Federal Reserve Bulletin, 1954-07

F E D E R AL E S E R VE BULLETIN JULY 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 July 1954 NUMBER 7 MONETARY AND CREDIT DEVELOPMENTS SINCE MID-1953 Business demand for short- and long- Availability to member banks of reserve term credit and consumer demand for in- funds for lending and investing has instalment loans have been smaller in the creased substantially and steadily over the past 12 months than in other recent years. past year. Member bank borrowing from The Federal Government has borrowed the Reserve Banks has declined to nominal slightly less on balance in the past year than levels and excess reserves have increased in the preceding year, but will need to in- somewhat. Reserves have been made availcrease its borrowing substantially in the next able by the Federal Reserve through open six months. Long-term borrowing by State market operations as well as by reductions and local governments, on the other hand, in reserve requirements in July 1953 and has been in record volume, and lending on June, July, and August of this year. In real estate mortgages has remained large. addition, the discount rates of Reserve Banks Indications are that credit demand in these were reduced from 2 per cent to 1% Per areas will continue strong during the re- cent in February and to V/ 2 per cent in April mainder of 1954. and May. Commercial banks, with reserves adequate Slackened demand for short-term credit, for further credit expansion but with a continued liquid saving at a high rate, and reduced demand for loans, increased their Federal Reserve measures to ease credit have investments in Federal, State and local gov- been reflected in a sharp decline in market ernment, and corporate securities over the interest rates from the relatively high levels 12-month period ending June 30,1954. They reached in May and June 1953. The decline were also more active in lending to dealers has pervaded the whole credit market, alin securities and continued to add to their though different types of paper and securiholdings of real estate loans. As a result, ties have been affected in varying degrees. commercial bank credit increased substan- BANK RESERVES tially. Demand deposit and currency holdings The reserve position of the banking sysof businesses and individuals have increased tem has eased markedly since the spring of slightly since mid-1953. Time deposits have 1953. In April 1953 member bank borrowcontinued to grow. United States Govern- ing from the Reserve Banks averaged about ment deposits at commercial banks have one and one-quarter billion dollars, or about risen, after a decline in the previous year. three-quarter billion more than excess re- JULY 1954 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT DEVELOPMENTS SINCE MID-1953 RESERVES AND DISCOUNTS - ALL MEMBER BANKS monetary expansion in order to help avoid Millions of dollars 2000 inflationary developments. In mid-1953 r these operations were reoriented toward combating the deflationary tendencies then developing. As economic activity began to \ EXCESS - 1000 \ RESERVES recede, System operations were further modified toward promoting credit ease. DISCOUNTS WITH From early May until the end of 1953 the F. R. BANKS 0 Federal Reserve made available a substantial 1000 volume of reserve funds, part of which mem- FREE RESERVES < ber banks used to meet seasonal demands X \ J for credit and currency and part to reduce the volume of their borrowing. These reserves were supplied by Federal Reserve purchases of about 2.5 billion dollars of Gov- -1000 ernment securities in the open market and 1952 1953 1954 NOTE.—Data are monthly averages of daily figures. Free re- by the release of about 1.2 billion dollars serves are excess reserves less discounts. Figures for June 1954 are preliminary. of reserves through a reduction in reserve serves. In June of this year member bank requirements in July 1953. borrowing averaged less than one-quarter bil- Early in 1954 additional reserve funds lion dollars and excess reserves more than became available to banks through a heavy three-quarter billion. Free reserves—excess post-Christmas return of currency from cirreserves less borrowing at Reserve Banks culation and a decline in required reserves —expanded progressively during this period from a negative three-quarter billion dollars FEDERAL RESERVE CREDIT Billions of dollars to considerably more than half a billion HOLDINGS OF U. S. GOVT. SECURITIES dollars. 26 The marked shift in bank reserve positions over the period from the late spring PURCHASED OUTRIGHT of 1953 to the present has reflected in large 24 part adaptations in Federal Reserve operations to meet changing credit and economic circumstances. Over the period 1952 and 22 early 1953, reserves were supplied through Federal Reserve open market operations to 1 I UNDER REPURCHASE AGREEMENT meet seasonal and growth needs of the economy. In view of the vigorous demand for credit, however, banks were obliged to ob- DISCOUNTS AND ADVANCES tain additional reserves by borrowing from the Reserve Banks, a development that helped to dampen expansion of bank credit. 1952 1953 1954 During this period, Federal Reserve opera- * Direct purchases of special certificates from Treasury. NOTE.—Excludes Federal Reserve float, industrial loans, and tions were designed to restrain credit and acceptances. Data are weekly averages of daily figures; latest shown are for week ending July 7. 682 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT DEVELOPMENTS SINCE MID-19 5 3 accompanying the usual seasonal contraction cally expand seasonally by 5 or 6 billion dolin total deposits. Only part of these reserve lars and thus require nearly a billion dollars funds was absorbed by Federal Reserve sales of reserves. Additions to the money supply of Government securities and by small drains are largely provided through increased bank from other factors. Member bank borrow- loans and investments. ings at the Federal Reserve declined further Since changes in reserve requirements such to low levels and excess reserves of member as were made in mid-1953 and in mid-1954 banks increased. involve relatively large amounts of bank reserves, they are made comparatively infre- REDUCTIONS IN RESERVE REQUIREMENTS quently. For more flexible and frequent adjustments of the supply of reserves to the In May and June of this year, the Federal current credit needs of the economy, the Reserve supplied banks with additional re- System relies upon open market operations serves through purchases of Government seto release or absorb reserve funds. curities in order to maintain a condition of ease in credit and capital markets. On BANK CREDIT June 21 the Board of Governors announced a 1.5 billion dollar reduction in reserve re- Availability of ample reserve funds has quirements to become effective over several encouraged banks to increase their outstandweeks. When the reduction is completed on ing credit substantially over the past year. August 1, the reserve requirement percent- Notwithstanding a sharp decline in the deages applicable to the various classes of banks mand for short-term credit by businesses and will have been lowered as follows: consumers, total loans and investments of commercial banks (exclusive of interbank On net demand deposits: loans) are estimated to have increased about For central reserve city banks.... from 22 to 20 8 billion dollars during the year ending For reserve city banks from 19 to 18 June 1954, more than twice as much as in the For country banks from 13 to 12 previous year, as shown in the chart on the On time deposits: following page. During the first half of 1954 total bank credit changed little, com- For all member banks. from 6 to 5 pared with a decline of nearly 4 billion dol- This reduction in reserve requirements was lars in the same period a year ago. made in anticipation of demands on bank Growth in total bank credit over the past reserves during the summer and fall, tak- year is largely attributable to increased bank ing into account probable private financing holdings of Government securities. In the requirements, including the marketing of year ending June, the Government security crops and the replenishment of retail stocks portfolios of banks expanded about 5 bilin advance of the fall and Christmas sale lion dollars, or nearly 10 per cent. Holdings seasons, as well as Treasury financing needs. changed little in the first half of 1954, Over the months June-December, currency in contrast with a reduction of about 5 bilin circulation ordinarily shows a seasonal lion in the first half of 1953. In the earlier increase of close to 1 billion dollars and this period bank reserves were less readily availexerts a corresponding drain on bank re- able and banks sold large amounts of Govserves. In addition, demand deposits typi- ernment securities in order to maintain their JULY 1954 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT DEVELOPMENTS SINCE MID-1953 BANK LOANS AND INVESTMENTS the first half of 1954 bank loans declined ALL COMMERCIAL BANKS Billions of dollars about 1 billion dollars, as compared with that 150 amount of increase a year earlier. Most of the slackening in bank credit demand occurred in business loans. These dew TOTAL r~^ — 140 clined about 1.5 billion dollars over the year ending June 1954, in contrast with an increase of 2 billion the previous year. In the 130 first half of 1954 business loans declined 1.3 billion dollars, more than twice the reduction during the same period last year. 80 OTHER LOANS The recent contraction apparently reflects AND INVESTMENTS further liquidation of borrowing for invenexcluding interbank tories as well as repayment of loans made 70 earlier to reduce tax liability under the excess GOVT. SECURITIES profits tax, which expired December 31. AND LOANS ON GOVTS. Loans to metal manufacturers, which had 60 increased in 1952 and 1953, declined substantially in the first half of 1954. On the other hand, seasonal loan repayments by 1952 1953 1954 NOTE.—Figures are partly estimated. Loans on U. S. Gov- food processors and commodity dealers have ernment securities are those of weekly reporting banks in New York City and Chicago. Data are for last Wednesday of month been smaller this year than last, probably except for June and December call dates. Figures for 1954 are preliminary. because seasonal expansion in these loans was reserve positions and to expand loans. In smaller last fall than in other recent years. both of these half-year periods, there was a Bank loans to sales finance companies deseasonal decline in total Government securi- clined substantially from the middle of last ties outstanding. This year banks maintained year through the first quarter of 1954 and their holdings by replacing maturing securi- have changed little in recent months. ties with others acquired from nonbank Consumer loans at banks, which increased holders. In the first half of 1953 banks rapidly during the first half of 1953 and sharply reduced their holdings and nonbank stabilized later in the year, declined during investors increased theirs. the first half of 1954. Bank loans on real Bank holdings of State and local govern- estate expanded steadily over the past year. ment obligations and corporate securities Loans for purchasing or carrying securities have grown at an accelerated pace during also increased in contrast with a decrease in the past year. The increase of more than the preceding 12-month period. Agricul- 1 billion dollars was about four times that tural loans at banks increased sharply from of the previous year. mid-1953 to mid-1954 as compared with little Outstanding bank loans (excluding inter- change in the previous year. This increase bank loans) are estimated to have increased reflected bank purchases of Commodity approximately 1.5 billion dollars in the 12 Credit Corporation certificates of interest in months ending mid-1954, about one-third agricultural price support loans, as well as the expansion of the previous year. During expansion in loans guaranteed by the CCC. 684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT DEVELOPMENTS SINCE MID-1953 Changes in the composition of bank loan DEPOSITS AND CURRENCY of do and investment portfolios over the past 12 105 75 DEMAND DEPOSITS months differed sharply among classes of ADJUSTED k v member banks, although each class showed TIME DEPOSITSf — some increase in total resources. Outstand- 100 — — 70 ing loans showed little change at reserve city banks, and they declined at central reserve city banks. Credit expansion at these banks ,/"" ADJUSTED FOR _ — 65 reflected largely additions to their portfolios SEASONAL VARIATION of Government securities. Country banks, however, increased their loans substantially, but added only slightly to their Government 90 1 1 .. 60 portfolios. 30 10 CURRENCY U. S. GOVT. OUTSIDE BANKS ADEPOSITSh k DEPOSITS AND CURRENCY \ Total deposits and currency are estimated ADJUSTED FOR 25 r- 5 SEASONAL VARIATION V / IT to have increased more than 8 billion dollars from mid-1953 to mid-1954, exceeding the increase for the previous year by about 3 J_ 20 1 1 billion. As is shown in the chart, most of 1952 1953 1954 1952 1953 1954 the growth was in time deposits, which con- NOTE.—Figures are partly estimated. Demand and time deposits are for all banks in the United States and are adjusted tinued to expand rapidly at both commer- to exclude U. S. Government and interbank deposits. Demand deposits are also adjusted to exclude items in process of collection. Time deposits include deposits in the Postal Savings cial and savings banks. Deposits of the System and in mutual savings banks. Figures are for last Wednesday of month except for June and December call dates. Treasury rose about 2.5 billion dollars from Figures for 1954 are preliminary. the low level reached in mid-1953. stages of most previous economic declines, Demand deposit and currency holdings of the money supply contracted. businesses and individuals increased only The rate of use or turnover of demand slightly in the year ending June 30, 1954. deposits at banks outside leading financial In 1953, after allowance for usual seasonal centers was about the same during the first changes, such holdings rose sharply through half of 1954 as in the first half of the previous April and then leveled off for several months. year. In New York City there was a sub- Expansion was resumed late in 1953 but stantial increase, particularly after the turn there was little change over the first half of the year, presumably reflecting increased of 1954, after seasonal allowance. Changes activity in financial markets. in the ownership of demand deposits during 1953 by various classes of depositors are TREASURY BORROWING discussed on pages 711-14 of this BULLETIN, and changes in liquid assets of major groups Borrowing by the Federal Government on pages 709-10. declined slightly in the past year. Although The increase in private holdings of de- the cash deficit was largely eliminated, a net mand deposits and currency over the past amount of about 2 billion dollars was boryear, though small, has been a stabilizing rowed from the public to build up Treasury factor in the economy. In the comparable cash balances. Treasury demand for credit JULY 1954 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT DEVELOPMENTS SINCE MID-19 5 3 was therefore only about half a billion less billion dollars of the notes was sold fqr cash. than in the preceding fiscal year when the These refundings, together with the recash deficit exceeded 5 billion dollars. demption of maturing tax anticipation cer- Borrowing needs of the Treasury were tificates, substantially reduced the supply of concentrated in the last half of the year, re- short-term Government securities and inflecting the increasing proportion of corpo- creased the supply of intermediate-term serate taxes collected in March and June. The curities over the first half of 1954. Com- Treasury borrowed a net amount of about mercial bank holdings of Government se- 8 billion dollars from the public in the period curities reflected these changes. July-December 1953 and repaid nearly 6 billion in the period January-June 1954. CAPITAL MARKETS Demand for long-term credit and capital UNITED STATES GOVERNMENT SECURITIES by corporations and by State and local gov- BY TYPE OF HOLDER [In billions of dollars] ernments continued heavy during the year ending June 30, 1954. Securities issued by Change: Out- these groups to obtain new capital totaled stand- Type of holder Ju 1 n i 9 n e 5 g 3 4 0, J e u Y n 1 n 9 d e e 5 i a n 4 3 r g 0, J D u 1 e l 9 y c 5 . 3 1 3 - 1, J J a u 1 n n 9 . 5 e 4 1 3 - 0, p an er e c s e t n im t a a b te o d v e 1 th 4 e b l i e l v li e o l n o f d t o h l e la p rs re , c r e o d u i g n h g l y y ea 1 r 0 . Flotations of about 7 billion during the first Total 271.3 +5.2 +9.1 -3.9 half of 1954 maintained about the same Federal agencies and trust funds 49.3 + 1.8 +0.8 + 10 high level as a year earlier. Public1 222.0 +3.4 +8.4 -4.9 The volume of State and local government Federal Reserve Banks2... 25.0 +0.3 + 1.2 -0.9 Commercial banks 63.8 +5.0 +4.8 +0.2 financing during the first half of 1954 was All other investors 133.2 -1.9 +2.4 -4.3 about 40 per cent larger than a year earlier. 1 Changes differ from cash borrowing figures cited in the text due to inclusion of miscellaneous debt transactions and discounts ac- The increase reflected mainly a heavy decrued on savings bonds. 2 Reflects, among other things, the direct exchange with the mand for construction funds, particularly Treasury in November 1953 of 500 million dollars of securities for an equal amount of gold certificates. This transaction had for school facilities and highways. no effect on bank reserves. NOTE.—Estimates for June 30, 1954 are preliminary except for New issues of corporations in the first half total debt and Federal Reserve Bank holdings. of 1954 were down about 20 per cent from During the first half of 1954 the average a year earlier. This decline reflected a smaller maturity of the marketable public debt was volume of borrowing by most types of manlengthened by about one-half year. Most ufacturing corporations for expansion of of this change resulted from the refunding plant and equipment, and by consumer fiin February when the Treasury offered a nance companies for financing the curtailed 7%-year bond as one exchange option and volume of instalment sales. Flotations by received more than 11 billion dollars of sub- public utilities remained at high levels. In scriptions. Some further debt lengthening recent months there has been a growing volresulted from a combination refunding ume of corporate security offerings to reand cash offering in May. Holders of cer- fund obligations issued when interest rates tificates maturing in June were offered as were higher. one option an exchange into a new 4%-year Mortgage credit has been extended in recnote, and about 3 billion dollars was ten- ord volume during the past year. Home dered for this exchange. An additional 2.2 mortgages, which are the major part of 686 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT DEVELOPMENTS SINCE MID-195 3 total mortgages outstanding, increased more rates, which followed a rapid rise during than 7 billion dollars, about the same amount the second quarter of 1953, has been as sharp as in the previous 12 months. Although and as widespread as in the comparable phase placement of home mortgages during the of any business downturn since World War first half of 1954 was about 5 per cent larger I. It has extended throughout the credit than a year earlier, the net increase in mort- market, affecting in varying degrees all types gage debt outstanding during this period of paper and securities. was somewhat less than last year because of As is usual during a period of rapid inthe rising volume of repayments. The ac- terest-rate movement, yields on short-term tive mortgage market thus far in 1954 has securities have experienced the sharpest relareflected in part the easier terms on which tive changes. The average yield on Treasury loans are being made. bills, for example, dropped more than 70 per cent from mid-1953 to mid-1954, and by GROWTH IN SAVINGS AT SELECTED SAVINGS INSTITUTIONS early June of this year had reached the lowest JULY 1951—JUNE 1954 level since mid-1947. Rates on commercial [In billions of dollars] paper declined more than 40 per cent. These Institution J J u u l n y e 1 1 9 9 5 51 2 - J J u u l n y e 1 1 9 95 5 2 3 - J J u u n ly e 1 1 9 95 5 4 3 1 - declines are about in line with the behavior of short-term rates during other recessions Life insurance companies. . 4.6 5.1 5.5 since the First World War. Rates charged Mutual savings banks.... 1.4 1.8 1.8 Savings and loan associa- by banks on short-term business loans retions 2.7 3.5 3.9 Total 8.7 10.4 11.2 acted more slowly than other short-term rates, but they too declined during the first 1 Partly estimated by Federal Reserve. NOTE.—-Data are from Institute of Life Insurance, National half of 1954 after leading commercial banks Association of Mutual Savings Banks, and Federal Savings and Loan Insurance Corporation. MONEY RATES Individual savings available for investment Per cent per annum in long-term securities increased somewhat further over the past year, as is shown in the table. During the 12 months ending in June 1954, savings flowing into life insurance companies, savings and loan associa- •'HIGH-GRADE tions, and mutual savings banks probably -J MUNICIPAL amounted to about 11 billion dollars. The pressure for investment of these savings has been a major factor contributing to monetary and credit ease. COST OF BORROWING Interest rates have declined sharply from the highs reached in May and June 1953, 1952 1953 1954 as shown in the chart. This development NOTE.—Treasury bill rates are market rates on longest bills. has reflected Federal Reserve credit-easing Yields on long-term U. S. Governments exclude 3J4 per cent bonds of 1978-83, issued May 1, 1953. Corporate Aaa rates measures, reduced credit demand, and a are from Moody's Investors Service; high-grade municipals, from Standard and Poor's Corporation. Discount rate is for high rate of saving. The decline in interest the Federal Reserve Bank of New York. Latest figures are for week ending July 9. JULY 1954 687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY AND CREDIT DEVELOPMENTS SINCE MID-1953 in New York City reduced their rates on and April and for a period rates increased prime loans to customers from 3V4 per cent somewhat, reflecting a large volume of new to 3 per cent in March. issues, particularly of turnpike authorities Yields on long-term bonds have declined and public utilities. Since that time, howsomewhat more over the past year than in ever, long-term rates have stabilized or dethe corresponding phases of past recessions, clined again. For example, at midyear they were down The discounts that prevailed a year ago 18 per cent on long-term United States Gov- on 4]/ per cent Federally insured and guar- 2 ernment securities, 15 per cent on high-grade an teed home mortgages have largely disapcorporate bonds, and 23 per cent on high- peared. Rates on conventional home mortgrade municipal securities. The decline in gages seem to be down approximately l/ 2 long-term yields was interrupted in March per cent from levels prevailing a year ago. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1954 SURVEY OF CONSUMER FINANCES THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS1 The general financial position of con- month and that the median ratio of payments sumers appears to have been well maintained to disposable income was about 22 per cent in 1953. Money income was higher than in at the beginning of 1954. Few consumers 1952 and, with prices little changed, the rise had committed more than 50 per cent of contributed to an increase in real income. their disposable incomes for these three types Additions to liquid asset holdings were sub- of payments and 2 in every 3 consumer spendstantial and, according to Survey data, were ing units had committed less than 30 per broadly distributed through the population. cent. Commitments were largest relative to On the negative side, however, there was a income at middle income levels and among further large rise in consumer indebtedness. young married people with children. Con- Survey data indicate that consumers with sumers with above-average incomes and relahigh incomes ($7,500 or more) had the larg- tive income stability, such as professionals est expansion of consumer debt. More than and clerical and sales personnel, had the one-third of the consumers with instalment highest ratios of fixed claims to income. debts were scheduled to pay them in full within nine months from the time of inter- INCOME view in early 1954. This proportion was The level of consumer income before taxes somewhat smaller for high income conwas higher for 1953 than for 1952. Nearly sumers than for others. half of all consumer spending units reported In a study of a new area, the fixed finan- higher incomes in 1953 than in the previous cial commitments of consumers, the Survey year while one-fifth reported lower incomes. found that the median payment for hous- The increase in annual consumer income ing, security (insurance, etc.), and instalment was somewhat less from 1952 to 1953 than debt combined amounted to about $60 a from 1951 to 1952, however, according to Survey and other data. Fewer spending 1 This is the last of a series of three articles presenting the units reported higher incomes than in the results of the 1954 Survey of Consumer Finances conducted by the Federal Reserve System in cooperation with the Sur- previous year (see Table 1). Nearly onevey Research Center of the University of Michigan. The third of all consumer spending units had first article, presenting information on the economic outlook of consumers and their plans for purchasing durable goods incomes of $5,000 or more in 1953 and an and houses, was published in the March BULLETIN. The additional one-third had incomes of $3,000second article, published in the June BULLETIN, dealt with $4,999 (see Table 2). The median (middlepurchases of consumer durable goods and houses in 1953. The sampling procedure of the Survey and the limitations most) spending unit had an income of $3,780 of the data are discussed in a technical note to the June in 1953. article. This article was prepared by Irving Schweiger of the The slowing up of increases in income in Consumer Credit and Finances Section of the Board's Division 1953 took place primarily among consumers of Research and Statistics. A close working relationship is maintained with the staff of the Survey Research Center at 35 or more years of age. Persons 65 or more all stages of the work, and the author has had the benefit of years of age apparently had little net increase suggestions from the Center's staff, particularly Harold in income. Spending units headed by per- Guthrie and Ernest Lilienstein. JULY 1954 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS TABLE 1 nonfarm businessmen indicated smaller in- INCOME CHANGE IN RELATION TO AGE AND OCCUPATION creases than other major groups.2 [Percentage of group receiving specified change in income] Consumers with incomes less than $3,000 Change from previous year in in the previous year reported a greater demoney income before taxes cline in frequency of increases in income Group characteristic Income larger Income smaller than consumers with higher incomes (see Supplementary Table 1 following this ar- 1953 1952 1953 1952 ticle). The decline amounted to 10 per- All spending units 46 51 18 centage points for the low income group and Ag 1 e 8 o -2 f 4 head of spending unit: 70 69 13 16 only about 5 percentage points for the entire 25-34 56 58 18 17 35-44 47 52 22 22 population. Income nevertheless continued 45-54 43 50 23 18 55-64 40 39 24 20 to be widely distributed among income 65 and over... .• 27 39 20 17 classes, with a further slight tendency for Occupation of head of spending unit: spending units to shift from lower to higher Professional and semiprofessional 65 63 10 13 income groups. Managerial 54 60 6 10 Self-employed 38 39 28 18 Clerical and sales 60 62 13 12 Skilled and semiskilled 53 55 18 19 LIQUID ASSETS Unskilled and service 42 48 24 19 Farm operator 31 41 41 37 For the first time in the postwar period, sons less than 35 years of age reported in- the proportion of spending units owning creases in income as frequently as in 1952. liquid assets increased for two successive Among the occupational groups, farm oper- years.3 The increase from 71 in early 1953 ators reported a decline in income while un- to 74 per cent in early 1954 raised this proporskilled and service workers and self-employed tion almost to the 76 per cent high reached at the end of the war and brought it con- TABLE 2 siderably above the 69 per cent low prevail- INCOME GROUPING OF SPENDING UNITS AND TOTAL MONEY ing in early 1950 and early 1952. INCOME BEFORE TAXES X Increases in frequency of ownership of [Percentage distribution! liquid assets in 1953 appear to have been 1953 1952 1946 mainly in holdings of $200 to $999 (see Table Money income 3). There was no increase for large holdbefore taxes Spend- Total Spend- Total Spend- Total ing money ing money ing money ings ($5,000 or more) or very small holdings units income units income units income Under $1,000 10 1 11 1 17 3 $l,000-$l,999. 13 4 14 5 23 12 2 Changes this year in the questionnaire resulted in some- $2,000-$2,999. 14 8 16 10 25 21 $3,000-$3,999. 16 12 18 15 17 20 what more complete statements of income for 1953 than for $4,000-$4,999. 16 15 15 16 8 13 earlier years. This fact should be considered in comparing $5,000-$7,499. 21 27 17 25 6 11 $7,500-$9,999. 5 10 5 10 ] income figures from this year's Survey with those from $10,000-$ 14,999. 3 I 4 18 4 20 other Surveys. It is believed that comparability of the $15,000 and over 2 / 1 year-to-year changes in income of individual spending units All cases. . . 100 100 100 100 100 100 shown in Table 1 has not been seriously affected, but it is Median income2. $3,780 '$3,430 $2,300 probable that the changes in reporting raised the 1953 Mean income3 . . $4,570 $4,070 $2,870 median income for the population as a whole by roughly 5 per cent and the medians for individual groups somewhat ••Revised. 1 Income data for each year are based on interviews early in more or less than 5 per cent. following year. Figures for 1953 are high relative to other years 8 Liquid assets, as measured by the Survey, include deowing to a change in the 1954 questionnaire that extended the coverage of income. posits in checking and savings accounts at banks, shares in 2Median income is that of the middle spending unit in a ranking savings and loan associations, and United States Government of all units by size of money income before taxes. 3 Mean income is the average obtained by dividing aggregate securities; they do not include pocket cash or other holdmoney income before taxes by number of spending units. ings of currency. 690 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS TABLE 3 about 45 per cent owed none. These pro- SIZE OF LIQUID ASSET HOLDINGS1 portions had changed little from a year ear- [Percentage distribution of spending units] lier, but more consumers reported debts of Liquid assets2 1954 1953 1952 1951 1946 $500 or more than had done so a year earlier (23 per cent compared with 20 per cent). Zero 26 29 31 28 24 $1-$199 15 16 17 16 15 This rise was most marked in the highest $200-$499 13 12 13 14 14 $500-$999 13 11 9 11 14 income group (see Table 4). $1,000-$ 1,999 . 11 12 10 12 14 $2,000-$4,999 13 11 12 11 13 $5 000-$9,999 5 5 5 5 4 Recent expenditures for consumer durable $10,000 and over 4 4 3 3 2 goods or home improvements and mainte- All cases 100 100 100 100 100 nance were closely associated with consumer Median holding: All units ... . .. $350 $300 $230 $300 $400 indebtedness. At all income levels, at least All units with assets $770 $790 $720 $710 $750 6 in every 10 purchasers of major consumer *As of Jan. 1, 1952 and at time of interviews in January, Feb- durable goods or home improvements and ruary, and early March of other years. 2Liquid assets include all types of U. S. Government bonds, repairs in 1953 had some consumer debt in checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions; currency is excluded. early 1954. This was true of only between 3 and 4 in every 10 of those with no such ($1 to $199). The median holding of all 1953 expenditures. Large expenditures spending units rose from $300 in early 1953 tended to be associated with large amounts to $350 in early 1954, the highest level since of debt at all broad income levels. early 1948. As in previous years, many indebted con- Increased frequency of liquid asset ownersumers held substantial amounts of liquid ship occurred only at income levels below assets, although the debtor group tended to $5,000. On an occupational basis, it appeared hold smaller amounts than the nondebtor to be chiefly due to a large rise in ownership group. Also as in previous years, approxiamong unskilled and service workers. Median holdings also increased in the clerical TABLE 4 and sales group and the skilled and semi- AMOUNT OF CONSUMER DEBT WITHIN INCOME GROUPS skilled group. [Percentage distribution of nonbusiness spending units] CONSUMER DEBT Consumer debt1 Consumer nonmortgage debt increased in Money income before All 1953, but the increase was somewhat less than taxes in y e p a r r eceding cases Zero $l-$499 over in 1952. The rise brought the total out- 1954 1953 1954 1953" 1954 1953 standing at the end of the year to an all-time All nonbusiness high both in absolute amount and in relation spending units.... 100 45 44 32 36 23 20 to income after taxes. Survey data indicate Money income: Under $1,000 100 67 69 29 28 4 3 that the expansion was brought about not $l,000-$l,999 100 56 53 37 40 7 7 $2,000-$2,999 100 47 45 33 42 20 13 so much by an increase in the number of $3,000-$3,999 100 42 39 38 38 20 23 $4,000-$4,999 100 36 33 34 40 30 27 consumers having debt as by a rise in the $5,000-$7,499 100 37 37 29 32 34 31 $7,500 and over. . . 100 46 53 16 18 38 29 average amount of debt, particularly among 'Consumer debt includes all personal debt except business debt, consumers at upper income levels. mortage debt, and charge accounts. Figures are presented only for nonbusiness spending units, excluding spending units headed by In early 1954, about 55 per cent of the farm operators and owners of part or al! of an unincorporated business or privately held corporation. nonbusiness spending units owed some short- These debt figures cannot be compared directly with the shortand intermediate-term consumer debt statistics regularly puband intermediate-term consumer debt and lished by the Board of Governors because of differences in universe and definition necessitated by Survey methodology. JULY 1954 691 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS mately 1 in every 3 indebted consumers had TABLE 5 more liquid assets than short- and interme- DISTRIBUTION OF NONFARM SPENDING UNITS BY RELATION OF FIXED PAYMENTS TO DISPOSABLE INCOME, EARLY 19541 diate-term debt, despite the increase in average amount of consumer debt. In general, Percentage the larger the income the greater was the Payments as a percentage of disposable income2 o s f p n en o d n i f n a g rm units proportion of indebted consumers having Zero . .. . . 2 more liquid assets than debt. 1-9 20 10-19. . 21 20-29 22 30-39. . 15 40-49 8 FIXED COMMITMENTS 50 and over 8 Not ascertained 4 Fixed commitments of income play an im- All cases 100 portant role in determining how consumers !For description of fixed payments, see Supplementary Table spend and save and how they can adjust ex- 14, note 1. 2Annual rate of total fixed payments early in 1954 as a percentage of disposable income in 1953. penditures to changing circumstances. There is no clear line of demarcation between fixed payments, and social security payments.4 or obligatory expenditures and other outlays. The third, instalment debt payments, covers Expenditures can be relatively rigid without regular payments on personal nonmortgage contractual obligations. In a broad sense, debt exclusive of charge accounts. there can be and is compulsion to maintain These three broad classes of relatively fixed customary living standards. Despite the lack claims upon income were analyzed as a of clearcut boundaries, however, it is pos- whole and separately. The results obtained help to answer questions about the factors sible to select some important expenditures that influence such commitments, the comthat are relatively insensitive to economic mitments of the various groups in the popuchanges and that also involve sufficiently lation, and the rate at which instalment debt precise commitments to permit their measis paid off by various debtor groups. Unless urement. The 1954 Survey of Consumer otherwise specifically stated, the analysis re- Finances attempted such a measure for the lates only to nonfarm spending units. first time. The data obtained, although Extent of commitments. Nearly all conlimited, appear to add substantially to knowlsumer spending units had some fixed claims edge concerning an important area for which upon their incomes of the types covered by little information has been available. the Survey in early 1954. The median total Three broad classes of fixed commitments fixed payment for all spending units was were covered by the Survey. The first, hous- about $60 a month at the beginning of 1954, ing payments, includes rent paid by spend- and the median ratio of payments to income ing units that do not own their homes and was 22 per cent of 1953 disposable income. the fixed monthly or yearly mortgage pay- The rate of required payments was less than 50 per cent of income in nearly all cases, ments of home-owning spending units. less than 30 per cent for 2 in every 3 con- Property taxes were added if they were not part of the regular payments. The second 4 Social security payments were estimated on the basis of class, security payments, includes life insur- reported income and information as to whether any payments were made to social security. All data on other comance premiums, pension or retirement fund mitments were reported directly. 692 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS sumers, and less than 10 per cent for more TABLE 7 than one-fifth of all consumers (see Table RATIO OF FIXED PAYMENTS TO DISPOSABLE INCOME OF SPEND- 5). Financial position (income and liquid ING UNITS WITH SPECIFIED COMBINATION OF INCOME AND LIQUID ASSETS, EARLY 1954 x assets), occupation, age, and family status [Median percentage ratio within groups of nonfarm spending units] were all found to be important influences on the willingness or ability of consumers to 1953 money income All before taxes assume fixed commitments. Liquid assets income groups Under $3,000- $5,000 Financial position. Consumers with in- $3,000 $4,999 and over comes before taxes of $4,000-$4,999 had the All liquid asset groups 22 21 24 21 largest commitments relative to disposable Liquid asset holdings: income. Above and below this income None 27 26 28 25 $1-$199 29 23 29 29 range, the size of commitments relative to $ $ 2 5 0 0 0 0 - - $ $ 4 l, 9 9 9 99 2 1 5 9 1 1 6 6 2 1 5 9 2 2 6 0 $2,000 and over 15 13 17 15 income declined progressively, except that it increased in the group having incomes of 1 Annual rate of total fixed payments at time of interview in early 1954 as a percentage of 1953 disposable income. Each ratio less than $1,000 (see Supplementary Table given represents the median for the specified group when spending units in the group are arranged according to the relation of their 14). The proportion of consumers at each fixed payments to their disposable incomes. Figures obtained by interpolation. income level with total fixed commitments of 20 per cent or more of income is shown holding at a given income level, the lower in Table 6. Differences in the income-comthe ratio of fixed payments to income (see mitment ratios for the various income groups Table 7). were associated partly with differences in Occupation. The occupation of the head holdings of liquid assets. In general, apart of the spending unit also appears to be a from the special groups with zero or very factor in the level of consumers' fixed comsmall holdings, the larger the liquid asset mitments. Occupations that usually combine considerable stability of income with a medium or moderately high income tend to TABLE 6 have a high level of fixed payments. The FIXED COMMITMENTS OF NONFARM SPENDING UNITS professional and semiprofessional group had EARLY 1954 the largest proportion of spending units (58 Percentage within groups having per cent) with total fixed claims on income commitments of: of 20 per cent or more. This group had the 20 per cent second highest median income of the major 1953 money or more of 10 per cent or more of income before disposable disposable income taxes income occupational groups ($5,540) and also had relatively stable employment. Next highest All types ty A p l e l s S r e i c ty u- Housing I m n d s e e t b n a t t l- with respect to large fixed claims on income were skilled and semiskilled workers and All income groups 52 74 10 52 28 clerical and sales personnel, whose incomes Under $1,000 57 68 16 55 15 were also above average and relatively stable. $1,000-$!,999 47 61 6 41 25 $2,000-$2,999 48 70 7 45 32 $3,000-$3,999 54 76 11 55 29 The lowest ratios of fixed commitments to $4,000-^4,999 60 80 11 58 35 S5,000-$7,499.... 54 80 9 57 31 income were reported by farm operators, of $7,500-$9,999.... 52 83 11 55 26 $10,000 and over.. 33 63 18 39 10 whom only 31 per cent reported fixed claims on income of 20 per cent or more. The low NOTE.—'For definition of total fixed commitments, see Supplementary Table 14, note 1. For definitions of types of fixed com- level of fixed commitments on the part of mitments, see Supplementary Tables 15, 17, and 18. JULY 1954 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS farmers was due in part to the seasonal na- farm consumers (see Supplementary Table ture of their money income, which makes it 18). This type of payment tended to be difficult for them to make regular monthly considerably larger than security payments payments from income, to lack of coverage but smaller than housing payments. The under any general retirement system, to a proportion of consumers in each income relatively low rate of purchase of life in- group that had fixed payments of the varisurance, and to the receipt of housing-in- ous types amounting to 10 per cent or more kind by a large number of farm tenants. of disposable income is shown in Table 6 Age and family status. Consumer spend- on page 693. ing units that did not include children had, Security. In general, the proportion of for the most part, a low ratio of fixed com- nonfarm consumers making security paymitments to disposable income. The heav- ments and the ratio of commitments to iniest commitments were found among young come tended to increase with income. Conmarried couples with children, approxi- sumers with incomes of less than $1,000 had mately two-thirds of whom had fixed com- a relatively high ratio, however, in part bemitments that amounted to at least 20 per cause of fixed commitments made in prior cent of income. Nearly one-fifth of the years when some of the consumers in this group had commitments that totaled at group had been at higher income levels. The least 40 per cent of income (see Supplemen- highest rates of security payments were made by professional, self-employed, managerial, tary Table 14). The percentage was slightly and clerical and sales personnel. larger for units with young children (less than 6 years old) than for those with older Housing. Among nonfarm spending units children. that had fixed housing commitments, payments of 30 per cent or more of disposable Types of commitments. Security payincome were relatively most frequent below ments were the most frequent form of fixed the $2,000 income level while payments of commitment, being reported by 9 in every 20-29 per cent were most frequent in the 10 nonfarm consumers. The amounts in- $l,000-$4,999 income range. Fixed housing volved were relatively small, however (see payments were largest relative to income Supplementary Table 15). The median among consumers 25-34 years of age and deratio of commitments to income was about clined steadily thereafter. This was mainly 4 per cent for all consumers with fixed sedue to the increase in debt-free home ownercurity payments. ship with age. Beyond age 54, there was Housing payments were the second most some tendency for the proportion making frequent form of fixed commitment, and payments for housing of 30 per cent or more they were the largest in size relative to inof income to increase. The one-sixth of the come. Nearly 7 in every 8 nonfarm conunits having no housing payments to unresumers made housing payments in early lated individuals were most frequent among 1954 and the median ratio of these payments young people and those with relatively low to income was approximately 13 per cent incomes.5 (see Supplemental Table 17). Instalment debt payments, the least frequent of the three 6 The ratios of housing payments to income are overstated major types of fixed claims upon income, for primary spending units that received contributions for housing payments from related secondary spending units were reported by about 4 in every 10 nonliving in the same quarters. 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS Home-owners as a group reported smaller TABLE 8 fixed commitments in relation to disposable SCHEDULED CHANGE OVER TIME IN RELATION OF INSTALMENT income than renters. This difference was DEBT COMMITMENTS TO DISPOSABLE INCOME due partly to the limited range of housing [Percentage distribution of nonfarm spending units] costs covered in the Survey. The fixed costs Commitments as a At time 3 months 6 months 9 months of home ownership as here defined represent percentage of dis- of inter- after after after posable income1 view interview interview interview a smaller proportion of the cost of housing Zero 56 60 65 72 than do rent payments. The mortgage pay- 1-9 16 15 14 12 10-19 .. . ' 15 13 11 9 ments and property taxes of home-owners 20-29. 7 6 5 4 30 and over 6 5 4 2 with mortgaged properties were somewhat Not ascertained 1 1 1 1 smaller in relation to income than the con- All cases 100 100 100 100 tract payments of renters. The difference 1 Annual rate of instalment debt commitments at times inwas slight, however, and it should be recog- dicated in column headings as a percentage of disposable income in 1953, under assumption that no additional commitments would nized that fixed payments of home-owners be made after interviews in early 1954. do not include outlays for maintenance, fuel, nine months. Because of full or partial diswater, and other services frequently included charge of instalment debt, the proportion of in contract rent. consumers with large instalment debt com- Instalment debt. Commitments for inmitments (20 per cent or more of disposable stalment debt were most frequent in the income) was scheduled to decline by about middle and moderately high income groups. one-half within the same period. The highest rates of repayment relative to Consumers with incomes of less than income, however, were in the lowest income $2,000 were scheduled to pay off their instalgroups. This was due in part to the fact ment debt commitments in considerably less that expenditures for durable goods are time than other consumers. Of the low usually larger in relation to low incomes income groups with commitments early in than to middle and high incomes. In addi- 1954, approximately 6 in every 10 expected tion, consumers with low incomes usually to complete payments within 9 months. The do not make large down-payments and therefore tend to have commitments for larger TABLE 9 instalment payments. SCHEDULED CHANCE OVER TIME IN FREQUENCY OF INSTAL- The length of time over which instalment MENT DEBT COMMITMENTS WITHIN INCOME GROUPS 1 debt payments are made is of considerable [Nonfarm spending units having commitments as a percentage of group] significance in assessing the impact of the At time 3 months 6 months 9 months debt on future spending. Of the 44 per cent Income group of after after after interview interview interview interview of the spending units with some instalment debt at the time of the Survey, approximately All nonfarm spending units 44 40 35 28 10 per cent were scheduled to pay off the 1953 money income before taxes: debt within three months and an additional $ U 1 n . d 0 e 0 r 0 - $ $ 1 l ,0 ,9 0 9 0 9 . . 3 1 0 8 2 1 5 4 1 1 0 8 13 8 $2,000-$2,999 42 38 33 28 25 per cent within the following six months $3,000-$3,999 45 41 34 27 $4,000-$4,999 57 55 49 39 (see Table 8). Thus, assuming no defaults, $5,000-$7,499 54 51 45 38 $7,500-$9,999 49 46 38 30 refinancing, or contraction of new debt, $10,000 and over. . 28 28 27 25 more than one-third of the debtors would frequency of instalment debt commitments at times indicated in column headings, under assumption that no additional comhave fully met their commitments within mitments would be made after interviews in early 1954. JULY 1954 695 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS corresponding ratio for consumers with in- new automobiles and other expensive durable comes of $10,000 or more was about 1 in goods on which the longest repayment peevery 10 (see Table 9). The shorter average riods are allowed. These figures relate only repayment period for the low income groups to debt outstanding early in 1954 and do not may result in part from the fact that rela- include any commitments made later in tively few consumers in these groups buy the year. SUPPLEMENTARY TABLE 1 INCOME CHANGE WITHIN SPECIFIED GROUPS [Percentage distribution of spending units] Change from previous year in money income before taxes Number Group characteristic of cases c A as ll es I l n a c r o g m er e N ti o a l s c u h b a s n ta g n e - s In m c a o l m le e r asce N rt o a t ined 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 All spending units 3,000 3,097 100 51 30 28 18 Money income before taxes in year prior to change:1 Under $1,000. 239 •375 100 44 58 39 26 15 13 3 $l,000-$l,999 326 •477 100 46 55 36 26 17 18 1 $2,000-$2,999 392 •511 100 49 55 25 28 26 16 1 $3,000-$3,999 481 •523 100 53 56 28 25 18 17 2 $4,000-$4,999 462 •384 100 50 49 30 29 19 22 (*) $5,OOO-$7,499 541 «434 100 44 52 31 25 24 22 $7,500 and over 374 •204 100 40 38 33 31 24 30 1 Money income before taxes in year after change: Under $1,000 239 290 100 19 32 48 33 30 29 $l,000-$l,999 351 379 100 33 42 32 31 31 23 $2,000-$2,999 381 458 100 44 50 26 27 28 21 $3,000-$3,999 447 511 100 44 50 31 29 23 19 $4,000-$4,999 465 456 100 56 55 27 27 14 16 $5,000-$7,499 670 603 100 58 64 27 23 13 11 $7,500 and over 447 400 100 56 59 28 25 11 13 Occupation of head of spending unit: Professional and semiprofessional 281 301 100 65 63 23 24 10 13 Managerial 179 191 100 54 60 38 30 6 10 <3 Self-employed 278 268 100 38 39 29 34 28 18 Clerical and sales 392 408 100 60 62 25 25 13 12 Skilled and semiskilled 850 837 100 53 55 26 25 18 19 Unskilled and service 273 328 100 41 48 33 32 24 19 Farm operator 227 231 100 31 41 24 19 41 37 Age of head of spending unit: 18-24 221 267 100 70 69 13 14 13 16 25-34 633 684 100 56 58 23 23 18 17 35-44 705 667 100 47 52 29 24 22 22 45-54 569 579 100 43 50 31 29 23 18 55-64 476 410 100 40 39 33 38 24 20 65 and over 389 517 100 27 39 51 39 20 17 • Estimated. 1 Excludes about 6 per cent of spending units for which income in previous year was not ascertained* 2 No cases reported or less than one-half of 1 per cent. 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 2 INCOME DISTRIBUTION OF SPENDING UNITS WITHIN OCCUPATIONAL GROUPS1 [Per cent] Money income P p a r r o o n f f d e e s s s s s e i i m o o n n i a - a l l Managerial em S p e lo lf y - ed a C nd le r s i a c l a e l s an S s d k k i i s l l l l e e e m d d i- U s n e a s r k v n i i d l c l e ed op F e a ra rm tor2 Others ^ before taxes 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 Under $1,000.. . 1 1 (4) 2 4 3 1 2 1 1 11 11 23 29 30 34 $l,000-$l,999.. 6 3 (4) 3 9 11 9 9 6 8 24 24 22 19 27 26 $2,000-$2,999.. 8 8 2 7 8 10 16 18 12 15 28 29 21 18 13 16 $3,000-$3,999.. 7 13 9 16 14 16 21 24 21 24 15 19 15 14 12 8 $4,000-$4,999.. 15 17 15 11 13 14 18 20 24 23 14 9 4 7 8 6 $5,000-$7,499.. 36 28 34 35 19 18 26 21 30 24 7 7 7 8 6 7 $7,500 and over. 27 30 40 26 33 28 9 6 6 5 1 1 8 5 4 3 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Median income.. $5,540$5,310$6,610$5,500$5,000$4,730$4,100$3,850$4,400$4,000$2,530$2,470$2,060$2,190 (5) (5) Mean income. . . $6,790$6,670$8,920$6,890 (6) $7,010$4,480$4,180$4,550$4,200$2,760$2,620 (6) $2,540$2,560$2,410 Number of cases. 281 301 179 191 278 268 392 408 850 837 273 328 227 231 520 533 1 Income data ror each year are based on interviews early in the following year. Figures for 1953 are high relative to other years owing largely to a change in the 1954 questionnaire that improved the reporting of income of secondary earners. Occupational groupings are in terms of occupation of head of spending unit. 2 Income for farm operators is not directly comparable with income for other groups because of the large amount of nonmoney income that farmers produce for their own consumption. 3 Includes spending units headed by housewives, protective service workers, unemployed and retired persons, students, and persons whose occupations were not ascertained. 4 No cases reported or less than one-half of 1 per cent. 5Data not available. 6Changes in the 1954 questionnaire resulted in overestimates of farm and nonfarm business incomes in 1953 relative to 1952. The effect is thought to have been much greater on the mean than on the median so the former has been omitted. SUPPLEMENTARY TABLE 3 INCOME DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, 1953 [Percentage distribution of spending units within specified groups] 1953 money income before taxes Num- All Group characteristic ber of income cases groups Under $1,000- $2 ,000- $3,000- $4,000- $5 ,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over All spending units 3,000 100 10 13 14 16 20 Number of income receivers in unit: One 2,045 100 12 15 15 17 16 17 Two or more 931 100 3 8 11 15 17 29 17 Age of head of spending unit: 18-24 221 100 9 30 29 13 12 6 1 25-34 633 100 3 6 12 21 22 26 10 35-44 705 100 5 8 12 16 18 26 15 45-54 569 100 6 10 12 17 15 24 16 55-64 476 100 9 13 15 13 16 21 13 65 and over 389 100 34 29 12 11 5 5 4 Race of head of spending unit: White «2,65O 100 8 12 13 16 17 22 12 Negro «330 100 23 25 21 14 10 6 1 Family status of spending unit: Single person: Age 18-44 323 100 9 25 29 19 11 6 1 Age 45 and over 417 100 33 24 12 10 10 8 3 Married:1 Age 18-44, no children under 18 219 100 4 4 13 14 18 31 16 Age 18-44, children under 18 943 100 3 6 9 18 23 28 13 Age 45 and over, no children under 18 657 100 8 14 14 15 14 21 14 Age 45 and over, children under 18 309 100 4 10 12 14 14 27 19 Region:2 North East 879 100 5 10 14 17 18 25 11 North Central 1,053 100 9 12 13 16 15 21 14 South 686 100 17 19 14 14 12 15 9 West 382 100 6 12 13 17 23 21 8 • Estimated. *Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. 2Survey regions are defined as follows: North East includes New England, the Middle Atlantic States, and Delaware; North Central includes West North Central and East North Central States; South includes East South Central, West South Central, and South Atlantic States other than Delaware; West includes the Mountain and Pacific Coast States. JULY 1954 697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 4 INCOME RECEIVED FROM SPECIFIED SOURCES BY SPENDING UNITS WITHIN INCOME AND OCCUPATIONAL GROUPS, 19531 [Percentage distribution of spending units] 1953 money income before taxes Occupation of head of spending unit Pro- Source of income s u p A i n e n n i l g t l d s - $ U 1 n ,0 d 0 er 0 $ $ 1 1 ,0 ,9 0 9 0 9 -$ $ 2 2 ,0 ,9 0 9 0 9 -$ $ 3 3 ,0 ,9 0 9 0 9 -$ $ 4 4 ,0 ,9 0 9 0 9 -$ $ 5 7 ,0 ,4 0 9 0 9 - $ o 7 a v , n 5 e d 0 r 0 s s i p a f f e o e e r n m s n s o d - - - a i l - M a r g i a a e n l - - pl S e o e m y lf e - - d C s a i a c l n l e a e d r l s - S s s k a k e i n i m l l l d l e e i- d d s s k U a e i i n c l r n l e v d e - - d F o at p a o e r r m r s - t R ir e e - d sional Wapes and salaries: Zero 20 65 37 16 14 6 6 21 9 1 58 8 4 68 75 $l-$499 4 16 9 3 2 1 1 1 2 5 5 12 10 $500-$999 4 18 9 4 1 1 1 1 1 1 5 2 9 8 2 $ $ 1 2 ,0 0 0 0 0 0 - - $ $ 2 l , , 9 9 9 9 9 9 1 9 1 ( ( 2 2) ) 44 6 1 6 0 5 7 2 1 1 1 1 1 7 6 (2) 2 4 6 1 2 9 7 1 5 3 2 2 4 3 2 g 3 5 $3 000-$4,999 28 (2) (2) 8 70 87 11 3 25 28 5 42 45 27 2 3 $5,000 and over 23 78 71 50 67 15 29 34 7 1 Not ascertained 1 1 1 1 2 1 1 1 2 1 1 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Pensions and allowances etc.:8 Zero 80 56 60 78 82 92 87 90 88 90 89 90 89 87 88 21 $l-$499 7 14 9 8 6 3 8 5 8 6 5 4 7 6 5 11 $500-$999 7 30 12 6 4 2 3 3 2 2 5 4 3 3 3 33 $l,OOO-$l,999 4 (2) 19 4 4 2 1 1 1 2 1 1 1 3 3 25 $2 000 and over 2 t2) 4 3 1 1 1 1 1 1 1 9 Not ascertained (2) 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Rent other than from roomers and boarders: Zero 90 93 90 91 93 92 90 83 87 90 86 92 95 93 90 78 $l-$499 5 5 5 5 4 4 5 4 6 3 4 4 2 5 6 8 $500-$999.... 2 2 3 2 1 1 3 6 4 3 5 2 2 1 2 3 $1 000 and over 3 2 2 2 3 2 7 3 4 5 2 1 1 2 11 Not ascertained v2) All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 3,000 239 351 381 447 465 670 447 281 179 278 392 850 273 227 203 xData are subject to considerable reporting error, especially where small amounts are involved. 2No cases reported or less than one-half of 1 per cent. 3Includes income from old-age pensions, retirement pay, annuities, unemployment compensation, welfare payments, alimony, regular contributions, veterans' pensions, school allotments. State bonuses, and allotments to families of servicemen. SUPPLEMENTARY TABLE 5 PERCENTAGE DISTRIBUTION OF CONSUMER INCOME AND INCOME TAX BY INCOME FIFTHS Money income before taxes Esti i m nc a o t m ed e F ta e x d e l r i a a l b i p li e t r y s 2 onal Disposable income3 Income fifth1 1953 1952 1951 1950 1949 1953 1952 1951 1950 1949 1953 1952 1951 1950 1949 Highest fifth 46 45 46 44 45 68 64 68 65 68 42 42 42 42 43 Second 22 23 23 24 23 17 19 17 19 17 23 24 24 24 24 Third 17 17 16 17 17 10 11 10 10 9 18 17 18 18 17 Fourth 11 11 11 11 11 4 5 5 5 5 12 12 12 12 12 Lowest fifth 4 4 4 4 4 1 1 1 1 5 5 4 4 4 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 fifths were obtained by ranking spending units according to money income before taxes. 2Without adjustment for capital gains or losses, which are excluded from money income. 3 Money income less estimated Federal personal income tax. 4Less than one-half of 1 per cent. 698 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 6 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS1 [Percentage distribution of spending unitsl Mone>>• incomebefore taxes in preceding year All spending Type and size of holding units Under $1,000 $l,000-$2,999 $3,000-$4,999 $5,000 and over 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 All types:2 Zero 26 29 59 60 41 44 23 24 6 5 $l-$499 28 28 18 15 28 27 33 35 27 24 $500-$l,999 24 22 12 11 19 17 26 24 29 31 $2 000-$4 999 13 11 6 8 8 7 12 11 20 18 $5,000 and over 9 10 5 6 4 5 6 6 18 22 All cases 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (series A-F):3 Zero 63 63 83 82 76 74 62 62 47 43 $l-$499 20 21 12 11 16 18 24 23 23 26 $500-$l,999 11 10 3 4 6 6 10 11 17 17 $2 ,000 and over 6 6 2 3 2 2 4 4 13 14 All cases 100 100 100 100 100 100 100 100 100 100 Savings accounts:4 Zero 50 53 79 81 63 64 49 50 32 32 $l-$499 21 20 7 5 17 17 25 26 24 24 $500-$1,999 16 15 8 5 12 11 15 16 22 21 $2 ,000 and over 13 12 6 9 8 8 11 8 22 23 All cases 100 100 100 100 100 100 100 100 100 100 Checking accounts: { Zero 55 56 76 74 69 71 59 59 32 28 $l-$499 . . . 29 27 16 15 21 19 29 30 39 38 $500-$l,999 12 12 6 8 9 8 10 8 20 24 $2 ,000 and over 4 5 2 3 1 2 2 3 9 10 All cases 100 100 100 100 100 100 100 100 100 100 Number of cases.. . . .. 3,000 3,097 239 290 732 837 912 967 1,117 1,003 1 Liquid asset data refer to holdings at time of interview early in year indicated. 2Liquid assets include all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions; currency is excluded. 3Amounts are shown as 87 per cent of maturity value in 1954 and 85 per cent in 1953. 4 Includes postal savings and shares in savings and loan associations and credit unions. SUPPLEMENTARY TABLE 7 SUPPLEMENTARY TABLE 8 PERCENTAGE DISTRIBUTION OF TOTAL LIQUID ASSETS BY PERCENTAGE DISTRIBUTION OF TOTAL LIQUID ASSETS BY INCOME TENTHS1 LIQUID ASSET TENTHS1 . Income tenth2 1954 1953 1952 1951 1950 1949 1948 Liquid asset tenth2 1954 1953 1952 1951 1950 1949 Highest tenth 39 37 39 36 35 44 43 Highest tenth 64 66 65 65 64 66 Second 12 12 11 15 13 11 14 Second 17 17 18 17 19 17 Third 9 10 9 10 10 9 8 Third 9 9 9 9 9 9 Fourth 8 5 8 6 8 8 7 Fourth. 5 5 5 5 5 5 Fifth 7 8 7 7 8 .6 5 Fifth 3 2 2 3 2 2 Sixth 6 6 5 6 6 6 6 Sixth 1 1 1 1 1 1 Seventh 5 6 6 6 7 6 4 Seventh 1 (3) Eighth 5 5 5 5 5 3 4 Eighth (3) 0 0 Ninth 5 6 5 4 4 4 4 Ninth 0 0 0 0 0 0 Lowest tenth 4 5 5 5 4 3 5 Lowest tenth 0 0 0 0 0 0 All cases 100 100 100 100 100 100 100 All cases 100 100 100 100 100 100 *For types of liquid assets included, see Supplementary Table !As of Jan. 1, 1952 and at time of interviews in January, Feb- 6, note 2. ruary, and early March of other years. 2 Tenths were obtained by ranking spending units according to 2 Tenths were obtained by ranking spending units according to money income before taxes in preceding year. size of liquid asset holdings at time of interview. 3 Less than one-half of 1 per cent. JULY 1954 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 9 PERCENTAGE DISTRIBUTION OF TOTAL MONEY INCOME BEFORE TAXES BY INCOME TENTHS1 Percentage of total money income Lowest income within tenth Income tenth2 1953 1952 1951 1950 1949 1948 1947 1953 1952 1951 1950 1949 1948 1947 Highest tenth 31 30 31 29 30 31 33 $7,680 $7,090 $6,600 $6,210 $5,800 $6,000 $5,700 Second. 15 15 15 15 15 15 15 6,000 5,500 5,060 4,950 4,500 4,500 4,200 Third 12 12 12 13 12 12 12 5,000 4,650 4,330 4,080 3,760 3,750 3,500 Fourth 10 11 10 11 11 10 10 4,400 4,000 3,700 3,550 3,200 3,200 3,000 Fifth 9 9 9 9 9 9 9 3,780 3,440 3,200 3,000 2,700 2,840 2,530 Sixth 8 8 8 8 8 8 7 3,150 2,900 2,660 2,510 2,290 2,400 2,100 Seventh 6 6 6 6 6 6 6 2,500 2,340 2,090 1,990 1,810 2,000 1,700 Eighth 5 5 5 5 5 5 4 1,800 1,600 1,450 1,430 1,280 1,500 1,200 Ninth 3 3 3 3 3 3 3 1,000 940 850 830 710 860 750 Lowest tenth 1 1 1 1 1 1 1 (3) (3) (3) (3) (3) (3) O 1 Income data for each year are based on interviews early in the following year. The proportion of income received by the highest tenth may be underestimated by several percentage points in all years because the samples of approximately 3,000 to 3,500 spending units used in the surveys cannot be expected to provide a completely representative sample of the highest dollar incomes. Figures for 1953 are high relative to other years largely owing to a change in the 1954 questionnaire that improved the reporting of incomes of secondary earners. 2Tenths were obtained by ranking spending units according to money income before taxes. 3 Data not available. SUPPLEMENTARY TABLE 10 ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITY OF SPENDING UNITS WITHIN INCOME GROUPS [Percentage distribution of spending units] Money income before taxes All income Estimated tax liability1 groups $ U 1 n ,0 d 0 er 0 $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - 0 9 0 9 0 9 - $ $ 5 7 ,0 4 0 9 0 9 - a $ n 7 d , 5 o 0 v 0 er 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 Z $l e r $ o 49 26 2 28 3 95 5 95 4 63 5 64 6 30 4 35 7 2 3 0 1 3 3 4 1 5 2 2 1 (? 1 (») $50-$99 4 4 1 11 9 7 5 7 6 1 1 1 $100-$199 . 7 8 14 15 16 14 13 15 9 7 (2) 2 (2) (2) $200-$499 24 26 7 6 43 39 44 51 43 45 15 18 1 $500-$999 23 20 13 12 42 40 65 63 9 6 $1,000-$1,999 10 8 16 16 57 60 $2,000-$4,999 3 2 23 25 $5,000 and over 1 1 10 9 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases . .... 3,000 3,097 239 290 351 ' 379 381 458 447 511 465 456 670 603 447 400 1 Without adjustment for capital gains or losses, which are excluded from money income. 2 No cases reported or less than one-half of 1 per cent. 700 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 11 INCOME DISTRIBUTION OF FAMILY UNITS AND TOTAL MONEY INCOME BEFORE TAXES1 [Per cent] 1953 1952 1951 1950 Money income before taxes F u a n m it i s ly i m n T c o o o n t m a e l y e F u a n m it i s ly i m n T c o o o n t m a e l y e F u a n m it i s ly i m n T c o o o n t m a e l y e F u a n m it i s ly i m n T c o o o n t m a e l y e F u a n m it i s ly i m n T c o o o n t m a e l y e Under $1,000.... 9 1 10 1 11 1 11 1 13 2 $1,000-$1,999.. . 10 3 12 4 13 4 15 6 15 6 $2,000-$2,999.. . 11 5 14 7 16 9 16 10 18 12 $3,000-$3,999.. . 15 10 16 12 17 14 18 16 19 18 $4,000-$4,999.. . 16 14 15 15 15 16 13 14 12 14 $5,000-$7,499.. . 23 27 21 28 17 24 18 26 15 23 $7,500-$9,999.. . 8 13 6 11 6 5 4 $ $ 1 1 5 0 , , 0 0 0 0 0 0 - a $ n 1 d 4 , o 9 v 9 e 9 r . . 5 3 27 22 32 4 27 25 All cases. 100 100 100 100 100 100 100 100 100 100 Median income $4,170 $3,850 $3,530 $3,400 $3,100 Mean income $5,080 $4,560 $4,320 $3,990 $3,750 Number of cases 2,688 2,756 2,501 3,029 3,069 1 Income data for each year are based on. interviews early in the foJlowing year. A family unit is defined as all persons living in the same dwelling who are related by blood, marriage, or adoption; single-person families are included. Figures for 1953 are high relative to other years owing largely to a change in the 1954 questionnaire that improved the reporting of incomes of secondary earners. SUPPLEMENTARY TABLE 12 INCOME DISTRIBUTION OF SPENDING UNITS AND LIQUID ASSETS1 [Per cent] Spending units Total liquid assets Money income before taxes 1953 1952 1951 1945 1954 1953 1952 1946 Under $1 000 10 11 13 20 4 6 7 7 • $l,000-$l,999 13 14 15 27 6 7 8 14 $2 000-$2 999 14 16 18 23 7 9 10 17 $3,000-$3,999 16 18 18 15 10 14 14 16 $4 000-$4 999 16 15 15 7 11 9 11 10 $5 000-$ 7 499 20 17 14 5 22 21 18 13 $7,500 and over 11 9 7 3 40 34 32 23 All cases 100 100 100 100 100 100 100 100 1 Liquid asset holdings as of Jan. 1, 1952 and at time of interviews in January, February, and early March of other years, Money i ncome groupings for calendar year preceding time of interview. JULY 1954 701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 13 DEBTS TO DOCTORS, DENTISTS, AND HOSPITALS FOR MEDICAL SERVICES1 [Percentage distribution of spending units within groups] Amount of debt Number Group characteristic of cases All No debt Some debt $200 and Not Cases $l-$99 $100-1199 over ascertained 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 All spending units 3,000 3,097 100 81 80 19 20 13 14 Money income before taxes in preceding year: Under $1,000 237 290 100 81 19 $l,000-$1.999 346 379 100 82 18 $2,000-$2,999 375 458 100 82 18 $3,000-$3,999 440 511 100 77 23 $4,000-$4,999 458 456 100 77 23 $5,000-$7,499 663 603 100 79 21 $7,500 and over 437 400 100 89 11 Occupation of head of spending unit: Professional and semiprofessional 281 301 100 83 17 Managerial 179 191 100 86 14 () Self-employed 278 268 100 84 16 8 Clerical and sales 392 408 100 80 20 Skilled and semiskilled 850 837 100 79 21 8 Unskilled and service 273 328 100 78 22 F R a e r t m ire o d perator 2 2 0 2 3 7 2 2 3 0 1 9 1 1 0 0 0 0 8 7 8 9 2 1 1 2 (2) Others 284 288 100 81 19 Age of head of spending unit: 18-24 221 267 100 79 21 4 1 (2) 25-34 633 684 100 73 27 4 3 35-44 705 667 100 76 24 3 4 45-54 569 579 100 85 15 4 3 55-64 476 410 100 83 17 2 3 8 65 and over 389 417 100 91 9 1 2 Family status: (2) Single: Age 18-44 323 369 100 91 9 M A ar g ri e e d 4 : 5 4 and over 417 363 100 12 Age 18-44, no children under 18 219 234 100 83 17 . Age 18-44, children under 18. 943 905 100 68 32 21 Age 45 and over, no children under 18 657 649 100 90 10 4 Age 45 and over, children under 18 309 324 100 78 22 Others 132 253 100 77 23 1 Includes debt at the beginning of each year. Excludes debts to other individuals and financ al institutions which were incurred to pay for medical services. . 2No cases reported or less than one-half of 1 per cent. 3Includes spending units headed by housewives, protective service workers, unemployed persons, and students. 4Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. 5Includes spending units with or without children from which husband or wife is absent, and those for which family status was not ascertained. 702 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 14 FIXED PAYMENTS IN RELATION TO DISPOSABLE INCOME WITHIN SPECIFIED GROUPS, EARLY 1954 * [Percentage distribution of spending units] Payments as a percentage of disposable income2 Group characteristic Number All of cases cases Zero 1-9 10-19 20-29 30-39 40 and c N er o ta t i a n s e - d All spending units 3,000 100 21 21 21 14 16 All nonfarm spending units 2,773 100 20 21 22 15 16 1953 money income before taxes:3 Under $1,000 193 100 11 20 11 9 9 39 $ $ $ $ $ 2 4 3 5 l, , , , , 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - - - - - $ $ $ $ $ 2 4 3 7 l, , , , , 9 9 9 9 4 9 9 9 9 9 9 9 9 9 9 3 4 3 4 6 3 5 0 1 5 2 4 1 3 3 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 4 1 1 1 1 3 2 1 1 1 0 5 8 5 6 2 2 2 2 1 1 2 1 6 4 2 2 2 1 1 4 6 7 4 6 1 1 1 1 1 3 0 8 8 8 2 1 1 1 3 9 3 9 5 $ $1 7 0 ,5 ,0 0 0 0 0 -$ a 9 n ,9 d 9 9 over 2 1 3 9 3 4 1 1 0 0 0 0 Mw 3 1 1 5 3 3 0 1 3 2 5 0 1 9 3 4 4 Occupation of head of spending unit: Professional and semiprofessional 281 100 15 23 29 20 10 Managerial 179 100 22 27 23 16 8 Self-employed • 278 100 25 23 20 12 15 Clerical and sales 392 100 20 20 26 17 11 Skilled and semiskilled 850 100 17 22 25 16 15 Unskilled and service 273 100 24 23 13 14 20 Farm operator 227 100 10 33 17 9 5 17 Retired 203 100 9 33 18 11 12 16 Others 284 100 5 16 18 20 11 27 Age of head of spending unit:3 18-24 •235 100 2 30 23 10 14 16 25-34 «620 100 <*) 15 16 26 21 18 35-44 «640 100 13 22 28 15 16 45-54 «495 100 2 22 25 21 12 13 55-64 '400 100 2 21 25 21 13 15 65 and over «380 100 7 31 20 14 11 16 Housing status:3 Owns home with mortgage «700 100 () 20 34 23 15 Owns home without mortgage «680 100 45 26 13 4 7 Rents «990 100 (4) 3 22 25 21 25 Neither owns nor rents* «400 100 10 51 14 8 5 9 Family status:3 Single: Age 18-44 315 100 40 17 11 12 14 Marr A ie g d e : 7 45 and over 410 100 25 17 20 9 22 Age 18-44, no children under 18 210 100 13 23 28 17 14 Age 18-44 children under 18 880 100 9 19 28 20 18 Age 45 and over, no children under 18 565 100 28 31 15 12 11 Age 45 and over, children under 18 250 100 18 27 25 14 9 •Estimated. 1 Fixed payments include rent, property taxes, and payments on mortgages, instalment debt, life insurance, social security, and retirement and pension funds; they exclude payment for housing by related secondary spending units to primary spending units. 2Annual rate of total fixed payments early in 1954 as a percentage of disposable income in 1953. 3 Excludes farm spending units. 4 No cases reported or less than one-half of 1 per cent. 6Includes spending units headed by housewives, protective service workers, unemployed persons, and students. ^Includes secondary spending units related to primary spending unit, and primary and unrelated secondary spending units that receive housing as part of compensation, that are temporarily living in houses they have sold, etc. 7 Age refers to head of spending unit. Includes only spending units in which both husband and wife are present. JULY 1954 703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 15 SECURITY PAYMENTS IN RELATION TO DISPOSABLE INCOME WITHIN SPECIFIED GROUPS, EARLY 1954 * [Percentage distribution of spending units] Payments as a percentage of d isposable income2 Group characteristic b N c e a u r s m e o s - f c A as l e l s Zero 1-4 5-9 10-19 a 2 n 0 d a N sc o e t raver tained All spending units 3,000 100 12 44 31 2 All nonfarm spending units 2,773 100 10 45 32 1 1953 money income before taxes:3 Under $1,000 193 100 49 24 10 7 9 $l,000-$l,999 301 100 25 49 19 5 9 $2,000-$2,999 332 100 8 51 30 7 $3,000-$3,999 413 100 4 49 32 10 S4,000-$4,999 454 100 2 45 39 11 $5,000-$7,499 653 100 1 45 42 8 $7,500-$9,999 194 100 2 46 39 11 $10,000 and over 233 100 1 40 35 14 Occupation of head of spending unit: Professional and semipnrfessional 281 100 3 31 46 16 2 Managerial 179 100 1 41 42 12 3 Self-employed 278 100 4 45 32 13 3 Clerical and sales 392 100 1 41 40 13 4 Skilled and semiskilled 850 100 1 51 36 7 4 Unskilled and service 273 100 8 53 28 8 2 Farm operator 227 100 37 35 18 7 (*) Retired.. 203 100 49 31 15 3 Others 284 100 34 41 16 2 3 Age of head of spending unit:3 18-24 236 100 8 61 23 4 25-34 616 100 2 49 40 6 35-44 641 100 3 43 37 12 45-54 496 100 3 45 34 10 55-64 402 100 10 41 32 13 65 and over 377 100 43 34 15 5 1 Includes payments on life insurance premiums, social security, and retirement and pension funds. 2Annual rate of security payments early in 1954 as a percentage of disposable income in 1953. 3 Excludes farm spending units. 4 No cases reported or less than one-half of 1 per cent. includes spending units headed by housewives, protective service workers, unemployed persons, and students. SUPPLEMENTARY TABLE 16 DISPOSABLE INCOME GROUPING OF SPENDING UNITS AND TOTAL DISPOSABLE MONEY INCOME [Percentage distribution] 1953 1952 1951 1950 1949 Disposable income group Total Total Total Total Total] Spending dispos- Spending dispos- Spending dispos- Spending dispos- Spending disposunits able units able units able units able units able income income income income income Under $1,000 10 1 11 1 13 2 13 2 15 2 $l,000-$l,999 15 6 16 7 17 7 19 9 21 11 $2,000-$2,999 16 11 20 14 20 15 21 16 23 19 $3,000-$3,999 20 17 19 19 20 21 20 22 18 21 $4,000-$4,999 16 19 15 18 14 18 13 17 11 16 $5,000-$7,499 16 24 13 22 12 20 10 19 8 16 $7,500 and over 7 22 6 19 4 17 4 15 4 15 All cases 100 100 100 100 100 100 100 100 100 100 Median disposable income $3,460 $3,150 $2,970 $2,850 $2,600 Mean disposable income $3,920 $3,570 $3,380 $3,220 $3,000 704 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 17 HOUSING PAYMENTS IN RELATION TO DISPOSABLE INCOME WITHIN SPECIFIED GROUPS, EARLY 1954 1 [Percentage distribution of spending units] Payments as a percentage of disposable income2 Number All Group characteristic of cases cases Zero 1-9 10-19 20-29 30 and Not ascertained All spending units. . . . 3,000 100 17 32 31 11 All nonfarm spending units 2,773 100 15 33 32 11 1953 money income before taxes:3 Under $1,000 193 100 28 17 13 7 35 $l,000-$l,999 301 100 30 28 11 12 17 $2,000-$2,999 332 100 26 28 23 14 8 $3,000-$3,999 413 100 13 31 35 17 3 $4,000-$4,999 454 100 11 31 41 13 4 $5,000-$7,499 653 100 5 38 46 9 2 $7,50Q-$9,999 194 100 5 40 47 7 1 $10,000 and over 233 100 61 33 6 Occupation of head of spending unit: Professional and semiprofessional 281 100 16 25 42 13 4 Managerial 179 100 7 40 41 11 1 Self-employed 278 100 4 48 29 11 8 <) Clerical and sales 392 100 26 23 33 14 4 (*) Skilled and semi-skilled 850 100 12 34 39 10 4 1 O U Re t n h t s i e k r r i e ^ l d led and service 2 2 2 7 0 8 3 3 4 1 1 1 0 0 0 0 0 0 2 1 1 4 4 4 3 2 4 1 5 0 2 2 1 4 3 6 1 1 1 4 0 3 2 2 6 0 5 0 <4 1 ) ) Age of head of spending unit:3 18-24 «235 100 58 6 22 6 7 25-34 •620 100 16 20 43 15 5 35-44 «640 100 8 33 42 12 5 45-54 «495 100 9 43 31 11 5 55-64 «400 100 7 47 25 11 10 65 and over «380 100 14 42 15 10 19 Housing status:3 Owns home with mortgage «700 100 () 20 55 16 Owns home without mortgage.. . «680 100 3 85 7 2 3 N Re e n it t h s er owns nor rents6 « « 9 4 9 0 0 0 1 1 0 0 0 0 9 (4 7 ) 1 2 9 47 20 13 1 •Estimated. 1 Housing payments include rent, mortgage, and property tax payments; they exclude payments for housing by related secondary spending units to primary spending units. The fixed costs of home ownership as here defined represent a smaller proportion of the cost of housing than do rent payments. 2Annual rate of housing payments early in 1954 as a percentage of disposable income in 1953. 8 Excludes farm spending units. 4No cases reported or less than one-half of 1 per cent. 5Includes spending units headed by housewives, protective service workers, unemployed persons, and students. •Includes secondary spending units related to primary spending unit, and primary and unrelated secondary spending units that receive bousing as part of compensation, that are temporarily living in houses they have sold, etc. JULY 1954 705 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 18 INSTALMENT DEBT PAYMENTS IN RELATION TO DISPOSABLE INCOME WITHIN SPECIFIED GROUPS, EARLY 1954 X [Percentage distribution of spending units] Payments as a percentage of disposable income2 Number All Group characteristic of cases cases Zero 1-9 10-19 20-29 30 o v a e n r d c N er o ta t i a n s e - d AH spending units 3,000 100 57 15 14 All nonfarm spending units 2,773 100 57 15 15 1953 money income before taxes:3 Under $1,000 193 100 82 2 3 4 9 $l,000-$l,999 301 100 70 5 9 5 11 $2,000-$2,999 332 100 59 10 10 9 12 $3,000-$3,999 413 100 55 17 14 8 6 $4.000-$4,999 454 100 43 22 19 13 3 $5,000-$7,499 653 100 46 22 23 7 2 $7,500-$9,999 194 100 51 23 23 2 1 $10,000 and over 233 100 72 18 8 1 1 Occupation of head of spending unit: Professional and semiprofessional.. . 281 100 58 18 16 6 2 () Managerial 179 100 62 15 15 5 1 2 Self-employed 278 100 65 11 13 5 5 1 Clerical and sales 392 100 58 16 15 7 3 1 Skilled and semiskilled 850 100 42 21 21 10 5 1 Unskilled and service 273 100 55 11 14 7 13 (*) Farm operator 227 100 73 7 6 3 10 Retired 203 100 89 4 2 1 4 Others 284 100 66 13 7 6 8 Age of head of spending unit:3 18-24 •235 100 56 9 16 9 10 25-34 •620 100 38 19 23 13 7 35-44 •640 100 46 22 18 8 5 45-54 •495 100 60 17 13 4 5 55-64 •400 100 67 12 10 5 6 65 and over •380 100 85 6 3 2 3 Housing status:3 Owns home with mortgage •690 100 41 28 21 Owns home without mortgage •680 100 72 9 9 Rents •985 100 51 16 17 Neither owns nor rents8 •400 100 70 5 10 •Estimated. Excludes charge accounts, single-payment loans, and debts incurred for business purposes. aAnnual rate of instalment debt payments early in 1954 as a percentage of disposable income in 1953. 3 Excludes farm spending units. *No cases reported or less than one-half of 1 per cent. 'Includes spending units headed by housewives, protective service workers, unemployed persons, and students. • Includes 'secondary spending units related to primary spending unit, and primary and unrelated secondary spending units that receive housing as part of compensation, that are temporarily living in houses they have sold, etc. SUPPLEMENTARY TABLE 19 RELATION OF HOUSING STATUS AND LENGTH OF RESIDENCE TO LARGE HOUSING PAYMENTS, EARLY 1954 1 [Spending units with large housing payments as a percentage of specified groups] Years in present residence Housing status Under 10 and 1 1-3 3-5 5-10 over All housing status groups 33 28 21 16 13 Housing status: Owns home 32 21 19 14 Owns home with mortgage... . 38 27 23 21 21 Owns home without mortgage. () () 6 5 5 Rents home 36 36 29 25 32 1A large housing payment iiso d^efined as one equal to 20 per cent or more of disposable income. For types of housing payments ineluded, see Supplementary Tableie 1 177,, note 1. The fixed costs of home ownership as here defined respresent a smaller proportion of the cost of housing than do rent paymentattss.. 2 Too few cases to be computed. 706 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 20 CHANGE IN FINANCIAL SITUATION WITHIN INCOME AND OCCUPATIONAL GROUPS [Percentage distribution of spending units] Opinion of change in own situation from year earlier1 Number of cases All Not Group characteristic cases Better off Same Worse off Uncertain ascertained 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 All spending units 3,000 3,097 100 37 38 31 33 31 26 Money income before taxes in preceding year: Under $1,000 239 290 100 11 20 39 31 46 44 $l,000-$l,999 351 379 100 28 28 32 34 37 34 $2,000-$2,999 381 458 100 38 36 26 35 35 28 $3,000-$3,999 447 511 100 32 37 32 36 33 24 $4,000-$4,999 465 456 100 39 39 32 36 28 24 $5,000-$7,499 670 603 100 45 51 32 29 22 19 $7,500 and over 447 400 100 53 55 26 28 20 15 Occupation of head of spending unit: Professional and semiprofessional 281 301 100 55 56 29 24 15 18 Managerial and self-employed. . . 457 460 100 40 43 32 35 27 21 Clerical and sales 392 407 100 48 51 30 29 21 18 Skilled and semiskilled 850 837 100 41 38 28 35 30 25 Unskilled and service 273 328 100 29 33 33 33 36 31 Farm operator 227 231 100 32 30 30 28 36 39 Retired 203 209 100 9 15 51 47 37 33 Others 317 324 100 21 29 29 34 48 33 1 Change reported in interviews early in year indicated. 2 No cases reported or less than one-half of 1 per cent. 3Includes spending units headed by housewives, protective service workers, unemployed persons, and students. SUPPLEMENTARY TABLE 21 EXPECTED CHANGE IN INCOME WITHIN INCOME AND OCCUPATIONAL GROUPS [Percentage distribution of nonfarm spending units] Expected change in income Number Group characteristic of cases ca A s l e l s Increase None Decrease Uncertain asce N rt o a t ined 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 1954 1953 All nonfarm spending units 12,773 12,865 100 28 34 36 33 15 10 17 18 4 5 Money income before taxes in preceding year: Under $1 000 193 231 100 13 13 54 40 8 7 17 29 8 11 $l,000~$l,999 301 335 100 26 27 40 32 12 8 18 27 4 6 $2,000-$2,999 332 414 100 31 35 29 31 17 10 19 18 4 6 $3,000-$3,999 413 476 100 28 38 35 30 12 9 22 20 3 3 $4,000~$4,999 454 439 100 33 41 30 31 17 10 16 13 4 5 $5,OOO-$7,499 653 584 100 29 39 35 37 17 10 16 11 3 3 $7,500 and over 427 386 100 34 37 32 34 18 12 13 16 3 1 Occupation of head of spending unit: Professional and semiprofessional. 281 301 100 51 49 32 24 8 9 7 16 2 2 Managerial 179 190 100 32 42 38 38 12 5 15 9 3 6 Self-employed 278 270 100 30 32 28 36 22 12 17 16 3 4 Clerical and sales 392 407 100 44 55 34 26 12 7 9 9 1 3 Skilled and semiskilled 850 837 100 27 33 30 32 18 12 21 20 4 3 Unskilled and service 273 328 100 19 29 35 27 17 15 24 25 5 4 Retired 203 209 100 5 6 66 66 9 3 10 18 10 7 1 Total exceeds sum of occupational groups because it includes spending units not classified by occupation. JULY 1954 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION AND COMMITMENTS OF CONSUMERS SUPPLEMENTARY TABLE 22 RELATION BETWEEN CHANGE IN INCOME AND CHANGE IN FINANCIAL SITUATION1 [Percentage distribution of nonfarm spending units having specified change in income] Early 1954 Early 1953 Early 1952 Early 1951 Opinion of change in own situation from year earlier Making About Making Making About Making Making About Making Making About Making more the less more the less more the less more the less now same now now same now now same now now same now Better off 63 21 13 64 17 10 52 15 9 53 15 10 Same 22 56 14 21 60 20 25 47 15 25 42 17 Worse off 14 22 71 13 22 68 20 35 73 21 41 71 U N n o c t e a r s ta c i e n rtained. . . (l) (2) (2) 1 1 (2) (2) 2 1 (2) 2 1 (2) (2 2 ) 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases... 1,167 950 601 1,389 923 462 1,244 851 428 1,607 1,138 602 1 Comparison of change from a year earlier in a spending unit's current level of income and in its opinion of its own financial situation. Excludes farmers and spending units that did not indicate whether their rate of income was higher or lower than a year earlier. 2 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 23 INVESTMENT PREFERENCES WITHIN INCOME GROUPS [Percentage distribution of spending units] Money income before taxes in preceding year Preferred investment $3,000 and over $3,000-$4,999 $5,000-$7,499 $7,500 and over 1954 1953 U951 1949 1954 1953 11951 1949 1954 1953 11951 1949 1954 1953 11951 1949 Assets of fixed money value 73 65 69 79 80 71 76 84 74 65 65 74 51 43 46 64 Savings accounts 22 20 13 18 24 23 16 19 23 20 9 17 13 9 6 16 Savings bonds 42 38 49 54 46 41 51 58 40 39 51 49 32 26 37 43 Accounts or bonds 9 7 7 7 10 7 9 7 11 6 5 8 6 8 3 5 Assets of fluctuating money value. 16 24 23 11 11 18 18 10 16 25 26 14 32 42 45 22 Common stock 7 9 6 2 3 6 4 2 7 10 6 3 19 20 16 7 Real estate 8 14 16 9 7 12 14 8 8 14 19 10 10 19 23 14 Common stock or real estate. 1 1 1 (2) 1 (2) (2) (2) 1 1 1 1 3 3 6 1 Other3 9 9 5 8 6 8 3 5 9 9 7 10 16 15 8 10 Not ascertained 2 2 3 2 3 3 3 1 1 1 2 2 1 (2) 1 4 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 2,029 1,954 el,000 1,751 912 953 "520 1,085 670 601 c27O 407 447 400 «150 259 • Estimated. i Because in 1951 this information was requested on all farm schedules and on only one-half of the nonfarm schedules, the farmers were entered at one-half their normal weight. 2No cases reported or less than one-half of 1 per cent. 3 Includes combinations of assets of fixed and fluctuating value and additional assets such as insurance and own business. 708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES Total liquid assets—defined to include currency, the increase had been in the asset types that were bank deposits, savings and loan shares, and United most liquid—currency and demand deposits. States Government securities—held by individuals Total personal saving, as measured by the Deand businesses increased 103 billion dollars in 1953, partment of Commerce, was slightly larger in 1953 or about 4 per cent. This was the same rate than in 1952 but less of it was put into liquid of increase as in 1952, but somewhat greater than forms. Accumulation of liquid assets by individin other postwar years. uals, including trust accounts, decreased from 8.8 Additions to liquid assets in 1953 were almost billion dollars in 1952 to 8.0 billion in 1953. Most wholly in time deposits, savings and loan shares, of the 1953 additions were in the form of time and United States Government securities. Cur- deposits and savings and loan shares. rency holdings increased slightly while holdings of Estimates of liquid asset holdings of individuals demand deposits declined.1 In 1952, one-third of and businesses as of December 31, 1953, and for end-of-year and selected midyear dates beginning 1 Estimates of demand deposits in this series are not December 1939, are presented in the table on the strictly comparable with other published data because of following page. These estimates cover the principal differences in depositor groups covered, the use of holderrecord figures rather than bank-record figures, and other assets which are most readily available for use in factors. For description of the series used in this article, current transactions. Currency and demand desee footnotes to table on following page. posits are basic forms of cash; and time deposits, shares in savings and loan associations, and short- CHANGES IN ESTIMATED LIQUID ASSET HOLDINGS OF term Government securities are generally more INDIVIDUALS AND BUSINESSES readily convertible into cash than are other types of assets. Government securities of longer maturity Increase, in billions Percentage fluctuate in market value with the result that their Type of asset or holder of dollars increase conversion runs a risk of capital loss or gain. How- 1953 1952 1953 1952 ever, they are free of credit risk and readily saleable, and hence they are generally regarded as more Total 10.3 10.1 liquid than other securities of the same maturity. Type of asset: Currency 0.3 1.1 1 5 The estimates include liquid assets held by in- Demand deposits -0.6 2.3 -1 3 Time deposits 4.3 4.2 7 7 dividuals (including farmers), unincorporated busi- S U a . v S in . g G s o a v n t d . s l e o c a u n r i s t h ie a s r 1 es 3 2 . . 6 7 2 0. . 4 9 1 3 9 18 nesses, and corporations other than banks and insurance companies. The figures, which are Type of holder: Business holdings—total 2.3 1.3 3 2 derived primarily from bank and Treasury reports, Fina C nc u ia r l r ency co , r p d o e ra p ti o on s s i , ts, and sh to a ta r l e 3. s ... 4 -0.3 0 0 . . 2 5 9 -5 7 are approximations of amounts shown or implied U. S. Govt. securities1 -6.3 0.3 -9 10 Nonfinancial corporations, total... 1.5 1.1 3 in accounting records of holders rather than Currency, deposits, and shares4 -0.1 1.7 7 U. S. Govt. securities1 1.6 0.6 c! -3 amounts reported from bank and Treasury records. Unincorporated business, total.... /./ 0.3 4 -/ Currency, deposits, and shares4 0.5 0.2 3 -1 The basic classifications used are the same as U. S. Govt. securities1 0.6 0.1 10 -2 those employed previously.2 Estimates in this Personal holdings—total 8.0 8.8 4 5 table have been revised back through 1939 to in- Personal trust funds, total 2.0 2.0 7 7 Currency, deposits, and shares4 0.3 10 corporate improved methodology and changes in U. vS. Govt. securities1 1.7 2.0 6 Other personal, total 6.0 6.8 4 4 basic sources. There are no significant changes in Currency, deposits, and shares4 6.9 5 7 U. S. Govt. securities1 -0.9 -2.0 -6 the level of the estimates but there is improvement in some of the year-to-year changes. 1 Securities valued at issue price, except savings bonds, which a m re a rk v e a t l u c e o d n d a it t i o i n s s su , e th e p r s ic e e ll in p g lu p s r i a c c e c o ru f e m d a i r n k t e e t r a e b s l t e . is U su n e d s e f r l u fl c e t x u i a b te le s 2 A detailed description of the methods used to obtain the daily and may at times be below the issue price. estimates, together with the basic worksheets, may be secured 2Less than one-half of 1 per cent. 3 Excluding banks and insurance companies. from the Division of Research and Statistics, Board of Gov- 4Shares refer to shares of savings and loan associations. ernors of the Federal Reserve System, Washington 25, D. C. JULY 1954 709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [Revised estimates, in billions of dollars] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1953 Type of holder Dec. Dec. Dec. Dec. Dec. Dec. June Dec. June Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec? Total1 68.9 74.5 86.5 116.1 156.3 195.3 212.1 227.9 228.5 231.4 236.9 238.2 242.6 249.9 259.1 269.2 279.5 Currency 5.6 6.4 8.6 12.7 17.4 21.9 23.4 24.7 24.7 24.9 24.6 24.2 23.5 23.5 24.4 25.5 25.8 Demand deposits2 21.0 24.8 29.3 37.1 47.6 53.6 56.2 60.7 63.0 65.2 66.9 65.3 64.7 67.3 71.9 74.2 73.6 Time deposits 26.2 26.8 26.8 27.6 31.9 38.9 43.4 47.6 50.8 52.9 55.1 55.9 56.8 57.2 59.3 63.5 67.8 Savings & loan shares3 . . . . 4.0 4!2 4.5 4.8 5.4 6.2 6.7 7.2 7.8 8.3 9.6 10.7 12.2 13.7 15.8 18.7 22.3 U. S. Govt. securities4 12.1 12.3 17.3 33.9 54.0 74.7 82.4 87.7 82.2 80.1 80.7 82.1 85.4 88.2 87.7 87.3 90.0 Business holdings—total.. 19.5 22.4 26.2 39.1 56.8 67.3 72.6 73.8 70.5 66.9 65.3 65.2 67.4 71.0 74.4 75.7 78.0 Currency 1.6 1.9 2.1 2.7 3.6 4.0 4.5 4.5 4.6 4.6 4.6 4.6 4.6 4.7 5.0 5.1 5.2 Demand deposits 12.5 15.3 16.4 21.1 29.5 31.8 34.2 34.4 35.3 34.4 34.8 34.5 35.0 36.1 38.5 39.7 39.7 Time deposits 2.0 2.0 2.0 2.1 2.3 2.7 2.9 3.1 3.2 3.4 3.5 3.5 3.5 3.6 3.7 3.9 4.1 Savings & loan shares 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.4 0.5 0.7 0.8 U. S. Govt. securities 3.3 3.1 5.6 13.1 21.2 28.6 30.8 31.6 27.1 24.2 22.1 22.3 23.9 26.2 26.7 26.3 28.2 Corporations—total 13.1 15.2 18.0 27.6 40.4 46.1 49.2 47.4 44.0 40.5 39.8 41.0 43.4 46.9 49.4 51.0 52.2 Currency 0.8 1.0 1.1 1.4 1.9 2.1 1.9 2.0 1.9 1.9 2.0 2.0 2.0 2.1 2.3 2.3 Demand deposits 9.4 11.5 12.2 15.4 22.5 24.4 22.7 23.5 22.5 23.0 23.4 23.8 24.4 25.9 27.5 27.4 Time deposits 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Savings & loan shares. . . 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 U. S. Govt. securities.. . . i'.i 2.6 4.0 10.1 16.4 20.9 21.9 22.0 17.7 15.3 14.1 14.8 16.8 19.7 20.5 20.2 21.5 Financial corporations— total6 1.8 2.2 2.5 3.2 3.7 4.1 4.8 4.8 4.4 4.3 4.5 5.3 5.5 5.8 6.0 Demand deposits 1.1 1.2 1.3 1.2 1.4 1.4 1.6 2.0 2.2 2.1 2.2 2.2 2.4 2.6 2.7 2.9 2.9 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities... 0.5 0.5 0.8 1.2 1.7 2.2 2.4 2.7 2.5 2.2 2.0 2.2 2.8 2.8 3.0 3.3 3.0 Nonfinancial corporations —total 11.4 13.4 15.8 25.1 37.2 42.4 45.1 42.6 39.2 36.1 35.5 36.5 38.1 41.4 43.6 44.7 46.2 Currency 0.8 1.0 1.1 1.4 1.8 1.9 2.1 1.9 2.0 1.9 1.9 2.0 2.0 2.0 2.1 2.3 2.3 Demand deposits. . . . 8.3 10.3 10.9 14.2 20.0 21.1 22.8 20.7 21.3 20.4 20.8 21.2 21.4 21.8 23.2 24.6 24.5 Time deposits 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Savings & loan shares. 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 U. S. Govt. securities.. 1.7 1.5 3.2 8.9 14.7 18.7 19.5 19.3 15.2 13.1 12.1 12.6 14.0 16.9 17.5 16.9 18.5 Unincorporated business— total 6.4 7.2 8.2 11.5 16.4 21.2 23.4 26.4 26.5 26.4 25.5 24.2 24.0 24.1 25.0 24.7 25.8 Currency 0.8 0.9 1.0 1.3 1.8 2.1 2.4 2.6 2.6 2.7 2.7 2.6 2.6 2.7 2.9 2.8 2.9 Demand deposits 3.1 3.8 4.2 5.7 8.1 9.3 9.8 11.7 11.8 11.9 11.8 11.1 11.2 11.7 12.6 12.2 12.3 Time deposits 1.3 1.3 1.3 1.4 1.6 2.0 2.2 2.4 2.5 2.7 2.8 2.8 2.8 2.9 3.0 3.2 3.4 Savings & loan shares. . 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.5 U. S. Govt. securities.. 1.1 1.6 3.0 4.8 7.7 8.9 9.6 9.4 8.9 8.0 7.5 7.1 6.5 6.2 6.1 6.7 Personal holdings—total. 49.4 52.1 60.3 77.0 99.5 128.0139.5 154.1 158.0 164.5 171.6 173.0 175.2 178.9 184.7 193.5 201.5 Currency 4.0 4.5 6.5 10.0 13.8 17.9 18.9 20.2 20.1 20.3 20.0 19.6 18.9 18.8 19.4 20.4 20.6 Demand deposits 8.5 9.5 12.9 16.0 18.1 21.8 22.0 26.3 27.7 30.8 32.1 30.8 29.7 31.2 33.4 34.5 33.9 Time deposits 24.2 24.8 24.8 25.5 29.6 36.2 40.5 44.5 47.6 49.5 51.6 52.4 53.3 53.6 55.6 59.6 63.7 Savings & loan shares. . . 3.9 4.1 4.4 4.7 5.2 6.0 6.5 7.0 7.5 8.0 9.3 10.4 11.8 13.3 15.3 18.0 21 .5 U. S. Govt. securities 8.8 9.2 11.7 20.8 32.8 46.1 51.6 56.1 55.1 55.9 58.6 59.8 61.5 62.0 61.0 61.0 61.8 Trust funds—total* 4.5 4.7 5.6 6.9 10.0 13.4 14.7 15.9 17.9 19.4 21.6 22.9 23.9 26.5 28.2 30.2 32.2 Demand deposits 1.2 1.3 1.4 1 .2 1.3 1.4 1.5 1.6 1.8 1.7 1.6 1.6 1.5 1.6 1.5 1.5 1.6 Time deposits 0.2 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.5 0.5 0.8 1.0 1.0 1.0 Savings & loan shares. 0.1 0.1 o.t 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.6 U. S. Govt. securities.. 3.1 3.9 5.4 8.4 12.9 14.0 15.6 17.2 19.5 20.6 21.7 23.8 25.3 27.3 29.0 11.7 Other personal—total7... . 44.9 47.4 54.7 70.1 89.5 124.8 138.2140.1 145.1 150.0 150.1 151.3 152.4 156.5 163.3 169.3 114.6 Currency 4.0 4.5 6.5 10.0 13.8 17.9 18.9 20.2 20.1 20.3 20.0 19.6 18.9 18.8 19.4 20.4 20.6 Demand deposits 7.3 8.2 11.5 14.8 16.8 20.4 20.5 24.7 25.9 29.1 30.5 29.2 28.2 29.6 31.9 33.0 32.3 Time deposits 24.0 24.5 24.5 25.3 29.4 36.0 40.3 44.3 47.3 49.2 51.3 51.9 52.8 52.8 54.6 58.6 62.7 Savings & loan shares. 3.9 4.1 4.4 4.6 5.1 5.9 6.4 6.9 7.3 7.8 9.1 10.2 11.6 13.0 14.9 17.6 20.9 U. S. Govt. securities.. 5.7 6.1 7.8 15.4 24.4 34.4 38.7 42. 39.5 38.7 39.1 39.2 39.8 38.2 35.7 33.7 32.8 P Preliminary. 1 Holdings of banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and agencies are not included in the totals shown. 2These figures are estimates of demand deposit balances as they might appear on the record of depositors. They differ from figures based on bank records such as given in regular banking statistics. > Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of Dec. 31, 1953 on a holder-record basis (see table) amounted to 73.6 billion dollars while on a bank-record basis these deposits amount to 92.1 billion. This is because checks are constantly in the mail, i.e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Private share capital in all operating savings and loan associations including private repurchaseable shares, deposits, and investment certificates. Securities valued at issue price, except savings bonds, which are valued at issue price plus accrued interest. Under flexible market conditions, the selling price of marketable issues fluctuates daily and may at times be below the issue price. Includes outstanding amounts of excess profits tax refund bonds beginning December 1945 and armed forces leave bonds beginning December 1947. 5Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. includes only amounts administered by corporate trustees. 7Includes holdings of farmers and professional persons. NOTE.—Estimates in this table have been revised back through 1939 to incorporate improved methodology and changes in basic sources. There are no significant changes in the level of the estimates but there is improvement in year-to-year changes in the figures. 710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS] Demand deposits of individuals, partner- break in the series in January 1953 reflects ships, and corporations increased about 1.2 changes in estimating methods. The earlier billion dollars or 1.2 per cent in the twelve estimates for some ownership categories are months ending January 30, 1954, according not fully comparable with the later data. to estimates based on the Federal Reserve Demand deposits of business concerns, as System's most recent survey of the owner- shown in Table 1, rose 1.7 per cent, while ship of demand deposits. This is only about deposits of individuals declined 0.7 per cent. one-half the increase recorded during the The decline for individuals is the first repreceding twelve months and is the smallest ported since the 1949 survey. Deposit acannual increase reported since the year end- counts of nonprofit associations rose about 4 ing January 31, 1949, when such deposits per cent, somewhat less than in the preceddeclined somewhat. The slackened rate of ing year. The "all other" category, covering expansion reflected in considerable part the accounts of foreigners and trust funds of recession in economic activity during the banks, increased more than 10 per cent. second half of 1953. Historical comparisons 1 This article was prepared by Edward P. Snyder of the are shown in the following chart. The Board's Division of Research and Statistics. OWNERSHIP OF DEMAND DEPOSITS BY INDIVIDUALS AND BUSINESSES BILLIONS OF DOLLARS 28 711 JULY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS TABLE 1 ments of many of these enterprises. OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNER- Within the nonfinancial business group SHIPS, AND CORPORATIONS there was considerable diversity in de- [Estimates, dollar amounts in billions] posit movement by industry classification. Dollar amounts Change since Changes ranged from a decline of 3.8 per outstanding Jan. 31, 1953 cent in deposits of public utilities to an Type of holder Ja 1 n 9 . 5 3 4 0, Ja 1 n 9 . 5 3 3 1, a D m o o l u la n r t ce P n e ta r- ge increase of 5.0 per cent in the deposits of (revised) "other nonfinancial business," including All holders 97.6 96.4 +1.2 +1.2 construction. Businesses—total 57.6 56.7 +1.0 +1.7 Nearly all the increase in nonfinancial Corporate 44.4 43.6 +0.8 +1.8 Noncorporate.... 13.3 13.1 +0.2 +1.7 business balances was accounted for by addi- Nonfinancial businesses 47.7 47.2 +0.5 +1.1 tions to corporate balances. The continuing Corporate 36.8 36.3 +0.5 +1.3 Noncorporate. . 10.9 10.9 0) +0.4 program for accelerated payment of corpo- Ma m n i u n f i a n c g turing and 21.9 21.8 +0.1 +0.5 rate income taxes during the first half of Public utilities 4.5 4.7 -0.2 -3.8 Trade 14.4 14.2 +0.2 + 1.7 the year tended to increase corporate cash O Co th n e s r truction 4 2. . 4 6 }6.6 j+0.3 1+5.0 requirements. On the other hand, expira- Financial businesses. .. 9.9 9.4 +0.5 +5.1 tion of the excess profits tax on December Corporate 7.5 7.2 +0.3 +4.1 Noncorporate. . 2.4 2.2 +0.2 +8.2 31, 1953 may have contributed to the rela- Individuals 33.5 33.7 -G.2 -0.7 tively small increase in deposits. Many cor- Farmers 6.7 6.8 -0.1 -1.1 Other individuals... 26.8 27.0 -0.1 -0.5 porations had borrowed in order to raise Nonprofit associations 3.9 3.8 +0.2 +4.2 their excess profits tax base and lower their All other 2.5 2.3 +*.2 +10.7 excess profits tax liabilities. Cash balances 1Less than 50 million dollars. were probably reduced somewhat by repay- NOTE.—Detailed figures may not add to totals because of rounding. Data not fully comparable with figures published earlier. ments of this borrowing within the year ending January 30, 1954. Geographically, as can be seen from Table 2, changes in total demand deposits of in- Deposits of individuals. Demand deposits dividuals, partnerships, and corporations of individuals declined last year for the first ranged from increases of 4 per cent in the time since the year ending January 31, 1949. Atlanta and Chicago districts to declines of TABLE 2 0.5-0.7 per cent in the Cleveland, Kansas PERCENTAGE CHANGES IN DEMAND DEPOSITS OF SELECTED City, and Richmond districts. HOLDERS, BY FEDERAL RESERVE DISTRICT Business deposits. Demand deposits of JANUARY 31, 1953 TO JANUARY 30, 1954 all business concerns rose 1.7 per cent in the Federal Reserve All Non- Other year ending January 30, 1954. Additions to District holders b f u in si a n n e c ss ia e l s Farmers individuals demand deposits of financial businesses were All districts.. + 1.2 +1.1 -1.1 -0.5 larger than the year before, 5.1 per cent Boston +0.8 -0.3 -4.8 +6.7 against 3.5 per cent. The highest rate of New York +O.7 +0.1 -8.2 -3.1 Philadelphia..... +0.4 +2.8 -0.7 -5.1 growth in this group was for noncorporate Cleveland -0.5 -1.7 -1.8 -0.9 Richmond -0.7 -0.5 -2.3 —4.1 concerns. The rate of increase in the de- Atlanta +4.0 +3.4 +7.6 +5.9 mand deposits of nonfinancial businesses Chicago +4.0 +2.4 +4.6 +2.0 St. Louis +0.7 +3.2 -4.6 -1.3 was only one-third that of the preceding Minneapolis + 1.5 +1.6 -4.4 +4.4 year, undoubtedly reflecting the smaller Kansas City -0.6 +i.a -3.5 Dallas +1.7 +3.0 -4.8 +0.9 sales, earnings, and operating cash require- San Francisco.. . . +0.6 +1.5 + 1.8 -3.3 712 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS The decline amounted to 0.2 billion dollars reporting the data provided by respondent as compared with an increase of 0.4 billion banks. For the first time seven Federal in 1953. Farmers' deposits fell slightly more Reserve Banks secured sample reports on than the deposits of other individuals, 1.1 the ownership of smaller accounts. These per cent against 0.5 per cent. samples indicate that the procedure formerly The decline in demand deposits of indi- used by the System in estimating ownership viduals was approximately offset by increases of smaller accounts was not entirely satisin currency held by individuals. Thus there factory. In particular, this applies to the was little change in the total cash balances estimates of deposits of noncorporate trade of individuals compared with a 1.6 billion companies, farmers, and other individuals. dollar increase in the preceding twelve A comparison of the original and the remonths. Time deposits, largely held by indi- vised data for January 31, 1953 is given in viduals, continued to increase substantially, the table below (in billions of dollars). as did holdings of liquid assets in other forms. Data on changes in total liquid Original Revised asset holdings of individuals and businesses N on financial businesses 48.1 47.2 Corporate 36.2 36.3 are reported in an article on pages 709-10 of Noncorporate 11.9 10.9 this BULLETIN.2 Manufacturing and mining. .21.9 21.8 Other accounts. Demand deposits of non- Public utilities 4.5 4.7 Trade 15.1 14.2 profit associations rose 4.2 per cent or some- Other (including construction) 6.6 6.6 what less than the 6.0 per cent increase re- Financial businesses 9,2 9.4 ported a year ago. As has been the case in Corporate 7.1 7.2 other postwar years, however, the rate of Other 2.1 2.2 growth of these accounts was above the aver- Individuals 33.4 33.7 age for all deposit ownership groups. Farmers 7.2 6.8 Other 26.2 27.0 Holdings of "all other" demand deposit ownership groups, including trust funds of Nonprofit associations 3.6 3.8 banks and foreigners, increased 0.2 billion All other (including foreign and dollars. Approximately two-thirds of this trust funds of banks) 2.1 2.3 increase was accounted for by the demand The revised estimates for January 31, 1953 deposits of foreigners in banks located in shown in Table 1 are comparable with estithe New York Federal Reserve District. mates for January 30, 1954. Estimates given About 90 per cent of all foreign deposits are in this article for both 1953 and 1954, howheld in the New York District. ever, should be considered tentative at this time and subject to possible further revision. STATISTICAL NOTE Estimates for earlier years, which have not With this year's survey of demand deposit been revised and so are not strictly compaownership, the System began moving torable with the revised 1953 and 1954 estiward adoption of an improved method of mates, were published in the May 1953 Federal Reserve BULLETIN. Preliminary investi- 2 Data in the liquid assets article are not entirely comparable with data in this article on ownership of demand deposits. gation indicates, however, that the year-to- The ownership figures are on a bank-record basis for the year year changes for the earlier years in the deending Jan. 30, 1954 whereas the liquid asset data are on a posits of the various ownership groups previholder-record basis for the year ending Dec. 31, 1953. JULY 1954 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS ously reported are reasonably comparable separately. Second, insurance companies and with the changes reported this year. all other financial businesses were combined Three other reporting changes were made into one financial business category. Third, this year. First, trust funds of banks and the category previously entitled "all other accounts of foreigners were combined in all nonfinancial business" was split into two Federal Reserve Districts except New York. categories, "construction" and "all other non- In view of the importance of foreign de- financial business," so that separate data posits in the New York District, respondents could be obtained on the deposit balances of there continued to report the two categories the construction industry. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Class C director of the Federal Reserve Bank of Boston since February 2, 1951, died on June 22, A meeting of the Presidents of the Federal Re- 1954. serve Banks was held in Washington on June 21 and 22, 1954, and on June 23 the Presidents met Mr. Ralph E. Plunkett, President, Plunkettwith the Board of Governors of the Federal Reserve Jarrell Grocer Company, Little Rock, Arkansas, System. who had served as a Class B director of the Federal On June 23 a meeting of the Federal Open Mar- Reserve Bank of St. Louis since January 1, 1950, ket Committee was held. died on July 3, 1954. Resignation of Branch Director Tables Published Annually and Semiannually, with Effective June 30, 1954, the Board of Governors Latest BULLETIN Reference accepted the resignation of Mr. C. M. Hardin, Semiannually Issue Page Dean of Agriculture, Michigan State College, East Banking offices: Lansing, Michigan, as a director of the Detroit Analysis of changes in number of... Feb. 1954 210 Branch of the Federal Reserve Bank of Chicago. On, and not on, Federal Reserve Par List, number of Feb. 1954 211 Mr. Hardin had served the Branch as a director Annually since April 7, 1953. Earnings and expenses: Deaths of Directors Federal Reserve Banks Feb. 1954 208-209 Member banks: Calendar year May 1954 524-534 Mr. Karl T. Compton, Chairman of the Corpora- First half of year Oct. 1953 1114 Insured commercial banks May 1954 535 tion, Massachusetts Institute of Technology, Cam- Banks and branches, number of, by class and State May 1954 536-537 bridge, Massachusetts, who had been serving as a Operating ratios, member banks Aug. 1953 904-906 714 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Purchase of Government Obligations by ernors in any case in which the amount of any Federal Reserve Banks indebtedness incurred by an affiliate of the bank engaged in holding bank premises, together with Amendment to Section 14 (b) the amount of the member bank's direct invest- By Act of Congress approved June 29, 1954, the ment in bank premises, exceeds the amount of the authority of the Federal Reserve Banks under secbank's capital stock. The text of the Act is as tion 14(b) of the Federal Reserve Act to purchase follows: and sell direct or fully guaranteed obligations of the United States directly from or to the United PUBLIC LAW 460—83D CONGRESS States, which would otherwise have expired on CHAPTER 434—2D SESSION June 30, 1954, was extended until June 30, 1956. S. 3481 The text of the Act is as follows: AN ACT To amend sections 23A and 24A of the Federal Reserve PUBLIC LAW 450—83D CONGRESS Act, as amended CHAPTER 422—2D SESSION H. R. 8729 Be it enacted by the Senate and House of Representatives of the United States of America in AN ACT Congress assembled, That the third paragraph of To amend section 14 (b) of the Federal Reserve Act, as section 23A of the Federal Reserve Act, as amended amended (U. S. C, 1952 edition, title 12, sec. 371c), is Be it enacted by the Senate and House of Repre- amended by deleting therefrom the words "on sentatives of the United States of America in Con- June 16, 1934," and substituting in lieu thereof gress assembled, That section 14 (b) of the Fed- the word "solely"; and by deleting therefrom the eral Reserve Act, as amended (U. S. C, 1952 edi- words "or in maintaining and operating properties tion, title 12, sec. 355), is amended by striking out acquired for banking purposes prior to such date". "July 1, 1954" and inserting in lieu thereof "July 1> SEC. 2. Section 24A of the Federal Reserve Act, 1956" and by striking out "June 30, 1954" and in- as amended (U. S. C, 1952 edition, title 12, sec. serting in lieu thereof "June 30, 1956". 37Id), is amended by inserting after the words "investments and loans" a comma and the words Approved June 29, 1954. "together with the amount of any indebtedness Investments in Bank Premises incurred by any such corporation which is an affiliate of the bank, as defined in section 2 of the Amendments to Sections 23A and 24A Banking Act of 1933, as amended,". By Act of Congress approved June 30, 1954, sec- Approved June 30, 1954. tion 23A of the Federal Reserve Act, limiting the amount which a member bank may loan to, or Reserves invest in the stock or obligations of, an affiliate, Amendment to Regulation D Supplement was amended to except from such limitations affiliates engaged "solely" in holding bank premises The Board of Governors on June 21, 1954, rather than affiliates engaged on June 16, 1934 in amended the Supplement to Regulation D so as holding bank premises as heretofore provided. to reduce the reserves required to be maintained By the same Act, section 24A of the Federal by member banks with Federal Reserve Banks. Reserve Act was amended to make it clear that a The reduction becomes effective on a gradual basis, member bank must obtain the consent of the and when completed on August 1, 1954, the per- Comptroller of the Currency or the Board of Gov- centages applicable on time deposits for all mem- 715 JULY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ber banks will be lowered from 6 to 5 per cent, such city by the extension of the city's corand on net demand deposits for central reserve city porate limits, which, by the affirmative vote banks from 22 to 20 per cent, for reserve city banks of five members of the Board of Governors from 19 to 18 per cent, and for country banks from of the Federal Reserve System, is permitted 13 to 12 per cent. There is set forth below the to maintain the reserves specified in paratext of the amended supplement: graph 1 or 2 above)— (a) 6 per cent of its time deposits until the SUPPLEMENT TO REGULATION D opening of business on June 24, 1954, and Issued by the Board of Governors of the Federal Reserve 5 per cent of its time deposits thereafter, System on June 21, 1954 plus Reserves Required To Be Maintained By Member (b) 22 per cent of its net demand deposits Banks With Federal Reserve Banks until the opening of business on June 24, Pursuant to the provisions of section 19 of the 1954, 21 per cent of its net demand deposits Federal Reserve Act and section 2(a) of its Regu- from June 24 to July 28, 1954, inclusive, lation D, the Board of Governors of the Federal and 20 per cent of its net demand deposits Reserve System hereby prescribes the following thereafter. reserve balances which each member bank of the Clearing and Collection Federal Reserve System is required to maintain on deposit with the Federal Reserve Bank of its Amendments to Regulations G and J district: The Board of Governors, effective July 15, 1954, 1. If not in a reserve or central reserve city— amended Regulation G relating to the collection of noncash items, and Regulation J relating to (a) 6 per cent of its time deposits until the check clearing and collection, so as to permit the opening of business on June 16, 1954, and collection through Federal Reserve Banks of checks 5 per cent of its time deposits thereafter, drawn on nonmember par-remitting banks located plus in such of the Territories, dependencies, insular (b) 13 per cent of its net demand deposits possessions, and parts of the United States outside until the opening of business on August 1, of the continental United States as the Board of 1954, and 12 per cent of its net demand Governors may designate and the collection of deposits thereafter. noncash items payable in such areas. At the same 2. If in a reserve city (except as to any bank time, the Board of Governors, effective July 15, located in an outlying district of a reserve 1954, designated Alaska and Hawaii as being city or in territory added to such city by the in or of the Twelfth Federal Reserve District extension of the city's corporate limits, which, for the purposes of these amendments. There are set forth below texts of the amendments to these by the affirmative vote of five members of regulations and the designations made pursuant the Board of Governors of the Federal Rethereto: serve System, is permitted to maintain the reserves specified in paragraph 1 above)— AMENDMENTS TO REGULATION G (a) 6 per cent of its time deposits until the Issued by the Board of Governors of the Federal Reserve opening of business on June 24, 1954, and System 5 per cent of its time deposits thereafter, Collection of Noncash Items plus In order to permit the collection through the (b) 19 per cent of its net demand deposits Federal Reserve Banks of noncash items payable in until the opening of business on July 29, such of the Territories, dependencies, insular posses- 1954, and 18 per cent of its net demand desions, and parts of the United States outside the posits thereafter. continental United States as the Board of Gover- 3. If in a central reserve city (except as to nors may designate, Regulation G is hereby any bank located in an outlying district of amended, effective July 15, 1954, in the following a central reserve city or in territory added to respects: 716 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1. The introductory language of section 1 of Federal Reserve Banks of checks drawn on non- Regulation G is changed to read as follows: member par-remitting banks located in such of As used in this Regulation, the term "non- the Territories, dependencies, insular possessions, cash items" means any items of the following and parts of the United States outside the conticlasses when payable in any Federal Reserve nental United States as the Board of Governors district1: may designate, Regulation J is hereby amended, effective July 15, 1954, in the following respects: 1 For the purposes of this Regulation, Alaska, Hawaii, Puerto Rico and any dependency, insular 1. Section 3 of Regulation J is amended by inpossession or part of the United States outside the serting a new Footnote 1 to the word "district" continental United States shall be deemed to be in where it first occurs in such section, reading as or of such Federal Reserve district as the Board of follows: Governors may designate. 2. The numbering of present Footnotes 1 and 2 1 For the purposes of this Regulation, Alaska, is changed to 2 and 3, respectively. Hawaii, Puerto Rico and any dependency, insular possession or part of the United States outside the continental United States shall be deemed to be in or of such Federal Reserve district as the Board of DESIGNATION OF ALASKA AND HAWAII AS BEING IN Governors may designate. OR OF THE TWELFTH FEDERAL RESERVE DISTRICT 2. The numbering of present Footnotes 1, 2, FOR PURPOSES OF REGULATION G and 3 is changed to 2, 3, and 4, respectively. Pursuant to Footnote 1 of Regulation G, as amended effective July 15, 1954, the Board of Governors has taken the following action: DESIGNATION OF ALASKA AND HAWAII AS BEING IN For purposes of Regulation G, Alaska and OR OF THE TWELFTH FEDERAL RESERVE DISTRICT Hawaii shall be deemed to be in or of the FOR PURPOSES OF REGULATION J Twelfth Federal Reserve District, effective Pursuant to Footnote 1 of Regulation J, as on and after July 15, 1954. amended effective July 15, 1954, the Board of AMENDMENTS TO REGULATION J Governors has taken the following action: Issued by the Board of Governors of the Federal Reserve For purposes of Regulation J, Alaska and System Hawaii shall be deemed to be in or of the Check Clearing and Collection Twelfth Federal Reserve District, effective on In order to permit the collection through the and after July 15, 1954. 717 JULY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication July 15] Industrial and construction activity changed advanced seasonally adjusted rate reached in May little in June. Retail auto sales were exceptionally and some further curtailment was indicated in active and retail sales of other goods also increased. early July. Output of major household durable Steel prices were advanced early in July, following goods expanded further in June reflecting mainly an increase in wage rates, while prices of most other continued strength in television production and commodities were stable after mid-June. Common an increase in furniture output. Total production stock prices reached new highs. of major household goods has recovered nearly one-half of the decrease shown after mid-1953. INDUSTRIAL PRODUCTION Lumber production was reduced in the latter The Board's seasonally adjusted index of induspart of June owing to work stoppages in the Pacific trial production in June, according to preliminary Coast region but output of most other building data, was 124 per cent of the 1947-49 average. The materials apparently continued in very large volindex for May, as shown by the latest data, was ume. also 124. This level was slightly above March and Output of nondurable goods also generally con- April, but 9 per cent below a year ago. tinued steady in June at a level 3 per cent above Output of durable manufactures showed no the lows reached earlier this year. Some further change in June mainly as a further contra-seasonal small recovery developed in various branches of increase in steel production offset a decrease in the chemical and textile industries. Production at auto output. Subsequently steel mill operations paper mills, which reached record levels in May, were curtailed sharply around the July 4th holiday. did not show the usual June seasonal increase, al- In the week ended July 17 steel ingot production though demand for paper and paperboard was very increased to 65 per cent of capacity but was below active. the 72 rate in June, owing largely to seasonal CONSTRUCTION influences. Activity in most metal fabricating industries was generally maintained in June. Output New construction expenditures in June, seasonof military equipment produced in these industries, ally adjusted, were close to the record May total. Major categories of private and public work however, showed further curtailment. changed only slightly. Value of contract awards Auto assemblies were reduced in June from the decreased 10 per cent in June from the exceptionally EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS high May totals. The number of new housing Seasonally adjused, millions of persons units included in appraisal requests to VA and in 50 applications to FHA increased further in June. TOTAli EMPLOYMENT \ _ 48 _ j NONMANUFACTURING _ Increased stability was evident in the labor market in June. Unemployment at 3.3 million showed little change, although there is usually a seasonal 46 increase. While employment in durable goods manufacturing industries declined further, employ- -1 ment was relatively steady in most other non- - 44 agricultural establishments at close to peak levels. / - _ / AAANUFACTURING The average factory workweek increased some- - - 42 J what further in June but was about an hour below UAr | | ,.l- 1 w j^ 1 1 1 t u.,t. year-ago levels. Hourly earnings were up slightly 1950 1952 1954 1950 1952 1954 and were about 2 per cent above last June. The Bureau of Labor Statistics data adjusted for seasonal variatimon by Federal Reserve. Proprietors, self-employed persons steel wage settlement effective July 1 provided for and domestic servants are not included. Midmonth figures, a rise of 5 cents an hour and various other benefits. latest shown are for June. 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS AGRICULTURE COMMODITY PRICES A feed grain harvest in 1954 about one-eighth Prices of farm products changed little from larger than in 1953 was officially forecast in early mid-June to mid-July following a decline earlier July. With carryovers already large, total feed to last autumn's reduced level. Wheat recovered supplies are expected to exceed earlier record lev- one-half of the earlier seasonal decline as most of the new crop was going under Government els. Wheat and cotton acreages, under Federal loan. Hog prices also recovered somewhat as production controls, were indicated to be one-fifth marketings fell off, but the lower grades of cattle less than in 1953. Total crop acreage and output declined. were forecast to be about equal to last year. Average prices of industrial materials rose, owing largely to increases of about 3 per cent in finished DISTRIBUTION steel and advances in lumber—especially Western Sales of new and used autos showed a striking types. Tin, rubber, and some textiles also inrise in June, and with increases in apparel and creased, but steel scrap, petroleum products, and other general merchandise, total retail sales are fats and oils declined. Prices of sheets were raised, indicated to have expanded to near the high year- and increases in carpets were announced, effective ago level. Department store sales were 5 per cent August 1. On the other hand, new television models were introduced at lower prices. larger than in May and were apparently maintained in early July, after allowance for the usual BANK CREDIT AND RESERVES seasonal change. The preliminary June index of Bank loans and investments increased after early 113 per cent of the 1947-49 average compares with June, reflecting mainly additional purchases of an average of 108 for the first five months of this U. S. Government securities. Business loans rose year. sharply in mid-June as concerns borrowed to ob- Distributor inventory developments in June were tain funds for meeting quarterly income tax payfeatured by a substantial decline in dealers' stocks ments; subsequently, they declined again. of autos. At department stores, stocks showed lit- Member bank reserve positions were generally tle change in May at a level 5 per cent below the easy during the latter part of June and early July. year-ago value. Excess reserves of member banks exceeded their borrowings at the Federal Reserve by about 800 PRICES AND TRADE million dollars. During this period, over 600 mil- WHOLESALE PRICES lion dollars of reserve funds were released to banks - _—-^— through reductions in reserve requirement percent- / CONSUMER ages. Additional reductions to take effect later yS* PRICES this month and on August 1 will release an additional 900 million dollars of reserves. Some re- , , ,1, serve funds were absorbed in late June and early DEPARTMENT STORETRADE July by seasonal currency needs, a decline in float, and a reduction in Federal Reserve holdings of / \ STOCKS U. S. Government securities. 1A * ^ - Jv'A RET T A O IL T A S L ALES A"/# SECURITY MARKETS I /1T^ SALES Treasury bill rates advanced slightly, but yields ,„ m|mimlm| „„ 1, on other Government securities declined moderately from mid-June to mid-July. Yields on high-grade Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail municipal bonds declined sharply, while corporate sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude bond yields were steady. Common stock prices processed foods, included in total but not shown separately. Monthly figures, latest shown: April for income and department rose further following a sharp decline in the second store stocks; May for other series. May consumer prices estiweek of June. mated by Federal Reserve. JULY 1954 719 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 723-724 Federal Reserve Bank rates; margin requirements; reserve requirements 724-725 Reserves and deposits of member banks 726 Federal Reserve Bank statistics 727-729 Regulation V: guaranteed loans, fees, and rates 729-730 Bank debits and deposit turnover; Postal Savings System 730 Money in circulation 731 Consolidated statement of the monetary system; deposits and currency.. 732 All banks in the United States, by classes 733-735 All commercial banks in the United States, by classes 736-737 Weekly reporting member banks 738-739 Commercial paper and bankers' acceptances 740 Life insurance companies; savings and loan associations 741 Government corporations and credit agencies 742-743 Security prices and brokers' balances 744 Money rates; bank rates on business loans; bond and stock yields 745 Treasury finance 746-751 New security issues 752 Business finance 753-754 Rfeal estate credit statistics 755-757 Statistics on short- and intermediate-term consumer credit 758-760 Business indexes 761-770 Merchandise exports and imports 770 Department store statistics 771-775 Consumer and wholesale prices 776-777 Gross national product, national income, and personal income 778-779 List of tables published in BULLETIN annually or semiannually, with references for latest data 714 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; die 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. JULY 1954 721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wedne»doy Figure*, 1946-1950, Weekly Averoge* of Daily Figures, 1951- Billions of Dollars 25 . EAVCH RCKRVC) **Jl J&n*X*%il? • foil >tr^WvM At TREASURY CA 1946 1947 1948 1949 1950 1951 1952 19513954 Latest averages shown are for week ending June 30. See p. 724. 722 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 Member bank Date U.S. Govt. securities v c D a o a a n n u i d s c d n - - e ts s s G t o o l c d k T s r o c e t u i r a u n n u e r n r c g y t a - - d y s - - M c t c u o i i i o n l n r a n - e - y T h c i u r n o a e r g l s y d a h s s - - T th w r u d r r e e a e i a s n y - th e s r - m v F e e . F e m d R o b i e b g r a . - e - n la B r n a b c O n p a e d o e k n s t e s r h s , - k - - c O s F o e t R e a e r u h e r c d a n v e - - - l t e r s Tot r a e l ser q v u e i R r e b e - a d la 2 nce E s xposits posits its 23,860 23,806 22.561 4.840 29,863 ,285 214 517 374 78019,811 19,386 425 23,879 23,851 22,561 4,841 29,845 ,285 428 618 366 78019,912 19,282 630 23,922 23,891 22,562 4,844 29,795 ,282 145 584 286 77719,824 19,312 512 24,088 23,963 22.536 4.845 29,825 ,284 355 504 238 77719,706 19,298 408 24,121 24,071 22,536 4,849 29.980 ,282 137 520 253 19,729 19,209 520 24,637 24,632 22,537 4,850 30,003 ,289 6 587 173 90220,168 19,449 719 25,154 25,154 22,513 4,851 29,970 ,276 8 598 252 958 20,958 19,778 1,180 24,837 24,837 22,487 4,851 29,929 ,272 8 615 158 960 20,173 19,594 579 24,76(5 24,766 22,463 4,854 30,152 ,269 176 521 174 94919,828 19,113 715 24,964 24,964 22,438 4,854 30,279 ,266 431 488 176 94819.690 19,002 688 24,964 24,964 22,374 4,853 30,163 ,264 640 561 179 94719,397 18,253 1,144 24,964 24,964 22,276 4,853 30,051 ,267 539 525 323 94719,742 19,098 644 24,964 24,964 22,277 4,853 30,044 ,264 841 547 343 86319,529 19,014 515 24,964 24,964 22,227 4,858 30,139 ,276 460 557 332 86019,614 18,959 655 24,964 24,964 22,228 4,859 30,158 ,275 675 551 329 85919,593 18,942 651 25,008 24,989 22,228 4,861 30,145 ,280 738 610 390 86219,641 18,865 776 25,017 24.989 22,228 4,862 30,105 ,273 669 518 354 86219,440 18,860 580 25,067 25,014 22,178 4,865 30,240 ,278 541 538 333 85919,325 18,884 441 25,126 25,034 22,178 30,479 ,274 574 569 363 85919,104 18,731 373 25,207 25,084 22,178 30,335 ,278 356 507 381 88219,771 18,885 886 25,185 25,185 22,179 30,210 ,277 619 543 259 88119,486 18,868 618 25,235 25,235 22,128 30,275 ,283 642 512 352 88019,309 18,816 493 25,348 25,348 22,128 30,374 ,284 524 484 370 89919,303 18,757 546 25,363 25,348 22,128 30,412 ,271 348 461 375 89919,557 18,728 829 25,348 25,348 22,077 30,305 ,270 530 461 358 89719,567 18,817 750 25.348 25.348 22,077 4,874 30,268 ,282 644 471 366 89519,334 18,796 538 25,447 25,398 22,076 4,877 30,428 1,283 664 453 376 80119,779 18,845 934 25,123 24,958 22,077 4,878 30,540 784 322 449 534 80819,630 19,026 604 24,958 24,958 22,076 4,878 30,487 786 503 419 398 805 20,044 19,187 857 25,022 24,993 22,027 4,879 30,691 777 522 429 335 80519,775 19,150 625 25,081 25,043 22,028 4,882 30,791 774 526 431 339 87819,474 19,161 313 25,345 25,143 22,028 4,883 30,904 778 488 491 331 880 19,720 19,053 667 25,457 25,243 22,028 4,884 30,953 769 224 464 259 936 20,229 19,309 920 25,886 25,318 22,029 4,886 31,156 763 799 461 427 93720,064 19,297 767 25.902 25,318 22,029 4,889 30,890 773 377 474 380 93620,066 19,364 702 25,318 22,029 4,890 30,591 770 222 440 397 836 20,184 19.390 794 25,318 22,030 4,890 30,284 775 86 500 441 83620,228 19,250 978 25,364 22,006 4,890 30,083 782 5 443 286 83320,874 19,335 1,539 24,661 22,006 4,890 29,900 795 236 493 278 83119,859 19,217 642 24,774 24,717 21,956 4,899 29,930 807 457 477 345 82919,870 19,089 781 24.863 24,806 21,957 4,902 29,923 818 638 473 338 19,654 18,937 717 24,806 24,806 21,957 4,905 29,821 820 533 482 346 19,845 18,921 924 24,559 24,559 21,958 4,906 29,838 824 509 461 359 911 19,273 18,853 420 24,559 24,559 21,958 4,912 29,885 820 528 476 402 19,540 18,827 713 24,682 24,682 21,963 4,917 29,870 820 447 487 346 907 19,640 18,792 848 24,582 24,582 25,704 21,964 4,920 29,769 823 51 528 191 919 20,307 19,224 1,083 24,705 24,632 25,625 21,964 4,925 29,632 810 539 517 358 91919.739 18,869 870 24.632 24.632 25,316 21,965 4,935 29.707 819 722 494 363 91719,194 18,689 505 24,632 24.632 25,357 21,966 4,935 29,795 823 570 491 371 93619,272 18,651 621 24,632 24,632 25,404 21,966 4,943 29,793 831 639 469 353 93519,293 18.585 708 24,632 24,632 25,493 21,967 4,945 29,673 839 565 443 388 93119,566 18,648 918 24,632 24,632 25,383 21,968 4,947 29,645 829 499 469 305 85219,699 18,759 940 24,632 24,632 25,274 21,969 4,951 29,756 837 617 601 328 84919,207 18,837 370 24,632 24,632 25,484 21,970 4,952 29,759 840 542 579 357 84819,481 18,717 764 24,687 24,687 25,528 21,971 4,956 29,707 841 418 533 390 88019,686 18,937 749 24,737 24,737 25,490 21,972 4,957 29,697 834 505 502 383 88119,617 18.961 656 24,812 24,812 25,582 21,923 4,958 29,934 831 448 520 379 87719,474 18,898 576 24,987 24,987 25,740 21,924 4,957 29,873 825 250 563 201 876 20,032 18,906 1,126 24,910 24,910 25,844 21,925 4,956 29,803 810 459 543 199 99719,914P19.1O7 P8O7 25,231 25,139 26,593 21,926 4,955 29,735 812 1,220 544 339 99919,825^18,784PI.041 25,037 25,037 25,642P21.927P4.959P29.904 P829 875 545 377 98819,011 ^18,409 P602 24,746 24,718 25,414 22,463 4.854 30,125 1,259 132 527 176 95119,561 19,459 102 24,964 24,964 26,176 22,277 4,859 30.120 1,263 548 566 346 86219,607 19,017 590 25,063 24,989 25,958 22,178 ,867 30,248 1,269 496 524 325 86219,278 18,802 476 25,235 25,235 26,252 22,128 ,872 30,275 1,283 642 512 352 88019,309 18,816 493 25,348 25,348 26,550 22,077 .879 30,308 1,275 654 448 468 80219,460 18,826 634 25,095 24,993 26,133 22,028 ,885 30,807 766 451 417 367 80419,434 19,087 347 25,916 25,318 26,880 22,030 4,894 30,781 761 346 423 493 83920,160 19,397 763 24,640 24,640 25,437 21,956 4,890 29,981 793 405 440 459 83019,384 19,016 368 24,509 14.509 25,688 21,958 4.913 29,904 811 542 490 491 90919,412 18.821 591 24.632 24,632 25,316 21,965 4,935 20,707 819 722 494 363 91719,194 18,689 505 24,632 24.632 25,382 21,969 4,951 29,735 819 579 471 321 85019,528 18,844 684 25,781 21,973 4,957 29,870 820 408 527 645 87819,563 18,891 672 25,642P21.927P4,959 P29.904 P829 875 545 377 98819,011 '18,409 P602 pPreliminary. For footnotes see following page. JULY 1954 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank T reserve balances. Other reserve balances U. S. Govt. securities ury Money Treas- with F\ R. Banks Fedp D e o r a i r o te d Total B r o o i u u gh g t- h t t u r c a H e n h g p e d a r l u e s e d e e r r - - v c D o a a a n n u d is c d n - - e ts s Float o e A t r h H 1 - Total s G to o c ld k s r o t ce i a n u u n n r g t c- - d y - c t c u i ii o n l r a n - - h c i u n o ar l g sy d h s - T p r u o d e r s e a i y - t s s - p F e o d i o s g e r i - n t - s O p d i e o t t e r s h s - - - c s o eR e a r u r c ea v n - -l e ts Total qu R ir e e - d2 c E es x s - * 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 1 19 9 3 3 9 3 > — — T Du e n c e 2 1 , ,9 4 9 8 8 4 2 1 , ,9 4 9 8 8 4 164 7 91 4 5 1 4 1 2 2 , , 5 22 9 0 31 4 7 , , 0 6 3 4 1 4! 2 2 , , 2 9 8 6 6 3 5 7 , , 4 5 3 9 4 8 2,4 2 0 6 9 4 6 3 3 5 4 39 1 7 5 2 1 5 5 6 1 3 2 4 5 6 1 1 2 1 , , 2 6 9 5 2 3 6 1 , ,8 4 1 4 7 4 5,2 4 0 75 9 1941—Dec.! 2,254 2,254 3 94 10 2,36122,737 3,24711,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—jy^c 24,262 24,262 249 578 2 25,09120,065 1,33928,515 2,287 977 862 446 495 15,915 14,457 1,458 1947 Dec! 22,559 22,559 85 535 1 23,18122,754 1,56228,868 1,336 870 392 569 563 17,899 16,400 1,499 1 1 9 9 4 4 ^ 9— — D D e e c c! 2 IS 3 , , 8 3 8 3 5 3 2 1 3 8 , , 3 8 3 8 3 5 22 7 3 8 5 5 4 3 1 4 2 1 2 1 4 9 , , 0 4 9 9 7 9 2 2 4 4 , , 2 4 4 2 4 7 11 1, , 5 5 9 8 8 92 2 8 7 , r 6 2 0 2 0 4 1 1 , , 3 3 2 1 5 2 1,1 8 2 2 3 1 6 7 4 6 2 7 5 7 4 5 7 0 5 7 9 0 0 6 2 1 0 6 , , 4 5 7 6 9 8 1 1 9 5 , , 2 5 7 5 7 0 l 1 , , 0 2 1 0 S 2 195O—Dec. 20,778 25,725 53 67 1,368 3 22,21622,706 i1,63627,741 1,293 668 895 565 714 17,681 16,509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 5 25,009^2,695 1,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—June.22,906 22,764 142 59 581 5 23,551523,346 11,75429,026 1,283 333 548 298 783 19,3*1 19,573 -192 Dec.. 24,697 24,034 663 156 967 4 25,82523,187 11,812130,433 1,270 389 550 455 777 19,950 20,520 -57© 1955—June. 24,746 24,718 28 64 601 3 25,41422,463 i1,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages of daily figures liontkSy. 1953—June. 24,748 24,729 19 433 776 3 25,96022,514 L1,85130,011 1,273 52 566 203 933 20,287 19,499 788 A Ju n l t y .. . 2 2 4 5 , , 9 0 5 0 5 0 2 2 4 4 , , 9 9 7 4 4 3 2 1 6 2 4 6 2 5 8 8 6 7 6 3 0 7 3 3 2 26 6 , , 3 1 2 2 2 3^ 2 2 2 , , 3 2 6 2 6 6 I i l 1r, 8 8 5 6 3 0 1 13 3 0 0 , , 1 1 6 6 7 5 1 1, , 2 2 7 6 3 4 5 6 4 5 5 6 5 5 3 4 7 8 3 2 7 3 6 9 9 86 3 1 9 1 19 9 , , 5 6 2 5 6 3 1 18 8 , , 8 8 8 6 2 9 6 7 4 8 4 4 Sept. 25,168 25,097 71 463 771 3 26,41022,176 I1,86730,328 1,273 537 538 354 871 19,552 18,834 718- Oct.. 25,344 25,341 3 367 800 3 26,51422,102 t1,87330,366 1,274 557 463 406 889 19,536 18,784 752 Nor. 25,172 25,078 94 494 744 3 26,413i22,O57 i1,87830,555 915 497 434 424 805 19,718 19,035 683 Dec. 25,639 25,218 421 448 1,018 2 27,10722,028 i1,88530,967 767 602 466 390 90S 19,920 19,227 693 1954—Jan.. 25.263 25,149 114 118 861 2 26,24322,015 I1,89130,282 778 201 453 422 83420,179 19,243 936 Feb.. 24,770 24,729 41 308 667 2 25,74621,957 I1,90429,903 811 568 470 429 870 19,557 18,925 632 Mar. 24,633 24,620 13 205 712 2 25,55321,963 I1,92059,800 813 490 494 352 913 19,573 18 881 692 Apr.. 24,635 24,632 3 151 696 1 25,48321,966 tlr941£9,755 825 584 481 427 926 19,392 18J627 765 May. 24,689 24,680 9 172 640 1 25,50321,971 4954f29,773 830 486 531 412 19,533 18., 817 716 June. 24,998 24,960 38 166 710 1 25,87621,927 4,95629,856 815 602 553 321 941 19,670 Weekending: 1954 Apr. 7.... 24,632 24,632 153 583 2 25,37021,965 4,93329.780 S19 526 507 399 936 19,300 18,595 705 Apr. 14 24,643 24,632 ii 156 591 1 25,39721,966 4,938^9,817 823 650 503 379 935 19,194 18,595 599 Apr. 21 24,632 24,632 141 955 1 25,73021,967 4,94529,780 831 680 461 574 933 19,384 18,612 772 Apr. 28 24,632 124,632 148 672 1 25,45321,968 4,94629,652 827 495 456 3S8 920 19v*3tf. 18,654 976 May 5 24,632 24,632 158 634 1 25,42621,9<S9 4,95029,738 826 586 503 351 8S&19,490 , 18,769 721 May 12 24,652 24,632 261 184 541 1 25,379121,970 4r952129,810. 829 453 572 370 848 19,418. 18,708 710 May 19 24,659 24.640 19 143t 739 1 25,542i21,971 4,955£9,769 838 551 532 411 862 19,506 18,785 721 May 26 24,709 124,709 164 638 1 25,51221,972 4,95729,707 829 397 500 437 880 19,690 ' 18,924 766 June 2 24,812 24,812 216 613 1 25,64221,966 4,95829,8741 827 452 521 458 S7&19,555 IS,912 643 June 9 24,960 24,960 170 670 1 25,80221,924 4,95829,928 823 342 549 358 877 19,805' 18,885 920 June 16.... 24 955 24 955 142 665f 1 25,76421,925 4,95729,870 813 341 549 227 910 19,934 *»19,042 June 23!.!! 25,018 24,986 32 194 920 1 26,13421,926 4,95529,793 806 757 547 296 998 19,818 018,951 P967 June 30.».. •25,11324,980 133 157 630 1 25,901 21,926 4,95629,811 815 1,010 579 384 996 ^18,342 v Preliminary. * Revised ifncfodes industrial loans and acceptances purchased, which are sbotm separately in subsequent tables. *These figure? art 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 valued Nov. 1, 1933- Feb. 1,1935- Effective Mar. 30, Jan. 17, Efiee- Jan. 31, 1935Dec. 31, 1935Jan. 1, 1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 Savings, deposits Postal Saving* deposits Other deposits, payable: Regulation T: In 6- month* or more For extensions of credit by brokers In 9O days- to 6 menths. . . and dealera on lasted securities 50 75 50 In less than 90 days For short sales 50 75 50 Regulation. U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 1 75 50 established, by the Board of Governors under provisions of Regulation Q. Under this Regulation tlie rate payable by a member bank 1-Regulations T and U limit the amount of credit that may be exmay oat 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 compsinies on Ufce deposits under the laws of the State specified percentage of its market value at the time of the extension; thei in which the member bank is located. Maximum rates that may be "margin requiremenla" shown, in this tabte axe the difference- betweea paid! by mswnfed ooamember banks as established by the F.DXC, the market value (110©%) and the maximum k>an 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 BTTLLETW for March 1946, jr. 295, Febrtrary 1947, p. 162, and February 1953, p. 130. 724 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL, RESERVE BANK DISCOUNT RATES {Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advance ( s S s e e e c s u . r 1 e 3 d a b n y d e 1 li 3 g a ib )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 June JO beginning— rate June JO beginning— rate June 30 beginning— rate Beaton Apr. 27,1954 2 Apr. 27,1954 2% Feb. 5,1954 New York..., Apr. 16,1954 2 Apr. 16,1954 Jan. 16,1953 Philadelphia. , May 21,1954 2 May 21,1954 2% Jan. 16,1953 R C i l c ev h e m la o n n d d A M p a r y . 15 2 , 3, 1 1 9 9 5 5 4 4 I 2 2* A M p a r y . 15 2 , 3 1 ,1 9 9 5 5 4 4 3 J A a u n g . . 2 1 3 7 , , 1 1 9 9 5 5 3 3 Atlanta. May 15,1954 May 15,1954 3 Feb. 9,1954 Chicago Apr. 14,1954 Feb. 11,1954 Aug. 13,1948 St. JLouis. . . ., Apr. 23,1954 Apr. 23,1954 3 4 May 18,1953 Minneapolis. . Apr. 29,1954 Apr. 29,1954 3 Jan. 26,1953 Kansas City.. Apr. 23,1954 Feb. 12,1954 2% Jan. 16,1953 Dattas Apr. 23,1954 2 Apr. 23,1954 Jan. 23,1953 San Francisco Apr. 16,1954 Apr. 16,1954 3 Jan. 20,1953 2 1 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 discount* and advances under Section* 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 eecured 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). Advaaces to individuate, 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 ocnt of deposits] [Per cent per annum] Net demand deposits1 Maturity J R u a n t e e o 3 n 0 In g in ef n f i e n c g t — b • e- Pre ra v t i e ous Effective date de T p i o m s e its 91 1 - - 1 9 2 0 6 d d a a y y s s •I A A p p r r . . 1 16 6 , , 1 1 9 9 5 5 4 4 of change 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 ( m n a k l b l s e ) r 121-180 day* Apr. 16, 1954 1917—June 21. 13 10 NOTE.—Effective minimum buying rates on prime bankers' accept- 1936—Aug. 16. 19M 15 ances payable in dollars. Back figures.—See Banking and Monetary 1937—Mar. 1. 17 Statistics, Table 117, pp. 443-445. May 1. 26 20 14 1938—Apr. 16. 22^ 17 12 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1941—Nov. 1. 26 20 14 AND COMMITMENTS UNDER SECTION 13B 1942—Aug. 20. 24 OF THE FEDERAL RESERVE ACT Sept. 14. 22 Maturities not exceeding five years Oct. 3. 20 [In effect June 30. Per cent per annum] 194S—Feb. 27. 22 June 11. 24 Sept. 16. 16 To industrial or Sept. 2#. 26 22 commercial To financing institutions 1949—May 1. 15 27 businesses May 5. 24 21 »7 Jsrae 30. 20 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or J A A u u u ly g g . . 1 1 1 1 . . . 1 1 3 4 2 3 6 5 Bank On c m om O en m n ts it- fo i P n r o s w r t t i h i t o u ic n - h roaming c m o O m en n m ts it- A S A A e u u u p g g g t . . . . 1 2 1 1 6 5 8 . . . . 2 2 2 3 2 2 1 1 IS 8 9 * 12 25 tion is portion 1951—Jan. 11. 23 19 36 obligated Jao- 16. 13 Jan, 25. 24 20 Feb. 1. 14 B N Ph o e i w e l t a o d Y a e o lp rk hia () i i 1953— J J u u l l y y 9 1. . 19 1J Cleveland (*) 1954—June 16 35 Richmond June 24 21 35 Artianta 8 July 29 20 18 Chicago H-s Aug. 1 12 St. Louis. iH-2H (? To be in effect Aug. 1, K M a i n n s n a e s a C p i o ty lis.... <*) 19544 20 18 12 Dallas (*) 1 Demand deposits tnibject to reserve raqaneioeate, which beginning San Francisco... Aug. 23, 1935, have been total demand deposit* mame cash items in process of coliectkm and demand balances due from domestic banks to 3 2 1 e R I x R n c a a c e t t l e e e u d d c c i h 1 n h a g a p r r g e g l e r o e d a c d n e b s n b o t m o r r r a o a r b o d w o w e e v e r i e n r l . t e h p s e a s r c d ti o i c s m i c p o m a u 4 t i n i R t o m t a n r e t e a w n t t e i c t . r h h a a t f r e i g n . e a d n c b in o g rr o in w s e ti r t u b ti u o t ns n . ot A (a p l 3 2 s r o R R . e e 1 m q q 3 u u i , n i i 1 r r u 9 e e s 4 m m 3 w e e - n n J a t t t r m b b l e o e e a c 3 c n a a 0 m m , a e 1 e n 9 d e 4 e f f 7 f a f e ) e e c . r c t f t i e i v v e e e E a a t t b c o c o n e u d n n t t r r a a y c l c b r o e a u s n n e k t r s s v . e d t a tr n ia d i * r e t s h e e r v p e e r c i i o t d y 6Charge of H per cent per annum is made on undisbursed portion ban 4P k r s e . sent legal minimum and maximum requirements on net demand of f l lC oa h n a . rge of M per cent per annum is made on undisbursed portion d 1 e 0 p a o n s d it s 2 — 0 c p e e n r t r c a e l nt r ; e s c e o r u v n e tr c y i , t ie 7 s , a n 1 d 3 1 a 4 n p d e r 2 6 ce n p t e , r re c s e p n e t c ; ti r v e e s l e y r ; v e o n c i t t i i m es e , of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. JULY 1954 725 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 A b n e e m l k r l s - 1 N c e i w ty ban C k h s i- b s c a R e i n r e t v y k - e s b C a t o r n y u k n s - 1 week en M di o n n g t h W , o e r dnesday b m a b A n e e k m l r l s - i N c e i w ty ban C k h s i- b s c a R e i n r e t v y k - e s b C a t o n r u y k n s - 1 York cago York Total reserves held: Excess reserves: 1953—March 20,416 5,089 1,366 8,014 5,947 1953—March 588 16 3 87 482 April 20,007 4,947 1,291 7,872 5,896 April......... 535 -6 70 471 May 19,897 4,922 1,297 7,824 5,853 May 591 ' 15 3 108 466 1954—March 19,573 4,725 1,267 7,767 5,815 1954—March 692 38 8 83 563 Anril 19,392 4,693 1,221 7,739 5,740 April 765 66 11 148 541 May 19,533 4,738 1,255 7,785 5,754 M y 716 35 -2 124 560 May 19 19,506 4,686 1,281 7,759 5,779 May 19 722 33 100 581 May 26 19,690 4,806 1,269 7,865 5,750 May 26 766 68 153 537 June 2 19,555 4,811 1,251 7,816 5,677 June 2 643 26 -2 146 473 June 9 19,805 4,853 1,261 7,847 5,844 June 9 920 105 15 189 611 June 16 19,934 4,963 1,267 7,925 5,779 June 16 P891 116 6 187 *582 June 23 19,818 4,862 1,248 7,851 5,858 June 23 P868 2 -12 81 *797 June 30 19,188 4,619 1,215 7,756 5,598 June 30 P846 79 29 162 P576 Borrowings at Federal Required reserves:2 Reserve Banks: 1953—March 19,828 5,073 ,362 7,926 5,466 1953—March 1,202 211 277 559 154 April 19,472 4,947 ,297 7,802 5,425 April 1,166 278 113 584 190 May 19,306 4,908 ,295 7,716 5,387 May 944 72 54 569 249 1954—March 18,881 4,687 ,259 7,684 5,252 1954—March 189 16 29 79 65 April 18,627 4,627 ,210 7,591 5,199 April 139 9 71 59 May 18,817 4,704 ,257 7,661 5,194 May 155 65 76 May 19 18,785 4,654 ,274 659 5,198 May 19 120 46 66 May 26 18,924 738 ,261 712 5,213 May 26 141 62 75 June 2.... 18,912 4,785 ,253 670 5,204 June 2 193 87 101 June 9.... 18,885 4,748 ,246 658 5,233 June 9 147 74 72 June 16.... P19.042 4,847 ,260 738 •5,197 June 16 117 45 71 June 23.... P18.951 4,860 ,260 770 P5,061 June 23 179 45 69 51 June 30. . . . P18.342 4,540 ,186 7,594 5,022 June 30 138 16 55 66 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 2Reserve requirements were reduced in July 1953 and in June 1954; 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.l In millions of dollars] Central reserve Central reserve Item b m a b A e n e m l k r 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 k r l s - Ne c w ity ban C ks hi- b s c a R e i r n e t v y k - e s C ba t o r n u y k n s - York cago York cago May 1954 May 1953 Gross demand deposits: Total 107,088 22,879 6,002 41,309 36,898 103,667 21,881 5,726 39,972 36,088 Interbank 12,293 3,971 1,189 5.982 1,151 11,560 3,798 1,132 5,608 1,023 Other 94,794 18,907 4,813 35,327 35,747 92,106 18,084 4,594 34,364 35,064 Net demand deposits2 93,003 20,482 5,370 35,604 31,546 90,618 19,861 5,099 34,484 31,174 Time deposits 37,721 3,296 1,263 14,943 18,219 34,242 2,347 1,187 13,662 17,046 Demand balances due from domestic banks... 6,303 53 124 1,970 4,156 5,745 40 116 1,822 3,767 Reserves with Federal Reserve Banks: Total 19.533 4,738 1,255 785 5,754 19,897 4,922 1,297 7,824 5,853 Required3 18,817 4,704 1,257 661 5,194 19,306 4,908 1,295 7,716 5,387 Excess 716 35 -2 124 560 591 15 3 108 466 Borrowings at Federal Reserve Banks 155 7 8 65 76 944 72 54 569 249 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. 726 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 June 30 June 23 June 16 June 9 June 2 June May June Assets Gold certificates 20,377,101 20,377,102 20,377,102 20,382,102 20,382,103 20 377,10120,432,102 20,496,102 Redemption fund for F. R. notes. . 861,406 861,406 864,164 856,300 858,446 861,406 860,529 790,179 Total gold certificate reserves. 21,238,507 21,238,508 21,241,266 21,238,402 21,240,549 21,238,507 21,292,631 21,286,281 Other cash 358,345 366,136 364,051 350,576 340,700 358,345 359,291 320,222 Discounts and advances: For member banks 21,745 594,158 95,526 153,778 151,903 21,745 221,511 54,314 Ind F u o s r tr n i o al n m lo e a m ns ber banks, etc.. 1 1 5 , , 2 0 3 0 2 0 1 1 5 , , 2 0 4 0 5 0 40 1, , 3 0 0 0 1 0 23,000 23 1 , ,2 0 3 0 8 0 1 1 5 , , 2 0 3 0 2 0 23 1, , 2 0 8 0 2 0 3 9 , , 1 5 9 0 2 0 U. S. Government securities: 1,331 Bought outright: Bills 2,316,075 2,418,075 2,189,175 2,265,975 2,090,975 2,316,075 2,090,975 1,426,804 Certificates: Special Other 6,599 791 6,599,791 6,599,791 6,599,791 6,599,791 6,599,791 6,599,791 4,995,716 Notes 13,029 02113,029,021 13,029,021 13,029,021 13,029,021 13,029,021 13,029,021 13,773,671 Bonds 3,092 550 3,092,550 3,092,550 3,092,550 3,092,550 3,092,550 3,092,550 4,521,975 Total bought outright 25,037,437 25,139,437 24,910,537 24,987,337 24,812,337 25,037,437 24,812,337 ,718,166 Held under repurchase agreement. 92,000 28,000 Total U. S. Government securities. 25,037,437 25,231,437 24,910,537 24,987,337 24,812,337 25,037,437 24,812,337 24,746,166 Total loans and securities 25,075,414 25,841,840 25,047,364 25,165,446 24,988,478 25,075,414 25,058,130 24,813,172 Due from foreign banks.... 22 22 22 22 22 22 22 23 F. R. notes of other banks. 144318 146,890 147,367 134,892 126,335 144,318 132,374 157,228 Uncollected cash items.... 3,796 835 4,537,310 4,916,221 ,458,792 ,473,070 3,796,835 3,414,147 ,518,618 Bank premises 53 551 53,665 53,613 53,407 53,383 53,551 53,385 49,816 Other assets 92 139 85,426 78,279 193,883 185,409 92,139 183,913 97,158 Total assets. 50,759,131 52,269,797 51,848,183 50,595,420 50,407,946 50,759,131 50,493,893 50,242,518 Liabilities Federal Reserve notes 25,588,132 25,417,732 25,485,211 25,541,35125,591,118 25,588,132 25,544,36225,830,644 Deposits: Member bank—reserve accounts.. 19,011,32219,824,68119,913,805 20031,67819,473 19,011,32219,563,35919561,236 U. S. Treasurer—general account. 874,868 ,220,277 459,305 250,340 448 874 868 407,672 132,350 Foreign 545,071 544,059 542,935 563,093 520 545 071 527,021 526,690 Other 376,531 339,205 198,565 200,763 379 376 531 645,193 175,521 Total deposits. 20,807,792 21,928,222 21,114,610 21,045,874 20,820,93220,807,79221,143,24520,395,797 Deferred availability cash items 3,229,831 3,786,097 4,119,515 ,884,524 2,879, 3,229,831 2,690,811 ,917,696 Other liabilities and accrued dividends. 12,630 22,986 19,987 21,009 19, 12,630 20,646 16,637 Total liabilities. 49,638,385 51,155,037 50,739,323 49,492,758 49,311,528 49,638,385 49,399,064 49,160,774 Capital Accounts Capital paid in 272,316 272,148 272,029 271,744 271,658 272,316 271,583 259,536 Surplus (Section 7) 625,013 625,013 625,013 625,013 625,013 625,013 625,013 584,676 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 195,874 190,056 184,275 178,362 172,204 195,874 170,690 209,989 Total liabilities and capital accounts 50,759,131 52,269,797 51,848,183 50,595,420 50,407,94650,759,131 50,493,893 10,242,518 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.8 44.9 45.6 45.6 45.8 45.8 45.6 Contingent liability on acceptances purchased for foreign correspondents 13,509 15,244 16,377 16,086 14,754 13,509 14,330 29,653 Industrial loan commitments 2,396 2,397 2,345 2,316 2,410 2,396 2,374 3,142 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total.... 36 609,158 135,526 176,778 174,903 36,745 244,511 63,814 Within 15 days 16 584,235 113,662 152,598 144,484 16,128 209,309 45,879 16 days to 90 days 20 24,764 21,864 24,180 30,419 20,617 35,202 14,008 91 days to 1 year 159 3,927 Industrial loans—total ,232 1,245 1,301 1,331 1,238 1,232 1,282 3,192 Within 15 days 4 230 239 3 4 4 4 984 16 days to 90 days 123 14 13 257 232 123 222 782 91 days to 1 year 1,063 959 1,007 1,028 959 1,063 1,013 1,301 Over 1 year to 5 years 42 42 42 43 43 42 43 125 U. S. Government securities—total. 25,037,437 25,231,43724,910,53724,987,33724,812,337 25037,437 24,812,337 24,746,166 Within 15 days 463,450 557,950 420,200 380,300 459,500 463,450 316,000 161,500 16 days to 90 days 2,843 850 ,943,350 ,919,375 ,036,075 ,781,875 843,850 ,925,375 ,319,529 91 days to 1 year 12,972 71612,972,716 13,813,54113,813,54113,813,54112,972,71613,813,541 ,023,616 Over 1 year to 5 years 6,307 260 6,307,260 6,307,260 6,307,260 ,307,260 307,260 307,260 ,452,264 Over 5 years to 10 years 1,035 304 ,035,304 035,304 035,304 ,035,304 035,304 035,304 ,374,400 Over 10 years 1,414 857 ,414,857 414,857 414,857 ,414,857 414,857 414,857 ,414,857 i Beginning Apr. 155,, 11995533,, UU.. SS.. GGoovveerrnnment securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified aa ccord"i ng t'o nearest call date. Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximumn maturity of the agreements. JULY 1954 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates. (20,377.101 .056.476 5.521.931 ..272,267 ,757.430 ,037.271 905.565 ,659.647 782,388 481.246 819.708 762.9972.320.175 Redemption fund forF. R. notes. 861,406 51,891 172,655 57,401 78,521 71,624 56,147 147,486 48241 25.050 40.551 29,550 82,289 Total gold certificate reserves. 1,238,507 ,108,367 5,$94,586 ,329,668 ,835,951 ,108,895 961,7123,807,133 830,629 506,296 860,259 792,5472,402,464 Other cash 358,345 23,000 67,808 22.687 38,633 18493 32,561 61,906 21,188 8,678 11.227 13.864 38,600 Discounts and advances: Secured by U. S. Govt. securities. . 21,443 2,200 3,560 2.125 1,560 2409 719 1,840 3,750 2.790 290 Other 15,302 958 4,350 1.110 1,380 765 645 2,085 670 375 570 864 1330 Industrial loans.. 1,232 1,129 103 U. S. Government securities: Bought outright 25.037437 ,381,516 6,395,3631,523,7282,145,884 ,474,6551,275,132 4,376,9951,047,691 614,8441,080,215 983,821 2,737.543 Held under repurchase agreement... Total loans and securities..... 25,075,414 ,384,674 6,403,2731,523,0922.148,8241,478,029 1,276,546 4,380,920 1,048,361 619,072 1,083,575 984,9752,739,073 Due from foreign banks 22 1 16 2 2 1 1 3 1 1 1 2 F. R. notes of other Banks... 144^18 3,269 24352 8,477 7,552 14,830 23.261 16,181 8,728 7,858 6,071 6.676 16,863 Uncollected cash items 3,796,835 305,757 735,266 234,886 365,730 297,965 270383 600,634 152,562 99,707 183,057 1*9,419 361.469 O Ba th n e k r p as re se m ts ises,.. 5 9 3 2 , , 5 1 5 3 1 9 6 5 , ,0 0 7 3 1 0 7.590 5 5 , , 1 3 0 3 4 0 8 5 , , 1 1 1 0 5 8 4 5 , , 6 2 0 8 7 4 5 3 , , 2 95 6 1 6 6,366 2 4 , , 8 0 6 9 5 9 2 1 , ,0 2 1 3 0 2 2 4, , 3 4 0 6 0 6 568 7.886 22,209 15,461 4,626 10,146 Total assets 50,759,131 2,836,169 12,955,2903,134,246 4,409,9152,927.8042,573,6818,888,6042,068,4331,244,8542,150,9561,992,676 5,576.503 Liabilities F. R. notes 25388,132 1393.787 5,722374 1,820368 2365,404 1,727,730 1369,453 4,927,9971,139,547 621,811 996,580 724,729 2.578.152 Deposits: Member bk.— reserve accts.19,011,322 782,477 5,678,395 885,4791,467,824 770,291 846,069 3,122,773 694,505 455,816 920,986 973,6412.413,066 U. S. Treas.— gen. acct 874,868 79,432 186,542 97,012 96,263 84,000 42,937 95,371 36,646 30,229 13,940 51,565 60,931 Foreign. 545,071 31,988 «172,728 38,806 48,245 26,744 22,549 72,892 19,927 13,110 19,927 24,647 53,508 Other.- . 376331 5,119 284,720 11,712 10,511 1,982 1,147 4,684 10,245 2,412 5,888 585 37,526 Total deposits... 20,807,792 899,016 6,3223851,033,0091,622,843 883,017 912,702 3,295,720 761323 501,567 960,7411,050,4382,565.031 Deferred availability cash items 3.229,831 273.930 592,755 198425 318,235 256,899 239,812 503,867 122,287 91,509 148,922 165.462 318,028 Other liabilities and accrued dividends 12,630 829 3.635 62 1,480 535 660 2,137 480 391 459 399 998 Total liabilities. 49,638,38; 2,767,562 12.641,34! 3,052429 4307,9622,8684812322,627 8,729,7212,023,6371,215,278 2406,7021,941,028 5,462.209 Capital Accounts Capital paid in.. 272,316 14,697 83,447 18,471 26,073 12,104 11,778 36,017 9,419 6,073 10,470 13,587 30,180 S S u u r r p p l l u u s s ( ( S S e e c c . . 1 7 3 ) b .. ) 6 2 2 7 5 . ,0 5 1 4 3 3 3 3 8 , , 0 7 1 7 1 9 176 7 , , 6 3 3 1 3 9 4 4 5 . . 4 90 8 9 9 57 1, , 0 6 0 4 6 8 3 3 1, 3 7 4 5 9 0 28,0 76 3 2 4 90 1 , , 7 42 9 9 2 25. 5 4 2 6 1 5 16 1 , ,0 2 7 1 3 9 23 1 , 4 4 3 5 7 6 28 1 , 3 1 0 4 7 6 62,132 Other capital 2,140 accounts... 195,874 12420 46,542 13,248 17,226 12,420 10,430 30,645 9391 6,211 9491 8,608 19,792 Total liabilities and capital accounts 50.759,13 2,83646912,955,290 3,134,246 4,409,9152,927,804 2373,6818,888,604 2,068,4331,244,8542,150,9561,992,6765,576,503 Reserve ratio.... 45.8% 44.5% 47.3% 46.6% 46.0% 42.5% 42.1% 46.3% 43.7% 45.1% 44.0% 44.6% 46.7% Contingent liability on acceptances purchased for foreign correspondents. 13,509 824 33,924 999 1,242 689 580 1,877 513 33 513 634 1,377 Industrial loan commitments. 630 74' 4. 117 2 83 * After deducting $16,000 participatioiis of other Federal Reserve Banks. 2After deducting $372324,000 participations of other Federal Reserve Banks. a After deducting $9,585,000 participations of other Federal Reserve Banks. 728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Wednesday figures End of month Item 1954 1954 1953 June 30 June 23 June 16 June 9 June 2 June May June F. R. notes outstanding (issued to Bank). 26,543,175 26,516,305 26,530,99326,570,976 26,524,968 26,543,17526,547,65326,698,399 Collateral held against notes outstanding: Gold certificates 11,043,000 11,043,000 11,043,00011,043,00011,043,00011,043,00011,043,00011,974,000 Eligible paper 13,617 85,571 54,948 69,860 78,135 13,617 123,933 45,422 U. S. Government securities 16,945,00016,945,000 16,945,00016,945,00016,945,00016,945,00016,945,000 15,400,000 Total collateral 28,001,617 28,073,57128,042,948 28,057,860 28,066,13528,001,61728,111,933 27,419,422 EACH FEDERAL RESERVE BANK ON JUNE 30, 1954 [In, thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,543,175 1,633,523 5,910,2701,918,0382,471,2271,821,8561,437,313 5,015,6341,185,181637,481 [,024,894759,515 2,728,243 Collateral held: Gold certificates11,043,000 640,000 2,670,000 800,000 950,000 625,000 485,000 2,400,000 355,000175,000 28500,,000000 283,0001,380,000 Eligible paper. 13,617 2,243 2,125 2,609 100 3,750 2,790 U. S. Govt. securities 16,945,000 1,200,000 3,600,000 1,200,000 1,550,000 1,300,0001,000,000 2,700,000 950,000 500,000 800,000 525,0001,620,000 Total collateral.. 28,001,617 1,842,243 6,270,000 2,002,125 2,500,000 1,927,6091,485,000 5,100,0001,305,100 678,7501,082,790 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] Applications pations y E e n a d r o o f r ap to p r d o a v t e e d b p u c ro o t m v n e - o d t st L a o n o u d a t i n - n s g4 C m o o m e u n t m - ts it-o in t f u g f t i i i n o n a n s n s t c i- - Gua a r u a t n h t o e r e i d z e l d oans Gua lo ra a n n t s eed A a d m di o ti u o n n t al month N b u e m r - Amount ( p am le o te u d n 1 t) (amount)s (a ta m n o d u in n g t)s ( t a a m o n u o d t u i - n n g t) * y E m e n a o d r n t o o h f r to date outstanding a u b v n o a d i r e l r a r o b w g le e u r a s t r o - Num- Total Portion antee agree- 1945 3,511 544,961 320 1,995 1,644 1,086 ber Amount amount gu te a e ra d n- out m st e a n n t d s ing 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 62 31,326 8,017 6,265 8,299 1949 3,649 629,326 539 2,178 2,28$ 2,947 1951 854 1,395,444 675,459 546,597 472,827 1950 3,698 651,389 4,819 2,632 3,754 3,745 1952 1,159 2,124,123 979,428 803,132 586,303 1951. , 3,736 710,931 3,513 4,687 6,036 11,985 1952 3,753 766,492 1,638 3,921 3,210 3,289 1953 1953 J M u a n y e 1 1, , 2 2 3 2 7 1 2 2 , , 2 2 5 8 8 3 , , 0 7 1 5 1 5 9 90 5 6 7 , , 5 5 8 4 4 1 7 7 9 4 2 8 , , 0 6 1 9 5 1 4 4 8 6 7 9 , , 9 0 2 4 8 8 May 3,758 784,246 1,698 3,706 2,671 3,141 July 1,244 2,292,777 891,865 736,723 482,394 June 3,758 788,058 1,646 3,223 3,142 3,141 August 1,259 2,301,987 868,274 716,618 444,265 July 3,759 790,798 1,162 3,292 3,304 3,129 September 1,269 2,310,182 860,874 709,488 438,091 August.... 3,760 793,196 1,492 2,801 3,355 2,955 October... E.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... 1,304 2,377,628 788,320 652,706 347,969 February.. 1,310 2,380,186 772,647 640,121 355,056 January. . . 3,765 805,115 1,234 1,885 3,532 3,414 March 1,316 2,399,321 737,605 612,265 321,619 February.. 3,765 806,648 1,345 1,792 3,145 3,344 April 1,322 2,406,651 684,631 569,551 347,823 March 3,766 808,505 1,720 1,487 2,957 2r666 May L.324 2,408,226 664,122 552,738 330,408 April 3,767 810,051 405 1,302 2,891 2,412 May 3,767 810,779 45 1,298 2,373 1,869 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to bor- 1 Includes applications approved conditionally by the Federal Re- rowers under guarantee agreements outstanding represents amounts serve Banks and under consideration by applicant. repaid, guarantees authorized but not completed, and authorizations 2 Includes industrial loans past due 3 months or more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. JULY 1954 729 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 June 30] 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 l 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 1) 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—March 2,510 2.708 33 2,520 155 April 2,495 2.697 33 2,520 144 Maximum Rates Financing Institutions May Charge Borrower J M u a n y e 2 2 , , 4 4 7 5 7 7 2 2 .6 6 6 5 5 3 3 3 3 3 2 2, , 4 4 7 8 7 8 1 1 4 4 4 3 [Per cent per annum] July . . .. 2,438 2.648 33 2,469 146 August 2,419 2,635 33 2,452 151 September. . 2,401 2,618 33 2,435 150 Interest rate October 2.387 2,596 33 2,428 135 Commitment rate. 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... . 2,326 2,505 31 2,336 139 March April P2.290 May P2.27O P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes reserve and miscellaneous working funds with Treasurer of United States, working cash with postmasters, accrued interest on bond investments, and miscellaneous receivables. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to demand deposit accounts, Annual rate of turnover of except interbank and demand deposits except interbank U. S. Government accounts and U. S. Government deposits Year or month Total, all New 6 338 other New 6 338 other reporting York other reporting York other reporting centers City centers1 centers City centers1 centers 1943 757,356 281,080 175,499 300,777 20.4 18.0 15.3 1944 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1953—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 ••154,565 60,479 33,152 M5O.934 41.3 27.6 18.8 May 149,616 59,535 31,159 58,922 41.9 25.5 18.7 1 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. 730 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency5 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939.. 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1940.. 8,732 6,247 648 610 39 1,129 2,021 1,800 2.489 538 1,112 227 523 30 60 1941.. 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942.. 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943.. 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 1944.. 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7.730 1,996 4,153 555 990 10 24 1945.. 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834- 2,327 4,220 454 801 7 24 1946.. 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 1947.. 28,868 20,020 1,404 1.048 65 2,110 6,275 9,119 8.850 2,548 5,070 428 782 5 17 1948.. 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2.494 5,074 400 707 5 17 1949.. 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950.. 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951.. 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952.. 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953—May... 29,951 21,085 1,755 1,172 69 2,065 6.482 9,542 8,867 2,627 5,388 338 502 4 8 June.. . 30,125 21,243 1,766 1,176 69 2,071 6,527 9,635 8,883 2,645 5,391 337 499 4 8 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 6,499 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 8.986 2,665 5,488 333 489 4 8 November... 30,807 21,771 1,816 1,232 71 2,123 6,659 9,871 9,038 2,689 5,519 332 487 4 8 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 8 February.... 29,904 20,908 1,770 1,170 70 2,021 6,365 9,512 8,999 2,674 5,502 330 482 4 8 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 8 May. .. 29,870 20,946 1,787 1,182 69 2,036 6,375 9,496 8,926 2,651 5,463 325 475 4 8 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money ield in the Treasury Money in circulation1 Monev Total out- held by standing, As security For Federal M 1 a 9 y 5 3 4 1, g a o s g l i d a lv in e a s r n t d Tre ca a s s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g s k e e s n r t v a s n e d M 1 a 9 y 5 4 31, Ap 1 r 9 . 5 3 4 0, M 1 a 9 y 5 3 31, certificates agents Gold . • . 21,973 21,328 2645 Gold certificates . . 21,328 18,477 2,816 36 36 37 Federal Reserve notes . ... 26,548 74 1,136 25,338 25,239 25,451 Treasury currency—total 4,957 *2,398 101 359 4,497 4,460 4,463 Standard silver dollars 491 244 32 4 210 209 201 Silver bullion 2,153 2,153 Silver certificates and Treasury notes of 1890.. 261 2,136 2,109 2,117 Subsidiary silver coin 1 ,276 60 55 1 ,160 1,158 1,144 Minor coin .. . 435 5 12 417 417 410 United States notes 347 2 24 321 315 316 184 (5) 2 182 183 202 National Bank notes 71 (5) 1 70 70 74 Total—May 31 1954 . (4) 23.726 820 18,477 4,311 29,870 Apr 30 1954 (4) 23,726 819 18,468 4,419 29,735 May 31, 1953 (4) 23,769 1,272 18,541 4,198 29,951 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 723. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1800—$156,039,431 in gold and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. JULY 1954 731 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 dollarsl Assets Liabilities and Capital Total Bank credit assets, Date Gold s T r t o c e u r i a u u n n r e n r t g y a c - - d s y - - Total Lo n a et ns, To U ta . l S. G m C o a e o v n r m e d c r - ia n l me R F n e e t d s o e e r r b v a l e i l gati O on th s er O s r e i t t c h i u e e s - r c l n T a i i a n a p e t o n i b t e i t e — t d t i a s a l l - l, c d u T e a r p o r n o t e d a s n i l c ts y C co m a a n a u n p e i o a s t d i k c ta m . 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 43,023 107,0S6 81,199 22,559 3,328 10,723 183,14a 175,34» 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 75,484 100,006 72,740 24,697 2,571 17,374 220,865 204,220 16r64T 1953—May 27., 22,500 4,800 188,900 76,600 94,400 67,800 24,100 2,500 17,800 216,200 199,100 17,200 June 30. 22 ,463 4,854 190,277 77,071 95,350 68,108 24,746 2,496 17,856 217,594 200,360 17,234 July 29., 22,300 4,900 195,500 77,400 100,200 72,700 25,000 2,500 18,000 222,700 205,100 17,600 Aug. 26., 22,200 4,900 195,400 77,700 99,600 72,100 25,000 2,500 18,200 222,500 204,800 17,700 Sept. 30., 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 99,5OO 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 1&.20O 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—Jan. 27P 22,000 4,900 198,000 79,100 100,400 73.40O 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 19,20O 224,100 206,200 17,900 May 26P 22,000 5,000 198,800 80,100 99,400 72,400 24,700 2,300 19,300 225,800 207,600 18,200 Deposits and Currency U. S. Government balances Deposits adjusted and currency Foreign Date Total de b p n a e o n t s k its, T h c i u r n o a e r l g s a y d h s s - - A m s b a t a e a v n r n i c d c n k o i g m a s s l - R F B e e a A d s n e e t r r k v a s e l Total d D e e p m os a i n ts d 2 Total m T b C e a i o r m m n c k - e ia s l dep M b s o a a s v u n it i t k n s u s g a * * s l S S P a y o v s s t i t n e a 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 3,63$ 1933—June 30 42 ,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1.186 4,761 1939—Dec 30 68.359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec 31 82 ,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec 31 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2.932 26.490 1947—Dec 31 175,348 1,682 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—May 27 199,100 2,400 1,300 2,900 400 192,100 97,500 67,600 41,700 23.40O 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 2,500 1,300 7,500 800 193,000 97,400 68,400 42,300 23,700 2,400 27,200 Aug. 26 204,800 2,400 1,300 7,000 700 193,400 97,500 68,700 42,500 23,800 2,400 27,300 Sept. 30 204,900 2,500 1,300 6,200 600 194,300 97,700 69,100 42,800 24,000 2,400 27,500 Oct. 28 205,500 2,600 1,300 3,800 600 197,300 100,300 69,600 43,200 24,100 2,4OO 27,400 Nov. 25 207,100 ,700 800 5,700 500 197,400 100,200 69,300 42,900 24,000 2,400- 27,900 Dec. 31 209,175 2,694 761 4,457 346 200,917 102,451 70,375 43,659 24,358 2,359 28,091 1954—Jan. 27* 207,100 2,800 800 3,400 200 199,800 102,300 70,600 43,700 24,600 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 A M p a r r . . 2 31 8 P * 2 2 0 0 5 6 , , 1 2 0 0 0 0 3 3, , 1 0 0 0 0 0 8 8 0 0 0 0 5 4 , , 4 5 0 0 0 0 5 7 0 0 0 0 1 19 9 7 5 , , 3 2 0 0 0 0 9 98 6 , , 6 7 0 0 0 0 7 7 1 2, , 0 7 0 0 0 0 4 4 4 4 r , 5 7 0 0 0 0 - 2 25 4 , , 0 9 0 0 0 0 2 2. , 3 3 0 0 0 0 2 2 6 6 . , 7 9 0 0 0 0 May 26* 207 ,600 3,100 800 5,100 500 198,000 9&.7OO 72,500 45,000 25,200 26.800 v Preliminary. 1 Treasury funds included are the goM account. Treasury currency account, and Exchange Stabilization FundL 2Demand deposits other than interbank and U. S. Government, leas cash items reported as in process of collection. a Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits-of Postal Savings System in banks. 4Prior to Jane 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 194&, pp. 24-32. The composition of a few hens 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 "Capital and miscellaneous accounts, net" 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. 732 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 OP BANKS [Figures partly estimated except on call dates. Amounts in millions of dalLarg] Loans and investments Deposits Investments Other Claes of bank Cash Total Number capital nf and date Total Loans G U ov .S er . n- Other assetsi Total i b In an te k r * - •pj_ accounts ba O n I ks Total ment secu- ue- Time obliga- rities tions mand 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. 31*. zz .. 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...... 1455,626 75,512 90,114 72,740 17,374 45,584 195,552 15,321 116,633 63,598 15.367 14,575 1953—May 27 163,100 77,420 85,680 67,840 17,840 39,240 185,030 12,650 106,960 65.420 15,680 14,546 June 30 163,082 77,117 85,965 68,108 17,856 42,023 189.159 13,600 109.389 66,170 15,791 14.537 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 15,9S7 116,788 ; 68,355 16,118 14,509 1954—Jan. 27* 171,380 79,500 91,880 73,350 18,530 41,280 195,950 14,710 112,620 68,620 16,170 14,510 Feb. 24* 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* 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. 28* , 170.710, 80,280 90,430 71,240 19,190 40,780 194,450 14,260 110,180 70,010 16,480 14,472 May 26* 172,560 80,870 91,690 72,390 19,300 40,210 195,300 14,110 110,630 70,560 16,550 14,468 AH 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.S85 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. 31* 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. 31 141,424 64,163 77,461 63,318 14,143 44,666 172.931 15,319 116,600 41,012 12,888 14,046 1953—May 27 138.100 65.440 72,660 58,310 14,350 38.450 161,630 12.650 106,930 42,050 13,18© 14,018 Jane 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 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.S59 13,981 1954—Jan. 27* 145,330 66,460 78,870 64,160 14,710 40,330 171,360 14,710 112,580 44,070 13,600 13,982 F&. 24* 144,900 66,870 78,030 63,030 15,000 40,290 170,270 14,210 111,720 44,340 13.700 13,960 Mar. 31* 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. 28* 144,110 66,750 77,360 62,130 15,230 39,830 169,400 14,260 110,140 45,000 13,870 13,944 May 26* 145,690 67,120 78,570 63,280 15,290 39,330 170.080 14.110 110,590 45,380 13,930 13,940 AH 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—May 27 115,922 56,006 59,916 47.982 11,934 33,936 137,209 12,083 91,459 33,667 11,000 6,771 Jane 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 Nov. 25 122,299 57,465 64,834 52,845 11,989 35,775 145,028 13,520 96,896 34,612 11,344 6,747 Dec. 31 122,422 57,762 64,660 52,603 12,057 39,381 150,164 15,170 99.780 35,213 11,316 6,743 1954—Jan. 27* 122,102 56,657 65,445 53,330 12,115 35,349 145,358 13,978 96,116 35,264 11,356 6,747 Feb. 24* 121,772 57,035 64,737 52.330 12,407 35,365 144,440 13,509 95,421 35,510 11,440 6,737 Mar. 31 P 119,840 57,109 62,731 50,241 12,490 35,640 143,608 13,801 93.905 35,902 11,484 6,733 Apr. 28* 121,125 56,804 64,321 51,690 12.631 35,043 143,913 13,575 94,277 36,061 11,585 6,729 May 26* 122.602 57,205 65,397 52.726 12,671 34,545 144,513 13,427 94,702 36,384 11,638 6,724 Ad mutual savings banks: 1939—T>ec. 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. 31*. , 18,641 4,944 13,696 11,978 1,718 &86 17,763 1 17 17,745 1,889 533 1950—Dec. 30 21 346 8 137 13 209 10,868 2 342 797 30,031 22 20*009 2,247 529 1951—Dec. 31'. ..... 22,259 9,862 12,398 9,819 2,S79 886 20,915 2 26 20,888 2,407 529 1952—Dec. 31 24,603 11,349 12,654 9,422 3,231 918 22,621 2 33 22,586 2.479 529 1953—May 27. 25,000 11.980 13,020 9,530 3,490 790 23.400 2 30 23,370 2,500 528 June 30 25,124 12,091 13,033 9,464 3.569 867 23,628 3 37 23.589 2,516 528 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,Sb9 528 1954—Jan. 27* 26,050 13,040 13,010 9,190 3,820 950 24,590 2 40 24,550 2,570 528 Feb. 24* 26,200 13,150 13,050 9,190 3,860 960 24,700 2 40 24,660 2,590 528 Mar. 31* 26,400 13.330 13,070 9,150 3,920 1,010 24,940 2 40 24,900 2,600 528 Apr. 28* 26.600 13,530 13,070 9,110 3,960 950 25,050 2 40 25,010 2,610 528 May 26* 26.S70 13.750 13,120 9,110 4,010 880 25.220 2 40 25,180 2,620 528 * Preliminary. * "All banks" comprise "all commercial banks" and "aH mutual savings banks.*' "All commercial banks" comprise "all nontnember commercial banks" and "all member banks" including one bank, in Alaska, (total deposits of approximately 3 million dollars) that became a member bank on April 15, 1954, but excluding 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 avsMafafe. Comparability of figures for classes of banks Is affected somewhat by changes in Federal Reserve membership, insurance status, and tie reserve classifications of titles and individual banks, and by mergers, etc, i Beginning Jane 3©, 1942, exdudee reciprocal balances, which on Dec 31, 1942, aggregated 51J million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two ] 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o f d a b t a e nk Total Loans U. S. a C ss a e s t h s1 Total i Inter- 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 Total G m ov e e n r t n- O se t c h u e - r bank i De- 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 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 i 1 , # 2 20 6 , , 3 1 9 4 3 3 7 7 , , 1 3 7 3 9 4 1 13 8 , , 2 8 1 0 4 9 1 1 1 7 , , 9 5 7 7 2 4 1 1, , 2 2 4 3 2 5 6 7 , , 4 26 3 1 9 3 2 0 5 , , 1 2 2 1 1 6 4 4 , , 4 65 6 7 4 2 1 4 9 , , 2 3 2 0 7 7 1 1, , 4 2 4 3 5 6 2 2 , , 1 2 2 5 0 9 3 3 7 7 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— J M unay e 2 3 7 0 2 2 0 0 , , 5 4 4 5 2 2 1 1 2 1 ,8 3 8 7 3 7 8 8 , , 1 5 6 6 5 9 6 6 , , 1 6 6 3 4 9 2 1 , ,9 0 3 0 0 1 6 7 , ,8 9 7 2 9 0 2 2 4 5 , , 0 2 9 4 3 4 4 4 ,5 3 7 5 8 6 1 1 7 8 , , 8 7 8 3 7 6 1 1 , , 8 9 5 3 0 0 2 2 , , 5 5 3 4 7 4 2 2 2 2 Nov 25 21,926 12,290 9,636 7,704 1,932 7,085 25,462 4,713 18,723 2,026 2,573 22 Dec. 31 22,058 12 289 9,769 7,765 2,004 8,074 27,037 5,214 19,673 2,150 2,572 22 1954—Jan. 27* 21,709 11,741 9,968 7.909 2,059 7,088 25,612 5,001 18,524 2,087 2,585 22 Feb. 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 May 26P 22,426 12,081 10,345 8,065 2,280 6,849 26,058 5,057 18,883 2,118 2,629 22 Chicago: 1 1 9 9 3 4 9 1 — — D D e e c c . 3 3 0 1 2 2 , , 1 7 0 6 5 0 9 5 5 6 4 9 1 1 , , 8 5 0 3 6 6 1 1 , 4 2 3 0 0 3 3 3 7 3 6 3 1 1 , 5 4 6 4 6 6 3 4, , 0 3 5 3 7 0 1,0 8 3 8 5 8 2 1 , ,9 5 4 4 7 6 4 4 9 7 5 6 2 2 5 8 0 8 1 1 4 3 1945—Dec. 3i 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 2,803 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—May 27 5,560 2,595 2,965 2,426 539 2,014 6,947 1,137 4,625 1,185 545 13 June 30 . . 5,627 2,552 3,075 2,529 546 2,058 7,119 1,216 4,696 1,207 551 13 Nov. 25 6,093 2,607 3,486 2,918 568 1,994 7,448 1,269 4,963 1,216 559 13 Dec. 31 6,204 2,776 3,428 2,856 572 2,115 7,724 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. 24P 6,007 2,570 3,437 2,854 583 1,989 7,304 1,240 4,840 1,224 565 13 Mar. 31P 5,568 2,638 2,930 2,339 591 1,650 6,602 1,703 3,695 1,204 570 13 Apr. 28* 5,850 2,539 3,311 2,725 586 2,017 7,261 1,200 4,826 1,235 571 13 May 26P 5,924 2,567 3,357 2,774 583 2,013 7,286 1,219 4,821 L.246 578 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686* 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—May 27 44,304 22,138 22,166 17,657 4,509 13,525 53,279 5,593 34,113 13,573 3,844 321 June 30 44,352 22,150 22,201 17,756 4*,446 14,447 54,861 6,066 35,052 13,743 3,874 321 Nov. 25 46,825 22,801 24,024 19,592 4,432 14,444 56,541 6,378 36,290 13,873 3,970 319 Dec. 31 46,755 22,763 23,993 19,559 4,434 15,925 58,663 7,254 37,277 14,132 3,984 319 1954—Jan. 27? 46,897 22,516 24,381 19,933 4,448 14,062 56,640 6,462 35,994 14,184 4,000 319 Feb. 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 v 45,802 22,485 23,317 18,783 4,534 13,993 55,614 5,960 35,120 14,533 4,037 c309 Apr. 28P 46,353 22,317 24,036 19,409 4,627 13,928 55,902 6,007 35,286 14,609 4,089 '309 May 26P 46,836 22,341 24,495 19,788 4,707 13,831 56,156 6,025 35,342 14,789 4,108 309 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 25,570 21,377 4,193 11,571 48,897 1,133 32,899 14,865 3,532 6,501 1951—Dec. 31. 42,444 16,296 26,148 21,587 4,561 13,292 52,288 1,309 35,449 15,530 3,760 6,484 1952—Dec. 31 45,594 18,213 27,381 22,549 4,832 13,281 55,175 1,301 37,289 16,585 3,970 6,444 1953—May 27 45,516 18,896 26,620 21,735 4,885 11,477 52,890 997 34,834 17,059 4,074 6,415 June 30 45,359 19,028 26,330 21,394 4,936 12,083 53,606 1,073 35,295 17,237 4,101 6,409 Nov. 25 47,455 19,767 27,688 22,631 5,057 12,252 55,577 1,160 36,920 17,497 4,242 6,393 Dec. 31 47,404 19,934 27,470 22,423 5,047 13,268 56,740 1,315 37,735 17,689 4,194 6,389 1954—Jan. 27P 47,418 19,884 27,534 22,500 5,034 12,188 55,614 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. 31P 47,078 20,260 26,818 21,769 5,049 11,969 55,010 1,119 35,853 18,038 4,263 "6,389 Apr. 28* 47,242 20,313 26,929 21,855 5,074 11,793 54,876 1,121 35,636 18,119 4,306 «6,385 May 26P 47,416 20,216 27,200 22,099 5,101 11,852 55,013 1,126 35,656 18,231 4,323 6,380 ^Corrected. 2Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 734 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] ]^oans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets1 TotaP b In a t n e k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All insured conimercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 809 ,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 16?,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—June30 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. 31 796 67,082 76,714 6?,381 14,333 44,398 174,697 15,548 115,538 43,610 13,239 13,412 National member banks: 1941—Dec. 31 97 571 11,725 15 845 1? 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. . . 61 280 ,428 43 852 38 674 5,178 22,024 8?,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 so 180 36 004 44.176 3S835 8,341 26,333 98,974 9,918 66,362 22,694 7 042 4. ono 1953—june 30 77 848 36,420 41 .428 3? 958 8,471 24,279 94,475 8,594 62,364 23,516 7,221 i1,874 Dec. 31 81,913 37,831 44,082 35 482 8,600 26,479 100,654 10,152 66,343 24,160 7,391 (.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 77 089 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 1951—Dec. 31. 36 992 17,243 19 748 16 558 3,191 13,301 46,843 4,637 32,491 9,715 3 565 I 901 1952—Dec. 31 30 367 19,030 20,337 16 928 3,409 12,922 48,553 4,699 33.658 10,196 3,719 1,889 1953— D ju e n c e . 3 3 1 0. . 4 3 0 7 9 5 4 0 1 9 1 1 9 9 , , 1 9 9 3 4 1 2 1 0 8 5 7 7 4 8 8 1 1 S 7 3 1 6 2 1 1 3 3 , , 3 4 8 5 7 7 1 1 2 2 , , 1 9 8 0 8 3 4 4 9 6, , 3 5 5 1 5 0 4 5 , ,0 3 1 3 9 9 3 3 3 1 . . 4 41 3 5 7 1 1 1 0 , , 0 6 5 0 4 1 3 3 ,9 8 2 5 5 0 L 1. 88 8 7 91 Insured nonmember commercial banks: 1941—Dec 31 5 776 3 241 I 535 1 509 1 025 2,668 7,702 129 tt 21.3 3 360 959 6 810 1945—Dec. 31. . 14 639 992 1L 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 ,912 353 14,415 7,144 1 686 6 602 1952—Dec. 31 242 8,605 11,638 9 556 2,081 4,970 73,464 373 15,351 7,740 1,804 6,627 1953— D juence. 3 30 1 2 2 0 1 3 3 7 9 5 6 9 8 ,3 9 2 15 8 1 r L J. 0 4 69 60 9 9 3 7 6 9 1 0 2 2 , ,0 2 9 7 9 8 4 5 , , 2 0 9 2 2 0 74 , ,5 8 5 4 5 1 3 37 0 8 9 1 1 4 5 , . 4 7 4 5 3 8 8 8, , 4 0 1 9 9 0 1 1 ,9 8 2 8 5 2 6 6 ,6 6 7 5 2 5 Noninsured nonmember commercial banks: 1941—Dec. 31 1 457 455 L 002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2 211 318 L 893 1 693 200 514 7,452 181 1,905 365 279 714 1947—Dec. 312 2,009 474 1,535 1 280 255 576 2,251 363 1,411 478 325 783 1951—Dec. 31 . . 1 789 490 I 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— D juenc e . 3 30 1 1 8 89 13 1 5 5 1 04 1 L 1, 38 3 0 10 1 9 0 7 4 7 5 3 3 3 32 5 4 4 3 00 0 2 1, ,0 8 0 8 5 0 4 3 0 56 7 1 1, , 2 1 1 3 2 0 3 3 9 8 5 6 3 3 2 2 5 0 5 5 9 6 2 9 All nonmember commercial banks: 1941—Dec. 31 7 233 3 696 $ 536 270 1,266 3,431 9,573 457 5.504 3,613 1 288 7 662 1945—Dec. 31 16 849 3,310 I:$,539 12 277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 312 18 454 5,432 I;$,021 11 318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1951—Dec. 31 00 380 8,192 r>,189 9 914 2,275 5,395 73,843 661 15,650 7,533 1,999 7,252 1952—Dec. 31 22 096 9,136 r5,960 10 567 2,393 5,414 75,424 702 16,580 8,142 2,129 7 251 1953—June 30 22 188 9 419 rI 769 10 339 2,431 4,691 74,722 665 15,572 8,485 2,207 7 247 Dec. 31 23 287 9,838 I:$,449 10 835 2,613 5,450 26,560 784 16,970 8,806 2,245 7,241 Insured mutua1 savings banks : 1941—Dec 31 1 693 642 050 629 421 151 1 789 1 789 164 52 1945—Dec. 31. . 10 846 3 081 r 765 7 160 606 429 10,363 12 10,351 1,034 192 1947—Dec. 31 1° 683 3,560 ),123 8 165 958 675 17,207 1 14 12,192 1,252 194 1951—Dec. 31 16 190 7,523 t5,668 6 921 1,746 695 15,368 2 23 15,343 1,678 202 1952—Dec. 31 17 621 8 691 i 930 6 593 2,337 732 16 785 2 30 16,753 1,730 206 1953__june .30 610 9,325 <>;.284 6 642 2,642 692 17,695 2 35 17,657 1,771 213 Dec. 31 19 252 10,016 5),236 6 476 2,760 799 18,383 2 35 18,345 1,819 219 Noninsured mutual savings banks: 1941—Dec -31 g 687 4 2S9 <\ 428 3075 1,353 642 8 744 6 8,738 1 077 1945—Dec 31 5 361 1 198 \. 163 522 641 180 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 1 1 1 9 9 9 5 5 5 3 2 1 — — — D D Ju e e n c c e . 3 3 3 0 1 1 6 6 5 , ,0 5 3 1 6 8 5 9 2 2 2 9 , , 7 3 6 6 3 5 6 9 8 3 3 ^ , , 7 7 7 3 4 2 0 9 4 2 2 2 , , 8 8 82 9 2 2 7 9 9 8 8 2 3 9 7 3 5 1 1 1 8 9 7 7 1 5 5 5 S 5 8 9 4 3 3 7 3 6 3 2 2 5 5 5 , , 9 5 8 3 4 3 1 4 3 7 7 7 4 4 2 9 5 9 3 3 3 2 2 1 7 3 5 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. JULY 1954 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Cla c s a s l a l n o d d f a . b te ank i m n T lo a v o e a n e n t n d s a t s t l s - Total* C c o m m c k p p i l i p o i n u n a a a e e e e m g - d r r r - l t n , - - - - A t c g u a u r r l l- - i- b o p d a L e s e T r r u n e e r r o o o a r c c s d s k a c l u a - - n h r r s a r it o y s e T i f i t i e r o n h n o s s r - g g l R t o e a a e s t n a - e s l O l v u o i d t t i a n a h d o i n - l - e - s s r O lo t a h n er s Total Total U. B S il . l s Go C o d c v n e e f a e e r e d b t r t i s e - n i n t s D f s - m i - - ir e e N n c t o t t o e b s lig B at o i n o d n s s G t a e u n e a - d r- O S p d s s t a i t g u i o b i c o i a n o a o v b a l l f t - d n i n i i e - l t - - s s - s O r s i e t t h c ie e u s r - All coinmerctal baaka:' 1947—Dec 31... 116.284 38.057 lg.167 1,660 830 1,220 9,393 5,7231,063 78,,226 69,221 2,193 7,789 6.034 53,,191 14 5,276 3,729 1 1 9 9 5 5 1 2 — — D D e e c c 3 3 1 1 . . . . . . 1 1 4 3 1 2, , 6 6 1 2 0 4 6 5 4 7, , 7 1 4 6 6 3 2 27 5 , , 8 8 7 7 1 9 3, , 9 4 1 0 9 8 2 1 , ,, , 5 00 8 66 1 001,1 9 0 8 3 0 1 1 5 4, , 5 71 8 2 0 1 1 2 0 , , 6 45 8 1 4 1 1, P 7 6 1 8 8 1 7 7 7 4 , , 4 8 6 6 1 3 6 6 1 3, , 3 5 1 2 8 4 7 7 , , 3 7 3 61 7 5 7 , , 5 65 8 7 0 1 1 1 1 , , 8 4 7 0 8 8 3 3 8 5,, ,0 1 7 0 7 1 9 10 ,,11 ,1 9 8 8 8 4 3 . ,,9 1 5 4 5 1 1953—Dec 31... 145,687 67,533 27,204 4,965 2,3611,202 16,694 14,461 1,66678,094 63,426 5,00410,237 12,439 35,713 10,821 3;,847 All insured commercial banks: 1941—Dec 31... 49,290 21,259 9,2141,450 614 662 4,773 4,545 28,031 :21,046 988 3,159 112,7974,102 3,6513,333 1945—Dec 31... 121,809 25,765 9,4611,314 3,164 3,606 4,677 2,361 1,18196,043 88,,'912 2,455 19,071 16,045 51 i,321 22 3,8733,258 1947—Dec. 31... 114,274 37,583 18,0121,610 1,190 9.266 5,654 1,028 76,69167,941 2,124 7,552 5,918 52,,334 1144 '5 ,12"9 3,621 1951—Dec 31... 130,820 57,256 25, ,3211,571 960 14,45010,378 1,64573,556460,533 7,219 7,526 11,256 34,511 218,969 4,042 1952—Dec 31... 139,770 63,632 27,739 3,805 22,,005500 1,08215,572 12,6031,683 76,1138 62,308 7,622 5,494 11,714 37,456 2222 9,977 3,854 1953—Dec 31... 143,796 67,082 27,082 4,8672,344 1,18116,566 14,373 1,629 76,7714 62,381 4,895 10,07612,28335,093 33101587 3,746 Member banks, total: 1941—Dec 31... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,007 11,729 3,832 3,0902,871 1945—Dec 31... 107,183 22,775 8949 885555 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 16,98514,27144,792 16 3254 2,815 1947—Dec 31... 97,846 32,628 16,9621,046 811 ,065 7.130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 10 4,,199 3,105 1951—Dec 31... 112,247 49,561 24,347 2,140 1,551 85111,334 8,5241,535 62,687 51,621 6,399 6,010 9,596 29,601 15 7,528 3,538 1952—Dec 31... 119,547 55,034 26,232 2,416 2,032 96612,214 10,396 1,577 64,514 52,763 6,565 4,255 9,835 32,087 3,342 1953—Dec. 31... 122,422 57,762 25,5193,263 2,321 060 13,020 11,9111518 64660 52,603 4,095 8,287 10,300 29~89« 3,185 1954—Apr. 15... 120,814 57,407 24,,837 3 1,939 1,036 13,195 11,650 I,1953 63407 50,801 3,957 4,973 7,488 34,348 34 9,598 3,008 New York City:* 1941—Dec. 31... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec 31... 26,143 7,334 3,044 2,4531,172 80 287 29818,80917~574 477 3,433 3,32510,337 1 606 629 1947—Dec 31... 20,393 7,179 5,361 545 267 111 564 33013,214 11,972 1,002 640 558 9,771 638 604 1951—Dec 31... 21,379 11,146 7,852 1,219 262 514 920 55110,233 8,129 1,122 616 1,428 4,960 2 t,385 719 1952—Dec 31... 22,130 12,376 8,680 1,531 286 386 1,136 539 9,754 7,678 1,079 233 1,170 5,195 11.453 623 1953—Dec. 31.. . 22,058 12,289 8,218 1261,667 32O 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—Apr. 15... 21,755 11,924 7,860 1631,433 320 394 1,219 722 9,831 7,457 782 516 710 5,447 31.789 585 Chicago:* 1941—Dec. 31... 2,760 954 732 6 48 52 96 1,806 1,430 256 153 903 119 183 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 51 40 4,598 4,213 133 1,467 749 1,864 l&l 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 149 26 3,287 2,89© 132 235 248 2,274 213 185 1 1 9 9 5 5 1 2 — — D D e e c c 3 3 1 1 . . . . . . 6 5 ,r7 2 3 4 1 0 2 2 , , 7 4 4 6 8 8 2 1 , , 0 9 8 7 0 7 1 14 6 2 9 3 4 9 6 6 6 3 2 1 1 8 1 0 1 1 0 2 9 0 3 3, , 4 2 9 6 3 4 2 2 , , 7 9 1 1 1 2 3 4 3 0 4 7 3 2 3 2 2 4 6 5 0 2 7 0 1 1 , , 6 5 7 2 4 6 3 3 5 8 1 4 2 1 0 9 1 7 1953—Dec 31... 6,204 2,776 1,912 158 286 75 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—Apr. 15... 5,792 2,621 1,898 154 155 74 209 114 3,171 2,575 156 280 466 1,672 421 174 Reserve city banks: 1941—Dec 31... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,2481,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,594 29,552 ,034 6,982 5,653 15,878 51,126 916 1947—Dec. 31... 36,040 13.449 7,088 225 170 484 3,147 1.969 366 22,59120,196 373 2,358 1,901 15,560 31,342 .053 1951—Dec. 31... 42,694 19,651 10,140 513 203 347 4,651 3,518 23,04319,1942,524 2,493 3,640 10,528 82,458 ,390 1952—Dec 31... 45,583 21,607 10,842 501 218 422 5,099 4,347 23, 8'86 19,624 2,387 1,774 3,854 11,594 142,934 ,328 1953—Dec 31... 46,755 22,763 10,568 774 308 456 5,453 4,942 23,99319,559 1,230 3,357 4,201 10,746 253,196 ,238 1954—Apr. 15... 46,12422,515 10,145 934 287 449 5,540 4,759 760 23,609 19,044 1,312 1,842 3,148 12,716 26 3,410 1,155 Country banks: 1941—Dec 31... 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,377 110 481 2,926 8611.222 ,028 1945—Dec 31... 35,002 5,596 1,484 648 471 1,881 707 36329,407 26,999 630 5,102 4,544 16,713 91,342 ,067 1947—Dec. 31... 36,324 10,199 3,096 818 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 .262 1951—Dec. 31... 42,444 16,296 4,377 1,610 178 6,099 3,906 30326,148 21,587 2,418 2,568 4,008 12,587 5 3,334 ,227 1952—Dec. 31... 45,594 18,213 4,630 1,901 191 6,662 4,702 32227,38122,5492,692 2,024 4,204 13,625 43,639 ,194 1953—Dec 31... 47,404 19,934 4,822 2,204 210 7,114 5,441 33627,470 22,423 1,819 3,374 4,285 12,940 3,911 ,136 1954—Apr. 31... 47,143 20,346 4,934 2,405 193 7,187 5,464 35826,796 21,725 1,707 2,334 3,165 14,514 ,977 ,094 All oonniembcr banks:- 1947—Dec 31... 18,454 5,432 1,205 614 156 2,266 1,061 11113,02111.318 206 1,973 1,219 7,916 41 ,078 625 1 19 9 5 5 2 1 — — D D e e c c . 3 3 1 1 . . .. .. 2 2 2 0 , , 0 3 9 8 6 0 9 8 , , 1 1 3 9 6 2 1 1 , , 6 5 3 3 9 3 1 1 , , 5 2 0 6 3 8 1 13 3 7 0 3 3, , 5 2 0 5 5 2 2 1 , , 2 92 8 7 8 1 14 4 1 61 12 2 , , 9 1 6 8 0 9 1 9 0 r , 9 5 1 6 4 7 1,1 9 9 3 6 9 1 1 , , 6 3 4 2 7 5 2 1 , , 0 81 4 2 3 6 5, , 5 0 1 0 0 0 1 1 , , 6 7 7 8 1 1 6 6 0 1 4 3 . 1953—Dec. 31... 23,287 9,838 1,6851,702 142 3,681 2,551 14813,44910,835 909 1,951 2,139 5,834 662 * These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately^ miUkm dollars) that became a member bank on Apr, 15, 1954. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks" or "all commercial banks*" Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction oi valuation reserves); they da not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 736 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 w e e R R d r i v e e t e - - h e ra s l v C a i a n u s l h t m a w B d n e o i c a s t - e l t h i - s c p m D o a d a d s e e n i - - - t d s In de te p r o b s a it n s k U G . o v S - . p S o a t li a n t t i d e c s al C o a f e i f n f e r i d t d - i- p v s a i I h d r n t i u d n p a i e s - l , r s - , Inter- U m G er . o e n v S n - - t . S po t a a l n i t t d e - s p v s a i I h d r n t i u d n p a i e s - l , r s - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s B se a r n v k e s banks4 justed 6 m D es o t - ic4 F ei o g r n - m er e n n - t v s i u s b io d n i- s ch c e e e t c r c k s' s, an p t d i o o r n c a o s - r- P S i o n a s g v t s a - l v s i u si b o d n i s - an p t d i o o r n c a o s - r- 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 5,166 96,666 550 278 1,536 36,323 34 12,216 1 19 9 5 5 3 2 — — D D e e c c . . 3 3 1 1. . . . 1 1 9 9 , , 8 9 0 9 9 5 2 2 , ,5 7 1 5 2 3 1 1 1 2 , , 8 1 7 0 5 3 1 1 0 0 1 2 , , 5 45 0 2 6 1 1 3 3 , , 1 4 0 4 9 4 1 1, , 3 4 4 6 4 5 4 4 , , 9 14 4 6 1 8 9 , , 9 5 1 4 0 6 A2 2 , , 9 9 5 9 6 6 1 9 0 9 0 , , 7 0 9 6 3 2 1,1 7 6 4 7 4 3 33 4 8 6 1 1 , , 6 9 2 4 0 4 3 41 9 , , 7 0 1 4 4 6 1 6 8 2 8 1 1 2 3 , , 8 5 8 5 8 9 All insured commercial banks: 1941—Dec 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 L.O77 36,544 158 59 492 15,146 10 6,844 1 1 9 9 4 47 5 — — D D e e c c 3 3 1 1 . . . . 1 1 7 5 , , 7 8 9 1 6 0 2 1 , ,8 1 2 4 9 5 1 9 1 , , 7 0 3 7 6 5 8 7 5 4 , , 7 7 5 2 1 2 1 1 1 2 , , 2 5 3 6 6 6 1 1, , 3 2 7 4 9 8 2 1 3 , , 3 7 2 4 5 0 6 5 , , 6 0 9 9 2 8 A A2 2, , 5 5 5 8 9 5 8 7 3 2 , , 7 5 2 9 3 3 5 7 4 0 1 1 1 0 1 3 8 4 2 9 6 6 2 33 9 , , 9 2 4 7 6 7 2 6 1 1 5 8 9 , , 6 7 7 3 1 4 1951—Dec 31.. 19,911 2,665 11,561 97,048 12,969 1,381 3,344 8,288 5,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec 31.. 19,809 2,720 11,489100.32912,948 1,437 4,912 8,776 A2,938 98,746 605 346 1,564 38,700 181 12,563 1953—Dec 31.. 19,995 2,482 11,724101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 5413,239 fcteiaJber 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 1 1 9 9 4 4 5 7 — — D De e c c 3 3 1 1. . . . 1 1 7 5 , , 7 8 9 1 7 1 1 1, , 6 4 7 1 2 8 6 7 , , 2 11 7 7 0 6 7 4 3 , , 1 5 8 2 4 8 1 1 2 0 , , 3 9 3 7 3 8 1 1 , ,3 2 7 4 5 3 22 1, , 1 1 7 7 6 9 5 4, , 2 5 4 0 0 4 r r2 2A A , , 4 4 5 0 0 1 6 7 2 2 , , 9 7 5 0 0 4 6 5 4 0 1 9 0 9 5 3 6 9 9 9 3 2 2 3 7 , , 7 5 1 4 2 2 20 5 8 4 8 7 , , 4 5 6 8 4 9 1 1 9 9 5 5 1 2 — —D D e e c c 3 3 1 1 . . . . 1 1 9 9 , , 9 8 1 1 2 0 2 2 , , 0 0 6 8 2 1 7 7 , , 3 4 7 6 8 3 8 8 5 3 , , 5 10 4 0 3 1 1 2 2 , , 5 6 9 3 4 4 1 1 , , 3 4 6 3 9 1 3 4, , 5 1 6 0 7 1 6 7 , , 6 0 6 2 6 9 A' 2 24, , 7 9 4 6 4 1 8 8 5 3 , , 6 24 8 0 0 5 4 9 2 2 2 3 2 2 5 1 7 1 1 , , 2 3 3 0 8 3 2 3 9 1 , ,2 1 6 2 6 8 1 2 6 6 5 1 1 0 0 , ,2 7 1 6 8 1 1 1 9 9 5 5 3 4 — — D A e p c r. . 3 1 1 5 . . . . 1 1 9 9 , , 9 2 9 2 7 9 1 1 , , 8 8 2 7 4 0 7 6 , , 5 3 5 7 4 7 8 8 2 6, , 1 9 2 2 7 8 1 11 2 , , 2 8 4 5 6 8 1 1 , , 2 2 9 7 1 0 3 3 , , 2 75 6 6 8 7 7 , , 5 6 3 2 0 3 Af 2 2<, , 5 7 3 8 7 3 8 8 5 1 , , 7 1 1 4 1 6 1 1 , , 3 02 5 1 3 3 30 0 7 8 1 1 , , 5 7 9 5 5 4 3 33 3 , . 9 3 3 1 2 1 58 4 7 3 1 1 1 1 , , 3 5 1 8 6 6 New York City:* 1941—Dec 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "195 2,120 1947—Dec 31.. 4,639 151 70 16,653 3,236 1,217 267 290 L,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 ,120 17,919 465 59 29 1,752 132 2,505 1953—Dec. 31.. 4,846 129 70 15,901 3,363 1,021 778 315 L,071 17,509 831 53 139 1,958 23 2,572 1954—Apr. 15.. 4,635 134 49 15,486 3,039 1,020 632 385 L.074 16,423 1,131 54 119 1,899 237 2,611 Chicago:* 1^41 Dec 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec' 31' ] 942 36 200 3 153 1 292 20 1 552 237 66 3 160 719 377 1947—Dec. 31.. 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1951—Dec. 31. . 1,407 32 165 4,121 1,269 38 242 240 66 4,404 i 5 11 1,128 513 1952—Dec. 31. . 1,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—Dec. 31. . 1,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—Apr. 15.. 1,217 27 131 3,896 1,172 35 218 248 58 4,170 17 3 10 1,218 5 571 Reserve city banks: 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1951—Dec. 31.. 7,582 639 2,356 29,489 6,695 192 1,124 2,550 822 30,722 90 85 714 11,473 4 3,521 1952—Dec. 31.. 7,788 651 2,419 30,609 6,662 230 1,814 2,693 791 31,798 109 105 739 12,417 8 3,745 1953—Dec. 31.. 8,084 568 2,463 30,986 6,869 219 1,504 2,880 828 32,065 166 98 830 13.203 3,984 1954—Apr. 15. . 7,753 571 2,006 29,935 5,890 203 1,349 2,670 666 30,594 188 99 948 13,555 234 4,067 Country banks; 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1951—Dec 31.. 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—Dec. 31. . 5,820 1,250 4,706 34,519 1,278 11 1,267 3,772 777 31,473 13 152 525 15,908 25 3,970 1953—Dec 31.. 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31.636 15 153 615 16.921 20 4.194 1954—Apr. 15.. 5,624 1,093 4,191 33,611 1,145 13 1,069 4,321 739 29,959 17 151 677 17,261 111 4,336 All nonmember banks:2 I947—De^ 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 172 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—Dec. 31 642 4,550 16,325 586 52 390 2,016 213 14^351 146 30 350 8,426 19 2,245 3Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 8Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see paneceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JULY 1954 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total i in t a c a r g d i u n a r u l d i l - s - , - G a U n o . d v S t d . . e O al t e h r e s rG U T o .S o v . t o . t O he th rs er e l R s o e t a a a n t l s e L b o a t a n o n k s s O lo t a h n e s r Total Total Bills o d c C t f a e i f e t b i i e r - n t - s - - Notes Bonds2 O s ri e t t h c ie e u s r tural t l i o i o g b n a - - s c t u ie r s i- t l i o i o g b n a - - s c t u ie r s i- n e e d s - s Total- Leading Cities 1953—June 76,288 39,550 22,801 1,648 765 6,282 781 7,888 36,73829,317 2,313 1,944 5,593 19,4677,421 1954—April 78,949 39,310 22,451 1,786 836 6,543 584 7,750 39,63931,607 2,540 2,936 4,59221,5398,032 May 80,149 39,544 22,005 2,178 898 6,568 815 7,720 40,60532,592 2,536 3,008 5,48521,5638,013 June 80,827 39,102 21,784 2,109 902 6,625 586 7,742 41,72533,515 2,530 2,744 6,66321,5788,210 1954—Apr. 7 . . 79,078 39,530 22,714 1,676 828 6,532 672 7,74739,54831,518 2,486 2,867 4,64121,5248,030 Apr. 14. . 78,742 39.406 22,558 1,799 828 6,542 567 7,75139,33631,298 2,296 2,908 4,60821,4868,038 Apr. 21 . . 78,858 39.364 22 348 1,925 840 6.544 597 7,750 39,49431,452 2,392 2,925 4,58721,5488,042 Apr. 28. . 79,118 38,941 22,183 1,744 849 6,553 500 7.753 40,17732,160 2,987 3,045 4,53021,5988,017 May 5. . 79,893 39,434 22,145 2,014 866 6,541 765 7,743 40,45932,377 2,985 4,45521,6528,082 May 12. . 79,670 39,729 22,045 2,314 866 6,559 876 7,710 39,94131,994 2,383 4,44221,7617,947 May 19. . 80,530 39,589 21,975 2,275 922 6,582 766 7,709 40,94132,958 2,400 2,660 6,51321,3857,983 May 26. . 80,502 39,422 21,854 2,108 938 6,590 853 7,719 41,08033,041 2,377 2,680 6,53121,4538,039 June 2 . . 80,519 39,219 21,599 2,141 915 6,592 895 7,721 41,30033,196 2,428 2,684 6,58221,5028,104 June 9. . 80,151 38,688 21,571 1,847 910 6,598 673 7,733 41,46333,217 2,370 2,684 6,656 21,5078,246 June 16. . 81,683 39,393 21,973 2,120 891 6,623 686 7,743 42,29034,058 2,909 2,817 6,72521,6078,232 June 23. . 80,702 39,076 21,896 2,059 893 6,641 492 7,741 41,62633,379 2,322 2,760 6,679 21,6188,247 June 30. . 81,081 39,136 21,884 2,379 899 6,671 186 7,772 41,94533,724 2,619 2,777 6,674 21,6548,221 New York City 1953—June 20,764 12,383 8,456 108 1,163 210 399 517 1,680 8,381 6,426 665 154 1,035 4,572 1,955 1954—April 2\ ,603 11.805 8,033 352 988 276 391 347 1,567 9.798 7,432 803 527 695 5,407 2,366 May 2 2 2 2 , . 5 1 5 5 1 9 1 1 2 1 , , 1 7 3 1 9 6 7 7 . , 8 6 5 3 9 0 5 48 8 9 4 1 1 , , 0 0 5 9 6 3 3 33 2 2 0 3 3 8 8 2 3 5 4 1 0 6 0 1 1, , 5 5 5 6 2 9 1 10 0 , , 8 0 3 2 5 0 8 7 , , 4 7 6 5 7 0 9 7 7 4 7 4 6 6 6 9 1 6 1, 9 37 3 8 4 5 5, , 4 4 1 1 6 12 2 , , 2 3 7 6 0 8 June 1954—Apr. 7 . . 21,601 11.826 8,126 353 929 266 393 337 1,572 9,775 411 780 471 715 5.4452,364 Apr. 14 . 21,513 11.835 8.086 356 972 272 392 335 1,571 9,678 301 695 515 709 5,3822,377 Apr. 21 . . 21,648 11.870 7.996 3871,059 280 391 346 1,560 9,778 396 764 531 710 5,3912,382 Apr. 28. . 21,648 11.688 7,922 313 993 287 389 368 1,565 9,960 7,619 974 591 644 5,410 ,341 May 5 . . 22,148 12,078 7,948 466 1,044 301 378 521 1,56910,070 7,771 997 696 618 5,460 2,299 May 12. . 21,912 12,172 7,864 6851,076 301 381 450 1,567 9,740 598 769 627 5,4972,249 May 19. . 22,196 12,176 7,841 6571,037 333 387 495 1,570 10,020 624 572 1,233 5,3342,257 May 26. . 22,381 12,129 7,781 1 ,067 346 382 598 1,571 10,252 7,977 759 609 1,257 5,352 2,275 June 2. . 22,577 11,971 7,574 439 1,193 333 378 648 1,560 10,606 8,285 913 658 1,310 5,4042,321 June 9. . 22,215 11,506 7,546 288 1,079 329 380 484 10,709 8,299 902 664 1,344 5,3892,410 June 16. . 22,975 11,912 7,707 549 1,073 328 383 489 1,550 11,063 8,680 1,139 733 1,398 5,4102,383 June 23. . 22,348 11,513 7,674 4451,061 331 387 237 1,546 10,835 8,469 924 705 1,406 5,4342,366 June 30. . 22,639 11,679 7,648 726 1,057 342 388 140 1,549 10,960 8,599 1,005 718 1,431 5,4452,361 Outside New York City 1953—June 55,524 27,167 14,345 377 520 5,883 264 6,208 28,357 22,891 1,648 1,790 4,55814,8955,466 1954—April 57,346 27,505 14,418 446 519 6,152 237 6,18329,841 24,175 ,737 2,409 3,897 16,1325,666 May 57,990 27,405 14,146 538 535 6,186 299 6,151 30,58524,842 ,792 2,347 4,551 16,1525,743 June 58,276 27,386 14,154 527 542 6,242 186 6,190 30,89025,048 ,553 2,048 5,285 16,1625,842 1954—Apr. 7. . 57,477 27,704 14,588 394 522 6,139 335 6,175 29,77324,107 ,706 2,396 3,926 16,079 5,666 Apr. 14. . 57,229 27,571 14,472 471 515 6,150 232 6,180 29,65823,997 ,601 2,393 3,899 16,1045,661 Apr. 21. . 57,210 27,494 14,352 479 519 6,153 251 6,190 29,71624,056 ,628 2,394 3,877 16,1575,660 Apr. 28. . 57,470 27,253 14,261 438 521 6,104 132 6,188 30,217 24,541 ,013 2,454 3,886 16,1885,676 May 5. . 57,745 27,356 14,197 504 524 6,163 244 6,174 30,38924,606 ,988 2,589 3,83716,1925,783 May 12.. 57,758 27,557 14,181 553 527 6,178 426 6,143 30,201 24,503 ,785 2,639 3,815 16,2645,698 May 19. . 58,334 27,413i 14,134 581 542 6,195 271 6,139 30,921 25,195 ,776 2,088 5,280 16,0515,726 May 26.. 58,121 27,293 14,073 513 546 6,208 255 6,148 30,82825,064 ,618 2,071 5,27416,1015,764 June 2. . 57,942 27,248 14,025 509 545 6,214 247 6,161 30,694 24,911 ,515 2,026 5,272 16,098 5,783 June 9. . 57,936 27,182 14,025 480 546 6,218 189 6,177|30,754:124,918 ,468 2,020 5,312 16, ,836 J Ju u n n e e 2 1 3 6 . . . . 5 5 8 8 , ,7 3 0 5 8 4 2 2 7 7 , , 5 48 6 1 3 1 14 4 , , 2 2 2 6 2 6 4 55 9 3 8 5 5 3 3 9 9 6 6, , 2 2 5 4 4 0 2 1 5 9 5 7 6 6 , , 1 1 9 9 3 5 i 3 3 1 0 ,f7 2 9 27 1 l l2 2 5 4 , , 3 9 7 1 8 0 i , ,3 7 9 7 8 0 2 2, , 0 0 5 8 5 4 5 5 , , 3 2 2 7 7 3 1 1 6 6 , , 1 1 9 8 7 4 5 5 , , 8 8 4 8 9 1 June 30. . 58,442 27,457 14,236 596 535 6,283 46 6,223 30,985 25,125 ,614 2.C59 5,243 16,209 5,860 I 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Includes guaranteed obligations. For other footnotes see opposite page. 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e a n d t v h - l k - e s v C a i a n u s l h t b m a w a n d e n i c o s t e k - h ti s s c j m p u o a d s a d t s e n e i - - t d d s 3 s p p u v n c h a o a a o i e n i d r p r l 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 t d i i e l t - - s - s c C h c o e a f e e e i f t n c e f c r r i d t s k d . - i ' s - , m U G er . o e n v n S - - t . s p p u n v c h a o a a o e n i i r d p r 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 n o r a . n o e g n s v v d n S t s - - a - t . m D ti e D o c s - e - man F ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts tions tions Total- Leading Cities 1953—June 14,943 936 2,60654,26055,106 3,988 1,617 1,755 16,962 827 18810,024 1,296 665 793 7,408 1954—April 14.192 936 2.63553,28854,135 4 098 1.747 2,687 17.835 1.09 19210,400 1,272 ,317 537 7,731 May 14,231 930 2,59054,06854,646 4,346 1,758 2,588 17,939 1,137 19010,483 1,253 ,390 757 7,781 June 14,386 928 2,71454,46255,359 4,225 1,848 2,907 18,159 1,140 18810,677 1,252 ,439 552 7,800 1954—Apr. 7 14,006 886 2 .54752,37652,764 3,996 1,595 3,34717,818 1,101 19210,403 1,269 ,282 647 7,723 Apr. 14 14.041 965 2 67 52.93354,572 3,971 1,813 2,498 17,817 1,120 19210,669 1,28. ,314 505 7,722 Apr. 21 14,299 922 2,61353.73654,714 4,119 1,860 2,232 17,851 ,079 19310,354 1,255 ,330 568 7,725 Apr. 28 14,42^ 970 2,71054,10854,488 4.308 1,720 2,671 17,854 ,078 19210,171 1,279 ,344 429 7,755 May 5 13,954 874 2,66254,047 54,159 4,467 2,016 2,056 17,895 ,147 19110,731 1,268 ,364 647 7,775 May 12 14,168 96: 2,66554,153 55,3*21 4,332 1,655 1,60117,916 ,123 19010,838 1,251 ,364 943 7,778 May 19 14,433 918 2,54553,71554,485 4,221 1,810 3,54517,949 ,142 19010,367 1,269 ,406 720 7,778 May 26 14,370 965 2,48654,35854,619 4,362 1,552 3,14917,996 ,136 190 9,995 1,223 ,427 718 7,794 June 2 14,241 915 2,528 5I3,93054,597 4,418 1,842 2,982 18,041 ,129 189 10,386 1,227 ,427 781 799 June 9 14,675 951 2,664 54,,77855,146 4,129 1,555 2,296 18,110 ,130 18810,599 1,235 ,421 535 802 June 16 14,449 913 2,9 ,16657,765 4,086 1,914 1,983 18,127 1,175 18811,035 1,251 ,440 541 788 June 23 14,604 949 2,476 54,,11654,572 4,163 1,924 3.192 18,212 1,121 18710,214 1,285 ,447 876 804 13,961 909 2,984 53,31 54,715 4,329 2,004 4,085 18,304 1,146 18711,151 1,260 ,459 29 7,806 June 30 New York City 5,214 140 4416,06216,886 324 738 503 1,730 43 2,940 1,063 522 219 2,504 1953—June 4,80n 14C 15,51516,405 361 895 730 ,856 148 3,011 1.026 1.101 196 2,582 1954—Aoril 4,768 145 4115,78216,568 415 932 857 ,865 127 2,981 1,012 1,167 349 2,594 May 4,811 143 15,986 16,853 420 946 942 ,951 132 3,091 1,009 1,205 250 2,593 June 1954— A A A A p p p p r r r r . . . . 2 2 1 1 8 7 4 4 4 4 4 . . 7 6 0 8 5 4 2 7 C 4 6 1 1 1 1 5 5 3 4 0 2 9 0 50 1 1 1 1 5 5 5 5 . , , , 3 3 7 7 0 0 0 5 3 2 6 0 1 1 1 16 6 6 6 , , , , 6 0 3 6 6 1 1 3 1 5 6 0 3 3 3 3 6 5 4 7 5 9 6 4 9 9 8 7 5 7 6 8 1 6 5 7 9 6 5 7 6 8 6 1 1 2 4 1 , , , , 8 8 8 8 4 6 4 7 5 3 6 0 1 1 1 1 7 2 6 2 2 6 7 7 3 3 3 2 , , , , 0 9 0 0 1 2 2 7 7 7 4 3 1 1 1 1 , , , , 0 0 0 0 3 1 2 3 1 2 8 3 , , , , 1 1 0 0 1 2 7 9 3 3 0 8 2 2 2 1 1 6 0 0 1 6 1 6 2 2 2 2 , , , , 5 5 5 5 8 8 8 8 2 1 3 3 May 5 4,668 139 15,91516,610 416 1,144 604 ,862 144 3,097 1,027 ,144 254 2,595 May 12 4,812 150 15,71316,622 383 847 454 ,854 120 3,059 1,007 ,142 589 2,597 May 19 4,918 140 15,61516,446 387 978 1,257 ,854 123 2,918 1,026 ,181 339 2,592 May 26 4,674 152 15,88716,595 473 760 1,115 ,890 119 2,848 989 ,201 213 2,593 June 2 4,569 146 15,79816,494 541 979 1,063 ,912 119 3,007 984 1,199 278 2,594 June 9 4,985 152 16,06916,730 428 724 772 ,953 118 3,046 996 1,194 232 2,594 June 16 4,780 143 16,69117,698 374 893 516 ,945 135 3,247 1,002 1,211 225 2,590 June 23 5,107 141 15,87816,670 350 1,029 980 ,977 135 2,922 1,041 1,208 515 2,587 June 30 4,614 134 15,49216,672 405 1,103 1,380 ,967 153 3,231 1,025 1,213 1 2,602 Outside New York City 1953—June 9,729 796 2,56238,19838,220 3,664 879 1,25215,232 138 7,084 233 143 574 4,904 1954—April 9,392 791 2.58637.77337.730 3,737 852 ,95715,979 947 138 7,389 246 341 5.149 May 9,463 785 2.5 .28638,078 3,931 826 ,73116,074 1,010 137 7,502 241 223 408 5,187 June 9,575 785 2,674 38,47638,506 3,805 902 ,96516,208 1,008 136 7,586 243 234 302 5,207 1954—Apr. 7 9,279 746 2 49237,07436.749 3,622 808 ,38615,972 934 138 7,476 241 212 436 5,140 Apr. 14 9,397 813 2.62737,630 38,256 3,612 837 ,83415,972 948 138 7,652 252 216 299 5,141 Apr. 21 9,423 783 2,56438,030 38,084 3,773 895 ,65015,988 952 139 7,330 243 217 302 5,143 Apr. 28 9,473 820 2,66038,35837,827 3,943 869 960 15,984 952 138 7,098 248 221 328 5,172 May 5 9,286 735 2,62538,13237,549 4,051 872 1,452 6,033 1,003 138 7,634 241 220 393 180 May 12 9,356 813 2,62438,440 ,699 3,949 808 1,147 6,062 1,003 137 7,779 244 222 354 181 May 19 9,515 778 2,50138,100 38,039 3,834 832 2,288 6,095 1,019 137 7,449 243 225 381 186 May 26 9,696 813 2,44438,47138,024 3,889 792 2,034 6,106 1,017 138 7,147 234 226 505 201 June 2 9,672 769 2,489 38,13238,103 3,877 863 1,919 6,129 1,010 137 7,379 243 228 503 5,205 June 9 9,690 799 2,62838,70938,416 3,701 831 1,524 6,157 1,012 136 7,553 239 227 303 5,208 June 16 9,669 770 2,87539,475 40,067 3,712 1,021 1,467 6,182 1,040 136 7,788 249 229 316 5,198 June 23 9,497 808 2,43838,23837,902 3,813 895 2,212 6,235 986 135 7,292 244 239 361 5,217 June 30 9,347 775 2,94037,82738,043 3,924 901 2,705 6,337 993 136 7,920 235 246 28 5,204 •Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-Tune 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. JULY 1954 739 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 borrowei Manufacturing andraining Lomin i. Periods t l F o iq b a o u n a o o d c d r c , , o a T l p e e a a p x n t a t h d i r l e e e r l s , , p m e M r m r ( a a y o i e c n e n d t h t c a d u a a i l n . l c n l s d t - s ; ch P l e c e a e m o u n t a r m i d l c o , , a - l, Other ( r T w e s a r h t a n a a o l d d e i l l e e ) - m d C e o a o d l m e i r t - y s f p i S c n a o a a n m n k i c e s - e s u P p t t t ( r o u i i i a l o n r b i n n t t d l a i s ) i . e - c - s s C t t r i o o u n n c - - bu t o y s A t o i h p f n l e l e e r s ss c c h l N f a a ie n s e d s g t i e - s ch t i a a o n a g n t n d r a g d ' ' l l l e , 3 . — trans. rubber equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 —2 18 -28 -546 -637 July-Dec 754 —40 250 36 141 662 544 —57 13 191 2,494 2,435 1953—Jan.-June-.. -621 151 446 -10 95 208 -632 -90 84 18 -8 -360 -593 July-Dec 501 — 101 -351 102 -54 1 380 -138 18 -23 98 433 583 1954—Jan.-June.. . -505 55 -577 -10 — 1 -41 -363 -175 126 71 106 -1,314 -1,496 Monthly: 1954—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 June —31 5 -306 —18 22 2 -3tf 67 183 18 63 -30 30 Week ending: 1954—Apr. 7 -33 3 -11 -4 1 -1 -22 22 -39 5 32 -47 -49 Apr. 14 -29 1 -5& 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 9 -3 -2 -32 8 -3 -31 —70 May 26.... —29 —46 2 8 -8 7 —6 — 15 — 12 -98 — 121 June 2 . . .. -42 -7 -171 -50 -5 -5 -3 9 8 1 4 -261 -255 June 9.... -4 -1 -32 2 —4 « -5 -7 10 3 5 -34 -28 June 16.... 25 16 10 37 28 31 -19 52 147 8 31 365 402 June 23.... — 1 -1 -46 -5 5 Q -11 -40 13 6 14 -74 -77 June 30.... -9 i -67 3 -2 -14 2 53 6 11 -26 -12 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 ai 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. *Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953. p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Seld by Based on Commercial End c£ month sta p o n a u p d t e i - n r g1 st T a o n o u d t t a - in l g Tot A al ccept O b in i w n g n s ban b k o B s u il g l h s t B o a R f F a c c n e e f c o d o s k o r e r e s r u r e r e v ( n i a - f g e t l o n r Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x t r n p a o i o t t m e e r s d ts c D h e o a x l n l - a g r e G U s o h n o i i p t d e p p s d o e s d i t n ! o t b r s e e F i t d n o w r i e e n e i g n o n r spondents) States countries 1948—December 269 259 146 71 76 3 ! 109 164 57 1 25 • 12 1949—December 257 272 128 58 70 11 133 184 49 30 9 1950—December 333 394 192 114 78 21 180 , 245 87 2 28 32 1951—December 434 490 197 119 79 21 272 235 133 23 55 i 44 1952—December 539 492 183 126 57 20 289 232 125 39 64 32 1953—May 441 417 111 85 26 29 j 277 198 111 37 39 32 Juoe 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 47S 146 108 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 SBO 198 149 50 13 369 247 139 47 107 39 672 623 228 165 63 17 379 270 142 38 127 46 May 618 616 227 171 56 14 374 277 143 36 115 45 *As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 740 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars} Government securities Business securities Date a T s o s t e a ts l Total U S n ta it t e e d s St l a oc te a l a i nd Foreign2 Total Bonds8 Stocks M ga o g r e t * - e R rt e a a te l - P lo o o 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 2,030 1 19 9 4 4 1 0 ,. ., 3 32 0 , , 7 8 3 0 1 2 8 9, , 4 3 7 5 8 9 5 6 , , 8 7 5 9 7 6 2 2 r , 3 2 8 8 7 6 3 1 9 1 6 5 1 9 0 , , 1 1 7 7 8 4 8 9 , , 6 5 2 7 4 3 6 5 0 5 1 4 6 5 , , 4 9 4 5 2 8 2 1 .0 ,8 W 78 0 3 2 , , 0 9 9 1 1 3 2 1 , , 1 8 5 4 6 0 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663" 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 L063 2,134 1,704 1 1 9 9 4 4 5 6 4 4 4 8 , , 7 1 9 9 7 1 2 23 2 , , 5 5 7 4 5 5 2 2 0 1 , , 5 6 8 2 3 9 lr0 9 4 3 7 6 1,0 9 1 1 0 5 1 13 1 , , 0 0 2 5 4 9 1 11 0 , , 7 0 7 6 5 0 1,2 99 4 9 9 6 7, , 1 6 5 3 5 6 8 7 5 3 7 5 1 1, , 8 9 9 6 4 7 1 1 , , 8 73 0 8 8 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1t,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 , 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 ,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 ,903 2,713 3,088 End of month:8 1951—December 67,983 13,579 10 958 1,702 919 28,042 25,975 2,067 19,291 ,617 2,575 2,879 1952—December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 ,868 2,699 3,135 1953—April 74,686 12,666 10,089 1,837 740 32,472 30,218 2,254 21,897 L.91& 2,756 2,977 May 75,063 12,543 10,082 1,835 626 32,732 30,462 2,270 22,055 ,924 2 770 3,039 June 75,403 12,456 10,030 1,840 586 33,021 30,752 2,269 22,221 ,935 Z 789 2,981 July 75,855 12,429 9,991 1,857 581 33,247 30,977 2,270 22,429 ,943 2,808 2,999 76,244 12,436 9,994 t,861 581 33,349 31,079 2,270 22,552 ,967 2 819 3,121 September 76,612 12,397 9,930 1,880 587 33,614 31,319 2,295 22,698 ,972 2,831 3,100 October 77,121 12,395 9,913 1,897 585 33,887 31,585 2,302 22,842 ,990 2,851 3,156 November 77,552 12,365 9,830 1,945 590 34,096 31,781 2,315 23,017 2 000 2,873 3,201 December 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954— Tanuary 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 April 80,114 12,424 9,635 2,208 581 35,216 32,759 2,457 24,005 2,086 2,978 3,405 1 Includes United States and foreign. 2Central government only. 8Includes 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. 8These 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." Scmrce.—Institute of Life Insurance—end-of-year figures. Life Insurance Fact Book, 1952; end-of-month figures. The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollar*} Assets Assets End of U.S. Savings End of U.S. Savings year Total* g M ag o e r s t- 3 G m o o b v e e l n i r - t n- Cash Other* capital quarter Total* g M ag o e r s t * - G m o ov b e e l n i r - t n- Cash Other* capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—2 17,977 14,539 1,558 940 849 14,910 1940 5,733 4,125 71 307 940 4,322 3 18,429 15,058 1,577 852 852 15,317 1941 6,049 4,578 107 344 775 4,682 4 19,164 15,520 1,606 t,0S2 866 16,073 1942 6,150 4,533 318 410 612 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 1 1 9 9 4 4 5 4 7 8, , 7 4 4 5 7 8 4 5 , ,3 8 7 0 6 0 1 2 , , 6 4 7 2 1 0 4 45 1 0 3 3 3 9 5 1 6 6 7 , , 3 3 0 6 5 5 2 3 2 21 0 , , 2 5 9 9 5 9 1 17 6 , , 6 8 9 7 6 5 1 1, , 7 6 6 8 5 7 l 1r, 1 0 8 4 2 4 7 70 7 8 0 1 1 8 7 , , 1 6 9 5 8 6 1946 10,202 7,141 2,009 536 381 8,548 4 22,585 18,336 1,791 t.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».« 23,506 19,105 1,931 1,263 1,121 20,105 1949 14,622 11,616 L,462 880 566 12,471 29... 24,772 20,133 2.003 1,337 1,216 21,154 1 1 1 9 9 9 5 5 5 2 1 0 2 1 1 2 6 9 , , , 8 5 1 4 8 6 6 5 4 1 1 1 3 5 8 , , , 6 3 5 3 2 2 6 2 0 1 1, , , 6 4 7 0 8 9 6 9 1 1 1 , , 0 3 9 8 0 5 2 6 1 1,0 6 8 7 9 6 2 2 6 1 1 1 3 6 9 , , , 9 0 1 7 7 4 8 3 3 3 4 * * . . . . . . 2 26 5 , , 7 6 2 3 6 3 2 2 1 1 , , 1 9 4 2 5 9 1 1, , 9 9 2 9 3 0 1 E , , 2 4 0 8 0 1 1 1 , , 2 3 1 1 5 5 2 2 1 2 , , 7 8 4 2 2 3 1953* 26,726 21,929 1,923 1,481 1,315 22,823 1954— \»... 27,659 22,684 1,942 1,616 lf341 23,880 p Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2 Net of mortgage pledged shares. »Includes other loans, stock in the Federal home loan banks and other investment*, real estate owned and sold on contract, and building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. JULY 1954 741 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 Enc1 of quarter Asset or liability, and agency 1953 1944 1945 1946 1947 1948 1949 1950 1951 1952 2 3 4 Loans, by purpose and agency: 3,385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 5,070 4,997 5,512 6,811 Banks for cooperatives 189 197 232 276 305 302 345 425 424 324 336 377 257 231 273 336 426 437 510 633 673 824 781 590 1,220 1.088 986 351 242 149 109 80 60 45 34 25 22 20 18 Farmers Home Administration' ... 643 604 590 558 525 523 535 539 596 646 658 648 Rural Electrification Administration 361 407 528 734 999 1,301 1,543 1,742 1,920 2,014 2,062 2,096 353 99 120 280 1,293 1,729 898 782 1,426 1,163 1.651 3,076 Other agencies 10 9 6 7 5 9 7 6 6 5 5 5 To aid home owners, total 1,237 896 659 556 768 1,251 1,528 2,142 2,603 2,914 2,986 2,930 52 7 6 4 199 828 1,347 1,850 2,242 2,498 2,540 2,462 RFC Mortgage Comoration* 81 24 6 1 091 852 636 486 369 231 10 Reconstruction Finance Corporation * . 12 12 10 61 177 168 137 123 115 111 110 108 1 1 1 65 22 24 35 169 246 305 337 361 343 223 171 147 140 114 110 101 82 79 79 79 Reconstruction Finance Corporation*. . . . 321 205 153 145 138 112 108 99 80 77 77 77 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total 191 232 192 272 310 462 458 488 516 536 536 509 Reconstruction Finance Corporation5 7 118 149 151 241 272 423 400 415 457 478 473 8294 73 83 41 31 38 38 58 74 58 58 63 8214 216 267 314 447 525 445 824 814 864 718 802 952 66 60 14 7 6 8 8 8 (9) (9) Federal home loan banks 131 195 293 436 515 433 816 806 864 718 801 952 Other agencies 20 12 7 4 4 4 225 526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 7,798 8,010 8,043 Export-Import Bank 225 252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,547 2,758 2,833 Reconstruction Finance Corporation * ' (10) 274 235 246 206 154 101 64 58 55 52 52 (10) 800 3,450 3,750 3,750 3,750 3,750 5,182 5,196 5,199 5,157 All other purposes, total 1,237 707 623 714 584 484 531 779 1,095 821 830 763 Reconstruction Finance Corporation* ' 10827 309 232 6 340 190 88 59 61 50 54 57 57 305 286 278 278 294 297 366 609 919 626 612 535 Other agencies »°106 112 113 96 100 99 105 109 126 142 160 171 448 438 478 395 368 476 185 173 140 226 252 203 Total loans receivable (net) 6,387 5,290 6,649 9,714 11,69212,733 13,22814,422 17,826 17,637 18,502 19,883 Investments: U. S. Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,588 2,586 2,602 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 52 62 63 Production credit corporations .. • 60 67 70 72 66 39 42 43 43 45 45 45 Federal land banks * 220 145 136 144 118 145 139 274 275 199 249 311 378 397 387 Federal Savings and Loan Insurance Corp 151 161 172 184 199 214 193 200 208 218 211 217 15 15 17 12 12 8 87 106 122 132 144 188 244 285 316 344 318 319 Public Housine Administration12 8 8 8 8 75 49 48 (9) i Federal Deposit Insurance Corporation 760 897 1,045 1,020 i,064 1,205 1,307 1,353 1,437 1,508 1,509 1,526 Other agencies . . .. 28 30 20 21 1 1 1 1 1 1 1 1 318 3,385 3,385 3,385 3,385 3,385 3,385 3.385 3,385 3,385 Other securities, total ... . . 424 325 230 154 133 107 88 78 44 45 44 40 289 244 159 108 98 83 71 66 36 39 38 35 Production credit corporations 63 55 46 35 29 22 16 11 8 6 5 5 71 26 24 11 6 2 1 1 1 1 1 Commodities, supplies, and materials, total 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,280 2,201 2,259 2,514 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,174 978 1 876 1,884 2,086 Reconstruction Finance Corporation * ^ -. . 1,053 1,131 667 235 157 142 108 129 172 114 134 156 438 122 134 138 32 30 28 159 131 211 241 272 Land, structures, and equipment, total 16,23721,017 16,924 12,600 3,060 2,962 2,945 3,358 3,213 7,867 7,911 8,062 Public Housing Administration 12 200 222 227 204 1,448 1,352 1,248 1,251 1,173 1 029 1,030 1,018 6,526 6,919 2,861 35 630 611 605 594 199 185 181 175 Tennessee Valley Authority . • 710 721 727 754 793 830 886 1,048 1,251 1,360 1,405 1.475 U S Maritime Commission 2 3,113 3,395 3 301 3,305 5,427 7,813 7,764 6,507 Federal Maritime Board and Idaritime Adm ' P4 802 P4,802 4,834 Other agencies13 262 1,948 2,044 1,793 189 168 206 465 590 491 493 561 Bonds, notes, and debentures payable (not 1,395 1,113 1,252 689 965 772 1,190 1,369 1,330 1 131 1,243 1,182 24 8 33 69 70 78 110 170 181 112 119 150 Federal intermediate credit banks 274 245 293 358 480 490 520 674 704 788 776 619 Federal land banks s 818 792 756 212 Federal home loan banks 67 69 169 262 415 204 560 525 445 231 349 414 For footnotes see following page. 742 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 l Li i a n b t i e li r t a i g es e , n o cy th e it r e m th s an m Co o m di - - I m nv e e n s ts t- Land, B tu a o r n n e d s d s d p , e a n b y o e a t n b e - l s e , U G e o . r v n S - - . v P a r t i e - ly Date, and corporation or agency Total Cash L c a r e o b e i a l - v e n - s m p s t a l i u a n i e p e t s d e s - , , - G U o . v S t . . O se t c h u e - r s t e m u t a q r r n e u u e d n i c s p t - , - O s a t e h s t - e s r a F g n u u t a e ll r e y - d Other O li i a t t i b h e i e s l r - i m n e t e s e n t r t - o in w e t s e n t r e - d rials secu- rities by rities U. S. All agencies: 1944—Dec. 31. . . 31,488 756 6,387 2,942 1,632 42416,237 3,111 ,537 1,395 4,196 23,857 504 1945—Dec. 31. . . 33,844 925 5,290 2,288 1,683 32521,017 2,317 555 1,113 4,212 27,492 472 1946—Dec. 31. . . 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,,588 24,810 498 1947—Dec. 31 2. . 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,037 28,015 143 1948—Dec. 312.. 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,663 18,886 166 1949—Dec. 31. . . 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31. . . 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21,995 234 1951—Dec. 31 2. . 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,161 23,842 329 1952—Dec. 312.. 29,945 94417,826 1,280 2,421 3.429 3,213 832 53 1,330 1,728 26,456 378 1953—June 302 36,153 1,06317,637 2,201 2,588 3,430 7,867 1,367 1,131 1,979 32,576 415 Sept. 30 37.141 1,09618.50? 2.259 2,586 3.4?o 7,911 1 .357 1 743 2 .07533.335 424 Dec. 31 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 Classification by agency, Dec. 31, 1953 Farm Credit Administration: Banks for cooperatives 451 375 150 273 28 Federal intermediate credit banks... . 712 590 619 84 Production credit corporations 51 51 Agricultural Marketing Act (9) "(•)1••8 (9) Federal Farm Mortgage Corp 20 19 Department of Agriculture: Rural Electrification Administration. 2,203 2,094 1 91 () 2,202 Commodity Credit Corporation 5,572 3,035 2,086 116 327 2,485 3,087 Farmers Home Administration3 621 539 20 1 620 Federal Crop Insurance Corp 31 3 6 25 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,388 952 387 4 414 () 406 Federal Savings and Loan Insurance Corp. 223 217 6 216 Public Housing Administration 1,719 543 iiois 77 30 1,690 Federal Housing Administration 539 40 I 121 75 235 230 Office of the Administrator: Federal National Mortgage Association.. 2,476 2,462 11 10 2,466 Other 134 77 22 4 133 Reconstruction Finance Corporation: Assets held for V. S. Treasury5 u 364 4 1 156 28 364 Other5 687 85 550 18 31 656 Export-Import Bank 2,876 2 2,841 (9)": 33 42 2,834 Federal Deposit Insurance Corp 1,537 4 (9) 1,526 ( 7 86 1,451 Tennessee Valley Authority 1,833 324 23: 1,475 11 54 1,778 Federal Maritime Board and Maritime Adm.. . 5,435 184 48 4,834 370 173 5,262 All other 10,068 177 5,768 201 3,385 421 116 79 9,989 p Preliminary. * 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. 2several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 3 This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA- Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported currentlv in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund." 4Assets and liabilities transferred to the Reconstruction Finance Corporation on June 30, 1947. 5RFC figures for the end of the third quarter 1953 were for Sept. 28; on Sept. 29, pursuant to the act approved July 30, 1953 (67 Stat. 230), the RFC started liquidation of its activities except those which existing law or this law permit to be transferred elsewhere. 6 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. 7 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." 8 Reflects transfer of RFC lending under Defense Production Act of 1950 from the RFC to the Treasury Department. 9 Less than #500,000. 10 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. 11 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). 12 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. " 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 12. H 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. 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. JULY 1954 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 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 0 se 0 r ) ies Securities and fi n E de x x c . h a 1 n 9 g 3 e 9 — Co 1 m 00 m ) ission series u o m f e Yea o r r , w m e o ek nth, O se l - d N ri s e e e - s w 3 g n r ( M i a h c d i i u g p e - h a )* - l g ( r C r h p a a o i d o t g r e e - - h ) - 4 fe P rr r e e d - 5 T ta o l - d t I u a r n i l s - - - R ro a a i d l- u P i l t t u i i y c l b - - T ta o l - T t M a o l - anu D f r b a a l u c e - - turi N n d b r g a o u le - n - - T p t r o i a o r n n ta s - - u P i l t t i u i y c l b - - T a s a r f e n i i a n c r c n d v e d e - - e , , M in i g n- s s t h t i h a r a n ( o a o n i r g n d f e d u 6 - s s - ) Number of issues. . 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 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 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 276 1,313 1953 average 93.90 101.46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 1,419 1953—June 91.56 99.16 115.2 108.8 156.8 183 198 169 117 187 213 187 236 219 117 204 237 1,185 July 92 98100.03 115 1 110 7 160.1 186 200 174 119 190 217 188 243 223 119 206 237 967 Aug 92.89 100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 1,138 Sept... . 93 40101 00 116 9 110 9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 1,294 Oct 95.28 103.30 119.7 112 6 167.3 183 197 157 122 187 214 184 240 202 121 201 219 1,225 Nov. 94 98103 67 121 4 113 6 168 8 188 202 159 124 191 219 190 245 204 123 207 231 1,482 Dec 95.85 104.93 122.3 113.5 166.5 191 206 157 125 193 222 192 249 200 125 209 230 1,644 1954_jan 97 42 106.16 123 6 114 5 168.7 195 211 160 127 198 228 199 256 206 126 213 239 1,669 Feb 98 62 107 04 125.5 116 5 171.8 200 217 166 129 203 234 204 261 215 128 216 250 1,752 Mar. 99 87109 11 125 6 117 9 173 3 205 223 165 131 207 240 210 268 212 130 215 259 1,919 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 68109 39 123 6 117 5 173 8 220 242 173 135 223 263 233 291 221 134 226 270 2,096 June. 99 49109 74 123 9 117 0 172.9 222 244 176 135 224 263 237 288 225 134 228 266 1,919 Week ending: June 5.... 98.88 108.84 122.8 116.8 173.6 223 245 175 136 224 264 234 291 224 135 228 273 1,830 June 12 99.14 109.70 122.8 117.0 172.9 216 237 170 134 221 259 231 285 222 133 225 265 1,928 June 19 99.65 109.96 123.1 117.1 172.9 222 245 178 134 224 264 238 288 228 134 229 266 1,703 June 26 99.95 110.03 124.9 117.2 172.9 223 246 178 135 227 267 245 288 229 135 232 261 2,065 July 3.... 99.91 110.23 125.7 117.1 172.1 225 248 177 136 229 271 249 292 226 135 234 256 2,053 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 2^ per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. *The 3*4 per cent bonds of 1978-83, issued May 1, 1953. 4Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. ^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 dollars] Debit balances Credit balances End of month C b u a ( d s n l t e a o e b n m t i c ) t i e e r s s' a b in n p a a v d a c l D a e c r s t n o e t r t n c b u m a e e i n d t s r e t i s n s n i ' n t g a i b n n a a v d c l D a e c f t s n i o e r r t c b u m a m e i n d t s e t i n s n in t g C a b h a n a s a d n h n k d i o s n n bo M rr o o n w e e y d2 F cr r e e C d e u it s t b o a m la e n r O ( c s n ' t e h e s t e 1 ) r a i I n n n a v d c p e c t a s o r t r u a m t d n n O e i t e s n n t r g h t s' er a i c n n a r v d c I e e n c d t s o i r f t t u i a m r n b d m e t a i s n n la t g nce I a n s c ( c c n o a e u p t n ) it t a s l 1950—December... 1,356 9 399 397 745 890 230 36 12 317 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... L,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 December... 1,362 8 406 343 920 724 200 35 9 315 1953—May 31,671 31,193 3673 June 1,684 7 347 282 1,216 653 163 23 16 319 July 31.664 31,161 3651 August 31,682 31,182 3641 September. . 31,624 31,070 3674 October 31,641 31,098 3672 November. . 31,654 31,127 3682 December... 1,694 8 404 297 1,170 709 208 28 31 313 1954—January... . 31,690 31,108 3741 February. . . 31,688 31,062 3 768 March 31,716 31,054 3787 April 31,786 31,094 3819 May 31,841 31,186 3837 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): March, 39; April, 38; May, 45. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual «et capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 744 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] l\ S. Governmen P c r o i m m - e P ba ri n m k e - securities (taxable) Area and period lo A a l n l s $1,000- $10 S ,0 iz 0 e 0 - of $ 1 l 0 o 0 a , n 000- $200,000 Year, mercial ers' 3-month bills $10,000 $100,000 $200,000 and over mo w n e th ek , or m 4 p - o a t n p o t e h 6 r, s * 1 a a d c n a 9 c c y 0 e e s p s 1 , t- M y a i r e k ld et o i n R ss a n u t e e e w s 9 i m - s t s o o u n e 1 t s h 2 2 - 3 is - y s t e u o a e r 5 s3 - An 1 n 9 u 1 a c 9 l i 4 t 5 i a e v s e : rages: 2.2 4.3 3.2 2.3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1947 2.1 4.2 3.1 2.5 1.8 1951 average 2 17 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—June 2.75 1.88 2.11 2.231 2.46 2.92 1952 3.5 4.9 4.2 3.7 3.3 July 2.75 1.88 2.04 2.101 2.36 2.72 1953 3.7 5.0 4.4 3.9 3.5 August.... 2.75 .88 2.04 2.088 2.33 2.77 September. 2.74 L .88 1.79 1.876 2.17 2.69 Quarterly: October... . 2.55 .88 1.38 1.402 1.72 2.36 19 cities: November. 2.32 L .88 1.44 1.427 1.53 2.36 1953—Sept 3.74 5.01 4.40 3.93 3.54 December.. 2.25 L .88 1.60 1.630 1.61 2.22 Dec 3.76 4.98 4.39 3.96 3.57 1954—Mar 3.72 4.99 4.37 3.94 3.52 1954—January... 2.13 L .88 1.18 1.214 1.33 2.04 June 3.60 4.97 4.35 3.89 3.37 February. . 2.00 1.69 .97 .984 1.01 .84 March 2.00 L .48 1.03 1.053 1.02 1.80 New York City: April 1.77 .25 .96 1.011 .90 1.71 1953—Sept 3.52 4.76 4.25 3.76 3.40 May 1.59 L .25 .76 .782 .76 1.78 Dec 3.51 4.70 4.25 3.77 3.38 June 1.56 L .25 .64 .650 .76 L .79 1954—Mar 3.50 4.79 4.27 3.75 3.37 June 3.34 4.75 4.24 3.71 3.19 Week ending: June 5... 1.56 L .25 .69 .714 .81 L .86 7 Northern and East- June 12. .. 1.56 L .25 .61 .616 .78 L .81 ern cities: June 19. .. 1.56 1.25 .63 .633 .75 L.78 1953—Sept 3.71 5.08 4.45 3.91 3.52 June 26. .. 1.56 L .25 .62 .635 .72 L .74 Dec 3.79 5.07 4.40 3.96 3.63 July 3... 1.56 L .25 .65 .646 .71 L .72 1954—Mar 3.74 5.06 4.36 3.97 3.57 June 3.61 5.04 4.31 3.83 3.42 2 1 S M er o ie n s t h i ly n c f lu ig d u e r s e s ce a r r t e if 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 in g se l r e a c t t e e s d . note and 11 S W ou e th st e e r r n n a c n it d ies: bond issues. 1953—Sept 4.10 5.10 4.46 4.06 3.86 3Series includes selected note and bond issues. Dec 4.10 5.06 4.46 4.09 3.86 Back figures.—See Banking and Monetary Statistics, Tables 120-121, 1954—Mar 4.03 5.05 4.43 4.03 3.76 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October June 3.98 5.05 4.43 4.05 3.67 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS1 [Per cent per annum] Bonds Industrial stocks Corporate (Moody's) 5 Earn- U. S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade) 4 Total se O ri l e d s2 se N r e ie w s3 Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c fe P rr re e - d6 m Co o m n7 - C m o o m n8 - Number of issues. . . 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1951 average 2.57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 '"3!i6*' 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—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 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 10.45 August 3.00 3.22 2.88 3.51 3.24 3.39 3.56 3.85 3.37 3.61 3.54 4.29 5.79 September... 2.97 3.19 2.88 3.54 3.29 3.43 3.56 3.88 3.40 3.65 3.58 4.30 5.76 October 2.83 3.06 2.72 3.45 3.16 3.33 3.47 3.82 3.33 3.56 3.46 4.19 5.60 10.76 November.. . 2.85 3.04 2.62 3.38 3.11 3.26 3.40 3.75 3.27 3.51 3.38 4.15 5.53 December. . . 2.79 2.96 2.59 3.39 3.13 3.28 3.40 3.74 3.28 3.52 3.37 4.21 5.54 10^49 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 9.66" April 2.47 2.70 2.47 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.13 4.02 4.86 May 2.52 2.72 2.49 3.13 2.88 3.03 3.15 3.47 3.06 3.21 3.13 4.03 4.81 June 2.54 2.70 2.48 3.16 2.90 3.06 3.18 3.49 3.10 3.23 3.15 4.05 4.74 Week ending: June 5 2.58 2.74 2.54 3.16 2.91 3.07 3.17 3.49 3.10 3.23 3.15 4.03 4.83 June 12 2.56 2.70 2.54 3.16 2.91 3.06 3.17 3.50 3.10 3.24 3.15 4.05 4.93 June 19 2.53 2.68 2.52 3.15 2.90 3.05 3.18 3.49 3.10 3.23 3.14 4.05 4.82 June 26 2.51 2.68 2.42 3.15 2.90 3.05 3.17 3.49 3.09 3.23 3.14 4.05 4.74 July 3 2.51 2.67 2.38 3.16 2.90 3.05 3.18 3.49 3.10 3.23 3.14 4.07 4.67 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2Fully taxable, marketable 2)4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1,, 1952,, ooyn lyb obnodnsd sd udeu eo ro r fsirt sct acaalblaeb lae taef ter 1y5e ay earse ew ere linucdlduded. 33TThhe 33%% per cent bbodn ds of f1 19977888-833 , idis sueMd Ma1y 119, 5139 53. 4S4Stdadndard and Poor's Coorrppoorraattiioonn.. 5Mooodyys's Innvveessttoorrss SSeerrvviiccee,, wweeeekk eennddinigg FFirdidaayy.. Beeccaauussee oo f aa llmimititeedd nnuumbeb er oo fs uitiatbblle isisues, the industrial Aaa and Aa groups have been redddu cedf from1 01 t0 to6 i6 issues, adn dth the iralidlr oaAd Aaad a nAd Aa groufp s fro1m0 t1 05 t o 5d a4nd 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. 7 Moody's Investors Service. 8Computed by Federal Reserve from data published by Moody's Investors Service. Back figures.^See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. JULY 1954 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of dailystatements of Uniter States Treasury unless otherwise noted. In lTrillions of dollars Summary Increase or Budget receipts and Excess of receipts decrease ( —) General fund of the Treasur\ expenditures or expencitures (—) during perioc (end o' period) Period Deposits in Sales and Balrec N e e i t pts 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 n d - e s t r t s r o e in o b d a f l e g i m m g e G a a n p o t r c i t k v o y io e t n . t n s s C co i a l n e u c g a - n r t - p d G d u i r e r b o e b l c s i t s c t G ba f e u l n a n e n d r c a e l f a g e u n e i r n n a c n d l e - A a F v b . a l i e R l- . B In c e a o s n s p l k l r e s o o c f c - - 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 funds tion Cal. vr.—1950 37,834 138,255 i —422 i -38 349 87 —423 —447 4,232 690 129 2,344 1,069 1951 53,488 56,846 -3,358 759 56 -106 2,711 62 4 295 321 146 2,693 1,134 1952 . . 65,523 71 366 —5,842 49 -90 -319 7 973 1 770 6 064 389 176 4,368 1,132 1953 64,469 73,626 -9,157 82 19 -209 7,777 -1,488 4,577 346 131 3,358 742 Fiscal yr.—1951. . . 48,143 144,633 13,510 1295 384 -214 -2,135 1, 339 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 1954. . . n.a. n.a. n.a. n.a. n.a. n.a. 5,189 2,096 6,766 875 274 4,836 781 Semiannual totals: 1951—Jan.-June. 29,679 25,570 4,109 468 -8 40 -1,486 3, 124 7,357 338 250 5,680 1,089 July-Dec. 23,809 31,276 -7,467 291 64 -146 4,197 -3,062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 3,451 -72 _ 136 -255 -313 2, 574 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, 594 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 1954—Jan.-June. n.a. n.a. n.a. n.a. n.a. n.a. -3,909 2, 190 6,766 875 274 4,836 781 Monthly: 1953—June 9,744 7,988 1,756 65 32 -373 -449 1, 332 4,670 132 210 3,071 1,256 July 3,308 6,068 -2,759 -260 26 466 6,598 4, 371 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 — 134(S 4,577 346 131 3,358 742 1954—Jan 24,471 25,071 -600 -144 -28 559 -320 -533 4,044 404 363 2,406 871 Feb.3 5,444 4,707 737 527 -117 -135 -67 944 4,988 548 167 3,458 816 Mar 11 434 5 555 5 879 253 —60 — 160 —4,546 •i 366 6 355 722 462 4 379 792 Apr 2',751 5^296 -2',545 -375 -53 593 811 567 4]787 579 180 3^273 756 May 3,592 5,203 -1,611 271 123 -511 2,428 700 5,487 422 146 4.095 824 June n.a. n..a n.a. n.a. n.a. n.a. -2,215 1,280 6,766 875 274 4,836 781 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 M a t s a n s i i r c l s y i e t - - n t I i e n o n o c t m a n e o - a r - ic - l A E C t m n o o e m i m s r - i g - c y I d n e o e t s n e b t r t - A e i t d V s i r m o t a e r n n t a i - s n s - - g c S p u r o s a r r c e o m i i - t a - y s l 6 t A c u g u re r l- i 7 - H n h a a i o o f n n n i m u g - d c s e e - P w u o b r l k i s c o P d f i f c o e ic i f s t - e t T c t o f r r a e t a u u o c r n n s - s t s ts - Other abroad aid6 sion 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—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 4377 3,465 484 141 231 1,294 371 108 — 137 —32 140 57 209 1954—Jan 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 '194 P183 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 164 350 375 P120 P468 — 195 P116 P8 P206 May 5,203 P3,565 P2,884 331 P126 169 249 346 P124 P694 -14 P109 P123 P Preliminary. n.a. Not available. r Revised. 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. 3Beginning February, figures are on basis of revised Treasury monthly statement and not necessarily comparable with back data. 4Includes the following not shown separately: Maritime activities, special defense production expansion programs, Economic Stabilization Agency, and Federal Civil Defense Administration. 5Consists 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 and United States Information Agency 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. 746 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Cofi//««*</ [On basis of daily statements of United States Treasury, unless otherwise noted. In millions o dollars] Treasury receipts Budget receipts, by principal sources Internal revenue collections (on basis of Internal Revenue Service) Income Deduct and old-age Mis- Taxes Individual in- Period insurance taxes cella- on come and old- Corpo- W he it l h d - Other t n e r e i e r n o n v - u a - s l c a p a n l e o r d m r y i e e - o r r n s s O ce r t i e h p - e ts r b c T u e r o d i e p t g - a t e s l t A to t p p i r o p o i n a l r d s o - - - fu R o n e f d - s b c u N e r d i e e p g - t t e s t age i t n ax su e r s ance r c a a o i t n n m io d - e n t a g E a n i s t f d e - t e b m y - Indi- Corpo- enue o m f o 8 r e or t a ru g s e t ce r i e p - ts With- Other p t r a o x f e it s s taxes ployers vidual ration fund held Cal. yr.—1950 13,775 17,361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 1951 19,392 26,876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16,565 801 1952 23,658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11,980 22,140 849 1953. 26,323 30,524 11,211 896 2,570 71,524 3,918 3,137 64,469 26,162 11,401 19,195 923 Fiscal yr.—1950 . . , 12,180 18,189 8,303 776 1,862 41,311 2,106 2,160 37,045 11,762 7,264 10,854 706 1951 16,654 24,218 9,423 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14,388 730 1952 , 21,889 33,026 9,726 994 2,364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 1953 25,058 33,101 10,870 902 2,525 72,455 4,086 3,151 65,218 24,750 11,604 21,595 891 Semiannual totals: 1950—July-Dec... 7,209 6,841 4,779 317 1,039 20,185 1,411 311 18,464 6,858 1,881 4,971 303 1951—Jan.-June.. . 9,445 17,376 4,644 494 1,223 33,184 1,709 1,796 29,679 9,043 8,027 9,416 427 July-Dec. .. 9,947 9,499 4,748 449 1,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 1952—Jan.-June.. . 11,942 23,526 4,978 545 1,251 42,242 1,922 2,000 38,320 11,515 9,210 14,318 459 July-Dec. . . 11,716 10,647 5,438 357 1,388 29,546 1,891 451 27,204 11,574 2,770 7,821 390 1953—Jan.-June... 13,342 22,454 5,432 545 1,137 42,910 2,195 2,700 38,014 13,176 8,834 13,773 502 July-Dec. .. 12,981 2,799 5,272 5,779 352 1,433 28,614 1,723 437 26,454 12,986 2,567 5,422 422 Monthly: 1953—May 3,399 490 922 109 220 5,'140 516 244 4,380 4,520 151 359 62 June 2,138 6,986 939 54 206 10,323 420 159 9,744 527 1,437 5,683 60 July 1,252 474 651 937 19 286 3,619 206 105 3,308 1,792 324 651 83 Aug 3,500 79 326 955 106 187 5,153 519 65 4,568 4,434 91 326 60 Sept 1,837 1,689 1,636 981 55 203 6,402 299 63 6,041 313 1,631 1,767 64 Oct 1,138 159 385 1,019 16 176 2,894 160 75 2,659 1,934 79 478 96 Nov 3,416 89 336 968 107 229 5,144 388 60 4,695 4,398 77 318 56 Dec 1,838 309 1.938 919 48 351 5,403 151 69 5,183 115 364 1,882 63 1954—Jan 904 2,122 490 749 21 332 4,619 84 64 14,471 1,115 2,372 445 65 Feb.2 3,664 1,044 396 860 304 199 6,468 598 306 35,444 n.a. n.a. n.a. 86 Mar 2 ,002 2,454 7,353 954 56 193 13,013 589 940 11,434 119 Apr 1 ,387 808 645 860 26 231 3.956 278 906 2.751 96 May 3,360 140 358 877 88 214 5,037 759 616 3,592 73 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 r f e a t c a t i u le re rs r ' s' Other Re- Invest- Expendi- I m n e v n e t s s t 8 - Others excise ceipts ments tures Cal. yr.—1950 .... 8,150 2,419 1,348 2,519 1,864 -38 6,543 56 6,214 -22 -333 1951 8,682 2,460 1,446 2,790 1,987 759 7,906 3,155 4,507 271 786 1952 9,558 2,727 1,662 3,054 2,115 49 8,315 3,504 4,942 329 508 1953 9,714 2,819 1,614 3,262 2.020 82 8,123 2,387 5,811 153 310 Fiscal yr.—1950. . . . 7,599 2,219 1,328 2,245 1,806 121 6,266 -402 6,484 -62 1951 8,704 2,547 1,380 2,841 1,936 295 7,251 3,360 3,752 196' 353 1952 8,971 2,549 1,565 2,824 2,032 219 8,210 3,361 4,885 275 530 1953.... 9,946 2,781 1,655 3,359 2,152 462 8,531 3,059 5,257 242 489 Semiannual totals: 1950—July-Dec... 4,462 1,391 683 1,394 994 -173 3,312 1,557 1,644 -22 -307 1951—Jan.-June.. 4,241 1,156 697 1,446 942 468 3,939 1,803 2,108 219 660 July-Dec... 4,440 1,304 748 1,343 1,045 291 3,967 1,352 2,398 52 126 1952—Jan.-June.. 4,531 1,245 817 1,481 988 -72 4,242 2,009 2,486 223 404 July-Dec... 5,027 1,482 845 1,573 1,127 121 4,073 1,495 2,456 106 105 1953—Jan.-June. . 4,919 1,299 810 1,786 1,025 341 4,458 1,564 2,802 136 385 July-Dec... 4,795 1,521 804 1,476 995 -259 3,665 823 3,009 17 -74 Monthly: 1953—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 M72 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 47 7 223 130 50 74 -375 436 25 665 18 -102 May 1,343 222 130 727 263 271 1,212 330 630 61 80 n.a. Not available. :Not adjusted for Treasury's revised treatment of carriers' taxes. 2Beginning February, on basis of revised Treasury monthly statement and not comparable with back data. 3Carriers' taxes deducted. 4Beginning March, income and profits taxes announced in the Treasury's Monthly Statement. 5Reporting of some excises changed to quarterly basis. cExcess 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). JULY 1954 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollar;' Cash operating income,other than debt Net Budget Plus: Trust receipts acct. receipts Period Total Less: net Non- Total receipts cash1 Cal. yr.—1950. 37,834 171 7,001 1951 53,488 222 8,582 1952. . 65,523 184 8,707 1953 64,469 275 8,596 Fiscal yr.—1951 48,143 256 7,796 1952 62,129 138 8,807 1953 65,218 210 8,932 19543 . . . n.a. n.a. n.a. Semiannual totals: 1950—July-Dec.. . 18,464 91 3,562 1951—Jan.-June. . 29,679 164 4,234 July-Dec.. . 23,809 58 4,349 1952—Jan.-June.. 38,320 77 4,458 July-Dec.. . 27,204 107 4,248 1953—Jan.-June. . 38,014 104 4,683 July-Dec.. . 26,454 171 3,913 Monthly: 1953—June 9,744 49 1,338 July. 3,308 31 429 Aug.. 4,568 3 1,158 Sept. 6,041 43 482 Oct... 2,659 10 378 Nov 4,695 4 839 Dec. 5,183 80 627 1954—Jan... 74,471 51 237 Feb.8 5,444 n.a. 993 Mar 11,434 n.a. 824 Apr 2,751 n.a. 479 T^PV 3,592 n.a. 1,230 June n.a. n.a. n.a. 111 Cash operating outgo, other than debt Net Budget expenditures Plus: Tr. acct. Plus: cash Equals: expenditures Equals: operat- Cash Less: Noncash Exch. Cash ing ino in p c i e n o r g m at e - Total A p a u l c s b c r t li o u c - 3 t I G r n a o t n r v s a t . - . 4 Total c L N a e o s s h n s : - s F S l t u t i i a z o n b a n d - 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- o c ( u o - o t m ) r g e o 2,211 42,451 38,255 503 2,307 6,923 65 —262 -87 41.969 482 2,508 59,338 56,846 567 2,625 4,397 90 -26 106 58,034 1,304 2.649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 -1,583 2,347 70,440 73,626 575 2,585 5,974 34 -82 209 76,529 -6,090 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 2,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 2,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 n.a. 71,781 n.a. 509 n.a. n.a. n.a. -109 n.a. 71,933 -152 1,033 20,900 19,063 281 L,O75 2,201 55 254 20,105 796 1,210 32,537 25,570 196 1,279 1,744 82 " -13' -40 25,700 6,839 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 996 29,199 35,515 277 1,129 3,332 36 -38 -40 37,326 -8,128 848 10,185 7,988 70 907 537 — 11 373 7,932 2,253 91 3,615 6,068 108 120 629 2 —466 6,001 -2,386 196 5,526 6,042 27 194 464 5 11 430 6,720 -1,193 107 6,373 6,119 21 108 451 41 11 — 117 6,294 78 78 2,950 5,477 _1 91 604 —3 —235 5,759 -2,809 133 5,396 5,423 40 133 636 3 376 6,258 -862 391 5,339 6,387 82 483 549 — 12 —60 —29 6,294 -956 7 55 4,602 75,O71 72 797 427 8 — 12 -559 4,749 -147 n.a. 6,530 4,707 16 n.a. 411 n.a. r135 5,302 1,228 n.a. 12,260 5,555 8 n.a. 601 n.a. —39 ••160 6,231 6,028 n.a. 3,036 5,296 19 n.a. 810 n.a. 13 '593 5,303 -2,267 n.a. 4,882 5,203 43 n.a. 568 n.a. —33 511 6,228 -1,347 n.a. 11,265 n.a. 76 n.a. n.a. n.a. n.a. 6,881 4,384 r Revised. n.a. Not available. 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by quasi Government corporations. 2Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 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 trust account expenditures (see footnote 5). 5Represents principally repayments of capital stock and paid-in surplus by quasi Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6Cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) 7Not adjusted for Treasury's revised treatment of carriers' taxes. 8 Beginning February 1954, on new reporting basis. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In- Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment ( —) ofborrowing to the public2 or de- Fe s d e e c r u a r l it a i g es e n o c f ies Net inv. Accruals to public1 b in o g rr , o o w r - Period crease in Fed. Direct Savings Postal d ( i g d r r . e o\ p b s t u si b n . a G n u te a e r d - a g N n u t o e a n e r - - d & 3 o s t v e r c t . . . f b a u g y n e d n s . T I b n r o t e . n a d o s n . s b a s i n a l d l v s . P F f a e o d y rm . t s s . e o i c f n . b r ( e o - p i r ) n r a o g y o w t f . - m & is k s c t u a o e b n s l v 3 e . . b p (i o r s i n s c u d e e s ) S n av o i t n es gs S s a i p v s e . s u c S i e y a 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 •} 2,540 591 66 4,601 54,829 5-344 248 -162 30 Fiscal yr.—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 19546 5,189 29 -250 2,101 524 94 2,248 2,483 -381 628 -239 -243 Semiannual totals: 1951—Jan.-June. . . -1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. . . 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec.. . . 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 1953—Jan.-June. . . -1,320 -2 -69 1,700 308 34 -3,433 «-2,028 518 -1,335 -68 -20 July-Dec.. . . 9,097 24 66 840 283 32 8,034 6,857 -362 1,583 -94 50 1954—Jan.-June 6. . -3,909 6 n.a. n.a. 241 63 n.a. n.a. -19 -955 -145 n.a. Monthly: 1953—June -449 33 735 71 -1 -1,222 -862 -98 -341 -11 90 July.. 6,598 ii 15 61 6109 — 1 6,456 6,333 7 —122 252 -7 Aug 536 1 395 628 — 12 127 — 72 7 _5i 271 — 17 —4 Sept -269 75 71 22 -12 -274 -931 -90 662 -16 101 Oct. .. 449 2 — 72 — 76 — 1 457 —51 —36 618 — 7 -67 Nov 1,822 8 108 240 ii' — 1 1,659 1,647 —22 -53 -36 123 Dec -40 2 -61 150 83 59 -391 -70 -41 -167 -18 -95 1954—Tan -320 -1 -27 -46 73 11 -386 -178 -92 -73 -12 -31 Feb.e -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 2 141 5 — 152 —22 71 June -2,215 1 815 76 -1 -3,104 -2^779 -57 -267 -16 15 n.a. Not available. 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2 Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 3Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6Excludes exchanges of savings bonds into marketable bonds. 6Beginning February, on new reporting basis and not fully comparable with back data. This table is based on Treasury daily statement which differs from monthly budget statement. 7 See footnote 2 at bottom of following page. 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY GASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D x d i e i r v s e i c o d t n - t c a D o x i r e r p s e o c o r t - n E m a x n i c s d i c s . e i c n S e s o i . p ci r t a s e l 2 - O c i t a n h s - e h r R D o e e f f d u r u n e c d - t s : Total n M a p tl a r . o j s o - e r c. e I d s n e t t b e o t r 5 n - e V p r r a e o n t - - s se S c p o u r c o r i - a it l y Other uals1 ations1 taxes come3 ceipts grams4 grams6 grams7 Cal. yr.—1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 18,347 4,072 8,864 4,400 6,286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 71,396 32,728 22 140 9 567 6,589 2 823 2 451 72 980 51,195 4 230 5 209 5 617 6,729 1953 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 52,753 4,589 4,885 6,648 7,654 Fiscal yr.—1951 53,439 24,095 14,388 8,693 5,839 2,531 2,107 45,804 26,038 4,052 5,980 4,458 5,276 1952 68 093 30 713 21 467 8 893 6 521 2 801 2 302 67 956 46,396 4,059 5,826 5 206 6,469 1953 71,344 33,370 21,595 9,978 6,858 2,694 3,151 76,561 52,843 4,658 4,920 6,124 8,016 19548 71,781 33,514 21,650 9,694 P7,196 P3.147 3,419 71,933 n.a. 4,633 4,947 n.a. n.a. Semiannual totals: 1950—July-Dec 20,900 7,971 4,971 4,476 2,611 1,182 311 20,105 9,905 1,997 2,977 2,007 3,219 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 1,383 2,000 35,622 25,250 1,984 2,709 2,741 2,938 July-Dec 30,104 13,041 7,821 5,048 3,202 1,443 451 37,357 25,944 2,246 2,500 2,876 3,791 1953—Jan.-June 41,241 20,329 13,773 4,931 3,656 1,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 July-Dec 29,199 14,478 5,272 5,357 3,037 1,492 437 37,326 25,854 2,176 2,465 3,401 3,430 Monthly: 1953—June 10,185 3,081 5,683 879 528 173 159 7,932 4,817 1,045 401 543 1,126 July 3,615 1,603 651 854 333 278 105 6,001 4,647 128 428 586 212 Aug 5,526 3 119 326 894 991 260 65 6,720 4,184 178 386 522 1,450 Sept 6,373 3,292 1,636 917 399 192 63 6,294 4,404 525 378 509 478 Oct. 2 950 1 233 385 923 266 218 75 5,759 4,268 322 456 625 88 Nov 5,396 3,172 336 912 791 245 60 6,258 4,034 122 393 572 1,137 Dec 5,339 2,059 1,938 856 256 299 69 6,294 4,318 901 423 586 66 1954—Jan 4,602 3,008 490 683 170 315 64 4,749 P3,670 170 393 697 p-181 Feb 8 6,530 4,355 469 741 1,093 177 306 5,302 P3,810 352 411 P674 P55 Mar. . . 12,260 4,328 7 097 789 P718 940 6^231 P3,878 563 428 P729 P634 Apr 3,036 1,791 763 735 P378 P277 907 5 303 P3 862 299 414 P718 May 4,882 2,875 397 787 PI.188 P251 616 6,228 P3.533 196 392 P692 P1,415 June 11,265 2,859 6,903 797 P616 P240 150 6,881 n.a. 877 444 n.a. n.a. P Preliminary. n.a. Not available. '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. 2 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3Represents mostly nontax receipts. 4Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 5Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 6Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance and Government employees and Railroad retirement funds. 8Beginning February 1954, on new reporting basis. UNITED STATES SAVINGS BONDS AND NOTES—SALES, REDEMPTIONS, AND AMOUNT OUTSTANDING [In millions of dollars] Savings bonds Tax and savings notes Year or All series Series A-E and H Series F, G, J and K month Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Redemp- Outstand- Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of Sales tions and ing (end of maturities period) maturities period) maturities period) maturities period) 1943 13,729 1,576 27,363 10,344 1,452 19,573 3,385 124 7,790 8,055 5,853 8,586 1944 16,044 3,321 40,361 12,380 3 ,063 29,153 3 ,664 258 11,208 8,533 7 ,276 9,843 1945 12,937 5,503 48,183 9,822 5,135 34,204 3 115 368 13,979 5 504 7 111 8,235 1946 7,427 6,278 49,776 4,466 5,667 33,410 2,962 611 16,366 2,789 5,300 5,725 1947 6,694 4 ,915 52,053 4,085 4,207 33,739 2 ,609 708 18,314 2 ,925 3 ,266 5,384 1948 7,295 4,858 55,051 4,224 4,029 34,438 3^071 829 20^613 3,032 3 ,843 4,572 1949 5 833 4 751 56 707 4,208 3,948 35,206 1,626 803 21,501 5 ,971 2,934 7 610 1950 6,074 5,343 58,019 3,668 4,455 34,930 2,406 888 23,089 3,613 2,583 8,640 1951 3,961 5,093 57,587 3,190 4,022 34,728 770 1,071 22,859 5,823 6,929 7,534 1952 4,161 4,530 57,940 3,575 3,622 35,324 586 908 22 ,616 3 726 5 ,491 5,770 1953 4,800 5,661 57,710 4,368 3,625 36,663 432 2,035 21,047 5^730 5,475 6,026 1953—May.. 371 io06 57,920 340 300 35,939 31 i606 21,981 1,714 1,719 4,793 June. . 370 H85 57,886 340 308 36,048 30 1178 21,837 1,068 1,408 4,453 July. . 402 2524 57,871 370 2343 36,168 33 182 21,703 472 219 4,706 Aug... 371 421 57,851 346 280 36,264 25 141 21,587 479 208 4,977 Sept.. 368 457 57,795 343 331 36,311 25 125 21,484 952 290 5,639 Oct.. . 384 419 57,775 357 289 36,391 27 129 21,385 687 68 6,258 Nov. . 369 390 57,806 339 270 36,509 29 120 21,297 2 55 6,204 Dec.. . 423 3590 357,710 381 309 36,663 42 3281 321,047 178 6,026 1954—Jan.. . 561 652 57,736 485 330 36,887 77 322 20,848 70 5,956 Feb.. . 515 496 57,797 422 308 37,029 93 188 20,769 68 5,887 Mar. . 602 525 57,902 474 347 37,175 128 179 20,728 306 5,581 Apr.. . 511 479 57.967 390 P310 37,279 122 P169 20,687 81 5,500 May.. 464 459 58,025 354 P289 37,393 110 P169 20,633 156 5,344 P Preliminary. figures for May include 390 million dollars and those for June include 18 million of reported exchanges of F and G bonds maturing in 1953, for marketable bonds of June 1978-83. An additional 8 million dollars of exchanges represented accrued discount of F bonds and is not included above. 2Due to a change in Treasury processing, a large amount of redemptions of E bonds in July was not broken down as to issue price and accrued discount. Hence, the redemptions figure shown includes some accrued discount. This situation is being reversed in subsequent months. 3Figures include as maturities 126 million dollars of unredeemed Series 1953 F and G bonds. In accordance with Treasury practice all unredeemed bonds of this series were carried as outstanding interest-bearing debt until the entire series matured. NOTE.—Sales, redemptions, and maturities of bonds are shown at issue price; amount outstanding at current redemption value. Maturities of notes and series A-D, and F and G bonds are included as of maturity date (end-of-calendar year) and only interest-bearing debt is included in amount outstanding. JULY 1954 749 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 T d g i e r o r o b e t s a t c s l 2 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 B k - ond B s r a e n - k b v C i o b e o n r l n e d t- - s Totals b S i o n a n g v d s - s s i T a n a n a g v d x s - S is p s e u c e ia s l ble4 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—June 266,123 266,071 223,408 147,335 19,707 15,854 30,425 64,104 17,245 12,340 63,733 57,886 4,453 40,538 July 272,732 272,669 230,009 153,757 20,207 21,756 30,455 64,096 17,243 12,310 63,942 57,871 4,706 40,594 Aug 273,269 273,206 230,157 153,694 20,208 21,655 30,492 64,099 17,240 12,273 64,190 57,851 4,977 40,988 Sept 273,001 272,937 229,785 152,804 19,508 26,369 33,578 59,944 13,406 12,168 64,814 57,795 5,639 40,958 Oct 273,452 273,386 230,403 152,977 19,509 26,385 33,736 59,942 13,404 12,025 65,402 57,775 6,258 40,888 Nov 275,282 275,209 232,115 154,726 19,509 26,386 33,249 62,181 13,402 12,012 65,377 57,806 6,204 41,013 Dec 275,244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6,026 41,197 1954—Jan 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 June 271,341 271,260 226,681 150,354 19,515 18,405 31,960 71,802 8,672 11,861 64,465 58,061 5,079 42,229 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 551 million dollars on June 30, 1954) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3 Includes amount held by Government agencies and trust funds, which aggregated 7,182 million dollars on May 31, 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 Held by Held by the public gross U. S. Government End of month i > n a s ( g e i d n n c e t g c e u b l u e r u t i a d - d r- - S is p a s t e r g u c u e e i s a n s t l c i f e u s n P i a s d u s n s b u d 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r m c k i s a - 2 l M s b a a v u n i t n u k g a s s l p I c n a o s n m u ie r - - s r c O a o t t r i h p o e o n r - s g m S o l a o v t e n c a e n d a t r t e l n s - S b a o v I n i n n d d g s i s vi s d e u O c a u t l h s ri e ti r es l M a i t n n o i v s e r e c o s e s 3 u - l s ties) 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 * 500 2,800 7,800 700 1941—Dec 64,262 6,982 2.558 54,722 2,254 21,400 3,700 8.200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3.218 100,221 6,189 41,100 4,500 11,300 10,100 1 ,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—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—Tune 252,798 32,776 5,512 214.510 19,343 63,000 11,600 20,500 15,600 8,000 48,800 18,000 9,600 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 2^7,377 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 20,500 9,600 49,100 15,700 10,600 1952—June 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—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 60,800 9,200 15,600 20,000 12,700 49,400 16,300 13,500 Apr 271,127 41,049 7,151 222,927 24,632 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Not available. 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 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. 750 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 June 30, 1954 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. Aug. 15, 1<>54 2%. 2,788 Dec. 15,1954 . . .2 8,662 Dec. 15, 1963-68. ..2" 2,826 Tuly 1, 1^54 1.501 Sept. 15, 1954 2% 4,724 Dec. 15, 1954-55. . . .2 510 June 15, 1964-69...2 3,754 July 8, 1954 1,500 Feb. 15. 1955 1 % 7.007 Mar. 15, 1955-602 .2% 2,611 Dec. 15, 1964-69. ..2 3,831 July 15, 1954 1,501 May 17, 1955 \Y% 3,886 Mar. 15, 1956-58. 2SS 1,449 Mar. 15, 1965-70. ..2 4,719 Tuly 22, 1954 1,501 Sept. 15, 1956-592 982 Mar. 15, 1966-71 3.. 2 2,961 July 29, 1954 1,503 Treasury notet, Sept. 15, 1956-59. 3,822 June 15, 1967-72 3.. 2 1,888 Dec. 15, 1954 \% 8,175 Mar. 15, 1957-59. •M 927 Sept. 15, 1967-72. . .2 2,716 Aug. 5, 1954 1 ,502 Mar. 15, 1955 1^2 5,365 June 15,1958 4,245 Dec. 15, 1967-72 3.. 2 3,823 Aug. 12, 1954 1.501 Dec. 15, 1955 1% 6.854 June 15, 1958-632 919 June 15, 1978-83...3} 1,606 Aug. 19, 1954 1,501 Apr. 1, 1956 \Vi 1 007 Dec. 15,1958 2,368 Aug. 26, 1954 1 ,503 Oct. 1, 1956 \Vi 550 Tune 15,1959-62...2\ 5,277 Postal Savings Mar. 15, 1957 2% 2,997 Dec. 15,1959-62. • 2M 3,465 bonds 2 3^ 46 Sept. 2, 1954 1,501 Apr. 1, 1957 1H 531 Dec. 15,1960-652 .2% 1,485 Panama Canal Loan. .3 50 S S e e p p t t . . 1 9 6 , , 1 1 9 95 5 4 4 1 1 , . 5 5 0 0 0 1 O A c p t r . . 1 1 , , 1 1 9 9 5 5 8 7 \ \ % y2 3 82 8 4 3 S N e o p v t. . . 1 1 5 5 , ,1 1 9 96 6 1 1 2% 1 2 1 , , 2 1 3 7 9 7 Sept. 23, 1954 1,501 Oct. I, 1958 \V2 121 June 15, 1962-67. 2,116 Convertible bonds Feb. 15, 1959 \Y% 5,102 Investment Series B Apr. 1, 1959 \V2 50 Apr. 1. 1975-80. . .2% 11,861 lSold on discount basis. See table on Open Marker Money Rates, p. 745 2Partially tax-exempt. 3Restricted. 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- [nsurance 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 - s tu 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 trust Banks banks trust Banks banks funds Life Other funds Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1951—Dec 154,745 6,251 23 80154,302 9,12310,289 4,301 46,679 Series B): 1952—June 153,502 6,467 22 90654,038 8,843 9,613 4,246 47,391 1951—Dec 12,060 2,905 1,214 172 1,246 2,923 318 3,281 Dec 161,081 6,613 24,69755,828 8,740 9,514 4,711 50,979 1952—June 13,095 3,437 714 191 1,356 3,172 362 3,864 1953—June 159,675 6,899 24,74651,365 8,816 9,347 4,808 53,694 Dec 12,500 3,438 185 1,352 3,179 360 3,987 Dec 166,619 6,989 2591655,933 8,524 9,120 4,905 55,233 1953—Juno 12 340 3 439 182 1,314 3,133 353 3,919^ Dec...... 11,989 3,439 168 1,264 2 328 3,854 1954—Mar 162,013 7,076 24 63253,327 8 481 8 983 4,866 54 648 Apr 163014 7,024 24 63254,921 8441 8 947 4 858 54 191 1954 -Mar 11,932 3,439 167 1,270 2,907 320 3,82&« Treasury bills: Apr 11,910 3,439 166 1,271 2,909 320 3,806 1951—Dec 18 102 50 596 6,773 71 428 104 10080 Marketable secu- 1952—June 17219 41 381 5,828 103 504 92 10268 rities, maturing: Dec 21 713 86 1341 7,047 137 464 119 12518 Within 1 year: 1953—June 19707 106 1455 4,411 120 327 132 13 155 1951—Dec 48,204 112 13,43714,081 182 648 576 IS,167 Dec 19511 102 2 993 4,368 126 410 109 11402 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— Mar 21013 8Q 1911 3,858 154 476 142 14383 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 Apr 22 014 88 1911 5,024 144 545 136 14166 Dec 73,235 175 16,97225,062 475 468 1,061 29,023 Certificates: 1951—Dec 29078 49 12793 6,773 41 217 445 8 761 1954-Mar '65,020 165 '15,875'18,793 '409 '501 '938 '28,338 1952—June 28423 60 11821 6,877 120 76 378 9092 Apr 66,020 166 15,87520,186 402 566 913 27,913 Dec 16712 27 5061 4,791 37 56 317 6424 1-5 years: 1953—June.... 15,854 30 4 996 4,351 87 27 310 6052 1951—Dec 44,40! 45 6,68827,991 419 132 992 8,133 Dec 26386 63 5 967 9,215 184 37 445 10475 1952—June 44,945 46 7,188 27,858 370 63 996 8,424 Dec 37,713 31 7,14622,381 259 48 910 6,938 1954—Mar 19377 63 6051 5,425 137 6 315 7380 1953—June 32,330 152 6,45218,344 464 109 914 5,895 Apr 19377 58 6051 5,738 138 7 305 7081 Dec 29,367 192 6,155 16,056 431 123 980 5,430 Treasury notes: 1951—Dec. . 18409i 3 506810,465 67 1 315 2489 1954-Mar -22,793 171 '6,307'11,366 '367 '112 '739 '3,732 1952-June.. . IS 963 2 556810,431 42 327 2587 Apr 22,814 169 6,30711,226 367 98 725 3,923 Dee... •0 266 16 1377410,955 49 8 486 4 978 5-10 years: 1953—June.... 60 425 23 1377410,355 62 5 529 5 678 1951-Dec 8,914 152 34 6,881 73 118 201 1,454 Dec 31406 8 1328911,510 130 52 605 5 814 1952—June 15,122 387 693 7,740 1357 497 765 3,684 Dec 22,834 546 1,387 11,058 1775 885 1,348 5,835 1954—Mar ?6 787 8 13029 8,458 104 54 499 4 635 1953—June 18,677 422 1,374 8,772 1395 745 1,104 4,865 Apr 26 809 15 13029 8,202 104 42 481 4 935 Dec 20,292 418 1,374 10,051 1315 725 1,198 5,211 Marketable bonds:1 1951—Dec 77097 3,243 4 13030,119 7 697 6720 3 120 22068 1954-Mar 30,541 534 1 03518,207 1453 707 1,528 7,077 1952—June... 75 802 2,928 4 42230,710 7221 5 855 3087 21580 Apr 30,542 509 M35 18,516 1433 615 1,551 6,882 Dec 79890 3,046 4,52232,849 7 165 5 807 3 429 23 072 After 10 years: 1953—June 81349 3,300 4 52232,066 7232 5 855 3 484 24 890 1951—Dec 41,168 3,036 2,428 5,177 7 202 6470 2,213 14,643 Dec 77327 3,377 3 66730,671 6 820 5 686 3 418 23 688 1952—June 34,698 2,496 2,109 5,544 5 537 5301 1,652 12,050 Dec 31,081 2,464 1,415 5,207 5091 4 870 1,361 10,673 1954-Mar 82904 3,477 3 64135419 6817 5 539 3 591 24421 1953—June 31,739 2,723 1,415 4,488 5 167 4 969 1,356 11,621 Apr 82 903 3,425 3,64135 790 6 785 5 444 3 616 24 203 Dec 31,736 2,765 1,415 4,595 5039 4 868 1,339 11,716 1954—Mar 31,728 2,766 1,415 4,795 4 983 4 756 1,341 11,672 Apr 31,727 2,741 1,415 4,826 4 968 4 760 1,349 11,668 'Revised. * 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 aie complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. 1 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. JULY 1954 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES x [Estimates, in millions of dollars] Gross proceeds, all issuers2 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 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G m U o e v .S n e . t r s n- ag F e e e r n a d c l - y4 S n m a p t i n a c a u d t i l - e - Other5 Total Total o B P f l o f i u c e n b r l d e y - d s p v P l a a r t c i e - e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total mo N n e e w y7 p l M p a c o o e u n u i s l s r e - e s - - - s m d b t R i e a o r e e b n e f n - t k - t , m s r t i e i t o r e c i e f e n u - s t etc. 8 1938 5,926 2.480 115 1.108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1.128 50 2.164 1,979 1,276 /03 98 87 420 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 762 569 19 174 1,854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1,040 868 28 144 1,583 1942 35.438 33.846 1 524 5 1,062 917 506 41' 112 34 647 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56.310 52,424 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945.. 54.712 47.353 506 795 47 6,011 4,855 3,851 1 ,104 758 397 1,347 1,080 133 134 4,555 1946 18.685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 3,889 3,279 231 379 2,868 1947 19,941 10.589 2,324 451 6,577 5,035 2,888 2,147 761 778 5,115 4,591 168 356 1,352 1948 20,250 10.327 2,690 156 7,078 5,973 2,963 3,010 492 614 6,651 5,929 234 488 307 1949 21,110 11 804 216 2,907 132 6,052 4,890 2.434 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9.687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1.271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,560 535 260 1953—May, 4,613 3,244 650 5 714 468 287 181 82 164 675 591 85 22 June 3,066 1,454 443 3 1,166 977 575 402 33 156 1,123 1,034 89 24 July. 1,928 884 522 2 520 407 106 301 31 82 483 459 24 27 Aug. 1,453 853 260 4 336 263 110 153 7 65 325 270 55 5 Sept. 2 ,599 1,320 476 36 768 676 449 226 44 48 753 691 62 4 Oct.. 2,291 1,070 76 483 60 603 375 153 222 18 210 577 550 28 12 Nov. 3,506 2,610 411 27 459 353 95 258 37 69 429 406 23 22 Dec . 2,736 423 777 57 1,478 1,385 1,057 327 43 51 1,438 1,413 25 26 1954—Jan.. 1 ,655 561 399 123 571 462 284 178 20 90 544 531 13 18 Feb.. 1,386 515 414 1 456 366 178 188 27 63 439 410 29 9 Mar. 1 .913 602 522 63 726 513 226 286 69 144 660 590 70 53 Apr.. 1 .954 511 726 647 428 216 212 108 110 496 480 15 139 May, 4,257 2,669 763 745 559 424 136 114 71 556 524 32 176 Proposed uses of net proceeds, by major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd ea l f in e a s n ta c t i e al month T c p e n o r e e o t d a t - s l i N c t a a e p l w - 9 m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d t a - s l i N c t a e a p w l - m R e e n ti t r s e 1 - C T c p n e o r e e o t d a t - s l N i c t a a e p l w - 9 m R e e n ti t r s e l - 0 T c p e n o r e e o t d t a - s l N i c t a a e p l w - 9 m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d t a - s l N i c t a a e p l w - 9 m R e e n ti t r s e 1 - 0 T c p n e o r e e o t d t a - s l 1948.. 2,180 2,126 54 403 382 748 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 1,026 149 538 474 609 196 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 2,128 542 502 553 2,972 2,905 67 874 871 1,561 1,536 24 1953—May 109 57 55 40 391 391 7 7 94 June 283 276 38 38 45 331 314 37 37 412 412 July 133 116 59 55 46 209 207 20 18 43 40 August 46 44 19 17 15 97 97 30 30 123 122 September. 132 131 19 18 32 242 241 89 88 243 242 October... 56 53 49 47 36 356 350 13 13 80 77 November. 99 93 25 25 32 245 229 5 5 45 45 December. 418 409 104 100 84 200 191 47 1954—January... 134 118 16 50 48 65 276 275 12 February.. 52 51 26 25 36 269 269 51 March.... 107 107 68 62 57 362 316 46 88 April.... 117 101 63 51 38 328 254 74 53 25 May 163 156 14 13 16 484 317 168 16 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3Includes issues guaranteed. 4 Issues not guaranteed. includes 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. 7 Includes proceeds for plant and equipment and working capital. 8Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. 9Includes all issues other than those for retirement of securities. "Retirement of securities only. Source.—Securities and Exchange Commission. 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1952 1953 1948 1949 1950 1951 1952 1953 Manufacturing Total (200 corps.): Sales 38,190 37,803 45,204 52,332 53,5 )2,485 12.54315,287 15,70916,51915,413 14,84514,140 Profits before taxes 5,390 5,122 7,993 8,668 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 good" industries (94 corps.):1 Sales 14,58813,90615,84718,558 18,81320,095 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 taxet 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 good? industries (106 corps.):2 Sales 23.60223,89729,357 33,774 34,99742,390 7,85110.32910,74511.45010,378 9,817 9,256 Profits before taxes 3,108 3,193 5,195 5,378 4,432 5,317 857 1,328 1,493 1,702 1 ,309 814 1,088 Profits after taxes 1,837 1, 2,544 2,00 = 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 46. 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 1,421 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 721 525 650 863 686 779 165 171 194 189 225 170 207 Profits after taxes 548 406 442 515 485 551 115 129 127 124 149 152 139 Dividends 17 172 205 231 252 257 60 69 65 61 61 70 66 Primary metals and products (39 corps.) Sales 9,066 8,18710,446 12,49' 11,55713,750 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 88 113 100 Machinery (27 corps.): Sales 4,56. 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 42 5 370 380 402 89 128 89 103 95 115 115 Dividends # 12 138 208 192 200 239 49 53 50 49 49 90 58 Automobiles and equipment (15 corps.): Sales 8,093 9,57711,805 12,496 12,82516,377 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 28: 451 671 479 462 463 114 117 117 114 114 117 114 Public Utility Railroad: Operating revenue 0.672 8,580 9,473 10,391 10,581 10,664 2.633 2.828 2,596 2 .732 2,755 2,582 2,275 Profits before taxes i ,146 700 1, 385 1,260 1,451 1,404 ••378 '497 336 397 399 272 156 Profits after taxes '698 438 ••784 693 '832 871 '219 '•304 186 231 234 219 88 Dividends 252 312 328 ••338 412 '118 97 73 79 162 96 Electric power: Operating revenue r 4,830 5,069 5,528 6,058 6,5491 7,113 1,565 1,727 1,850 1,725 1,716 1,821 1,954 Profits before taxesr 983 1,129 1,313 1,4821 l,740! 1,893 386 446 551 456 428 458 571 Profits after taxes r 657 757 822 814 947 1,046 210 253 294 249 235 268 324 Dividends 493 '560 619 r651 '725 771 181 193 182 189 194 206 212 Telephone: Operating revenue 2,694 2,967 3,342 3,729 4.136 4,525 1,037 1,084 1,092 1,126 1,129 1,178 1,174 Profits before taxes 292 333 580 691 787 925 182 206 223 234 220 248 242 Profits after taxes 186 207 331 341 384 452 88 104 109 114 107 122 116 Dividends 178 213 276 318 355 412 91 93 100 101 104 108 109 r Revised. i Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For deseription of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). JULY 1954 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES ] UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars] All types Bonds and notes Stocks q Y u e a a r r t e o r r P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d Y qu ea a r r t o er r i N ss e u w e? R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge i N ss e u w es R m e e t n ir t e s - ch N a e n t ge 1939 6.4 1.4 5.0 3.8 1.2 1945 6.457 r6,906 r_44Q 4.924 5,995 -1,071 1,533 '910 r623 1941 17 0 7 6 9 4 4 5 4 9 1943 24.6 14.1 10.5 4.5 6.0 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 1,286 1945 19.0 10.7 8.3 4.7 3.6 1947 6,882 2,523 4.359 5,015 2,011 3,004 1,867 512 ,355 1048 7,570 1,684 5,886 5,938 1,284 4,654 1,632 400 1,232 1946 22.6 9.1 13.4 5.8 7.7 1940 6,732 1,875 4.856 4,867 1,583 3,284 1,865 292 1,572 1947 29.5 11.3 18.2 6.5 11.7 1950 7,224 3,500 3,724 4,806 2,802 2,004 2,418 698 ,720 1948 32.8 12.5 20.3 7.2 13.0 1949 26.2 10.4 15.8 7.5 8.3 1951 9,048 2,772 6,277 5,683 2,107 3.577 3,365 665 5,701 1950 40.0 17.8 22.1 9.2 12 9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 >,987 1953 9.594 2,335 7,259 6,705 1,820 4,885 2,889 514 ',375 1951 41.2 22.5 18.7 9.1 9.6 1952 37.2 20.0 17.2 9.1 8.1 1053—1. . . 2,329 614 1 ,715 1,492 481 1 .012 836 133 703 1953 39.4 21.1 18.3 9.4 8.9 2. . 2,932 607 2,325 2 .006 458 1,638 836 148 687 3. 1 .867 530 1 .3^7 1.327 417 910 540 113 427 1953—1 42.4 22.7 19 7 9.1 10 6 4 . . 2,465 584 1 .882 1.789 464 1,325 676 119 557 2 41.9 22.5 19.5 9.3 10.2 3 .... 40.9 21 .9 10 0 9.5 9.5 1954—1 . . . 2,700 977 1,724 1.619 758 862 1,081 219 862 4. ... 32.5 17.4 15. 1 9.6 5.5 'Revised. 1954—1 34.5 n.a. n.a. 9.6 n.a. 1 Reflects cash transactions only. As compared with data shown on p. 752, new is'-iies exclude foreign and include investment company offerings, sales of securities n.a. Not available. 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- NOTE.—Revised data; revisions for 1929 and 1933 tirements include the same types of issues, and also securities retired with internal are shown on p. 000. funds or with proceeds of issues for that purpose shown on p. 752. Source—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS » [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e 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 S v e - . nt Not r e e s c e a i n v d a b a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 2 Other liabilities 1939 . . 24 5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 .0 21 9 1.2 6 9 1941 32.3 72.9 13.9 4.0 .6 27.4 25.6 L.4 40.7 8 25 6 7.1 7.2 1943 42.1 93 8 21.6 16.4 5 0 21.9 27.6 1.3 51.6 2 2 24 1 16 6 8 7 1945 51.6 97.4 21.7 21.1 2.7 23.2 26.3 IA 45.8 .9 24.8 10.4 9.7 1946 56.2 108.1 22.8 15.3 .7 30.0 37.6 7 51 9 .1 31.5 8.5 11.8 1947 62 1 123 6 25.0 14.1 38.3 44.6 1.6 61 5 37 6 10 7 13 2 1948 68 6 133 0 25 3 14.8 42.4 48.9 1.6 64 4 39 3 11.5 13 5 1949 72 4 133 1 26 5 16.8 43.0 45.3 [ 4 60 7 37 5 9 3 14 0 1950 81.6 161.5 28 1 19.7 1 .1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86 1 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 -187.4 31.0 20.2 2.8 -65.3 -65.8 2.4 -97.5 -2.3 59.4 18.2 17.6 92 7 -187 4 29 9 18.7 2.7 -66.1 -67.6 2 4 -94 7 r2 5 r57 7 16 1 18 4 3 93.3 -192.2 30.4 20.4 2.7 -67.5 -68.8 2.4 -98.9 -2.5 59.0 18.5 18.9 4 -92.4 -190.9 -31.1 -21 .4 2.6 -65.6 2.4 -98.5 -2.2 -58.8 -19.3 -18.2 1954—1 92.9 184.5 28.2 10 5 2.8 63.8 67.7 2.5 91.6 2.5 55.3 15.3 18.5 ^Revised. ! Excludes banks and insurance companies. ^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 * [Est;mates, in millions of dollars] Tran?- Manu- Transporta- factur- porta- Manu- tion Public Com- ing tion Public All Year Total factur- Min- Rail- other utili- muni- Other 2 Quarter Total and inch utili- other» ing ing roads than ties cations min- rail- ties rail ing roads 1939 5.512 1 .943 326 280 365 520 302 1,776 1952—3 6,242 2,936 624 963 1,719 1945 8.692 3,983 383 548 574 505 321 2,378 4... 7,206 3,490 728 1,150 1,839 J946 14,848 6,790 427 583 923 792 817 4,516 1953_1 6,339 2 972 650 925 1 792 H>47 .. . 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 1940 19.28.S 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 3,300 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 34 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 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 754 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 Yonfarm Farm Other 1- to 4-family houses Multi-familv and E o n r d q o u f a r y te e r ar h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - - s S F e a e l c g d e i e e e c n r h s t a e - o l d ld v e o i r I d s a t n h u n d e a d i r l - s s h A e o r l l s d l - Total t F u i i n c t n i i s a o a t l i n n - - s O h e o th r l s d e - r Total e t F u i i n c t n i i s o a a t l i n n - - s O h e o th r l s d e - r h e A o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r ^ 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 s 3 4 1947 48.9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 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 '21.9 84.0 58.7 47.0 11.7 25.3 17.0 8.3 '7.2 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 '21.9 84.0 58.7 47.0 11.7 25.3 17.0 8.3 '7.2 2.8 4.3 1953—March 93.4 68.6 2.6 22.2 86.0 60.3 48.4 11.9 25.7 17.3 8.4 7.3 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 5 September.... '98 6 73.0 2.8 '22.8 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. 'Revised. 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 BANKS * (In millions of dollars] Commercial bank holdings2 Mutual savings bank holdingsi Nonfarm Nonfarm End of year or quarter Residential3 Residential3 Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Othei 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 3,395 856 521 4,208 4,184 3,387 797 24 1946 7,234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1.015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1 1 9 9 5 5 1 0 1 14 3 , , 7 6 3 6 2 4 1 1 2 3 , , 6 7 9 2 5 8 1 1 0 1 , , 4 2 3 7 1 0 3,421 2,921 4.929 2 2 , , 2 4 6 5 4 8 1,0 9 0 6 4 8 8 9 , , 2 9 6 1 1 6 8 9 , , 2 8 1 6 8 9 8 7, , 0 5 5 9 4 5 2,567 1,726 4,303 1 1 , , 1 2 6 7 4 4 4 4 4 7 1952 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,327 9,883 3,168 2,237 4,477 1,444 53 1953 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 1952—June 15,176 14,113 11,602 3,441 2,952 5,209 2,512 1,063 10,554 10,506 9,145 2,898 1,917 4,330 1,361 48 September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,060 10,940 10,890 9,490 3,025 2,069 4,396 1,400 50 December. 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,327 9,883 3,168 2,237 4,477 1,444 53 1953—March 16,080 15,000 12,320 3,719 3,010 5,591 2,680 1,080 11,680 11,630 10,165 3,230 2,395 4,540 1,465 50 June 16,387 15,283 12,545 3,798 3,013 5,734 2,738 1,104 12,112 12,062 10,574 3,325 2,590 4,658 1,488 50 September 16,640 15,550 12,770 3,86i 3,040 5,870 2,780 1,090 12,500 12,450 10,930 3,405 2,785 4,740 1,520 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 cl,590 55 v Preliminary. cCorrected. 1 Includes all banks in the United States and possessions. 2Includes 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. * 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. JULY 1954 755 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 ur A e - 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 ,138 1950 r4,894 r4,532 '1,486 '938 '2,108 '362 16,102 14,775 4,573 2,026 8,176 ,327 1951 r5,134 r4,723 1,058 '2,371 19,314 17,787 5,257 3,131 9,399 ,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 ,705 1953 4,335 3,918 819 457 2,642 417 23,275 21,403 6,015 3,563 11,825 ,872 1953—May 344 308 62 30 216 36 22,055 20,277 5,854 3,390 11,033 ,778 June 359 330 67 34 229 29 22,221 20,425 5,884 3,396 11,145 1,796 July 405 371 71 36 264 34 22,429 20,614 5,905 3,412 11,297 815 August 305 279 62 32 185 26 22,552 20,722 5,924 3,430 11,368 ,830 September 313 289 57 40 192 24 22,698 20,860 5,943 3,448 11,469 ,838 October 338 309 60 42 207 29 22,842 20,993 5,963 3,473 11,557 ,849 November 352 327 60 56 211 25 23,017 21,161 5,983 3,511 11,667 ,856 December 478 433 66 81 286 45 23,275 21,403 6,015 3,563 11,825 ,872 318 282 51 57 174 36 23,435 21,538 6,027 3,599 11,912 ,897 February. . 319 277 44 46 187 42 23,570 21,660 6,037 3,626 11,997 ,910 March 419 372 68 77 227 47 23,769 21,845 6,066 3,683 12,096 ,924 April 443 403 47 86 270 40 24,005 22,060 6,081 3 746 12 233 945 May 342 318 48 85 185 24 24,174 22,212 6,088 3,804 12,320 1,962 r Revised. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE i\CTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)- Amount, by type of lender Average Y m e o ar n t o h r Total s N c t t i r o o e u n n w c - - H c p h o u a m r s - e e p O p o t u s h e r e s - r i Total' F su H in r A e - d - a g n V u te A a e r - - d ti C o v o n e n n al - - * m Y o o e n r a t r h N b u e m r - Total i a n S l s o g 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 ) - d nt 1940 1,200 399 426 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948... 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,812 1950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2.955 1,557 18,336 904 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 16,9081953 3,164 19,747 7,365 1,480 3,680 1,327 5,895 6,241 1953-May... 690 232 295 163 1953-May... 273 1,699 641 133 317 111 497 6,221 June. . 733 241 327 165 20,133 962 3,593 15,578 June .. 282 1,769 682 131 325 120 511 6,282 July... 758 237 355 166 July... 286 1,798 699 132 323 127 517 6,282 Aug... 707 218 340 149 Aug... 273 1,709 671 122 310 111 495 6,270 Sept... 684 208 328 148 21,145 1,015 3,745 16,385 Sept... 275 1,729 654 125 315 123 512 6,276 Oct.... 688 219 318 151 Oct.... 278 1,746 658 123 320 123 522 6,283 Nov... 586 190 265 131 Nov... 245 1,549 564 114 290 113 468 6,311 Dec.... 584 187 259 138 21,929 1,048 3,973 16,908 Dec... 255 1,622 569 126 291 128 508 6,372 1954-Jan.... 495 152 217 126 1954-Jan.... 218 1,372 467 108 263 85 449 6,292 Feb.... 539 176 220 143 Feb.... 229 1,425 517 105 274 85 444 6,223 Mar... 710 246 288 176 22,684 1,083 4,106 17,495 Mar... 281 1,784 666 124 335 103 556 6,339 Apr.. . 732 257 298 177 Apr. . . 280 1,793 669 130 333 112 550 6,411 May... 728 254 301 173 May... 278 1,805 675 124 330 118 558 6,484 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 2Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS-—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] fin billions of dollars] FHA-insured loans VA-guaranteed loans8 Home Home Governmentm Y o o e n r a t r h Total Total p e N r r m t e o i w o p e r s - tga i e p s g E r r t e t o i x i n s p e - g s - g m j t P a e y o r g c p r o e t e t - - s - 1 p l P m o e r i r a r m o e o t n n v y p - s e t - 2 - Total p e N r r m t e o i w o p es r - tga i e p s g E r r t t e o i x i n s p e - g s - r A a e a t l p n t i a e o d r i n r - 2 q y E u e n a a d r r t o o e f r r Total Tota u l nde F r H i w n A - ri - tten g V u A ar - - t C v io e o n n n a - - l sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1939 16.3 1.8 1.8 14.5 1941 1,152 1,152 728 183 14 228 1940 17.3 2.3 2 3 15.0 1942 . 1,121 1,121 766 208 21 126 1941 18.4 3.0 3.0 15.4 1943 934 934 553 210 85 86 1942 18.2 3.7 3.7 14.5 1944 877 877 484 224 56 114 1943 17.8 4.1 4.1 13.7 1945 857 665 257 217 20 171 192 1944 17.9 4.2 4.2 13.7 1946 3,058 756 120 302 13 321 2,302 1945 18.5 4.3 4.1 .2 14.2 1947 5,074 1,788 477 418 360 534 3,286 1946 23.1 6.1 3.7 2 A 17.0 1 1 1 1 1 1 9 9 9 9 9 9 5 4 4 5 5 5 1 8 9 2 0 3.. 5 5 6 5 7 6 , , , , , , 8 2 4 2 8 9 3 2 1 5 3 4 0 6 2 0 4 6 3 3 3 3 4 3 , , . , , , 3 8 8 1 2 3 4 8 2 1 4 2 1 2 3 6 3 0 1 1 1 1 1 , , , , 6 4 3 2 , 9 2 3 3 1 1 6 5 7 4 6 9 9 9 1,0 6 8 8 9 7 3 8 9 5 7 1 0 4 2 6 4 3 1 1 , , 1 0 6 2 5 3 2 5 0 5 2 8 1 7 9 9 2 4 1,3 6 5 6 8 7 3 1 9 9 0 4 4 4 4 4 7 8 3 3 2 3 1 1 , . , , , , 7 6 8 0 4 0 2 8 2 1 7 6 1 1 4 4 3 4 2 2 1 1 ' , , . . 6 8 0 8 7 6 2 6 4 9 5 4 7 5 3' 1 1 ' , , 0 2 6 9 8 1 0 4 2 9 4 2 2 0 9 6 6 3 6 5 1 1 1 1 1 1 9 9 9 9 9 9 5 5 4 5 4 4 2 1 7 0 8 9 P 3 4 3 5 5 2 5 8 7 1 8 3 . . . . . . 1 5 9 7 2 3 2 2 1 1 1 9 5 2 2 5 8 . . . . . . 3 4 9 5 9 0 1 3 5 6 8 9 0 . . . . . . 6 8 7 9 3 8 1 1 1 5 8 7 3 0 4 . . . . . . 5 1 2 2 3 6 2 3 2 2 2 1 6 3 2 9 0 8 . . . . . . 2 5 3 0 8 9 1953—May. , 530 314 97 90 25 102 216 149 66 5 1953" 65.9 28.1 12.0 16.1 37.8 June. . 516 274 91 95 19 69 242 164 78 4 July.. 602 363 109 94 40 120 239 160 79 4 1951— Sept. . 50.4 22.0 9.5 12.5 28.4 Aug... 597 349 106 87 23 133 248 166 82 .3 Dec.. . 51.9 22.9 9.7 13.2 29.0 Sept.. . 629 320 106 80 12 122 309 197 112 4 G N e o t v . . . , . . . 6 6 9 6 4 1 4 3 0 6 8 8 1 10 1 5 3 6 8 8 0 2 2 5 3 2 1 1 5 0 1 2 2 9 8 3 6 1 1 9 9 3 2 9 9 9 3 . . 5 5 1952— J M un ar e . . . . 5 5 3 5 . . 3 1 2 2 3 4 . . 5 0 1 9 0 . . 9 1 1 1 3 3 . . 6 9 2 3 9 1 . . 8 1 Dec.. . , 556 304 110 63 15 116 252 170 82 .4 Sept.. 57.0 24.7 10.4 14.3 32.3 Dec... 58.7 25.4 10.8 14.6 33.3 1954—Jan 512 265 117 66 12 69 247 174 73 4 Feb.... 488 221 94 60 13 54 267 188 79 .4 1953—Mar. . 60.3 26.1 11 A 15.0 34.2 Mar. . . 471 246 95 67 16 69 225 160 65 .4 June.. 62.4 26.7 11 .4 15.3 35.7 Apr.. . . 493 245 83 70 17 76 248 163 85 .8 Sept.. 64.3 2 7.5 11.7 15.8 36.8 May .. . 512 243 74 72 25 71 269 171 98 .3 Dec.. . 65.9 28.1 12.0 16.1 37.8 1 Monthly figures do not reflect mortgage amendments included in annual totals. 1954—Mar. P. 67.4 j| 28.6 12.2 16.4 38.8 aFHA-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 8 Prior to 1949, data are not available for classifications shown. first three quarters are Federal Reserve estimates. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- For conventional, figures are derived. anteed loans, gross amount of loans closed. Figures do not take account of principal repay- Sources.—-Home Loan Bank Board, Federal Housments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by ing Administration, Veterans Administration, and type are derived from data on number and average amount of loans closed. Federal Reserve. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millons of dollars; E o n r d m o o f n y t e h ar A m f c u u i u i o z t n t n e m h t d d - e o - s d r- b m C m u d u e o r i n i n s m s t - - e t - s - d 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 u g t A s a e r e - - d ( c p M d h p e g u r u a o a r i s r r g o i e - t n e d - s g ) ( p d M s g e u a a r o r l g i r i e o n e s t d - g ) Year or month va A n d c - es R m e e p n a ts y- T A o d t v a ( l a e n n c d e S s t o e h f r o o m u p r t x t e - s r t i a o n d L t ) d e o i r n n m g g 2 - 1948 528 227 199 188 11 198 1945 278 213 195 176 19 1949 848 824 828 403 425 672 20 1946 329 231 293 184 109 1950 918 485 1,347 169 1,178 1,044 469 1947 351 209 436 218 217 1951 661 239 1,850 I 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—June 610 542 2,498 477 2,020 31 1952 586 528 864 565 299 July 597 526 2,527 508 2,019 39 0) 1953 674 611 952 634 317 A Se u p g t u e s m t b . er.. . 5 5 8 6 6 6 5 5 2 4 3 4 2 2 , , 5 5 4 4 1 0 5 5 3 5 6 6 2 1 , , 0 98 0 4 5 3 2 3 6 1 1 1 9 1953—June 97 23 718 471 248 October 556 568 2,526 585 1,941 39 44 July 61 79 700 469 231 November ... 552 608 2,490 594 1,896 30 59 August.... 70 25 746 510 236 December.... 550 638 2,462 621 1,841 42 61 S O e c p to te b m er b . e . r . . 8 6 3 2 2 4 8 5 8 8 0 1 1 9 5 5 5 6 7 4 2 2 4 5 4 5 1954—January 550 666 2,434 625 1,809 37 57 November. 71 25 865 589 2 76 February. . . . 542 685 2,424 641 1,783 47 50 December. 79 14 952 634 317 March 539 745 2,366 653 1,713 49 98 A M p a r y il .. ... 5 5 6 3 0 9 8 79 1 1 2 2 2 , ,2 2 9 9 9 9 6 6 6 8 7 0 1 1, , 6 6 3 1 2 9 3 5 8 0 1 3 0 0 8 1954— F M J e a a b n r r u c u a h a r r y . y . . . . . . . . 2 3 1 6 6 5 22 8 8 6 8 4 6 6 7 7 3 5 7 0 1 4 4 3 9 3 9 6 8 6 2 2 2 5 3 3 5 9 3 April 35 51 613 382 231 iLess than $500,000. J M u a n y e 1 2 0 8 6 3 3 9 3 6 6 7 0 5 8 4 3 2 7 8 7 2 2 4 3 7 1 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. JULY 1954 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m o o f n y th ear Total Total Au p to ap m e o r b i ile co p O g n a o s t p o h u e d m e r r s 1 er e a r n R l n d o i e z a p m a n a t s i o i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 ,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 ,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 ,285 1949 . . 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 ,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 ,496 1951 21,468 14,837 6,242 4,270 1 .090 3,235 6,631 1,934 3,096 ,601 1952 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3,342 ,707 1953 28,896 21,807 10,289 5,605 1,606 4,307 7,089 2,127 3,249 ,713 1953—May 27,056 20,213 9,432 5,272 1,462 4,047 6,843 2,294 2,763 ,786 June 27,411 20,635 9,692 5,333 L.493 4,117 6,776 2,197 2,781 ,798 July 27,581 21,004 9,973 5,351 1,516 4,164 6,577 2,079 2,705 L ,793 August 27,810 21,218 10,136 5,362 1,534 4,186 6,592 2,131 2,668 ,793 September 27,979 21,347 10,232 5,352 1,562 4,201 6,632 2,130 2,716 L786 October 28,166 21,486 10,337 5,366 1,585 4,198 6,680 2,131 2,811 ,738 November 28,252 21,586 10,358 5,406 1,604 4,218 6,666 2,100 2,840 ,726 December 28,896 21,807 10,289 5,605 1,606 4,307 7,089 2,127 3,249 L,713 1954—January 28,125 21,444 10,084 5,495 1,587 4,278 6,681 2,083 2,893 ,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 ,740 April 27.330 20,909 9.798 5,188 1,554 4,369 6,421 2,105 2,566 .750 May 27,520 20,932 9,838 5,142 1,565 4,387 6,588 2,181 2,639 1,768 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n it s Other Total D s m t e o p e r a e n r s t t l - F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - d m A ea o u l b t e o i r l - s e 2 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 . .. 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1953—May 20,213 17,222 8,491 5,480 928 2,323 2,991 933 809 248 362 639 June 20,635 17,621 8,675 5,633 962 2,351 3,014 937 812 256 373 636 July 21,004 18,000 8,818 5,816 988 2,378 3,004 923 812 260 386 623 August 21,218 18,205 8,879 5,924 1,009 2,393 3,013 931 813 263 396 610 September 21,347 18,328 8,893 6,005 1,029 2,401 3,019 943 811 265 399 601 October 21,486 18,439 8,908 6,093 1,041 2,397 3,047 957 812 266 406 606 November 21,586 18,495 8,881 6,147 1,050 2,417 3,091 983 826 270 408 604 December 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1954—January 21,444 18,276 8,723 6,062 1,043 2,448 3,168 1,031 836 270 400 631 February 21 .151 17,999 8,534 5,974 ,055 2,436 3,152 1,094 814 265 393 586 IVIarch 20,900 17,845 8,452 5,892 O74. 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 May 20,932 17,896 8,386 5,944 1,115 2,451 3,036 1,051 787 257 390 551 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 758 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 c T m n r o o e e t d n n a i - t l t ! ! m m ( in s e e i r s n n - t g t i t l u e l t - o i O p a o a n t n y h s s - ) er p D a a e r c - t ( o - 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 o o f 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 o p h n d e e e - r r s r e R m l r t a o e n i n o a p o iz d n d a n a s - ir - s l P o o e a n r n a - s l cial ment banks stores1 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 1 1 1 9 9 9 4 4 46 7 5 . 3 4 4 , , , 2 8 2 1 7 0 2 5 3 1 J ,0 . 6 2 0 7 0 8 4 3 1 15 1 72 3 4 2 4 5 9 5 3 0 2 2 1 1 1 , , , 3 6 8 2 2 2 2 4 1 1 1 , , 0 1 8 1 6 4 4 6 5 1 1 1 9 9 9 5 4 4 0 8 9 3 4 5 , , , 4 5 7 3 2 9 9 9 8 1, 5 8 1 7 4 7 5 9 7 , 9 7 2 4 5 9 6 3 4 1 1 , , 4 0 7 5 1 9 6 6 4 8 5 7 6 3 1 8 4 5 1,0 9 8 3 1 3 7 3 9 1948. 5,443 1,261 184 575 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 ,576 245 641 2,365 1,496 1953 8,856 2,135 ,884 2,038 1,301 1,498 1951. 6,631 1,684 250 685 2,411 1,601 1952 7,143 L.844 250 730 2,612 1,707 1953—May 8,491 1,989 ,869 1,990 1,184 1,459 1953. 7,089 1,848 279 769 2,480 1,713 Tune 8,675 2,043 ,906 2,029 1,212 1,485 July 8,818 2,095 ,941 2,055 1,234 1,493 1953--May 6,843 ,985 309 498 2,265 1,786 August... 8,879 2,123 ,957 2,056 1,251 1.492 Tune 6,776 1,922 275 492 2,289 1,798 September 8,893 2,141 ,948 2,036 1,273 1 ,495 July 6,577 1.830 249 457 2,248 1,793 October. . 8,908 2,157 ,939 2,032 1,291 1,489 August.... 6,592 1,870 261 453 2,215 1,793 November 8,881 2,150 ,920 2,027 1,303 1 ,481 September 6,632 1,857 273 500 2,216 1,786 December. 8,856 2,135 ,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 .834 2.037 1 ,283 1,490 December. 7,089 1,848 279 769 2,480 1,713 February. 8.534 2,024 ,809 1 .937 1 ,267 1 ,497 March 8.452 1,994 ,799 1 ,887 1,253 1,519 1954—January.. . 6,681 1,824 259 631 2,262 1,705 April 8.417 1 .980 ,794 1 ,862 1 ,252 1 ,529 February.. 6,327 1,782 272 541 2,009 1 ,723 May 8.386 1,969 ,791 1,839 1,259 1,528 March.... 6,251 ,780 293 497 1.941 1,740 April 6,421 ,812 293 515 2,051 1 ,750 May 6,588 ,841 340 512 2,127 1,768 INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- 1 Includes mail-order houses. TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE [Estimated amounts outstanding, in millions of dollars] COMPANIES, BY TYPE OF CREDIT E o n r d [ E m o s f o t i n m y t e h a a t r ed amo i u c T m n n r o s e e t t t s d n a a i l t l t o - utst m a A p n a o u d p b t i o e i n l r - e g, in s O g p m c u o a t o m p o h i n l d e e e l - i r r s r ons m o i R z l f o o a e a n a d p t d i n d e a o o s r i l n r n la - rs] s l P o o a e n n r a - s l 1939 E o n r d m of o n y t e h ar i c T m n r o s 7 e e t 8 t d n a a 9 i l t l t - m A pa o u p b 8 t e o i 1 l r - e s O g p c u o a t o m o p h 2 n d e e e 4 - r r s r m i R z lo a o e a n a d p t 1 i n d e a o 5 s r i n r n' s l P o o 6 a e n 6 n r a 9 - s l 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1,197 878 115 148 56 1942 726 65 27 14 620 1940 1,575 1,187 136 190 62 1941 1,797 1,363 167 201 66 1945 731 54 20 14 643 1942 588 341 78 117 52 1946 991 77 34 22 858 1947 1,275 130 69 39 1,037 1945 300 164 24 58 54 1948 1,573 189 99 59 ,226 1946 677 377 67 141 92 1949 1,858 240 137 89 ,392 1947 1,355 802 185 242 126 1950 2,237 330 182 115 ,610 1948 1,990 1,378 232 216 164 1951 2,537 358 209 132 ,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—May 3,251 518 302 200 2,231 1953 6,147 5,306 367 83 391 June 3,313 534 307 205 267 July 3,366 544 311 207 304 1953—May 5,480 4,694 351 78 357 August. . . . 3,402 552 315 211 324 June 5,633 4,836 356 76 365 September. 3,430 558 321 215 336 July 5,816 5,007 367 75 367 October.... 3,438 563 321 218 336 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 May 3,566 552 326 223 2,465 March 5,892 5,079 340 84 389 April 5,901 5,089 336 84 392 May 5,944 5,136 331 83 394 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. 759 JULY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2 .539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 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 WITHOUT SEASONAL ADJUSTMENT 1953—May 2,580 2,134 1,218 897 658 603 115 589 546 June 2,670 2,248 1,219 959 687 626 129 98 635 565 July 2,602 2,233 1,226 945 622 604 124 101 630 583 August 2,436 2,222 1,126 963 619 608 120 102 571 549 September 2,389 2,260 1,089 993 625 635 120 92 555 540 October 2,486 2,347 1,121 1,016 668 654 131 108 566 569 November 2,297 2,197 974 953 646 606 108 89 569 549 December 2,598 2,377 947 1,016 824 625 98 96 729 640 1954—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 May 2,299 2,276 1,005 965 580 626 113 102 601 583 SEASONALLY ADJUST ED* 1953—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 1,117 963 589 633 111 100 576 553 November 2,441 2,294 1,080 1,006 631 619 106 92 624 577 December 2,331 2,283 1,035 1,015 593 604 102 94 601 570 1954—January.. . 2,211 2,301 872 977 661 636 87 81 591 607 February.. 2,243 2,320 919 1,028 586 612 109 99 629 581 March. . . . 2,200 2,412 924 1,042 566 667 103 107 607 596 April 2.272 2,308 926 1,009 621 610 101 104 624 585 May 2,224 2,333 943 988 577 635 107 113 597 597 "•I * 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 e o m r n c t e h c n o o t r a f r g e p e 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 M 19 a 5 y 4 A 19 p 5 r 4 . M 19 a 5 r 4 . M 19 a 5 y 4 A 19 p 5 r 4 . M 19 a 5 r 4 . D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1953 Total +8 0 +9 -11 -11 -10 May 14 12 10 46 C C a re s d h i t s a s l a e l s e s: . . +7 -3 +8 -9 -11 c J Ju u l n y e 1 1 3 4 1 12 3 1 1 0 0 4 4 6 7 Instalment +9 + 1 + 11 -13 -12 -12 August 14 12 10 45 Charge account +5 -4 +8 -7 -1 S O e c p to te b m er ber 1 1 4 4 1 1 2 2 1 1 0 0 4 4 6 8 Accounts receivable, end November 14 11 9 47 of month: December 14 11 9 46 Total + 1 -1 _2 -5 -4 -4 Instalment 0 -1 2 -3 -2 -2 1954 Charge accounts +3 -1 -1 -9 -10 -8 January 13 12 9 45 Inventories, end of February 14 11 9 43 month, at retail value. -3 +2 +5 -9 —9 -6 March 15 13 10 48 April 14 12 9 45 May 14 12 10 46 1 Collections during month as percentage of accounts outstanding at beginning of month. 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u y s s t i r c i a a l l v p o r l o u d m uc e t ) i * o 1 n awar c d o e n d tr a (v c a ts lue)2 Employ 1 m 94 e 7 n - t 4 9 a n = d 1 0 p 0 ayrolls8 or Y m ea o r nth Total (19 T 4 o 7 t M a -4 l a 9 n r u = D a f u a b 1 - c l 0 e t 0 u ) re N r s a d o b u n - l - e M er i a n l - s Tota 1 l 947 R - d t 4 e i e 9 n a s - l i = - 10 o 0 t A h l e l r m N p t a c e u l g o m u e o r n r n l a y - i - - - t l - pr E M o m m d a u p e n c n l u t o t i f y o a - n c t w ur o i r n P r k g o a e l y r ls s - c 1 F a 9 i = r r n 4 e l g 1 7 o i s g 0 a - * 4 h 0 d 9 t - 1 D v ( s 9 m s = r e a a t 4 e p l o l e 1 7 e t u a r n a 0 - s e e r 4 t i * 0 ) l t 9 4 - 1 p s 9 C = u r 4 i m o c 1 7 n e 0 - e - s 4 r 0 8 9 1 W m p 9 c = r s o 4 o h i a c d 1 7 m o l e e 0 i - l t - s 4 e 0 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 38 37 45 34 39 61.6 68.7 31.1 90 27 74.0 1920. 41 39 42 36 53 34 45 62.2 69.0 37.1 98 32 85.7 1921. 31 30 24 34 42 30 32 55.4 52.8 24.0 83 30 76.4 1922. 39 39 37 40 45 43 43 58.7 58.4 25.7 92 30 71.6 1923. 47 45 47 44 62 45 42 64.6 66.9 32 6 107 34 72.9 1924. 44 43 43 42 57 51 46 63.8 62.1 30.4 105 34 73.1 1925. 49 48 49 46 59 66 59 65.5 64.2 32.1 110 36 75.0 1926. 51 50 52 48 63 69 67 67.9 65.5 33.0 115 37 75.6 65.0 1927. 51 50 49 50 64 69 68 68.2 64.1 32.4 111 37 74.2 62.0 1928. 53 52 53 51 63 73 70 68.3 64.2 32.8 112 37 73.3 62.9 1929. 59 58 60 56 68 63 70 71.3 68.3 35.0 115 38 73.3 61.9 1930. 49 48 45 51 59 49 62 67.0 59.5 28.3 99 35 71.4 56.1 1931. 40 39 31 48 51 34 41 60.6 50.2 21.5 79 32 65.0 47.4 1932. 31 30 19 42 42 15 20 53.7 42.6 14.8 59 24 58.4 42.1 1933. 37 36 24 48 48 14 7 18 53.9 47.2 15.9 62 24 55.3 42.8 1934. 40 39 30 49 51 17 7 24 59.0 55.1 20.4 67 27 57.2 48.7 1935. 47 46 38 55 55 20 13 25 61.6 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 66.2 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.6 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.4 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.6 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.6 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 83.1 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 91.2 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.6 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.3 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 92.1 104.0 87.-8 102 70 76.9 68.8 1946.. 90 90 86 95 91 82 87 79 95.1 97.9 81.2 100 90 83.4 78.7 1947.. 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948. . 104 103 104 102 106 102 98 105 101.5 102.8 105.1 104 104 102.8 104.4 1949.. 97 97 95 99 94 113 116 111 99.1 93.8 97.2 88 98 101.8 99.2 1950.. 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951.. 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952.. 124 125 136 114 114 183 183 183 110.5 106.3 136.6 95 110 113.5 111.6 1953.. P136 P153 P116 192 178 201 113.6 112.0 151.6 96 112 114.4 110.1 1952 December. 133 131 152 118 117 205 183 219 113.1 111.2 152.5 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 97 111 113.7 109.4 May 137 136 139 156 123 117 161 164 159 113.9 114.2 112.3 151.9 98 117 114.0 109.8 June 136 136 138 154 121 119 169 174 166 114.3 114.3 113.1 153.9 97 115 114.5 109.5 July 137 129 139 157 121 120 172 175 170 114.4 114.1 112.2 151.1 93 113 114.7 110.9 August... . 136 136 138 157 119 119 205 184 220 114.0 112.7 113.8 154.0 98 112 115.0 110.6 September. 133 135 135 152 117 118 218 180 243 113.7 111.5 113.7 153.4 96 107 115.2 111.0 October. . . 132 136 134 151 117 114 230 183 262 113.8 110.2 112.0 152.6 95 110 115.4 110.2 November. 129 130 131 146 115 111 224 176 255 113.0 108.4 109.4 148.0 92 113 115.0 109.8 December. 126 124 127 142 112 113 208 177 229 112.2 107.0 107.7 147.2 88 112 114.9 110.1 1954 January.. . 125 124 127 140 113 113 195 185 202 111.6 105.6 105.1 140.8 107 115.2 110.9 February.. 125 126 126 139 113 113 196 201 192 111.3 104.6 104.3 140.5 109 115.0 110.5 March.... 123 125 124 135 114 112 191 205 182 110.8 103.9 103.6 138.4 105 114.8 110.5 April 123 123 125 134 115 109 196 213 184 110.4 102.9 101.8 135.0 111 114.6 111.0 May 124 123 126 135 116 111 193 216 178 110.2 102.3 100.6 134.4 PIOS 115.0 110.9 June 124 124 126 135 116 111 P101.6*>100.5«136.0 «113 110.0 « Estimated. p Preliminary. r Revised. * Average per working day. 1 Revised index; for description see BULLETIN for December 1953. 2Three-month moving average, based on F. W. Dodge Corporation data. A description of the index may be obtained from the Division of Research and Statistics. For monthly data (dollar value) by groups, see p. 769. 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. 771-775. Back figures in BULLETIN.—For industrial production, December 1953, pp. 1324-1328; for department store sales, December 1951, pp. 1490- 1515. JULY 1954 761 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 1954 Industry proportion 1952 1953P May June July Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED Industrial Production—Total 100.00 124 134 137 136 137 136 133 132 129 126 125 125 123 123 124 Manufactures—Total 90.02 125 136 139 138 139 138 135 134 131 127 127 126 124 125 126 Durable Manufactures—Total. 45.17 136 153 156 154 157 157 152 151 146 142 140 139 135 134 135 Primary metals 6.70 116 132 139 137 136 137 130 128 122 113 111 109 103 '103 106 Metal fabricating 28.52 146 167 169 168 171 171 166 166 159 156 154 151 147 146 147 Fabricated metal products 5.73 121 136 139 139 142 140 135 134 130 126 126 123 120 '119 121 Machinery 13.68 147 160 162 161 164 165 161 159 152 146 143 141 138 138 137 Nonelectrical machinery 9.04 136 143 146 144 145 145 141 141 136 133 130 130 125 '125 124 Electrical machinery 4.64 167 194 194 194 200 203 200 193 184 172 169 163 163 163 163 Transportation equipment 7.54 154 189 192 188 196 191 186 189 180 182 183 178 171 172 175 Instruments and related products. .. 1.29 142 155 156 157 156 156 155 154 155 154 148 147 144 139 138 Clay, glass, and lumber products 5.91 118 125 127 124 127 125 124 124 123 119 120 125 123 rl21 125 Stone, clay, and glass products 2.82 125 133 135 134 135 135 134 133 132 129 125 130 '130 128 130 Lumber and products 3.09 111 118 119 114 119 116 114 117 115 110 115 120 116 '114 121 Furniture and misc. manufactures 4.04 118 131 135 135 134 135 129 129 126 124 120 120 119 117 118 Furniture and fixtures 1.64 113 117 123 122 121 119 114 113 109 106 105 103 104 '103 103 Miscellaneous manufactures 2.40 122 140 143 145 143 146 140 140 138 136 130 132 130 '127 129 Nondurable Manufactures—Total 44.85 114 118 123 121 121 119 117 117 115 112 113 113 114 115 116 Textiles and apparel 11.87 105 107 115 113 111 106 102 102 98 95 96 95 97 rlOO 97 Textile mill products 6.32 103 104 113 111 108 104 100 98 95 90 90 90 91 93 94 Apparel and allied products 5.55 108 110 117 115 114 109 104 107 101 101 103 100 103 '108 104 Rubber and leather products 3.20 107 113 122 113 116 111 105 105 103 104 103 102 103 rlO3 102 Rubber products 1.47 116 128 139 130 130 127 121 120 118 116 112 110 113 113 112 Leather and products 1.73 99 99 108 99 104 97 91 93 91 93 94 94 93 94 94 Paper and printing 8.93 118 125 126 126 126 126 126 126 125 122 122 123 rl24 125 126 Paper and allied products 3.46 120 132 134 134 134 133 135 132 132 125 126 129 131 133 137 Printing and publishing 5.47 116 121 121 121 121 121 121 123 121 120 120 119 119 120 119 Chemical and petroleum products 9.34 133 142 146 145 146 143 143 142 141 140 138 141 139 rl40 140 Chemicals and allied products 6.84 137 147 151 150 152 148 147 146 145 145 143 146 146 146 147 Petroleum and coal products 2.50 123 130 131 131 132 132 131 129 129 128 124 126 122 '124 122 Foods, beverages, and tobacco 11.51 106 107 109 106 107 108 108 108 108 103 105 105 106 106 109 Food and beverage manufactures. .. 10.73 105 107 109 106 108 108 109 108 108 103 105 106 r106 '107 110 Tobacco manufactures .78 110 108 107 103 103 104 104 106 108 112 100 98 103 103 Minerals—Total 9.98 114 116 117 119 120 119 118 114 111 113 113 113 112 109 pill Mineral fuels 8.35 113 115 116 119 120 119 118 113 HI 112 113 113 112 112 Coal 2.68 83 78 85 86 87 86 81 76 70 69 70 68 62 58 65 Anthracite , .36 78 57 65 62 68 59 57 54 50 55 62 59 52 46 44 Bituminous coal , 2.32 84 81 88 89 89 90 84 80 73 71 72 69 63 60 68 Crude oil and natural gas , 5.67 128 133 131 134 135 135 136 131 131 133 134 135 136 P138 Metal, stone, and earth minerals 1.63 115 119 120 121 121 120 120 116 114 114 111 112 110 99 vlO6 Metal mining .82 108 113 118 117 116 117 117 108 103 101 103 101 96 78 P90 Stone and earth minerals .81 123 124 122 125 125 124 123 124 125 127 119 124 124 '120 122 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 124 134 136 136 129 136 135 136 130 124 124 126 125 123 123 MANUFACTURES—TOTAL 90.02 125 136 138 138 130 137 137 138 132 125 126 128 127 125 124 Durable Manufactures—Total.. 45.17 136 153 157 155 147 153 151 154 146 140 140 141 139 137 136 Primary metals 6.70 116 132 142 138 124 130 127 129 122 110 113 113 108 '107 108 Ferrous metals 5.03 115 133 143 138 127 131 127 130 122 110 111 111 104 '102 103 Pig iron and steel 3.51 115 138 147 142 136 138 134 136 128 114 115 113 105 104 107 Pig iron .37 107 130 133 133 132 131 130 132 127 117 113 108 100 93 94 Steel 3.05 117 139 148 143 137 138 134 136 129 114 115 114 106 105 108 Carbon steel 2.62 112 135 140 137 131 133 131 138 131 116 115 113 105 103 108 Alloy steel .43 144 165 196 183 170 169 152 126 113 105 115 119 114 113 109 Ferrous castings and forgings., 1.52 114 121 133 127 106 116 113 117 108 101 103 106 '101 98 Iron and steel castings 1.29 109 115 125 120 101 112 109 113 103 98 98 103 100 98 Steel forgings .23 143 154 179 166 133 141 137 139 134 122 130 125 111 104 Preliminary. r Revised. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance g„-r oJUP in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for auttos, 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. 762 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 por- i A,,, tion 1952 1953P May June July Aug. Sept Oct. Nov Dec. Jan. Feb. Mar. May WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 119 129 139 139 115 128 126 128 121 108 118 120 119 122 P121 Primary nonferrous metals .38 123 144 143 144 143 141 147 147 146 145 145 147 147 147 Copper smelting .09 106 112 115 108 109 105 111 114 109 109 104 102 101 96 Copper refining .06 99 116 116 129 120 107 116 124 121 121 110 113 115 114 106 Lead .04 100 101 96 84 89 84 97 99 120 108 108 103 107 109 Zinc .10 112 113 113 116 111 115 115 115 107 108 107 102 97 100 P101 Aluminum 09 156 209 207 212 215 217 222 213 215 217 228 240 240 245 Secondary nonferrous metals 13 114 114 118 121 101 110 107 111 106 101 96 r103 107 Nonferrous shapes and castings. . . .1 16 119 126 139 139 107 125 121 123 114 96 112 113 114 Copper mill shapes 63 113 112 125 128 85 112 108 110 103 78 100 100 96 101 101 Aluminum mill shapes 20 140 168 186 183 174 169 163 158 136 126 136 139 143 154 Nonferrous castings .33 115 130 138 135 109 124 122 127 121 114 120 122 118 116 Metal Fabricating 28 52 146 167 170 168 161 166 164 167 158 155 155 155 153 150 148 Fabricated metal products . . 5 73 121 136 139 139 135 140 137 137 130 126 124 123 121 »120 121 Structural metal parts 2 68 121 137 139 140 135 137 135 136 134 135 129 127 125 123 125 Stampings and misc. metal products. . 2 12 121 138 144 143 137 136 133 133 130 131 127 124 121 117 116 Tin cans .30 122 129 120 134 160 199 182 139 124 69 104 107 105 122 Furnaces, gas ranges, and heaters... .63 89 93 102 92 83 108 106 113 82 63 74 73 '78 84 Machinery 13 68 147 160 163 159 148 157 158 161 154 149 146 147 145 141 138 Nonelectrical machinery 9.04 136 143 148 146 138 137 137 138 135 137 132 134 132 128 126 Farm and industrial machinery. . 813 135 139 142 142 137 136 135 135 133 134 130 129 127 124 122 Farm machinery 1.02 103 96 105 102 98 93 86 79 73 74 76 80 84 85 84 Industrial and commercial ma chinery 7.11 140 145 148 148 143 142 142 143 141 142 138 136 134 129 128 Machine tools and presses .68 179 188 191 189 184 183 187 188 185 186 181 181 177 167 162 Laundry and refrigeration appliances. .69 108 128 144 133 98 94 104 112 99 110 106 129 rl22 120 112 Electrical machinery 4.64 167 194 192 184 168 197 200 205 191 172 172 172 172 166 161 Flectrical apparatus and parts 3.23 162 179 182 182 176 178 179 178 176 176 169 167 164 160 158 Radio and television sets . . .74 184 230 208 180 136 242 249 276 230 157 173 170 182 172 155 Transportation equipment .... 7.54 154 189 194 193 190 189 182 189 173 174 181 181 180 179 177 Autos, trucks, and parts 4.80 102 126 137 136 131 126 114 122 103 101 112 112 111 113 111 Autos . . . 1.50 103 146 162 166 161 153 134 151 107 107 135 138 142 151 146 Trucks .66 111 118 124 106 118 127 115 106 95 98 103 103 101 101 99 Light trucks .22 105 112 107 76 113 118 114 106 85 100 112 103 104 104 104 Medium trucks .19 69 58 53 37 57 62 54 50 47 56 67 62 66 68 63 Heavy trucks .14 194 183 201 198 175 186 151 146 134 150 145 164 152 150 148 Truck trailers .07 137 229 285 270 247 282 275 232 229 149 137 143 133 132 Auto and truck parts 2.58 98 117 125 126 116 110 102 109 102 99 101 99 95 94 94 Aircraft and parts 1.30 368 465 452 452 461 473 480 481 463 483 483 489 485 '475 473 Shipbuilding and repair .81 136 135 141 141 139 135 130 127 124 127 124 124 124 P\2Q 120 Railroad equipment .53 74 72 76 74 62 66 64 83 67 53 59 54 54 49 43 Railroad cars .35 62 64 66 62 58 56 55 83 61 41 49 42 44 39 32 Instruments and related products.. 1.29 142 155 156 157 151 153 155 156 156 155 148 147 145 140 138 Clay, Glass, and Lumber Products 5.91 118 125 128 129 122 129 128 131 123 113 112 120 122 rl24 127 Stone, clay, and glass products 2.82 125 133 135 136 132 137 136 139 134 128 122 126 128 128 130 Glass and pottery products 1.09 114 123 125 123 113 123 122 128 122 116 115 '120 r\2\ ••117 116 Flat glass and vitreous products. . . .60 122 136 137 135 128 134 136 141 139 136 130 130 130 124 123 Flat and other glass . . .47 124 139 139 137 128 135 139 145 143 140 132 133 131 126 125 Glass containers .26 112 120 126 129 122 132 121 127 114 102 IIS rl25 M21 126 Home glassware and pottery .23 94 91 93 86 65 86 84 93 86 77 79 92 93 r93 89 Cement .32 124 132 137 138 142 143 144 145 137 119 104 110 118 137 Structural cl&y products .35 112 110 110 117 114 114 116 116 112 106 97 101 107 Mil 116 Brick .12 108 106 108 119 113 114 118 116 109 97 81 90 102 115 Clav firebrick, pine, and tile .20 116 115 114 118 117 117 115 118 116 113 110 110 111 110 112 Concrete and plaster products .48 155 163 164 168 172 175 169 170 163 157 143 148 152 M57 161 Misc. stone and earth manufactures.. .58 131 143 143 142 141 143 145 146 143 146 140 141 139 135 135 Lumber and products 3 09 111 118 122 122 112 122 121 123 114 99 104 116 117 119 124 Lumber . . 2.05 105 112 114 117 109 123 118 120 110 93 98 109 109 113 117 Millwork and plywood .60 138 149 159 152 128 135 147 148 141 124 140 160 164 163 169 Mill work .39 118 118 124 109 98 115 117 116 101 87 96 110 109 111 118 Softwood plywood .12 167 199 215 222 174 164 194 198 206 184 212 241 253 248 250 Wood containers .29 99 99 103 104 101 98 94 96 94 94 88 90 90 91 Furniture and Misc. Manufactures 4 04 118 131 130 131 125 132 132 135 132 127 119 122 121 115 114 Furniture and fixtures 1.64 113 117 118 117 113 116 115 116 114 112 106 107 106 r101 99 Household furniture 1.10 113 118 119 117 112 116 114 116 113 109 103 105 105 r100 96 Fixtures and office furniture .54 112 116 115 117 114 117 118 117 115 117 113 110 107 '103 104 Miscellaneous manufactures 2.40 122 140 139 140 133 143 144 148 145 138 128 133 131 125 125 P Preliminary. r Revised. For other footnote see preceding page. JULY 1954 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1953 pro- Industry portion 1952 1953P May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 118 119 121 113 121 122 122 118 110 111 114 115 113 112 Nondurable Manufactures—Total.. 11.87 105 107 111 114 97 HI 104 103 98 92 97 102 102 97 95 Textiles and Apparel , Textile mill products 6 32 103 104 112 111 93 107 102 100 96 87 91 95 94 93 Co S F C t a y t o o b n t n r t t o i h c a n e n t f d i c i c n o i s n f s y a s h b n u in r t m i h g c p e s t t i i c o n fabrics. 3 2 . . . . 7 3 4 9 2 0 5 7 1 1 1 1 0 1 0 0 5 2 2 4 1 1 1 10 0 1 0 1 7 5 4 1 1 1 1 1 1 2 1 5 2 9 0 1 1 1 10 1 1 3 8 4 0 0 1 9 8 7 2 5 7 4 4 1 1 1 1 1 0 1 0 9 7 0 0 1 1 1 1 0 0 0 0 5 9 4 0 1 1 1 8 0 0 0 7 1 3 2 1 1 1 9 0 0 0 6 1 5 2 9 9 8 8 0 5 9 3 1 9 9 8 0 7 1 9 0 1 1 9 9 0 0 8 7 1 0 1 1 1 9 0 0 0 7 0 0 0 10 9 0 9 1 0 7 ? 1 9 9 0 8 5 7 Wool textiles .97 85 78 87 91 78 82 73 74 64 61 58 58 63 Wool apparel yarns .16 96 91 103 110 90 102 93 82 68 59 68 72 '72 81 Wool fi Vcs .75 83 75 83 87 75 77 68 73 63 62 56 54 58 59 64 Knit poods 1.15 115 116 123 117 102 118 116 115 108 97 103 109 105 103 105 Hosiery .65 116 113 121 111 88 114 115 114 109 94 113 119 112 111 110 Full-fashioned hosiery. . . .45 121 118 128 116 89 117 119 118 114 97 120 127 120 119 116 Seamless hosiery .20 105 102 103 100 87 105 104 104 98 87 96 102 9^ 91 95 Knit garments .50 113 119 125 125 121 125 117 116 107 101 90 95 96 '93 99 Floor coverings .48 95 99 100 98 67 94 97 101 87 88 89 96 90 80 Woven carpets .31 80 86 87 82 45 80 83 89 69 72 76 85 83 77 Apparel and allied products. . . 5.55 108 110 110 117 102 115 106 107 100 98 104 111 110 102 96 Men's outerwear 1.78 105 113 128 124 83 117 113 105 104 87 111 117 10? 111 108 Men's suits and coats .73 87 96 110 109 63 107 94 90 88 78 96 92 77 79 88 Men's suits .50 83 92 102 98 57 94 83 83 86 81 102 96 80 78 84 Men's outercoats .13 83 89 114 125 74 133 115 94 71 46 52 56 48 65 80 SVirts and work clothing .99 114 124 141 133 94 122 125 114 113 90 120 133 118 n? 121 Wo W m o e m n' e s n o 's u s te u r i w ts e a a n r d coats 1. . 8 7 5 6 1 1 2 0 3 8 1 1 0 1 3 7 9 6 4 7 1 1 1 4 9 2 1 1 1 4 1 1 1 1 1 4 1 5 1 9 0 2 6 1 9 1 6 8 9 8 0 3 1 9 2 8 2 1 12 0 3 4 1 1 1 3 2 5 1 1 2 4 2 5 90 8 4 3 0 Misc. apparel and allied mf rs.. . 1.92 111 112 110 110 107 112 108 114 109 105 98 104 107 84 97 96 Rubber and Leather Products. 3.20 107 113 118 113 101 112 107 111 103 98 103 108 108 104 99 Rubber products 1.47 116 128 137 131 114 122 122 127 120 111 114 114 118 115 110 Tires and tubes .70 115 117 132 123 109 106 103 108 101 93 96 112 108 111 105 Auto tires .40 106 117 134 125 117 112 104 109 99 89 92 111 113 122 Truck and bus tires .30 128 118 130 121 97 99 102 106 103 99 102 114 101 82 Miscellaneous rubber products. .77 117 142 138 119 137 Leather and products 1.73 99 99 102 97 91 103 94 97 89 87 94 102 100 94 89 Leather .44 87 91 101 93 80 93 85 91 87 81 87 95 89 90 Cattlehide leathers .29 87 92 101 91 79 94 86 94 91 86 93 101 92 96 Skin leathers .15 86 89 100 97 81 90 83 87 79 72 74 82 82 79 Shoes and slippers .90 104 103 106 99 93 109 97 97 85 88 102 110 109 93 Miscellaneous leather products. .39 101 100 95 98 98 102 96 101 99 92 85 91 91 82 79 Paper and Printing 8.93 118 125 126 125 116 123 127 132 129 121 120 124 127 128 126 Paper and allied products.... 3.46 120 132 132 134 120 135 135 140 135 119 126 133 135 136 134 Pulp and paper 1.76 120 130 131 133 117 133 130 138 133 117 128 132 133 131 132 Wood pulp .51 132 142 144 146 130 146 141 151 147 129 142 145 148 146 148 Paper and board 1.25 116 125 126 128 112 127 126 132 127 113 122 127 127 125 125 Printing paper .22 111 119 119 119 108 121 118 124 120 112 120 122 124 117 Fine paper .14 117 116 122 118 96 118 118 121 120 109 112 121 121 121 120 Coarse paper .20 112 118 120 117 104 118 118 127 124 113 122 125 122 1^6 117 Miscellaneous paper .18 123 129 126 129 118 127 128 136 131 123 135 139 138 137 134 Paperboard .41 117 134 135 140 118 141 137 143 137 115 128 130 131 •128 132 Building paper and board. .10 112 118 126 132 116 121 122 123 108 92 96 113 121 124 125 Converted paper products 1.70 120 134 132 136 124 137 140 143 136 121 123 134 137 1^1 136" Shipping containers .51 120 133 133 137 122 138 141 140 135 118 115 126 133 135 1331 Sanitary paper products.... .11 126 138 131 132 131 134 139 151 139 131 147 155 149 158 144 * Printing and publishing.... 5.47 116 121 122 120 114 116 122 126 126 122 116 118 121 122 121 Newsprint consumption 1.85 115 118 127 118 102 106 119 129 131 117 108 114 120 129 1?5 Job printing and periodicals. 3.62 117 122 120 121 119 121 123 125 123 125 121 120 121 119 118 Chemical and Petroleum Products 9.34 133 142 143 142 139 141 142 145 145 141 141 144 142 140 138 p Chemicals and allied products 6.84 137 147 148 146 141 143 145 151 150 146 146 150 150 147 144 Industrial chemicals 2.54 140 154 159 161 157 157 151 151 149 147 145 150 150 149 148 ' Basic inorganic chemicals .57 137 149 152 149 146 147 138 153 153 148 141 -•157 159 160 Industrial organic chemicals 1.97 141 155 161 164 160 160 154 150 148 147 146 148 148 146 146* Plastics materials .24 157 183 191 194 163 175 181 179 173 166 168 192 193 190 Synthetic rubber .11 175 186 220 214 205 176 162 147 152 153 148 152 144 127 120 Synthetic fibers .59 141 156 168 174 171 167 148 143 135 136 134 135 140 141 144 Miscellaneous organic chemicals. 1.03 133 144 143 146 148 150 150 148 149 149 147 144 141 141 141 Vegetable and animal oils .64 112 116 104 95 84 94 109 140 141 135 138 138 122 114 104 Vegetable oils .48 110 112 93 83 70 83 106 144 141 137 138 138 122 109 95 Grease and tallow .16 119 131 136 131 124 125 120 129 140 127 138 140 122 131 132 Soap and allied products .71 110 113 112 100 76 97 116 134 128 117 118 124 127 111 Paints .66 112 118 122 121 122 119 118 117 117 116 114 115 115 116 116' Fertilizers .23 122 124 139 112 101 104 112 108 101 106 112 136 170 173 138^ Preliminary. • Revised. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures, see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 764 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 129 131 132 135 133 131 131 128 125 126 121 '120 120 PePtretorloelueumm arnedfi ncinogal products . . 1.97 128 135 132 136 137 138 136 135 137 137 134 136 129 128 P127 Gasoline . 1.04 132 144 140 145 149 150 147 143 147 146 140 141 135 137 Automotive gasoline .98 128 139 135 140 144 144 141 138 143 141 136 136 131 132 Aviation gasoline .06 194 227 235 241 234 243 247 220 211 228 214 227 21? 215 Fuel oil .56 128 130 125 130 128 128 128 128 130 129 131 135 127 121 P118 Distillate fuel oil .30 151 155 148 155 153 152 153 155 155 153 156 164 155 146 Residual fuel oil .26 102 101 98 101 100 100 98 97 100 102 104 10? 96 03 Kerosene .10 119 117 107 107 105 105 108 116 116 124 128 135 116 106 Lubricating oil .17 112 106 109 106 103 110 112 111 112 109 105 111 104 103 Coke .26 97 111 114 114 113 112 no 109 107 102 97 90 86 '•SO 80 Asphalt roofing and siding .15 102 99 118 109 111 139 123 121 90 53 57 67 78 103 Foods, Beverages, and Tobacco ... 11.51 106 107 103 108 111 118 123 120 111 98 97 96 98 98 103 Food and beverage manufactures. . 10.73 105 107 102 108 112 118 124 120 111 99 97 96 98 104 Food manufactures 8.49 106 108 101 105 no 118 127 121 114 102 101 98 98 101 Meat products 1.48 114 115 103 105 98 102 111 123 135 125 126 112 115 106 105 Beef .46 100 129 126 128 127 132 139 144 139 134 141 po n? 127 13? Pork . .83 119 104 87 89 79 82 92 107 128 116 114 99 102 87 Dairy products .... .69 98 105 136 146 132 118 99 85 80 81 86 96 104 119 133 Butter .14 92 108 145 143 120 111 88 82 86 94 110 115 124 145 Natural cheese .07 103 112 151 159 130 116 102 89 86 93 100 109 117 133 151 Concentrated milk .19 91 93 137 140 no 94 72 67 68 74 78 84 1 15 130 Ice cream .28 102 106 121 144 149 135 118 94 80 73 72 87 9' 107 110 Canned and frozen foods 1.13 117 121 90 103 162 209 233 154 104 86 76 71 81 Grain-mill products 1.16 108 106 104 no 108 109 111 111 103 101 106 104 101 103 Wheat flour .46 84 81 81 78 83 84 90 82 76 86 83 78 75 S B u a C g k a e e r r r e y a l p s ro an d d u c f t e s eds 1. . . 6 2 7 4 7 0 1 1 1 0 0 2 4 1 4 1 1 1 2 1 0 3 2 0 1 1 5 0 2 7 0 0 1 1 80 3 7 03 1 8 1 10 2 73 2 8 1 1 2 7 0 5 6 1 1 1 1 0 0 2 6 2 8 2 1 1 5 0 2 0 1 5 ? 1 7 9 1 7 9 7 1 1 9 7 1 7 7 7 1 9 8 1 9 5 9 II 9 6 S 3 7 1 9 1 ^8 6 6 1 0 6 1 6 3 A 05 Cane sugar .11 109 113 116 123 129 124 121 105 97 96 97 104 116 103 Beet sugar .13 94 108 1 39 20 27 89 370 429 77 24 "> I Confectionerv .71 102 102 89 74 64 92 135 135 88 111 no 90 80 8! Miscellaneous food preparations . . . 1.41 100 104 101 107 109 108 113 no 107 102 100 103 105 103 106 Beverages 2.24 102 105 110 119 121 118 113 99 84 82 89 r98 115 Bottled soft drinks .54 116 116 Alcoholic beverages 1.70 98 100 102 107 107 108 108 118 100 80 78 86 100 108 Beer and ale 1.02 102 103 106 117 127 129 111 100 79 76 79 86 102 106 11 7 Liquor distilling . . .17 54 60 55 51 41 33 67 122 88 65 61 71 69 64 64 Liquor bottling .37 99 107 110 104 90 92 115 148 146 89 79 88 101 98 104 Tobacco manufactures .78 110 108 107 110 94 117 111 116 111 92 98 96 101 99 Cigarettes .46 114 111 109 114 99 123 115 118 no 96 105 100 106 103 Cigars .17 105 108 112 108 88 no no 120 122 90 90 96 97 95 MINERALS—TOTAL 9.98 114 116 118 120 117 122 122 118 113 111 111 110 109 109 Pill Mineral Fuels 8.35 113 115 115 117 114 119 119 116 113 113 114 113 112 111 Pill Coal 2.68 83 78 81 81 69 85 84 84 76 71 74 68 61 58 62 Anthracite . . .36 78 57 66 65 54 56 60 66 55 51 62 59 48 44 45 Bituminous coal 2.32 84 81 84 83 71 90 88 87 79 74 75 69 63 60 65 Crude oil and natural £as 5.67 128 133 131 134 135 135 136 131 131 133 134 135 136 137 Oil and gas extraction 4. 82 125 129 127 130 130 131 130 126 128 128 127 130 131 132 P\29 Crude oil 4.12 120 124 122 126 127 126 126 120 120 120 120 122 125 127 124 Natural gas .34 159 167 152 152 154 156 150 -165 179 188 Natural ga« lion ids .36 145 157 151 154 154 158 160 159 162 166 163 167 161 156 Oil and gas well drilling .85 144 154 154 157 163 160 167 158 147 163 170 163 165 163 Metal, Stone, and Earth Minerals 1 63 115 119 132 136 134 137 135 127 110 98 91 94 93 99 P116 Metal mining .82 108 113 139 142 138 140 139 122 95 74 74 76 73 79 Iron ore .33 104 128 184 201 199 199 198 155 85 40 39 42 39 58 126 .49 1.10 104 109 102 98 100 100 100 101 97 98 98 95 93 Copper mining 24 114 114 120 109 109 112 112 114 116 110 111 105 102 101 Lead mining 09 97 86 89 87 78 80 81 79 78 80 7S 91 86 81 Zinc mining 06 107 87 93 90 79 80 76 72 74 71 75 80 76 Stone and earth minerals 81 123 124 125 130 130 133 131 132 126 122 108 113 114 '119 126 * Preliminary. ' Revised. For other footnote see preceding page. JULY 1954 765 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. . 100.00 105 127 138 134 137 129 121 118 112 109 112 113 '112 116 119 Major Durables 69.72 109 138 153 147 152 142 130 126 117 114 119 121 119 126 130 Autos 32 10 103 146 160 158 164 150 137 132 127 127 133 134 133 139 145 Major household goods 36.13 115 132 148 139 143 136 125 121 110 104 108 110 '109 120 Furniture and floor coverings 15.32 109 113 119 115 115 115 109 107 102 99 98 99 '99 97 95 Household furniture 11.31 113 118 124 122 120 118 113 112 109 104 102 103 103 '102 100 Floor coverings 4.01 95 99 103 96 102 104 98 93 84 87 87 87 '86 '82 82 Appliances and heaters 15.60 99 118 138 121 123 109 99 101 93 95 104 111 105 '114 117 Major appliances 11.88 100 123 144 127 127 111 101 104 98 100 108 117 109 '117 120 Ranges 2.60 75 90 110 102 113 89 85 77 68 67 70 85 84 '76 Refrigeration appliances 4.98 106 137 165 138 138 113 96 105 98 108 114 131 118 137 144 Laundry appliances 2.51 115 141 150 142 135 143 136 137 136 125 145 140 129 134 124 Heating apparatus 3 72 94 100 119 103 111 101 91 92 79 79 90 89 '91 '103 106 Radio and television sets . . . 5.21 184 230 262 262 285 279 248 221 185 145 148 142 '151 '178 198 Radio sets 3.42 53 67 67 63 73 72 60 65 66 59 58 47 43 43 43 Television sets 1.79 436 541 635 642 689 676 606 518 413 307 321 325 '356 '436 493 Other Consumer Durables 30.28 95 102 104 103 102 101 101 101 101 97 95 96 94 93 93 Auto parts and tires 14 00 90 91 94 91 90 89 89 88 89 88 88 90 88 89 90 Misc. home and personal goods 16.28 100 111 112 113 112 111 111 112 110 106 101 102 100 96 96 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. . 100.00 105 127 133 131 120 127 122 131 110 103 112 117 119 119 116 Major Durables . . .. 69 72 109 138 147 144 130 138 130 142 113 106 121 127 129 131 126 Autos 32.10 103 146 162 166 161 153 134 151 107 107 135 138 142 151 146 Major household goods 36.13 115 132 136 126 103 125 129 137 120 106 109 119 120 116 110 Furniture and floor coverings 15.32 109 113 114 112 101 110 110 112 106 104 99 103 102 '97 92 Household furniture 11.31 113 118 119 117 112 116 114 116 113 109 103 105 105 '100 96 Floor coverings 4.01 95 99 100 98 67 94 97 102 87 88 89 96 '94 90 80 Appliances and heaters 15.60 99 118 132 123 94 101 108 114 96 92 98 117 '117 116 112 IVIajor appliances ... . 11.88 100 123 140 130 93 95 105 110 98 100 106 130 129 '124 117 Ranges 2.60 75 90 106 96 72 83 92 86 75 66 71 91 93 '79 Refrigeration appliances 4.98 106 137 168 149 112 89 95 100 86 111 114 145 '144 153 147 Laundry appliances 2.51 115 141 135 146 89 126 145 160 149 122 135 159 151 130 111 Heating apparatus 3.72 94 100 107 100 95 120 117 127 90 68 73 '75 '79 '91 Radio and television sets 5.21 184 230 208 179 136 242 249 276 230 156 173 170 182 172 155 Radio sets 3.42 53 67 74 61 45 65 62 68 68 57 58 51 49 49 48 Television sets 1.79 436 541 464 404 310 581 606 673 541 347 391 397 435 406 360 Other Consumer Durables 30.28 95 102 102 101 99 104 103 106 103 96 92 95 94 92 92 Auto parts and tires 14 00 90 91 94 91 92 95 93 93 89 84 84 87 85 87 90 Misc. home and personal goods 16.28 100 111 110 110 105 111 112 117 115 107 99 103 102 96 94 'Revised. NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets are available 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED Total . . 14,143 14,115 13,944 13,792 13,626 13,414 13,231 13,067 12,937 12,852 '1? 1?,658 1?,569 Durable goods 8,364 8,341 8,243 8,142 8,037 7,855 7,728 7,606 7,499 7,397 '7,312 7,246 7,181 Ordnance and accessories 194 199 194 194 193 187 184 177 165 150 137 126 121 Lumber and wood products 733 727 713 707 702 688 657 630 643 653 '659 675 685 Furniture and fixtures 327 3? 7 320 313 307 300 295 ?89 286 - 287 '?84 284 ?R6 Stone, clay, and glass products. . 467 465 464 465 463 457 444 432 429 429 '428 427 423 Primary metal industries 1 159 1,160 1,144 1,129 1,106 1,083 1,063 1 044 1,022 1,005 '991 991 986 Fabricated metal products 963 963 956 939 919 898 862 865 855 844 '836 836 837 Machinery except electrical 1,323 1,308 1,281 1,268 1,260 1,246 1,232 1,230 1,214 1,190 1,181 1,159 1,144 Electrical machinery 946 9S1 951 941 924 900 866 847 831 819 811 794 777 Transportation equipment 1,573 1,559 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 '1,380 1,348 1,319 Instruments and related products 245 ?49 242 242 241 242 239 736 232 228 ???. ??n ?17 Misc. manufacturing industries.. 434 433 431 424 415 405 399 386 387 383 '382 386 386 Nondurable goods . . 5,779 5,774 5,701 5,650 5,589 5,559 5,503 5,461 5,438 5,455 '5,421 5,412 5,388 Food and kindred products 1,137 1,136 1,117 1,124 1,125 1,133 1,119 1,114 1,118 1,123 '1,116 1.118 1,106 Tobacco manufactures 95 97 95 93 92 94 101 97 93 91 92 93 94 Textile-mill products 1,113 1,119 1,110 1,099 1,067 1,036 1,013 987 980 979 '979 975 970 Apparel and other finished textiles 1,136 1 134 1,104 1,067 1,066 1,074 1,068 106? 1,056 1,069 '1 046 10S1 1 017 Paper and allied products 445 448 449 452 448 442 435 436 435 434 '433 436 438 Printing, publishing and allied industries 512 SI? 515 521 520 517 517 S14 514 520 '519 519 519 Chemicals and allied products... 567 566 561 552 541 537 ' 529 535 528 531 '534 536 534 Products of petroleum and coal. 188 188 187 185 185 184 182 180 180 179 178 178 177 Rubber products . . . 229 ??6 223 221 214 206 205 ?04 202 199 '196 199 ?01 Leather and leather products. . . 357 348 340 336 331 336 334 332 332 330 328 327 332 ' Revised. 766 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT Total 13,985 13,875 14,070 14,061 13,852 13,534 13,319 13,002 12,906 12,818 12,590 12,439 12,426 Durable goods 8,326 8,194 8,195 8,161 8,088 7,910 7,791 7,616 7,520 7,430 -7,309 7,209 7,149 Ordnance and accessories 194 199 194 194 193 187 184 177 165 150 137 126 121 Lumber and wood products 740 727 731 721 713 695 654 617 627 643 -649 675 692 Furniture and fixtures 317 314 315 315 313 308 301 293 292 290 -283 277 277 Stone, clay, and glass products.. 467 458 466 467 465 459 448 428 427 429 -428 427 423 Primary metal industries 1,153 1,143 1,138 1,129 1,112 1,088 1,074 1,049 1,027 1,010 -991 981 981 Fabricated metal products 953 934 942 939 924 902 875 874 864 852 -840 832 829 Machinery except electrical 1,330 1,295 1,268 1,262 1,254 1,240 1,238 1,230 1,220 1,202 1,187 1,165 1,150 Electrical machinery 937 918 932 941 933 913 883 855 839 827 811 786 769 Transportation equipment 1,573 1,559 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 -1,380 1,348 1,319 Instruments and related products 245 242 240 242 242 243 241 237 233 229 224 220 217 Misc. manufacturing industries.. 417 405 430 434 425 407 386 393 389 -380 371 422 374 Nondurable goods 5,659 5,681 5,900 5,764 5,624 5,528 5,386 5,386 5,388 -5,281 5,277 5,875 5,230 Food and kindred products 1,108 1,202 1,326 1,224 1,149 1,083 1,024 1,009 1,009 -1,011 1 ,079 Tobacco manufactures 83 84 1,289 112 109 101 104 97 90 84 82 1,032 82 Textile-mill products 1,113 1,085 105 1,088 1,067 1,046 1,028 997 995 989 -979 82 970 Apparel and other finished textiles 1,085 1,066 1,093 1,099 1,103 1,085 1,084 1,062 1,088 1,101 -1,030 970 97t P P a ri p n e t r i n a g n , d p a u l b li l e i d sh p in r g o d a u n c d ts allied 443 439 1,1 4 2 4 1 7 450 448 446 442 438 437 436 -433 9 43 8 4 5 436 industries 512 507 510 521 525 522 525 514 514 517 -516 516 519 Chemical and allied products.... 550 546 550 555 552 548 540 540 536 539 -534 525 518 Products of petroleum and coal. 189 190 191 188 185 184 181 178 178 177 176 177 178 Rubber products 227 219 221 221 216 210 209 206 203 199 -195 197 199 Leather and leather products. . . 350 343 349 341 334 334 332 332 339 338 325 314 325 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 June Apr. May June June Apr. May June June Apr. May June Total 72.04 70.20 70.74 40.7 39.0 39.3 39.6 1.77 1.80 1.80 Durable goods. 77.42 75.43 76.21 41.4 39.7 39.9 40.1 1.87 1.90 1.91 1.91 Ordnance and accessories 78.88 •78.21 79.00 41.3 '39.7 40.1 39.8 1.91 1.97 1.97 1.98 Lumber and wood products 68.31 •65.93 66.63 41.4 '40.2 39.9 40.3 1.65 ••1.64 1.67 1.68 Furniture and fixtures 62.73 •61.00 60.53 41.0 '39.1 38.8 39.6 1.53 1.56 1.56 1.57 Stone, clay, and glass products. 70.11 •70.18 70.53 41.0 '40.1 40.3 40.0 1.71 1.75 1.75 1.76 Primary metal industries 84.25 77.90 79.52 41.3 '38.0 38.6 39.1 2.04 -2.05 2.06 2.08 Fabricated metal products 77.28 75.39 76.92 42.0 40.1 40.7 40.8 1.84 1.88 1.89 1.90 Machinery except electrical 82.49 81.00 81.61 42.3 40.5 40.6 40.5 1.95 2.00 2.01 2.01 Electrical machinery 71.81 70.56 71.50 40.8 39.2 39 39.7 1.76 1.80 1.81 1.82 Transportation equipment 85.08 '84.82 85.24 41.1 '40.2 40 40.3 2.07 2.11 2.11 2.11 Instruments and related products 73.87 -72.07 72.07 41.5 '39.6 39.6 39.8 1.78 1.82 1.82 1.83 Miscellaneous manufacturing industries. 63.80 62.72 63.76 40.9 39.2 39.6 39.6 1.56 1.60 1.61 1.60 Nondurable goods . 63.52 -62.87 63.91 64.96 39.7 •38.1 38.5 38.9 1.60 1.65 1.66 1.67 Food and kindred products 66.56 67.54 68.54 69.80 41.6 40.8 41.3 1.60 1.68 1.68 1.69 Tobacco manufactures 46.99 -49.01 50.36 51.44 37.0 37.3 38.1 1.27 1.35 1.35 35 Textile-mill products 53.72 -50.46 50.59 51.27 39.5 37.2 37.7 1.36 1.36 1.36 ,36 Apparel and other finished products... . 48.05 -45.62 46.20 46.90 36.4 35.0 35.0 1.32 •1.33 1.32 .34 Paper and allied products 72.41 71.55 72.83 73.43 43.1 41.6 42.1 42.2 1.68 1.72 1.73 ,74 Printmg, publishing and allied products. 85.36 86.11 86.71 86.94 38.8 38.1 38.2 38.3 2.20 2.26 2.27 2.27 Chemicals and allied products 75.58 77.27 77.90 79.30 4.1.3 41.1 41.0 41.3 1.83 1.88 1.90 1.92 Products of petroleum and coal 88.54 -91.08 93.11 93.75 40.8 •40.3 41.2 41.3 2.17 2.26 2.26 2.27 Rubber products 78.55 •75.08 77.42 80.60 40.7 •38.7 39.5 40.5 1.93 1.94 1.96 1.99 Leather and leather products 52.33 49.13 49.35 51.01 38.2 35.6 35.5 36.7 1.37 1.38 1.39 1.39 -Revised. NOTE.—Data are for production and related workers. Figures for June 1954 are preliminary. Data for recent years revised as indicated in note to table above. Back data are available from the Bureau of Labor Statistics. JULY 1954 767 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 4,023 8,602 1,586 4,621 5,607 1947 43,438 15,290 943 1,982 4,122 9,196 1,641 4,807 5,456 1948 44,382 15,321 982 2,169 4,141 9,519 1,711 4,925 5,614 1949 43,295 14,178 918 2,165 3,949 9,513 1,736 5,000 5,837 1950 44,696 14 967 889 2,333 3,977 9,645 1,796 5,098 5,992 1951 47,289 16,104 916 2,603 4,166 10,012 1,862 5,278 6,348 1952 48,306 16,334 885 2,634 4,185 10,281 1,957 5,423 6,609 1953 49,660 17 259 844 2,644 4,224 10,533 2,025 5,486 6,645 SEASONALLY ADJUSTED 1953—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 r48 260 r16 150 753 r2,641 r4,O27 r10,486 r2,065 "•5,506 r6,632 May 48,148 16 064 738 2,605 4,014 10,485 2,071 5,504 6,667 June 48,116 15,976 738 2,637 4,009 10,502 2,085 5,511 6,658 WITHOUT SEASONAL ADJUSTMENT 1953—June 49,904 17,416 846 2,711 4,260 10,473 2,037 5,576 6,585 July.. 49 716 17 336 836 2,768 4,283 10,414 2,067 5,607 6,405 August 49,962 17,537 844 2,825 4,274 10,392 2,067 5,601 6,422 September 50,200 17,510 839 2,866 4,265 10,523 2,041 5,566 6,590 October 50,180 17,301 826 2,889 4,257 10,669 2,040 5,506 6,692 November 49,851 16,988 829 2,789 4,216 10,828 2,034 5,467 6,700 December 50,197 16 765 822 2,632 4,187 11,361 2,040 5,435 6,955 1954—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 10,305 2,057 5,406 6,667 April r48,068 r16 000 •749 '2,535 ••4,008 r10,496 r2,O75 ••5,506 r6,699 May .. . 47,920 15,835 736 2,631 4,011 10,366 2,081 5,559 6,701 June 48,062 15,829 742 2,742 4,039 10,397 2,106 5,594 6,613 r 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. June 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 oi the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor labor force population torce Total Unem- Total In nonagricul- In ployed tural industries agriculture 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2.064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3.142 46,181 1951 . 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 L ,673 46,710 1953 115,046 66,965 63,417 61,894 55,366 6,528 L ,523 48,081 1953—May 114,931 66,497 62,964 61,658 55,268 6,390 1,306 48,434 June . 115,032 68,290 64,734 63,172 55,246 7,926 L ,562 46,742 July 115,132 68,258 64,668 63,120 55,492 7,628 1,548 46,874 August 115,232 68,238 64,648 63,408 56,134 7,274 1,240 46,994 September 115,342 67,127 63,552 62,306 55,044 7,262 1,246 48,215 October 115,449 66,954 63,404 62,242 55,083 7,159 L.162 48,495 November 115,544 66,873 63,353 61,925 55,274 6,651 1,428 48,671 December 115,634 66,106 62,614 60,764 55,326 5,438 1,850 49,528 1954—January2 115,738 66,292 62,840 59,753 54,469 5,284 3,087 49,447 February 115,819 67,139 63,725 60,051 54,349 5,697 3,671 48,679 March 115,914 67,218 63,825 60,100 54,225 5,875 3,725 48,696 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 June . 116,153 68,788 65,445 62,098 54,470 7,628 3,347 47,365 1 Includes self-employed, unpaid family, and domestic service workers. 2 Monthly estimates of the labor force beginning 1954 are based on an improved sample covering a larger number of areas and are, therefore, not strictly comparable with earlier data. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 768 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 Business non- Year or month Total resi- Total d R en e t s i i a - l Total Indus- Com- Public d t e ia n l - Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r trial mercial utility 1939 8,198 4,389 2,680 1,229 254 292 683 480 3,809 125 1,381 570 1,733 1940 8,682 5,054 2,985 1,561 442 348 771 508 3,628 385 1,302 528 1,413 1941 11,957 6,206 3,510 2,082 801 409 872 614 5,751 1,620 1,066 500 2,565 1942 14,075 3,415 1,715 1,287 346 155 786 413 10 660 5 016 734 357 4,553 1943 8,301 1,979 885 759 156 33 570 335 6,322 2,550 446 285 3,041 1944 5.259 2,186 815 989 208 56 725 382 3,073 837 362 163 1,711 1945 5,633 3,235 1,100 1,672 642 203 827 463 2,398 690 398 130 1,180 1946 12,000 9,638 4,015 4,195 1,689 1,132 1,374 1,428 2,362 188 895 240 1,039 1947 16,689 13,256 6,310 4,896 1,702 856 2,338 2,050 3,433 204 1,451 394 1,384 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 '•3,182 "•21 ,764 10,973 7,217 2,117 1,371 3,729 "•3,574 '9,418 887 2,518 853 '5,160 1952 '33,008 '•22,107 11,100 7,460 2,320 1,137 4,003 '•3,547 ••10,901 1,388 '2,820 854 '5,839 1953r . . 35,256 23,877 11,930 8,436 2,229 1,787 4,416 3,511 11,379 1,307 3,165 830 6,077 1953—Tuner .. 2,961 2,032 1,031 707 192 138 377 294 929 126 235 74 494 July 2,916 2,008 1,015 698 182 141 375 295 908 110 269 68 461 A Se u p g te u m st b ' er r 2 2, , 9 8 2 8 5 3 2 1 , ,9 0 9 0 4 0 1,0 9 0 9 5 5 7 7 0 1 5 0 1 1 7 7 8 3 1 1 5 6 4 3 3 3 7 7 3 4 2 2 9 8 0 9 8 9 8 3 3 1 9 9 9 7 2 28 5 7 8 6 6 3 0 4 4 6 8 3 7 October'. . . . 2,880 1,982 979 710 164 173 373 293 898 79 267 58 494 Novemberr 2,936 2,002 976 726 164 187 375 300 934 75 277 59 523 December'. . 2,955 1,992 981 718 164 188 366 293 963 69 289 64 541 1954—January 2,956 1,992 971 729 170 189 370 292 964 80 271 62 551 February 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 3,025 2,063 1,032 726 184 165 377 305 962 73 295 66 528 MayP 3,068 2,107 1,071 725 177 173 375 311 961 72 299 66 524 JuneP 3,035 2,082 1,053 720 173 172 375 309 953 70 294 63 526 Preliminary. r 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] B o y w n ty er p s e h ip of By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and - building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10 359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1 ,651 2,578 1951 15 751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 17 443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1953—June . 1,116 372 744 463 85 99 148 127 193 July 1,793 610 1,183 653 207 200 176 181 376 August . . 1,414 532 882 508 110 111 146 179 361 September 1 742 725 1,017 507 383 145 138 116 451 October 1,892 689 1,203 635 235 171 153 200 500 November I 394 483 911 484 232 101 140 138 298 December 1,300 479 821 434 136 97 176 131 326 1954—January I 152 363 789 462 111 114 132 117 216 February 1,221 436 785 509 106 93 144 125 244 March I ,528 484 1,043 668 80 134 179 140 328 April L 692 477 1,215 796 94 178 171 163 290 May .925 669 1,256 825 86 179 189 218 428 June 1,733 720 107 192 186 172 357 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 o t u . is M ap in o n li e s - K C an it s y as Dallas 1953—March 1 34R 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 May 1,606 102 302 124 188 162 194 252 90 45 51 97 1954—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 May 1,925 117 398 119 210 171 168 324 119 85 91 122 JULY 1954 769 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 194S 209 134 75 2(8 185 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 36 465 361 105 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__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 41 23 18 September.. 95 47 48 92 81 3 8 3 36 22 14 October 90 43 47 90 79 4 7 0) 37 22 15 N De o c v e e m m b b e e r r 6 8 6 2 3 3 5 9 3 4 1 3 6 8 5 0 5 7 4 0 3 3 8 7 2 1 3 2 3 7 2 1 0 5 1 1 2 3 1954—January n.a. n.a. P65 n.a. n.a. n.a. Pl 25 13 12 February P73 n.a. n.a. vTl n.a. n.a. n.a. 30 16 14 March P97 n.a. n.a. P96 n.a. n.a. n.a. 37 21 16 Anril . . P110 n a n a P100 n a. n.a n a 44 24 20 May P106 n.a. n.a. P106 n.a. n.a. n a. PI 49 24 25 June 54 27 27 pPreliminary. n.a. Not available. iLess than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—5easonally adjusted Monthly—without seasonal adjustment Annual Class 1953 1954 1953 1954 1952 1953 May Dec. Jan. Feb. Mar. Apr. May May Dec. Jan. Feb. Mar. Apr. May Total 126 127 130 117 120 117 112 Ill 112 132 108 108 107 105 108 114 Coal. 109 103 106 97 100 87 78 79 84 106 97 100 87 78 79 84 Coke 168 171 183 135 120 109 104 98 94 182 142 126 116 105 96 93 Grain 142 135 141 119 124 124 127 134 144 124 112 124 122 117 118 127 Livestock . . 69 63 65 58 58 54 64 62 58 58 56 56 43 51 55 53 Forest products 144 143 137 135 136 133 126 127 128 143 120 122 128 126 127 133 Ore 181 215 237 201 231 222 177 136 136 315 62 58 55 51 88 224 Miscellaneous 140 143 146 132 133 134 132 130 128 148 124 122 126 125 128 130 Merchandise, 1. c. 1 46 43 45 40 39 41 41 . 39 39 45 38 38 40 41 40 39 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 M m e i r l c it h a a r n y d -a is id e e s x h p ip o m rts e n e t x s c 2 l. Merchandise imports3 Month 1952 1953 1954 1952 1953 1954 1952 1953 1954 January 1,254 1 .293 M.092 1,189 1,016 922 922 922 r8,4 February ... 1,344 1,199 1,181 1,260 926 997 893 856 809 March 1,447 1,391 1,330 1,053 919 964 1,005 858 April 1,355 1.394 PI.422 1,187 1,054 1,255 933 1,013 P957 May 1,480 L ,453 el ,388 1,244 1,085 Pl ,126 835 902 «819 June 1,171 1,384 1,058 1,013 861 933 July . . 1,030 1,358 893 960 839 908 August 1,087 1,186 916 911 818 '840 September 1,229 1,255 981 1.051 877 925 October 1,216 1,253 1,043 1,019 918 '814 November 1,190 1,247 995 1,030 805 849 December 1 .391 3S1 1,108 1,136 1,053 907 January-May 6,880 6,730 «6,206 6,210 5,134 «5,219 4,547 4,698 e4,277 ^Preliminary. •Estimated. 'Revised. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 770 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - * K C a i n t s y as Dallas F r S r i c a t s r n e - r SALES i 1947 98 99 99 96 97 97 96 99 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 110 113 119 126 111 Ji2 104 112 125 115 SEASONALLY ADJUSTED 1953—May 117 106 '•103 118 115 '130 134 114 118 107 115 131 '125 June 115 103 102 110 118 119 128 112 122 106 118 134 121 July 113 106 104 117 114 120 127 110 107 105 111 124 117 August 112 99 99 116 120 114 130 109 110 102 112 127 113 September 107 105 98 104 109 114 119 106 102 100 103 112 110 October 110 107 104 106 110 117 128 1C9 108 103 108 122 111 November .. . 113 107 102 108 115 118 128 113 114 105 112 127 112 December 112 108 101 108 112 121 127 115 113 107 114 125 109 1954— T&nuary 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 92 118 117 101 108 95 103 115 111 April 111 105 102 109 104 122 127 111 114 100 113 120 111 May PIOS 102 100 105 98 114 P122 108 106 104 P109 123 114 WITHOUT SEASONAL ADJUSTMENT 1953—May 115 106 101 117 115 '130 131 114 118 107 115 127 '118 108 103 99 105 111 112 114 110 110 98 111 118 112 July 89 76 75 83 89 96 102 89 86 84 91 104 101 August 98 79 75 92 104 97 114 98 100 97 104 116 109 September 112 112 102 108 114 121 122 113 109 110 109 119 111 October ... 115 107 110 114 115 122 130 112 119 118 114 128 111 November 136 129 129 142 142 144 146 137 136 121 129 144 131 December... 192 194 178 188 187 211 219 188 185 171 189 209 195 1954—Tanuary 83 83 81 80 80 80 94 82 83 75 83 94 85 86 81 83 84 80 89 101 83 88 83 86 98 86 March 89 86 85 91 82 97 110 86 92 79 90 102 88 April . .. 110 108 101 109 105 123 129 10Q 112 101 110 119 107 May P!06 102 98 104 98 114 P120 108 106 104 P109 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—May 127 120 '117 121 117 '143 145 123 131 115 136 139 135 128 117 118 122 122 146 147 123 132 114 140 141 135 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—Tanuarv . ... 120 114 111 114 115 134 142 117 117 106 128 128 123 February 119 112 107 113 113 132 141 117 127 110 128 130 121 March . . 121 118 111 112 112 136 141 121 120 111 129 127 124 April 120 117 113 '114 113 135 135 122 116 111 125 177 116 May P121 120 115 116 117 137 P137 122 118 111 P127 P128 119 WITHOUT SEASONAL ADJUSTMENT 1953—May 132 121 '120 '125 119 '152 147 125 138 117 144 141 147 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 99 100 118 115 111 February 114 106 104 111 111 127 139 114 108 106 125 127 113 March 126 120 116 120 119 142 147 126 123 115 133 136 125 April 127 122 118 '123 120 146 143 126 124 116 134 135 125 May P126 121 118 119 119 145 P138 124 123 113 P135 P129 129 P Preliminary. r Revised. figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. JULY 1954 771 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 millionsof dollars) Ratios to sales1 Out- Stocks Year or month Sales2 Stocks2 stand- Re- New Out- plus (total (end ing ceipts3 orders3 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 L.O 1945 average 276 604 775 277 291 2.3 3.0 5.3 L.O 1946 average 345 767 964 373 354 2.3 3.0 5.3 L.I 1947 average 365 887 588 366 364 2.5 L.7 4.3 L.O 1948 average 381 979 494 386 363 2.7 1.4 4.1 L.O 1949 average 361 925 373 358 358 2.7 L.I 3.8 L.O 1950 average 376 1,012 495 391 401 2.8 L.4 4.2 L.I 1951 average 391 1,202 460 390 379 3.2 L.3 4.4 L.O 1952 average 397 1,097 435 397 401 2.9 L.2 4.1 .0 1953 average 402 1,157 421 403 397 3.0 L.I 4.2 L.O 1953—May ••391 1,190 '320 '362 ••356 '3.0 (3.8 3.9 0.9 June 375 1,103 461 ••288 '429 2.9 1.2 4.2 0.8 July 305 L,081 525 283 347 3.5 L.7 5.3 0.9 August 343 1,135 491 397 363 3.3 L.4 4.7 1.2 September 388 L.206 492 459 460 3.1 L.3 4.4 1.2 October. . . 440 1,297 462 531 501 2.9 L.I 4.0 1.2 November, 477 L.327 371 507 416 2.8 ).8 3.6 1.1 December. 725 1,042 288 440 357 1.4 ).4 1.8 0.6 1954—January.. . 310 1,010 370 278 360 3.3 L.2 4.5 0.9 February.. 299 ,075 403 364 397 3.6 •L.3 4.9 1.2 Marrh 351 1,176 343 452 392 3.4 1.0 4.3 1.3 April 402 ,183 279 409 345 2.9 0.7 3.6 1.0 May P.. . . . 372 ,161 246 350 317 3.1 0.7 3.8 0.9 pPreliminary. 'Revised. 1The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1953, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3 Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1947-49 = 100] Without seasonal adjustment 1950 1951 1952 1953 1951 1952 1953 1954 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 18 105 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... 104 Dec. 2 153Dec. 1 161Dec. 6 195Dec. 5 190June 2 95June 7 111June 6 118June 5 97 9 191 8 191 13 223 12 216 9 108 14 116 13 112 12 111 16 220 15 213 20 237 19 234 16 106 21 98 20 111 19 115 23 221 22 228 27 146 26 163 23 92 28 91 27 94 26 97 30 82 29 92 30 89 1951 1952 1953 1954 Jan. 6 98Jan. 5 78Jan. 3 81Jan. 2 81July 7 75July 5 79July 4 79July 3 93 13 105 12 92 10 89 9 94 14 83 12 83 11 92 10 20 104 19 90 17 92 16. . . 85 21 81 19 82 18 84 17 27 96 26 83 24 86 23. .. 86 28 80 26 79 25 83 24 31 87 30 85 31 r Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 772 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 M 19 a 5 y 4 A 19 p 5 r 4 . m 19 o 5 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 M 19 a 5 y 4 A 19 p 5 r 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 M 19 a 5 y 4 A 19 p 5 r 4 . m 19 o 5 5 s. 4 Fe a d r e e d r a i a , s l t o r R i r c e t c s , i e ty rve M 19 a 5 y 4 Apr. m 19 o 5 5 s. 4 United States.. P-S +5 -5 Cleve.-cont. Chicago-cont. Kan. City-cont. Met. Areas-cont. Met. Areas-cont. Met. Areas-cont. Boston -2 +7 -1 Wheeling- Gary -13 -13 Wichita -9 -3 -9 Steubenville2.. Decatur2 -7 i 1 St. Joseph -13 0 -6 Met. Areas1 Peoria2 -8 1 ' Omaha +8 + 10 +4 P L B N D C L o o o e B w a r a w o s t w t m o w l e o a s l r B n b n l n t e - o r t e d n o i n d c d w f e g o n e r . d . . . . . . - - - - - 1 -4 8 1 3 1 1 + + + + + + 5 8 5 7 4 ; ! + + - _ - — _ 2 3 3 4 1 1 R M Z W P i i D e o t c y t a r . o h s t w A h m sm i r n n o e t o g a o n u t s w d o 1 t n n h 2 2 . . P . . I . . — | | 1 -6 1 + 19 + - - 5 2 2 T S R F In ( o o r o M D d i R u r c - t i t k a C o o a h f v W c l n i o i t e k n a r i B T n l e d e p a a p s e , o y n 2 o n l n d r i d ; e s t) 2 2 2 . . . . . . . . . - - 1 - 2 - 1 9 7 3 | + + • 1 z + " 6 2 3 \ ! 1 i - + - 1 9 ; 7 2 C A O J T G H o i u t k l r u p i b e l l e t l s a e u c i s a h l n h q e o i u y n m e s r o a q n u C e i . t y . . . + -6 2 0 + + + + - 1 2 9 2 3 0 6 -1 - - - - - 8 2 4 2 3 3 C W iti o e r s cester2 -4 -13: Q A B s a W h lt e i a v m s i h l o l e re 2 2 \ ; -1 - - 8 8 0 + + + 1 4 7 3 - - - 2 5 4 T C D e e e r d s r a e M r H R o a a in p u i e t d e s s 2 . . . . . . . . . . - + 1 -3 2 1 : : + + 6 1 ! 6!+ - -8 4 3 K En a i n d sas City... . - - 3 6 + 1 0 1 - - 5 6 N M S A P B B e A S e p r u l i w t o b r c n f n . l i f a b v h n g e a n Y A a i g e l c h d y o n f n r t o a i e - y a e e e r m S n a d l c k c d s c y t t . 1 h o a e - e T 2 d n . - . y . r . o . . . . y . . . + - - - - - - - 9 6 4 7 7 4 5 2 ; | : i i : I + + + + + + + 1 8 6 7 4 4 0 0 2 ! ! - - - - - - 1 2 4 2 3 4 0 -3 W C C N C R R R G P h o h a o o i r W i c o e l a n a l r a e h u f e r r r n s . o i l l n t m m t g o e e s l o V v k h s k s m o b n i t t - 2 a e l n i - o o o l a 2 S . d e n n 2 2 u a 2 2 , , t l S h e . 2 m C . . 2 2 I ! : j . ' | ! ; , P - - - - - 1 1 1 1 1 - -7 9 4 0 5 1 3 ! ! + + + + + + + + + 2 1 1 1 0 7 4 9 8 3 3 7 1 ! : ; - - - - - - - 9 7 2 1 1 6 9 A W J S S D F M D G K G L a a i l a r a r u e o c a i a g e n a l n t b u k d t i a e n r s e n t x u s i o m n i d 2 r s n a o q i l o C w a g o t n u B n 2 z R o 2 i e a t o y a y o pids2. P - - - - + 1 1 1 - 1 - - - - - - 4 7 8 5 4 8 2 4 0 6 8 3 : + + + + + + + + + + + + 1 1 1 1 3 1 4 7 3 5 5 5 6 5 6 4 1 : i ! ! - - + + 1 - 1 - - - - - 6 2 4 6 8 1 1 0 5 3 A M D S S F W D C H E a e a h o l o a o t a n l r r . r l u P l c e t l p a a o s A a v A u s t W s s e r s o . 2 n o p e n t a o o C 2 o s r r h n t t r i h i o s . . t . . i . . . . . . + - i 1 — - - 2 5 2 9 ! 5 ! 7j + + + + - - 1 7 4 8 2 8 J c 2 ! J ; i - - 1 1 - - - - - - 5 5 6 4 8 4 0 0 0 N Bu ia ff g a a l r o a 2 Falls.. + + 2 4| ! + + 8 4 , ; + -3 1 C C it u ie m s berland- Milwaukee2.... -5. +2 -2 San Francisco.. P-7 +2 -7 New York-N. E. Hagerstown. . . -20 -3 -15 Cities New Jersey... -4| +6! 0 Spartanburg.... -17 +6 -10 Danville p-10 -1| -9Met. Areas1 Newark2 -7| 0. -3 Lynchburg2.... -16 + 14 -5 Battle Creek. . . — 15J —9! —16Phoenix2 -6 -15 S R N y o . r c a h Y c e u . s s t e C e 2 r i 2 ty2... - - -t 3 l - i ; + + + 1 1 5 4 0 j ' +3 0 2 N H Pa e u r w n k t p e i r o n s r g b t t u o N r n g e 2 . w . . s . . . . . . - -1 2 -7 4 1 + + 1 3 1 - - 1 1 -7 2 3 S M P h o u e r s t b k o H e y g u g o r a n o n n. . . . -1 - - 9 8 6: + + - 1 8 5 8 1 ' - - 1 - 1 1 7 0 F L r o D e s s o A n w o n 2 n g t e o l w es n 2 . . . -1 -8 0 ! ! j + -4 6 -4 Q U U ti t c ic a a -Rome. . . . - -4 s; ; + + 6 4 ! i - - 3 6 Atlanta p-8 + 10 -3 St. Louis p-9: +7 -3 W L e . s A ts . i 2 de L.A.2 -5| + + 5 6 - - 5 3 C C P M C Y S W W T L R P P B E i l h i H e c t o e h r t a l o e r y i i t m i r i e v n u a i l e . a i r l a l k l n d k e d s c a z g m i n a A e t r l 2 a l g i h d d t a o a s e n r i s o e k - e e e n n n t g t n B o p e e a l l 2 d 2 g p p e n r s o a t 2 h p 2 r h r o r s i t i n e 2 a i a . - e 2 . . . . . . . . . . . . . . . . p- - - - - - - - - - 1 1 1 l 2 2 1 1 - - 1 - 1 l 4 0 9 9 2 5 1 5 1 4 2 ! 1 ! , , ! ' r ! + + + + + + + + + 1 + 1 + + 1 1 5 3 6 1 7 0 0 7 2 7 4 6 ! ! 2 4 i : ! j j | - - 5 -9 M J S J A A O S N C K M M M B N C M B a a S T a e t o a u e r h a t n i c . c o a o T i t v t l l a r t w l s g . a o a k . a k a c b o u n m a P a m h m u t x n s n o s i n m A n t P t m e v l o s v d o g i O a n t p e n i t r e i t n a b n i o 2 o n n e p 2 R a l e a a t l r 2 g l u 2 r m v o l e a a l 2 h e o e s e h s r s i o 2 b 2 e a u l s 1 a g l u r b n g m e a y r s u 2 e 2 g . 2 2 . r 2 . - . g . . . . . . . . . . . . p - - - - - - - - 1 1 1 2 1 + i 1 — - 1 - - - 1 ~ 7 5 2 S 3 13 0 7 5 3 5 4 2 8 2 2 4 0 3| ! ; ! ; ; | ! I | + + + + + + + + + + + + + + + +2 - 1 1 1 1 1 1 1 2 0 9 7 8 3 7 9 6 2 6 6 3 5 0 1 ; ; ; ! : : : ; ; ' + - - - - - - - - - - - - - - 1 4 2 5 6 6 2 8 4 9 7 8 5 1 2 0 0 0 j C M M M Z S S S Q M F L M L P E i i S M i p e t e o t a t o i v i u o . i p i e t t r t t n d u r e e a i . t u . . i m i l t n L l n u s s n i n s n x e A s A P c g . o c s S p e n v - y r a f r a F u v h a S m R e i i e e u h l i i e a i a p t a l a l s o i s l . l l e l p t 2 s 2 d o s 2 l e c h 2 s 1 o P 2 l k i l a s 2 i . s u . . 2 l . . . 2 . . . . p P - - - - - - - 2 3 1 1 - H - 7 9 2 6 3 2 0 J 0 ! ! \ ; | ! i ! + - + J + - + + 2 1 1 3 + + + + + + 2 1 4 2 0 0 5 9 6 8 2 1 1 ; ; : : ! + - - + + + 1 2 - - - - - - 1 2 6 8 2 2 4 5 8 1 0 1 1 S S S S S S S S T P R O V S S L P a a a a e t p a o a i o S n O n n n v B l a a a c a o o c r a a t c a D n a e t t n s r n l o k k e a t J l F D k l n r a O r a L t g l a r m a e k l o o d s a F t m r d e a k j i n a n i l o a w a B s i o 2 e r n e a d e a k B n e d M k e n e n a g 2 n d n l e e n e 2 o 2 2 n c 2 n l e e o a r - t d a o i y t - c o a 2 C a s 2 o n n 2 i w c c n s 2 i d i . o h . t c c d n 2 . y - 2 a o . . . . 2 . 2 . . . . . ! ! j . | ' P - - i - 1 i = - - - - - 3 f 2 6 4 8 o 4 2 ? i o ; c : ! + + - + + + + 1 + + + + + - - 1 1 4 1 4 2 4 3 5 2 i 3 2 5 1 0 0 1 ! ! i ! : : : - - - - - - - 1 1 - - - - - - - - 6 4 2 6 4 6 9 5 2 8 6 3 5 4 0 Q Met. Areas Cities Mankato -5.r+21j +2 -7 Lexington. -9 +7 Rome -18 +11 -9 Duluth- Cities Akron2 -10 +6 Meridian -6 +10 -3 Superior2 o| -5 Tucson -13 -6 -13 C Ci a n n c t i o n n n 2 ati2 . . . - - 1 1 1 2 +7 0 — - 9 4 Bristol -22 +5; -6 G G r r a e n at d F F a o ll r s ks. . . + 10 + -5 0 B Bo a i k s e e r a s n fi d eld2.... +2 -5 Cleveland2 -10 +5 -8 Chicago p-6 +5; -4 LaCrosse +6 -6 Nampa -5 0 -7 Columbus2... . ! -7 +12: -1 Idaho Falls -5 -1 -9 Springfield2. . .I -14: -2 -12 Met. Areas1 Kansas City.... -4 +4; -4Twin Falls -17 -4 -12 Toledo2 ! -10! +3 -9 Chicago2... P0 +3; Bellingham | +5 -2 Y Er o i u e2 ngstown2. i i - -1 1 5 0 ! + -2 3 - - 1 7 1 A El u g r in ora.... -26 0 -1 + 0 9 ! ; 0 M D e e t. n v A e r r eas -1 +5, W Ev a e ll r a e t W t2 alla2... - -1 1 2 0 - - 1 1 6 6 Pittsburgh2. . . (3) (3) Joliet2.... -13: -14. -13 Topeka -11 -4 Yakima2 +8 -7 pPreliminary. 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 obctaasi.n Reserve Bank in the district in which the area or city is located. :ained upon request from the Federa -A 3O VI VD\. lyaAU. _tl. lai^ 1_n1_1.A . oVltl_\i . _Va_41te?IWv1J.a«1i»l1_able. JULY 1954 773 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 during Department period Four Apr. months 1954 1954 +5 -3 +5 -3 -7 -1 +3 0 +2 -3 -17 -12 +7 +8 -13 -2 -12 -4 -16 0 -9 0 +2 -3 -3 -6 -4 -2 +5 -2 + 12 -2 +9 -3 + 11 i +23 -5 -16 -6 +3 -1 -4 +6 0 + 12 -2 + 14 -1 +6 -3 +4 -6 +26 -5 +15 -6 +9 +2 + 1 A +4 -1 +2 2 +8 0 -1 -3 +21 -1 +23 -2 +23 0 +57 +3 + 16 0 + 11 -3 -1 -12 -6 -10 +8 -14 +30 + 18 +46 +8 + 10 +4 +10 +3 +38 +14 +7 +7 +41 + 11 1 + © MC MC Ratio of Federal Reserve index numbers stocks to without seasonal adjustment, sales1 1947-49 average=1002 m ( S e t o n o n d c t k h o s ) f April Sale pe s r d i u o r d ing Sto o c f k m s o a n t t e h nd 1954 1953 1954 1953 A 1 p 95 r 4 . 1954 1953 Apr. Mar. Apr. Apr. Mar. Apr. GRAND TOTAL—entire store3 _3 3.2 3.4 MAIN STORE—total -3 3.4 3.7 99 89 94 121 121 125 Piece goods and household textiles -5 4.4 4.3 74 79 79 107 104 112 Piece goods -7 3.3 3.6 76 89 74 89 92 96 Silks, velvets, and synthetics -9 3.2 3.6 69 80 68 80 80 89 Woolen yard goods -7 7.2 6.4 28 65 33 78 83 84 Cotton yard goods 2.6 2.9 118 116 110 116 116 122 Household textiles -4 5.2 4.7 72 71 83 117 110 121 Linens and towels -7 5.7 5.4 69 67 79 107 100 114 Domestics—muslins, sheetings + 1 5.1 4.2 70 73 83 139 126 138 Blankets, comforters, and spreads -4 4.7 4.4 81 73 89 113 109 117 Small wares -3 4.1 4.3 92 82 90 118 115 121 Laces, trimmings, embroideries, and ribbons. . . . -1 3.6 3.6 109 98 112 129 134 130 Notions -3 3.6 3.5 108 89 112 134 128 139 Toilet articles, drug sundries -4 3.6 4.0 100 92 96 109 107 114 Silverware and jewelry -2 4.9 5.5 89 65 79 124 122 126 Silverware and clocks -4 7.2 8.1 72 58 66 133 130 139 Costume jewelry -3 2.9 3.3 101 76 91 116 117 120 Fine jewelry and watches +3 8.2 9.7 107 46 87 147 121 142 Art needlework -4 6.3 5.4 64 82 76 110 105 114 Books and stationery 0 4.2 4.3 81 86 79 120 116 121 Books and magazines -5 3.5 3.6 83 96 85 108 103 114 Stationery +2 4.5 4.6 82 80 77 126 119 124 Women's and misses' apparel and accessories -2 2.4 2.7 114 97 101 125 131 128 Women's and misses' ready-to-wear accessories.. -3 2.9 3.4 114 94 100 130 133 134 Neckwear and scarfs -1 2.1 2.3 125 100 118 140 145 142 Handkerchiefs -12 3.9 4.6 57 49 55 72 77 82 Millinery -8 0.7 0.9 152 121 121 97 148 107 Women's and children's gloves y 2.9 3.6 113 74 99 93 101 100 W Co o r m se e ts n ' a s n a d n d b r c a h ss il i d er r e e s n's hosiery +2 2 2. . 5 9 3 2 . . 1 7 1 8 3 9 6 1 8 1 1 9 1 8 2 8 5 1 1 2 4 7 6 1 1 2 4 3 2 1 1 3 4 1 3 -3 Underwear, slips, and negligees -6 3.2 3.6 86 74 82 122 117 129 Knit underwear c 3.5 3.8 98 88 96 152 145 159 Silk and muslin underwear, and slips -8 3.1 3.7 82 66 76 111 107 120 Negligees, robes, and lounging apparel -3 2.7 2.8 81 76 82 106 95 110 Infants' wear -4 2.6 3.3 118 102 97 122 128 127 Handbags, and small leather goods -6 2.1 2.7 126 84 102 127 132 135 Women's and children's shoes 0 4.1 5.0 139 111 113 150 156 151 Children's shoes -2 3.3 5.3 152 103 97 145 156 148 Women's shoes 4.2 5.0 138 114 119 154 158 155 Women's and misses' ready-to-wear apparel. . . . 1.9 2.1 114 100 103 118 127 120 Women's and misses' coats and suits +4 1.5 1.5 99 108 100 92 121 88 Coats + 1 1.3 1.2 92 97 97 78 102 77 Suits +6 1.7 1.7 127 136 117 119 159 112 Juniors' and girls' wear 0 1.6 2.1 129 113 99 120 134 120 Juniors' coats, suits, and dresses +2 1.4 1.6 119 107 101 110 124 109 Girls' wear -1 1.9 2.9 141 120 96 127 143 129 Women's and misses' dresses 0 -5 1.5 1.7 122 100 113 123 129 129 Inexpensive dresses +1 -6 1.2 1.4 125 97 113 121 123 129 Better dresses -4 1.8 2.0 120 102 115 124 129 129 -2 Blouses, skirts, and sportswear +1 +3 2.8 2.9 113 92 103 157 147 152 Aprons, housedresses, and uniforms 0 -8 1.9 2.2 122 96 118 128 119 139 Furs -8 -10 4.2 6.5 72 41 52 82 90 91 Men's and boys' wear -1 -2 4.5 5.2 95 74 83 131 129 133 M M e e n n ' ' s s c fu lo rn th is in hi g ngs and hats + -3 1 +2 ^ 4 5 . . 6 3 5 5 . . 1 6 9 7 7 9 6 7 4 9 9 7 1 3 1 1 4 2 7 4 1 1 4 1 5 8 1 12 4 9 4 Boys' wear 0 -5 2.9 4.4 131 94 93 112 120 118 Men's and boys' shoes and slippers -1 0 5.6 6.2 111 83 100 141 141 141 For footnotes see following page. 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales i 1947-49 average=1002 Sales Stocks during (end of April Sales during Stocks at end Department period month; period of month Four 1954 1953 1954 1953 April months Apr. 1953 1954 1954 1954 Apr. Mar. Apr. Apr. Mar. Apr. Homef urnishlngs. -9 -6 4.8 4 6 87 92 96 120 117 127 Furniture and bedding -8 -4 5.0 4.6 94 105 108 126 127 132 Mattresses, springs, and studio beds. -7 — 6 2.6 2.3 109 119 127 149 143 158 Upholstered and other furniture -9 -5 5.8 5.3 90 98 103 124 123 130 Domestic floor coverings. -12 5.5 5.2 70 76 83 102 105 115 Rugs and carpets -13 5.6 5.5 72 74 88 107 100 128 Linoleum -12 4.5 4.6 57 62 68 70 62 84 Draperies, curtains, and upholstery -5 4.2 4.3 105 98 111 120 118 128 Lamps and shades -14 7 5.0 4.5 75 81 88 119 114 125 China and glassware -10 -6 8.6 8.2 85 90 94 128 123 135 Major household appliances -7 3.5 3.6 62 66 66 103 96 113 Housewares (including small appliances). -5 -3 0 4.1 3.9 105 102 110 134 128 134 Gift shop -4 0 6.5 6.0 86 81 94 138 132 138 Radios, phonographs, television, records, etc.. . -6 -4 -14 3.9 4.3 76 107 81 103 100 120 Radios, phonographs, television -10 -10 -21 3.3 3.8 74 107 82 98 90 124 Records, sheet music, and instruments 0 + 15 + 1 5.6 5.5 77 97 77 103 101 102 Miscellaneous merchandise departments. +5 -2 3.1 3.3 86 71 82 106 107 109 -2 Toys, games, sporting goods, cameras. +4 +2 5.4 5.7 68 54 66 116 114 117 Toys and games + 10 +5 0 5.2 5.6 56 43 51 110 105 108 Sporting goods and cameras -3 -3 +2 5.8 5.8 86 66 89 122 114 126 Luggage. 0 -11 -8 4.8 5.1 76 53 76 116 115 126 Candy.., +34 +3 0 1.0 142 82 105 138 BASEMENT STORE—total +8 -2 -5 2.1 2.4 110 95 101 115 117 121 Domestics and blankets -2 3.5 3.0 114 89 136 165 112 168 -17 -5 Women's and misses' ready-to-wear. -5 1.6 1.8 115 97 103 110 116 116 + 11 -4 Intimate apparel +6 0 -4 2.2 2.5 110 96 123 119 Hosiery +3 -2 -3 1.8 1.9 Underwear, corsets and brassieres. +8 +2 2.4 2.7 () () () () () D C G I B n l o r i f o r e a a l u s s t n s s s ' t e e w s a s s ' , n e w d a sk r e s i a r u r t i s t , s and sportswear + + + + + 5 2 5 8 1 1 7 - + + + 1 -4 3 2 2 1 - - - 4 3 8 0 o 2 2 1 1 1 . . . . . 0 0 0 3 0 2 2 2 1 1 . . . . 2 5 1 3 .0 1 1 1 1 1 1 1 0 2 5 1 3 7 7 0 1 1 1 9 8 0 0 1 0 6 7 6 6 1 1 1 1 9 0 0 0 0 9 5 0 4 6 1 1 1 1 8 3 1 0 1 1 5 7 7 2 1 1 1 1 9 0 3 2 2 8 5 3 6 7 1 1 1 1 8 2 3 1 2 2 6 5 2 6 Aprons, housedresses, uniforms -9 -14 2.1 2.3 Men's and boys' wear. +20 +5 2.5 3.1 114 96 95 125 129 Men's wear + 11 +5 -5 2.7 3.2 105 90 95 127 122 133 Men's clothing. . . . + 15 +4 -3 2.5 3.0 129 110 112 134 131 138 Men's furnishings. +8 +6 2.9 3.3 91 78 122 116 129 -5 84 Boys' wear +46 +4 1.7 151 115 107 116 -7 104 Homef urnishings -12 -7 3.3 3.0 93 92 121 114 123 -2 105 Shoes +19 0 3.1 3.9 128 100 128 128 136 -6 108 NONMERCHANDISE—total... +3 + 1 108 104 Barber and beauty shop + 17 + 11 163 !The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 771. 4 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. JULY 1954 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 = 100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Total Rent s O he th lt e e r 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 - se - - H o h p o o e u l r s d a e - - p A a p re - l T p t o r 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—May. 114.0 112.1 117.1 123.0 106.6 121.8 107.6 114.7 104.7 129.4 120.7 112.8 108.0 118.0 June. 114.5 113.7 117.4 123.3 106.4 121.8 108.0 115.4 104.6 129.4 121.1 112.6 107.8 118.2 July.. 114.7 113.8 117.8 123.8 106.4 123.7 108.1 115.7 104.4 129.7 121.5 112.6 107.4 118.3 Aug.. 115.0 114.1 118.0 125.1 106.9 123.9 107.4 115.8 104.3 130.6 121.8 112.7 107.6 118.4 Sept. 115.2 113.8 118.4 126.0 106.9 124.6 108.1 116.0 105.3 130.7 122.6 112.9 107.8 118.5 Oct.. . 115.4 113.6 118.7 126.8 107.0 125.7 108.1 116.6 105.5 130.7 122.8 113.2 108.6 119.7 Nov.. 115.0 112.0 118.9 127.3 107.3 125.9 108.3 116.9 105.5 130.1 123.3 113.4 108.9 120.2 Dec. 114.9 112.3 118.9 127.6 107.2 125.3 108.1 117.0 105.3 128.9 123.6 113.6 108.9 120.3 1954—Jan.. . 115.2 113.1 118.8 127.8 107.1 125.7 107.2 117.2 104.9 130.5 123.7 113.7 108.7 120.3 Feb.. 115.0 112.6 118.9 127.9 107.5 126.2 107.2 117.3 104.7 129 A 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 May. 115.0 113.3 118.9 128.3 107.7 120.9 105.9 117.2 104.2 129.1 125.1 113.0 106.4 120.3 1 Indexes for this subgroup are not yet available. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i c e n o p l r x t e d - d e s - - l l H s e p u k a a r i c i o n t d n h t d d e s s e s - , r ,p t l F e o i m a i g r u w n n i h a e a g d e t - l l - , r s , C a p i u a l c h r l n c o a i e e t d l d m s s d - - p R u a b r u n c o e b t d 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 d a a s l - l s p c M m t a e h r i n r o v i o a y n d d e - - - . h F d o h t a b o u u t u o n l h u r r e r l d e a n s e d s e r - i- - e s N t r t m t m a u a r o l l i u r e l s n n a i - c — c - l - - b b e m b o a T r a e t a n f c t o v r g l d c s - e e o . d s n c M e e o l i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 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 97.6 100.4 107.1 105.5 125.4 121.8 115.4 125.7 122.4 114.1 117.2 114.8 99.7 June 109.5 95.4 103.3 113.9 97.4 101.0 108.3 105.6 125.0 121.5 115.8 126.9 122.9 114.3 118.1 114.9 95.8 July 110.9 97.9 105.5 114.8 97.5 100.0 111.1 106.2 124.6 121.1 115.8 129.3 123.4 114.7 119.4 115.6 95.3 August 110.6 96.4 104.8 114.9 97.5 99.9 111.0 106.3 123.5 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96.4 September, 111.0 98.1 106.6 114.7 96.9 99.7 110.9 106.7 124.0 119.2 116.9 128.5 124.0 114.9 120.7 116.2 94.7 October ... 110. 95.3 104.7 114.6 96.5 97.1 111.2 106.7 124.2 118.1 117.5 127.9 124.1 114.8 120.7 118.1 94.4 November. 109.8 93.7 103.8 114. 96.2 97.1 111.2 107.2 124.3 117.3 117.3 127.9 124.2 114.9 120.8 118.1 93.2 December . 110.1 94.4 104.3 114.6 95.8 95.6 111.1 107.1 124.8 117.4 117.1 127.5 124.3 115.0 120.8 118.1 100.1 1954 January ... 110.9 97.8 106.2 114.6 96.1 95.3 110.8 107.2 124.8 117.0 117.0 127.2 124.4 115.2 120.9 118.2 101.1 February .. 110. 97.7 104.8 114.4 95.3 94.9 110.5 107.5 124.6 116.8 117.1 126.2 124.5 115.1 121.0 118.0 102.8 March 110.5 98.4 105.3 114.2 '95.0 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 111.0 '99.4 105.9 114.5 '94.7 94.6 '108.6 107.2 125.0 116.2 116.3 126.8 124.4 115.6 120.8 121.5 '110.3 May 110.9 98.0 106.8 114.5 94.8 96.0 108.2 107.1 125.1 116.1 115.8 127.1 124.4 115.5 119.3 121.4 109.2 r Revised. Source,—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 776 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 May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 105.4 89.6 97.4 104.4 Grains ... .. 93 4 93 0 92 9 91 2 Paperboard 123.1 124.6 124.8 124.4 Livestock and poultry 91.7 92.4 94 9 93.0 Converted paper and paperboard.. 111.4 112.3 111.8 111.5 Plant and animal fibers .. 104.3 105.9 105.5 107.0 Building paper and board 123.0 127.9 127.9 127.9 Fluid milk 93.6 93.4 r88 3 84.1 Eggs 98.7 80.1 77.9 69.0 Metals and Metal Products: Hay and seeds 93.7 93.4 96 5 95.3 Other farm products 135 4 181 2 182 2 181 2 Iron and steel 128.9 130.6 131.1 131.8 Nonferrous metals 126.6 121.2 123.4 123.6 Processed Foods: Metal containers 126.6 130.0 130.0 130.0 133.2 138.0 '138.5 137.9 Cereal and bakery products 109.0 112.6 113.2 113.4 Plumbing equipment 113.8 118.2 118.2 118.2 Meats, poultry, and fish 93 8 92.8 94 3 98 3 Heating equipment 114.4 114.4 114.5 113.9 Dairy products and ice cream 107.9 106.1 103.0 101.7 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 113.6 116.8 116.6 116.5 bles 104.0 103.0 r103 3 104 5 Fabricated nonstructural metal Sugar and confectionery 109.6 112.8 112.6 113.1 products 124.0 126.3 125.3 125.3 Packaged beverage materials 164.6 209.1 229.6 229.6 Other processed foods 121.5 106.5 102.9 101.3 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.4 122.3 122.3 122.6 Cotton products 93.3 88.5 88.5 88.3 Construction machinery and equip- Wool products 112 0 r109.3 109 2 109 5 ment 129.1 131.7 131.6 131.5 Synthetic textiles 87.4 84.9 84 6 85.2 Metal working machinery 130.1 133.0 132.6 132.6 Silk products 133.0 135.1 132.3 131.6 General purpose machinery and Apparel 99.9 98.6 r98 2 98 2 equipment 123.8 128.5 128.2 128.2 Other textile products . .. 83.8 80.6 78.9 78.8 Miscellaneous machinery,. 122.0 125.1 125.2 125.2 Electrical machinery and equip- Hides, Skins, and Leather Products' ment .... 122.6 126.8 126.5 126.0 Motor vehicles 118.6 118.9 118.9 118.9 Hides and skins.... 74 8 56 0 56 5 62 5 Leather 97 3 86 3 r86 0 87 6 Furniture and Other Household Dura- Footwear 111.5 111.9 111 9 111 9 bles: Other leather products 100 0 97 6 r97 4 97 5 Household furniture 114.0 113.7 113.6 113.5 Fuel, Power, and Lighting Materials: Commercial furniture 124.3 126.2 126.2 126.2 Floor covering 125.0 122.6 122.6 122.6 Coal 110 8 107 9 104 1 104 6 Household appliances 108 1 109.5 109.9 109.9 Coke 131 8 132 5 132 4 132 4 Radio 94.9 95.7 95.7 95.7 Gas 108 2 111 5 r112 3 109 0 Television . ... 74 9 73.8 73.8 73.8 Electricity 97.4 102.9 "101.8 101.8 Other household durable goods 125.4 128.2 130.4 130.4 Petroleum and products .. 109.4 111.5 112.1 111.7 Nonmetallic M inerals—Structural: Chemicals and Allied Products: Flat glass 116.4 124.7 124.7 124.7 Industrial chemicals 118 0 117 9 117 4 117 3 Concrete ingredients 117.9 119.9 119.8 120.0 110 8 112 8 112 8 112 8 Concrete products 115 5 117.3 117 3 117.3 Paint materials 95 1 95 2 94 7 95 3 Structural clay products . 124.7 132.0 132.0 132.0 Drugs, Pharmaceuticals, cosmetics. 93.1 93.9 94 0 94 0 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 49 9 60 5 r59 8 59 3 Prepared asphalt roofing 106 0 109.9 108.4 96.3 Mixed fertilizers 110.7 110.0 109 9 109 9 Other nonmetallic minerals 115.3 119.8 120.2 12J0.2 Fertilizer materials 112 9 114 0 114 1 114 0 Other chemicals and products 103.0 108.1 108.1 108.1 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 124.2 113.8 117 0 117 5 Cigars 102.9 103.5 103.5 103.5 Tires and tubes 126 3 130 3 129 3 129 3 Other tobacco products 121.5 120.7 120.7 120.7 Other rubber products ... . 124 7 123 7 123 7 123 7 Alcoholic beverages 110 0 114.6 114 6 114.3 Nonalcoholic beverages 119.9 125.1 147.9 147.9 Lumber and Wood Products: Miscellaneous: Lumber 121.0 115.6 115 3 115 0 Millwork 132 0 131 1 130 8 130 8 Toys, sporting goods, small arms 114.3 113.0 113.6 113.6 Plywood 112.4 102.9 100.7 101.4 Manufactured animal feeds 91.1 101.1 111.1 109.1 93.2 93.5 93.5 93.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.9 102.0 102.7 102.3 Other miscellaneous 120.3 121.2 121.3 121.3 Woodpulp 108.8 109.7 109 7 109 7 85.0 84.1 83.2 67.2 Paper 124.9 126.8 126.8 126.5 ••Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. JULY 1954 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce, in billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 1 2 3 4 1 Gross national product . . . 104 4 56 0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 361.8 369.9 367.2 360.5 355.8 Less: Capital consumption allowances 8 6 7 2 9 0 16 5 18 4 20.5 23.5 25.3 27.2 26.2 27.4 27.4 27.9 n.a. Indirect business tax and related liabilities 7.0 7.1 11.3 20.4 21.6 23.7 25.6 28.0 30.0 29.4 30.2 30.1 30.3 n.a. Business transfer payments .6 .7 .5 .7 .8 .8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 n.a. Statistical discrepancy 3 9 4 —2 1 1 .2 1.3 .6 1.0 — 1 2 2 6 2 1 .6 n.a. Plus: Subsidies less current surplus of government enterprises - 1 o 1 — 2 — 2 .2 2 — 2 — .5 — 4 — 6 — 4 -.8 n.a. Equals: National Income 87.8 40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 305.9 308.2 306.2 299.9 298.9 Less: Corporate profits and inventory valuation adjustment 10 1 — 2 0 14 5 30 6 28 1 35.1 39.9 38.2 38.5 41.4 41.0 38.3 33.1 n.a. Contributions for social insurance.. .2 .3 2.8 5.2 5.7 6.9 8.2 8.7 8.8 8.8 8.9 8.7 8.6 n.a. Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .1 .0 -.1 .0 -.1 -.1 -.1 n.a. Plus: Government transfer payments... .9 1.5 2.6 10.5 11.6 14.3 11.6 12.1 12.8 12.6 12.6 12.6 13.3 n.a. Net interest paid by government. . 1.0 1.2 1.3 4.4 4.6 4.7 4.8 4.9 5.0 4.9 5.0 5.1 5.2 n.a. Dividends 5.8 2.1 4.5 7.2 7.5 9.2 9.1 9.1 9.4 9.1 9.3 9.5 9.6 n.a. Business transfer payments 6 7 5 7 8 .8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 n.a. Equals: Personal income. ... 85.8 47.2 96.3 208.7 206.8 227.1 255.3 271.2 286.1 283.3 286.4 287.5 287.3 285.1 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.1 18.7 20.0 29.3 34.4 36.0 35.5 35.9 36.3 36.1 32.8 Federal 1.3 .5 2.0 19.0 16.2 18.2 26.3 31.1 32.5 32.1 32.5 32.8 32.6 n.a. State and local 1.4 1.0 1.3 2.1 2.5 3.0 3.2 3.5 3.4 3.5 3.5 3.6 n.a. 2.7 Equals: Disposable personal income. 83.1 45.7 93.0 187.6 188.2 226.1 236.9 250.1 247.8 250.4 251.2 251.2 252.3 206.1 Less: Personal consumption expenditures 79.0 46.4 81.9 177.6 180.6 208.3 218.4 230.1 228.6 230.8 231.2 229.7 230.5 194.0 Equals: Personal saving 4.2 -.6 11.1 10.0 7.6 17.7 18.4 20.0 19.2 19.6 20.0 21.5 21.8 12.1 NATIONAL INCOME, BY DISTRIBUTIVE SHARES r Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 1 2 3 4 1 National income 87.8 40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 305.9 308.2 306.2 299.9 298.9 Compensation of employees 51.1 29.5 64.8 140.9 140.9 154.3 180.4 195.4 209.1 206.2 210.0 211.4 208.8 206.4 Wages and salaries^ 50 4 29 0 62.1 13* .2 134.3 14,-.5 170.9 185.0 198.0 195 3 198 9 200 3 197 6 194 6 Private 45 5 23 9 51 9 116.4 113 9 124.3 142.1 152.2 164.5 162 0 165 3 166 7 164 1 161 2 Military .3 .3 1.9 4.0 4.2 5.0 8.7 10.5 10.2 10.3 10.4 10.2 9.9 9.7 Government civilian 4.6 4.9 8.3 14.8 16.2 17.2 20.1 22.4 23.3 23.1 23.2 23.4 23.5 23.7 Supplements to wages and salaries... .7 .5 2.7 5.8 6.5 7.8 9.5 10.4 11.1 10.9 11.1 11.1 11.2 11.8 Proprietors' and rental income3.... 20.2 7.6 20.9 45.6 42.0 44.6 49.9 49.9 49.0 50.3 48.9 47.8 49.1 49.4 Business and professional 8 8 3 2 10 9 21.6 21 A 22.9 24.8 25.7 26.2 26.5 26 3 26.1 25 9 25 6 Farm 6.0 2.4 6.5 16.7 12.7 13.3 16.0 14.2 12.2 13.4 12.1 11.1 12.3 13 0 Rental income of persons 5.4 2.0 3.5 7.2 7.9 8.5 9.1 10.0 10.6 10.5 10.5 10.6 10.8 10.8 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 30.6 28.1 35.1 39.9 38.2 38.5 41.4 41.0 38.3 33 1 34 1 Corporate profits before tax 9.6 .2 17.0 32.8 26.2 40.0 41.2 37.2 39.4 42.4 41.9 40.9 32 5 34.5 Corporate profits tax liability 1.4 .5 7.6 12.5 10.4 17.8 22.5 20.0 21.1 22.7 22.5 21 .9 17.4 n.a. Corporate profits after tax 8.3 -.4 9.4 20.3 15.8 22.1 18.7 17.2 18.3 19.7 19.5 19.0 15.1 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -2.2 1.9 -4.9 -1.3 1.0 -1.0 Q -.9 -2.6 .6 Net interest 6 4 5 0 4.5 4.5 5.2 5.9 6.8 7.4 8.4 7.9 8.3 8.6 8.9 9.0 n.a. Not available. r Data revised beginning 1929. 1Less than 50 million dollars. 2Includes 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. 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE *• Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 1 2 3 4 1 Gross national product 104.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 361.8 369.9 367.2 360.5 355.8 Personal consumption expenditures 79.0 46.4 81 9 177.6 180.6 194.0 208.3 218 4 230.1 228 6 230 8 231.2 229.7 230 5 Durable goods 9.2 3.5 9.7 22.2 23.6 28.6 27.1 26.8 29.7 30.4 30.3 30.3 28.0 28.0 Nondurable goods 37.7 22.3 43.2 98.7 96.9 100.4 111.1 116.0 118.9 118.8 119.6 118.6 118.7 118.8 Services 32.1 20.7 29.0 56.7 60.1 65.0 70.1 75.6 81.4 79.4 80.9 82.3 83.0 83.6 Gross private domestic investment 16.2 1 4 18 1 41 2 32 5 51 2 56 9 50 7 51 4 51 9 55 9 52 4 45.5 44.5 New construction1 8.7 1 4 6 6 17 9 17.5 22.7 23.3 23.7 25.5 25 0 25 9 25.6 25.7 26.0 Residential, nonfarm 3.6 .5 3.5 8.6 8.3 12.6 11.0 11.1 11.9 11.7 12.2 12.1 11.7 11.7 Other 5.1 1 0 3 1 9 3 9 2 10.1 12 A 12.6 13 6 13 3 13.7 13.5 13.9 14.3 Producers' durable equipment 5.9 1.6 6.9 19.1 17.8 21.1 23.2 23.3 24.4 24.1 24.6 24.8 24.0 22.7 Change in business inventories 1.7 — 1 6 4 5 4 2 — 2 7 7.4 10 4 3 6 1 5 2 8 5 4 2 0 —4.2 —4.2 Nonfarm only 1.8 -1.4 4.0 3.0 -1.9 6.4 9.0 3.0 2.2 3.3 6.2 2.9 -3.7 n.a. Net foreign investment .8 .2 1.1 2.0 .5 -2.2 .2 -.2 -1.9 -1.8 -3.3 -1.8 -.6 -1.1 Government purchases of goods and services . . 8.5 8.0 24.8 36.6 43.6 42.0 62.8 77.2 85.2 83.0 86.6 85.4 86.0 81.9 Federal 1.3 2.0 16.9 21.0 25.4 22.1 41.0 54.0 60.1 58.1 62.2 60.3 59.8 55.0 O N t a h ti e o r nal security }l.3 2.0 1 3 3 .8 2 1 5 6 .0 6 1 6 9 .3 6 1 3 8 . . 9 5 3 4 7 . . 2 3 4 5 8 . . 8 5 5 8 2 .0 5 5 7 1 .0 7 5 8 4 .3 3 5 8 2 . . 4 3 5 9 0 . . 6 6 n 4 . 6 a . . 9 Less* Government sales2 o 0 0 5 4 3 4 4 4 5 4 4 3 n a. State and local 7 2 6 0 7 8 15 6 18 2 19 9 21 8 23 2 25 1 24 9 24 4 25 1 26.2 26.9 PERSONAL INCOME r [Seasonally adjusted monthly totals at annual rates] Wages and salaries Less Divi- personal Year or month in s P c o e o n r m a - l e re T ce o i t p al ts4 b T u d o i r s t s - a e l - Wag p m i e n C r o g o o a d d m n u i i d t n - c y - - sal D a i u r n i y s t d i t u v r d i s e i b - s - bu S r i s n e t e r d r i m v u e i s s e c - n e ts m G er o e n n v - t - in O l c a t o b h m o e r r e5 i p n r r c e P a i o n e n ro m t d t o a - e l rs 6 ' i i n n d s p a t c o e e n e o n n r r d m d a e - l s s e t T m p r f e a a e y n n r - t s s - 7 b c i a s u o n o n f t s n o c i c u t o i r e r a r n 8 i - l - s i a n g N t c u r o o i r c m n a u l - e l- 9 ments dustries tries 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.2 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.4 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1947 190.5 122.8 54.3 35.2 16.0 17.3 2.3 40.9 14.7 11.8 2.1 172.8 1948 208.7 135.1 60.2 38.8 17.4 18.7 2.7 45.6 16.2 11.3 2.2 188.5 1949 206.8 134.4 56.9 39.0 18.0 20.5 3.0 42.0 17.2 12.4 2.2 190.8 1950 227.1 146.5 63.5 41.3 19.5 22.2 3.8 44.6 19.8 15.1 2.9 210.5 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271 .2 185.1 80.6 48.7 23.0 32.8 5.5 49.9 21.4 13.1 3.8 253.3 1953 286.1 198.1 88.1 51.7 24.8 33.6 6.3 49.0 22.8 13.8 4.0 270.0 1953—May 286.3 199.0 89.2 51.5 24.6 33.7 6.3 48.8 22.6 13.6 4.0 270.5 June 287.3 199.9 89.3 51.9 25.0 33.7 6.3 48.8 22.8 13.6 4.1 271.5 July 288.2 201.4 89.8 52.7 25.3 33.6 6.4 47.9 23.0 13.6 4.1 273.0 August 286.4 200.6 89.2 52.4 25.2 33.8 6.5 46.6 23.2 13.6 4.1 272.6 September.... 287.7 199.2 88.0 52.5 24.9 33.8 6.5 48.9 23.4 13.7 4.0 271.9 October 287.8 199.1 87.9 52.5 25.0 33.7 6.6 48.0 23.5 14.6 4.0 272.7 November.... 287.2 197.9 87.0 52.4 25.0 33.5 6.6 49.1 23.7 13.9 4.0 271.3 December 287.0 196.0 85.5 52.1 25.0 33.4 6.7 50.2 23.8 14.4 4.1 269.6 1954—January 284.9 194.7 84.5 51.9 24.8 33.5 6.6 49.6 23.9 14.8 4.7 267.9 February 285.0 194. 7 84.6 51.8 24.9 33.4 6.6 49.6 23.9 15.0 4.8 268.2 March 285.0 194.5 84.2 52.0 25.0 33.3 6.6 48.9 23.9 15.8 4.7 268.8 April 284.4 194.3 83.7 52.0 25.2 33.4 6.6 48.2 24.0 15.9 4.6 269.1 Mayp 285.2 194.5 83.9 52.1 25.2 33.3 6.6 49.0 24.0 15.7 4.6 269.0 P Preliminary. r Data revised beginning 1929. 1 Includes construction expenditures tor crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Less than 50 million dollars. 4Publication of this series has been discontinued by the Department of Commerce. 5Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, at well as consumer bad debts and other business transfers. 8Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 9Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. JULY 1954 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States 782-786 Gold production 786 Estimated foreign gold reserves and dollar holdings 787 Reported gold reserves of central banks and governments 788 Net gold purchases and gold stock of the United States 789 International Monetary Fund and Bank 790 Central banks 790-794 Money rates in foreign countries 795 Commercial banks 796 Foreign exchange rates 797 Price movements in principal countries: Wholesale prices 798 Consumers' price indexes 799 Security prices 799 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JULY 1954 781 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 Foreign In- countries Date t t i e i n o r s n n t a i a - - l Official U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Officials 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 1,364.2254.5 1951—Dec. 31... 1,641.1 7,661.1 3,547.6 642.6 289.4 148.8 521.3 300.51,103.4 3,005.9 1,307.1 1,455.2 1,595.5297.4 1952—Dec. 31 . . 1,584.9 8,961.2 4,654.2 817.9 342.6 203.1 641.8 308.91,441.3 3,755.5 L.420.7 1,612.9 1,836.5335.6 1953—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 1,959.3378.7 June 30.. 1,528.4 9,386.2 5,106.6 911.2 301.8 268.6 650.1 313.6 1,701.2 4,146.5 1,119.4 1,808.9 1,927.3384.1 July 31. . 1,533.9 9,467.5 5,077.0 887.6 334.0 227.5 659.9 336.01,798.8 4,243.8 1,142.1 1,785.5 1,941.9354.1 Aug. 31.. 1,511.2 9,685.9 5,242.0 890.0 362.6 243.1 663.7 353.91,910.7 4,424.1 1,147.5 1,815.4 1,955.0343.9 Sept. 30.. 1,501.8 9,902.0 5,453.6 900.8 375.8 230.7 664.4 368.21,985.3 4,525.2 1,197.1 1,839.7 1,986.9353.2 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 5,651.9 907.8 423.4 252.8 653.7 430.12,127.7 4,795.3 1,260.3 1,762.4 1,985.7323.8 Dec. 31.. 1,629.4 10,019.0 5,664.7 708.9 430.7 242.9 674.2 465.72,211.2 4,733.6 1,295.5 1,768.4 1,895.5326.1 1954—Jan. 31.. 1,702.1 10,126.8 5,738.6 714.0 414.3 211.6 670.4 474.52,313.4 4,798.1 1,334.9 1,772.5 1,901.9319.3 Feb. 28.. 1,677.6 10,299.5 5,900.1 734.4 437.5 215.6 671.7 491.82,389.3 4,940.2 1,348.4 1,788.1 1,892.0330.8 Mar. 31 P* 1,698.5 10,350.2 5,918.7 797.9 423.6 215.4 666.5 495.62,415.0 5.014.1 L.339.3 1,866.8 1,801.7328.4 Apr. 30P« 1,671.4 10,456.6 6,061.4 899.5 291.2 226.9 663.3 519.22,497.1 5,097.2 1,282.1 1,996.3 1,761.0320.0 May 31 P. 1,683.8 10,553.1 6,253.5 951.8 387.5 250.4 649.0 482.02,542.6 5,263.3 L,277.2 1,993.9 1,710.0308.7 Table la.—Other Europe Ger- Date ] O Eu th ro e p r e A tr u i s a - g B iu el m - C v o z a s e k l c o i h - a - m De a n rk - F la i n n d - m R F a e e n p d . y . Greece N w o a r y - l P an o- d tu P g o a r- l m R a u n - ia Spain S d w e e n - T k u e r y - U.S.S.R. Y sla u v go ia - ot A h l e l r 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 13.2246.8 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 3.4 57.4 6.1 19.2 91.0 8.4 1.7 12.0218.8 1953—May 31. . 1,657.3 115.1 129.1 .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 10.8285.6 June 30. . 1,701.2 118.7 128.4 .7 71.0 34.3 682.8 70.7 109.1 2.0 57.2 5.8 19.3 86.7 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 10.5307.3 Aug. 31. . 1,910.7 144.4 139.8 .6 77.2 32.8 773.3 73.3 110.3 2.9 70.3 5.8 22.1 94.3 8.4 8.0 13.2334.0 Sept. 30. . 1,985.3 161.1 148.0 .5 81.7 30.7 793.7 77.9113.7 3.4 66.7 5.8 23.4 103.5 14.2 8.3 7.4 345.3 Oct. 31. . 2,037.3 169.9 118.2 .5 88.1 33.5 827.2 85.1 115.7 2.2 70.0 5.8 32.7 96.0 16.7 2.0 9.0 364.8 Nov. 30. . 2,127.7 182.2 126.9 .6 92.8 35.7 850.0 92.0 117.6 2.9 73.1 6.0 35.9 105.2 22.6 2.8 7.7 373.6 Dec. 31. .2,211.2 190.9 130.3 .6 95.7 37.9 898.8 100.9118.5 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 39.7 943.1 106.5118.5 2.9 71.9 5.7 32.6 124.7 10.9 3.1 6.1 408.0 Feb. 28. .2,389.3 208.4 133.9 .6 97.0 42.5 971.7 110.8118.7 3.8 74.2 7.8 22.0 129.4 8.8 2.3 6.3 450.9 Mar. 3Jp4 2,415.0 217.4 142.1 .6 102.4 47.2 994.3 112 A122.0 2.4 76.1 7.9 21.9 119.2 9.4 1.8 5.8 432.0 Apr. 3Qp52,497 1 227 6 121.2 .9 102.0 39.1 1,039.3 109.3130.1 2.8 77.0 7.8 20.4 122.5 9.2 2.5 4.8 480.6 May 31P. 2,542.6 234 3 122.9 .7 92.4 41.6 1,051.2 116.0130.6 2.2 83.5 7.8 22.1 121.9 8.9 2.6 6.2 497.7 Table lb.—Latin America Neth- Date A L i a m c t a i e n 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 D R c l u i i a o e b c n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r 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. 1,612.9 301.8 20.4226.0 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. 1,455.2 249.7 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. ,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—May 31. ,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. ,808.9 15b. 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. L,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. L.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 19.9110.0 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. 1,762.4 137.1 18.8148.9 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 78.1 150.2 340.8 39.3 37.9 183.2 51.5 89.9 68.0 26.8 109.6 222.4 119.2 1954—Jan. 31. 1,772.5 139.2 18.8101.4 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. 1,788.1 160.8 20.3 90.1 65.7 151.2 353.5 45.4 52.0 187.4 55.7 89.3 69.9 42.5 99.1 179.2 126.0 Mar.3lP4 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 Apr. 30P5 1,996.3 175.4 26.5 100.7 56.4 170.5 376.0 52.7 53.5 233.5 52.8 94.3 68.9 49.9 102.9 241.0 141.1 May 31 P 1,993.9 173.8 28.5 92.6 55.8 192.5 377.1 53.4 54.1 203.5 49.1 88.3 67.2 44.9 103.2 269.8 140.3 P Preliminary. For footnotes see following page. 782 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—Continued [Amounts outstanding, in millions of dollars] Table lc—Asia and All Other For- Ko- Egypt Date Asia M C m a h n a 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 IsraelJapan 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 us li - a C g B o i e a n l- n go A E t a n i g n a g d y n l p o - - A U So f n o r u i f i o t c h n a Other land Of 6 Sudan 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. ,595.5 87.4 62.4 62.1 140.6 25.5 26.6 596.0 26.2 329.7 96.7 142.2 297.4 38.5 54.5 110.7 7.0 86.8 1952—Dec. 31. ,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. J.003.8 70.7 71.4 76.3 67.3 19.3 15.4897.1 54.4 324.8 193.0 214.0 359.1 54.8 125.9 53.4 33.2 91.9 Apr. 30. ,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. ,927.3 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 Julv 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 76.5 308.8 191.3 155.1 353.2 54.0 116.8 43.9 38.9 99.4 Oct. 31. ,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—Tan. 31. 1,901.9 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. 28. ,892.0 79.2 65.8 120.2 74.6 40.5 20.0 737.7 95.5 313.0 157.5 188.0 330.8 53.4 87.7 45.9 44.8 99.0 Mar.31^4 1,801.7 79.6 65.3 82.2 68.3 47.7 33.7 675.8 102.8 309.9 155.1 181.2 328.4 49.6 80.8 49.7 43.9 104.3 Apr. 30P5 1,761.0 79.0 65.3 85.1 65.2 45.4 31.0 639.7 103.7 317.7 144.6 184.2 320.C 49.5 81 .1 51.7 32.8 104.9 May 31 P L,710.0 76.7 66.8 86.7 64.8 39.4 27.4 615.8 104.7 303.5 139.3 184.9 308.7 49.6 78.9 46.6 34.2 99.5 Table Id.—Supplementary Areas and Countries 7 End of year End of 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 Azores .1 .3 .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. .6 .6 .6 .6 Ceylon 3.4 19.2 13.9 n.a. 2 9 2 7 1 9 1 9 French India 8 1 3 1 8 Hungary • • . • 1.1 1.0 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 2.7 2.8 5.3 M^onaco 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: 8.7 14.6 14.6 18.2 British Africa .9 1.2 1.6 1.6 Costa Rica 6 5 8 7 12 1 13 4 Ethiopia 3 3 6 9 3 0 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 .2 .8 2.2 .6 Liberia 1.6 6.1 10 3 11 8 Haiti 7.7 10.3 11.6 9.3 Libya .3 5 2 3 n a 9.8 14.5 14.1 n.a. New Zealand 2.7 5 2 3 5 2 1 5 7 8.3 9.4 16.0 Portuguese Africa 3 0 4 3 6 3 5 0 Paraguay • .... 4.1 5.4 5.0 6.0 Spanish Africa .2 .2 .2 .2 16.9 21.5 26.7 36.1 vPreliminary. n.a. Not available. 1 "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." 3 Represents funds held with banks and bankers in the United States (and in accounts with the U. S. Treasury) by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 4 Beginning 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. 5Beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks reported a total of 16 million dollars of such liabilities on that date. 6Through 1952, reported by banks in the Second (New York) Federal Reserve District only. 7These 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 were also changes, beginning with the BULLETIN for June 1954, in the content, order, and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. 783 JULY 1954 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 * [Amounts outstanding, in millions of dollars] Date Total U K d n o i i n m t g ed - France N la e e n r t - d h s - S l w a er n i - t d z- Italy E O u t r h o e p r e E T ur o o ta p l e Can- A L m at e i r n - 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—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. 31.. 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. 28.. 901.5 59.9 7.1 9.4 16.1 17.5 131.1 241.2 59.2 450.4 126.7 24.0 Mar. 31P 868.8 59.6 9.6 13.2 12.9 13.7 134.7 243.6 60.0 424.3 115.0 25.9 Apr. 30P 883.8 87.1 12.2 7.9 12.5 14.4 138.2 272.3 47.6 434.1 101.8 27.9 rable 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 e r y - Y sla u v 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 (8) 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—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# 3i 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. 28 131.1 .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. 31 P2 . 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 Apr. 30P 138.2 .2 14.9 4.3 1.6 58.9 2.0 1.4 .6 10.6 2.2 29.8 5.2 6.6 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 i a o e b n n - - - - G m u a a l t a e- M ic e o x- I l W n a a e d n n r e i - d d e s s s t l a P p i R m c u a e n b o - a - - 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 lic Surinam 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—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. 28. . 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 Apr. 30P. 434.1 6.2 1.7 118.3 19.6 54.4 55.2 2.2 3.2 77.3 1.5 7.4 16.4 5.0 2.7 45.7 17.3 pPreliminary. 1 "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. 3Less than $50,000. 784 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 Date Asia M m C a h n o a i d s i n n a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan K l p i R o c u r e b e o - - a f , 1 ip P p h in il 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 n e a l g n - o A E t a n i g n a g y d n l p o - - A S U f o r o n u i f c i t o a h n Other 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—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. 28 . 126 7 8 1 2 2 3.2 .9 14.7 27.6 31.7 8.0 5.2 25.0 24.0 7.2 6.5 .5 5.1 4.6 Mar. 31 P2115.0 7.6 3.0 4.1 .7 14.3 22.1 36.4 4.9 4.3 17.5 25.9 7.7 6.7 1.3 4.5 5.7 Apr. 30P. 101.8 7.3 3.9 3.9 .5 15.1 16.2 30.5 (8)' 6.4 4.9 13.0 27.9 8.7 6.4 .3 5.5 7.0 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 4 [In millions of dollars] U. S. Government bonds U. S. corporate bonds and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net c P ha u s r e - s Sales o c r h p a u s s a r e - le s s c P ha u s r e - s Sales o c r h p a u s s a r e l - e s s c P ha u s r e - s Sales or p s u a r l - es c P ha u s r e - s Sales o c r p h a u s s a r e - le s s () () 1950 1,236.4 294.3 942.1 774.7 772.3 2.4 589.2 710.2 -121.0 173.8 198.2 -24.4 1951 673.6 1,356.6 -683.0 859.8 761.0 98.7 500.4 801.0 -300.6 272.3 348.7 -76.4 1952 533.7 231.4 302.3 850.3 837.7 12.6 495.3 677 A -182.1 293.9 329.6 -35.8 1953 646.0 728.0 -82.0 801.9 731.4 70.5 542.5 621.5 -79.0 310.1 303.4 6.8 1953—April 12.9 9.6 3.3 71.3 73.9 -2.6 29.2 58.2 -29.0 21.8 20.8 1.0 May 145.5 136.7 8.8 61.7 64.3 -2.7 111.7 19.0 92.7 16.9 41.8 -24.9 June 28.8 22.7 6.1 65.0 51.1 14.0 62.1 32.8 29.3 44.9 21.9 23.0 July 36.6 82.3 -45.7 56.2 48.3 7.9 46.2 50.3 -4.1 23.1 21.2 2.0 August 30.1 29.3 .8 49.7 47.3 2.4 20.0 17.9 2.1 18.6 18.5 .1 September. . . 43.1 116.4 -73.3 68.2 45.1 23.1 23.2 16.9 6.3 23.9 16.3 7.7 October 24.4 28.8 -4.4 53.3 50.8 2.5 83.9 120.6 -36.7 23.1 18.4 4.7 November. . . 37.0 38.6 -1.6 57.5 60.4 -3.0 J4.6 79.6 -45.0 25.6 25.6 (8) December. . . 191.1 192.6 -1.5 75.4 64.1 11.3 39.5 64.0 -24.4 34.5 30.9 3.6 1954—January 33.7 38.0 -4.3 68.7 71.6 -2.9 58.6 234.4 -175.9 28.1 26.9 1.2 February.... 87.4 99.9 -12.6 77.1 85.7 -8.6 64.8 35.6 29.1 26.9 38.9 -12.0 MarchP 55.0 22.1 32.9 96.7 94.8 1.9 47.0 88.1 -41.1 32.6 41.6 -9.0 Aprils 65.2 30.0 35.2 112.1 96.5 15.6 52.3 79.9 -27.7 31.0 45.1 -14.0 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( -). In millions of dollars] Y m e o a n r t o h r n t a u I in n t t i i s t o o e t n i n r - - a s l f c o T t o r r o e i u e t i n a g s - l 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 \'.9 1953 22.7 -34.3 71.3 -41.7 -21.3 57.1 -.5 -2.5 62.4 -120.6 24.9 (3) — .9 1953—Apr.. . . 1.2 -.5 2.5 -5.4 2.7 -.1 .1 -1.0 1.4 -1.0 May.. . 5.2 1.0 -.6 A — 9 2.5 -.7 (3 .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 Aug... . -4.2 7.4 6.8 1.0 -.5 5.5 .1 -L5 11 .4 -6.5 2.3 .5 3 Sept... -14.1 -36.2 2.6 .7 -.8 9.6 (8) .5 12.7 -50.5 .3 .4 L0 Oct.. . . -8.2 6.3 4.2 .3 -2.8 1.3 (8) 1.6 4.7 -9.9 11.8 .1 -.3 Nov.... 8.5 -13.0 -2.5 .2 -.1 2.1 -.5 (3) -.7 -14.9 3.9 -.5 -.8 Dec.. . . -4.4 14.2 25.7 1.1 -1.1 1.2 .1 1 .6 28.5 -17.4 2.7 -.5 .9 1954—Tan.. . . .9 -8.1 9.0 -7.1 -2.0 1.1 (3) 1 .0 2.1 -6.8 -3.3 -.3 .3 Feb.. . . .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 Apr.P. . .6 50.1 5.0 36.1 -4.6 10.5 A 2.7 49.7 -5! 2 3.3 .8 1 .4 p Preliminary. *Not reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. 3Less than $50,000. 4 Includes transactions of international institutions. JULY 1954 785 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 1 [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- A La m ti e n r- Asia All Date Deposits U. S. Govt. Miscelmonth insti- coun- Europe ada ica 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—June 30 527 2,449 101 1952 — 118.1 —99.8 19.9 — 141.0 25 3 — 10.0 6.0 July 31 566 2,378 95 1953 -61.2 -11.0 96.3 -137.8 34.6 -29.9 25.8 Aug. 31.. . 524 2,588 95 Sept. 30 512 2,641 94 1953—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 .9 -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... -2.2 .1 .5 -18.0 2.1 -2.7 18.1 1954—Jan. 3j 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 2.2 -3.5 .5 May 31. 527 2,969 93 Dec... -.5 -20.3 4.7 -23.3 1.6 -5.4 2.1 June 30 545 2,900 87 1954—Jan.... -100.6 -74.0 8.9 -95.3 5.6 -2.6 9.4 1954—June 2 520 2,972 94 Feb. . . 10.5 6.7 10.7 8.0 .1 -4.8 -7.4 June 9 563 2,957 94 Mar. P. .1 -50.1 8.7 -58.9 1.3 -2.2 1.0 June 16 543 2,956 94 Apr. P.. .7 -42.4 -5.9 -37.1 1.7 -2.0 .9 June 23 544 2,951 94 P Preliminary. 1 Excludes assets held for Intl. Bank and Monetary Fund and ear- !Less than $50,000. marked gold. See footnote 4, p. 789, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Y m e o a n r t o h r pro w d o u r c ld tion Total # Africa North and South America Other reported U.S.S.R.i monthly A So fr u ic th a d R e h s o i - a A W fri e c s a t * B C e o l n g g ia o n 2 S U t n a i t t e e s d 3 C a a d n a - M ic e o x- Co bi l a om- Chile r N ag ic u a a - 4 Au li s a tra- India2 t5*/n grains of go\d* ho fine: i. e., an ounce of fine goli=$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 1.5.0 69.7 142.4 15.3 4.6 9.1 37.7 7.4 1953—April 64.2 34.3 1.4 2.1 1 5.2 12.9 1.2 1.2 .4 .7 2.9 .7 May . 65.5 34.9 1 4 2.1 0 6.1 12.9 1 1 .3 9 3 0 7 June 64.7 34.1 1 5 2.1 1 6.0 12.7 ? 0 .4 .8 3.4 .5 July- 67 0 35.9 I S 2.1 1 6.8 12.9 1 1 3 9 2 8 7 August .. 66.0 35.6 I S 2.1 7 6.2 11.5 4 1 .3 .8 3 7 .6 September. 65.7 35.0 L.5 2.1 1.2 6.2 11.7 L.3 L.9 .4 .7 3.0 .7 O N c o t v o e b m er ber. 6 6 4 4 .3 9 3 3 5 5 . . 1 6 I 1 .5 S 2 2. . 2 2 L. ? I 6 6. . 2 8 1 9 0 . . 5 0 2.0 4 L.6 ^ ..54 . . 8 7 3 3 . 3 1 .6 6 December. 35.7 1 S 2.2 .9 6.1 9.6 L.I .4 .7 3.7 .5 1954—Tanuary 35.7 1.5 2.1 L.5 5.1 10.3 4 .7 2.9 .6 February. 34.5 1.5 2.2 L.I 4.9 10.9 ? 7 .6 M^arch 37 5 2 2 9 5 4 12 9 1 7 7 April 37 0 2.2 L.I 4.9 12.5 9 .7 Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 3Yearly figures through 1952 are estimates of United States Mint. Figures for 1953 and 1954 are estimates of American Bureau of Metal Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 786 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 Area and country 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)x 834 896 858 906 1,022 967 883 926 1,003 1,051 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 (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 Other2 828 651 769 822 947 919 980 1,032 1,091 1,181 1,289 Total 6,829 7,114 7,244 7,637 8,193 8,368 8,574 8,907 9,502 10,075 10,458 Sterling Area: United Kingdom 3 557 2,843 2 284 2 218 2,241 2 318 2,627 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 Union 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 Kurope3 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 '66 75 Total 201 327 351 330 310 283 284 290 281 ••283 299 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 International ^ 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 p Preliminary. r Revised. 1 Includes gold reserves of Bank of France and French dependencies only. 2 Includes 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. 4 Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international 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. JULY 1954 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n r - k E d c o u r a- U.S.S.R.)* Treasury Total* 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec 36,280 23,186 23,252 706 21 317 896 42 214 31 23 1953—May 22,537 22,590 695 21 317 934 41 196 31 23 June... 36,390 22,463 22,521 696 21 317 944 41 196 31 23 July 22,277 22,353 701 21 317 951 41 196 31 23 Aug.. .. 22,178 22,275 715 21 317 960 41 196 31 23 Sept.... 36,480 22,128 22,220 721 21 317 970 42 196 31 23 Oct.... 22,077 22,146 754 21 317 976 42 186 31 23 Nov 22,028 22,112 766 21 317 984 42 186 31 23 Dec... 36,710 22,030 22,091 776 21 321 996 42 186 31 23 1954—jan... 21.956 22,044 779 21 321 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 42 186 31 23 May 21,973 22,039 779 321 1,034 42 186 31 23 Ger- E m n o d n t o h f Egypt France3 R F m e e p d a u e n r b y a l , i l c G m u a a l t a e- India I n n e d si o a - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P t a a k n is- Peru of 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—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 27 247 137 346 161 772 47 38 36 Mar 174 576 387 247 137 772 47 38 36 Apr 174 576 414 247 137 772 47 38 36 May.... 174 576 406 137 772 47 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a er n i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u ru a - y V zu e e n l e a - n M a t t a o io r n n y e a - l n S I a e n t t i t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 1,504 118 154 *1,688 178 373 L,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 43,300 236 373 :L,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 42,335 221 373 L.530 115 1952—Dec 286 29 170 51 184 1,411 113 143 *1,846 207 373 1,692 196 1953—May.... 318 29 175 53 194 1,432 113 144 42,321 222 373 L,693 211 June 324 29 175 54 193 1,441 113 144 42,367 222 373 ,698 193 July.... 330 29 175 54 203 1,450 113 144 42,456 222 373 ,699 195 Aug 331 29 176 54 204 1,452 113 143 42,469 222 373 ,700 188 Sept 337 29 175 54 206 1,456 113 143 42,486 222 373 L.700 198 Oct., . 348 29 175 54 219 1,460 113 143 42,520 222 373 ,700 195 Nov 350 29 175 54 219 1,460 113 143 42,561 222 373 ,701 190 Dec... 361 29 176 54 218 1,459 113 143 42,518 227 373 ,702 193 1954—Jan 373 29 176 54 218 1,458 113 144 42,543 227 373 ,702 194 Feb 379 29 177 54 218 1,469 113 144 42,583 227 373 ,702 190 Mar 386 29 177 54 218 ,469 113 144 42,685 227 373 ,703 199 A M p a r y.... 3 3 9 9 1 2 2 2 9 9 180 5 5 5 4 2 2 1 1 8 8 :, , 4 4 7 5 1 0 1 1 4 4 4 4 4 42 2 , , 9 8 8 2 5 0 227 3 3 7 7 3 3 : 1 , ,7 7 2 1 7 9 1 1 9 8 7 6 J» 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. 2 Includes 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 Monet"- \ 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. 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES (Negative figures indicate net sales by the United States) [In millions of dollars at $35 per fine troy ounce] Neth- Switz- Year or quarter Total United Bel- France er- Portu- Swe- er- Other Canada Argen- Cuba Mexico Kingdom gium lands gal den land Europe1 tina 1945 —452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85 .0 -23.8 1946 721 3 , 9 14 2 — 10 0 80 ? —29 9 27 3 337 9 153 2 —30o 35 9 1947 2,864.4 406.9 222.8 ?64 6 130.8 116.0 ?38 0 10.0 86.6 311 ? 727.5 —65 0 45.4 1948 1,510.0 734.3 69.8 IS 8 40.7 63.0 3 0 —5.6 5.8 114.1 —10 o 61 6 1949 193.3 446.3 -41.0 —23.5 14.0 -40.0 a-159.9 3 4 —49.9 —10 0 —16.1 1950 -1,725.2 -1,020.0 -55.0 -84 .8 -79. 8 -15.0 -22 .9 -38.0 -68.0 -100 .0 28.2 -118.2 1951 75.2 469.9 —10.3 -70 0 -4. 5 -34.9 -3? 0 -15.0 —60.1 —100 "_l49'9' —200 —60.2 1952 393.7 440.0 —3.8 -100.0 —5.0 22.5 —27.3 7 ? —20.0 87 7 1953 -1,164.3 -480.0 -84.9 -65. 0 -59.9 -20 .0 -65.0 3-241.8 -84.8 -28.1 1951 Jan.-Mar -8 — 7 5 6 5 . . 3 6 -4 — 0 8 0 0 . . 0 0 -12 2 . . 3 0 -91 .7 -4. 5 - - 1 1 5 0 . . 0 0 -15 .0 -15.0 — -4 1 4 1 . . 3 2 -io 6 -49.9 -12 6 4 4 . . 4 1 July-Sept 291.4 320.0 —5.0 -17 0 —3.5 -20 o Oct.-Dec 715.7 629.9 71 7 -5.0 —1.1 1952 Jan -Mar 557.3 520.0 20.2 22.5 —10.1 11.3 Apr.-June 105.7 6 9 101.4 — 1 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 -36.5 -25. 0 — 15.0 -10 .0 -20.0 -75.0 -54.9 -28.1 Apr.-June — 128.2 -40.0 -3.4 -15.0 -25.0 -18.8 —20.0 July-Sept -306.6 -120.0 -12.4 ' -40'.6 -15.0 -io!6" -15.0 -82.8 -10.0 Oct -Dec — 130 3 —32 6 -15 0 -5.0 —65 3 1954 -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 Earend of period Net marked Other Union Increase gold im-gold: de- Domes- Year or Uru- Vene- Latin Asia of All Period in total port or crease tic gold quarter guay zuela Am ica er- Oc a e n a d nia A So fr u ic th a other Treas- Total* s g to ol c d k ef_ort c o r r e a in se - pr t o io d n ucury (-) 1945 -37.9 -73 .1 -27.8 *-188.3 3.7 1946 —4.9 —9? 25.0 13.7 94 ^ 22.9 1942 22,726 22,739 -23.0 315.7 -458.4 125.4 1947 25.1 —3 7 79.1 1.0 256 0 11.9 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1948 10.7 -108 0 13.4 -4.1 498 6 6.9 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1949 —14.4 —50 0 —7.5 —52.1 195 7 —1.6 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1950 -64.8 -17.2 -35.4 13.1 «-47.2 1946 20,529 20,706 623.1 311.5 456.4 51.2 1951 22.2 9 —17.2 •-50.1 52 1«-84.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1952 14.9 -25.1 -7.0 11.5 -2.0 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 1953 -15.0 -3.8 -6.1 -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 Jan.-Mar -50.9 -11.7 -18.8 -28.0 1953 22,030 22,091 -1,161.0 2.2 -1,170.8 69.7 Apr.-June 15.0 *9 —5.0 —2.4 "12 '7 —25.0 July-Sept 28.0 3.5 -3.9 20.3 -31.0 1953—June. . 22,463 22,521 -69.4 -2.0 -68.5 6.0 Oct.-Dec 30.1 -4.0 -25.0 19.2 July... 22,277 22,353 -168.0 -.5 -171.7 6.8 Aug.. . 22,178 22,275 -77.4 — .1 -78.8 6.2 1952 Sept... 22,128 22,220 -55.6 -.1 -55.0 6.2 Oct.... 22,077 22,146 -73.3 .6 -72.5 6.8 Jan.-Mar 10.0 -17.6 -3.2 4.3 Nov... 22,028 22,112 —34.0 -.6 -35.1 6.2 Apr -June -7.4 -2.4 7.2 Dec... 22,030 22,091 -21.9 -1.4 -21.2 6.1 Tulv-SeDt —2 0 4 — .1 Oct.-Dec 4.8 2.0 -1.8 -1.9 1954—Jan.... 21,956 22,044 -46.6 -5.5 -43.3 5.1 Feb... 21,958 22,036 -7.7 1.6 -9.9 4.9 1953 Mar... 21,965 22,035 -1.5 9.0 -2.0 5.4 J J A u a p l n y r . - - - S M J e u a p n r t e . — — 1 5 0 . 0 0 -3 — .6 .1 - - - 1 1 1 . . . 1 2 4 A J M u p a n r y . e . . . . . . P 2 2 2 1 1 1 , , . 9 9 9 7 6 2 3 9 7 P 2 2 2 2 2 2. , , O 0 0 3 8 2 9 3 7 P - - 4 1 4 4 1 7 . . . 1 9 9 (3 2 1 ) . . 4 2 4- - 1 4 3 6 8 7 . . 9 . 4 5 4 5 (8 . . ) 0 9 Oct -Dec — .1 -2.4 -9.9 p Preliminary. 1954 1 See footnote 2 on opposite page. 2Change includes transfer of 687.5 million dollars gold subscrip- Jan.-Mar -5.0 13.2 -8.9 tion to International Monetary Fund. 3 Not yet available. 2 1 I I n n c c l l u u d d e e s s s B al a e n k o f f o 1 r 1 4 I . n 3 t e m rn il a li t o io n n d a o l l S la e r t s t l o e f m g e o n l t d s . to Italy. a ti c o c * n o G s u o n a l t d m , o h in u e c l n d l t u e d u d i n n d g t e o r g 6 e o , a l 5 d r 6 m 6 h a . e 7 r l k d m a f i o t l l r t i o h t n e h e F d e a o d c ll e c a r o r a s u l n o R t n e o s f J e u r i v n n e e t e B r 3 n a 0 a n , t k io 1 s n 9 f a 5 o l 4 r . i f n o s r G e ti i o t g l u n d - 3Includes sales of gold to Federal Republic of Germany as follows: under earmark is not included in the gold stock of the United States. 1953, 130.0 million dollars; 1954, Jan.-Mar., 40.0 million. NOTE.—For back figures and description of statistics, see Banking i 5 n In c c l l u u d d e e s s s s a a le le s s o f o f 1 8 g 5 o .3 ld m t i o lli o E n g d y o p l t l ar a s s o f f o l g l o o l w d s : t o 1 C 9 h 5 i 0 n , a . 44.8 million and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. dollars; and 1951, 76.0 million. ^Includes sales of 45.0 million dollars of gold to Indonesia. JULY 1954 789 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 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,386 1,310 1,332 1,288 United States 3 Other 14.847 4,920 14,885 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 stock8 . 3 3 3 3 Accumulated net income -8 -8 -8 -8 Loans (incl. undisbursed portions and inch obligations sold under Bank's guarantee) 1,653 1,619 1,484 1,445 1954 1953 Other assets 27 21 18 17 Net currency purchased3 Bonds outstanding 742 653 567 556 (Cumulative—millions of dollars) Liability on obligations sold under guar- May Apr. Mar. May Lo a a n n t s e — e undisbursed 35 9 7 2 40 8 1 4 32 7 5 6 40 6 4 6 Other liabilities 10 10 8 9 Australian pounds 32.0 32.0 32.0 50.0 General reserve 92 87 82 71 Belgian francs 11.4 11.4 11.4 11.4 Special reserve 46 43 40 35 Bolivian bolivianos 2.5 2.5 2.5 2.5 Capital* 1,808 1,808 1,808 1,807 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 a y n p is t h ia k n ro p n o e u r nds - 1 5 0 .5 .2 - 1 5 0 .5 .2 - 1 5 0 .5 .2 - 1 5 0 .5 .2 ad 2 j A us s t m of e n M ts a : y J u 3 l 1 y , 1 1 9 95 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 i 9 ll 5 io 4 n , 2 U m . S ill . i o d n o . llars. Finnish markkaa 4 4 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 63.8 63.8 100.0 francs (May 1948); to Norway, 200.0 million Belgian francs (June and Iranian rials 8.8 8.8 8.8 July 1948); to Brazil, 10.0 million pounds sterling (January 1951 and Japanese yen 62.4 62.4 62.4 October 1953); to Turkey, 2.0 million pounds sterling and 18.5 million N Tu e r th k e is r h la l n i d ra s s guilders.... 27.0 27.0 27.0 10.0 a D (S n e e d u p t t s 2 e c m 6 h . e 3 b e m r m a i 1 r ll k 9 io s 5 n 3 ( ) A , p u o 1 g u 3 u n . s 0 d t s 1 m 9 s i 5 t l e l 3 i r o ) l ; n i n to g p o J ( a u D p n e a d c n s e , m s 5 t b . e 0 e r r l m in i 1 g ll 9 i 5 o ( 3 n N ) . o p v o e u R m n e d b p s e u r s r t c e 1 h r 9 a li 5 s n e 3 g s ) Pounds sterling 300.0 300.0 300.0 300.0 amounted to 389.8 million dollars. Currencies the net transactions in Yugoslav dinars 9.0 9.0 9.0 9.0 which amount to less than one million are reported under "All other." Allother -1.6 -1.6 -1.6 -1.6 3 Excludes uncalled portions of capital subscriptions, amounting to Total. 731.6 731.6 731.6 665.9 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 a e rc U h n 3 it 1 e , d 1 S 9 t 5 a 4 t . e s o . f which 2,540 million CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fi p g o u u re n s d i s n s m te i r l l l i i n o g n ) s of Goldi a O ss th et e s r 2 N c a o o n i t d n es a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l * a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - d l 1944—Dec 27 .2 1,250.0 13.5 5.1 317.4 1.238.6 260.7 5.2 52 3 17 8 1945—Dec 26 .2 J.400 0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17 8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18. 1947—Dec 31 2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95 5 18 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18. 1949—Dec 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18. 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 .4 1,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18. 1953—Tune 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 1,575.0 45.2 5.2 356.6 1,532.7 287 3 10 7 19.9 70 6 18 6 Oct 28 1,575.0 45.5 12.9 343.2 1,532.4 287.3 9.9 17.6 68.9 17 8 Nov. 25 L,575.0 27.9 7.6 362.9 1,549.9 288.8 10.4 11.5 69.9 17.9 Dec 30 .675.0 57.8 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—Jan. 27 *1,575.0 42.6 15.4 330.2 1,535.2 278.6 10.7 12.5 68.1 18.3 Feb. 24 1,575.0 29.9 14.0 340.1 1,547.9 284.0 10.9 4.7 65.9 18.4 Mar. 31 i\ 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 May 26. . .4 1,625.0 14.7 7.0 352.5 ,613.4 267.8 14.0 4.6 69.8 18.0 JOn June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. •Notes issued less amounts held in banking department. 4Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27 and increased by 50 million on Mar. 17. For details on previous changes, see BULLETIN for February 1954, p. 222. NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 790 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a e d s i i a n n m d i o l l l l i a o r n s s ) of Gold* an S d S t e ta U rl t n i e n i s t g ed securities • O as t s h e e t r s circ N u o la t t e ion3 lia O b a t i n h li d e ti r es dollars S te h r o m rt 2 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other capital4 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—June 30. 66.4 ,405.5 852.0 100.2 ,529.0 647.6 47.9 82.6 116.9 July 31. 74.9 ,451.6 838.5 87.5 ,547.2 646.6 43.8 68.7 146.3 Aug. 31. 67.4 ,414.0 830.9 83.0 ,549.7 617.8 66.4 35.2 126.4 Sept. 30. 69.0 ,385.7 824.9 81.0 ,552.5 616.9 15.4 37.8 138.0 Oct. 31. 70.5 ,469.9 812.1 118.6 ,555.9 733.6 3.8 37.2 140.8 Nov. 30. 61.2 ,378.6 894.9 89.7 ,559.3 625.6 50.3 43.4 145.7 Dec. 31. 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Jan. 30. 61.6 ,328.3 880.6 103.1 ,519.2 634.4 48.8 29.5 141.6 Feb. 27. 53.0 ,374.8 900.8 116.7 ,506.2 676.6 126.1 34.4 102.0 Mar. 31. 50.0 1,552.8 636.3 146.2 ,512.6 660.0 81.8 28.9 102.0 Apr. 30. 58.3 1,703.8 568.0 101.2 ,535.7 661.7 86.0 27.3 120.6 May 31. 61.5 1,740.4 520.5 103.2 ,546.6 589.3 143.8 30.3 115.7 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 ex- assets6 circula- ities change m O a p r e k n et6 Special Other Current Other tion G m ov e e n r t n- ECA Other ca a p n i d tal 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 *21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67 i960 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,727 ,123,514 27 897 137,727 49,305 1953—June 25. 200,187 15,088 281,415 20,630 926,024 199,700 554,982 118,3092,054,347 46 16,838 182,828 62,276 July 30. 200,187 2,275 262,811 15,341 960,622 200,000 650,482 139,7542,163,216 70 18,883 193,516 55,788 Aug. 27. 201,282 2,870 276,048 4,877 953,856 200,000 668,349 144,1542,176,277 41 397 188,594 86,126 Sept. 24. 201,282 4,803 260,777 23,441 905,862 200,000 617,049 133,3852,141,807 73 394 139,313 65,011 Oct. 29. 201,282 9,319 272,559 49,968 877,283 200,000 632,149 152,0852,193,383 96 479 139,662 61,023 Nov. 26. 201,282 12,444 255,680 59,533 836,117 200,000 654,949 150,2222,168,977 78 458 131,490 69,224 Dec. 31. 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,9642,310,452 21 2,061 142,823 56,292 1954—Jan. 28. 201,282 18,596 262,211 56,988 895,508 195,000 657,549 162,7722,253,485 72 628 133,398 62,323 Feb. 25. 201,282 20,807 272,186 51,577 870,066 195,000 667,549 159,0272,257,405 42 627 131,996 47,425 Mar. 25. 201,282 23,646 227,003 40,319 905,854 195,000 672,949 146,1952,235,417 70 79 114,617 62,064 Apr. 29. 201,282 27,862 218,436 33,162 982,829 195,000 663,349 192,4242,322,140 15 98 132,387 59,704 May 26. 201,282 31,344 208,288 26,612 934,538 195,000 651,849 92l0,3312,272,409 17 134 128,816 57,869 *On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 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. «For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580; 1942, 16,857; 1943, 10,724. ^Includes advance to Stabilization Fund, amounting to 61.5 billion francs on May 26. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. 791 JULY 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1954 1953 1954 1953 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) May Apr. Mar, May date of month) May Apr. Mar, May 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 350,917 330,917306,968 337,119 Other gold and foreign exchange. 1,853 1,765 882 Government loans and securities. 258,966 257,,550044 258,418 184,677 Government securities 3,834 3,855 3,351 Other assets 126,349124,724125,800 96,778 Rediscounts and loans to banks.. 61,532 60,563 51,917 Note circulation 634,7-3-4 595,177 580,923 520,724 Other assets 249 254 275 Deposits 438,008 413,041400,443 361,437 Currency circulation 26,051 25,862 21,914 Other liabilities and capital 111,943102,519101,551 85,982 Deposits—Nationalized 38,302 37,548 31,812 Central Bank of Costa Rica Other sight obligations 565 606 576 (thousands of colones): Other liabilities and capital 4,173 4,044 3,482 Gold 11,503 11,503 11,503 11,511 Commonwealth Bank of Aus- Foreign exchange 91,719105,349104,291 109,586 tralia (thousands of pounds): Net claim on Int'l. Fund4 7,032 7,032 7,032 7,031 Gold and foreign exchange 539,847539,055538,989 463,424 Loans and discounts 103,086 91,625 93,596 74,549 Checks and bills of other banks.. 9,061 10,050 11,479 7,950 Securities 500 1,666 Securities (inch Government and Other assets 25,154 27,324 26,462 25,072 Treasury bills) 403,738 402,491381,314 424,931 Note circulation 138,299135,930 137,548 139,574 Other assets 70,438 79,360 87,365 87,472 Demand deposits 70,706 77,424 76,290 67,585 Note circulation 344,113 349,613 341,113 326,168 Other liabilities and capital 29,989 29,479 29,046 22,256 Deposits of Trading Banks: National Bank of Cuba Special 353,920 373,920 373,920 301,865 (thousands of pesos): Other 48,750 34,364 33,226 33,051 Gold 185,748185,748185,748 195,748 Other liabilities and capital 276,301273,059270,888 322,693 Foreign exchange (net) 36,039 37,989 36,509 74,782 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 296,181286 782276,383 222,244 F L G o o o r a l e d n i s g n a n e d x c d h i a s n c g o e unts 5 8 , , 4 5 1 3 5 8 6 6 6 8 5 , , 1 4 1 6 5 8 4 9 6 5 7 , , 3 8 1 7 9 8 6 9 6 2 6 , , 9 4 1 6 2 0 5 4 0 S N L i o e lv a t e n c r s l a a i n m d o d n i s I c n o t u 'l n . t s Fund4 4 1 1 2 , , 2 5 8 1 8 2 4 1 5 7 2 , ,6 9 5 2 1 1 2 6 2 4 1 3 2 7 , , , 6 6 5 1 4 1 6 1 2 4 1 1 4 2 7 , , , 1 5 0 1 9 2 1 6 2 Claim against Government 1,780 1,780 1,780 2,167 Credits to Government 40,075 36 162 33,196 34,888 Other assets 36 35 35 39 Other assets 75,640 68 656 68,856 64,934 N De o p te o s c i i t r s c — ul B O at a t i h o n e n k r s 1 2 0 , , 8 6 7 6 3 2 1 3 9 1 2 0 , , 5 5 7 6 4 5 2 4 7 1 2 0 , , 2 4 6 8 2 9 4 3 9 8,8 3 4 8 4 8 9 8 6 O N D t e o h p t e e o r s c i l i t i r s a c b u i l l a it t i i e o s n and capital 4 2 2 4 1 7 2 7 , , , 3 9 2 ~0 2 5 4 4 5 4 2 2 3 1 6 8 6 , , , 4 0 8 9 7 1 8 9 0 4 2 2 2 1 1 6 6 , , , 4 6 3 7 7 1 5 4 3 4 2 3 2 1 2 1 3 , , , 0 0 2 8 2 1 4 4 8 Blocked 1,770 1,761 1,868 1,972 National Bank of Belgium National Bank of Czechoslovakia * (millions of francs): National Bank of Denmark Cent O F D N O G L C G r o o o t e o a t o o h h r a p n l l t v e d e e e n o s e i r r o s g B s r c n l i n a l i a i t a i r m s d s a n n c c s — a b d l u e e k t a i n e t l l D i E s a d i d m t t t i o C e i i s s e s o f m G c A e s n a o c o a n B a u u n v d n r n o d e i d t t l r b s i i n e a v c m s l i 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 3 9 1 6 4 4 8 7 8 4 1 1 , , , , , , , , , 2 6 5 2 9 2 1 6 7 1 7 7 2 7 4 0 8 8 6 1 2 2 5 5 2 2 8 0 6 3 3 9 3 1 4 4 5 7 4 8 9 1 2 , , , , , , , , , 8 9 0 4 1 6 6 3 3 1 8 1 3 5 5 5 6 8 3 1 9 2 1 0 7 0 0 5 5 5 3 3 9 1 5 4 3 5 4 9 7 1 3 , , , , , , , , , 2 5 3 3 3 3 2 6 2 1 0 1 8 5 5 7 6 9 4 1 4 6 4 4 4 0 9 7 3 9 3 3 9 1 3 8 4 6 2 4 6 4 4 , , , , , , , , , 2 1 5 6 0 7 5 6 5 2 9 6 5 8 5 6 9 6 8 8 1 5 0 7 7 4 7 0 8 9 (m O S O D F L G N G il e o o t e t l o o o c h i h r a p l t o v e u d e e e n o n t i r r r . s g s s i c t i n a c l i a i t i o r e s o s a n c e f s — s m b d u e x i k t l p c l G O s a d r i h e t o t i o t i a n i s e h n o n v c s s e e n a g o e 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 it o a u l nt.... 3 1 1 1 , , , , 5 2 2 9 2 6 9 1 1 5 6 5 0 3 9 2 6 2 7 3 0 4 3 5 7 9 2 5 0 3 1 1 1 1 , , , , , 9 5 2 2 5 3 0 1 1 8 4 7 2 0 3 1 6 2 9 1 8 4 6 3 0 9 3 1 3 3 1 1 1 1 , , , , , 2 9 2 4 4 2 5 0 1 7 7 7 2 0 3 0 6 1 2 2 7 8 2 8 2 9 3 0 8 3 1 1 1 , , , , 4 8 4 3 4 7 1 1 2 4 1 5 8 0 6 9 8 5 1 6 7 5 5 9 6 7 4 8 tary dept. (millions of bolivianos): (Jan.)' Central Bank of the Dominican Gold at home and abroad1 4,419 4,421 Republic (thousands of pesos): Foreign exchange (net) 28,923 26,287 Gold 12,076 12,076 12,076 12,076 Loans and discounts 6,040 1,357 Foreign exchange (net) 25,087 25,358 23,867 16,662 Government securities 2,505 3,192 Net claim on Int'l. Fund4 1,250 1,250 1,250 1,250 Other assets 190 564 Loans and discounts 2,106 1,661 1,766 328 Note circulation 12,422 8,132 Government securities 9,420 9,420 9,420 9,950 Deposits 3,299 1,265 Other assets 6,988 6,807 3,720 1,422 Other liabilities and capital1.... 6,356 6,423 Note circulation 35,749 35,703 36,796 32,754 Central Bank of Ceylon (thousands Demand deposits 19,106 18,842 13,318 7,031 of rupees): Other liabilities and capital 2,072 2,028 1,984 1,905 Foreign exchange 416,911391,747 329,,.305 308,919 Central Bank of Ecuador Advances to Government 100 35,200 91,000 (thousands of sucres): Government securities 61,311 79,327 91,021 153,691 Gold 342,455 342,395 342,368 339,110 Other assets 4,311 3,820 3,911 4,430 Foreign exchange (net) 94,397 80,679 191,857 Currency in circulation 354, 968 355,713 348,101 391,282 Net claim on Int'l. Fund4 18,757 18,757 18,757 Deposits—Government 6,261 700 440 3,694 Credits—Government 375,033 372,967 369,369 303,602 Banks 75,403 73,283 66,280 123,921 Other 178,910173355175,135 171,923 Other liabilities and capital 45,901 45,298 44,615 39,143 Other assets 197,513193 856176,849 168,254 Central Bank of Chile (millions Note circulation 608,692593 720 574,832 568,608 of pesos): Demand deposits—Private banks. 188,239179 392174,055 175,391 Golds 5,664 5,661 5,655 1,383 Other 158,433167 736192,556 233,295 Foreign exchange (net) 855 538 215 181 Other liabilities and capital 251,702219 834 221,716 216,209 Net claim on Int'l. Fund4 388National Bank of Egypt (thou- Discounts for member banks.... 2,634 2,490 1,801 2,346 sands of pounds): Loans to Government 11,509 11,509 11,509 4,059 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 8,713 7,543 7,392 10,582 Foreign exchange 22,708 24,301 22,617 23,076 Other assets 3,563 3,590 2,737 2,598 Foreign and Egyptian Note circulation 21,096 20,514 19,369 14,195 Government securities 250,060 247,804 251,445 300,105 Deposits—Bank 4,731 5,016 4,693 3,219 Loans and discounts 13,596 13,656 15,070 10,040 Other 817 621 722 1,102 Advances to Government Other liabilities and capital 6,295 5,181 4,525 3,020 Other assets 2,365 1,617 1,954 2,966 Bank of the Republic of Colombia Note circulation 171,482169,070 172,118 184,493 (thousands of pesos): Deposits—Government 59,053 61,109 69,678 73,838 Gold and foreign exchange 424,075 373,216 367,355 325,196 Other 110,118108,579101,717 129,214 Net claim on Int'l. Fund4 24,377 24,377 24,377 24,373 Other liabilities and capital 8,628 9,172 8,125 9,194 *Latest month available. 'On May 14, 1953, gold reserve revalued from 0.0148112 to 0.00467722 grafms of fine gold per boliviano. 2 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 3On Oct. 5, 1953, gold revalued irom 0.0286668 to 0.00807883 grams of fine gold per peso. 4This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 5For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 792 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1954 1953 Central Bank 1954 1953 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May Central Reserve Bank of £1 Salva- Bank Indonesia—Cont. dor (thousands of colones): Other assets 235 235 252 145 Gold 72,295 72,435 73,125 Note circulation 5,736 5,331 5,105 4,767 Foreign exchange (net) 71,502 75,243 75,501 Deposits—ECA 495 495 495 496 Net claim on Int'l. Fund1 , 1,568 1,56 1,566 Other 1,258 1,42 1,544 2,983 Loans and discounts , 13,349 11,229 10,100 Other liabUities and capital 609 590 614 617 Government debt and securities. 13,649 14,454 4,162Central Bank of Ireland (thousands Other assets 5,924 2,361 1,696 of pounds): Note circulation , 95,623 101,591 88,679 Gold 2,646 2,646 2,646 2,646 Deposits 74,032 66,114 69,487 Sterling funds 64,685 65,574 64,832 61,232 Other liabilities and capital 8,631 9,583 7,985 Note circulation 67,331 68,220 67,477 63,878 Bank of Finland (millions of mark- Bank of Italy (billions of lire): kaa): Gold 4 4 4 4 Gold 5,862 5,86: 5,862 5,862 Foreign exchange 69 67 65 50 Foreign assets (net) 13,289 13,739 14,429 8,391 Advances to Treasury 567 567 567 570 Clearings (net) 9,678 9,940 10,029 5,300 Loans and discounts 328 343 331 281 Loans and discounts 38,031 36,309 36,645 42,234 Government securities 290 290 291 262 Securities 2,220 2,192 2,222 1,604 Other assets 726 713 721 698 Other assets 2,061 2,354 2,046 2,152 Note circulation 1,348 1,343 1,332 1,257 Note circulation 47,169 45,508 44,658 45,962 Deposits—Government 21 47 55 81 Deposits , 9,239 10,268 11,917 1,402 Demand 59 54 65 54 Other Kabilities and capital 14,734 14,620 14,659 18,179 Other 438 421 406 369 Bank of German States2 Other liabilities and capital 120 119 121 103 (millions of German marks): Bank of Japan (millions of yen): Gold 1,707 1,738 1,627 Bullion 448 448 448 448 Foreign exchange 7,961 7,800 7,673 5,072 Advances to Government 1,400 ,400 12,300 37,424 Loans and discounts 1,907 1,781 2,305 2,068 Loans and discounts 412,471438,937 485,764 382,347 Loans to Government 4,902 5,134 4,801 7,471 Government securities 228,997 209,937178,802 180,520 Other assets , 881 786 926 994 Other assets 95,696103,270111,472 108,361 Note circulation , 11,498 11,588 11,403 10,757 Note circulation 522,604543,973534,625 501,136 Deposits—Government 1,139 1,180 1,221 1,473 Deposits—Government 65,664 42,200 107,667 106,047 Banks 2,686 2,438 2,618 2,355 Other 69,951 67,110 63,609 Other 272 276 240 271 Other liabilities 80,792 79,383 38,307 Other liabilities and capital 1,762 1,758 1,849 1,628 Bank of Mexico (millions of pesos): Bank of Greece (billions of drach- Monetary reserve8 1,277 1,229 1,279 1,186 mae) : "Authorized" holdings of secu- Gold and foreign exchange (net) rities, etc 3,285 3,335 2,886 3,031 L A o d a v n a s n c a e n s d — d O G is t o c h v o e e u r r n n t m s ent , 5 8 , , 1 5 1 7 3 3 1 6 5 5 8, , 5 1 1 1 8 4 3 3 8 4 8 , , 3 7 1 9 8 1 2 4 7 O N Bi t o l h l t s e e r a c a n ir s d c s u e d t l i s a s t c i o o u n nts 3 1 , , 9 6 0 2 6 0 2 7 8 3,6 9 8 0 5 3 5 7 3 3,4 6 8 6 5 0 3 8 1 3,2 3 6 0 8 3 7 2 5 Other assets 3,780 3,688 3,426 Demand liabilities 1,500 1,311 1,651 1,536 Note circulation , 1,857 1,817 2,090 Other liabilities and capital 1,444 1,438 509 490 Deposits—Government 3,443 3,151 2,353 Netherlands Bank (millions of Other liabil O R it e t i r h e c e s e o l i r n a ef s n t d r a u c c c c a t t p i s o it n a l and 2 6 5 1 , , , , 1 8 5 5 6 0 0 6 3 9 0 4 4 6 2 1 , , , , 6 6 9 9 2 6 3 7 1 1 9 7 2 5 7 , , , 0 7 7 9 9 0 2 3 5 0 7 4 gu S F G L il i o o d o l r v a e l e d e n r i s r s g ) n : ( a i n n a c d s l s u d e d i t s s in c ( g o n u s e n u t t ) b s sidiary coin). 2 1 , , 9 5 3 2 3 1 0 4 9 5 2 1 , , 9 41 2 2 1 0 4 9 3 2 1 , ,4 9 1 2 3 1 9 4 3 2 2 1 , , 2 59 9 3 1 8 0 6 7 Bank of Guatemala (thousands of Govt. debt and securities 875 914 1,217 1,300 quetzales): (Feb.)* Other assets 426 459 404 529 Gold 27,228 27,228 Note circulation—Old 29 30 30 33 Foreign exchange (net) 23,727 25,693 New 3,367 3,267 3,290 3,049 Gold contribution to Int'l. Fund.. 1,250 1,250 Deposits—Government 751 618 854 974 Rediscounts and advances 23,675 6,575 ECA 797 856 1,027 1,196 Other assets 29,592 17,868 Other 651 761 588 318 Circulation—Notes 53,169 43,515 Other liabilities and capital 213 217 219 200 Coin 3,649 3,517 Reserve Bank of New Zealand Deposits—Government 3,268 3,953 (thousands of pounds): Banks 24,517 12,253 Gold 6,168 6,153 6,020 Other liabilities and capital 20,869 15,376 Foreign exchange reserve 83,648 78,766 66,511 National Bank of Hungary 3 Loans and discounts 6,019 6,019 6,019 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 62,012 57,350 57,786 Issue department: Investments 23,902 33,902 34,950 Gold at home and abroad 400 400 400 Other assets 1,569 1,671 1,689 Foreign securities 6,782 6,482 6,132 Note circulation 69,145 68,004 62,656 Indian Govt. securities 4,213 4,213 4,499 Demand deposits 104,545 106,180 101,535 Rupee coin 981 937 877 Other liabilities and capital 9,627 9,677 8,785 Note circulation 12,172 11,859 11,589 Bank of Norway (millions of kroner): Banking department: Gold 218 218 218 280 Notes of issue department 204 172 318 Foreign assets (net) 99 26 30 177 Balances abroad 740 1,048 976 Clearing accounts (net) -37 -39 -42 13 Bills discounted 112 107 140 Loans and discounts 70 67 66 65 Loans to Government 8 5 33 Securities 30 30 32 44 Other assets 1,303 1,163 1,227 Occupation account (net) 5,546 5,546 5,546 5,546 Deposits 2,002 2,145 2,202 Other assets 60 65 46 57 Other liabilities and capital 366 351 493 Note circulation 2,939 2,968 2,954 2,745 Bank Indonesia4 (millions of rupiah): Deposits—Government 1,857 1,699 1,756 2,092 Gold and foreign exchange (net)8. 619 656 838 2,841 Banks 542 655 607 562 Loans and discounts 616 581 542 586 FOA—MSA 163 146 137 322 Advances to Government 6,628 6,374 6,126 5,292 Other liabilities and capital 486 447 443 460 •Latest month available. !This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Combined figures for the Bank of German States and the nine Land Central Banks. 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. SGold not reported separately beginning January 1954. 6Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. JULY 1954 793 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) date of month) May Apr. Mar. May May Apr. Mar. May State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 34,467 33,709 34,157 27,813 Issue department: Note circulation 37,827 37,738 37,675 36,416 Gold at home and abroad... 81 81 81 81 Deposits—Government 3,233 3,865 3,471 1,604 Sterling securities 463 499 535 421 Other 3,744 3,389 3,851 3,504 Pakistan Govt. securities. . . 1,318 ,283 1,286 1,191 Other liabilities and capital 30,430 29,465 30,205 24,386 Govt. of India securities. . .. 146 146 146 126Bank of Sweden (millions of kronor) India currency 300 300 300 300 Gold 481 481 481 427 Rupee coin 55 55 55 67 Foreign assets (net) 1,367 1,357 1,329 1,189 Notes in circulation 2,266 ,296 2,315 2,073 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 98 68 90 113 vances to National Debt OfficeJ 2,300 2,331 2,299 2,334 Bills discounted 9 Other domestic bills and advances 525 471 384 362 Loans to Government 44 38 115 104 Other assets 844 845 883 821 Other assets 311 337 379 413 Note circulation 4,433 4,575 4,459 4,223 Deposits 334 332 477 509 Demand deposits—Government.. 514 321 309 132 Other liabilities and capital.. 119 112 107 130 Other 25 33 21 202 Central Bank of Paraguay1 (Nov. Other liabilities and capital 675 686 716 705 (thousands of guaranties): 1953)* Swiss National Bank (millions of Gold 1,138 1,138 francs): Foreign exchange (net) 43,465 60,151 Gold 6,047 6,139 6,131 5,970 Net claim on Int'l. Fund2 11 11 Foreign exchange 499 484 496 518 Loans and discounts 268,661 198,666 Loans and discounts 151 149 151 217 Government loans and securities. 400,293 349,909 Other assets 88 75 72 80 Other assets 581,894 248,361 Note circulation 4,915 4,926 4,921 4,791 Note and coin issue 495,008 424,830 Other sight liabilities 1,668 1,722 1,732 1,794 Deposits—Government 148,704 75,386 Other liabilities and capital 203 200 197 200 Other 230,143 134,950Central Bank of the Republic of Other liabilities and capital 421,608 223,072 Turkey (millions of pounds): Central Reserve Bank of Peru Gold 402 402 402 402 (millions of soles): Foreign exchange and foreign Gold and foreign exchange 413 419 520 clearings 224 201 192 215 Net claim on Int'l. Fund2 67 67 67 Loans and discounts 2,162 2,124 ,069 ,640 Loans and discounts to banks. . . 598 606 439 Securities 27 25 25 26 Loans to Government ,107 1,093 867 Other assets 96 120 95 112 Other assets 114 135 153 Note circulation 1,451 1,432 1,412 ,239 Note circulation ,645 1,627 1,466 Deposits—Gold 154 154 154 153 Deposits 432 451 342 Other 830 836 772 712 Other liabilities and capital 222 241 237 Other liabilities and capital 477 451 446 290 Central Bank of the Philippines Bank of the Republic of Uruguay (Nov. (thousands of pesos): (thousands of pesos): 1953)* Gold 18,813 813 18,813 18,813 Gold 336,572 336,572 Foreign exchange 443,429 426 797436,112 464,451 Silver 9,044 9,168 Net claim on Int'l. Fund2 29,504 504 29,504 29,504 Advances to State and Govern- Loans 3,574 524 19,724 36,380 ment bodies 110,086 130,848 Domestic securities 248,449 262,640 239,887 234,310 Other loans and discounts 347,741 335,462 Other assets 162,623 160,303 151,112 Other assets \ 608,991 577,897 Circulation—Notes 603,572 606,266 612,202 565,019 Note circulation 414,329 400,598 Coin 84,654 84,376 87,760 Deposits—Government 129,081 118,845 Demand deposits 167,783 156,290 228,871 Other 333,184 362,065 Other liabilities and capital 50,383 51,476 52,919 Other liabilities and capital 535,840 508,439 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares) : Gold 5,312 282 5,252 4,696 Gold 1,141 1,141 1,141 1,141 Foreign exchange (net) 13,070 018 12,980 11,978 Foreign exchange (net) 485 381 246 279 Loans and discounts 654 630 650 708 Other assets 104 98 101 90 Advances to Government 1,418 418 1,418 1,427 Note circulation 996 1,000 1,011 925 Other assets 939 987 884 607 Deposits 267 270 275 276 Note circulation 9,265 473 9,579 8,732 Other liabilities and capital 467 351 201 309 Demand deposits—Government.. 1,939 890 1,845 1,868 Bank of International Settle- ECA 6 6 6 6 ments (thousands of Swiss gold Other 8,065 792 7,658 6,771 francs): Other liabilities and capital 2,117 176 2,097 2,040 Gold in bars 568,698 602,127 609,059 647,149 South African Reserve Bank Cash on hand and with banks. . . 165,720 95,718 59,160 46,372 (thousands of pounds): Sight funds at interest 1,493 1,490 1,574 4,176 Gold ,896 62,660 61,968 Rediscountable bills and accept- Foreign bills ,177 34,023 47,802 ances (at cost) 297,424[ 433,177315,431 257,055 Other bills and loans ,005 41,690 16,713 Time funds at interest 310,827'199,514182,777 28,429 Other assets ,666 52,940 39,057 Sundry bills and investments.. .. 414,,616 362,197272,764 187,773 Note circulation ,766 96,754 91,500 Funds invested in Germany. 297,201I 297,201297,201 297,201 Deposits ,881 72,952 55,718 Other assets 5,355 7,859 2,710 1,433 Other liabilities and capital ,097 21,607 18,323 Demand deposits (gold) , 437,475 320,018 439,056 455,066 Bank of Spain (millions of pesetas): Short-term deposits: Gold 605 596 596 581 Central banks—Own account., 1,082,476 1,131,253745,193 454,029 Silver 328 336 336 355 Other , 29,748 36,848 46,000 56,116 Government loans and securities. 16,191 ,931 15,913 15,985 Long-term deposits: Special. 228,909228,909 228,909 228,909 Other loans and discounts 23,642 ,885 24,200 21,175 Other liabilities and capital.... 282,727282,254 281,517 275,468 •Latest month available. JThe new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3 Includes small amount of non-Government bonds. 794 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— Rate Rate eff D ec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n tr o a f— l M 3 a 1 y eff D ec a t t i e ve ba C n e k n tr o a f— l M 3 a 1 y ef D fec a t t i e ve In effect Dec. 31, Argentina 3X Mar. 1, 1936 Ireland Mar. 25, 1952 1948 2 3 15 2X 2X Austria Sept. 24, 1953 Italy 4 Apr. 6, 1950 May 27, 1949. Belgium 2% Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 July 14 *4 Bolivia 6 Sept. 30, 1950 Mexico June 4, 1942 Oct. 6 3% June 8, 1950 2X Sept. 11 3% Sept. 26 3 Canada 2 Oct. 17, 1950 Netherlands Apr. 7, 1953 Oct. 27 *6 Ceylon 3 July 23, 1953 New Zealand. Apr. 12, 1954 Dec. 1 3 Chile June 13, 1935 Norway 2 V<* Jan. 9, 1946 Apr. 17 1951 4 Colombia 4 July 18, 1933 Pakistan 3 July 1, 1948 July 5 3X Costa Rica 4 Feb. 1, 1950 Sept 13 3% Oct. 11 3 Nov. 8 Nov. 9 4 Denmark Sept. 23, 1953 Peru 6 Nov. 13, 1947 Jan. 22 1952 3X Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 Mar. 12 4 Egypt 3 Nov. 15, 1952 South Africa 4 Mar. 27, 1952 May 29 15 El Salvador.. . 3 Mar. 22, 1950 Spain 4 Mar. 18, 1949 Aug. 1 3 Finland Dec. 16, 1951 Sweden 2H Nov. 20, 1953 Aug. 21 **X Dec. 18 3 Jan. 8 1953 *4 Apr. 7 2H France Feb. 4, 1954 Switzerland.. Nov. 26, 1936 J S u e n p e t. 1 1 1 7 3X 3X l3y2 G Gr e e r e m ce any.... 10 J M an a . y 2 1 0, , 1 1 9 9 5 5 4 4 T U u n r i k te e d y King- Feb. 26, 1951 Oct 29 2% India Nov. 15, 1951 dom 3 May 13, 1954 Nov. 20 2% Indonesia 3 3 Apr. 1, 1946 U.S.S.R 4 July 1, 1936 Feb. 4, 1954... "3H Mav 13 3 May 20 13 1 Rates established for the Land Central banks. In effect Mav NOTE.—Changes since May 31: Austria—June 3, from 4 to 3}/% per cent; 31, 1954. .... 3 13 2% 2V2 IX Ceylon—June 11, from 3 to 2J^ per cent; Denmark—June 23, from 4*^ to 53^ per cent; Spain—July 1, from 4 to 3% per cent. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1944—April .39 1.03 1.01 1.13 .50 1.73 .25 1945—April .37 1.03 1.01 1.00 .50 1.47 .25 1946—April .37 .53 .51 .63 .50 1.25 .90 .50 .25 1947—April .41 .53 .51 .63 .50 1.41 .59 1.11 .25 1948—April .41 .56 .51 .63 .50 2.00 .38 .93 .50 1949—April .49 .58 .51 .63 .50 2.12 .29 1.24 .63 1950—April .51 .69 .51 .63 .50 2.64 .44 1.25 .50 1951—April .76 .69 .51 .63 .50 2.60 .55 1.24 .50 1952—April .98 3.00 2.35 2.25 2.00 3.65 .40 1.00 M) 1953—April 1.53 3.00 2.41 2.25 2.00 4.05 .93 .71 .50 1953—May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 ,50 June 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 50 July 1.76 3.00 2.35 2.25 2.00 4.13 .50 .50 ,50 August.... 1.80 3.00 2.36 2.25 2.00 4.18 .50 .50 ,50 September. 1.91 2.67 2.27 2.09 1.88 4.34 .43 .50 ,50 October. . . 1.93 2.19 11 1.94 3.91 .38 .50 ,50 November. 1.90 2.19 10 1.94 4.00 .28 .50 .50 December.. 1.88 2.19 2.11 1.94 1.75 75 .03 .50 .50 1954—January.. 1.88 2.19 2.12 1.94 1.75 3.66 .23 .50 .50 February. 1.74 2.15 2.07 1.94 1.75 3.55 .25 .50 .50 March.... 1.61 2.16 2.10 1.94 1.75 3.42 .45 .50 ,50 April 1.56 2.17 2.09 1.94 1.75 3.55 .41 .50 ,50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JULY 1954 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities ( b m 1 a 1 i n ll L k io o s s n . n t e s d r o F l o i n i n f g g u p c ) r l o e e u a s n r i d i n n s g re C se a r s v h es M ca s o l h n l o e a r y n t d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities Loans to O as t s h e e ts r Deposits lia O b a t i n h li d e ti r es notice Total Demand Time capital 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1,965 ,950 867 6,333 4,290 2,042 651 1952—December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—June 514 469 1,209 2,136 ,778 673 6,299 4,040 2,259 481 July...... 510 460 1,244 2,140 ,742 633 6,247 3,990 2,257 483 August. . . 511 456 1,331 2,140 ,688 595 6,240 3,971 2,269 480 September. 515 476 1,376 2,137 ,675 623 6,320 4,004 2,316 482 October... 518 476 1,340 2,238 .666 607 6,373 4,041 2,332 472 November. 520 469 1,354 2,245 ,687 626 6,419 4,080 2,339 483 December. 542 501 1,417 2,275 ,725 729 6,694 4,327 2,368 495 1954—January.. 526 483 1,330 2,277 ,706 633 6,457 4,124 2,333 499 February. . 504 454 1,113 2,275 ,754 638 6,237 3,954 2,283 501 March.... 512 468 1,078 2,269 ,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 May 501 463 1,122 2,305 1,804 643 6,335 4,005 2,330 502 Assets Liabilities Canada3 (11 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d s i i n ts g p in ay te a r b b l a e n i k n d C e a p n o a s d it a s En C d a i n n o a f m d m i i a l o n li n o d t n h o s l f l o i a g f r u s) res re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d a a f u b n o b e a d r r e n o f i k r n g a o s e d n m t Securities O as t s h e e ts r Notes4 Total Demand Time li c a O a b a p t i n h l i i d t e t a i r e l s 1948—December. 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—December. 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—December. 824 134 2,776 171 4,286 1,304 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 ,516 8,421 3,497 4,924 1,736 1953—May 822 138 3,526 331 4,024 ,402 8,486 3,386 5,100 1,755 June 903 123 3,576 331 3,956 ,509 8,634 3,508 5,126 1,764 July 877 125 3,649 328 3,872 ,359 8,496 3,344 5,152 1,713 August. . . 883 135 3,732 353 3,886 ,329 8,651 3,445 5,206 1,667 September 897 110 3,772 330 3,918 ,372 8,692 3,466 5,226 1,706 October... 962 144 3,838 342 3,789 ,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 ,510 8,881 3,847 5,034 1,841 1954—January.. 881 143 3,929 370 3,944 1,337 8,772 3,679 5,093 1,832 February.. 898 197 3,951 370 3,885 1,332 8,843 3,681 5,162 1,791 March.... 923 167 3,899 421 3,775 1,426 8,780 3,535 5,245 1,830 April 892 144 3,925 398 3,780 1,408 8,708 3,397 5,312 1,839 Assets Liabilities France (4 large banks. End Deposits Own Other o m f i m lli o o n n t s h o f f i g f u ra re n s c s i ) n re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e t r s a a c n c c e e p s t- liab a i n li d ties Total Demand Time capital 1948—December . 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—December. . 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15,662 1950—December. . 48,131 52,933 527,525 135,289 31,614 749,928 731,310 18,618 28,248 17,316 1951—December. . 60,215 72,559 627,648 165,696 38,114 906,911 879,767 27,145 33,774 23,547 1952—December. . 51,155 68,243 636,624 170,298 29,734 902,547 870,504 32,043 24,957 28,551 1953—April 48,314 83.702 634,643 174,379 41,925 910,867 873,209 37,658 29,219 42,878 May 48,079 84,973 690,729 166,926 44,885 962,225 924,151 38,074 29,618 43,750 June 47,394 85,411 643,804 184,584 46,676 930,986 892,185 38,801 28,728 48,155 July 47,903 85,806 661,082 189,591 49,269 952,454 913,188 39,265 27,446 53,751 August.... 50,451 89,197 651,314 198,784 49,226 956,528 917,027 39,501 25,209 57,234 September. 47,177 81,649 644,000 199,498 50,250 939,282 900,010 39,272 22,928 60,364 October. . . 46,003 74,964 694,021 185,109 54,393 965,798 924,602 41,196 24,355 64,338 November. 47,103 78,797 696,942 189,753 60,636 978,019 935,267 42,752 28,142 67,070 December v. 50,763 85,739 743,686 183,302 68,819 1,029,660 987,111 42,549 30,308 72,341 1954—January.. . , 46,077 76,601 782,293 180,524 37,840 1,056,908 1,013,546 43,363 31,301 35,126 February... 44,083 75,183 770,445 193,050 40,242 1,054,531 ,010,245 44,286 32,539 35,933 March 43,889 80,266 714,717 201,349 45,611 1,011,093 968,648 42,444 34,322 40,416 p Preliminary. iTHs table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June ; nd December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 3 Beginning December 1953, when a new bank was added, figures are for 11 banks. *In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 796 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 (peso) Aus- Austria Belgium Brazil* M Br a i l t a is y h - (dollar) Year or month Basic P e r n e t f i e a r l - Free ( t p r o a u l n ia d) (schilling) (franc) (cruzeiro) (do si l a lar) Official Free 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29 774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 i3.333 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 *5.4420 32.595 101.650 1953—Tulv 20 000 13 333 7 198 224 32 2 0011 5 4406 32 582 100 782 August 20.000 13.333 7.197 224.30 2.0006 5.4455 32.610 101.180 September 20 000 13.333 7.198 223.33 2.0050 5.4466 32.569 101.580 October 20.000 13.333 7.198 223.57 2.0063 35.4466 32.596 101.762 November . 20 000 13.333 7.198 223.97 23.8580 2.0062 4.2808 3.5261 32.641 102.266 December 20 000 13 333 7 198 223 93 3 8580 2 0053 4 2808 3 5261 32 635 102 754 1954—January 20 000 13 333 7 198 224 01 3 8580 2 0023 4 2808 3 5261 32 646 102 781 February ... 20 000 13.333 7.198 224.13 3.8580 2.0036 4.2808 3.5261 32.656 103.439 March 20 000 13 333 7 198 224 27 3.8580 1 9152 4 2808 3.5261 32 668 102 996 April 20 000 13.333 7.198 224.55 3.8580 1.9868 4.2808 3.5261 32.689 101.786 May 20.000 13.333 7.198 224.58 3.8580 1.9909 4.2808 3.5261 32.681 101.575 June 20.000 13.333 7.198 224.56 3.8580 2.0032 4.2808 3.5261 32.666 101.882 France Year or month Ceylon m D a en rk - Finland (franc) G (d e e r u m ts a c n h y e India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1948 20.857 .4929 .3240 30.169 18.860 37.668 350.48 1949 27 839 19 117 4671 3017 27 706 12 620 34 528 365 07 1950 20.850 14.494 .2858 23.838 20.870 11.570 26.252 277.28 1951 20 849 14 491 4354 2856 23 838 20 869 280 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—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 June. 21 077 4354 .2856 23.838 21.085 281.82 7.995 26.426 279.03 Philip- Portu- South Swe- Switz- United Year or month N (k o r r o w n a e y ) R ( e p p p i e u n so e b ) lic (es g c a u l do) ( A po fr u i n c d a ) (k d r e o n na) e (f r r l a a n n c d ) ( K p d o i o u n m n g d - ) Ur ( u p g e u so a ) y * 1948 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 18.481 49.723 3.8800 366.62 25.480 23.314 368.72 65.830 56.180 42 553 1950 . . 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 65.833 56.180 42.553 1951 14 015 49 639 3 4739 278 33 19 327 23 060 279 96 65 833 56 180 42 553 1952 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1953 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 765.833 ^56.180 742.553 834.217 1953—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 ^56.180 742.553 732.573 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 14.008 49.677 3.4900 280.76 19.333 23.313 281.81 May 14 008 49 677 3.4900 280.80 19.333 23.333 281 85 June 14.008 49.677 3.4900 280.76 19.333 23.334 281.82 *For figures on free rate for the period Feb. 25-Oct. 9, 1953, see BULLETIN for November 1953, p. 1231. The average for this period was 2.3274. 2Based on quotations beginning Nov. 30, 1953. 8Official 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. 8The 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. «Free 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. JULY 1954 797 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 1 = 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 n 1 9 g 0 i 3 t 0 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 1 e a 1 9 t 0 n h 4 0 d e 8 ) s r = - S (1 w 1 9 e 0 3 0 d 5 ) e = n ( S A = w l u 1 a i g t 0 n . z 0 d 1 e ) 9 r- 39 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 . ... 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 ioo"' 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—May 110 220 393 331 139 5,250 350 135 299 214 June 110 222 391 330 139 5,250 352 134 299 213 July 111 221 397 329 137 5,258 353 133 298 213 August 111 222 395 327 137 5,270 355 133 296 212 September 111 '•221 398 326 137 5,246 357 133 295 212 October 110 -•220 401 326 136 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 111 219 401 P329 136 5,341 368 135 296 214 April 111 218 411 P330 P137 136 P297 215 May 111 218 431 P331 P139 214 ! P Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OP COMMODITIES [Indexes for groups included in 1,otal 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 pr 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 g c a o a t r o u n t d r l u e y s - d fa c m g c h o a t i o e u n f d r u l e s 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 r u u a s c - w ts p fi I r n n o tr i d d s i h u a u l e s c - d ts 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 J»364 122 171 143 1952 107 109 113 250 219 231 284 P352 129 166 135 1953 97 105 114 220 207 229 307 123 156 132 1953—Mav 98 104 114 224 206 228 317 124 157 131 June 95 103 114 227 207 230 316 124 156 131 July . .. 98 106 115 227 207 ••229 315 118 155 131 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 r229 304 120 154 132 November 94 104 115 205 203 228 305 122 153 132 December 94 104 115 207 204 228 302 122 153 132 1954—Tanuary 98 106 115 209 207 228 302 125 153 133 Februarv 98 105 114 209 205 227 305 128 153 133 I^Iarch • . 98 105 114 207 204 227 311 126 154 133 April r99 106 115 206 206 225 310 127 153 133 May 98 107 115 210 208 225 P310 n.a. Not available. » Preliminary. * Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 798 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 t 7 t e 0 e - s 4 ) d i 9 - C ( a 1 1 a d 9 0 n 4 a 0 - 9 ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F - ( r 1 1 a 9 0 n 4 0 c 9 ) e N l - ( e a 1 1 t n 9 0 h 4 d 0 e 9 s ) r- 1 ( l 9 A a e 3 r n 9 u - d g = . ( U S = 19 n t 1 a 4 i 0 7 t t e e 0 - d 4 s )i 9 = C ( a 1 1 a d 9 0 n 4 a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g . 5 - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 ) e N l - ( e a 1 1 t n 9 0 h 4 d 0 e 9 s ) r- 1 ( l 9 A a 3 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 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1953—May 114 114 106 146 121 170 112 110 113 141 125 183 June 115 115 107 145 121 170 114 111 114 141 127 184 July ... 115 115 107 144 121 170 114 113 114 137 127 184 August 115 116 106 143 120 170 114 113 112 136 123 185 September 115 116 106 141 121 170 114 114 111 132 126 186 October 115 117 106 141 121 170 114 116 111 132 125 187 November 115 116 106 141 120 170 112 113 111 132 124 187 December 115 116 106 142 120 170 112 112 110 134 122 186 1954—Tanuary 115 116 106 143 123 170 113 112 110 136 124 185 February. ... 115 116 106 144 124 170 113 112 110 137 126 185 March 115 116 107 144 124 169 112 111 112 136 127 184 April .... 115 116 107 142 125 170 112 110 113 134 129 185 May 115 116 107 P144 126 170 113 110 112 P137 186 'Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month U S g ( r n t h a a i i d g t t e e e h s d ) * ( C 1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b d 0 m e 0 r ) F - ( r 1 1 a 9 0 n 4 0 c 9 ) e N l e a t n h d e s r a - ( U 1 S = 9 t n 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 C (1 = a 9 n 3 1 5 0 a 0 - d 3 ) a 9 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) (19 F 4 r 9 a = n 1 c 0 e 0) N l e a t n h d e 8 r- 3 Number of issues. . . 17 87 60 14 480 99 278 295 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 1Q0.0 106.8 121.4 109.4 87.6 100 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131.6 90.0 90 217 1951. . . 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1953 t 112.1 83.6 112.0 113.5 100.2 189.0 160.3 92.2 159 212 1953—May 109.8 83.6 111.4 113.2 99.7 189.6 159.8 91.1 153 206 June 108.8 82.9 112.2 112.9 101.2 182.8 156.8 91.1 154 207 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 99.8 116.6 115.7 100.6 212.7 173.6 97.0 194 256 May 117.5 100.3 117.3 103.4 219.8 179.5 97.8 261 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3 Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. JULY 1954 799 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 H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser on Economic Research KENNETH B. WILLIAMS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES SUSAN S. BURR, Assistant Director LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER LEWIS N. DEMBITZ, Assistant Director EDWIN J. JOHNSON, Controller Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT MALCOLM BRYAN J. L. ROBERTSON GEOFFREY S. SMITH, PHILADELPHIA DISTRICT R. M. EVANS M. S. SZYMCZAK H. G. LEEDY JAMES K. VARDAMAN, JR. GEORGE GUND, CLEVELAND DISTRICT A. L. MILLS, JR. ALFRED H. WILLIAMS ROBERT V. FLEMING, RICHMOND DISTRICT C. S. YOUNG Vice President WINFIELD W. RIEFLER, Secretary WALLACE M. DAVIS, ATLANTA DISTRICT ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel WOODLIEF THOMAS, Economist W. W. CAMPBELL, ST. LOUIS DISTRICT KARL R. BOPP, Associate Economist GEORGE W. MITCHELL, Associate Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT EARLE L. RAUBER, 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 800 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 * 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 * 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 H. H. Kimball T. G. Tiebout William I. Myers William F. Treiber 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 8 Wm. G. McCreedy Cleveland John C. Virden W. D. Fulton Dwight L. Allen Martin Morrison Roger R. Clousc H. E. J. Smith Leo L. Rummell Donald S. Thompson A. H. Laning 3 Paul C. Stetzelberger Richmond John B. Woodward, Jr. Hugh Leach N. L. Armistead James M. Slay W. G. Wysor Edw. A. Wayne Aubrey N. Heflin C. B. Strathy 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.3 S. P. Schuessler Harold T. Patterson Chicago John S. Coleman C. S. Young Neil B. Dawes L. G. Meyer Bert R. Prall E. C. Harris W. R. Diercks George W. Mitchell W. A. Hopkins A. L. Olson L. H. Jones 2 Alfred T. Sihler W. W. Turner St. Louis M. Moss Alexander Delos C. Johns Dale M. Lewis H. H. Weigel Caffey Robertson Frederick L. Deming Wm. E. Peterson J. C. Wotawa Minneapolis.... Paul E. Miller O. S. Powell H. C. Core 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 2 E. D. Vanderhoof Cecil Puckett Henry O. Koppang Clarence W. Tow D. W. Woolley Dallas J. R. Parten Watrous H. Irons E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry J. L. Cook« Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco... A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City.... Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes 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. JULY 1954 801 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 (un- ANNUAL REPORT of the Board of Governors of the bound). 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 posin 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, Nicaragua, Panama, Paraguay, Peru, El Salvador, THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Uruguay, and Venezuela is $2.00 per annum or INGS AND THEIR USE IN ECONOMIC ANALYSIS. 20 cents per copy; elsewhere $2.60 per annum or January 1952. 175 pages. 25 cents per copy; in 25 cents per copy. Group subscriptions in the quantities of 10 or more copies for single ship- United States for 10 or more copies to one ad- ment, 15 cents each. dress, 15 cents per copy per month, or $1.50 for 12 months. THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing pro- FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY visions of certain other statutes affecting the RATES, AND BUSINESS. Issued monthly. $6.00 Federal Reserve System. 372 pages. 50 cents per per annum including edition of historical supplepaper-bound copy; $1.00 per cloth-bound copy. ment (listed below) available when subscription is entered or renewed. 60 cents per copy; in quantities of 10 or more copies of a particular COMPILATION OF FEDERAL AND STATE LAWS RELATissue for single shipment, 50 cents each. (Do- ING TO BRANCH BANKING WITHIN THE UNITED STATES. (July 1, 1951.) December 1951. 33 mestic rates) pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND RULES OF ORGANIZATION AND RULES OF PROCEDURE BUSINESS. Issued annually in September. Annual —Board of Governors of the Federal Reserve subscription to monthly chart book includes one System (with Amendments). September 1946. issue of supplement. Single copies, 60 cents each; 31 pages. in quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates) REGULATIONS OF THE BOARD OF GOVERNORS OF THE XA more complete list, including periodic releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 676-79 of the June 1954 BULLETIN. with amendments and supplements thereto. 802 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) UNITED STATES POSTWAR INVESTMENT IN LATIN BANKING IN THE SOVIET UNION. April 1952. 8 AMERICA. May 1953. 6 pages. pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE REVISED WEEKLY INDEX OF DEPARTMENT STORE CORPORATIONS. July 1953. 12 pages. SALES. April 1952. 4 pages. RECENT CREDIT AND MONETARY DEVELOPMENTS. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- July 1953. 8 pages. ERNORS BEFORE SUBCOMMITTEE ON GENERAL CREDIT CONTROL AND DEBT MANAGEMENT, MARCH UNITED STATES BALANCE OF PAYMENTS IN 1952-53. 11, 1952. April 1952. 4 pages. October 1953. 9 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. REVISED INDEXES OF DEPARTMENT STORES SALES AND 6 pages. STOCKS, BY MAJOR DEPARTMENTS. November EXCESS PROFITS TAXES OF COMMERCIAL BANKS. 1953. 65 pages. June 1952. 18 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- PRODUCTION, 1953 Revision. December 1953. 96 LATION X. June 1952. 18 pages. pages. (Also, similar index from August 1940, September 1941, and October 1943 issues of PROBLEMS OF TRADE EQUILIBRIUM. October 1952. BULLETIN with supplementary data. October 9 pages. 1943. 120 pages.) REVISED SERIES ON DEPARTMENT STORE SALES, EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STOCKS, AND ORDERS. October 1952. 5 pages. STALMENT CREDIT. January 1954. 14 pages. RECENT CREDIT EXPANSION. December 1952. 7 BANK CREDIT AND MONEY IN 1953. February 1954. pages. 6 pages. CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 7 pages. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. March 1954. 9 pages. (Also, similar article from THE MONETARY SYSTEM OF THE UNITED STATES. March 1953 BULLETIN.) February 1953. 16 pages. 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY INFLUENCE OF CREDIT AND MONETARY MEASURES ON FINDINGS OF THE 1954 SURVEY OF CONSUMER FI- ECONOMIC STABILITY. March 1953. 16 pages. NANCES. March 1954. 4 pages. PURCHASES OF FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- DURABLE GOODS AND HOUSES IN 1953. June 1954. BILITY. May 1953. 7 pages. 17 pages. THE FINANCIAL POSITION AND COM- MITMENTS OF CONSUMERS. July 1954. 20 pages. REVISION OF CONSUMER CREDIT STATISTICS. April Also, similar surveys for earlier years from 1946, 1953. 19 pages. 1947, 1948, 1949, 1950, 1951, 1952, and 1953 BULLETINS.) ^DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE- NEW INDEXES OF OUTPUT OF CONSUMER DURABLE TERM CONSUMER CREDIT STATISTICS (supplemen- GOODS. May 1954. 15 pages. tary details for item listed above), April 1953. 25 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS THE TRANSITION TO FREE MARKETS. April 1953. AND BUSINESSES. July 1954. 2 pages. (Also 6 pages. similar article from July 1953 BULLETIN.) JULY 1954 803 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 APRIL I. 1954. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM W 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis