Federal Reserve Bulletin, 1954-08

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

VOLUME 40 August 1954 NUMBER 8 THE LABOR MARKET IN MID-1954 Since the first quarter of this year the labor NQNAGRICULTURAL EMPLOYMENT market has tended to stabilize as output of Millions of persons NONMANUFACTURING goods and services has leveled off and prices have continued to show little change. The rate of decline in seasonally adjusted employment in nonagricultural establishments, - 30 which was sharp last fall and winter, has moderated considerably, and further reduc- tions have been largely confined to durable -\/\, 28 goods manufacturing activities. The workweek in manufacturing has shown about the MANUFACTURING usual seasonal changes. Unemployment did — - 10 DURABLE / not rise seasonally in June and July. At midyear, however, demands for labor were considerably easier than a year earlier, NONDURABLE ^ while the labor force was at a new high. The number of employees on nonfarm pay- 1 i i rolls was 4 per cent, or 1.9 million persons, 1948 1950 1952 1954 below the record level of a year earlier. Over- Bureau of Labor Statistics data adjusted for seasonal variation by Federal Reserve. Latest figures shown are for July time work was curtailed in many industries, 1954. and involuntary part-time work was more The downturn in activity after mid-1953 frequent. Agricultural employment also was stemmed mainly from reduced spending for down, continuing the decline of the postwar military hard goods and a shift from accuperiod, and the armed forces were reduced. mulation to liquidation of business inven- Unemployment in July, at 3.3 million per- tories. Reduced outlays for producers' dursons, was more than double the very low able equipment and consumer durable goods level of a year earlier, and substantial labor were also contributing factors. Durable surpluses were reported in a number of im- goods employment was therefore hardest hit, portant industrial centers. as may be seen from the chart, with a reduc- Manufacturing and closely related activi- tion of 1.3 million. Large declines occurred ties, which tend to respond most quickly and in steel, ordnance, machinery, motor vehicles, sharply to changes in the economic situation, and other fabricated metal products. Reflectaccounted for almost the entire reduction in ing mainly developments in durable goods nonfarm employment over the past year. lines, employment was sharply curtailed in AUGUST 1954 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-1954 coal mining and on the railroads. In non- employees have agreed to reductions in wage durable goods industries, much of the reduc- rates in order to improve the competitive tion in employment from mid-1953 to mid- position of their companies and to maintain 1954 was accounted for by textiles and employment. Improvements in fringe beneapparel. fits, including pension and other welfare pro- An appreciable cut occurred over the year grams, have also been incorporated in a numin Federal Government employment. Em- ber of agreements. ployment in State and local governments, in In manufacturing, average hourly earnings construction, and in most other nonmanu- increased to the end of 1953 and subsequently facturing industries, however, either ex- leveled off at about $1.80. The increase of panded to new highs or remained close to about 2 per cent from July 1953 to July 1954 earlier peaks. compares with an advance of 7 per cent in the preceding 12 months. The smaller rise WAGES in the past year is attributable mainly to the more moderate increases in wage rates, but Wages have advanced over the past year, it reflects also a decline in over-time and other but the increases have been smaller and more premium payments, particularly in durable selective than earlier in the postwar period goods industries. With the average workexcept possibly during the moderate 1949 reweek down by about an hour in manucession. Among the factors operating toward facturing, average weekly earnings, at $70.92 limiting increases in wage rates have been in July, were slightly below the year-ago the reduced demand and easier supply condilevel, as may be seen from the chart. tions for labor and pressures on both manage- In most nonmanufacturing industries, ment and labor resulting from more intensihowever, weekly earnings were moderately fied competition in product markets. Relatively steady consumer prices have moderated AVERAGE WEEKLY EARNINGS the role of the cost of living in wage bargain- IN MANUFACTURING ing. The fact that numerous increases have Dollars 80 been granted, however, largely reflects the maintenance of vigorous demands for the output of some industries, further gains in CURRENT DOLLARS productivity, and continuation of relatively high after-tax profits for many corporations. 70 Collective bargaining agreements made in a number of mass production industries this year have provided for some advance in wage rates. These increases have been fre- 1947-49 DOLLARS 60 quently reported—as in the steel industry in late June—at about 5 cents an hour, or close to the amount received by workers as annual "productivity" increments under contracts 50 containing such provisions. In some indus- 1950 1952 1954 tries, such as construction, wage increases Bureau of Labor Statistics data. Weekly earnings expressed in terms of 1947-49 dollars are obtained by adjusting weekly have exceeded this amount. In a few others earnings by the changes in the consumer price index. Latest figures shown are for July 1954. 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-1954 larger than a year ago, with the largest gains population was in the labor force in July, occurring in the contract construction, crude roughly the same as in the comparable petroleum, and communications industries. month of 1950. In the age groups at both In agriculture, average wage rates, reflecting ends of the scale, however, labor force particifurther reductions in prices of farm products pation declined sharply. For males 65 years and fewer job opportunities in other activi- of age and over, earlier retirement ages and ties, declined slightly to about the mid-1952 expansion in private and public pension plans level may be major factors accounting for the Total wage and salary payments in June, lower proportions. More difficult to explain at a seasonally adjusted annual rate of 195 is the relatively sharp decline, especially in the billion dollars, were 3 per cent, or 6 billion past two years, in the participation rate of dollars, below the record rate of July 1953. teenage youth of both sexes. The proportion Such payments have been fairly stable this of women in the labor force, which rose year after declining steadily in the pre- sharply during the immediate post-Korean ceding six months. With weekly earnings upsurge in employment, has declined fairly on the whole close to the levels of a year ago, steadily and is now back to about the midcontraction in aggregate wages and salaries 1950 level. resulted mainly from reduced employment. Civilian employment, including the self- The reduction was offset to some extent employed, domestic servants, and unpaid by a rise in unemployment compensation family workers, totaled 62.1 million persons benefits. Total personal income declined by in July and was somewhat below the high less than one per cent and, with tax rates levels of the preceding three years. Both nonreduced, personal disposable income has been farm and farm employment declined from maintained at record levels this year. mid-1953 to mid-1954. Farm employment, which has fallen steadily in the postwar LABOR FORCE period, was 1 million lower in July 1954 than in July 1950. This year farm em- The total labor force, including the armed ployment showed about the usual large services, was at an estimated 68.8 million perseasonal increase—2.5 million persons—besons in July, almost 600,000 larger than a year tween the winter low and the summer peak. ago and more than 2.5 million above the com- Seasonal demands for agricultural labor are parable month of 1950. For the most part, largely met by temporary additions to the these additions have represented growth of labor force rather than by persons already the population of working age. From the in the labor market. When seasonal deoutbreak of Korean hostilities to mid-1953 mands decline, many of these workers withthe armed forces increased from about 1.5 draw from the labor force. million to 3.6 million persons—an expansion about equal to the growth in total labor force NONAGRICULTURAL EMPLOYMENT —and the civilian labor force showed little over-all change. In the past year, however, Seasonally adjusted employment in nonthe armed forces declined 250,000. Thus, agricultural establishments, at 48 million the civilian labor force increased more than in July 1954, was 4 per cent, or 1.9 million 800,000 persons. persons, below the record reached a year About 59 per cent of the working age earlier, but 3.5 million above the mid-1950 807 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-1954 IN NCMWIGRICULTURE ESTABLISHMENTS Seasonally adjusted manufacturing employment continued to decline into July—for the Percentage increase, or decrease (—), 13th consecutive month. In recent months, July 1954 July 1954 from: Industry division. (in thousands however, reductions have been smaller and of persons) Jan. July July less widespread than earlier, with part of 1954 1953 1950 the July decline representing work stoppages Total 48,037 -2 -4 7 in the lumber and rubber industries. All Manufacluring 15,813 -4 -10 5 Durable. 8,980 —6 -13 10 major manufacturing groups except print- Nondurable 6>833 -1 -5 -1 ing had fewer workers in July 1954 than a WonmaMufacturing 32,224 ' (9 -1 8 734 —9 —13 —21 year earlier, but relative declines varied sub- Contract construction..... 2,659 3 2 11 T Pu ra b n li s c p u o t r i t l a it t i i e o s n. 2.676 i (* -4 > f - 1 & ) 9 stantially among industries, as may be seen Trade \ 1CK511 0) 8 2,096 ' 2 3 17 in the table on the following page. Service. 5,561 1 1 9 6,659 — 1 s 12 Within manufacturing, most of the drop Federal 2,174 -3 -5 20 State and local i 4,485 1 4 in employment has been in the hard goods 1Less than .5 per cent. industries which in July 1954 had 13 per NOTE.—Bureau of Labor Statistics estimates adjusted far ccnt or 1.3 million, fewer employees than seasonal variation by Federal Reserve. Self-employed and do- y mestic servants are excluded. July 1954 figures are preBminaiy. a year earlier. Employment in primary metals declined until spring", tended to stabilevel. The rate of decline has slackened recently. In May, June, and July the decline lize in the second quarter, and fell again averaged less than 80,000 a month compared in July, with changes over the year to a large with 275,000 a month from October 1953 extent reflecting those at steel plants. Reducto February 1954. tions have also been very sharp in such The magnitude and general industrial metal working industries as ordnance, eleccomposition of the 1953-54 decline in employ- trical and other machinery, and automobiles ment is roughly similar to that of the 1948-49 and trucks, and employment in the metalrecession. The percentage reductions over working area continued to decline into July. the past year in employment in nonagricul- Strength in construction activity was retural establishments as a whole, in manufac- flected in a rise in employment in the lumturing, in transportation, and in mining are ber industry, prior to work stoppages in almost identical with declines in the earlier late June and July, and in recent stability period. Total nonmanufacturing employ- in the stone, clay, and glass industry. Emment showed relatively small declines in ployment also tended to level off after early both periods. In neither of the two postwar spring in the furniture industry. recessions were declines as sharp as in 1937- In July the durable goods industries, de- 38, when manufacturing employment over spite sharp declines over the year, provided a shorter period of time declined more than almost 3 out of 5 jobs in manufacturing and one-fifth. almost 1 out of 5 jobs in nonagricultural estab- Manufacturing, The bulk of the reduc- lishments—proportions substantially higher tion in total nonfarm employment in the than in 1939 and above those in mid-1950. past year has been at factories. The number In the nondurable goods industries emof manufacturing jobs dropped 1.7 million ployment fell 5 per cent, or 370,000 persons, from June 1953 to July 1954, but was still in the past year, and in July 1954 was only about 1 million above the pre-Korean level. moderately above the mid-1949 postwar low. 80S FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-1954 EMPLOYEES IN MANUFACTURING INDUSTRIES and an increase in part-time employflacnt. In June about 13 per cent of those employed Percentage iwcrease, or decrease <-), in manufacturing were working less than July 1<9$4 Jury 1954 from: Industry group (in thousands 35 hours a week as compared to only 7 per off persons) Jan. July July 1*954 1953 j 1953 cent a year earlier. The number of manhours worked by pro- All manufacturing ..' 15,813 -4 -10 5 duction workers has declined more sharply Durable goods 8,980 -a -13 m O Lu r m dn be a r n 1 ce.-.............. 6 1 7 6 3 4 i — -7 29 - — 1 3 4 6 - 4 1 S 8 6 than total manufacturing employment. This Furniture... 343 (2) .' -10 -8 has reflected not only reduction in the work- Stone, clay, and glass...... 518 (2) ; -5 -1 Primary metals.. \ 1,173 -6 -14 -4 week but also the fact that lay-offs have been Fabricated metals 1,032 —4 —12 ] 4 Machinery (excluding electrical) . . . * ..... 1.S3S i -5 -11 13 concentrated among production workers Electrical machinery 1,100 -4 -12 25 Transportation equipment. l,67i —11 -16 30 rather than salaried and clerical employees. Instruments 304 -8 -10 24 Miscellaneous 467 { -4 , -9 4 In July there were 14 per cent fewer man- Nondurable goods .. .... 6,833 —1 -5 -1 hours worked than a year ago, with a re- Foods 1,526 C8) -2 -I Tobacco... 102 -3 -2 ported decline in durable goods industries Textile-miH products 1,077 -3 -11 -16 A Pa p p p e a r rel 1,1 5 5 2 5 6 co -2 j -3 9 of 17 per cent and in nondurables of 8 Printing and publishing. . . 808 -2 2 9 Chemicals ... . i 781 1 —4 14 per cent. Petroleum and coal . ' 256 (*)1 ' -3 ' 10 Rubber* 227 -1—32 -20 —9 Nonmanufacturing. Nonmanufacturing Leather 373 1 i —4 -5 employment in July, seasonally adjusted, to- 1 Employment reduced in July 1954 because of major work stop- taled 32.2 million persons, double the num- 2 Less than .5 per cent. ber in manufacturing. Employment in non- NOTE.—Bureau of Labor Statistics estimates adjusted for seasonal variation by Federal Reserve. July 1954 figures are manufacturing activities declined less than preliminary. 1 per cent, or 175,000 persons, over the year, Since early this year employment in most notwithstanding sharp reductions in mining nondurable industries has been relatively and on the railroads and an appreciable desteady. Textile employment has shown little crease in Federal civilian employmentfurther change this year following a sharp Maintenance of high employment levels reduction in the second half of 1953; employin most nonmanufacturing industries has ment this year, however, has been the lowest helped to limit the downturn in personal insince before World War II. In the petrocomes and in over-all activity. In finance^ leum, printing, and paper industries, on the service, and public utilities, employment conother hand, employment has changed only tinued its postwar expansion and was at recmoderately in the last 12 months and in July ord highs in mid-1954. In construction k was at or near the record 1953 levels. was up moderately from a year earlier. The average workweek in manufacturing Trade employment was down slightly for in July 1954 was 39.4 hours, about an hornthe year but substantially above the level oi less than in July of last year and the shortall years prior to 1953. est for July since 1949. Reduction in the workweek began in the second quarter of Total Government civilian employment in 1953, before the turndown in employment. July 1954 was somewhat larger than a year In recent months, however, changes have re- earlier and at a peak level for July. An inflected mainly seasonal influences. The de- crease in State and local more than offset a cline in average hours of work apparently decline in Federal employment. State and reflected both curtailment of over-time work local activities accounted for a record 93 per AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-1954 NONMANUFACTURING EMPLOYMENT and early 1954, as may be seen from the Indexes, 1947-49»100 chart on the following page, to 3.7 million 140 140 in February and March. This compares with a postwar low of 1.2 million in August 1953 120 FINANCE AND SERVICE 120 and a postwar high of 4.7 million in February 1950, after recovery from the 1949 recession was under way. After declining season- 100 100 ally in April and May, unemployment failed to show the usual increase in June and July, 140 GOVERNMENT CLASS 1 .RAILROADS ~ 100 when it totaled 3.3 million. FEDERAL A About 1.2 million of the increase in the 120 past year occurred among men and 600,000 among women, but the relative increase was 'STATE AND LOCAL 100 the same for both groups. Because reduc- 60 tions in demands for labor were heaviest in manufacturing, mining, and railroads, un- I I I I _ 80 1950 1952 1954 1950 1952 1954 employment rose more sharply for male workers 20-54 years of age than for other Bureau of Labor Statistics data. Data are adjusted for seasonal variation, except for bituminous coal mining and Class I railroads. Latest figure shown for Class I railroads is June workers. 1954, for other groups, July 1954. About 5 per cent of the civilian labor force was unemployed in July 1954. As is cent of all nonagricultural employment, reflecting continued expansion since the end of usual, the rate of unemployment was higher World War II. Federal civilian employment for youths—12 per cent for teenagers and was 120,000 lower than a year ago and almost 8 per cent for those 20-24 years of age. These 270,000 below the post-Korean peak in the age groups include both those looking for fall of 1952. jobs for the first time and workers with lit- Employment declines over the past year tle experience or seniority. The unemploywere severe on the railroads (12 per cent) ment rate for nonwhite male workers was and in bituminous coal mining (30 per 10 per cent. cent). Employment in the coal industry has The number of persons who in July had been adversely affected for some time by been unemployed for a relatively long period shifts of industrial and domestic consumers was considerably larger than a year earlier. to other fuels and more recently by reduc- About 850,000, or 25 per cent, of the untions in economic activity; the number min- employed had been out of a job for 15 weeks ing soft coal in July 1954 was about half that or more in July 1954, compared to 150,000, in mid-1950. Work forces in other fuel and or 10 per cent, the year before. In March, energy-producing industries are generally April, and May of this year about 1 million above earlier employment levels. persons were reported in this category. In late July almost 2 million persons were UNEMPLOYMENT receiving unemployment benefits, more than Easing demands for labor and further twice as many as a year earlier but somegrowth in the labor force resulted in a what fewer than in April and May of this marked rise in unemployment in late 1953 year. The recent decline reflects both greater 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET IN MID-1954 UNEMPLOYMENT ployment Security in Group IV—that is, Millions of persons areas with substantial labor surpluses. The number of major areas so classified had more than tripled in 10 months, but there was little change from May to July. CLASSIFICATION OF MAJOR LABOR MARKET AREAS Nature of supply in relation July May March July to demand 1954 1954 1954 1953 dumberof areas) « Group I. Shortage 0 0 0 5 Group II. Balanced supply 16 16 20 65 Group III. Moderate surplus 80 82 95 63 Group IV. Substantial surplus, total 53 51 34 16 A. Substantial surplus 45 44 B. Very substantial surplus1 8 7 Total number of areas 149 149 149 149 1948 1950 1952 1954 1 Classification introduced in May 1954. SOURCE.—U. S. Department of Labor, Bureau of Employment Bureau of Census data unadjusted for seasonal variation. Security. Latest figure shown is for July 1954. Labor market areas where textiles and stability in employment and an increase in coal mining predominate, in which employthe number of persons who have exhausted ment opportunities have been lagging for their rights to benefits. About 470,000 per- some years, continued to have substantial lasons exhausted benefit rights in the second bor surpluses. Industrial areas in the North quarter of 1954 as compared with 190,000 in Central and Middle Eastern States, where the corresponding quarter of last year. defense and metal working activities are The average weekly unemployment bene- heavily concentrated, reported sharp increases fit paid to eligible workers is currently about in unemployment in the past year and many $25, compared with $20.50 in 1949. For the were classified in Group IV. They include first half of calendar year 1954, total unem- such important areas as Detroit, Michigan; ployment benefits were being paid at an Pittsburgh, Pennsylvania; South Bend, Indiannual rate of 2.2 billion dollars, about ana; Peoria, Illinois; Buffalo, New York; double the rate of a year earlier. The reserve Toledo, Ohio; and Racine, Wisconsin. In fund reached a peak of 8.9 billion dollars contrast, in the South Central, Mountain, at the end of 1953 and declined 0.5 billion and Pacific States employment in most areas by June 30, 1954. declined only moderately. The decline in nonfarm employment in the past year was AREA DEVELOPMENTS also smaller than average in areas with By May 1954, one-third of the 149 major highly diversified industries and in such cenlabor market areas and a number of smaller ters for trade and services as New York City, areas were classified by the Bureau of Em- Los Angeles, and Boston. AUGUST 1954 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1953 * Large corporations spent somewhat less USES AND SOURCES OF FUNDS for plant and equipment and working capi- Billions of dollars tal items in 1953 than in 1952.2 This marks the second small decline from the peak level of 1951. For the group as a whole, investment in plant and equipment was at record levels and liquid asset holdings were increased more than in any postwar year except 1950. Other uses of funds generally declined. Inventory accumulation was much smaller, customers repaid funds owed the companies, thus reducing outstanding accounts receivable, and the companies repaid trade and bank debt. These latter contractions in short-term investment and borrow- 1952 1953 T952 T953 ing probably reflect in large part the downturn in general business activity in the sec- larger proportion of total financing requireond half of 1953. ments than in the preceding year, as may be seen from the chart. Long-term borrowing For the year as a whole, sales and profits and capital stock issues, though in large volof these corporations increased substantially and funds retained from operations—that is, ume relative to most earlier years, were undistributed profits and depreciation allow- below the 1952 level. ances—were about one-fifth larger in 1953 The financial position of large corporathan in 1952. These funds supplied an even tions improved somewhat in 1953. Liquidity increased slightly as an expansion in current 1This article was prepared in the Business Finance and asset holdings more than offset an increase Capital Markets Section of the Division of Research and in current liabilities. The ratio of debt to Statistics. 2 The group of large corporations for which the Board of total assets declined slightly on the whole, Governors regularly compiles financial data includes 200 com- rising for only a few concerns. panies in 10 manufacturing industries, 42 in retail trade, 20 railroads, 35 electric utilities* and one communications company. The previous total number of 300 corporations has INDUSTRIAL DIFFERENCES been reduced to 298 by mergers within the group. Composite balance sheet, selected income statement, and sources and The foregoing observations mask a variety uses of funds data since 1939 have been compiled for these of developments among industries. Changes corporations. Previous articles discussing financial developments for this group have appeared in the June 1949, June in plant and equipment outlays—the prin- 1950, August 1951, June 1952, and July 1953 issues of the cipal use of corporate funds—varied widely Federal Reserve BULLETIN. Throughout the article, total sources or uses refers to gross among industries, with the 14 groups about sources and uses, covering funds from all sources including evenly divided between those showing higher liquidation of assets and all uses of funds including reduction of debt. levels of capital expenditures and those show- 812 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 19 S3 ing lower levels than in 1952, as may be borrowed previously. Electric power and seen from the chart. Generally speaking, communications companies, on the other total uses of funds increased in industries hand, which customarily rely heavily on that expanded capital expenditures and de- external financing, increased their longcreased in industries that reduced capital term borrowing substantially. expenditures. Changes in financing re- The liquidity of large corporations as a quirements from 1952 to 1953, however, group increased somewhat in 1953. Shortalso reflected diverse movements among term debt, including bank loans, trade credit, industries. Outstanding among these were accrued income taxes, and other current liainventory liquidation in food manufacturing bilities, increased on balance some 1.4 billion and retail trade, and inventory expansion in dollars; current assets rose somewhat more, metals manufacturing. about 1.8 billion. Thus, net working capital—the amount by which current assets CHANG! ANA KMJII>ilIIIT EXPENDITURES exceed current liabilities—increased about 1952 TO 1953 400 million dollars. Among manufacturing PERCENTAGE INCREASE TOBACCO industries, working capital increased in all RETAIL TRADE nondurable groups but declined in all dur- MACHINERY able goods groups except other transporta- AUTOMOBILES tion equipment. ELECTRIC POWER COMMUNICATIONS The largest changes in current liabilities PETROLEUM and current assets were in accrued income PERCENTAGf D£CREAS€ RUBBER tax liabilities and in holdings of United 1 OTHER TRANSPORTATION EQtitPMENf States Government securities. Aggregate E RAILROADS increases in these two items were similar FOOD CHEMICALS and more than half of the large corporations WON FERROUS METALS had the same ratio of Government securities mpsmsmm ISON AT*© STItL to accrued income taxes at the end of 1953 -20 + 20 •40 as at the end of 1952, although the ratio Changes in sources of funds from 1952 to varied widely among individual companies. 1953 differed less among industries than did Where inventory liquidation occurred, as changes in uses. Funds retained from opera- in the food processing and retail trade groups, tions increased in every industry except rail- bank loans or trade notes were reduced, roads although in some industries, including leaving the net position relatively unaffected. tobacco, automobile, and iron and steel Conversely where inventory holdings inmanufacturing, the increases were marked, creased, as in the iron and steel group, while in others, including retail trade and short-term bank borrowing rose. For the rubber and machinery manufacturing, the machinery group, reduction in bank borincreases were small. rowing was related to the liquidation of New financing through sale of capital accounts receivable and reflected a change stock declined in 9 of the 14 industries. made by one company in the method of Large corporations in most manufacturing financing its farm equipment sales. industries also reduced their new long-term Total debt increased substantially in many borrowing ©r, in some cases, repaid funds industries, particularly among petroleum. 813 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 195 3 chemical, iron and steel, electric power, and SELECTED USES OF FUNDS communications concerns. However, equity PERCENTAGE DISTRIBUTION, 1946-53 increased even more in almost all cases, 0 20 40 60 80 100 with the result that the ratio of debt to total RAILROADS assets declined or remained constant in all ELECTRIC POWER but a very few corporations. Among in- COMMUNICATIONS PETROLEUM dustrial groups only chemicals showed a rise IRON and STEEL in the proportion of debt, and this group NONFERROUS METALS has a very low debt ratio. CHEMICALS FOOD USES OF FUNDS IN 1953 AND IN THE AUTOMOBILES MACHINERY POSTWAR PERIOD RUBBER Comparison of financing requirements in RETAIL TRADE OTHER TRANSPORTATION 1953 with those for the postwar period EQUIPMENT TOBACCO &28S2SSS22SS2S22222SSSS2S 222223 1946-53 as a whole affords some perspective on recent developments. As is shown in the • 1 M PL E A N N T T E A XP N E D N D E IT Q U U R IP E - S LIQUID ASSETS chart, plant and equipment expenditures have been the most important single use of ing industries, and the most important use funds among all industries except tobacco in the tobacco and other transportation and other transportation equipment manu- equipment groups. In 1953, however, relafacturers. In the utility groups, that is, rail- tively small amounts were invested in addiroads, electric power, and communications, tional inventories. In several industries, in substantially all funds used have been in- fact, including retail trade and the food and vested in plant and equipment. This re- rubber groups in manufacturing, outstandmained true in 1953, despite some decline in ing inventories were reduced thus providing the relative importance of plant and equiprather than absorbing funds. These invenment expenditures for railroads. tory changes probably reflected declines in Among manufacturing companies, the sales volume between the beginning and the relative importance of plant and equipment end of the year, with consequent reduced expenditures in the period 1946 53 ranged needs for inventories. Stable price levels as downward from 79 per cent for petroleum compared to earlier years may also have been producers and refiners to 14 per cent for a factor. manufacturers of tobacco products. In 5 of In the tobacco group, inventory accumulathe 10 manufacturing industries, 1953 outtion accounted for 43 per cent of total uses lays absorbed about the average postwar proof funds in 1953, as compared to 78 per cent portion of total funds. The relative imfor the 1946-53 period as a whole. For manuportance of plant and equipment outlays was above the postwar average in the rub- facturers of other transportation equipment, ber, machinery, and automobile groups and chiefly aircraft, inventories very nearly below the postwar average in the food and caught up with production rates and the iron and steel groups. relative importance of inventories among Inventory accumulation has been the sec- uses fell to 13 per cent in 1953 as compared ond largest use of funds over the postwar to 60 per cent for the longer period. For period in retail trade and most manufactur- iron and steel the very large inventory ex- 814 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1953 pansion in 1953, necessitated by the strike sources of funds in 1953 as during the postin 1952 with its effects on inventories at the war period as a whole. Depreciation allowyear end, was no larger in relative terms ances were more important than earlier, howthan the postwar inventory accumulation. ever, and funds derived from short-term Increases in liquid assets were a more im- items, including both increases in current portant use of funds in 1953 than over the liabilities and liquidation of current assets, postwar period, amounting to 8 per cent of were less important. These differences in funds used by the large corporations in that financing patterns reflected a number of facyear as compared to 4 per cent in the whole tors, particularly the postwar growth in fixed period. Net purchases of United States Gov- assets and consequent rise in capital allowernment securities accounted for most of the ances, and the slowing down in the rate of increase in liquid assets in 1953 and was re- inventory accumulation in 1953 and conselated to increases in accrued tax liabilities in quent reduction in needs for short-term substantial degree. In some industries, the credit. increased importance of liquid asset accumu- The broad over-all similarity between the lation reflected the temporary investment of financing pattern of 1953 and that of the funds held in anticipation of investment ex- postwar period reflects offsetting differences penditures. This appears to have been the in 1953 developments among industries. In case for the communications group, which only 5 of the 14 industry groups, namely obtained funds from a security issue near petroleum, chemical, and machinery manuthe year end, and in the petroleum group. facturing, electric power, and communica- However, in other groups, funds were tions, was the relative importance of each of increased when total uses were headed the three major types of sources—funds from downward and no pressing need existed for operations, security issues, and all other— use of the funds. This appears to have been approximately the same in 1953 as in the the case among firms in the chemical, non- entire postwar period. ferrous metal, machinery, and railway in- Funds from operations. Funds from operdustries. ations have been by far the most important In 8 of the 10 manufacturing industries, source of funds for large corporations in uses of funds for purposes other than plant most industries. In 10 of the 14 industries, and equipment, inventories, and liquid as- more than half of all funds used during the sets were of increased importance in 1953. postwar period were supplied by retained In most cases, these other uses represented earnings and depreciation allowances, as is primarily the repayment of short- and inter- shown by the chart on the following page. mediate-term debt associated with the liqui- In 1953, these funds from operations condation of various types of current assets. tinued to exceed funds from all other sources in the 10 industries, though the ratios were SOURCES OF FUNDS IN 1953 AND IN THE not necessarily the same in both periods. POSTWAR PERIOD Food processors, for example, obtained 57 For the 298 corporations as a group, re- per cent of their 1953 funds from earnings tained earnings, sales of capital stock, and and depreciation as compared to a postwar long-term borrowing were each of almost average of 70 per cent, and rubber companies exactly the same importance relative to total obtained 80 per cent compared to 68 per AUGUST 1954 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 195 3 SELECTED SOURCES OF FUNDS rapid amortization is not reflected in the PERCENTAGE DISTRIBUTION, 1946-53 data here presented. For tax purposes, utili- 20 40 60 80 100 ties in many cases use rapid amortization. ' • i 1 1 I Security issues. Reliance on long-term PETROLEUM RAILROADS external financing varies rather widely FOOD among industries. Both in 1953 and during RUBBER the postwar period as a whole, the ratio of IRON and STEEL AUTOMOBILE security issues to total sources ranged from RETAIL TRADE about three-fifths in the communication and NONFERROUS METALS electric power groups to one-eighth or less CHEMICAIS MACHINERY for railroads, retail trade companies, and ELECTRIC POWER ^^^^^^^yyyyyyyyyyyyyyyyyyyyyy, manufacturers of food, petroleum, iron and TOBACCO steel, automobiles, and other transportation COMMUNICATIONS OTHER TRANSPORTATION equipment. Among the remaining indus- EQUIPMENT i 1 1 1 tries, manufacturers of tobacco, rubber, . FUNDS FftOM • CAPITAL STOCK i LONG-TERM 1 OPERATIONS ' SALES &OR« OWING and nonferrous metal products obtained a much smaller proportion of their funds from cent in the postwar period as a whole. this source in 1953 than formerly, machinery Among the four industries—electric power, companies a somewhat smaller proportion, communications, tobacco, and other transand chemical companies a somewhat larger portation equipment—in which funds from proportion. In all industries other than tooperations were of only moderate importance bacco, electric power, and communications, during the postwar period, the first two relong-term financing during the postwar pelied on this source to about the same extent riod has consisted primarily of bond issues. in 1953 as formerly, and the last two to a greater extent. In the other transportation Other sources. For all large corporaequipment group, funds from operations tions, funds obtained from short-term borsupplied on the average only one-fourth of rowing, trade credit, prepayments, reducall funds used during the postwar period. tion of receivables, inventory liquidation, and In 1953, they represented one-half of the similar short-term sources have amounted to funds obtained by these companies. 17 per cent of all sources over the period Increases in the relative importance of 1946-53. However, there is considerable varifunds from operations have occurred mainly ation in the importance of these items among in allowances for depreciation and other industries. Large changes occur also from charges not involving outlays of funds. The year to year in the importance of individual marked rise in these allowances, both in dolitems, since flexibility is one of the major lar terms and in relation to other sources advantages of short-term financing. of funds, has reflected a higher level of capi- Food manufacturers, for example, custal assets and, in some manufacturing intomarily rely rather heavily on short-term dustries, rapid amortization of defense facilicredit, since the nature of their inventory ties. Corporations in the utility groups problems encourages such usage. In 1953, present standard depreciation charges in however, as in some previous years, the role their regular annual reports, which are the of inventories was reversed. Inventories were bases of the present compilations, and hence liquidated rather extensively and the pro- 816 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1953 ceeds, along with considerable accumulation funds available from accrued income taxes, of accrued income taxes, were used to pay during a year when total uses were below off bank loans. In this way the importance the postwar average, made this possible. of other sources was raised from 20 per cent Another striking change was the reduced in the 1946-53 period to 42 per cent in 1953 importance of short-term credit for other for food manufacturers. Tobacco manufac- transportation equipment companies. Preturers, which have particularly large inven- payments, which are included among other tories, utilize short-term credit, especially current liabilities, were affected by the new bank credit, very extensively. In 1953, how- policy of the Defense Department to curtail ever, these companies utilized other sources extension of such credit, and by the "stretchat exceptionally high rates, and actually re- out" of defense orders, which lessened the duced their bank loans. Large amounts of need for funds. NOTE.—Composite Balance Sheet, Selected Income Statement, and Sources and Uses of Funds data for the group of large corporations discussed in this article are shown on the following pages. 817 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1953 COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1953, 1952 AND 1951 * 298 LARGE CORPORATIONS IN SELECTED INDUSTRIES fin millions of dollars] Manufacturing All selected industries Account (298 corps.) (200 T o c t o a r l ps.) (28 F c o o o r d ps.) ( T 4 o c b o a r c p c s o .) 1953 1952 1951 1953 1952 1951 21953 1952 1951 1953 1952 1951 Total assets (end of year)... 124,891 117,808109,62572,750 68,558 63,135 4,180 4,126 4,029 2,071 2,024 1,928 Cash 7,011 6,915 6,795 5,109 5,108 4,974 402 373 378 72 73 69 Government securities 9,383 8,401 9,025 7,155 6,395 7,280 317 205 183 0 0 0 Receivables, net 10,563 10,838 9,656 8,318 8,508 7,494 549 558 538 105 104 97 Inventories 20,622 19,638 18,200 17,70116,672 15,240 1,226 1,S26 1,325 1,729 1,694 1,614 Plant and equipment3 68,878 63,737 57,93530,309 27,777 2144,333 1,530 1,495 1,440 126 119 116 Other assets4 8,433 8,278 8,014 4,159 4,097 3,814 156 168 164 38 34 31 Total liabilities and equity 124,891 117,808 109,625 72,750 68,558 63,135 4,180 4,126 4,029 2,071 2,024 1,928 Notes payable to banks, short-term 1,784 1,605 1,546 1,418 1,311 1,188 147 237 239 271 298 307 Trade notes and accounts payable 6,241 6,366 5,691 4,727 4,840 4,264 253 236 233 17 18 19 Accrued Fed. income taxes 8,906 7,997 9,138 6,861 6,016 7,314 353 306 309 175 145 146 Other current liabilities6 7,071 6,682 5,550 5,696 5,317 4,250 214 208 207 30 27 25 Notes payable to banks, long-term 1,080 1,572 1,094 764 1,246 725 16 20 20 0 0 0 Mortgages, bonds, other liabilities 6 26,042 24,278 21,806 7,991 7,237 5,458 527 536 527 523 520 487 Surplus reserves7. 2,254 2,280 2,333 719 811 874 105 110 124 0 0 0 Capital stock 32,250 31,300 29,920 16,12815,97815,535 1,123 1,118 1,120 548 542 511 Surplus 39,263 35,729 32,54728,447 25,80123,528 1,442 1,353 1,252 507 473 432 Income statement: Sales 126,880115,142109,75297,28786,583 82,724 12,89512,92712,634 2,805 2,765 2,485 Depreciation8 4,724 3,915 3,568 3,480 2,751 2,462 132 125 116 9 9 8 Profit before income taxes9. 14,923 13,566 14,947 11,36110,09911,858 537 461 470 261 222 225 Net pront» 7,647 6,890 7,025 5,663 5,080 5,433 250 222 224 104 92 94 Dividends 4,356 4,135 3,981 3,087 2,962 2,907 156 147 153 78 75 73 Manufacturing, cont. Rubber Petroleum Chemicals Iron and steel Account (4 corps.) (24 corps.) (32 corps.) (18 corps.) 1953 1952 1951 1953 1952 1951 1953 1952 1951 1953 1952 1951 Total assets (end of year). 2,262 2,214 2,117 19,124 17,76616,319 7,866 7,255 6,85110,586 9,886 9,814 Cash 171 178 177 1,099 1,061 1,009 596 636 646 763 759 812 Government securities.... 232 201 300 1,313 1,236 1,192 1,175 932 1,066 1,029 765 1,631 Receivables, net 473 478 426 1,836 1,664 1,588 721 737 674 877 965 849 Inventories 759 786 724 2,198 2,104 1,948 1,357 1,300 1,265 2,073 1,852 1,728 Plant and equipment3. . . . 588 533 464 11,61310,649 9,566 3,129 2,824 2,425 5,426 5,145 4,419 Other assets* 38 39 25 1,065 1,052 1,016 887 825 776 418 400 376 Total liabilities and equity 2,262 2,214 2,117 19,124 17,76616,319 7,866 7,255 6,85110,586 9,886 9,814 Notes payable to banks, short-term 8 12 32 90 109 39 89 52 49 230 79 59 Trade notes and accounts payable 131 151 191 1,286 1,195 1,108 298 317 295 695 842 754 A O c th c e ru r e c d u r F r e en d t . i l n ia c b o i m li e t ie ta s x 5 es 2 1 1 6 7 5 2 1 2 7 8 4 2 1 9 5 3 5 9 4 9 6 1 6 9 44 4 1 3 1, 4 1 5 1 2 4 9 26 0 5 4 8 26 3 5 4 1, 2 0 5 8 0 7 1, 4 1 8 6 6 0 4 6 9 7 7 9 1, 4 3 4 7 1 8 N M o o t r e t s g a p g a e y s a , b b le o n t d o s , b a o n th k e s r , l l o ia n b g i - l t i e ti r e m s6 520 0 509 0 387 0 1, 4 9 2 3 6 7 1, 5 6 0 6 6 6 1, 4 2 8 7 3 7 1,0 3 9 8 4 7 1 9 0 0 4 50 7 0 1 1,1 5 2 8 7 1, 2 1 2 4 4 5 92 7 1 8 Surplus reserves7 148 172 158 55 60 56 74 110 132 93 90 102 Capital stock 276 278 281 5,090 4,940 4,744 1,572 1,574 1,538 2,881 2,905 2,824 Surplus 797 690 621 8,782 7,906 7,046 3,530 3,207 2,929 3,856 3,425 3,256 Income statement: Sales 3,753 3,578 3,55216,70215,62814,822 7,386 6,896 6,93913,12510,89811,775 Depreciation8 84 72 65 1,072 971 865 364 291 253 590 432 369 Profit before income taxes9.. 337 352 427 2,603 2,383 2,740 1,447 1,365 1,632 1,631 944 1,853 Net profit9 161 157 173 1,906 1,730 1,810 643 599 654 709 465 661 Dividends 65 57 57 881 847 775 437 433 413 321 309 314 *Data for 1951 and 1952 may differ from those published previously, reflecting revisions made to take account of consolidations and mergers with other corporations, inclusions or exclusions of domestic and foreign subsidiaries, and changes in the classification of accounts of the individual corporations. 2Data for one company estimated. 3 Net of reserve for depreciation. includes relatively small amounts of intangibles and current assets not shown separately. 5Includes current instalments of principal repayments on mortgages and bonds, accrued interest and charges, dividends payable, operating reserves, etc. 6Includes pension reserves and minority interest in capital stock and surplus. 7Includes reserves for self-insurance, contingencies, plant replacement, and possible future declines in value of inventories. For continuation of footnotes, see next page. 818 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1953 COMPOSITE BALANCE SHEET AND INCOME STATEMENT—Cont. 298 LARGE CORPORATIONS IN SELECTED INDUSTRIES [In millions of dollars] Manufacturing, cont. Account Non ( f 1 e 4 rr o c u o s r p m s.) etals Ma ( c 4 e h l 6 e i c n c t e o r r i r y c p a , s l . i ) nc. A (1 u 1 to c m o o rp b s i . l ) e Other e ( 1 q t 9 r u a i c n p o m s r p p e o s n r . t ) tation 1953 1952 I95i 1953 1952 1953 1952 1953 1952 1951 Total assets (end of year) 4,892 4,645 4,213 9,741 9,240 7,955 7,970 7,615 6,842 4,059 3,788 3,067 Cash 307 345 350 666 670 620 636 693 670 397 319 244 Government securities 495 566 667 1,126 1,224 729 1,333 1,196 1,445 133 70 67 Receivables, net 308 335 323 1,710 1,780 1,492 860 1,016 811 878 871 695 Inventories 944 772 676 3,255 2,940 2,692 2,285 2,075 1,827 1,874 1,824 1,441 Plant and equipment3 2,477 2,261 1,902 2,384 2,080 1,853 2,335 2,034 1,592 702 637 556 Other assets4 362 365 296 599 546 569 521 602 497 75 67 65 Total liabilities and equity 4,892 4,645 4,213 9,741 9,240 7,955 7,970 7,615 6,842 4,059 3,788 3,067 Notes payable to banks, short-term 49 21 21 179 191 180 86 56 25 268 257 238 Trade notes and accounts payable. 227 240 212 556 553 472 865 948 699 398 340 279 Accrued Fed. income taxes 397 356 472 897 940 1,057 1,352 1,274 1,244 414 310 214 Other current liabilities5 149 141 126 1,710 1,441 1,116 907 781 574 1,304 1,343 904 Notes payable to banks, long-term. 189 194 39 10 157 23 0 1 3 27 39 9 Mortgages, bonds, other liabilities6. 526 513 300 1,311 1,157 667 221 227 211 205 174 181 Surplus reserves7 59 49 47 44 47 59 130 155 178 11 17 18 Capital stock 1,231 1,210 1,198 1,860 1,842 1,763 1,089 1,107 1,121 459 461 434 Surplus 2,066 1,921 1,798 3,174 2,912 2,618 3,320 3.067 2,786 974 848 791 Income statement: Sales 4,244 3,926 3,86912,40211,26910,075 16,776 13,108 12,967 7,199 5,589 3,607 Depreciation8 150 113 92 295 250 218 706 427 429 77 61 46 Profit before income taxes9 623 627 808 1,420 1,460 1,552 1,946 1,867 1,863 557 419 288 Net profit9 361 364 415 590 592 584 739 706 717 200 152 103 Dividends 234 240 245 354 313 309 472 470 494 88 72 74 Utilities Retail trade (42 corps.) Railroads Electric power Communications Account (20 corps.) (35 corps.) (1 corp.) 21953 1952 1953 1952 1951 1953 1952 1951 1953 1952 1951 Total assets (end of year) 5,607 5,489 5,280 19,430 19,162 18,696 15,131 13,865 12,78211,973 10,734 9,733 Cash 890 705 765 600 674 671 308 325 293 104 104 92 Government securities 437 373 339 702 708 561 165 235 297 925 690 548 Receivables, net 879 973 815 543 575 618 329 320 299 494 463 430 Inventories 1,742 1,809 1,762 564 569 631 481 461 449 134 128 118 Plant and equipment3 1,421 1,398 1,391 13,953 13,569 13,100 wi3,595 wi2,282 i°l 1,199 9,600 8,712 7,911 Other assets4 238 233 207 3,070 3,067 3,116 253 243 244 715 638 634 Total liabilities and equity 5,607 5,489 5,280 19,430 19,16218,696 15,131 13,865 12,782 11,97310,734 9,733 Notes payable to banks, short-term. . . 120 124 139 (») (u) 141 133 123 105 37 97 Trade notes and accounts payable. . . . 377 407 383 524 527 537 219 213 176 394 379 332 Accrued Fed. income taxes 456 470 471 383 416 390 «622 12590 12515 585 507 448 Other current liabilities 5 396 394 371 431 451 461 294 281 245 254 239 223 Notes payable to banks, long-term 275 287 312 (u) (u) 41 38 57 0 0 0 Mortages, bonds, other liabilities6. . . . 305 248 215 6,708 6,765 6,646 6,822 6,199 5,742 4,217 3,829 3,746 Surplus reserves 7 13 15 43 1,486 1,434 1,393 29 14 11 7 6 12 Capital stock 1,109 1,113 1,066 5,062 5,082 5,074 5,413 5,023 4,701 4,538 4,103 3,544 Surplus 2,557 2,432 2,280 4,835 4,487 4,197 1,551 1,374 1,212 1,873 1,634 1,330 Income statement: Sales.. . . 13,90013,63112,906 7,160 7,105 6,968 4,117 3,782 3,515 4,417 4,040 3,639 Depreciation8 123 120 114 333 313 309 377 349 329 411 382 353 Profit before income taxes9 779 774 775 880 915 767 1,085 979 843 818 798 704 Net profit9 362 344 353 552 541 415 591 519 459 479 407 365 Dividends 233 230 229 236 217 201 431 406 365 368 320 279 8Includes depletion and, when reported, amortization of tools and dies and accelerated amortization of defense facilities. 9Excludes nonrecurring charges and credits to income, tax refunds, payments of prior years' taxes, gains on sales of assets, and charges and credits to and from surplus reserves. , 10 Includes intangibles. 11 Included with other short- and long-term liabilities. 12 Includes State income and property taxes. NOTE.—Includes most of the largest companies in each industry group having fiscal years that end on or around December 31 and for which data are available in investment manuals and company reports to stockholders. Manufacturing and trade groups include companies with end-ofyear 1953 total assets of 10 million dollars and over; railroads, companies with total assets of 269 million and over; utilities, Class A and B electric companies with total assets of 97 million and over; communications, American Telephone and Telegraph Company and principal subsidiaries comprising the Bell System. Details may not add to totals because of rounding. AUGUST 1954 819 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS IN 1953 COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1953 AND 1952 298 LARGE CORPORATIONS IN SELECTED INDUSTRIES [In millions of dollars] M anuf actu ring All selected Account (2 in 9 d 8 u c s o tr r i p e s s .) (200 T o c t o a r l ps.) (28 F c o o o r d ps.) ( T 4 o c b o a r c p c s o .) (4 R u c b or b p e s r .) ( P 2 e 4 t r c o o le rp u s m .) ( C 3 h 2 e c m o i r c p a s l . s ) (1 Ir 8 o s n t c e o a e r l n p d s.) 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 Sources of funds 12,650 12,768 8,277 8,660 220 233 56 107 158 172 2,976 2,838 952 7081,312 517 Net from operations * 8,840 7,472 6,694 5,435 238 213 37 27 177 170 2,620 2,299 595 4831,010 612 Trade payables -128 647 -117 550 16 2 -1 -1 -22 -39 91 78 -19 22 -147 78 Bank loans, short-term -47 45 -119 110 -85 -3 -27 -9 -4 -19 -17 53 -13 1 11 20 Bank loans, long-term -260 489 -253 532 -4 1 0 0 0 0 -83 37 -16 35 -26 147 Accrued Fed. income taxes.. . . 951 -988 866 -1,159 47 3 31 1 -8 -60 52 -156 77-213 477 -647 Other current liabilities 254 1,133 240 1,079 10 1 3 2 -7 19 17 17 -2 2 -22 46 Mortgages, bonds, other liab. . . 1,828 2,486 798 1,787 -9 6 5 33 14 122 280 372 305 303 -3 236 Capital stock 1,079 1,470 94 279 5 10 8 54 7 -21 6 104 25 68 7 25 Other sources 2 134 14 74 46 2 0 0 0 1 9 34 0 7 5 0 Uses of funds. 12,650 12,768 S,277 8,660 220 233 56 107 158 172 2,976 2,838 952 708 1,312 517 Plant and equipment expenditures 10,805 10,439 6,727 6,740 183 189 17 12 144 144 2,567»2,489 688 718 9071,179 Inventories 910 1,416 955 1,411 -88 -8 36 79 -21 61 96 154 57 37 213 115 Receivables -285 1,163 -200 1,000 -8 17 7 3 52 171 73 -15 68 -91 106 Cash 105 114 9 128 28 -9 3 1 1 38 51 -40 -9 2 -53 Government securities 985 -623 762 -884 112 21 0 31 -99 80 43 243 -134 264 -866 Other assets 129 259 25 265 -7 12 4 1 13 24 27 19 28 17 35 Other uses6 0 0 0 0 0 11 1 0 0 0 0 1 0 0 2 Gross uses (sources) 13,370 14,379 8,967 10,704 421 253 84 117 220 410 3,076 2,994 1,058 1,064 1,601 2,083 Manufacturing, cont. Utilities Retail Account N (1 o 4 m n f e c e t o r a r r l p o s s u . s ) M ( e 4 a l 6 e c i c n h c t c i o r n l i r . c e p a r s l y .) , (11 m A o c u b o to i r l p - e s.) O e ( p 1 t q h o 9 u e r i r c t p a o m t t r r i p a o e n s n n . s t ) - (42 t r c a o d r e ps.) ( R 20 a il c r o o r a p d s s .) (3 E 5 p l o e c w c o t r e r p i r c s.) C ( o c 1 m a c t m i o o r u n p n s .) i- 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 1953 1952 Sources of funds 414 563 697 1,5321,148 ,214 349 788 278 349 690 8761,680 1,471 1,729 1,469 T N r e a t d f e r o p m a y o a p b e le r s ations1 - 2 1 9 2 7 26 2 1 8 550 4 54 7 4 2 - 9 8 "8 6 -0 6 2 8 5 2 0 1 5 9 8 1 1 6 4 1 4 - 2 2 5 9 8 2 2 4 3 1 £714 - 7 1 4 0 7 573 5 49 3 8 8 60" 1 1 5 54 4 9 7 Bank loans, short-term 10 0 —26 3 31 30 1 32 -5 -15 8 10 68 -60 Bank loans, long-term 13 156 -134 143 — 1 -2 16 -11 -24 () 3 -19 0 0 Accrued Fed. income taxes... 42 -115 -37 -110 79 38 105 100 -14 5 25 ^40 »81 83 61 Other current liabilities 1 17 156 331 125 205 -40 438 -2 25 -18 -10 18 24 15 15 Mortgages, bonds, other liab. 19 213 157 491 -2 16 32 -6 60 35 -36 115 618 467 387 83 O Ca th p e i r t a s l o s u to rc c e k s 2 3 1 1 3 2 1 2 0 7 55 2 -6 28 -14 2 2 — 5 2 1 5 6 4 1 2 7 51 7 9 0 41 0 4 365 56 0 0 77 0 4 Uses of funds 414 563 697 1,532 ,148 1,214 349 788 278 349 690 8761,680 1»4711,729 1,469 Plant and equipment expenditures 384 492 616 4881,079 882 143 145 184 145 804 8241,710 1,465 1,380 1,265 Inventories 171 96 210 246 229 248 52 383 -67 46 -5 -62 20 11 7 10 Receivables -28 11 -72 285 -162 204 4 177 -94 157 —32 -43 10 16 31 33 Cash -39 -4 -4 50 -57 23 79 76 186 -60 -74 3 — 16 31 (4) 12 Government securities -71 -100 -97 495 137 -248 64 3 64 33 -7 148 -70 -62 236 142 Other assets -2 68 41 -31 -78 105 6 4 4 27 4 -47 19 10 76 5 Other uses6 0 0 0 0 0 0 0 0 0 54 0 (*) 3 Gross uses (sources) 566 782 1,067 1,673 1,540 1,478 391 796 500 447 890 1,048 1,7661,552 1,729 1,529 *Net profit after taxes plus current depreciation accruals and minus cash dividends paid; nonfund and nonrecurring charges and credits to income have been eliminated from net profit. 2Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds. 3 Company figures which in some cases include, and in others exclude, dry hole costs. 4Less then 0.5 million dollars. 5Prior years' tax payments, charges resulting from devaluation of foreign currencies, and extraordinary uses of funds. 6 Included with other short- and long-term liabilities. 7 Includes State income and property taxes. NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds section represent sources of funds. Gross uses include negative sources; gross sources, negative uses. Details may not add to totals because of rounding. 820 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 19541 The major factual portion of the tenth in a Agricultural Research Service, by F. JL. Garloc\, series of annual reports on the financial condition L. A. Jones, R. W. Bierman, and W. H. Scofield. of agriculture, issued by the United States Depart- Data relating to the inventories of particular ment of Agriculture, is given below? The ftdl items were prepared under the direction of the report will be published as an Agriculture Infor- following persons: Livestock—A. V. Nordquist; mation Bulletin of the Department of Agricul- crops—C. E. Burhjiead, /. /. Morgan, George D. ture. Harrell; machinery—E. W. Grove, Margaret F. The study was prepared under the direction of Cannon; household equipment—Barbara B. Reagan. Norman f. Wall, Head of the Agricultural Finance Data relating to farm income and expenditures Section, Production Economics Research Branch, were compiled under the direction of E. W. Grove. THE 1954 BALANCE SHEET IN GENERAL Farm assets again dropped in value during 1953^ THE BALANCE SHEET continuing a decline started in 1952. The value of OF AGRICULTURE these assets at the beginning of the year, however, ASSETS CLAIMS was higher in 1954 than in any other year except 1952 and 1953. " S E 3 S F O i t n h a e n r c i p a h l ysical" 200 "£2Oth«r r« d ' e e b q t uities The decline in 1953 was 6.9 billion dollars, or -EBFarm real estate -MReal «stale Sell about 4 per cent. This was more than double the 7. felvif^S! decline of 33 billion in 1952. In both years the chief causes of decline were lower prices of farm real estate and livestock. Taken together, these assets fell in value 8.1 billion dollars in 1953 and 5.7 billion in 1952. Increases in other assets partly offset these declines. 1940 1945 1955 Farm borrowing for production purposes de- 1 The Balance Sheet views agriculture as though it were and limitations of the Balance Sheet and its individual items one large enterprise. It is an aggregate of individual series were considered. of farm assets and the claims to those assets. In effect, it is Many of the considerations in that publication are still comparable to a consolidated balance sheet of ali farms, but pertinent. They may be referred to with profit by those it is not restricted to the assets and debts of farm operators. who examine the Balance Sheet of Agriculture for the first time. The reader will recall that in a country as vast and It includes, in addition, the farm assets owned, and the farmdiversified as ours, financial changes are never entirely unimortgage debt owed, by nonoperators. form, either for geographic areas or for individuals. Thus, The Balance Sheet, formulated by the then Bureau of even when the Balance Sheet accurately reflects the aggre- Agricultural Economics for each year from 1940 to 1944, gate, it does not reveal the differences that are found in was first issued in processed form in September 1944, in a different States and regions and among individual fanners. publication entitled The Impact of the War on the financial 2 For earlier reports in this series, see die Federal Reserve Structure of Agriculture. In August 1945, a printed report BULLETIN for September 1946, pp. 974-94; November 1947, of this study under the same title was issued as Miscdianeom pp. 1357-72; September 1948, pp. 1067-82; September 1949, Publication No. 567 of the U. S. Department of Agriculture. pp. 1053-63; September 1950, pp. 1118-31; September 1951, In that report the nature and significance of the financial pp. 1090-1103; July 1952, pp. 758-71- and August 1953, structure of agriculture were analyzed, and the meaning, use, pp. 822-34. AUGUST 1954 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 clined in 1953 for the first time since 1944. The price-support loans, the total farm debt rose about farm-mortgage debt, however, continued to rise, 1 billion dollars in 1953. As a result of falling asand 1953 brought a sharp increase in price-support set values and rising debts, the equities of farmers loans made or guaranteed by the Commodity Credit and other owners of farm property dropped about Corporation. The increase in price-support loans 8.0 billion dollars, or 5 per cent, in 1953. was even greater than that in 1949, which was the Because of declining income and prices, farmers largest of record to that date. Including these in 1953 further reduced their expenditures for building materials, tractors, and farm machinery. TABLE 1 They continued, however, to maintain their hold- COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED ings of bank deposits and currency at record levels. STATES, JANUARY 1, SELECTED YEARS, 1940-54 [In billions of dollars] ASSETS Total assets of American agriculture, including Net change1 the financial assets owned by farmers, amounted to Item 1940 1952 1953 1954 159.8 billion dollars on January 1, 1954. They had 1940- 1953- 54 54 reached a peak value of 170.1 billion on January 1, 1952 (Table 1). In 1953, the value of farm real ASSETS estate declined about 5.1 billion dollars, or 6 per Physical assets: cent, and the value of livestock decreased 3 billion, Real estate 33.6 93.7 292.7 87.6 53.9 -5.1 Non-real-estate: or 20 per cent. Farmers' holdings of bank deposits Livestock 5.1 19.6 214.8 11.9 6.7 -3.0 Machinery and mo- and currency were unchanged. All other types of tor vehicles 23.2 217.5 218.5 18.7 15.5 +0.1 Crops stored on and assets rose in value. However, increases in these off farms3 22.7 8.8 29.0 9.1 6.5 +0.1 other assets—machinery and motor vehicles, crops, Household furnishings and equip- household goods, United States savings bonds, and ment4 4.3 9.3 10.0 610.6 6.4 +0.6 Financial assets: equities in cooperatives—aggregated only 1.2 billion Deposits and currency. 3.9 13.8 213.9 13.9 10.0 0 United States savings dollars. bonds 0.3 4.9 5.0 5.1 4.8 +0.1 Investments in co- Financial assets owned by farmers increased about operatives 0.8 2.5 2.7 2.9 2.1 +0.2 300 million dollars during 1953 to a total of 21.9 Total« 253.92170.1 -166.6 H59.8105.9 -6.9 billion on January 1, 1954. Currency and demand CLAIMS deposits each dropped about 100 million dollars Lia R b e il a i l t ie e s s : tate debt 6.6 6.6 7.2 7.7 1.1 +0.5 during 1953, but these declines were offset by an Non-real-estate debt: increase of 200 million in farmer-owned time de- To principal institutions: posits. Increases of about 200 million dollars each Excluding Commodity Credit occurred in the United States savings bonds and Corporation loans 1.5 4.1 4.2 3.8 2.3 -0.5 the equities in cooperative associations that were Lo g a u n a s r an h te e e ld d b o y r owned by farmers.3 In 1953, for the first time in Commodity Credit Corpo- several years, farmers bought more United States To o r t a h t e i r o s n 8 7 0 1 . . 4 5 0 3. . 2 6 3 1 . . 4 2 3 2 . . 2 4 1 1 . . 7 9 + -0 1 .2 .2 savings bonds than they cashed; and the value of their bond holdings was further increased by ac- Total liabilities® 10.0 14.5 16.0 17.1 7.0 +1.0 crual of interest. Proprietors' equities®.... 243.9 2155.62150.6 5142.7 98.9 -8.0 The physical quantity of farm assets changed Total* 253.92170.1 2166.6 5159.8105.9 -6.9 little in 1953 (Table 2). The number of hogs, horses, mules, and sheep declined, but, because of 1 Computed from unrounded data. 2 Revised. increased numbers of cattle and poultry, the live- 3 Includes all crops held on farms for whatever purpose and crops stock inventory as a whole on January 1, 1954 was held off farms as security for Commodity Credit Corporation loans. The latter on Jan. 1, 1954 totaled 1,560 million dollars. only slightly below the level of a year earlier. No 4Estimated valuation for 1940, plus purchases minus depreciation since then. significant change occurred in the machinery and Preliminary. 6Total of rounded data. motor vehicles on farms or in farm land and build- 7 Although these are nonrecourse loans, they are included as liabilities because borrowers must either pay them in cash or de- ings. However, crop inventories (including crops liver the commodities on which they are based. The values of the l u o n a d n e s r ly m in u g s t co b m e m in o c d l i u t d ie e s d ar a e s in li c a l b u i d l e it d ie s a m to o ng a v t o h i e d a o ss v e e ts r ; s ta h t e i n n c g e t t h h e e 8 Because of rounding of data, the 200 million dollar amount of proprietors' equities. increase of U. S. savings bonds appears in Table 1 as only •Includes individuals, merchants, dealers, and others. Estimates based on fragmentary data. 0.1 billion. 822 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 under price-support loans) increased nearly 9 per credit in 1953 because costs of feeder cattle and cent in 1953, because of continued large production replacement stock declined and because expendiand reduced export markets, and farmers appear to tures were curtailed for building materials, tractors, have increased their household furnishings and and farm machinery. Part of the decrease in nonequipment by about 3 per cent. All told, these real-estate debt probably resulted from refinancing changes increased the physical assets of agriculture of such debt into longer term farm-mortgage debt by about 1 per cent. and from increased use of price-support loans for production purposes. TABLE 2 Farm-mortgage debt continued to grow in 1953 despite a drop in farm land values and fewer farm PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 PRICES JANUARY 1, SELECTED YEARS, 1940-54 transfers. The increase resulted partly from the [In billions of dollars] fact that buyers of farms reduced the amount of their down payments in cash and a larger proporch N an e g t e1 tion of them used credit. Refinancing of non-real- Asset 1940 1952 1953 1954 estate debt and a reduction in payments on the 194()- 1953- principal of mortgage loans also account for part 54 54 of the increase. Real estate2 33.6 36.5 36.7 36.8 3 2 +0.1 Price-support loans of the Commodity Credit Livestock 5 1 5.1 5 2 1 0 -0 1 Machinery and motor vehi- Corporation increased by a record amount in 1953 Cr c o l p e s s 3. s . t ore . d . on and off 3 2 8.4 8 7 8 7 s6 o because of large supplies and low market prices of farms 32 7 2.9 3 1 4 0 7+0.3 the supported commodities. Household furnishings and equipment4 4.3 6.0 6.2 «6.4 2 1 +0.2 Because of lower farm asset values and increased Total 48.9 58.9 59.9 60.4 11 6 +0.6 farm debts, the equities of farmers and other owners of farm property declined by 8.0 billion 1 Computed from unrounded data. 2 This new series is based on data for census years developed dollars, or about 5 per cent, in 1953. by Alvin S. Tostlebe in cooperation with the National Bureau of Economic Research, and takes into account changes in the area in farms, the acreage of improved land, and the number and condi- AGRICULTURAL INCOME tion of farm structures. (See Agricultural Finance Review, November 1952.) Data for intercensal years, and for 1951-54, are extensions from census benchmarks based on net investment in farm The decline in farm income which began in 1952 structures (gross investment minus depreciation). All data adjusted to a 1940 price base. and continued into 1953 has had far-reaching effects 3 Revised. on the Balance Sheet of Agriculture. It has been 4 New series in which purchases since 1940 are deflated by an index of prices paid by farmers for house furnishings. one of the basic forces causing the decline in land Preliminary. values. Also, it has strongly influenced farmers' The purchasing power of the liquid financial re- attitudes toward investment in livestock and maserves owned by farmers (currency, bank deposits, chinery, toward family expenditures, and toward and United States savings bonds) increased about the handling of debts and financial assets. 1 per cent in 1953. This resulted from a small in- Total gross farm income in 1953—34.3 billion crease in the amount of such assets and a slight dollars—was about 8 per cent below that of 1952 decrease in prices of the things that farmers buy. but it was still a record high except for 1952, 1951, and 1948. All the items constituting gross income, CLAIMS except rental value of dwellings, were smaller in The total farm debt increased to 17.1 billion 1953 than in 1952 (Table 3). The decline in indollars on January 1, 1954 from 16.0 billion a year come was mainly the result of lower prices received earlier. This growth in farm debt resulted mainly by farmers. The physical volume of farm marketfrom an increase of 1.2 billion dollar in price- ings and home consumption of agricultural prodsupport loans of the Commodity Credit Corpora- ucts rose from 1952. tion. Other non-real-estate debt of farmers dropped Although expenses of production declined in the about 700 million dollars in 1953, but farm-mort- aggregate in 1953, all items of expense continued to gage debt increased about 500 million. rise except purchases of livestock, feed, and seed. Non-real-estate debts of farmers are incurred The decrease in production expenses as a whole did chiefly for items needed in current production. not fully offset the shrinkage in income. Net in- Farmers were able to get along with less production come from agriculture was 2 billion dollars less in .AUGUST 1954 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 TABLE 3 As prices paid by farmers for goods acid services used in family living changed little between 1952 COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, UNITED and 1953, the decline in purchasing power and in STATES, SELECTED YEARS, 1940-53 actual amount of net income was the same—14 per tin millions of dollars] cent for total and 5 per cent for realized net income. Item 1940 19521 19532 The purchasing power of realized net income in 1953 was only 68 per cent of the average for 1943- HOW NET INCOME WAS OBTAINED 47, but it was 134 per cent of that for the prewar Total gross farm income; year 1940. Cash receipts from farm marketings 8,.332 32,373 30,975 Government payment to farmers 724| 275 213 Home consumption of farm products.... 1,239' 2,144' 2,081 Rental value of farm dwellings 625 1.734, 1,751 INFLUENCE OP GENERAL ECONOMIC SITUATION Net change in inventory8 270 654' -675 Total 11,190 37,180 34,345 General economic activity, which had moved Production costs, other than wages, rent, steadily upward since 1949, turned downward in and interest on mortgages: 1953. The gross national product reached an all- F L e iv e e d s t b o o c u k g h b t ought, except horses and 4,278j 3,729 time peak of 369.9 billion dollars (seasonally admules 530 2,009 1,421 Fertilizer and lime bought 261' 1,165 1,222 justed annual rate) in the second quarter of 1953. Vehicle operation 584 2,131 2,312 Depreciation and maintenance 1,085 4,755' 4.8S2 Tn the last half of 1953, and continuing in the first Taxes on farm real estate and personal property 446' 1.0521 1,075 quarter of 1954, gross national product decreased Seed bought. 197 722 670 Miscellaneous 766 2,274 2,299 in each quarter. Major factors contributing to this decline were reductions in defense spending by the Total 4,867 18,386'17,580 Federal Government and a reduction in business Net income from agriculture 6.32318,79416,765 inventories. Investment in new construction and HOW NET INCOME WAS DISTRIBUTED State and local government purchases of goods and Wages to hired labor (cash and perquisites) 1,031 2,996' 3,052 services continued to expand. Net rent and Government payments to landlords not living on farms4 431 1,326! 1,237 Despite the decrease in gross national product, Interest to holders of farm mortgages 293 319 349 Net income of farm operators 4,568 14,153 12,127 disposable personal income increased slightly in the Net income from agriculture 6,323;18,794 16,765 first quarter of 1954 because of the reduction in rates of Federal income taxes. This sustained flow REALIZED NET INCOME OF FARM OPERATORS of disposable income was an important factor in Net income of farm operators 4,568 14,15312,127 maintaining the demand for food products. Net change ia inventory3 270 654. -675 Domestic consumer demand for food was well Realized net income of farm operators 4,298 13,499,12,802 maintained in 1953 and early 1954. However, the 1 Revised. farmer's share of the retail cost of the farm-food 2 Preliminary. 3Market value, in terms of prices at end of year, of Increase or market basket, which was 47 per cent in 1952, decrease in physical quantities of crops and livestock. See also decreased to 45 per cent in 1953 and in the first text footnote 4 on this page. 4After subtraction of taxes, mortgage interest, and other ex- quarter of 1954. penses paid by such landlords. The export demand for farm products was lower in 1953 than in 1952. This reduced demand, with 1953 than in 1952, a decline of nearly 11 per cent. agricultural output at a level exceeded only in 1948 Deductions from total net income from agriculture (to arrive at the net income of farm operators) * This statement may appear to conflict with Table 2 and did not change much between 1952 and 1953. the related statement that tti-e livestock inventory changed Wages paid to hired labor and interest paid on little but crop inventories increased about 9 per cent in 1953. mortgages increased, but net rent paid to landlords In computing farm income, crops placed under price-support not living on farms decreased. The net income of loan and nUk redeemed during the year are counted in cash receipts from marketings and consequently arc deducted operators in 1953 was 12.1 billion dollars, or about from inventory. The quantity of crops sold or placed under 14 per cent less than in 1952. However, because price-support loan before the end of the year was much farm operators drew down their crop and livestock greater in 1953 than in 1952, hence the inventory of crops, inventories during the year, the net income which as computed in accounting for farm income, decreased notwithstanding the increase in quantity of crops actually owned they actually realized was 12.8 billion dollars, or or pledged as Commodity Credit Corporation collateral by only 5 per cent less than that of 1952.4 farmers. 824 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 and 1952, led to the further accumulation of sur- Monetary developments in 1953 and early 1954 plus stocks. Although receipts of 14 billion dollars included a tightening of credit in the first half of from crops in 1953 were about the same as in 1952, 1953, reflecting increased demand for nearly all approximately a fourth of this total represented types of credit, and an easing of credit thereafter. Government loans and purchases for price-support The continued rise of interest rates in the first half purposes. The sharp increase in crop carryovers led of 1953 increased the cost of borrowed funds for to the imposition of acreage controls in 1954 on such agricultural lending agencies as the Federal wheat, cotton, and corn. Peanuts and several major land banks, production credit associations, and the types of tobacco were already restricted. banks for cooperatives, which are dependent upon The decrease in agricultural exports in 1953 was the money market for loanable funds. Open-marcaused primarily by reduced exports of wheat. The ket purchases of Government securities by the Fedlarge crops harvested in most of the major import- eral Reserve System in the late spring of 1953 and ing areas, particularly Western Europe, reduced the the subsequent reductions in member bank reserve usual wheat import requirements. Since July 1, requirements contributed materially to easing of 1953, agricultural exports, other than wheat, have money-market interest rates. In the last half of been above the comparable period of a year earlier. 1953 less than the usual seasonal demand for com- Contributing to an improved foreign demand situa- mercial loans and a slackened growth in consumer tion has been the substantial improvement in the credit contributed to the easing tendencies. Longdollar position of most importing countries. Dur- term interest rates declined appreciably, and in ing 1953 the gold and short-term dollar assets of early 1954 some reduction in farm-mortgage inthe free world increased by 2.5 billion dollars. terest rates occurred in selected areas. THE 1954 BALANCE SHEET IN DETAIL The foregoing pages have provided a summary regional differences in the amount of decline were analysis of the Balance Sheet in general terms, an relatively small, most of the States in which farm account of the income position of agriculture, and income was affected by drought and lower cattle an analysis of the influence of the general economic prices in 1953 showed declines somewhat larger situation on the financial status of farmers. In this than average. Thus, as shown by the map, persection each item of the 1954 balance sheet is treated acre values declined 8 to 10 per cent in Colorado, in detail. ASSETS CHANGES IN DOLLAR VALUE Assets fall into two general classes: (1) Physical OF FARM LAND* assets, both real estate and tangible personalty, and Percentages, March T953 fo March 1954 (2) financial assets, which include cash, bank deposits, United States savings bonds, and farmers' investments in cooperative associations. Farm real estate. The total value of all farm real estate (land and buildings) was estimated at 87.6 billion dollars as of March 1, 1954. This is a decline of 5.1 billion, or 5.5 per cent, from that of a year earlier and 6.5 per cent from the record peak of March 1952. Buildings on farms accounted for 23 billion dollars of the current estimate, or 26 per cent of the value of land and buildings. The decline in the inventory value of farm real estate during the year ended March 1, 1954 reflects 5Changes in the aggregate value of farm real estate shown lower values per acre in all states.5 Nationally, the in the Balance Sheet for years since 1950 reflect only changes in market value per acre. The acreage of land in farms is average value declined from $80.02 as of March 1, interpolated for intercensal years before 1950. The 1950 1953 to $75.59 for the current date. Although census acreage is used for 1951 and later years. 825 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 New Mexico, Arizona, Oklahoma, and Missouri, TABLE 4 whereas declines of 3 to 5 per cent were typical LIVESTOCK ON FARMS: NUMBER, VALUE PER HEAD, AND TOTAL in most of the North Central States. VALUE BY CLASSES, UNITED STATES, JANUARY 1, 1953 AND 1954 Although farm real estate values drifted moderately lower throughout 1953 and early 1954, the 19531 1954 rate of decline was accentuated during the July- Class November period of 1953. The combination of N b u e m r - V h p a e e l a u r d e T va o l t u a e l N b u e m r - V h p a e e l a u r d e T va o l t u a e l drought over considerable areas of the country, the sharp break in catde prices, and the general decline (Mil- (Dol- (Million (Mil- (Dol- (Million in prices of most farm products during the fall lions) lars) dollars) lions) lars) dollars) Cattle 93.6 128.00 11,998 94.7 92.40 8,746 marketing season contributed to general weakness Milk cows2 .. . 24.1 202.00 4,863 24.7 146.00 3,614 Hogs 54.3 26.00 1,410 48.2 36.60 1,764 in the farm real estate market during that period. Horses. . 3.8 47.20 179 3.4 48.80 167 Mules 1.8 65.30 115 1.6 61.40 98 Gradual strengthening in farm commodity prices All sheepa 31.9 15.92 507 30.9 13.98 432 Stock sheep4.. 27.7 15.80 437 26.9 13.90 373 following the low point in November 1953 and a Chickens 429.7 1.41 607 439.3 1.43 629 Turkeys 5.3 6.16 33 5.3 6.31 34 more favorable outlook for the 1954 crop year helped to slow the rate of decline in land values Total 14,849 11,870 from November 1953 to March 1954. Hog prices 1 Revised. rose. sharply during this period and returns from 2Subclass; included in cattle. 3 Includes sheep and lambs on feed for market. cattle feeding improved materially. 4Subclass; included in all sheep. The volume of voluntary sales of farm property continued to decline during the year ended March cattle and calves totaled 35.4 million head, 32 per 1, 1954. At about 30 farms per 1,000, the rate was cent above that of 1952, and 43 per cent higher than 13 per cent below that of the previous year and only that of 1951. half as high as during the peak years 1946-47. The In 1953 the value per head of milk cows on farms number of farm foreclosures increased slightly declined 28 per cent from $202 to $146. The from the previous year but was still below that of average price received by farmers for milk sold to any year before 1945. plants and dealers for the entire year of 1953 was Livestock on farms. On January 1,1954 the total $4.36, compared with $4.85 in 1952. Chief causes value of livestock and poultry was 11.9 billion of the lower average milk prices were increased dollars, 20 per cent less than a year earlier and 39 production and a decline in the proportion of milk per cent less than on January 1, 1952 (Table 4). used in fluid form. During 1953 the price of milk Most of this decline was the result of lower cattle declined in relation to the price of dairy feed, with prices. On January 1, 1954, the average value per the result that milk production tended to be less head of all cattle was $92, the lowest since 1946. profitable. The 1953 value per head was $128 and that for Cattle numbers on January 1, 1954 were at a new 1952 was $179. Cattle, chicken, and turkey num- record of 94.7 million head. This was 1 million bers increased during 1953, but the number of more than the number a year earlier, a relatively hogs, sheep, horses, and mules declined. small increase. Cattle numbers have been increas- At 1940 prices, the total value of livestock and ing since 1949, when they were at a cyclical low of poultry on farms January 1, 1954 was 5.1 billion only 76.8 million head. dollars, about the same as in 1940. The highest Hog numbers continued to decline in 1953. The value in 1940 prices was the 1944 value of 5.9 bil- 48.2 million head on farms on January 1, 1954 was lion, and the lowest was the 4.8 billion value in the smallest number since 1938. Total value of 1949. hogs increased from 1.4 billion dollars to 1.8 bil- The weaker cattle prices of the last two years lion in 1953, reflecting a rise in the average value reflected the increased marketings of cattle from the per head from $26 to $37. The average value record inventories on farms, the decision of many per head had been exceeded in only two previous farmers and ranchers not to increase their herds years—1948 and 1949. In contrast to the behavior further, and some liquidation of herds because of of cattle prices, hog prices in 1953 recovered poor pasture feed conditions in large parts of the strongly from their weakness in 1952. Commercial range area. The 1953 commercial slaughter of slaughter of hogs in 1953 was 67 million head, 826 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 about 11 million less than in 1952, and the lowest aged only slightly higher than those of a year commercial slaughter since 1949. earlier. Sheep numbers, value per head, and total value Crops stored on and off farms. Total crop producall declined in 1953. Value per head on January tion in 1953 was almost equal to the near-record 1, 1954 averaged $14, nearly $2 less than a year volume of 1952. Crop acreage in 1953 was smaller before. The total number of all sheep declined 3 than the 10-year average for 1942-51, but yields per per cent in 1953, and the total value of 432 million acre, on the whole, were at a record high. Total dollars on January 1, 1954 represented a decrease production was larger than average for corn, wheat, of 15 per cent during the year. cotton and cottonseed, hay, dry beans, soybeans, Machinery and motor vehicles on farms. At the and tobacco. A record production of rice was atbeginning of 1954 the value of machinery and tained. The production of oats, barley, rye, buckmotor vehicles on farms was 18.7 billion dollars wheat, dry peas, sorghum, peanuts, and potatoes (Table 5). This was about 1 per cent above the was below average. value of a year earlier, and 31 per cent above that The total value of crops stored on farms, and of 1950. those owned by farmers stored off farms under Commodity Credit Corporation loans, was 9.1 bil- TABLE 5 lion dollars on January 1, 1954 compared with 9.0 FARM MACHINERY AND MOTOR VEHICLES: VALUE BY CLASSES billion dollars a year earlier, an increase of only UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-54 1 per cent (Table 1). The physical volume of [In millions of dollars] stored crops rose 9 per cent. The inventories in- Other cluded a larger quantity of crops that were pledged Year TotaP Tractors m A o u b t i o le - s M tru o c t k o s r fa c r h m in e m ry a- as security for price-support loans made or guaranteed by the Commodity Credit Corporation. If 1940 23,159 501 941 301 21,358 crops under CCC loan were excluded, the value of 1946 26,285 1,069 2924 650 3,562 crop inventories in current prices would have de- 1952 217,505 23,665 23,061 1,622 29,089 clined rather than increased during 1953. 1953 218,504 23,770 23,391 1,705 29,573 19543 18,652 3,710 3,518 1,694 9,670 The physical quantity of crops stored on farms January 1, 1954, including crops sealed under loan 2 1 A R I e s v o i s i e n d c . ludes harness and saddlery. to the Commodity Credit Corporation, was almost 8 Preliminary. the same as that of a year earlier, but, because of In terms of 1940 prices, the value of machinery lower prices, the value of these stocks declined 9 and motor vehicles on farms was about 8.7 billion per cent to 7.6 billion dollars. dollars on January 1, 1954, compared with 7.7 bil- Feed grains, hay, and forage accounted for about lion on January 1, 1950 and 3.2 billion on January 500 million dollars of the 755 million decline in the 1, 1940. The increase in terms of 1940 prices is a value of crops stored on farms. Lower prices rough measure of the increasing quantity of ma- caused the decline. These crops, however, conchinery and motor vehicles on farms. tinued to be the most important part of the in- Purchases of machinery and motor vehicles by ventory. farmers declined about 4 per cent in 1953, reflect- The value of food grains stored on farms ining a decline in cash farm income. Total purchases creased slightly between January 1, 1953 and Janin 1953, however, were still about 4.0 billion dol- uary 1, 1954, from 874 million dollars to 879 lars, the fourth highest on record. In 1952 pur- million. As prices declined during this period, the chases amounted to 4.2 billion. The record year increase was due solely to larger stocks. Farm was 1951, when farmers bought 4.5 billion dollars stocks of wheat, the major food grain, were the of farm machinery and motor vehicles. Farmers' third largest of record for any January 1 date. The expenditures for machinery and motor vehicles various oil-bearing crops still stored on farms on were only about 60 million dollars more than the January 1, 1954 were valued at 348 million dollars, amount needed to offset depreciation charges. an increase of about 2.5 per cent over a year earlier. In 1953 the upward movement of prices of motor The physical quantity of these oil stocks increased vehicles and farm machinery largely ceased; prices about 8 per cent. Stocks of Irish potatoes on paid by farmers for these items during 1953 aver- farms at the beginning of 1954 were about 6 per AUGUST 1954 827 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 cent larger than those of a year earlier, but because decreased by less than 100 million dollars during of a sharp decline in prices their value was 63 per the year, but farmer-owned time deposits and cent less. United States savings bonds each increased nearly No estimates are made of the value of all crops 200 million.6 in off-farm storage that are owned by farmers. Deposits and currency. Demand deposits of However, a substantial proportion of crops stored farmers, as estimated by the Board of Governors of off farms are those pledged as security for price- the Federal Reserve System, dropped about 1 per support loans. At the beginning of 1954 the cent during the year ended January 30, 1954. This value of these crops was 1.6 billion dollars, or percentage decrease was slightly larger than that more than double the 705 million dollar value of which occurred in the demand deposits of other a year earlier. The jump in value was largely the result of increased price-support activity for cotton- TABLE 7 At the end of the year, wheat was the second most CHANGE IN DEMAND AND TIME DEPOSITS OF INDIVIDUALS, important crop in off-farm storage. PARTNERSHIPS, AND CORPORATIONS, 1953 Household furnishings and equipment. The value BY CLASS OF COUNTY X of household furnishings and equipment on farms {Per cent] at the beginning of 1954 was estimated at 10.6 billion dollars, about 6 per cent larger than that of Class of county Demand Time a D n e d m t a im nd e a year earlier (Table 1). The dollar amount of deposits deposits deposits increase during 1953 was only slightly smaller than Counties that include: the increases that occurred during 1951 and 1952. Major trade and financial centers -0.5 +6.4 +11 At constant 1940 prices, the value of household Secondary trade and financial centers +1.6 +6.5 +3.2 goods increased 3 per cent during 1953; on Jan- Small trading centers. +0.6 +8.0 +2.9 Selected agricultural counties. -.. . +0.4 +8.5 +2.9 uary 1, 1954 it was 49 per cent above that on January 1, 1940. The increase in the quantity of fur- All counties +0.3 +6.9 +2.2 nishings and equipment in farm households since 1 Prepared from county data for insured commercial banks sup- 1940 occurred mainly during the postwar years. plied by Federal Deposit Insurance Corporation. Bank deposits, currency, and U. S. savings bonds. individuals and it contrasted with a small increase Farmers increased their liquid financial reserves shown for nonfinancial businesses. Farmer-owned during 1953 by about 100 million dollars. This demand deposits decreased in all Federal Reserve increase brought the total of such reserves to about districts except Atlanta, Chicago, and San Francisco. 19 billion dollars—a new record (Table 6). Cur- Farmer-owned time deposits are estimated to rency and demand deposits owned by farmers each have increased about 7 per cent in 1953. This is less than the 8.5 per cent increase shown for time TABLE 6 deposits of all individuals, partnerships, and cor- LIQUID FINANCIAL ASSETS OWNED BY FARMERS, UNITED porations in insured commercial banks in agricul- STATES, JANUARY 1, SELECTED YEARS, 1940-54 [In billions of dollars] tural counties (Table 7). Farm population decreased in 1953, while nonfarm population in- Deposits U.S. creased. Year Total Cur- savings Demand1 Time bonds2 Currency held by farmers is estimated to have decreased about 100 million dollars during 1953. 1940 4.2 1.0 1.5 1.4 0.3 The total of demand and time deposits and cur- 1945 14.0 3.3 5.0 2.3 3.4 1950 18.1 3.3 6.8 3.2 4.8 rency owned by farmers appears to have been about 1 1 9 95 5 2 1 1 1 8 8 . . 2 7 3 3 . . 1 2 7 7. . 3 0 3 3. . 3 2 4 4 . . 9 9 the same on January 1, 1954 as a year earlier—13.9 1953 318.9 33.1 7.3 33.5 5.0 billion dollars. This amount is slightly more than 1954 19.0 »3.0 7.2 3.7 5.1 that held at the beginning of 1952. 1 Federal Reserve estimates, adjusted to a January 1 basis, are That the volume of farmer-owned deposits and used for 1944-54. The Federal Reserve estimates are in process of revision but data on new basis are now available only for 1953 currency was not reduced during 1952 and 1953, and 1954. Old series is used for 1940-53; estimate for 1954 obtained by applying to unrevised estimate for 1953 the percentage cha 2 n R g e e d e fr m om pt io 1 n 9 53 v a t l o u e 1 . 954 in revised Federal Reserve estimates. 6 Because of rounding, the increase for U. S. savings bonds 3 Revised. appears as only 0.1 billion dollars in Table 1. 828 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 which were years of declining farm income, is largest net worth—563 million dollars—were those probably explained by several factors. Farmers in the credit system of the Farm Credit Adminisreduced their aggregate expenditures for motor tration. The increase in net worth of these cooperavehicles, farm machinery, and building materials tives was less in 1953 than in 1952 mainly because and they probably economized on family expendi- of higher costs—particularly of funds for lending— tures. In addition, the great increase in price- and a slower expansion of loans, which are the support loans since 1951 probably helped farmers basis for both earnings and the issuance of capital to maintain their holdings of deposits and cur- stock. The continued rapid rise in the net worth rency. Through such loans many farmers receive of rural electric cooperatives to 187 million dollars the proceeds of their crops earlier than they would is believed to have been caused largely by the repayif they sold their crops at the normal marketing ment of indebtedness. The net worth of these time. Because of the great increase in price-sup- electric cooperatives in 1940 has recently been estiport loans, it seems probable that more farmers held mated at only 3 million dollars. The net worth of proceeds of the crops of the preceding year on mutual irrigation companies, important only in the January I, 1954 than on the same date two years Western States, increased only about 2 per cent earlier. during 1953 to 291 million dollars. The increase The rapid increase of time deposits during re- for mutual fire insurance companies from 163 milcent years is a development in which metropolitan lion dollars to 180 million was at about the same as well as agricultural areas have shared. With rate as in other recent years. farmers, it occurred while demand deposits were declining. It may reflect a tendency to build up CLAIMS financial reserves, or to convert other assets into Claims on agricultural assets are of two general time deposits. It may have been stimulated by an classes: (1) Liabilities, wjiich are divided into real increase in rates of interest paid by banks on time estate and non-real-estate debt; and (2) equities, deposits. which represent the value of the residual rights in United States savings bonds. Purchases of United agricultural assets belonging to the proprietors— States savings bonds by farmers during 1953 are owner-operators, tenants, and landlords. Included estimated at 369 million dollars; redemptions at among these proprietors are individuals, financial 322 million dollars; making net purchases 47 mil- institutions and other corporations, and Federal, lion. Accrued interest of 139 million dollars, added State, and local government agencies. to net purchases, raised the redemption value of Farm real estate debt. Farm-mortgage debt rose the bonds owned by farmers by 186 million—to a again in 1953, for the eighth consecutive year. On rounded total of 5.1 billion dollars. In most regions January 1, 1954, total debt secured by farm real purchases and redemptions were almost equal. estate mortgages was 7.7 billion dollars—7 per cent However, in the Corn Belt and Great Plains, pur- higher than that of a year earlier. The increase for chases by farmers greatly exceeded redemptions. 1953 was at a somewhat slower rate than for the Redemptions were considerably larger than pur- previous three years. Farm-mortgage debt is now chases in the Pacific region. 61 per cent above that of January 1, 1946, the Net worth of farmers* cooperatives. The net postwar low point, and is higher than in any other worth of cooperatives represents investments in year since 1934. organizations that are important adjuncts to farm Partly as a result of lower farm income in 1953, businesses. On January 1, 1954, the net worth of the rate of repayment of farm mortgages declined farmers' cooperatives was 2.9 billion dollars—more somewhat, and there was some increase in refinancthan double the 1.4 billion of January I, 1946. The ing of non-real-estate debt and of farm mortgages increase in the net worth of these associations was written for short terms into long-term farm-mortat a slightly lower rate in 1953 than in several gage debt. Cash payments of principal during 1953 preceding years. on farm mortgages held by 16 life insurance com- Farmers' marketing and purchasing associations, panies averaged 11.6 per cent of principal outstandwhich number nearly 10,000 for the United States, ing at the beginning of the year, whereas during had net worths aggregating 1.7 billion dollars on 1952 principal payments averaged 12.0 per cent. January 1, 1954. The cooperatives having the next About 14 per cent of the loan proceeds of limited AUGUST 1954 829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 samples of Federal land bank loans closed in 1953 Largely as a result of the high volume of farmwere used to refinance non-real-estate debt com- mortgage recordings and some decline in principal pared with 12 per cent a year earlier. repayments, all active lenders increased their farm- The value of farm real estate moved lower dur- mortgage holdings in 1953. By lenders, the ining 1953, and on March 1, 1954, the total market creases were: Federal land banks, 9 per cent; life value was 5.5 per cent below that of a year earlier. insurance companies, 11 per cent; Farmers Home Voluntary transfers of farm real estate also declined. Administration, 4 per cent; insured commercial However, the proportion of farm sales that in- banks, 3 per cent; and individuals and miscelvolved credit financing increased; they were 71 laneous lenders, 6 per cent. On January 1, 1954, per cent of the total in the year ended March 15, Federal land banks and life insurance companies 1954, compared with 67.5 per cent a year earlier. were the only lenders who held larger shares of The average proportion of the selling price of farm total farm-mortgage debt than a year earlier (Table real estate financed by credit was slightly higher in 8). Life insurance companies—the most important 1953. institutional lender group—held 25 per cent of the The dollar amount of farm mortgages recorded total farm-mortgage debt at the beginning of 1954. during 1953 totaled 1.9 billion dollars, 4 per cent Federal land banks and the Federal Farm Mortgage above that of 1952, and the highest amount re- Corporation combined held 16 per cent, and incorded in any year since 1926. Recordings of Fed- sured commercial banks held 14 per cent. Dollar eral land banks and of insurance companies each holdings of farm mortgages of major lenders are increased 14 per cent in 1953, but the total amount shown in the chart on the following page. of farm mortgages recorded by commercial banks Increases in farm-mortgage debt in 1953 ranged in 1953 was about the same as in 1952, and record- from 9 to 12 per cent in the Southeast, Delta, Texasings by individuals declined 5 per cent. Part of the Oklahoma, Mountain, and Pacific States. The decline in farm-mortgage recordings by individuals smallest increases were in the Lake States and in probably was due to the decline in farm real estate the Corn Belt States, where farm-mortgage debt transfers. The average size of farm mortgage re- increased only 4 per cent in 1953. The relatively corded in 1953 was $5,910, and in 1952 it was larger increases in the southern and western States $5,630. resulted partly from the effects of drought and TABLE 8 FARM-MORTGAGE DEBT OUTSTANDING, BY LENDERS, UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-54 Year T d o e t b a t l F b e a la d n n e k d r s a 1 l C Fe o M d rp e o o r r a r t l a g t a F i g o a e n rm 12 m H i F n o i a m s r t m r e a e A t r io s d n - 3 co in m s L u p r i a f a n e n i c e e s1 co I m b n a s m u n e r k r e s c d ial m I is n c d e i a l v l n a id d n u eo al u s s 4 Amount Outstanding [In millions of dollars] 1940 6,586 2,010 713 32 984 534 2,313 1946 4,760 1,079 239 182 891 507 1,862 1953 «7,154 1,071 24 258 •1,715 1,033 «3,O53 1954 67.660 1,169 18 268 »1,896 1,060 «3,249 Percentage Change 1940-54 16.3 -41.8 -97.5 739.6 92.6 98.4 40.4 1950-54 37.3 29.1 -69.9 41.9 61.7 20.5 36.8 1953-54 7.1 9.2 -26.2 3.9 10.6 2.6 6.4 1Also include purchase-money mortgages and sales contracts. 2Loans were made for the Corporation by Land Bank Commissioner. Authority to make new loans expired July 1, 1947. 3For 1940 tenant-purchase loans only. 1945-54 includes tenant-purchase, farm-enlargement, farm-development, and project-liquidation loans, and, beginning 1951, farm-housing loans. Data also include similar loans from State Corporation trust funds. 4 Estimates of farm-mortgage debt held by individual and miscellaneous lenders for 1951 and later years should be regarded only as general indicators of trend. 6Revised. 6 Preliminary. 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 FARM MORTGAGE DEBT HELD NON-REAL-ESTATE FARM LOANS BY MAJOR LENDERS (HELD BY BANKS AND FEDERALLY-SPONSORED AGENCIES) Percentage Change, 1953-54* BIL. DOLLARS f T I „ Farmers Home Adm. E3 Joint-stock land banks 12- ES3 Fed. Farm Mort. CorP.-g3 Fed. land banks jijiii Life ins. cos. Banks* 1910 1920 1930 1940 1950 lower prices of cattle in parts of this area, develop- debt was mainly the result of forces which began to ment of irrigation farming, and increasing avail- develop in 1952. With increased marketings of ability of mortgage credit from private lenders such livestock, many loans incurred in recent years duras life insurance companies. ing the rapid buildup in cattle numbers were re- The average interest rate payable on farm-mort- duced or repaid. The drop in prices reduced the gage debt outstanding January 1, 1954 was 4.7 per credit needs of those who bought feeders and other cent—only slightly higher than that of a year cattle and discouraged some farmers from buying earlier. Total farm-mortgage interest charges pay- as many cattle as they otherwise might have bought. able during 1953 were 347 million dollars, 9 per Also, caution in the expansion of credit, by both cent above those of 1952. borrowers and lenders, became more general be- Non-real-estate debt. Non-real-estate debt owed cause of the decline in the prices of many farm by farmers to various lenders and creditors (exclud- products. Another factor is the increase in real ing price-support loans made or guaranteed by the estate and price-support loans, part of which may Commodity Credit Corporation) declined nearly 9 have been used for production purposes. per cent during 1953, from 7.6 billion dollars to 7.0 Non-real-estate loans of banks and Federally billion (Table 9). During all other postwar years sponsored agencies, which accounted for more than non-real-estate debt increased. But the debt on half of the total non-real-estate farm debt, decreased January 1, 1954 was still a record high for that time 11 per cent during 1953. Declines occurred in 35 of year except for 1952 and 1953. States; these were largest in the West North Central The reduction in such short-term, non-real-estate region, as is shown in the map. In Iowa, Missouri, and Nebraska, where cattle feeding is important, TABLE 9 loans of these institutions dropped 26, 22, and 25 FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES per cent, respectively. Iowa and Nebraska were JANUARY 1, SELECTED YEARS, 1940-54 among the few States which also showed declines [In billions of dollars] in 1952. During 1953, non-real-estate loans de- Type of debt 1940 1946 1952 1953 1954 creased in all the Mountain and Pacific States, where ranching is important. The decreases of 20 Price-support loans made or guar- per cent in Arkansas and 36 per cent in Mississippi anteed by Commodity Credit Corporation * 0.4 0.3 0.6 1.2 2.4 are in sharp contrast to the unusually large in- Other loans by banks and Federally sponsored agencies 1.5 1.7 4.1 4.2 3.8 creases of 26 and 54 per cent which occurred in Loans and book credits by miscellaneous lenders2 1.5 1.2 3.2 3.4 3.2 these States in 1952. Increases in non-real-estate Total excluding Commodity Credit Corporation loans 3.0 2.9 7.3 7.6 7.0 debt during 1953, most of which were small, oc- Total including Commodity Credit Corporation loans 3.4 3.2 7.9 8.8 9.4 curred mainly in the Eastern and Northeastern States. lAlthough these are nonrecourse loans, they are treated as debts By lender groups, the declines in non-real-estate because borrowers must either pay them in cash or deliver the commodities on which they are based. loans during 1953 were: Banks, 14 per cent; pro- 2 Estimates based on fragmentary data. 831 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 duction credit associations, 9 per cent; and live- NON-REAL-ESTATE FARM LOANS stock loan associations and agricultural credit cor- Held by Banks and Fecferaffy Sponsored Agencies*^ portations discounting with the Federal intermediate credit banks, 23 percent. The Farmers Home Administration was the only agency to show a rise in non-real-estate loans—12 per cent. Largest increases in FHA loans were: 58 per cent in Texas and Arizona, 52 per cent in New Mexico, and 35 per cent in Colorado. Disaster and emergency loans, as a result of drought or the decline in cattle prices, largely accounted for the increases in those areas. 1910 1920 1930 1940 1950 * MN. I ANA iUtr r OAt/V; B Non-real-estate farm loans of banks and Fedt INCl. FlDCtAt INTMMCDIA erally sponsored agencies were about 125 per cent higher on January 1, 1954 than at the beginning of the postwar period—January 1, 1946. Increases billion dollars were loans held by the Commodity shown during this period were 168 per cent for Credit Corporation and 1.0 billion were held dibanks, 178 per cent for production credit associa- rectly by banks. In addition, banks held certificates tions, and 140 per cent for other lenders discount- of interest, amounting to 0.7 billion dollars, in the ing with the Federal intermediate credit banks. loans held by the Commodity Credit Corporation. The Farmers Home Administration, which liqui- The issuance of certificates of interest, which are dated many loans carried over from the 1930's, negotiable and bear rates of 2l/ to 2l/ per cent, 9 2 showed a decline of 6 per cent. By regions, non- was a measure taken to encourage banks to assume real-estate loans of the principal lenders increased an increasing share of the heavy price-support 168 per cent in the Northeast, 110 per cent in the financing that was necessary in late 1953. Of all South, 124 per cent in the Midwest, and 140 per price-support loans outstanding at the beginning of cent in the West. 1954, including loans to cooperatives as well as to For the first four months of 1954, the decline in individual farmers, 40 per cent were on cotton; non-real-estate loans appears to have been at a 30 per cent on wheat; 12 per cent on corn; and 8 slower rate than in 1953. At the beginning of 1954, per cent on tobacco. compared with a year earlier, loans of production Total farm debt. Total farm debt (excluding credit associations and Federal Reserve member price-support loans) rose continuously from 7.7 banks were down 9 and 15 per cent, respectively. billion dollars on January 1, 1946 to 14.8 billion on In April, however, loans of these two lender groups January 1, 1953. During 1953 it declined slightly, were down only 6 and 12 per cent, respectively, to 14.7 billion dollars. from a year earlier. In the western Corn Belt Estimates of the total debt of farmers are not States, new loans of production credit associations available by regions. But changes in the farm loans were in slightly larger volume in the first half of held by the principal institutional lenders—banks, 1954 than a year earlier. Changes in that area are life insurance companies, and Federally sponsored largely related to the feeder cattle situation. At the agencies—may be indicative of regional changes in end of 1953, for the United States as a whole, 9 per total farm debt. During 1953 total farm loans of cent fewer cattle were on feed, but by April 1954, these lenders declined about 6 per cent in the Corn as a result of heavy cattle shipments, the number Belt, Great Plains, and Delta regions, and 3 per was nearly equal to that of a year earlier. cent in the Mountain and Pacific regions (Table Price-support loans made or guaranteed by the 10). Elsewhere total debt increased, with the Commodity Credit Corporation continued to ex- largest increase—5 per cent—in the Appalachian pand during 1953, and by January 1, 1954, such 7 This amount does not include approximately 650 million loans outstanding to farmers totaled nearly 2.4 bildollars of loans to cooperative associations. Nearly all of lion dollars.7 This compares with 1.2 billion dollars these loans to cooperatives were held by Commodity Credit a year earlier, and 0.6 billion two years earlier. Of Corporation, but banks held nearly 500 million dollars in the 2.4 billion dollars on January 1, 1954, about 1.4 certificates of interest which had been issued against them. 832 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1954 region. For the entire postwar period beginning to about 54 per cent of the total. 1946, the greatest debt expansion—145 per cent— For most of the period from 1946 to 1953, the was in the Mountain region. The Pacific region growth of farm capital was chiefly in forms that are was next with a rise of 117 per cent. During the usually financed by short- or intermediate-term postwar years total farm debt increased the least in non-real-estate credit. Farmers bought increased the Great Plains and Corn Belt States, where the amounts of machinery and equipment. They exrise was 37 per cent and 58 per cent, respectively. panded their herds and grew large acreages of crops with unusually heavy expenditures for labor, TABLE 10 feed, fertilizer, and other supplies. They remodeled and improved their buildings, bought automobiles, PERCENTAGE CHANGE IN TOTAL FARM DEBT HELD BY and acquired many electrical appliances and other INSTITUTIONAL LENDERS, BY REGIONS JANUARY 1, 1946-54 AND JANUARY 1, 1953-54 x household goods at a relatively rapid rate. Debts could be repaid relatively fast during this period of Percentage Percentage high income; short-term, non-real-estate loans somechange change times were even used to buy farms and for other Region Jan. 1,Jan. 1, Region Jan. 1,Jan. 1, purposes that are usually financed with long-term 1946- 1953- 1946- 1953- Jan. 1,Jan. 1, Jan. 1,Jan. 1, real estate credit. 1954 1954 1954 1954 Beginning in 1952, and continuing through 1953, Northeast.... + 112.6 +3.9 Great Plains +37.3 -5.8 changes were occurring which shifted more of the Appalachian.. +107.1 +4.8 Texas-Oklahoma . +94.7 +2.0 total farm debt to real estate debt. Increased Southeast +87.6 +2.8 Mountain +144.7 -3.1 Lake States. . +62.7 +0.6 Pacific +116.8 -2.6 marketings of livestock permitted reduction of out- Corn Belt +58.3 -5.9 Delta States.. +71.8 -6.2 United States. . . +79.0 -1.9 standing non-real-estate debt and lower cattle prices reduced needs for new credit. Purchases of farm 1 In this table and elsewhere in this report the regions used and the States in each are as follows: Northeast (Maine, N. H., Vt., Mass., equipment declined, and farmers probably were R. L, Conn., N. Y., N. J., and Pa.); Appalachian (Del., Md., Va.. W. Va., N. C, Ky., and Tenn.); Southeast (S. C, Ga., Fla., and more careful in their family expenditures. The Ala.); Lake States (Mich., Wis., and Minn.); Corn Belt (Ohio, tendency toward reduced expenditures, particularly Ind., 111., Iowa, and Mo.); Delta States (Miss., Ark., and La.); Great Plains (N. Dak., S. Dak., Nebr., and Kans.); Texas-Oklahoma those involving short-term financing, resulted partly (Tex. and Okla.); Mountain (Mont., Idaho, Wyo., Colo., N. Mex., Ariz., Utah, and Nev.); Pacific (Wash., Oreg., and Calif.). from caution generated by the widespread decline in farm cash receipts. This less favorable situation On January 1, 1946, for the United States as a also caused difficulty in making payments and whole, nearly two-thirds of the total farm debt held created a desire for longer term loans with smaller by institutional lenders was secured by farm real payments. In some areas increased refinancing of estate. In January 1953, however, the debt was non-real-estate debts with longer term real estate about evenly divided between non-real-estate and mortgages has been reported. This same situation real estate debt. By 1954, farm real estate debt probably has slowed the rate at which real estate again had become the more important, amounting loans have been repaid. AUGUST 1954 833 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 Federal Reserve Notes which the Small Business Administration cooperates or purchases a participation. The text of the Act Amendment to Section 16 is as follows: By Act of Congress approved July 19, 1954, the provisions of section 16 of the Federal Reserve Act PUBLIC LAW 520—83D CONGRESS prohibiting one Federal Reserve Bank from paying CHAPTER 561—2D SESSION out the notes of another Federal Reserve Bank were S. 3480 repealed. The text of the Act is as follows: AN ACT PUBLIC LAW 514—83D CONGRESS To amend section 24 of the Federal Reserve Act, as amended CHAPTER 547—2D SESSION Be it enacted by the Senate and House of Repre- H. R. 9143 sentatives of the United States of America in Con- AN ACT gress assembled, That the fourth paragraph of sec- To repeal the provisions of section 16 of the Federal Re- tion 24 of the Federal Reserve Act, as amended serve Act which prohibits a Federal Reserve bank from (U. S. C, 1952 edition, title 12, sec. 371), is paying out notes of another Federal Reserve bank amended by adding in clause (d) the words "or the Be it enacted by the Senate and House of Repre- Small Business Administration" after the words sentatives of the United States of America in Con- "the Housing and Home Finance Administrator", gress assembled, That the third paragraph of sec- and by adding the words "or of the Small Business tion 16 of the Federal Reserve Act as amended, is Act of 1953," after the words "Housing Act of amended by striking out the sentences thereof 1948, as amended,". which read as follows: "Whenever Federal reserve Approved July 22, 1954. notes issued through one Federal Reserve bank shall be received by another Federal Reserve bank, Common Trust Funds they shall be promptly returned for credit or re- Inter-trust Transfer of Participations demption to the Federal Reserve bank through which they were originally issued or, upon direc- The Board of Governors has been presented with tion of such Federal Reserve bank, they shall be two questions with respect to the inter-trust transforwarded direct to the Treasurer of the United fer of participations in a common trust fund. States to be retired. No Federal Reserve bank In the first case, a donor wishes to combine shall pay out notes issued through another under two trusts, both revocable and created by him at penalty of a tax of 10 per centum upon the face different times, all assets of each having been invalue of notes so paid out." vested in the common trust fund. The trustee wishes to consummate this transaction by transfer Approved July 19, 1954. of the units of participation in the common trust National Bank Real Estate Loans fund rather than by liquidation and reinvestment of such units. Amendment to Section 24 In the second case, the beneficiary of a terminat- By Act of Congress approved July 22, 1954, the ing testamentary trust, invested in the common fourth paragraph of section 24 of the Federal Re- trust fund, wishes to create a living trust with his serve Act was amended so as to make the limita- distributable share. In carrying out this transaction, tions and restrictions on real estate loans by national the trustee wishes to transfer units of participation banks inapplicable to loans made by such banks to rather than liquidate them and reinvest the proceeds established industrial or commercial businesses in in the living trust. 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT The only provision of Regulation F pertaining inter-trust transfers of participations in a common to this matter is the second sentence of the third trust fund. paragraph of section 17(a), which provides that The Board is of the opinion, therefore, that, in "No bank administering a Common Trust Fund these two cases, the transfer of units in a common shall issue any document evidencing a direct or in- trust fund does not violate the spirit and purpose direct interest in such Common Trust Fund in any of the regulation and is not prohibited. However, form which purports to be negotiable or assign- it should be borne in mind that any trust which able." acquires, by inter-trust transfer, an investment in a The purpose of this provision was to minimize common trust fund must be one created and used the possibility of common trust funds being used as for bona fide fiduciary purposes. investment trusts, the shares of which ordinarily The possible tax aspects of the cases submitted are negotiable or assignable, and to preclude any have not been explored, but it is assumed that a evidence of participation in such funds reaching bank will take appropriate steps to satisfy itself the hands of the general public. It was not the that transactions of this kind would not be used to intent of this provision to prohibit, in all instances, accomplish an improper avoidance of tax liability. CURRENT EVENTS AND ANNOUNCEMENTS Appointments of Mr. Miller and Mr. Balderston time he became Director of the University of Minas Members of the Board of Governors nesota Agricultural Extension Division at St. Paul, The appointments of Mr. Paul E. Miller, of Min- the position he was occupying at the time of his apnesota, and Mr. C. Canby Balderston, of Pennsyl- pointment as a Member of the Board of Governors. vania, as Members of the Board of Governors of Mr. Miller is the author of numerous agricultural the Federal Reserve System were confirmed by the extension reports and has long been identified with Senate on August 3 and August 6, 1954, respec- public service, particularly with respect to agricultively. Mr. Miller qualified for office on August ture, having served on a number of State and na- 13 at Minneapolis, and Mr. Balderston qualified at tional boards and commissions. During 1950, he Philadelphia on August 12 . served as Agricultural Consultant to the Organiza- Mr. Miller was appointed for the term of four- tion for European Economic Cooperation and, durteen years from February 1, 1954, to succeed Mr. ing 1950-51, he served in Dublin as Chief of the R. M. Evans, whose term of office expired on Jan- E.C.A. Special Mission to Ireland. Early in 1953, uary 31, 1954, and who under the terms of the law he went to Denmark as a member of the Mutual continued to serve until his successor was appointed Security evaluation team. and qualified. At the time of Mr. Miller's appointment as a Mr. Miller was born in Cedar Rapids, Iowa, on Member of the Board of Governors, he was serving October 30, 1888, the son of Jacob Kurtz Miller and as a member of the Board of Directors of the Ida Bluebaugh Miller. He married Miss Margaret Seventh District, Farm Credit Administration, and, Jones on June 23, 1914, and they have three sons. since January 1, 1946, had been serving as a Class He received his B.S. degree from Iowa State Col- C director of the Federal Reserve Bank of Minnelege in 1911 and the degree'M.S. in Agriculture in apolis. He served as Deputy Chairman at the Fed- 1921. In 1951, he received the honorary degree of eral Reserve Bank of Minneapolis from December Doctor of Economic Science from the National Uni- 27, 1951, through December 31, 1953, when he was versity of Ireland. designated Chairman and Federal Reserve Agent. Mr. Miller was an instructor of agronomy at the University of Minnesota West Central School of Agriculture and Experiment Station at Morris, Min- Mr. Balderston was appointed for the unexpired nesota, from 1911 to 1917, and served as professor portion of the term of fourteen years from February and superintendent from 1917 to 1938, at which 1, 1952. He succeeded Mr. Oliver S. Powell who 835 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS resigned effective June 30, 1952, to accept appoint- Designation of Mr. Perrin as Chairman and Federal Reserve Agent ment as President of the Federal Reserve Bank of On August 12, 1954, the Board of Governors an- Minneapolis. nounced the designation of Mr. Leslie N. Perrin, Mr. Balderston was born at Kennett Square, Consultant and member of Executive Committee, Pennsylvania, on February 1, 1897, the son of John General Mills, Inc., Minneapolis, Minnesota, as L. Balderston and Anna M. Balderston. On July Chairman and Federal Reserve Agent at the Fed- 28, 1922, he married Miss Gertrude Emery (deeral Reserve Bank of Minneapolis, effective August ceased) and they had two sons. On November 21, 16, 1954, for the balance of 1954. Mr. Perrin, who 1942, Mr. Balderston married Mrs. Ida Roberts had been serving as a Class C director and Deputy Smedley. He attended Pennsylvania State College Chairman since January 1, 1954, succeeded Mr. Paul and received B.S. in Economics and Ph.D. degrees E. Miller, who resigned as Chairman and Federal from the University of Pennsylvania. Reserve Agent to become a Member of the Board Mr. Balderston served as Assistant Professor of of Governors of the Federal Reserve System. Industry at the University of Pennsylvania from Complete List of All Members of the Board of 1925 to 1931 and since that time has been serving Governors of the Federal Reserve System as Professor. Since 1941, Mr. Balderston also has On pages 837-838 of this BULLETIN is a table been the Dean of the Wharton School of Finance which lists all members of the Board from the beand Commerce of the University of Pennsylvania. ginning of the Federal Reserve System, with in- During 1942-45, Mr. Balderston served as Chief, formation regarding the Federal Reserve districts War Department Wage Administration Agency from which they were appointed and their terms and of the Wage Administration Section, Head- of office. quarters, Army Service Forces. When appointed Admission of State Bank to Membership in the to the Board of Governors, he was President of Federal Reserve System Leeds & Lippincott Co.; Trustee of Bryn Mawr The following State bank was admitted to mem- College; Chairman of Board of the National Bu- bership in the Federal Reserve System during the reau of Economic Research; former president of the period June 16, 1954 to July 15, 1954: American Association of Collegiate Schools of Busi- Michigan ness; Chairman of the Investment Committee, West- Metamora—Metamora State Savings Bank. town School; member of the Board of Managers of Tables Published Annually and Semiannually, with Friends Hospital, Frankford; and a member of the American Management Association, American Eco- Latest BULLETIN Reference nomic Association, American Statistical Association, Semiannually Issue Page and the Society for the Advancement of Manage- Banking offices: Analysis of changes in number of... Aug. 1954 903 ment. He is also the author of numerous publica- On, and not on, Federal Reserve Par List, number of Aug. 1954 904 tions relating to personnel, wages, management, and public relations. Annually From April 8, 1943, Mr. Balderston served as a Earnings and expenses: Federal Reserve Banks Feb. 1954 208-209 Class C director of the Federal Reserve Bank of Member banks: Calendar year May 1954 524-534 Philadelphia, and from March 18, 1949, as Deputy First half of year Oct. 1953 1114 Insured commercial banks May 1954 535 Chairman, until his services in these capacities ter- Banks and branches, number of, by class and State May 1954 536-537 minated on December 31, 1953. Operating ratios, member banks Aug. 1954 900-902 836 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,1 1913=1954 APPOINTIVE MEMBERS Federal Effective Reserve date of District appointment Charles S. Hamlin. Boston Aug. 10, 1914 Reappointed 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg New York.... ..do Term expired Aug. 9, 1918. Frederic A. Delano Chicago .do Resigned July 21, 1918. W. P. G. Harding Atlanta .do Term expired Aug. 9, 1922. Adolph C. Miller San Francisco. .do Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss New York. . . Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah.. Chicago Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Platt New York. . . June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills Cleveland. . . Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell Minneapolis. May 12, 1921 Resigned May 12, 1923. Milo D. Campbell Chicago Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger. . . . Cleveland. . . May 1, 1923 Resigned Sept. 15, 1927. George R. James St. Louis.... May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham Chicago do Died Nov. 28, 1930. Roy A. Young Minneapolis. . Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer New York. . . Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee Kansas City. May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black Atlanta May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak Chicago June 14, 1933 Reappointed effective Feb. 3, 1936, and Feb. 1, 1948. J. J. Thomas Kansas City. . do Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles San Francisco. Nov. 15, 1934 Reappointed effective Feb. 3, 1936, Mar. 8, 1940, and Feb. 1, 1944. Resigned July 14, 1951. Joseph A. Broderick New York. Feb. 3, 1936 Resigned effective Sept. 30, 1937. JohnK. McKee Cleveland. do Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom Atlanta. .do. Reappointed effective Feb. 1, 1942. Died Dec. 2, 1947. Ralph W. Morrison Dallas Feb. 10, 1936 Resigned effective July 9, 1936. Chester C. Davis Richmond. June 25, 1936 Resigned effective Mar. 7, 1940, to accept reappointment effective Mar. 8, 1940, for term of fourteen years from Feb. 1, 1940. Resigned effective Apr. 15, 1941. Ernest G. Draper New York. . . . Mar. 30, 1938 Served until Sept. 1, 1950, on which date his successor took office. Rudolph M. Evans. . . . Richmond.... Mar. 14, 1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr, St. Louis Apr. 4, 1946 Lawrence Clayton Boston Feb. 14, 1947 Died, Dec. 4, 1949. Thomas B. McCabe.... Philadelphia. . Apr. 15, 1948 Resigned Mar. 31, 1951. Edward L. Norton Atlanta Sept. 1, 1950 Resigned Feb. 1, 1952. Oliver S. Powell Minneapolis. . do Resigned June 30, 1952. Wm. McC. Martin, Jr.. New York.... Apr. 2, 1951 Abbot L. Mills, Jr San Francisco. Feb. 18, 1952 James L. Robertson... . Kansas City. . Feb. 18, 1952 PaulE. Miller Minneapolis. . Aug. 13, 1954 C. Canby Balderston.. . Philadelphia. . Aug. 12, 1954 1 Under the provisions or the original Federal Reserve Act the Federal Reserve Board was composed of seven members, including five appointive members, the Secretary of the Treasury, who was ex-officio chairman of the Board, and the Comptroller of the Currency. The original term of office was 10 years, and the five original appointive members had terms of 2, 4, 6, 8, and 10 years, respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to 12 years. The Banking Act of 1935, approved Aug. 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System and provided that the Board should be composed of seven appointive members; that the Secretary of the Treasury and the Comptroller of the Currency should continue to serve as members until February 1, 1936; that the appointive members in office on the date of that Act should continue to serve until February 1, 1936, or until their successors were appointed and had qualified and that thereafter the terms of members should be 14 years and that the designation of Chairman and Vice Chairman of the Board should be for a term of four years. 837 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP OF BOARD 1913-1954 CHAIRMAN2 VICE CHAIRMAN2 Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916. F. A. Delano Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918. D. R. Crissinger May 1, 1923-Sept. 15, 1927. Albert Strauss Oct. 26, 1918-Mar. 15, 1920. Roy A. Young Oct. 4, 1927-Aug. 31, 1930. Edmund Platt July 23, 1920-Sept. 14, 1930. Eugene Meyer Sept. 16, 1930-May 10, 1933. J. J. Thomas Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black May 19, 1933-Aug. 15, 1934. Ronald Ransom Aug. 6, 1936-Dec. 2, 1947. Marriner S. Eccles Nov. 15, 1934-Jan. 31, 1948. Thomas B. McCabe Apr. 15, 1948-Mar. 31, 1951. Wm. McC. Martin, Jr...Apr. 2, 1951- EX-OFFICIO MEMBERS1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams. .Feb. 2, 1914-Mar. 2, 1921. Carter Glass Dec. 16, 1918-Feb. 1, 1920. D. R. Crissinger Mar. 17, 1921-Apr. 30, 1923. David F. Houston Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes May 1, 1923-Dec. 17, 1924. Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932. Joseph W. McIntosh....Dec. 20, 1924-Nov. 20, 1928. Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933. J. W. Pole Nov. 21, 1928-Sept. 20, 1932. William H. Woodin Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr... Jan. 1, 1934-Feb. 1, 1936. For footnote see preceding page. 2Prior to Aug. 23, 1935, the Chairman and Vice Chairman of the Board were known as Governor and Vice Governor, respectively. 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication August 16] Business activity generally continued stable in Nondurable goods output in July was unchanged July. Over-all measures of industrial production, for the third month at 116 per cent of the 1947-49 employment, prices, and retail sales changed little. average, as compared with a low of 112 last winter Construction activity rose further. Farm crop pros- and 121 a year ago. Substantial recovery in pects deteriorated owing to unusually hot, dry leather and rubber products industries in May and weather. Credit availability generally remained June was interrupted in July by an important work easy. stoppage, while output of paper and chemical INDUSTRIAL PRODUCTION products apparently continued very strong. Activity at petroleum refineries was curtailed moder- The Board's preliminary seasonally adjusted inately further in July with inventories continuing dex of industrial production held steady in July at at advanced levels, and there was also a reduction the May-June level of 124 per cent of the 1947-49 in crude oil production. average. Plantwide shutdowns for vacations and other purposes, which have become widespread in CONSTRUCTION the postwar period, resulted in about the usual sea- Expenditures for new construction in July, seasonal drops in most industries. sonally adjusted, rose slightly further from the ad- Durable goods production in July rose slightly, vanced level of earlier months, as most types of reflecting mainly further strength in output of private construction showed small increases. Value major household goods. Television set production of contracts for new construction was at a new showed much less than the usual seasonal decline high for July, with increases from June in both in July, partly because important work stoppages private and public awards. The number of new were terminated. Output of furniture rose further. housing units included in appraisal requests to the Following a high rate of output in the second quar- VA continued unusually large in July and was ter, auto production declined in July to a level well more than twice the year-ago number. below the exceptionally high rates of last year. Steel output also fell by more than the seasonal amount EMPLOYMENT in July; mill operations for the month were at 63 Seasonally adjusted employment in nonagriculper cent of rated capacity. In early August steel tural establishments declined slightly in July to 48 output has been scheduled at around 64 per cent million, reflecting largely work stoppages in the of capacity. Lumber production was lower in July lumber and rubber industries and a further reducas work stoppages continued. CONSTRUCTION CONTRACTS AWARDED INDUSTRIAL PRODUCTION Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for July. Monthly figures, latest shown are for July. AUGUST 1954 839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS tion in metalworking employment. Employment early August as more favorable weather developed. was relatively stable in nonmanufacturing indus- Among industrial commodities, aluminum prices tries. Unemployment, at 3.3 million, continued at were raised and steel scrap advanced, but copper the May-June level. scrap declined slightly. Prices of some petroleum products strengthened in early August following AGRICULTURE earlier decreases. Lumber prices, despite the con- Hot, dry weather over much of the nation's agri- tinued work stoppage, declined somewhat from the cultural area reduced crop prospects during July. advanced levels of early July. Total volume is now officially forecast at about 5 A slight rise in the consumer price index in June per cent below last year and about the same as in reflected chiefly seasonal increases in fresh fruits 1950, the most recent year in which production and vegetables. All groups other than foods were restrictions were also in effect on all major crops. unchanged or down slightly. Fresh fruits and vegetables rose somewhat further to mid-July, but DISTRIBUTION meat prices have declined since then. Retail sales were generally maintained in July BANK CREDIT AND RESERVES after allowance for seasonal variation. Auto sales receded from the sharply advanced June level but Bank holdings of U. S. Government securities insales of most other merchandise held steady or creased substantially in early August reflecting priincreased. At department stores the seasonally marily bank purchases of part of the 3.7 billion adjusted sales index rose to 115 per cent of the dollars of tax-anticipation certificates sold by the 1947-49 average, 3 per cent above June and 2 per Treasury. Agricultural loans at commercial banks cent above July a year ago. Department store declined sharply as a result of the redemption of stocks in June showed little change at a level 5 Commodity Credit Corporation paper. per cent below a year ago. Excess reserves of member banks averaged about 900 million dollars in late July and the first part COMMODITY PRICES of August with borrowing at the Federal Reserve Wholesale prices generally continued to change generally less than 100 million. About 900 million little in July and early August. Prices of livestock dollars of reserves were made available to banks and products declined somewhat further during through reductions in reserve requirement per- July as marketings showed a more than seasonal centages, of which only part was absorbed by reducexpansion. Grain and soybean futures rose, reflect- tion in Federal Reserve holdings of U. S. Governing adverse weather conditions, but weakened in ment securities, increases in Treasury deposits at the Reserve Banks, currency outflows, and in- PRICES AND TRADE creases in member bank deposits. Reserve positions Per cent, 1947-49 • 100 WHOLESALE PRICES tightened at banks in the money centers in the second week of August, however, reflecting largely OTHER,, shifts of funds due to Treasury operations. CONSUMER PRICES *7 COMMODITIES VM,* K-\ J CFAAD R»1M* SECURITY MARKETS PRODUCTS ,,,1 Inn Yields on most Government securities advanced DEPARTMENT STORE TRADE moderately from mid-July to mid-August. In early August holders of the 7.5 billion dollars of cer- \ STOCKS /*. tificates maturing in August and September were offered in exchange a 1-year 11/ per cent certificate RE ' T T A O IL T A S L ALES or a 6-year and 3-month 2% P 8 er cent bond. Exchanges into bonds totaled 3.8 billion dollars, and cash redemptions were less than 3 per cent. , Imnminl - immmnLi 1950 1952 1950 1952 T954 Yields on high-grade municipal bonds continued Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail to decline during late July and early August, while sales, based on Department of Commerce data; department store trade, Federal Reserve. "Other" wholesale prices exclude corporate bond yields were steady. Common stock processed foods, included in total but not shown separately. Monthly figures, latest shown: June for income and department prices increased further in the latter part of July, store stocks; July for other series. July consumer prices estibut declined somewhat early in August. mated by Federal Reserve. 840 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 843-844 Federal Reserve Bank rates; margin requirements; reserve requirements 844-845 Reserves and deposits of member banks 846 Federal Reserve Bank statistics 847-849 Regulation V: guaranteed loans, fees, and rates 849-850 Bank debits and deposit turnover; Postal Savings System 850 Money in circulation 851 Consolidated statement of the monetary system; deposits and currency.. 852 All banks in the United States, by classes 853-855 All commercial banks in the United States, by classes 856-857 Weekly reporting member banks 858-859 Commercial paper and bankers' acceptances 860 Life insurance companies; savings and loan associations 861 Government corporations and credit agencies 862-863 Security prices and brokers' balances 864 Money rates; bank rates on business loans; bond and stock yields 865 Treasury finance 866-871 New security issues 872 Business finance 873-874 Real estate credit statistics 875-877 Statistics on short- and intermediate-term consumer credit 878-880 Business indexes 881-890 Merchandise exports and imports 890 Department store statistics 891-895 Consumer and wholesale prices 896-897 Gross national product, national income, and personal income 898-899 Member Bank Operating Ratios, 1953 900-902 Changes in Number of Banking Offices in the United States 903 Number of Banking Offices on Federal Reserve Par List and Not on Par List 904 List of tables published in BULLETIN annually or semiannually, with references for latest data 836 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other scries 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. AUGUST 1954 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednetdoy Figures, 1946-1950, Weekly Av»fog»» of Daily Figures, 1951- Billions of Dollars 25 £t&£££2s*^^ FEDERAI RESERVE CREDIT - - S. GOVERNMESIT SECURITIES 25 Si/** /^ OUTRIGHT - \ V r J BOUGHT 20 - 15 f 3 HELD UNDER REPURCHASE AGREEMENTS . \ • rti> • M/ 0 5 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT jV*AM»A*Jy*»A« 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending July 28. See p. 844. i42 FEDERAL RESERVE BULLET] 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] Date T U o .S t . a l Go B R r v o o i t g e u u . s h t g s - e t h e r t c v u e u r c a r H e h n g i B t p e a d r i a l e u e s e d n e e s r r k - - v c c a D r o a a e n n u d i d s c d n - - i e t t s s ou F t l s o t a a t ndi o A n t g h ll - Total s G to o c ld k s T r o c e t u i r a n u n u e r n g y r c t a - - d y s - - M c t c u i o i i o n l n r a n - e - y T h c i u n o r a e r g l s y d a h s - s T th w u r d r e a e r e i D y - s n a th e s e r - m p v F o e e . s F e m d R i b i o t e g b a s . - r n , e l - a B r o n a t b c h n O a e d e k e s n t e r r s h , - k - c O s F o e R e a t e r u r c h e a d v - n - e l - e t r s Tot r a e M l se e r q m v u e b R i e r b e e r - a d l b 2 a a n n c k e E s xment posits posits Wednesday 1953 June 3.... 24,12124,071 507 785 25,418 22,536 4,849 29,980 ,282 137 520 253 90219,729 19,209 520 June 10.... 24,63724,632 454 646 25,741 22,537 4,850 30,003 ,289 6 587 173 90220,168 19,449 719 June 17 25,15425,154 286 1,213 26,656 22,513 4,851 29,970 ,276 8 598 252 95820,958 19,778 1,180 June 24 24,83724,837 317 619 25,776 22,487 4,851 29,929 ,272 8 615 158 960 20,173 19,594 579 July 1.... 24,76624,766 245 737 25,752 22,463 4,854 30,152 ,269 176 521 174 94919,828 19,113 715 July 8.... 24,96424,964 341 677 25,984 22,438 4,854 30,279 ,266 431 488 176 94819,690 19,002 688 July 15 24,96424,964 200 756 25,923 22,374 4,853 30,163 ,264 640 561 179 94719,397 18,253 1,144 July 22 24,96424,964 521 777 26,265 22,276 4,853 30,051 ,267 539 525 323 94719,742 19,098 644 July 29 24,96424,964 747 588 26,301 22,277 4,853 30,044 ,264 841 547 343 86319,529 19,014 515 Aug. 5.... 24,96424,964 561 625 26,153 22,227 4,858 30,139 ,276 460 557 332 86019,614 18,959 655 Aug. 12 24,96424,964 776 609 26,352 22,228 4,859 30,158 ,275 675 551 329 85919,593 18,942 651 Aug. 19 25,00824,989 19 815 751 26,577 22,228 4,861 30,145 ,280 738 610 390 86219,641 18,865 776 Aug. 26 25,01724,989 28 524 587 26,131 22,228 4,862 30,105 ,273 669 518 354 86219,440 18,860 580 Sept. 2 25,06725,014 53 391 610 26,071 22,178 4,865 30,240 ,278 541 538 333 859 19,325 18,884 441 Sept. 9.... 25,12625,034 92 491 559 26,179 22,178 4,865 30,479 ,274 574 569 363 85919,104 18,731 373 Sept. 16 25,20725,084 123 311 943 26,464 22,178 4,868 30,335 ,278 356 507 381 88219,771 18,885 886 Sept. 23.... 25,18525,185 228 813 26,228 22,179 4,869 30,210 ,277 619 543 259 88119,486 18,868 618 Sept. 30 25,23525,235 329 685 26,252 22,128 4,872 30,275 ,283 642 512 352 88019,309 18,816 493 Oct. 7.... 25,34825,348 281 606 26,238 22,128 4,872 30,374 ,284 524 484 370 899 19,303 18,757 546 Oct. 14 25,36325,348 15 271 685 26,322 22,128 4,873 30,412 ,271 348 461 375 89919,557 18,728 829 Oct. 21 25,34825,348 260 826 26,437 22,077 4,874 30,305 ,270 530 461 358 89719,567 18,817 750 Oct. 28 25,34825,348 359 599 26,309 22,077 4,874 30,268 ,282 644 471 366 89519,334 18,796 538 Nov. 4 25,44725,398 49 822 559 26,830 22,076 4,877 30,428 1,283 664 453 376 80119,779 18,845 934 Nov. 11. . . . 25,12324,958 165 365 622 26,111 22,077 4,878 30,540 784 322 449 534 80819,630 19,026 604 Nov. 18 24,95824,958 594 933 26,487 22,076 4,878 30,487 786 503 419 398 80520,044 19,187 857 Nov. 25. . . . 25,02224,993 "29 768 636 26,428 22,027 4,879 30,691 777 522 429 335 80519,775 19,150 625 Dec. 2 25,081 25,043 38 427 792 26,302 22,028 4,882 30,791 774 526 431 339 87819,474 19,161 313 Dec. 9 25,34525,143 202 727 606 26,681 22,028 4,883 30,904 778 488 491 331 88019,720 19,053 667 Dec. 16 25,45725,243 214 268 1,193 26,921 22,028 4,884 30,953 769 224 464 259 936 20,229 19,309 920 Dec. 23 25,88625,318 568 435 1,369 27,692 22,029 4,886 31,156 763 799 461 427 937 20,064 19,297 767 Dec. 30 25,90225,318 584 100 973 26,977 22,029 4,889 30,890 773 377 474 380 936 20,066 19,364 702 1954 Jan. 6.... 25,38425,318 66 170 963 26,519 22,029 4,890 30,591 770 222 440 • 397 836 20,184 19,390 794 Jan. 13 25,31825,318 156 754 26,230 22,030 4,890 30,284 775 86 500 441 836 20,228 19,250 978 Jan. 20 25,36425,364 70 977 26,412 22,006 4,890 30,083 782 5 443 286 83320,874 19,335 1,539 Jan. 27 24,661 24,661 110 722 25,495 22,006 4,890 29,900 795 236 493 278 83119,859 19,217 642 Feb. 3 24,77424,717 515 569 25,860 21,956 4,899 29,930 807 457 477 345 82919,870 19,089 781 Feb. 10. . . .24,86324,806 440 509 25,815 21,957 4,902 29,923 818 638 473 338 82819,654 18,937 717 Feb. 17 24,80624,806 291 798 25,897 21,957 4,905 29,821 820 533 482 346 91219,845 18,921 924 Feb. 24 24,55924,559 249 503 25,312 21,958 4,906 29,838 824 509 461 359 91119,273 18,853 420 Mar, 3 24,55924,559 267 861 25,689 21,958 4,912 29,885 820 528 476 402 90819,540 18,827 713 Mar, 10.... 24,68224,682 411 543 25,638 21,963 4,917 29,870 820 447 487 346 90719,640 18,792 848 Mar 17 24,58224,582 265 855 25,704 21,964 4,920 29,769 823 51 528 191 919 20,307 19,224 1,083 Mai 24. . . .24,70524,632 73 349 569 25,625 21,964 4,925 29,632 810 539 517 358 91919,739 18,869 870 Mar 31 24,63224,632 147 535 25,316 21,965 4,935 29,707 819 722 494 363 91719,194 18,689 505 Apr. 7 24,63224,632 177 546 25,357 21,966 4,935 29,795 823 570 491 371 93619,272 18,651 621 Apr. 14. . . .24,63224,632 171 599 25,404 21,966 4,943 29,793 831 639 469 353 93519.293 18,585 708 Apr. 21. . . . 24,63224,632 155 704 25,493 21,967 4,945 29,673 839 565 443 388 93119,566 18,648 918 Apr. 28. . . .24,63224,632 217 533 25,383 21,968 4,947 29,645 829 499 469 305 85219,699 18,759 940 May 5 24,63224,632 140 501 25,274 21,969 4,951 29,756 837 617 601 328 84919,207 18,837 370 May 12 24,63224,632 268 582 25,484 21,970 4,952 29,759 840 542 579 357 84819,481 18,717 764 May 19 24,68724,687 177 662 25,528 21,971 4,956 29,707 841 418 533 390 880 19,686 18,937 749 May 26 24,73724,737 202 550 25,490 21,972 4,957 29,697 834 505 502 383 88119,617 18,961 656 June 2 . . . . 24,81224,812 175 593 25,582 21,923 4,958 29,934 831 448 520 379 87719,474 18,898 576 June 9. . . . 24,98724,987 177 574 25,740 21,924 4,957 29,873 825 250 563 201 876 20,032 18,906 1,126 June 16.. . . 24,91024,910 136 797 25,844 21,925 4,956 29,803 810 459 543 199 99719,914 18,993 921 June 23. . . . 25,231 25,139 92 609 751 26,593 21,926 4,955 29,735 812 1,220 544 339 99919,825 18,828 997 June 30. . . . 25,03725,037 37 567 25,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 July 7. ... 25,03725,037 84 614 25,736 21,928 4,959 30,154 826 300 571 380 98719,406 18,420 986 July 14 24,90224,902 83 683 25,669 21,929 4,958 29,981 810 557 771 400 98519,052 18,340 712 July 21 24,71424,714 93 654 25,463 21,931 4,958 29,854 808 536 629 402 98319,141 ^18,344 P797 July 28 24,51724,517 220 525 25,263 21,907 4,959 29,776 812 548 549 398 91119,136 *>18 379 v757 End of month 1953 July 24,96424,964 644 565 26,176 22,277 4,859 30,120 1,263 548 566 346 862! 19,607 19,017 590 Aug 25,06324,989 74 343 549 25,958 22,178 4,867 30,248 1,269 496 524 325 862!19,278 18,802 476 Sept 25,23525,235 329 685 26,252 22,128 4,872 30,275 1,283 642 512 352 880>19,309 18,816 493 Oct 25,34825,348 413 787 26,550 22,077 4,879 30,398 1,275 654 448 468 802!19,460 18,826 634 Nov 25,09524,993 102 369 667 26,133 22,028 4,885 30,807 766 451 417 367 804t 19,434 19,087 347 Dec 25,91625,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954 Jan 24,64024,640 156 640 25,437 21,956 4,899 29,981 793 405 440 459 83019,384 19,016 368 Feb 24,50924,509 350 827 25,688 21,958 4,913 29,904 811 542 490 491 90919,412 18,821 591 Mar 24,63224,632 147 535 25,316 21,965 4,935 29,707 819 722 494 363 91719,194 18,689 505 Apr 24,63224,632 172 576 25,382 21,969 4,951 29,735 819 579 471 321 85019,528 18,844 684 May 24,81224,812 245 723 25,781 21,973 4,957 29,870 820 408 527 645 87819,563 18,891 672 June 25,03725,037 37 567 25,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 July 24,32524,325 184 672 25,183 '21,907M.960 P29.888 716 533 503 90818,702 P17.76O P942 v Preliminary. For footnotes see following page. AUGUST 1954 843 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 _ reserve balances, reserve balances U. S. Govt. securities i u r r e y as- Money Treas- with F. R. Banks w F t e n d e - r Date Dis- Gold cur- in ury eral pe o ri r od Total B r o o i u u g g h 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 co a a a n n u d c d n - e ts s Float o e A t r l h 1 l - Total stock s r o e t i a n n u n g c t- d y - c t c u i i o l r a n - - h c in o a l g s d h s - T p r u o d e r s e a y i - s ts - p F e o d i o g s e r i - n t - s O p d i e o t t e r s h s - - - c s o R e a u r c e v - n - e ts Total qu R ir e- ed2 c E es x s - 3 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 — — D jUe n c e . . . 2 1 , , 4 99 8 8 4 2 1 , , 4 99 8 8 4 164 7 91 4 5 1 4 1 2 2, , 5 2 9 2 3 0 1 4 7 , , 0 6 3 4 1 4 2 2 , , 9 28 6 6 3 5 7 , , 4 59 3 8 4 2,4 2 0 6 9 4 63 3 4 5 39 1 7 5 2 1 5 5 6 1 3 25 4 1 6 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 2,361 22,737 3,247 11,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec 24,262 24,262 249 578 2 25,091 20,065 4,33928,515 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec. 22,559 22,559 85 535 1 23,181 22,754 4,562 28,868 1,336 870 392 569 563 17,899 16,400 1,499 1948—Dec.. 23,333 23,333 223 541 1 24,097 24,244 4,58928,224 1,325 1,123 642 547 590 20,479 19,277 1,202 1949—Dec. 18,885 18,885 78 534 2 19,49924,427 4,59827,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec. 20,778 20,725 53 67 1,368 3 22,216 22,706 4,63627,741 1,293 668 895 565 714 17,681 16,509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 5 25,00922,695 4,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—June. 22,906 22,764 142 59 581 5 23,551 23,346 4,75429,026 1,283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 4 25,825 23,187 4,812 30,433 1,270 389 550 455 777 19,950 20,520 -570 1953—June. 24,746 24,718 28 64 601 3 25,41422,463 4,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages of daily figures Monthly: 1953—July. 24,955 24,943 12 428 737 3 26,123 22,366 4,85330,165 1,264 545 537 239 939 19,653 18,869 784 Aug.. 25,000 24,974 26 658 660 3 26,322 22,226 4,86030,167 1,273 656 548 376 861 19,526 18,882 644 Sept. 25,168 25,097 71 468 771 3 26,41022,176 4,86730,328 1,273 537 538 354 871 19,552 18,834 718 Oct.. 25,344 25,341 3 367 800 3 26,51422,102 4,87330,366 1,274 557 463 406 889 19,536 18,784 • 752 Nov. 25,172 25,078 94 494 744 3 26,41322,057 4,87830,555 915 497 434 424 805 19,718 19,035 683 Dec. 25,639 25,218 421 448 1,018 2 27,107 22,028 4,88530,967 767 602 466 390 908 19,920 19,227 693 1954—Jan.. 25,263 25,149 114 118 861 2 26,243 22,015 4,891 30,282 778 201 453 422 834 20,179 19,243 936 Feb.. 24,770 24,729 41 308 667 2 25,74621,957 4,90429,903 811 568 470 429 870 19,557 18,925 632 Mar. 24,633 24,620 13 205 712 2 25,55321,963 4,92029,800 813 490 494 352 913 19,573 18,881 692 Apr.. 24,635 24,632 3 151 696 1 25,48321,966 4,941 29,755 825 584 481 427 926 19,392 18,627 765 May. 24,689 24,680 9 172 640 1 25,50321,971 4,95429,773 830 486 531 412 864 19,533 18,817 716 June. 24,998 24,960 38 166 710 1 25,876 21,927 4,95629,856 815 602 553 321 941 19,670 18,813 857 July. 24,771 24,761 10 104 695 1 25,571 21,926 4,95829,968 810 498 632 409 973 19,164 Week ending: 1954 May 5.... 24,632 24,632 158 634 25,426 21,969 4,95029,738 826 586 503 351 850 19,490 18,769 721 May 12.... 24,652 24,632 20 184 541 25,37921,970 4,952 29,810 829 453 572 370 848 19,418 18,708 710 May 19 24,659 24,640 19 143 739 25,542 21,971 4,95529,769 838 551 532 411 862 19,506 18,785 721 May 26 24,709 24,709 164 638 25,51221,972 4,957 29,707 829 397 500 437 880 19,690 18,924 766 June 2 24,812 24,812 216 613 25,642 21,966 4,95829,874 827 452 521 458 878 19,555 18,912 643 June 9 24,960 24,960 170 670 25,802 21,924 4,95829,928 823 342 549 358 877 19,805 18,885 920 June 16 24,955 24,955 142 665 25,76421,925 4,95729,870 813 341 549 227 910 19,934 19,043 891 June 23.'..'. 25,018 24,986 32 194 920 26,134 21,926 4,95529,793 806 757 547 296 998 19,818 18,958 860 June 30 25,113 24,980 133 157 630 25,901 21,926 4,95629,813 812 1,010 579 384 996 19,188 18,349 839 July 7.... 25,082 25,038 44 71 675 25,829 21,927 4,95930,066 821 464 588 413 986 19,377 18,419 958 July 14.... 24,912 24,912 68 710 25,691 21,929 4,95830,099 811 392 765 359 986 19,166 18,404 762 July 21 24,765 24,765 73 833 25,67321,931 4,95829,932 807 499 651 428 983 19,261 *>18,344 P917 July 28 24,517 24,517 168 590 25,277 21,924 4,95929,815 806 551 569 420 963 19,036 P18.333 703 * Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 2These figures are estimated. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] Nov. 1, 1933- Feb. 1, 1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935 Dec. 31, 1935 Jan. 1,1936 Prescribed in accordance with 1949- 1951- tive Securities Exchange Act of 1934 Jan. 16, Feb. 19, Feb. 20, 1951 1953 1953 Savings deposits Postal Savings deposits Other deposits payable: Regulation T: In 6 months or more For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 50 75 50 In less than 90 days For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of the extension; the in which the member bank is located. Maximum rates that may be "margin requirements" shown in this table are the difference between paid by insured nonmember banks as established by the F.D.I.C., the market value (100%) and the maximum loan value. effective Feb. 1, 1936, are the same as those in effect for member banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295, February 1947, p. 162, and February 1953, p. 130. 844 FBDIRAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member Federal Reserve Bank a o d b v l a ig n a c t e i ( s o S n s e e s e c s a u . n r 1 e d 3 d d a b i n s y d c o e l 1 u i 3 g n a i t b ) s l 1 e o f p a a n p d er Other [ S s e e c c . u r 1 e 0 d (b a )] dvances o b b a l n i ( g k la a s s t t i s o e p n c a u s r r o . e f d S t e h b c e . y 1 U d 3 i . ) r S ec . t Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous July 31 beginning— rate July 31 beginning— rate July 31 beginning— rate Boston Apr.27, 1954 2 Apr. 27,1954 Feb. 5,1954 New York Apr. 16, 1954 2 Apr. 16,1954 Jan. 16,1953 Philadelphia. , May 21, 1954 2 May 21,1954 V Jan. 16,1953 Cleveland Apr.23,1954 2 Apr. 23,1954 Aug. 17,1953 Richmond May 15, 1954 ¥2 May 15,1954 Jan. 23,1953 Atlanta May 15, 1954 May 15,1954 Feb. 9,1954 Chicago Apr. 14,1954 Feb. 11,1954 3 Aug. 13,1948 St. Louis Apr.23, 1954 Apr. 23.1954 3 * May 18,1953 Minneapolis. . Apr.29, 1954 Apr. 29,1954 3 Jan. 26,1953 Kansas City. . Apr.23, 1954 Feb. 12,1954 I* Jan. 16,1953 Dallas Apr.23, 1954 2 Apr. 23,1954 Jan. 23,1953 San Francisco Apr. 16, 1954 Apr. 16,1954 Jan. 20,1953 3 2 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities. Discounts for and advances to member banks: 90 days for discounts and advances under Sections 13 and 13a of the Federal Reserve Act except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are limited to maximum maturities of 15 days; 4 months for advances under Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent of deposits] [Per cent per annum] Net demand deposits1 91 1- - 12 9 0 0 d d M a a y y a s s turity R Ju a l t y e 3 o 1 n A A I p p n g r r i . . e n f n f 1 1 e i 6 6 n c , , t g — b 1 1 e 9 9 - 5 5 4 4 Pr r e a v t i e ous Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty r k v s e C b o a u n n k tr s y d m b e T e a p ( m i n a m o k l b s l e s i e t ) r s 121-180 days Apr. 16, 1954 1917—June 21 13 10 7 NOTE.—Effective minimum buying rates on prime bankers' accept- 1936—Aug. 16 15 10}* ances payable in dollars. Back figures.—See Banking and Monetary 1937—Mar. 1 22M Statistics, Table 117, pp. 443-445. May 1 26 1938—Apr. 16 22H 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 July 31. Per cent per annum] 1948—Feb. 27 22 June 11 24 Sept. 16 16 To industrial or Sept. 24 26 37 commercial To financing institutions 1949—May 1 15 27 businesses May 5 24 21 37 June 30 20 36 R Fe e d se e r r v a e l On p d u i r s c c h ou as n e t s s or A J A u u u l g g y . . 1 1 1 1 19}* 13 2 3 6 5 Bank lo O an n s1 co m m O e m n n t i s t- fo P in r o s w r t t i h i t o u ic n - h ma R in e- ing c m om O en n m ts it- A A A Se u u u p g g g t . . . . 2 1 1 5 1 6 8 2 2 2 2 3 2H 1 18 9" 12 25 tion is portion 1951—Jan. 11 19 36 obligated Jan. 16 23 13 26 Jan. 25 20 Feb. 1 *24" 14 C R N B P l o i h e e c w s i v h t l e o a m Y l n d a o o e n n r l d d k phia.... 8 8 0) 8 ( ( ( ' 8 ) ) ) 1 19 9 5 5 4 3 — — J J J J u u u u n n l l y y e e 2 1 9 4 1 6 2 2 2 1 19 13 3 25 5 Atlanta (2) July 29 20 18 Chicago Aug. 1 12 St. Louis 2 In effect Aug. 1, 1954*.... 20 18 12 Minneapolis.... Kansas City.... 8 1 Demand deposits subject to reserve requirements, which beginning Dallas 8 Aug. 23, 1935, have been total demand deposits minus cash items San Francisco... in process of collection and demand balances due from domestic banks 0) (also minus war loan and series E bond accounts during the period 3 2 1 R R In a a c t t l e e u d c c i h h n a a g r r g g lo e e d a d n b s b o o m r r r r a o o d w w e e e r i r n . l e p s a s r c ti o c m ip m a 4 t i R i t o m a n t e e w n t i c t h r h a a r t fi e g n . e a d n c b in o g rr o in w s e t r it u b t u io t n n s. ot A ba p 3 » n r R R k . s e e 1 . q q 3 u u , i i 1 r r 9 e e 4 m m 3 e e - n n J t t u n b b e e e c c 3 a a 0 m m , e 1 e 9 e e 4 f f 7 f f e ) e c . c t t i i v v e e a a t t c c o e u n n t t r r a y l b r a es n e k r s v . e and reserve city to exceed 1 per cent above the discount rate. * Present legal minimum and maximum requirements on net demand ^Charge of H Per cent per annum is made on undisbursed portion deposits—central reserve cities, 13 and 26 per cent; reserve cities, of loan. 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time •Charge of % per cent per annum is made on undisbursed portion deposits at all member banks, 3 and 6 per cent, respectively. of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. 845 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve week en M di o n n g t h W , o e r dnesday b m a b A n e e l m k r l s - 1 N c e i w ty ban C k h s i- b s c R a e i n r e t v y k - e s b C a t o n r u y k n s - i week en M di o n n g t h W , o e r dnesday b m a b A n e e l k m r l s - i N c e i w ty ban C k h s i- b s c R a e i r n e t v y - k e s b C a t o n r u y k n s - i York cago York cago Total reserves held: Excess reserves: 1953—April 20,007 4,947 1,291 7,872 5,896 1953—April 535 —6 70 471 May 19,897 4,922 1,297 7,824 5,853 May 591 15 3 108 466 June 20,287 5,155 1,320 7,933 5,878 June 787 128 4 164 491 1954—April 19,392 4,693 1,221 7,739 5,740 1954—April 765 66 11 148 541 May 19,533 4,738 1,255 7,785 5,754 May 716 35 2 124 560 June 19,670 4,812 1,251 7,839 5,767 June 858 63 11 153 630 June 16 19,934 4,963 1,267 7,925 5,779 June 16 890 116 6 187 581 June 23 19,818 4,862 1,248 7,851 5,858 June 23 861 2 -12 81 790 June 30 19,188 4,619 1,215 7,756 5,598 June 30 839 79 29 162 569 July 7 19,377 4,589 1,221 7,851 5,716 July 7 957 52 23 215 667 July 14 19,167 4,487 1,185 7,791 5,703 July 14 763 -7 -6 130 646 July 21 19,261 4,485 1,210 7,830 5,736 July 21 P916 53 19 165 P679 July 28 19,036 4,481 1,188 7,767 5,600 July 28 P7O2 13 3 130 P556 Borrowings at Federal Required reserves:2 Reserve Banks: 1953—April 19,472 4,947 1,297 7,802 5,425 1953—April 1,166 278 113 584 190 May 19,306 4,908 1,295 7,716 5,387 May 944 72 54 569 249 June 19,499 5,028 1,316 7,769 5,387 June 423 11 22 195 195 1954—April 18,627 4,627 1,210 7,591 5,199 1954—April 139 9 71 59 May 18,817 4,704 1,257 7,661 5,194 May 155 7 8 65 76 June 18,813 4,749 1,240 7,686 5,138 June 146 14 4 61 67 June 16 19,043 4,847 1,260 7,738 5,198 June 16 117 1 45 71 June 23 18,958 4,860 1,260 7,770 5,068 June 23 179 45 14 69 51 June 30 18,349 4,540 1,186 7,594 5,029 June 30 138 16 1 55 66 July 7 18,419 4,537 1,197 7,636 5,049 July 7 56 23 33 July 14 18,404 4,494 1,192 7,661 5,057 July 14 53 12 41 July 21 P18,345 4,432 1,191 7,665 P5.O57 July 21 56 1 26 29 July 28 P18,333 4,467 1,185 7,637 P5,044 July 28 84 2 38 44 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 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.1 In millions of dollars] Central reserve Central reserve Item b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c a R e i n r e t v y k - e s C ba t o r n u y k n s - York cago York cago June 1954 June 1953 Gross demand deposits: Total 108,027 23,198 5,978 41,677 37,173 104,657 22,361 5,811 40,395 36,090 Interbank 12,389 4,013 1,225 6,004 1,147 11,739 3,887 182 5,661 1,009 Other 95,637 19,185 4,753 35,673 36,026 92,918 18,474 628 34,733 35,082 Net demand deposits2 93,928 20,921 5,357 35,889 31,762 91,376 20,347 181 34,719 31,129 Time deposits3 38,088 3,414 1,268 15,064 18,342 34,515 2,407 1,205 13,759 17,144 Demand balances due from domestic banks... 6,383 46 120 2,019 4,199 5,911 43 126 1,946 3,796 Reserves with Federal Reserve Banks: Total 19,670 4,812 1,251 7,839 5,767 20,287 5,155 1,320 7,933 5,878 Required 18,813 4,749 1,240 7,686 5,138 19,499 5,027 1,316 7,769 5,387 Excess 858 63 11 153 630 787 128 4 164 491 Borrowings at Federal Reserve Banks 146 14 61 67 423 11 195 195 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 and in June 1954; see table on preceding page. 846 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 July 28 July 21 July 14 July 7 June 30 July June July Assets Gold certificates , 20,367,10420,392,100 20,387,10220387,10220,377,10120,367,104 20377,10120,294,100 Redemption fund for F. R. notes. . 852,726 852,826 854,907 857,565 861,406 852,726 861,406 791,312 Total gold certificate reserves. 21,219,830 21,244,926 21,242,009 21,244,667 21,238,50721,219,830 21,238,507 21,085,412 F. R. notes of other Banks. . . 131,185 177,915 165,444 134,452 144,318 128,304 144,318 190,604 Other cash 393,554 378,725 361,805 328,796 358,345 397,533 358,345 349,741 Discounts and advances: For member banks 125,132 68,312 67,684 68,977 21,745 79,042 21,745 634,376 For nonmember banks, etc.. 95,000 25,000 15,000 15,000 15,000 105,000 15,000 9,500 Industrial loans 999 1,050 936 942 1.232 1,116 1,232 3,262 U. S. Government securities: Bought outright: Bills 1,795,925 1,993,075 2,181,075 2,316,075 2,316,075 1,603,750 2,316,075 1,672,304 Certificates: Special Other 6,599,791 6,599,791 6,599,791 ,599.791 6,599,791 6,599,791 6,599,791 4,995,716 Notes 13,029,021 13,029,021 13,029,021 ,029,021 13,029,021 13,029,021 13,029,021 13,773.671 Bonds 3,092,550 3,092,550 3,092,550 ,092,550 3,092,550 3,092,550 3,092,550 4,521,975 Total bought outright 24,517,287 24,714,437 24,902,437 25,037,437 25,037,437 24,325,112 25,037,437 24,963,666 Held under repurchase agreement. Total U. S. Government securities. 24,517,287 24,714,437 24,902,437 25,037,437 25,037,437 24,325,112 25,037,437 24,963,666 Total loans and securities 24,738,418 24,808,799 24,986,057 25,122,356 25,075,414 24,510,27025,075,414 25,610,804 Due from foreign banks. 22 22 22 22 22 22 22 23 Uncollected cash items. . 3,447,068 3,854,426 4,210,586 3,428,877 3,796,835 3,308,803 3,796,835 3,039,656 Bank premises 53,703 53,764 53,550 53,547 53,551 53,669 53,551 49,827 Other assets 123,828 116,586 108,405 100,846 92,139 127,943 92,139 140,309 Total assets 50,107,608 50,635,163 51,127,878 50,413,563 50,759,131 49,746,374 50,759,131 50,466,376 Liabilities Federal Reserve notes 25,465,973 25,573,87125,673,03125,800,914 25,588,132 25,567,31225,588,13225,872,217 Deposits: Member bank—reserve accounts.. 19,136,320 19,140,59519,052.07819,405 903 18,701,71019,011 ,607,184 U. S. Treasurer—general account. 548,124 535,880 557,066 299,535 715,622 874, 548,438 Foreign 548,891 628,948 771,452 571,375 532,898 545, 565,965 Other 397,579 402,290 399,599 380,003 503,330 376, 346,082 Total deposits. . 20,630,914 20,707,71320,780,195 20,656,816 20,807,792 20,453,56020,807 79221,067,669 Deferred availability cash items 2,922,556 ,199,953 3,527,874 2,814,802 229,831 2,636,324 3,229 831 ,474,752 Other liabilities and accrued dividends. 15,109 14,604 13,809 13,844 12,630 13,414 ,630 17,666 Total liabilities. 49,034,552 49,496,14149,994,909 49,286,37649,638,385 48,670,610 49,638,385 49,432 ,304 Capital Accounts Capital paid in 273,663 273,337 272,820 272,786 272,316 273,712 272,316 260,679 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 146,837 213,129 207,593 201,845 195,874 149,496 195,874 161,174 Total liabilities and capital accounts. 50,107,608 50,635,16351,127,87850,413,563 50,759,131 49,746,374 50,759,131 50,466,376 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.0 45.9 45.7 45.7 45.8 46.1 45.8 44.9 Contingent liability on acceptances purchased for foreign correspondents 8,562 9,106 10,199 11,936 13,509 8,666 13,509 24,899 Industrial loan commitments 2,480 2,432 2,597 2,673 2,396 2,354 2,396 3,304 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total. . . 220,132 93,312 82,684 83,977 36,745 184,042 36,745 643,876 Within 15 days 132,673 72,441 58,619 58,950 16,128 84,308 16,128 588,436 16 days to 90 days 87,302 20,714 23,908 24,5 20,617 89,577 20,617 55,269 91 days to 1 year 157 157 157 159 10.157 171 Industrial loans—total 999 1,050 936 942 "i',232 1,116 "i',232 3,262 Within 15 days 3 3 3 4 4 3 4 556 16 days to 90 days 689 729 695 765 123 806 123 465 91 days to 1 year 267 278 197 131 1,063 267 1,063 1,656 Over 1 year to 5 years 40 40 41 42 42 40 42 585 U. S. Government securities—total 24,517,287 ,714,437 24,902,43725,037,43725,037,437 24,325,112 25,037,437 24,963,666 Within 15 days 606,675 611,325 516,825 488,400 463,450 564,900 463,450 453,400 16 days to 90 days ,180,475 2,372,975 2,655,475 2,818,900 ,843,850 ,030,075 2,843,850 ,245,129 91 days to 1 year 972,71612,972,71612,972,71612,972,71612,972,716 12,972,716 12,972,716 ,023,616 Over 1 year to 5 years 307,260 6,307,2oO ,307,260 307,260 307,260 307.260 307,260 ,452,264 Over 5 years to 10 years 035,304 1,035,304 ,035,304 035,304 035,304 035,304 ,035,304 ,374,400 Over 10 years 414,867 1,414,857 ,414,857 414,857 414,857 414,857 ,414,857 ,414,857 i Beginning Apr. 15, 1953, U. S. Government securities classified according to maturity date. During the period Jan. 3, 1951-Apr. 8, 1953, callable issues classified according to nearest call date. Securities held under repurchase agreement are classified as maturing within 15 day3 in accordance with maximum maturity of the agreements. 847 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates. 20,367,104 1,068,101 5,436,8241,251,3371,738,9891,012,583 932,6113,695,422 766,337 490,688 892,148 803,345 2,278,719 Redemption fund for F. R. notes. 852,726 51,471 171,069 56,574 77,940 68,269 55,733 146,851 48,064 24,967 40,402 29,417 81,969 Total gold certificate reserves. . 21,219,830 1,119,572 5,607,8931,307,911 ,816,9291,080,852 988,344 3,842,273 814,401 515,655 932,550 832,762 2,360,688 F. R. notes of other Banks... 128,304 10,689 17,650 9,642 8,000 12,185 16,870 10,252 6,103 13,603 5,980 4,926 12,404 Other cash 397,533 29,121 79,328 23,814 43,000 20,175 36,242 66,676 25,085 8,865 13,659 12,729 38,839 Discounts and advances: Secured by U. S. Govt. securities. . 75,631 2,650 11,565 2,925 7,800 14,332 7,854 13,450 2,950 4,300 6,365 1,090 350 Other 108,411 6,415 30,450 7,770 9,660 5,355 4,515 14,595 3,990 2,625 3,990 8,336 10,710 Industrial loans.. 1,116 1,016 100 U. S. Government securities: Bought outright 24,325,112 1,342,211 6,213,4121,480,378 2,084,832 1,432,7011,238,9024,252,467 ,017,884 597,352 1,049,483 955,8312,659,659 Held under repurchase agreement... Total loans and securities 24,510,270 1,351,276 6,255,4271,492,089 2,102,2921,452,3881,251,2714,280,512 1,024,824 604,377 1,059,838 965,2572,670,719 Due from foreign banks 22 1 16 1 1 3 1 1 1 2 Uncollected cash items 3,308,803 247,872 590,830 195,707 301,810 281,290 227,603 535,322 138,005 95,305 206,308 179,819 308,932 O B t a h n e k r p a r s e s m ets ises.. . 53,669 6 5 , , 7 9 7 9 1 7 7,582 5 7 , ,7 1 1 4 1 7 1 5 1 , , 0 1 8 67 7 4 7 , , 5 3 8 7 5 2 3 7 , , 9 23 4 2 7 6,347 2 5, , 7 8 1 5 5 9 3 1 , , 1 00 8 7 5 2 5, , 8 4 6 69 4 565 8,077 127,943 31,062 22,038 5,946 13,880 Total assets 49,746,374 2,771,299 12,589,778 3,042,0234,288,2872,858,848 2,531,510 8,763,4232,016,993 1,241,998 2,002,0055,413,541 Liabilities F. R. notes 25,567,312 1,578,805 5,739,517 ,809,776 2,362,242 ,717,082 1,364,4724,951,009 1,132,964 612,181 999,293 729,8802,570,091 Deposits: Member bk.— reserve accts. 18,701,710 832,150 5,520,743 901,4041,454,555 793,883 843,3983,024,292 670,117 457,532 968,618 2,308,161 U. S. Treas.— gen. acct.... 715,622 40,779 93,437 41,813 60,529 34,385 39,751 144,013 28,163 40,859 62,578 49,585 79,730 Foreign 532,898 32,849 2150,542 39,849 49,542 27,464 23,156 74,851 20,463 13,463 20,463 25,310 54,946 Other 503,330 4,724 327,408 11,623 10,553 10,895 26,770 5,834 9,002 5,792 6,006 40,982 43,741 Total deposits... 20,453,560 910,502 6,092,130 994,6891,575,179 866,627 933,0753,248,990 727,745 517,646 1,015,9041,084,495 2,486,578 Deferred availability cash items 2,636,324 214,758 452,742 157,313 251,094 217,442 184,433 410,738 112,673 83,217 168,467 136,911 246,536 Other liabilities and accrued dividends 13,414 845 4,000 684 1,622 528 554 2,198 482 427 511 435 1,128 Total liabilities 48,670,610 2,704,910 12,288,389 2,962,4624,190,1372,801,679 2,482,534 8,612,9351,973,8641,213,4712,184,175 1,951,7215,304,333 Capital Accounts Capital paid in. . 273,712 14,780 83,405 18,701 26,236 12,228 11,844 36,193 9,484 6,093 10,571 13,910 30,267 Surplus (Sec. 7) 625,013 38,779 176,633 45,909 57,648 31,750 28,034 90,792 25,465 16,219 23,456 28,146 62,182 Surplus (Sec. 13b) 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts 149,496 9,819 34,032 10,462 13,260 9,842 8,336 22,074 7,659 5,142 7,330 6,921 14,619 Total liabilities and capital accounts 49,746,374 2,771,299 12,589,778 3,042,023 4,288,2872,858,8482,531,510 8,763,423 2,016,9931,241,9982,226,6692,002,0055,413,541 Reserve ratio 46.1% 45.0% 47.4% 46.6% 46.1% 41.8% 43.0% 46.9% 43.8% 45.6% 46.3% 45.9% 46.7% Contingent liability on acceptances purchased for foreign correspondents 8,666 525 32,560 636 791 439 370 1,195 327 215 327 404 877 Industrial loan commitments.. 2,354 541 867 45 115 20 766 1 After deducting $16,000 participations of other Federal Reserve Banks. 2After deducting $382,335,000 participations of other Federal Reserve Banks * After deducting $6,106,000 participations of other Federal Reserve Banks. 848 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 luiy 28 July 21 July 14 July 7 June 30 July June July F. R. notes outstanding (issued to Bank) 26,554,65126,630,66526 672,39726,688,815 26,543,17526,566,74126,543,17526,784,543 Collateral held against notes outstanding: Gold certificates 11,043,00011,043,000 11043,000 11,043,000 11,043,000 11,043 00011,043,000 12,003,000 Eligible paper S4047 35,217 29,254 24,804 13,617 ,882 13,617 313,474 U. S. Government securities 16,945,00016,945,000 16 945,000 16,945,000 16,945,000 16,945,00016,945,000 15,600,000 Total collateral 28,042.04728,023,21728 017,25428,012,804 28,001,61728,021,88228,001,61727,916,474 EACH FEDERAL RESERVE BANK ON JULY 31, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F S ra an ncisco F. R. notes outstanding (issued to Bank) 26,566,741 1,641,051 5,924,6431,902,2502,479,8781,814,4451,427,3175,038,8601,190,259 635,4581,030,047760,6132,721,920 Collateral held: Gold certificates11,043,000 640,000 2,670,000 800,000 950,000 625,000 485,000 2,400,000 355,000 175,000 28100,,000000 283,0001,380,000 Eligible paper.. 33,882 2,660 2,925 14,332 2,950 4,300 6,365 350 U. S. Govt. securities 16,945,000 1,200,000 3,600,0001,200,000 1,550,0001,300,000 ,000,000 2,700,000 950,000 500,000 800,000 525,0001,620,000 Total collateral.. 28,021,882 1,842,660 6,270,000 2,002,9252,500,0001,939,332 485,000 5,100,0001,307,950 679,3001,086,365808,000 3,000,350 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 m e n a o d r n t o o h f r N b u e m r a - p to p r d o A a v t m e e d ount ( b a p p m u c l r e o o t o t m v e n u e d - n o d 1 t t) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 s ( C a t m a o m o n m e u o d n t m u i - t n n s i g t t ) - s o i ( n a t t f a g u m o f n t i u i o d i n o n t u i a - n n s n n t s g t c i ) - 3 - y E m e n a o d r n t o o h f r Gua a r u a t t o n h t o e d r e a i d t z e e l d oans o G u u t a s lo t r a a a n n n d t s e in ed g u a A b v n a o a d d m i r d e l r r a i o o t b w i u g o l n e e u n t r a a s t r l o - 1945 3,511 544,961 320 1,995 1,644 1,086 N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u t t e m s e t e a n a n g t d s r i e n e g - 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948 3,607 615,653 335 995 1,643 1,990 1950 62 31,326 8,017 6,265 8,299 1949 3,649 629,326 539 2,178 2,288 2,947 1951 854 1,395,444 675,459 546,597 472,827 1950 3,698 651,389 4,819 2,632 3,754 3,745 1952; 1,159 2,124,123 979,428 803,132 586,303 1951 3,736 710,931 3,513 1,687 6,036 11,985 1952 3,753 766,492 1,638 5,921 3,210 3,289 1953 1953 June 1,237 2,283,755 906,584 748,691 487,928 July 1,244 2,292,777 891,865 736,723 482,394 June 3,758 788,058 1,646 5,223 3,142 3,141 August 1,259 2,301,987 868,274 716,618 444,265 July 3,759 790,798 1,162 5,292 3,304 3,129 September 1,269 2,310,182 860,874 709,488 438,091 August.... 3,760 793,196 1,492 2,801 3,355 2,955 October. . . 1,279 2,320,187 842,529 695,550 416,690 September. 3,760 795,496 997 *,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 L.885 3,532 3,414 March.... 1,316 2,399,321 737,605 612,265 321,619 February.. 3,765 806,648 1,345 L.792 3,145 3,344 April 1,322 2,406,651 684,631 569,551 347,823 March 3,766 808,505 1,720 1,487 2,957 2,666 May 1,324 2,408,226 664,122 552,738 330,408 April 3,767 810,051 405 L.302 2,891 2,412 June 1,331 2,420,326 640,636 534,695 299,465 May 3,767 810,779 45 1,298 2,373 1,869 June 3,768 812,433 195 1,247 2,395 1,855 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 'Includes industrial loans past due 3 months or more, which are not expired or withdrawn. included in industrial loans outstanding in vreekly statement of condition of Federal Reserve Banks. 8Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amoant of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. AUGUST 1954 849 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 July 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to al r - 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.' Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December. 2,933 3,022 6 2,837 179 1946—December. 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December. 3,417 3,525 6 3,308 212 75 . . 15 15 1948—December. 3,330 3,449 7 3,244 198 80 20 20 1949—December. 3,188 3,312 7 3,118 187 85 25 25 1950—December. 2,924 3,045 11 2,868 166 90 30 30 1951—December. 2,705 2,835 28 2,644 162 95 . 35 35 1952—December. 2,547 2,736 33 2,551 151 Over 95 40-50 40-50 1953—April 2,495 2,697 33 2,520 144 May 2,477 2,665 33 2,488 144 June 2,457 2,653 33 2,477 143 Maximum Rates Financing Institutions May Charge Borrower July 2,438 2,648 33 2,469 146 [Per cent per annum] August. . . 2,419 2,635 33 2,452 151 September. 2,401 2,618 33 2,435 150 October... 2,387 2,596 33 2,428 135 Interest rate November. 2,373 2,577 31 2,407 139 Commitment rate. 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.... 2,309 2,470 31 2,299 140 April P2.290 May P2,27O June P2.251 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 ,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 ,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 ,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 ,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 ,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 ,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 ,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 ,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1953—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 ••154,665 60,479 33,152 ••61,034 41.3 27.6 18.8 May ••149,716 59,535 31,159 '59,022 41.9 25.5 18.8 June 163,407 64,965 33,785 64,657 44.2 26.8 19.7 r Revised. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. NOTE.—For description of earlier series, see Banking and Monetary Statistics, pp. 230-233; for description of revision in 1942 see BULLETIN for August 1943, p. 717; and for description of revision in 1953 covering the period beginning 1943, see BULLETIN for April 1953, pp. 355-357. 850 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 currency3 Large denomination currency3 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin »$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—June... 30,125 21,243 1,766 1,176 69 2,071 6,527 9,635 8,883 2,645 5,391 337 499 * 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 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 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 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 t 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 , 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 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 June... 29,922 20,999 1,795 1,183 71 2,023 6,377 9,551 8,924 2,659 5,457 324 473 1 8 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 'Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Ju 1 n 9 e 5 3 4 0, g a o s g l i d a lv i a n e n r st d Tr c e a a s s h ury B R F an e e d s k e 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 a v s n e d Ju 1 n 9 e 5 3 4 0, M 1 a 9 v 5 3 4 1, Ju 1 n 9 e 5 3 3 0, certificates agents Gold 21 927 21 274 2653 Gold certificates 21,274 18,423 2,816 35 36 37 Federal Reserve notes. . . 26,543 59 1,099 25,385 25,338 25,609 Treasury currency—total 4,959 *2,396 99 358 4,502 4,497 4,480 Standard silver dollars 491 238 38 4 212 210 202 Silver bullion 2,158 2,158 Silver certificates and Treasury notes of 1890.. 259 2,136 2,136 2,123 Subsidiary silver coin 1^276 55 56 1,165 1,160 1,150 Elinor coin 435 3 13 419 417 413 United States notes 347 2 24 320 321 318 Federal Reserve Bank notes 183 1 2 180 182 200 National Bank notes 71 70 70 73 Total—June 30 1954 1 23,670 811 18,423 4,273 29,922 May 31 1954 23,726 820 18,477 4,311 29,870 June 30 1953 23,702 1,259 18,471 4,161 30,125 4 Because some of the types of mone AUGUST 1954 851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS. POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Treas- net— Date Gold s r t o c e u i a u n n u r n r c g y t d - - y - Total Lo n a e n t s, 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 se o e r r b v a l e i l gati O o t n h s er O s r e i t t c h i u e e s - r c l a T i i a n a p t o n e i b i d t e t t i a s a l l - l, c d u T e r a p o n r o t d e s a n i l t c s y C c m o a a n a u n p i e c n s d t - i c t t . a s, l savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31., 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—Dec. 31.. 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—Dec. 31.. 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31. 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 1952—June 30.. 23,346 4,754 182,980 69,712 96,266 70,783 22,906 2,577 17,002 211,080 194,960 16,120 Dec. 31. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—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 99,500 71,700 25,300 2,400 18,200 223,700 205,500 18,100 Nov. 25.. 22,000 4,900 198,200 79,500 100,400 73,000 25,000 2,400 18,200 225,100 207,100 18,000 Dec. 31. 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—Jan. 27P 22,000 4,900 198,000 79,100 100,400 73,400 24,700 2,400 18,500 224,900 207,100 17,800 Feb. 24P 22,000 4,900 197,300 79,300 99,100 72,000 24,600 2,400 18,900 224,100 206,200 17,900 Mar. 31 P 22,000 4,900 196,100 80,300 96,800 69,800 24,600 2,300 19,000 223,000 205,100 17,800 Apr. 28P 22,000 4,900 197,200 79,900 98,200 71,200 24,600 2,300 19,200 224,100 206,200 17,900 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 June 30P 21,900 5,000 200,600 81,100 99,900 72,600 25,000 2,300 19,600 227,500 209,400 18,000 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e o b p n r a e o e n t s ig k it n s, T h c i u r n o a r e l g s y a d h s s - - A s m b a t a e a v n r n i d c c n k o i g m a s s l - R F B e e a d A 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 1 Total m T b C e a i o r m m n c k - i e a s l dep M b s o a a s u v n it i t k n s u s g 8 a s l * S S P a y o v s s t in t e a m g l s o b r u C e a t u n s n r i c - k d y s e 1929—June 29. 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30. 42,029 50 264 852 • 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30. 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31., 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31.. 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1947—Dec. 31., 175,348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—Dec. 31.. 176,121 ,103 1,325 2,451 ,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Dec. 31.. 177,313 2,150 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—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 2,400 27,400 Nov. 25.. 207,100 2,700 800 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. 27P 207,100 2,800 800 3,400 200 199,800 102,300 70,600 43,700 24,600 2,300 26,900 Feb. 24P 206,200 2,900 800 4,500 500 197,400 99,600 71,000 44,000 24,700 2,300 26,900 Mar. 31 P 205,100 3,000 800 5,400 700 195,200 96,700 71,700 44,500 24,900 2,300 26,900 Apr. 28P 206,200 3,100 800 4,500 500 197,300 98,600 72,000 44,700 25,000 2,300 26.700 May 26P. 207,600 3,100 800 5,100 500 198,000 98,700 72,500 45,000 25,200 2,300 26,800 June 30P 209,400 3,200 800 5,800 900 198,700 98,300 73,300 45,600 25,400 2,300 27,100 * Preliminary* 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 'Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with tht 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. 852 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 aill dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Leans G U ov .S er . n- Other assets1 Total* b In a t n e k r- ! De- a c c a c p o i u ta n l ts ba o n f ks Total ment secu- mand Time obliga- rities tions All banks: 1939—Dec. 30. . . 50 884 ?? ,165 ?8 ,719 10,417 0,302 ?3,292 68,242 0 874 3? 516 ?5 852 8 194 15 035 1941—Dec. 31 61, 1?6 ?6,615 34,511 75,511 8,999 77,344 81,816 10,982 44,355 ?6,479 8,414 14,826 1945—Dec. 31. . 140 ??7 30,362 100,865 101 ,288 8,577 35,415 165,612 14 065 105 935 45 613 10 542 14 553 1947—Dec. 312 134 9?4 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 ,0?1 60 386 87,635 7?,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 IS,918 45,531 185,756 15,087 111,644 50.025 14,623 14,618 1952—Dec. 31 165,626 75,512 90,114 72,740 17,374 45,584 195,552 15,321 116,633 63,598 15.367 14,575 1953__june 30 16308? 77.117 85,965 68,108 17,856 4?,023 189,159 13,600 100,389 66,170 15,791 14,537 Dec. 31 171 497 80,518 00,980 7?,610 18,370 4S,811 ?01 ,100 15,957 116,788 68,355 16,118 14 509 1954—Jan. 27P. 171 380 70,500 01,880 73,350 18,530 41,280 105,950 14,710 11? ,620 68,620 16,170 14,510 Feb. 24P 171,100 80,020 91,080 72,220 18,860 41,250 194,970 14,210 Ill ,760 69,000 16,290 14,488 Mar.31P 169 100 80,380 88,810 60,800 10,010 41,500 104,160 14,490 100,960 60,710 16,350 14,482 Apr. 28*... 170 710 80,280 00,430 71,240 10,190 40,780 104,450 14,260 110,180 70,010 16,480 14,472 May 26P 172,560 80,870 91.690 72,390 10,300 40,210 105,300 14,110 110.630 70,560 16.550 14,468 June 30P 173,280 81,130 92,150 72,600 19,550 42,690 199,580 15,460 11-2,750 71,370 16,590 14,467 All commercial banks: 1939—Dec. 30 40 668 17 238 ?3,430 16,316 7 114 ??,474 57,718 0,874 3?,513 15,331 <S885 14 484 1941—Dec. 31. ... 50 746 ?1 714 ?0,032 ?1 808 7,225 ?6,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124 019 26 083 97,936 90 606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 312 116 ?84 38 057 78,226 60 221 0,006 37,502 144,103 13,032 05,711 35,360 10,059 14 181 1950—Dec. 30 126 675 5? 249 74 4?6 62 027 1? 300 40 780 155 765 14 039 104 773 36,503 11,590 14,121 1951—Dec. 31 132 610 S7 746 74,863 61 5?4 13,339 44,645 164,840 1.5,086 111,618 38,137 1?,216 14,089 1952—Dee. 31. . 141 6?4 64 163 77,461 63 318 14 143 44,666 17? .931 15 319 116,600 41,012 ^r>888 14 046 1953—June 30 137 957 65 025 72 932 58 644 14 287 41 156 165 531 13 598 109,352 42,581 13,275 14,009 Dec. 31 145 687 67 593 78 094 63 426 14,668 44 828 176 702 15 955 116,750 43,997 13,559 13,981 1954—Jan. 27P 145 330 66 460 78 870 64 160 14 710 40 330 171 360 14 710 112 580 44 070 13 600 13,982 Feb. 24P 144 900 66 870 78 030 63 030 15 000 40 290 170,270 14 210 111 720 44 340 13 700 13,960 Mar. 31P 142 790 67 050 75 740 60 650 15 090 40 490 169 220 14 400 109 920 44 810 13 750 13,954 Apr. 28P... 144 110 66 750 77 360 67 130 15230 30 830 160 400 14 260 110 140 45 000 13 870 13,944 May 26P 145 600 67 120 78 570 63 280 1S 290 30 330 170 080 14 110 110 590 45.380 13 930 13,940 June 30P 146 310 67 7?,0 79 090 63 580 15 510 41 710 174 140 15 460 112 710 45 970 13 960 13,939 All member banks: 1939—Dec. 30 33 041 13 962 10 070 14 378 5 651 19 78? 40 340 0 410 78 731 11 600 .5 57'/ 6,362 1941—Dec. 31 43 S?1 18 021 ?5 500 10 539 .5961 73 123 61 717 10 525 38 846 1? 347 5 886 6,619 1945—Dec. 31 107, 183 ?? 775 84 408 78 338 6 070 70 845 170 670 13 640 01 820 74 210 7 589 6,884 1947—Dec. 31 97 846 3? 628 65 218 57 914 7 304 3? 845 7? 528 1? 403 81 785 78 340 8 464 6,923 1950—Dec. 30 107,4?4 44 70S 6? 710 57 365 10 355 35 574 33 080 13 447 00 306 70 336 0 695 6,873 1951—Dec. 31 112,?47 40 561 6? 687 51,671 11 065 30 25? 41 015 14 475 05 968 30 673 10 218 6,840 1952—Dec. 31 119, 547 55 034 64 514 5? 763 11 7S1 30 755 47 577 14 617 00, 020 3? 890 10, 761 6,798 1953—June 30 115 780 55 613 60 176 48, 318 11 858 36 467 40 830 12 033 03 780 34 117 11 070 6.765 Dec. 31 122,4?? 57 762 64 660 5? 603 1? 057 30 381 50 164 15 170 00 780 .35 213 11 316 6,743 1954—jaru 27P 122, 10? S6 657 65 445 53 330 1? 115 35 349 45 358 13 978 06 116 35 264 11 356 6,747 Feb. 24P.. . 121,77? 57 035 64 737 57 330 1? 407 35 365 44 440 13 509 05 4?1 3.5 510 11 440 6,737 Mar.31P 119,840 57 109 6? 731 50 241 1? 400 35 640 43 608 13 801 03 905 35 902 11 484 6,733 Apr. 28P. . 121,1?* 56 804 64 371 51 600 1? 631 35 043 43 013 13 575 04 777 36 061 11 585 6,729 May 26P 122,602 57, 205 65 397 52, 726 12,671 34,545 44,513 13.427 94,702 36,384 11.638 6,724 June 30*» 123, 195 57, 180 66 015 53,147 12,868 36,682 148 206 14,711 96,600 36,895 11,663 6,721 All mutual savings banks: 1 19 9 4 3 1 9 — — £ D )e e c c < 3 3 n 1 . 1 10 0 , ? 3 1 70 6 4 4, 9 9 2 0 7 1 5 5 4 2 7 8 8 9 3 3 , , 7 1 0 0 4 1 ? 1 ,7 1 7 8 4 8 8 79 1 3 8 1 10 0 ,5 5 3 2 3 4 3 6 1 1 0 0,5 52 2 7 1 1 1 , 3 2 0 4 9 1 5 54 5 8 1 1945—Dec. 31 16,?08 4, 279 11 078 10 68? 1 246 609 15 385 14 15 371 1 592 542 1 19 9 5 4 0 7 — — D D eecc<. 3 30 12.. . 2 1 1 8,6 3 4 4 1 6 4 8 , 9 1 4 3 4 7 1 13 3, 2 6 0 9 9 6 1 1 1 0, ,9 8 7 6 8 8 ? 1 , , 3 7 4 1 2 8 8 7 8 9 6 7 7 1 0 7 , , 0 7 3 6 1 3 1 2 1 2 7 ? 1 o 7 ,0 7 0 4 9 5 ? 1 , ,8 24 8 7 9 5 52 3 9 3 1951—Dec. 31 22, 759 9, 862 1? 398 0 819 ?, 579 886 70 015 2 26 70 888 ? 407 529 1952—Dec. 31 . . 24 003 11 349 1? 654 0,422 3,231 918 77, 621 2 33 7? 586 ? 479 529 1953—June 30 25, 124 12,091 13,033 9,464 3.569 867 23,628 3 37 23.589 2,516 528 Dec. 31 25,810 12,925 12,885 9,184 3,701 983 24,398 2 38 24,358 2, 559 528 1954—Jan. 27P 26,050 13,040 13,010 9,190 3,820 950 24,590 2 40 24,550 2, 570 528 Feb. 24P 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. 28P 26,600 13,530 13,070 9,110 3,960 950 25,050 2 40 25,010 2,610 528 May 26P.... 26.870 13, 7 SO 13 120 9.110 4,010 880 25.220 2 40 25, 180 2. 620 528 June 30P 26,970 13,910 13060 9,020 4,040 980 25,440 2 40 25,400 2, 630 528 ^Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank, in Alaska, (total deposits of approximately 3 million dollars) that became a member bank on Apr. 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 available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. AUGUST 1954 853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov .S er . n- Other assets1 Total i 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 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 36 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2420 37 1947—Dec 31 20,393 7,179 13 214 11 972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1950—Dec. 30 20,612 9,729 10,883 8,993 1,890 7,922 25,646 4 638 19,287 1722 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—June 30 20,452 11,883 8,569 6,639 1,930 7,879 25,244 4,578 18,736 1,930 2,544 22 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. 27P 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. 31P .,. 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 June 30P 22,681 11,619 11,062 8,695 2,367 7,527 27,225 5,489 19,504 2,232 2,638 22 Chicago: 1939—Dec. 30 ... 2 105 569 1 536 1 203 333 1 446 3,330 888 1 947 495 250 14 1941—Dec. 31. 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1950—Dec 30 5 569 C2,083 3,487 2 911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—Dec. 31 5,731 2,468 3 264 2,711 552 2,196 7,402 1,307 4 952 1 143 513 13 1952—Dec. 31 6,240 2,748 3,493 2,912 581 2,010 7,686 1,350 5,132 1,205 541 13 1953—June 30 5 627 2 552 3 075 2 529 546 2 058 7,119 1,216 4 696 1,207 551 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—Tan. 27P 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 ADr. 28P 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 1,246 578 13 June 30P 5,974 2,588 3,386 2,825 561 2,036 7,419 1,340 4,812 1,267 582 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—Tune 30 44,352 22,150 22,201 17,756 4,446 14,447 54,861 6,066 35,052 13,743 3,874 321 Dec. 31. 46,755 22,763 23,993 19,559 4,434 15,925 58,663 7,254 37,277 14,132 3,984 319 1954—Tan. 27P 46,897 22,516 24,381 19,933 4,448 14,062 56,640 6,462 35,994 14,184 4,000 319 Feb. 24P 46,885 22,706 24,179 19,639 4,540 14,088 56,362 6,172 35,798 14,392 4,031 319 Mar. 31P 45,802 22,485 23,317 18,783 4,534 13,993 55,614 5,960 35,120 14,533 4,037 309 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 June 30P 47,068 22,452 24,616 19,821 4,795 14,666 57,659 6,642 36,069 14,948 4,111 310 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 L.301 37,289 16,585 3,970 6,444 1953—Tune 30 ... 45,359 19,028 26,330 21,394 4,936 12 083 53,606 ,073 35 295 17 237 4,101 6 409 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—Tan. 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. 24? 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. 28P 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 June 30P 47,472 20,521 26,951 21,806 5,145 12,453 55,903 1,240 36,215 18,448 4,332 6,376 'Corrected 2 Beginning with December 31, 1947, the all bank series was revised as announced in November 1947 by the Federal bank supervisory agencies. At that time a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite pages. 854 FEDERAL RESERVE BULLETIN 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 [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i S e g n r . a t n - - O s ri e t t c h ie u e s - r a C ss a e s t h s1 Total i b In a t n e k r - i m D a e n - d Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er tions All insured commercial banks: 1941—Dec. 31 49 290 ?1,259 78,031 71,046 6,984 25,788 69 411 10,654 43 059 IS,699 6,844 13 426 1945—Dec. 31 1?1 809 ?.s 765 96 043 88 917 7 131 34,292 147 775 13,883 104 015 79,876 8,671 13,297 1947—Dec.31 1M 274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94 300 34,882 Q,734 13 398 1951—Dec.31 no 820 57,256 73,564 60,533 13 031 44,176 167 908 14,777 110 387 37,749 11,902 13,439 1952—Dec 31 no 770 63,632 76,138 6?,308 n,831 44,222 170 971 14,990 115 371 40,610 1?,563 13 422 1953—june 30 .... H6 144 64,522 71,622 S7,667 13 955 40,756 163 650 13,242 108 777 4?,186 1?,950 13,417 Dec. 31 143,796 67,082 76 714 67, 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 IS,845 1?,039 3 806 14,977 39 458 6,786 74 350 8 3?? 640 5,117 1945—Dec.31 69 312 13,925 55 387 51 750 4 137 20,114 84 939 9,229 59 486 16,224 4 644 5,017 1947—Dec. 31 65 280 ?1,428 43,852 ^8,674 5 178 22,024 8?,023 8,410 54 33 S 19,278 s 409 5 005 1951—Dec.31 75 255 3?,317 4?,938 35,063 7 875 25,951 94 173 9,788 63 477 70,908 6 653 4,939 1952—Dec.31 80 180 36 004 44,176 35,835 8 341 26,333 98,974 9,918 66 36? ??,694 7 042 4. ono 1953__june 30 77 848 36,420 41,428 3?,958 8 471 24,279 94 475 8,594 67 364 73,516 7 221 i1,874 Dec. 31 81,913 37,831 44,082 35,482 8 600 26,479 100,654 10,152 66343 24,160 7 391 1,856 State member banks: 1941—Dec.31 ... 1S950 6,295 9 654 7500 7 155 8,145 77759 3,739 14495 4,025 ? 246 L 502 1 1 9 9 4 4 7 5 — — D D e e c c . 3 3 1 1 ... 3 ^9 7 5 8 6 7 6 1 11 8 , , 2 8 0 5 0 0 ? 7 9 1 ,0 3 2 65 1 7 1 7 9 ,0 7 8 40 9 ? 1 9 1 3 7 3 5 1 9 0 , , 7 8 3 2 1 2 4 4 4 0 5 7 0 3 5 0 4 3, , 9 4 9 1 3 1 3 7 ? 7 449 9 7, , 9 06 8 2 6 ? 0 9 5 4 5 5 I I 8 9 6 1 7 8 1951—Dec. 31 36 992 17 743 19 748 16 558 3 191 13,301 46 843 4,637 37 491 9 715 3 565 1,901 1952—Dec.31 ^0 367 19,030 70 337 16,928 3 409 12,922 48 553 4,699 33 6S8 10,196 719 I 889 1953—June 30 37 941 19,194 18 748 15,361 3 387 12,188 46 355 4,339 31 415 10 601 3 850 1,891 31 40,509 19,931 20 578 17,17,1 3 457 12,903 49 510 5,019 33,437 11,054 3 975 L.887 Insured nonmember commercial banks: 1941—Dec. 31 s 776 3,241 ? 535 1 509 1 075 2,668 7 707 129 4,713 3 360 959 6 810 1945—Dec.31 .... 14 639 ? 992 11 647 10 584 1 063 4,448 18 119 244 17 196 5 680 1 083 6,416 1947—Dec.31 16 444 4 958 11 486 10 039 1 448 4,083 19 340 266 17,515 6 558 1 271 6,478 1951—Dec.31 1S 591 7,701 10 890 8 923 1 967 4,926 71 917 353 14 415 7,144 1 686 6 602 1952—Dec.31 'JO242 8,605 11 638 9 556 7.081 4,970 73 464 373 15 351 7 740 1 804 6,627 1953— D ju e n c e . 3 30 1 2 2 1 0 3 3 7 9 5 6 9 8, , 9 3 1 2 5 8 1 1 1 ? 0 4 6 6 9 0 9 9 3 7 6 9 1 0 ? 7 0 7 9 7 9 8 4 5 , , 2 0 9 2 2 0 7 7 4 7 8 5 4 5 1 5 3 3 7 0 8 9 1 1 4 5, 4 7 4 5 3 8 8 8 ,0 4 9 19 0 1 1 8 9 8 2 2 5 6 6 ,6 6 7 5 2 5 Noninsured nonmembercommercial banks: 1941—Dec. 31 1 457 455 002 761 241 763 1 877 329 791 253 329 852 1945—Dec.31 9 211 318 893 1 693 7.00 514 2 452 181 905 365 279 714 1 1 9 9 5 4 1 7 — — D D e e c c . .3 3 1 1 2 2 1 0 7 0 8 9 9 4 4 7 9 4 0 5 29 3 9 5 1 9 2 9 8 1 0 3 2 0 5 8 5 4 5 6 7 9 6 2 19 2 3 5 2 1 3 3 6 0 3 8 • 4 73 1 5 1 3 4 8 7 8 8 3 31 2 4 5 6 7 5 8 0 3 1952—Dec.31 1 854 531 322 1 010 312 444 1 960 329 779 402 326 624 1953__june 30 1 813 504 310 977 332 400 1 880 356 130 395 325 592 Dec. 31 1891 511 380 1045 335 430 2 005 407 212 386 320 569 All nonmember commercial banks: 1941—Dec.31 7233 3 696 536 ? 270 1 266 3,431 9 573 457 5, S04 3 613 1 288 7 662 1945—Dec. 31 16 849 3 310 13 539 17 777 1 267 4,962 70 571 425 t4, 101 6 045 1 362 7 130 1947—Dec. 312 ... 18 454 S 432 13 021 11 318 1 703 4,659 71 591 629 13 976 7 036 1 596 7 261 1951—Dec.31 20380 8 192 12189 9 914 2,275 5,395 23 843 661 15,650 7 533 1999 7,252 1952—Dec. 31 7? 096 9 136 17960 10567 7 393 5,414 25 474 702 16580 8 142 ? 129 7 251 1953—June 30 22 188 9 419 1? 769 10 339 ? 431 4,691 74 777 665 15 57? 8 485 7,207 7 247 Dec. 31 23 287 9 838 13449 10 835 2,613 5,450 26 560 784 16,970 8 806 2,245 7^41 Insured mutua1 savings k banks: 1941—Dec 31 1 693 642 1050 629 421 151 1 789 789 164 52 1945—Dec 31 10 846 081 7 765 7 160 606 429 10 363 12 10 351 1 034 192 1947—Dec.31 1? 683 3 560 9 173 8 165 958 675 12,207 1 14 12 197 1 252 194 1951—Dec.31 16 190 7 523 8 668 6 921 1 746 695 15 368 2 73 15 343 1,678 202 1952—Dec. 31 17 621 8 691 8 930 6 593 7 337 732 16,785 2 30 16 753 1 ,730 206 1953—June 30 18 610 9 375 9 784 6 642 2,642 692 17,695 2 35 17 657 1 771 213 Dec. 31 19 252 10 016 9 236 6 476 7.,760 799 18 383 2 35 18 345 1 819 219 Noninsured mutual savings banks: 1941—Dec ^1 3 687 4 259 4 428 ^ 075 1 353 642 8,744 6 8 738 1 077 1945—Dec. 31 5,361 1 198 4,163 3 522 641 180 5,022 2 5 020 558 350 1947—Dec.312 5,957 1 384 4,573 3 813 760 211 5,556 3 5 553 637 339 1951—Dec.31 6,069 2,339 3,730 2 897 833 191 5,547 3 5 544 729 327 1952—Dec 31 382 ? 658 724 ? 829 895 187 S836 ? S833 749 323 1053 Tune30 5 515 2 766 749 9 822 927 175 5,933 ? s931 745 315 Dec. 31 6,558 2 910 3, 649 2 707 941 184 6,015 2 6 013 740 309 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871, AUGUST 1954 855 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 o n d f d a b te ank i m T n lo a v o e n a e n t n d a s t s t l s - Total1 C c o m m c i l i p o i n u n a e a e m g d - r r l n , - - - - A c t g u a u r r l l i - - - b o p L s T r r u e o o o r c c k c a a u - h n r r a s r it y s T i f i i e o n n o s r g g l R o t e a a e s t n a - e l s O l v o i d t t i a n h o i d n - - e - s r O lo th an er s Total Total U. S. G C o c v e a e r t t r e i n f D s i m - ir e e n c t t obligations G a u n a - r- S O p t a i t g i o b c o a n o a l l a t f d i - i n e l - t s s - O s ri e t t h c i e e u r s ket era oth- uals Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:2 1947—Dec. 31. .. 116,284 38,057 18,1671,660 830 1,220 9,393 5,7231,06378,22669,221 2,193 7 789 6,034 53,191 145,276 3,729 1951—Dec. 31. .. 132,610 57,746 25,8793,4081,581 980 14,58010,4511,68174,86361,524 7,337 7 657 11,40835,101 21 9,1984,141 1952—Dec. 31. .. 141,624 64,163 27,8713,9192,0601,10315,71212,6841,71877,46163,318 7,761 5 580 11,87838,077 22 10,1883,955 1953—Dec. 31. . . 145,687 67,593 27,2044,9652,3611,20216,69414,4611,66678,09463,426 5,00410 237 12,43935,713 34 10,8213,847 All insured commercial banks: 1941—Dec. 31. .. 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31. . . 121,809 25,765 9,461 1,3143,1643,606 4,677 2,3611,18196,04388,912 2,455 19 071 16,04551,321 22 3,873 3.25S 1947—Dec. 31. . . 114,274 37,583 18,0121,610 823 1,190 9,266 5,6541,02876,69167,941 2,124 7,552 5,918 52,334 145,129 3,621 1951—Dec. 31. .. 130,820 57,256 25,7443,3211,571 960 14,45010,3781,64573,56460,533 7,219 7,526 11,25634,511 21 8,9894,042 1952—Dec. 31. .. 139,770 63,632 27,7393,8052,0501,08215,57212,6031,68376,13862,308 7,622 5,494 11,71437,456 22 9,977 3,854 1953—Dec. 31... 143,796 67,082 27,0824,8672,3441,18116,56614,3731,62976,71462,381 4,895 10,076 12,28335,093 33 10,5873,746 Member banks, total: 43,521 18,021 8,671 972 594 598 3,494 3,e92 25,50019,539 971 3,007 11,7293,832 3,090 2,871 11994415——DDeecc.. 3311.. .... 107,183 22,775 8,949 855 3,1333,378 3,455 1,9001,10484,40878,338 2,275 i<5*985 14,27144,792 163,254 2,815 1947—Dec. 31. .. 97,846 32,628 16,9621,046 811 1,065 7,130 4,662 952 65,21857,914 1,987 5,816 4,815 45,286 104,1993,105 1951—Dec. 31. .. 112,247 49,561 24,3472,1401,551 851 11,334 8,5241,53562,68751,621 6,399 6,010 9,596 29,601 15 7,5283,53a 1952—Dec. 31... 119,547 55,034 26,2322,4162,032 966 12,21410,3961,57764,51452,763 6,565 4,255 9,835 32,087 198,4093,342 1953—Dec. 31. .. 122,422 57,762 25,5193,2632,3211 060 13,02011,9111,51864,66052,603 4,095 8,287 10,30029,890 31 8,871 3,185 1954—Apr. 15... 120,814 57,407 24,8373,6571,9391,03613,19511,6501,95363,40750,801 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 8 412 169 123 5!4 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 80 287 298 18,80917,574 477 3,433 3,325 10,337 1 606 629 1947—Dec. 31. .. 20,393 7,179 5,361 545 267 111 564 330 13,21411,972 1,002 640 558 9,771 638 604 1951—Dec. 31. .. 21,379 11,146 7,852 1,219 262 514 920 551 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—Dec 31 22,130 12,376 8,680 1 531 286 386 1,136 539 9,754 7,678 1,079 233 1,170 5,195 •t 1,453 623 X1 ^+9J £5d 3—X~S\^D.\^m ec\J .X • 3* •1. . . 22,058 12,289 8,218 126 1,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—Apr. 15... 21,755 11,924 7,860 163 1,433 320 394 1,219 722 9,831 7,457 782 516 710 5,447 3 1,789 585 Chicago:* 1941 r>er 31 2,760 954 732 6 48 52 22 c6 1,806 1 430 256 153 903 119 182 193 X1 ^9~ 4X 5—i-/D^L»e c\.J X 3• •1 •... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. . . 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1951—Dec. 31... 5,731 2,468 1,977 16 94 63 70 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—Dec. 31... 6,240 2,748 2,080 14 239 66 67 211 120 3,493 2,912 407 224 607 1,674 384 197 1 X1Zr*9 9 J\J5 5 4 3 — — J—A' r V,V > p-» e r c . \J X • 3 1•5 i •... 6 5 ,7 2 9 0 2 4 2 2 , 6 7 2 7 1 6 1 1, 8 9 9 1 8 2 1 15 5 4 8 2 1 8 5 6 5 7 7 5 4 7 7 3 0 2 20 3 9 4 1 9 1 6 4 3 3, , 1 4 7 2 1 8 2 2, , 5 8 7 5 5 6 1 1 5 2 6 3 4 2 5 8 0 0 4 6 6 8 6 4 1 1 ,6 5 7 9 2 8 4 4 0 2 0 1 1 1 7 7 2 4 Reserve city banks: 1941 Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 1,' 12 8,243 6,467 295 751 4 2481,173 956 820 1945—Dec! 31... 40', 108 8,514 3,661 205 427 1,503 1,459 855 404 31,59429,552 1,034 6,982 5,653 15,878 5 1,126 916 1947—Dec. 31... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,59120,196 373 2,358 1,90115,560 3 1,3421,053 1951—Dec. 31. .. 42,694 19,651 10,140 513 203 347 4,651 3,518 572 23,04319,194 2,524 2,493 3,640 10,528 82,458 1,390 1952—Dec. 31. .. 45,583 21,697 10,842 501 218 422 5,099 4,347 595 23,88619,624 2,387 1,774 3,854 11,594 142,934 1,328 1953—Dec. 31. .. 46,755 22,763 10,568 774 308 456 5,453 4,942 611 23,99319,559 1,230 3, 357 4,201 10,746 25 3,196 1,238 1954—Apr. 15. .. 46,124 22,515 10,145 934 287 449 5,540 4,759 760 23,60919,044 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 20 183 1,823 1,"30 6,628 4,377 110 481 2,926 861 1,2221,028 1945—Dec. 31. .. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,40726,999 630 5, 102 4,544 16,713 9 1,3421,067 1947—Dec. 31... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,108 17,681 62,006 1,262 1951—Dec. 31. .. 42,444 16,296 4,377 1,610 35 178 6,099 3,906 303 26,14821,587 2,418 2,568 4,008 12,587 53,334 1,227 1952—Dec. 31... 45,594 18,213 4,630 1,901 43 191 6,662 4,702 322 27,38122,549 2,692 2,024 4,204 13,625 43,639 1,194 1953—Dec. 31... 47,404 19,934 4,8222,204 59 210 7,114 5,441 336 27,47022,423 1,819 3, 374 4,285 12,940 53,911 1,136 1954—Apr. 30... 47,143 20,346 4,9342,405 64 193 7,187 5,464 358 26,79621,725 1,707 2,334 3,165 14,514 63,977 1,094 All nonmember banks:3 1947—Dec. 31. .. 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,02111,318 206 1,973 1,219 7,916 4 1,078 625 1951—Dec. 31. .. 20,380 8,192 1,533 1,268 30 130 3,252 1,927 146 12,189 9,914 939 1,647 1.812 5,510 6 1,671 604 1952—Dec. 31. .. 22,096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,96010,567 1,196 1,325 2,043 6,000 3 1,781 613 1953—Dec. 31. .. 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,44910,835 909 1,951 2,139 5,834 2 1,951 662 * These figures exclude data for banks in possessions of the United States except for one bank in Alaska (with total deposits of approximately 3 million 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. 1 Beginning June 30, 1948, figures for various loan items are showa gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a r d r i n v e e e v t - - k h e r e s a s l v C a i a n u s l h t b m a a w B n d e n a i o c s k t l e - t h - i s s c 4 j p m u D o a d s a d e s t e n e i - - - t d d s 6 m D e I s n o d ti - t e c e p * r o b s a F i e n t i o s g k r n - m U G e . r o e n v n S - - t . p v s S o i u a t l s b i a n i t o d t d i e c n i s - a s l c C h c o a e f e e e i f t n e c f r r c d i d k s t . - i ' s - , a p v n s a p i t I h d d i r n o o t i u d r n p n c a a i e s o s - l - , r s r - - , I b n a t n e k r- P U m G S i e a o n a r n . o e s g n v d v n t S s - a - - t . l v s S p i u i s o t c a i a b l a o n i t d l t n e d - i s s -a p v n s a p t i I h i d d r n o o t i u d r n p n c a a i e o s s - - l , r 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 All commercial banks:3 1947—Dec. 31.. 17,796 2,216 10,216 87,12311,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1951—Dec. 31.. 19,911 2,697 11,969 98,24313,123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31.. 19,809 2,753 11,875101,50613,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12,888 1953—Dec. 31.. 19,995 2,512 12,103102,45213,444 1,344 4,146 9,546 2,996100,062 1,167 338 1,944 41,714 62 13,559 All Insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 S>,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,72212,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1951—Dec. 31.. 19,911 2,665 11,561 97,04812,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec 31.. 19,809 2,720 11,489100.32912,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—Dec. 31.. 19,995 2,482 11,724101,28913,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 Member banks, total: 12,396 1,087 6,246 33,754 ?,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 11994415——DDeecc.. 3311.... 15,811 1,438 7,117 64,18412,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1951—Dec. 31.. 19,912 2,062 7,463 83,10012,634 1,369 3,101 6,666 2,961 83,240 422 257 1,238 29,128 26 10,218 1952—Dec. 31.. 19,810 2,081 7,378 85,54312,594 1,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—Dec. 31.. 19,997 1,870 7,554 86,12712,858 1,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33.311 43 11,316 1954—Apr. 15.. 19,229 1,824 6,377 82,92811,246 1,270 3,268 7,623 2,537 81,146 1,353 307 1,754 33,932 587 11,586 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 5,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "195 2,120 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1951—Dec. 31.. 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Dec. 31.. 5,059 148 84 16,288 3,346 1,154 1,143 322 1,120 17,919 465 59 29 1,752 132 2,505 1953—Dec, 31. . 4,846 129 70 15,901 3,363 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—Apr. 15. . 4,635 134 49 15,486 3,039 1,020 632 385 1,074 16,423 1,131 54 119 1,899 237 2,611 Chicago:* 1 1 1 9 9 9 4 4 4 5 7 1 — — — D f D 3 e e e c cc . . 3 3 3 1 i i . m m m 1 1 , 0 9 0 2 4 7 1 2 0 4 3 3 3 6 0 2 2 1 0 9 7 0 8 5 3 3 2 , , , 1 7 2 5 1 3 3 5 7 1 1, , , 2 0 1 9 2 9 2 7 6 2 2 0 1 8 1,5 1 5 2 7 2 7 2 2 2 2 3 3 8 7 3 5 3 6 6 4 6 3 3 2 3 , , 1 1 8 5 6 5 2 0 3 2 9 9 4 7 0 7 1 2 6 9 2 3 42 7 8 6 7 8 1951—Dec. 31.. l|407 32 165 4,121 1,269 38 242 240 66 4,404 1 5 11 1,128 513 1952—Dec. 31. . 1,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—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 1,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 (5,307 110 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 t5,695 192 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 t5,662 230 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 (5,869 219 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 L.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 L ,145 13 1,069 4,321 739 29,959 17 151 677 17,261 111 4,336 All nonmember banks:* 1947—Dec. 31. . 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1951—Dec. 31 635 4,507 15,144 489 44 258 1,761 205 13,426 128 22 298 7,213 8 1,999 1952—Dec. 31 672 4,498 15.964 516 34 374 1,881 212 14,113 152 25 317 7,800 23 2,129 1953—Dec. 31.. 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 9 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. •Central reserve city banks. •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. *Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. AUGUST 1954 857 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- Totai mer- Date or month n lo a v n a e n d s s t- Totall i t n c r d i i a a u l l s , , - a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo t a o ns Other Total C ti e fi r - - O se th cu er ments and loans 3anks loans cates rities t a c u g u r r l a i - - l G U t l i o i o o . g b v n a S - - t s . . O c t s u t i e h e r - s i e - r G t U l i o i o o g . b S v n a - - t . s .O c t s u t i e h e r - s i e - r Total Bills o d n f e e e d b s i - n t s - - Notes ionds2 Total— Leading Cities 1953—July. 78,451 39,457 22,628 1,756 756 6,315 649 7,973 38,994 31,541 2, 744 3, 885 5,511 19,401 7,453 1954—May 80,149 39,544 22,005 2,178 898 6,568 815 7,72040,605 32,592 2,536 3,008 5,485 5638,013 June 80,827 39,102 21,784 2,109 902 6,625 586 7,74241,72533,515 2,530 2,744 6,663 5788,210 July 81, 183 39, 103 21,614 2,151 882 6,699 602 7,809 42,080 33,841 2, 737 2, 749 6 667 688 8,239 1954—May 5... 79,893 39,434 22,145 2,014 866 6,541 765 7,74340,459 32,377 2,985 3,285 4 455 6528,082 May 12... 79,670 39,729 22,045 2,314 866 6,559 876 7,71039,941 31,994 2,383 3,408 4 442 7617,947 May 19. .. 80,530 39,589 21,975 2,275 922 6,582 766 7,70940,941 32,958 2,400 2,660 6,513 3857,983 May 26. .. 80,502 39,422 21,854 2,108 938 6,590 853 7,71941,080 33,041 2,377 2 680 6 531 4538,039 June 2. .. 80,519 39,219 21,599 2,141 915 6,592 895 7,72141,300 33 196 2,428 2 684 6 582 5028,104 June 9. .. 80,151 38,688 21,571 1,847 910 6,598 673 7,73341,463 33 217 2,370 2 684 6 656 5078,246 June 16. .. 81,683 39,393 21,973 2,120 891 6,623 686 7,74342,290 34,058 2,909 2 817 6 725 6078,232 June23. .. 80,702 39,076 21,896 2,059 893 6,641 492 7,74141 626 33 379 2,322 2 760 6 679 6188,247 June 30... 81 081 39,136 21,884 2,379 899 6 671 186 7,77241 945 33 724 2,619 2 777 6 674 6548,221 July 7. . .81 101 39,280 21 728 2,263 890 6 674 543 7,83641 821 33 575 2 518 2 755 6 651 6518,246 July 14. .. 81 076 39,314 21 647 2,271 891 6 698 639 7,82341 762 33 549 2 522 2 729 6 665 6338,213 July 21 ... 81 111 38,867 21 558 2,067 874 6 705 526 7,79042 244 34 018 2 861 2 758 6 671\ 7288,226 July 28. .. 81 445 38,953 21 524 2,005 875 6 718 699 7,78742 492 34 221 3 045 2 754 6 680 7428,271 New York City 1953—July. 21 431 12 096 8 260 185 1,136 26 211 402 376 1 685 9 335 7 363 922 829 1 012 4 600 1,972 1954—May 22 159 12,139 7 859 584 1,056 43 320 382 516 1,569 10 020 7 750 744 661 934 5 411 2,270 June 22 551 11 716 7 630 489 1,093 28 332 383 400 1 552 10 835 8 467 977 696 378 5 416 2,368 July 22 492 11 705 7 519 606 1,057 18 336 392 382 1 587 10 787 8 448 912 676 425 5 435 2,339 1954—May 5... 22 148 12,078 7 948 4661,044 41 301 378 521 1 56910070 7 771 997 696 618 5 4602,299 May 12. .. 21 912 12 172 7 864 6851,076 38 301 381 450 1 567 9 740 7 491 598 769 627 5 4972,249 May 19. . .22 196 12 176 7 841 6571,037 47 333 387 495 1 57010 020 7 763 624 572 233 5 3342,257 May 26. .. 22 381 12 129 7 781 5281,067 46 346 382 598 1 57110252 7 977 759 609 257 5 3522.275 June 2. . .22 577 11 971 7 574 4391,193 37 333 378 648 1 56010 606 8 285 913 658 310 5 4042,321 June 9. . .22 215 11 506 7 546 2881,079 35 329 380 484 1 55610 709 8,299 902 664 ,344 5 3892,410 June 16... 22 975 11 912 7 707 5491,073 24 328 383 489 1 55011 063 8,680 1 139 733 ,398 5 4102,383 June23... 22 348 11 513 7 674 4451,061 23 331 387 237 1 54610 835 8,469 924 705 ,406 5 4342,366 June30. .. 22 639 11 679 7 648 7261,057 22 342 388 140 1 54910,960 8,599 1 005 718 ,431 5 4452,361 July 7... 22 493 11 856 7 595 6961,071 22 337 389 348 1 59010,637 8,278 770 669 ,400 5 4392,359 July 14. .. 22 403 11 764 7 541 6591,065 21 336 392 347 1 59610,639 8,313 784 677 ,427 5 4252,326 July 21. .. 22 400 11 581 7,486 5581,044 15 334 395 351 1 59110,819 8,506 948 683 ,427 5 4482,313 July 28. .. 22,671 11 618 7,455 5101,047 16 336 392 481 1 57311,053 8,697 1,147 677 ,445 5 4282,356 Outside New York City 1953—July 57,020 27 361 14,368 435 519 5,913 273 6,28829,659 24,178 1,822 3,056 4,49914,8015,481 1954—May 57,990 27,405 14,146 538 535 6,186 299 6,15130,585 24,842 1,792 2,347 4,551 16,1525,743 June 58,276 27,386 14,154 527 542 6,242 186 6,19030.890 25,048 1,553 2,048 5,28516,1625,842 July 58,691 27 398 14,095 488 528 6,307 220 6,22231,293 25,393 1,825 2,073 5,242 16 2535,900 1954—May 5... 57,745 27 356 14,197 504 524 6,163 244 6,17430,389 24,606 1,988 2,589 3,83716,1925,783 May 12. .. 57,758 27,557 14,181 553 527 6,178 426 6,14330,201 24,503 1,785 2,639 3,81516,2645,698 May 19... 58,334 27,413 14,134 581 542 6,195 271 6,13930,921 25,195 1,776 2,088 5,28016,0515,726 May 26... 58,121 27,293 14,073 513 546 6,208 255 6,14830,828 25,064 1,618 2,071 5,27416,1015,764 June 2. .. 57,942 27,248 14,025 509 545 6,214 247 6,16130,694 24,911 1,515 2,026 5,272 16,0985,783 June 9... 57,936 27,182 14,025 480 546 6,218 189 6,17730,754 24,918 1,468 2,020 5,31216,1185,836 June 16... 58,708 27,481 14,266 498 539 6,240 197 6,19331,227 25,378 1,770 2,084 5,32716,1975,849 June23... 58,354 27,563 14,222 553 539 6,254 255 6,19530,79 24,910 1,398 2,055 5,27316,1845,881 June 30... 58,442 27,457 14,236 596 535 6,283 46 6,22330,985 25,125 1,614 2,059 5,24316,2095,860 July 7. .. 58,608 27,424 14,133 496 531 6,285 195 6,24631,184 25,297 1,748 2,086 5,251 16,2125,887 July 14. .. 58,673 27,550 14,106 547 534 6,306 292 6,22731,123 25,236 1,738 2,052 5,238 16,2085,887 July 21. . 58,711 27,286 14,072 465 525 6,310 175 6,19931,425 25,512 1,913 2,075 5,244 16,2805,913 July 28. .. 58,774 27,335 14,069 448 523 6,326 218 6,21431,439 25,524 1,898 2,077 5,235 16,3145,915 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. 858 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 d n e n o i c s t k e - h ti s s c j p m u o a d s a d t s e e n i - - t d d s 3 s p u v n h a a a e i n i d r p l r d s t - - s - , , p S d s a i o u t c i n a v l b a i d t i l t - e - - s c C h c o a f e e e i f n c f e r r i d s t k d - i ' s - , U m G er . o e n n v S - t - . s p u n v h a a a n e i i d r p l r d s t s - - - , , p S d s a i o u t c i n a v l b a i d t i l t - e - - s P m U G e a o r n . o e n s n d v S t - a t - . l D D o- ema F n o d r- 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 p c o o r r a - - sions etc. p c o o r r a - - sions S in a g v s - m ti e c s- eign tions tions Total- Leading Cities 1953—July 14,429 935 2,566 53,00154,267 3,748 1,674 4,27417,064 827 19010,238 1,286 677 801 7,428 1954—May 14,231 930 2,590 54,06854,646 4,346 1,758 2,58817,939 ,137 19010,483 ,253 1,390 757 7,781 June 14,386 928 2,714 54,462 55,359 4,225 1,848 2,90718,159 ,140 18810,677 ,252 ,439 552 7,800 July 13,979 953 2,733 54,098 55,145 3,971 1,940 2,66618,301 ,248 18811,040 ,292 ,505 486 7,818 1954—May 5 13,954 874 2,662 54,047 54,159 4,467 2,016 2,05617,895 ,147 19110,731 ,268 ,364 647 775 May 12 14,168 963 54,153155,321 4,332 1,655 1,60117,916 ,123 190 10,838 ,251 ,364 943 778 May 19 14,433 918 ;545 5533,,771155 54,485 4,221 1,810 3,54517,949 ,142 190 10,367 ,269 ,406 720 778 May 26 14,370 965 486 54,3585 54,619 4,362 1,552 3,14917,996 ,136 190 9,995 ,223 ,427 718 794 June 2 14,241 915 2,528 53,930 54,597 4,418 1,842 2,98218,041 ,129 189 10,386 ,227 ,427 781 ,799 June 9 14,675 951 54,778 55,146 4,129 1,555 2,29618,110 ,130 18810,599 ,235 ,421 535 ,802 June 16 14,449 913 2,920 56,166 57,765 4,086 1,914 1,98318,127 ,175 18811,035 ,251 ,440 541 ,788 June 23 14,604 949 2,476 54,116 54,572 4,163 1,924 3,19218,212 ,121 18710,214 ,285 1,447 876 ,804 June 30 13,961 909 2,984 53,319 54,715 4,329 2,004 4,08518,304 ,146 18711,151 ,260 1,459 29 7,806 July 7 14,131 931 2,85353,31154,264 4,026 1,898 3,54718,256 ,154 11,403 ,293 1,466 410 7,823 July 14 13,920 986 2,74553,65255,518 3,905 2,355 2,69018,301 ,277 18911,306 ,260 1,491 548 7,815 July 21 13,913 930 2,760 54,48155,436 3,922 1,813 2,33518,309 ,277 18710,936 ,261 1,527 371 7,805 July 28 13,952 966 2,57354,949 55,360 4,033 1,695 2,09118,337 ,285 18610,516 ,355 1,535 613 7,831 New York City 1953—July 4,905 138 4015,28616,248 274 825 1,619 1,751 41 2,920 535 201 2,516 1954—May 4,768 145 4115,78216,568 415 932 857 ,865 127 2,981 ,012 1,167 349 2,594 June 4 4 , , 4 8 9 1 7 1 1 1 4 4 3 6 4 4 0 6 1 15 5 , , 5 9 9 8 3 61 1 6 6 , , 8 4 5 7 3 4 4 32 2 9 0 1,0 9 5 4 7 6 9 78 4 1 2 , , 9 9 5 5 1 4 2 1 5 3 0 2 3 3, , 1 0 4 9 2 1 , , 0 0 0 3 9 8 1 1 , , 2 2 0 4 5 9 2 2 1 5 4 0 2 2 , , 5 60 9 5 3 July 1954—May 5 4,668 139 3/15,91516,610 416 1,144 604 ,862 144 3,097 ,027 1,144 254 595 May 12 4,812 150 4115,71316,622 383 847 454 ,854 120 3,059 ,007 1,142 589 597 May 19 4,918 140 4415,61516,446 387 978 1,257 ,854 123 2,918 ,026 1,181 339 592 May 26 4,674 152 4215,88716,595 473 760 1,115 ,890 119 2,848 989 1,201 213 593 June 2 4,569 146 3915,798 16,494 541 979 1,063 ,912 119 3,007 984 1,199 278 2,594 June 9 4,985 152 3616,06916,730 428 724 772 ,953 118 3,046 996 1,194 232 2,594 June 16 4,780 143 4516,69117,698 374 893 516 ,945 135 3,247 ,002 1,211 225 2,590 June 23 5,107 141 3815,87816,670 350 1,029 980 ,977 135 2,922 ,041 1,208 515 2,587 June 30 4,614 134 44 15,49216,672 405 1,103 1,380 ,967 153 3,231 ,025 1,213 1 2,602 July 7 4,584 145 15,37916,261 327 995 1,153 1,948 165 3,248 ,040 1,216 183 2,607 July 14 4,437 153 15,33516,367 359 1,454 786 1,958 276 3,147 ,016 1,241 314 2,604 July 21 4,531 139 15,71416,543 293 937 654 1,945 276 3,170 ,009 1,267 119 2,604 July 28 4,435 147 15,94316,725 337 842 530 1,966 283 3,003 ,088 1,269 239 2,606 Outside New York City 1953—July 9,524 797 2,526 37,71538,019 3,474 849 2,65515,313 786 139 7,318 238 4,912 1954—May 9,463 785 2,549 38,286 38,078 3,931 826 1,73116,074 1,010 137 7,502 241 223 408 187 June 9,575 785 2,674 38,476 38,506 3,805 902 1,96516,208 1,008 136 7,586 243 234 302 ,207 July 9,482 807 2,68738,50538,671 3,642 883 1,88516,347 998 137 7,898 254 256 272 5,213 1954 May 5 9,286 735 2,625 38,132 37,549 4,051 872 1,452 16,033 1,003 138 7,634 241 220 393 180 May 12 9,356 813 2,62438,440 38,699 3,949 808 1,14716,062 1,003 137 7,779 244 222 354 181 May 19 9,515 778 2,50138,100 38,039 3,834 832 2,28816,095 1,019 137 7,449 243 225 381 186 May 26 9,696 813 2,44438,47138,024 3,889 792 2,03416,106 1,017 138 7,147 234 226 505 201 June 2 9,672 769 2,489 38,132 38,103 3,877 863 1,91916,129 1,010 137 7,379 243 228 503 5,205 June 9 9,690 799 2,628 38,709 38,416 3,701 831 1,52416,157 1,012 136 7,553 239 227 303 5,208 June 16 9,669 770 2,87539,475 40,067 3,712 ,021 1,46716,182 1,040 136 7,788 249 229 316 5,198 June 23 9,497 808 2,438 38,238 37,902 3,813 895 2,21216,235 986 135 7,292 244 239 361 5,217 June 30 9,347 775 2,940 37,827 38,043 3,924 901 2,70516,337 993 136 7,920 235 246 28 5,204 July 7 9,547 786 2,793 37,932 38,003 3,699 903 2,39416,308 989 137 8,155 253 250 227 5,216 July 14 9,483 833 2,703 38,317 39,151 3,546 901 1,90416,343 1,001 138 8,159 244 250 234 5,211 July 21 9,382 791 ,767 38,893 3,629 876 1,68116,364 1,001 136 7,766 252 260 252 5,201 July 28 9,517 819 2,536 39,006 38,635!3,696 853 |16,371 1,002 135 7,513 267 266 374 5,225 •Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357 and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures July 1946-June 1947, see BULLETINS for June and July 1947, pp. 692 and 878-883, respectively. For old series, see Banking and Monetary Statistics, pp. 127-227. AUGUST 1954 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKS BY INDUSTRY * [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. ind'l, Period2 t l o F i b a q o n a u o d c o d c r , , o a T l p e e a p a x n t a t h d i r l e e e r l s , , p m e M t r m r ( a r y o a i a e c e n n d n t a h t c d u a a s n i l c l l . n , d s t - s ch r P l u e c e a e m b o u n t a b r m d i l o c e , , - a r l, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i o u i i a l o n r b i n n c t t l i a s l ) i e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i h p n f l e e l e r s ss c c h l N f a a i n e s e d g s t i e - s ch t a a o a g n t n r a g d ' l e l s . — 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—May -78 -10 -124 60 -16 18 -25 -12 -39 28 5 -193 -329 June -31 5 -306 -18 22 2 -36 67 183 18 63 -30 30 July 5 36 -133 -64 -13 -27 66 -14 -88 16 -29 -245 -360 Week ending: 1954—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 -3 9 8 1 4 -261 -255 June 9 -4 —1 -32 2 -4 -1 -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 -9 -11 -40 13 6 14 -74 -77 June 30 -9 -1 -67 -3 -2 -14 2 53 6 11 -26 -12 July 7.... -3 8 -33 -27 4 17 8 -28 -102 -54 -156 July 14 -28 13 -14 3 -3 1 18 -25 " -16" 11 -39 -42 -81 July 21 15 8 -44 -12 -4 -18 14 -8 -7 -11 -68 -89 July 28 21 7 -42 -28 -5 -13 18 11 -17 5" 6 -36 -34 1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans; these banks hold over 90 per cent of total commercial and industrial loans of all weekly reporting member banks and nearly 70 per cent of those of all commercial banks. 2Figures for other than weekly periods are based on weekly changes during period. 3Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Accepting banks B a R F a c e n e c s d k o e e s u r r v n ( a f e t l or Others I U m i n n p i t o t o e r d ts E U f x r n p o i o m te r d ts D e o x ll - ar G s o h o ip d p p s o e s d i t n o t b r s e e i d t n w i e n e n or Total O bi w ll n s bo B u il g ls ht of c f o o r r r e e i - gn States States change United Foreign spondents) States countries 1948—December 269 259 146 71 76 3 109 164 57 1 25 12 1949—December 257 272 128 58 70 11 133 184 49 30 9 1950—December 333 394 192 114 78 21 180 245 87 2 28 32 1951—December 434 490 197 119 79 21 272 235 133 23 55 44 1952—December 539 492 183 126 57 20 289 232 125 39 64 32 1953—June 408 428 123 92 30 30 276 214 112 35 32 35 July 429 435 131 108 23 25 279 213 115 40 32 35 August 451 478 148 108 40 25 304 211 128 64 36 38 September. . . . 475 515 159 110 49 26 329 237 135 66 40 38 October 535 517 160 122 38 23 334 227 145 56 56 34 November 582 534 170 125 45 20 344 246 139 49 59 41 December 552 574 172 117 55 24 378 274 154 29 75 43 1954—January 620 586 195 144 51 17 373 266 157 45 73 46 February...... 701 545 185 149 36 10 350 238 151 44 71 41 March 720 580 198 149 50 13 369 247 139 47 107 39 April 672 623 228 165 63 17 379 270 142 38 127 46 May 618 616 227 171 56 14 374 277 143 36 115 45 June 656 589 220 164 56 14 355 246 143 60 96 43 JAs 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 ddeessccription aee p. 427. 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets gages estate loans assets United State and Total States local i Foreign2 Total Bonds3 Stocks End of year:4 1939 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 ,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 ,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 ,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 ,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 ,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 ,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,405 9,829 1,990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 End of month:5 1951—December.. 67,983 13,579 10,958 1,702 919 28,042 25,975 2,067 19,291 1,617 2,575 2,879 1952—December.. 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—May 75,063 12,543 10,082 1,835 626 32,732 30,462 2,270 22,055 1,924 2,770 3,039 June 75,403 12,456 10,030 1,840 586 33,021 30,752 2,269 22,221 1,935 2,789 2,981 July 75,855 12,429 9,991 1,857 581 33,247 30,977 2,270 22,429 1,943 2,808 2,999 August.... 76,244 12,436 9,994 1,861 581 33,349 31,079 2,270 22,552 1,967 2,819 3,121 September. 76,612 12,397 9,930 1,880 587 33,614 31,319 2,295 22,698 1,972 2,831 3,100 October. . . 77,121 12,395 9,913 1,897 585 33,887 31,585 2,302 22,842 1,990 2,851 3,156 November. 77,552 12,365 9,830 1,945 590 34,096 31,781 2,315 23,017 2,000 2,873 3,201 December.. 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954 -January. .. 78,866 12,470 9,779 2,105 586 34,639 32,266 2,373 23,435 2,039 2,905 3,378 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 May 80,547 12,452 9,539 2,326 587 35,371 32,871 2,500 24,174 2,102 3,000 3,448 1 Includes United States and foreign. 2Central government only. 3 Includes International Bank for Reconstruction and Development. 4These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. 5These represent book value of ledger assets. Adjustments for interest due and accrued and differences between market and book values are not made on each item separately, but are included in total in "Other assets." Source.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book, 1952; end-of-month figures, The Tally of Life Insurance Statistics and Life Insurance News Data. ALL SAVINGS AND LOAN ASSOCIATIONS IN THE UNITED STATES [In millions of dollars] Assets Assets End of U. S. Savings End of U. S. Savings year Mort- Govern- capital quarter Mort- Govern- capital Total i gages2 ment Cash Others Total1 gages2 ment Cash Others obli- obligations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—2 17,977 14,539 1,558 940 849 14,910 1940 5,733 4,125 71 307 940 4,322 3. .. . 18,429 15,058 1,577 852 852 15,317 1941 6,049 4,578 107 344 775 4,682 4 19,164 15,520 1,606 1,082 866 16,073 1942 6,150 4,583 318 410 612 4,941 1943. 6,604 4,584 853 465 493 5,494 1952—1.... 19,688 16,057 1,690 1,080 774 16,811 1944 7,458 4,800 1,671 413 391 6,305 2 20,599 16,875 1,687 1,182 770 17,656 1945 8,747 5,376 2,420 450 356 7,365 3. .. . 21,295 17,696 1,765 1,044 708 18,198 1946 10,202 7,141 2,009 536 i 381 8,548 4 22,585 18,336 1,791 1,306 1,072 19,143 1947 11,687 8,856 1,740 560 416 9,753 1948 13,028 10,305 1,455 663 501 10,964 1953—1P. . . 23,506 19,105 1,931 1,263 1,121 20,105 1949 14,622 11,616 1,462 880 566 12,471 29... 24,772 20,133 2,003 1,337 1,216 21,154 1950 16,846 13,622 1,489 951 692 13,978 3P.. . 25,633 21,145 1,990 1,200 1,215 21,742 1951 19,164 15,520 1,606 1,082 866 16,073 4P.. . 26,726 21,929 '1,923 1,481 1,315 22,823 1952 22,585 18,336 1,791 1,306 1,072 19,143 1953P 26,726 21,929 1,923 1,481 1,315 22,823 1954—1P. . . 27,659 22,684 1,942 1,616 1,341 23,880 P Preliminary. includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. AUGUST 1954 861 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 * [Baaed on compilation by United States Treasury Department. In millions of dollars] End of year End 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: 3381 878 884 ?,99 3 632 4 362 3 884 4 161 1 070 4 997 1 11? 6,811 189 197 23? 276 30? 345 475 474 324 336 377 Federal intermediate credit banks 757 731 773 336 476 437 510 633 673 824 781 590 Federal land banks * 1 220 1 088 986 Federal Farm Mortgage Corporation 351 242 149 109 80 60 45 34 25 22 20 18 643 604 590 558 575 573 535 539 596 646 658 648 Rural Electrification Administration 361 407 578 734 999 1 1 543 1 74? 1,920 <y,014 7 062 ,096 3 S3 99 170 780 1 793 1 779 898 78? 1 1,163 1 6S1 3,076 Other agencies ... 10 9 6 7 5 9 7 6 6 5 5 5 To aid home owners, total 1 ?37 896 619 116 768 1 ?M 1 14?, ,603 7 914 986 ,930 Federal National Mortgage Assn 5? 6 4 199 878 1 347 1 850 ? 1,498 S40 46? RFC Mortgage Corporation* 81 74 6 Home Owners' Loan Corporation * 1 091 85? 636 486 369 731 10 17 12 10 177 168 137 173 115 111 110 108 Other agencies 1 1 1 65 22 24 35 169 246 305 337 361 343 171 147 140 114 110 104 79 79 79 371 705 153 145 138 11? 108 99 80 77 77 77 Other agencies . . 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total 191 ?,32 19?, 272 310 462 458 488 516 136 136 509 Reconstruction Finance Corporation* ' 118 149 151 741 77? 473 400 415 457 478 473 8794 73 83 41 31 38 38 58 74 58 58 63 »214 To financing institutions, total ?,67 314 447 525 445 824 814 864 718 80?, 952 Reconstruction Finance Corporation* 66 60 14 7 6 8 8 8 (9> 131 195 793 436 515 433 816 806 864 718 801 952 Other agencies 20 12 7 4 4 4 Foreign, total 221 126 2 284 5 673 6 102 6 090 6 078 6,110 7,736 7 708 8 010 8,043 775 757 1 ?49 1 978 7, 145 7 187 7 776 796 2,496 1,547 7S8 ,833 Reconstruction Finance Corporation * 7 (10) 774 735 746 706 154 101 64 58 55 52 52 Other agencies11 (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 6?,3 714 184 484 131 779 1,095 821 830 763 i"877 309 73? •340 190 88 59 61 50 54 57 57 Public Housing Administration12 305 786 278 278 294 297 366 609 919 6?6 61? 535 Other agencies 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 71411,69212,733 13,228 14,42217,826 17,637 18 50219,883 Investments: U. S. Government securities, total 630 r683 1873 681 1814 047 071 ,421 588 ? 586 602 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 6? 63 Production credit corporations ........ ...... 60 67 70 7? 66 39 4? 43 43 45 4S 45 Federal land banksJ 220 145 136 Federal home loan banks 144 118 145 139 274 775 199 749 311 378 397 387 Federal Savings and Loan Insurance Corp 151 161 172 184 199 214 193 200 208 218 211 217 Home Owners' Loan Corporation2 . 15 IS 17 1? 1? Federal Housing Administration 87 106 17? 13? 144 188 244 785 316 344 318 319 Public Housine Administration12 7 8 8 8 8 Reconstruction Finance Corporation * 7 75 49 48 1 760 897 1 045 1 070 1,064 1,?.05 1,307 1,353 1,437 1, S08 1 S09 1,526 Other agencies . ?8 30 70 71 1 1 1 1 1 1 1 1 318 3 381 3,381 3,381 3,381 3,381 3,381 ?, 381 3 3,385 Other securities, total . . 4?4 3?1 7,30 114 133 107 88 78 44 45 44 40 Reconstruction Finance Corporation* 789 744 159 108 98 83 71 66 36 39 38 35 Production credit corporations 63 55 46 35 29 22 16 11 8 6 S 5 Other agencies 71 26 24 11 6 2 1 1 1 1 1 Commodities, supplies, andmaterials, 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 1 884 086 Reconstruction Finance Corporation* 7 1,053 1,131 667 235 157 142 108 129 172 114 134 156 Other agencies 438 122 134 138 32 30 28 159 131 211 272 Land, structures, and equipment, total 16,737 71,017 16,924 12,600 3,060 2,962 2,945 3, 358 3,713 7 867 7,911 8,062 700 77? 704 1,448 1Us? 1 748 1 751 1,173 1,0^9 1 030 1 018 Reconstruction Finance Corporation * 7 # # . 6,5 7 2 1 6 0 6,9 7 1 7 9 1 2,8 7 6 7 1 7 7 3 5 5 4 6 7 3 9 0 3 8 6 3 1 0 1 6 8 0 8 5 6 1 0 5 4 9 8 4 1,2 1 5 9 1 9 1,3 1 6 8 0 5 1,4 1 0 8 5 1 1 4 1 7 7 5 5 U. S. Maritime Commission 2 3,113 3,395 3,301 3,305 War Shipping Administration 2 5 4?7 7 813 7 764 6 S07 Federal Maritime Board and Maritime Adm.2 P4 80? P4 80? 4 834 Other agencies13 767 1 948 2,044 1,793 189 168 706 465 590 491 493 561 Bonds, notes, and debentures payable (not guaranteed), total 1 1,113 1,252 689 %5 772 1,190 1,369 1,330 1,131 1,743 ,182 Banks for cooperatives 74 8 33 69 70 78 110 170 181 11? 119 150 Federal intermediate credit banks 774 745 793 358 480 490 s?o 674 704 788 77fi 619 Federal land banks * . . . . . 818 792 756 Commodity Credit Corporation 212 67 69 169 262 415 204 560 525 445 231 349 414 For footnotes see following page. 862 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 items1 Liabilities, other than interagency items Date, and corporation or agency Total Cash L c a e o b i a l v e n - s m m C p s r t a l i i u o o a n i e a e m p t d s l d e s s - , i - - , - G U r s i e o t . c i v I e u S m n s t - . . v e e n s O t s r s t i e - t t c h ie u e s - r e L s t m q u t a a r u r n e n u e i d n d c p s t - , , - O s a t e h s t - e s r a t B F g u n a u u o b r t n a e e l y n d l r s e d y - d s p d , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - i m U G n e e r t . o e s e n n v t S r - t - - . o v in P w a e t r t s n e e i t - r e l - y d U. S. All agencies: 1944—Dec. 31 31,488 756 6,387 2,942 1,632 42416,237 3,111 1,537 1,395 4,196 23,857 504 1945—Dec. 31 33,844 925 5,290 2,288 1,683 32521,017 2,317 555 1,113 4,212 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. 312 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 ,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 21,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 23,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 728 26,456 378 1953—June 302 36,153 1,063 17,637 2,201 2,588 3,430 7,867 1,367 51 1,131 1,97932,576 415 Sept. 30 37,141 1,096 18,502 2,259 2,586 3,429 7,911 1,357 63 1,243 2,07533,335 424 Dec. 31 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 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) (9) Federal Farm Mortgage Corp 20 18 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 3,087 Farmers Home Administration3 621 539 20 2,485 620 Federal Crop Insurance Corp 31 3 6 1 25 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,388 952 387 4 414 568 () 406 Federal Savings and Loan Insurance Corp.. 223 217 6 216 Public Housing Administration 1,719 543 1,018 77 30 1,690 Federal Housing Administration 539 40 319 1 121 75 235 230 Office of the Administrator: Federal National Mortgage Association... 2,476 2,462 C9) ) 11 10 2,466 Other 134 77 22 4 133 Reconstruction Finance Corporation: Assets held for U. S. Treasury s u 364 4 1 156 28 364 Others 687 85 550 18 31 656 Export-Import Bank 2,876 2 2,841 33 42 2,834 Federal Deposit Insurance Corp 1,537 4 () 1,526 () 7 86 1,451 Tennessee Valley Authority 1,833 324 23 11 54 1,778 Federal Maritime Board and Maritime Adm 5,435 184 48 1,475 370 173 5,262 All other 10,068 177 5,768 201 3,385 4, 4 8 2 3 1 4 116 79 9,989 P Preliminary. lLoans 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. 3This agency, successor to the Farm Security Administration, took over the continuing functions of the latter agency in 1946. Earlier figures have been adjusted to include the FSA. Figures for 1944 and 1945 also include Emergency Crop and Feed Loans of the Farm Credit Administration, transferred to the FSA in 1946. Figures through 1948 include the Regional Agricultural Credit Corporation, the assets and liabilities of which have been administered by the Farmers Home Administration since dissolution of the RACC in 1949. These activities are reported^currently in the Treasury Compilation as "Disaster Loans, etc., Revolving Fund." 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 elsewrhere. 6Reconstruction 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. 7Figures 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." s Reflects transfer of RFC lending under Defense Production Act of 1950 from the RFC to the Treasury Department. 9Less 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. 14 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. AUGUST 1954 863 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 s 0 e 0 r ) ies Securities an ( d i n E d x ex c , h a 1 n 9 g 3 e 9 = C 1 o 0 m 0 m ) ission series t u r o m a f d e - Ye o ar r , w m e o ek nth, r O i s e e l - s d 2 r N i s e e e - s w 3 g n ( r M i h a c d i i u g p e h a ) - 4 l g ( r C r h p a a o o d i t g - r e e - h )* -f e P r r r e ed5 T t o a - l d t I u r a n i s - l - - R ro a a i d l- u P i l t u t i i y c b l - - T ta o- l T t M a o- l anuf D r b a a l u c e - - turi N n d r b g a o u le - n - - T p t r o i a o r n n t s a - - u P i l t u t i i y c b l - - T a s a f r e n i i a n c r n c d e d v e - - e , , M in i g n- s s t h i h a n a ( o n o i r g n f e d u * s s - ) Number of issues. . 3-7 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—July.. 92.98 100.03 115.1 110.7 160.1 186 200 174 119 190 217 188 243 223 119 206 237 967 Aug.. 92.89 100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 1,138 Sept.. 93.40 101.00 116.9 110.9 162.8 179 193 156 120 181 205 175 232 199 119 198 219 1,294 Oct... 95.28 103.30 119.7 112.6 167.3 183 197 157 122 187 214 184 240 202 121 201 219 1,225 Nov.. 94.98 103.67 121.4 113.6 168.8 188 202 159 124 191 219 190 245 204 123 207 231 1,482 Dec. 95.85 104.93 122.3 113.5 166.5 191 206 157 125 193 222 192 249 200 125 209 230 1,644 1954—Jan... 97.42 106.16 123.6 114.5 168.7 195 211 160 127 198 228 199 256 206 126 213 239 1,669 Feb.. 98.62 107.04 125.5 116.5 171.8 200 217 166 129 203 234 204 261 215 128 216 250 1,752 Mar.. 99.87 109.11 125.6 117.9 173.3 205 223 165 131 207 240 210 268 212 130 215 259 1,919 Apr.. 100.36109.65 123.9 118.1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 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 July. 100.36111.07 126.9 117.5 173.3 231 255 184 140 233 275 254 294 234 139 236 257 2,469 Week ending: July 3.... 99.91 110.23 125.7 117.1 172.1 225 248 177 136 229 271 249 292 226 135 2,053 July 10 100.13110.64 126.2 117.2 172.4 230 254 180 137 232 275 254 294 231 137 235 257 2,314 July 17. .. . 100.45111.13 126.2 117.4 172.8 230 254 185 139 232 273 253 291 234 139 236 253 2,565 July 24... . 100.47111.30 127.3 117.5 173.7 230 253 184 141 234 276 256 295 237 141 236 259 2,576 July 31 100.49111.43 127.9 117.7 174.2 234 258 188 142 238 281 259 301 239 141 240 261 2,610 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 bond8 are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 'The 3}i per cent bonds of 1978-83, issued May 1, 1953. 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. ^Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances End of month C b u a ( s d n l t e a o e b n t m ) i c t * e e s rs' a b in n p a a v d l c a D a e c r n t s t e o r n t c b u a m e e i d n s t r e i t s s n n i ' n g t a b in n a a v d l c D a e c f n t i s e o r r c t b m u a m e i d n s t e i t s n n in g t 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 i u t s b to a m la e n O r ( c s n t ' e h e s e t 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 h g t s' er a i c n n a r v d c I e n e c d t s o i r f t t u a i m r d n b m e t i a s n n l g a t 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... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 December... 1,362 8 406 343 920 724 200 35 9 315 1953—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 81,062 3768 March 31,716 31,054 3787 April 31,786 31,094 3819 May 31,841 31,186 ••3836 June 1,857 10 492 309 1,173 838 248 23 45 372 ••Revised. 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): 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 net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Tables 143 and 144, pp. 501-503. 864 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] U. S. Government Prime securities (taxable) Size of loan mo Y n e t a h r , , or m p P c e a r o r p i c m m e ia r - e , l a b c e a c r n s e ' k p - t- 3-month bills Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 ,0 ,0 0 0 0 0 - $ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 -$ a 2 n 0 d 0 o ,0 v 0 e 0 r week m 4- o t n o t h 6 s - 1 a d n a 9 c y 0 e s s 1 , 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 s 5 3 - An 1 n 9 u 1 a c 9 l i 4 ti 5 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 L .73 1.93 1948 2.5 4.4 3.5 2.8 2.2 1952 average 2.33 1.75 1.72 1.766 L.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—July 2.75 1.88 2.04 2.101 1.36 2.72 1952 3.5 4.9 4.2 3.7 3.3 August.... 2.75 1.88 2.04 2.088 1.33 2.77 1953 3.7 5.0 4.4 3.9 3.5 September. 2.74 1.88 1.79 1.876 2.17 2.69 October 2.55 1.88 1.38 1.402 L.72 2.36 Quarterly: November. 2.32 1.88 1.44 1.427 L.53 2.36 19 cities: December.. 2.25 1.88 1.60 1.630 L.61 2.22 1953—Sept 3.74 5.01 4.40 3.93 3.54 Dec 3.76 4.98 4.39 3.96 3.57 1954—January... 2.13 1.88 1.18 1.214 1.33 2.04 1954—Mar 3.72 4.99 4.37 3.94 3.52 February. . 2.00 1.69 .97 .984 L.01 L.84 June 3.60 4.97 4.35 3.89 3.37 March 2.00 1.48 1.03 1.053 L.02 L.80 April 1.77 1.25 .96 1.011 .90 1.71 New York City: May 1.59 1.25 .76 .782 .76 L .78 1953—Sept 3.52 4.76 4.25 3.76 3.40 June 1.56 1.25 .64 .650 .76 L.79 Dec 3.51 4.70 4.25 3.77 3.38 July 1.43 1.25 .72 .710 .65 1.69 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: July 3... 1.56 1.25 .65 .646 .71 1.72 7 Northern and East- July 10... 1.56 1.25 .66 .671 .69 1.68 ern cities: July 17. .. 1.38 1.25 .72 .701 .66 L.67 1953—Sept 3.71 5.08 4.45 3.91 3.52 July 24... 1.38 1.25 .74 .731 .63 L.70 Dec 3.79 5.07 4.40 3.96 3.63 July 31... 1.38 1.25 .78 .800 .60 1.72 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 i n es 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 i d ties: bo 3 n S d e r i i s e s s u e in s. cludes selected note and bond issues. 1953— D Se e p c t 4 4 . . 1 1 0 0 5 5. . 0 1 6 0 4 4 . . 4 4 6 6 4 4 . . 0 0 6 9 3 3 . . 8 8 6 6 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 YIELDS * [Per cent per annum] Bonds Industrial stocks Corporate (Moody's)5 Earn- U. S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade) 4 Total se O ri l e d s2 se N r e ie w s3 Aaa Aa A Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c fe P rr r e e d - 6 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 3.16 2.72 3.43 3.20 3.31 3.47 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1953—July 2.99 3.25 2.99 3.55 3.28 3.42 3.62 3.86 3.42 3.67 3.56 4.37 5.44 August 3.00 3.22 2.88 3.51 3.24 3.39 3.56 3.85 3.37 3.61 3.54 4.29 5.79 September... 2.97 3.19 2.88 3.54 3.29 3.43 3.56 3.88 3.40 3.65 3.58 4.30 5.76 10.76 October 2.83 3.06 2.72 3.45 3.16 3.33 3.47 3.82 3.33 3.56 3.46 4.19 5.60 November... 2.85 3.04 2.62 3.38 3.11 3.26 3.40 3.75 3.27 3.51 3.38 4.15 5.53 December. .. 2.79 2.96 2.59 3.39 3.13 3.28 3.40 3.74 3.28 3.52 3.37 4.21 5.54 10.49 1954—January 2.68 2.90 2.50 3.34 3.06 3.22 3.35 3.71 3.23 3.47 3.31 4.15 5.28 February.... 2.60 2.85 2.39 3.23 2.95 3.12 3.25 3.61 3.12 3.35 3.23 4.08 5.29 March 2.51 2.73 2.38 3.14 2.86 3.03 3.16 3.51 3.05 3.24 3.14 4.04 5.07 9.06 April 2.47 2.70 2.47 3.12 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 8.69 July 2.47 2.62 2.31 3.15 2.89 3.04 3.17 3.50 3.10 3.23 3.13 4.04 4.54 Week ending 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 July 10 2.49 2.64 2.35 3.16 2.90 3.05 3.18 3.50 3.10 3.23 3.14 4.06 4.64 July 17 2.46 2.62 2.35 3.16 2.89 3.05 3.18 3.50 3.10 3.23 3.14 4.05 4.66 July 24 2.46 2.61 2.29 3.15 2.88 3.04 3.18 3.50 3.09 3.23 3.13 4.03 4.60 July 31 2.45 2.60 2.26 3.15 2.88 3.04 3.17 3.50 3.09 3.22 3.13 4.02 4.54 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, only bonds due or first callable after 15 years were included. 3The 3H per cent bonds of 1978-83, issued May 1, 1953 ^Standard and Poor's Corporation. 5Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups. 6Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7Moody's Investors Service. 8Computed by Federal Reserve from data published by Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 865 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Bud e g x e p t e r n e d c i e t i u p r t e s s and or E x ex ce p s e s n d o i f t u re re c s e ip (— ts ) d d u I e n c ri c r n e re g a a s p e se e ( r — o io r d ) General ( e f n un d d o f o f p e th ri e o d T ) reasury Period Trust Sales and Bal- Deposits in re N ce e ip t ts p t e u E n r x e d - s i- S d u e ( r o f p i r c l i u t s c o o a a t u n h c n - d e t r s r o e in b o d a l f e g i m m g G e a a n p o t r c i t k v o i y o e t n . n t s s C co i a l n e c u a g - n r t - p d G d u i r e r b o e b l s c i t s c t G ba f e u l n a n e n d r c a e l f a g e u n i e r n n c a n d e l - A f a u F v b n . a l d i e R l s - . B In c e a o t s n i p s l k o l r e s o n o c c f - - S d it p e a e p r c o ie i s a s - l O s n a t e h s e t - t e s r Cal. yr.—1950 37 ,834 138,255 1-422 1-38 349 87 -423 -447 4,232 690 129 2,344 1,069 1951 53,488 56,846 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 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 1,839 7,357 338 250 5,680 1,089 1952... 62,129 66 ,145 -4,017 219 -72 -401 3,883 -388 6,969 333 355 5,106 1,175 1953.. . 65,218 74,607 -9,389 462 -25 -312 6,966 -2,299 4,670 132 210 3,071 1,256 19542.. 64 ,550 67 ,579 -3,029 393 -4 -452 5,189 2,096 6,766 875 274 4,836 781 Semiannual totals: 1951—Jan.-June. 29,679 25,570 4,109 468 40 -1,486 3,124 7,357 338 250 5,680 1,089 July-Dec.. 23,809 31 ,276 -7,467 291 64 -146 4,197 -3,062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38 ,320 34 ,869 3,451 -72 -136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36 ,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June. 38 ,014 38,110 -96 341 -71 -248 -1,320 -1,394 4,670 132 210 3,071 1,256 July-Dec.. 26,454 35,515 -9,061 —259 90 40 9,097 -94 4,577 346 131 3,358 742 1954—Jan.-June2 :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—July... 3,308 6,068 -2,759 -260 26 466 6,598 4,071 8,741 548 181 6,690 1,322 Aug.. . 4,568 6,042 —1,473 299 1 -430 536 -1,067 7,674 496 96 5,825 257 Sept... 6,041 6,119 -79 -40 75 117 -269 -196 7,478 642 183 5,255 398 Oct.... 2,659 5,477 -2,818 -149 -70 235 449 -2,352 5,126 662 185 2,892 387 Nov.. . 4,695 5,423 -728 -37 116 -376 1,822 797 5,923 451 81 4,545 847 Dec 5,183 6,387 -1,204 -72 -59 29 -40 -1,346 4,577 346 131 3,358 742 1954—Jan 34,471 35,071 -600 -144 -28 559 -320 -533 4,044 404 363 2,406 871 Feb.2 5,444 4,707 737 527 -117 -135 -67 944 4,988 548 167 3,458 816 Mar.. . 11,434 5,555 5,879 253 -60 -160 -4,546 1,366 6,355 722 462 4,379 792 Apr.... 2,751 5,296 -2,545 -375 -53 593 811 -1,567 4,787 579 180 3,273 756 May 3,592 5,203 -1,611 271 123 -511 2,428 700 5,487 422 146 4,095 824 June 10,539 7,115 3,424 42 32 -3 -2,215 1,280 6,766 875 274 4,836 781 July n.a. n.a. n.a. n.a. n.a. n.a. -276 -2,542 4,224 727 196 2,538 764 Budget expenditures Major national security programs Hous- Trans- Period Total Total* t f i N e d o n e n a s - a - e l a a M b a t s a n r s i o r i c l s y a i e t - d - n t I i a e n o n o i c t m d a n o e - - » a r ic - l A E C t m s n o o i i e m o m s r n - g i - c y I d n e o e t s e n b t r t - A e i t V d s i r m o t a e r n n t a i - n 6 s - - g c S p u r o s a r r e c o m i - i - t a y s l 6 t A c u u g r l r e - i 7 - n h a a i o f n n n m i g d - c e e P w u o b r l k i s c o P d f i f c e o ic f i s t - e t c t o f r a e t u u c o r n - s s t ts Other Cal. yr.—1950 38,255 18,509 13,476 291 4,012 611 5,580 5,714 1,351 1,499 — 17 ,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 ,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 ,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 ,685 525 783 2,593 Fiscal yr.—1951 44,633 25,891 19,955 884 3,863 908 5,613 5,288 1,415 635 460 ,458 624 972 2,276 1952 66,145 46,319 39,033 2,228 2,904 1,648 5,859 4,748 1,424 1,219 614 ,515 740 1,305 2,402 1953.... 74,607 52,847 44,584 3,760 2,272 1,802 6,508 4,250 1,593 3,063 382 ,655 660 1,079 2,570 19542... 67,579 M8.259 P40.638 3,520 *>1,599 1,893 6,371 4,176 Pl.670 P2.842 -614 Pl.5-13 462 P157 »2,742 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-Dec2. 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—June 7,988 4,815 4,056 325 246 140 1,882 343 128 382 -10 145 50 59 194 July 6,068 4,645 3,890 451 151 117 237 369 177 254 -78 174 53 237 Aug 6,042 4,172 3,519 197 258 157 206 330 120 377 95 155 160 157 270 Sept 6,119 4,392 3,787 232 169 155 560 323 101 275 34 158 60 217 Oct 5,477 4,266 3,647 155 175 208 354 336 211 -12 -46 161 18 189 Nov 5,423 4,034 3,540 198 162 95 164 343 123 302 -89 157 60 95 234 Dec 6,387 4,377 3,465 484 141 231 1,294 371 108 -137 -32 140 57 209 1954—Jan 35,071 P3,681 3,001 385 P104 142 245 340 172 309 -31 97 316 P241 Feb.2 4,707 P3.809 J»3,225 194 P183 160 372 340 P128 P-135 -104 P90 5 P161 Mar 5,555 P3,916 P3.339 321 P54 181 588 334 P114 P194 -54 P102 6 P263 Apr 5,296 P3.847 P3,195 343 P117 164 350 375 P120 P468 -195 P116 9 P205 May 5,203 P3,565 P2.884 331 P126 169 249 346 P124 P694 -14 P109 5 P123 June 7,115 *>4,245 P3,554 407 P52 109 1,752 370 P171 P248 -84 P109 111 P6 P188 pPreliminary. n.a. Not available. 1 Beginning November 1950, investments of wholly owned Government corporations in public debt securities are excluded from Budget expenditures, and included with other such investments under "Trust and other accounts." t 2Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954, p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items. 3Not adjusted for Treasury's revised treatment of carriers' taxes. 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. 6 Excludes transfers to trust accounts, which are shown separately. 7Includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are included with public works. 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS—Continued [On basis of daily statements of United States Treasury, unless otherwise noted. In millions of dollars] Treasury receipts Internal revenue collections Budget receipts, by principal sources (on basis of Internal Revenue Service) Income Deduct Period p W l h e o b e m i y y t l e h d i - r n - s a su n r d a v I n i o n d c l d d e u i - a O - a t l a g t x h e e e C r s r a o t r i p o o n - t n c e M e r e e i n r e n l o n i u v l - s u a a - e - - s l c a p o T a n m l f e r o a o d m r o y 8 x n i r e o e e - e o r r s n s s r O ce r t i h e p - e t r s b c T u e r o d i e p t g - a t e l s t A to t t f p p a r u i r o p u o g n i n l a r e s d d s t o - - - c fu e R r o i n e p e f d - - t s s b c u N e r d i e e p g - t t e s t W c I a h o n g e i m d e t ld h i e v i t - n a i a d s x n u u e d r s O a a l t n o i h n c l e d e - r - C p r c t a r a o a o i o t n n r x m i f p - d o e i e t o s n s - t t a a g E a n x i s t f e d e - t s Cal. yr.—1950 13,775 17,361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 1951 19,392 26,876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16,565 801 1952 23,658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11,980 22,140 849 1953 26,323 30 524 11,211 896 2,570 71,524 3,918 3,137 64,469 26,162 11,401 19,195 923 Fiscal yr.—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 19541.. 26,210 10,761 21,483 10,987 888 2,737 73,067 4,537 3,377 64,550 n.a. Semiannual totals: 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—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— F Ja e n b.1 3,6 9 6 0 4 4 2 1 , , 1 0 2 4 2 4 3 4 9 9 6 0 8 7 6 4 0 9 30 2 4 1 3 1 3 9 2 9 6 4 , , 4 61 6 9 8 59 8 8 4 30 6 6 4 3 2 5 4 , ,4 4 7 4 1 4 1 n ,1 .a 1 . 5 2 n ,3 .a 7 . 2 n.a 4 . 45 8 6 6 5 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 June 1,816 1,357 6,916 852 47 253 11,241 507 150 10,539 n.a. Treasury receipts—Continued Trust and other accounts (on In b te as rn is a l o r f e I v n e t n e u rn e a c l o R lle e c v t e io n n u s e — S c e o rv n i t c . e) Social security, Other accounts7 retirement, and Period Excise and miscellaneous taxes insurance accounts Total* Total Liquor Tobacco M an an d u e r x f e a c t c i a s t i e u le re rs r ' s' Other ce R ip e- ts I m nv e e n s t t s - Ex t p u e r n es di- I m n e v n e t s s t - 8 Other* 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.—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 1954 n.a. n.a. n.a. n.a. n.a. 1393 8,698 1,687 6,846 357 584 Semiannual totals: 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 1-259 3,665 823 3,009 17 -74 Monthly: 1953—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 «472 266 140 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 i 527 965 28 627 27 244 Mar 629 224 135 60 211 253 768 -74 689 44 144 Apr 477 223 130 50 74 -375 436 25 665 18 -102 May 1,343 222 130 727 263 271 1,212 330 630 61 80 June n.a. n.a. n.a. n.a. n.a. 42 1,458 888 651 -90 34 n.a. Not available. 1 Beginning Feburary 1954, on new reporting basis. See footnote 2 on preceding page. 2Not adjusted for Treasury's revised treatment of carriers' taxes. 3 Carriers' taxes deducted. 4 Beginning March, income and profits taxes announced in the Treasury's Monthly Statement. 5Reporting of some excises changed to quarterly basis. ^Excess 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). 867 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net Net Budget Plus: Trust Budget expenditures Plus: Tr. acct. Plus: cash Equals: Equals: Period Cash Exch. Cash re T c n o e e t i t a p l ts c N L a e o s s n h s: - 1 Total c L N a e o s s h n s * : - o in p c i e n o r g m at e - Total A p a u l c s b c r l t i 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 : - 5 F S l u t t i i a z n o b a d n - i - 6 i C c ng o l e u a a n c r 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 Cal. yr.—1950 37,834 171 7,001 2,211 42,451 38,255 503 2,307 6,923 65 —262 —87 41.969 482 1951 53,488 222 8 582 2 508 59 338 56 846 567 2 625 4 397 90 —26 106 58,034 1,304 1952 65,523 184 8,707 2,649 71,396 71,366 734 2,807 4,825 28 38 319 72,980 -1,583 1953 64 469 275 8 596 2 347 70 440 73 626 575 2 585 5 974 34 —82 209 76,529 —6,090 Fiscal yr.—1951 48,143 256 7,796 2,244 53,439 44,633 477 2,360 3,945 138 -13 214 45,804 7,635 1952 62,129 138 8,807 2,705 68,093 66,145 710 2,837 4,952 5 9 401 67,956 137 1953 65,218 210 8,932 2,595 71,344 74,607 694 2,774 5,169 31 -28 312 76,561 -5,217 19547... 64,550 n.a. 9,152 n.a. 71,781 67,579 509 n.a. 6,716 n.a. -109 452 71,933 -152 Semiannual totals: 1951—Jan.-June. . 29,679 164 4,234 1,210 32,537 25,570 196 1,279 1,744 82 -13 -40 25,700 6,839 July-Dec.. . 23,809 58 4,349 1,298 26,799 31,276 371 1,346 2,653 8 -13 146 32,334 -5,534 1952—Jan.-June. . 38,320 77 4,458 1,406 41,293 34,869 338 1,488 2,298 -4 22 255 35,622 5,671 July-Dec.. . 27,204 107 4,248 1,243 30,104 36,497 396 1,319 2,527 32 16 64 37,357 -7,254 1953—Jan.-June. . 38,014 104 4,683 1,351 41,241 38,110 298 1,456 2,642 -2 -44 248 39,203 2,038 July-Dec.7. 26,454 171 3,913 996 29,199 35,515 277 1,129 3,332 36 -38 -40 37,326 -8,128 Monthly: 1953_ju]y 3 308 31 429 91 3 615 6 068 108 120 629 2 —466 6,001 -2,386 Aug.. 4,568 3 1 158 196 5,526 6 042 27 194 464 5 ii 430 6,720 -1,193 Sept 6,041 43 482 107 6,373 6,119 21 108 451 41 11 — 117 6,294 78 Oct... 2,659 10 378 78 2 950 5 477 — 1 91 604 —3 —235 5,759 -2,809 Nov 4,695 4 839 133 5,396 5,423 40 133 636 3 376 6,258 —862 Dec. 5,183 80 627 391 5 339 6 387 82 483 549 — 12 —60 —29 6,294 —956 1954—Tan 84,471 51 237 855 4,602 *5 071 72 897 427 8 — 12 —559 4,749 — 147 Feb 7 5 444 n a 093 n a 6 530 4 707 16 n a 411 n a 135 5,302 1,228 Mar. . 11,434 n.a 824 n a 12 260 5 555 8 n.a. 601 n.a. —39 160 6,231 6,028 Apr 2,751 n.a. 479 n.a. 3,036 5,296 19 n.a. 810 n.a. 13 c-593 5,303 -2,267 May 3,592 n.a. 1,230 n.a. 4,882 5,203 43 n.a. 568 n.a. —33 511 6,228 -1,347 June 10,539 n.a. 1,445 n.a. 11,265 7,115 76 n.a. 604 n.a. 3 6,881 4,384 July n.a. n.a. n.a. n.a. 2,956 n.a. 70 n.a. n.a. n.a. -31 n.a. 5,142 -2,186 cCorrected. n.a. Not available. 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by quasi Government corporations. 2 Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. 3 Represents principally excess of interest accruals over payments on savings bonds and Budgetary expenditures involving issuance of Federal securities; the latter include mostly armed forces leave bonds and notes issued to the International Bank and Monetary Fund, which are treated as noncash expenditures at the time of issuance and cash expenditures at the time of redemption. 4Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 5Represents principally repayments of capital stock and paid-in surplus by quasi Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). 6Cash transactions between Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) 7Beginning February 1954, on new reporting basis. See footnote 8 on following page. 8Not adjusted for Treasury's revised treatment of carriers' taxes. DERIVATION OF CASH BORROWING FROM OR REPAYMENT OF BORROWING TO THE PUBLIC In- Plus: Cash Less: Noncash debt transactions Equals: Details of net cash borrowing from or crease, issuance of Net cash repayment ( —) ofborrowing to the public2 or de- securities of Net inv. Accruals to public1 borrow- Period crease Federal agencies in Fed. ing, or Direct Savings Postal ( g -) ro . s i s n Guar- Non- Go s v ec t. . a b g y en. I b n o t. n d o s n a s n a d v. P f a o y rm ts . o i f n r ( e - p ) a o y f t. m & k c ta o b n l v e . . b (i o s n su d e s S n av o i t n es gs S s a p v e . c S ia y l s.Other* dir. pub. anteed guar- & tr. fundsTreas. bills Fed. sec. borrow- issues3 price) issues debt anteed ing Cal. yr.—1950 -423 —6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 — 125 — 1,242 1,999 — 1,191 — 1,099 —997 46 1952 7,973 12 -102 3,833 770 -74 3,353 5,778 -406 — 1,784 -113 -122 1953 . . 7,777 22 —3 2,540 591 66 4 601 H, 829 «—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 *5,294 «-103 -2,164 -100 —9 1954« 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,O28 M8 -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«.. -3,909 6 n.a. n.a. 241 63 n.a. n.a. -19 -955 -145 n.a. Monthly: 1953__july 6,598 11 15 61 •109 — 1 6,456 6,333 7-122 252 —7 Aug 536 1 395 «28 -12 127 —72 7-51 271 — 17 —4 Sept —269 75 71 22 —12 -274 -931 —90 662 -16 101 Oct 449 2 -72 -76 — 1 457 —51 —36 618 —7 —67 Nov. 1,822 8 108 240 41 — 1 1,659 1,647 —22 —53 —36 123 Dec -40 2 -61 150 83 59 -391 -70 -41 -167 -18 -95 1954— F j eanb.« — - 3 6 2 7 0 — 2 1 -1 -2 2 7 6 -4 7 6 7 7 1 3 7 — 11 1 — -2 3 8 8 4 6 — - 7 1 4 78 —9 1 2 8 — — 7 7 3 1 — -3 7 12 -1 -3 2 1 0 Mar -4,546 -89 -20 9 38 -4,662 -4,304 75 -310 -37 -86 Apr 811 3 -74 35 20 -14 699 838 32 —82 —21 —67 May. 2,428 1 74 380 44 32 2,046 2,144 5 — 152 —22 71 June -2,215 1 815 76 — 1 —3,104 —2,779 —57 —267 — 16 15 July -276 -61 -2 -84 71 30 -356 -85 -137 -88 7 -54 n.a. Not available. 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 'Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6Excludes exchanges of savings bonds into marketable bonds. 6 Beginning February 1954, on new reporting basis. See footnote 8 on following page. This table is based on Treasury daily statement, which differs from monthly budget statement. 7 See footnote 2 at bottoomm ooff ffoolllloowwiing page. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d i a e i r l v s e s i c 1 o d t n - t c a a D o t x i i r e o r p s e n o c s o r t 1 - n E m t a a x n x i c s d e i c s s . e i c n S e s o i . p c i t r a s e l 2 - c O c o i t a m n h s - e h e r 3 R D c o e e e f f d i u p u r n e t c d s - t s : Total n g M a r p t a a l r m . o j o s - s e r 4 c. e I d s n e t t b e o t r s n - g e V p r r a r a e o m n t - - s s8 s g e S r p c o a u r c m o r i - a i s t l 7 y Other Cal. yr.—1950 42,451 19,191 9,937 8,113 5,121 2,245 2,156 41,969 18,347 4,072 8,864 4,400 6,286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,195 4,230 5,209 5,617 6,729 1953 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 52,753 4,589 4,885 6,648 7,654 Fiscal yr.—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 7,196 3,147 3,419 71,933 M8.164 4,633 4,947 P7.675 P6.514 Semiannual totals: 1951— J J u a l n y .- - J D u e n c e . . 3 2 2 6 , , 5 7 3 9 7 9 1 11 6 , , 0 1 2 2 5 4 9 7 , , 4 1 1 4 6 9 4 4 , , 2 3 1 7 7 4 3 3 , , 1 2 3 2 5 8 f , 3 4 4 1 8 8 1, 3 7 0 9 2 6 3 2 2 5 , , 3 7 3 0 4 0 2 1 1 6 , , 1 1 4 3 6 3 2 2, , 0 0 7 5 9 8 3 3 , , 1 0 1 0 7 3 2 2, , 4 4 6 5 5 0 3 2 , , 5 0 2 5 7 6 1952—Jan.-June. 41,293 19,687 14,318 4,519 3,386 ,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 ,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 ,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 July-Dec8 29,199 14,478 5,272 5,357 3,037 ,492 437 37,326 25,854 2,176 2,465 3,401 3,430 Monthly: 1953—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 '•4,185 »7,356 '673 718 267 940 6,231 P3.878 563 428 P729 P634 Apr 3,036 1,791 763 735 378 277 907 5,303 P3,862 299 414 P718 P9 May 4,882 2,875 397 787 1,188 251 616 6,228 P3.533 196 392 P692 Pl.415 June 11,265 2,859 6,903 797 616 240 150 6,881 P4.246 877 444 P763 P552 July 2,956 1,120 549 702 P304 363 82 5,142 n.a. 152 194 n.a. n.a. Preliminary. n.a. Not available. r Revised. 1 Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement. 2 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3 Represents mostly nontax receipts. 4 Represents 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. 8Fiscal year totals on new reporting basis, described in Treasury Bulletin for April 1954 p. A2. Monthly breakdown on new basis not yet available prior to February 1954 for most items. 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) 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—June.. 370 1485 57,886 340 308 36,048 30 !178 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 57,967 390 310 37,279 122 169 20,687 81 5,500 May.. 464 '458 58,025 354 P289 37,393 110 P169 20,633 156 5,344 June.. 523 579 58,061 392 P386 37,482 130 P192 20,579 265 5,079 P Preliminary. r Revised. 1 Figures for June include 18 million dollars of reported exchanges of F and G bonds maturing in'1953, for marketable bonds of June 1978-83. 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. 869 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Public issues s Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a * s l d d T g i e r o r o b e t s a c t s 2 l t Total Total Bills c e i C n a d e t d n e r e e t s i b s f o s i t - - f Notes B el a ig n i 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 i p ss e u c e ia s l ble* stricted notes 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2Aii 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—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 40,533 1953—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 July 271,005 270,984 226,528 150,342 19,512 18,405 31,964 71,790 8,671 11,857 64,329 58,005 4,993 42,152 Lily guar- OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public U. S. Government End of month in ( a g i g n d n r t e c g o e b l s u e u ts a d d r - - Sp a t e r g c u e i s a n t l c i f e u s n P a d u n s b d 1 lic Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s - a 2 l M s b a a v u n i t n u k g a s s l I c a n o n s m c u e r - - r c O a o t t r i h p o e o n r - s g S o l a o v t n c a e d a t r e l n- Sav I i n n d g i s vidu O a t l h s er l M a i t n n o i v s e r e c o s e u - l s se ti c e u s r ) i- issues issues panies ments bonds securities 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—Dec 252,854 31,714 5,614 215,526 23,333 62,500 11,500 21,200 14,800 7,900 47,800 17,600 8,900 1949—June 252,798 32,776 5,512 214,510 19,343 63,000 11,600 20,500 15,600 8,000 48,800 18,000 9,600 Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 2i>7,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,400 8,700 49,900 17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 19,700 8,800 49,600 16,700 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,000 9,400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 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—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 '62,600 9,500 15,900 20,400 12,400 49,300 '16,400 13,300 Oct 273,452 40,888 7,078 225,486 25,348 '62,800 9,300 15,900 20,900 12,400 49,200 '16,100 13,500 Nov 275,282 41,013 7,156 227,113 25,095 '63,900 9,300 15,900 21,700 12,500 49,300 '16,000 13,500 Dec 275,244 41,197 7,116 226,931 25,916 '63,700 9,200 15,800 21,500 12,500 49,300 '16,100 12,900 1954—Jan 274,924 41,009 7,245 226,670 24,639 '64,100 9,200 15,700 '21,500 12,600 49,400 '16,200 13,300 Feb 274,859 41,070 7,223 226,566 24,509 '63,100 9,200 15,700 '22,100 12,600 49,400 '16,300 13,600 Mar 270,312 41,002 7,203 222,107 24,632 '60,900 9,200 15,600 '19,500 12,700 49,400 '16,700 13,500 Apr 271,127 41,049 7,151 222,927 24,632 62,500 9,200 15,600 18,900 12,800 49,500 16,400 13,500 May 273,555 41,367 7,182 225,006 24,812 63,500 9,200 15,500 19,300 13,100 49,500 16,600 13,500 r Revised. 1 Includes the Postal Savings System. 2 Includes 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. 870 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 July 31, 1954 (On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds—Cont. Aug. 15, 1954...... 2H 2,788 8,662 Dec. 15, 1963-68. .2] 2,826 Aug. 5, 1954. 1,502 Sept. 15, 1954 2% 4,724 510 June 15, 1964-69. 3,754 A A u u g g . . 1 1 2 9 , , 1 1 9 9 5 5 4 4 . . 1 1 , , 5 5 0 0 1 1 F M e a b y . 1 1 7 5 , . 1 1 9 9 5 5 5 5 \ 1 V ^ % 3 7 , .0 8 0 8 7 6 2 1 , , 6 4 1 4 1 9 D M e a c r . . 1 1 5 5 , , 1 1 9 9 6 6 4 5 - - 6 7 9 0 . .. . 3 4, , 7 8 1 3 9 0 Aug. 26, 1954. 1,503 982 Mar. 15, 1966-713 2.961 Treasury notes 3,822 June 15. 1967-723. 1,888 Sept. 2, 1954. 1,501 Dec. 15, 1954 8,175 927 Sept. 15, 1967-72. 2,716 Sept. 9, 1954. 1,500 Mar. 15, 1955 5,365 4,245 Dec. 15, 1967-723 3,822 Sept. 16, 1954. 1,501 Dec. 15, 1955 6,854 919 June 15, 1978-83.. 1,606 Sept. 23, 1954. 1,501 Apr. 1, 1956 t ,007 2,368 Sept. 30, 1954. 1,501 Oct. 1, 1956 550 5,277 Postal Savings Mar. 15, 1957 2,997 3,465 bonds 2 Mi 35 Oct. 7, 1954. 1,501 Apr. 1, 1957 531 1,485 Panama Canal Loan .3 30 Oct. 14, 1954. 1,500 Oct. 1, 1957 824 2,239 Oct. 21, 1954. 1,500 Apr. 1,1958 383 11,177 Oct. 28, 1954. 1,500 Oct. 1, 1958. . 121 2,116 Convertible bonds Feb. 15, 1959 5,102 Investment Series B Apr. 1, 1959 1 54 Apr. 1, 1975-80... 2M 11,857 1Sold on discount basis. See table on Open Market Money Rates, p. 865. 2Partially tax-exempt. 3 Restricted. 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. End of month s T t o i a o n u n t g t a d - l - G f a t u a r c g o u n n i e e v d d s n s t t s - . B s F e R e a e r r n e a v d - k l - e s b C m c a o i n e a m r k l - s - b M t s i a n u a n g a v u k l s - - s L c I i o f n e m su p r a a O n n i c t e h e s er Other End of month s T t o i a o n u n t g t a d - l - G f a t u a c r g o u n i n e e v d s d n s s t t - . B s F e R e a e r r n e a v d - k l e - s b C m c a o i n e a m r k l - s - b M t s i a n u a n g a v u k l s - - s L (s i [ o f n e m su p r > a a O n n t e i h e e s er Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1951—Dec 154,745 6,251 23,80154,302 9,12310,289 4,301 46,679 Series B): 1952—June 153,502 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 25,91655,933 8,524 9,120 4,905 55,233 1953—June 12,340 3,439 182 1,314 3 133 353 3,919 Dec 11,989 3,439 168 ,264 2 935 328 3,854 1954—Apr 163,014 7,024 24,63254,921 8,441 8,947 4,858 54,191 May 165,224 7,055 24,81255,882 8,449 8,863 4,859 55 303 1954—Apr 11,910 3,439 166 ,271 2 909 320 3,806 Treasury bills: May 11,899 3,439 165 ,268 2 903 320 3,804 1951—Dec 18,102 50 596 6,773 71 428 104 10,080 Marketable secu- 1952—June 17,219 41 381 5,828 103 504 92 10,268 rities, maturing: Dec 21,713 86 1,341 7,047 137 464 119 12,518 Within 1 year: 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 1951—Dec 48 204 112 13,43714081 182 648 576 19,167 Dec 19,511 102 2,993 4,368 126 410 109 11,402 1952—June 45 642 101 12,20212705 223 581 470 19,360 Dec 56 953 133 14,74916996 263 532 733 23,547 1954—Apr 22,014 88 1,911 5024 144 545 136 14 166 1953—June 64589 163 1550519580 476 390 1,082 27,393 May 22019 69 2,091 4 145 123 552 103 14936 Dec 73235 175 1697225062 475 468 1,061 29,023 Certificates: 1951—Dec 29078 49 12,793 6 773 41 217 445 8 761 1954—Apr 66020 166 1587520 186 402 566 913 27,913 1952—June 28423 60 11,821 6 877 120 76 378 9092 May 63 128 116 1605517746 324 570 769 27,547 Dec 16712 27 5,061 4 791 37 56 317 6424 1-5 years: 1953—June 15854 30 4 996 4351 87 27 310 6,052 1951—Dec 44 401 45 668827991 419 132 992 8,133 Dec 26 386 63 5 967 9 215 184 37 445 10475 1952—June 44 945 46 7 18827 858 370 63 996 8,424 Dec 37 713 31 7 14622381 259 48 910 6,938 1954—Apr 19377 58 6051 5 738 138 7 305 7081 1953—June 32 330 152 645218344 464 109 914 5,895 May 18577 35 6600 4 908 102 6 228 6 698 Dec 29 367 192 6 15516056 431 123 980 5,430 Treasury notes: 1951—Dec. . . 18409 3 506810465 67 1 315 2489 1954—Apr 22 814 169 6307 11226 367 98 725 3,923 1952—June 18963 2 5 56810431 42 0 327 2587 May 27 928 232 630714435 501 155 849 5,449 Dec... . 266 16 1377410955 49 8 486 4 9785-10 years: 1953—June.... 60425 23 1377410355 62 5 529 5 678 1951—Dec 8914 152 34 6 881 73 118 201 1,454 Dec 31406 8 1328911510 130 52 605 5 814 1952—June 15122 387 693 7 740 1,357 497 765 3,684 Dec 22 834 546 138711058 1,775 885 1,348 5,835 1954—Apr 26 809 15 13029 8 202 104 42 481 4 935 1953—June 18677 422 1374 8 772 1,395 745 1,104 4,865 May 31 923 78 13,02911268 236 100 611 6 601 Dec 20 292 418 137410051 1,315 725 1,198 5,211 Marketable bonds:l 1951—Dec 77097 3,243 4 13030 119 7697 6 720 3 120 22068 1954—Apr 30542 509 103518516 1,433 615 1,551 6,882 1952—June 75802 2,928 4 42230 710 7221 5 855 3087 21580 May 30 542 505 103518630 1,410 543 1,568 6,850 Dec 79890 3,046 4 52232 849 7165 5 807 3429 23072After 10 years; 1953—June 81349 3,300 452232 066 7232 5 855 3 484 24 890 1951—Dec 41 168 3,036 2428 5 177 7,202 6 470 2,213 14,643 Dec 77327 3,377 3 66730 671 6820 5 686 3418 23 688 1952—June 34 698 2,496 2 109 5 544 5,537 5,301 1,652 12,059 Dec 31081 2,464 1415 5 207 5,091 4,870 1,361 10,673 1954—Apr 82,903 3,425 3 64135,790 6,785 5444 3 616 24,203' 1953—June 31,739 2,723 1415 4 488 5,167 4,969 1,356 11,621 May 80,806 3,435 309335,397 6,720 5 301 3,597 23,264! Dec 31,736 2,765 1415 4,595 5,039 4,868 1,339 11,716 1954—Apr 31,727 2,741 1415 4,826 4,968 4,760 1,349 11,668 May 31,727 2,763 1415 4,906 4,946 4,691 1,353 11,653 * Commercial banks, mutual savings banks, and insurance companies included in the survey account for over 90 per cent of total holdings by these institutions. Data are complete for Federal agencies and trust funds and Federal Reserve Banks. Figures in column headed "other" are residuals. 1 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. AUGUST 1954 871 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES 3 [Estimates, in millions of dollars] Gross proceeds, all 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 . n e S r t n . 3 - 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 - Others Total Total o B P f l o f i u c e n r l b e d y - d s p v P l a a r t i c 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 u e n i u s s l r e s e - - - - s m d b e t R i t e a o e r c e b n f . e n - 8 k t - t , m s r t i e i o t r e c i e f n e u - s t - 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 903 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 420 325 26 69 ,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 1,583 1942.. 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943.. 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944.. 56,310 52,424 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945.. 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1080 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 2,147 761 778 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 «7,960 535 260 1953—June.. 3.066 1,454 443 3 1,166 977 575 402 33 156 1,123 1,034 89 24 Tuly.. 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... '1,947 511 '735 '1 '628 '408 216 '192 '110 '111 ••486 '471 '16 '129 May.. '4,386 2,669 '783 '5 '850 '647 424 '224 '130 '73 '652 '614 '38 '183 June.. 2,388 523 805 4 1,057 808 343 465 131 118 859 812 47 182 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 f l i n e a s n ta c t i e al month T p n o r e o t t a - l N i c t a a e p l w - * 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 e a p w l - ' m R e e n ti t r s e 1 - 0 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 - * 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 - * 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 - * 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 - * m R e e n ti t r s e 1 - 0 1948 2,180 2,126 54 403 382 748 56 2,150 2,005 144 891 890 587 557 30 1949 1,391 1,347 44 338 310 795 784 11 2,276 2,043 233 567 517 593 558 35 1950 1,175 1,026 149 538 474 806 609 196 2,608 1,927 395 314 739 639 100 1951 3,066 2,846 221 518 462 490 437 53 2,412 2,326 605 600 515 449 66 1952 3,973 3,712 261 536 512 983 758 225 2,626 2,539 753 747 508 448 60 1953 2,218 2,128 90 542 502 589 2,972 2,905 874 871 1,561 1,536 24 1953-June 276 7 38 45 331 314 37 37 412 412 July 116 17 59 55 46 209 207 20 18 43 40 August.. 46 44 2 19 17 15 97 97 30 123 122 September 132 131 1 19 18 32 242 241 89 243 242 October... 56 53 2 49 47 36 356 350 13 13 80 77 November 99 93 6 25 25 32 245 229 5 5 45 45 December 418 409 104 100 88 200 191 608 47 46 1954—January 134 118 50 48 65 276 275 12 12 February . 52 51 26 25 43 269 269 51 51 March 107 107 68 62 58 362 316 46 88 88 April '86 '79 '72 '58 '309 '237 '73 '26 '51 '27 25 May '204 '196 '42 '20 '501 '328 '173 '40 '26 '25 '1 June 305 284 21 84 37 442 382 60 159 63 97 cCorrected. 'Revised. 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8Includes issues guaranteed. 4 Issues not guaranteed. 5Includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. •Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i. e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 'Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. •Includes all issues other than those for retirement of securities. "Retirement of securities only. Source.—Securities and Exchange Commission. 872 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 1954 1948 1949 1950 1951 1952 1953 Manufacturing Total (200 corps.): Sales 38,190 37,803 45,20452,332 53,810 62,485 12,54315,28715.70916,51915,413 14,845 4,140 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 goods 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 taxes 1,520 1,263 1,562 1,451 1,291 1,413 318 347 338 346 367 363 352 Dividends 682 736 919 872 891 911 212 251 216 213 213 270 225 Durable goods industries (106 corps.):3 Sales 23,602 23,897 29,35733,774 34,997 42,390 7,851 10,32910,74511,45010,378 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 1,888 2,544 2,005 1,804 2,114 370 579 511 573 509 521 517 Dividends 748 950 1,352 1,142 1,119 1,176 270 305 275 272 274 356 296 Selected industries: Foods and kindred products (28 corps.): Sales 4,528 4,223 4,402 4,909 5,042 5,411 1,280 1,315 1,316 1,346 1,355 1,394 1,320 Profits before taxes 455 434 532 473 446 465 127 104 99 128 131 107 99 Profits after taxes 285 268 289 227 204 211 57 50 46 54 57 54 46 Dividends 148 149 161 159 154 154 37 43 35 37 37 45 36 Chemicals and allied products (26 corps.): Sales 3,674 3,680 4,577 5,574 5,695 6,071 1,401 1,520 1,545 1,568 1,506 1,453 1,434 Profits before taxes 674 693 1,133 1,421 1,200 1,260 289 304 360 346 330 224 271 Profits after taxes 420 415 572 496 458 49; 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 44: 515 485 551 115 129 127 124 149 152 139 Dividends 172 172 205 231 25: 25 60 69 65 61 61 70 66 Primary metals and products (39 corps.) Sales 9,066 8,187 10,44612,497 11,55' 13,750 2,605 3,494 3,428 3,653 3,476 3,194 2,893 Profits before taxes 1,174 993 1,700 2,092 1,161 1,824 208 431 457 560 510 295 303 Profits after taxes 720 578 854 776 575 793 100 217 183 212 203 196 151 Dividends 270 285 37 381 36 377 86 106 88 88 88 113 100 Machinery (27 corps.): Sales 4,563 4,363 5,071 6,183 7,08: 8,009 1,697 2,066 1,967 2,045 1,959 2,038 1,917 Profits before taxes 570 520 850 1,003 974 1,009 218 290 276 298 241 193 252 Profits after taxes 334 321 425 370 380 40: 89 128 89 103 95 115 115 Dividends 12 138 208 19: 200 239 49 53 50 49 49 90 58 Automobiles and equipment (15 corps.): Sales 8,093 9,57 11,80512,496 12,82516,37 2,681 3,684 4,308 4,657 3,918 3,495 3,485 Profits before taxes 1,131 1,47. 2,305 1,913 1,945 2,048 345 503 648 714 451 235 435 Profits after taxes 639 861 1,087 705 698 74' 143 190 200 211 168 168 204 Dividends 282 451 671 47« 46: 463 114 117 117 114 114 117 114 Public Utility Railroad: Operating revenue 9,67: 8,580 9,47.'10,391 10,58110,664 2,633 2,828 2,596 2,732 2,755 2,582 2,275 Profits before taxes 1,146 700 1,385 1,260 1,451 1,404 378 497 336 397 399 272 156 Profits after taxes 698 438 784 693 83f 871 219 304 186 231 234 219 88 Dividends 289 252 312 328 338 41 66 118 97 73 79 162 96 Electric power: Operating revenue 4,830 5,069 5,528 6,058 6,549 7,113 1,56. 1,727 1,850 1,725 1,716 1,821 1,954 Profits before taxes 983 1,129 1,313 1,482 1,740 1,893 386 446 551 456 428 458 571 Profits after taxes 657 757 822 81 947 1,046 210 253 294 249 235 268 324 Dividends 493 560 619 651 725 771 181 193 182 189 194 206 212 Telephone: Operating revenue 2,694 2,967 3,342 3,729 4,136 4,52. 1,037 1,084 1,092 1,126 1,129 1,178 1,174 Profits before taxes 292 333 580 691 787 92 182 206 223 234 220 248 242 Profits after taxes 186 207 331 341 384 45: 88 104 109 114 10' 122 116 Dividends 178 213 276 318 355 91 93 100 101 104 108 109 1 Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). 873 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjustedannual rates. In billions of dollars] All types Bonds and notes Stocks Year or q Y u e a a r r t e o r r P b ta e ro x fo f e i r s t e s c ta o I x n m e - s e P t a a r f o x te f 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 n b o d u fi i t t s e s - d quarter i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e t n ir t e s - ch N a e n t ge 1939 6.4 1.4 5.0 3.8 1.2 1945 6,457 6,906 -449 4,924 '5,996 '•-1,072 1,533 910 623 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 1,355 1948 7,570 '1,683 ••5,887 5,938 1,283 '4,655 1,632 400 1,232 1946 22.6 9.1 13.4 5.8 7.7 1949. '•6,731 1,875 4,856 4,867 1,583 3,284 '1,864 292 1,572 1947 29.5 11.3 18.2 6.5 11.7 1950 7,224 '3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 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 '•5,682 '2,105 3,577 '3,366 '666 '2,700 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 2,987 1953 9,594 2,335 7,259 6,705 1,820 4,885 2,889 514 2,375 1951 41.2 22.5 18.7 9.1 9.6 1952 37.2 20.0 17.2 9.1 8.1 1953—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 2,096 458 1,638 836 148 687 3. .. 1,867 530 1,337 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 19.0 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 17.0 17.5 9.6 7.9 1 Reflects cash transactions only. As compared with data shown on p. 872, new issues exclude foreign and include investment company offerings, sales of securities Source —Department of Commerce. held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 872. Source*—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. or quarter working U. S. receivable payable Federal capital Gov- Inven- income Total Cash ernment tories Other Total tax Other securities U. S. U. S. liabilities Govt.2 Other Govt.3 Other 1939... 24.5 54.5 10.8 2.2 .0 22.1 18.0 .4 30.0 .0 21.9 1.2 6.9 1941 32.3 72.9 13.9 4.0 .6 27.4 25.6 .4 40.7 .8 25.6 7.1 7.2 1943 42.1 93.8 21.6 16.4 5.0 21.9 27.6 .3 51.6 2.2 24.1 16.6 8.7 1945... 51.6 97.4 21.7 21.1 2.7 23.2 26.3 .4 45.8 .9 24.8 10.4 9.7 1946... 56.2 108.1 22.8 15.3 .7 30.0 37.6 .7 51.9 .1 31.5 8.5 11.8 1947... 62.1 123.6 25.0 14.1 38.3 44.6 .6 61.5 37.6 10.7 13.2 1948... 68.6 133.0 25 3 14.8 42.4 48.9 .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 55.7 55.1 .7 79.8 .4 47.9 16.7 14.9 1951 .... 86.1 180.2 30.4 20 5 2 7 59.2 65 3 2.1 94 2 1 3 55.0 22.0 15.9 1952.... 89.9 187.4 31.0 20.2 2.8 65.3 65.8 2.4 97.5 2.3 59.4 18.2 17.6 1953—2 92.7 187.4 29.9 18.7 2.7 66.1 67.6 2.4 94.7 2.5 57.7 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 A 2.6 65.6 67.9 2.4 98.5 2.2 58.8 19.3 18.2 1954—1 92.9 184.5 28.2 19.5 2.8 63.8 67.7 2.5 55.3 15.3 18.5 1 Excludes banks and insurance companies, 2 Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Tran?- Manu- Transporta- factur- porta- Manu- tion Public Com- ing tion Public All Year Tota. factur- Min- Rail- other utili- muni- Other • Quarter Total and ind. utili- other* ing ing roads than ties cations min- rail- ties rail ing roads 1939 5.512 1,943 326 280 365 520 302 1,776 1952—3 6,242 2,936 624 963 1,719 1945 8.692 3,983 383 548 574 505 321 2.378 4 7,206 3,490 728 1,150 1,839 1946 14.848 6,790 427 583 923 792 817 4,516 1953—1 6.339 2.972 650 925 1,792 1947 20.612 8.703 691 889 1,298 1,539 1.399 6.093 2 7,289 3,426 725 1,158 1,979 1948 22.059 9,134 882 .319 1,285 2,543 1,742 5,154 3 7,098 3.210 686 1,219 1,984 1949 19.285 7,149 792 ,352 887 3.125 1,320 4,660 4 7,666 3,680 717 1,246 2,023 1950 20,605 7,491 707 ,111 1,212 3,309 1.104 5,671 1954—1 6,240 2,864 608 910 1,859 1951 25,644 10,852 929 1,474 1,490 3.664 1 319 5 916 2* 7,034 3,263 591 1,167 2,014 1952 26,493 11,632 985 L.396 1.500 3,887 7.094 6,686 3,031 495 1,178 1,982 1953 . . 28,391 12,276 1.011 I 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. * Includes communications and other. * Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 874 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 ^onfarm Farm h O ol t d h e e r r s 1- to 4-family houses com M m u e l r ti c - i f a a l m p i r ly o p a e n rt d ies1 E o n r d q o u f a r y t e er ar h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - - s S F e a e l c g d e i e e e c n r s te a - d l v o i I d 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 o a a t l i n n - - s O h e o th r l s d e - r Total t F u i i n c t n i i s 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 a o a t l i n n - - s h O ol t d h e e r r s2 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 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 .3 3.7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4.8 .3 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 ,5 3.4 1947 48.9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 1.7 3.3 1948 56.2 37 8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 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—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 JuneP 106.0 79.5 2.6 23.9 98.0 69.5 56.8 12.7 28.5 19.5 9.0 8.0 3.2 4.8 P Pieliminary. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY ]BANKS1 [Inmillions of dollars] Commercial bank holdings2 Mutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Residential3 Residential 3 Total Farm Total Farm Total FHA- VA- Con- Other Total FHA- VA- Con- Other Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 4,340 3,292 1,048 566 4,817 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 4 751 3,395 856 521 4 708 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 6,933 1 690 4 8S6 4,828 3,937 aoi oo 1948 10,897 10 073 8,066 1,957 874 5,806 5,773 4,758 I 015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1950 13,664 1?,695 10,431 764 968 8,261 8,218 7,054 L 164 A A 1951. 14,732 13,728 11,270 3,421 2,921 4,929 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4 303 1,274 47 1952 15,867 14 809 12,188 3,67S 3 012 5,501 2,621 1,05811,379 11,327 9,883 3,168 2,237 4 477 I 444 53 1953 16,850 15,768 12,925 3,917 3 061 5,951 2,843 1,08217,943 12,890 11,334 3,489 4 79? ,556 53 1952—September 15,590 14,530 11,970 3,580 3 000 5,390 2,560 1,06010,940 10,890 9,490 3,025 2,069 4 396 L,400 50 December 15,867 14,809 12,188 3,675 3 012 5,501 2,621 1,05811,379 11,327 9,883 3,168 2,237 4 477 1,444 53 1953—Marrh . . 16,080 000 12,320 ,719 3 010 5 591 7,680 108011680 11,630 10,165 4 S40 I 465 50 Tune 16,387 15,783 12,545 •^798 3 013 5,734 7,738 1,10417 11? 12,062 10,574 3 325 2,590 4 6S8 L 488 50 September 16,640 15,550 12,770 3,860 3 040 5,870 2,780 1,09012,500 12,450 10,930 3,405 2,785 4 740 L.52O 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 1,09513,355 13,300 11,710 3,590 3,290 4 810 .590 55 June? 17,350 16,225 13,275 3,975 3 175 6,125 2,950 1,12513,907 13,850 12,210 3,700 3,600 4 910 1,640 57 p Preliminary. 1 Includes all banks in the United States and possessions. 2 Includes loans held by nondeposit trust companies but excludes holdings of trust departments of commercial banks. March and September figures are Federal Reserve estimates based on data from Member Bank Call Report and from weekly reporting member banks. For 1940, figures except for the grand total are Federal Reserve estimates based on data for insured commercial banks. 3 Data not available for all classifications prior to December 1951. 4 Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—AH 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. AUGUST 1954 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Coti**fff«e<* MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g 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 4.894 4.532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 ,327 1951 5,134 4,723 1,058 1,294 2,371 411 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—June 359 330 67 34 229 29 22,221 20,425 5,884 3,396 11.145 1,796 July 405 371 71 36 264 34 22,429 20,614 5,905 3,412 11,297 1,815 August 305 279 62 32 185 26 22,552 20,722 5,924 3,430 11,368 L,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 1954—January 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 L ,910 March 419 372 68 77 227 47 23,769 21,845 6,066 3,683 12,096 1,924 April 443 403 47 86 270 40 24,005 22,060 6,081 3,746 12,233 1,945 May 342 318 48 85 185 24 24.174 22,212 6.088 3.804 12,320 ,962 June 451 410 60 100 250 41 24,384 22,403 6,091 3,886 12,426 1,981 NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars' [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m ea on r t o h r Total s N c t t i r o e o u n w n - c- H c p h o u a m r s - e e p O p o t u s h r e e - s r 1 Total* F su H in r A - ed - a g n V u t A a e r e - - d t C io v o n e n n al - - * m T o o e n a r t r h N b u e m r - Total i a n S l s o g a s a s n v n s - & . p I c a n a o n s n m u c i e e - r s - b C m c a o i e n m a r k l - - s M b s i u a n a t n g v u k s - a s l Other a co m ( la d r r r o e d o s - u l e ) - 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 1,379 437 681 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 199 674 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,369 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 763 162 1,439 3,031 1944 1,454 96 1,064 296 4,800 1944 1,446 4,606 1,560 257 878 165 1,746 3,186 1946 ....... 1,913 181 1,358 374 5,376 1945 1,639 6,660 2,017 250 1,097 217 2,069 3,448 1946 3,584 611 2,357 611 7,141 1946 2,497 10,589 3,483 603 2,712 648 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,667 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,041 1,710 851 10,305 563' 2J397' 7,3451948........ 2,536 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,659 994 11,616 717 2,586 8,313 1949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,766 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 3,366 1,064 5,072 5,335 1951 5,260 1,657 2,367 1,236 15,520 864 3,126 11,6301951 2,878 16,405 5,295 1,616 3,370 1,013 6,112 6,701 1952 6,617 2.105 2.955 1,657 18,336 904 3,385 14,0471952. 3,028 18,018 6,462 1,420 3,600 1,137 5,409 6.950 1953 7,767 2,475 3,488 1,804 21,929 1,048 3,973 16,908 1953. 3,164 19,747 7,365 1,480 3,680 1,327 5,895 6,241 1953-J J u u n ly e 7 75 3 8 3 2 2 4 3 1 7 3 3 2 5 7 5 1 1 6 6 5 6 20,133 962 3,693 16.6781963-J J u u n ly e .. 2 2 8 8 2 6 1 1 , , 7 7 6 9 9 8 6 6 8 9 2 9 1 1 3 3 1 2 3 3 2 2 5 3 1 12 2 7 0 5 6 1 1 1 7 6 6 , , 2 2 8 8 2 2 Aug 707 218 340 149 Aug . 273 1,709 671 122 310 111 495 6,270 O Se c p t t . . . .. . 6 6 8 8 4 8 2 2 0 1 8 9 3 3 2 1 8 8 1 1 4 5 8 1 21,145 1,016 3.746 16 385 O Se c p t. t . . . . . . 2 2 7 7 5 8 1 1 , , 7 7 2 4 9 6 6 6 5 5 4 8 1 1 2 2 6 3 3 3 1 2 5 0 1 1 2 2 3 3 5 5 1 2 2 2 6 6 , , 2 2 7 8 6 3 Nov... 586 190 265 131 Nov... 845 1,649 564 114 290 113 468 6,311 Dec.... 684 187 259 138 21,929 1,048 3,973 16,908 Dec... 265 1,622 669 126 291 128 608 6,372 1954-Jan.... 495 152 217 126 1954-Jan.... 218 1,372 467 108 263 86 449 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 1,784 666 124 335 103 666 6,339 Apr... 732 257 298 177 280 1,793 669 130 333 112 550 6,411 May... 728 254 301 173 MPay.'.'. 278 1,805 675 124 330 118 558 6.484 June.... 810 283 341 185 23,809 1,101 4,271 18,437 June... 303 1,990 741 146 368 133 602 6,573 1 Includes loans for repair, additions and alterations, refinancing, etc. Source.—Home Loan Bank Board. 'Prior to 1948, data are not available for classifications shown. 3 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans8 Home Home Governmentm Y o o e n r a t r h Total Total e p N r r m t e o i w o p 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 g r c p r o e t t e - 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 e p N r r m t e o i w p o 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 - r A a e a l t p t n i e a 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 nd F er H i w n A - ri - tte g n 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 A 9 i-i 7 1946 3,058 756 120 302 13 321 2,302 1945 18 5 4 3 4 1 2 14 2 1947 5,074 1,788 477 418 360 534 3,286 1946 23 1 6 1 3 7 2 4 17 0 1948 5,222 3,341 1,434 684 609 614 1,881 1947 28 2 9 3 3 8 5 5 18 9 1949 5,250 3,826 1,319 892 1,021 594 1,424 793 629 3 1948 33 3 12 5 5 3 7 2 20 8 1950 7,416 4,343 1,637 856 1,157 694 3,073 1,865 1,202 5 1949 37 5 15 0 6 9 8 1 22 5 1951 6,834 3,220 1,216 713 584 707 3,614 2,667 942 6 1950 45 1 18 9 8 6 10 3 26 2 1952 5.830 3,113 969 974 322 848 2.721 1,824 890 6 1951 51 9 22 9 9 7 13 2 29 0 1953 6,946 3,882 1,259 1,030 259 1,334 3,064 2,045 1,014 6 1952? 58 7 25 4 10 8 14 6 33 3 1953—June... 516 274 91 95 19 69 242 164 78 4 1953? 65.9 28.1 12.0 16.1 37.8 July.. 602 363 109 94 40 120 239 160 79 .4 Aug... 597 349 106 87 23 133 248 166 82 .3 1951—Sept. . 50.4 22.0 9.5 12.5 28.4 Sept.. 629 320 106 80 12 122 309 197 112 .4 Dec... 51.9 22.9 9.7 13.2 29.0 Oct.. 661 368 113 80 23 151 293 193 99 .5 Nov.. 694 408 105 68 25 210 286 192 93 .5 1952—Mar. . 53.3 23.5 9.9 13.6 29.8 Dec. 556 304 110 63 15 116 252 170 82 .4 June.. 55.1 24.0 10.1 13.9 31.1 1954—Jan.. 512 265 117 66 12 69 247 174 73 4 S D e e p c t .. . . . 5 58 7 . . 7 0 2245..74 1 1 0 0 . . 4 8 1 1 4 4 . . 3 6 3 3 2 3 . . 3 3 Feb. . 488 221 94 60 13 54 267 188 79 .4 Mar. 471 246 95 67 16 69 225 160 65 .4 1953—Mar.. 60.3 26.1 11.1 15.0 34.2 Apr.. 493 245 83 70 17 76 248 163 85 .8 June.. 62.4 26.7 11.4 15.3 35.7 May . 512 243 74 72 25 71 269 171 98 .3 Sept.. 64.3 27.5 11.7 15.8 36.8 June .. . 579 270 86 79 24 82 309 200 109 .3 Dec... 65.9 28.1 12.0 16.1 37.8 1 a F M H o A nt - h in ly su f r ig ed u r p e r s o d p o e r n t o y t im re p fl r e o ct v e m m o e r n t t g a lo g a e n a s m a e r n e d n m ot e n or ts d i i n n a c r lu il d y e s d e c i u n r e a d n n b u y a m lt o o r t t a g l a s g . es; VA- 1954— J M un a e r. P P . . 6 6 7 9 . . 4 5 2 2 8 9 . . 6 2 1 1 2 2 . . 2 4 1 1 6 6 . . 4 8 3 40 8 . . 3 8 guaranteed alteration and repair loans of $1,000 or less need for more than that amount must be. P Preliminarv. "Prior to 1949, data are notavailable for classifications shown. NOTE.—For total debt ontsf-anHinff. fiffiirps fnr NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guar- first three quarters are Federal Ressrve estimates. anteed loans, gross amount of loans closed- Figures do not take account of principalrepay- For conventional, figiires are derived ments on previously insured oi guaranteed loans. For VA-guaranteed loans, amounts by Sources.—Home Lcan Bank Board Federal HOURtype are derived from data on number and average amount of loans closed. ing Administration, ^Veterans Administration, and Sources.—Federal Housing Administration and Veterans Administration. Federal Reserve. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] E o n r d m o o f n y t e h ar A m f c u u i u o i z t n t n m e h t d - d e o - s d r- b m C u m d u e o r i n i s n m s t - - e t - - s d Tot M a o l rtga F s g u H i e r n A e - h - d oldi a n g n V g u t A s a e r e - - d ( c p M d h p e g u r u a o a r i s r r g o i e - t n e d - s g ) (d p M s g u e a a r o r l g i r e i o n e t s d - g ) Year or month Ad- Repay- T A o d t v a ( a l e n n c d e S t s o h e f o o r r u p m t t e 1 - s r t i a o n d L t d ) o e i n r n g m g - 2 1948 528 227 199 188 11 198 1945 278 213 195 176 19 1949 848 824 828 403 425 672 20 1946 329 231 293 184 109 1950 918 485 1,347 169 1,178 1,044 469 1947 351 209 436 218 217 1951 661 239 1,850 204 1,646 677 111 1948 360 280 515 257 258 <952 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 1 1 9 9 5 5 0 1 6 4 7 2 5 3 4 2 3 9 3 2 8 8 1 0 6 6 5 5 4 0 7 8 2 2 6 9 9 8 1953— J J u un ly e 6 59 1 7 0 5 5 4 2 2 6 2 2 , , 4 52 9 7 8 4 5 7 0 7 8 2 2 , , 0 0 2 1 0 9 3 3 1 9 0) 1 1 1 9 9 5 5 2 3 5 6 8 7 6 4 5 61 2 1 8 8 95 6 2 4 5 6 6 3 5 4 2 3 9 1 9 7 August 586 523 2,541 536 2,005 33 11 September. 566 544 2,540 556 ,984 26 19 1953—July 61 79 700 469 231 D O N e o c c t v o e e b m m e b b r. e e r r . . . . . 5 5 5 5 5 5 2 6 0 6 5 6 0 6 3 8 8 8 2 2 2 , , , 4 4 5 6 2 9 2 6 0 6 5 5 2 8 9 1 5 4 , , , 9 8 8 4 4 9 1 1 6 4 3 3 2 9 0 4 6 5 4 1 9 A S O N e u c o p g t v t o u e e b m s m t e b b r. e e . r r . . . 8 6 7 7 3 2 0 1 2 2 4 2 5 8 5 5 8 8 8 7 0 1 6 4 1 9 5 6 5 5 5 58 6 5 1 9 4 7 0 2 2 2 2 5 4 7 3 5 4 6 6 1954—January... 550 666 2,434 625 ,809 37 57 December. 79 14 952 634 317 February.. 542 685 2,424 641 ,783 47 50 March 539 745 2,366 653 ,713 49 98 1954—January... 26 226 751 496 255 A M Ju p a n r y e il 5 5 5 3 6 7 9 0 0 8 7 7 9 1 7 1 2 9 2 2 2, , , 3 2 2 0 9 9 1 9 9 6 6 7 6 8 0 7 0 0 1, , , 6 6 6 0 3 1 1 2 9 3 5 5 8 0 0 1 3 0 3 0 8 7 F A M M e p a a b r y r r i c l u h a . ry . . . . . 3 2 3 1 6 8 5 5 3 8 8 5 3 8 4 1 6 6 6 6 1 3 0 7 3 0 8 7 3 4 3 3 7 8 9 3 7 2 6 8 2 2 2 2 3 3 3 3 1 1 3 9 June 106 39 675 428 247 *Less than $500,000. July 53 98 630 406 223 Source.—Federal National Mortgage Association. Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. AUGUST 1954 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDlATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total Au p 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 i er e a r n R l n d o i e z a p m a n a t s o i 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 ,006 2,805 6,323 1,821 3,006 ,496 1951 21,468 14,837 6,242 4,270 ,090 3,235 6,631 1,934 3,096 ,601 1952 25,827 18,684 8,099 5.328 ,406 3,851 7,143 2,094 3,342 ,707 1953 28,896 21,807 10,289 5.605 ,606 4,307 7,089 2,127 3,249 ,713 1953— June 27,411 20,635 9,692 5,333 ,493 4,117 6,776 2,197 2,781 ,798 July 27,581 21,004 9,973 5,351 ,516 4,164 6,577 2,079 2,705 ,793 August 27,810 21,218 10,136 5,362 ,534 4,186 6.592 2,131 2,668 ,793 September 27,979 21,347 10,232 5,352 ,562 4,201 6,632 2,130 2,716 ,786 October 28,166 21,486 10,337 5,366 ,585 4,198 6,680 2,131 2,811 ,738 November 28,252 21,586 10,358 5.406 ,604 4,218 6,666 2,100 2,840 ,726 December 28,896 21,807 10,289 5,605 ,606 4,307 7,089 2,127 3,249 ,713 1954—January 28,125 21,444 10,084 5,495 ,587 4,278 6,681 2,083 2,893 1,705 February 27,478 21,151 9,915 5,377 ,570 4,289 6,327 2,054 2,550 1,723 March 27,151 20,900 9,800 5,220 1,554 4,326 6,251 2,073 2,438 1,740 April 27,330 20,909 9,798 5,188 1,554 4,369 6,421 2,105 2,566 1,750 May 27,520 20,932 9,838 5,142 1,565 4,387 6,588 2,181 2,639 1,768 June 27,779 21,110 9,980 5,122 1,563 4,445 6,669 2,215 2,679 1,775 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C a e o r n m c k ia s - l f p i S c n a o a a n m l n i e - e c s s e u C n r i e o d n it s Other Total D s m t e o p e r a n e r s t t 1 - F s t t u o u r r r n e e i s - H s a a h t p o o n o p u r c l s l d e e i e s - - d m A ea o u l b t e o i r l - s e 2 Other 1939 . . 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2.462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2.760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1953—Tune 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 L.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 ,043 2,448 3,168 1,031 836 270 400 631 February 21.151 17,999 8,534 5,974 1,055 2,436 3,152 1,094 814 265 393 586 March 20,900 17.845 8,452 5,892 1,074 2,427 3,055 1,056 795 261 388 555 April 20,909 17,859 8,417 5,901 L,096 2,445 3,050 1,058 789 260 388 555 May 20,932 17,896 8,386 5,944 L ,115 2,451 3,036 1,051 787 257 390 551 June .. 21,110 18,069 8,401 6,060 L.145 2,463 3,041 1,049 785 259 397 551 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 878 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT— Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m ( i o n s m e i s n n t - g i t t l u e l t - o i p a o a n n y s s - ) D a e c - ( o c c u h o t a u le r n g t t s e s) S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m p o h n d e e e - r r s r e R l m r t o a e n i n a o p o iz n d d a n a s - ir - s l P o o a e n n r a - s l m ci e a r l - Other m pa e r n t- t Other banks stores l 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 1,178 518 1942 862 149 134 153 124 302 1940 2,824 636 164 251 1,220 553 1941 3,087 693 152 275 1,370 597 1945 745 66 143 114 110 312 1942 2,817 593 120 217 1,227 660 1946 1,567 169 311 299 242 546 1 1 1 9 9 9 4 4 4 7 6 5 . . .. 3 4 4 , , , 2 8 2 1 7 0 2 5 3 1 1 , , 0 2 6 0 0 74 8 3 1 1 1 7 5 2 4 3 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 45 4 6 1 1 1 1 9 9 9 9 4 4 4 5 9 7 8 0 3 4 5 2 , , , , 4 5 6 7 3 2 2 9 9 5 9 8 ,1 3 8 5 7 5 4 7 7 2 9 5 , 9 5 7 2 4 5 3 9 6 3 9 4 1 1 , , 0 4 5 7 1 5 9 5 4 0 6 6 4 8 5 7 6 3 3 1 8 4 7 5 1,0 9 8 7 3 1 3 4 7 3 9 7 1948 5,443 L.261 184 575 2,138 1,285 1951 5,771 ,135 ,311 1,315 888 1,122 1949 . . .. 5,588 1,334 198 584 2,096 L.376 1952 7,524 ,633 ,629 1,751 1,137 1,374 1950 6,323 1,576 245 641 2,365 1,496 1953 8,856 2,135 ,884 2,038 1,301 1.498 1951 6,631 1,684 250 685 2,411 1,601 1952 7,143 1,844 250 730 2,612 1,707 1953—June 8,675 2,043 ,906 2,029 ,212 ,485 1953 7,089 1,848 279 769 2,480 1,713 July 8,818 2,095 ,941 2,055 ,234 ,493 1953— A S J O J u U e u c l n p y g t e o t - u e b s m e t r b . e . r . . 6 6 6 6 6 , , , , , 5 6 7 5 6 9 3 7 7 8 2 2 6 7 0 1 1 1 1 1 , , , , , 9 8 8 8 8 2 3 5 6 7 2 0 7 7 0 2 2 2 2 2 4 7 6 6 7 9 5 1 4 3 4 4 4 5 5 5 9 5 2 0 7 2 3 4 0 2 2 2 2 2 , , , , , 2 2 2 2 2 4 8 1 1 8 8 9 5 6 7 L 1 1 1 1 , , , , . 7 7 7 7 7 8 3 9 9 9 6 8 3 3 8 S O N A D e c o u e p t g v c t o e u e e b m m m s e t b r b b . e e e r r r . . . 8 8 8 8 8 , , , , , 8 9 8 8 8 8 0 9 7 5 1 8 3 9 6 2 2 2 2 2 , , , , , 1 1 1 1 1 5 4 3 5 2 7 1 5 0 3 , , , , , 9 8 9 9 9 8 4 3 5 2 4 8 9 7 0 2 2 2 2 2 , , , , , 0 0 0 0 0 3 3 2 5 3 2 6 7 6 8 , , , , , 2 2 2 3 3 9 7 5 0 0 1 3 1 1 3 , , , , , 4 4 4 4 4 9 8 9 9 8 2 9 5 8 1 N D o e v ce e m m b b e e r r . . 6 7 , , 6 0 6 8 6 9 1 1 , , 7 8 9 4 8 8 3 2 0 7 2 9 5 7 7 6 8 9 2 2 , , 2 4 6 8 2 0 1 1 , , 7 7 2 1 6 3 1954— F J e a b n r u u a a ry ry .. . , . 8 8 , , 7 53 2 4 3 2 2 , , 0 0 7 2 9 4 , , 8 8 3 0 4 9 2 1 , ,9 0 3 3 7 7 , ,2 2 6 8 7 3 , ,4 4 9 9 7 0 March..., 8,452 1,994 ,799 1,887 ,253 ,519 1954—January.. . 6,681 1,824 259 631 2,262 1,705 April 8,417 1,980 ,794 1,862 ,252 ,529 February.. 6,327 1,782 272 541 2,009 1,723 May 8,386 1,969 ,791 1,839 ,259 1,528 March.... 6,251 L,780 293 497 1,941 1,740 June 8,401 1,979 ,792 1,821 ,257 1,552 April 6,421 1,812 293 515 2,051 ,750 May 6,588 1,841 340 512 2,127 L ,768 June 6,669 1,893 322 509 2,170 ,775 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE [Estimated amounts outstanding, in millions of dollars] COMPANIES, BY TYPE OF CREDIT [Estimated amou T n o t t s a l outsta A n u d t i o n - g, in O m c t o h i n l e l - i r ons o R f a e n p d d a o i l r lars] Per- E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s O g p c u o a t o m o p h n d e e e - r s r r m i R z lo a o e a n a d p ti n d e a o s r i n r n- s l P o o a e n n r a - s l End of year instal- mobile sumer modern- sonal or month ment paper goods ization loans credit paper loans 1939 789 81 24 15 669 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1,197 878 115 148 56 1942 726 65 27 14 620 1940 1,575 1,187 136 190 62 1941 . . 1,797 1,363 167 201 66 1945 731 54 20 14 643 1942 588 341 78 117 52 1946 991 77 34 22 858 1947 1,275 130 69 39 1,037 1945 300 164 24 58 54 1948 .. 1,573 189 99 59 1,226 1946 677 377 67 141 92 1949 1,858 240 137 89 1.392 1947 1,355 802 185 242 126 1950 2,237 330 182 115 1,610 1948 1,990 1,378 232 216 164 1951 2,537 358 209 132 1,838 1949 2,950 2,425 303 83 139 1952 3,053 457 279 187 2,130 1950 3,785 3,257 313 57 158 1953 3,531 557 334 222 2,418 1951 3,769 3,183 241 70 275 1952 4,833 4,072 332 82 347 1953—June 3,313 534 307 205 2,267 1953 6,147 5,306 367 83 391 July 3,366 544 311 207 2,304 August 3,402 552 315 211 2,324 1953—June 5,633 4,836 356 76 365 September. . . 3,430 558 321 215 2,336 July 5,816 5,007 367 75 367 October 3,438 563 321 218 2,336 August 5,924 5,108 374 72 370 November. . . 3,467 559 328 222 2,358 September. . . 6,005 5,186 375 74 370 December 3,531 557 334 222 2,418 October 6,093 5,272 372 76 373 November. . . 6,147 5,321 368 79 379 1954—January 3,491 543 331 218 2,399 December.... 6,147 5,306 367 83 391 February.... 3,491 539 330 218 2,404 March 3,501 540 326 217 2,418 1954—January 6,062 5,228 359 86 389 April 3,541 547 328 218 2,448 February... . 5,974 5,150 351 85 388 May 3,566 552 326 223 2,465 March 5,892 5,079 340 84 389 June 3,608 563 326 223 2,496 April 5,901 5,089 336 84 392 May 5,944 5,136 331 83 394 June 6,060 5,249 331 83 397 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. AUGUST 1954 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t i a on 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—Tune. 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 June 2,591 2,413 1,202 1,060 612 632 101 103 676 618 SEASONALLY ADJUSTED* 1953—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 SeDtember 2,409 2,252 1,102 962 600 633 112 94 595 563 October 2,393 2,249 1,117 963 589 633 111 100 576 553 November 2,441 2,294 1,080 1,006 631 619 106 92 624 577 December 2,331 2,283 L.O35 1,015 593 604 102 94 601 570 1954—January . ... 2,211 2,301 872 977 661 636 87 81 591 607 February 2,243 2,320 919 1,028 586 612 109 99 629 581 March . ... 2,200 2,412 924 1,042 566 667 103 107 607 596 April 2,272 2,308 926 1,009 621 610 101 104 624 585 J^fay 2,224 2,333 943 988 577 635 107 113 597 597 June 2,386 2,354 1,075 1,038 602 628 88 103 621 585 * Includes adjustment for differences in trading days. NOTE.—Back figures by months beginning January 1940, together with a discussion of the composition and characteristics of the data and a description of the methods used to derive the estimates, are shown in the BULLETIN for January 1954, pp. 9-22. Estimates of instalment credit extended and repaid are based on information from accounting records of retail outlets and financial institutions and include finance, insurance, and other charges incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE » Pe fr r o c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts month month of preceding Item year Year or month Depart- Furni- House- Depart- J 1 u 9 n 5 e 4 M 19 a 5 y 4 A 19 p 5 r 4 . J 1 u 9 n 5 e 4 M 19 a 5 y 4 A 19 p 5 r 4 . s m to e r n e t s s t t u o r re e s h p o s l t l i o d a r n a e c s p e - s m to e r n e t s Net sales: 1953 Total +2 +8 0 -8 -11 -11 June 14 13 10 47 Cash sales 0 +7 -3 -9 -9 -11 July 13 12 10 46 Credit sales: August , 14 12 10 45 Instalment +2 +9 + 1 —9 -13 -12 September 14 12 10 46 Charge account 0 +5 -5 -7 -5 O No ct v o e b m er ber 1 1 4 4 1 1 1 2 1 9 0 4 4 7 8 Accounts receivable, end December 14 11 9 46 of month: Total 0 + 1 -1 -5 -5 -4 1954 Instalment 0 0 -1 -3 -3 -2 Charge accounts -1 +3 -1 -10 -9 -10 January 13 12 9 45 February , 14 11 9 43 Inventories, end of March 15 13 10 48 month, at retail value. -5 -3 +2 -9 -9 -9 April 14 12 9 45 May 14 12 10 46 June 14 12 10 47 1 Collections during month as percentage of accounts outstanding at beginning of month. 880 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h u y s s t i r c ia a l l v p o ro lu d m uc e t ) i * o 1 n awar c d o e n d tr a (v c a ts lue)2 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls* (1947-49 = 100) 1947-49=100 Freight D m ep e a n r t t- Con- W s h a o le leor Y m e o ar nth Total Tot M al an r u D a f b a u c l - e ture N r s a d o b u n l - e - M era in ls - Total R d t e i e a n s l i - - ot A h l e l r m N p t a c e u g l u m o e o r r l n n y a i - - - - t - l pr E M o m m d a u p e n c n l u t o t i f y o a - n c t w ur o i r n P r k g o a e l r y l s s - c 1 a 9 i - r n 4 1 l g 7 o 0 s a - 0 * 4 d 9 - 1 v ( s 9 - r a a 4 1 e l l 7 u e t 0 a s - e 0 4 * i ) l 9 4 1 p s 9 = u r 4 i m c 1 7 e 0 - e s 4 0 r 5 9 1 m p 9 c = r o 4 o i c d m 1 7 e 0 - i s - t 4 0 y 5 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 . 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76 4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67.6 65.5 33.0 115 37 75 6 65 0 1927 . 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 68.0 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.7 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.4 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.5 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53.7 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65.9 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.3 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82.7 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 90.8 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.2 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 94.9 118.1 102.8 106 62 75.2 67 6 1945 107 110 123 96 92 36 16 50 91.7 104.0 87.8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94.8 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 *134 P136 P153 *118 P116 192 178 201 113.6 112.0 151.6 96 112 114.4 110.1 1953 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 135 138 137 155 119 115 177 176 178 113.8 113.4 113.2 153.8 99 115 113.6 110.0 April 136 136 138 155 121 115 179 179 179 113.8 113.6 112.7 152.0 97 111 113.7 109.4 May 137 136 139 156 123 117 161 164 159 113.9 114.0 112.3 151.9 98 117 114.0 109.8 June 136 136 138 154 121 119 169 174 166 114.1 114.0 113.1 153.9 97 115 114.5 109.5 July- 137 129 139 157 121 120 172 175 170 114.2 113.6 112.2 151.1 93 113 114.7 110 9 August 136 136 138 157 119 119 205 184 220 114.1 112.7 113.8 154.0 98 112 115.0 110.6 September.. 133 135 135 152 117 118 218 180 243 113.7 111.7 113.7 153.4 96 107 115.2 111.0 October 132 136 134 151 117 114 230 183 262 113.7 110.6 112.0 152.6 95 110 115.4 110.2 November.. 129 130 131 146 115 111 224 176 255 113.1 108.7 109.4 148.0 92 113 115.0 109.8 December. . 126 124 127 142 112 113 208 177 229 112.4 107.1 107.7 147.2 88 112 114.9 110.1 1954 January 125 124 127 140 113 113 195 185 202 111.7 105.6 105.1 140.8 90 107 115.2 110.9 February... 125 126 126 139 113 113 196 201 192 111.2 104.6 104.3 140.5 88 109 115.0 110.5 March 123 125 124 135 114 112 191 205 182 110.8 103.8 103.6 138.4 85 105 114.8 110.5 April 123 123 125 134 115 109 196 213 184 110.4 102.7 101.8 '135.0 84 111 114.6 111.0 May 124 123 126 135 116 111 193 216 178 110.2 102.1 '100.5 '135.1 84 108 115.0 110.9 June 124 124 '125 135 116 '113 207 227 193 110.1 101.8 100.9 136.7 84 P112 115.1 110.0 July P124 P117 P126 P136 P116 Pill P109.9PIOO.4 P99.1 "132.8 82 «115 110.4 eEstimated. pPreliminary. 'Revised. *Average per working day. 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. 889. 3Seasonal adjustment factors for the employment series have been revised for recent years; back data may be obtained from the Division of Research and Statistics. The unadjusted indexes of employment and payrolls 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; very small revisions in the index for the period 1919-46 reflect final adjustments to benchmark levels for the 1947-49 base period. 4For indexes by Federal Reserve districts and for other department store data, see pp. 891-895. 5The unadjusted indexes of wholesale commodity prices and consumer prices are compiled by or based on data of the Bureau of Labor Statistics. 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. Back figures in BULLETIN.—'Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. 881 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 1947-49 Annual 1953 1954 Industry p p r o o r - tion 1952 1953* June July Aug. Sept. Oct. Nov Dec, Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED Industrial Production—Total 100.00 124 134 136 137 136 133 132 129 126 125 125 123 123 124 124 Manufactures—Total 90.02 125 136 138 139 138 135 134 131 127 127 126 124 125 126 125 Durable Manufactures—Total 45.17 136 153 184 137 137 132 131 146 142 140 139 135 134 135 135 Primary metals 6.70 116 132 137 136 137 130 128 122 113 111 109 103 103 106 109 Metal fabricating 28.52 146 167 168 171 171 166 166 159 156 154 151 147 146 147 146 Fabricated metal products 5.73 121 136 139 142 140 135 134 130 126 126 123 120 119 121 122 Machinery 13.68 147 160 161 164 165 161 159 152 146 143 141 138 138 137 140 Nonelectrical machinery 9.04 136 143 144 145 145 141 141 136 133 130 130 125 125 124 123 Electrical machinery 4.64 167 194 194 200 203 200 193 184 172 169 163 163 163 163 171 Transportation equipment 7.54 154 189 188 196 191 186 189 180 182 183 178 171 172 175 168 Instruments and related products... 1.29 142 155 157 156 156 155 154 155 154 148 147 144 139 138 136 Clay, glass, and lumber products 5.91 118 125 124 127 125 124 124 123 119 120 125 123 121 125 118 Stone, clay, and glass products 2.82 125 133 134 135 135 134 133 132 129 125 130 130 128 130 129 Lumber and products 3.09 118 114 119 116 114 117 115 110 115 120 116 114 '120 108 Furniture and misc. manufactures 4.04 118 131 135 134 135 129 129 126 124 120 120 119 117 118 120 Furniture and fixtures 1.64 113 117 122 121 119 114 113 109 106 105 103 104 103 '102 104 Miscellaneous manufactures 2.40 122 140 145 143 146 140 140 138 136 130 132 130 127 '128 131 Nondurable Manufactures—Total 44.85 114 118 111 121 119 117 117 115 112 113 113 114 115 116 116 Textiles and apparel 11.87 105 107 113 111 106 102 102 98 95 96 95 97 100 rQQ 96 Textile mill products 6.32 103 104 111 108 104 100 98 95 90 90 90 91 93 93 Apparel and allied products 5.55 108 110 115 114 109 104 107 101 101 103 100 103 108 104 100 Rubber and leather Products 3.20 107 113 113 116 111 105 105 103 104 103 102 103 103 '106 107 Rubber products 1.47 116 128 130 130 127 121 120 118 116 112 110 113 113 '119 119 Leather and products 1.73 99 99 99 104 97 91 93 91 93 94 94 93 94 94 97 Paper and Printing 8.93 118 125 126 126 126 126 126 125 122 122 123 124 125 126 126 Paper and allied products 3.46 120 132 134 134 133 135 132 132 125 126 129 131 133 137 135 Printing and publishing 5.47 116 121 121 121 121 123 121 120 120 119 119 120 120 121 Chemical and Petroleum products 9.34 133 145 146 143 143 142 141 140 138 141 139 140 141 142 Chemicals and allied products 6.84 137 147 150 152 148 147 146 145 145 143 146 146 146 147 148 Petroleum and coal products 2.50 123 131 132 132 131 129 129 128 124 126 122 124 Foods, beverages, and tobacco 11.51 106 107 107 108 108 108 108 103 105 105 106 106 110 109 Food and beverage manufactures. . . 10.73 105 107 106 108 108 109 108 108 103 105 106 106 107 110 109 Tobacco manufactures .78 110 108 103 103 104 104 106 108 112 100 98 103 103 108 Minerals—Total 9.98 114 116 119 120 119 118 114 111 113 113 113 112 109 111 Mineral fuels 8.35 113 115 119 119 113 111 112 •114 113 112 111 Coal 2.68 83 78 86 87 86 81 76 70 69 70 68 62 58 65 69 Anthracite .36 78 57 62 68 59 57 54 50 55 62 59 52 46 44 48 Bituminous coal 2.32 84 81 89 89 90 84 80 73 71 72 69 63 60 68 72 Ci ude oil and natural gas 5.67 128 133 135 135 136 131 131 133 134 135 137 136 134 Metal, stone, and earth minerals 1.63 115 119 121 120 120 116 114 114 112 110 99 Metal mining .82 108 113 117 116 117 117 108 103 101 103 101 96 78 91 P97 Stone and earth minerals .81 123 124 125 125 124 123 124 125 127 119 124 124 120 121 122 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 124 134 136 129 136 135 136 130 124 124 126 125 123 123 124 MANUFACTURES—TOTAL 90.02 125 136 138 130 137 137 138 132 125 126 128 127 125 124 125 Durable Manufactures—Total.. 45.17 136 153 155 147 153 151 154 146 140 140 141 139 137 136 135 Primary metals 6.70 116 132 138 124 130 127 129 122 110 113 113 108 107 108 110 Ferrous metals 5.03 115 133 138 127 131 127 130 122 110 111 111 104 102 104 106 Pig iron and steel 3.51 115 138 142 136 138 134 136 128 114 115 113 105 104 107 108 Pig iron .37 107 130 133 132 131 130 132 127 117 113 108 100 93 94 99 Steel 3.05 117 139 143 137 138 134 136 129 114 115 114 106 105 108 109 Carbon steel 2.62 112 135 137 131 133 131 138 131 116 115 113 105 103 108 111 Alloy steel .43 144 165 183 170 169 152 126 113 105 115 119 114 113 109 102 Ferrous castings and forgings.. 1.52 114 121 127 106 116 113 117 108 101 103 106 101 98 97 Iron and steel castings 1.29 109 115 120 101 112 109 113 103 98 98 103 100 98 96 Steel forgings .23 143 154 166 133 141 137 139 134 122 130 125 111 104 100 P Preliminary. r Revised. c Corrected. NOTE.—A number of groups and subgroups include individual series not published separately, and metal fabricating contains the ordnance group in addition to the groups shown. Certain types of combat materiel are included in major group totals but not in individual indexes for autos, farm machinery, 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. 882 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 119 129 139 115 128 126 128 121 108 118 120 119 122 120 P123 Primary nonferrous metals .38 123 144 144 143 141 147 147 146 145 145 147 147 147 147 151 Copper smelting . .09 106 112 108 109 105 111 114 109 109 104 102 101 99 97 108 Copper refining .06 99 116 129 120 107 116 124 121 121 110 113 115 114 106 114 Lead . .04 100 101 84 89 84 97 99 120 108 108 103 113 107 109 Zinc .10 112 113 116 111 115 115 115 107 108 107 102 97 100 102 P102 Aluminum .09 156 209 212 215 217 222 213 215 217 228 240 240 245 246 245 Secondary nonferrous metals . .. .13 114 114 121 101 110 107 111 106 101 96 103 107 115 P108 Nonferrous shapes and castings.... 1.16 119 126 139 107 125 121 123 114 96 112 113 111 114 113 116 Copper mill shapes .63 113 112 128 85 112 108 110 103 78 100 100 96 101 101 101 Aluminum mill shapes .20 140 168 183 174 169 163 158 136 126 136 139 143 154 149 162 .33 115 130 135 109 124 122 127 121 114 120 122 118 116 112 Metal Fabricating 28.52 146 167 168 161 166 164 167 158 155 155 155 153 150 *147 146 Fabricated metal products 5.73 121 136 139 135 140 137 137 130 126 124 123 121 120 121 122 Structural metal parts 2.68 121 137 140 135 137 135 136 134 135 129 127 125 123 125 125 Stampings and misc. metal products. . 2.12 121 138 143 137 136 133 133 130 131 127 124 121 117 116 114 Tin cans .30 122 129 134 160 199 182 139 124 69 104 107 105 122 125 Furnaces, gas ranges, and heaters.... .63 89 93 92 83 108 106 113 82 63 74 73 78 84 88 Machinery 13.68 147 160 159 148 157 158 161 154 149 146 147 145 141 138 137 Nonelectrical machinery 9.04 136 143 146 138 137 137 138 135 137 132 134 132 128 126 125 Farm and industrial machinery 8.13 135 139 142 137 136 135 135 133 134 130 129 127 124 122 121 Farm machinery . . . 1.02 103 96 102 98 93 86 79 73 74 76 80 84 85 84 84 Industrial and commercial ma- 7.11 140 145 148 143 142 142 143 141 142 138 136 134 129 mi 127 Machine tools and presses . . .68 179 188 189 184 183 187 188 185 186 181 181 177 167 rl61 157 Laundry and refrigeration appliances. .69 108 128 133 98 94 104 112 99 110 106 129 122 120 112 108 Electrical machinery 4.64 167 194 184 168 197 200 205 191 172 172 172 172 166 -•162 163 Klectrical apparatus and parts 3.23 162 179 182 176 178 179 178 176 176 169 167 164 160 -159 157 Radio and television sets .74 184 230 180 136 242 249 276 230 157 173 170 182 172 155 166 Transportation equipment 7.54 154 189 193 190 189 182 189 173 174 181 181 180 179 177 173 Autos trucks, and parts 4.80 102 126 136 131 126 114 122 103 101 112 112 111 113 111 106 Autos 1.50 103 146 166 161 153 134 151 107 107 135 138 142 151 146 143 Trucks .66 111 118 106 118 127 115 106 95 98 103 103 101 101 r100 95 Light trucks .22 105 112 76 113 118 114 106 85 100 112 103 104 104 104 99 Medium trucks , .19 69 58 37 57 62 54 50 47 56 67 62 66 68 63 64 Heavy trucks .14 194 183 198 175 186 151 146 134 150 145 164 152 150 148 132 Truck trailers .07 137 229 270 247 282 275 232 229 149 137 143 133 132 141 Auto and truck parts 2.58 98 117 126 116 110 102 109 102 99 101 99 95 04 94 88 Aircraft and parts 1.30 368 465 452 461 473 480 481 463 483 483 489 485 475 r472 471 Shipbuilding and repair .81 136 135 141 139 135 130 127 124 127 124 124 124 120 r119 116 .53 74 72 74 62 66 64 83 67 53 59 54 54 49 43 39 Railroad cars .35 62 64 62 58 56 55 83 61 41 49 42 44 39 32 25 Instruments and related products.. 1.29 142 155 157 151 153 155 156 156 155 148 147 145 140 138 136 Clay, Glass, and Lumber Products.5.91 118 125 129 122 129 128 131 123 113 112 120 122 124 -126 122 Stone, clay, and glass products 2.82 125 133 136 132 137 136 139 134 128 122 126 128 128 130 131 Glass and pottery products. . 1.09 114 123 123 113 123 122 128 122 116 115 120 121 117 rl 17 116 Flat glass and vitreous products. . . .60 122 136 135 128 134 136 141 139 136 130 130 130 124 rl24 124 Flat and other glass .47 124 139 137 128 135 139 145 143 140 132 133 131 126 r126 125 Glass containers .26 112 120 129 122 132 121 127 114 102 115 121 125 121 126 127 Home glassware and pottery .23 94 91 86 65 86 84 93 86 77 79 92 93 93 r87 83 Cement .32 124 132 138 142 143 144 145 137 119 104 110 118 132 137 138 Structural clay products .35 112 110 117 114 114 116 116 112 106 97 101 107 111 rlll 112 Brick .12 108 106 119 113 114 118 116 109 97 81 90 102 115 112 Clay firebrick, pipe, and tile .20 116 115 118 117 117 115 118 116 113 110 110 111 110 112 111 Concrete and plaster products .48 155 163 168 172 175 169 170 163 157 143 148 152 157 161 166 Misc. stone and earth manufactures.. .58 131 143 142 141 143 145 146 143 146 140 141 139 135 135 136 Lumber and products 3.09 111 118 122 112 122 121 123 114 99 104 116 117 119 -122 115 Lumber 2.05 105 112 117 109 123 118 120 110 93 98 109 109 113 117 106 Millwork and plywood .60 138 149 152 128 135 147 148 141 124 140 160 164 163 r161 155 Millwork .39 118 118 109 98 115 117 116 101 87 96 110 109 111 118 178 Softwood plywood .12 167 199 222 174 164 194 198 206 184 212 241 253 248 r229 195 .29 99 99 104 101 98 94 96 94 94 88 90 90 90 91 92 Furniture and Misc. Manufactures 4.04 118 131 131 125 132 132 135 132 127 119 122 121 115 114 116 Furniture and fixtures 1.64 113 117 117 113 116 115 116 114 112 106 107 106 101 '98 100 H Fi o x u t s u e r h e o s l d a n f d u r o n f i fi t c u e r e furniture 1. . 1 54 0 1 1 1 1 3 2 1 1 1 1 8 6 1 11 1 7 7 1 1 1 1 2 4 1 1 1 1 7 6 1 11 1 8 4 1 1 1 1 6 7 1 1 1 1 3 5 1 1 0 1 9 7 1 1 0 1 3 3 1 1 0 1 5 0 1 1 0 0 5 7 1 10 0 3 0 -1 9 0 6 3 10 9 5 8 Miscellaneous manufactures 2.40 122 140 140 133 143 144 148 145 138 128 133 131 125 '124 127 p Preliminary. r Revised. For other footnote see preceding page. AUGUST 1954 883 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 118 121 113 121 122 122 118 110 Ill 114 115 113 '113 116 Nondurable Manufactures—Total... 11.87 205 107 114 97 111 104 103 98 92 97 102 102 97 95 97 Textiles and Apparel Textile mill products 6 32 103 104 111 93 107 102 100 96 87 91 95 94 93 '94 93 Cotton and synthetic fabrics 3.72 105 107 114 95 110 105 101 102 90 97 100 100 99 '99 96 Cotton consumption 2.30 104 104 110 87 107 104 103 101 89 100 101 100 97 95 92 Synthetic fabrics . 97 112 115 130 124 119 109 102 105 95 89 98 100 '102 107 109 Fabric finishing .45 102 101 108 74 100 100 87 96 83 91 97 97 92 91 Wool textiles .97 85 78 91 78 82 73 74 64 61 58 58 60 63 68 69 Wool apparel yarns .16 96 91 110 90 102 93 82 68 59 68 72 72 '80 84 Wool fabrics .75 83 75 87 75 77 68 73 63 62 56 54 58 59 64 67 Knit goods 1.15 115 116 117 102 118 116 115 108 97 103 109 105 103 105 106 Hosiery .65 116 113 111 88 114 115 114 109 94 113 119 112 111 110 106 .45 121 118 116 89 117 119 118 114 97 120 127 120 119 116 110 Seamless hosiery .20 105 102 100 87 105 104 104 98 87 96 102 93 91 95 98 Knit garments .50 113 119 125 121 125 117 116 107 101 90 95 96 93 99 105 Floor coverings .48 95 99 98 67 94 97 101 87 88 89 96 94 90 '81 80 .31 80 86 82 45 80 83 89 69 72 76 85 83 77 68 65 Apparel and allied products 5 55 108 110 117 102 115 106 107 100 98 104 111 110 102 96 102 Mien's outerwear . . .. 1.78 105 113 124 83 117 113 105 104 87 111 117 102 111 108 95 Men's suits and coats .73 87 96 109 63 107 94 90 88 78 96 92 77 79 88 81 Aden's suits • • .50 83 92 98 57 94 83 83 86 81 102 96 80 78 84 75 .13 83 89 125 74 133 115 94 71 46 52 56 48 65 80 87 Shirts and work clothing . .99 114 124 133 94 122 125 114 113 90 120 133 118 132 121 101 Women's outerwear 1.85 108 103 119 111 111 92 96 83 98 104 112 122 99 83 111 Women's suits and coats . . .76 123 117 142 141 145 106 118 90 122 123 135 145 84 40 124 Misc. apparel and allied mfrs 1.92 111 112 110 107 112 108 114 109 105 98 104 107 96 97 98 Rubber and Leather Products 3.20 101 113 113 101 112 107 111 103 98 103 108 108 104 c103 107 1.47 116 128 131 114 122 122 127 120 111 114 114 118 '116 *118 121 Tires and tubes .70 115 117 123 109 106 103 108 101 93 96 112 108 111 clll 119 .40 106 117 125 117 112 104 109 99 89 92 111 113 120 122 133 Truck and bus tires .30 128 118 121 97 99 102 106 103 99 102 114 101 99 C96 100 Miscellaneous rubber products .77 117 138 119 137 1.73 99 99 97 91 103 94 97 89 87 94 102 100 94 89 95 Leather .44 87 91 93 80 93 85 91 87 81 87 95 89 86 90 94 Cattlehide leathers .29 87 92 91 79 94 86 94 91 86 93 101 92 93 96 Skin leathers . . .15 86 89 97 81 90 83 87 79 72 74 82 82 73 79 .90 104 103 99 93 109 97 97 85 88 102 110 109 103 93 100 .39 101 100 98 98 102 96 101 99 92 85 91 91 82 79 84 Paper and Printing . . 8.93 118 125 125 116 123 127 132 /29 121 120 124 127 128 126 126 Paper and allied products 3 46 120 132 134 120 135 135 140 135 119 126 133 135 136 134 135 1.76 120 130 133 117 133 130 138 133 117 128 132 133 131 132 136 ^^ood pulp .51 132 142 146 130 146 141 151 147 129 142 145 148 146 148 152 Paper and board 1.25 116 125 128 112 127 126 132 127 113 122 127 127 125 125 129 Printing paper... ... .22 111 119 119 108 121 118 124 120 112 120 122 124 121 117 120 .14 117 116 118 96 118 118 121 120 109 112 121 121 121 120 123 Coarse paper .20 112 118 117 104 118 118 127 124 113 122 125 122 116 117 119 Miscellaneous paper .18 123 129 129 118 127 128 136 131 123 135 139 138 137 134 136 Paperboard .41 117 134 140 118 141 137 143 137 115 128 130 131 128 132 136 Building paper and board .10 112 118 132 116 121 122 123 108 92 96 113 121 124 125 136 Converted paper products . 1.70 120 134 136 124 137 140 143 136 121 123 134 137 141 136 135 .51 120 133 137 122 138 141 140 135 118 115 126 133 135 133 132 Sanitary paper products .11 126 138 132 131 134 139 151 139 131 147 155 149 158 144 144 Printing and publishing 5.47 116 121 120 114 116 122 126 126 122 116 118 121 122 121 120 Newsprint consumption 1.85 115 118 118 102 106 119 129 131 117 108 114 120 129 125 119 Job printing and periodicals . . . 3.62 117 122 121 119 121 123 125 123 125 121 120 121 119 '119 120 Chemical and Petroleum Products. 9.34 133 142 142 139 141 142 145 145 141 rl40 144 142 140 '139 139 Chemicals and allied products 6 84 137 147 146 141 143 145 151 150 146 146 150 150 147 144 144 2.54 140 154 161 157 157 151 151 149 147 145 150 150 '150 '149 152 Basic inorganic chemicals .57 137 149 149 146 147 138 153 153 148 141 157 159 '157 156 Industrial organic chemicals 1.97 141 155 164 160 160 154 150 148 147 '145 148 148 '148 '147 151 Plastics materials ... . 24 157 183 194 163 175 181 179 173 166 168 192 193 190 179 Synthetic rubber 11 175 186 214 205 176 162 147 152 153 148 152 144 127 120 122 Synthetic fibers .59 141 156 174 171 167 148 143 135 136 '133 135 '142 '146 '149 157 Miscellaneous organic chemicals.. 1.03 133 144 146 148 150 150 148 149 149 147 144 141 141 141 143 .64 112 116 95 84 94 109 140 141 135 138 138 122 114 104 96 Vegetable oils 48 110 112 83 70 83 106 144 141 137 138 138 122 109 95 85 Grease and tallow 16 119 131 131 124 125 120 129 140 127 138 140 122 131 132 127 .71 110 113 100 76 97 116 134 128 117 118 124 127 111 104 99 Paints 66 112 118 121 122 119 118 117 117 116 114 115 115 116 116 117 Fertilizers .23 122 124 112 101 104 112 108 101 106 112 136 170 173 '137 107 * Preliminary. r Revised. c Corrected. NOTE.—A number of groups and subgroups include individual series not published separately. For description and back fieures see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 884 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 June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 131 132 135 133 131 131 128 125 126 121 120 '123 P125 PePtertorloeluemum arnefdi ncionagl products 1.97 128 135 136 137 138 136 135 137 137 134 136 129 128 130 P132 Gasoline 1.04 132 144 145 149 150 147 143 147 146 140 141 135 137 140 P143 Automotive gasoline .98 128 139 140 144 144 141 138 143 141 136 136 131 132 136 Aviation gasoline .06 194 227 241 234 243 247 220 211 228 214 227 212 215 218 Fuel oil .56 128 130 130 128 128 128 128 130 129 131 135 127 121 122 P125 Distillate fuel oil .30 151 155 155 153 152 153 155 155 153 156 164 155 146 145 Residual fuel oil .26 102 101 101 100 100 98 97 100 102 104 102 96 93 94 Kerosene .10 119 117 107 105 105 108 116 116 124 128 135 116 106 99 Lubricating oil .17 112 106 106 103 110 112 111 112 109 105 111 104 103 109 Coke .26 97 111 114 113 112 110 109 107 102 97 90 86 80 80 79 Asphalt roofing and siding .15 102 99 109 111 139 123 121 90 53 57 67 78 103 118 Foods, Beverages, and Tobacco 11.51 106 107 108 111 118 123 120 111 98 97 96 98 98 rlO4 HI Food and beverage manufactures.. 10.73 105 107 108 112 118 124 120 111 99 97 96 98 98 '103 111 Food manufactures 8.49 106 108 105 110 118 127 121 114 102 101 98 98 rO7 '100 107 Meat products 1.48 114 115 105 98 102 111 123 135 125 126 112 115 106 105 108 Beef .46 100 129 128 127 132 139 144 139 134 141 129 132 127 132 137 Pork .83 119 104 89 79 82 92 107 128 116 114 99 102 91 87 89 Dairy products ... ... .69 98 105 146 132 118 99 85 80 81 86 96 104 119 '135 151 Butter .14 92 108 143 120 111 88 82 86 94 110 115 124 128 '152 145 Natural cheese .07 103 112 159 130 116 102 89 86 93 100 109 117 133 '159 161 Concentrated milk .19 91 93 140 110 94 72 67 68 74 78 84 95 115 139 139 Ice cream .28 102 106 144 149 135 118 94 80 73 72 87 92 107 110 153 Canned and frozen foods 1.13 117 121 103 162 209 233 154 104 86 76 72 71 75 '85 98 Grain-mill products 1.16 108 106 110 108 109 111 111 103 101 106 104 101 99 '106 115 Wheat flour .46 84 81 78 78 83 84 90 82 76 86 83 78 75 76 Cereals and feeds .70 124 122 131 128 126 128 125 117 117 119 118 116 114 '127 137 Bakery products 1.64 101 100 103 102 101 102 101 99 97 95 97 96 96 95 97 Sugar .27 104 113 80 73 75 106 250 277 177 89 63 58 63 76 Cane sugar .11 109 113 123 129 124 121 105 97 96 97 104 116 103 109 .13 94 108 39 20 27 89 370 429 242 77 24 2 24 42 Confectionery .71 102 102 74 64 92 135 135 128 88 111 110 99 8° 81 80 Miscellaneous food preparations ... 1.41 100 104 107 109 108 113 110 107 102 100 103 105 103 '105 108 Beverages 2.24 102 105 119 121 118 113 116 99 84 82 89 98 103 115 126 Bottled soft drinks .54 116 Alcoholic beverages 1.70 98 100 107 107 108 108 118 100 80 78 86 98 100 108 114 Beer and ale l.€2 102 103 117 127 129 111 100 79 76 79 86 102 106 117 128 Liquor distilling .17 54 60 51 41 33 67 122 88 65 61 71 69 64 64 62 Liquor bottling .37 99 107 104 90 92 115 148 146 89 79 88 101 98 104 104 Tobacco manufactures .78 110 108 110 94 117 111 116 111 92 98 96 101 99 108 Cigarettes . . .46 114 111 114 99 123 115 118 110 96 105 100 106 103 112 Cigars .17 105 108 108 88 110 110 120 122 90 90 96 97 95 108 MINERALS—TOTAL 9.98 114 116 120 117 122 122 118 113 111 111 110 109 109 112 P114 Mineral Fuels 8.35 113 115 117 114 119 119 116 113 113 '175 113 112 111 111 vll2 Coal 2.68 83 78 81 69 85 84 84 76 71 74 68 61 58 62 63 Anthracite .36 78 57 65 54 56 60 66 55 51 62 59 48 44 45 50 Bituminous coal 2.32 84 81 83 71 90 88 87 79 74 75 69 63 60 65 65 Crude oil and natural gas 5.67 128 133 134 135 135 136 131 131 133 134 135 '137 '136 134 P135 Oil and gas extraction 4.82 125 129 130 130 131 130 126 128 128 '128 130 131 132 129 P129 Crude oil 4.12 120 124 126 127 126 126 120 120 120 120 122 125 127 124 P125 Natural gas .34 159 167 152 154 156 150 •165 179 188 190 182 182 Natural gas liquids .36 145 157 154 154 158 160 159 162 166 163 167 161 le>6 155 Oil and gas well drilling .85 144 154 157 163 160 167 158 147 163 170 163 165 163 163 no Metal, Stone, and Earth Minerals 1.63 115 119 136 134 137 135 127 98 91 94 93 99 116 P!22 Metal mining .... ... .82 108 113 142 138 140 139 122 95 74 74 76 73 79 107 P118 .33 104 128 201 199 199 198 155 85 40 39 42 39 58 126 152 Nonferrous metal mining .49 110 104 102 98 100 100 100 101 97 98 98 95 93 95 Copper mining . .24 114 114 109 109 112 112 114 116 110 111 105 102 106 Lead mining .09 97 86 87 78 80 81 79 78 80 75 91 '87 '82 78 78 Zinc mining . . . .06 107 87 90 79 80 76 72 74 71 75 80 77 '78 78 79 Stone and earth minerals .81 123 124 130 130 133 131 132 126 122 108 113 114 119 125 127 p Preliminary. ' Revised. For other footnote ?i preceding page. 885 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve index numbers, 1947-49 average=100] 1947-49 Annual 1953 1954 Product proportion 1952 1953 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 105 127 134 137 129 121 118 112 109 112 113 112 116 119 118 Major Durables 69.72 109 138 147 152 142 130 126 117 114 119 121 119 126 130 128 Autos .. . . . 32.10 103 146 158 164 150 137 132 127 127 133 134 133 139 145 136 Major household goods 36.13 115 132 139 143 136 125 121 110 104 108 110 109 116 120 123 Furniture and floor coverings 15.32 109 113 115 115 115 109 107 102 99 98 99 99 97 '96 96 Household furniture 11.31 113 118 122 120 118 113 112 109 104 102 103 103 102 100 102 Floor coverings 4.01 95 99 96 102 104 98 93 84 87 87 87 86 82 '84 79 Appliances and heaters 15 60 99 118 121 123 109 99 101 93 95 104 111 105 114 117 108 Major appliances 11.88 100 123 127 127 111 101 104 98 100 108 117 109 117 120 111 Ranges 2 60 75 90 102 113 89 85 77 68 67 70 85 84 76 83 Refrigeration appliances 4.98 106 137 138 138 113 96 105 98 108 114 131 118 '136 144 129 2.51 115 141 142 135 143 136 137 136 125 145 140 129 134 124 113 Heating apparatus 3 72 94 100 103 111 101 91 92 79 79 90 89 91 103 106 5.21 184 230 262 285 279 248 221 185 145 148 142 151 178 198 246 Radio sets . ... 3.42 53 67 63 73 72 60 65 66 59 58 47 43 43 43 45 Television sets 1.79 436 541 642 689 676 606 518 413 307 321 325 356 436 493 631 Other Consumer Durables 30.28 95 102 103 102 101 101 101 101 97 95 96 94 93 93 96 Auto parts and tires 14.00 90 91 91 90 89 89 88 89 88 88 90 88 89 90 96 Misc. home and personal goods 16.28 100 111 113 112 111 111 112 110 106 101 102 100 96 96 96 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 105 127 131 120 127 122 131 110 103 112 117 119 119 116 116 Major Durables ... 69 72 109 138 144 130 138 130 142 113 106 121 127 129 131 126 125 Autos 32.10 103 146 166 161 153 134 151 107 107 135 138 142 151 146 143 Major household goods 36.13 115 132 126 103 125 129 137 120 106 109 119 120 116 110 111 Furniture and floor coverings 15.32 109 113 112 101 110 110 112 106 104 99 103 102 97 92 93 Household furniture 11 31 113 118 117 112 116 114 116 113 109 103 105 105 100 96 98 Floor coverings 4.01 95 99 98 67 94 97 102 87 88 89 96 94 90 ••81 80 Appliances and heaters 15 60 99 118 123 94 101 108 114 96 92 98 117 117 116 112 110 Major appliances 11.88 100 123 130 93 95 105 110 98 100 106 130 129 124 117 114 Ranges 2 60 75 90 96 72 83 92 86 75 66 71 91 93 79 80 Refrigeration appliances . . . 4.98 106 137 149 112 89 95 100 86 111 114 145 144 153 147 140 Laundry appliances 2.51 115 141 146 89 126 145 160 149 122 135 159 151 130 111 117 Heating apparatus 3 72 94 100 100 95 120 117 127 90 68 73 75 79 91 96 Radio and television sets 5.21 184 230 179 136 242 249 276 230 156 173 170 182 172 155 165 Radio sets . 3 42 53 67 61 45 65 62 68 6ft 57 58 51 49 49 48 44 Television sets 1.79 436 541 404 310 581 606 673 541 347 391 397 435 406 360 397 Other Consumer Durables 30.28 95 102 101 99 104 103 106 103 96 92 95 94 92 92 94 Auto parts and tires 14 00 90 91 91 92 95 93 93 89 84 84 87 85 87 90 96 Misc. home and personal goods 16.28 100 111 110 105 111 112 117 115 107 99 103 102 96 94 93 r 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED1 Total 14,054 13,946 13,821 13,680 13,447 13,251 13,063 12,935 12,840 12,705 12,633 12,593 12,419 Durable goods 8,313 8,240 8,154 8,062 7,868 7,748 7,621 7,509 7,405 7,295 7,227 7,184 7,046 Ordnance and accessories 199 194 194 193 187 184 177 165 150 137 125 120 116 Lumber and wood products 713 703 697 699 685 667 653 657 663 656 676 687 602 Furniture and fixtures 327 320 313 307 300 295 289 286 287 284 284 284 288 Stone, clay, and glass products. . 465 464 465 463 457 446 432 431 429 426 427 426 436 Primary metal industries 1,155 1,144 1,129 1,112 1,088 1,069 1,044 1,022 1,005 991 981 985 978 Fabricated metal products 963 952 939 919 898 866 865 855 844 836 837 838 828 Machinery except electrical 1,308 1,301 1,294 1,280 1,253 1,226 1,212 1,202 1,184 1,169 1,153 1 ,139 1,133 Electrical machinery 951 951 941 924 900 866 847 831 819 811 799 786 803 Transportation equipment 1,559 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1,380 1,342 1,321 1,266 Instruments and related products 247 242 242 241 242 239 236 232 228 223 221 216 214 Misc. manufacturing industries.. 426 422 420 417 409 403 396 393 387 382 382 382 382 Nondurable goods .. 5,741 5,706 5,667 5,618 5,579 5,503 5,442 5,426 5,435 5,410 5,406 5,409 5,373 Food and kindred products 1,136 1,130 1,133 1,122 1,135 1,114 1,102 1,103 1,109 1,110 1,111 1,105 1,101 Tobacco manufactures 97 95 93 92 94 97 96 94 93 93 94 94 94 Textile-mill products 1,113 1,110 1,099 1,067 1,036 1,013 987 980 979 979 974 985 985 Apparel and other finished textiles 1,116 1,099 1,072 1,087 1,085 1,068 1,051 1,051 1,064 1,046 1,037 1,036 1,028 Paper and allied products 448 449 452 448 442 435 436 435 434 433 435 438 438 Printing, publishing and allied industries . . 512 515 521 520 517 517 514 517 517 519 518 518 520 Chemicals and allied products... 557 558 552 547 543 537 540 533 531 529 530 526 522 Products of petroleum and coal. 188 187 185 185 184 182 180 180 179 178 181 181 180 Rubber products. . 226 223 221 214 207 206 204 202 199 196 198 200 172 Leather and leather products. .. 348 340 339 336 336 334 332 331 330 327 328 326 333 For footnote see following page. 886 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT Total 13,875 14,070 14,061 13,852 13,534 13,319 13,002 12,906 12,818 12,590 12,437 12,484 12,259 Durable goods 8,194 8,195 8,161 8,088 7,910 7,791 7,616 7,520 7,430 7,309 '7,208 7,180 6,942 Ordnance and accessories 199 194 194 193 187 184 177 165 150 137 '125 120 116 Lumber and wood products 727 731 721 713 695 654 617 627 643 649 ••679 704 614 Furniture and fixtures 314 315 315 313 308 301 293 292 290 283 277 275 276 Stone, clay, and glass products.. 458 466 467 465 459 448 428 427 429 428 427 428 429 Primary metal industries 1,143 1,138 1,129 1,112 1,088 1,074 1,049 1,027 1,010 991 '976 985 968 Fabricated metal products 934 942 939 924 902 875 874 864 852 840 '833 830 803 Machinery except electrical 1,295 1,268 1,262 1,254 1,240 1,238 1,230 1,220 1,202 1,187 1,165 1,150 1,122 Electrical machinery 918 932 941 933 913 883 855 839 827 811 '791 778 775 Transportation equipment 1,559 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1,380 '1,342 1,321 1,266 Instruments and related products 242 240 242 242 243 241 237 233 229 224 220 215 210 Misc. manufacturing industries.. 405 422 430 434 425 407 386 393 389 380 374 363 374 Nondurable goods 5,681 5,875 5,900 5,764 5,624 5,528 5,386 5,386 5,388 5,281 5,304 5,317 '5,229 Food and kindred products 1,202 1,289 1,326 1,224 1,149 1,083 1,024 1.009 1,009 1,011 1,078 1,162 Tobacco manufactures 84 105 112 109 101 104 97 90 84 82 '1,031 82 82 Textile-mill products 1,085 1,093 1,088 1,067 1,046 1,028 997 995 989 979 82 980 960 Apparel and other finished tex- '969 tiles 1,066 1,121 1,099 1,103 1,085 1,084 1,062 1,088 1,101 1,030 985 989 982 Paper and allied products 439 447 450 448 446 442 438 437 436 433 '433 436 429 Printing, publishing and allied industries 507 510 521 525 522 525 514 514 517 516 '515 518 515 Chemical and allied products 546 550 555 552 548 540 540 536 539 534 525 518 512 Products of petroleum and coal. 190 191 188 185 184 181 178 178 177 176 '179 180 181 Rubber products 219 221 221 216 210 209 206 203 199 195 197 199 167 Leather and leather products. . . 343 349 341 334 334 332 332 339 338 325 '315 324 328 seasonal adjustment to hrst-quarter 1953 benchmark levels indicated by data trom government social insurance programs, beasonally adjusted data beginning* Januaryfl 939, for groups and the total, may be obtained from the Division of Research and Statistics. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for July 1954 are preliminary. Back data and data for industries not shown, without seasonal*^ justment, may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1953 1954 1953 1954 1953 1954 July May June July July May June July July May June July Total 71.33 '71.13 40.3 39.3 39.6 39.4 1.77 '1.81 1.81 1.80 Durable goods 76.70 76.21 76.40 76.02 40.8 39.9 40.0 39.8 1.88 1.91 1.91 1.91 Ordnance and accessories 77.87 '78.80 79.79 79.99 41.2 '40.0 40.3 40.4 1.89 1.97 1.98 1.98 Lumber and wood products 67.16 '67.03 68.21 67.24 40.7 39.9 40.6 41.0 1.65 '1.68 1.68 1.64 Furniture and fixtures 61.05 60.53 62.33 61.23 39.9 38.8 39.7 39.0 1.53 1.56 1.57 1.57 Stone, clay, and glass products 70.58 '71.10 71.10 70.62 40.8 '40.4 40.4 39.9 1.73 '1.76 1.76 1.77 Primary metal industries 85.07 '79.49 81.12 82.92 40.9 -38.4 39.0 39.3 2.08 '2.07 2.08 2.11 Fabricated metal products 76.41 '77.33 76.92 75.41 41.3 40.7 40.7 39.9 1.85 '1.90 1.89 1.89 Machinery except electrical 81.73 81.61 81.00 80.40 41.7 40.6 40.5 40.0 1.96 2.01 2.00 2.01 Electrical machinery 70.58 71.50 71.68 72.25 40.1 39.5 39.6 39.7 1.76 1.81 1.81 1.82 Transportation equipment 84.86 '85.67 84.19 84.59 40.8 '40.6 39.9 39.9 2.08 2.11 2.11 2.12 Instruments and related products 71.86 72.07 72.83 72.65 40.6 39.6 39.8 39.7 1.77 1.82 1.83 1.83 Miscellaneous manufacturing industries. 61.93 '63.43 63.52 62.79 39.7 '39.4 39.7 39.0 1.56 1.61 1.60 1.61 Nondurable goods 63.76 '63.91 64.74 64.57 39.6 38.5 39.0 38.9 1.61 1.66 1.66 1.66 Food and kindred products 66.72 68.54 69.55 69.81 41.7 40.8 41.4 41 .8 1.60 1.68 1.68 1.67 Tobacco manufactures 47.87 '49.98 51.71 52.16 37.4 37.3 38.3 37.8 1.28 '1.34 .35 1.38 Textile-mill products 53.18 '51.10 51.41 51.41 39.1 '37.3 37.8 37.8 1.36 '1.37 1.36 1.36 Apparel and other finished products... . 47.88 '46.07 46.55 47.03 36.0 -34.9 35.0 35.1 1.33 1.32 1.33 1.34 Paper and allied products 73.44 72.83 73.95 74.52 43.2 42.1 42.5 42.1 1.70 1.73 1.74 1.77 Printing, publishing and allied products. 84.75 86.71 86.94 86.71 38.7 38.2 38.3 38.2 2.19 2.27 2.27 2.27 Chemicals and allied products 76.63 '77.71 79.07 78.91 41.2 '40.9 41.1 1.86 1.90 1.91 1.92 Products of petroleum and coal 92.32 '93.52 94.39 92.66 41.4 41.2 41.0 2.23 '2.27 2.28 2.26 Rubber products 78.98 '77.81 81.00 n.a. 40.5 '39.7 n.a. 1.95 1.96 2.00 n.a. Leather and leather products 51.82 '49.21 51.01 50.83 38.1 '35.4 36.7 37.1 1.36 1.39 1.39 1.37 'Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for July 1954 are preliminary. Back data are available from the Bureau of Labor Statistics. 887 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Federal Reserve. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in 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 16,104 916 603 4,166 10,012 1,862 5,278 6,348 1952 48,306 16,334 885 634 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 ADJUSTED1 1953—July 49,905 17,507 844 2,611 4,251 10,544 2.036 5,524 6,588 August 49,849 17,400 836 2,616 4,243 10,548 2,036 5,518 6,652 September 49,707 17,263 835 2,679 4,247 10,523 2,041 5,484 6,635 October 49,711 17,125 826 2,725 4,245 10,563 2,050 5,506 6,671 November 49,422 16,901 825 2,708 4,205 10,577 2,044 5,494 6,668 December 49,109 16,704 818 2,686 4,176 10,579 2,050 5,490 6,606 1954—January 48,812 16,497 805 2,581 4,118 10,577 2,054 5,487 6,693 February 48,607 16,349 794 618 4,087 10,543 2,065 5,490 6,661 March 48,441 16,262 772 654 4,012 10,552 2,067 5,488 6,634 April 48,268 16,122 753 2,641 4,015 10,524 2,075 5,506 6,632 May 48,178 16,039 744 2,634 4,011 10,494 2,081 5,508 6,667 June 48,119 15,997 744 2,625 4,013 10,491 2,085 5,517 6,647 July 48,037 15,813 734 2,659 4,004 10,511 2,096 5,561 6,659 WITHOUT SEASONAL ADJUSTMENT 1953—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 '48,068 '16,000 ••749 '2,535 '4,008 10,496 '2,075 '5,506 '6,699 May '47,935 '15,836 '737 '2,634 '4,008 10,375 2,081 '5,563 6,701 June 48,150 15,888 748 2,730 4,029 10,424 2,106 5,600 6,625 July 47,861 15,661 727 2,819 4,033 10,381 2,127 5,644 6,469 'Revised. 1 Seasonal adjustment factors for recent years have been revised following adjustment earlier by the Bureau of Labor Statistics of series without seasonal adjustment to first-quarter 1953 benchmark levels indicated by data from government social insurance programs. Seasonally adjusted data beginning January 1939 may be obtained from the Division of Research and Statistics. 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. July 1954 figures are preliminary. Back unadjusted data are available from the Bureau of Labor 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 1,673 46,710 1953 115,046 66,965 63,417 61,894 55,366 6,528 1,523 48,081 1953—June 115,032 68,290 64,734 63,172 55,246 7,926 1,562 46,742 July- 115,132 68,258 64,668 63,120 55,492 7,628 1,548 46,874 August . . 115,232 68,238 64,648 63,408 56,134 7,274 1,240 46,994 September 115,342 67,127 63,552 62,306 55,044 7,262 1,246 48,215 October 115,449 66,954 63,404 62,242 55,083 7,159 1,162 48,495 November 115,544 66,873 63,353 61,925 55,274 6,651 1,428 48,671 December 115,634 66,106 62,614 60,764 55,326 5,438 1,850 49,528 1954—January2 115,738 66,292 62,840 59,753 54,469 5,284 3,087 49,447 February 115,819 67,139 63,725 60,051 54,349 5,697 3,671 48,679 March 115,914 67,218 63,825 60,100 54,225 5,875 3,725 48,696 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 July 116,219 68,824 65,494 62,148 54,661 7,486 3,346 47,395 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. 888 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

VALUE OF NEW CONSTRUCTION ACTIVITY [Seasonally adjusted. In millions of dollars] Private Public Other Year or month Total Total d R en e t s i i a - l Total In tr d i B a u l s u - sin m e C s e s o r m ci - al P ut u i b li l t i y c n r d t e o e i s a n n i 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 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 31,182 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 1953 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—July 2,916 2,008 1,015 698 182 141 375 295 908 110 269 68 461 August 2,883 2,000 1,005 705 178 154 373 290 883 99 258 63 463 September... . 2,925 1,994 995 710 173 163 374 289 931 97 287 60 487 October 2,880 1,982 979 710 164 173 373 293 898 79 267 58 494 November. 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 May? 3,066 2,116 1,081 722 176 171 375 313 950 68 299 66 517 JuneP 3,069 2,112 1,085 717 171 171 375 310 957 84 294 63 516 July? 3,085 2,152 1,114 721 171 174 376 317 933 82 294 62 495 Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 . 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 . .. 17-443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1953—July 1,793 610 1,183 653 207 200 176 181 376 August 1,414 532 882 508 110 111 146 179 361 September 1,742 725 1,017 507 383 145 138 116 451 October 1,892 689 1,203 635 235 171 153 200 500 November . . 1,394 483 911 484 232 101 140 138 298 December 1,300 479 821 434 136 97 176 131 326 1954—January 1,152 363 789 462 111 114 132 117 216 February ,221 436 785 509 106 93 144 125 244 March ,528 484 1,043 668 80 134 179 140 328 April ,692 477 1,215 796 94 178 171 163 290 May ,925 669 1,256 825 86 179 189 218 428 June ,733 625 1,108 720 107 192 186 172 357 July 837 681 1,156 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1953—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 June 1,116 63 223 79 165 115 112 156 74 -10 41 98 1954—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 June 1,733 93 267 117 177 165 208 343 105 57 91 111 AUGUST 1954 889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED fin thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total 1- 2- Multi- Total FHA VA family family family 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 ". 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950.. 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952. 1,127 610 517 1,069 939 46 84 58 420 279 141 1953 1,104 565 539 1,068 933 42 94 36 407 252 155 1953—juiy 97 48 49 96 84 4 8 (i) 39 24 15 August 93 46 47 92 82 3 8 1 41 23 18 September 95 47 48 92 81 3 8 3 36 22 14 October 90 43 47 90 79 4 7 (i) 37 22 15 November 82 39 43 80 70 3 7 33 20 13 December 66 35 31 65 54 3 8 1 27 15 12 1954—January f>66 n.a. n.a. »»65 n.a. n.a. n.a. Pl 25 13 12 February P75 n.a. n.a. P74 n.a. n.a. n.a. Pl 30 16 14 March P95 n.a. n.a. J>93 n.a. n.a. n.a. P2 37 21 16 April.. »>108 n.a. n.a. P107 n.a. n.a. n.a. Pl 44 24 20 May P107 n.a. n.a. P107 n.a. n.a. n.a. Pl 49 24 25 June P120 n.a. n.a. P116 n.a. n.a. n.a. P4 '56 '28 '28 July.... P112 n.a. n.a. P109 n.a. n.a. n.a. P3 54 27 27 p Preliminary. ' Revised. n.a. Not available. 1Less than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted Monthly—without seasonal adjustment Annual Class 1953 1954 1953 1954 1952 1953 June Jan. Feb. Mar. Apr. May June June Jan. Feb. Mar. Apr. May June Total 126 127 128 120 117 112 Ill 112 111 133 108 107 105 108 114 116 Coal 109 103 105 100 87 78 79 84 85 105 100 87 78 79 84 85 Coke 168 171 179 120 109 104 98 94 95 176 126 116 105 96 93 93 Grain 142 135 155 124 124 127 134 144 155 158 124 122 117 118 127 158 Livestock 69 63 60 58 54 64 62 58 54 52 56 43 51 55 53 41 Forest products 144 143 145 136 133 126 127 128 127 151 122 128 126 127 133 132 Ore .. 181 215 212 231 222 177 136 136 164 328 58 55 51 88 224 255 Miscellaneous 140 143 142 133 134 132 130 128 125 146 122 126 125 128 130 129 Merchandise, 1. c. 1 46 43 43 39 41 41 39 39 38 43 38 40 41 40 39 38 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 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 ,254 1,293 '1,091 1,189 1,016 922 922 922 '833 February.... ,344 1,199 1,181 1,260 997 893 856 809 March ,447 1,391 1,123 1,330 ,053 '920 964 1,005 '857 April ,355 1,394 '1,425 1,187 ,054 '1,257 933 1,013 957 May ,480 1,453 Pl.396 1,244 ,085 835 902 P829 June ,171 1,384 "1,472 1,058 ,013 «l]ll3 861 933 '965 July ,030 1,358 893 960 839 908 August ,087 1,186 916 911 818 840 September... ,229 1,255 981 ,051 877 925 October ,216 1,253 1.043 ,019 918 814 November... ,190 1,247 995 ,030 805 849 December. .. ,391 1,351 1,108 1,053 907 January-June 8,051 8,114 *7.688 7,268 6,147 5,408 5,631 «5.25O pPreliminary. '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. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 890 FEDERAL RESERVE BULLETINS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t 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 a Dallas F c S r i a a sc n n o - SALESi 1947 98 99 99 96 97 97 96 99 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 . 112 105 102 110 113 119 126 111 112 104 112 125 115 SEASONALLY ADJUSTED 1953—June 115 103 '101 110 118 '121 '127 112 122 106 118 134 121 Tulv 113 106 104 117 114 120 127 110 107 105 111 124 117 August 112 99 99 116 120 114 130 109 110 102 112 127 113 September 107 105 98 104 109 114 119 106 102 100 103 112 110 October 110 107 104 106 110 117 128 109 108 103 108 122 111 November 113 107 102 108 115 118 128 113 114 105 112 127 112 December 112 108 101 108 112 121 127 115 113 107 114 125 109 1954—January 107 105 101 106 104 109 122 106 108 104 110 119 108 Februarv 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 Aoril 111 105 102 109 104 122 127 111 114 100 113 120 111 May 108 102 100 105 98 114 122 108 106 104 109 123 114 June .. . P112 106 102 109 107 120 P129 110 122 103 P115 127 114 WITHOUT SEASONAL ADJUSTMENT 1953—June 108 103 '98 '104 111 '114 ••113 110 110 98 111 118 112 Julv 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—Januarv 83 83 81 80 80 80 94 82 83 75 83 94 85 February 86 81 83 84 80 89 101 83 88 83 86 98 86 March 89 86 85 91 82 97 110 86 92 79 90 102 88 April . . 110 108 101 109 105 123 129 109 112 101 110 119 107 May 106 102 98 104 98 '113 120 108 106 104 109 119 107 Tune P106 106 99 104 100 113 P114 108 110 96 P108 112 105 STOCKS1 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—June 128 117 118 122 122 146 147 123 132 114 140 '142 135 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—Januarv 120 114 111 114 115 134 142 117 117 106 128 128 123 Februarv 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 120 117 113 114 113 135 135 122 116 111 125 127 116 May 121 120 115 116 117 137 137 122 118 111 127 128 119 June . . P122 117 114 117 115 138 135 122 119 112 ^132 P132 122 WITHOUT SEASONAL ADJUSTMENT 1953—June 123 110 '110 113 115 139 139 117 132 109 136 '131 136 Julv 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 Septem ber 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 126 121 118 119 119 145 138 124 123 113 134 130 129 J une P116 110 107 109 109 132 128 116 119 107 P128 P121 122 pPreliminary. 'Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end ot the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. AUGUST 1954 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millions of dollars) Ratios to sales1 Out- Stocks Year or month Sales' Stocks* stand- Re- New Out- plus (total (end ing ceipts* orders8 stand- out- Refor of orders2 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average 276 604 775 277 291 2.3 3.0 5.3 1.0 1946 average... . 345 767 964 373 354 2.3 3.0 5.3 1.1 1947 average 365 887 588 366 364 2.5 1L.7 4.3 1.0 1948 average 381 979 494 386 363 2.7 1L.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 1L.I 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 L.4 4.2 1.1 1951 average 391 1,202 460 390 379 3.2 L.3 4.4 1.0 1952 average 397 1.097 435 397 401 2.9 L.2 4.1 1.0 1953 average 402 1.157 421 403 397 3.0 L.I 4.2 1.0 1953—June ••379 r1,111 '458 '300 '438 2.9 L.2 '4.1 0.8 July 305 1.081 525 ••275 '342 3.5 1.7 5.3 0.9 August 343 1,135 491 397 363 3.3 L.4 4.7 1.2 September 388 L.2O6 492 459 460 3.1 L.3 4.4 1.2 October.., 440 L.297 462 531 501 2.9 l.l 4.0 1.2 November 477 1,327 371 507 416 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 L,O75 403 364 397 3.6 L.3 4.9 1.2 March... 351 1,176 343 452 392 3.4 1.0 4.3 1.3 April .... 402 1,183 279 409 345 2.9 0.7 3.6 1.0 May 372 1.161 247 350 318 3.1 0.7 3.8 0.9 June?.... 378 r ,071 383 288 424 2.8 L.O 3.8 0.8 * Preliminary. 'Revised. JThe 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 Sept. 2 107Sept. 1 105Sept. 6. ... 100Sept. 9 102 8 100 13. ... 114 16 127 15 114 20. ... 113 23 111 22 111 27.... 112 30 110 29 114 Oct. 7 112Oct. 6 110Oct. 4... . 116Oct. 14 111 13 117 11. ... 126 21 105 20 116 18. ... 124 28 108 27 113 25. . . 122 Nov. 4 109Nov. 3 121Nov. 1.... 115Nov. 11 118 10 127 8.. . 118 18 127 17 130 15.. . 130 25 110 24 123 22. . . 134 29.... 138 Dec. 2 153Dec. 1 161Dec. 6.. . 195Dec. 9 191 8 191 13. .. 223 16 220 15 213 20. . . 237 23 221 22 228 27.. . 146 30 82 29 92 1951 1952 1953 Jan. 6 98Jan. 5 78Jan. 3.. . 81Jan. 13 105 12 92 10.. . 89 20 104 19 90 17.. . 92 27 96 26 83 24.. . 86 31.. . 87 Feb. 3 81Feb. 2 84Feb. 7.. . 88Feb. 10 94 9 87 14.. . 92 17 94 16 89 21. . . 85 24 95 23 83 28.. . 93 l/C 1951 1952 101Mar. 3 99Mar. 1 12 102 10 105 8 19 120 17 101 15 26 114 24 105 22 31 89 29 3 112Apr. 7 101Apr. 5 10 120 14 100 12 17 118 21 97 19 24 113 28 101 26 31 113 7 121May 5 113May 3 14 133 12 110 10 21 131 19 99 17 28 133 26 100 24 31 5 190June 2 95June 7 12 216 9 108 14 19 234 16 106 21 26 163 23 92 28 30 89 1954 2 81July 7 75July 9 94 14 83 16 85 21 81 23 86 28 80 30 85 6 86Aug. 4 88Aug. 13 91 11 87 20 86 18 93 27 90 25 97 l/C 1953 1954 85Mar. 7 96Mar. 6 88 14 100 13 90 21 109 20 94 28 112 27 101 109Apr. 4 118Apr. 3 111 11 97 10 97 18 105 17 105 25 104 24 111May 2 114May j 117 9 128 8.' '. .' .' 99 16 105 15 105 23 112 22 97 30 97 29 111June 6 118June 116 13 112 98 20 111 91 27 94 79July 4 79July 12 83 11 92 19 82 18 84 26 79 25 83 2 87Aug. 1 86Aug. 9 90 8 92 16 95 15 95 23 100 22 100 30 110 29 101 l/C 85 92 95 100 103 113 118 101 112 123 97 106 104 97 12 111 19 115 26 97 3 93 10 77 17 88 24 84 31 87 7 92 14 21 28 NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 892 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Courting [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 J 1 u 9 n 5 e 4 M 19 a 5 y 4 m 19 o 5 s 4 . Fe a d r e e d r a i a , s l t o r R i r c e c t s , i e ty rve J 1 u 9 n 5 e 4 M 19 a 5 y 4 1954 Fe a d r e e d r a i a , s l t o r R i r c e c t s , i e ty rve J 1 u 9 n 5 e 4 M 19 a 5 y 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 J 1 u 9 n 5 e 4 M 19 a 5 y 4 m 19 6 o 5 s 4 . United States.. p-2 -7 -4 Cleve.-cont. Chicago-cont. Kan. City-cont. Met. Areas-cont. Met. Areas-cont. Met. Areas-cont. Boston +3 Wheeling- Gary -11 -13 -12 Wichita -6 -9 Steubenville2.. -10 Decatur2 -8 — 7 -2 St. Joseph -12 -13 -7 Met. Areas1 Peoria2 -3 -8 -7 Omaha 0 +8 +3 Portland -4 -2 City Rockford -8 — 7 -8 Albuquerque. . . +5 +2 -6 Boston +4 -1 +1 Portsmouth2. . . +2 -6 +2 Tri-Cities2 -7 -8 -9 Oklahoma City. + 10 0 0 Downtown (Moline, Tulsa -4 S B u o b s u t r o b n an +2 -3 Richmond P-1 -11 D R a o v c e k n la p n o d r ; t) Cities -8 Boston +8 +2 +6 Met. Areas1 Fort Wayne2.. +5 -9 +4 Greeley + 10 -8 -9 Low C el a l- mbridge. 0 i +2 W D a o s w hi n n to g w to n n2. . . +4 -8 S In o d u i t a h n a B p e o n l d is 2 2 . . . . -21 - - 2 1 1 3 -18 J H o u p t l c in hinson - - 1 6 - - 6 8 - - 2 2 Lawrence .... -4 -4 -3 Wash +1 -10 -3 Terre Haute2.. -5 -12 -8 Kansas City -3 -6 -4 N M C W S A N P i e A S e p r t l e w i o t b r o c n w e l . i r a b h n v s e c A n Y a g e c i e B y n d r f n t o s i e a - y e e e t e r S a d e l n c d k d c r s y t c f 2 i h a - o e e T d r 2 - y . r d . o . . . . . y . . . + + + + - -2 9 6 3 1 1 0 0 - - - 1 - - - - 6 7 4 9 4 4 1 + - - - 6 3 3 2 - e 1 3 A W C C C N R B R R G P h h o s a o i o a r W i c h o e l a l a l r n a e h u t f e e r r r n s i . o i l m l m n t v m t g o e e l s o V v i k h s k s o m b l o n i l t - t 2 a e n l i e o r o - l a o 2 . e S d 2 e n n 2 2 u 2 2 2 a , , t l S h e . 2 m C . 2 . . 2 * + + + + - - - 4 1 8 P 6 8 5 6 0 0 0 2 1 - - - - - 1 - 1 1 1 1 - - — - 8 9 8 8 1 5 0 3 4 7 + + - - - - - - - - - 8 6 2 4 6 6 7 4 1 1 1 W S J D D S D F C G K L G M a a i l a e e r r u e o a c i a a g e a n d s n t u b l k d t i e n r s a a e n t x u s i o n M i d 2 r r s m a o n q i l o w o t n C g u o R a B n 2 R o 2 2 e i z a i n a a t o p e p y y o i s d i . . . . d . . s . . s . . . . . . . . 2 . P P - + + + + 1 - - - - - - - 3 8 5 2 1 7 6 8 5 3 8 o 1 - - - - + + 1 1 1 1 - - - - - - - - 5 4 4 3 8 2 8 7 6 8 4 0 3 1 - - + + + 1 1 - - - - - - 3 6 1 7 7 4 0 0 2 5 4 2 D M S S F W C D H E E a a e h o n l o a o a l n t r r i r l l . u P c e t d p l a s A a o v A a u s t W s s e r o s n 2 o p e n t a o C o 2 o s r r h n t t r i h i o s . . t . . i . . . . . . - - + + + 1 2 - - - - 7 5 5 5 2 3 3 6 2 + -1 - - - - - - - - 2 7 7 5 3 9 8 7 5 2 5 -1 - - - - - - - - - 3 7 4 5 8 6 5 6 4 1 B Bu in ff g a h lo amton. - - 4 3 + -5 2 - - 3 3 C C it u i m es berland- Milwaukee2.. . + 1 -5 -1 San Francisco.. -7 -7 N B i u a f g f a a r l a o 2 F . a .. l . l . s . .. + -4 6 + + 2 4 +2 ? S H pa a r g t e a r n st b o u w rg n. . . . . . . P-7 C D it a i n es ville. -9 -10 -9 Met. Areas1 New York-N. E. Lynchburg2.... 0 -16 -4 Battle Creek. -3 -15 -14 Phoenix2 -18 -17 -15 N N ew ew a rk Je 2 rsey... + + 2 3 - - 4 7 -2 0 N H e u w nt p i o n r g t to N n e 2 w . s . .. . - - 9 9 -2 — 1 7 -1 -7 2 P M o u r s t k H eg u o r n on. . - -1 1 2 1 -1 -9 6 - - 1 1 6 0 F L r o e s s A no n 2 geles2. .. P -1 -4 3 -1 -8 0 -1 -4 0 R N o . c h Y es . t C er i 2 ty2... +1 - - 3 1 +3 0 Parkers burg.. . . -12 -14 -13 Sheboygan... -4 Q -2 D L o . w A n . t 2 own -5 -5 P C S U P B E h i U y o t l t r i i m i r i u e t l c d a i a s g i c a c g r d h a - u a e R e k s p l e e o o p 2 e m r h p t2 e i s a . i e . . . . . . + + - - 7 1 2 3 2 - - - 1 1 1 - - - 7 8 4 4 1 2 p - - 6 2 A M J O S M M M B a t e t r i l . c o o T i t l r a a . a k b m n P a n m n i A s t m e l t d i g o e i r t a n o 2 o e p n e g r m a a v s h s i b e a * l u l r m e y r 2 g . 2 . . - . . . . . . P P + - + + + - - 2 1 1 3 1 6 2 2 1 - - - + - 1 1 1 - - - 8 5 5 2 8 3 5 2 + - - - - 7 2 3 6 0 e 1 S M S S F L L M E t p t e o o . i v . e t r t r u a t L . i m t L l n i n e A s o g o s S p v r u f v u h m R i e i l e i i i i a l l s s s i o l e l s t d 2 . 2 e h 2 c 2 . k . 2 . . ... P P P - + + + + 1 + -1 2 2 2 4 3 1 - - - - 1 1 2 1 - - - - 9 7 9 2 1 0 6 3 - + 1 - - - - - - 3 2 4 7 2 2 4 1 S S S R S a L P a a i S n O n W n v a c a o a a e n s r n a F D r e a n a r t g k d s a s r m d i l i a t i B e e d a s n B n M e g n i n e e o c d n e o a d r o i e t - a a 2 s 2 o n c n c L . 2 i o h d . c . . A - 2 a . . . . . . . . 2 . P - -1 1 - - -9 5 4 2 0 0 2 - - - 1 1 1 - - - - 5 6 8 7 2 0 2 2 - - - - - - 2 6 5 5 7 9 -i C C M W W T S Y L P R i l H e c t r h a e e o y i t e i r n v i l a a . r l a n k l k c e m z d a n A e t l a 2 l i d o t a s r e i n s o - e e n n n t t g n B o e a l 2 g d 2 p n r s a . t 2 h 2 r o . r i n e a - 2 . . . . . . . P + + - - - - - - 1 9 9 4 5 7 1 4 5 1 - - - - 1 1 2 1 - - 9 5 0 4 1 1 - - 1 + 1 - - - - - 4 2 5 7 1 1 2 A J A S N C K M N B C a S T a o u a a e t n h c a v t l a t w l s g o a k . a c o u a h m u x t s n o n m n P t v s o v O n t a p n e i t a b n i 2 R n a l a a r l t 2 l u 2 l e 2 l o h e o e e s r 2 o 2 u s a g b g n a u s e 2 2 2 r . . . g . . . . P + + + + + + - - - - 3 3 1 1 4 6 4 7 6 0 1 - - - - - - 1 1 1 1 2 1 - - - - — - 7 1 4 8 4 2 7 9 4 0 3 c 3 + + - - - - - - - - -1 1 2 9 6 1 5 1 5 2 4 1 . C M M C Q S P M i S M i i e a t i u t o p i n t t i d e i u . . e i l n n u s s n x s A P c . c e n - r y a F a a S e e . u h a p a t a . . l . l p s o 2 ls 1 o P li l a s i . u s 2 l . . 2 . . . P-2 - - - -2 2 3 3 0 0 i -3 -1 2 - + 2 - - 2 1 6 0 0 1 S S S S S T P V O S a p a e t o a o n B l a a o c r a a t c D n t t o l k k e l t J l k O L m a e l r a l o o F t e a k j n n a w a o s o 2 r n a e k e d k e n a 2 d n l e 2 2 2 n e l 2 - t a y o c C n 2 i w s d i c n t 2 y o . 2 2 . . - - - + 1 1 1 - - - - - -2 5 7 4 2 9 0 1 1 1 - - - - - - - 4 3 4 7 9 3 1 -1 - - - - - - - 7 5 7 9 3 7 5 3 ? -2 Met. Areas Cities Mankato +9 +3 Lexington -3 -9 Rome. -18 -9 Duluth- Cities A C Ca k in n ro c to n i n n 2 2 nati2.... - - - 1 3 5 0 - - - 1 1 1 1 0 2 - - 9 7 M Br e i r s i t d o i l a . n .. . . -1 -7 0 -2 -6 2 - - 4 7 G G S r r u a e n p at d e r F i F o a o r l 2 l r s ks. . . +5 + - 1 5 0 + - - 5 5 1 T B B u o a c i k s s e e o r n a sf n i d eld2.... - - 1 1 6 1 -1 -5 3 -1 -6 4 Cleveland2 -6 -10 Chicago. . . -4 -4 LaCrosse -7 -6 Nampa -7 -5 -7 Columbus2 -2 -7 Idaho Falls -8 -5 -8 Springfield2.... -10 -14 Met. Areas1 Kansas City -2 -4 -4 Twin Falls -4 -17 -10 Toledo2 ? -10 Chicago2... +2 0 -1 Bellingham -7 -2 -3 Youngstown2... -11 -15 -11 Aurora -26 -14 Met. Areas Everett2 -9 -23 -15 P E i r t i t e s 2 burgh2. . .. -13 -10 -8 J E o lg li in et2.... + -1 1 -13 0 - + 11 1 D To e p n e v k e a r •? -11 - - 3 6 W Ya a k ll i a m a W 2 alla2... -1 -6 4 -1 -7 0 -1 -7 6 p Preliminary. 'Revised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. a Data not available. AUGUST 1954 893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Cofftfm^ SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago salesi 1947-49 average=1002 Sales Stocks Sales during Stocks at end Department d p u er r i i o n d g m (e o nd n t o h f ) May period of month 1954 1953 1954 1953 Five M 19 a 5 y 4 mo 19 n 5 th 4 s M 19 a 5 y 4 1954 1953 May Apr. May May Apr. May GRAND TOTAL—entire store3 -6 -3 -3 3.4 3.3 MAIN STORE—total -4 3 6 3 5 93 99 98 119 121 122 Piece goods and household textiles -2 -1 -6 3.8 4.0 84 74 86 104 107 111 Piece goods —2 0 —6 3 4 3 5 71 76 73 86 89 92 Silks, velvets, and synthetics —5 —3 —9 3 5 3.7 59 69 62 74 80 82 Woolen yard goods -14 -12 -8 13.8 13.0 17 28 20 78 78 85 Cotton yard goods +3 +7 -3 2.3 2.5 127 118 123 111 116 114 Household textiles -2 -2 -6 4.0 4.1 92 72 94 114 117 121 Linens and towels . —4 A 7 4 7 4 8 83 69 87 104 107 112 Domestics—muslins, sheetings 0 o —5 3.5 3 7 100 70 100 138 139 146 Blankets, comforters, and spreads -1 0 -4 3.8 3.9 98 81 99 110 113 115 Small wares 0 -2 -2 3.9 4.0 95 92 95 116 118 119 Laces, trimmings, embroideries, and ribbons —4 —5 —3 3.5 3 5 106 109 110 120 129 124 Notions _5 —3 —2 3 3 3 2 115 108 121 133 134 135 Toilet articles, drug sundries +2 -1 -4 3.5 3.7 104 100 102 109 109 114 Silverware and jewelry +3 -1 -1 4.4 4.6 94 89 91 119 124 121 Silverware and clocks +7 -1 -6 6.3 7.1 80 72 75 128 133 136 Costume jewelry •f 2 0 0 2.5 2 5 107 101 105 108 116 108 Fine jewelry and watches +6 -2 + 1 7.5 7.9 109 107 102 142 147 140 Art needlework -2 -5 —4 6.1 6 3 64 64 65 107 110 111 Books and stationery + 1 0 -1 4.2 4.3 80 81 79 117 120 119 Books and magazines .. . -3 —4 —5 3.9 4 0 72 83 74 105 108 111 Stationery +3 + 1 + 1 4.3 4.4 83 82 80 120 126 119 Women's and misses* apparel and accessories -6 -3 -1 2.7 2.6 97 114 102 120 125 121 Women's and misses' ready-to-wear accessories -5 -2 -2 3.3 3.2 95 114 100 124 130 126 Neckwear and scarfs . . . . -9 -4 0 2.3 2.1 110 125 121 134 140 133 Handkerchiefs -9 -6 -11 4.0 4.1 54 57 60 70 72 79 Millinery — 11 -6 Q 1.2 1 2 69 152 78 84 97 92 Women's and children's gloves —9 — 7 — 7 4.7 4 6 65 113 72 86 93 93 Corsets and brassieres 0 +2 +5 3.0 2.9 131 136 131 148 146 141 Women's and children's hosiery . ... -2 -3 -2 2.5 2.5 87 89 89 120 127 122 Underwear, slips, and negligees -3 -4 2.6 2.6 101 86 104 116 122 121 Knit underwear +4 -1 -5 2.9 3.2 120 98 116 144 152 152 Silk and muslin underwear, and slips -5 2.5 2.6 95 82 97 104 111 110 Negligees, robes, and lounging apparel -8 -4 -1 2.1 2.0 97 81 106 100 106 101 Infants' wear —6 —2 —3 3.8 3 6 81 118 86 119 122 122 Handbags, and small leather goods . ... + 1 -1 -5 2.3 2.4 103 126 103 117 127 123 Women's and children's shoes . -7 -1 + 1 5.1 4.7 106 139 114 147 150 145 Children's shoes -12 0 +2 6.1 5.3 82 152 92 144 145 141 Women's shoes -6 -2 0 4.9 4.6 110 138 117 147 154 146 Women's and misses' ready-to-wear apparel -7 -4 + 1 2.1 2.0 98 114 105 114 118 113 Women's and misses' coats and suits + 1 -10 2.1 2.2 57 99 56 72 92 74 Coats +6 -9 -9 1.8 2.1 51 92 48 59 78 65 Suits -6 -13 +5 2.4 2.2 68 127 73 90 119 85 Juniors' and girls' wear -7 -2 +4 2.2 2.0 93 129 100 117 120 112 Juniors' coats, suits, and dresses -7 -4 +7 1.6 1 4 97 119 105 109 110 102 Girls' wear -6 + 1 +2 3.0 2.8 89 141 95 123 127 121 Women's and misses' dresses ... -10 -3 + 1 1.5 1 3 123 122 137 123 123 122 Inexpensive dresses -13 -3 +2 1.2 1.0 126 125 145 123 121 121 Better dresses -9 -4 0 1.9 1.7 111 120 122 117 124 117 Blouses, skirts, and sportswear -6 -1 +6 2.6 2.3 117 113 125 157 157 148 Aprons, housedresses and uniforms -8 -2 -1 1.7 1.6 141 122 154 129 128 131 Furs +37 -5 -13 9.4 14.8 32 72 23 79 82 91 Men's and boys' wear -12 -3 -1 5.3 4.7 82 95 93 134 131 134 Men's clothing — 15 —6 +4 5 6 4 6 95 97 111 149 147 144 Men's furnishings and hats -11 -2 -3 5.0 4.7 75 79 84 132 124 136 Boys' wear . ... -11 -2 -5 4.9 4.6 76 131 85 108 112 114 Men's and boys' shoes and slippers -6 -2 +2 6.4 5.9 96 111 101 138 141 136 For footnotes see following page. 894 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 FederalReserve index numbers change from a stocks to without seasonal adjustment year ago sales1 1947-49 average=1002 Sales Stocks during (end of May Sales during Stocks atend Department period month) period of month Five 1954 1953 1954 1953 May months May 1954 1953 1954 1954 1954 May Apr. May May Apr. May Homefurnishings -5 -6 -6 4 4 4 4 95 87 100 118 120 125 Furniture and bedding -6 o -6 4.3 4.3 108 94 116 123 126 131 Mattresses, springs, and studio beds -3 -6 -8 2.2 2.3 121 109 125 137 149 149 Upholstered and other furniture -8 -9 -6 5.0 4.9 100 90 109 117 124 125 Domestic floor coverings -7 -11 -10 5.1 5.3 80 70 85 108 102 120 Rugs and carpets -6 -12 -12 5.2 5.5 81 72 86 110 107 124 Linoleum — 12 — 12 -16 3.7 3.9 58 57 66 60 70 71 Draperies, curtains, and upholstery -7 -5 -5 4.0 3.9 110 105 118 118 120 124 Lamps and shades -6 -7 -6 4.7 4.7 78 75 83 116 119 123 China and glassware 0 -5 e 7.9 8.3 92 85 92 130 128 137 Major household appliances -10 -8 -10 3.1 3.1 65 62 72 100 103 111 Housewares (including small appliances) -4 -3 +2 3.8 3.6 111 105 116 131 134 129 Gift shop -1 A -2 5.7 5.7 95 86 97 131 138 135 Radios, phonographs, television, records, etc.. -1 -4 -15 3.9 4.6 73 76 74 101 103 119 Radios, phonographs, television -8 -10 -23 3.5 4.1 82 74 89 107 98 139 Records, sheet music, and instruments + 14 + 15 +2 5.4 6.1 76 77 67 104 103 102 Miscellaneous merchandise departments. . -1 -2 -3 3 2 3 3 83 86 84 108 106 112 Toys, games, sporting godds, cameras -4 0 -1 5.5 5.3 70 68 73 121 116 122 Toys and games -6 +2 + 1 6.0 5.6 52 56 55 118 110 117 Sporting goods and cameras -3 -3 -3 5.1 5.1 96 86 99 122 122 125 Luggage 0 -8 -10 3.4 3.8 104 76 105 116 116 129 + 1 +3 + 1 1.2 1.2 77 142 76 86 88 85 Candy -8 -4 -3 2 4 2.3 96 110 105 114 115 119 BASEMENT STORE—total A -5 -6 2.9 2 9 96 114 100 114 165 121 Domestics and blankets -9 -5 -2 18 17 96 115 105 108 110 111 Women's and misses' ready-to-wear -4 i -2 2.2 2.1 108 110 113 120 123 122 Intimate apparel -4 -2 -3 2.0 2.0 (4) (4) (4) (4) (4) (4) U H n o d si e e r r w y ear, corsets and brassieres - — 4 1 -12 0 - - 6 2 2 1 . . 2 5 2 1 . . 2 6 ( 5 4) 7 ( 11 4) 1 ( 5 4 7 ) (4 6 ) 2 ( 8 4 2 ) ( 6 4) 6 Coats and suits -15 o + 1 1.0 0.8 127 113 150 118 107 116 Dresses -8 1 +2 2.0 1.8 111 107 121 110 131 107 Blouses, skirts, and sportswear -7 0 2.3 2.1 88 150 95 118 115 120 Girls' wear -9 -1 -1 3.0 2.7 85 127 93 118 117 119 Infants' wear -13 -10 -12 1.7 1.7 (4) (4) (4) (4) (4) Aprons, housedresses, uniforms Men's and boys' wear -8 +2 -1 3.1 2.9 95 114 103 129 122 130 Men's wear -7 +2 0 3.1 2.9 98 105 106 134 127 135 Men's clothing -4 +2 2 2.9 2.8 111 129 116 133 134 136 Men's furnishings -9 +2 + 1 3.2 2.9 91 91 100 136 122 134 Boys' wear -13 0 -2 3.2 2.9 82 151 94 112 107 115 Homefurnishings —9 -7 -4 3.0 2.8 98 93 108 117 121 122 Shoes -8 -2 -5 3 8 3.7 100 128 109 125 128 131 NONMERCHANDISE—total -2 +1 (4) (4) (4) 97 108 99 (4) (4) (4) Barber and beauty shop 0 +9 (4) (4) (4) 137 163 136 (4) (4) (4) !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. 891. *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. 895 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Read- Other Y m ea o r n t o h r it A em ll s Foods Total Rent s O he t l h t e e r r1 e G a l n e a c d s - S f a u o n e l d i l d s H n f o u is u r h s - - e- H o h p o o e u r l s d a e - - p A a p re - l T p t o r i a r o t n n a s - - M c ic a e a r d l e - s P c o a e n r r a e - l re t a i c i n n r o 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—June.. . 114.5 113.7 117.4 123.3 106.4 121 8 108 0 115.4 104.6 129.4 121.1 112.6 107.8 118.2 July... 114.7 113.8 117.8 123.8 106.4 123.7 108.1 115.7 104.4 129.7 121.5 112.6 107.4 118.3 Aug.... 115.0 114.1 118.0 125.1 106.9 123.9 107.4 115.8 104.3 130.6 121.8 112.7 107.6 118.4 Sept... 115.2 113.8 118.4 126.0 106.9 124.6 108.1 116.0 105.3 130.7 122.6 112.9 107.8 118.5 Oct 115.4 113.6 118.7 126.8 107.0 125.7 108.1 116.6 105.5 130.7 122.8 113.2 108.6 119.7 Nov 115.0 112.0 118.9 127.3 107.3 125 9 108.3 116.9 105.5 130.1 123.3 113.4 108.9 120.2 Dec... 114.9 112.3 118.9 127.6 107.2 125.3 108.1 117.0 105.3 128.9 123.6 113.6 108.9 120.3 1954—Jan.. . . 115.2 113.1 118.8 127.8 107.1 125.7 107.2 117.2 104.9 130.5 123.7 113.7 108.7 120.3 Feb.. .. 115.0 112.6 118.9 127.9 107.5 126.2 107 2 117.3 104.7 129 4 124.1 113.9 108.0 120.2 Mar.... 114.8 112.1 119.0 128.0 107.6 125.8 107.2 117.5 104.3 129.0 124.4 114.1 108.2 120.1 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 June.. . 115.1 113.8 118.9 128.3 107.6 120.9 105.8 117.2 104.2 128.9 125.1 112.7 106.4 120.1 1 Indexes for this subgroup are not yet available. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OP COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Other commodities Y m ea o r n t o h r m c t A o o i m e 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 a t r a i e c n o p l r x t e d d - e s - l - l H s e p u k a a r i c i n o 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 a t e h r i n r o v i o a y n d d e - - - . h F d o h t b a o u t u u o n h l u r r e r l d e s n a d s e e r - i - - e s N t r t m t m a u a r o l i r l u e l n s n a i - c — c - - l - b b e m o b a T a r t e a n f c t o r v g l d c - s e - e o . d s n c M e e l o i l s u a - - s 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 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 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 95.3 110.6 96.4 104.8 114.9 97.5 99.9 111.0 106.3 123.5 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96.4 September 111.0 98.1 106.6 114.7 96.9 99.7 110.9 106.7 124.0 119.2 116.9 128.5 124.0 114.9 120.7 116.2 94.7 October 110.2 95.3 104.7 114.6 96.5 97.1 111.2 106.7 124.2 118.1 117.5 127.9 124.1 114.8 120.7 118.1 94.4 November 109.8 93.7 103.8 114.5 96.2 97.1 111.2 107.2 124.3 117.3 117.3 127.9 124.2 114.9 120.8 118.1 93.2 December 110.1 94.4 104.3 114.6 95.8 95.6 111.1 107.1 124.8 117.4 117.1 127.5 124.3 115.0 120.8 118.1 100.1 1954 January 110.9 97.8 106.2 114.6 96.1 95.3 110.8 107.2 124.8 117.0 117.0 127.2 124.4 115.2 120.9 118.2 101.1 February 110.5 97.7 104.8 114.4 95.3 94.9 110.5 107.5 124.6 116.8 117.1 126.2 124.5 115.1 121.0 118.0 102.8 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 ••97.9 106.8 114.5 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 June 110.0 94.8 105.0 114.3 94.9 95.6 107.9 106.8 126.1 116.3 115.9 127.1 124.4 115.4 119.0 121.4 105.0 ' Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 896 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 June Apr. May June June Apr. May June Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 109.9 97.4 104.4 96.6 Grains 84.2 92.9 91.2 86.5 Paperboard 123.2 124.8 124.4 124.2 Livestock and poultry , 86.8 94.9 93.0 87.7 Converted paper and paperboard. . 112 .4 111.8 111.5 111.5 Plant and animal fibers , 104.0 105.5 107.0 106.9 Building paper and board 123.0 127.9 127.9 127.9 Fluid milk 93.1 88.3 84.1 83.9 Eggs 106.5 77.9 69.0 70.8 Metals and Metal Products: Hay and seeds , 89.8 96.5 95.3 96.0 Other farm products , 136.7 182.2 181.2 181.7 Iron and steel 130.9 131.1 131.8 131.8 Nonferrous metals 127.6 123.4 123.6 123.7 Processed Foods: Metal containers 126.6 130.0 130.0 130.0 Hardware 134.5 138.5 137.9 137.9 Cereal and bakery products 107.9 113.2 '113.3 113.5 Plumbing equipment 113.5 118.2 118.2 118.5 Meats, poultry, and fish 91.6 94.3 98.3 92.3 Heating equipment 114.6 114.5 113.9 113.8 Dairy products and ice cream 107.7 103.0 101.7 102.4 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 114.4 116.5 116.1 bles 103.7 103.3 104.5 104.6 Fabricated nonstructural metal Sugar and confectionery 109.8 112.6 113.1 113.5 products 124.1 125.3 125.3 125.3 Packaged beverage materials 164.6 229.6 229.6 231.3 Other processed foods 120.2 102.9 101.3 96.8 Machinery and Motive Products: Textile Products and Apparel- Agricultural machinery and equipment 122.6 122.3 122.6 122.6 Cotton products 93.4 88.5 88.3 88.4 Construction machinery and equip- Wool products 111.6 109.2 109.5 110.1 ment 129.4 131.6 131.5 131.5 Synthetic textiles 87.5 84.6 85.2 85.6 Metal working machinery 131.3 132.6 132.6 132.6 Silk products 134.7 132.3 131.6 123.9 General purpose machinery and Apparel 99 A 98.2 98.2 98.1 equipment 124.9 128.2 128.2 128.2 Other textile products 85.5 78.9 78.8 79.0 Miscellaneous machinery 122.4 125.2 125.2 125.3 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 124.2 126.5 126.0 125.9 Motor vehicles 118.6 118.9 118.9 118.9 Hides and skins 76.3 56.5 62.5 60.6 Leather 98.0 86.0 87.6 87.4 Furniture and Other Household Dura- Footwear 111.7 111.9 111.9 111.9 bles: Other leather products 100.3 97.4 97.5 97.3 Household furniture 114.1 113.6 113.5 113.1 Fuel, Power, and Lighting Materials: Commercial furniture 125.7 126.2 126.2 126.2 Floor covering 124.8 122.6 122.6 122.6 Coal 111.2 104.1 104.6 104.7 Household appliances 108.1 109.9 109.9 109.7 Coke 131.8 132.4 132.4 132.4 Radio 95.4 95.7 95.7 95.6 Gas 108.2 112.3 109.0 109.0 Television 75.0 73.8 73.8 72.4 Electricity 98.5 101.8 101.8 101.8 Other household durable goods 125.5 130.4 130.4 130.4 Petroleum and products 111.1 112.1 111.7 110.9 Nonmetallic M inerals—Structural: Chemicals and Allied Products: Flat glass 122.9 124.7 124.7 124.7 Industrial chemicals 119.2 117.4 117.3 117.2 Concrete ingredients 118.2 119.8 120.0 120.0 Prepared paint 110.8 112.8 112.8 112.8 Concrete products 115.5 117.3 117.3 117.5 Paint materials 95.0 94.7 95.3 96.8 Structural clay products 125.1 132.0 132.0 132.0 Drugs, Pharmaceuticals, cosmetics 93.1 94.0 94.0 94.0 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 46.6 59.8 59.3 55.7 Prepared asphalt roofing 106 108.4 96.3 93.8 Mixed fertilizers 110.7 109.9 109.9 109.9 Other nonmetallic minerals 116.4 120.2 120.2 120.2 Fertilizer materials 110.6 114.1 114.0 111.6 Other chemicals and products.... 102.6 108.1 108.1 107.7 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 122.7 117.0 117.5 122.8 Cigars 102.9 103.5 103.5 103.5 Tires and tubes 126.3 129.3 129.3 129.3 Other tobacco products 120.7 120.7 120.7 120.7 Other rubber products 124.5 123.7 123.7 123.7 Alcoholic beverages 110.0 114.6 114.3 114.2 Nonalcoholic beverages 120.6 147.9 147.9 148.1 Lumber and Wood Products: Miscellaneous: Lumber 120.7 115.3 115.0 115.4 Millwork 132.0 130.8 130.8 130.8 Toys, sporting goods, small arms. . 114.0 113.6 113.6 113.6 Plywood 112.4 100.7 101.4 99.7 Manufactured animal feeds 83.7 111.1 109.1 100.6 Notions and accessories 93.2 93.5 93.5 98.7 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.8 102.7 102.3 102.7 Other miscellaneous 119.9 121.3 121.3 121.3 Woodpulp 108.8 109.7 109.7 109.7 Wastepaper 85.0 83.2 67.2 70.1 Paper 124.7 126.8 126.5 126.6 ••Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. AUGUST 1954 897 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 Gross national product 104.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 369.9 367.2 360.5 355.8 356.0 Less: Capital consumption allowances.. 8.6 7.2 9.0 16.5 18.4 20.5 23.5 25.3 27.2 27.4 27.4 27.9 28.2 29.0 Indirect business tax and related liabilities 7.0 7.1 11.3 20.4 21.6 23.7 25.6 28.0 30.0 30.2 30.1 30.3 30.3 30.2 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 .7 . . 8 1 . . 8 2 1 1 . . 0 3 1.0 1 1 . . 0 0 2 1 . . 6 0 2 1 . . 1 0 1.0 1.0 n 1 . . a 0 . Plus: Subsidies less current surplus of -2.1 .6 .6 -3.0 government enterprises -.1 .0 .1 -.2 .2 .2 -.5 -.6 — .4 — .1 -.2 -.2 -.8 -.4 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 305.0 308.2 306.2 n.a. 221.6 291.0 299.9 298.9 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 41.0 38.3 33.1 34.1 n.a. Contributions for social insurance.. .2 .3 2.8 5.2 5.7 6.9 8.2 8.7 8.8 8.9 8.7 8.6 9.8 9.7 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .1 .0 -.1 — .1 — .1 — .1 .0 .0 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 13.3 14.2 14.8 Net interest paid by government. . 1.0 1.2 1.3 4.4 4.6 4.7 4.8 4.9 5.0 5.0 5.1 5.2 5.2 5.3 Dividends 5.8 2.1 4.5 7.2 7.5 9.2 9.1 9.1 9.4 9.3 9.5 9.6 9.6 9.6 Business transfer payments .6 .5 .7 .8 .8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 .7 Equals: Personal Income 85.8 96.3 208.7 206.8 227.1 255.3 271.2 286.1 286.4 287.5 287.3 285.1 285.7 47.2 Less: Personal tax and related Payments.. 2.6 3.3 21.1 18.7 20.9 29.3 34.4 36.0 35.9 36.3 36.1 32.8 32.9 Federal 1.3 1.5 2.0 19.0 16.2 18.2 26.3 31.1 32.5 32.5 32.8 32.6 29.1 29.2 1.4 .5 1.3 2.1 2.5 2.7 State and local 3.0 3.2 3.5 3.5 3.5 3.6 3.7 3.7 83.1 1.0 93.0 187.6 188.2 206.1 Equals: Disposable personal income. 226.1 236.9 250.1 250.4 251.2 251.2 252.3 252.9 79.0 45.7 81.9 177.6 180.6 194.0 Less: Personal consumption expenditures 208.3 218.4 230.1 230.8 231.2 229.7 230.5 233.1 4.2 46.4 11.1 10.0 7.6 12.1 Equals: Personal saving 17.7 18 4 20.0 19.6 20.0 21.5 21.8 19.7 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 National income 87.8 40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 308.2 306.2 299.9 298.9 n.a. Compensation of employees 51.1 29.5 64.8 140.9 140.9 154.3 180.4 195.4 209.1 210.0 211.4 208.8 206.4 206.6 Wages and salaries1 50.4 29.0 62.1 135.2 134.3 146.5 170.9 185.0 198.0 198.9 200.3 197.6 194.6 194.9 Private 45.5 23.9 51.9 116.4 113.9 124.3 142.1 152.2 164.5 165.3 166.7 164.1 161.2 161.5 Military .3 .3 1.9 4.0 4.2 5.0 8.7 10.5 10.2 10.4 10.2 9.9 9.7 9.5 Government civilian 4.6 4.9 8.3 14.8 16.2 17.2 20.1 22.4 23.3 23.2 23.4 23.5 23.7 23.8 Supplements to wages and salaries.. .7 .5 2.7 5.8 6.5 7.8 9.5 10.4 11.1 11.1 11.1 11.2 11.8 11.7 Proprietors* and rental income2... 20.2 7.6 20.9 45.6 42.0 44.6 49.9 49.9 49.0 48.9 47.8 49.1 49.4 49.0 Business and professional 8.8 3.2 10.9 21.6 21.4 22.9 24.8 25.7 26.2 26.3 26.1 25.9 25.6 25.9 Farm 6.0 2.4 6.5 16.7 12.7 13.3 16.0 14.2 12.2 12.1 11.1 12.3 13.0 12.2 Rental income of persons 5.4 2.0 3.5 7.2 7.9 8.5 9.1 10.0 10.6 10.5 10.6 10.8 10.8 10.9 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 30.6 28.1 35.1 39.9 38.2 38.5 41.0 38.3 33.1 34.1 n.a. Corporate profits before tax 9.6 .2 17.0 32.8 26.2 40.0 41.2 37.2 39.4 41.9 40.9 32.5 34.5 n.a. Corporate profits tax liability.... 1.4 .5 7.6 12.5 10.4 17.8 22.5 20.0 21.1 22.5 21.9 17.4 17.0 n.a. Corporate profits after tax 8.3 — .4 9.4 20.3 15.8 22.1 18.7 17.2 18.3 19.5 19.0 15.1 17.5 n.a. Inventory valuation adjustment.... -2.1 -2.5 -2.2 1.9 -4.9 -1.3 1.0 -1.0 -.9 -2.6 .6 -.4 .4 Net interest 6.4 5.0 4.5 4.5 5.2 5.9 6.8 7.4 8.4 8.3 8.6 8.9 9.0 9.1 n.a. Not available. 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 898 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 1949 1950 1952 1953 Gross national product 104.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 369.9 367.2 360.5 355.8 356.0 Personal consumption expenditures 79.0 46.4 81.9 177.6 180.6 194.0 208.3 218.4 230.1 230.8 231.2 229.7 230.5 233.1 Durable goods 9.2 3.5 9.7 22.2 23.6 28.6 27.1 26.8 29.7 30.3 30.3 28.0 28.0 28.8 Nondurable goods 37.7 22.3 43.2 98.7 96.9 100.4 111.1 116.0 118.9 119.6 118.6 118.7 118.8 120.0 Services 32.1 20.7 29.0 56.7 60.1 65.0 70.1 75.6 81.4 80.9 82.3 83.0 83.6 84.3 Gross private domestic investment 16.2 1.4 18.1 41.2 32.5 51.2 56.9 50.7 51.4 55.9 52.4 45.5 44.5 45.6 New construction1 8.7 1.4 6.6 17.9 17.5 22.7 23.3 23.7 25.5 25.9 25.6 25.7 26.0 27.0 Residential, nonfarm 3.6 .5 3.5 8.6 8.3 12.6 11.0 11.1 11.9 12.2 12.1 11.7 11.7 12.8 Other 5.1 1.0 3.1 9.3 9.2 10.1 12.4 12.6 13.6 13.7 13.5 13.9 14.3 14.2 Producers' durable equipment 5.9 1.6 6.9 19.1 17.8 21.1 23.2 23.3 24.4 24.6 24.8 24.0 22.7 22.4 Change in business inventories 1.7 -1.6 4.5 4.2 -2.7 7.4 10.4 3.6 1.5 5.4 2.0 -4.2 -4.2 -3.8 Nonfarm only 1.8 -1.4 4.0 3.0 -1.9 6.4 9.0 3.0 2.2 6.2 2.9 -3.7 -4.2 -4.0 Net foreign investment .8 .2 1.1 2.0 .5 -2.2 .2 -.2 -1.9 -3.3 -1.8 -.6 -1.1 -1.0 Government purchases of goods and services 8.5 8.0 24.8 36.6 43.6 42.0 62.8 77.2 85.2 86.6 85.4 86.0 81.9 78.3 Federal 1.3 16.9 21.0 25.4 22.1 41.0 54.0 60.1 62.2 60.3 59.8 55.0 51.3 National security 1.3 2.0 13.8 16.0 19.3 18.5 37.3 48.5 52.0 54.3 52.3 50.6 46.9 44.7 Other 2.0 3.2 5.6 6.6 3.9 4.2 5.8 8.5 8.3 8.4 9.6 8.4 6.9 Less: Government sales2 .0 .0 .0 .5 .4 .3 .4 .4 .4 .4 .4 .3 .3 .3 State and local 7.2 6.0 7.8 15.6 18.2 19.9 21.8 23.2 25.1 24.4 25.1 26.2 26.9 27.0 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary dis:>ursements Divi- Less Year or month in s P c o o e n r m a - l e Total d p m i C u r n o o s g o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t e u v r s i s e b - - S in e tr r d i v e u i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e3 i p n r r c e P a i o n e n r m o t t d o a - e l r 4 s' i i n n d s p a t o c e e n e o n n r r d m d a e - l s s e t m T p r e f a a e n y n r ts - s - 5 b p c i a s u e n o o n f r t s n c o s i c u o t i o r e a r r n n i 6 l - - s al i a n g N t c u r o o i r c m n a u l - e l- 7 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—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 A 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 May 286.2 195.0 84.2 52.3 25.2 33.3 6.6 49.4 24.0 15.8 4.6 269.7 June* 286.4 195.2 84.2 52.4 25.2 33.4 6.6 49.4 24.1 15.8 4.7 270.1 pPreliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 4Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 5Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 6Prior to 1952 includes employee contributions only; beginning January 1952, include^ 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. 7Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 899 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1953 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reseirve district Item dis- Phila- Min- Kan- San tricts B to o n s- Y N o e r w k p d h e i l a - C la le n v d e- m Ri o c n h d - la A n t- ta c C a h g i o - L S ou t. is n o e l a i p s - C s i a t s y Dallas F c r is a c n o - Summary ratios Percentage of total capital accounts: Net current earnings before income taxes.. 15 0 12 3 12 9 12 0 13.6 14.4 16.4 15. 7 15 5 17 3 16 9 16 5 17.6 Profits before income taxes 1S0 10 5 11 0 10 3 17 0 13 7 14 3 13 9 13 4 15 5 14 3 12 8 15 0 Net profits 8 4 6 6 7 3 7 0 7 9 8 3 9 0 9 1 9 0 9 6 8 9 8.3 9. 1 Cash dividends declared 3 0 2 8 2 5 7.5 2 7 2 9 3 1 2 8 2 9 3 5 3 3 3. 4 3. 2 Percentage of total assets: Total earnings s 1S 3? S ?S 3 16 3 00 3 16 3 73 7 85 2 89 3 31 3 15 3 21 3 50 Net current earnings before income taxes.. 1 11 1 08 1 03 1 15 1.09 1. 14 1. 16 1 00 1 12 1 15 1.23 1. 19 1 11 Net profits . . ... 63 60 59 68 65 66 64 59 66 65 .65 61 59 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities 0 71 9 ?s 0 77 1 78 0 74 7 7? 9 31 4 79 5 7,6 1 74 0 21 4 22 3 Other securities 5 S 1 6 7 6 9 6 2 5 1 5 7 5 3 5 8 4 9 4 5 5 4 3 7 Earnings on loans S6 8 ss 9 56 4 S7 3 S6 0 60 7 S8 7 51 6 55 2 53 1 59 4 62 4 59 8 Service charges on deposit accounts 5 8 9 4 6 9 3 6 4 5 4 5 6 4 6 1 4 0 6 3 6 8 5 5 7 2 Other current earnings 5 9 7 7 5 o 5 1 5 3 5 5 6 3 5 6 5 5 9 6 5 3 5 3 7 0 Total earnings 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 100 0 1000 Salaries and wages S1 0 7 SO8 76 6 27.3 28 7 31 9 31 5 ,30 9 31 0 34 1 35 3 32 3 Interest on time deposits 11 0 11 1 14 9 15 5 13 4 13.5 9 0 11 6 7 8 13 5 9 2 8 15 7 Other current expenses 22 2 24.7 22 6 21 5 22 9 21 5 23 4 21 7 22 5 21 3 20 6 24 5 198 Total expenses 64 7 67.5 68 3 63 6 63 6 63 7 64 3 64 8 61 2 65 4 60 6 62 6 67 8 Net current earnings before income taxes. 35 8 32 5 31 7 36 4 36 4 36 3 35 7 35 2 38 8 34 6 39 4 37 4 32.2 Net losses (or recoveries and profits +)1... 4 0 3 8 3 4 3 5 3 1 2 5 3 9 2 7 4 1 3 0 6 2 8 0 3.3 Net increase (or decrease +) in valuation reserves 6 7 9 1 1 9 6 4 9 7 4 2 .6 Taxes on net income 10 8 10 7 9 1 10 1 10 6 17 7 11 3 10 6 10 9 11 3 12 3 10 3 10 9 Net profits 20 4 17 8 18 3 21 7 21 8 21 0 20 1 21 0 23 1 19 9 20 9 19 3 17 4 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities... 2 06 2 04 2 10 2.16 2 08 2.09 2 04 2 00 2.06 2 09 2 04 2 06 2 01 Interest and dividends on other securities.. 2 48 2 47 2 32 2 69 2 45 2.52 2 57 2 25 2.54 2 26 2.43 2 88 2 74 Net losses (or recoveries and profits +) on total securities* 09 14 14 17 10 .09 08 08 .09 09 .04 04 06 Return on loans: Earnings on loans 5 79 5 47 s 41 5 5? 5 39 5 85 6 79 5 39 5 81 5 74 6.14 6 80 6 09 Net losses (or recoveries +) on loans* 20 08 .08 .05 08 09 20 .08 .14 .16 .40 71 .24 Distribution of assets Percentage of total assets: U. S. Government securities ... . S7 1 S4 0 36 6 S7 9 ,S89 34 9 3.S 9 47 4 39 3 39 6 34.7 31 0 35.9 Other securities 7 7 7 8 9 7 8 9 8 2 6 8 7 8 7.5 7.2 7.5 6.7 6 6 5 6 Loans S1 5 S4 6 7 S3 5 31 8 33 5 30 9 77 9 28 7 31.3 31.6 30.4 35.1 Cash assets 8 s 17 8 18 6 70 7.S6 76 7 71 5 74 6 70 8 76.5 31 0 22.3 Real estate assets .8 1.1 1.0 1.0 .8 1.0 1.0 .6 .6 .6 .4 .9 1.0 Other ratios Total capital accounts to: Total assets 7 8 9 4 8 4 10 1 8 4 8 7 7 4 6 5 7 5 6 9 7.5 7.6 6.5 Total assets less Government securities and cash assets 71 0 7 19 8 74 4 77 3 70 7 19 8 19 9 23 5 19 0 20.8 21.4 16.9 Total deposits 8.6 10.6 9.4 11.3 9.3 9.0 8.1 7.1 8.2 7.5 8.2 8.4 7.1 Time to total deposits SO 8 99 9 44 1 47 7 41 S SS 9 ?S S ,S44 21.3 36 8 13,4 7.3 35.1 Interest on time deposits2 1 19 1 17 1 19 1 13 1 03 1 33 1 7? 1 01 1 07 1 75 1.38 1.24 1.62 Trust department earnings to total earnings2 . 3.0 4.3 2.9 3.3 3.6 3.5 2.3 2.5 2.4 2.5 2.5 2.1 4.0 Number of banks3 6,697 316 697 600 650 476 358 1,008 491 470 750 632 219 1"Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from reserves are excluded. 2 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 3 The ratios for 46 member banks in operation at the end of 1953 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1954 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts. Averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks, while ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1953. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1952, and June 30 and Sept. 30, 1953, except for a limited number of banks for which all three reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (292 _in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. 900 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1953—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Ratio of time deposits to Size group—total deposits (in thousands of dollars) total deposits (per cent) All Item groups 1,000 75 and 1,000- 2,000- 5,000- 10,000-25,000-50,000- Over Under 25-50 50-75 and under 2,000 5,000 10,000 25,000 50,000 100,000100,000 25 over Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 15.0 11.5 13.4 14.6 15.9 16.5 17.2 18.3 17.9 16.2 14.9 13.0 10.8 Profits before income taxes.... 13.0 10.0 11.8 12.6 13.5 14.2 14.8 15.9 15.3 13.8 12.9 11.4 9.0 Net profits 8.4 7.2 8.5 8.5 8.3 8.2 8.4 8.7 8.2 8.8 8.3 7.8 6.4 Cash dividends declared 3.0 2.6 2.8 3.0 3.0 3.0 3.2 3.3 3.7 3.3 2.8 2.5 2.6 Percentage of total assets: Total earnings 3.13 3.44 3.23 3.11 3.0' 3.09 3.03 3.0: 2.82 3.04 3.18 3.20 3.09 Net current earnings before income taxes 1.11 1.20 1.1 1.1 1.09 1.06 1.04 1.0 1.11 1.18 1.09 1.02 .92 Net profits .63 .76 .74 .66 .5 .53 .5: .51 .52 .65 .62 .62 .55 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securites. . 26.0 21.0 25.6 26.6 26.6 26.4 25.4 24.5 24.9 25.3 26.0 27.2 32.1 Other securities , 5.5 4.1 4.6 5.6 6.4 6.1 5.8 5.1 5.1 5.1 5.6 6.2 8.6 Earnings on loans 56.8 64.7 59.7 57.3 55.1 53.5 53.4 55.1 54.0 57.0 56.6 57.3 52.7 Service charges on deposit accounts , 5.8 4.9 5.1 5.5 6.4 6.9 6.5 5.6 4.1 6.4 5.9 4.4 2.3 Other current earnings 5.9 5.0 5.0 5.5 7.1 8.9 9.7. 11.9 6.2 5.9 4.9 4.3 5.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.0 32.0 30.6 30.1 30.9 31.4 30.9 30.0 33.8 30.1 27.0 24.8 Interest on time deposits 11.0 34.8 10.3 11.4 11.9 11.7 10.0 9.2 7.5 4.1 13.4 20.3 27.1 Other current expenses 22.2 8.0 21.5 21.8 22.3 23.1 23.9 24.1 22.6 23.1 22.1 20.7 18.6 Total expenses 64.2 22.6 63.8 63.8 64.3 65.7 65.3 64.2 60.1 61.0 65.6 68.0 70.5 65.4 Net current earnings before income taxes , 35.8 34.6 36.2 36.2 35.7 34.3 34.7 35.8 39.9 39.0 34.4 32.0 29.5 Net losses (or recoveries and profits -f) i 4.0 4.0 3.5 4.1 4.5 3.8 4.3 3.2 4.3 5.1 3.3 3.0 4.0 Net increase (or decrease +) in valuation reserves .6 .2 .5 .5 .7 .8 .4 1.5 .9 .3 .9 .6 Taxes on net income 10.8 8.6 8.9 10.1 11.4 12.2 12.8 13.9 16.0 12.0 10.5 8.7 6.9 Net profits 20.4 21.8 23.3 21.5 19.1 17.5 17.2 17.2 18.7 21.6 19.7 19.5 18.0 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 2.06 2.11 2.12 2.08 2.04 2.01 1.99 1.98 1.98 2.03 2.07 2.12 2.20 Interest and dividends on other securities 2.48 3.20 2.87 2.51 2.25 2.17 2.17 2.17 2.35 2.55 2.43 2.45 2.61 Net losses (or recoveries and profits +) on total securities1. .09 .02 .04 .09 .11 .14 .16 .10 .22 .07 .10 .12 .20 Return on loans: Earnings on loans 5.79 6.54 6.13 5.87 5.72 5.51 5.21 5.09 4.54 6.02 5.67 5.53 5.26 Net losses (or recoveries +) on loans1 .20 .27 .25 .21 .20 .12 .14 .09 .04 .32 .12 .08 .04 Distribution of assets Percentage of total assets: U. S. Government securities 37.1 31.6 36.7 37.6 38.1 37.9 36.5 35.5 33.7 35.4 37.9 38.9 41.7 Other securites 7.7 5.3 5.8 7.5 9.2 8.9 8.6 7.4 6.3 6.9 8.0 8.6 10.7 Loans 31.5 35.0 32.4 31.3 30.3 30.7 31.5 32.9 34.0 29.8 32.3 33.8 32.1 Cash assets 22.8 27.4 24.4 22.7 21.5 21.4 22.3 23.0 24.7 27.2 20.9 17.8 14.8 Real estate assets .6 .6 .8 1.0 1.0 1.0 .9 .7 .9 .8 .6 Other ratios Total capital accounts to: Total assets 7.8 10.8 9.1 8.0 7.2 6.8 6.3 6.0 6.5 7.7 7.8 8.3 9.2 Total assets less Government securities and cash assets 21.0 28.4 25.2 21.9 18.9 17.7 16.2 15.1 16.0 22.2 20.0 20.5 24.7 Total deposits 8.6 12.3 8.8 7.8 7.4 6.8 6.5 7.1 8.4 8.6 9.2 10.2 Time to total deposits 30.8 23.0 28.6 31.5 33.7 34.2 29.1 25.3 20.3 11.2 37.6 57.8 79.2 Interest on time deposits2 1.19 1.32 1.25 1.21 1.17 1.11 1.10 1.14 1.12 1.14 1.22 1.22 1.14 Trust department earnings to total earnings2 3.0 1.5 1.4 1.7 2.3 3.1 3.7 5.9 3.8 2.8 2.1 1.3 Number of banks3 6,697 350 1,125 2,371 1,299 883 314 156 ~199 2,725 2,715 1,222 35 For footnotes see p. 900. AUGUST 1954 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1953—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over Item All groups • Size group—total deposits (in thousands of dollars) 2,000 2,000 2,000 and 2,000- 5,000- Over and 2,000- 5,000- Over and 2,000-5,000- Over under 5,000 25,000 25,000 under 5,000 25,000 25,000 under 5,000 25,00025,000 Summary ratios Percentage of total capital accounts: Net current earnings before income taxes . 15 0 13 9 16 2 17 8 17.7 12 3 14 1 15 9 17.6 11.4 12.7 13.8 17.3 Profits before income taxes 13.0 11.8 13.8 15.0 15.6 11.0 12.3 13.7 14.9 10.8 11.1 11.7 13.1 Net profits . 8 4 8 5 9 1 8 7 8 4 8 0 8 3 8 3 8.6 8.0 7.8 7.4 7.7 Cash dividends declared 3.0 3.1 3.4 3.2 3.4 2.4 2.7 2.9 3.3 2.2 2.5 2.7 3.2 Percentage of total assets: Total earnings 3.13 3.26 3.01 2.97 2.80 3.32 3.19 3.13 3.15 3.29 3.18 3.15 3.17 Net current earnings before income taxes 1 11 1.24 1.18 1.14 1.09 1.14 1.11 1.07 1.06 1.05 1.03 .99 .95 Net profits .63 .75 .67 .57 .52 .75 .65 .56 .52 .74 .63 .54 .41 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities. . 26.0 23.1 26.7 26.2 24.4 25.1 26.0 26.5 25.3 27.2 27.6 27.0 28.7 Other securities 5 5 4 1 5.4 6 0 5.1 4.7 5 5 6.1 5.8 5.1 6.0 7.3 6.1 Earnings on loans 56.8 62.0 56.3 53.9 54.6 60.2 58.0 54.5 53.5 59.3 58.0 55.3 51.7 Service charges on deposit accounts 5 8 5 8 6.5 7.3 5.1 4.7 5.4 6.8 6.2 3.6 3.9 5.1 6.1 Other current earnings 5.9 5.0 5.1 6.6 10.8 5.3 5.1 6.1 9.2 4.8 4.5 5.3 7.4 Total earnings 100 0 100 0 100.0 100.0 100.0 100.0 100 0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.0 35.9 33.8 32.9 31.1 30.7 29.6 30.1 30.7 27.7 26.2 27.1 29.6 Interest on time deposits 11.0 3.3 3.9 4.8 5.2 13.4 13.9 13.1 12.6 20.3 21.1 20.0 20.3 Other current expenses 22.2 22.5 22.6 23.7 24.3 21.5 21.7 22.5 22.9 20.2 20.3 21.2 21.1 Total expenses . 64 2 61 7 60.3 61.4 60.6 65.6 65 2 65.7 66.2 68.2 67.6 68.3 71.0 Net current earnings before income taxes 35.8 38.3 39.7 38.6 39.4 34.4 34.8 34.3 33.8 31.8 32.4 31.7 29.0 Net losses (or recoveries and profits -f) i 4.0 5.2 5.3 5.3 4.1 2.5 3.3 3.6 3.7 1.3 3.3 3.8 5.6 Net increase (or decrease +) in valuation reserves .6 .3 .2 .2 .4 .8 .7 1.0 1.4 .3 .7 1.0 1.3 Taxes on net income.... 10.8 9.4 11.3 13.6 16.1 8.5 9.9 11.5 12.0 7.8 8.3 9.5 9.0 Net profits. . . 20.4 23.4 22.9 19.5 18.8 22.6 20.9 18.2 16.7 22.4 20.1 17.4 13.1 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 2 06 2 07 2.05 1.99 1.98 2.14 2.09 2.03 2.00 2.21 2.13 2.07 2.00 Interest and dividends on other securities 2.48 3.03 2.56 2.16 2.31 2.89 2.49 2.25 2.12 2.82 2.44 2.26 2.15 Net losses (or recoveries and profits +) on total securitiesl. .09 .02 .07 .09 .14 .05 .09 .12 .18 .05 .12 .15 .23- Return on loans: Earnings on loans 5.79 6.57 6.12 5.93 4.79 6.00 5.79 5.55 5.21 5.70 5.56 5.38 5.20 Net losses (or recoveries +) on loans1 .20 .41 .35 .30 .12 .15 .14 .11 .07 .04 .09 .09 .09 Distribution of assets Percentage of total assets: U. S. Government securities. . . . 37.1 33.4 36.8 36.6 33.0 37.0 37.6 38.5 37.8 38.4 39.2 38.9 40.4 Other securities 7.7 5.1 7.2 8.5 6.5 6.1 7.6 8.9 8.8 6.6 8.3 10.4 9.2 Loans 31 5 31 8 28 6 27.8 32 4 33 9 32 7 31 2 32 8 34 9 34.0 33.0 32.4 Cash assets 22 8 29.1 26.7 26.1 26.8 22.2 21.3 20 3 19.3 19.3 17.7 16.8 16.8 Real estate assets .8 .5 .7 .9 .9 .8 .8 .9 1.0 .7 .8 .9 1.0 Other ratios Total capital accounts to: Total assets 7 8 9.3 7.6 6.7 6.4 9*7 8 2 7 0 6.2 9.6 8.5 7.6 5.6 Total assets less Government securities and cash assets...... 21.0 26.9 22.8 19.4 16.5 25.4 21.2 17.9 15.2 24.6 21.2 18.0 14.0 Total deposits 8.6 10.4 8.3 7.3 6.9 10.9 9.0 7.6 6.8 10.8 9.4 8.3 6.1 Time to total deposits 30.8 8.7 10.3 13.7 14.1 37.6 38.2 37.5 36.4 58.7 59.0 57.6 55.6 Interest on time deposits2 1.19 1.24 1.14 1.10 1.07 1.30 1.26 1.16 1.16 1.26 1.24 1.17 1.21 Trust department earnings to total earnings2 3.0 1.6 1.7 3.2 5.0 1.2 1.8 2.6 4.2 1.8 1.6 2.2 2.6 Number of banks3 6,697 724 954 691 356 478 898 1,063 276 273 519 428 37 For footnotes see p. 900. 902 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES * [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Member banks Nonmember banks banks Total Total tio N n a a - l1 me S m ta b te er2 Total su I r n e - d in N su o r n e - d su I r n e - d2 in N su o r n e - d Banks (head offices) Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 19473 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1952 14,575 14,046 6,798 4,909 1,889 7,251 6,627 624 206 323 Dec. 31, 1953 14,509 13,981 6,743 4,856 1,887 7,241 6,672 569 219 309 June 30, 1954 14,467 13,939 6,721 4,835 1,886 7,221 6,662 559 219 309 Branches and additional offices Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 47J53 *i26 Dec. 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1952 5,711 5,465 4,106 2,556 1,550 1,359 1,318 41 177 69 Dec. 31, 1953 6,096 5,826 4,398 2,746 1,652 1,428 1,387 41 192 78 June 30, 1954 6,325 6,031 4,569 2,883 1,686 1,462 1,421 41 212 82 Changes, Jan. 1-June 30, 1954 Banks New banks5 +43 +43 + 15 + 10 +5 +28 +26 +2 Consolidations and absorptions: Banks converted into branches -73 -73 -38 -32 -6 -35 -34 Other -11 -11 -6 -3 -3 -5 -5 Voluntary liquidations ^ -3 -3 -1 i -2 -1 i Other changes 7. +1 +1 + 1 + 1 Interclass bank changes: Conversions— National into State -1 -1 + 1 + 1 Fede S ra t l a t R e e i s n e t r o v e n a m ti e o m na b l ership:8 +3 +5 -2 -3 Admission of national bank in Alaska. . . + 1 + 1 + 1 +1 Admissions of State banks +6 +6 -6 -5 -1 Fede W ral i t d h e d p ra o w si a t l i s n o su f r S a t n a c t e e :9 banks — 1 + 1 + 1 Admissions of State banks. . + 10 -10 Net increase or decrease -42 -42 -22 -21 -1 -20 -10 -10 Number of banks, June 30, 1954 14,467 13,939 6,721 4,835 1,886 7,221 6,662 559 219 309 Branches and additional offices10 De novo branches + 170 + 153 +109 +72 +37 +44 +42 +2 + 13 +4 Banks converted into branches + 73 +72 +63 +49 + 14 +9 +9 + 1 Discontinued . -14 -14 -12 -8 -4 -2 Interclass branch changes: National to State member -4 +4 State member to national +22 -22 Nonmember to national +6 +6 -6 -6 Nonmember to State member +5 ""•+5" -5 -5 Nonmember to mutual savings. —6 -6 -6 +6 Noninsured to insured . . +2 Net increase or decrease . . +229 +205 + 171 + 137 +34 +34 +20 +4 +34 Number of branches and additional offices, June 30, 1954 6,126 5,832 4,392 2,727 1,665 1,440 41 212 82 1,399 Banking facilities11 D Es is ta c b o l n i t s i h n e u d ed + -6 6 + -6 6 + -4 4 +3 + 1 + -2 2 +2 Number of banking facilities, June 30, 1954 199 199 177 156 21 22 22 1 Excludes banks'in United States territories and possessions except one national bank in Alaska, with no branches, that became a member of the Federal Reserve System on Apr. 15, 1954. 2State member bank and insured mutual savings bank figures both include three mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks." 3As of June 30, 1947, the series was revised. The revision resulted in a net addition of 115 banks and 9 branches. ••Separate figures not available. 5Exclusive of new banks organized to succeed operating banks. 6 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7One institution restored to series, previously eliminated because reported as not engaged in deposit or fiduciary banking. 8Exclusive of conversions of national banks into State bank members, or vice versa. Shown separately under conversions. 8Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. 10Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. "Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. AUGUST 1954 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES12 Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31, 1950 14,015 4,824 12,162 4,534 6,868 3,589 5,294 945 1,853 290 Dec. 31, 1951 13,987 5,145 12,158 4,843 6,835 3,837 5,323 1,006 1,929 302 Dec. 31, 1952 13,942 5,456 12,122 5,152 6,792 4,106 5,330 1,046 1,820 304 Dec. 31, 1953 13,886 5,816 12,085 5,503 6,737 4,398 5,348 1,105 1,801 313 June 30, 1954*> 13,843 6,020 12,051 5,705 6,715 4,569 5,336 1,136 1,792 315 By districts and by States June 30, 1954? District Boston 461 434 461 434 314 339 147 95 New York 799 1,139 799 1,139 688 1,045 111 94 Philadelphia 788 293 788 293 596 230 192 63 Cleveland 1,052 451 1,052 451 647 395 405 56 Richmond 1,007 716 818 564 480 354 338 210 189 152 Atlanta 1,237 284 652 242 368 208 284 34 585 42 Chicago 2,487 725 2,487 725 1,016 365 1,471 360 St. Louis 1,465 190 1,148 123 494 75 654 48 317 67 Minneapolis 1,278 115 677 74 471 29 206 45 601 41 Kansas City 1,757 29 1,750 29 750 19 1,000 10 7 Dallas 1,049 82 956 69 637 48 319 21 93 13 San Francisco2 463 1,562 463 1,562 254 1,462 209 100 State Alabama 231 33 135 33 96 33 39 96 Alaska* 1 1 1 Arizona 13 13 78* 5 57 21 Arkansas 231 22 115 5 70 2 45 3 17 California 192 1,074 192 1,074 123 1,016 69 58 Colorado 153 5 153 5 94 4 59 1 Connecticut 101 79 101 79 59 63 42 16 Delaware 34 34 34 34 13 14 21 20 District of Columbia 19 52 19 52 15 42 4 10 Florida 215 11 165 10 82 9 83 1 50 Georgia 401 58 121 55 65 50 56 5 280 Idaho 37 65 37 65 20 60 17 Illinois 906 3 904 3 514 3 390 Indiana 476 145 476 145 236 88 240 57 Iowa 663 163 663 163 165 1 498 162 Kansas 604 3 602 3 211 3 391 2 Kentucky 376 60 376 60 111 39 265 21 Louisiana 171 98 67 71 51 61 16 10 104* 27 Maine 60 87 60 87 37 45 23 42 Maryland 154 150 154 150 72 85 82 65 Massachusetts 175 220 175 220 138 195 37 25 Michigan 427 322 427 322 229 259 198 63 Minnesota 677 6 269 6 205 6 64 408 Mississippi 198 84 43 24 32 14 11 10 155 60 Missouri 596 1 535 1 177 1 358 61 Montana 109 109 82 27 Nebraska 414 2 414 2 140 2 274 Nevada 8 24 8 24 7 21 1 3 New Hampshire. . . . 75 2 75 2 52 1 23 1 New Jersey 305 216 305 216 263 193 42 23 New Mexico 52 26 52 26 34 9 18 17 New York 568 935 568 935 496 868 72 67 North Carolina 210 288 106 142 55 80 51 62 104 146 North Dakota 154 23 59 6 40 19 6 95 17 Ohio 640 311 640 311 411 275 229 36 Oklahoma 383 2 376 2 223 2 153 Oregon 49 133 49 133 22 124 27 9 Pennsylvania 880 349 880 349 664 300 216 49 Rhode Island 10 62 10 62 6 47 4 15 South Carolina 150 75 70 69 34 55 36 14 80 6 South Dakota 170 51 72 27 62 23 10 4 98 24 Tennessee 297 125 212 111 84 83 128 28 85 14 Texas 922 17 878 17 582 17 296 44 Utah 54 37 54 37 29 34 25 "'3' Vermont 66 11 66 11 38 4 28 7 Virginia 317 313 151 205 92 108 59 151 Washington 111 111 176 48 166 63 10 W W Wi y e s s o c t m o V n i s n i i r g n ginia 5 1 5 5 8 3 3 2 1 i 7 so 6 ' 5 1 5 8 5 3 1 3 iso 1 1 1 4 1 6 0 1 6 "22 1 ' 38 7 1 7 0 3 128 1 ^Preliminary. * Excludes mutual savings banks, on a few of which some checks are drawn, and includes 199 banking facilities (see footnote 11 on preceding page). The difference between the number of member banks on June 30, 1954, shown in this and the preceding table is due to the fact that this table excludes 3 member nondeposit trust companies and 3 member mutual savings banks on which no checks are drawn; the difference for nonmember commercial banks is due to the fact that this table excludes 93 banks and trust companies on which no checks are drawn. 2Excludes banks in United States territories and possessions except one national bank in Alaska, with no branches, that became a member of the Federal Reserve System on Apr. 15, 1954. This bank is included in the San Francisco District. Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS International capital transactions of the United States 906-910 Gold production 910 Estimated foreign gold reserves and dollar holdings 911 Reported gold reserves of central banks and governments 912 Net gold purchases and gold stock of the United States 913 International Monetary Fund and Bank 914 Central banks 914-918 Money rates in foreign countries 919 Commercial banks 920 Foreign exchange rates 921 Price movements in principal countries: Wholesale prices 922 Consumers' price indexes 923 Security prices 923 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. AUGUST 1954 905 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 roreign In- countries Date t t i e i n o r s n n t a a i- l - Official U K d n o i i n t m g ed - France N la e e n r t d h - s - S l w a er n it - d z- Italy E O u th ro e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and Official private 1950—Dec. 31... 1.527 8 7,116.9 3 620 3 656 6 260 7 193 6 553 0 314 71,007 8 2,986 3 899 0 1 612 9 1.364.2 254.5 1951—Dec. 31. . ,641.1 7,661.1 3,547.6 642.6 289.4 148 8 521 3 300 51,103.4 3,005 9 307.1 I.455 2 .595.5 297.4 1952—Dec. 31 . ,584.9 8,961.2 4.654.2 817.9 342.6 203 1 641 8 308 91,441 3 3,755 5 1,420 7 612 9 L.836.5335.6 1953—June 30 ,528.4 9,386.2 5.106.6 911 2 301.8 268 6 650 1 313 61,701.2 4,146 5 ,119 4 808 9 ,927.3 384 1 July 31 ,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 1 785 5 ,941.9 354 1 Aug. 31 ,511.2 9,685.9 5,242.0 890 0 362.6 243 1 663 7 353.9 1,910.7 4,424.1 1,147.5 1.815.4 1,955.0343 9 Sept. 30 ,501.8 9,902.0 5,453.6 900 8 375 8 230 7 664 4 368 21,985.3 4,525.2 ,197.1 839 7 1,986.9353.2 Oct. 31 ,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 1,984.2 349 0 Nov. 30.. ,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 1,985.7 323 8 Dec. 31. . ,629.4 10,019.0 '5,666.9 708.9 '428.5 242.9 674.2 465.7 '2,213.4 4,733.6 ,295.5 ,768.4 1,895.5326 1 1954—Jan. 31.. ,702.1 '10,127.0 '5,741.2 714.0 '412.0 211 6 670.4 474.5 '2,315.8 '4,798.3 ,334.9 L ,772.5 1,901.9319.3 Feb. 28.. ,677.6 '10,300.1 '5,903.1 734.4 '435.6 215.6 671.7 491.8 '2,391.7 '4,940.8 1,348.4 1,788.1 1,892.0330.8 Mar. 314. ,698.5 10,350.0 5,925.2 797.9 419.9 215.4 665.2 494.6 2,417.3 5,010.3 ,340.4 ,866.8 1,801.7 330.9 Apr. 30* « ,671.4 10,456.6 6,061.4 899.5 291.2 226.9 663.3 519.2 2,497.1 5,097.2 ,282.1 1,996.3 1,761.0320.0 May 31 P. ,683.8 10,553.1 6,253.5 951.8 387.5 250.4 649.0 482.0 2,542.6 5,263.3 1,277.2 1,993.9 1,710.0308.7 June 30P. ,633.0 10,570.7 6,303.5 986.1 439.5 272.3 638.2 456.6 2,515.8 5,308.6 1,320.0 1,955.5 1,688.1 298.5 Table la.—Other Europe Ger- Date E O u th ro e p r e A tr u ia s- g B iu e m l- C o z s e l c o h - - m D a en rk - l F a i n n d - m F a ed n . 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 - iaSpain S d w en e- T k u e r y - U.S.S.R. Y sla u v g i o a - ot A h l e l r vakia Rep. of 1950—Dec. 31.. 1,007.8 41.9 128.2 5.6 45.5 18.3 221.6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 14.3 4.0 13.2246.8 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—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 77.9 113.7 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 7.7373 6 Dec. 31.. '2,2134 190.9 130.3 .6 95.7 37.9 898.8 100.9 118.5 2.2 72.4 5.8 36.0 116.7 14.2 2.0 6.9 '383.5 1954—Jan. 31.. '2,315.8 199.7 135.1 .6 104.2 39.7 943.1 106.5 118.5 2.9 71.9 5.7 32.6 124.7 10.9 3.1 6.1 '410.4 Feb. 28.. '2,391.7 208 4 133.9 .6 97.0 42.5 971.7 110.8 118.7 3.8 74.2 7.8 22.0 129.4 8.8 2.3 6.3 '453.3 Mar. 31*. 2,417 3 217.4 142.1 .6 102.4 44.7 994.3 112.4 122.0 2.4 76.1 7.9 21.9 119.2 9.4 1.8 5.8 436.8 Apr. 30*62,497 1 227 6 121.2 .9 102.0 39.1 1,039.3 109.3 130.1 2.8 77.0 7.8 20.4 122.5 9.2 2.5 4.8 480.6 May 31*. 2,542 6 234 3 122.9 .7 92.4 41.6 1,051.2 116.0 130.6 2.2 83.5 7.8 22.1 121.9 8.9 2.6 6.2 497.7 June 30*. 2,515 g 238 5 111.6 .6 92.7 44.3 1,084.9 114.0 131.2 2.2 86.3 7.9 26.2 123.1 7.4 3.1 5.9 435.9 Table lb.—Latin ,\merics Neth- Do- er- Date A L m i a c t a e i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u a i e n b n - - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d s ie t s s P a p R m u a e b n a - - - , 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 m a t c h t a e i e n r r lic Suri- lic of nam 1950—Dec. 31. 1,612.9 301.8 20.4 226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 59.2 60.2 16.1 75.1 85.2 71.3 1951—Dec. 31. ,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—June 30. L.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. ,785.5 151.3 22.9 83.5 89.1 130.4 390.0 50.2 43.2 168.7 45.6 103.8 61.2 42.1 91.3 166.5 145.7 Aug. 31. 1,815.4 145.9 20.6 132.5 84.1 129.9 402.1 48.9 40.3 160.5 45.1 108.1 62.0 39.2 89.6 165.2 141.2 Sept. 30. 1,839.7 146.6 20.3 164.4 92.1 115.6 391.0 45.0 36.4 170.3 43.6 101.9 60.0 33.7 89.0 197.8 131.7 Oct. 31. ,734.9 143.1 19.9 110.0 86.0 116.2 385.0 41.9 32.7 180.2 49.0 82.8 68.2 28.7 93.5 173.1 124.6 Nov. 30. 1,762.4 137.1 18.8 148.9 81.5 132.0 352.6 42.4 32.1 189.3 52.2 79.9 73.5 24.9 89.4 184.1 123.5 Dec. 31. 1,768.4 130.0 19.1 101.7 78.8 150.2 340.8 39.3 37.9 183.2 51.5 89.9 68.0 26.8 109.6 222.4 119.2 1954—Jan. 31. L,772.5 139.2 18.8 101.4 68.6 152.5 345.1 42.8 44.7 184.9 53.3 87.8 73.7 38.0 99.5 201.4 120.8 Feb. 28. 1,788.1 160.8 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. 314 L,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. 30* « 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* L993.9 173.8 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 June 30* 1,955.5 176.7 31.4 96.1 63.7 232.6 346.5 55.8 48.0 201.5 51.5 87.4 66.6 41.6 104.1 218.0 134.0 pPreliminary. 'Revised. For footnotes see following page. 906 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 C m M a h o n a i d s n i a n a - H K o o n n g g Indian I e n s d i o a - Iran IsraelJapan p r R l u e i e a b c - , - 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 e n a l g n - o A E t a n g i n a g y d n l p o - - A S U f o r o n i u c f i t o a h n 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. 1,595.5 87.4 62 4 62.1 140.6 25.5 26 6596.0 26 .2 329.7 96 7 142.2 297.4 38.5 54.5 110.7 7.0 86.& 1952—Dec. 31. 1,836.5 76.4 70 9 64.6 61.0 19 2 18 8808.0 54.4 315.1 181 0 167.1 335.6 47.2 118.6 59.7 23.6 86.5 1953—June 30. 1,927.3 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 July 31. 1,941.9 71.6 68.2 89.1 39.6 20.3 14 2910.2 84.9 303.0 191 9 149.0 358.2 54.6 119.4 45 3 37.2 101.7 Aug. 31. 1,955.0 73.3 68.5 93.5 33.6 22.9 19 6919.4 76.2 309 8 188 2 150.2 343.9 53.9 112.5 44.5 39.6 93.4 Sept. 30. 1,986.9 75.9 68.8 92.7 35 1 31.0 19 5932.2 76.5 308.8 191 3 155.1 353.2 54.0 116.8 43.9 38.9 99.4 Oct. 31. 1,984.2 77.1 67.9 95.3 34.7 47.4 18 3912.0 76.8 303.3 187 1 164.2 349.0 58.9 110.6 44.7 44.7 90.1 Nov. 30. 1,985.7 77.2 68.7 100.0 34.0 42.6 14 4914.9 88.2 299.2 177 0 169.6 323.8 58.5 94.0 40.9 38.0 92.4 Dec. 31. 1,895.5 73.6 68.0 99.0 39.3 43.6 18 0827.9 91.5 295.5 167 9 171.2 326.1 59.2 89.6 43.3 38.2 95.7 1954—Jan. 31. 1,901.9 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. 1,892.0 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.314. 1,801.7 79.6 65.3 82.2 68.3 47.7 33 7675.8 102.8 309.9 155 1 181.2 330.9 49.6 83.3 49.7 43.9 104.3 Apr. »?0P5 1,761.0 79.0 65.3 85.1 65.2 45.4 31.0 639.7 103.7 317.7 144 6 184.2 320.0 49.5 81.1 61.7 32.8 104.9 May 31 P 1,710 0 76.7 66.8 86.7 64.8 39.4 27 4615.8 104.7 303.5 139 3 184.9 308.7 49.6 78.9 46.6 34.2 99.5 June 30P 1,688.1 75.8 73.1 91 .3 59.2 34.0 28 9615.0 105.9 296.9 130 1 177.8 298.5 48.0 63.6 51.7 37.8 97.4 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 n.a. 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. Bulgaria .6 .6 .6 .6 Ceylon 3.4 19.2 13.9 n.a. Estonia 2.9 2.7 1.9 1.9 French India .8 1.3 1.8 n.a. Hungary .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 I 14.4 9.7 Luxembourg 11.9 11.8 5.0 4.0 Portuguese dependencies . .7 2.7 2.8 5.3 Monaco 2.9 3.2 2.6 3.0 Saudi Arabia 7.9 13.2 15.9 18.5 Trieste 4.1 5.6 4.1 2.5 Syria 6.8 5.4 11.4 20.5 Other Latin America: All other: British dependencies. . . 8.7 14.6 14.6 r18.0 British dependencies .9 1.2 1.6 1.6 Costa Rica 6 5 8.7 12.1 13.4 Ethiopia 3.3 6.9 3.0 n.a. Ecuador 19.3 11.4 23.7 17.7 French dependencies 26.5 36.5 27.0 22.2 French West Indies and French Italian Somaliland .2 1.1 .3 Guiana .2 .8 2.2 .6 Liberia 1.6 10.3 11.8 Haiti 7.7 10.3 11.6 9.3 Libya .3 .5 2.3 n.a. Honduras 9.8 -17.2 -•15.4 n.a. New Zealand 2.7 5.2 3.5 2.1 Nicaragua 5.7 8.3 rl3A 16.0 Portuguese dependencies .. 3.0 4.3 6.3 5.0 Paraguay 4.1 5.4 5.0 6.0 Spanish dependencies .2 .2 .2 .2 Tangier 16.9 21.5 26.7 36.1 ^Preliminary. rRevised. 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 15.9 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. 907 AUGUST 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, inmillions of dollars] Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L i m a c t a e in r- Asia o A th 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—May 31 975.9 27.3 9.5 5.6 12.8 25.5 81.8 162.5 57.4 635 2 99.8 21.1 June 30 946.7 28.7 7.8 5.1 15.2 24.8 81.3 163.0 58.3 602.9 100.8 21.6 July 31 .. . . 919.5 28 5 10 5 5 2 14 0 22.1 84 1 164 3 49.6 590 2 94.9 20.4 Aug. 31 917.8 26.6 9.7 5.7 13.4 22.2 88.5 166.2 42.0 594.1 95.7 19.8 Sept. 30 . . . 901 8 33 9 9 9 7 2 14 7 21.7 91 7 179 1 56.7 540 4 105.3 20.3 Oct. 31 906.5 39.5 9.8 9.1 15.4 20.0 103.1 196.8 80.7 502.4 104.3 22.3 Nov. 30 910.0 48.1 8.2 6.3 16.8 20.3 97.6 197.2 67.1 506.5 117.7 21.6 Dec. 31 904.5 70 5 10.6 8.6 17.9 18.8 109.5 235.9 56.4 472 7 114.8 24.9 1954—jan> 3i r923.8 66.9 7.4 6.2 18.1 16.7 132.3 247.6 51.7 473.3 '125.5 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. 312 867 1 59 5 9 6 13 1 12 8 13.7 134.7 243.5 60.0 426 4 111.4 25.8 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 May 3W 920.2 79.6 11.9 8.8 10.7 14.4 149.3 274.6 52.6 449.9 114.5 28.6 Table 2a.—Other Europe Ger- Date E O u th ro e p r e A tr u i s a - g B iu e m l- m D a en rk - l F a i n n d - m F a e n d y . , Greece N w o a r y - t P u o g r a - l Spain S d w e e n - T k u 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 («) 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—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 2 134 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 May 31P 149.3 15.2 3.5 1.6 57.0 1.9 1.3 .6 5.7 1.9 49.2 5.1 6.1 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 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- I l W n S a a e d u n n r e i r d - d e s i s - s t a l P p i R m u c a e b n a - o - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a t m c h t a i e e n r r nam 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 3.1 11.0 6.8 8.0 49.4 14.6 1951—Dec. 31. . 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 3.0 11.8 9.5 10.5 41.7 14.5 1952—Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 1.3 6.5 14.8 9.1 14.3 36.7 13.7 1953—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 L.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 L.9 3.0 89.0 2.2 5.4 15.1 3.7 32 35.4 14.2 Sept. 30. . 540.4 7.5 13.2 273.7 7.5 47.4 21.6 L.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 L.7 4.2 86.3 3.0 4.9 17.7 6.0 38 39.2 18.2 Nov. 30. . 506.5 6.7 9.7 186.5 7.1 52.0 49.4 L.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 L.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 1.0 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 L.8 3.4 87.2 1.8 6.2 17.2 7.4 3,3 38.8 17.8 Mar. 312. 426.4 5.4 1.9 117.3 19.9 47.8 58.4 L 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 May 31 P. 449.9 5.6 2.3 129.1 18.5 59.1 55.9 2.4 3.0 78.6 1.8 6.2 15.2 4.1 3.2 47.7 17.1 ^Preliminary. rRevised. ^'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. 2 Beginning Mar. 31, 1954, banks whose total claims on foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 9.6 million dollars of such claims on that date. 3 Less than $50,000. 908 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 f1 , ip P p h in i e l- 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—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.. ••125.5 8.1 2.3 2.9 1.0 14.7 32.7 '28.5 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. 312. 111.4 8.4 2.2 4.1 .7 14.3 22.1 32.8 A 4.9 4.3 17.5 25.8 7.6 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 (») 6.4 4.9 13.0 27.9 8.7 6.4 .3 5.5 7.0 May 31 P 114 5 8 2 3 4 5 1 1 4 15 3 8 8 36.6 10 5 5 7 19 5 28 6 7 7 7 1 .5 5.8 7.6 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Government bonds U. S. corporate Donds and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net pur- pur- pur- pur- Pur- Sales chases Pur- Sales chases Pur- Sales chases Pur- Sales chases chases or sales chases or sales chases or sales chases or sales (-) (-) (-) (-) 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 12.6 495.3 677.4 — 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—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 34.6 79.6 -45.0 25.6 25.6 (3) 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 A -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 March 55.0 22.1 32.9 98.0 95.8 2.2 46.8 82.6 -35.8 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 Mayp 87.3 88.4 -1.2 110.8 96.4 14.4 37.1 25.7 11.3 29.5 56.1 -26.6 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( —). In millions of dollars] Inter- Total Y m e o a n r t o h r n t a u in t t i i s o o t n i n - a s l f c o t o r r e i u e i n g s - n U K d n o in i m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1950 121.2 823.2 64.0 197.8 -6.3 19.0 -.7 73.8 347.5 458.2 30.1 — 15.3 2.7 1951 -15.9 -568.4 21.4 6.0 -22.2 45.9 1.9 -43.8 9.2 -595.5 13.9 4.8 7 1952 .... 14.7 300.2 70.4 5.5 -21.9 50.7 .5 6.2 111.4 191.6 4.7 -9.5 1^9 1953 22.7 -34.3 71.3 -41.7 -21.3 57.1 -.5 -2.5 62.4 -120.6 24.9 (8) — .9 1953—May... 5.2 1.0 -.6 .4 -.9 2.5 -.7 (8) .8 -.4 .8 .2 -.5 June.. . 1.3 18.7 5.4 2.0 -1.1 5.2 .1 -.2 11.4 6.0 .8 .1 .4 July. . . .5 -38.3 9.0 -49.0 -1.9 2.5 .4 2.6 -36.3 -3.1 1.5 -.2 -.1 Aug... • -4.2 7.4 6.8 1.0 -.5 5.5 .1 -1.5 11.4 -6.5 2.3 .5 -.3 Sept... -14.1 -36.2 2.6 .7 -.8 9.6 (») .5 12.7 -50.5 .3 .4 1.0 Oct.. . . -8.2 6.3 4.2 .3 -2.8 1.3 (») 1.6 4.7 -9.9 11.8 .1 -.3 Nov 8.5 -13.0 -2.5 .2 -.1 2.1 (8) -.7 -14.9 3.9 -.5 o Dec... . -4.4 14.2 25.7 1.1 -1.1 1.2 .1 1.6 28.5 -17.4 2.7 -.5 .9 1954—Jan.. . . .9 -8.1 9.0 -7.1 -2.0 1.1 («) 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.... .5 34.5 9.2 21.4 -3.7 2.3 A 1.4 30.2 -.3 3.2 (3) 1.4 Apr.P. . .6 50.1 5.0 36.1 -4.6 10.5 .1 2.7 49.7 -5.2 3.3 .8 1.4 MayP. . 21.8 -8.6 3.4 2.2 -3.4 5.4 -.4 3.6 10.8 -34.3 14.8 -.2 .4 p Preliminary. r Revised. *Not reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. 3 Less than $50,000. 4 Includes transactions of international institutions. AUGUST 1954 909 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 CORRESPONDENTS1 [Net sales, (—). In millions of dollars] [In millions of dollars] Year or n I a n ti t o e n r- al fo T r o e t i a g l n Total Can- Latin All Assets in custody month tu in ti s o ti n - s c t o ri u e n s - Europe ada ica a other Date Deposits U se . c S u . r i G ti o e v s2 t. l M an i e s o c u el s - 3 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 1952—Dec. 31 550 2,156 86 1952 -118.1 -99.8 19.9 -141.0 25.3 -10.0 6.0 1953 . —61.2 —11.0 96.3 -137.8 34.6 -29.9 25.8 1953—July 31 566 2,378 95 Aug. 31 524 2,588 95 1953—May.. -.5 68.3 2.1 67.2 .9 -2.1 .2 Sept. 30 512 2,641 94 June.. 2.1 50.3 26.3 22.9 7.3 -2.2 -4.1 Oct. 31 448 2,674 97 July... -2.2 .1 .5 -18.0 2.1 -2.7 18.1 Nov. 30 417 2,694 99 Aug.. . -.3 2.5 -.2 .3 1.4 -.4 1.4 Dec. 31 423 2,586 106 O Se c p t. t . . . . . . -7 I 3 1) .1 4 1 1 4 . . 1 0 3 6 3 . . 5 7 -9 5 . . 8 1 9 2 . . 3 4 - - . . 8 7 8. . 8 7 1954— F J e a b n . . 2 3 8 1 4 4 9 4 0 0 2 2, , 7 6 1 3 6 2 8 9 8 9 Nov.. . .6 -45.5 4.8 -49.6 2.2 -3.5 .5 Mar. 31 494 2,784 92 Dec.... -.5 -20.3 4.7 -23.3 1.6 -5.4 2.1 Apr. 30 471 2,840 96 May 31 527 2,969 93 1954—Jan.... -100.6 -74.0 8.9 -95.3 5.6 -2.6 9.4 June 30 545 2,900 87 Feb. . . 10.5 6.7 10.7 8.0 .1 -4.8 -7.4 July 31 533 3,033 85 Mar.. . .1 -44.8 8.3 -53.2 1.3 -2.2 1.0 Apr. P.. .7 -42.4 -5.9 -37.1 1.7 -2.0 .9 1954—July 7 571 2,933 86 Mayp . -2.2 -13.1 -17.6 -2.4 3.4 3.0 .4 July 14 771 2,788 83 July 21 629 2,931 85 July 28 549 3,007 85 ' Preliminary. iLess than $50,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 913, for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Includes bankers' acceptances, commercial paper, foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America Other month production Total outside reported U.S.S.R.i monthly South Rho- West Belgian United Can- Mex- Colom- Nica- Austra- Africa desia Africa2 Congo2 States3 ada ico bia Chile ragua4 lia India2 1 = 15Hi grainsof gold */oi fine: i.e., an ounee of fine gold = $"35. 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 : A 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 776 8 417.9 17.5 25.4 130 69.7 142.4 16 9 15.3 4 6 9 1 37 7 7 4 1953—May. 65.5 34.9 1.4 2.1 L.O 6.1 12.9 1.1 1.1 .3 .9 3.0 .7 June 64.7 34.1 L.5 2.1 .1 6.0 12.7 1.2 1.0 .4 .8 3.4 .5 July 67.0 35.9 L.5 2.1 L.I 6.8 12.9 1.1 1.1 .3 .9 2.8 .7 August... 66.0 35.6 1.5 2.1 .2 6.2 11.5 1.4 1.1 .3 .8 3.7 .6 September. 65.7 35.0 L.5 2.1 .2 6.2 11.7 1.3 1.9 .4 .7 3.0 .7 October 64 9 35.6 5 2.2 ? 6.8 10.0 1 4 1 3 5 8 3 1 6 November. 64.3 35.1 L.5 2.2 L.I 6.2 9.5 2.0 1.6 .4 .7 3.3 .6 December. 64.4 35.7 L.5 2.2 .9 6.1 9.6 2.1 1.1 .4 .7 3.7 .5 1954—January 35.7 L.5 2.1 .5 5.1 10.3 1 4 .7 2.9 .6 February. 34.5 S 2.2 1 4.9 10.9 1.2 7 6 March 37.5 5 2.2 .2 5.4 12.9 1 l 7 .7 April 37.0 2.2 1 4.9 12.5 9 7 7 May 38.3 2.3 L.O 5.0 .7 .6 Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 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 ie.pre.sent 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. 910 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 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 1,124 France (and dependencies) *• 834 896 858 906 1,022 967 883 926 1,003 ••1,049 1,060 Germany (Federal Republic of)... 222 434 390 545 604 691 770 893 1,053 1,225 1,381 Italy 571 633 638 613 638 655 651 660 714 812 841 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) 132 128 129 129 131 130 130 134 138 150 136 205 224 276 281 280 275 283 280 309 335 337 Switzerland . 2,023 1,973 1,977 2,009 2,010 2,053 2,051 2,091 2,120 2,133 2,134 Turkey 164 165 161 171 155 151 153 152 157 157 153 Other* 828 651 769 822 947 919 980 1,032 1,091 1,183 1,292 Total . . . 6,829 7,114 7,244 7,637 8,193 8,368 8,574 8,907 9,502 10,075 10,457 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 r369 360 Total > 4,453 3,774 3,197 3,134 3,175 3,284 3,626 3,910 4,070 r4,046 4,211 Canada 1,988 2,157 2,214 2,396 2,437 2,492 2,435 2,238 2,292 2,417 2,487 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 . 560 634 689 679 683 721 812 814 779 772 868 Total 3,455 3,360 3,365 3,301 3,337 3,369 3,537 3,672 3,708 3,623 3,712 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 Europe3 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 '67 74 Total 201 327 351 330 310 283 284 290 281 '284 298 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 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. AUGUST 1954 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)1 Treasury Total2 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec 36,280 23,186 23,252 706 21 317 896 42 214 31 23 1953—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 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 21 321 1,017 42 186 31 23 Mar *36,910 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 June 21,927 22,027 765 1,042 42 31 23 Ger- E m n o d n t o h f Egypt France8 R F m e e p d a u n e b r 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 - Pa ta 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—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 27 247 137 346 162 772 47 38 36 Apr 174 576 414 27 247 137 772 47 38 36 May.... 174 576 406 137 772 47 38 June 174 576 418 137 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 S do a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S I a n e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 11,504 118 154 41,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 *3,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 *2,335 221 373 L,53O 115 1952—Dec 286 29 170 51 184 1,411 113 143 *1,846 207 373 1,692 196 1953—June.... 324 29 175 54 193 1,441 113 144 42,367 222 373 1,698 193 July.... 330 29 175 54 203 1,450 113 144 42,456 222 373 1,699 195 Aug 331 29 176 54 204 1,452 113 143 42,469 222 373 1,700 188 Sept 337 29 175 54 206 1,456 113 143 42,486 222 373 1,700 198 Oct. . . 348 29 175 54 219 1,460 113 143 42,520 222 373 1,700 195 Nov 350 29 175 54 219 1,460 113 143 42,561 222 373 1,701 190 Dec... 361 29 176 54 218 1,459 113 143 42,518 227 373 1,702 193 1954—Jan 373 29 176 54 218 1,458 113 144 42,543 227 373 1,702 194 Feb 379 29 177 54 218 1,469 113 144 42,583 227 373 L.7O2 190 Mar.... 386 29 177 54 218 L.469 113 144 42,685 227 373 L,7O3 199 Apr 391 29 180 54 218 1,471 113 144 42,820 in 373 1,719 197 J M un ay e P '3 3 9 9 3 3 2 2 9 9 1 1 8 8 0 7 5 5 5 6 2 2 1 1 8 9 L.450 113 1 1 4 4 4 4 4 4 2 3 , , 9 0 8 1 5 7 227 3 4 7 0 3 3 L.727 1 18 8 2 6 L 727 P Preliminary. 'Revised. 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 Stabilization 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). 4 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 912 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- Y«ar or quarter Total United Bel- France er- Portu- Swe- er- Other Canada Argen- Cuba Mexico Kingdom gium lands gal den land Europe1 tina 1945 —452.9 31.1 278.5 -47.9 -86.8 —7.4 36.8 -224.9 —85.0 —23.8 1946 721 3 — .2 14.2 —10 0 80 2 —29.9 27.3 337.9 153 2 —30 0 36.9 1947 2,864.4 406.9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948 1,510 0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 —10.0 61.6 1949 193.3 446.3 —41.0 —23.5 14.0 —40.0 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 —20.0 -4.5 -34.9 -32.0 -15.0 —60.1 —10.0 -49.9 —20.0 —60.2 1952 393.7 440.0 -3.8 -100.0 -5.0 22.5 -27.3 7.2 -20.0 87.7 1953 -1,164.3 -480.0 -84.9 -65.0 -59.9 -20.6 -65.0 8-241.8 -84.8 -28.1 1951 Jan.-Mar -876.3 -400.0 -12.3 -91.7 -4.5 -10.0 -15.0 -15.0 -44.3 -49.9 -124.4 A Ju p l r y - - S J e u p n t e — 29 5 1 5 . 4 6 — 32 8 0 0 . 0 0 2.0 -1 -5 5 . . 0 0 -17.0 — — 1 3 1. . 2 5 —io!6 —20.0 64 1 Oct.-Dec 715.7 629.9 71.7 -5.0 — 1.1 1952 Jan -"M.3.T 557.3 520.0 20.2 22.5 — 10.1 11 3 Anr -Tune 105.7 6 9 101.4 July-Sept -1.3 .3 Oct.-Dec -268.0 -80.0 -24.0 -100.0 -5.0 -17.2 -20.0 -25.0 1953 Jan.-Mar -599.1 -320.0 -36.5 -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 8-42.3 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 Amer- and South other gold export or in- producica Oceania Africa Treas- Total i stock crease tion ury (-) 1945 -37.9 -73.1 -27.8 4-188.3 3 7 1946 -4.9 -9.2 25.0 13.7 94.3 22.9 1942 22,726 22,739 -23.0 315.7 -458.4 125.4 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1943 21,938 21,981 -757.9 68.9 -803. ( 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? 32.0 1950 -64.8 -17.2 -35.4 13.1 «-47.2 1946 20,529 20,706 623.1 311.5 456 A 51.2 1951 22.2 '" -19 -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—July.. 22,277 22,353 -168.0 -171.7 6.8 Oct.-Dec 30.1 -4.0 -25.0 19.2 Aug.. . 22,178 22,275 -77.4 -.1 -78.8 6.2 Sept... 22,128 22,220 -55.6 -.1 -55.0 6.2 1952 Oct.... 22,077 22,146 -73.3 .6 -72.5 6 8 Nov... 22,028 22,112 -34.0 -.6 -35.1 6.2 Jan.-Mar 10.0 -17.6 -3.2 4.3 Dec... 22,030 22,091 —21.9 -1.4 -21.2 6.1 Apr.-June -7.4 -2.4 7.2 July-Sept -2.0 .4 -.1 1954—Jan.... 21,956 22,044 -46.6 -5.5 -43.3 5.1 Oct.-Dec 4.8 2.0 -1.8 -1.9 Feb... 21,958 22,036 -7.7 1.6 -9.9 4.9 Mar... 21,965 22,035 -1.5 9.0 -2.0 5.4 1953 Apr. . . 21,969 22,083 47.9 2.4 37.5 4.9 May.. 21,973 22,039 -44.1 1.2 -48.4 5.0 Jan.-Mar -10.0 -3.6 -1.1 June.. 21,927 22,027 -11 .6 3.3 -16.9 6.1 J A u p l r y . - - S Ju ep n t e -5.0 — .1 - - 1 1 . . 2 4 July . .P21,907P2l,960 P-66.9 (3) 4-72.7 (3) Oct.-Dec — .1 -2.4 -9.9 * Preliminary. 1954 1See footnote 2 on opposite page. 2 Change 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. 1 Includes Bank for International Settlements. acc * o G u o n l t d , h in e c ld lu d u i n n d g e r g e o a ld rm h a e r l k d a fo t r t h th e e F e a d c e c r o a u l n t R e o s f e r i v n e te r B n a a n t k io s n f a o l r i f n o s r t e i i t g u n - 2 Includes sale of 114.3 million dollars of gold to Italy. tions amounted to 6,639.4 million dollars on July 31, 1954. Gold 'Includes 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 4 Includes sales of 185.3 million dollars of gold to China. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. ^Includes sales of gold to Egypt as follows: 1950, 44.8 million dollars; and 1951, 76.0 million. 6Includes sales of 45.0 million dollars of gold to Indonesia. AUGUST 1954 913 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 Apr. Jan. Oct Apr, Mar. Dec. Sept. M; Gold 1,719 1.702 1 700 1,693 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1 ,408 1 386 1 310 1,338 United States 3 3 Other 4,824 14 847 4 920 4,640 Other 987 1.004 1,008 1.033 Unpaid balance of member subscriptions. 889 796 799 1,057 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 473 430 385 446 Member subscriptions 8,849 8.739 8.739 8,737 Calls on subscriptions to capital stock* . 3 3 3 3 Accumulated net income -8 -8 Loans (incl. undisbursed portions and incl. obligations sold under Bank's I guarantee) 1.653 1,619 1,484 1.445 Net currency purchased2 1954 1953 O Bo th n e d r s a o s u s t e s t t s anding 7 2 4 7 2 65 2 3 1 56 1 7 8 55 1 6 7 (Cumulative—millions of dollars) Liability on obligations sold under guar- June May Apr. June antee 92 84 76 66 Loans—undisbursed 357 401 325 404 Other liabilities 10 10 8 9 Australian pounds 26.0 32.0 32 0 General reserve 92 87 82 71 Belgian francs 11.4 11.4 11.4 Special reserve 46 43 40 35 Bolivian bolivianos 2.5 2.5 2.5 Capital' 1,808 1,808 1,808 1,807 Brazilian cruzeiros 65.5 65.5 65.5 Chilean pesos 10.7 10.7 10 7 Czechoslovakian koruny 6.0 6.0 6.0 includes 2 million dollars receivable from a member country for D Eg an y i p s t h ia n k ro p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 cur 2 r A e s n c o y f J a u d n ju e s t 3 m 0, e n 1 t 9 . 54, the Fund had sold 914.0 million U. S. dollars. Finnish markkaa 4.5 4.5 4.5 In addition, other sales have included the following: to the Nether- French francs 125.0 125.0 125.0 lands, 1.5 million pounds sterling (May 1947) and 300.0 million Belgian Indian rupees 63.8 63.8 63.8 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 Netherlands guilders.... Deutsche marks (August 1953); to Japan, 5.0 million pounds sterling Turkish liras 27.0 27.0 27.0 10.0 (September 1953), 13.0 million pounds sterling (November 1953) Pounds sterling 300.0 300.0 300.0 300.0 and 26.3 million pounds sterling (December 1953). Repurchases Yugoslav dinars 9.0 9.0 9.0 9.0 amounted to 395.8 million dollars. Currencies the net transactions in All other -1.6 -1.6 -1.6 -1.6 wh 3 i c E h x c a l m ud o e u s n t u n to ca l l e le s d s t p h o an rt i o o n n e s m of i ll c io a n p it a a r l e s r u e b p s o c r r te ip d t i u o n n d s, e r a m "A o l u l n o ti t n h g e r t . o " - Total. 725.6 731.6 731.6 665.9 r 7 e ,2 p 3 re 1 s e m nt i s ll i t o h n e s d u o b ll s a c r r s i p a t s io n o f o f M th a e rc h U n 3 it 1 e , d 1 S 95 ta 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 circula- (Fig p u o r u e n s d s in s m te i r l l l i i n o g n ) s of Gold' a O ss th et e s r 2 N c a o o n 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 tions Bankers' Pub D li e c p<jsit E s CA Other t c i l O e i a a s p t b h i i a t e l a n i r - l d 1944—Dec 27 2 1,250 0 13.5 5 1 317.4 1,238 6 260 7 5 2 52 3 17 8 1945—Dec. 26 .2 1.400.0 20.7 8.4 327.0 1,379.9 274 5 5 3 58 5 17.8 1946—Dec 25 2 f.450 0 23 4 13.6 327.6 1,428.2 278 9 10 3 57 3 1 18 J 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 18.1 1950—Dec 27 4 1,375.0 19.2 29 2 384.0 1.357 7 313 5 15.4 .4 85.0 18 1 1951—Dec. 26 4 1,450.0 14.1 18 2 389.2 1.437 9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 4 1,575.0 51 3 11 2 371.2 1,525 5 302.8 10.0 24.3 78.5 18.1 1953—July 29 .4 1,625 0 29.0 10.7 369.1 1,598 8 274.8 9.8 38.4 67.5 18.; Aug 26 . . .4 L,575 0 32.2 3.6 367.8 1,545.7 277.5 8.8 31 6 67 3 18 4I. Sept 30 .4 L,575.0 45.2 5.2 356.6 1,532.7 287.3 10 7 19.9 70.6 18.6 Oct 28 .4 1.575 0 45 5 12.9 343.2 1,532.4 287.3 9 9 17 6 68 9 17 8 Nov. 25 .4 ,575.0 27 9 7.6 362.9 1,549.9 288.8 10.4 11.5 69.9 17.9 Dec. 30 .4 L,675 0 57.8 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—Jan. 27 4 4 ,575.0 42.6 15.4 330.2 1,535.2 278.6 10.7 12.5 68.1 18.3 Feb 24 .4 ,575 0 29.9 14.0 340.1 1.547.9 284.0 10.9 4.7 65.9 18 4 Mar 31 .4 41,625.0 51 3 15.2 319.3 1,576.9 262.7 30.6 1.0 72.9 18.6 Apr. 28 .4 ,625.0 15.5 7.5 369.5 1,612.6 289.3 11.7 6.6 67.1 17.8 May 26 .4 ,625.0 14.7 7.0 352.5 1,613.4 267.8 14.0 4.6 69 8 18 0 June 30 .4 4; ,675.0 30.2 11.7 374.6 1,647.4 307.7 10.6 8.7 71.3 18.2 !On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence oer 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. Securities 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. 4Fiduciarv 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 and June 2. 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. 914 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re a s d i i a n n m do il l l l i a o r n s s ) of Gold* an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e ts r circ N ul o a 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 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42 .4 1948—Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 1,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 1,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 1,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—July 31. 74.9 1,451.6 838.5 87.5 ,547.2 646.6 43.8 68.7 146.3 Aug. 31 . 67.4 1,414.0 830.9 83.0 ,549.7 617.8 66.4 35.2 126.4 Sept. 30. 69.0 1,385.7 824.9 81.0 ,552.5 616.9 15.4 37.8 138.0 Oct. 31. 70.5 1,469.9 812.1 118.6 ,555.9 733.6 3.8 37.2 140.8 Nov. 30. 61.2 1,378.6 894.9 89.7 ,559.3 625.6 50.3 43.4 145.7 Dec. 31. 54.9 1,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Jan. 30. 61.6 1,328.3 880.6 103.1 ,519.2 634.4 48.8 29.5 141.6 Feb. 27. 53.0 1,374.8 900.8 116.7 , 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 June 30. 54.2 1,568.5 702.0 112.9 ,553.5 624.4 99.0 41.4 119.2 Assets Liabilities Bank of France Advances to (Figures in Foreign Domestic bills Government6 Other Note Deposits? l O ia t b h i e l r millions of francs) Gold* ch e a x n ge m O a p r e k n et8 Special Other Current Other assets8 cir ti c o u n la- G m ov e e n r t n- ECA Other ca i a t p n ie i d t s al 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 868,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37 855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67]900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,727 ,123,514 27 897 137,727 49,305 1953—July 30. 200,187 2,275 262,811 15,341 960,622 200,000 650,482 139,754 2,163,216 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 49,968 877,283 200,000 632,149 152,085 193,383 96 479 139,662 61,023 Nov. 26. 201,282 12,444 255,680 59,533 836,117 200,000 654,949 150,2222,168,977 78 458 131,490 69,224 Dec. 31. 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,964 2,310,452 21 2,061 142,823 56,292 1954—Jan. 28. 201,282 18,596 262,211 56,988 895,508 195,000 657,549 162,7722,253,485 • 72 628 133,398 62,323 Feb. 25. 201,282 20,807 272,186 51,577 870,066 195,000 667,549 159,0272,257,405 42 627 131,996 47,425 Mar. 25. 201,282 23,646 227,003 40,319 905,854 195,000 672,949 146,1952,235,417 70 79 114,617 62,064 Apr. 29. 201,282 27,862 218,436 33,162 982,829 195,000 663,349 192,424 2,322,140 15 98 132,387 59,704 May 26. 201,282 31,344 208,288 26,612 934,538 195,000 651,849 210,3312,272,409 17 134 128,816 57,869 June 24. 201,282 34,133 2\1,399 18,317 946,002 195,000 656,749 »185,6822,270,081 84 202 119,155 65,043 *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. 3 Includes notes held by the chartered banks, which constitute an important part of their reserves. 4 Beginning November 1944, includes a certain amount of sterling and United States dollars. 5For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 6 For 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. ••* 8inciudes 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 68.2 billion francs on June 24. 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. 915 AUGUST 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) June May Apr. June date of month) June May Apr. June Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 1,623 1,623 1,537 Loans and discounts 363 019 350,917330,917 356,511 Other gold and foreign exchange. 1,798 1,853 906 Government loans and securities. 258 912258,966 257,504 192,359 Government securities 3,808 3,834 3,217 Other assets 137 594 349 124,724 97,399 Rediscounts and loans to banks.. 62,000 61,532 52,425 Note circulation 684 064 634,734 595,177 549,083 Other assets 247 249 302 Deposits 472 697 438,008 413,041 375,873 Currency circulation 26,003 26,051 22,282 Other liabilities and capital 119 111,943 102,519 81,549 Deposits—Nationalized 38,626 38,302 32,042 Central Bank of Costa Rica Other sight obligations 553 565 495 (thousands of colones): Other liabilities and capital 4,295 4,173 3,568 Gold 11 503 503 11,503 11,511 Commonwealth Bank of Aus- Foreign exchange 96 939 719105,349 123,849 tralia (thousands of pounds): Net claim on Int'l. Fund4 7 032 032 7,032 7,031 Gold and foreign exchange 505,414 539,847 139,055 485,823 Loans and discounts 101 828103086 91,625 70,363 Checks and bills of other banks.. 13,552 9,061 10,050 10,580 Securities 1 195 500 1,407 Securities (incl. Government and Other assets 24 813 154 27,324 23,740 Treasury bills) 457,739 403,738 402,491 463,193 Note circulation 138 440 299135,930 138,957 Other assets 64,936 70,438 79,360 71,838 Demand deposits 76 303 706 77,424 75,276 Note circulation 343,827 344,113 349,613 328,668 Other liabilities and capital 28 567 989 29,479 23,668 Deposits of Trading Banks: National Bank of Cuba Special 351,920 353,920373,920 301,865 (thousands of pesos): Other 54,405 48,750 34,364 51,600 Gold 185,748185,748 195,748 Other liabilities and capital 291,490 276,301273,059 349,302 Foreign exchange (net) 36 039 37,989 69,436 Austrian National Bank (millions Foreign exchange (Stabilization off schillings): Fund) 286,782 224,707 Gold 271 186 186 100 Silver 7,616 15,460 Foreign exchange 8,919 8,556 8,164 3,544 Net claim on Int'l. Fund4 12 512 12,512 12,511 Loans and discounts 5,298 5,436 5,459 6,329 Loans and discounts 41 288 45,922 43,679 Claim against Government 1,777 1,780 1,780 1,973 Credits to Government 40 075 36,162 36,821 O N t o h te e r c a ir s c s u et l s ation 10,95 3 9 3 10,63 3 3 6 10,54 3 4 5 9,14 40 7 O N t o h te e r c a ir s c s u et l s ation 42 7 7 5 640 6 2 8 6 , , 6 4 5 9 6 8 42 6 1 9 , , 6 0 7 9 1 2 Nati D on ep a o l s B it a s— nk B O B o a l t o f h n c e k B k r s e e d lgium 2 1 , , 8 7 7 9 1 30 3 7 2 1 , , 8 7 7 6 2 7 9 1 0 2 1 , , 5 7 7 6 6 57 1 2 1, 4 3 9 4 9 9 5 8 6Nati O D on t e h p a e l o r s B i l t i a s a n b k il i o ti f e s C a z n ec d h c o a s p l i o t v al akia 5 24 1 2 7 9 22 5 5 4 23 1 8 6 , , 0 8 7 1 9 0 23 1 2 3 , , 1 6 2 6 2 3 (millions of francs): National Bank of Denmark Cent O N F O D G L C G r o o o o t t o e a o h h r a l n p l t v e d e e e n s o e i r r s o g B s r c l n n i a l i a a i t i r s m d s a n c n c s — a b d l u e e k a t i n t l e l i d s D E a i d t m t t i o C i e i s s s e f o G m c A e s n a o c o a n B a u u v n d n r n o e d i d t l t b r s i i n a e v c m l s a i a a p e n — i n c t t a e M l s d o ( e n n b e e t t - : . ) . . . 3 3 9 1 8 4 8 4 6 8 4 1 1 , , , , , , , , , 2 2 6 9 4 6 2 2 6 1 6 1 8 6 5 5 7 3 5 1 5 6 6 0 3 8 3 9 8 2 3 3 9 1 8 4 8 4 4 6 1 7 1 , , , , , , , , , 9 6 1 7 6 5 2 2 2 1 7 0 8 6 2 7 4 7 8 1 2 2 8 0 2 3 5 5 2 6 3 3 9 1 9 4 8 4 4 5 2 7 1 , , , , , , , , , 3 1 3 6 0 6 4 8 9 1 3 5 8 6 3 5 1 8 5 1 5 7 0 0 1 5 5 2 9 0 3 3 9 1 4 4 6 6 4 3 6 5 1 , , , , , , , , , 7 6 1 4 0 7 2 5 6 1 7 6 0 6 7 0 2 0 3 4 8 0 6 0 3 5 7 6 7 9 (m O F S D O L G N G il e o o t e o t l o o c i h h r a p l v t o e u d e e e n o n t i r r r . s g s s i c t i n a l c a i i t i o r s o e s a n c f e s s — m b d u e x k i t l p c l G O s d a r i h e t o t i o i t a n i s n e h o n v c s s e e n a o g e r . r t a u e r • ) i n : n n o m n t d s e c a n a c t p c it o al unt.... 2 1 1 , , , , 5 9 2 1 1 5 3 2 0 3 1 5 9 6 3 5 0 1 0 1 7 8 1 9 2 1 3 9 0 , , , , 9 5 2 1 1 2 2 9 6 9 0 2 6 2 7 3 5 5 6 5 3 7 9 5 0 2 3 4 0 3 1 1 1 1 , , , , , 2 5 2 9 5 0 3 1 1 0 2 8 3 2 6 9 4 1 7 3 6 1 9 3 1 3 8 0 4 3 1 1 1 , , , , 4 2 3 3 4 1 7 1 1 5 6 8 2 7 6 6 6 7 2 4 7 5 9 1 5 8 7 4 4 tary dept. (millions of bolivianos): (Jan.)* Central Bank of the Dominican Gold at home and abroad1 4,419 4,418 Republic (thousands of pesos): Foreign exchange (net) 28,923 9,162 076 076 12,076 12,076 L G o o a v n e s r n a m nd en d t is s c e o c u ur n i t t s ies 6 2 , , 0 5 4 0 0 5 2 2 , , 3 5 1 0 1 5 F N o e r t e i c g la n i m ex o ch n a I n n g t e ' l. ( n F e u t n ) d4 2 1 5 0 25 2 0 4 0 2 8 5 7 0 25 1 , , 3 2 5 5 8 0 17 1 , , 1 2 8 5 0 0 Other assets 190 250 Loans and discounts 2 310 106 1,661 898 Note circulation 12,422 8,555 Government securities 9 420 420 9,420 9,950 Deposits 3,299 1,852 Other assets 7 015 988 6,807 1,464 Other liabilities and capital1.... 6,356 8,239 Note circulation 37 373 749 35,703 33,137 Central Bank of Ceylon (thousands Demand deposits 17 602 106 18,842 7,749 of rupees): Other liabilities and capital 2 120 ,072 2,028 1,932 Foreign exchange 446,213 416,911 391747 293,689 Central Bank of Ecuador Advances to Government 100 84,200 (thousands of sucres): Government securities 47,537 61,311 327 170,796 Gold 342 539 342,455342,395 339,145 Other assets 4,209 4,311 820 5,047 Foreign exchange (net) 106 94,397 59,353 159,931 Currency in circulation 357,526 354,968 355 713 388,764 Net claim on Int'l. Fund4 18 757 ,757 18,757 18,757 Deposits—Government 14,987 6,261 700 17,614 Credits—Government 358 147 375,033 372,967 316,569 Banks 78,815 75,403 283 107,581 Other 216,907178 910173,355 193,317 Other liabilities and capital 46,631 45,901 298 39,772 Other assets 213,895197 513193,856 173,165 Central Bank of Chile (millions, Note circulation 646,867608 692593,720 565,566 of pesos): Demand deposits—Private banks. 222,168188 239179,392 187,810 Gold3 5,710 5,664 5,661 1,374 Other 154,903158 433 167,736 222,993 Foreign exchange (net) 758 855 538 117 Other liabilities and capital 232 749 251 702219,834 224,515 Net claim on Int'l. Fund4 387 National Bank of Egypt (thou- Discounts for member banks. . . 2,870 2,634 2,490 1,922 sands of pounds): Loans to Government 11,469 11,509 11,509 4,020 Gold 60 60,553 60,553 Other loans and discounts 9,437 8,713 7,543 11,845 Foreign exchange 20 24,301 25,288 Other assets. 3,459 3,563 3,590 2,501 Foreign and Egyptian Note circulation 21,372 21,096 20,514 14,907 Government securities 247 429 250,060 247,804 295,205 Deposits—Bank 4,691 4,731 5,016 3,599 Loans and discounts 12,998 13,596 13,656 9,173 Other 919 817 621 1,052 Advances to Government Other liabilities and capital 6,721 6,295 5,181 2,609 Other assets 2 009 ,365 1,617 2,129 Bank of the Republic of Colombia Note circulation 166 544 ,482169,070 180,193 (thousands of pesos): Deposits—Government 51 968 ,053 61,109 71,655 Gold and foreign exchange 492,623 424,075 373,216 335,862 Other 114 551 ,118108,579 131,012 Net claim on Int'l. Fund4 24,377 24,377 24,377 24,373 Other liabilities and capital 10 553 ,628 9,172 9,488 •Latest month available. *On May 14, 1953, gold reserve revalued from 0.0148112 to 0.00467722 grams of fine gold per boliviano. 2 Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 3On Oct. 5, 1953, gold revalued rrom 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. 916 FEDERAL RESERVE BULLETIN 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) June May Apr. June date of month) June May Apr. June Central Reserve Bank of £1 Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 5,938 5,736 5,331 4,909 Gold 72,223 72,295 72,358 73,064 Deposits—ECA 495 495 49f 495 Foreign exchange (net). 65,584 71,502 75,731 69,847 Other 1,532 1,258 1,429 1,155 Net cladimn on Int'l. Fund1 1,568 1,568 1,567 1,566 Other liabilities and capital 466 609 590 418 Loans and discounts 17,205 13,349 7,551 11,468Central Bank of Ireland (thousands Government debt and securities.. 11,549 13,649 14,425 6,465 of pounds): Other assets 8,001 5,924 5,544 1,878 Gold 2,646 2,646 2,646 2,646 Note circulation 94,554 95,623 97,576 87,201 Sterling funds 64,003 64,685 65,574 60,709 Deposits 71,077 74,032 71,068 69,219 Note circulation 66,649 67,331 68,220 63,355 Other liabilities and capital 10,499 8,631 8,533 7,867Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 4 kaa): Foreign exchange 71 69 67 52 Gold 6,973 5,862 5,862 5,862 Advances to Treasury 567 567 567 569 Foreign assets (net) 14,865 13,289 13,739 8,567 Loans and discounts 349 328 343 307 Clearings (net) 8,503 9,678 9,940 4,434 Government securities 290 290 290 262 Loans and discounts 41,924 38,031 36,309 40,834 Other assets 725 726 713 702 Securities 2,217 2,220 2,192 1,651 Note circulation 1,341 1,348 1,343 1,248 Other assets 2,142 2,061 2,354 2,083 Deposits—Government 35 21 47 109 Note circulation 44,605 47,169 45,508 43,247 Demand 71 59 54 61 Deposits 17,347 9,239 10,268 1,700 Other 435 438 421 364 Other liabilities and capital 14,671 14,734 14,620 18,485 Other liabilities and capital 126 120 119 114 Bank of German States2 Bank of Japan (millions of yen) : (millions of German marks): Bullion 448 448 448 448 Gold 1,754 1,707 1,738 880 Advances to Government 1,400 ,400 1,400 37,399 Foreign exchange 8,154 7,961 7,800 5,377 Loans and discounts 444,595 412,471438,937 419,996 Loans and discounts 2,370 1,907 1,781 2,258 Government securities 202,991 ,997209,937 146,361 Loans to Government 4,452 4,902 5,134 7,177 Other assets 93,369 ,696103,270 123,088 Other assets 936 881 786 945 Note circulation 534,215 ,604543,973 516,352 Note circulation 11,542 11,498 11,588 10,831 Deposits—Government 63,217 ,664 42,200 115,761 Deposits—Government 1,162 1,139 1,180 1,382 Other 68,573 ,951 77,223 54,346 Banks 2,843 2,686 2,438 2,451 Other liabilities 76,799 ,792 90,537 40,832 Other 248 272 276 257 Bank of Mexico (millions of pesos): Other liabilities and capital 1,870 1,762 1,758 1,714 Monetary reserve6 1,201 1,277 1,229 1,161 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc 3,277 3,285 3,335 2,939 Gold and foreign exchange (net). 5,252 5,171 4,307 Bills and discounts 793 922 857 630 Loans and discounts 130 136 123 Other assets 1,054 1,067 933 412 Advances—Government 8,416 8,535 8,053 Note circulation 3,537 3,608 3,605 3,150 Other 3,924 3,476 Demand liabilities 1,268 1,500 1,311 1,492 Other assets 1,832 2,088 Other liabilities and capital 1,520 1,444 1,438 499 Note circulation 3,266 3,443 2,328Netherlands Bank (millions of Deposits—Government 1,371 1,509 832 guilders): Reconstruction and Gold 2,930 2,924 2,924 2,306 relief acts 6,697 6,564 6,976 Silver (including subsidiary coin). 16 15 13 15 Other 2,826 2,800 2,290 Foreign assets (net) 1,628 1,539 1,410 1,727 Other liabilities and capital 5,445 5,163 5,622 Loans and discounts 37 30 29 41 Bank of Guatemala (thousands of Govt. debt and securities 713 875 914 1,242 quetzales): Other assets 421 426 459 516 Gold 27,228 27,228 Note circulation—Old 29 29 30 33 Foreign exchange (net) 23,311 24,195 New 3,357 3,367 3,267 3,109 Gold contribution to Int'l. Fund. 1,250 1,250 Deposits—Government 624 751 618 993 Rediscounts and advances 16,558 7,479 ECA 797 797 856 1,196 Other assets 35,567 17,136 Other 723 651 761 314 Circulation—Notes 53,315 43,513 Other liabilities and capital 214 213 217 202 Coin 3,674 3,496Reserve Bank of New Zealand Deposits—Government 3,061 3,356 (thousands of pounds): Banks 19,178 12,192 Gold. .'. 6,169 6,168 6,021 Other liabilities and capital 24,687 14,731 Foreign exchange reserve 89,983 83,648 66,563 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 48,904 62,012 63,775 Issue department: Investments 23,924 23,902 37,006 Gold at home and abroad 400 400 400 400 Other assets 1,283 1,569 1,727 Foreign securities 6,532 6,882 6,782 5,932 Note circulation 68,143 69,145 62,605 Indian Govt. securities 4,212 4,212 4,213 4,499 Demand deposits 98,139 104,545 109,584 Rupee coin 983 968 981 915 Other liabilities and capital 10,001 9,627 8,921 Note circulation 11,745 12,029 12,172 11,381 Bank of Norway (millions of kroner): Banking department: Gold 218 218 218 280 Notes of issue department.... 382 433 204 365 Foreign assets (net) 132 99 26 130 Balances abroad 904 630 740 1,200 Clearing accounts (net) -68 -37 -39 13 Bills discounted 67 90 112 143 Loans and discounts 62 70 67 61 Loans to Government 11 9 8 34 Securities 30 30 30 43 Other assets 1,252 1,337 1,303 1,224 Occupation account (net) 5,546 5,546 ,546 5,546 Deposits 2,237 2,116 2,002 2,475 Other assets 62 60 65 61 Other liabilities and capital. . . 378 382 366 491 Note circulation 3,078 2,939 ,968 2,864 Bank Indonesia4(millions of rupiah) : Deposits—Government 1,708 1,857 ,699 1,865 Gold and foreign exchange (net) 5. 366 619 656 2,513 Banks 532 542 655 642 Loans and discounts 569 616 581 588 FOA—MSA 174 163 146 278 Advances to Government 7,249 6,628 6,374 3,678 Other liabilities and capital 491 486 447 484 Other assets 247 235 235 198 I !This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2Combined figures for the Bank of German States and the nine Land Central Banks. 3For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent Issue and Banking Departments combined. 5Gold not reported separately beginning January 1954. 6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 917 AUGUST 1954 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) June May Apr, June date of month) June May Apr June State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 37,389 34,467 33,709 29,292 Issue department: Note circulation 37,728 37,827 37,738 36,244 Gold at home and abroad... 81 81 81 81 Deposits—Government 7,104 3,233 3,865 1,672 Sterling securities 416 463 499 421 Other 3,329 3,744 3,389 3,489 Pakistan Goyt. securities. . . 1,367 ,318 1,283 1,191 Other liabilities and capital 32,548 30,430 29,465 25,296 Govt. of India securities 146 146 146 126Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold . 482 481 481 426 Rupee coin 55 55 55 66 Foreign assets (net) 1,356 1,367 1,357 1,250 Notes in circulation 2,240 ,266 2,296 2,081 Net claim on Int'l. Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 124 98 68 104 vances to National Debt Office3 2,405 2,300 2,331 2,427 Bills discounted 19 Other domestic bills and advances 433 525 471 366 Loans to Government 75 44 38 103 Other assets 896 844 845 847 Other assets 304 311 337 457 Note circulation 4,593 4,433 4,575 4,327 Deposits 387 334 332 548 Demand deposits—Government.. 376 514 321 275 Other liabilities and capital.. 115 119 112 134 Other 40 25 33 134 Central Bank of Paraguay1 Nov. Other liabilities and capital 693 675 686 711 (thousands of guaranies): 1953)* Swiss National Bank (millions of Gold 1,138 1,138 francs): Foreign exchange (net) 43,465 59,915 Gold 6,131 6,047 6,139 6,009 Net claim on Int'l. Fund2 11 11 Foreign exchange 537 499 484 525 Loans and discounts 268,661 214,573 Loans and discounts 117 151 149 218 Government loans and securities. 400,293 354,589 Other assets 93 88 75 75 Other assets 581,894 275,169 Note circulation 4,967 4,915 4,926 4,814 Note and coin issue 495,008 429,165 Other sight liabilities 1,706 1,668 1,722 1,809 Deposits—Government 148,704 86,383 Other liabilities and capital 204 203 200 204 Other .'. 230,143 136,046 Central Bank of the Republic of Other liabilities and capital 421,608 253,801 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 328 413 517 clearings 237 224 201 195 Net claim on Int'l. Fund2 67 67 67 Loans and discounts 2,190 2,162 2,124 1,623 Loans and discounts to banks. . . 614 598 343 Securities 30 27 25 26 Loans to Government ,128 1,107 1,009 Other assets 90 96 120 174 Other assets 91 114 174 Note circulation 1,432 1,451 1,432 1,239 Note circulation ,671 1,645 1,490 Deposits—Gold 154 154 154 153 Deposits 356 432 357 Other 875 830 836 656 Other liabilities and capital 201 222 263 Other liabilities and capital 488 477 451 372 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): Gold 18 813 18,813 18,813 Gold 344,167 344,167 336,572 Foreign exchange 443, £6,797 448,014 Silver 8,672 8,647 9,274 Net claim on Int'l. Fund2 29 29,504 29,504 Advances to State and Govern- Loans 3 8,524 35,860 ment bodies 123,343112,591 129,201 Domestic securities 248 449 262,640 232,236 Other loans and discounts 375,715372,846 335,063 Other assets 162 164,397 149,205 Other assets 609,949 580,626 602,807 Circulation—Notes 603:572 606,266 545,179 Note circulation 456,400 451,808 400,038 Coin 84. 84,405 87,316 Deposits—Government 148,591147,605 127,201 Demand deposits 167 166,621 227,482 Other 333,215 316,662 371,336 Other liabilities and capital 50 53,382 53,654 Other liabilities and capital 523,640 502,803 514,344 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): 'ions of bolivares): Gold ,312 5,282 4,734 Gold 1,232 1,141 1,141 1,141 Foreign exchange (net) ,070 13,018 12,070 Foreign exchange (net) 374 485 381 246 Loans and discounts 654 630 667 Other assets 123 104 98 90 Advances to Government ,418 1,418 1,429 Note circulation 999 996 1,000 932 Other assets 939 987 671 Deposits 269 267 270 249 Note circulation ,265 9,473 8,762 Other liabilities and capital 463 467 351 297 Demand deposits—Government.. ,939 1,890 1,675 Bank for International Settle- ECA 6 6 6 ments (thousands of.Swiss gold Other ,065 7,792 7,039 francs): Other liabilities and capital ,117 2,176 2,089 Gold in bars 558,106568,698602,127 590,348 South African Reserve Bank Cash on hand and with banks. .. 51,144165,720 95,718 60,943 (thousands of pounds): Sight funds at interest 1,491 1,493 1,490 4,730 Gold 66,120 ,934 63,896 61,977 Rediscountable bills and accept- Foreign bills 47,589 ,707 38,177 41,430 ances (at cost) 174,970297,424 433,177 222,270 Other bills and loans 7,041 256 31,005 21,165 Time funds at interest 374,355310,827199,514 49,110 Other assets 47,517 101 45,666 42,070 Sundry bills and investments 539,690 414,616362,197 202,455 Note circulation 98,988 ,522 97,766 92,296 Funds invested in Germany 297,201297,201297,201 297,201 Deposits 51,956 515 60,881 53,774 Other assets 8,555 5,355 7,859 1,318 Other liabilities and capital 17,323 ,961 20,097 20,572 Demand deposits (gold) 434,282437,475320,018 420,651 Bank of Spain (millions of pesetas): Short-term deposits: Gold 613 605 596 596 Central banks—Own account.. 1,032,3861,082,476 1,131,253 448,588 Silver 323 328 336 338 Other 26,373 29,748 36,848 54,124 Government loans and securities. 15,743 ,191 15,931 15,717 Long-term deposits: Special 228,909 22288,,990099 228,909 228,909 Other loans and discounts 26,642 ,642 23,885 20,758 Other liabilities and capital 283,561 282,727 282,254 276,104 •Latest month available. xThe new Central Bank of Paraguay began operations on July 1, 1952. Central banking functions previously performed by the Monetary Department of the Bank of Paraguay were transferred to the new institution. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 'Includes small amount of non-Government bonds. 918 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OP CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n m t g e - d 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 l w a e n r i - d tz- ba C n e k n t o r f a — l R Ju 3 a n 0 t e e ef D fe a ct t i e ve ba C n e k n t o r f a — l J R u 3 a n 0 t e e ef D fec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland Mar. 25, 1952 1948 2 3 15 3H 234 2H 134 Austria 3 \*9 June 3, 1954 Italy 4 Apr. 6, 1950 May 27, 1949. . Belgium Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 July 14... 14 Bolivia. 6 Sept. 30, 1950 Mexico June 4, 1942 Oct 6 3H June 8. 1950 2H Sept. 11 3% Sept. 26.. 3 Canada 2 Oct. 17, 1950 Netherlands. Apr. 7, 1953 Oct. 27 *6 Ceylon June 11, 1954 New Zealand. 334 Apr. 12, 1954 Dec. 1... 3 Chile 434 June 13, 1935 Norway Jan. 9, 1946 Apr. 17, 1951. 4 Colombia 4 July 18, 1933 Pakistan. . . . 3 2 July 1, 1948 July 5.. 334 Costa Rica 4 Feb. 1, 1950 Sept. 13 3H Oct. 11 3 Nov. 8 Nov 9 4 Denmark June 23, 1954 Peru 6 Nov. 13, 1947 J M an a . r . 2 1 2 2 , 1952 4 3H E E c g u y a p d t or 1 3 0 2 N M o a v y . 1 1 3 5 , , 1 1 9 95 4 2 8 S P o o u r t t h u g A a f l r . ic .. a . . V* M Ja a n r . . 2 1 7 2 , , 1 1 9 9 5 4 2 4 May 29 15 El Salvador. . . 3 Mar. 22, 1950 Spain Mar. 18, 1949 Aug 1 3 Finland Dec. 16, 1951 Sweden 4 Nov. 20, 1953 Aug. 21... 141/ 2% Dec 18 3 Jan. 8, 1953. . 14 Apr. 7... 234 France Feb. 4, 1954 Switzerland.. Nov. 26, 1936 June 11 131/ Germany... . May 20, 1954 Turkey 3 2 Feb. 26, 1951 O Se c p t t. 2 1 9 7 3H 3y2 2M G In r d e i e a ce 10 J N a o n v . . 15 1 , , 1 1 9 9 5 5 1 4 Un d i o te m d King- 3 May 13, 1954 Nov. 20 . 2% Indonesia 3 2 Apr. 1, 1946 U.S.S.R 4 July 1, 1936 Feb. 4, 1954. . 3X May 13 "3" May 20 13 1 Rates established for the Land Central banks. In effect June NOTE.—Changes since June 30: Spain—July 1, from 4 to 3% per cent. 30, 1954 3 13 2% 2M 2M \y 2 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 1 1 9 9 4 4 4 5 — — M M a a y y 3 3 7 9 1 1 0 0 3 3 1 1 .0 0 0 0 1 1 .1 0 3 3 .5 5 0 0 1 1 . 6 3 1 8 23 3 ^ - - 5 5 y2 j L ?« 2 ; 5 1946—May .39 .53 .51 .63 .50 1.34 L.27 .93 L 25 1947—May .41 .53 .51 .63 .50 1.46 1.45 1.08 L.25 1948—May . . .41 .56 .51 .63 .50 2.12 1.33 .94 1.50 1949—May .50 .63 .52 .63 .50 2.43 1.28 1.03 21^-41^ L 63 1950—May .51 .69 .51 .63 .50 2.68 1.45 1.03 234-434 L.50 1951—May .76 .69 .51 .63 .50 2.61 L.50 1.07 3-5 L.50 1952—May 1.02 3.00 2.37 2.25 2.00 3.77 L.25 .90 3-5 L.50 1953—May 1.53 3.00 2.38 2.25 2.00 4.22 .64 .52 3-5 L 50 1953—June 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 3-5 L.50 July 1.76 3.00 2.35 2.25 2.00 4.13 .50 .50 3-5 L 50 August 1.80 3.00 2.36 2.25 2.00 4.18 .50 .50 3-5 .50 September.... 1.91 2.67 2.27 2.09 1.88 4.34 .43 .50 3-5 L.50 October 1.93 2.19 2.11 1.94 1.75 3.91 .38 .50 3-5 L.50 November. . . . 1.90 2.19 2.10 1.94 1.75 4.00 .28 .50 3-5 .50 December 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 .50 1954—January . . 1.88 2.19 2.12 1.94 1.75 3.66 .23 .50 2M-5 L.50 February..... 1.74 2.15 2.07 1.94 1.75 3.55 .25 .50 2M-5 L.50 M^arch 1.61 2.16 2.10 1.94 1.75 3.42 .45 .50 2M-5 .50 April 1.56 2.17 2.09 1.94 1.75 3.55 .41 .50 2M-5 .50 May 1.59 1.89 1.79 1.63 1.44 3.54 .38 .50 2H-5 .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. AUGUST 1954 919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom* Assets Liabilities ( b m 1 a 1 i n l l L k io o s s n . n t e s d r o F l o i n i f n g g p u c ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o l o h n l t o e i a c r y n t e d at B co il u ls n d te i d s- T r d e r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Total D D e e p m o a s n it d s Time 1 c l O a a a b p t n h i i d l t e i a t r l ies 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—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 ,786 699 6,378 4,056 2,321 499 May 501 463 1,122 2,305 ,804 643 6,335 4,005 2,330 502 June 531 455 1,170 2,311 1,856 711 6,533 4,193 2,340 501 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 i a n y te a r b b l a e n i k n d C e a p n o a s d it a s En C d a i n o n a f m d m i i a l o n li n o d t n h o s l l o f a i f g rs u ) 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 r d r e n o f i r k 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 ,169 16 7,027 2,970 4,057 ,537 1949—December. 765 133 2,271 146 4,345 ,058 14 7,227 2,794 4,433 ,477 1950—December. 824 134 2,776 171 4,286 ,304 7,828 3,270 4,558 ,667 1951—December. 907 107 3,028 227 3,876 ,464 7,896 3,284 4,612 ,714 1952—December. 916 155 3,289 326 3,955 ,516 8,421 3,497 4,924 ,736 1953—June 903 123 3,576 331 3,956 ,509 8,634 3,508 5,126 ,764 July 877 125 3,649 328 3,872 ,359 8,496 3,344 5,152 ,713 August. . . 883 135 3,732 353 3,886 ,329 8,651 3,445 5,206 ,667 September 897 110 3,772 330 3,918 ,372 8,692 3,466 5,226 ,706 October... 962 144 3,838 342 3,789 ,432 8,744 3,596 5,148 ,763 November. 899 152 3,977 390 3,789 ,512 8,918 3,851 5,068 ,801 December. 906 154 3,897 424 3,831 ,510 8,881 3,847 5,034 ,841 1954—January.. 881 143 3,929 370 3,944 ,337 8,772 3,679 5,093 ,832 February. 898 197 3,951 370 3,885 ,332 8,843 3,681 5,162 ,791 March... . 923 167 3,899 421 3,775 ,426 8,780 3,535 5,245 ,830 April 892 144 3,925 398 3,780 ,408 8,708 3,397 5,312 ,839 May 866 215 3,925 382 3,780 ,481 8,818 3,441 5,378 ,830 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 d te i d s- Loans O as t s h e e ts r 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—May 48,079 84,973 690,729 166,926 44,885 962,225 924,151 38,074 29,618 43,750 June 47,394 85,411 643,804 184,584 46,676 930,986 892,185 38,801 28,728 48,155 July 47,903 85,806 661,082 189,591 49,269 952,454 913,188 39,265 27,446 53,751 August 50,451 89,197 651,314 198,784 49,226 956,528 917,027 39,501 25,209 57,234 September 47,177 81,649 644,000 199,498 50,250 939,282 900,010 39,272 22,928 60,364 October 46,003 74,964 694,021 185,109 54,393 965,798 924,602 41,196 24,355 64,338 November 47,103 78,797 696,942 189,753 60,636 978,019 935,267 42,752 28,142 67,070 December P 50,763 85,739 743,686 183,302 68,819 1,029,660 987,111 42,549 30,308 72,341 1954—January 46,077 76,601 782,293 180,524 37,840 1,056,908 1,013,546 43,363 31,301 35,126 February 44,083 75,183 770.445 193,050 40,242 1,054,531 1,010,245 44,286 32 539 35,933 March 43,889 80,266 714,717 201,349 45,611 1,011,003 968,648 42,444 34,322 40,416 April 43,467 78,411 710,596 206,008 45,340 1,007,632 967,024 40,608 31,538 44,652 P Preliminary. !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after Ocober 1945. 3Beginning December 1953, when a new bank was added, figures are for 11 banks. 4 In January 1950, the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 920 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- British (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) ( A sc u h s il t l r in ia g) B ( e fr l a g n i c u ) m ( B cr r u a z z e i i l r o i ) M (d a o si l l a l a a y r) - Official Free 1948 29 773 321.22 2 2816 5 4406 100 000 91 691 1949 29 774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 26.571 13.333 8.289 223.15 1.9908 5.4406 32 788 90.909 91.474 1951 20 000 13.333 7.067 223.07 1.9859 5.4406 32.849 94.939 1952 20 000 13.333 7.163 222.63 1.9878 5.4406 32.601 102.149 1953 20.000 13.333 7.198 224.12 "23.8580' 2.0009 »5.4420 32.595 101.650 1953—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 »5 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 Tune. 20 000 13 333 7 198 224.56 3.8580 2.0032 4 2808 3 5261 32 666 101 882 July 20.000 13.333 7.198 224.51 3.8580 2.0009 4.2808 3.5261 32.689 102.611 France Year or month Ceylon m De a n r - k Finland (franc) G (d e e r u m ts a c n he y India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1948 20.857 .4929 .3240 30.169 18.860 37.668 350.48 1949 27 839 19 117 4671 3017 27 706 12 620 34 528 365 07 1950 20 850 14.494 .2858 23.838 20.870 11.570 26 252 277 28 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 26.264 277.19 1952 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 26.315 276.49 1953 21.046 .4354 .2856 21.049 281.27 11.607 26.340 278.48 1953—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 ' <23.838 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 July 21.094 .4354 .2856 23.838 21.094 281.76 8.000 26.415 278.97 Philip- Portu- South Swe- Switz- United Year or month N (k o r r o w ne a ) y Re ( p p p i e u n s b o e ) lic (es g c a u l do) ( A po fr u i n c d a ) (k d ro e n n a) 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 es u o a ) y• 1948 20 159 4.0183 400.75 27 824 23 363 403 13 65 830 56 182 1949. 18 481 49.723 3 8800 366 62 25 480 23 314 368 72 65 830 56 180 42 553 1950 14 015 49.621 3.4704 278.38 19 332 23.136 280 07 65 833 56.180 42 553 1951 . 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 65.833 56.180 42.553 1952 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1953 14 015 49 676 3.4887 280.21 19.323 23.316 281.27 765 833 756 180 742 553 *34 217 1953—August 14.015 49.676 3.4897 280.45 19 323 23.334 281.50 65 833 56.180 42.553 34.001 September 14 015 49 677 3.4896 279.24 19.323 23.332 280.28 65 833 56 180 42.553 35 228 October 14 015 49.677 3.4896 279.53 19.323 23.310 280 58 65 833 56.180 42.553 34.791 November 14 015 49.677 3.4899 280.04 19 323 23.255 281 09 65 833 56 180 42.553 33.567 December 14.015 49.677 3.4900 279.98 19.323 23.289 281.03 765.833 756.18O 742.553 732.573 1954— January 14 008 49.677 3.4900 280.09 19.333 23 308 281 14 February 14.008 49.677 3.4900 280.23 19.333 23 315 281.29 March 14 008 49 677 3.4900 280.40 19.333 23 308 281 45 April 14 008 49.677 3.4900 280.76 19.333 23.313 281 81 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 July 14.008 49.677 3.4900 280.71 19.333 23.320 281.76 !For figures on free rate for the period Feb. 25-Oct. 9, 1953, inclusive, see BULLETIN for November 1953, p. 1231. The average for this period was 2.3274. 2Based on quotations beginning Nov. 30, 1953. ^Official 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 S.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. * Based on quotations beginning Apr. 1, 1954. 5The 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, 1953, inclusive; the average for this period was 53.1914. 7 Based on quotations through Dec. 4, 1953. 8 Free rate, based on quotations Feb. 10-Dec. 4, 1953, inclusive. 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. 921 AUGUST 1954 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 1 n 9 g 0 i 3 t 0 d 0 e ) 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 n 0 h 4 0 d e 8 ) s r = - S (1 w 1 9 0 e 3 0 d 5 ) e = n ( S A = w l u 1 a i g t n 0 . z d 0 1 e ) 9 r 3 - 9 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1953 110 221 393 328 138 5,250 354 134 298 213 1953—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. . 110 220 401 326 136 237 359 133 295 212 November 110 219 396 328 137 222 360 134 297 212 December 110 219 396 326 138 256 361 134 296 211 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 111 219 401 329 136 '5,336 368 135 296 214 April 111 218 411 330 137 5,309 136 297 215 May 111 218 431 P331 i»139 137 P296 214 June 110 218 437 P332 P135 P215 p Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month 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 c a a t r u n t r l u e y - d fa c m c h a t i u e n f r u l e y - d Foods p I r n o tr d d ia u u l s c - ts Foods t p r r I i o n a d d l u u c s r t - a s w p f r I i o n t n r i d d i s u u a h c s l e t - d s goods goods 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 »364 122 171 143 1952 107 109 113 250 219 231 284 P352 129 166 135 1953 97 105 114 220 207 229 307 123 156 132 1953—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... 95 105 115 209 205 229 304 120 154 132 November. 94 104 115 205 203 228 305 122 153 132 December. 94 104 115 207 204 228 302 122 153 132 1954—January... 98 106 115 209 207 228 302 125 153 133 February.. 98 105 114 209 205 227 305 128 153 133 March.... 98 105 114 207 204 227 311 126 154 133 April 99 106 115 206 206 225 310 127 153 1U May 98 107 115 210 2O8 22* 310 129 154 133 95 105 114 210 207 225 P311 June n.a. Not available. * Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 922 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 = 1 t 9 n a 4 1 i 0 t 7 t e 0 - e 4 s ) d 1 9 = C ( a 1 a d 9 1 n 4 0 a 0 9 - ) 1 K 5 d ( , J i o a n 1 m n 9 g 5 . - 2 F = ( r 1 a 9 1 n 4 00 9 c ) e N l = ( a e 1 t n 9 1 h 4 0 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - g d . = ( U 1 S = 9 t n 4 1 a i 7 0 t t - 0 e e 4 ) d s 9 i = C ( a 1 a d 9 1 n 4 0 a 9 0 - ) 1 K 5 d ( , J i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 9 1 n 4 0 9 0 c ) e N l = ( a e 1 t n 9 1 h 4 0 d e 9 0 s r ) - 1 ( l 9 A a e 3 n r u 9 - g d . = = 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—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—January 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 115 116 107 144 126 170 113 110 112 137 131 186 June 115 116 P144 127 P170 114 112 P136 P187 p Preliminary. 1 These series are the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 =100. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries (except the United States), see BULLETIN for December 1952, p. 1357. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g t ( r n h a a i i t d g t e e e h s ) d i ( C 1 = a 9 1 3 n 0 5 a 0 - d ) 3 a 9 1 K (D 9 U i 2 e n n 1 c g i e = d t m 1 e o 0 d b m 0 e ) r F = ( r 1 1 a 9 0 n 4 0 9 c ) e N la e n th d e s r 2 - ( U 1 S = 9 1 n t 3 a 0 i 5 t t 0 e e - ) 3 d s 9 ( C 1 = a 9 1 n 3 0 5 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) (1 F 94 ra 9= n 1 ce 00) N la e n th d e s 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 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131.6 90.0 90 217 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1953 112.1 83.6 112.0 113.5 100.2 189.0 160.3 92.2 159 212 1953—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 Mav 117.5 100.3 117.3 115.4 103.4 219.8 179.5 97.8 199 261 June 117.0 100.3 116.0 106.3 221.8 180.5 98.5 269 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 3Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—'For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. 923 AUGUST 1954 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 J. L. ROBERTSON PAUL E. MILLER JAMES K. VARDAMAN, JR. A. L. MILLS, JR. C. CANBY BALDERSTON 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. NO YES, 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 C. CANBY BALDERSTON J. L. ROBERTSON GEOFFREY S. SMITH, PHILADELPHIA DISTRICT MALCOLM BRYAN M. S. SZYMCZAK H. G. LEEDY JAMES K. VARDAMAN, JR. GEORGE GUND, CLEVELAND DISTRICT PAUL E. MILLER ALFRED H. WILLIAMS ROBERT V. FLEMING, RICHMOND DISTRICT A. L. MILLS, JR. 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 JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT GEORGE W. MITCHELL, Associate Economist 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 924 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 3 Carl B. Pitman Ames Stevens Alfred C. Neal E. 0. Latham 0. A. Schlaikjer R. F. Van Amringe New York Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber H. H. Kimball T. G. Tiebout L. W. Knoke V. Willis A. Phelan R. B. Wiltse H. V. Roelse J. H. Wurts Philadelphia.... William J. Meinel Alfred H. Williams Karl R. Bopp P. M. Poorman Henderson Supplee, Jr. W. J. Davis Robert N. Hilkert J. V. Vergari4 E. C. Hill Richard G. Wilgus 2 Wm. G. McCreedy Cleveland John C. Virden W. D. Fulton Dwight L. Allen Martin Morrison Leo L. Rummell Donald S. Thompson Roger R. Clouse H. E. J. Smith 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. Nowlan 2 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.... Leslie M. Perrin 0. S. Powell H. C. Core Otis R. Preston 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 0. Koppang Clarence W. Tow D. W. Woolley Dallas J. R. Parten Watrous H. Irons E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry J. L. Cook 3 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 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver G. A. Gregory Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte R. L. Cherry Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holioway 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 Fred 3urton Portland J. A. Randall Louisville V. M.Lonestreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federa[ Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Counsel. 925 AUGUST 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from BANKING STUDIES. Comprising 17 papers on bankthe Division of Administrative Services, Board of ing and monetary subjects by members of the Governors of the Federal Reserve System, Wash- Board's staff. August 1941; reprinted October ington 25, D. C. Where a charge is indicated, 1952. 496 pages. Paper cover. $1.00 per copy; remittance should be made payable to the order in quantities of 10 or more copies for single of the Board of Governors of the Federal Reserve shipment, 75 cents each. System. BANKING AND MONETARY STATISTICS. Statistics o£ THE FEDERAL RESERVE SYSTEM—PURPOSES AND banking, monetary, and other financial develop- FUNCTIONS. Revised edition. July 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 mestic rates) STATES. (July 1, 1951.) December 1951. 33 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 aA 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. 926 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS WARTIME AND POSTWAR CREDIT DEMANDS OF LARGB CORPORATIONS. July 1953. 12 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) 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 1953. 65 pages. EXCESS PROFITS TAXES OF COMMERCIAL' BANKS. June 1952. 18 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. 96 REAL ESTATE LOANS OF REGISTRANTS UNDER REGUpages. (Also, similar index from August 1940, LATION X. June 1952. 18 pages. 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 INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. 1953. 7 pages. March 1954. 9 pages. (Also, similar article from March 1953 BULLETIN.) THE MONETARY SYSTEM OF THE UNITED STATES. 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 DURABLE GOODS AND HOUSES IN 1953. June 1954. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- 17 pages. THE FINANCIAL POSITION AND COM- BILITY. May 1953. 7 pages. MITMENTS OF CONSUMERS. July 1954. 20 pages. Also, similar* surveys for earlier years from 1946, REVISION OF CONSUMER CREDIT STATISTICS. April 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 AND BUSINESSES. July 1954. 2 pages. (Also THE TRANSITION TO FREE MARKETS. April 1953. similar article from July 1953 BULLETIN.) 6 pages. FINANCING OF LARGE CORPORATIONS IN 1953. August FEDERAL RESERVE BANK RESPONSIBILITIES. May 1954. 9 pages. 1953. 5 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN THE BALANCE SHEET OF AGRICULTURE, 1954. August AMERICA. May 1953. 6 pages. 1954. 13 pages. AUGUST 1954 927 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 I BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis