7,143 L ,844 250 730 2,612 1,707 1953—April 8,286 1,902 ,821 1,956 1,160 1,447 1953 7,089 1,848 279 769 2,480 1,713 May 8,491 ,989 ,869 1,990 1,184 459 June 8,675 ,043 ,906 2,029 1,212 1,485 1953—April 6,688 1,984 262 487 2,195 1,760 July 8,818 ,095 ,941 2,055 1,234 1,493 May 6,843 1 ,985 309 498 2,265 1,786 August... 8,879 2,123 ,957 2,056 1,251 1,492 June 6,776 .922 275 492 2,289 1,798 September 8,893 2,141 ,948 2,036 1,273 1 ,495 July 6,577 l!830 249 457 2,248 1,793 October. . 8,908 ,157 ,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 April 8,417 1,980 1,794 1,862 1,252 1,529 February.. 6,327 1,782 272 541 2,009 1,723 March. . . . 6,251 1,780 293 497 1.941 1,740 April 6,421 1,812 293 515 2,051 1,750 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE [Estimated amounts outstanding, in millions of dollars] COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in O m th il e li r ons o R f e p d a o i l r lars] E o n r d m o o f n y t e h ar i T m n o s e t t n a a l t l - m A pa o u p b t e o il r - e s O g u c o t o m o h n d e e - r s r m i R z a o e a n p d ti d e a o r i n r n- s l P o o a e n n r a - s l Total Auto- con- and Per- credit paper loans End of year instal- mobile sumer modern- sonal or month c m re e d n i t t paper p go ap od er s iz lo a a ti n o s n loans 1939 789 81 24 15 669 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1,197 878 115 148 56 1942 726 65 27 14 620 1940 1,575 1,187 136 190 62 1941 1,797 1,363 167 201 66 1945 731 54 20 14 643 1942 588 341 78 117 52 1946 991 77 34 22 858 1947 1,275 130 69 39 1,037 1945 300 164 24 58 54 1948 1 573 189 99 59 1,226 1946 677 377 67 141 92 1949 1,858 240 137 89 1,392 1947 1,355 802 185 242 126 1950 2,237 330 182 115 1,610 1948 1,990 1,378 232 216 164 1951 2,537 358 209 132 1,838 1949 2,950 2,425 303 83 139 1952 3 ,053 457 279 187 2,130 1950 3,785 3,257 313 57 158 1953 3,531 557 334 222 2,418 1951 3,769 3,183 241 70 275 1952 4,833 4,072 332 82 347 1953—April 3,202 504 297 195 2,206 1953 6,147 5,306 367 83 391 May 3,251 518 302 200 2,231 June 3,313 534 307 205 2,267 1953—April 5,312 4,536 345 80 351 July 3,366 544 311 207 2,304 May 5,480 4,694 351 78 357 August 3,402 552 315 211 2,324 June 5,633 4,836 356 76 365 September. . . 3,430 558 321 215 2,336 July 5,816 5,007 367 75 367 October 3,438 563 321 218 2,336 August 5,924 5,108 374 72 370 November. . . 3,467 559 328 222 2,358 September. . . 6,005 5,186 375 74 370 December... . 3,531 557 334 222 2,418 October 6,093 5,272 372 76 373 November. . . 6,147 5,321 368 79 379 1954—January 3,491 543 331 218 2,399 December.. . . 6,147 5,306 367 83 391 February.... 3,491 539 330 218 2,404 March 3,501 540 326 217 2,418 1954—January 6,062 5,228 359 86 389 April 3,541 547 328 218 2,448 February 5,974 5 ,150 351 85 388 March .... 5,892 5,079 340 84 389 April 5,901 5,089 336 84 392 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. JUNE 1954 633 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] Automobile Other consumer Repair and Personal Total paper goods paper modernization loans loans Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7.208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941. . 9,425 8,854 3,823 3.436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1 .969 1 ,443 3.077 2,603 423 200 3,026 2.539 1947 12,713 10,190 3.692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13.267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18.282 8.928 7,285 6,458 5,607 826 707 5,044 4,683 1951 . . .. 22,791 22.444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12.306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953 29,812 26.689 13,553 11,363 7,741 7,464 1,340 1,140 7,178 6,722 UNADJUSTED 1953—April 2,605 2,229 1 .258 946 648 648 109 90 590 545 May 2,580 2,134 ,218 897 658 603 115 88 589 546 June 2.670 2,248 L,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 ,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—January . 1,869 2,232 750 955 517 627 67 86 535 564 February. 1 ,864 2.157 776 945 470 588 81 98 537 526 March 2.285 2,536 985 1,100 540 697 94 110 666 629 April 2,315 2,306 998 1,000 594 626 98 98 625 582 SEASONALLY ADJUSTED* 1953—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 June .... 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 L,117 963 589 633 111 100 576 553 November 2,441 2,294 1,080 1,006 631 619 106 92 624 577 December 2,331 2,283 L.O35 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 April 2,272 2,308 926 1,009 621 610 101 104 624 585 * Includes adjustment for differences in trading days. NOTE.—Back figures by months beginning January 1940, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en ta p g re e c e c d h i a n n g ge f m P ro o e m r n c t e h c n o o ta r f r g e e p s r p c e o h c n e a d d n i i g n n e g g Instalment accounts a C cc h o a u rg n e ts month year Item Year or month Depart- Furni- House- Depart- A 19 p 5 r 4 . M 19 a 5 r 4 . F 19 e 5 b 4 . A 19 p 5 r 4 . M 19 a 5 r 4 . F 19 e 5 b 4 . s m to e r n e t s s t t u or r e e s h p s o l t l i o d a r n e a c s p e - s m to e r n e t s Net sales: 1953 Total 0 +9 +4 -11 -10 -10 April 14 12 10 46 C C a re s d h it s a s l a e l s es: -3 +8 +2 -11 -5 -6 J M u a n y e 1 1 4 4 1 1 2 3 1 1 0 0 4 47 6 Instalment + 1 + 11 +9 -12 -12 -11 July 13 12 10 46 Charge account -4 +8 +3 -5 -1 -7 August 14 12 10 45 September 14 12 10 46 Accounts receivable, end October 14 12 10 48 of month: November 14 11 9 47 Total . . . -1 -2 -4 -4 -4 -3 December 14 11 9 46 Instalment 2 -3 -2 -2 -1 Charge accounts -1 -1 -8 -10 -8 -10 1954 Inventories, end of January 13 12 9 45 month, at retail value. +2 +5 +2 -9 -6 -7 February 14 11 9 43 March 15 13 10 48 April 14 12 9 45 Collections during month as percentage of accounts outstanding at beginning of month. 634 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 or Y m e o ar nth Total I ( n p d ( h 1 u y 9 T s s t 4 o i r c 7 i t M a a a -4 l l l a 9 v p n o r r u = o l D a u f d u b a 1 m u - c l 0 e c t e 0 u t ) i ) * r o e 1 N r n s a d o b u n - l - e M er i a n l - s To a t w a 1 a l 9 r c 4 d o 7 e n R d - d t t e 4 i e r n a s 9 a ( - l i v = c - a t 1 s l 0 u o 0 e t A ) h 2 l e l r m N p t E a e c u l g o m u m e o r r n n l y a - i - - p - t - l loy 1 m p 9 r E 4 e M o n 7 m m d t - a u 4 p e n c a n 9 l u t o n t = i f y o d a 1 - n c 0 p t 0 w u a r o y i r r n P r k o g o a e l l l y r l s s s - 8 c 1 F a 9 = i r r n 4 e l g 1 7 o i s 0 g a - 1 4 h 0 d 9 t - 1 D v ( s 9 m s - a r e a 4 t 1 e l l p o e u 7 e t 0 a n r a s e - 0 e r t i 4 * ) l t 9 - 1 p s 9 - C u r 4 1 i m o c 7 n 0 e - e - 0 s 4 r 8 9 1 W m p 9 c - r s o 4 o 1 h a i d c 7 m o 0 l e e - i l 0 t 4 s e y 8 - 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 37 45 34 39 61.6 68.7 31.1 90 27 74.0 1920. 41 42 36 53 34 45 62.2 69.0 37.1 98 32 85.7 1921. 31 24 34 42 30 32 55.4 52.8 24.0 83 30 76.4 1922. 39 37 40 45 43 43 58.7 58.4 25.7 92 30 71.6 1923. 47 47 44 62 45 42 64.6 66.9 32.6 107 34 72.9 1924. 44 43 42 57 51 46 63.8 62.1 30.4 105 34 73.1 1925. 49 49 46 59 66 59 65.5 64.2 32.1 110 36 75.0 1926. 51 52 48 63 69 67 67.9 65.5 33.0 115 37 75.6 65.0 1927. 51 49 50 64 69 68 68.2 64.1 32.4 111 37 74.2 62.0 1928. 53 53 51 63 73 70 68.3 64.2 32.8 112 37 73.3 62.9 1929. 59 60 56 68 63 70 71.3 68.3 35.0 115 38 73.3 61.9 1930. 49 45 51 59 49 62 67.0 59.5 28.3 99 35 71.4 56.1 1931. 40 31 48 51 34 41 60.6 50.2 21.5 79 32 65.0 47.4 1932. 31 19 42 42 15 20 53.7 42.6 14.8 59 24 58.4 42.1 1933. 37 24 48 48 14 18 53.9 47.2 15.9 62 24 55.3 42.8 1934. 40 30 49 51 17 7 24 59.0 55.1 20.4 67 27 57.2 48.7 1935. 47 38 55 55 20 13 25 61.6 58.8 23.5 69 29 58.7 52.0 1936 56 49 61 63 30 22 35 66.2 63.9 27.2 81 33 59.3 52.5 1937 61 55 64 71 32 25 36 70.6 70.1 32.6 84 35 61.4 56.1 1938 48, 35 57 62 35 27 40 66.4 59.6 25.3 67 32 60.3 51.1 1939 58 49 66 68 39 37 40 69.6 66.2 29.9 76 35 59.4 50.1 1940 67 63 69 76 44 43 44 73.6 71.2 34.0 83 37 59.9 51.1 1941 87 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 A 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.3 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 92.1 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 95.1 97.9 81.2 100 90 83.4 78.7 1947 ioo: 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1 1 1 9 9 9 4 5 4 9 0 8.... 1 11 9 0 2 7 4 1 1 9 0 1 7 3 3 1 1 9 1 0 5 6 4 1 1 9 1 0 9 1 2 1 1 9 0 0 4 5 6 1 1 1 1 5 0 3 9 2 1 1 9 8 1 8 5 6 1 1 1 1 4 0 1 2 5 1 1 9 0 0 9 2 1 . . . 1 5 3 1 9 9 0 9 3 2 . . . 6 8 8 1 1 9 1 0 7 1 5 . . . 2 7 1 104 1 1 9 0 0 8 5 4 1 1 1 0 0 0 2 1 2 . . . 8 8 1 1 9 0 0 9 4 3 . . . 2 4 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 »134 P136 P153 P118 192 178 201 113.6 112.0 151.6 96 112 114.4 110.1 1952 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. 133 131 135 152 118 117 205 183 219 113.1 152.5 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' 136 155 118 116 173 182 167 113.6 112.6 112.4 151.4 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 nn 113.7 109.4 May 137 136 139 156 123 117 161 164 159 113.9 114.2 112.3 151.9 98 114.0 109.8 June 136 136i 138 154 121 119 169 174 166 114.3 114.3 113.1 153.9 97 117 114.5 109.5 July 137 129j 139 157 121 120 172 175 170 114.4 114.1 112.2 151.1 93 115 114.7 110.9 August.. . . 136 136 138 157 119 119 205 184 220 114.0 112.7 113.8 154.0 98 113 115.0 110.6 September. 133 135 135 152 117 118 218 180 243 113.7 111.5 113.7 153.4 96 112 115.2 111.0 October. . . 132 136 134 151 117 114 230, 183 262 113.8 110.2 112.0 152.6 95 107 115.4 110.2 November. 129 130 131 146 115 111 224 176 255 113.0 108.4 109.4 148.0 92 110 115.0 109.8 December. 126 124 127 142 112 113 208 177 229 112.2 107.0 107.7 147.2 88 113 114.9 110.1 112 1954 January. . . 124! 127 140 113 113 195 185 202 105.6 105.1 140.8 107 115.2 110.9 February.. 126 126 139 113 113 196 201 104.6 104.3 140.5 109 115.0 110.5 March. . . . 123 125 124 135 '114 191 205 103.9 103.6 138.4 105 114.8 110.5 April 123 123 125 134 115 111 196 213 110.4 103.0 101.8 135.0 P110 114.6 mi .o May P125 P126 P135 P117 112 P102.1P100.4 '134.9 e109 110.9 • Estimated. * Preliminary. r Revised. • Average per working day. i Revised index; for description see BULLETIN for December 1953. 2Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 643. 3The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. 4For indexes by Federal Reserve districts and for other department store data, see pp. 645-649. Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 1490- 1515. JUNE 1954 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr, SEASONALLY ADJUSTED Industrial Production—Total 100.00 124 134 136 137 136 137 136 133 132 129 126 125 125 123 123 Manufactures—Total 90.02 125 136 138 139 138 139 138 135 134 131 127 127 126 124 125 Durable Manufactures—Total 45.17 136 153 155 156 154 157 157 152 151 146 142 140 139 135 134 Primary metals 6.70 116 132 136 139 137 136 137 130 128 122 113 111 109 103 104 Metal fabricating 28.52 146 167 169 169 168 171 171 166 166 159 156 154 151 147 146 Fabricated metal products 5.73 121 136 138 139 139 142 140 135 134 130 126 126 123 120 118 Machinery 13.68 147 160 164 162 161 164 165 161 159 152 146 143 141 138 138 Nonelectrical machinery 9.04 136 143 147 146 144 145 145 141 141 136 133 130 130 125 126 Electrical machinery 4.64 167 194 195 194 194 200 203 200 193 184 172 169 163 163 163 Transportation equipment 7.54 154 189 190 192 188 196 191 186 189 180 182 183 178 171 172 Instruments and related products.... 1.29 142 155 153 156 157 156 156 155 154 155 154 148 147 144 139 Clay, glass, and lumber products 5.91 118 125 127 127 124 127 125 124 124 123 119 120 125 123 120 Stone, clay, and glass products 2.82 125 133 134 135 134 135 135 134 133 132 129 125 130 131 128 Lumber and products 3.09 111 118 120 119 114 119 116 114 117 115 110 115 120 116 113 Furniture and misc. manufactures 4.04 118 131 134 135 135 134 135 129 129 126 124 120 120 119 117 Furniture and fixtures 1.64 113 117 124 123 122 121 119 114 113 109 106 105 103 104 104 Miscellaneous manufactures 2.40 122 140 141 143 145 143 146 140 140 138 136 130 132 130 126 Nondurable Manufactures—Total.. 44.85 114 118 111 123 121 121 119 117 117 115 112 113 113 rll4 115 Textiles^ and apparel 11.87 105 107 113 115 113 111 106 102 102 98 95 96 95 r97 101 Textile mill products 6.32 103 104 109 113 111 108 104 100 98 95 90 90 90 91 93 Apparel and allied products 5.55 108 110 116 117 115 114 109 104 107 101 101 103 100 103 111 Rubber and leather products 3.20 107 113 120 122 113 116 111 105 105 103 104 103 102 102 Rubber products 1.47 116 128 137 139 130 130 127 121 120 118 116 112 110 113 113 Leather and products 1.73 99 99 104 108 99 104 97 91 93 91 93 94 94 93 94 Paper and Printing 8.93 118 125 125 126 126 126 126 126 126 125 122 122 123 123 125 Paper and allied products 3.46 120 132 134 134 134 134 133 135 132 132 125 126 129 131 133 Printing and publishing 5.47 116 121 120 121 121 121 121 121 123 121 120 120 119 119 120 Chemical and petroleum products 9.34 133 142 144 146 145 146 143 143 142 141 140 138 141 139 139 Chemicals and allied products 6.84 137 147 148 151 150 152 148 147 146 145 145 143 146 146 146 Petroleum and coal products 2.50 123 130 131 131 131 132 132 131 129 129 128 124 126 122 122 Foods, beverages, and tobacco 11.51 106 107 108 109 106 107 108 108 108 108 103 105 105 106 106 Food and beverage manufactures 10.73 105 107 108 109 106 108 108 109 108 108 103 105 106 107 106 Tobacco manufactures .78 110 108 108 107 103 103 104 104 106 108 112 100 98 103 Minerals—Total 9.98 114 116 115 117 119 120 119 118 114 111 113 113 113 112 Mineral fuels 8.35 113 115 114 116 119 120 119 118 113 111 112 113 113 112 vll3 Coal 2.68 83 78 75 85 86 87 86 81 76 70 69 70 68 62 58 Anthracite .36 78 57 47 65 62 68 59 57 54 50 55 62 59 52 46 Bituminous coal 2.32 84 81 79 89 89 90 84 80 73 71 72 69 63 60 Crude oil and natural gas 5.67 128 133 133 134 135 135 136 131 131 133 134 135 136 Metal, stone, and earth minerals 1.63 115 119 121 120 121 121 120 120 116 114 114 111 112 110 P100 Metal mining .82 108 113 118 118 117 116 117 117 108 103 101 103 101 96 P82 Stone and earth minerals .81 123 124 124 122 125 125 124 123 124 125 127 119 124 124 118 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 124 134 136 136 136 129 136 135 136 130 124 124 126 125 123 MANUFACTURES—TOTAL 90.02 125 136 139 138 138 130 137 137 138 132 125 126 128 127 125 Durable Manufactures—Total.. 45.17 136 153 159 157 155 147 153 151 154 146 140 140 141 139 137 Primary metals 6.70 116 132 141 142 138 124 130 127 129 122 110 113 113 108 108 Ferrous metals 5.03 115 133 142 143 138 127 131 127 130 122 110 111 111 104 103 Pig iron and steel 3.51 115 138 144 147 142 136 138 134 136 128 114 115 113 105 104 Pig iron .37 107 130 130 133 133 132 131 130 132 127 117 113 108 100 93 Steel 3.05 117 139 146 148 143 137 138 134 136 129 114 115 114 106 105 Carbon steel 2.62 112 135 139 140 137 131 133 131 138 131 116 115 113 105 103 Alloy steel .43 144 165 191 196 183 170 169 152 126 113 105 115 119 114 113 Ferrous castings and f orgings., 1.52 114 121 136 133 127 106 116 113 117 108 101 103 106 102 Iron and steel castings 1.29 109 115 129 125 120 101 112 109 113 103 98 98 103 100 Steel forgings .23 143 154 176 179 166 133 141 137 139 134 122 130 125 111 Preliminary. p 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. 636 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? Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 119 129 138 139 139 115 128 126 128 121 108 118 120 119 P123 Primary nonferrous metals .38 123 144 147 143 144 143 141 147 147 146 145 145 147 147 PUS Copper smelting .09 106 112 122 115 108 109 105 111 114 109 109 104 102 101 98 Copper refining . . ... .06 99 116 115 116 129 120 107 116 124 121 121 110 113 115 114 Lead . .04 100 101 107 96 84 89 84 97 99 120 108 108 103 113 Zinc .10 112 113 114 113 116 111 115 115 115 107 108 107 102 97 P99 Aluminum .09 156 209 207 207 212 215 217 222 213 215 217 228 240 240 245 Secondary nonferrous metals .13 114 114 133 118 121 101 110 107 111 106 101 96 104 107 Nonferrous shapes and castings.. . . 1.16 119 126 136 139 139 107 125 121 123 114 96 112 113 110 ioi Copper mill shapes .63 113 112 113 125 128 85 112 108 110 103 78 100 100 96 Aluminum mill shapes . .20 140 168 195 186 183 174 169 163 158 136 126 136 139 143 Nonferrous castings .33 115 130 146 138 135 109 124 122 127 121 114 120 122 118 Metal Fabricating 28.52 146 167 173 170 168 161 166 164 167 158 155 155 155 153 150 Fabricated metal products......... 5.73 121 136 139 139 139 135 140 137 137 130 126 124 123 121 119 Structural metal parts 2.68 121 137 139 139 140 135 137 135 136 134 135 129 127 125 123 Stampings and misc. metal products. . 2.12 121 138 145 144 143 137 136 133 133 130 131 127 124 121 117 Tin cans .30 122 129 114 120 134 160 199 182 139 124 69 104 107 105 Furnaces, gas ranges, and heaters. . . . .63 89 93 99 102 92 83 108 106 113 82 63 74 '73 79 Machinery 13.68 147 160 167 163 159 148 157 158 161 154 149 146 147 -145 141 Nonelectrical machinery 9.04 136 143 150 148 146 138 137 137 138 135 137 132 134 132 128 Farm and industrial machinery 8.13 135 139 144 142 142 137 136 135 135 133 134 130 129 ••127 124 Farm machinery 1.02 103 96 109 105 102 98 93 86 79 73 74 76 80 84 85 Industrial and commercial machinerv 7.11 140 145 149 148 148 143 142 142 143 141 142 138 136 134 129 IVIachine tools and presses .68 179 188 192 191 189 184 183 187 188 185 186 181 181 177 167 Laundry and refrigeration appliances. .69 108 128 157 144 133 98 94 104 112 99 110 106 129 122 120 Electrical machinery „ 4.64 167 194 199 192 184 168 197 200 205 191 172 172 172 172 166 Electrical apparatus and parts 3.23 162 179 184 182 182 176 178 170 178 176 176 169 167 ••164 160 Radio and television sets .74 184 230 237 208 180 136 242 249 276 230 157 173 170 182 172 Transportation equipment 7.54 154 189 198 194 193 190 189 182 189 173 174 181 181 180 179 Autos, trucks, and parts 4.80 102 126 143 137 136 131 126 114 122 103 101 112 112 111 113 Autos 1.50 103 146 170 162 166 161 153 134 151 107 107 135 138 142 151 Trucks .66 111 118 142 124 106 118 127 115 106 95 98 103 103 rlOl 101 Light trucks .22 105 112 138 107 76 113 118 114 106 85 100 112 103 104 104 Medium trucks .19 69 58 80 53 37 57 62 5-1 50 47 56 67 62 66 68 Heavy trucks .14 194 183 218 201 198 175 186 151 146 134 150 145 164 152 150 Truck trailers .07 137 229 246 285 270 247 282 275 232 229 149 137 143 133 Auto and truck parts 2.58 98 117 127 125 126 116 110 102 109 102 99 101 99 95 94 Aircraft and parts 1.30 368 465 452 452 452 461 473 480 481 463 T483 483 489 485 478 Shipbuilding and repair ... .81 136 135 143 141 141 139 135 130 127 124 127 rl24 124 124 P121 Railroad equipment .53 74 72 78 76 7* 62 66 64 83 67 53 59 54 54 49 Railroad cars .35 62 64 65 66 62 58 56 55 83 61 41 49 42 44 39 Instruments and related products. . 1.29 142 155 155 156 157 151 153 155 156 156 155 148 147 145 140 Clay, Glass, and Lumber Products 5 91 118 125 130 128 129 122 129 128 131 123 113 112 120 122 123 Stone, clay, and glass products 2.82 125 133 134 135 136 132 137 136 139 134 128 122 126 128 128 Glass and pottery products 1 09 114 123 126 125 123 113 123 122 128 122 116 115 121 122 118 Flat glass and vitreous products. . . .60 122 136 138 137 135 128 134 136 141 139 136 130 130 '130 124 Flat and other glass .47 124 139 142 139 137 128 135 139 145 143 140 132 133 131 126 Glass containers .26 112 120 122 126 129 122 132 121 127 114 102 115 124 129 124 Home glassware and pottery .23 94 91 99 93 86 65 86 84 93 86 77 79 92 93 94 Cement .32 124 132 132 137 138 142 143 144 145 137 119 104 110 118 132 Structural clay products . . .35 112 110 111 110 117 114 114 116 116 112 106 97 101 107 108 Brick .12 108 106 108 108 119 113 114 118 116 109 97 81 90 102 Clay firebrick, pipe, and tile .20 116 115 114 114 118 117 117 115 118 116 113 110 110 111 110 Concrete and plaster products .48 155 163 162 164 168 172 175 169 170 163 157 143 148 152 156 Misc. stone and earth manufactures.. .58 131 143 142 143 142 141 143 145 146 143 146 140 141 139 135 Lumber and products . . . 3.09 111 118 126 122 122 112 122 121 123 114 99 104 116 117 119 Lumber 2.05 105 112 120 114 117 109 123 118 120 110 93 98 109 109 113 Millwork and plywood .60 138 149 164 159 152 128 135 147 148 141 124 140 160 164 163 M^illwork .39 118 118 125 124 109 98 115 117 116 101 87 96 110 109 111 Softwood plywood .12 167 199 226 215 222 174 164 194 198 206 184 212 241 253 248 Wood containers .29 99 99 103 103 104 101 98 94 96 94 94 88 90 90 91 Furniture and Misc. Manufactures 4.04 118 131 132 130 131 125 132 132 135 132 127 119 122 121 115 Furniture and fixtures 1 64 113 117 121 118 117 113 116 115 116 114 112 106 107 106 102 Household furniture .... 1.10 113 118 123 119 117 112 116 114 116 113 109 103 105 105 101 Fixtures and office furniture .54 112 116 118 115 117 114 117 118 117 115 117 113 110 107 104 Miscellaneous manufactures 2.40 122 140 140 139 140 133 143 144 148 145 138 128 133 131 125 P Preliminary. r Revised. For other footnote see preceding page. JUNE 1954 637 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 1953P Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 118 118 119 121 113 121 122 122 118 110 Ill 114 '115 113 Nondurable Manufactures—Total... 11.87 705 107 108 111 114 97 111 104 103 98 92 97 102 702 97 Textiles and Apparel Textile mill products 6 32 103 104 109 112 111 93 107 102 100 96 87 91 95 94 93 Cotton and synthetic fabrics 3.72 105 107 111 115 114 95 110 105 101 102 90 97 100 100 99 Cotton consumption 2.30 104 104 107 110 110 87 107 104 103 101 89 100 101 100 97 Synthetic fabrics .97 112 115 125 129 130 124 119 109 102 105 95 89 98 '100 101 45 102 101 106 112 108 74 100 100 87 96 83 91 97 97 Wool textiles .97 85 78 80 87 91 78 82 73 74 64 61 58 58 61 ^^ool apparel yarns .16 96 91 93 103 110 90 102 93 82 68 59 68 72 73 Wool fabrics .75 83 75 78 83 87 75 77 68 73 63 62 56 54 '58 59 Knit goods . 1.15 115 116 123 123 117 102 118 116 115 108 97 103 109 105 103 Hosiery .65 116 113 123 121 111 88 114 115 114 109 94 113 119 112 lit Full-fashioned hosiery .45 121 118 130 128 116 89 117 119 118 114 97 120 127 120 119 Seamless hosiery .20 105 102 105 103 100 87 105 104 104 98 87 96 102 93 91 Knit garments .50 113 119 124 125 125 121 125 117 116 107 101 90 95 96 92 Floor coverings. . ... .48 95 99 114 100 98 67 94 97 101 87 88 89 96 '92 90 ^Voven carpets .31 80 86 106 87 82 45 80 83 89 69 72 76 85 '83 Apparel and allied products 5.55 108 110 107 110 117 102 115 106 107 100 98 104 111 110 102 Men's outerwear 1.78 105 113 123 128 124 83 117 113 105 104 87 111 117 102 111 Men's suits and coats .73 87 96 100 110 109 63 107 94 90 88 78 96 92 '77 79 Men's suits .50 83 92 98 102 98 57 94 83 83 86 81 102 96 80 78 Men's outercoats .13 83 89 85 114 125 74 133 115 94 71 46 52 56 48 65 Shirts and work clothing .99 114 124 138 141 133 94 122 125 114 113 90 120 133 '118 132 Women's outerwear 1.85 108 103 86 94 119 111 111 92 96 83 98 104 112 122 99 Women's suits and coats .76 123 117 53 67 142 141 145 106 118 90 122 123 135 145 84 M^isc apparel and allied mfrs 1.92 111 112 112 110 110 107 112 108 114 109 105 98 104 107 96 Rubber and Leather Products 3 20 707 113 727 118 113 101 112 107 111 103 98 103 108 rlO8 104 Rubber products 1 47 116 128 140 137 131 114 122 122 127 120 111 114 114 '118 115 Tires and tubes .70 115 117 135 132 123 109 106 103 108 101 93 96 112 108 111 Auto tires. .40 106 117 134 134 125 117 112 104 109 99 89 92 111 113 120 Truck and bus tires .30 128 118 137 130 121 97 99 102 106 103 99 102 114 101 99 Aliscellaneous rubber products .77 117 145 142 138 119 137 Leather and products 1 73 99 99 104 102 97 91 103 94 97 89 87 94 102 100 94 Leather .44 87 91 96 101 93 80 93 85 91 87 81 87 '95 89 85 Cattlehide leathers .29 87 92 97 101 91 79 94 86 94 91 86 93 101 92 Skin leathers .15 86 89 94 100 97 81 90 83 87 79 72 74 82 82 Shoes and slippers .90 104 103 109 106 99 93 109 97 97 85 88 102 110 109 103 Miscellaneous leather products .39 101 100 104 95 98 98 102 96 101 99 92 85 91 '91 82 Paper and Printing, 8 93 118 125 128 126 125 116 123 127 132 129 121 120 124 126 727 Paper and allied products 3 46 120 132 136 132 134 120 135 135 140 135 119 126 133 135 PI 35 Pulp and paper 1.76 120 130 134 131 133 117 133 130 138 133 117 128 132 133 P133 Wood pulp .51 132 142 146 144 146 130 146 141 151 147 129 142 145 147 Paper and board 1.25 116 125 129 126 128 112 127 126 132 127 113 122 127 127 Printing paper... .22 111 119 122 119 119 108 121 118 124 120 112 120 122 124 Fine paper . . .14 117 116 122 122 118 96 118 118 121 120 109 112 121 121 Coarse paper .20 112 118 120 120 117 104 118 118 127 124 113 122 125 122 Miscellaneous paper .18 123 129 132 126 129 118 127 128 136 131 123 135 139 137 Paperboard .41 117 134 138 135 140 118 141 137 143 137 115 130 131 Building paper and board .10 112 118 128 126 132 116 121 122 123 108 92 96 113 115 Converted paper products 1 70 120 134 139 132 136 124 137 140 143 136 121 123 134 137 138 Shipping containers .51 120 133 138 133 137 122 138 141 140 135 118 115 126 133 135 Sanitary paper products .11 126 138 146 131 132 131 134 139 151 139 131 147 155 149 Printing and publishing 5 47 116 121 123 122 120 114 116 122 126 126 122 116 118 121 122 Newsprint consumption 1.85 115 118 127 127 118 102 106 119 129 131 117 108 114 120 129 Job printing and periodicals 3.62 117 122 120 120 121 119 121 123 125 123 125 121 120 121 119 Chemical and Petroleum Products. 9 34 133 142 144 143 142 139 141 142 145 145 141 rl41 '144 142 139 Chemicals and allied products 6.84 137 147 150 148 146 141 143 145 151 150 146 146 150 '150 147 Industrial chemicals 2.54 140 154 159 159 161 157 157 151 151 149 147 145 '150 '150 P150 Basic inorganic chemicals .57 137 149 154 152 149 146 147 138 153 153 148 141 '147 159 Industrial organic chemicals 1.97 141 155 161 161 164 160 160 154 150 148 147 '146 148 '148 P147 Plastics materials . .24 157 183 199 191 194 163 175 181 179 173 166 168 '192 193 Synthetic rubber .11 175 186 221 220 214 205 176 162 147 152 153 148 152 144 127 Synthetic fibers .59 141 156 170 168 174 171 167 148 143 135 136 '134 '135 '140 141 Miscellaneous organic chemicals.. 1.03 133 144 140 143 146 148 150 150 148 149 149 147 144 '141 141 Vegetable and animal oils .64 112 116 112 104 95 84 94 109 140 141 135 138 138 122 114 Vegetable oils .48 110 112 105 93 83 70 83 106 144 141 137 138 138 122 109 Grease and tallow .16 119 131 135 136 131 124 125 120 129 140 127 138 140 122 131 Soap and allied products.. .71 110 113 112 112 100 76 97 116 134 128 117 118 124 127 111 Paints .66 112 118 119 122 121 122 119 118 117 117 116 114 115 115 116 Fertilizers... .23 122 124 177 139 112 101 104 112 108 101 106 112 136 '170 173 Preliminary. r Revised. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLF- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 638 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 1953P Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 2 50 123 130 127 129 131 132 135 133 131 131 128 125 126 121 118 PePtertorloeluemu ma rnedf incionagl products . . 1.97 128 135 131 132 136 137 138 136 135 137 137 134 136 '129 P126 Gasoline 1 04 132 144 137 140 145 149 150 147 143 147 146 140 141 135 v\33 Automotive gasoline .98 128 139 132 135 140 144 144 141 138 143 141 136 136 131 Aviation gasoline 06 194 227 227 235 241 234 243 247 220 211 228 214 227 212 Fuel oil . .56 128 130 127 125 130 128 128 128 128 130 129 131 135 '127 P\20 Distillate fuel oil .30 151 155 151 148 155 153 152 153 155 155 153 156 164 155 Residual fuel oil .26 102 101 100 98 101 100 100 98 97 100 102 104 102 96 Kerosene .10 119 117 118 107 107 105 105 108 116 116 124 128 135 116 Lubricating oil .17 112 106 105 109 106 103 110 112 111 112 109 105 111 104 Coke .26 97 111 113 114 114 113 112 110 109 107 102 97 90 86 81 Asphalt roofing and siding .15 102 99 108 118 109 111 139 123 121 90 53 57 67 78 Foods, Beverages, and Tobacco 11.51 106 107 100 103 108 111 118 123 120 HI 98 97 96 98 98 Food and beverage manufactures.. 10.73 105 107 99 102 108 112 118 124 120 111 99 97 96 98 98 Food manufactures . . . 8.49 106 108 98 101 105 110 118 127 121 114 102 101 98 98 96 Meat products 1.48 114 115 111 103 105 98 102 111 123 135 125 126 112 115 106 Beef .46 100 129 127 126 128 127 132 139 144 139 134 141 129 132 127 Pork .83 119 104 98 87 89 79 82 92 107 128 116 114 99 102 91 Dairy products .69 98 105 112 136 146 132 118 99 85 80 81 86 96 104 119 Butter 14 92 108 122 145 143 120 111 88 82 86 94 110 115 124 128 Natural cheese .07 103 112 124 151 159 130 116 102 89 86 93 100 109 117 133 Concentrated milk .19 91 93 111 137 140 110 94 72 67 68 74 78 84 95 115 Ice cream .28 102 106 100 121 144 149 135 118 94 80 73 72 87 92 107 Canned and frozen foods . ... 1.13 117 121 80 90 103 162 209 233 154 104 86 76 72 71 76 Grain-mill products . 1.16 108 106 99 104 110 108 109 111 111 103 101 106 104 '101 99 Wheat flour .46 84 81 75 81 78 78 83 84 90 82 76 86 83 Cereals and feeds .70 124 122 114 120 131 128 126 128 125 117 117 119 118 '116 114 Bakery products . . 1.64 101 100 98 100 103 102 101 102 101 99 97 95 97 '96 96 Sugar .27 104 113 67 57 80 73 75 106 250 277 177 89 63 58 Cane sugar . 11 109 113 105 116 123 129 124 121 105 97 96 97 104 116 Beet sugar .13 94 108 30 1 39 20 27 89 370 429 242 77 24 2 Confectionerv .71 102 102 98 89 74 64 92 135 135 128 88 111 110 99 89 Miscellaneous food preparations . .. 1.41 100 104 97 101 107 109 108 113 110 107 102 100 103 105 103 Beverages 2.24 102 105 105 110 119 121 118 113 116 99 84 82 89 99 103 Bottled soft drinks .54 116 Alcoholic beverages 1.70 98 100 102 102 107 107 108 108 118 100 80 78 86 99 100 Beer and ale . . 1.02 102 103 109 106 117 127 129 111 100 79 76 79 86 102 106 Liquor distilling .17 54 60 53 55 51 41 33 67 122 88 65 61 71 69 64 Liquor bottling .37 99 107 105 110 104 90 92 115 148 146 89 79 88 101 98 Tobacco manufactures .78 110 108 104 107 110 94 117 111 116 111 92 98 96 101 Cigarettes .46 114 111 107 109 114 99 123 115 118 110 96 105 100 106 Cigars .17 105 108 106 112 108 88 110 110 120 122 90 90 96 97 MINERALS—TOTAL 9.98 114 116 115 118 120 117 122 122 118 113 111 111 110 109 P110 Mineral Fuels 8.35 113 115 114 115 117 114 119 119 116 113 113 114 113 112 P113 Coal . . . 2 68 83 78 74 81 81 69 85 84 84 76 71 74 68 61 58 Anthracite .36 78 57 45 66 65 54 56 60 66 55 51 62 59 48 44 Bituminous coal 2.32 84 81 79 84 83 71 90 88 87 79 74 75 69 63 60 Crude ol! and natural gas 5.67 128 133 133 131 134 135 135 136 131 131 133 134 135 136 Oil and gas extraction 4.82 125 129 127 130 130 131 130 126 128 128 127 130 131 P134 Crude oil 4.12 120 124 124 122 126 127 126 126 120 120 120 120 122 125 127 Natural gas .34 159 167 164 152 152 154 156 150 •165 179 188 Natural gas liquids .36 145 157 155 151 154 154 158 160 159 162 166 163 167 161 Oil and gas well drilling . .... 144 154 157 154 157 163 160 167 158 147 163 170 163 165 Metal, Stone, and Earth Minerals 1.63 115 119 121 132 136 134 137 135 127 110 98 91 94 93 vlOO Metal mining . . 82 108 113 119 139 142 138 140 139 122 95 74 74 '76 73 Iron ore .33 104 128 131 184 201 199 199 198 155 85 40 39 42 39 Nonferrous metal mining .49 110 104 111 109 102 98 100 100 100 101 97 98 98 95 Copper mining .24 114 114 118 120 109 109 112 112 114 116 110 111 105 102 Lead mining .09 97 86 95 89 87 78 80 81 79 78 80 75 r91 86 Zinc mining .06 107 87 100 93 90 79 80 76 72 74 71 75 '80 76 Stone and earth minerals .81 123 124 123 125 130 130 133 131 132 126 122 108 113 114 117 * Preliminary. f Revised. For other footnote see preceding page. 639 JUNE 1954 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=100] 1947-49 Annual 1953 1954 Product proportion 1952 1953 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 105 127 135 138 134 137 129 121 118 112 109 112 113 Ill 116 IVlajor Durables 69.72 109 138 149 153 147 152 142 130 126 117 114 119 121 119 126 Autos 32.10 103 146 157 160 158 164 150 137 132 127 127 133 134 133 139 Major household goods 36.13 115 132 144 148 139 143 136 125 121 110 104 108 110 108 117 Furniture and floor coverings 15.32 109 113 120 119 115 115 115 109 107 102 99 98 99 ••98 97 Household furniture 11 31 113 118 125 124 122 120 118 113 112 109 104 102 103 103 103 Floor coverings 4.01 95 99 105 103 96 102 104 98 93 84 87 87 87 '84 83 Appliances and heaters .... 15.60 99 118 134 138 121 123 109 99 101 93 95 104 111 105 113 Miajor appliances 11.88 100 123 140 144 127 127 111 101 104 98 100 108 117 109 118 Ranges 2 60 75 90 100 110 102 113 89 85 77 68 67 70 85 '84 83 Refrigeration appliances 4.98 106 137 162 165 138 138 113 96 105 98 108 114 131 118 137 Laundry appliances . . 2.51 115 141 148 150 142 135 143 136 137 136 125 145 140 129 134 Heating apparatus 3.72 94 100 115 119 103 111 101 91 92 79 79 90 89 '92 96 Radio and television sets 5.21 184 230 244 262 262 285 279 248 221 185 145 148 142 150 187 Radio sets 3 42 53 67 67 67 63 73 72 60 65 66 59 58 47 43 43 Television sets 1.79 436 541 583 635 642 689 676 606 518 413 307 321 325 -•353 461 Other Consumer Durables 30.28 95 102 103 104 103 102 101 101 101 101 97 95 96 '94 93 Auto parts and tires 14.00 90 91 92 94 91 90 89 89 88 89 88 88 90 r88 89 ,Misc. home and personal goods 16.28 100 111 113 112 113 112 111 111 112 110 106 101 102 100 96 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. . 100.00 105 127 139 133 131 120 127 122 131 110 103 112 117 119 119 Major Durables 69.72 109 138 156 147 144 130 138 130 142 113 106 121 127 129 131 Autos 32 10 103 146 170 162 166 161 153 134 151 107 107 135 138 142 151 Major household goods 36.13 115 132 145 136 126 103 125 129 137 120 106 109 119 120 116 Furniture and floor coverings 15.32 109 113 121 114 112 101 110 110 112 106 104 99 103 102 98 Household furniture 11.31 113 118 123 119 117 112 116 114 116 113 109 103 105 105 101 Floor coverings 4.01 95 99 114 100 98 67 94 97 102 87 88 89 96 '92 90 Appliances and heaters 15.60 99 118 138 132 123 94 101 108 114 96 92 98 117 118 116 Major appliances 11 88 100 123 149 140 130 93 95 105 110 98 100 106 130 129 126 Ranges 2.60 75 90 105 106 96 72 83 92 86 75 66 71 91 '93 87 Refrigeration appliances 4.98 106 137 182 168 149 112 89 95 100 86 111 114 145 145 153 Laundry appliances 2.51 115 141 144 135 146 89 126 145 160 149 122 135 159 151 130 Heating apparatus 3 72 94 100 101 107 100 95 120 117 127 90 68 73 76 '80 84 Radio and television sets . . .. 5 21 184 230 236 208 179 136 242 249 276 230 156 173 170 182 172 Radio sets 3 42 53 67 76 74 61 45 65 62 68 68 57 58 51 49 49 Television sets 1 79 436 541 542 464 404 310 581 606 673 541 347 391 397 435 406 Other Consumer Durables 30.28 95 102 102 102 101 99 104 103 106 103 96 92 95 '94 92 Auto parts and tires. 14 00 90 91 90 94 91 92 95 93 93 89 84 84 87 '85 87 Misc. home and personal goods 16.28 100 111 113 110 110 105 111 112 117 115 107 99 103 102 96 'Revised. NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, anH television sets are vailable on request from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED Total ... 14,123 14,143 14,115 13,944 13,792 13,626 13,414 13,231 13,067 12,937 12,852 12,734 12,632 Durable goods .. 8,351 8,364 8,341 8,243 8,142 8,037 7,855 7,728 7,606 7,499 '7,397 7,305 7,223 Ordnance and accessories 191 194 199 194 194 193 187 184 177 165 150 137 127 Lumber and wood products 721 733 727 713 707 702 688 657 630 643 '653 652 663 Furniture and fixtures 330 327 327 320 313 307 300 295 289 286 287 285 285 Stone, clay, and glass products. . 462 467 465 464 465 463 457 444 432 429 429 427 426 Primary metal industries 1,158 1,159 1,160 1,144 1,129 1,106 1 ,083 1,063 1,044 1,022 1,005 992 987 Fabricated metal products 954 963 963 956 939 919 898 862 865 855 844 835 828 Machinery except electrical 1,328 1,323 1,308 1,281 1,268 1,260 1,246 1,232 1,230 1,214 1,190 1,181 1,160 Electrical machinery 956 946 951 951 941 924 900 866 847 831 '819 811 796 Transportation equipment 1,580 1,573 1,559 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1,381 1,352 Instruments and related products 244 245 249 242 242 241 242 239 236 232 '228 223 218 Misc. manufacturing industries.. 427 434 433 431 424 415 405 399 386 387 '383 381 381 Nondurable goods 5,772 5,779 5,774 5,701 5,650 5,589 5,559 5,503 5,461 5,438 5,455 5,429 5,409 Food and kindred products 1,153 1,137 1,136 1,117 1,124 1,125 1,133 1,119 1,114 1,118 1,123 1,114 1,117 Tobacco manufactures 94 95 97 95 93 92 94 101 97 93 91 92 93 Textile-mill products 1,114 1,113 1,119 1,110 1,099 1,067 1,036 1,013 987 980 '979 982 976 Apparel and other finished textiles 1 124 1 136 1 134 1 104 1 067 1 066 1 074 1 068 1 062 1 056 '1 069 1,050 1,035 Paper and allied products 439 445 '448 449 452 448 442 435 436 435 434 434 435 Printing, publishing and allied industries 512 512 512 515 521 520 517 517 514 514 '520 520 521 Chemicals and allied products. . . 564 567 566 561 552 541 537 529 535 528 '531 533 530 Products of petroleum and coal. 188 188 188 187 185 185 184 182 180 180 179 178 178 Rubber products 228 229 226 223 221 214 206 205 204 202 199 198 199 Leather and leather products. . . 356 357 348 340 336 331 336 334 332 332 330 328 325 r Revised. 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] 1953 1954 Industry group or industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT Total 13,890 13,985 13,875 14,070 14,061 13,852 13,534 13,319 13,002 12,906 ri2,818 12,592 12,415 Durable goods 8,311 8,326 8,194 8,195 8,161 8,088 7,910 7,791 7,616 7,520 '7,430 7,303 7,188 Ordnance and accessories 191 194 199 194 194 193 187 184 177 165 150 137 127 Lumber and wood products 721 740 727 731 721 713 695 654 617 627 ••643 642 663 Furniture and fixtures 322 317 314 315 315 313 308 301 293 292 290 284 278 Stone, clay, and glass products. . 462 467 458 466 467 465 459 448 428 427 429 42 7 426 Primary metal industries 1,146 1,153 1,143 1,138 1,129 1,112 1,088 1,074 1,049 1,027 ••1,010 992 977 Fabricated metal products 949 953 934 942 939 924 902 875 874 864 852 839 824 Machinery except electrical 1 ,335 1.330 1,295 1,268 1.262 1,254 1,240 1,238 1,230 1,220 '1,202 1,187 1,166 Electrical machinery 946 937 918 932 941 933 913 883 855 839 ••827 811 788 Transportation equipment 1.580 1,573 1,559 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1,381 1,352 Instruments and related products 244 245 242 240 242 242 243 241 237 233 '229 224 218 Misc. manufacturing industries.. 414 417 405 422 430 434 425 407 386 393 '389 379 370 Nondurable goods 5,579 5,659 5,681 5,875 5,900 5,764 5,624 5,528 5,386 5,386 -5,388 5,289 5,227 Food and kindred products. .... 1,060 1,108 1,202 1,289 1,326 1,224 1,149 1,083 1,024 1.009 'I,009 1,009 1,030 Tobacco manufactures 83 83 84 105 112 109 101 104 97 90 84 82 82 Textile-mill products 1,108 1,113 1,085 1,093 1,088 1,067 1,046 1,028 997 995 '989 982 971 Apparel and other finished textiles 1 073 1,085 1,066 1,121 1 099 1 103 1,085 1 084 1 062 1 088 rl, 101 1 034 988 Paper and allied products 437 443 439 '447 '450 '448 '446 '442 '438 '437 '436 '434 433 Printing, publishing and allied industries 509 512 507 510 521 525 522 525 514 514 '517 517 518 Chemical and allied products.. . 553 550 546 550 555 552 548 540 540 536 ••539 533 519 Produces of petroleum and coal. 187 189 190 191 188 185 184 181 178 178 177 176 177 Rubber products 226 227 219 221 221 216 210 209 206 203 '199 197 197 Leather and leather products. . . 342 350 343 349 341 334 334 332 332 339 338 325 312 rRevised. NOTR.—Cover? 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 May 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 1954 1953 1954 May Mar. Apr. May May Mar. Apr. May May Mar. Apr. May Total 71.63 70.20 40.7 39.5 39.0 39.3 1.76 1.79 1.80 Durable goods. 77.19 76.00 75.43 76.40 41.5 40.0 39.7 40.0 1.86 1.90 1.90 1.91 Ordnance and accessories 78.25 '79.19 78.41 78.00 41.4 40.2 39.8 40.0 1.89 '1.97 1.97 1.95 Lumber and wood products 66.50 '64.40 66.00 67.26 40.8 40.0 40.0 39.8 1.63 '1.61 1.65 1.69 Furniture and fixtures 62.73 '62.56 61.15 61.54 41.0 '40.1 39.2 39.2 1.53 1.56 1.56 1.57 Stone, clay, and glass products. . . . 70.45 '70.30 60.35 70.93 41.2 '40.4 40.2 40.3 1.71 1.74 1.75 1.76 Primary metal industries 83.43 '78.28 78.49 80.11 41.3 '38.0 38.1 38.7 2.02 '2.06 2.06 2.07 Fabricated metal products 77.04 75.95 75.39 76.73 42.1 40.4 40.1 40.6 1.83 1.88 1.88 1.89 Machinery except electrical 83.07 '82.20 81.00 80.80 42.6 '41.1 40.5 40.4 1.95 2.00 2.00 2.00 Electrical machinery 70.99 '71.28 70.56 71.68 40.8 '39.6 39.2 39.6 1.74 1.80 1.80 1.81 Transportation equipment 84.67 '84.21 85.24 86.28 41.3 '40.1 40.4 40.7 2.05 2.10 2.11 2.12 Instruments and related products 73.63 '72.76 72.25 72.25 41.6 '40.2 37.9 39.7 1.77 '1.81 1.82 1.82 Miscellaneous manufacturing industries. 64.21 '64.00 62.72 63.68 40.9 '40.0 39.2 39.8 1.57 '1.60 1.60 1.60 Nondurable goods 63.20 64.02 62.70 63.74 39.5 38.8 38.0 38.4 1.60 1.65 1.65 1.66 Food and kindred products 66.01 '67.87 67.54 68.61 41.0 '40.4 40.2 40.6 1.61 1.68 1.68 1.69 Tobacco manufactures 47.23 '47.52 48.74 50.09 36.9 '36.0 36.1 1.28 1.32 1.35 1.35 Textile-mill products 53.98 '51.68 50.32 50.59 39.4 38.0 37.0 1.37 '1.36 1.36 1.36 Apparel and other finished products... . 47.09 49.59 45.49 46.42 36.5 36.2 34.2 1 29 1.37 1.33 1.33 Paper and allied products 71.81 '72.83 71.55 72.83 43.0 '42.1 41.6 1.67 1.73 1.72 1.73 Printing, publishing and allied products. 85.41 86.85 86.11 86.71 39.0 38.6 38.1 38.2 2.19 2.25 2.26 2.27 Chemicals and allied products 75.35 76.86 77.27 78.09 41.4 41.1 41.1 41.1 1.82 1.87 1.88 1.90 Products of petroleum and coal 89.60 90.45 91.30 93.11 41.1 40.2 40.4 41.2 2.18 2.25 2.26 2.26 Rubber products 78.59 74.31 74.88 76.05 40.3 38.5 38.6 39.0 1.95 1.93 1.94 1.95 Leather and leather products 51.61 '52.40 49.13 49.42 37.4 '37.7 35.6 35.3 1.38 '1.39 1.38 1.40 'Revised. NOTE.—Data are for production and related workers. Figures for May 1954 are preliminary. Data for recent years revised as indicated in note to table above. Back data are available from the Bureau of Laoor Statistics. JUNE 1954 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd 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 1,661 023 8,602 1,586 4,621 5,607 1947 43,438 15,290 943 1,982 122 9,196 1,641 4,807 5,456 1948 44,382 15,321 982 2,169 141 9,519 1,711 4,925 5,614 1949 43,295 14,178 918 2,165 949 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—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 •"48,427 '16,276 '780 '2,654 '4,026 '10,512 2,057 '5,488 6,634 April 48,247 16,145 753 2,642 4,026 10,475 2,068 5,507 6,631 May 48,162 16,034 745 2,587 4,023 10,530 2,074 5,500 6,669 WITHOUT SEASONAL ADJUSTMENT 1953—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 Ocotber 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—January... . 48,147 16,434 805 2,349 4,069 10,421 2,033 5,377 6,659 February. . . 47,880 16,322 790 2,356 4,039 10,310 2,044 5,380 6,639 March -•47,848 '16,234 '772 '2,415 '3,992 r10,305 2,057 '5,406 6,667 April 48,056 15,996 750 2,536 4,006 10.485 2,078 5,507 6,698 May 47,932 15,803 743 2,613 4,020 10,411 2,084 5,555 6,703 ' Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. 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. May 1954 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor labor force population force 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—April 114,828 66,338 62,810 61,228 55,158 6,070 ,582 48,490 May 114,931 66,497 62,964 61,658 55,268 6,390 ,306 48,434 June 115,032 68,290 64,734 63,172 55,246 7,926 ,562 46,742 July 115,132 68,258 64,668 63,120 55,492 7,628 ,548 46,874 August 115,232 68,238 64,648 63,408 56,134 7,274 ,240 46,994 September... 115,342 67,127 63,552 62,306 55,044 7,262 ,246 48,215 October 115,449 66,954 63,404 62,242 55,083 7,159 ,162 48,495 November.. . 115,544 66,873 63,353 61,925 55,274 6,651 ,428 48,671 December. . . 115.634 66,106 62,614 60,764 55,326 5,438 ,850 49,528 1954—January3 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 May 116,083 67,786 64,425 61 ,119 54,297 6,822 3,305 48,297 1 Includes self-employed, unpaid family, and domestic service workers. 2Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through 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. 642 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Adjusted for seasonal variation. In millions of dollars] Private Public Other non- Year or month Total Business resi- Resi- den- Mili- High- Conser- All Total dential Indus- Com- Public tial Total tary vation other Total trial mercial utility 1939 8,198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10,660 5,016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5,259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 ,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 ,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 30,895 21,564 10,973 7,217 2,117 ,371 3,729 3,374 9,331 887 2,518 853 5,073 1952 32,638 21,812 11,100 7,460 2,320 ,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 ,791 4,439 3,254 11,228 1,323 3,150 822 5,933 1953—May 2,910 1,980 989 711 202 132 377 280 930 121 244 77 488 June 2,922 1,986 1,008 707 191 139 377 271 936 122 253 74 487 July 2,849 1,955 979 702 182 143 377 274 894 105 267 70 452 August 2,811 1,937 956 712 178 154 380 269 874 96 267 64 447 September 2,824 1,928 942 717 173 163 381 269 896 89 271 60 476 October 2,841 1 ,945 957 717 165 172 380 271 896 80 278 57 481 November 2,900 1,969 963 728 163 186 379 278 931 88 273 56 514 December. 2,900 1,985 989 723 162 187 374 273 915 98 244 59 514 1954—Januaryr 2 ,956 1 ,992 971 729 170 189 370 292 964 80 271 62 551 February r 3,050 2,004 972 736 176 187 373 296 1,046 81 329 61 575 March 3,001 2,017 981 738 182 176 380 298 984 75 302 64 543 April P 3,018 2.055 1,023 727 184 166 377 305 963 74 295 66 528 Mayp. 3,052 2,091 1,053 725 176 174 375 313 961 80 287 66 528 f Preliminary. • Revised. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F or a i c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9 430 3 107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14 501 4,409 10 092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16 775 6,711 10 064 6,668 2,562 979 1,472 1,686 3,408 1953 17 443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1953—May ,606 554 1,052 638 132 156 163 131 386 [une I 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 ,742 725 1,017 507 383 145 138 116 451 October ,892 689 1,203 635 235 171 153 200 500 November 394 483 911 484 232 101 140 138 298 December ,300 479 821 434 136 97 176 131 326 1954—Tanuary ,152 363 789 462 111 114 132 117 216 February ,221 436 785 509 106 93 144 125 244 March ,528 484 1.043 668 80 134 179 140 328 April ,692 477 1,215 796 94 178 171 163 290 Mav 9?S 669 1,256 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—February 1,021 51 182 61 101 106 160 137 57 19 43 106 Marrh 1 .348 71 246 73 159 110 127 272 80 47 73 88 April 1,742 91 254 84 336 154 144 262 135 100 60 121 1954—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 April 1,692 149 282 99 185 143 154 305 95 55 98 126 JUNE 1954 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED [In thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Total FHA VA 1939. 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945. 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947. 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949. 1,025 589 436 989 792 35 162 36 466 361 105 1950 1 396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 1 127 610 517 1 ,069 939 46 84 58 420 279 141 1953 1,104 565 539 1,068 933 42 94 36 407 252 155 1953—April 111 57 54 107 94 4 9 4 36 23 13 May 108 55 53 106 93 4 8 3 34 22 12 June 105 53 51 102 90 3 9 3 38 24 14 July 97 48 49 96 84 4 8 0) 39 24 15 August . 93 46 47 92 82 3 8 1 41 23 18 September 95 47 48 92 81 3 8 3 36 22 14 October 90 43 47 90 79 4 7 (i) 37 22 15 November 82 39 43 80 70 3 7 33 20 13 December 66 35 31 65 54 3 8 1 27 15 12 1954—January P66 n.a. n.a. P65 n.a. n.a. n.a. Pi 25 13 12 February. . . P73 n.a. n.a. P72 n.a. n.a. n.a. Pl 30 16 14 March P97 n.a. n.a. P96 n.a. n.a. n.a. Pl 37 21 16 April... PIIQ n a n a. P109 n.a. n.a. n.a. Pl r44 '24 20 May P106 n.a. n.a. P106 n.a. n.a. n.a. Pl 49 24 25 pPreliminary. 'Revised. n.a. Not available. JLess than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted Monthly—unadj usted Annual Class 1953 1954 1953 1954 1952 1953 Apr. Nov. Dec. Jan. Feb. Mar. Apr. Apr. Nov. Dec. Jan. Feb. Mar. Apr. Total 126 127 129 122 117 120 117 112 Ill 127 124 108 108 107 105 108 Coal 109 103 96 104 97 100 87 78 79 96 104 97 100 87 78 79 Coke 168 171 178 155 135 120 109 104 98 175 155 142 126 116 105 96 Grain 142 135 133 140 119 124 124 127 134 117 137 112 124 122 117 118 Livestock 69 63 66 69 58 58 54 64 62 58 86 56 56 43 51 55 Forest products 144 143 144 145 135 136 133 126 127 144 142 120 122 128 126 127 Ore 181 215 237 172 201 231 222 177 136 231 160 62 58 55 51 88 Miscellaneous . . . 140 143 148 134 132 133 134 132 130 146 140 124 122 126 125 128 Merchandise, 1. c. 1 46 43 44 42 40 39 41 41 39 44 43 38 38 40 41 40 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports2 Excess of exports Month 1952 1953 1954 1952 1953 1954 1952 1953 1954 January.... 1 254 1,293 1 .091 922 922 S33 332 370 258 February 1,344 1 . 199 1.181 893 856 809 451 343 372 March 1 447 L 390 P1 122 964 1,005 P858 482 386 P264 April 1 355 I 394 '1 ,404 933 1,013 *948 422 381 C456 May 1,480 1,453 835 902 644 551 June 1 171 L 384 861 933 310 451 July 1,030 ,358 839 908 191 451 August.. 1 087 L 186 818 841 269 345 September 1 229 ,255 877 925 352 330 October 1 216 ?S3 918 813 298 440 November 1 ,190 1 245 805 849 386 396 December 1 391 1 349 1,053 907 338 441 January-April 5,400 5,276 4,798 3,712 3,796 3,448 1 ,687 1 ,480 1 ,350 pPreliminary. eEstimated. 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-April 1954, 726. 2General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Department of Commerce. 644 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 R o ic n h d - l A an t t - a c C a h g i o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a s n c n o - SALES i 1947 98 99 99 96 97 97 96 99 97 98 98 94 99 1948 104 102 103 104 105 103 L03 104 104 104 103 105 104 1949 98 99 98 100 98 H)0 101 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—April '111 106 102 '112 105 '120 118 110 111 99 112 124 116 May ... ...... 117 106 104 119 115 128 134 114 118 107 115 131 124 June . 115 103 102 no 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 1QS4—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 105 102 99 106 92 '1 18 117 101 108 95 103 11 5 111 April P110 105 102 109 104 P122 111 114 100 P113 120 111 UNADJUSTED 1953—April '105 101 95 103 103 '114 117 104 105 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 19^4—January 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 80 86 85 01 S2 07 110 86 92 79 90 102 88 April 108 101 109 105 P123 P129 109 112 101 P110 119 107 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—April 125 119 '114 117 114 '142 145 123 128 114 131 138 132 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—January 120 114 111 114 115 134 142 117 117 106 128 128 123 February 110 112 107 113 113 132 141 117 127 110 128 130 121 March 121 118 111 '112 112 136 141 121 120 111 129 127 124 April P120 117 113 115 113 P135 P135 122 116 111 P127 P130 116 UNADJUSTED 1953—April 132 124 '120 '127 121 '153 153 128 137 119 140 146 141 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—January 108 102 98 99 104 120 130 108 90 100 118 115 111 February 114 106 104 111 111 127 139 114 108 106 125 127 113 March 126 120 116 '120 110 142 147 126 115 133 136 125 April . . . P127 122 118 124 120 P146 P143 126 124 116 P136 Pi 38 125 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. JUNE 1954 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales1 Out- Stocks Year or month Sales 2 Stocks2 stand- Re- New Out- plus (total (end ing ceipts 3 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 L.O 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 11 1951 average.... 391 L,2O2 460 390 379 3.2 1.3 4.4 10 1952 average 307 1.097 435 397 401 2.9 1.2 4.1 0 1953 average 402 L, 157 421 403 397 3.0 1.1 4.2 1.0 1953—Anril •"377 r1,219 '326 '420 '344 '3.2 0.9 4.1 .1 May 387 1,184 321 '352 '347 3.1 0.8 3.9 ).9 June 375 1,103 461 294 434 2.9 1.2 4.2 )8 July 305 L .081 525 283 347 3.5 1.7 5.3 i).9 August... 343 1,135 491 397 363 3.3 1.4 4.7 .2 September 388 L.206 492 459 460 3.1 1.3 4.4 L.2 October. . 440 1,297 462 531 501 2.9 1 1 4.0 .2 November 477 L .327 371 507 416 2.8 0 8 3.6 1.1 December. 725 L.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 ,176 343 452 392 3.4 1 0 4.3 1 3 April?. . . 402 ,182 279 408 344 2.9 0.7 3.6 .0 ^Preliminary. 'Revised. 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 State3. 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 1951 1952 1953 1954 July 1 91July 7 75July 5 79July 4 79Jan. 6 98Jan. 5 78Jan. 3 81Jan. 2. . . .81 8 75 14 83 12 83 11 92 13 105 12. ... 92 10.... 89 9. . . .94 15 91 21 81 19 82 18.... 84 20 104 19.... 90 17 92 16 85 22 104 28 80 26 79 25 83 27 96 26.... 83 24.... 86 23 86 29 102 31 87 30.... 85 Aug. 5 102Aug. 4 88Aug. 2. ... 87Aug. 1 86Feb. 3. ... 81Feb. 2. ... 84Feb. 7 ... 88Feb. 6. . . .86 12.... 94 11 87 9 90 8. ... 92 10 94 9. ... 87 14.... 92 13.... 91 19 97 18 93 16 95 15.... 95 17.... 94 16 89 21 .... 85 20 86 26 99 25 97 23 100 22. ... 100 24 95 23 83 28 93 27 90 30 110 29 101 Sept. 2 107Sept. 1 105Sept. 6 100Sept. 5 101Mar. 3 99Mar. 1 85Mar. 7. ... 96Mar. 6. . . .85 9 102 8 100 13 114 12. ... 102 10....105 8 88 14 100 13 92 16 127 15 114 20 113 19 120 17 101 15 90 21. ... 109 20... . 95 23 111 22 111 27 112 26 114 24 105 22 94 28. ... 112 27 100 30 110 29 114 31 89 29.... 101 Oct. 7 112Oct. 6 110Oct. 4 116Oct. 3 112Apr. 7 101Apr. 5 109Apr. 4 118Apr. 3 103 14 111 13 117 11 126 10 120 14 100 12 111 11 .... 97 10. . .113 21 105 20 116 18 124 17. ... 118 21. ... 97 19.... 97 18 10S 17 118 28 108 27. ... 113 25 122 24 113 28 101 26.... 105 25 104 24. . . .101 31 113 Nov. 4 109Nov. 3 121Nov. 1 115Nov. 7. ... 121May 5 113May 3 111May 2 114May 1 ... '112 11 118 10.... 127 8. ... 118 14.... 133 12. ... 110 10 117 9. ... 128 8. . . 123 18 127 17 130 15 130 21 131 19 99 17 99 16 105 15. .. 97 25 110 24.... 123 22. ... 134 28 133 26.... 100 24.... 105 23. ... 112 22. .. 106 29 138 31 97 30 97 29. .. 105 Dec. 2 153Dec. 1 161Dec. 6 195Dec. 5 190June 2 95June 7. ... 111June 6. ... 118June 5 97 9 191 8'. . '.1 ()'1. 13. ...223 12. ... 216 9. . . .108 14 116 13.... 112 12. . . . 16 220 15. ...213 20.... 237 19. ... 234 16.... 106 21 98 20. 111 19 23.... 221 22. ... 228 27.... 146 26 163 23 92 28 91 27 .... 94 26. .. 30 82 29 92 30 89 ' Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 646 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] Fe a d r e e d r a i a , s l t o r R i r c e c t s , i e ty rve A 19 p 5 r 4 . 1 M 95 ar 4 . Fe a d r e e d r a i a , s l t o r R i r c e c t s , i e ty rve A 19 p 5 r 4 . Mar. m 19 4 o 5 s 4 . Fe a d r e e d r a i a , s l t o r R i r c e c t s , i e ty rve 1 M 95 ar 4 . 1954 Fe a d r e e d r a i a , s l t o r R i r c e c t s , i e ty rve A 19 p 5 r 4 . 1 M 95 ar 4 . m 19 4 o 5 s 4 . United States.. p+4 -11 -4 Cleve.-cont. Chicago-cont. Kan. City-cont Met. Areas-cont. Met. Areas-cont. Met. Areas-cont. Boston +7 W S h te e u el b in e g n - ville2.. D G e a c r a y tur2 + -7 1 . -2 -8 1 + 1 W St. i c J h o i s ta eph. . . -3 0 -6 -4 Met. Areas1 Peoria2 -1 -17 Omaha. + 10 2 +3 P B D o o r o s t t w l o a n n n t d own +8 - - 6 5 + 0 1 C P i o ty rtsmouth2 . . . + 19 -7 +5 R T ( r o M i c - k C o f l i o i t n r ie d e s , 2 + -2 3 A O Tu l k b l l s a u a h q o u m er a q u C e i . ty . . . + + 1 9 6 0 ! | -1 - - 4 9 5 -1 - - 3 2 1 Boston +5 -6 0Richmond P+8 -11 -3 Rockland; L C ow am el b l- ridge. . . . +7 +2 +4 \Met. Areas1 Fo D rt a v W en a p y o n r e t 2 ) . . . + 12 -1 +6 C G it r i e e e s ley -19 -15 N L e a w w r B e e n d ce ford.. . + + 1 4 1 -9 ^ - - 2 3 I W D a o s w hi n n t g o t w o n n2 . . . +7 -4 S In o d u i t a h n a B p e o n li d s 2 2 . . . . . + -9 6 - - 1 2 2 6 — -3 16 J H o u p t l c in hinson - - 9 5 -1 0 Worcester2 -13 -10 -10 Ba W lti a m sh ore2 + + 1 4 3 -1 -4 0 62 C Te e r d r a e r H R a a u p t i e d 2 s . . . . . . + 1 P 6 0 -1 — 3 1 + -7 3 E K n a i n d sas City. .. . + 1 0 1 ! -1 -8 1 - - 5 6 Cities Asheville2 +7 -15 -4 Des Moines. . . . +( -4 N M C C P M C S A S P N B R U S W Y B W T P B L P R E e h i i l A S N e p N N B U H e y r c u o l t t h r o e a e i l t r w e o t r o b i i y i t N c n m i i r r e f i w n u u v l n . . i i e c e a . t i l l a r c l a f d a a b h v a n l g i k n a f k e e s h w e d c a g z m i a c a c n Y n A A g Y g f a e g i h e r t d l w c 2 l a l e i h Y - a a d u d y o t a o n n a e a a f s e r n r a i . t R s s o e l o k i e s e - - e e a p r r y n e o n t n o m e g t t r l n J S e C B a k o l e o a a n e e d c o 2 l 2 p r 2 g d e p k 2 d e c 2 n t m r k r s s t c y a r i r h t o h a 2 2 F h 1 p 2 t t - r e s - o 2 n d y e i i N r e a T s 2 e a a n e . . 2 y . - i l y . . 2 r . . - e l . . . . . . o . s . . . . . E . . . . . . y . . . . . . . . . . . . . . . . | + + + + + + + + + + + + + + + + + H 1 1 1 1 4 4 8 5 5 3 2 6 6 4 6 7 7 0 4 7 0 0 ! - - - - - - - — - - - — 1 1 - 1 - — 1 — — 1 - - 1 2 1 1 1 - 4 6 4 4 3 6 2 4 0 0 3 9 8 3 3 1 9 6 1 1 1 | - + - + + + - _ - - - - — - _ - 1 - 2 2 3 2 4 1 6 2 6 1 0 3 2 4 0 2 0 1 1 ^ 7 , I I j I I . j I j ! A C M W J R C S C J N R C N H G R C L P S M M C B M N M K A B N A C O S i a a t P H S T e p t a a a h h y i o o u o o r e i u a a l n e t c i i c t W o h o a t u r c T i o t v r e a l r . a e n a a a w a n l m r l l a . t s w n o a . k l k e b k c h m n a g u e a u r f o s a r r r a P s m a n h n g c m . t x i s s o o i t P p l l e A m n t t t b m u t n n n m n m i g o v l h e e a e e i t o s t o g o v O l r n o n V p e v e e r s n n t a d i a h s r s k k n i t m b s o b n n i n o b R 2 2 p a r e g i t r t l a e s t t a r o n g l 2 b - a e b l a t u n l e u v 2 - l o 2 m o a a i l 2 t l r t h l o e o a 2 h o S . u a e o u r e s o d r e n i s n s 2 N 2 n u s 2 l u 2 e g a r o a w 2 a 1 r b 2 n , , l g b d t r g 2 l m g e n g e . u 2 S h e n . y . - u . w 2 . e s a r m . 2 2 . . . . . r C 2 . . g 2 . . 2 . s . g . . . . . . . . . - 2 . . . . . . 2 . p P P P + + + + + + + + + + + + + + + + + + + + + + + - + + + + + - 2 + + + - 1 1 2 1 3 1 r 1 1 1 1 1 1 2 1 1 2 8 0 6 6 5 7 4 6 3 0 3 4 4 9 7 9 3 1 0 1 1 4 3 6 5 3 0 2 6 9 - - - - - - - - - - - - - - - - — - 1 1 1 1 1 1 2 - — 2 2 2 - - 1 1 1 - — - 1 1 - - - _ - — - 1 1 - - - 9 3 9 3 3 2 8 9 6 7 7 8 6 7 4 0 5 5 6 2 2 0 5 2 2 6 0 3 1 0 1 1 5 6 1 7 - - - + + + + + 1 1 _ 1 — - - - - - - - - - - + — - — — 6 6 1 4 6 8 1 2 1 1 4 5 3 0 3 2 3 2 4 Q 0 1 - - 1 j j 7 1 i ^ 1 1 S C C M M C M D S W J S D F S S G G P F S K L M D M L Q M M B L M S E P t i a i i S i a M p e h t e l o i o t . o a a t i i v t u r r a a u a e o c . o i i a i u a e i g t p t i r n t e e t a n d r r u e l n l a n t e b . t u i e t L . k i u . t d m s i i t a t l w e b t L n n r l n s s n u e i n s v n s n t x s u l k s x e i A m A s o n o i o c P 2 d g r e c s o . S s H p i a e a o n n q v e - l i y l r y u o r f v a C a w u u a a F o h R m n g l S e t g i u i e B e u C n g h e 2 i l e i z u i k o i R p a 2 o a 2 i a e t a l l s o s r s a i l a o t . e r l e l p l n d t o s o 2 s y 2 a e c 2 n y e l o 2 h e o 1 . s n l 2 P p k e 2 i . l . k 2 i . a s i d . . s . . u . . . . 2 s . l . . . . . . 2 2 . . . . + + + + + + + + - + + + + + + + + + + + + + + + + + + + 2 — — - 1 1 1 1 1 8 1 1 1 4 4 5 3 5 2 3 5 5 7 2 2 9 9 4 7 1 6 6 5 8 2 6 4 9 8 0 ? 0 1 1 - - - - - - - - - - - - — - - - - \ 1 1 1 1 1 1 1 2 1 2 1 1 1 — 1 1 - — — - - 3 | 8 5 8 1 1 2 9 0 9 8 0 1 6 9 3 0 9 0 . n 1 1 8 A 3 - - - - - + + + + 1 1 1 - - - - - + — - - - 1 2 — - — - - - — 2 6 7 8 3 1 4 8 1 9 1 1 1 0 7 8 6 4 5 2 0 0 0 0 6 0 1 1 7 1 1 D S M M S S F S D H S C W S E S F S S P L S S R P T a a W D S O S V e L a P a h e a o a a a r e l t h o p o o a a o i n o l t a S n n n O e n t L n v B a a c r l r a a o s o o r l a c . o r a l . u P t c e e t s c a n D l a n r p e a t s . t n l e o k k F e a w F s A a o A s A n t v D a a l J A l k r n O a r u t L s g n W r e l A k l a F m t o a t s d r a s o s m e o r d t n r e a k r s o s n n j i i 2 a n a n i l a o w o i r B p e 2 s a x e 2 i B . e e n t d a e a o n M g n t n e k a e 2 o k C d d o n a e a o 2 n g o n 2 d n e l e n 2 o 2 e n c n e e e 2 2 l 2 e w s r s r a h r o - n t o d c l i a t c t a y 1 - o t e s C 2 o L r a n i i 2 n n i 2 h c c w o s s i 2 n s i . d s i 2 c o h . . c . c d t n A . t 2 o . . . - 2 y a . o i . . . . . . . . . . 2 . . 2 . . . . . . 2 . . . . P P P + + + + + + + + - + + + + - - + - + + + + — 3 7 4 6 1 1 2 4 2 6 8 6 2 4 3 4 3 1 4 0 1 2 1 1 7 - - - - - - - - - - 1 1 1 — 2 1 1 2 - - - 1 - 1 1 - - - - - 9 9 8 3 9 0 0 6 0 0 5 8 6 9 8 1 3 5 5 9 - - - - - - 1 1 - - - - - 1 - - - - - - - - 1 - - - 1 - - — - — 1 - 2 3 5 4 4 7 3 6 4 2 8 6 6 9 4 4 2 9 8 6 1 0 4 5 0 0 0 Q 5 5 Met. Areas Cities Mankato +23 +4 Lexington -5 0 Rome + 11 -23 -6 Duluth- Cities A C C C i l k a e n n r v c o t e i o n n l n 2 a n 2 n a d ti 2 2 . . . . . . . + + + 7 5 | 0 - - - 1 1 2 -6 9 9 3 - - 8 8 C M B h r e i i c s ri t a o d g l ia o n . . . . + + 1 5 0 r - - _ 1 1 4 0 2 - - 2 1 G G L S a r r u C a e n a p r t d o e s r F s F i a o e o l r l r 2 s k . . . s . . . . . . . + + 1 9 0 0 - - - 1 1 1 -9 5 0 8 T B B N u o a c k i a s s e m e o r s n p a f a n ie d ld2 4 -1 -S 3 c Columbus2 + 12! -11 + 1 p+2 +6 Idaho Falls -9 S T p o r l i e n d g o f 2 ield2 . . . +3 2 - - 1 1 9 9 -1 -8 2 M C e h t i . c A ag r o ea 2. s 1 . . . +3 -9 Kansas City.. . +4 T B w el i l n in g F h a a ll m s -4j -16; -10 Y P E i r o t i u t e s n 2 b g u s r t g ow h2 n . 2 . . . . + -2 3 - - 2 1 2 4 -10 J A E o l u l g i r i e o n t r 2 a - + 14 9 || - -2 1 -6 2 9 - + 13 1 M T D e o e t p n . e v A k e r a r eas + -4 5 Y W Ev a a k e ll i r a m e t W a t2 2 alla2 . . . p - - _ 1 i i_ o 2 7 ' i - - 1 1 _ 9 3 7 i ! - _ 1 7 8 -13 ^Preliminary. rRevised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city ia located. 3 Data not available. 647 JUNE 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage change from a year ago Sales Stocks during (end of Department period month) M 1 a 9 r 5 . 4 m T o 1 h n 9 r t 5 e h 4 e s M 1 a 9 r 5 . 4 <JRAND TOTAL—entire stores -10 -6 _j MAIN STORE—total -9 -6 -1 Piece goods and household textiles +2 0 -5 Piece goods 0 -1 -6 Silks, velvets, and synthetics -2 -4 Q Woolen yard goods + -1 1 3 0 - + 11 9 -3 Cotton yard goods A Household textiles +3 + 1 -5 Linens and towels -7 Domestics—muslins, sheetings +7 +4 -3 Blankets, comforters, and spreads +6 +3 -4 Small wares -5 -5 -1 Laces, trimmings, embroideries, and ribbons -9 -7 0 Notions -1 -2 -4 Toilet articles, drug sundries -1 -4 -2 Silverware and jewelry -11 -7 Silverware and clocks —9 -8 Costume jewelry -8 -6 Fine jewelry and watches -24 -16 Art needlework +2 -3 Books and stationery -4 -2 Books and magazines 2 -4 Stationery -2 -6 Women's and misses' apparel and accessories -14 -8 Women's and misses' ready-to-wear accessories.. -14 -7 Neckwear and scarfs -16 -6 Handkerchiefs -16 -9 Millinery -26 -17 Women's and children's gloves -28 -15 Corsets and brassieres — 3 0 Women's and children's hosiery -8 c Underwear, slips, and negligees -3 -3 Knit underwear -3 -3 Silk and muslin underwear, and slips -3 — 4 Negligees, robes, and lounging apparel + 1 Infants' wear — 15 -8 Handbags, and small leather goods -23 -13 Women's and children's shoes -17 -8 Children's shoes -30 -16 Women's shoes -13 -7 Women's and misses' ready-to-wear apparel. . . . -15 -8 Women's and misses' coats and suits -22 -15 Coats -20 -12 Suits -24 -20 Juniors' and girls' wear -20 -11 Juniors' coats, suits, and dresses -17 -10 Girls' wear -23 -12 Women's and misses' dresses "7 -4 Inexpensive dresses -6 -3 Better dresses -8 -5 Blouses, skirts, and sportswear -8 -2 Aprons, housedresses, and uniforms _2 -1 Fur3 -40 -18 Men's and boys' wear -14 -6 Men's clothing -14 -7 Men's furnishings and hats -6 -2 Boys' wear -27 -15 Men's and boys' shoes and slippers -14 -6 + 1 ++ ot ot nC oC Ratio of Federal Reserve index numbers stocks to without seasonal adjustment, sales1 1947-49 average=1002 March Sales during Stocks at end period of month 1954 1953 1954 1953 1954 1953 Mar. Feb. Mar. Mar. Feb. Mar. 3.6 3.2 3.8 3.5 89 75 98 121 110 122 4.1 4.4 79 70 78 104 100 110 2.9 3.1 89 73 89 92 91 99 2.8 3.0 80 65 81 80 82 88 3.8 3.5 65 61 74 83 92 86 2.7 3.0 116 95 106 116 110 121 5.0 5.5 71 68 69 110 104 115 5.5 5.8 67 66 68 100 95 108 4.5 5.0 73 72 68 126 149 130 5.0 5.6 73 67 69 109 108 114 4.5 4.3 82 78 86 115 107 115 4.1 3.8 98 72 108 134 111 134 4.1 4.3 89 73 89 128 117 133 3.9 3.9 92 86 93 107 100 109 6.6 5.7 65 66 73 122 114 119 8.7 8.1 58 57 64 130 125 132 3.8 3.3 76 71 83 117 98 111 15.2 11.2 46 58 61 121 115 118 -6 4.7 5.1 82 83 80 105 99 112 +2 3.9 3.6 86 88 89 116 106 113 2.8 2.9 96 89 98 103 94 108 +5 4.4 4.0 80 87 85 119 109 114 +3 2.9 2.4 97 77 113 131 116 127 +2 3.6 3.0 94 76 109 133 118 130 +6 2.7 2.2 100 86 119 145 123 137 -8 4.8 4.4 49 59 58 77 71 84 +7 1.3 0.9 121 77 163 148 110 138 4.8 3.5 74 58 103 101 86 103 +3 3.2 3.0 119 102 123 142 130 138 2.7 2.6 81 74 89 123 110 126 -3 3.6 3.6 74 65 76 117 102 120 2 3.7 3.7 88 79 90 145 129 149 -3 3.8 3.7 66 57 68 107 95 110 -4 2.6 2.8 76 66 75 95 81 100 +4 3.2 2.6 102 79 121 128 115 124 +2 3.2 2.4 84 71 109 132 110 130 +5 5.3 4.2 111 83 134 156 143 148 + 11 5.3 3.3 103 67 146 156 140 141 +4 5.3 4.4 114 85 131 158 141 152 +5 2.4 1.9 100 77 117 127 114 122 +6 1.9 1.4 108 77 138 121 117 114 +2 1.6 1.3 97 74 120 102 98 99 + 10 2.1 1.4 136 92 179 159 157 145 + 11 2.2 1.6 113 72 141 134 121 121 +9 1.7 1.3 107 70 129 124 114 114 + 13 2.6 1.8 120 74 155 143 126 127 +2 1.9 1.8 100 78 108 129 114 127 +4 1.6 1.4 97 76 104 123 106 119 0 2.3 2.1 102 83 110 129 122 128 +7 3.2 2.8 92 80 99 147 126 138 -6 2.3 2.4 96 89 98 119 105 126 -5 8.3 5.3 41 64 68 90 83 95 +3 5.7 4.7 74 64 87 129 115 125 +6 6.5 5.3 79 67 91 145 130 136 5.5 5.2 64 61 67 118 104 119 +4 4.4 3.1 94 62 129 120 106 115 +5 7.5 6.1 83 72 97 141 120 135 For footnotes see following page. 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales1 1947-49 average=1002 Sales Stocks during (end of March Sales during Stocks at end Department period month) period of month Three 1954 1953 1954 1953 Mar. months Mar. 1953 1954 1954 1954 Mar. Feb. Mar. Mar. Feb. Mar. Homefurnishings -1 -5 | -5 4.5 4 6 92 82 93 117 108 124 I Fu M rn a it t u tr r e e s s a e n s d , s b p e r d in d g in s g , and studio beds -1 0 — — 6 5 i j -3* 2 4 . . 3 6 4 2 . . 7 5 1 1 0 1 5 9 1 1 2 0 6 9 1 1 0 1 5 9 1 1 2 4 7 3 1 1 1 4 7 0 1 1 3 5 1 4 Upholstered and other furniture 5 .4 5.5 98 106 99 123 116 126 Domestic floor coverings -11 -11 5.5 76 72 82 105 99 119 Rugs and carpets -12 -15 5 . 7 74 74 80 100 105 118 Linoleum -10 -17 4. 1 62 45 68 62 65 75 Draperies, curtains, and upholstery — 4 — 6 4.4 4 . 7 98 76 100 118 109 126 Lamps and shades -4 — 6 4.5 4.8 81 74 80 114 104 121 China and glassware -4 8.0 90 86 93 123 120 131 Major household appliances — 8 — 8 — 7 3.1 3.0 66 54 72 96 95 104 Housewares (including small appliances) +2 0 4. 1 4.2 102 77 99 128 115 128 Gift shop -3 -3 6.6 6.4 81 76 84 132 121 132 Radios, phonographs, television, records, etc +6 — 4 2.8 3.4 107 90 101 100 93 116 Radios, phonographs, television +2 2.3 3 .0 107 82 105 90 82 113 Records, sheet music, and instruments +21 +20 4.1 4.7 97 103 80 101 97 96 Miscellaneous merchandise departments -5 71 63 78 107 97 106 Toys, games, sporting goods, cameras 0 6.8 6.2 54 41 57 114 106 111 Toys and games =8' +2 I +4 6.5 5.8 43 33 47 105 100 101 Sporting goods and cameras — 5 — 3 | 0 7. 1 6.7 66 55 69 114 110 114 Luggage -20 | — 3 6.9 53 54 66 115 106 119 — 16 + 43 0.9 82 88 114 138 98 96 Candy -28 -11 1 .9 BASEMENT STORE—total -12 -7 2.5 2 2 95 71 108 117 103 118 Domestics and blankets + 1 -2 -7 3.1 3.4 89 77 88 112 106 121 Women's and misses' ready-to-wear -16 — 9 +2 2.0 1.6 97 70 115 116 100 114 _2 + 2 2.5 2.4 96 81 98 119 110 117 Int H im os a i t e e r y apparel - — 4 1 - — 3 1 I | +2 0 2 2 .0 6 2 1 .6 .9 0 (A ) ) C ( ) 4) ( 0 - ) 0 i 0) 1) f ( 4 4 ) ) + 0) ) Underwear, corsets and brassieres -31 —20 ; 1 .3 0.9 106 65 153 105 93 99 C D o re a s t s s e s and suits -13 -10 o | I + 1 2 1 .4 .3 2 1 . . 2 1 9 8 0 6 6 7 8 4 9 9 5 9 12 9 7 8 10 8 1 9 12 9 7 9 Blouses, skirts, and sportswear -26 -15 j +8 2.0 \ A 116 64 157 133 107 123 Girls' wear -14 +4 2 .5 2. 1 107 75 125 126 109 121 Infants' wear -2 -10 j -12 2.0 2.3 (4) (4) (4) (A) (4) (-0 Aprons, housedresses, uniforms Men's and boys' wear -8 j -1 + 1 3.1 2.8 96 71 104 125 106 123 Men's wear +2 3.1 90 73 91 122 107 124 Men's clothing 0 + 1 2.9 110 87 116 131 117 130 Men's furnishings 3.3 3.5 78 65 74 116 100 118 Boys' wear -24 | -13 _2 1.9 115 65 152 132 107 119 + 11 Homefurnishings -4 3.2 3.2 92 76 95 114 106 117 -3 Shoes -15 | 4.0 3.5 100 71 118 128 117 132 -3 NONMERCHANDISE—total 0 110 92 108 (4) (4) (4) Barber and beauty shop +9 0) (0 130 113 122 01) (4) (4) xThe ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 645. 4Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. 649 JUNE 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Read- Other Y m e o ar n th or 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 c d s - S f a u o n e l d l i s d H n f o u is u r h - s - e- H o h p o o e u l r s d a e - - p A a p re - l T p t r o i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117 4 60.3 1933 55.3 41.6 83 6 45 9 1941 62.9 52.2 88 4 55 6 1942 69.7 61.3 90.4 64.9 1943 74.0 68.3 90.3 67 8 1944 75.2 67.4 90.6 72.6 1945 76.9 68.9 90 9 76 3 1946 83.4 79.0 91 4 83 7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 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 Tune.. . 114.5 113.7 117.4 123.3 106.4 121.8 108.0 115.4 104.6 129.4 121.1 112.6 107.8 118.2 July... 114.7 113.8 117.8 123.8 106.4 123.7 108.1 115.7 104.4 129.7 121.5 112.6 107.4 118.3 Aug... . 115.0 114.1 118.0 125.1 106.9 123.9 107.4 115.8 104.3 130.6 121.8 112.7 107.6 118.4 Sept... 115.2 113.8 118.4 126.0 106.9 124.6 108.1 116.0 105.3 130.7 122.6 112.9 107.8 118.5 Oct 115.4 113.6 118.7 126.8 107.0 125.7 108.1 116.6 105.5 130.7 122.8 113.2 108.6 119.7 Nov.... 115.0 112.0 118.9 127.3 107.3 125.9 108.3 116.9 105.5 130.1 123.3 113.4 108.9 120.2 Dec.. . . 114.9 112.3 118.9 127.6 107.2 125.3 108.1 117.0 105.3 128.9 123.6 113.6 108.9 120.3 1954—Tan 115.2 113.1 118.8 127.8 107.1 125.7 107.2 117.2 104.9 130.5 123.7 113.7 108.7 120.3 Feb.. . . 115.0 112.6 118.9 127.9 107.5 126.2 107.2 117.3 104.7 129.4 124.1 113.9 108.0 120.2 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 Apr.. . . 114.6 112.4 118.5 128.2 107.6 123.9 106.1 116.9 104.1 129.1 124.9 112.9 106.5 120.2 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 d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d - d e s - - l l H s p e u k a a r i i c o n d t 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 e ie t d l m d s s d - - p R u a b r u n c e o b t d r d s - - L w p u a r b u o c n o e m o t d d r s d - - p a P p u a l a r u l c n o p i l e t d d p e s d - , r, M m p u a r e e c n o t t t d a d a s l - l s p c M m a t e h r i n r o v i o a y n d d e - - - . F h d o h t a o u u u t o n h u r r r l d n s e a e d e r - i- -e s N t r t m t m a a u r l o l i r u s e l n n a — i - c c - l - - b b e m o b a T r a t e a n f c o t r v g l c d - s e - e o . d s n c M e el o i l s u a - - s bles 1947 96 100.0 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 104 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98 104.8 106.6 103.1 104.4 101.6 96.1 1950 103 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951. 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 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 May 109.8 97.8 104.3 113.6 97.6 100.4 107.1 105. 125.4 121.8 115.4 125.7 122.4 114.1 117.2 114.8 99.7 June 109.5 95.4 103.3 113.9 97.4 101.0 108.3 105. 125.0 121.5 115.8 126.9 122.9 114.3 118.1 114.9 95.8 July 110.9 97.9 105.5 114.8 97.5 100.0 111.1 106. 124.6 121.1 115.8 129.3 123.4 114.7 119.4 115.6 95.3 August 110.6 96.4 104.8 114.9 97.5 99.9 111.0 106 123.5 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96.4 September 111.0 98.1 106 114. 96.9 99.7 110.9 106 124.0 119.2 116.9 128.5 124.0 114.9 120.7 116.2 94.7 October 110 95.3 104 114.6 96.5 97.1 111.2 106 124.2 118.1 117.5 127.9 124.1 114.8 120.7 118.1 94.4 November 109.8 93.7 103 114.5 96.2 97.1 111.2 107 124.3 117.3 117.3 127.9 124.2 114.9 120.8 118.1 93.2 December 110.1 94.4 104.3 114.6 95.8 95.6 111.1 107 124. 117.4 117.1 127.5 124.3 115.0 120. 118.1 100.1 1954 January 110.9 97.8 106.2 114.6 96.1 95.3 110.8 107.2 124.8 117.0 117.0 127.2 124.4 115.2 120.9 118.2 101.1 February 110 97.7 104.8 114.4 95.3 94.9 110.5 107. 124.6 116.8 117.1 126.2 124.5 115.1 121.0 118.0 102.8 March '110.5 '98.4 105.3 114.2 '94.7 "109.2 107.4 124.9 116.7 116.6 126.3 '124.5 '115.0 121.0 "117.9 104.9 April 111.1 99.8 105.8 114.6 94.6 108.8 107.2 125.0 116.2 116.3 126.9 124.4 115.5 121.0 121.5 110.2 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 650 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 Apr. Feb. Mar. i\pr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 106.9 89.7 89.6 97.4 Grains 93 8 91 6 93 0 92 9 Paperboard ... 123 1 125.1 124.6 124.8 Livestock and poultry 87.5 91.3 92.4 94.9 Converted paper and paperboard. . HI .4 113.2 112.3 111.8 Plant and animal fibers 103.4 106.5 105.9 105.5 Building paper and board 118.2 127.9 127.9 127.9 Fluid milk 96.7 95.0 '93.4 91.7 Eggs.. 102 5 89 6 80 1 77 9 Metals and Metal Products' Hay and seeds 95.3 91 .6 93.4 96.5 Other farm products 137 1 168 0 181 2 182 2 Iron and steel. 127 7 131.0 130.6 131.1 Nonferrous metals 128.2 119.8 121.2 123.6 Processed Foods: Metal containers 126 5 130.0 130 0 130.0 Hardware 127.9 137.9 138.0 138.3 Cereal and bakery products 109.2 112.7 112.6 112.5 Plumbing equipment 113.8 118.2 118.2 118.2 Meats, poultry, and fish 89.2 92.9 92.8 94.3 Heating equipment 113 8 114.8 114.4 114.5 Dairy products and ice cream 108.5 107.4 '•106.1 103.0 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 113.6 116.8 116.8 116.6 bles 104 4 103 0 103 0 103 4 Fabricated nonstructural metal Sugar and confectionery 109.7 110.2 ••112.8 112.6 products 122 8 126.5 126.3 125.3 Packaged beverage materials 168.1 191.4 209.1 229.6 Other processed foods ... 120.5 108.9 106.5 102.9 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122 3 123 0 122 3 122 4 Cotton products 92.9 88.8 88.5 88.5 Construction machinery and equip- Wool products 111 3 109 0 106 4 106 3 ment 128 6 131 .5 131 7 131.8 Synthetic textiles 88.0 85.4 84.9 84.6 Metal working machinery 129.8 133.0 133.0 132.6 Silk products. 131 .6 135.8 135 .1 132.3 General purpose machinery and Apparel 99 9 98.8 '98. 6 98.7 equipment 123.6 128.2 128.5 128.2 Other textile products 82.5 83.1 80.6 78.9 Miscellaneous machinery 120.6 124.9 125.1 125.2 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 121.3 126.8 126.8 126.5 Motor vehicles 118.9 118.9 118.9 118.9 Hides and skins 66.4 55.4 r56.0 56 5 Leather 92.7 87.4 86.3 85.8 Furniture and Other Household Dura- Footwear 111.5 111 9 111 9 111 .9 bles: Other leather products 99.3 98.0 ••97.6 97.3 Household furniture 113 8 113.9 113.7 113.6 Fuel, Power, and Lighting Materials: Commercial furniture. 123.2 126.2 126.2 126.2 Floor covering 124.2 122.3 122.6 122.6 Coal 111 2 110 9 107 9 104 1 Household appliances 108 0 109.7 109 5 109.7 Coke 131 .8 132 5 132 5 132 4 Radio 94 9 96.1 95 7 95.7 Gas 109 5 113 5 1 11 5 111 5 Television 74 9 73 8 73 8 73 8 Electricity . 98.0 101.3 "•102.9 102.9 Other household durable goods.... 125.4 128.1 128.2 130.3 Petroleum and products 109.3 113.5 111.5 112.1 Nonmetallic M inerals—Structural: Chemicals and Allied Products: Flat glass 116 4 124.7 124.7 124.7 Industrial chemicals 117.0 118.4 117.9 117.4 Concrete ingredients 117.6 119.8 119.9 119.8 Prepared paint 110.5 112.8 112.8 112.8 Concrete products 114.2 117.6 117.3 117.3 Paint materials. . 95 4 95 2 95 2 94 7 Structural clay products 124 6 131 9 132 0 132 0 Drugs, Pharmaceuticals, cosmetics. 93.0 93.9 93.9 94.0 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 55.9 63.5 60.5 59.9 Prepared asphalt roofing 106.0 109.9 109.9 109.9 Mixed fertilizers 110.7 110 0 110 0 109 9 Other nonmetallic minerals 115 3 119.8 119.8 120.2 Fertilizer materials 113 2 114 0 114 0 114 1 Other chemicals and products 103.1 106.8 108.1 108.1 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 122.3 112.9 113 8 117 0 Cigars 102 9 103.5 103.5 103.5 Tires and tubes . . 126 3 130 3 130 3 129 3 Other tobacco products 121 5 120 7 120 7 120.7 Other rubber products 124.2 123.3 123.7 123 7 Alcoholic beverages 110.0 114.6 114.6 114.6 Nonalcoholic beverages 119.8 125.1 125.1 147.9 Lumber and Wood Products: Miscellaneous: Lumber 121.5 115.5 115.6 115.3 Millwork 132.0 131.1 131.1 130.8 Toys, sporting goods, small arms. . 113.7 113.0 113.0 113.0 Plywood 112.0 105.0 102.9 100.7 Manufactured animal feeds 88.7 97.2 101.1 111.1 Notions and accessories 93.2 93.5 93.5 93.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.8 102.0 102.0 102.5 Other miscellaneous 121 1 120.4 121.2 121.3 Woodpulp 108.8 109.7 109.7 109.7 Wastepaper 88.3 85.7 84.1 83.2 Paper 124.9 126.8 126.8 126.8 rRevised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. JUNE 1954 651 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 Seasonallv acjusted annual rates Annual totaIs ' b\ quarters 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 1 2 | 3 ! 4 1 Gross 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 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 I 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 .8 .8 .9 9 .9 .9 .9: .9 .9 Statistical discrepancy .1 1 .2 1.6 -3.2 .2 .4 1.1 5 .5 -1.2 .4; 1.1 n.a. Plus: subsidies less current surplus of government enterprises 1 0) .1 .0 .0 .4 .4 1 -.1 .0 ? — 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 3C8.1 300.8 n.a. Less: Corporate profits and inventory 4.J valuation adjustment 10.3 -2.0 14.6 31.7 29.2 36.0 42.4 40. 2 41.1 43.8 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 O1 .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. l! 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 i .9: j .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. . .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 "l.3 5 2.0 19.0 16.2 18.1 26.2 31. 1 32.7 32 .3 32.8 33 . 11 32.7 29 A State and local 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 j Equals: Disposable personal income. 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 Less: 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 Equals: Personal saving 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 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1953 1954 1933 I 1941 National income 87.4 39.6 103 223.5 216.3 240.6 278.4 291.6 306.4 306.7 310.7! 308. lj 300.8 n.a. Compensation of employees 50.8 29.3 64 140.2 139.9 153.4 178.9 193.2 207.6 204.5 208.0i 210.4 207.7 205.1 Wages and salaries2 50.2 28.8 61 134.4 133.4 145 .6 169.8 183.6 197 .6 194.5 198.0\ 200.6\ 198.0 194.7 Private 45.2 23.7 51 115.7 113.0 123.4 141 .2 151.1 164.1 161.3 164.51 166.9! 164.4 161.2 Military 3 .3 1 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 14.7 16.1 17.1 20.0 22.2 23.1 22.81 22.91 23.li 23.3 23.5 Supplements to wages and salaries. . . .6 .5 5.8 6.6 7.9 9.1 9.6 9.9 10.0| 10.0) 9.8 10.4 I 9.8; Proprietors' and rental income3. . . 19.7 7.2 20 47.3 42.1 45.4 50.7 51.2 49.9 50.8j 49.7! 50.0 49.9 Business and professional 8.3 2.9 22.1 21.6 23.6 26.1 26.3 27.0 27.0 2 7.0 49.1! 26.9 26.7 Farm 5.7 2.3 17.7 12.8 13.3 15.5 14 12 .4 13.4 12.31 26.9; 12.2 12.3 Rental income of persons 5.8 2.0 7.5 7. 8.5 9.1 10.0 10.6 10.4 10.4! 11.6 10.8 10.9 10.6 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 br.fore tax 9.8 17 .2 33 81 27 1 41.0 43.7 39.2 41.9 44.6 45 .91 43.3' 34.0 n.a. Corporate profits tax liability 1.4 13.Oi 10.8 18.2 23.6 20.6 22.9 24.4 25.0! 23.61 18.6 n.a. Corporate profits after tax 8.4 — .4 20. 7| 16.3 22.7 20.1 18.6 19.0 20.3 20.8 19.6! 15.4 n.a. Inventory valuation adjustment .5 -2.1 -2.1 2.1 -5.0 -1.3 1.0 -.8 -2.6! 1.0 Net interest 6.5 5.0 4.1 4.3 5.0 5.7 6.4 7.0 7.8 7.6 7.7i 7.9J 8.1 8.1 n.a. Not available. xLess than 50 million dollars. -Includes employee contributions to social insurance funds. 3Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 652 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Con tinned [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rate Annual totals by quarters 1953 ! — 1 — Gross national product 329.8 348.0 367. 2j 363.9 371.4 369.5! 363.5 357.8 Personal consumption expenditures 78.8 46.3| 82.3 177.9 180.6 194.6208.1 218.11 229.8 227.7 230.41 231.0 230.0 229.8 Durable goods 9.4 3.5 9.8 22.9 23.8 [ 29.2 2 7.3 26. 71 30.1 30.2 30.7! 30.4 29.1 28.2 Nondurable goods 3 7.7 22.3 44.0 100.9 99.2 102.6113.4 118.8| 121.2 121.2 122.1J 121.3! 120.4 120.4 Services 31.7 20.6 28.5 54.1 57.51 62.767.4j 72.7: 78.4 76.3 77.6! 79.21 80.581.3 Gross private domestic investment 15.8 1.3 18.3 42.7 33.5! 52.5 58.61 52.5 54.4 54.9 58.5 48.8 46.8 Xe?v construction ! 7.8 1.1 6.8 17 .7 17 ,2\ 23. l\ 2J.-7-I 25. 1 25.0 25. 3\ 25 .3 26 4 Residential, nonfarm 3.6 .5J 3.5 8.6 8.3| 12.6 11.0 11.8 12.2 12 01 11 .6 12.3 C Pr h o a d n O N u g c e o th e n r e i f n s r a ' r b m d u u s r i o a n n b e l l s y e s e in q v u e ip n m to e ri n e t s . . . . . . . 4 6 1 1 . . .8 2 4 .6 i j - — 1 1 1 . 3 • . . 6 7 8 | . 3 3 I . I 4 - I - 3 1 1 1 3 9 5 9 . . . . 0 9 7 1 - — 1 1 9 8 2 . . . 6 . 0 7 5 1 10.1 2 1 1 9 4 0 2 . . . . 6 2 6 9 j i 1 2 1 3 3 5 2 . . . l 7 4 3 ! 1 i | ; 2 1 3 2 6 3 . . . 5 7 3 2 2 1 3 4 6 2 . . . . 0 7 2 8 2 1 6 6 7 3 . . . . 9 4 3 0 ! - - 2 1 3 2 6 3 . . . 3 0 . 5 6 - - 2 1 4 4 5 4 . . 4 . 8 1 2 Net foreign investment 1 1.9 -.21 .91 -2.11 -2.5! -2.1 -1.0-1.0 Government purchases of goods and services 8.5 8.0 24 7 36.6 43.6! 42.0 62.9 77.5i 84 9 83.4 85.0! 85.5; 85.7 82.2 Federal 1.3 2. 21.0 25 .4\ 22. 1 41 . 1 54.2\ 7 rf0. M 60 -f\ 59.5 55 .7 National security 13.8 16. 1 19.3j 18.5 37.4 48. 9 j 51 8 51.6 53.51 52 1 50.0 46.9 Other. j 1.3 2 0 3. 2 5.6 6.6J 4.1 5.8| 8 5 7.6 7.6; g 8j 10.0 8. 7 Less: Government sales- . . . . (3) (3) . 6 .4! .4 . 7; 5 ! .5 5 State and local 7 2 5.9 7.8 15.6 18.2| 21.8 23^41 24" 6i 25. 26.3 27. 1 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates! Wages anc salaries Divi- Less Year or month in s P c o e o n r m a - l e re T c o ei t p al ts4 Total Wag m e C o o a d m n it d - y sal D ar i y s tn d 'b is bu S rs e e r m vi e c n e ts Gov- in O l c a t o b h m o e r r e5 i p n r r c e P a i o n e n r m o t t d o a l e rs 6 ' in d s t p a o e e n e n n r r d d e a - l s s t T m p r f e a a e n y n r t - s s - 7 b p c s u e o o r f t n c o s io t o i r r a n n i l - s al i a n g N t c u r o o i r c m a n u l - e l- 9 b m u d e i r s n s - e ts - d p in u ro g s d tr i u i n e c - s - in tr d i u es s- in tr d ie u s s- m er e n n - t income ance8 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—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 282.9 189.6 194.1 84.4 52 1 24 3 33 3 5.2 49.5 23.1 15.7 4.7 266.2 April*" 282.0 189.1 193.4 83.8 51.9 24.4 33.3 5.2 49.1 23.1 15.8 4.6 266.1 pPreliminary. includes construction expenditures for crude petroleum and natural gas drilling. 3Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Less than 50 million dollars. 4Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 6Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 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. JUNE 1954 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PACE International capital transactions of the United States 656-660 Gold production 660 Estimated foreign gold reserves and dollar holdings 661 Reported gold reserves of central banks and governments 662 Net gold purchases and gold stock of the United States 663 International Monetary Fund and Bank 664 Central banks 664-668 Money rates in foreign countries 669 Commercial banks 670 Foreign exchange rates 671 Price movements in principal countries: Wholesale prices 672 Consumers' price indexes 673 Security prices 673 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, Ban/{ing and Monetary Statistics. JUNE 1954 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total :oreign In- countries Date t t i e i n o r s n n t a a i- - 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 l w a er n i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Official3 private 1950—Dec. 31. . 1,527.8 7,116.9 3,620.3 656.6 260.7 193 6 553 0 314.7 1,007.8 2,986.3 899 0 1,612.9 ,364.2 254.5 1951—Dec. 31 . 1,64 1 .1 7,661.1 3,547.6 642.6 289.4 148.8 521.3 300.5 1,103.4 3,005.9 1.307.1 1,455.2 ,595.5 297.4 1952—Dec. 31 .. 1,584.9 8,961 .2 4,654.2 817.9 342.6 203 1 641.8 308.9 1,441 .3 3,755.5 1,420.7 1,612.9 ,836.5 335.6 1953—Mar. 31 1,511.1 9,092.7 4,770.5 751.6 259 1 230.7 632 6 304.9 1,509.4 3,688.3 1,349.1 1,692.5 2,003.8 359.1 Apr. 30. 1,562.1 9,317.8 4,953.0 837.3 233.3 231.5 657.8 312.1 1,578.1 3,850.0 1,365.0 1,744.0 L,997.2361.5 May 31 1,544.5 9,395 2 5 052 8 900.0 255 0 245 .0 624 1 314.4 1,657 .3 3,995.9 1,231.4 1,829 9 L,959.3378.7 June 30 1,528.4 9,386.2 5,106.6 911.2 301.8 268.6 650 1 313 61,701.2 4,146.5 1,119.4 1,808.9 L,927.3384.1 July 31 . 1.533.9 9,467.5 5,077.0 887.6 334.0 227.5 659 9 336.0 1,798 . 8 4,243.8 1,142.1 1,785 .5 ,941.9 354 1 Aug. 31. . 1 ,511 .2 9,685 .9 5,242.0 890.0 362.6 243.1 663.7 353.9 1,910.7 4,424.1 1,147.5 1,815.4 ,955.0 343.9 Sept. 30. . 1,501.8 9,902.0 5,453.6 900.8 375.8 230.7 664 4 368.2 1,985.3 4,525.2 1,197.1 1,839.7 ,986.9 353.2 Oct. 31.. 1.575.6 9 ,946 . 3 5,511.9 916.3 425.6 241 .2 661.2 390.82,037.3 4,672.5 1,205.7 1,734.9 1,984.2349.0 Nov. 30. . 1,563.9 10,127.5 5,651 . 9 907.8 423.4 252.8 653 .7 430.1 2,127.7 4,795 .3 1,260.3 1,762.4 L,985 . 7323.8 Dec. 31. . 1,629.4 10,019.0 5,664.7 708.9 430.7 242.9 674.2 r465 .72,211 .2 4,733.6 1,295.5 1,768.4 L,895.5326.1 1954—Jan. 31.. 1,702.1 10,126.8 5,738.6 714.0 414.3 211.6 670 4 474.5 2,313.4 4,798.1 1,334.9 1,772.5 1,901 .9319. Feb. 28 P. 1,677.6 10,292.1 5,891 .4 734.4 437.8 215.6 669.3 489.82,391.7 4,938.5 1,348.4 1,781.4 1,893 . 0330. Mar. 31*4. 1,698.5 10,350.2 5,918.7 797.9 423.6 215.4 666.5 495 .62,415.0 5,014.1 1,339.3 1,866.8 1,801.7328. Table la.—Other Europe Ger- Date E O u th ro e p r e A tr u ia s- g B iu e m l- C o z s e l c o h - - m De a n rk - l F a i n n d - m F a e n cL v, Greece N w o ay r- l P an o- d tu P g o a r- l m R a u n - ia Spain S d w en e- T k u ey r- U.S.S.R.Y sl u av go ia - ot A h l e l r vakia Rep. of 1950—Dec. 31 . .1 007 8 41 .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 14 3 4.0 13.2 246.8 1951—Dec. 31 . .1 103 4 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 14 1 2.5 7.1 124.7 1952—Dec. 31. . 1 441 3 91 .1 123.9 .6 70.4 28*.5 551. 1 47 3 110 3 3A 57.4 6 1 19.2 91.0 8 4 1.7 12.0 218.8 1953—Mar. 31 . .1 509 4 102.3 130.8 .6 62.3 26. 1 585 .7 57 1115 9 2.4 54.9 5 8 17.6 89.2 8 8 2 8 9.3 237.9 Apr. 30. . 1 578 1 108.2 133.9 .6 70.0 26.9 626.8 62 0 116 6 2.1 55 .1 5 8 18.2 88.7 8 4 1.6 9.8 243.6 May 31 . .\ 657 3 115.1 129.1 .6 69.4 29.7 645 .7 66 5 119 2 2 2 57.8 5 8 22.7 88.5 7 4 1 .3 10.8 285.6 June 30. . 1 701 2 118.7 128.4 . 7 71.0 34.3 682.8 70 7109 1 2!o 57.2 5 8 19.3 86.7 8 0 2.2 7.9 296.4 July 31. . 1 798 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 3 6.5 10.5 307.3 Aug. 31 . .1 910.7 144.4 139.8 .6 77 7 32 8 773.3 73 3 110 3 2.9 70.3 5 8 22.1 94.3 8 4 8.0 13.2 334.0 Sept. 30. . 1 985 3 161 1 148.0 .5 81. 7 30 7 793.7 7 79 113 7 3.4 66.7 5 8 23.4 103.5 14 2 S.3 7.4 345 .3 Oct. 31 .. 7 037 3 169 9 118.2 .5 88. 1 33 5 827.2 85 1115 7 2.2 70.0 5 8 32. 7 96.0 16 7 2.0 9.0 364.8 Nov. 30. . 7,127. 7 182 2 126.9 .6 92.8 35 7 850 o 92 0 1 1 76 2.9 73.1 6 0 35.9 105.2 22 6 2.8 7.7 373.6 Dec. 31 . .2,211.2 190 9 130.3 .6 95.7 37 9 898.8 100 9 118 5 2.2 72.4 5 8 36.0 116.7 14 2 2.0 6.9 381.3 1954—Jan. 31 . .2,313.4 199 7 135.1 .6 104 2 39 7 943. 1 106 5 118 5 2.9 71.9 5 7 32.6 124.7 10 9 3.1 6.1 408.0 Feb. 28P. 2 391 7 208 4 133 Q 6 99 4 42 e; 971 7 110 8 118 7 3 8 74 2 7 8 22 0 129 4 8 8 2.3 6.3 450.9 Mar. 2,415.0 217 4 142.1 .6 102.4 47 2 994 3 112 4 122.0 2.4 76.1 7 9 21.9 119.2 9 « 1.8 5.8 432.0 Table lb.—Latin America Neth- Do- er- Date A L i a m 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 l u i i a e c b n n - - - G m u a a l t a e- M ic e o x- l W I S a a n u n n d e r d d i s i e s - t s l a P p i R m c u a e b n a o - - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a t m c h t a i e e n r r nam 1950—Dec. 31. L,612.9 301.8 20.4 226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 59.2 60.2 16.1 75 1 85.2 71.3 1951—Dec. 31. ,455.2 49.7 27.8 100.3 54.0 106.4 263.6 45.8 27.3 158.2 34.9 67.7 47.2 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 80.8 60.9 25.6 94 1 145.5 117.4 1953—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 91.1 67.5 54.8 91 7 117.3 138.6 ^pr. 30. 1,744.0 152.4 19.6 81.2 89.1 125.4 356.9 48.3 49.1 199.4 41.2 90.4 63.8 52.2 94 1 143.2 137.8 May 31 . 1,829.9 153.1 27.4 119.7 93.1 122.0 372.5 48.0 47.2 181.7 42.3 95.2 62.5 48.9 90 2 186.4 139.6 June 30. I,808.9 155.6 25.6 133.6 88.1 121.6 383.0 47.5 45.2 167.5 44.8 97.1 63.4 44.7 88 5 156.8 145.9 July 31 . 1,785.5 151.3 22.9 83.5 89.1 130.4 390.0 50.2 43.2 168.7 45.6 103.8 61.2 42. 1 91.3 166.5 145.7 Aug. 31 . 1,815.4 145.9 20.6 132.5 84.1 129.9 402.1 48.9 40.3 160.5 45.1 108.1 62.0 39.2 89 6 165.2 141.2 Sept. 30. 1,839.7 146.6 20.3 164.4 92.1 115.6 391 .0 45.0 36.4 170.3 43.6 101.9 60.0 33. 7 89 0 197.8 131.7 Oct. 31. 1,734.9 143.1 19.9 110.0 86.0 116.2 385.0 41.9 32.7 180.2 49.0 82.8 68.2 28. 7 93 5 173.1 124.6 Nov. 30. L,762 4 137.1 18.8 148.9 81.5 132.0 352.6 42.4 32.1 189.3 52.2 79.9 73.5 24.9 89 4 184.1 123.5 Dec. 31. 1,768.4 130.0 19.1 101.7 78.8 150.2 340.8 39.3 37.9 183.2 51.5 89.9 68.0 26.8 109 6 222.4 119.2 1954—Jan. 31 . t,772.5 139.2 18.8 101.4 68.6 152.5 345.1 42.8 44.7 184.9 53.3 87.8 73.7 38.0 99 5 201 .4 120.8 Feb. 28? 1,781.4 160.8 20.3 90.1 65.7 151.2 353.5 45.4 52.0 187.4 49.0 89.3 69.9 42.5 99 1 179.2 126.0 Mar.31?4 1,866.8 170.4 27.1 110.1 60.5 160.6 362.2 49.2 53.1 167.1 52.4 92.8 73.0 47.2 102.3 188.7 150.2 P Preliminary. »• Revised. For footnotes see following page. 656 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 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES COH/»;H^ [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- Ko- Egypt Date Asia M C m a h a n o i i d s n n a a - H K o o n n g g India n In es d i o a - Iran Israe1Japan p r R u l e i e b a c - - , ip P p h i i n l e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s i - a C g B o i e a n l n - go A E t a n i g n g a y d n l p o - - A U So f n o r u i i f o c th a n Other land Of 5 Sudan I 1950—Dec. 31. 1 364.2 81.7 86.1 55 7 114.7 20.3 12.6458 5 19.5 374 4 48 2 92. 4 254.5 19.1 58.1 75.6 44.0 57.7 1951—-Dec. 31. 1 595 .5 87 4 62.4 62 1140.6 25.5 26. 6596 0 26.2 329.7 96 7 142.2 297.4 38.5 54.5 110.7 7.0 86.8 1952—Dec. 31. 1 836.5 76.4 70.9 64 6 61.0 19.2 18.8808 0 54.4 315.1 181 0 167. 1 335.6 47.2 118.6 59.7 23.6 86.5 1953 —Mar. 31. 2,003.8 70.7 71.4 76 3 67.3 19.3 15.4897 1 54.4 324.8 193 0 214.0 359.j 54.8 125.9 53.4 33.2 91.9 Apr. 30. 1,997 2 72.1 70.1 85.3 64.3 19.5 15.3892 6 102 . 1 327.9 194 8 153.3 361.5 57.9 124.9 54.1 36.0 88.7 May 31 . 1,959.3 72.1 67.3 92 3 58.9 17.1 16.4882 9 92.0 326.1 192 1 142. 1 378.7 66.5 130.5 54.4 33.3 94.0 June 30. 1,92 7.3 71.3 67.2 87 4 38.4 17.8 16.5891 7 82.8 307.4 197 5 149.4 384.1 67.3 126.3 55.2 37.4 97.8 July 31. 1,941.9 71.6 68.2 89 1 39.6 20.3 14.2910 2 84.9 303.0 191 9 149.0 358.2 54.6 119.4 45.3 37.2 101.7 Aug. 31. 1,955.0 73.3 68.5 93 5 33.6 22.9 19.6919 4 76.2 309 .8 188 2 150.2 343.9 53.9 112.5 44.5 39.6 93.4 Sept. 30. 1,986.9 75.9 68.8 92 7 35.1 31.0 19.5932 2 76.5 308.8 191 3 1 55 .1 353.2 54.0 116.8 43.9 38.9 99.4 Oct. 31. 1,984.2 77.1 67.9 95.3 34.7 47.4 18.3912.0 76.8 303.3 187 1 164.2 349.0 58.9 110.6 44.7 44.7 90.1 Nov. 30. 1.985.7 77.2 68.7 100 0 34.0 42.6 14.4914.9 88.2 299.2 177 0 169.6 323.8 58.5 94.0 40.9 38.0 92.4 Dec. 31. 1,895 .5 73.6 68.0 99 0 39.3 43.6 18.0827.9 91 .5 295.5 167.9 171.2 326.1 59.2 89.6 43.3 38.2 95.7 1954—Jan. 31 1,901 .9i 77.0 68.0 97.5 75 7 41.5 26.0 795 4 98.7 298.1 153 3 170.7 319.3 51.5 91.1 44.0 34.5 98.1 Feb. 28P 1,893 .0i 79.2 65.8 120.2 74.6 40'.5 20. 0737.7 95 .5 313.0 157 5 189.0 330.8 53.4 87.7 45.9 44.8 99.0 Mar. 31 pi 1,801 .7 79.6 2 68 47 33. 7 675 8 102 .8 309.9 155 1 181.2 328.4 49.6 80.8 49.7 43.9 104.3 82 • ' Table Id.—Supplementary Areas and Countries 6 End of year End 0f year Area or country Area or country 1950 1951 1952 1953 1950 1951 1952 1953 Other Europe: Other Asia: Albania .6 . 1 . 2 n.a. Afghanistan 8.3 10.6 4.0 n.a. Azores .1 . 3 n.a. British dependencies 23.7 21.0 25.5 19.8 British dependencies .5 . 6 .4 .4 Burma .4 9.5 16.9 n.a. Bulgaria .6 .6 . 6 .6 Ceylon 3.4 19.2 13.9 n.a. Estonia 2.9 2 . 7 1 .9 n.a. French India .8 1 .3 1.8 n.a. Hungary 1 . 1 i !o 1.0 1 .0 Indochina 3. 1 7.3 7.7 6.9 Iceland 2 . 1 3.5 3. 7 7.5 Iraq 2.9 12.9 14 1 13.8 Ireland, Republic of 9.2 15.9 12.6 n.a. Jordan 5 . 5 .6 .9 Latvia 6.4 1 .3 1.3 1.3 Lebanon 12! 3 15.3 19.3 23.9 Lithuania 1 .0 .6 .6 .4 Pakistan 13.0 13.1 14.4 9.7 Luxembourg 11.9 11 .8 5.0 4.0 Portuguese Asia . 7 1. 7 2.8 5.3 Monaco 2.9 3.2 2.6 3.0 Saudi Arabia 7.9 13! 2 15.9 18.5 Trieste 4.1 5.6 4. 1 2 .5 Syria 6.8 5.4 11.4 20.5 Other Latin America : All other: British dependencies 8.7 14.6 14.6 18.2 British Africa 0 1.2 1.6 1.6 Costa Rica 6 5 8.7 12. 1 13.4 Ethiopia 3^3 6.9 3.0 n.a. Ecuador 19.3 11 .4 23.7 17.7 French Africa 26.5 36.5 27.0 22.2 French West Indies and French Italian Somaliland .2 . 1 1.1 . 3 Guiana .2 .8 2 . 2 .6 Liberia 1 .6 6.1 10.3 11.8 Haiti 7. 7 10.3 U.(, 9.3 Libya .3 . 5 2.3 n.a. Honduras 9.8 14.5 14.1 n.a. New Zealand 2 7 5^2 3.5 2.1 Nicaragua 5.7 8.3 9.4 16.0 Portuguese Africa 3!o 4.3 6.3 5.0 Paraguay 4 1 5 4 5.0 6.0 Spanish Africa 2 2 2 ? Tangier 1 6! 9 21 '5 26.7 36.1 ^Preliminary. n.a. Not available. ^'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; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. 2 Includes International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. Excludes Bank for International Settlements, reported under "Other Europe." 3Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and bv foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 4Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 15.8 million dollars of such liabilities on that date. 5Through March 1953, reported by banks in the Second (New York) Federal Reserve District only. 6These data are based on reports by banks in the Second (New York) Federal Reserve District only and represent a partial breakdown of the amounts shown in the "other" categories in Tables la-lc. For each date the Second District reported at least 90 per cent of the total amount in the "other" categories. NOTE.—The statistics in this section are based on reports by banks, bankers, brokers, and dealers. Certain changes in the reporting forms and instructions were made as of Mar. 31, 1954, and there have also been changes, beginning with this issue, in the content, order, and selection of the material published, as explained on p. 591. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. JUNE 1954 657 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 CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r 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 m i a c t a e in r- Asia ot A h l e l r 1950—Dec. 31 898.0 105.7 31.4 3.4 8.7 20.7 68.0 237.9 125.8 378.8 95.4 60.0 1951—Dec. 31 968.4 35.0 10.1 5.0 11.2 10.3 111.8 183.4 92.0 489.3 161.8 41.9 1952—Dec. 31 1,048.7 30.3 31.9 4.4 7.1 17.8 120.7 212.2 62.3 662.0 89.8 22.4 1953—Mar 31. 1 040 6 35 8 8 2 6 9 14 2 25 3 89 5 180.1 61 3 672 7 106 9 19 6 Apr. 30 1,029.3 23.4 8.8 5.9 13.9 25.6 92.2 169.9 60.6 662 .4 114.6 21.9 May 31 975 9 27 3 9 5 5 6 12 8 25 5 81 8 162 5 57 4 635 2 99 8 21 1 June 30 946.7 28.7 7.8 5.1 15.2 24.8 81.3 163.0 58.3 602.9 100.8 21.6 July 31 919 5 28 5 10 5 5 2 14 0 22 1 84 1 164 3 49 6 590 2 94 9 20 4 Aug. 31 917.8 26.6 9.7 5.7 13.4 22.2 88.5 166.2 42.0 594.1 95.7 19.8 Sept 30 901 8 33 9 9 9 7 2 14 7 21 7 91 7 179 1 56 7 540 4 105 3 20 3 Oct. 31 906.5 39.5 9.8 9.1 15.4 20.0 103.1 196.8 80.7 502.4 104.3 22.3 Nov. 30 910 0 48 1 8 2 6 3 16 8 20 3 97 6 197 2 67 1 506 5 117 7 21 6 Dec. 31 904 5 70 5 10 6 8.6 17 9 18 8 109.5 235.9 56 4 472.7 114.8 24 9 1954—jan> 3i 924 0 66 9 7 4 6.2 18 1 16.7 132.3 247.6 51.7 473.3 125.7 25.7 Feb. 28P 901.5 59.9 7.1 9.4 16.1 17.5 131.1 241.2 59.2 450.4 126.6 24.0 Mar. 31P2 868.8 59.6 9.6 13.2 12.9 13.7 134.7 243.6 60.0 424.3 115.0 25.9 Table 2a.—Other Europe Ger- 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 F a e n d y . , Greece N w o a r y - t P u o g r a - l Spain S d w e e n - T k u ey r- Y sl u av g i o a - o A th l e l r Rep. of 1950—Dec. 31 68.0 .2 21.5 3.2 2.2 25.4 .2 1.4 .5 1.6 6.9 .9 4.0 1951—Dec. 31 111.8 (3) 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 .6 3*9 4.0 1952—Dec. 31 120.7 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11.2 2.5 38.8 8.6 5.4 1953—Mar. 31 89.5 .2 14.8 5.1 5.1 27.2 .3 1.5 .5 5.9 2.4 18.6 1.5 6.5 Apr. 30 92.2 .1 14.1 3.6 4.1 30.2 .1 1.1 .5 7.5 3.2 17.4 3.5 6.7 May 31 81.8 .1 12.4 1.5 2.9 31.0 .2 1.3 .5 6.7 2.9 10.5 4.5 7.3 June 30 81.3 .1 11.6 1.3 3.8 30.9 .1 1.1 .5 6.9 2.4 11.3 4.7 6.5 July 31 84.1 .2 12.2 2.3 3.5 27.0 .1 .8 .5 14.4 2.6 8.7 5.3 6.4 Aug. 31 88.5 .4 10.3 3.5 3.4 30.3 .2 .8 .4 20.3 1.8 4.5 5.8 6.9 Sept. 30 91.7 .3 11.1 4.3 2.3 33.6 .4 1.0 .5 24.1 2.2 1.0 4.2 6.7 Oct. 31 103.1 .1 11.0 5.7 2.7 37.3 .5 .9 .4 22.6 1.7 7.7 5.3 7.1 Nov. 30 97.6 .2 12.3 5.3 1.8 31 .3 .7 .8 .6 22.8 2.4 7.7 4.3 7.5 Dec. 31 109.5 .8 13.0 6.2 1.9 30.5 1.3 1.0 .6 24.3 2.7 15.7 4.8 6.8 1954—Jan. 31 132.3 .2 13.4 6.0 1 .5 40.1 1 .4 1.2 .4 24.4 2.1 29.2 4.5 7.9 Feb. 28P 131.1 2 14.3 4.1 1.3 43.6 1 .4 1.6 .5 19.8 1.7 31.0 5.4 6.2 Mar. 31P2 134.7 '.2 13.2 2.9 1.3 53.4 1.5 1.3 .4 12.2 1.4 35.4 5.9 5.6 Table 2b.—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 l a P p i R m c u a e b n a - o - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a t m c h t a i e e n r r nam 1950—Dec. 31 . . 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1 .3 3.1 11.0 6.8 8.0 49.4 14.6 1951—Dec. 31. . 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 3.0 11.8 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 6.5 14.8 9.1 14.3 36.7 13.7 1953—Mar. 31 .. 672.7 7.1 13.4 370.7 19.0 37.8 37.8 2.9 4.4 96.1 2.1 4.2 14.7 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 5.4 12.5 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 4.9 13.7 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 5.4 14.3 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 5.6 13.7 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 5.4 15.1 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 5.8 16.8 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 4.9 17.7 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 7.4 18.5 7.9 4.4 40.3 18.6 Dec. 31. . 472.7 7.1 10.8 125.1 22.6 56.9 51.2 1.9 4.1 92.9 2.6 4.6 20.2 8.2 3.7 41.6 19.3 1954—Jan. 31 . . 473.3 7.3 9.2 121.9 20.9 53.1 60.0 2.0 3.4 98.1 2.6 5.7 18.8 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 6.2 17.2 7.4 3.3 38.8 17.8 Mar. 31 P2 424.3 5.4 1.9 116.0 19.9 47.8 57.7 1.6 2.6 85.3 1.1 7.1 14.7 5.5 2.1 38.9 16.9 pPreliminary. ^'Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions, as well as 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. 2Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 9.3 million dollars of such claims on that date. 3 Less than $50,000. 658 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 CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES— Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt mosa Korea, and Union Date Asia C a h n in d a K H o o n n g g India I n n e d s o ia - Iran IsraelJapan p R u e b - - ip P p h i i n l e - s T la h n a d i- O A t s h i e a r o A th 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 Other Main- lic of1 Congo tian Africa land Sudan 1950—Dec. 31. . 95.4 18.2 3.0 16.2 .2 6.6 18.9 12.1 4.9 1.5 13.9 60.0 40.8 4.4 .3 7.3 7.2 1951—Dec. 31. .161.8 10.1 3.1 13.4 .3 9.3 30.0 12.2 29.3 2.5 51.6 41.9 22.8 5.7 .2 6.7 6.5 1952—Dec. 31. . 89.8 10.1 1.2 4.3 .9 10.2 15.1 12.5 7.6 3.3 24.6 22.4 10.1 6.0 .5 2.0 3.8 1953—Mar. 31. . 106.9 9.4 2.0 4.0 .6 10.9 25.2 17.0 10.0 6.1 21.6 19.6 7.0 6.5 .3 2.7 3.1 Apr. 30. .114.6 8.8 2.7 3.9 .6 11.7 24.2 20.0 14.2 4.8 23.8 21.9 7.6 7.1 .9 2.8 3.5 May 31. . 99.8 8.4 2.1 3.1 .8 12.6 20,5 14.2 13.6 4.3 20.2 21.1 7.2 6.7 1.0 2.8 3.4 June 30. .100.8 8.1 2.3 2.9 1.1 12.8 19.4 16.6 11.8 5.3 20.4 21.6 7.2 6.6 .3 2.9 4.6 July 31. . 94.9 8.2 2.3 2.5 1.2 13.3 17.8 18.8 10.8 4.5 15.5 20.4 6.3 7.1 .2 2.9 3.9 Aug. 31. . 95.7 7.9 2.9 2.7 1.6 13.9 18.8 17.1 10.1 5.2 15.5 19.8 6.3 5.9 .2 2.9 4.6 Sept. 30. .105.3 8.5 2.9 2.9 1.1 13.0 24.4 20.5 9.4 5.9 16.7 20.3 7.0 5.7 .1 2.3 5.1 Oct. 31.. 104.3 8.5 2.6 3.4 .6 14.2 25.9 17.7 5.5 6.2 19.7 22.3 5.8 5.7 .2 2.7 7.8 Nov. 30. . 117.7 8.5 4.3 4.1 .6 13.3 23.4 26.6 5.2 6.8 24.9 21.6 5.7 5.8 .4 2.3 7.4 Dec. 31. . 114.8 8.1 3.1 3.7 .8 13.8 22.9 25.6 5.8 6.1 24.7 24.9 8.0 6.3 .5 2.4 7.8 1954—Jan. 31. .125.7 8.1 2.3 2.9 1.0 14.7 32.7 28.7 6.0 5.5 23.9 25.7 6.9 6.5 .7 4.7 6.8 Feb. 28P. 126.6 8.1 2.2 3.2 .9 15.8 26.4 32.8 8.0 4.2 25.0 24.0 7.2 6.5 .5 5.1 4.6 Mar. 31P2 115.0 7.6 3.0 4.1 •7 14.3 22.1 36.4 .1 4.9 4.3 17.5 25.9 7.7 6.7 1.3 4.5 5.7 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 [In millions of dollars] U. S. Government bonds U. S. corporate bonds and notes and stocks Foreign bonds Foreign stocks Year or month Net Pur- Pur- purchases chases Sales chases or sales 1950 589.2 710.2 173.8 198.2 -24.4 1951 500.4 801 .0 272.3 348.7 -76.4 1952 495 .3 677.4 293.9 329.6 -35.8 1953 542 .5 621 .5 310.1 303.4 6.8 1953—March. . . . 29.7 43.0 27.5 37.6 -10.1 April 29.2 58.2 21.8 20.8 1.0 May 111.7 19.0 16.9 41.8 -24.9 June 62.1 32.8 44.9 21.9 23.0 July 46.2 50.3 23.1 21.2 2.0 August. . . . 20.0 17.9 18.6 18.5 .1 September. 23.2 16.9 23.9 16.3 7.7 October. . . 83 .9 120.6 23.1 18.4 4.7 November. 34.6 79.6 25.6 25.6 (4) December. 39.5 64.0 34.5 30.9 3.6 1954—January... 58.6 234.4 28.1 26.9 1.2 February?. 44.7 34.5 26.9 38.9 -12.0 March?5. . . . 47.0 88.1 32.6 41 .6 -9.0 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES INet sales, (—). In millions of dollars] Inter- Total Y m e o a n r t o h r n t a u in t t i i s o o t n i n - a s l fo c t o r r e i u e i n g s - n 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 i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1950 121.2 823.2 64.0 197.8 -6.3 19.0 — .7 73.8 347 5 458.2 30.1 -15.3 2 7 1951 — 15.9 —568.4 21.4 6.0 -22.2 45.9 1.9 —43.8 9.2 — 595 5 13.9 4 8 — .7 1952... 14.7 300.2 70.4 5.5 -21.9 50.7 .5 6.2 111 .4 191.6 4.7 -9 5 1 9 1953 22 7 -34.3 71.3 -41.7 -21.3 57.1 -.5 -2.5 62.4 -120.6 24.9 (4) -.9 1953—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 (4) -1.0 1.4 (4) -1.0 May... 5.2 1.0 -.6 .4 -.9 2.5 -.7 (4) .8 -.4 .8 .2 -.5 June... 1.3 18.7 5.4 2.0 -1.1 5.2 .1 -.2 11.4 6.0 .8 .1 .4 July. .. .5 -38.3 9.0 -49.0 -1.9 2.5 .4 2 6 -36.3 -3.1 1.5 -.2 — 1 Aug.. . . -4.2 7.4 6.8 1.0 -.5 5.5 .1 -1.5 11 .4 -6.5 2.3 .5 -.3 Sept.... -14.1 -36.2 2.6 .7 Q 9.6 (4) .5 12.7 -50.5 .3 .4 1.0 Oct.... -8.2 6.3 4.2 .3 -2'.8 1.3 (4) 1.6 4.7 -9.9 11.8 .1 -.3 Nov.. .. 8.5 -13.0 -2.5 2 -.1 2.1 — .5 (4) 7 -14.9 3.9 -.5 -.8 Dec.. . . -4.4 14.2 25.7 l'.l -1.1 1.2 .1 1.6 28^5 -17.4 2.7 -.5 .9 1954—Tan.. . . 9 -8.1 9 0 -7.1 -2.0 1.1 (4) 1.0 2,1 -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 Mar.P.. .5 34.2 9.1 21.3 -3.6 2.2 -.4 1.5 30.1 -.3 3.2 -.2 1.4 P Preliminary. *Not reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. 3Includes transactions of international institutions 4Less than $50,000. JUNE 1954 659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN ' UNITED STATES, BY AREAS CORRESPONDENTS * [Net sales, (—). In millions of dollars] [In millions of dollars] Assets in custody Year or na In ti t o e n r- al fo T r o e t i a g l n Total Can- Latin All Date Deposits U. S. Govt. Miscelmonth insti- coun- Europe ada other securities2 laneous3 tutions tries 1952—Dec. 31 550 2,156 86 1950 -3.6 -141.8 13 4 -190. 0 29 8 1.0 3 9 1951 -152.7 -224.3 28 5 -258. 6 33 8 -36 .0 7 9 1953—May 31 515 2,455 95 1952 -118.1 — 99.8 19 9 -141. 0 25 3 -10 .0 6 0 June 30 527 2,449 101 1953 -61 .2 -11 .0 96 3 -137. 8 34 6 — 29.9 25 8 July 31 566 2,378 95 Aug. 31 524 2,588 95 1953—Mar.. . -.1 -23.3 9 4 -32. 6 1 3 -1 3 Sept. 30 512 2,641 94 Apr... . 3.4 -31 .3 3 1 -33 .8 3 1 -3 .8 1 Oct. 31 448 2,674 97 May. . — . 5 68.3 2 1 67.2 0 — 2.1 2 Nov. 30 417 2,694 99 June.. 2.1 50.3 26 3 22 9 7 3 -2 2 -4 1 Dec. 31 423 2,586 106 July... _7 2 .1 5 -is! 0 2 1 _2 !7 18 1 1954—Jan. 31 440 2,632 99 Aug. . . - .3 2.5 — 2 3 1 4 —.4 1 4 Feb. 28 490 2,716 88 Sept.. . 14.0 6 5 5!1 2 4 —. 7 7 Mar. 31 494 2,784 92 Oct.... -73.1 41 .1 33 7 —9 8 9 3 —.8 8 8 Apr. 30 471 2,840 96 Nov.. . .6 -45.5 4 8 -49. 6 2 9 ?.5 5 May 31 , 527 2,969 93 Dec... -.5 -20.3 4 7 -23. 3 1 6 -5 .4 2 1 1954—May 5 ,. 601 2,846 95 1954—Jan.. .. -100.6 -74.0 8 9 — 95.3 5 6 _2 .6 9 4 May 12 579 2,934 92 Feb.? . .8 -2.6 10 7 -1 .3 1 -4 .8 -7 4 May 19 533 2,963 91 Mar. P. .1 -50.1 8 7 -58. 9 1 3 _2 .2 1 0 May 26 502 2,980 93 P Preliminary. 1 Excludes assets held for Intl. Bank and Monetary Fund and eariLess than $50,000. marked gold. See footnote 4, p. 663, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] 1Droduction reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month Total U.S.S.R.1 r m ep o o n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 C B o el n g g ia o n 2 S U t n a i t t e e s d 3 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 4 Au li s a tra- India2 $1=156/21 grains of gold 9/io fine: i. e., an ounce of fine gold=$35. 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 805 0 728 1 405 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—March 65 2 34 7 1 4 2 1 1 5.2 13.3 1 5 1 2 4 7 3 1 6 April 64.2 34 3 1 4 2. 1 5.2 12.9 1.2 1.2 4 .7 2 9 .7 May 65.5 34 9 1 4 2. 0 6.1 12.9 1 1 l.l .3 , 9 3.0 .7 June 64.7 34.1 1 5 2 1 6.0 12.7 1.2 L0 .4 .8 3.4 .5 July 67.0 35.9 1 5 2 1 6.8 12.9 1 .1 l.l .3 9 2.8 .7 August 66.0 35.6 1 5 2 6.2 11.5 1.4 .1 .3 .8 3 7 .6 September. 65.7 35.0 1 5 2 !2 6.2 11.7 1.3 1.9 .4 .7 3 0 .7 October. . . 35 6 15 2 2 .2 6.8 10.0 1.4 L.3 .8 3.1 .6 November 35 1 1 5 2 2 1 1 6.2 9.5 2 0 6 7 6 December 35.7 1.5 2.2 9 6.1 9.6 1.1 7 5 1954—Tanuary 35.7 1.5 2.1 1 5 5.1 10.3 L.4 7 6 February 34 5 1 4.9 10 9 I 2 7 6 March. . . . 37.5 .2 5.4 .7 .7 Gold production in U.S.S.R.: No regular government statistics 3n gold production in U.S.S.R. are avaLiable, but data of percentage changes irregularly given out by officials of the gold mining industry togethe- with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2Reported by American Bureau of Metal Statistics. 3Yearly figures through 1952 are estimates of United States Mint. Figures for 1953 and 1954 are estimates of American Bureau of Metal Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [Amounts outstanding, in millions of dollars] 1950 1951 1952 1953 1954 Dec. 31 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 P Continental Western Europe: Austria 92 107 106 102 126 143 154 166 208 238 267 Belgium-Luxembourg (and Belgian Congo) 848 898 901 969 1 036 1,035 1 ,052 1 ,044 1,081 1,098 1,122 France (and dependencies)1 834 896 858 906 1 022 967 883 926 1,003 1,052 1,064 Germany (Federal Republic of) . . . 222 434 390 545 604 691 770 893 1,053 1,225 1,381 Italy 571 633 638 613 638 655 651 660 714 812 842 Netherlands i and Netherlands West Indies and Surinam) 559 524 542 603 734 815 905 953 1,022 1,055 1,064 Norway 94 150 154 145 154 160 171 164 169 171 169 Portugal (and dependencies) 257 331 343 342 356 374 391 412 437 469 499 Spain (and dependencies) 132 128 129 129 131 130 130 134 138 150 136 Sweden 205 224 276 281 280 275 283 280 309 335 337 Switzerland. . . . 2,023 1,973 1,977 2,009 2 010 2,053 2,051 2,091 2,120 2,133 2,135 Turkey 164 165 161 171 155 151 153 152 157 157 153 Other- 828 651 769 822 947 919 980 1,032 1,091 1,182 1 289 Total 6,829 7,114 7,244 7,637 8 193 8,368 8,574 8,907 9,502 10,077 10 458 Sterling Area: United Kingdom 3,557 2 843 2,284 2,218 2 241 2,318 2,62 7 2,886 3,051 3,009 3 198 United Kingdom dependencies. . . . 120 99 105 103 109 113 113 109 111 108 105 India 303 309 293 306 302 312 323 334 340 346 329 U/nion of South Africa 241 197 178 159 170 194 207 212 214 214 219 Other 232 326 337 348 353 347 356 369 354 370 360 Total 4,453 3 774 3,197 3,134 3 175 3,284 3,626 3,910 4,070 4,047 4 211 Canada 1,988 2 157 2,214 2,396 2 437 2,492 2,435 2,238 2 292 2,417 2 486 Latin America: Argentina . . - 518 518 457 415 398 427 485 519 520 503 543 Brazil 543 417 417 398 406 390 393 451 481 423 431 Chile 120 99 102 96 100 121 128 129 134 121 102 Cuba 530 575 609 635 601 515 527 579 587 531 548 Mexico 415 366 357 266 320 375 393 339 325 341 329 Uruguay 311 306 294 309 302 301 309 311 311 337 329 Venezuela 458 445 440 503 527 519 490 530 571 595 562 Other 560 634 689 679 683 721 812 814 779 772 867 Total. . 3,455 3 360 3 365 3,301 3,337 3,369 3,537 3,672 3 708 3,623 3 711 Asia: Iran 160 163 164 159 156 157 156 155 168 181 185 Japan 587 729 815 849 898 936 1,026 1,022 1 062 958 807 Philippines 377 337 339 341 329 324 334 316 318 304 319 Thailand . . . 166 210 234 240 271 294 306 311 304 281 268 Other 579 746 728 766 722 656 676 609 572 585 617 Total 1,869 2 185 2 280 2,355 2 376 2,367 2,498 2,413 2 424 2,309 2 196 Eastern Europe'* 344 309 308 307 310 307 307 306 314 306 308 All other: Egypt 173 285 301 292 266 234 227 229 218 217 224 Other 28 42 50 38 44 49 57 61 63 64 75 Total 201 327 351 330 310 283 284 290 281 281 299 Total foreign countries 19,139 19 226 18 959 19,460 20, 138 20,470 21,261 21,736 22 591 23,060 23 669 International4 3,090 3 171 3 094 3,150 3, 266 3,287 3,249 3,272 3 212 3,331 3 401 Grand total 22,229 22 397 22 053 22,610 23,404 23,757 24,510 25,008 25 803 26,391 27 070 ^Preliminary. 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OEEC countries, Finland. Yugoslavia, Bank for International Settlements, (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3 Excludes gold reserves of the U. S. S. R. 4Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other i nternational organizations. NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings as shown in Tables 1 and la-Id of the preceding Section, as well as certain longer term U. S. Government securities reported as purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245. JUNE 1954 661 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 i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)i Treasury Total2 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec.. . . 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec.. . . 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec. . . 36,280 23,186 23,252 706 21 317 896 42 214 31 23 1953—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 AUK 22,178 22,275 715 21 317 960 41 196 31 23 •£T.Ug. . . . 36,480 22,128 22,220 721 21 317 970 42 196 31 23 SOectpt... . 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.. . . 36,710 22,030 22,091 776 21 321 996 42 186 31 23 1954—Jan 21,956 22,044 779 321 1,005 42 186 31 23 Feb 21 ,958 22,036 787 321 1,017 42 186 31 23 Mar.. . . P36,910 21,965 22,035 787 321 1,022 42 186 31 23 Apr.... 21,969 22,083 788 321 1 ,030 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—DCC 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—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 27 247 137 346 160 787 48 38 36 Feb.. 174 576 369 27 247 137 772 47 38 36 Mar. . 174 576 387 247 137 772 47 38 36 Apr 174 576 414 137 772 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 1,504 118 154 41,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 43,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 42,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 41,846 207 373 1,692 196 1953—Apr 311 29 173 53 194 1,418 113 144 42,273 217 373 1,693 242 May.... 318 29 175 53 194 1,432 113 144 42,321 222 373 1,693 211 June.... 324 29 175 54 193 1,441 113 144 42,367 222 373 1,698 193 July.... 330 29 175 54 203 1,450 113 144 42,456 222 373 1,699 195 Aug 331 29 176 54 204 1,452 113 143 42,469 222 373 1,700 188 Sept 337 29 175 54 206 1,456 113 143 42,486 222 373 1,700 198 Oct 348 29 175 54 219 1,460 113 143 42,520 222 373 1,700 195 Nov. . . . 350 29 175 54 219 1,460 113 143 42,561 222 373 1,701 190. Dec... 361 29 176 54 218 1,459 113 143 42,518 227 373 1,702 193 1954—Jan 373 29 176 54 218 1,458 113 144 42,543 22 7 373 1,702 194 Feb 379 29 177 54 218 1,469 113 144 4 2,583 227 373 1,702 190 Mar 386 29 177 54 218 1,469 113 144 42,685 227 373 L.7O3 199 Apr 391 29 180 218 144 42,820 373 197 p Preliminary. 1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom, and estimated official holdings of countries from which no reports are received. 2Includes gold in Exchange Stablization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 3Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 662 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 j 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 Q -86 8 -7.4 36.8 -224.9 -85.0 -23 .8 1946 721.3 — .2 14 ? -10 0 80.2 —29 Q 27 3 337 9 153 2 —30 0 36 Q 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 S 14 0 -40 0 2 _159.9 3 4 —49 9 — 10 0 — 16 t 1950 —1,725 2 — 1,020 0 —55 0 -84.8 —79 8 — 150 —22.9 —38 0 —68 0 — 1000 28 2 — 118? 1951 75.2 469.9 -10 1 -20.0 -4 S -34 9 -32.0 — 150 -60.1 -10 0 -49 9 —20 0 —60 ? 1952 393 7 440 0 —3 8 — 1000 —50 22 r—21 3 7 1 —20 0 87 7 1953 — 1,164 3 —480 0 -84 9 —65 0 —59 9 -20.0 —65 0 ^-241.8 —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 — 150 -11.2 -10 .0 64.1 July-Sept 291.4 320 0 -5 0 -17.0 -3.5 —20 6 Oct -Dec 715 7 629 9 71.7 —5 0 — 1 1 1952 Jan -Mar 557.3 520.0 20 2 22 s — 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 '-17.2 -20.0 -25 .0 1953 Jan -Mar . .. -599 1 -320.0 -36 S -25 0 -IS 0 -10.0 -20 0 r-75.0 -54 9 —28 | 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 -IS 0 -10.0 -15 0 —82.8 — 10 0 Oct -Dec. — 130 3 -32 6 -1S 0 0 -65 3 1954 Tan -Mar. -63.0 | -20 0 3 -42.3 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 Ear- Year or Uru- Vene- O La th ti e n r Asia Un o i f on All Period end of period I in n cr t e o a t s a e l g p o o N ld r e t t i o m r -g m o c l r a d e r : a k s e d e d e- D tic o m go e l s d quarter guay zuela A i m ca er- Oc a e n a d nia A So fr u ic th a other Treas- Total1 s g to o c ld k ex ( p -) ort c o r r e a in se - pr t o io d n ucury (-) 1945. I -37.9 -73.1 -27.8 -188.3 3.7 1946. ! -4.9 -9.2 25.0 13.7 94.3 22.9 1942. 22,726 22,739 —23 0 315 7 —458.4 125 4 1947. ; 25.1 -3.7 79.1 1.0 256.0 11.9 1943. 21,938 21,981 -757.9 68.9 -803.6 48^3 1948. I 10.7 -108.0 13.4 -4.1 498.6 6.9 1944. 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1 1 1 1 9 9 9 9 5 5 4 5 2 1 9 0 . . . . ! ! ; - - 6 1 2 1 4 2 4 4 . . 8 . . 2 9 4 -5 - 0 . . 9 0 - - - 1 1 2 -7 7 7 5 . . . . 5 2 2 1 « - » - - • 3 5 5 — 0 5 2 . 7 . 4 1 .0 1 5 1 1 9 2 1 3 5 . . . . 1 5 1 7 « 5 - - 4 - - 8 2 1 7 4 . . . . 0 6 2 0 1 1 1 1 9 9 9 9 4 4 4 4 8 7 6 5 . . . 2 2 2 2 2 4 0 0 , , , , 2 7 0 5 4 5 6 2 4 4 5 9 2 2 2 2 4 0 2 0 , , , , 3 7 8 0 9 0 6 8 9 6 8 3 22 1 - , , 5 1 5 6 4 6 3 2 7 2 0 3 . . . 1 4 8 1 1 1 - , 1 8 3 6 0 6 1 8 6 6 1 0 . . . 3 5 3 4 — — 4 2 3 1 5 1 5 5 6 0 6 9 . . . . 4 0 7 2 3 5 7 7 2 1 0 5 . . 2 8 9 0 1953 -15.0; -3.8 -9.9 1949. 24,427 24,563 164.6 686.5 -495^7 67^3 1950. 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1951 1951 . 22,695 22,873 52 7 —549 0 617.6 66 3 1952. 23,186 23,252 378.9 684.3 -304.8 67.4 J A a p n r . . - -J M un a e r. ... -5 1 0 5 . . 9 0 -1 -5 1 . . 0 7 -1 -2 8 . . 4 8 12.7 - - 2 2 8 5 . . 0 0 1953. 22,030 22,091 -1,161.0 2.2 -1,170.8 69.7 O Ju c l t y .- - D Se e p c t i 2 3 8 0 . . 0 1 -4 3 . . 0 5 -2 -3 5 . . 9 0 2 1 0 9. . 2 3 -31.0 1953— J M u a n y e . .. . 2 2 2 2 , , 5 4 3 6 7 3 2 22 2 , , 5 5 2 9 1 0 - - 6 4 9 8 . . 4 7 -2.0 .1 - - 4 6 8 8 . . 9 5 6 6 . . 1 0 1952 I A Ju u l g y . . . . . . 2 2 2 2, , 1 2 7 7 8 7 2 2 2 2 , , 2 3 7 5 5 3 -1 -7 6 7 8 .0 A - — .5 . 1 -1 -7 7 8 1 . . 8 7 6 6. . 2 8 J A J O u a c p n l t y r . . . - - - - D M S Ju e e a p n c r t e 1 4 0. . 0 8 -1 - - 7 2 7 2 . . . . 4 0 6 0 - - 3 2 . . 2 4 .4 4 7 . . 3 2 -1 -. . 1 9 S O N D e o c e p t v c . t . . . . . . . . . . . 2 2 2 2 2 2 2 2 , , , , 0 0 0 1 7 3 2 2 7 0 8 8 2 2 2 2 2 2 2 2 , , , , 1 1 2 0 1 4 2 9 2 6 0 1 - - - - 2 5 3 7 1 5 4 3 . . . . 9 6 0 3 -1 — -. . 6 4 .6 .1 - - - - 2 3 7 5 1 5 2 5 . . . . 2 1 5 0 6 6 6 6 . . . . 2 1 2 8 1954—Jan.... 21,956 22,044 -46.6 -5.5 -43.3 5.1 1953 Feb... 21,958 22,036 -7.7 1.6 -9.9 4.9 Mar.. . 21,965 22,035 -1.5 9.0 -2.0 5.4 J A Ju a p n ly r . . - - - M S Ju e a p n r t e -1 -5 0 . . 0 0 -3 -. . 1 6 1 1 . . 2 4 A M p a r y . . . . . P 2 21 1, , 9 9 6 7 9 3? 2 2 2 2 , , 0 0 8 3 3 8 p-4 4 4 7 . . 3 9 (3 ? ) ' 4 4-4 3 8 7 .4 .5 ( ( » 3) ) Oct.-Dec -.1 2.4 -9.9 P Preliminary. 1954 1See footnote 2 on opposite page. 2Change includes transfer of 687.5 million dollars gold subscrip- Jan.-Mar. . . 13.2 -8.9 tion to International Monetary Fund. 3Not yet available. 4Gold held under earmark at the Federal Reserve Banks for foreign r Revised. account, including gold held for the account of international instituincludes Bank for International Settlements. tions amounted to 6,549.8 million dollars on May 31, 1954. Gold 2Includes sale of 114.3 million dollars of gold to Italy. under earmark is not included in the gold stock of the United States. 3Includes sales of gold to Federal Republic of Germany as follows: NOTE.—For back figures and description of statistics, see Banking 1953, 130.0 million dollars; 1954, Jan.-Mar., 40.0 million. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 4Includes sales of 185.3 million dollars of gold to China. 5Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. •Includes sales of 45.0 million dollars of gold to Indonesia. JUNE 1954 663 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 7 3 Other 14,847 4,920 H.885 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 stock3 . 3 3 3 3 Accumulated net income Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 1,653 1,619 1,484 1,445 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- Apr. Mar. Feb. Apr. antee 92 84 76 66 Loans—undisbursed 357 401 325 404 Other liabilities 10 10 8 9 Australian pounds 32.0 32.0 38.0 50.0 General reserve 92 87 82 71 B B e o l l g iv ia ia n n f r b a o n l c iv s ianos 1 2 1 . . 5 4 1 2 1 . . 5 4 1 2 1 . . 5 4 11.4 S C p a e p c i i t a a l l 3 reserve 1,80 4 8 6 1,80 4 8 3 1,80 4 8 0 1,80 3 7 5 Brazilian cruzeiros 65.5 65.5 65.5 '37.'5 Chilean pesos 10.7 10.7 10.7 -1.8 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 includes amounts receivable from member countries for currency D Eg an y i p s t h ia n k ro p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 adj 2 u A s s t m of e _ n A ts p : r . J u 3 l 0 y , 1 1 9 9 5 5 4 3 , , 5 th m e i F ll u io n n d d h o a l d la r s s 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 io d n o . llars. 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 63. 100.0 100.0 francs (May 1948); to Norway, 200.0 million Belgian francs (June and J N T P Y I a r o u u e a p u r t g n a k h n o i n i e a d s s e r n l s h s l a a e v s r n l i t i a y e d r d l a r e s s i l s n n in g a g u rs ilders 3 6 2 0 9 8 2 7 0 . . . . . 0 8 4 0 0 3 6 2 0 2 8 9 7 0 . . . . . 4 8 0 0 0 3 6 2 0 2 8 9 7 0 . . . . . 4 0 0 0 8 30 1 9 0 0 . . . 0 0 0 a a w J O D (S u m n h c e l d e i t y o u p c o u t h t b s 2 e 1 n c e m 6 9 a t h r e . 4 m e b 3 d 8 1 e o ) 9 m r t ; u m 5 o n a t 3 i o 1 t r l 3 ) l k 9 ; 8 i t s o B 5 o 9 t n o 3 . r ( 8 l a ) A e , T z s p m i u u s l o 1 g , r i u t l 3 k u l h 1 n . i e s 0 o a 0 d t y n n . s , 0 1 m d o 2 9 m s i o n . 5 t l 0 e l l i e 3 l i l r l o a ) m i l m ; r n o i s n i n i t l . l g o l l i p i o p o o J n o C n ( a u D u p u n p a n r e a d o r r d c n s e e u s e , n n m r c s s d e 5 t t i b s p . e e e 0 e o s r r s r l l r t m i i t t e n n e h r i g g 1 d e l ll 9 i i n 5 o n ( u g ( J 3 n e n N a ) t d a . n o p e t n u v o r r d a a e u n R r " m n 1 y A s e d 8 b a p s l . e c 1 l 5 u r t 9 s r i o m 5 t o c e t 1 1 h n h i r 9 l a s l e l a i 5 i s r n n o i 3 e . n g d n " s ) All other -1.6 -1.6 -1.6 -1.6 3Excludes uncalled portions of capital subscriptions, amounting to Total. 731.6 731.6 773.9 663.4 r 7 e ,2 p 3 re 1 s e m nt i s ll i t o h n e d su o b ll s a c r r s i p a ti s o n o f o f M th ar e c h U n 3 it 1 e , d 1 S 9 t 5 a 4 t , e s of which 2,540 million CENTRAL BANKS A d ss e e p t a s r t o m f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of banking department Bank of England Note (Fig p u o r u e n s d s in s m ter il l l i i n o g n ) s of Gold1 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 c n s 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 i l O e i a a s p t b h i a i t e l n a i r - l d 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1945—Dec. 25 2 1,450 0 23.4 13.6 327.6 1,428.2 278.9 10.3 57 3 18 1 19 9 4 4 8 7 — — D D e ec c < . 3 2 1 9 . . 2 2 1 1 , , 4 3 5 2 0 5 . . 0 0 1 3 0 6 0 . . 1 8 1 1 6 5. . 2 7 3 40 3 1 1 . . 1 3 1 1 , , 3 2 4 9 9 3 . . 7 1 3 3 1 1 4 5 . . 5 1 1 11 8 . . 7 6 17.4 9 9 5 2 . . 5 1 1 1 8 8 . . 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18. 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18. 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18. 1953—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 I954—jan 27 .4 41,575.0 42.6 15.4 330.2 1,535.2 278.6 10.7 12.5 68.1 18.3 Feb. 24 .4 1,575.0 29.9 14.0 340.1 1,547.9 284.0 10.9 4.7 65.9 18.4 Mar 31 4 M,625 0 51 .3 15 2 319.3 1,576 9 262 7 30 6 1 0 72 9 18 6 Apr. 28 .4 1 ,625.0 15.5 7.5 369.5 1,612.6 289.3 11.7 6.6 67.1 17.8 3Notes issued less amounts held in banking department. ^Fiduciary 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. 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold* an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e ts r circ N u o la te tion ! lia O a b t n i h l d i e t r ies 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 v i e n r i n o - 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 ,036.0 401.7 12.9 27.7 209.1 1945- -Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946- -Dec. 31 . 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947- -Dec. 31 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948- -Dec. 31 . .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949 --Dec. 31 . 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950- -Dec. 30. 111.4 1,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951- -Dec. 31. 117.8 1,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952- -Dec. 31 . 77.1 1,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—May 30. 59.3 1,364.8 821.4 99.9 ,517.9 594.9 45.6 72.1 114.8 June 30. 66.4 1,405.5 852.0 100.2 ,529.0 647.6 47.9 82.6 116.9 July 31. 74.9 1,451.6 838.5 87.5 ,547.2 646.6 43.8 68.7 146.3 Aug. 31 . 67.4 1,414.0 830.9 83.0 ,549.7 617.8 66.4 35.2 126.4 Sept. 30. 69.0 1,385.7 824.9 81.0 ,552.5 616.9 15.4 37.8 138.0 Oct. 31. 70.5 1,469.9 812.1 118.6 ,555.9 733.6 3.8 37.2 140.8 Nov. 30. 61.2 1,378.6 894.9 89.7 ,559.3 625.6 50.3 43.4 145.7 Dec. 31. 54.9 1,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Jan. 30. 61.6 1,328.3 880.6 103.1 ,519.2 634.4 29.5 141.6 Feb. 27. 53.0 1,374.8 900.8 116.7 ,506.2 676.6 34.4 102.0 Mar. 31 . 50.0 1,552.8 636.3 146.2 ,512.6 660.0 28.9 102.0 Apr. 30. 58.3 1,703.8 568.0 101.2 1,535.7 661.7 27.3 120.6 Assets Liabilities Bank of France Advances to (Figures in Foreign Domestic bills Government6 Other Note Deposits7 l O ia t b h i e l r millions of francs) Golds ch e a x n ge m O a p r e k n et6 Special Other Current Other assets6 cir ti c o u n la- G m ov e e n r t n- EGA Other ca i a t p n ie i d t s al 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 368,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 *21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 *15,596 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 445t447 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. 62.2 74 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—May 28. 200,187 14,896 291,555 28,494 926,296 199,600 534,982 129,412 ,065,483 64 18,525 182,849 58,501 June 25. 200,187 15,088 281,415 20,630 926,024 199,700 554,982 118,309 ,054,347 46 16,838 182,828 62,276 July 30. 200,187 2,275 262,811 15,341 960,622 200,000 650,482 139,754 ,163,216 70 18,883 193,516 55,788 Aug. 27. 201,282 2,870 276,048 4,877 953,856 200,000 668,349 144,154 ,176,277 41 397 188,594 86,126 Sept. 24. 201,282 4,803 260,777 23,441 905,862 200,000 617,049 133,385 ,141,807 73 394 139,313 65,011 Oct. 29. 201.282 9,319 272,559 49,968 877,283 200,000 632,149 152,085 ,193,383 96 479 139,662 61,023 Nov. 26. 201,282 12,444 255,680 59,533 836,117 200,000 654,949 150,222 ,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 ,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 1131,996 47,425 Mar. 25. 201'.282 23,646 227,003 40,319 905,854 195,000 672,949 146,1952,235,417 70 79 114,617 62,064 Apr. 29. 201,282 2 7,862 218,436 33,162 982,829 195,000 663,349 9192,424 2,322,140 15 98 |132,387 59,704 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). 2Securities maturing in two years or less. 3Includes notes held by the chartered banks, which constitute an important part of their reserves. 4 Beginning November 1944, includes a certain amount of sterling and United States dollars. 5For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951. p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. ^Includes 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 54.1 billion francs on Apr. 29. 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. JUNE 1954 665 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. 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 330,91 306,968269,466 330,884 Other gold and foreign exchange. 1 ,765 1,635 634 Government loans and securities.257,504 258,418254,083 181,388 Government securities 3,855 3,879 2,850 Other assets 124,724125,800124,534 '97,655 Rediscounts and loans to banks.. 60,563 58,465 52,227 Note circulation 595,17 580,923597,11 521,011 Other assets 254 306 268 Deposits 413,041400,44 348,200 365,877 Currency circulation 25,862 25,820 21,68. Other liabilities and capital.... 102,519101,551 98,945 '85,516 Deposits—Nationalized 37,548 35,530 31,676 Central Bank of Costa Rica Other sight obligations 606 620 593 (thousands of colones): Other liabilities and capital 4,044 3,939 3,385 Gold 11,503 11,503 11,503 11,511 Commonwealth Bank of Aus- Foreign exchange 105,349104,291 96,85: 116,271 tralia (thousands of pounds): Net claim on Int'l. Fund4 7,032 7,032 7,03: 7,031 Gold and foreign exchange 539,055538,989534,536 445,413 Loans and discounts 91,625 93,596 97,575 63,100 Checks and bills of other banks.. 10,050 11,479 5,259 6,406 Securities 3,760 Securities (incl. Government and Other assets 27,324 26,462 24,122 25,017 Treasury bills) 402,491381,314373,246 441,850 Note circulation 135,930137,548140,523 139,074 Other assets 79,360 87,365 64,324 98,531 Demand deposits 77,424 76,290 67,956 66,002 Note circulation 349,613341,113336,863 327,418 Other liabilities and capital 29,479 29,046 28,605 21,614 Deposits of Trading Banks: National Bank of Cuba Special 373,920 373,920 323,720 301,870 (thousands of pesos): Other 34,364 33,226 45 ,950 34,105 Gold 185,748185,748 195,748 Other liabilities and capital 273,059 270,888270,833 328,808 Foreign exchange (net) 36,509 27,767 79,933 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 276,383267,950 199,514 Gold 186 186 157 100 Silver 7,616 7,616 18,590 Foreign exchange 8,164 7,899 7,607 2,450 Net claim on Int'l. Fund4 12,512 12,512 12,511 Loans and discounts 5,459 5,376 5,565 6,424 Loans and discounts 43,641 34,073 47,552 Claim against Government 1,780 1,780 1,855 2,492 Credits to Government 33,196 28,854 39,928 Other assets 35 35 38 43 Other assets 68,856 69,220 61,582 Note circulation 10,544 10,423 10,404 8,859 Note circulation 421,t 09,930 437,288 Deposits—Banks 2,562 2,284 2,109 305 Deposits 226,475208,037 205,349 Other 757 699 830 402 Other liabilities and capital 16,313 15,772 12,723 National Bank B o lo f c k B e e d lgium 1,761 1 ,868 1,879 1,943 National Bank of Czechoslovakia 0 (millions of francs): National Bank of Denmark Cent O L O C N D G F G r o o a o o t t e o o h h r l a p n l t v e d e e n e o s e i r r o s g B s r c n i l n l a i a t a i i m s r d s a n n c c — s a b d e l k u e t a i n e l t l D i E a s d i d m t t o t i C e i i s s e f s o m G c e s A n a o c a o B n a u u n v n d r n o d e i d t l t r b i s i n v e a c m s i l a a a p e — n n i c t t a e M l s d o ( e n n b e e t - t . ) . . 3 9 3 1 4 4 8 4 9 5 1 2 7 , , , , , , , , , 0 1 9 6 6 8 4 3 3 1 3 8 1 5 5 3 6 5 8 1 1 9 2 7 5 0 5 5 0 0 3 3 9 1 3 4 4 9 7 5 5 3 1 , , , , , , , , , 2 3 3 6 5 3 2 3 2 1 1 5 0 9 5 7 4 6 8 1 6 4 9 3 4 4 7 0 4 9 3 3 9 1 ( 3 4 4 9 8 5 2 3 7 D , , , , , , , , e , 0 1 4 c 3 6 2 2 4 0 1 2 7 . 9 1 5 3 6 6 0 7 1 2 7 2 6 4 0 8 5 3 3 3 9 1 4 7 3 4 5 9 3 4 1 , , , , , , , , , 4 6 4 2 2 5 6 2 4 9 1 3 7 9 4 2 7 6 8 3 8 2 2 2 1 5 0 2 8 9 (m O O F S N L D G G il o e o l t t o o e o i h h c r a p l o t v e u e d e n e o n t i r r r g s . s s i c t i n l a c i a i t i o e r s s o a n c — e f s s m b d u x e i k l t c l p G O a s d r i h e t o t i i o t a i n s e h n o n v c s s e e n g a e o r r t r a e u ) i n n o n : m d n ts e c a n a c t p c i o ta u l nt. . . . 3 1 1 1 1 , , , , , 9 2 2 5 3 0 5 1 1 8 4 7 1 2 3 0 6 2 9 1 8 4 0 6 3 3 9 1 3 3 1 1 1 1 , , , , , 9 2 2 2 4 0 4 5 1 7 7 0 7 2 3 0 1 6 2 2 7 8 8 2 2 0 3 9 8 3 1 1 1 , , , , 9 4 9 4 2 2 3 1 1 5 3 3 8 2 7 6 3 2 4 1 1 1 1 9 9 0 1 4 6 3 1 1 1 , , , ,4 8 3 3 4 7 1 1 1 5 8 8 1 6 5 7 8 1 7 1 7 9 9 0 0 5 4 4 4 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) 28,636 2 ,986 Gold 12,076 12,076 12,076 12,076 L G o o a v n e s r n a m nd en d t is s c e o cu u r n i t t s ies 5 2 , , 9 5 4 0 5 5 2 2 , , 1 3 9 2 2 5 N Fo e r t e i c g la n i m ex c o h n a n In ge t' l. ( n F e u t) nd4 25 1 , , 3 25 5 0 8 23 1 , , 8 2 6 5 7 0 18 1 , , 8 2 0 5 2 0 17 1, , 2 0 5 1 0 0 Other assets 186 527 Loans and discounts 1,661 1,766 1 ,860 639 Note circulation 12,389 7,537 Government securities 9,420 9,420 9,420 8,940 Deposits 2 ,983 1,073 Other assets 6,807 3,720 3,722 '2,165 Other liabilities and capital .... 6,318 816 Note circulation 35,703 36,796 36,096 32,429 Central Bank of Ceylon (thousands Demand deposits 18,842 13,318 9,089 7,779 of rupees): Other liabilities and capital 2,028 1,984 1,945 rl,873 Foreign exchange 391,747329.305,314,036 341,690 Central Bank of Ecuador Advances to Government 100 35 "20 0 20,100 86,400 (thousands of sucres): Government securities 79,327 91 021124,619 124,087 Gold 342,395342 368342,349 339,002 Other assets 3,820 3 911 4,457 2,523 Foreign exchange (net) 59,353 80 679 77,233 220,445 Currency in circulation 355,713348,101348,291 393,459 Net claim on Int'l. Fund4 18,757 18 757 18,757 18,757 Deposits—Government 700 440 1,472 2 ,305 Credits—Government 372,967369 369334,770 294,455 Banks 73,283 66 280 70,513 120,565 Other 173,355175 135188,052 161,507 Other liabilities and capital 45,298 44,615 42,935 38,371 Other assets 193,856176 849170,125 168,785 Central Bank of Chile (millions Note circulation 593,720 74 832 71,377 562,685 of pesos): Demand deposits—Private banks 179,392174 055 77,258 181,392 Golds 5,661 5,655 5,649 1 ,,352 Other 167,736192 556187,976 229,149 Foreign exchange (net) 538 215 503 198 Other liabilities and capital 219,834221 716194,675 229,725 Net claim on Int'l. Fund4 387 National Bank of Egypt (thou- Discounts for member banks.... 2,490 1,801 '2^124 1 ,889 sands of pounds): Loans to Government 11,509 11,509 10,495 4,059 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 7,543 7,392 7,428 9,880 Foreign exchange 24,301 22,617 19,475 23,348 Other assets 3,590 2,737 2,660 2,766 Foreign and Egyptian Note circulation 20,514 19,369 19,481 13,951 Government securities 247,804251,445258,975 307,015 Deposits—Bank 5,016 4,693 4,826 3,172 Loans and discounts 13,656 15,070 19,036 9,989 Other 621 722 819 376 Advances to Government Other liabilities and capital 5,181 4,525 3,733 3,033 Other assets 1,617 1,954 1,580 i ,971 Bank of the Republic of Colombia Note circulation 69,070172,118179,110 186,876 (thousands of pesos): Deposits—Government 61,109 69,678 71,071 77,931 Gold and foreign exchange 373,216367,355371,802 338,103 Other 08,579101,717 99,179 128,426 Net claim on Int'l. Fund4 24,377 24,377 24,376 24,373 Other liabilities and capital.... 9,172 8,125 10,259 9,642 •Latest month available. 'Revised. *On May 14, 1953, gold reserve revalued from 0.0148112 to 0.00467722 grams of fine gold per boliviano. 3Represents 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 f represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. *For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 666 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 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Other assets 278 227 Gold 72,358 72,435 , 51 .c 193 Note circulation 5.105 5.121 4,506 Foreign exchange (net) , 75,731 75,243 .38^ 016 Deposits—ECA 49. 495 495 496 Net claim on Int'l. Fund1 , 1 ,567 1 ,567 ,567 566 Other 1,429 1 .544 1 ,426 1,579 Loans and discounts 551 11 ,229 ,288 230 Other liabilities and capital 590 614 479 614 Government debt and securities. 14,425 14,454 ,104 355 Central Bank of Ireland (thousands Other assets 5 ,544 2,361 ,663 385 of pounds): Note circulation 97,576101,591 ,412 041 Gold 2 .646 2.646 2,646 Deposits 71,068 66,114 ,716 775 Sterling funds 65,574 64.832 64.486 61,500 Other liabilities and capital 8,533 9,583 ,392 929 Note circulation 68.220 67,4 67,132 64,146 Bank of Finland (millions of mark- Bank of Italy (billions of lire): kaa): Gold 4 4 Gold 5 ,862 5 ,862 5 ,862 Foreign exchange 67 63 49 Foreign assets (net) , 13,739 14,429 13,439 Advances to Treasury 567 56 567 571 Clearings (net) 9,940 10,029 9,628 Loans and discounts 343 331 351 312 Loans and discounts 36,309 36,645 34,816 Government securities 290 291 289 262 Securities 2,192 2.222 2 ,236 Other assets 713 721 723 705 Other assets 2,354 2,046 2 ,048 Note circulation 1,343 1.332 1 .339 1 ,263 Note circulation 45,508 44.658 46,225 Deposits—Government 4 131 Deposits 10,268 11 .917 7.221 Demand 54 651 51 57 Other liabilities and capital 14,620 14,659 14,583 Other 421 4061 416 350 Bank of German States2 Other liabilities and capital 119 121| 115 101 (millions of German marks): Bank of Japan (millions of yen): Gold 1 ,738 1 ,627 1 ,551 775 Bullion 44S 448j 448 448 Foreign exchange 7,800 7,673 7,423 ,931 Advances to Government 1 .400 12.3OOJ 11.513 37,424 Loans and discounts 1 ,781 2 ,305 2.179 ,226 Loans and discounts 438,93 7485. 764j464.149 364,171 Loans to Government 5,134 4.801 5,146 ,499 Government securities 209.937 _1.7 S.802 ,1.7.7 ..880 200,200 Other assets 786 926 843 961 Other assets 1O3.27OJ111.472 99.751 106,756 Note circulation 11 ,588 11,403 11.457 ,773 Note circulation 543 . 973 '534 . 625 j549 . 569517,710 Deposits—Government 1 ,1 80 1 ,221 1 ,116 ,484 Deposits—Government 42,2OO!lO7.667 64.482 78,934 Banks 2,438 2 .618 2,483 ,142 Other 77.2231 67.110 71.089 65,626 Other 276 240 225 284 Other liabilities 90.537! 79.383 68.601 46,728 Other liabilities and capital 1 ,758 1 .849 1 ,862 ,709 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve6 1,2291 1. 1 .272 1 ,199 mae): (Jan.) "Authorized" holdings of secu- Gold and foreign exchange (net) 5,164 ,144 rities, etc 3,335 2.S86 2.047 3.120 Loans and discounts 150 129 Bills and discounts 857. 658 619 598 Advances—Government 8,357 ,745 Other assets 933 i 801 750 362 Other 3,584 ,424 Note circulation 3,605| 3 .463 3,517 3,235 Other assets 1 ,841 ,973 Demand liabilities 1 .311 1.651 1,570 1,559 Note circulation 3,325 ,476 Other liabilities and capital 1.438; 500 501 484 Deposits—Government 1,303 847 Netherlands Bank (millions of Reconstruction and guilders): relief accts 6,871 ,661 Gold 2.924J 2.924 2.924 2,291 Other 2,680 ,000 Silver (including subsidiary coin) 131 12 13 16 Other liabilities and capital 4,916 ,432 Foreign assets (net) 1.410 1.419 1 .403 1 ,700 Loans and discounts ^91 33 31 36 Bank of Guatemala (thousands of Govt. debt and securities 1 .217 1.217 1 ,300 quetzales): Other assets 459 404 412 525 Gold 27,228 .228 Note circulation—Old 30 30 30 34 Foreign exchange (net) 23,727 .453 ^ New 3,267 3.290 3.192 3,051 Gold contribution to Int'l. Fund. . 1,250 • 250 Deposits—Government 618 854 959 1 ,125 Rediscounts and advances 23,675 ECA 856 1 .027 1 .016 1,177 Other assets 29,592 • 35/1 Other 761 588 570 276 Circulation—Notes 53,169 361 Other liabilities and capital 217 219 231 205 Coin 3 ,649 530 Reserve Bank of New Zealand Deposits—Government 3,268 721 (thousands of pounds): Banks 24,517 472 Gold 6.168 6.095 6,017 Other liabilities and capital 20,869 974 Foreign exchange reserve. . 83,648 71.793 59,446 National Bank of Hungary^ Loans and discounts 6,019 6.019i 6.019 6,019 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 62,012 57,3501 55.667 57,753 Issue department: Investments 23.9021 33.902 53.062 34,882 Gold at home and abroad 400 400 400 Other assets 1.569| 1.671 1 .510 2,861 Foreign securities 6,482 6,382 .982 Note circulation 69.14511 68.004 62,886 Indian Govt. securities 4.213 4,213 , 499 Demand deposits 104.545|l06.1S0j116.815 95,579 Rupee coin 937 942 876 Other liabilities and capital 9.677 8,512 Note circulation 11,859 11 ,714 596 Bank of Norway (millions of kroner): Banking department: Gold 21S 218 218 280 Notes of issue department. . . . 172 223 159 Foreign assets (net) 26 30 — 8 221 Balances abroad 1 ,048 1 ,068 183 Clearing accounts (net) — 39 -41 19 Bills discounted 107 107 127 Loans and discounts 67| 66 67 61 Loans to Government 5 11 40 Securities 30j 32 i 32 44 Other assets 1 ,1 63 1,123 146 Occupation account (net) =5.5461 >.546j 5, 546 ,546 Deposits 2,145 2,198 ,218 Other assets 65 46 52 57 Other liabilities and capital 351 335 436 Note circulation 2 ,968 2.954! ,928 ,756 Bank Indonesia4 (millions of rupiah): Deposits—Government 1 .699 1 .756) ,647 .080 Gold and foreign exchange (net)5. 656 838 991 100 Banks 655 607i 664 608 Loans and discounts 581 542 522 604 FOA—MSA 146 j 137| 172 311 Advances to Government 6,374 6,126 5,731 264 Other liabilities and capital 44" 4431 454 473 •Latest month available. ^his figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Combined figures for the Bank of German States and the nine Land Central Banks. 3For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4As 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. 5Gold not reported separately beginning January 1954. 6Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. JUNE 1954 667 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): 34,157 32,276 30,629 Issue department: Note circulation 37^675 37,712 36,704 Gold at home and abroad. . . 81 81 81 81 Deposits—Government 3,471 3,173 2,243 Sterling securities. 499 535 505 409 Other 3,851 3,775 3,962 Pakistan Govt. securities. . . 1,283 1,286 1 276 1,183 Other liabilities and capital . ...... 30,205 28,386 26,780 Govt. of India securities. . . . 146 146 146 126 Bank of Sweden (millions of kronor): India currencv 300 300 300 300 Gold 481 481 481 497 Rupee coin 55 55 \58 66 Foreign assets (net) 1,357 1,329 1,419 1,152 Notes in circulation 2,296 2,315 2,307 2,100 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 68 90 60 65 vances to National Debt Office3 2,331 2,299 2,342 2 ,605 Bills discounted 2 Other domestic bills and advances 471 384 407 295 Loans to Government 30 115 48 80 Other assets 845 883 885 r832 Other assets 337 379 342 440 Note circulation 4,575 4,459 4,584 4,365 Deposits 33? 477 340 468 Demand deposits—Government-. 321 309 357 300 Other liabilities and capital.. 112 107 113 117 Other 33 21 31 69 Central Bank of Paraguay1 (Nov. Other liabilities and capital 686 716 690 r7O5 (thousands of guaranies): 1953)* Swiss National Bank (millions of Gold 1,138 1 ,138 francs): Foreign exchange (net) 43 465 59,353 Gold 6 139 6,131 6,131 5 909 Net claim on Int'l. Fund2 11 11 Foreign exchange ?484 496 495 554 Loans and discounts 268,661 180,666 Loans and discounts 149 151 189 217 Government loans and securities. 400 293 349,662 Other assets 75 72 67 80 Other assets 581[8Q4 '200,296 Note circulation 4,926 4,921 4,911 4,796 Note and coin issue 495,008 402,968 Other sight liabilities 1 ,722 1,732 1,767 1,763 Deposits—Government 148,704 67,875 Other liabilities and capital 200 197 203 200 Other 230,143 121,779 Central Bank of the Republic of Other liabilities and capital 421,608 ' 198,505 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 419 413 543 clearings 201 192 189 213 Net claim on Int'l. Fund2 67 67 67 Loans and discounts 2,124 2,069 2,077 1 ,656 Loans and discounts to banks 606 609 414 Securities 25 25 25 26 Loans to Government 1,093 1,004 853 Other assets 120 95 109 114 Other assets 135 146 r204 Note circulation 1,432 1 412 1,447 1,229 Note circulation 1,627 1,597 1,440 Deposits—Gold.'............... 'l54 154 154 153 Deposits 451 388 354 Other . 836 772 763 754 Other liabilities and capital 241 253 288 Other liabilities and capital 451 446 439 275 Central Bank of the Philippines Bank of the Republic of Uruguay (Nov. (thousands of pesos) : (thousands of pesos): 1953)* Gold 18 813 18 813 18,813 Gold 336,572 328,977 Foreign exchange 436'112 447,149 460,228 Silver 9,044 9,308 Net claim on Int'l. Fund2 29,504 29,504 29,504 Advances to State and Govern- Loans 19,724 18,524 44,380 ment bodies 110,086 137,378 Domestic securities 239,887 241,094 234,515 Other loans and discounts 347,741 333,646 Other assets 160 303153 3?4 153,653 Other assets 608,991 527,483 Circulation—Notes 612^202611 ',333 579,629 Note circulation 414,329 400,943 Coin 84,376 84,385 '88,255 Deposits—Government 129,081 106,206 Demand deposits 156 290163]507 221,649 Other ..'. 333,184 362,349 Other liabilities and canital 51,476 49,183 ••51,561 Other liabilities and capital 535,840 467,294 Bank of Portugal (millions of Central Bank of Venezuela (mileseudos): lions of bolivares) : Gold 5 2 5? 5 169 4 646 Gold 1 141 1,141 1,141 1,141 Foreign exchange Cnet) 12,980 12i83O 11,899 Foreign exchange (net) '381 246 278 173 Loans and discounts 650 647 737 Other assets 98 101 134 92 Advances to Government 1,418 1,419 1,427 Note circulation 1,000 1,011 1,009 938 Other assets 884 840 596 Deposits 270 275 299 272 Note circulation 9,579 9,480 8,853 Other liabilities and capital 351 201 246 196 Demand deposits—Government.. 1,845 1,616 1,865 Bank of International Settle- FCA 6 6 6 ments (thousands of Swiss gold Other 7,658 7,701 6,544 francs): Other liabilities and capital 2,097 2,103 2,038 Gold in bars 602,127 609,059 582,752 742,019 South African Reserve Bank Cash on hand and with banks. . . 95,718 59,160 99,965 42,094 (thousands of pounds): Sight funds at interest 1,490 1,574 1,233 5,079 Gold 63,896 62,660 62,771 61,241 Rediscountable bills and accept- Foreign bills 38,177 34,023 26,887 49,298 ances (at cost) 433,177 315,431 345,443 239,319 Other bills and loans 31,005 41,690 38,000 13,951 Time funds at interest 199,514 182,777 163,480 40,882 Other assets 45,666 52,940 48,975 43,538 Sundry bills and investments. . . . 362,197 272,764 265,927 166,466 Note circulation 97,766 96,754 95,498 90,252 Funds invested in Germany 297,201 297,201 297,201 297,201 Deposits 60,881 72,952 58,521 57,584 Other assets 7,859 2,710 2,486 1,468 Other liabilities and capital 20,097 21,607 22,615 20,192 Demand deposits (gold) 320,018 439,056 435,484 482,616 Bank of Spain (millions of pesetas): Short-term deposits: Gold 596 596 581 Central banks—Own account. 1,131,253745,193 753,715 490,635 Silver 336 336 344 Other 36,848 46,000 59,379 57,512 Government loans and securities. 15,913 15,782 16,020 Long-term deposits: Special 228,909 228,909 228,909 228,909 Other loans and discounts 24,200 24,054 22,116 Other liabilities and capital 282,254 281,517 280,999 274,855 *Latest month available. ^Revised. !The new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3Includes small amount of non-Government bonds. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n t o r f a — l R A 3 a p 0 t r e . eff D e a ct t i e ve ba C n e k n t o r f a — l R A 3 a p 0 t r e . eff D e a ct t i e ve In effect Dec. 31, Argentina 3ya Mar. 1, 1936 Ireland 3H Mar. 25, 1952 Ma 1 y 9 48 27, 1949. . 2 3 \¥* 2Y2 IK A B u el s g t i r u ia m 2% O Se c p t. t . 2 2 9 4 , , 1 1 9 9 5 5 3 3 J It a a p l a y n 4 5.84 A O p ct r . . 6 1 , , 1 1 9 9 5 5 1 0 July 14 Bolivia Sept. 30, 1950 Mexico...... 4X June 4, 1942 Oct 6 3% 6 June 8, 1950. . 2y2 Sept. 11 3% Sept. 26 3 Canada 2 Oct. 17, 1950 Netherlands . 2H Apr. 7, 1953 Oct 27 Ceylon 3 July 23, 1953 New Zealand. Apr. 12, 1954 A D p e r c . . 1 1 7, . . 1951. . "4 3 C C h ol i o le mbia 4 *y 2 J J u u l n y e 1 18 3 , , 1 1 9 9 3 3 3 5 N Pa or k w is a t y an.... 3 2j| J Ja u n ly . 9 1 , , 1 1 9 9 4 4 6 8 July 5 3M Costa Rica 4 Feb. 1, 1950 Sept. 13 3M Oct. 11 "3" ' N N o o v v . . 9 8 2 y2' 4 Denmark . . . 4^ Sept. 23, 1953 Peru 6 Nov. 13, 1947 J M an ar . . 2 1 2 2 , 1952... "4"' sy 2 E E c g u y a p d t or 1 3 0 N M o a v y . 1 1 5 3 , , 1 19 9 4 5 8 2 S P o o u r t t h u A ga fr l i . c . a .. , I* J M an a . r . 2 1 7 2 , , 1 1 9 95 4 2 4 May 29 . 15 El Salvador. . . 3 Mar. 22, 1950 Spain Mar. 18, 1949 Aug 1 3 Finland 5% Dec. 16, 1951 Sweden 4 Nov. 20, 1953 Aug 21 Dec. 18.. 3 2M Jan. 8, 1953 . . 14 J O A S u e p c p n t r t e . . 2 1 1 9 7 1 7 . ... "*K 'sy 2 2M 2y2 F G G In r e r d a e r n i e m a c c a e e ny 1 * 3 0 3 M K F J J N a u e o n b n v . . e . 1 1 4 5 1 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 4 1 4 3 S T U w u n d r i i o t t k e z m e d e y r K la i n n d g . - . I I * K N F Se e o p b v . t . . 2 2 1 6 6 7 , , , 1 1 1 9 9 9 5 3 5 1 6 3 Nov. 20 2% Indonesia Apr. 1, 1946 U.S.S.R July 1, 1936 Feb. 4,1954... 3M In effect Apr. 30, 1954 J3^ 2% 2H 2% IK 1 Rates established for the Land Central banks. NOTE.—'Changes since Apr. 30: Austria—June 3, from 4 to 3H per cent; Germany—May 20, from 3}4 to 3 per cent; United Kingdom—May 13. from 3}4 to 3 Tier cent. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasurv Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills clay allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1944—March .39 1.03 1.00 1.13 .50 1.65 3-5 y2 1.25 1945—March .37 1.03 1.00 1.00 .50 1.60 2 $4-5 L .25 1946—March .36 .53 .51 .63 .50 1 .34 1'. 05 " '" i.00''' 21^-4 y% 1.25 1947—March .40 .53 .51 .63 .50 1.41 1.65 1.19 2K2-414 1.25 1948—March .41 .56 .51 .63 .50 2.09 1.45 .99 2 H-4 XA 1.50 1949—March 42 .56 .52 .63 .50 2.10 1.38 1.01 2 3/2-4 y2 1.63 1950—March .51 .69 .52 .63 .50 2.70 1.45 1.13 2H-4H L.50 1951—March .76 .69 .51 .63 .50 2.45 1.46 1.23 3-5 .50 1052—March .94 2.48 2.01 1.82 1.57 3.51 1.38 1.00 3-5 L.50 1053—March 1.50 3.00 2.40 2.25 2.00 3.93 .90 .51 3-5 .50 1953—April t . 53 3.00 2.41 2.25 2.00 4.05 .93 .71 3-5 .50 May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 3-5 .50 Tune 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 3-5 .50 July 1 76 3.00 2.35 2.25 2.00 4.13 .50 .50 3-5 .50 August 1.80 3.00 2.36 2.25 2.00 4.18 .50 .50 3-5 .50 September. . . 1.91 2.67 2.27 2.09 1.88 4.34 .43 .50 3-5 .50 October 1.93 2.19 2.11 1.94 1.75 3.91 .38 .50 3-5 .50 November... 1.90 2.19 2.10 1.94 1.75 4.00 .28 .50 3-5 .50 December. . . 1 .88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 1.50 1954—January 1.88 2.19 2.12 1.94 1.75 3.66 .23 .50 2 %-5 1.50 February 1.74 2.15 2.07 1.94 1.75 >\3.55 .25 .50 2%-S 1.50 Marcli 1.61 2.16 2.10 1.94 1.75 3.42 .45 .50 2KS 1.50 r Revised. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 1 72, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JUNE 1954 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom i Assets Liabilities ( b m 1 a 1 i n ll L k io s o s . n n t e s d r o o l F i n f i n g g p c u ) l o r e e u a s n r i i d n n s g re C se a r s v h es M c n a s o l o h l n t o a e ic r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y * Securities c L u o s a to n m s e to rs O as t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i d i t e t a i r l es 1948—December 502 485 741 1 ,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—December 532 571 I ,109 793 1,512 1,534 579 6,202 4,161 2,041 42 7 1950—December 540 592 1,408 456 1,528 1,660 735 6,368 4,262 2,106 550 1951—December 531 598 972 102 1 ,965 I ,950 867 6,333 4,290 2.042 651 1952—December 549 529 1,248 2,148 I ,764 748 6,460 4,232 2,228 528 1953—May 498 464 1,080 2,123 I ,784 654 6,083 3,896 2,187 520 Tune 514 469 I ,209 2,136 I ,778 673 6,299 4,040 2,259 481 July 510 460 L,244 2,140 L ,742 633 6,247 3,990 2,257 483 August 511 456 1 ,331 2,140 ,688 595 6,240 3,971 2,269 480 September 515 476 L ,376 2,137 I ,675 623 6,320 4.004 2.316 482 October 518 476 , 340 2,238 I ,666 607 6,373 4,041 2.332 472 November 520 469 ,354 2,245 1,687 626 6,419 4,080 2,339 483 December 542 501 ,417 2,275 I ,725 729 6,694 4,327 2,368 495 1954—January 526 483 ,330 2,277 L, 706 633 6,457 4.124 2,333 499 February 504 454 ,113 2,275 I , 754 638 6,237 3,954 2.283 501 March 512 468 1,078 2,269 1,773 632 6,243 3,957 2,286 489 April 535 489 1,088 2,280 1,786 699 6,378 4,056 2,321 499 Assets Liabilities Canada3 Entirely in Canada Security Deposits payable in Canada E (1 n 1 d i c n o h f a m m rt i e l o l r i n e o t d n h s b o f a i f g n u k r s e . s a a n l b o d r a o n n a s d et Securities Other Notes* excluding interbank deposits lia O b t i h li e t r ies Canadian dollars) Cash Security Other due from assets and reserves loans loans and foreign Total Demand Time capital discounts banks 1948—December 749 101 2,148 144 4,268 ,169 16 7,02 7 2,970 4,057 1 ,537 1949—December 765 133 2,271 146 4,345 ,058 14 7,227 2.794 4,433 1.477 1950—December 824 134 2,776 171 4,286 ,304 (4) 7,828 3,270 4.558 1,667 1951—December 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 1,714 1952—December 916 155 3,289 326 3,955 1,516 8,421 3.497 4.924 1,736 1953—April 897 152 3,508 345 4,135 L,380 8,642 3,535 5,107 1,774 May 822 138 3,526 331 4,024 1,402 8,486 3,386 5,100 1,755 June 903 123 3,576 331 3,956 L , 509 8,634 3,508 5,126 1,764 July 877 125 3 ,649 328 3,872 L,359 8,496 3,344 5,152 1 ,713 August 883 135 3, 732 353 3 886 I .329 8,651 3 ,445 5 ,206 1 ,667 September 897 110 3,772 330 3,918 I ,372 8,692 3,466 5,226 1,706 October 962 144 3,838 342 3,789 L ,432 8,744 3,596 5.148 1,763 November 899 152 3,977 390 3 ,789 ,512 8,918 3,851 5,068 1,801 December 906 154 3,897 424 3,831 1,510 8,881 3,847 5,034 1,841 1954—January 881 143 3,929 370 3 ,944 I ,337 8,772 3.679 5,093 1,832 February 898 197 3 ,951 370 3,885 L ,332 8,843 3,681 5 ,162 1 ,791 March. . . 923 167 3 ,899 421 3,775 ,426 8,780 3,535 5.245 1,830 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due from Bills dis- Loans Other vjwn liabilities millions of francs) reserves banks counted assets accept- and Total Demand Time ances 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 42,311 426,69( 129,501 29,843 62 7,266 619.204 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 60,2 15 72,559 627,64? 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—March 46,064 75,743 630,601 175,934 37,896 90C,928 864,528 36,400 27,291 38,019 April 48,314 83,702 634,64; 174,379 41,925 910,867 873,209 37,658 29,219 42,878 May 48,079 84,973 690,72^ 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 Tuly 47,903 85,806 661,08^ 189,591 49,269 952,454 913,188 39,265 27,446 53,751 August 50,451 89,197 651,314I 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 78,797 696,94^ 189,753 60,636 97? ,019 935,267 42,752 28,142 67,070 December? 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 76,601 782,29." 180,524 37,840 1 ,05f,908 1,013,546 43,363 31,301 35,126 February 44,083 75,183 770,445 193,050 40,242 1,054,531 1,010,245 44,286 32,539 35,933 pPreliminary. !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figuires on German commerrial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp.566-571 in same publication. 670 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada Year or month Basic P ( e p r n e e t f s i e a o r l ) - Free ( t p A r o a u u s l n - ia d) ( A sc u h s il t l r in ia g) B ( e fr l a g n i c u ) m (c B r r u a z z e i i l r o 1 ) M B (d r a o s i i l l t a l a i a s y r h ) - Officia ( l dollar) Free 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29 774 293.80 2.2009 5.4406 '421973 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—June 20.000 13.333 7.198 224.19 2.0007 5.41406 32.579 100.546 July 20.000 13.333 7.198 224.32 2.0011 t406 32.582 100.782 August 20.000 13.333 7.197 224.30 2.0006 5.^t455 32.610 101.180 September 20.000 13.333 7.198 223.33 2.0050 5.4t466 32.569 101.580 October 20.000 13.333 7.198 223.57 2.0063 35.^L466 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 May 20.000 13.333 7.198 224.58 3.8580 1.9909 4.2808 3.5261 32.681 101.575 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 " '14354' .2856 23.838 20.869 280.38 11.564 26.264 277.19 1952 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 26.315 276.49 1953 21.046 .4354 .2856 21.049 281.27 11.607 26.340 278.48 1953—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 May 21.078 .4354 .2856 23.838 21.084 281.85 7.995 26.418 279.06 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 e n n - 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 8 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 '8341217" 1953—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 Mav 14.008 49.677 3.4900 280.80 19.333 23.333 281.85 *For figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was 2.3274. 2 Based on quotations beginning Nov. 30, 1953. 3Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these two rates were 4.2808 and 3.5261, respectively. 4 Based on quotations beginning Apr. 1, 1954. 6The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. *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 further information concerning rates and averages for previous years, see BULLETIN for December 1953, p. 1409. JUNE 1954 671 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 I S = 9 n t 1 4 a i 0 7 t t 0 e e -4 ) d s 9 ( C 1 = a 9 1 n 3 0 5 a 0 - d ) 3 a 9 M (1 1 e 9 0 x 3 0 i 9 ) c = o K U ( i 1 n 1 n 9 g 0 i 3 0 t d e 0 ) o d = m F (1 r 1 9 a 0 4 n 0 9 c ) = e (1 I 1 t 9 0 a 3 0 l 8 y ) = ( a 1 J v 9 a = e 3 p 1 r 4 a a ) - g n 3 e 6 N ( l ' e 1 a 1 t 9 0 n h 4 0 d e 8 ) s r = - S (1 w 9 1 e 0 3 0 d 5 ) e n = ( S A = w l u 1 a g i 0 t n . z d 0 1 e ) 9 r- 39 1Q44 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—April 109 220 387 333 139 5,234 350 134 300 212 May 110 220 393 331 139 5,250 350 135 299 214 Tune 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 5,256 361 134 296 211 1954—-January 111 220 396 326 138 5,286 368 135 296 213 February 111 219 397 326 138 5,328 369 136 296 213 March 1 11 219 401 P329 P136 135 P296 214 April. .'.' '. . . 111 218 411 P330 P137 P215 P Preliminary. NOTE.—-For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 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 Raw and Fully and Induspr F o a d r u m cts Pr f o o c o e d s s sed co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m c h a t i u e n f r u l e y - 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 c a - w ts p fi r n o tr i d s ia h u l e c d ts goods goods 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 ioo 'l00 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 P352 129 166 135 1953 97 105 114 220 207 229 307 123 156 132 1953—April 97 103 113 222 206 228 318 122 157 131 May 98 1^4 114 224 206 228 317 124 157 131 June 95 103 114 227 207 230 316 124 "•156 131 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 '98 105 114 207 204 227 311 126 154 133 April 100 106 115 206 206 225 P310 n.a. Not available. P Preliminary. r Revised, NOTE.—For sources and reference; concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952^ p. 1356. 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued CONSUMERS' PRICE INDEXES All items Food United Switz- United Switz- Year or month ( U S = 19 t n 1 a 4 i 0 7 t t 0 e e - ) 4 d s 1 9 = C ( a 1 a d 1 9 0 n 4 a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 0 n 4 0 9 c ) e N l = ( a e 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 - g d = , ( U S 1 = 9 n t 1 a 4 i 0 t 7 t 0 e e - ) s d 4 9 i = C ( a 1 a 1 d 9 0 n 4 a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l = ( a e 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . = 100) 100) = 100) 100) 1946 83 78 35 152 79 36 160 1947.. 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 . 102 100 84 100 100 162 100 ioo 76 100 ioo 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1953—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 Tune 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—Tanuarv 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 115 116 107 144 124 169 112 111 112 136 127 184 April 115 116 ^142 125 P170 112 110 rl34 P185 SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i i d g t t e e h e d ) si C (1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( 1 K D 9 U 2 i e n 1 n c g e i = m t d e 1 o b d 0 m e 0 r ) F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l e a t n h d e s r 2 - ( U 1 S = 9 t n 3 a 1 i 5 t 0 t e e - 0 3 d s ) 9 C (1 = a 9 n 3 1 5 a 0 - 0 d 3 ) a 9 ( K 1 U 9 i 2 n n 6 g i t d = e o d 1 m 00) (19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d er s 3 Number of issues. . . 17 87 60 14 480 101 278 295 27 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 ioo 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—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 95.5 115.3 116.0 100.0 204.9 165.0 95.6 187 250 April 118.1 99.8 116.6 100.6 212.7 M73.6 97.0 256 r Revised. Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952. p. 1357. JUNE l(b4 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WM. MCC. MARTIN, JR., Chairman M. S. SZYMCZAK JAMES K. VARDAMAN, JR. R. M. EVANS A. L. MILLS, JR. J. L. ROBERTSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary GEORGE S. SLOAN, Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director KENNETH A. KENYON, Assistant Secretary FRED A. NELSON, Assistant Director ARTHUR H. LANG, Chief Federal Reserve Examiner ROBERT C. MASTERS, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director GEORGE B. VEST, General Counsel HENRY BENNER, Assistant Director FREDERIC SOLOMON, Assistant General Counsel HOWARD H. HACKLEY, Assistant General Counsel DIVISION OF BANK OPERATIONS DAVID B. HEXTER, Assistant General Counsel ROBERT F. LEONARD, Director G. HOWLAND CHASE, Assistant General Counsel J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director DWIGHT L. ALLEN, Director FRANK R. GARFIELD, Adviser on Economic Research H. FRANKLIN SPRECHER, JR., Assistant Director KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER LEWIS N. DEMBITZ, Assistant Director EDWIN J. JOHNSON, Controller Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN ~ FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT MALCOLM BRYAN J. L. ROBERTSON GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. M. EVANS M. S. SZYMCZAK GEORGE GUND, CLEVELAND DISTRICT H. G. LEEDY JAMES K. VARDAMAN, JR. A. L. MILLS, JR. ALFRED H. WILLIAMS ROBERT V. FLEMING, RICHMOND DISTRICT Vice President C. S. YOUNG WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel W. W. CAMPBELL, ST. LOUIS DISTRICT WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT GEORGE W. MITCHELL, Associate Economist CHARLES 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 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman 1 President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Presidents in charge of branches are listed in lower section of this page) Boston.... Harold D. Hodgkinson J. A. Erickson Robert B. Harvey 8 Carl B. Pitman Ames Stevens Alfred C. Neal E. O. Latham O. A. Schlaikjer R. F. Van Amringe New York. Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber H. H. Kimball T. G. Tiebout L. W. Knoke V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari4 E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland John C. Virden W. D. Fulton Roger R. Clouse H. E. J. Smith Leo L. Rummell Donald S. Thompson A. H. Laning * 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.1 S. P. Schuessler Harold T. Patterson Chicago John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones« Alfred T. Sihler W. W. Turner St. Louis M. Moss Alexander Delos C. Johns Dale M. Lewis H. H. Weigel Caffey Robertson Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis. . . Paul E. Miller O. S. Powell H. C. Core Otis R. Preston Leslie N. Perrin A. W. Mills E. B. Larson M. H. Strothman, Jr. H. G. McConnell Sigurd Ueland Kansas City... Raymond W. Hall H. G. Leedy John T. Boysen * E. D. Vanderhoof Cecil Puckett Henry O. Koppang Clarence W. Tow D. Wo Woolley Dallas J. R. Parten Watrous H. Irons E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry J. L. Cook 3 Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco.., A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan s Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE tBANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis.... Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte R. L. Cherry Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Counsel. JUNE 1954 675 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from BANKING STUDIES. Comprising 17 papers on bankthe Division of Administrative Services, Board of ing and monetary subjects by members of the Governors of the Federal Reserve System, Wash- Board's staff. August 1941; reprinted October ington 25, D. C. Where a charge is indicated, 1952. 496 pages. Paper cover. $1.00 per copy; remittance should be made payable to the order in quantities of 10 or more copies for single of the Board of Governors of the Federal Reserve shipment, 75 cents each. System. BANKING AND MONETARY STATISTICS. Statistics of THE FEDERAL RESERVE SYSTEM—PURPOSES AND banking, monetary, and other financial develop- FUNCTIONS. Revised edition. April 1954. 224 ments. November 1943. 979 pages. $1.50 per pages. copy. No charge for individual sections (unbound). ANNUAL REPORT of the Board of Governors of the Federal Reserve System. Issued each year. A STATISTICAL STUDY OF REGULATION V LOANS. FEDERAL RESERVE BULLETIN. Issued monthly. Sub- September 1950. 74 pages. 25 cents per copy; scription price in the United States and its pos- in quantities of 10 or more copies for single sessions, Bolivia, Canada, Chile, Colombia, Costa shipment, 15 cents each. Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Nicaragua, Panama, Paraguay, Peru, El Salvador, INGS AND THEIR USE IN ECONOMIC ANALYSIS. Uruguay, and Venezuela is $2.00 per annum or January 1952. 175 pages. 25 cents per copy; in 20 cents per copy; elsewhere $2.60 per annum or quantities of 10 or more copies for single ship- 25 cents per copy. Group subscriptions in the ment, 15 cents each. United States for 10 or more copies to one ad- THE FEDERAL RESERVE ACT, as amended to Novemdress, 15 cents per copy per month, or $1.50 ber 1, 1946, with an Appendix containing profor 12 months. visions of certain other statutes affecting the FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY Federal Reserve System. 372 pages. 50 cents per RATES, AND BUSINESS. Issued monthly. $6.00 paper-bound copy; $1.00 per cloth-bound copy. per annum including edition of historical supplement (listed below) available when subscription COMPILATION OF FEDERAL AND STATE LAWS RELATis entered or renewed. 60 cents per copy; in ING TO BRANCH BANKING WITHIN THE UNITED quantities of 10 or more copies of a particular STATES. (July 1, 1951.) December 1951. 33 issue for single shipment, 50 cents each. (Do- pages. mestic rates) RULES OF ORGANIZATION AND RULES OF PROCEDURE HISTORICAL SUPPLEMENT TO FEDERAL RESERVE —Board of Governors of the Federal Reserve CHARTS ON BANK CREDIT, MONEY RATES, AND System (with Amendments). September 1946. BUSINESS. Issued annually in September. Annual 31 pages. subscription to monthly chart book includes one issue of supplement. Single copies, 60 cents each; REGULATIONS OF THE BOARD OF GOVERNORS OF THE in quantities of 10 or more copies for single FEDERAL RESERVE SYSTEM. Individual regulations shipment, 50 cents each. (Domestic rates) with amendments and supplements thereto. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS PERIODIC RELEASES EMPLOYMENT IN NONAGRICULTURAL ESTABLISH- MENTS WEEKLY FEDERAL RESERVE PAR LIST (Also annual list. Both available at Federal Reserve Banks only) CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS BY INDUSTRY INTERDISTRICT SETTLEMENT FUND CHANGES IN STATE BANK MEMBERSHIP INDEX NUMBERS OF WHOLESALE PRICES MONTHLY DEPARTMENT STORE SALES CONDITION OF THE FEDERAL RESERVE BANKS MONTHLY DEPARTMENT STORE SALES AND STOCKS, CONDITION OF WEEKLY REPORTING MEMBER BANKS BY MAJOR DEPARTMENTS IN LEADING CITIES MONTHLY DEPARTMENT STORE STOCKS CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES MONTHLY FOREIGN EXCHANGE RATES NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES OPEN-MARKET MONEY RATES IN NEW YORK CITY WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS RETAIL FURNITURE REPORT WEEKLY FOREIGN EXCHANGE RATES SALES FINANCE COMPANIES STATE MEMBER BANKS OF THE FEDERAL RESERVE SYS- WEEKLY REVIEW OF PERIODICALS TEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL RESERVE SEMIMONTHLY BANKS (Also annual list) DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS SEMIANNUAL-QUARTERLY MONTHLY ALL BANKS IN THE UNITED STATES AND POSSESSIONS— PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES. (Including Consolidated State- MEMBER BANK CALL REPORT merit for Banks and the Monetary System) MEMBER BANK EARNINGS AS'ETS AND LIABILITIES OF ALL MEMBER BANKS BY MEMBER BANK LOANS DISTRICTS SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS TIONS BUSINESS INDEXES ANNUAL CONSUMER CREDIT (Short- and Intermediate-Term) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER FINANCE COMPANIES—LOANS OUTSTAND- ING AND VOLUME OF LOANS MADE DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS CONSUMER INSTALMENT CREDIT AT COMMERCIAL BANKS IRREGULAR CONSUMER INSTALMENT CREDIT EXTENDED AND RE- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND PAID STANDARD METROPOLITAN AREAS (NOW biennial) DEPARTMENT STORE CREDIT SELECTED LIST OF ADDITIONS TO THE RESEARCH DEPARTMENT STORE MERCHANDISING DATA LIBRARY JUNE 1954 677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS THE PHILIPPINE CENTRAL BANK ACT and Text of the Act. In part a reprint from the xAugust (From Federal Reserve Bulletin unless preceded by an asterisk) 1948 BULLETIN. 36 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS LATIN AMERICA'S POSTWAR INFLATION AND BALANCE IN THE UNITED STATES. November 1938. 20 p PROBLEMS. November 1948. 11 OF AYMENTS Pages- pages. THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- NEW STATISTICS OF INTEREST RATES ON BUSINESS SERVE BANKS. February 1940. 8 pages. LOANS. March 1949. 10 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- NOTES ON FOREIGN CURRENCY ADJUSTMENTS. NOvember 1949. 14 pages. SERVE POLICY. April 1940. 11 pages. A STUDY OF INSTALMENT CREDIT TERMS. Decem- GENERAL INDEXES OF BUSINESS ACTIVITY. June 1940. ber 1949. 8 pages. 7 pages. FRENCH EXCHANGE STABILIZATION FUND. January 1950. 5 pages. MEASUREMENT OF PRODUCTION. September 1940. 16 pages. REVISED ESTIMATES OF CONSUMER CREDIT. Novem- •n r> r> T ™ r^ ber 1950. 2 pages. FEDERAL RESERVE BANK LENDING POWER NOT DE- r & PENDENT ON MEMBER BANK RESERVE BALANCES. MEASUREMENT OF CONSUMER CREDIT. November February 1941. 2 pages. 1950. 9 pages. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- * xHE TREASURY—CENTRAL BANK RELATIONSHIP IN tion of method used by Board in adjusting eco- FOREIGN COUNTRIES—PROCEDURES AND TECHnomic data for seasonal variation. June 1941. NIQUES. November 1950. April 1951. 19 pages. 11 pages. TRENDS IN INTERNATIONAL TRADE AND PAYMENTS. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28. APr'd 1951. 14 pages. September 1945. 2 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING THE INTRODUCTION OF REAL ESTATE CREDIT REGU- BUSINESS LOANS OF MEMBER BANKS. March, May, LATION. July 1951. 23 pages. June, July, and August 1947. 80 pages. SAVING IN THE DEFENSE ECONOMY. September VALUES AND LIMITATIONS OF CONSUMER FINANCIAL 1951. 5 pages. SURVEYS FOR ECONOMIC RESEARCH. March 1947. 9 pages. NEW INDEX OF OUTPUT OF MAJOR CONSUMER DURABLE GOODS. October 1951. 6 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- TISTICS. September 1947. 12 pages. CREDIT AND SALES REPORTED BY REGULATION W REGISTRANTS. October 1951. 12 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE VOLUNTARY ACTION TO HELP CURB INFLATION. 1929. January 1948. 9 pages. November 1951. 9 pages. SALES FINANCE COMPANY OPERATIONS IN 1947. REVISED INDEXES OF DEPARTMENT STORE SALES AND July 1948. 6 pages. STOCKS. December 1951. 53 pages. 678 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 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 WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE pages. CORPORATIONS. July 1953. 12 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1953. 2 pages. (Also STATEMENT BY CHAIRMAN OF THE BOARD OF GOVsimilar article from July 1952 BULLETIN.) ERNORS BEFORE SUBCOMMITTEE ON GENERAL 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. October 1953. 9 pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. 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. PURCHASES OF ^DETAILED DESCRIPTION OF SOURCES AND METHODS DURABLE GOODS AND HOUSES IN 1953. June 1954. USED IN REVISION OF SHORT- AND INTERMEDIATE- 17 pages. (Another article on the 1954 Survey TERM CONSUMER CREDIT STATISTICS (supplemenwill appear in a later issue of the BULLETIN. Also, tary details for item listed above), April 1953. similar surveys for earlier years from 1946, 25 pages. 1947, 1948, 1949, 1950, 1951, 1952, and 1953 THE TRANSITION TO FREE MARKETS. April 1953. BULLETINS.) 6 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May NEW INDEXES OF OUTPUT OF CONSUMER DURABLE 1953. 5 pages. GOODS. May 1954. 15 pages. 679 JUNE 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES == BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (•> FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis