Federal Reserve Bulletin, 1954-09

F E D E R AL E S E R VE BULLETIN SEPTEMBER 1954 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 40 September 1954 NUMBER 9 CONSUMER INSTALMENT CREDIT Consumer instalment credit outstanding 1954 were associated with some reduction increased somewhat more than seasonally in in the volume of consumer spending for June and July, following a decline in the durable goods, particularly automobiles. first quarter of the year, and little change in More moderate increase in outstanding in- April and May when some seasonal expan- stalment credit over the past year has also sion is usual. The recent increases were mod- been a factor contributing to easier general erate and reflected mainly a rise in the pro- credit conditions. Demand for funds on the portion of sales of automobiles and other part of consumer credit lenders has deconsumer durable goods financed with in- creased, and the shift from expansion to liquistalment credit. At the end of July outstand- dation of instalment credit in early 1954 ing balances totaled an estimated 21.2 bil- released funds to other users of credit. lion dollars, about 600 million dollars less than at the beginning of the year and only EXTENSIONS AND REPAYMENTS OF CREDIT 200 million more than in July 1953. Changes in outstanding instalment debt The slight increase in instalment credit reflect additions to debt through extensions during the past year contrasts sharply with of new credit to consumers and reductions the rapid growth during most of the post- in debt through repayments on existing war period when outstanding balances in- contracts. From the suspension of Federal creased at an average rate of nearly 2.5 bil- regulation of instalment credit in May 1952 lion dollars a year. For many consumers, through March 1953, extensions substanparticularly in the middle income groups, tially exceeded repayments and outstanding the additions to current buying power instalment credit, after allowance for seathrough instalment credit made possible sonal factors, increased at the rate of about purchases of automobiles and other con- 400 million dollars a month, as shown in the sumer durable goods that might otherwise chart on the following page. During the rehave been delayed or not made at all. In mainder of 1953, growth in outstanding balthis way, the expansion of consumer instal- ances slowed down, as extensions fell and ment credit over the postwar years was an repayments rose. New credit extended, important factor contributing to the high seasonally adjusted, reached a peak of level of consumer expenditures for durable 2.6 billion dollars a month in the first goods. The declining rate of expansion in quarter of 1953 and then declined to 2.2 instalment credit outstanding during the billion in the first quarter of this year. latter part of 1953 and the contraction in early The contraction was accompanied by a SEPTEMBER 1954 929 > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT CONSUMER INSTALMENT CREDIT Several developments in the instalment Seasonally adjusted, billions of dollars credit market during 1953 and early this 3.0 year tended to make lenders more cautious in extending credit to consumers. Dif- 2.5 ficulties were reported by some lenders in maintaining collections on instalment ac- REPAID counts during the latter part of 1953, and 2.0 delinquencies and repossessions increased slightly from the very low rates of most of 1.5 the postwar period. A decline in prices of 1.0 NET CHANGE IN used automobiles, and the accompanying re- CREDIT OUTSTANDING duction in their value as collateral for instalment loans, led to some concern that repossessions and losses might increase further. ll.ll These developments, together with uncer- MTN tainty regarding the general economic outlook, resulted in more careful screening of -.5 credit applicants by some financing institu- 1952 1953 1954 tions and in some tightening of contract NOTE.—Latest figures shown are for July. further moderate increase in repayments terms. In the last few months, however, on outstanding contracts from the first- some lenders have made credit more readily quarter-1953 average of 2.2 billion dollars a available and have relaxed terms somewhat. month. On the borrower side of the market, con- Extensions dropped below repayments in sumers in the latter part of 1953 and early January of this year and continued at the 1954, although generally favorable toward lower level through May. During this pe- the use of instalment credit, appeared to be riod the decline in outstanding instalment either less willing or less able than formerly credit averaged about 100 million dollars a to incur new instalment debt. This is sugmonth, after allowance for seasonal factors. gested by the changes in financial positions Extensions expanded to a level slightly above and attitudes of consumers, as reported in the repayments in June and July, and the in- Board's Surveys of Consumer Finances taken crease in outstanding balances averaged 60 early in 1953 and 1954. Although most conmillion dollars. sumers reported in early 1954 that they The volume of instalment credit extended were earning as much, or more, than they reflects the over-all demand for automobiles had in 1953, a larger proportion reported and other consumer durable goods, the will- decreases in income, and a smaller proportion ingness and ability of consumers to borrow, reported increases, than in the previous year's and the willingness and the ability of lenders Survey. The proportion of consumers who to extend credit. During the past year and felt in early 1954 that they were worse off a half, changes in extensions of instalment financially than they had been a year earlier credit have apparently reflected changes in was larger than it was in early 1953, and both the availability of credit to consumers consumer expectations with regard to inand their willingness to borrow. come were also less favorable. 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT An increase during 1953 in volume of in- INSTALMENT CREDIT OUTSTANDING stalment credit repayments in relation to dis- Billions of dollars posable income suggests that some consumers had less flexibility in their finances and, accordingly, were less willing to assume new obligations. Repayments on instalment debt reached a level at the end of 1953 equal to about 11 per cent of total disposable personal income. For those consumers who had instalment debt—about one-half of all families—repayments averaged about one-fifth 10 of disposable income. Many individuals whose payments represented a larger-thanaverage proportion of their incomes probably were unable to assume further obligations until their outstanding debts were reduced. 1946 1948 1950 1952 1954 NOTE.—Series is not adjusted for seasonal variation. The over-all ratio has remained practically Latest figure shown is for July. unchanged this year as both repayments and of this year current buying power was redisposable income have been relatively stable. duced as consumers, on balance, paid off outstanding instalment debt. Since May a INSTALMENT CREDIT AND CONSUMPTION seasonal rise in instalment credit has con- EXPENDITURES tributed moderately to funds available for The relationship of consumer instalment consumer expenditures. credit to total consumer expenditures in TYPES OF CREDIT recent months contrasts with most of the postwar period when rapid credit expansion The net effect of instalment credit on tocontributed to consumers' current purchas- tal consumer expenditures can be measured ing power. Growth in instalment credit approximately by the change in the amount balances was almost continuous from the end outstanding. The impact on the market for of World War II until this year, as shown particular goods, however, may be better inby the accompanying chart. The only im- dicated by the amount of credit extended portant exception was the emergency period for the purchase of such goods. Repayments from late 1950 through early 1952, when of instalment credit tend to affect purchasing the terms of instalment contracts were sub- power in general rather than consumer deject to Federal regulation and production of mand for particular products. some consumer durable goods was limited Automobile paper. Credit used for the by direct controls. For nearly a year after the purchase of automobiles is the largest comsuspension of consumer credit regulation ponent of instalment credit. As the table on early in May 1952, consumers added about the following page indicates, this type of 400 million dollars a month to their cur- credit has accounted for the major part of rent buying power by instalment borrowing. the postwar changes in total instalment After March 1953 this stimulus to sales grad- credit, both the long period of growth and ually declined, and during the early months the recent decline. 931 SEPTEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT MAJOR COMPONENTS OF INSTALMENT CREDIT months of this year extensions were relatively [In millions of dollars] stable at a level of about 900 million dollars a Average monthly in- month. A moderate rise occurred after May, crease, or decrease (—), during: but the level was still below that of a year Amount out- Type of credit s J t u an ly d i 3 n 1 g , , 19541 earlier. 1954 The relative importance of instalment sales 1946-53 June- Jan.- July May in the market is indicated by the ratio of instalment credit extended for the purchase Instalment credit, total 21,246 64 -105 201 of automobiles to total sales of automobile Automobile paper 10,103 43 -92 102 Other consumer goods paper.. 5,094 -9 -30 50 dealers. As shown in the chart on the fol- Repair and modernization loans 1,566 —8 1 15 lowing page, this ratio reached a postwar Personal loans 4,483 38 16 34 high of about 50 per cent after the removal of 1 Adjusted for seasonal variation. credit regulation in 1952 and fluctuated Changes in automobile sales during the around that level until the spring of 1953. last year and a half have been closely asso- The ratio then declined to 37 per cent in ciated with changes in the amount of auto- January of this year, continued near this relamobile instalment credit extended; cash sales tively low level until June, and then increased have been relatively stable. From a level of to nearly 45 per cent in July. more than 1,200 million dollars in the first Changes in the ratio of credit extensions quarter of 1953, instalment credit extensions to dealer sales reflected primarily variations for the purchase of automobiles, seasonally in the proportion of the number of cars adjusted, declined during the remainder of bought on credit. For new cars the prothe year, as the chart shows. In the first five portion of the purchase price covered by credit changed relatively little. The average EXTENSIONS AND REPAYMENTS Of INSTALMENT CREDJT note financed by sales finance companies was Seasonally adjusted, millions of dollars about $1,800 throughout 1953 and gradually 1400 1200 AUTOMOBILES OTHfR increased this year to about $1,900. On used CONSUMER GOODS car contracts, the average note purchased by sales finance companies declined gradually 1200 1000 during 1953 from about $1,100 to about $900, EXTENDED reflecting primarily a decline in used car prices. It is estimated that in early 1953 about two- 1000 800 thirds of both new and used cars were pur- „ EEXTENDED chased on credit. During the early part of • /y this year, however, only slightly more than ' REPAID half of used cars and less than half of new eoo 600 cars were bought in this manner. These proportions have increased somewhat in recent months. 600 400 Some easing in the contract terms on auto- 1952 1954 1952 1954 mobiles may have contributed to the recent NOTE.—Latest figures shown are for July. 932 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT increase in the proportion of purchases made The relative importance of instalment with credit. For new cars, contracts with sales in this sector of the market is indisomewhat smaller down payments or longer cated by the ratio of credit extensions for maturities than the typical one-third down the purchase of consumer durable goods and 24 months to pay have become more other than automobiles to total sales for common. For used cars, an easing in con- those retail stores that dominate the instaltract terms represents to some extent a return ment credit area. This ratio declined from to the practices that prevailed in early 1953. about 36 per cent during the latter part of Other consumer goods paper. For durable 1952 and the first half of 1953 to 29 per cent goods other than automobiles, recent changes in December, as is indicated in the accomin instalment credit extensions have been panying chart. After January it was pracrelatively smaller than for automobiles, as tically unchanged at about 33 per cent until the chart on the preceding page shows. Ex- July when it increased to a level only slightly tensions expanded sharply after May 1952 below a year earlier. and remained at a high level through early Other instalment credit. Repair and mod- 1953. The volume declined slightly during ernization loans are a relatively small part of the late spring and summer of 1953 and then total instalment credit. The funds they leveled off. Cash sales continued relatively provide are used primarily for major alterasteady and total sales of these durable goods tions and repair of homes, but sometimes for so far this year have been only slightly below purchases of various items of household the high level of early 1953. equipment. After several years of almost uninterrupted growth, the outstanding RATIO OF INSTALMENT CREDIT EXTENDED TO SALES amount of these loans has changed little in recent months. So far this year both extensions and repayments, seasonally adjusted, have been at a rate of about 100 million dollars a month. Personal instalment loans differ from other major types of consumer instalment credit in that they provide funds for a wider variety of purposes, including consolidation — 40 of consumer debts, payment of medical expenses, and occasional purchases of consumer goods where the commodity is not used as security. Over the past ten years — 30 growth in this type of credit has been gradual and practically uninterrupted. Outstanding balances as a proportion of disposable personal income have trebled. Personal loans 20 1952 1954 1952 1954 are now being extended at an estimated 600 NOTE.—Sales data are Department of Commerce estimates of million dollars a month while repayments total retail sales of automobile dealers and total retail saies of department and mail-order, furniture, household appliance, and automobile parts and accessory stores. Latest figures shown are running slightly below this level. are for July. 933 SEPTEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT FINANCING INSTITUTIONS DISTRIBUTION OF INSTALMENT CREDIT HOLDINGS Instalment credit is extended by a variety Percentage distribution Amount of financial institutions and retail organiza- July 31, tions. Retail stores and automobile dealers Type of institution ( d m o 1 l i 9 l l a 5 li r 4 o s n ) Ju 1 l 9 y 5 3 4 1, Ju 1 l 9 y 5 3 3 1, C 19 1 h 5 9 a 3 5 n 4 g to e write the major proportion of all instalment contracts. Most contracts, however, are in All institutions, total 21,246 100.0 100.0 turn sold to commercial banks or sales fi- S C a o l m es m f e in r a c n ia c l e b c a o n m ks panies. 6 8 , , 1 3 8 7 9 9 3 2 9 9 . . 4 1 4 2 2 7 . . 0 7 + -2 1 . . 6 4 Credit unions 1,165 5.5 4.7 + .8 nance companies, and only a relatively small Other financial institutions 2,465 11.6 11.3 + .3 proportion is held by retail outlets. Retail stores 3,048 14.4 14.3 + .1 Commercial banks are the most important reduced over the year. In 1953 sales finance source of instalment credit. They provide and personal loan companies took steps to funds not only through direct loans to confinance their operations on a longer term sumers and through purchases of instalment basis and increased their borrowings from paper but also through loans to financial nonbank investors. Security flotations by institutions and retailers to finance their these companies were several times as large holdings of instalment credit receivables. as in previous years. As indicated by the accompanying table, The impact of consumer instalment credit banks held 39 per cent of all instalment on the money market so far this year concredit outstanding at the end of July. About trasts sharply with most of the postwar pehalf of this amount was in the form of direct riod. During the 1946-53 period, when inloans and half in the form of purchased stalment credit outstanding was expanding paper. Moreover, it is estimated that they at an average rate of about 2.5 billion dollars financed at least an additional 10 per cent a year, it absorbed funds from the money of the total through loans to finance com- markets. In the first quarter of this year, panies and retail stores. however, instalment credit without seasonal The relative importance of commercial adjustment declined about 900 million dolbanks in the instalment credit field has de- lars and, after little change in April and clined somewhat in the past year. The 39 May, expanded moderately in June and July. per cent of instalment credit they held in The decline in the demand for funds from July was about three percentage points less this credit sector released funds for other than the ratio for July of last year. In ad- uses and contributed to the easing in money dition, bank loans to finance companies were markets. 934 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931-531 During the past decade the magnitude of same quantity of gold had been produced in the private demand for gold throughout the the period 1900-1930, while some 300 million world was unprecedented. Recently this de- ounces were produced during the nineteenth mand subsided, and it seems appropriate to century, and only about 100 million ounces assemble the available information and statis- throughout the preceding three centuries. tical data that contribute to an assessment It may be surmised, therefore, that gold proof the amount of metal involved and the duction over the past four and a half centuries direction of its movements. This article aggregated perhaps 1.6 billion ounces (56 analyzes the supplies and uses of gold during billion dollars), of which more than 1 billion the period from the end of 1930 to the end of ounces (37 billion dollars) are presently held 1953, thus bringing up to date a review pub- as official reserves by central banks and govlished in the Federal Reserve BULLETIN for ernments. On this basis, the total absorption 1937.2 of gold since the discovery of America into During the years 1944-53, approximately private holdings, industrial or artistic uses, 4.5 billion dollars of gold flowed into private and waste and losses may be placed at about channels throughout the world; this fol- a half billion ounces (19 billion dollars). lowed a liquidation from private holdings The many and varying factors that conof some 1.5 billion during the years 1931- tributed to the large private demand for 43. There was very little net change over gold in the past decade are related to monethe period as a whole in privately held gold tary disorders, political fears, and dangers in Middle and Far Eastern countries, as their of war. The first appears to have been the acquisitions since the war reconstituted hold- most pervasive, as countries where there was ings that had been reduced during the thir- a high preference for gold were generally ties. Of the net flow during the entire pe- among those which suffered from monetary riod (around 3 billion dollars), about one- inflation and loss of public confidence in their third was accounted for by uses in industry currencies. On the other hand, traditional, and the arts in the United States, and the psychological, and institutional factors seem remainder represented largely additions to to have conditioned nations differently; in private gold holdings in all forms in a few many cases the reaction to monetary discountries of Western Europe. orders was flight of capital into foreign as- The aggregate amount of gold absorbed in sets, speculative investments, and consumer the years 1931-53 by private demand through- goods, rather than into gold. out the world (excluding the U.S.S.R.) rep- Growth of private demand for gold durresents about one-seventh of gold production ing the postwar period, under conditions of totaling an estimated 600 million ounces (21 restrictions on trade and exchanges, led to billion dollars, at $35 per ounce). About the the formation in many countries of so-called 1This article was prepared by Frank M. Tamagna, Chief, "free" gold markets, whose operations were and Margaret Garber, of the Financial Operations and Policy circumscribed by government controls. As Section of the Board's Division of International Finance. gold movements and exchange settlements 2 BULLETIN for August 1937, pp. 703-708. 935 SEPTEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931-53 between such markets in different countries serves during the period; this difference were generally restricted, their activities in- represents the gold used for industrial or volved varying degrees of evasion of govern- artistic purposes as well as changes ia private mental regulations, particularly with respect gold holdings irrespective of their forms. to import and export of gold and related for- This article is based in part on regularly eign exchange operations. reported figures and in part on incomplete Prices of gold varied greatly among these data and estimates. Statistics on gold promarkets and they fluctuated widely from duction and official gold reserves are believed time to time. The prevalence until recently to be reasonably reliable. All major producof premium prices—-that is, prices higher ing countries, except the U.S.S.R., provide than the official dollar value of gold—was a information on gold production. Thus, the phenomenon that arose from attempts of annual supply of gold may be measured by governments to insulate their respective gold the world production outside the U.S.S.R. markets through the imposition of direct plus any reported transfers from the U.S.S.R. controls. Premium prices seem to have re- to other countries. Apart from these reported sulted mainly from effective depreciation of transfers, it may be noted, there have been the various currencies involved, but such indications of recent sales of Russian gold prices also reflected, in varying degrees, both in free markets but the volume of these canthe risks involved in the illegal nature of not be accurately gauged. many transactions and a speculative prefer- The figures for the changes in gold held ence for gold. in official reserves are based on reported gold Abatement of private demand and decline holdings of central banks and governments in prices for gold in most markets to official and international institutions, unpublished valuations over the past year have accom- data on holdings of various central tanks panied achievement of financial stability and and governments, and estimated official holdrelaxation of exchange and trade restrictions ings of certain countries from which no curin Western Europe and the Sterling Area. In rent reports are made available—again with any system of general currency convertibility the exception of the U.S.S.R. and free gold movements, such as prevailed The difference between gold supplies, as before the war, changes in private demand defined above, and changes in official gold for gold would be reflected in fluctuations in reserves (outside the U.S.S.R.) represents inexchange rates and would result in compen- dustrial or artistic uses of gold, changes in satory gold movements. Under such condi- private gold holdings, and errors and omistions, there would be no room for wide dis- sions. From this difference may be deducted parities between the price of gold and the the net use of gold in industry and the arts corresponding foreign exdhange rates. in the United States since estimates of such uses and of the return of gold coin and scrap MEASUREMENT OF GOLD FLOWS are available for the United States for the In general terms, estimates of the 'flow of entire period covered by the article. gold into or out of private channels for any Residual figures derived on this basis repretime period may be derived by taking the sent the net flow of gold into and out of difference between the amount of gold pro- private hands in the rest of the world, that duced and the accretion to official gold re- is, outside the United States and the U.S.S.R. 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931-53 While prewar estimates indicated that ap- year period 1931-53 may be estimated at 21.6 proximately the same amount of gold was billion dollars, of which 21.1 billion was obnormally used in the arts and industry in the tained from new production and the rest rest of the world as in the United States, there from the U.S.S.R. Monetary reserves inis no basis for distinguishing between various creased an estimated 18.6 billion dollars forms of private use of gold or holding in (from 18.1 billion at the end of 1930 to 36.7 other countries during the postwar years. billion at the end of 1953). The difference In view of the limitless interchangeability be- of 3 billion dollars between supplies of gold tween artistic and other forms in which gold and additions to official reserves may be may be privately held, the aggregate residual taken to represent the amount absorbed by for the rest of the world appears to be the private uses throughout the world. only reliable yardstick of the private demand The gross demand from industry and the outside the United States and the U.S.S.R. arts in the United States during the entire A distribution of this residual between period took 1.8 billion dollars. About half changes in Eastern countries and in other of it was covered by the return of coin and areas has been estimated on the basis of scrap, which was particularly large in the available information on local gold produc- thirties. The net private requirements of tion and sales by monetary authorities within this country (840 million dollars) were individual countries, as well as on move- covered by domestic production which for ments of gold to and from countries and 1931-53 totaled 2.4 billion dollars. areas. A number of countries publish figures After deducting the net private use in the on gold movements, but their value is limited United States, there is left 2.1 billion dollars, by the incompleteness of the statistics and the representing gold used in arts and industries variety of definitions of the items covered. or added to private holdings in the rest of the Furthermore, government restrictions in world (outside the U.S.S.R.), as well as most countries on the import and export of errors and omissions. This residual may gold have given rise to illegal movements. understate the absorption of gold into pri- Any analysis of the statistics, therefore, de- vate channels to the extent of any gold sales pends largely on supplementary information by the U.S.S.R. in free markets, which may which may be available from official or un- perhaps have reached a few hundred million official sources. Owing to the inadequacy of dollars over recent years. the reported data and information, it is im- The period under discussion may be possible to estimate the quantity of gold divided into two phases. The first phase, moving from one country to another. An 1931-43, was characterized by large sales estimated distribution between broad geo- from private holdings in Middle and Far graphic areas, which is used for some of the Eastern countries, moderate accretions to prianalysis in this article, is subject to a much vate holdings in other areas, and, on balance, wider margin of error than the over-all resid- a net liquidation of some L5 billion dollars ual estimate of changes in private holdings. from private holdings. In the second phase, 1944-53, substantial growth of private de- FLUCTUATIONS IN PRIVATE GOLD HOLDINGS mand in both the East and the West re- The table on the following page indicates sulted in the addition of around 3.7 billion that the aggregate supply of gold for the 23- dollars of gold to private holdings. On bal- SEPTEMBIR 1954 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931-53 ESTIMATES OF SUPPLIES AND USES OF GOLD, 1931-53 [In millions of dollars at $35 per fine ounce] Supplies of gold Uses of gold Flow into private channels Changes New in Year produc- Reported official Residual: Changes in private (ex ti c o l n ud- re f c ro e m ipts Total re g se o r l v d es U St n a i t t e e s d holdin a g n s d o U ut . s S i . d S e . R U ., n i e t t e c d . * States ing U.S.S.R.* (exclud- Total industry U.S.S.R.)1 ing and arts U.S.S.R.) (net)' Total c E o a u s n t t e ri r e n s O ar t e h a e s r 1931 720 100 820 510 310 10 300 —200 500 1932 775 80 855 1,150 -295 -10 -285 -475 190 1933 795 70 865 460 405 — 110 515 -300 815 1934 825 85 910 1.465 -555 -110 -445 -250 -195 1935 885 25 910 975 —65 —35 -30 —200 170 1936 970 10 980 1,595 —615 ^ -610 -125 -485 1937 1,040 210 1,250 1,715 -465 5 -470 -75 -395 1938 1,140 -400 740 295 445 445 — 75 520 1939 1,220 55 1,275 1,925 -650 10 -660 -175 -485 1940 1,310 55 1,365 1,710 -345 15 -360 -50 -310 1941. . 1,265 45 1,310 1,210 100 35 65 25 40 1942 19S 30 1,155 980 175 45 130 25 105 1943 870 870 905 -35 85 -120 150 -270 Total, 1931-43 12,940 365 13,305 14,895 -1,590 -65 -1,525 -1,725 200 1944 775 775 385 390 95 295 175 120 1945 740 740 390 350 110 240 125 115 1946 755 45 800 350 450 155 295 125 170 1947 765 30 795 420 375 50 325 50 275 1948 805 805 385 420 45 375 225 150 1949 . 840 840 475 365 110 255 175 80 1950 865 865 410 455 100 355 150 205 1951 840 840 150 690 70 620 200 420 1952.... 865 865 310 555 95 460 150 310 1953 860 75 935 430 505 75 430 125 305 Total, 1944-53 8,110 150 8,260 3,705 4,555 905 3,650 1,500 2,150 -Grand total, 1931-53. 21.050 515 21,565 18,600 2,965 840 2,125 -225 2,350 11931-37, estimates of U. S. Bureau of the Mint; 1938-52, estimates of U. S. Bureau of Mines; 1953, estimate of Board of Governors of the Federal Reserve System. 2 Incomplete data. Includes imports by the United States and other countries until 1939 and since then receipts by monetary authorities. Does not include any other sales by U.S.S.R. in gold markets. Data for 1938 have been adjusted to include outflow to U.S.S.R. of 520 million dollars of gold stated by Bank of Spain to have been sent to the U.S.S.R. 3Estimates of U. S. Bureau of the Mint for net amount of gold issued for use in industry and the arts; i. e., gold issued by United States mints and assay offices and private refiners and dealers less return of old jewelry and scrap. In addition, includes return of gold coin as follows: 1933, 100 million dollars; and 1934, 50 million. ••Includes also gold used in industry and arts and errors and omissions in over-all set of estimates. ance, for the 23-year period as a whole there to different types of investments. Under such appears to have occurred a moderate decline conditions Eastern holders may have liquiin private Eastern holdings, and the net flow dated during these years about 1.5 billion of gold into private channels presumably dollars of gold, while private holders in related to a few countries of Western Europe. other areas may have acquired nearly the The net liquidation of gold during the first same amount. phase went through three stages. In the Subsequently, during the period 1936-40, years 1931-35, the decline in world prices af- liquidation of private gold holdings befected especially raw material-producing came important in Western countries—excountries and depreciation of sterling pro- ceeding 1 billion dollars—while such liquivided a profitable opportunity to holders in dation in the East was perhaps only .5 billion India and other countries to shift from gold dollars. Many private holders in Europe ap- 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931-5 3 parently preferred to dispose of their gold in prices with other countries or with the naorder to shift into overseas assets that seemed tionals of other countries. In compliance to afford greater security from governmental with the Fund's recommendations, member controls and from the effects of war. In addi- as well as certain nonmember countries gention, in the later years various governments erally tightened their controls over private required the surrender of gold held by their gold transactions. nationals, and the German forces requisi- Despite these measures, the amount of gold tioned gold in occupied countries. flowing into private channels in 1948 was the In the years 1941-43, which mark the tran- largest in many years, and in the first half sition between the two phases, there was re- of 1949 the flow continued at about the same vival of private demand in the East and some level. Increased demand was reflected in a further liquidation in the West. The Allied rising price until mid-1949, when prices in and Japanese Governments sold gold during most markets, as indicated in the chart, were these years in the Middle Eastern, Indian, at or above $50 per ounce. and Chinese markets as a means for raising A decline in these prices followed, as suplocal currency to finance military operations. plies increased and demand showed a tend- The second phase, 1944-53, was charac- BAR GOLD PRICES terized by a succession of political disturb- Dollars or dollar equivalents per fine ounce, end of month ances. Strong inflationary pressures pre- FU O H N D P S R T E A M T I E U M M ENT C M H A IN RK ES E E T EX R C A H T A E N S G E HOST W IL ITIES FU R N E O V P IS O E U D CT O R F E O L P O EN N I D N O G H SALES CLOSED ADJUSTMENT KOREA ON GOLD COLO MARKET vailed in the early postwar years and it was 60 not until 1952 that most countries made decisive progress toward financial stability. During this period an estimated 3.7 billion dollars of gold went into private uses out- 35 side the United States, representing about 50 half of foreign gold production of the period. The peak of private demand abroad appears to have been reached in 1951, when 55 the equivalent of 80 per cent of that year's foreign production went into industrial uses or private holdings, or was otherwise unac- 35 counted for. 55 FACTORS INFLUENCING POSTWAR DEMAND AND SUPPLY A number of specific developments have 50 affected the supply and demand in gold markets in the postwar years. In a statement 35 of June 1947 regarding transactions in gold 1947 1949 1951 1953 NOTE.—International Monetary Fund data. The quotations at premium prices, the International Mone- for gold bars have been expressed directly in dollars in Tangier (since 1950) and in Zurich (since 1951). The Zurich quotation tary Fund recommended that all its mem- prior to 1951 reflected the price at which gold was traded for dollars in various markets. In other markets (such as Hong bers take effective action to prevent inter- Kong, Beirut, and Paris) the quotations for gold, expressed in local currency, have been converted into dollar equivalents at national transactions in gold at premium "free" market exchange rates. Latest figures shown are for August 1954. SEPTEMBER 1954 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931—5 3 ency to fall. The supply of gold was aug- of sales by Canadian and Australian producmented as a result of the decision in early ers. In Southern Rhodesia and West 1949 by the Union of South Africa to permit Africa, free market sales were limited to 40 the export of fabricated and semi-processed per cent of output, but this restriction was gold for private sale. At about the same removed in 1952. Furthermore, the provitime Chinese sources ceased to be net buyers sion that gold had to be in processed form of gold. For several years China had ab- was removed in Australia, Southern Rhodesorbed large quantities of gold but in mid- sia, and West Africa in 1952 and in South 1949, following the establishment of Commu- Africa and Canada in 1953, thus leaving pronist control, the Chinese liquidated part of ducers free to sell gold in fine bar form. their holdings. The amount of gold entering private chan- The world-wide currency adjustments of nels in 1952 was substantially less than in the September 1949 took place at the time when preceding year. Demand declined throughprices of gold in most markets had declined out the East, particularly in India. Apparto below $50 per ounce. These adjustments ently there was also less demand for gold in contributed further to the diminishing pri- France until the latter part of the year. In vate interest in gold, accentuating sharply fact, net sales of 34 tons (38 million dollars) the decline in prices which by May 1950 from private holdings occurred in the latter reached a level between $36.50 and $39.50 country in connection with the Pinay gold per ounce. loan. Reflecting the decreased demand, With the outbreak of hostilities in Korea prices of gold in various markets declined in mid-1950, there was an immediate and to about pre-Korean levels. widespread renewal of private demand for In 1953 the flow of gold into private hands gold. The amount of gold flowing into pri- appears to have been about the same as in the vate hands in the second half of 1950 reached preceding year. In 1952, however, the rate an estimated 275 million dollars, compared of absorption was about the same throughwith around 75 million in the first half. out the year, while in 1953 it was higher, Correspondingly, prices in the various mar- in the first than in the second half. As dekets rose until January 1951, when they were mand contracted, the dollar price of gold in at or above $42 per ounce. Zurich and Tangier fell in November below In 1951 the amount of gold entering pri- the official parity of $35 per ounce, and prices vate channels reached a new high and gold in other markets fell to close to parity. At prices fell, the sharpest drop taking place this point South Africa producers ceased sellafter September. At that time the Inter- ing in free markets, and by the end of the national Monetary Fund announced that it year prices showed again a tendency to rise would leave to member countries decisions slightly in most markets. pertaining to the regulation of gold transactions. Following this announcement, the GEOGRAPHIC PATTERN OF GOLD FLOWS gold producers of Canada, Australia, South- From available information it appears that ern Rhodesia, and West Africa were given private demand for gold in the West was permission by their respective governments largely concentrated in a few countries. In to sell gold in processed form on free mar- Western Europe, the greatest demand for kets. No limit was placed on the amount gold apparently originated in France, and 940 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931-53 there was evidence of persistent demand these sales accounted for more than half of from Italy. For some years, there was an the combined production in these areas, active demand for gold coin by the Greek totaling some 100 million dollars a year. public. In London, gold has been custom- There were reports of intervention in loarily held for the account of nonresidents. cal gold markets by monetary authorities. In Zurich and Tangier have been important France the Exchange Stabilization Fund international gold centers. There is no sta- intervened from time to time in the market, tistical evidence of any significant demand principally as a buyer of bars and a seller of for gold in other Western European or in coins in view of the higher demand and Latin American countries. prices for gold pieces. The Bank of Greece Private holdings in Middle and Far East- sold gold sovereigns to the public for a numern countries have been subject to few effec- ber of years, such sales amounting to around tive restrictions and appear to be more wide- 65 million dollars in the period 1946-52. Some spread than elsewhere. Until the imposition 350 million dollars of gold, mainly in coins, of restrictions in 1952, Egypt appeared as an was sold before 1948 by the Swiss National importer of gold. In Saudi Arabia and a few Bank and until 1950 the Bank of Mexico other countries in the Middle East, gold also sold gold coins. Between 1948 and 1950 coins were used as a medium of exchange. the Government of Saudi Arabia acquired Until mid-1949 most of the gold entering about 80 million dollars of gold sovereigns Asia reportedly was destined for China and in payment for oil royalties and in later years India; afterward the main flow was directed it issued Saudi Arabian gold coins; most of toward India. these gold pieces were exported for sale at a premium, while some became part of the Gold entering private channels either for local currency in circulation. use in industry and arts or as addition to holdings comes from two sources—new pro- The flow of gold from producing countries duction or sales by monetary authorities from to the various markets of the world and its official reserves. Between 1950 and 1953, the distribution between major areas can be Union of South Africa reportedly was sell- analyzed broadly, despite the limitations of ing in gold markets about 40 per cent of its underlying data described on page 937. annual production of more than 400 mil- Movement of gold to Western Europe. lion dollars. More than half of the gold During the past decade Western Europe was produced in other sterling area countries the final destination for part of the gold re- (estimated at around 100 million dollars a ceived from producing countries and a tranyear) also went into private uses or holdings. sit area for gold shipped to Middle and Far In 1952 Canadian producers sold approxi- Eastern markets. mately 30 per cent of their current gold out- Semi-processed gold from South Africa, put (157 million dollars) through foreign the principal source of supply for gold marprivate channels, but such sales appear to kets, moved largely to a few European goldhave declined in 1953. Newly mined gold processing countries. It appears that France, from Latin America and Asia, after being Switzerland, and the Netherlands were the refined in the United States and Europe, was immediate recipients and principal transit also sold in gold markets, largely in the countries, from which processed gold was Middle and Far East; over the past years moved to other countries and areas. In some SEPTEMBER 1954 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931-5 3 cases the United Kingdom was the country forms, and exported it to the other Western to which gold was consigned. Gold im- European countries. ported into the United Kingdom for refining The Tangier market is closely related to and processing can be held there by banks Europe. The exchange and gold markets and dealers for the account of nonresidents in Tangier have remained completely free or exported, subject to license, to any coun- for local and foreign residents alike. Durtry outside the Sterling Area, provided the ing the postwar years an active gold marcountry permits the import. Although ket developed with facilities for storage, inthere are no figures available, it would ap- ternational transfer, and settlement of gold pear that the amount of gold located in Lon- transactions. From 1948 to 1953, according don vaults for the account of foreigners may to Tangier statistics, net imports for storage be considerable. were about 53,000 kilograms (60 million dol- A free gold market has existed in France lars) . Gold came almost entirely from Eurosince early 1948, but legally the market is pean countries. restricted to domestic transactions; the im- Movements to Middle and Far East. port and export of gold require permission Since early 1949 Beirut has become a priof the Bank of France. A considerable mary transit center in the movement of gold amount of gold and gold alloys moved from West to East. At that time the Government of Lebanon liberalized the transit through France in recent years, including of gold, permitting traders to keep gold for reported imports and exports under license a period up to four months, and to export as well as unreported movements between the gold to any destination. In 1952 the France and neighboring countries. period was extended to six months to aid Italy has a free internal gold market. The Beirut gold traders who were having diffiimport of gold coins into Italy is free but culty in moving their stocks, owing to falling the import of gold in other forms and the Indian demand. According to Lebanese export of any type of gold are subject to statistics, an average of 75,000 kilograms of license. According to Italian statistics, a gold (84 million dollars) has passed through considerable quantity of gold coins was imthat country each year since 1950. The prinported into Italy from the Netherlands, cipal countries of origin have been the France, and Belgium in the years 1950-52. Netherlands, France, United Kingdom, and According to statistics of other countries, Switzerland, and it is indicated that most of semi-processed gold has also moved into the exports have been destined for Kuwait. Italy. It is impossible to trace the move- In the Far East, Macao has served as a disment of gold from Italy. tribution center and a point at which gold The gold market in Switzerland has been coming from Europe and the Western completely free since mid-1952 when the Hemisphere is converted into bars and shapes last of the wartime controls on gold transac- acceptable to local traders. Closely assotions and the import and export of gold ciated with the Macao market, Hong Kong was removed. Switzerland has been one of has traditionally provided the facilities for the principal transit centers in the movement arranging and financing international gold of gold in all forms. Statistics indicate that transactions. Gold can be shipped to and Switzerland imported gold in semi-processed from Macao with little restriction. Until 942 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931-53 recently imports of gold into, and exports censes, but an internal free market confrom, Hong Kong were restricted, but gold tinued. Since then this market has been may now be imported into this colony for supplied by newly mined domestic output re-export to any destination in the world (around 8 million dollars annually) and by with the exception of Kuwait. clandestine imports. From all indications, it Prior to the middle of 1949, China was appears that sizable amounts of gold reached a principal market for gold passing through India illegally by two principal routes— Hong Kong and Macao. With the exodus through Beirut and Kuwait from the West, of refugees, following the establishment of and through Hong Kong and Bangkok Communist control in China, this flow was from the East. However, this gold traffic reversed for a time and there was less ac- apparently began to decrease in March 1952. tivity in these two markets. At the middle At that time a slump in commodity prices of 1950, however, with the outbreak of hos- was accompanied by a decline of around 15 tilities in Korea, gold trading in these mar- per cent in the rupee price of gold, leading kets began to flourish again, reflecting a to a settlement crisis in the local bullion renewed demand in the area. According to exchange. Forward trading was suspended estimates of local bullion dealers published for two months, and after the reopening of in Hong Kong, gold imports into Macao the exchange the price continued to decline during the period 1948-51 totaled almost through December. In early 1953 the price 300,000 kilograms (338 million dollars) of recovered somewhat and remained relawhich about one-third were imported in tively constant. This development coincided 1951. Imports declined somewhat in 1952, with the tapering off of inflationary presand in 1953 were said to be only about 30,000 sures since 1952. kilograms (34 million dollars), but recently this flow has again shown signs of increasing. DEVELOPMENTS IN 1954 The same sources indicate that Hong Kong In the first half of 1954 the price of gold imported gold from Macao and the Philip- in the various markets remained around pines, and exported it, until November 1952 $35 per ounce. Only a small amount of gold principally to Bangkok and Singapore and appears to have moved into private chansince then to Singapore, Burma, Indonesia, nels, probably only that required to meet the Indochina, and Japan. normal demand for industrial uses. Bangkok serves as a transit point in the The most important development in this movement of gold and also as a center for period was the reopening of the London gold redirected to India. Until 1952 the gold market on March 22. The market had import and export of gold were illegal. In been closed since 1939, but authorized gold October of that year, a syndicate of Thai dealers had been permitted for some time to banks was granted permission to import a act as agents in arranging transactions belimited amount of gold each month; this tween nonresidents. The London bullion gold apparently originated in Europe. Im- market consists of the same six firms as ports by private merchants continued to be before the war, and banks in the United officially forbidden. Kingdom are also authorized to deal in gold. In March 1947 the Reserve Bank of India Residents of the Sterling Area may freely suspended the issuance of gold import li- sell gold only for resident (that is, incon- SEPTEMBER 1954 943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE PRIVATE DEMAND FOR GOLD, 1931-5 3 vertible) sterling; they may purchase gold markets were discontinued. Sales of gold only with a special license from the Bank are now handled by the South African Reof England. Residents of all other countries serve Bank which is committed to sell a may buy or sell gold freely, provided pay- minimum of 4 million ounces (140 million ment is made in American account or Cana- dollars) a year to the United Kingdom and dian account sterling, or in registered ster- as a rule effects any additional gold sales ling. The latter category of sterling was through the London market. established when the gold market was re- Private demand for gold is the smallest opened and may be held only by residents in many years. According to press reports, outside the dollar and sterling areas. Reg- some gold has moved out of private holdings istered sterling accounts may be acquired in France, as the Exchange Stabilization by selling gold or dollars in London. Fund has made net purchases in the market. South African gold production remains Reports from India indicate that activity in the most important source of supply for the local bullion market continues at a low gold markets. With the reopening of the ebb. There appears to be some return flow London market, past arrangements whereby of gold from Tangier to Europe. These South African gold producers were permit- trends reflect the abatement of private interted to sell part of their production in free est in gold in most markets of the world. 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of ban\ing laws, new regulations issued by the Board of Governors, and other similar material National Bank Real Estate Loans amended (title 12, U. S. C, 24), is hereby Amendment to Section 24 amended by striking the words "Central Bank By Act of Congress approved August 17, 1954 for Cooperatives" and inserting in lieu thereof (Public Law 597—83d Congress), the third sen- the following: "thirteen banks for cooperatives tence of the first paragraph of section 24 of the organized under the Farm Credit Act of 1933, Federal Reserve Act was amended so as to make or any of them". certain limitations and restrictions on real estate Housing Act of 1954 loans made by national banks inapplicable to loans Miscellaneous Amendments insured by the Secretary of Agriculture pursuant to the provisions of the Act of August 28, 1937, as The Act of Congress known as the "Housing Act amended, relating to the conservation of water re- of 1954", approved August 2, 1954 (Public Law 560 sources of the United States. The text of the per- —83d Congress), among other things, amended tinent provision of the Act is as follows: section 303 of the National Housing Act so as to authorize any institution, including a national bank (f) The first paragraph of section 24, chapor State member bank of the Federal Reserve Syster 6, of the Federal Reserve Act, as amended (12 tem, notwithstanding any other provision of law, U.S.C., 1952 edition, 371) is hereby amended by to make payments to the Federal National Mortinserting after the phrase "Bankhead-Jones Farm gage Association of the nonrefundable capital con- Tenant Act" the following: ", or the Act of tributions, to receive stock of the Association evi- August 28, 1937, as amended". dencing such capital contributions, and to hold or Member Banks Dealing in Obligations of dispose of such stock. The effect of this provision Banks for Cooperatives is to permit national banks and State member banks Amendment to Section 5136 to purchase the stock of the Association regardless By Act of Congress approved August 23, 1954 of the provision of section 5136 of the Revised (Public Law 630—83d Congress), the last sen- Statutes of the United States prohibiting the purtence of paragraph Seventh of section 5136 of the chase of corporate stocks by such banks. Revised Statutes of the United States was amended By section 309(d) of the amended National so as to permit national banks to deal in and under- Housing Act, the Federal National Mortgage Assowrite obligations issued by the thirteen banks for ciation was authorized, with the consent of any cooperatives organized under the Farm Credit Ad- Government corporation or Federal Reserve Bank, ministration of 1933, or any of them, in lieu of the or of any board, commission, independent estabpresent authority which relates only to obligations lishment, or executive department of the Governissued by the Central Bank for Cooperatives. Such ment, to avail itself of the use of information, servtransactions remain subject to the limitation of 10 ices, facilities, officers and employees thereof, in per cent of the national bank's capital and surplus. carrying out the provisions of the Act. By section Subject, of course, to any applicable provision of 309(g), as amended, the Federal Reserve Banks are State law, the permission also extends to all State authorized and directed to act as depositaries, cusmember banks of the Federal Reserve System, as todians and fiscal agents for the Association. section 9 of the Federal Reserve Act makes this The pertinent provisions of the National Housprovision of section 5136 applicable to State mem- ing Act, as amended, are as follows: ber banks. The text of the pertinent provision of SEC. 303. * * * the Act is as follows: (f) Notwithstanding any other provision of SEC. 2. The last sentence of paragraph Seven law, any institution, including a national bank of section 5136 of the Revised Statutes, as or State member bank of the Federal Reserve SEPTEMBER 1954 945 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT System or any member of the Federal Deposit and directed to act as depositaries, custodians, Insurance Corporation, trust company, or other and fiscal agents for the Association in the genbanking organization, organized under any law eral performance of its powers, and the Associof the United States, including the laws relating ation shall reimburse such Federal Reserve banks to the District of Columbia, shall be authorized for such services in such manner as may be to make payments to the Association of the non- agreed upon. refundable capital contributions referred to in subsection (b) of this section, to receive stock of In addition, section 203 of the Housing Act of the Association evidencing such capital contribu- 1954 specifically amended the next to the last tions, and to hold or dispose of such stock, sub- sentence of section 5136 of the Revised Statutes so ject to the provisions of this title. as to permit national banks to deal in and underwrite obligations of the Federal National Mortgage SEC. 309. * * * Association. Subject, of course, to any applicable (d) The Chairman of the Board shall have provision of State law, the provision also extends power to select and appoint or employ such of- to State member banks of the Federal Reserve Sysficers, attorneys, employees, and agents, to vest tem as section 9 of the Federal Reserve Act makes them with such powers and duties, and to fix and this provision of section 5136 applicable to State to cause the Association to pay such compensa- member banks. The text of this amendment reads tion to them for their services, as he may deter- as follows: mine, subject to the civil service and classifica- SEC. 203. The penultimate sentence of paration laws. Bonds may be required for the graph Seventh of section 5136 of the Revised faithful performance of their duties, and the Statutes, as amended, is hereby amended by Association may pay the premiums therefor. striking "or obligations of national mortgage as- With the consent of any Government corporasociations" and inserting "or obligations of the tion or Federal Reserve bank, or of any board, Federal National Mortgage Association". commission, independent establishment, or executive department of the Government, the Asso- Another provision of the Housing Act of 1954 ciation may avail itself on a reimbursable basis (section 603) provided for the establishment of a of the use of information, services, facilities, of- National Voluntary Mortgage Credit Extension ficers, and employees thereof, including any field Committee and directed the Housing and Home service thereof, in carrying out the provisions of Finance Administrator to request the Board of this title. Governors of the Federal Reserve System to desig- # # # # * nate a representative of the Board to serve on the (g) The Federal Reserve banks are authorized Committee in an advisory capacity. CURRENT EVENTS AND ANNOUNCEMENTS Historical Supplement to Monthly Chart Book on Tracy-Collins Trust Company, Salt Lake City, Bank Credit, Money Rates, and Business Utah, who had served as a director of the Salt The 1954 edition of the historical supplement Lake City Branch of the Federal Reserve Bank of to the monthly Federal Reserve Chart Book on San Francisco since January 1, 1953, died on Bank Credit, Money Rates, and Business will be August 14, 1954. available for distribution about the end of September, on the terms indicated on page 1030. As in Admission of State Bank to Membership in the Federal Reserve System the case of the October 1953 edition, a few new charts have been added and some others have been The following State bank was admitted to memrevised. All charts will include the latest data bership in the Federal Reserve System during the available on September 3, 1954. period July 16, 1954 to August 15, 1954: Death of Director Pennsylvania Mr. James W. Collins, Chairman of the Board, Pittsburgh—Fidelity Trust Company. 946 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication September 15] Industrial production in August was maintained average output rate of 63 per cent in July and at the level of recent months, and construction August. activity advanced further. Retail sales were near Activity in nondurable goods industries in the June-July levels. Average wholesale commodity August showed mainly a seasonal recovery folprices decreased slightly after mid-August; prices lowing widespread vacation shutdowns in July. of a few foodstuffs declined while prices of indus- After allowance for the usual seasonal rise, output trial materials strengthened somewhat. of textiles and apparel showed some further increase but was still well below a year ago. There INDUSTRIAL PRODUCTION was also a further rise in activity at chemical plants. The Board's seasonally adjusted index of indus- Activity in the rubber products industry in August trial production in August was maintained at 124 continued at reduced rates owing to wage disputes, per cent of the 1947-49 average, according to pre- which were settled around the end of the month. liminary data, as activity in most industries showed Crude petroleum production in August and early the usual recovery from the July seasonal lull. September was reduced somewhat further and was Output of durable goods continued to show about 5 per cent below a year ago. Coal mining little over-all change in August. Production of held steady at rates sharply below a year ago but household durable goods rose somewhat further, somewhat above the lows of March and April. as output of television and furniture increased. CONSTRUCTION Auto assembly declined further in August and Expenditures for new construction increased furthe first half of September, owing in large part to ther in August from advanced levels, reflecting model changeover shutdowns for a number of gains in most types of private construction. Value makes. Truck production was also curtailed furof new contract awards declined from the very ther. Output of most building materials continued high July total as all major categories of awards high through August; lumber production, which showed decreases. Requests to the Veterans Adwas sharply reduced by work stoppages during ministration for appraisal of new homes increased most of the summer, increased somewhat after in August, following three months at a very high mid-August when activity was gradually resumed level. at many mills following extended negotiations. Steel production in mid-September was scheduled EMPLOYMENT at 66 per cent of rated capacity compared with an Seasonally adjusted employment in nonagricultural establishments declined slightly in August to INDUSTRIAL PRODUCTION 47.9 million. Factory employment showed only a Per cent, physicol volume, seasonally adjusted, 1947-19 . 100 small further decrease. The average workweek at factories rose seasonally to 39.7 hours, which compares with 40.5 a year ago, and average weekly earnings at $71.06 remained slightly below the yearago level. Unemployment in early August continued at about the level prevailing since May. AGRICULTURE Feed crop prospects recovered somewhat during August, while the indicated cotton crop declined. Over-all crop conditions changed little during the month, and as of September 1 production was officially forecast at 4 per cent less than the large 1953 outturn. Meat production expanded in August 1954 1950 and early September as marketings of the larger Federal Reserve indexes. Monthly figures, latest shown are for August. spring pig crop started in volume. .SEPTEMBER 1954 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS DISTRIBUTION BANK CREDIT AND RESERVES Seasonally adjusted sales at department stores in Outstanding loans and investments of the weekly August and early September continued at the im- reporting member banks decreased slightly after proved rate of the previous two months. Unit vol- early August, when banks had purchased a large ume of auto sales showed little change in August, volume of the new Treasury anticipation certificates. and total retail sales, after seasonal adjustment, The decrease was concentrated in holdings of U. S. held close to the July level. Seasonally adjusted Government securities and in loans on securities, stocks at department stores rose slightly in July, which had also increased considerably in early but remained 5 per cent below the high year-ago August. Business loans showed little change, with level. seasonal borrowing by commodity dealers and COMMODITY PRICES others offset by large loan repayments, mainly by metal producers and fabricators. Real estate loans The average level of wholesale commodity prices of banks continued to increase. declined slightly from mid-August to mid-Septem- Free reserves of member banks have continued ber, owing chiefly to decreases in a few foodstuffs. to average about 700 million dollars in recent Hog prices dropped at the end of August to about weeks. A substantial part of the reserves supplied the levels reached in the peak marketing season to banks in late July and early August through relast autumn. Cattle prices, meanwhile, advanced ductions in reserve requirements was absorbed somewhat. Egg prices declined contra-seasonally. during August through Federal Reserve sales or Coffee and cocoa fell nearly one-fifth—from very runoffs of Treasury bills. In late August and early high levels—following revision in Brazilian foreign September, however, the Federal Reserve bought exchange regulations and improvement in the bills outright and under repurchase agreements world supply outlook. with dealers in order to supply reserves to meet Average prices of industrial materials increased. usual month-end and holiday drains. The expanded Government stockpile program and improved trade demand were reflected in increases SECURITY MARKETS at one-half cent per pound in lead and in zinc. Supplies of copper tightened—due chiefly to work Rates on short-term Government securities rose stoppages—and scrap prices advanced. Steel scrap in August and leveled off in early September, with prices also rose slightly, reflecting anticipations of quotations on 3-month Treasury bills around 1.00 an early upturn in demand. The decline in the per cent. Yields on Government and high-grade indicated cotton crop tended to strengthen textile corporate bonds increased slightly during late markets. August and early September, while yields on medium- and lower-grade corporate bonds declined slightly. Common stock prices declined in late PRICES AND TRADE Per cent, 1947-49 - 100 August, but recovered in early September. WHOLESALE PRICES - 120 OTHER. LOAMS AND INVESTMENTS /^^"^CONSUMIR MEMBER BANKS IN HADING CITIfS too ^ PRICES Billions of dollo 7 COMM0CMTIES vA,/# FARMV PRODUCTS KP A.*. U.HHML. L,. 80 , , (j m| j DEPARTMENT STORE TRADE 140 / I STOCKS /^ 120 - \\ \\ " .AAAIV A 100 r '** SALES Seasonally adjusted, except for price indexes. Prices, Bureau of Labor Statistics; disposable personal income and total retail sales, based on Department of Commerce data; department store trade^ Federal Reserve. "Other" wholesale prices exclude processed foods, included in total but not shown separately. Monthly figures,, latest shown: July for income and department store stocks; August for other series. August consumer prices Federal Reserve data. Weekly figures, latest shown are for estimated by Federal Reserve. Sept. 8. 948 FEDERAL RESERVE 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 951-952 Federal Reserve Bank rates; margin requirements; reserve requirements 952-953 Reserves and deposits of member banks 954 Federal Reserve Bank statistics 955-957 Regulation V: guaranteed loans, fees, and rates 957-958 Bank debits and deposit turnover; Postal Savings System 958 Money in circulation 959 Consolidated statement of the monetary system; deposits and currency 960 All banks in the United States, by classes 961-963 All commercial banks in the United States, by classes 964-965 Weekly reporting member banks 966-967 Commercial paper and bankers' acceptances 968 Life insurance companies; savings and loan associations 969 Government corporations and credit agencies 970-971 Security prices and brokers' balances 972 Money rates; bank rates on business loans; bond and stock yields 973 Treasury finance 974-979 New security issues 980 Business finance 981-982 Real estate credit statistics 983-985 Statistics on short- and intermediate-term consumer credit 986-988 Business indexes 989-998 Merchandise exports and imports 998 Department store statistics 999-1003 Consumer and wholesale prices 1004-1005 Gross national product, national income, and personal income 1006-1007 Tables on the following pages include the principal statistics of current significance relating to financial and business developments in the United States. The data relating to Federal Reserve Banks, member banks of the Federal Reserve System, and department store trade, and the consumer credit estimates are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained from statements of the Treasury; the remaining financial data and other series on business activity are obtained largely from other sources. Back figures through 1941 for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for many other tables may be obtained from earlier BULLETINS. SEPTEMBER 1954 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averages of Daily Figure*, 1951- Billions of Dollars 25 15 « EAhEJI RC3CKTE} -t 2 0 v-.**vwij*jj\^y I J^AvV^Jfc^^ *Jy**M^J>y4+*+, 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Aug. 25. See p. 952. 950 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other r)ate T U o .S t . a l Go B v o o t u u . g t s - h e t cu u r r H e n it p e d i l u e e d s r r - c D o a a u n d is d n - - ts Float o e A t r h l i l Total s G to o c ld k T s r o c t e u r a u u n r e n r t c y a - - d y s - - M c t c u o i i i o n r l n a n - e - y T h c i u r o n a e r g l s y d a h s - s- T th w u r r a e r e i y s n t a h e s r - m v F e e . F e m R i b o g b a r . n e - l r a B n a b c O n a e e k n s t r , h s k - O s F e e R a t e r r c h e a d v - - e l - e r Tot r a e M l se e r q m v u e b R i e r b e r e a - d b la 2 a a n c k c e E e s s x s - 2 right a m g e r n e t e-vances ing po d s e i - ts po d s e i - ts p d i o t e s s - - counts Wednesday 1953 July 1. . . .24,766 24.766 245 737 25,752 22,463 4,854 30.152 1.269 176 521 174 949 19.828 19,113 715 July 8 24,964 24,964 341 677 25,984 22,438 4,854 30.279 1,266 431 4*8 176 948 19,69( 19,002 688 July 15 24.964 24,964 20C 756 25,923 22,374 4,853 30,163 1 .264 640 561 179 947 19,397 18.253 1,144 July 22 24,964 24,964 521 777 26,265 22,276 4,853 30,051 1.267 530 525 323 947 19,74/ 19,098 644 July 29 24,964 24,964 747 588 3 26,301 22,277 4,853 30,044 1,264 841 547 343 863 19,529 19,014 515 Aug. 5. . . .24,964 24,964 561 625 26,153 22,227 4.858 30,139 1,276 460 557 332 860 19,614 18,959 655 Aug. 12 24,964 24,964 776 609 \ 26,352 22,228 4,859 30,158 1,275 675 551 329 859 19,593 18,942 651 Aug. 19 25,008 24,989 1< 815 751 26,577 22,228 4,861 30,145 1,280 738 61f 390 862 19,641 18,865 776 Aug. 26 25,017 24,989 28 524 587 26,131 22,228 4,862 30,105 1,273 669 518 354 862 19,440 18,860 580 Sept. 2 25,067 25,014 53 391 610 26,071 22,178 4,865 30,240 1.278 541 538 333 859 19 325 18,884 441 Sept. 9 25,126 25,034 92 491 559 26,179 22,178 4,865 30.479 1,274 574 569 363 859 19 104 18,731 373 Sept. 16 25,207 25,084 123 311 943 26,464 22,178 4,868 30,335 L ,278 356 507 381 882 19,771 18,885 886 Sept. 23 25,185 25,185 228 813 26,228 22,179 4,869 30,210 1,277 619 543 259 881 19,486 18,868 618 Sept.30 25,235 25.235 329 685 26,252 22,128 4,872 30,275 ,283 642 512 352 880 19,309 18,816 493 Oct 7. . . .25 348 25,348 281 606 26,238 22,128 4,872 30,374 1,284 524 484 370 899 19,303 18,757 546 Oct. 14.. . .25,363 25,348 15 271 685 26,322 22,128 4,873 30,412 1,271 348 461 375 899 19,557 18,728 829 Oct. 21 25,348 25,348 260 826 26,437 22,077 4,874 30,305 1,270 530 461 358 897 19,567 18,817 750 Oct. 28 25,348 25,348 359 599 26,309 22,077 4,874 30,268 1,282 644 471 366 895 19,334 18,796 538 Nov. 4. . . .25,447 25,398 49 822 559 26,830 22,076 4,877 30,428 1,283 664 453 376 801 19 779 18,845 934 Nov. 11 25,123 24,958 165 365 622 26,111 22,077 4,878 30,540 784 322 449 534 808 19 630 19,026 604 Nov. 18 24,958 24,958 594 933 26,487 22,076 4,878 30,487 786 503 419 398 805 20 044 19,187 857 Nov. 25 25,022 24,993 29 768 636 26,428 22,027 4,879 30,691 777 522 429 335 805 19,775 19,150 625 Dec. 2 25,081 25,043 38 427 792 26,302 22,028 4,882 30,791 774 526 431 339 878 19,474 19,161 313 Dec. 9 25,345 25,143 202 727 606 26,681 22,028 4,883 30,904 778 488 491 331 880 19,720 19,053 667 Dec. 16 25,457 25,243 214 268 1,193 26,921 22,028 4,884 30,953 769 224 464 259 936 20 229 19,309 920 Dec. 23.... 25,886 25,318 568 435 1,369 27,692 22,029 4,886 31,156 763 799 461 427 937 20,064 19,297 767 Dec. 30 25,902 25,318 584 100 973 26,977 22,029 4,889 30,890 773 377 474 380 936 20 066 19,364 702 1954 JJaann.. 136.... 2 2 5 5 , , 3 3 8 1 4 8 2 2 5 5 , , 3 3 1 1 8 8 66 1 15 7 6 0 9 7 6 5 3 4 2 2 6 6 , , 5 2 1 3 9 0 2 2 2 2 , , 0 0 2 3 9 0 4 4 , , 8 8 9 9 0 0 3 3 0 0 , ,5 2 9 8 1 4 7 7 7 7 5 0 22 8 2 6 4 50 4 0 0 4 3 4 9 1 7 8 83 3 6 6 2 2 0 0 2 1 2 8 8 4 1 1 9 9 , , 2 3 5 9 0 0 9 7 7 9 8 4 Jan. 20 25,364 25,364 70 977 26,412 22,006 4,890 30,083 782 5 443 286 833 20 874 19,335 1,539 Jan. 27 24,661 24,661 110 722 25,495 22,006 4,890 29,900 795 236 493 278 831 19 859 19,217 642 Feb. 3 24,774 24,717 57 515 569 25,860 21,956 4,899 29,930 807 457 477 345 829 19 870 19,089 781 Feb. 10. . . .24,863 24,806 57 440 509 25,815 21,957 4,902 29,923 818 638 473 338 828 19 654 18,937 717 Feb. 17 24,806 24,806 291 798 25,897 21,957 4,905 29,821 820 533 482 346 912 19 845 18,921 924 Feb. 24 24,559 24,559 249 503 25,312 21,958 4,906 29,838 824 509 461 359 911 19 273 18,853 420 Mar. 3 24,559 24 559 267 861 25,689 21,958 4,912 29,885 820 528 476 402 908 19 540 18,827 713 Mar. 10 24,682 24 682 411 543 25,638 21,963 4,917 29,870 820 447 487 346 907 19 640 18,792 848 Mar. 17 24,582 24,582 265 855 25,704 21,964 4,920 29,769 823 51 528 191 919 20 307 19,224 1,083 Mar.24 24,705 24,632 73 349 569 25,625 21,964 4,925 29,632 810 539 517 358 919 19 739 18,869 870 Mar.31 24,632 24 632 147 535 1 25,316 21,965 4,935 29,707 819 722 494 363 917 19 194 18,689 505 Apr. 7 24 632 24,632 177 546 2 25,357 21,966 4,935 29,795 823 570 491 371 936 19 272 18,651 621 Apr. 14 24.632 24.632 171 599 1 25,404 21,966 4,943 29,793 831 639 469 353 935 19 293 18,585 708 Apr. 21 24.632 24 632 155 704 1 25,493 21,967 4,945 29,673 839 565 443 388 931 19 566 18.648 918 Apr. 28 24,632 24,632 217 533 1 25,383 21,968 4,947 29,645 829 499 469 305 852 19 699 18,759 940 May 5 24,632 24 632 140 501 1 25,274 21,969 4,951 29,756 837 617 601 328 849 19 207 18,837 370 May 12 24 632 24 632 268 582 1 25,484 21,970 4,952 29,759 840 542 579 357 848 19 481 18,717 764 19.. . .24 687 24 687 177 662 1 25,528 21,971 4,956 29,707 841 418 533 390 880 19 686 18,937 749 May 26. 24 737 24 737 202 550 1 25,490 21,972 4,957 29,697 834 505 502 383 881 19 617 18.961 656 June 2. . . .24 812 24 812 175 593 1 25,582 21,923 4,958 29,934 831 448 520 379 877 19 474 18,898 576 June 9 24 987 24 987 177 574 1 25,740 21,924 4,957 29,873 825 250 563 201 876 20 032 18,906 1,126 June 16 24 910 24 910 136 797 1 25,844 21,925 4,956 29,803 810 459 543 199 997 19 914 18,993 921 June 23 25 231 25 139 92 609 751 1 26.593 21,926 4,955 29,735 812 1,220 544 339 999 19 825 18,828 997 June 30 25 037 25 037 37 567 1 25,642 21,927 4,959 29,922 811 875 545 377 988 19 011 18,412 599 July 7 25 037 25 037 84 614 1 25,736 21,928 4,959 30,154 826 300 571 380 987 19 406 18,420 986 July 14 24 902 24 902 83 683 1 25,669 21,929 4,958 29,981 810 557 771 400 985 19 052 18,340 712 July 21 24 714 24 714 93 654 1 25,463 21,931 4,958 29,854 808 536 629 402 983 19 141 18,366 775 July 28 24 517 24 517 220 525 1 25,263 21,907 4,959 29,776 812 548 549 398 911 19 136 18.377 759 Aug. 4 24 325 24 325 170 609 1 25,105 21,908 4,959 29,893 808 677 525 428 907 18 733 17,704 1,029 Aug. 11 24 023 24 023 487 554 1 25,066 21,858 4,960 29,911 799 593 559 387 905 18 731 17,665 1,066 Aug. 18 23 956 23 876 ""80 460 766 1 25,183 21,858 4,960 29,866 812 646 548 427 928 18 776 P17,583 Aug.25 23 908 23 824 84 313 637 1 24,859 21,858 4,961 29,786 812 596 562 417 927 18 579 P17.574Pl!005 End of month 1953 24 964 24 964 644 565 3 26,176 22,277 4,859 30,120 1,263 548 566 346 862 19 607 19,017 590 JAuulyg.. 25 063 24 989 ""74 343 549 3 25,958 22,178 4,867 30,248 1,269 496 524 325 862 19,278 18,802 476 Sept. 25 25 329 685 3 26,252 22,128 4,872 30,275 1,283 642 512 352 880 19,309 18,816 493 Oct.. 25 348 25 348 413 787 3 26,550 22,077 4,879 30,398 1,275 654 448 468 802 19,460 18,826 634 Nov. 25 095 24 993 102 369 667 3 26,133 22 028 4,885 30,807 766 451 417 367 804 19 434 19,087 347 Dec. 25 916 25 318 598 28 935 2 26,880 22 030 4,894 30,781 761 346 423 493 839 20, 160 19,397 763 1954 JFaenb... 2 2 4 4 6 50 4 9 0 2 2 4 4 6 50 4 9 0 3 1 5 5 0 6 6 82 4 7 0 2 2 2 2 5 5 , , 4 6 3 8 7 8 2 2 1 1 9 9 5 5 6 8 4 4 , , 8 91 9 3 9 2 2 9 9 , , 9 9 8 0 1 4 8 7 1 9 1 3 4 5 0 4 5 2 4 4 4 9 0 0 4 49 5 1 9 8 90 3 9 0 1 1 9 9 , , 3 41 8 2 4 1 1 8 9 , , 8 0 2 1 1 6 3 5 6 9 8 1 Mar. 24 632 24 632 147 535 25,316 21 965 4,935 29,707 819 722 494 363 917 19, 194 18,689 505 Apr.. 24 632 24 632 172 576 25,382 21 969 4,951 29,735 819 579 471 321 850 19 528 18,844 684 Mav 24 812 24 812 245 723 25,781 21 973 4,957 29,870 820 408 527 645 878 19,563 18,891 672 June. 25 037 25,037 37 567 25,642 21 927 4,959 29,922 811 875 545 377 988 19,011 18,412 599 July. 24,325 24,325 184 672 25,183 21 908 4,960 29,892 798 716 533 503 908 18 702 17,763 939 Aug.. 24,023 23,894 " 129 200 473 24,696 Pl\ 809 P4.965 *>29,925 P815 511 477 501 925 18 316 P17.533 P783 P Preliminary. For footnotes see following page. SEPTEMBER 1954 951 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 1 u I r c y aa-Money Treas- with F. R. Banks wA F it e ln, d ..e - r Date Dis- Gold cur- in ury eral or Held counts All stock rency cir- cash Reperiod Total B r o o i u u gh g t- h t t u r c a e n h g p d a r u e s e e r e r - - va a a n n d c d - es Float o e t r h 1 - Total s o t i a u n n g t- d- c t u io la n - h in ol g d s - T p r u o d e r s e a i y - t s s - p F e o d i o g s e r i n - t - s O p d e t o e r h s - - - c s o e a u r c v n - e ts Total qu R ir e e - d2 c E es x s - " ment its 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 J uence. . . 2 1 , , 4 9 8 9 4 8 2 1, , 9 4 9 8 8 4 164 7 91 4 5 1 4 1 2 2 , ,5 2 9 2 3 0 17 4, , 0 6 3 4 1 4 2 2 , , 9 2 6 8 3 6 5 7, , 5 4 9 3 8 4 2,4 2 0 6 9 4 63 3 4 5 39 1 7 5 2 1 5 5 6 1 2 3 5 4 1 6 11 2 , , 6 2 5 9 3 2 6 1 , , 4 8 4 1 4 7 5,2 4 0 7 9 5 1 19 9 4 4 5 1 — — D D eecc#.. 2 2 4 , , 2 26 5 2 4 24 2, ,2 2 6 5 2 4 249 3 57 9 8 4 10 2 25 2, ,0 3 9 6 1 12 2 2 0 , , 7 0 3 6 7 5 4 3, ,3 2 3 4 9 7 2 1 8 1, , 1 5 6 1 0 5 2 2 , , 2 2 1 8 5 7 9 8 7 6 7 7 8 7 6 7 2 4 4 5 4 8 6 6 4 29 9 1 5 1 1 2 5 , ,9 4 1 5 5 0 1 9 4 , , 3 45 6 7 5 3 1 , , 0 4 8 5 5 8 1947—Dec 22,559 22,559 85 535 1 23,18122,754 4,56228,868 1,336 870 392 569 56317,899 16,400 1,499 1948—Dec. 23,333 23,333 223 541 1 24,09724,244 4,58928,224 ,325 1,123 642 547 59020,479 19,277 1,202 1 1 9 9 4 5 5 0 )— — D DCeCc<. 2 1 0 8 , ,8 7 8 7 5 8 2 1 0 8, , 8 7 8 2 5 5 53 6 7 7 8 1,3 5 6 3 8 4 3 2 2 1 2 9 , , 2 4 1 9 6 92 2 4 2, , 7 42 0 7 6 4 4 , ,6 5 3 9 6 82 2 7 7 , ,7 6 4 0 1 0 1 1 , , 3 2 1 9 2 3 6 82 6 1 8 8 7 9 6 5 7 5 7 6 5 5 0 7 7 1 0 4 6 1 1 7 6, , 5 6 6 8 8 1 1 1 6 5 , .5 5 5 0 0 9 1 1, , 1 0 7 1 2 8 1951—Dec. 23,801 23,605 196 19 1,184 5 25,00922,695 4,70929,206 1,270 247 526 363 74620,056 19,667 389 1952—June. 22,906 22,764 142 59 581 23,55123,346 4,75429,026 1,283 333 548 298 78319,381 19,573 -192 Dec. 24,697 24,034 663 156 967 4 25,82523,187 4,81230,433 1,270 389 550 455 77719,950 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 dally figures Monthly: 1953—Aug.. 25,000 24,974 26 658 660 3 26,32222,226 4,86030,167 1,273 656 548 376 861 19,526 18,882 644 Sept. 25,168 25,097 71 468 771 3 26,41022,176 4,86730,328 1,273 537 538 354 871 19r 552 18,834 718 Oct.. 25,344 25,341 3 367 800 3 26,51422,102 4,87330,366 1,274 557 463 406 889 19,536 18,784 752 Nov. 25,172 25,078 94 494 744 3 26,41322,057 4,87830,555 915 497 434 424 805 19,718 19,035 683 Dec. 25,639 25,218 421 448 1,018 2 27,10722,028 4,88530,967 767 602 466 390 908 19,920 19,227 693 1954—Jan.. 25,263 25,149 114 118 861 2 26,24322,015 4,89130,282 778 201 453 422 834 20,179 19,243 936 Feb.. 24,770 24,729 41 308 667 2 25,74621,957 4,90429,903 811 568 470 429 870 19,557 18,925 632 Mar. 24,633 24,620 13 205 712 2 25,55321,963 4,92029,800 813 490 494 352 913 19,573 18,881 692 Apr.. 24,635 24,632 3 151 696 1 25,48321,966 4,94129,755 825 584 481 427 926 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 25,87621,927 4,95629,856 815 602 553 321 941 19,670 18,813 857 July. 24,771 24,761 10 104 695 1 25,57121,926 r4 ,95929,968 810 498 632 409 973 19,164 18,329 835 Aug.. 23,989 23,930 59 210 654 1 24,85521,871 4,96029,896 806 591 536 464 916 18,478 Weekending: 1954 June 2 24,812 24,812 216 613 25,64221,966 4,95829,874 827 452 521 458 878 19,555 18.912 643 June 9.... 24,960 24,960 170 670 25,80221,924 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 26,13421,926 4,95529,793 806 757 547 296 998 19,818 18 958 860 June 30 25 113 24,980 133 157 630 25,90121,926 4,95629,813 812 1,010 579 384 996 19,188 18 349 839 July 7 25 082 25,038 44 71 675 25.82921,927 4,95930.066 821 464 588 413 986 19,377 18 419 958 July 14 24 912 24,912 68 710 25,69121,929 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 18 356 905 July 28 24 517 24,517 168 590 25,27721,924 4,95929,815 806 551 569 420 963 19,036 18 347 689 Aug. 4.... 24 325 24,325 175 653 25,15421,908 4,95929,889 803 742 526 455 908 18,698 17 666 1,032 Aug. 11 24 040 24,023 17 287 598 24,92521,901 4,95929,932 803 584 544 430 905 18,586 17 688 898 Aug. 18... . 23 980 23,876 104 229 723 24,93321,858 4,96029,919 805 558 579 452 914 18,525 P17 583 P942 Aug. 25.... 23 813 23,747 66 178 698 24,69021,858 4,96129,850 807 566 557 450 927 18,353 P17 582 P771 v Preliminary. r Revised. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 'These 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 s [Per cent per annum] [Per cent of market value] Nov. 1, 1933-Feb. 1,1935- Effective Mar. 30, Jan. 17, Effec- Jan. 31, 1935Dec 31, 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... 2H 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. . . I 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 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. 952 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank A a o d d b v v l a i a g n n a c c t e e i ( s o s S n s e s e s e e c s c a u . u n r 1 r e d e 3 d d d a b i n b s y d y c o e 1 l u G i 3 g n o a i t b v s ) 1 l e e o r n f p m a a n p e d e n r t Other [ S s e e c c . u l r O ed (b a )] dvances ti o b o b a n l n i s ( k g l a s a o s t t t i s h o e e p n c r a u s r r t . o e h f d S a e n th b c e y . m 1 U d e 3 m i . ) r S e b c . e t r Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning— rate Aug. 31 beginning— rate Boston Apr. 27,1954 2 Apr. 27,1954 I* Feb. 5,1954 New York.. .. Apr. 16,1954 2 Apr. 16,1954 Jan. 16,1953 Philadelphia.. May 21,1954 2 May 21,1954 Jan. 16,1953 C R l i e c v h e m la o n n d d A M p a r y . 15 2 , 3, 1 1 9 9 5 5 4 4 2 2 A M p a r y . 15 2 , 3, 1 1 9 9 5 5 4 4 I* J A a u n g . . 2 17 3 , ,1 1 9 9 5 5 3 3 Atlanta May 15,1954 2 May 15,1954 Feb. 9,1954 Chicago Apr. 14,1954 V Feb. 11,1954 Aug. 13,1948 St. Louis Apr. 23,1954 Apr. 23.1954 3 May 18,1953 Minneapolis. . Apr. 29,1954 Apr. 29,1954 3 4 Jan. 26,1953 Kansas City.. Apr. 23,1954 Feb. 12,1954 3 Jan. 16,1953 S D a a n ll a F s rancisco A A p p r r . . 2 1 3 6 , , 1 1 9 9 5 5 4 4 2 2H A A p p r r . . 2 1 3 6 , , 1 1 9 9 5 5 4 4 3 2% J J a a n n . . 2 2 3 0 , , 1 1 9 9 5 5 3 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 - - 1 9 2 0 0 d d M a a y y a s s turity A R u a g te . o 3 n 1 A A I p p n g r r i . . e n f f n 1 1 e 6 6 c in t , , g b 1 1 - e 9 9 - 5 5 4 4 Pre ra v t i e ous Ef o fe f c t c iv h e an g d e ate C T b e c e a s n i n e t t y r k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e T a e p ( n i m a o m k l s b l s e i e ) ts r 121-180 days Apr. 16, 1954 1917—Jane 21 13 10 an N ce O s T p E a .— ya E b f le fe c i t n iv e d o m lla in rs im . um Ba c b k u y fi i g n u g r e r s a . t — es S o e n e B pr a i n m k e in g b an a k nd er s M ' o a n c e c t e a p r t y - 1 1 9 9 3 3 6 7 — — A M u a g r . . 1 1 6 2 1 2 9 1 1 5 7 12 J< I" Statistics, Table 117, pp. 443-445. May 1 26 20 14 1938—Apr. 16 17 12 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 5 AND O C F O M TH M E I T F M E E D N E T R S A L U N R D E E S R ER V SE E C A TI C O T N 13B 1 19 9 4 4 2 1 — — A N u o g v . . 2 1 0 2 2 6 4 20 14 6 Sept. 14 22 Maturities not exceeding five years Oct. 3 20 {In effect August 31. Per cent per annum] 1948—Feb. 27 22 June 11 24 Sept. 16 16 271, To industrial or Sept. 24 26 22 371, commercial To financing institutions businesses ay 1 15 27 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 o a u s n e t s s or A J A u u u l g y g . . 1 1 1 1 1 1 4 3 3 26 5 Bank On On Aug. 16 12 25 On commit- Portion commit- Aug. 18 23 19 loans1 ments for which Re- ments Aug. 25 22 18 institu- maining Sept. 1 22 18 tion is portion 1951—-Jan. 11 23 19 36 obligated Jan. 16 13 26 Jan. 25 24 20 Feb. 1 14 Boston New York 1953—July 1 13 Philadelphia July 9 22 19 Cleveland () 1954—-June 16 25 Richmond () June 24 21 35 Atlanta (2) (3) July 29 20 18 Chicago ^-5 (3) Aug. 1 12 St. Louis Minneapolis In effect Sept. 1, 1954*. 20 18 12 Kansas City <2) Dallas 1 Demand deposits subject to reserve requirements, which beginning San Francisco... Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period 1 Including loans made in participation with financing institutions. Apr. 13, 1943-June 30, 1947). 2Rate charged borrower less commitment rate. 2 Requirement became effective at country banks. 3Rate charged borrower. 4Rate charged borrower but not 3Requirement became effective at central reserve and reserve city to exceed 1 per cent above the discount rate. banks. 6Charge of % per cent per annum is made on undisbursed portion 4Present legal minimum and maximum requirements on net demand of loan. deposits—central reserve cities, 13 and 26 per cent; .reserve cities, •Charge of )4. Per cent per annum is made on undisbursed portion 10 and 20 per cent; country, 7 and 14 per cent, respectively; on time of loan. deposits at all member banks, 3 and 6 per cent, respectively. Back figures.—See Banking and Monetary Statistics, Table 118, pp* 446-447. SEPTEMBER 1954 953 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 All city banks Re- Coun- All city banks week en M di o n n g t h W , o e r dnesday b m a b n e e k m r s - i New Chi- b s c a e i r n t v y k e s ba t n ry ks i week en M di o n n g t h W , o e r dnesday b m a b n e e m k r s - 1 New Chi- York cago York cago 591 15 3 787 128 4 784 53 716 3^ 858 63 836 40 904 53 688 13 1,032 54 898 -23 P886 22 P773 -5 944 72 423 11 418 12 155 7 146 14 66 56 84 71 182 89 139 20 88 23 l/C Re- Counserve try city banks1 banks Total reserves held: Excess reserves: 1953—May 19,897 4,922 1,297 7,824 5,853 1953—May 108 466 June 20,287 5,155 1,320 7,933 5,878 June 164 491 July 19,653 4,838 1,292 7,808 5,713 July 130 597 1954—May 19,533 4,738 1,255 7,785 5,754 1954—May -2 124 560 June 19,670 4,812 1,251 7,839 5,767 June 11 153 630 July 19,164 4,508 1,198 7,780 5,678 July 11 166 619 July 21 19,261 4,485 1,210 7,830 5,736 July 21 19 165 667 July 28 19,036 4,481 1,188 7,767 5,600 July 28 3 130 542 Aug. 4 18,698 4,393 1,180 7,481 5,644 Aug. 4 27 195 756 Aug. 11 18,586 4,344 1,170 7,516 5,555 Aug. 11 -8 122 807 Aug. 18 18,525 4,337 1,182 7,511 5,495 Aug. 18 7 91 P766 Aug. 25 18,353 4.280 1,166 7,489 5,418 Aug. 25 -4 82 P700 Borrowings at Federal Required reserves: Reserve Banks: 1953—May 19,306 4,908 1,295 7,716 5,387 1953—May 54 569 249 June 19,499 5,028 1,316 7,769 5,387 June 22 195 195 July 18,868 4,786 1,288 7,678 5,117 July 40 245 121 1954—May 18,817 4,704 1,257 7,661 5,194 1954—May 8 65 76 June 18,813 4,749 1,240 7.686 5,138 June 4 61 67 July 18,329 4,468 1,187 7,614 5,058 July 1 26 38 July 21... 18,356 4,432 1,191 7,665 5,069 July 21 1 26 29 July 28... 18.347 4,467 ,185 7,637 5,058 July 28 2 38 44 Aug. 4. . . 17,666 4,339 ,153 7,286 4,888 Aug. 4 2 27 42 Aug. 11.. . 17,688 4,367 ,179 7,394 4,748 Aug. 11 21 33 39 Aug. 18. .. P17.641 4,316 ,175 7,421 P4,729 Aug. 18 22 58 39 Aug. 25... P17,579 4,285 1,169 7,407 P4,718 Aug. 25 2 32 31 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-August 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 e R i r n e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n t e v y k - e s C ba t o r n u y k n s - York cago York cago July 1954 July 1953 Gross demand deposits: Total 108,551 22,881 6,006 42,194 37,471 106,408 22,530 6,036 41,267 36,575 Interbank 12,889 4.079 1,277 6,310 1,222 12,072 3,877 ,238 5,894 1,062 Other 95.662 18,802 4,729 35,884 36,249 94,336 18,653 4,798 35,372 35,513 Net demand deposits2 . . 93,925 20,514 5,368 36,254 31,789 92,976 20,623 5,406 35,566 31,381 Time deposits 38,551 3.563 1,279 15,191 18,518 34,775 2,435 ,203 13,848 17,288 Demand balances due from domestic banks. 6,691 46 125 2,060 4,460 6,169 40 124 1,957 4,048 Reserves with Federal Reserve Banks: Total 19,164 4,508 1,198 7,780 5,678 19,653 4,838 1,292 7,808 5,713 Required3 18,329 4,468 1,187 7,614 5,058 18,868 4,786 1,288 7,678 5,117 Excess 836 40 11 166 619 784 53 5 130 597 Borrowings at Federal Reserve Banks 66 26 38 418 12 40 245 121 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 June-July 1954; see table on preceding page. 954 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 Aug. 25 Aug. 18 Aug. It Aug. 4 July 28 Aug. July Aug. Assets Gold certificates 20,327,104 20,327,102 20,327,102 20,367,102 20,367,104 20,277,105 20,367,104 20,195,103 Redemption fund for F. R. notes. . 844,476 844,476 847,011 850,554 852,726 840,241 852,726 797,665 Total gold certificate reserves. 21,171,580 21,171,578 21,174,113 21,217,656 21,219,830 21,117,346 21,219,830 20,992,768 F. R. notes of other Banks... 142,038 132,276 121,412 118,927 131,185 121,210 128,304 181,457 Other cash 376,473 367,413 374,045 382,744 393,554 362,063 397,533 337,150 Discounts and advances: For member banks 222,859 369,987 382,486 64,986 125,132 109,769 79,042 342,849 For nonmember banks, etc.. 90,000 90,000 105,000 105,000 95,000 90,000 105,000 Industrial loans 642 806 1,184 1,056 999 616 1,116 2^ 773 U. S. Government securities: Bought outright: Bills 1,103,150 1,155,250 1,301,750 1,603,750 1,795,925 1,173,150 1,603,750 1,697,304 Certificates: Special Other 6,599, 6,599,791 6,599,791 6,599,791 6,599,791 6,599,791 6,599,791 ,995,716 Notes 13,029, 13,029,021 13,029,021 13,029,021 13,029,021 13,029,021 13,029,021 13,773,671 Bonds 3,092, 3,092,550 3,092,550 3,092,550 3,092,550 3,092,550 3,092,550 ,521,975 Total bought outright 23,824, 23,876,612 24,023,112 24,325,112 24,517,287 23,894,512 24,325,112 24,988,666 Held under repurchase agreement. 83,800 80,000 128,600 74,500 Total U. S. Government securities. 23,908,312 23,956,612 24,023,112 24,325,112 24,517,287 24,023,112 24,325,112 25,063,166 Total loans and securities 24,221,813 24,417,405 24,511,782 24,496,154 24,738,418 24,223,497 24,510,270 25,408,788 Due from foreign banks. 22 22 22 22 22 22 22 Uncollected cash items. . 3,410, 4,085,677 3,557,645 3,418,325 3,447,068 3,157,669 3,308,803 ,847,247 Bank premises 53, 53,820 53,705 53,664 53,703 53,724 53,669 49,983 Other assets 132, 125,184 140,914 132,572 123,828 138,750 127,943 176,705 Total assets. 49,509,301 50,353,37549,933,638 49,820,064 50,107,608 49,174,28149,746,374 49,994,120 Liabilities Federal Reserve notes 25,467,827 25,529,79225,560,754 25,554,18525,465,97325,566,36125,567,31225,983,424 Deposits: Member bank—reserve accounts . 18,579,30718,775,89018,731,31418,733,49119,136,32018,316,01218,701,710 19278,145 U. S. Treasurer—general account. 595,947 646,473 593,012 676,740 548,124 511,349 715,622 496,171 Foreign 561,911 547,534 559,186 524,706 548,891 476,765 532,898 524,203 Other 417,132 427,021 386,507 428,201 397,579 501,001 503 330 324,733 Total deposits. 20,154,297 20,396,918 20,270,01920,363,138 20,630,914 19,805,127 20,453,560 20,623,252 Deferred availability cash items 2,773,910 3,320,006 ,003,523 2,809,397 2,922,556 ,684,978 2,636 ,298,336 Other liabilities and accrued dividends 15,314 14,161 13,696 14,113 15,109 15,080 13, 20,265 Total liabilities. 48,411,348 49,260,877 48,847,992 48,740,833 49,034,552 48,071,546 48,670,610 48,925,2/7 Capital Accounts Capital paid in 274,899 274,747 274,600 273,923 273,663 274,838 273,712 261,220 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 170,498 165,195 158,490 152,752 146,83'/ 175,341 149,496 195,404 Total liabilities and capital accounts. 49,509,301 50,353,375 49,933,638 49,820,064 50,107,608 49,174,28149,746,374 49,994,120 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.4 46.1 46.2 46.2 46.0 46.5 46.1 45.0 Contingent liability on acceptances purchased for foreign correspondents 5,294 6,562 6,789 8,396 8,562 5,264 8,666 25,316 Industrial loan commitments 2,778 2,617 2,241 2,390 2,480 2,795 2,354 3,356 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances*—total 312,859 459,987 487,486 169,986 220,132 199,769 184,042 342,849 Within 15 days 215,320 368,684 390,443 71,375 132,673 103,880 84,308 321,953 16 days to 90 days 97,314 91,076 96,806 98,372 87,302 95,664 89,577 20,746 91 days to 1 year 225 227 237 239 157 225 10,157 150 Industrial loans—total 642 806 1,184 1,056 999 616 1,116 2,773 Within 15 days 5 5 2 2 3 5 3 598 16 days to 90 days 384 532 883 754 689 364 806 318 91 days to 1 year 215 231 259 260 267 208 267 1,375 Over 1 year to 5 years. 38 38 40 40 40 39 40 482 U. S. Government securities—total 23,908,312 23 956,612 24,023,11224,325,11224,517,287 24,023,112 24,325,112 ,063,166 Within 15 days 588,600 592,100 586,800 717,000 606,675 485,600 564,900 ,120,325 16 days to 90 days 598,350 643,150 ,706,175 ,877,975 ,180,475 816,150 ,030,075 ,507,304 91 days to 1 year 972,141 13,972,141 12,972,71612,972,71612,972,716 13,972,141 12,972,716 ,194,016 Over 1 year to 5 years 299,060 299,060 307,260 307,260 307,260 299,060 ,307,260 ,452,264 Over 5 years to 10 years 035,304 035,304 035,304 035,304 ,035,304 ,035,304 ,035,304 ,374,400 Over 10 years 414,857 414,857 414,857 414,857 ,414,857 ,414,857 ,414,857 ,414,857 1 Securities held under repurchase agreement are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 955 SEPTEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 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 i r s a a c n n o - Assets Gold certificates. 20,277,105 1,029,606 5,516,5151,217,3751,723,3281,055,293 927,0193,623,148 809,280 465,658 862,956 772,097 2,274,830 Redemption fund for F. R. notes. 840,241 50,895 168,783 55,345 77,028 63,516 55,142 145,946 47,783 24,860 40,211 29.244 81,488 Total gold certificate reserves. . 21,117,346 1,080,501 5,685,2981,272,7201,800,3561,118,809 982,1613,769,094 857,063 490,518 903,167 801,341 2,356,318 F. R. notes of other Banks... 121,210 10,974 19,956 7,047 5,343 12,582 16,782 12,324 5,780 13,079 6,674 3,300 7,369 Other cash. 362,063 25,964 67,426 23,411 41,167 17,986 31,764 61,469 22,211 7,695 11,873 13,133 37,964 Discounts and advances: Secured by t U. S. Govt. securities. . . 109,030 5,410 23,965 5,195 17,170 8,632 8,300 10,030 3,150 4,050 20,428 2,700 Other 90,739 5,490 26,100 6,660 8,280 4,590 3,870 12,510 3,420 2,250 3,420 4,969 9,180 Industrial loans.. 616 520 96 U. S. Government, securities: Bought outright 23 894 512 1 318 451 6,103,4231 454 1722 047 9271 407,3391,216 9714,177 191 999,866 586,778 1,030,905 938 911 2,612,578 Held under repurchase agreement... 128,600 128,600 Total loans and securities 24,223,497 1,329,351 6,282,0881,466,5472,073,377 1,420,5611,229,1414,199,731 1,006,436 593,174 1,054,753 943.880 2,624,458 Due from foreign banks 22 1 2 2 1 1 3 1 1 1 1 2 Uncollected cash items 3,157,669 241,162 643,012 190,035 282,081 261,488 215,132 473,119 120,298 88,018 154,706 208,339 280,279 Bank premises... 53,724 5,963 7,619 5,173 5,062 4,563 3,933 6,327 2,853 1,005 2,463 562 8,201 Other assets..... 138,750 7,595 33,719 8,269 12,273 8,123 7,639 23,838 6,091 3,372 6,325! 6,432 15,074 Total assets 49,174,281 2,701,511 12,739,1242,973,2044,219,6612,844,1132,486,5538,545,9052,020,733 1,196,862 2,139,962 1,976,9885,329,665 Liabilities F. R. notes 25,566,361 1,566,212 5,735,8171,788,8882,374,460 1,752,5421,357,7344,948,862 1,132,764 598,615 1,003,836 737,7332,568,898 Deposits: Member bk.— reserve accts. 18,316,012 766,5 78 5,435,033 856,031 1,412,062 747,183 829,7942,955,817 675,386 453,195 921,851 945,665 2,317,417 U. S. Treas.— gen. acct 511,349 37,696 146,719 38,484 44,743 37,347 38,869 39,369 38,209 23,124 19,148 30,833 16,808 Foreign 476,765 28,676 2142,976 34,787 43,249 23,975 20,214 65,344 17,864 11,753 17,863 22,095 47,969 Other 501,001 2,555 428,310 9,721 10,838 2,152 722 3,786 7,470 1,256 4,783 749! 28,659 Total deposits... 19,805,127 835,505 6,153,038 939,0231,510,892 810,657 889,5993,064,316 738,929 489,328 963,645 999,342 2,410,853 Deferred availability cash items 2,684,978 231,489 536,698 163,337 231,842 221,738 188,358 374,899 104,382 79,405 128,453 188,151 236,226 Other liabilities and accrued dividends 15,080 623 5,108 798 1,649 587 655 2,371 536 398 569 504 1,282 Total liabilities..48,071,546 2,633,82912,430,6612,892,0464,118,8432,785,5242,436,3468,390,4481,976,6111,167,7462,096,503 1,925,7305,217,259 Capital Accounts Capital paid in. . 274,838 14,784 83,446 18,740 26,727 12,243 11,903 36,377 9,509 6,114 10,489 13,939 30,567 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 175,341 11,108 41,065 12,020 15,437 11,247 9,508 26,859 8,627 5,710 8,377 7,866 17,517 Total liabilities and capital 49,174,281 2,701,511 12,739,1242,973,2044,219,6612,844,1132,486,5538.545,9052,020,7331,196,862 2,139,962 1,976,9885,329,665 Reserve ratio.... 46.5% 45.0% 47.8% 46.7% 46.3% 43.6% 43.7% 47.0% 45.8% 45.1% 45.9% 46.1% 47.3% Contingent liability on acceptances purchased for foreign correspondents 5,264 323 31,501 392 488 270 228 737 201 133 201 249 541 Industrial loan commitments.. 2,795 1,036 867 45 113 19 7151 1 After deducting £16,000 participations of other Federal Reserve Banks. 2After deducting $333,771,000 participations of other Federal Reserve Banks. 3After deducting $3,763,000 participations of other Federal Reserve Banks. 956 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 Aug.25 Aug. 18 Aug. 11 Aug. 4 July 28 Aug. Juls Au« R\ R. notes outstanding (issued to Bank) 26,500,81826 524,55026 530,70826,532,889 26,554,65126,533,48626,566 74126,922,781 Collateral held against notes outstanding: Gold certificates 11,093,000 11093,000 11093,000 11,093,000 11,043,000 11,093,00011,043 00011,993,000 Eligible paper 61,930 84 56,157 33,997 54,047 49, 88? 188,?57 U. S. Government securities 16,865,000 16 880 ,000 16 880,000 16,880,000 16,945,000 16,865, 000 16,945 000 15,650,000 Total collateral 28,019,93028 057 ,52828 029,157 28,006,997 28,042,04728,007, 565 28,021 882 27,831,257 EACH FEDERAL RESERVE BANK ON AUGUST 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 o t u . is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,533,486 1,638,527 5,913,028 1,884,7452,478,789 1,824,1361,425,299 5,042,0211.117799,,!938 631,3171,035,824 770,4562,709,406 Collateral held: i Gold certificates 11,093,000 640,000 2,670,000 800,000 1,000,000 625,000 485.000 2,400,000 35;55,,<000 175,,000000 280,000 283,0001,380,000 Eligible paper.. 49,565 5,410 5,195 8,632 3,150 4,050 20,428 2,700 U. S. Govt. securities 16,865,000 1,200,000 3,600,000 [,200,0001,500,0001,300,0001,000,000 2,700,000 920,000 500,000 800,000 525,0001,620,000 Total collateral.. 28,007,565 1,845,410 6,270,000 2,005,195 2,500,0001,933,6321,485,000 5,100,0001,278,150 679,0501,100,428 808,000 3,002,700 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V, PURSUANT TO [Amounts in thousands of dollars] DEFENSE PRODUCTION ACT OF 1950 Partici- [Amounts in thousands of dollars] Applications Ap- pations approved proved Loans Commit- of financ- End of to date but not out- ments ing insti- Guaranteed loans Guaranteed Additional year or com- standing2 out- tutions authorized loans amount 194 m 5 onth N 3, b u 5 e m 1 r 1 - A 54 m 4 o ,9 u 6 n 1 t ( p am le o t 3 e u 2 d n 0 1 t) (am 1, o 9 u 9 n 5 t) s (a ta m 1 n , o 6 d u 4 in n 4 g t) s ( t a a m 1 o n , u o d 0 t u i 8 - n n 6 g t) 3 y E m e n a o d r n t o o h f r N b u e m r - to d A at m e ount am To o t o u a u n l t t stand g P in u o t g a e r e t r i a d o n n - a a u o n b v n u t o a d t e m s i r e e l r t r a e a o b n n a w g l g t d e s e u r i r e n a s t e r g o - - 1946 3,542 565,913 4,577 554 8,309 2,670 1947 3,574 586,726 945 1,387 7,434 4,869 1948. 3,607 615,653 335 995 1,643 1,990 1950 62 31,326 8,017 6,265 8,299 1949 3,649 629,326 539 5,178 2,288 2,947 1951 854 1,395,444 675,459 546,597 472,827 1950 3,698 651,389 4,819 5,632 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 July 1,244 2,292,777 891,865 736,723 482,394 August ,259 2,301,987 868,274 716,618 444,265 July 3,759 790,798 1,162 1,292 3,304 3,129 September ,269 2,310,182 860,874 709,488 438,091 August.... 3,760 793,196 1,492 ',801 3,355 2,955 October.. . ,279 2,320,187 842,529 695,550 416,690 September. 3,760 795,496 997 : ,993 3,341 3,134 November. ,284 2,324,612 837,238 691,727 375,977 October. . . 3,762 797,656 1,242 5,685 3,381 2,970 December. 1,294 2,358,387 804,686 666,205 363,667 November. 3,764 800.420 1,682 •,546 3,097 3,640 December.. 3,765 803,429 1,951 ,900 3.569 3.469 1954 1954 January... ,304 2,377,628 788,320 652,706 347,969 February.. ] ,310 2,380,186 772,647 640,121 355,056 January .. 3 765 805,115 1,234 ,885 3.532 3,414 March.... ,316 2,399,321 737,605 612,265 321,619 February. . 3,765 806,648 1.345 ,792 3,145 3.344 April 1,322 2,406,651 684,631 569,551 347,823 March 3.766 808,505 1,720 ,487 2,957 2.666 May 1,324 2,408,226 664,122 552,738 330,408 April 3.767 810,051 405 ,302 2,891 2.412 June 1L ,331 2,420,326 640,636 534,695 299,465 May 3,767 810,779 45 ,298 2,373 1,869 July ,342 2,443,021 604,750 502,902 311,191 Tune 3,768 812,433 195 ,247 2,395 1,855 [uly 3.768 813,465 45 ,130 2,354 1 ,812 NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to bor- 1 Includes applications approved conditionally by the Federal Re- rowers under guarantee agreements outstanding represents amounts serve Banks and under consideration by applicant. repaid, guarantees authorized but not completed, and authorizations 2 Includes industrial loans past due 3 months or more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. 957 SEPTEMBER 1954 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 August 31] Assets Fees Payable to Guaranteeing Agency by Financing Institution on Depos- Guaranteed Portion of Loan End of month i b to a r l s - ' C i a n sh G U ov . e S rn . - re C s a e s r h ve 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 8 7 0 5 2 1 0 5 2 1 0 5 1 1 9 9 4 4 9 8 — — D D e e c c e e m m b b e e r r 3 3 , ,1 3 8 3 8 0 3 3, , 3 4 1 4 2 9 7 7 3 3, . 1 2 1 4 8 4 1 18 9 7 8 8 9 5 0 2 30 5 3 2 0 5 1 19 9 5 5 1 0 — — D D e e c c e e m m b b er er.... 2 2, , 7 9 0 2 5 4 3 2, ,0 8 4 35 5 2 1 8 1 2 2 , , 6 8 4 6 4 8 1 16 6 2 6 95 35 35 1952—December 2,547 2,736 33 2,551 151 Over 95 40-50 40-50 1953—May 2,477 2,665 33 2,488 144 June 2,457 2,653 33 2,477 143 July 2,438 2,648 33 2,469 146 Maximum Rates Financing Institution May Charge Borrower August 2,419 2,635 33 2,452 151 [Per cent per annum] September. . . 2,401 2,618 33 2,435 150 October 2,387 2,596 33 2,428 135 November. . , 2,373 2,577 31 2,407 139 Interest rate December.... 2,359 2,558 31 2,389 138 Commitment rate. 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 2,290 2,434 31 2,278 125 May P2.270 June P2.251 July P2,229 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] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted Year or month Total, all New 6 338 other New 6 338 other New 6 338 other reporting York other reporting York other reporting York other reporting centers City centers1 centers City centers1 centers City centers1 centers 1943 757,356 281,080 175,499 300,777 20.4 18.0 15.3 1944 848,561 327,490 194,751 326,320 22.3 18.3 14.6 1945 924,464 382,760 200,202 341,502 24.1 17.5 13.5 1946 1,017,084 406,790 218,477 391,817 25.1 18.3 14.1 1947 1,103,720 398,464 246,739 458,517 23.8 19.7 15.5 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1.642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1953—June 153,846 56,623 33,807 63,416 38.9 26.5 19.2 36.0 26.0 19.2 July 147,957 51,799 32,683 63,476 36.0 25.7 19.2 36.9 26.2 19.5 August. . . 134,386 45,516 29,958 58,913 32.2 23.6 17.8 37.2 25.8 18.9 September 147,699 54,888 31,422 61,390 40.2 25.9 19.3 39.2 26.2 19.0 October.. . 149,606 54,152 31,778 63,676 35.8 23.9 18.4 36.9 24.6 18.4 November, 140,992 50,470 30,477 60,046 38.4 26.4 20.2 38.8 26.0 19.1 December. 168,596 65,367 35,557 67,672 43.1 26.8 19.7 38.1 25.6 18.7 1954—January... ••154,287 62,306 30,806 '61,176 42.7 24.1 18.6 42.5 24.6 18.4 February.. '141,930 56,115 29,341 '56,475 42.7 25.5 19.2 43.8 26.2 19.3 March.... ••171,357 67,913 36,666 '66,779 44.6 29.2 19.7 43.5 26.7 19.8 April '154,763 60,479 33,152 '61,132 41.3 27.6 18.8 41.9 26.8 19.4 May ••149,814 59,535 31,159 '59.120 41.9 25.5 18.8 43.0 25.9 19.2 June ••163,512 64,965 33.785 '•64,761 44.2 26 8 19.7 40.9 26.3 19.7 July 154,852 61,155 31.556 62,140 41.6 24 9 18.8 42.7 25.4 19.1 August 151,525 58,316 31,526 61,683 40.0 P24.8 P18.5 46.2 P27.1 P19.7 ' Revised. P Preliminary 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. Seasonally adjusted data are compiled by the Federal Reserve Bank of New York. 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. 958 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 tion i Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1939. 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941.... ... 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 2 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 2 1952 .. . . .. 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 2 1953—juiy 30,120 21,237 1,769 1,171 70 2,055 6,511 9,660 8,885 2,646 5,396 335 496 4 8 1 August 30,248 21,331 1,778 1,182 70 2,061 6,531 9,709 8,918 2,655 5,423 334 494 4 8 2 September... 30,275 21,321 1,792 1,207 69 2,060 6,499 9,694 8,956 2,659 5,458 334 493 4 8 2 October .... 30,398 21,414 1,802 1,214 70 2,071 6,524 9,734 8,986 2,665 5,488 333 489 4 8 2 November... 30,807 21,771 1,816 1,232 71 2,123 6,659 9,871 9,038 2,689 5,519 332 487 4 8 2 December. .. 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 2 1954—January .... 29,981 20,939 1,775 1,180 70 2,031 6,351 9,531 9,045 2,693 5,526 331 484 4 8 2 February.... 29,904 20,908 1,770 1,170 70 2,021 6,365 9,512 8,999 2,674 5,502 330 482 4 8 2 March 29,707 20,757 1,776 1,166 70 2,010 6.304 9,431 8,952 2,654 5,473 328 481 4 12 1 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 1 29,870 20,946 1,787 1,182 69 2,036 6,375 9,496 8,926 2,651 5,463 325 475 4 8 1 June . . 29,922 20,999 1,795 1,183 71 2,023 6,377 9,551 8,924 2,659 5,457 324 473 4 g 1 July 29,892 20,984 1,793 1,174 70 2,016 6,366 9,564 8,910 2,654 5,451 322 471 4 8 1 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 a» 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 l 9 y 5 3 4 1, g a o s g l i d a lv in e a r s n t 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 k s e e s n r t v a s n e d Ju 1 l 9 y 5 3 4 1, Ju 1 n 9 e 5 4 30, Ju 1 l 9 y 5 3 3 1, certificates agents Gold 21,908 21,255 2652 Gold certificates • 21,255 18,404 2,816 35 35 36 Federal Reserve notes. 26,567 62 1,128 25,377 25,385 25,618 Treasury currency—total 4,960 32,4H 84 398 4,479 4,502 4,466 Standard silver dollars 491 253 22 4 213 212 204 Silver bullion 2,158 2,158 Silver certificates and Treasury notes of 1890. . ^2,411 288 2,123 2,136 2,108 Subsidiary silver coin 1,278 54 63 1,161 1,165 1,151 !Minor coin 436 4 12 419 419 414 United States notes 347 2 29 316 320 317 Federal Reserve Bank notes 181 1 1 179 180 198 National bank notes 70 (5) (5) 70 70 73 Total—July 31,1954 (4) 23,666 798 18,404 4,341 29,892 June 30, 1954 U 23,670 811 18,423 4,273 29,922 July 31, 1953 (4) 23,509 1,263 18,270 4,268 30,120 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 951. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of at least 25 per cent against its Federal Reserve notes in actual circulation. Gold certificates deposited with Federal Reserve agents as collateral, and those deposited with the Treasurer of the United States as a redemption fund, are counted as reserve. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. SEPTEMBER 1954 959 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 FUNDS1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Date T c u r u e r r a y - s- U. S. Government obligations l T i i a t o i b t e i a s l l - Total Ca a p n i d tal Gold s r t o e i a n u n n g t c d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s r e i t t c h i u e e s - r ca a n p n e it d t al, c d u e r a p r n o e d s n it c s y c m o n a u i c e n s - t c t . s, 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 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. 27 P 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 July 28? 21,900 5,000 200,500 80,700 100,000 73,300 24,500 2,200 19,800 227,400 209,200 18.200 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e o b p n r a o e e n i s t g k it n s, T h c i u r n o a e r l g s a d y h s s - - A s m b a t a e a v c n r n in o c d k i m g 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 2 Total m T b C e a i o r m n m c k i e a - s l dep M b s o a a s v u n i i t t k n s u s 3 g a * s l S S P a y o v s s t in e ta m g l s o b r u C a e t u n s n r k i c - d s y e 1929—June 29.. 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30.. 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30.. 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31. . 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31.. 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1947—Dec. 31.. 175,348 1,682 ,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1949—Dec. 31.. 177,313 2,150 ,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Dec. 30., 184,385 2,518 ,293 2,989 668 176,917 92,272 59,247 36,314 20,009 2,923 25,398 1951—Dec. 31. 193,410 2,279 ,270 3,615 247 185,999 98,234 61,450 37,859 20,887 2,704 26,315 1952—June 30.. 194,960 2,319 ,283 6,121 333 184,904 94,754 63,676 39,302 21,755 2,619 26,474 Dec. 31., 204,220 2,501 ,270 5,259 389 194,801 101,508 65,799 40,666 22,586 2,547 27,494 1953—June 30.. 200,360 2,467 ,259 3,942 132 192,560 96,898 68.293 42,245 23,589 2,459 27,369 July 29.. 205,100 2,500 ,300 7,500 800 193,000 97,400 68,400 42,300 23,700 2,400 27,200 Aug. 26.. 204,800 2,400 ,300 7,000 700 193,400 97,500 68,700 42,500 23,800 2,400 27,300 Sept. 30.. 204,900 2,500 ,300 6,200 600 194,300 97,700 69,100 42,800 24,000 2,400 27,500 Oct. 28.. 205,500 2,600 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 July 28P 209,200 3,400 800 3,800 500 200,600 100,100 73,700 46,000 25,500 2,200 26,800 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in bank?. 4Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities'* and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against "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. 960 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank U.S. a C ss a e s t h s1 Inter- a c c T a c o p o i t u t a a n l l ts N b u a m o n f k b s er Total Loans Total G o m o bl v e i e g n r a t n - - O s ri e t t c h ie u e s - r Total i bank i m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 312 134.924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 87,635 72,894 14,741 41,086 175,296 14,039 104,744 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 87,261 71,343 15,918 45,531 185,756 15,087 111,644 59.025 14,623 14,618 1952—Dec. 31.. 165,626 75,512 90,114 72,740 17,374 45,584 195,552 15,321 116,633 63,598 15,367 14,575 1953—June 30 163.082 77,117 85,965 68,108 17,856 42,023 189,159 13.600 109.389 66,170 15,791 14.537 July 29 168,500 77,850 90,650 72,700 17,950 39,230 190,620 12,960 111,320 66,340 15,810 14,534 Dec. 31 171,497 80,518 90,980 72,610 18,370 45,811 201,1C0 15,957 116,788 68,355 16,118 14,509 1954—Feb. 24? 171,100 80,020 91,080 72,220 18,860 41,250 194,970 14,210 111,760 69,000 16,290 14,488 Mar. 31 P 169,190 80,380 88,810 69,800 19,010 41,500 194,160 14.490 109,960 69.710 16.350 14,482 Apr. 28* 170,710 80,280 90,430 71,240 19,190 40,780 194,450 14,260 110,180 70,010 16,480 14,472 May 26P 172,560 80,870 91,690 72,390 19,300 40,210 10.S, 300 14.110 110. MO 70.560 16.550 14.468 June 30P 173,280 81,130 92,150 72,600 19,550 42,690 199,580 15,460 112,750 71,370 16,590 14,467 July 28? 174,280 81,260 93,020 73,270 19,750 40,410 197,400 14,920 110,670 71,810 16,670 14,457 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15.331 6.885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 312 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 74,426 62,027 12,399 40,289 155,265 14,039 104,723 36,503 11,590 14,121 1951—Dec. 31 132,610 57,746 74,863 61,524 13,339 44,645 164,840 15,086 111,618 38,137 12,216 14,089 1952—Dec. 31 141,624 64,163 77,461 63,318 14,143 44,666 172.931 15,319 116,600 41,012 12,888 14,046 1953—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 July 29 143,190 65,630 77,560 63,220 14,340 38,420 166,880 12 ,960 111,290 42,630 13,290 14,006 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—Feb. 24P 144,900 66,870 78,030 63,030 15,000 40,290 170,270 14,210 111,720 44,340 13,700 13,960 Mar. 31 P 142,790 67,050 75,740 60,650 15,090 40,490 169,220 14,490 109,920 44,810 13,750 13,954 Apr. 28P 144,110 66,750 77,360 62,130 15,230 39,830 169,400 14,260 110,140 45,000 13,870 13,944 May 26P 145,690 67,120 78,570 63,280 15,290 39,330 170,080 14,110 110,590 45,380 13,930 13.940 June 30P 146,310 67,220 79,090 63,580 15,510 41,710 174,140 15,460 112,710 45,970 13,960 13,939 July 28P 147,180 67,210 79,970 64,340 15,630 39,440 171,860 14,920 110,630 46,310 14,040 13,929 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8.464 6,923 1950—Dec. 30 107,424 44,705 62,719 52,365 10,355 35,524 133,089 13,447 90,306 29,336 9,695 6,873 1951—Dec. 31 112,247 49,561 62,687 51,621 11,065 39,252 141,015 14,425 95,968 30,623 10,218 6,840 1952—Dec. 31 119,547 55,034 64,514 52,763 11,751 39,255 147,527 14,617 100,020 32,890 10,761 6,798 1953—June 30 115,789 55,613 60,176 48,318 11,858 36,467 140,830 12,933 93,780 34,117 11,070 6.765 July 29 120,546 56,128 64,418 52,500 11,918 33,883 141,914 n,3i8 95,474 34,122 11,077 6,762 Dec. 31 122,422 57,762 64,660 52,603 12,057 39,381 150,164 15,170 99,780 35,213 11,316 6,743 1954—Feb. 24P 121,772 57,035 64,737 52,330 12,407 35,365 144,440 13,509 95,421 35,510 11,440 6,737 Mar. 31 P 119,840 57,109 62,731 50,241 12,490 35,640 143,608 13,801 93.905 35,902 11,484 6,733 Apr. 28* 121,125 56,804 64,321 51,690 12,631 35,043 143,913 13,575 94,277 36,061 11,585 6,729 May 26P 122,602 57,205 65,397 52,726 12,671 34,545 144,513 13.427 94 ,702 36,384 11,638 6,724 June 30P 123,195 57,180 66,015 53,147 12,868 36,682 148,206 14,711 96,600 36,895 11,663 6,721 July 28* 123,915 57,114 66,801 53,832 12,969 34,514 145,975 14,204 94,616 37,155 11,724 6,716 All mutual savings banks: 1939—Dec 30 10,216 4,927 5,289 3,101 2,188 818 10 524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1950—Dec. 30 21,346 8,137 13,209 10,868 2,342 797 20,031 22 20,009 2,247 529 1951—Dec. 31 22,259 9,862 12,398 9,819 2,579 886 20,915 2 26 20,888 2,407 529 1952—Dec. 31 24,003 11,349 12,654 9,422 3,231 918 22,621 2 33 22.586 2.479 529 1953—June 30 25,124 12,091 13,033 9,464 3.569 867 23,628 3 37 23.589 2,516 528 July 29 25,310 12,220 13,090 9,480 3,610 810 23,740 3 30 23,710 2,520 528 Dec. 31 25,810 12,925 12,885 9,184 3,701 983 24,398 2 38 24,358 2,559 528 1954—Feb. 24 P 26,200 13,150 13,050 9,190 3,860 960 24,700 2 40 24,660 2,590 528 Mar. 31P 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 13,750 13.120 9.110 4.010 880 25,220 2 40 25,180 2.620 528 June 30P 26,970 13,910 13,060 9,020 4,040 980 25,440 2 40 25,400 2,630 528 July 2SP 27,100 14,050 13,050 8,930 4,120 970 25,540 2 40 25,500 2,630 528 pPreliminary. * "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. i Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. SEPTEMBER 1954 961 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 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 assets1 Total1 b In a t n e k r 1 - m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 559 6,637 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 18,809 17,574 235 6,439 30,121 4,657 24,227 1,236 2,120 37 1947—Dec. 31 20,393 7,179 13,214 11,972 242 7,261 25,216 4,464 19,307 1,445 2,259 37 1950—Dec. 30 20,612 9,729 10,883 8,993 890 7,922 25,646 4,638 19,287 1,722 2,351 23 1951—Dec. 31 21,379 11,146 10,233 8,129 104 8,564 26,859 4,832 20,348 1,679 2,425 22 1952—Dec. 31 22,130 12,376 9,754 7,678 076 8,419 27,309 4,965 20,504 1,840 2,505 22 1953—June 30 20,452 11,883 8,560 6,639 930 7,879 25,244 4,578 18,736 1,930 2,544 22 July 29 21,742 11,914 9,828 7,838 990 6,751 25,205 4,336 18,994 1,875 2,546 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—Feb. 24? 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 July 28? 22,727 11,574 11,153 8,789 2,364 6,611 26,117 5,379 18,379 2,359 2,642 22 Chicago: 1939—Dec. 30. ,105 569 1,536 1 .203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31. ,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1945—Dec. 31. ,931 1,333 4,598 4 213 385 1,489 7,046 1,312 5,015 719 377 12 1947—Dec. 31. ,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1950—Dec. 30. .569 2,083 3,487 2,911 576 2,034 7,109 1,228 4,778 1,103 490 13 1951—Dec. 31. ,731 2,468 3,264 2,711 552 2,196 7,402 1,307 4,952 1,143 513 13 1952—Dec. 31. ,240 2,748 3,493 2,912 581 2,010 7,686 1,350 5,132 1,205 541 13 1953—June 30 ,627 2,552 3,075 2,529 546 2,058 7,119 1,216 4,696 1,207 551 13 July 29 ,116 2,712 3,404 2,816 588 1,992 7,397 1,201 5,000 1,196 547 13 Dec. 31 ,204 2,776 3,428 2,856 572 2,115 7,724 1,387 5,095 1,242 566 13 t954—Feb. 24P . . . ,007 2,570 3,437 2,854 583 1,989 7,304 1,240 4,840 1,224 565 13 Mar. 31P. . . ,568 2,638 2,930 2,339 591 1,650 6,602 1,703 3,695 1,204 570 13 Apr. 28P. .. ,850 2,539 3,311 2,725 586 2,017 7,261 1,200 4,826 1,235 571 13 May 26P. .. ,924 2,567 3,357 2,774 583 2,013 7,286 1,219 4,821 1,246 578 13 June 30P . . . ,974 2,588 3,386 2,825 561 2,036 7,419 1,340 4,812 1,267 582 13 July 28*... ,980 2,521 3,459 2,896 563 1,936 7,270 1,281 4,733 1,256 583 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—June 30 44,352 22,150 22,201 17,756 4,446 14,447 54,861 6,066 35,052 13,743 3,874 321 July 29 46,252 22,339 23,913 19,481 4,432 13,575 55,299 5,756 35,819 13,724 3,871 321 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—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 July 28P... 47,400 22,405 24,995 20,136 4,859 13,818 56,838 6,366 35,483 14,989 4,127 309 Country member banks: 1939—Dec. 30 224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31 002 5,596 29,407 26,999 2,408 10,632 43,418 ,223 29,700 12,494 2,525 6,476 1947—Dec. 31 324 10,199 26,125 22,857 3,268 10,778 44,443 ,073 28,810 14,560 2,934 6,519 1950—Dec. 30 558 14,988 25,570 21,377 4,193 11,571 48,897 ,133 32,899 14,865 3,532 6,501 1951—Dec. 31 ,444 16,296 26,148 21,587 4,561 13,292 52,288 ,309 35,449 15,530 3,760 6,484 1952—Dec. 31 594 18,213 27,381 22,549 4,832 13,281 55,175 ,301 37,289 16,585 3,970 6,444 1953—-June 30 ,359 19,028 26,330 21,394 4,936 12,083 53,606 ,073 35,295 17,237 4,101 6,409 July 29. . . . ,436 19,163 27,273 22,365 4,908 11,565 54,013 ,025 35,661 17,327 4,113 6,406 Dec. 31 ,404 19,934 27,470 22,423 5,047 13,268 56,740 ,315 37,735 17,689 4,194 6,389 1954—Feb. 24P . . ,215 19,968 27,247 22,216 5,031 12,074 55,265 ,141 36,301 17,823 4,233 6,383 Mar. 31P.. ,078 20,260 26,818 21,769 5,049 11,969 55,010 ,119 35,853 18,038 4,263 6,389 Apr. 28P. . ,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. . ,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. . ,472 20,521 26,951 21,806 5,145 12,453 55,903 1,240 36,215 18,448 4,332 6,376 July 28P.. 20,614 27,194 22,011 5,183 12,149 55,750 1,178 36,021 18,551 4,372 6,372 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. 962 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS— Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other a C ss a e s t h s1 Total 1 b In a t n e k r - 1 De- 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 Total o m bl e ig n a t - s ri e t c ie u s - mand Time tions All insured commercial banks: 1941—Dec. 31 49 290 21 259 28 031 21 046 6 984 25,788 69,411 10,654 43,059 15,699 6 844 13 426 1945—Dec. 31 121 809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13 297 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1951—Dec. 31 130 820 57,256 73,564 60,533 13,031 44,176 162,908 14,777 110,382 37,749 11,902 13 439 1952—Dec. 31 139 770 63,632 76,138 62,308 13,831 44,222 170,971 14,990 115,371 40,610 12,563 13,422 1953—June 30 136 144 64,522 71,622 57,667 13,955 40,756 163,650 13,242 108,222 42,186 12,950 13 417 Dec. 31 .... 143,796 67,082 76,714 62,381 14,333 44,398 174,697 15,548 115,538 43,610 13,239 13,412 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec 31 69 312 13 925 55 387 51 250 4,137 20,114 84,939 9,229 59,486 16,224 4 644 5 017 I947—Dec. 31 ... 65 280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5 005 1951—Dec. 31 75,255 32,317 42,938 35,063 7,875 25,951 94,173 9,788 63,477 20,908 6,653 4,939 1952—Dec. 31 80 180 36 004 44,176 35,835 8,341 26,333 98,974 9,918 66,362 22,694 7,042 4,909 1953_ D ju e n c e . 3 3 0 1 8 7 1 7 ,8 9 4 1 8 3 3 3 7 6 , ,4 8 2 3 0 1 4 44 1 , , 0 4 8 2 2 8 3 3 5 2 , , 4 9 8 5 2 8 8 8, , 4 6 7 0 1 0 2 2 6 4 , , 4 2 7 7 9 9 1 9 0 4 0 , , 4 6 7 5 5 4 1 8 0 , , 5 15 9 2 4 6 6 2 6 , , 3 3 6 4 4 3 2 2 4 3 , , 1 5 6 1 0 6 7 7 , , 2 3 2 9 1 1 4 4 , , 8 8 7 5 4 6 State member banks: 1941—Dec 31 15 950 6 295 9 654 7 500 2 155 8,145 22,259 3,739 14,495 4,025 2,246 1 505! 1945_Dec. 31 37 871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 I947—Dec 31 32 566 11 200 21 365 19 240 2 125 10,822 40,505 3,993 27,449 9,062 3 055 I 918 1951—Dec. 31 36 992 17,243 19 748 16,558 3,191 13,301 46,843 4,637 32,491 9,715 3,565 1,901 1952—Dec. 31 39 367 19,030 20,337 16,928 3,409 12,922 48,553 4,699 33,658 10,196 3,719 1,889 1953— D ju e n c e . 3 3 0 1 3 4 7 0 9 50 4 9 1 1 1 9 9 , 9 1 3 9 1 4 2 1 0 8 , 5 7 7 4 8 8 1 1 5 7 , , 3 1 6 2 1 1 3 3 , , 3 4 8 5 7 7 1 1 2 2 , , 1 9 8 0 8 3 4 4 9 6 , ,3 5 5 1 5 0 4 5, , 0 3 1 3 9 9 3 33 1 , , 4 4 3 1 7 5 1 11 0 , , 0 6 5 0 4 1 3 3 , , 9 8 2 5 5 0 1 1 , . 8 8 9 8 1 7 Insured nonmember commercial banks: 1941—Dec. 31 5 776 3,241 2 535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14 639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 I947—Dec. 31 16 444 4 958 11 486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1951—Dec. 31 18 591 7,701 10 890 8,923 1,967 4,926 21,912 353 14,415 7,144 1,686 6,602 1952—Dec. 31 20 242 8,605 11,638 9,556 2,081 4,970 23,464 373 15,351 7,740 1,804 6,627 I953— D ju e n c e . 3 3 0 1 2 2 0 1 3 37 9 5 6 9 8 ,3 9 2 1 8 5 1 1 2 1 , 0 4 6 6 9 0 9 9 , , 3 7 6 9 1 0 2 2 , , 2 09 7 9 8 4 5 , , 2 0 9 2 2 0 2 24 2 , , 5 8 5 4 5 1 3 3 0 7 9 8 1 1 4 5 , , 4 7 4 5 3 8 8 8, , 4 0 1 9 9 0 1 L , . 8 9 8 2 2 5 6 6, , 6 6 7 5 2 5 Noninsured nonmember, commercial banks: 1941—Dec. 31. 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 I945—Dec. 31 2 211 318 1 893 1,693 200 514 2,452 181 1,905 365 279 714 1947—Dec. 312 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1951—Dec. 31 1 789 490 1 299 991 308 469 1,932 308 1,235 388 314 650 1952—Dec. 31. ... 1 854 531 1,322 1,010 312 444 1,960 329 1,229 402 326 624 1953_june 30 1 813 504 1,310 977 332 400 1,880 356 1,130 395 325 592 Dec. 31 1 891 511 1,380 1,045 335 430 2,005 407 1,212 386 320 569 All nonmember commercial banks: 1941—Dec. 31 7 233 3,696 3 536 2,270 1,266 3,431 9,573 457 5,504 3,613 1,288 7,662 I945—Dec. 31 16 849 3,310 13 539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 312 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1951—Dec. 31 20,380 8,192 12,189 9,914 2,275 5,395 23,843 661 15,650 7,533 1,999 7,252 1952—Dec. 31 22,096 9,136 12,960 10,567 2,393 5,414 25,424 702 16,580 8,142 2,129 7,251 1953—June 30 22 188 9,419 12,769 10,339 2,431 4,691 24,722 665 15,572 8,485 2,207 7,247 Dec. 31 23 287 9,838 13,449 10,835 2,613 5,450 26,560 784 16,970 8,806 2,245 7,241 Insured mutual savings banks: 1941—Dec 31 1 693 642 1 050 629 421 151 1 789 1 789 52 1945—Dec 31 10 846 3 081 7 765 7 160 606 429 10,363 12 10,351 1,034 192 I947—Dec. 31 12 683 3 560 9 123 8 165 958 675 12,207 1 14 12,192 1,252 194 1951—Dec. 31 16 190 7,523 8 668 6,921 1,746 695 15,368 2 23 15,343 1,678 202 1952—Dec. 31 17 621 8,691 8,930 6,593 2,337 732 16,785 2 30 16,753 1,730 206 1953—June 30 18,610 9,325 9,284 6,642 2,642 692 17,695 2 35 17,657 1,771 213 Dec. 31 19 252 10,016 9,236 6,476 2,760 799 18,383 2 35 18,345 1.819 219 Noninsured mutual savings banks: 1941—Dec 31 8 687 4 259 4 428 3 075 1 353 642 8 744 6 8 738 1 077 496 1945—Dec 31 5*361 1 198 4 163 3 522 641 180 5,022 2 5,020 558 350 1947—Dec. 312 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1951—Dec 31 6 069 2 339 3 730 2 897 833 191 5,547 3 5,544 729 327 1952—Dec 31 6 382 2 658 3 724 2 829 895 187 5,836 2 5,833 749 323 1953—June 30 6 515 2 766 3 749 2 822 927 175 5,933 2 5,931 745 315 Dec 31 6,558 2,910 3,649 2,707 941 184 6,015 2 6,013 740 309 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in eries prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. SEPTEMBER 1954 963 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 - Total i C c o m m c k p i p l i p o i n u n a e a a e e m e g d - r r l - r t n , - - - - A t c g u a u r r l l i - - - b o p d a L s T e r r u n e e o r o o r a d s c c k c a l u a - - h n r r a s r it s y o i e T i f i e t n o r n h o s s g r g - l R t o e a a s e t - n a e l s O lo v u i d t t a i a n i h o d - n l - e s - s r O lo th an er s Total Total U. B S il . l s Go C o d c v e e f a e e r d t b t r i e i n - t n f D s - m i - - ir e e n N c t o t t o e b s lig B at o io n n ds s G t a e u n e a - d r- O S p d s t a i g t i b o u i c o a n o a v l a l t b f n d i - i e i l - t - - s s - O s ri e t t h c ie u e s r ers ness All commercial banks:2 1947—Dec. 31. . . 116,28438,05718,167 1,660 830 1,220 9,393 5,7231,063 78,226 69,221 2,193 7,789 6,034 53,191 14 5,276 3,729 1951—Dec. 31. .. 132,61057,74625,879 3,4081,581 980 14,580 10,4511,681 74,863 61,524 7,337 7,65711,408 35,101 198 4,141 1952—Dec. 31. .. 141,62464,16327,8713,919 2,0601,103 15,712 12,6841,718 77,46163,318 7,761 5,58011,878 38,077 ,955 1953—Dec. 31. . . 145,68767,59327,2044, 965 2,3611,202 16,69414,4611,666 78,094 6"3,426 5,004 10,23712,439 35,713 10,821 3,847 All insured commercial banks: 1941—Dec. 31. . . 49,29021,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 4,102 3,6513,333 1945—Dec. 31. . .121,80925,765 9,461 1,3143,1643,606 4,677 2,3611,18196,043 88,,9122,455 19,07116,045 51,321 873 3,258 1947—Dec. 31. ..114,27437,583 18,012 1,610 8231,190 9,266 5,6541,0"2"8 76,69167,9412,124 7,552 5,918 52,334 14 5| 129 3,621 1951—Dec. 31. . .130,82057,25625,744 3,3211,571 96014,45010,3781,645 73,564 60,;5337,219 7,52611,256 34,511 989 4,042 1952—Dec. 31. . .139,77063,63227, ,8052,0501,08215,57212,6031,683 76,138 62,,3087,622 5,49411,714 37,456 22 9|977 3,854 1953—Dec. 31. . 143,79667,08227,082 4,8672,3441,18116,56614,3731, 6"2""9 76J714 62,3814,895 10,07612,283 35,093 10,587 3,746 Member banks, total: 1941—Dec. 31. . 43,521 18,021 972 594 598 3,494 3,692 19,539 971 3,007 11,7293,832 3,090 2,871 1945—Dec. 31. . 107,18322,775 855 3,133 3,378 3,455 1,9001,104 84|408 78,3382,27516,98514,27144,792 16 3,254 2,815 1947—Dec. 31. . 97,84632,62816,9621,046 8111,065 7,130 4,662 952 65,218 57,9141,987 5,816 4,81545,286 10 4; 199 3,105 1951—Dec. 31..112,24749,561 ,347 2,1401,551 85111,334 8,524 51,6216,399 6,010 9,596 29,601 " 7,5283,538 1952—Dec. 31. . 119,54755,034 ,232 2,416 2032 96612,21410,3961,577 64,514 52,7636,565 4,255 9, ,087 19 8,409 3,342 1953—Dec. 31. . 122,42257,762 ,519 3,2632^21 1,06013,02011,9111,518 64,660 52,6034,095 8,28710,300 29,890 3,185 1954—Apr. 15. . 120,81457,407 ,837 3,6571,939 1,03613,19511,650 "50,801 3,957 4,973 7,488 34,348 34 91598 3,008 New York City:* 1941—Dec. 31. . 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31. . 26,143 7,334 3,044 2,453 ,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 111 564 33013,21411,9721,002 640 558 9,771 638 604 1951—Dec. 31. . 21,379 11,146 7,852 1,219 262 514 920 55110,233 8,129 1,122 616 1,428 4,960 21,385 719 1952—Dec. 31.. 22,13012,376 8,680 1,531 286 386 1,136 539 9,754 7,6781,079 233 1,170 5,195 11,453 623 1953—Dec. 31. . . 22,05812,289 8,218 1261,667 320 383 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 1631,433 320 394 1,219 722 9,831 7,457 782 516 710 5,447 31,789 585 Chicago:* 1941—Dec. 31.. 2,760 954 732 6 48 52 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31. . 5,088 1,801 1,418 3 73 87 149 26 3,287 2,890 132 235 248 2,274 213 185 1951—Dec. 31. . 5,731 2,468 1,977 16 94 63 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—Dec. 31.. 6,240 2,748 2,080 14 239 66 211 120 3,493 2,912 407 224 607 1,674 384 197 1953—Dec. 31. . 6,204 2,776 1,912 158 286 75 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—Apr. 15. . 5,792 2,621 1,898 154 155 74 209 114 3,171 2,575 156 280 466 1,672 421 174 Reserve city banks: 1941—Dec. 31. . 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,2481,173 956 820 1945—Dec. 31. .. 40,108 8,514 3,661 205 4271,503 1,459 855 404 311594 29,5521,034 6,982 5,65315,878 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 1,901 15,560 1,3421,053 1951—Dec. 31. . , 42,69419,651 10,140 513 203 347 4,651 3,518 57223,04319,1942,524 2,493 3,640 10,528 8 2,4581,390 1952—Dec. 31. . 45,58321,69710,842 501 218 422 5,099 4,347 59523,88619,6242,387 1,774 3,854 11,594 14 2,9341,328 1953—Dec. 31. .. 46,75522,763 10,568 774 308 456 5,453 4,942 61123,99319,5591,230 3,357 4,201 10,746 25 3,1961,238 1954—Apr. 15 . . .46,12422,515 10,145 934 287 449 5,540 4,759 760 23,60919,0441,312 1,842 3,148 12,716 26 3,4101,155 Country banks: 1941—Dec. 31. . . 12,518 5,890 1,676 659 183 1,823 1,530 6,628 4,377 110 481 2,926 8611,222 1,028 1945—Dec. 31. . 35,002 5,596 1,484 648 471 1,881 707 363 29,40726,999 630 5,102 4,54416,713 91,342 1,067 1947—Dec. 31. . 36,32410,199 3,096 818 227 3,827 1,979 229 26,125 22,857 480 2,583 2,10817,681 62,0061,262 1951—Dec. 31.. 42,44416,296 4,377 1,610 178 6,099 3,906 148 21,5872,418 2,568 4,00812,587 53,3341,227 1952—Dec. 31.. 45,59418,213 4,630 1,901 191 6,662 4,702 22,5492,692 2,024 4,20413,625 43,6391,194 1953—Dec. 31. . 47,40419,934 4,822 2,204 210 7,114 5,441 336 27,470 22,4231,819 3,374 4,28512,940 53,9111,136 1954—Apr. 15. . 47,14320,346 4,934 2,405 193 7,187 5,464 358 26,796 21,7251,707 2,334 3,16514,514 63,9771,094 All nonmember banks:2 1947—Dec. 31. . 18,454 5,432 1,205 614 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1951—Dec. 31. . 20,380 8,192 1,5331,268 130 3,252 1,927 14612,189 9,914 939 1,647 1,812 5,510 1,671 604 1952—Dec. 31. . 22,096 9,136 1,6391,503 137 3,505 2,288 14112,96010,5671,196 1,325 2,043 6,000 1,781 613 1953—Dec. 31. . , 23,287 9,838 1,6851,702 40 142 3,681 2,551 14813,44910,835 909 1,951 2,139 5,834 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 item3 are shown gro3s (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. 964 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 Re- Cla c s a s l a l o n d d f a b te ank F s B s w e e R e a d r r i e n v e t v - h k e r e s a s v C a i a n u s l h t b m a a w B n d e n a o i c s k t l - e t h - i s s c 4 j p m u D o a d s a d s e e t n - i - - e t d s d5 m D e [ s o d n t - e i t c e p r o b s a i F e t n i s o g k r n - U m G er . o e n S n v - t - . p v s S o i u a t l s b a i n i t o t d d i e c n i s - a s c C h c e o a f e e e i t f n e c c f r r d i d . s t k - 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 c n a a i o s e s - l - , r s r - - I b n a t n e k r- P U m G S e i a o n . r a n o e s g n v d S v n t s - - a - t . l v s p S i a u i o s t c n b a i l a o d i t d l t n e - i s - s a p v n s a p i t I d h d i r n o o t i u d r p n c n a a i s o e s - - l , r s r- r B i o n o w g r s - - c C o a t a u a c p - l n i t - s All commerical banks:2 1947—Dec. 31. . 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1951—Dec. 31.. 19,911 2,697 11,969 98,243 13,123 1,413 3,359 8,426 3,166 96,666 550 278 1,536 36,323 34 12,216 1952—Dec. 31. . 19,809 2,753 11,875 101,506 13,109 1,465 4,941 8,910 2,956 99,793 744 346 1,620 39,046 188 12,888 1953—Dec. 31.. 19,995 2,512 12,103 102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74.722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31. . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1951—Dec. 31.. 19,911 2,665 11,561 97,048 12,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec. 31. . 19,809 2,720 11,489 100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—Dec. 31. . 19,995 2,482 11,724 101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1951—Dec. 31. . 19,912 2,062 7,463 83,100 12,634 1,369 3,101 6,666 2,961 83,240 422 257 1,238 29,128 26 10,218 1952—Dec. 31. . 19,810 2,081 7,378 85,543 12,594 1,431 4,567 7,029 2,744 85,680 592 321 1,303 31,266 165 10,761 1953—Dec. 31. . 19,997 1,870 7,554 86,127 12,858 1,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33,311 43 11,316 1954—Apr. 15. . 19,229 1,824 6,377 82,928 11,24f 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 3,535 1,105 6,940 237 1,338 15,712 17 ' " 10 20 1,206 " 195 2,120 1947—Dec, 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1951—Dec. 31.. 5,246 159 79 16,439 3,385 1,128 858 321 1,289 17,880 318 43 22 1,614 5 2,425 1952—Dec. 31. . 5,059 148 84 16,288 3,346 1,154 1,143 322 1,120 17 919 465 59 29 1,752 132 2,505 1953—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:3 1941—Dec. 31. . 1 021 43 298 2,215 1,027 8 127 233 34 2 152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3 160 719 377 1947—Dec. 31. . 070 30 175 3,737 ,196 21 72 285 63 3 853 2 9 902 426 1951—Dec. 31. . 407 32 165 4,121 ,269 38 242 240 66 4 404 1 5 11 1 128 513 1952—Dec. 31. . 144 32 169 4,126 308 37 343 242 56 4 491 5 4 11 1 190 541 1953—Dec. 31. . 287 34 166 4,211 339 39 259 272 64 4 500 9 3 10 1 229 566 1954—Apr. 15. . 217 27 131 3,896 172 35 218 248 58 4 170 17 3 10 1 218 " " 5 571 Reserve city banks: 1941—Dec. 31. . 4 060 425 2 590 11,117 4 302 54 491 1 144 286 11 127 104 20 243 4 542 1 967 1945—Dec. 31. . 6 326 494 2 174 22,372 6 307 110 8,221 1 763 611 22 281 30 38 160 9 563 2 2 566 1947—Dec. 31. . 7 095 562 2 125 25,714 5 497 131 405 2 282 705 26 003 22 45 332 11 045 1 2 844 1951—Dec. 31.. 7 582 639 2 356 29,489 6 695 192 1,124 2 550 822 30 722 90 85 714 11 473 4 3 521 1952—Dec. 31. . 7 788 651 2 419 30,609 6 662 230 1 ,814 2 693 791 31 798 109 105 739 12 417 8 3 745 1953—Dec. 31. . 8 084 568 2 463 30,986 6 869 219 1 ,504 2 880 828 32,065 166 98 830 13 203 3 984 1954—Apr. 15. . 7 753 571 2 006 29,935 5 890 203 1,349 2 670 666 30 594 188 99 948 13 555 ' 234 4 067 Country banks: 1941—Dec. 31. . 2 210 526 3 216 9,661 790 2 225 1 370 239 8 500 30 31 146 6 082 4 1 982 1945—Dec. 31. . 4,527 796 4 665 23,595 1 199 8 5,465 2 004 435 21 797 17 52 219 12 224 11 2 525 1947—Dec. 31. . 4,993 929 3 900 27,424 1 049 7 432 2 647 528 25 203 17 45 337 14 177 23 2 934 1951—Dec. 31.. 5,676 1 231 4 862 33,051 1 285 11 876 3 554 783 30 234 13 125 491 14 914 16 3 760 1952—Dec. 31. . 5,820 1 250 4 706 34,519 1,278 1 I 1,267 3 772 777 31 473 13 152 525 15 908 25 3 970 1953—Dec. 31. . 5 780 1 140 4 855 35,029 1,288 12 1,216 4 063 820 31 636 15 153 615 16 921 20 4 194 1954—Apr. 15. . 5,624 1 093 4 191 33,611 1,145 13 1,069 4 321 739 29 959 17 151 677 17 261 111 4 336 All nonmember banks:2 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 2 Breakdown of loan, investment, and deposit classifications is not available prior to 1947; summary figures for earlier dates appear in the preceding table. 3 Central reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars a all member banks and 525 million at all insured commercial banks. 5Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. SEPTEMBER 1954 965 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 m i m n lo a v e n a e n n d s t s t s - Total i in t c a r d i i n a a u d 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 l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s r e t it h c i u e e r s 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 - s t. .O c t s u t i e h e r - e s i- r G t l U 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 i s - n t s - - Notes Bonds2 Total— Leading Cities 1953—AuguSt. ... 79 583 39,798 22 886 1,785 741 6 342 654 8,011 39,785 32,243 2 603 4 805 ,40319,432 7,542 1954—June 80 827 39,102 21 784 2,109 902 6 625 586 7.74241,725 33,515 2 530 2 744 t,66321,5788,210 July 81 183 39,103 21 614 2,151 882 6 699 602 7,80942,080 33,841 2 737 2,749 £.66721,6888,239 August.... 83 163 38,550 20 783 2,343 901 6 781 577 7 820 44,613 36,321 3 536 3 456 6,68922 640 8,292 1954—June 2... 80,519 39,219 21 599 2,141 915 6 592 895 7,72141,300 33,196 2 428 2 684 t,58221,5028,104 June 9. . .80 151 38,688 21 571 1,847 910 6 598 673 7,73341,463 33,217 2 370 2,684 t,65621,5078,246 June 16... 81,683 39,393 21 973 2,120 891 6 623 686 7,74342,29034,058 2 909 2,817 t,72521,6078,232 June 23. .. 80 702 39,076 21 896 2,059 893 6 641 492 7,74141,626 33,379 2 322 2,760 t,67921,6188,247 June 30... 81 081 39,136 21 884 2,379 899 6 671 186 7,77241,945 33,724 2 619 2,777 t,67421,6548,221 July 7. .. 81 101 39,280 21 728 2,263 890 6 674 543 7,83641,821 33,575 2 518 2 755 t,65121,6518,246 July 14. .. 81 076 39,314 21 647 2,271 891 6 698 639 7,82341,762 33,549 2 522 2 729 t,66521,6338,213 July 21 ... 81 111 38,867 21 558 2,067 874 6 705 526 7,79042,244 34,018 2 861 2 758 t,67121,7288,226 July 28. .. 81 445 38,953 21 524 2,005 875 6 718 699 7,78742,492 34,221 3 045 2 754 t,68021,7428,271 Aug. 4. . .83 548 38,603 20 770 2,368 884 6 736 698 7,80344,945 36,605 3 728 4 382 6,70821 7878,340 Aug. 11. .. 83 267 38,619 20 829 2,409 917 6 766 547 7 80644 648 36,389 3 578 4 256 6,69021 8658,259 Aug. 18. . .82 861 38,405 20 759 2,308 907 6 801 456 7 83144,456 36,185 3 414 2 614 6,701 23 4568,271 Aug. 25. .. 82 977 38,572 20 773 2,286 897 6 823 609 7 83944 405 36,107 3 423 2 573 6,65823 4538,298 New York City 1953—August 21 587 12,126 8 342 259 1,060 28 188 394 360 1 681 9 461 7,435 798 1 055 945 4 637 2,026 1954—June 22 551 11,716 7 630 4891,093 28 332 383 400 1 55210 835 8,467 977 696 1,378 5 4162,368 July. 22 492 11,705 7 519 6061,057 18 336 392 382 1 58710 787 8,448 912 676 1,425 5 4352,339 August.... 23 073 11,531 7 297 705 1,050 15 345 406 323 1 583 11 542 9,201 1 172 883 ],437 5 709 2,341 1954—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 June 23... 22 348 11,513 7 674 4451,061 23 331 387 237 1 54610 835 8,469 924 705 ,406 5 4342,366 June 30... 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 59010 637 8,278 770 669 ,400 5 4392,359 July 14. .. 22 403 11,764 7 541 6591,065 21 336 392 347 59610 639 8,313 784 677 L.427 5 4252,326 July 21. .. 22 400 11,581 7 486 5581,044 15 334 395 351 I 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 L.445 5 4282,356 Aug. 4. .. 23 616 11,769 7,332 8021,044 15 344 396 447 1 58211 847 9,473 1,349 1 241 L.450 5 4332,374 Aug. 11. .. 23 053 11,581 7,333 7311,055 14 360 409 288 1 58411472 9,153 1 074 1 155 1,428 5 4962,319 Aug. 18. . .22 713 11,341 7,264 6621,039 15 344 408 218 1 58411372 9,043 1,080 561 1,435 5 9672,329 Aug. 25. .. 22 913 11,435 7,261 6251,062 15 333 413 338 1 58111 478 9,134 1,183 573 1,436 5 9422,344 Outside New York City 1953—August.... 57,996 27,672 14,544 466 525 5,948 294 6 330 30 324 24,808 1,805 3 750 4,458 14 795 5,516 1954—june 58,276 27,386 14,154 527 542 6,242 186 6 19030 890 25,048 1,553 2 048 5,285 16 162 5,842 July. 58,691 27,398 14,095 488 528 6,307 220 6 222 31,293 25,393 1,825 2 073 5.245 16 253 5,900 August.... 60,090 27,019 13,486 588 541 6,375 254 6 237 33 071 27,120 2,364 2 573 5,252 16 931 5,951 1954—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 5,312 16 1185,836 June 16... 58,708 27,481 14,266 498 539 6,240 197 6 19331 227 25,378 1,770 2 084 5,327 16 1975,849 June 23... 58,354 27,563 14,222 553 539 6,254 255 6,19530,791 24,910 1,398 2,055 5,273 16 1845,881 June 30... 58,442 27,457 14,236 596 535 6,283 46 6 22330,985 25,125 1,614 2 059 5,243 16 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 5,23816,2085,887 July 21. .. 58,711 27,286 14,072 465 525 6,310 175 6,19931,425 25,512 1,913 2,075 5,24416 2805,913 July 28. .. 58,774 27,335 14,069 448 523 6,326 218 6,21431,439 25,524 1,898 2,077 5,23516,3145,915 Aug. 4. . .59,932 26,834 13,438 522 525 6,340 251 6,22133,098 27,132 2,379 3,141 5,25816,3545,966 Aug. 11. .. 60,214 27,038 13,496 623 543 6,357 259 6,22233,176 27,236 2,504 3,101 5,262 16,3695,940 Aug. 18. . .60,148 27,064 13,495 607 548 6,393 238 6,24733,084 27,142 2,334 2,053 5,26617,4895,942 Aug. 25. .. 60,064 27,137 13,512 599 549 6,410 271 6,25832,927 26,973 2,240 2,000 5,222 17,5115,954 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. 966 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 o n i c s t - k e h ti s s c j p m u o s a d a t e d s e n - i - d t d s 8 s p p u v c n h a o a a o i e n i r d r l p r r d a s t - - - s - , - , S p s d s a i i o u t c i o n a v b l a n d i t - i l t e s - - s c C h c e o a f e e e t i f n c e c f r r . i d t k s d - i ' s - , m U G er . o e n n v S - t - . s p p u n c v h a o a a o e n i i r d r p l r r d a s t - - - s - , - , S p s d s a i i o u t c i o n a v b l a n d i t - i l t e - s - s P U m G S e i a n o r a . n o e g n s v n d v S t s - - a t - . l m D t e i o D s c - - ema F e n i d o g r n - Time r B i o n o w g r s - - c C o i a a t c u a p - n - l ts tions tions Total— Leading Cities 1953—August 14,382 928 2,40653,09154,046 3,779 1,464 4,99517,079 819 19110,028 1,271 706 1,044 7,452 1954—June 14,386 928 2,714 54,46255,359 4,225 ,848 2,907 18,159 1,140 18810,677 1,252 ,439 552 7,800 July 13,979 953 2,733 54,,009988 55,145 3,971 ,940 2,666 18,301 1,248 18811,040 1,292 ,505 486 7,818 August 13,622 918 2,62054,07754,775 3,932 ,902 3,57018,411 1,267 19611,170 1,323 ,543 688 7,852 1954—June 2 14,241 915 2,,528 53930 54,597 4,418 ,842 2,982 18,041 1,12 18910,386 1,227 ,427 781 7,799 June 9 14,675 951 2,664 54,778 55,146 4,129 ,555 2,296 18,110 1,130 18810,599 1,235 ,421 535 7,802 June 16 14,449 913 2,92056,166 57,765 4,086 ,914 1,983 18,127 ,175 18811,035 1,251 ,440 541 7,788 June 23 14,604 949 2,47654,116 54,572 4,163 ,924 3,192 18,212 ,121 18710,214 1,285 ,447 876 7,804 June 30 13,961 909 2,98453,31954,715 4,329 2,004 4,085 18,304 ,146 18711,151 1,260 ,459 29 7,806 July 7 14,131 931 2,88553 53,31154,264 4,026 1,898 3,54718,256 ,154 18811,403 1,293 ,466 410 7,823 July 14 13,920 986 2,74553,65255,518 3,905 2,355 2,690 18,301 ,277 18911,306 1,260 ,491 548 7,815 July 21 13,913 930 2,76054,48155,436 3,922 1,813 2,33518,309 ,277 18710,936 1,261 ,527 371 7,805 July 28 13,952 966 2,573 54,949 55,360 4,033 1,695 2,091 18,337 1,285 18610,516 1,355 ,535 613 7,831 Aug. 4 13,472 883 2,81654,217 54,564 4,046 2,612 3,68318,382 1,273 11,494 1,345 ,553 533 7,848 Aug. 11 13,648 941 2,62954,12755,107 3,951 1,591 3,413 18,405 1,267 11,361 1,325 ,539 793 7,852 Aug. 18 13,748 914 2,57153,, 748 54,736 3,904 1,723 18,411 1,265 19711,115 1,324 ,534 717 7,850 Aug. 25 13,621 932 2,46654, ,693 3,826 1,682 3,49518,443 1,263 19610,710 1,297 1,547 710 7,859 New York City 1953—August 4,828 137 15,22616,037 259 658 1,827 1,713 37 2,761 1,037 559 2,524 1954—June 4,811 143 15,98616,853 420 946 942 1,951 132 3,091 1,009 ,205 250 2,593 J A u u ly gust 4 4 , , 4 5 9 0 7 8 1 1 4 3 6 9 37 1 1 5 5 , , 5 5 9 3 3 0 1 1 6 6 , , 4 2 7 9 4 7 3 3 2 1 9 0 1 1 , , 0 0 5 6 7 4 1,2 7 6 8 2 1 1 1 , , 9 9 5 7 4 6 2 2 5 7 0 8 3 3 , , 1 0 4 0 2 5 1 1 , , 0 0 3 5 8 6 , , 2 2 4 7 9 0 4 2 2 1 6 4 2 2 , , 6 61 0 1 5 1954—June 2 4,569 146 39 15,79816,494 541 979 1,063 1,912 119 3,007 984 ,199 278 2,594 June 9 4,985 152 36 16,06916,730 428 724 772 1,953 118 3,046 996 ,194 232 2,594 June 16 4,780 143 16,69117,698 374 893 516 1,945 135 3,247 1,002 ,211 225 2,590 June 23 5,107 141 15,87816,670 350 1,029 980 1,977 135 2,922 1,041 ,208 515 2,587 June 30 4,614 134 44 15,49216,672 405 1,103 1,380 1,967 153 3,231 1,025 ,213 2,602 July 7 4,584 145 15,37916,261 327 995 1,153 1,948 165 3,248 1,040 ,216 183 2,607 July 14 4,437 153 15,33516,367 359 1,454 786 1,958 276 3,147 1,016 ,241 314 2,604 July 21 4,531 139 15,71416,543 293 937 654 1,945 276 3,170 1,009 ,267 119 2,604 July 28 4,435 147 15,94316,725 337 842 530 1,966 283 3,003 1,088 ,269 239 2,606 Aug. 4 4,327 135 15,760 16,442 317 1,706 1,358 1,976 275 3,151 1,079 ,277 287 2,616 Aug. 11 4,597 146 15,48316,285 334 783 1,267 1,976 280 3,015 1,061 ,265 538 2,614 Aug. 18 4,614 134 15,36916,192 314 866 1,254 1,970 279 2,955 1,054 ,261 408 2,609 Aug. 25 4,492 141 15,50816,267 276 902 1,170 1,981 278 2,898 1,031 ,276 2,606 Outside New York City 1953—-August 9,554 791 2,37037,86538,009 3,520 3,168 15,366 142 7,267 745 4,928 1954—June 9,575 785 2,674 38,476 38,506 3,805 902 1,965 16,208 1,008 136 7,586 243 234 5,207 July 9,482 807 2,68738,50538,671 3,642 883 1,885 16,347 998 137 7,898 254 256 272 5,213 August 9,114 779 2,583 3"8,547 38,478 3,622 838 2,308 16,435 989 143 8,165 267 273 262 5,241 1954—June 2 9,672 769 2,489 38,13238,103 3,877 863 1,91916,129 1,010 137 7,379 243 228 503 5,205 June 9 9,690 799 2,62838,70938,416 3,701 831 1,524 16,157 1,012 136 7,553 239 227 303 5,208 June 16 9,669 770 2,87539,475 40,067 3,712 1,021 1,46716,182 1,040 136 7,788 249 229 316 5,198 June 23 9,497 808 2,43838,23837,902 3,813 895 2,21216,235 986 135 7,292 244 239 361 5,217 June 30 9,347 775 2,940 37,82738,043 3,924 901 2,70516,337 993 136 7,920 235 246 28 5,204 July 7 9,547 786 2,79337,93238,003 3,699 903 2,394 16,308 989 137 8,155 253 250 227 5,216 July 14 9,483 833 2,703 38,317 39,151 3,546 901 1,904 16,343 1,001 138 8,159 244 250 234 5,211 July 21 9,382 791 2,71738,76738,893 3,629 876 1,681 16,364 1,001 136 7,766 252 260 252 5,201 July 28 9,517 819 2,53639,00638,635 3,696 853 1,561 16,371 1,002 135 7,513 267 266 374 5,225 Aug. 4 9,145 748 2,77938,45738,122 3,729 906 2,325 16,406 998 143 8,343 266 276 246 5,232 Aug. 11 9,051 795 2,59338,644 38,822 3,617 808 2,146 16,429 987 143 8,346 264 274 255 5,238 Aug. 18 9,134 780 2,53238,37938,544 3,590 857 2,434 16,441 986 144 8,160 270 273 309 5,241 Aug. 25 9,129 791 2,430 38,70738,426 3,550 780 2,325 16,462 985 143 7,812 266 271 240 5,253 •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. 967 SEPTEMBER 1954 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 1 [Net declines, (—). In millions of dollars] Business of borrower Manufacturing and mining Comm'l. ind'l, Period* l F iq a o u n o d o d r , , a T p e a p x n a t d i r l e e l s , , p M r m ( a o i e n e n d t t c d a u a l. l c l s ts ch P l e c e e m o u t a r i m c l o , , a - l, Other ( r T w e s a r h t a n a a o l d d e i l l e e ) - m d C e o a o d l m e it - r y s f p i S c n a o a a n m n l i e c e - s e s u P p t t ( r o u i i a l n r b i n c t t l a l s i i . - e - c s s C t t i r o o u n n c - - bu t o y s t A o h i p n f l e e l e r s ss c c h l N f a a ie n s e d s t g i e - s ch t a a o a g n t n r a g d ' P l e . — tobacco leather machin- and tion) ery and rubber trans. equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 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 m -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— Ju julnye —31 5 36 5 • — -1 3 3 0 3 6 — -6 4 18 -1 2 3 2 -27 2 — 6 3 6 6 -1 6 4 7 - 1 8 8 8 3 1 1 6 8 -2 6 9 3 -2 — 4 3 5 0 —3 3 6 0 0 August —24 40 -99 2 2 9 45 -44 -16 19 3 -64 -751 Week ending: 1954—June 2 -42 -7 -171 -50 -5 -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. ... Q -1 -67 -3 -2 -14 2 53 6 11 -26 -12 July 7.... —3 8 —33 —27 4 17 8 e— 48 «—28 c—102 — 156 July 14 -28 13 -14 3 -3 1 18 -25 -16 11 e 4 '-39 -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 Aug. 4.... 16 5 —22 8 7 —21 — 7 8 —20 —25 -754 Aug. 11 7 15 -25 Q 4 10 10 -13 -4 3 15 31 59 Aug. 18 -31 15 -45 -18 2 23 —3 -16 3 -2 -71 -70 Aug. 25 -17 4 -8 2 -4 •_i' 6 -7 10 5 11 2 14 c Corrected. 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 I In millions of dollars! Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Federal Goods stored in or sta o n u d t i - ng1 sta o n u d t- ing Total O bi w ll n s bo B u il g ls ht B o a R f a c c n e f c o s o k o r e r s u r r e e v n i ( - g f e t o n r Others I U m S i n t n p a i t o t t o e e r d s ts E U S f x r t n p o a i o t m t e e r s d ts c D h e o a x l n l - a g r e U sh n i i p te p p d o ed in t b s e F i t o n w r e e e ig n n 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—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 July 749 589 205 164 41 9 376 225 136 92 91 46 .1AB reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 968 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS OF SAVINGS INSTITUTIONS UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Government securities Business securities Date a T s o s t e a ts l Total U S n ta i t t e e s d St l a o t c e a a l1 nd Foreign- Total Bonds3 Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r End of year:4 1939 ,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 ,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 ,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 ,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 ,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 ,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 ,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 ,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 ,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 ,512 19,085 16,746 1,199 1,140 20,322 18.894 1,428 10,833 1,055 2,057 2,160 1949 ,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 ,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 ,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 ,375 12,774 10,252 767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 ,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 ,617 2,575 2,879 1952—December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 ,868 2,699 3,135 1953—Tune 75,403 12,456 10,030 1,840 586 33,021 30,752 2,269 22,221 ,935 2,789 2,981 July 75,855 12,429 9,991 1,857 581 33,247 30,977 2,270 22,429 ,943 2,808 2,999 August 76,244 12,436 9,994 1,861 581 33,349 31,079 2,270 22,552 ,967 2,819 3,121 September 76,612 12,397 9,930 1,880 587 33,614 31,319 2,295 22,698 ,972 2,831 3,100 October 77,121 12,395 9,913 1,897 585 33,887 31,585 2,302 22,842 ,990 2,851 3,156 November 77,552 12,365 9,830 1,945 590 34,096 31,781 2,315 23,017 2,000 2,873 3,201 December 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—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 9,661 170 585 35,053 32,635 2,418 23,769 2,066 2,956 3,389 April 80,114 12,424 9,635 208 581 35,216 32,759 2,457 24,005 2,086 2,978 3,405 May 80,547 12,452 9,539 326 587 35,371 32,871 2,500 24,174 2,102 3,000 3,448 June 80,981 12,294 9,343 2,363 588 35,683 33,150 2,533 24,384 2,129 3,023 3,468 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 Total1 g M ag o e r s t- 2 G m o o v b e e l n i r - t n- Cash Others capital quarter Total1 g M ag o e r s t- 2 G m o o v b e l e n i r - t n- Cash Other3 capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—3 18,429 15,058 1,577 852 852 15,317 1940 5,733 4,125 71 307 940 4,322 4. ... 19,164 15,520 1,606 1,082 866 16,073 1941 6,049 4,578 107 344 775 4,682 1942 6,150 4,583 318 410 612 4,941 1952—1 19,688 16,057 1,690 1,080 774 16,811 1943 6,604 4,584 853 465 493 5,494 2. . . . 20,599 16,875 1,687 1,182 770 17,656 1944 7,458 4,800 1,671 413 391 6,305 3. ... 21,295 17,696 1,765 1,044 708 18,198 1945 8,747 5,376 >,420 450 356 7,365 4. .. . 22,585 18,336 1,791 1,306 1,072 19,143 1946 10,202 7,141 J.009 536 381 8,548 1947 11,687 8,856 ,740 560 416 9,753 1953—IP. .. 23,506 19,105 1,931 1,263 1,121 20,105 1948 13,028 10,305 ,455 663 501 10,964 2P. . . 24,772 20,133 2,003 1,337 1,216 21,154 1949 14,622 11,616 ,462 880 566 12,471 3v.. . 25,633 21,145 1,990 1,200 1,215 21,742 1950 16,846 13,622 ,489 951 692 13,978 4P... 26,726 21,929 1,923 1,481 1,315 22,823 1951 19,164 15,520 ,606 1,082 866 16,073 1952 22,585 18,336 ,791 1,306 1,072 19,143 1954—1P... 27,659 22,684 1,942 1,616 1,341 23,880 1953? 26,726 21,929 ,923 1,481 1,315 22,823 2P. . . 29,080 23,809 1,976 1,785 1,438 25,129 p Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3 Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. SEPTEMBER 1954 969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY 1 [Based on compilation, by United States Treasury Department. In millions of dollars] End of year Asset or liability, and agency 1944 1945 1946 1947 1948 1949 1951 1952 Loans, by purpose and agency: To aid agriculture, total 3,385 2,878 2,884 2,299 3,632 4,362 3,884 4,161 5,070 4,997 5,512 6,811 Banks for cooperatives 189 197 232 276 305 302 345 425 424 324 336 377 Federal intermediate credit banks 257 231 273 336 426 437 510 633 673 824 781 59a Federal land banks2 1,220 1,088 986 Federal Farm Mortgage Corporation. . 351 242 149 109 80 60 45 34 25 22 20 Farmers Home Administration3 643 604 590 558 525 523 535 539 596 646 658 648- Rural Electrification Administration. . 361 407 528 734 999 1,301 1,543 1,742 1,920 2,014 2,062 2,096 Commodity Credit Corporation 353 99 120 280 1,293 1,729 898 782 1,426 1,163 1,651 3,076- Other agencies 10 9 6 7 5 9 7 6 6 5 5 5 To aid home owners, total 1,237 896 659 556 768 1,251 1,528 2,142 2,603 2,914 2,986 2,930- Federal National Mortgage Assn 52 7 6 4 199 828 1,347 1,850 2,242 2,498 2,540 2,462 RFC Mortgage Corporation4 81 24 6 Home Owners' Loan Corporation2 1,091 852 636 486 369 231 10 Reconstruction Finance Corporation5 12 12 10 61 177 168 137 123 115 111 110 108: Other agencies 1 1 1 65 22 24 35 169 246 305 337 361 To railroads, total 343 223 171 147 140 114 110 101 82 79 79 79 Reconstruction Finance Corporation5 321 205 153 145 138 112 108 99 80 77 77 77 Other agencies 21 18 18 3 3 3 2 2 2 2 2 2 To other industry, total 191 232 192 272 310 462 458 488 516 536 536 5091 Reconstruction Finance Corporation 5 7 118 149 151 241 272 423 400 415 457 478 473 8294 Other agencies 73 83 41 31 38 38 58 74 58 63 8214 58 m To financing institutions, total 216 267 314 447 525 445 824 814 952 Reconstruction Finance Corporation5. . 66 60 14 7 6 8 8 8 864 (9) Federal home loan banks 131 195 293 436 515 433 816 806 718 801 952 Other agencies 20 12 7 4 4 4 864 Foreign, total 225 526 2,284 5,673 6,102 6,090 6,078 6,110 7,736 7,798 8,010 8,043 Export-Import Bank 225 252 1,249 1,978 2,145 2,187 2,226 2,296 2,496 2,547 2,758 2,833 Reconstruction Finance Corporation5 7 (10) 274 235 246 206 154 101 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 1,237 707 623 714 584 484 531 779 1,095 811 830 763 Reconstruction Finance Corporation 5 7.... to827 309 232 6340 190 88 59 61 50 54 57 57 Public Housing Administration12 305 286 278 278 294 2*7 366 609 919 626 612 535 Other agencies 112 113 100 99 160 171 ^106 96 105 109 126 142 Less: Reserve for losses 438 478 368 476 252 203 448 395 185 173 140 226 Total loans receivable (net) 5,290 6,649 11,692 12,733 18,502 19,883 6,387 9,714 13,228 14,422 17,826 17,637 Investments: U. S Government securities, total 1,630 1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,588 2,586 2,602 Banks for cooperatives 43 43 43 48 43 43 43 43 43 43 43 43 Federal intermediate credit banks 39 43 47 48 44 74 46 51 60 52 62 63 Production credit corporations 60 67 70 72 66 39 42 43 43 45 45 45 Federal land banks2 220 145 136 Federal home loan banks 144 118 145 139 274 275 199 249 311 378 397 387 Federal Savings and Loan Insurance Corp.. 151 161 172 184 199 214 193 200 208 218 211 217 Home Owners' Loan Corporation2 15 15 17 12 12 8 Federal Housing Administration 87 106 122 132 144 188 244 285 316 344 318 319> Public Housing Administration12 7 8 8 8 8 Reconstruction Finance Corporation 5 7.... 75 49 48 () 1 Federal Deposit Insurance Corporation.... 760 897 1,045 1,020 1,064 1,205 1,307 1,353 1,437 1,508 1,509 1,526 Other agencies 28 30 20 21 1 1 1 1 1 1 1 Investment in international institutions 318 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 424 325 230 154 13, 107 88 78 44 45 44 40> Reconstruction Finance Corporation 5 289 244 159 108 98 83 71 66 36 39 38 35 Production credit corporations 63 55 46 35 29 22 16 11 8 6 c 5 Other agencies 71 26 24 11 6 2 1 1 1 1 1 Commodities, supplies, and materials, total. 2,942 2,288 1,265 822 627 1,549 1,774 1,461 1,280 2,201 2,259 2,514 Commodity Credit Corporation 1,450 1,034 463 448 437 1,376 1,638 1,174 978 1,876 1,884 2,086 Reconstruction Finance Corporation 5 7 1,053 1,131 667 235 157 142 108 129 172 114 134 156 Other agencies 438 122 134 138 32 30 28 159 131 211 241 272 Land, structures, and equipment, total 16,23721,017 16,92412,600 3,060 2,962 2,945 3,358 3,213 7,867 7,911 8,062" Public Housing Administration12 200 222 227 204 1,448 1,352 1,248 1,251 1,173 1,029 1,030 1,018 Reconstruction Finance Corporation 5 7 6,526 6,919 2,861 35 630 611 605 594 199 185 181 175 Tennessee Valley Authority 710 721 727 754 793 830 886 1,048 1,251 1,360 1.40J 1,475 U. S. Maritime Commission2 3,113 3,395 3,301 3,305 War Shipping Administration2 5,427 7,813 7,764 6,507 Federal Maritime Board and Maritime Adm.2 P4,802 P4,802 4,834 Other agencies13 262 1,948 2,044 1,793 189 168 206 465 590 491 493 561 Bonds, notes, and debentures payable (not guaranteed), total 1,395 1,113 ,25: 689 965 77: 1,190 1,369 1,330 1,131 1,243 1,182 Banks for cooperatives 24 8 33 69 70 78 110 170 181 11 119 150 Federal intermediate credit banks 274 245 293 358 480 490 520 674 704 788 776 619* Federal land banks2 818 792 756 Commodity Credit Corporation 212 Federal home loan banks 6 69 169 262 415 204 560 525 445 231 349 414 For footonotes see following page. 970 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 Li i a n b t i e l r it a i g e e s, n c o y th e it r e m th s an 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 t a i l u o o a n i e p e m d t s d e - s , i - , - - G U se o . c v I S u m n t - . . v e e n s O t s s t e - t c h u e - r e L s t m u q t a a r r u 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 r t n a e e l n d l s r e d y - d s d p , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - i U m G n e e r t . o e s e n n t v S r - t - - . o v in w P a e t r t s e n i e t - r e l - y d rials rities rities by 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 1,683 325 21,017 2,317 555 1,113 4,21227,492 472 1946—Dec. 31 30,409 1,398 6,649 1,265 1,873 54716,924 1,753 261 1,252 3,,588 24,810 498 1947—Dec. 312 30,966 1,481 9,714 822 1,685 3,53912,600 1,125 82 689 2,03728,015 143 1948—Dec. 312 21,718 63011,692 627 1,854 3,518 ,060 337 38 965 1,66318,886 166 1949—Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,72021,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,72826,456 378 1953—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 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 F Fe a d rm er e a r l s C H ro o p m e I n A su d r m an in ce is t C ra o t r i p on3 62 3 1 1 539 CO 2 3 0 2,485 1 6 2 2 5 0 6 ^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 8 216 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 31 77 22 4 133 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5 u 364 4 1 156 174 28 364 Others 687 85 550 (9) 18 31 656 Export-Import Bank 2,876 2 2,841 33 42 2,834 "Federal Deposit Insurance Corp 1,537 4 () 1,526 8 7 86 1,451 Tennessee Valley Authority 1,833 324 23 11 54 1,778 iFederal Maritime Board and Maritime Adm... 5,435 184 48 370 173 5,262 All other 10,068 177 5,768 201 3,385 1,475 116 79 9,989 4,834 p Preliminary. * Loans by purpose and agency are shown on a gross basis; total loan4s2 1and all other assets are shown on a net basis, •j. e., after reserve for losses. 2 Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following .agencies following repayment of the U. S. Government interest—Federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report tto 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 elsewhere. 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." • 8 Reflects transfer of RFC lending under Defense Production Act of 1950 from the RFC to the Treasury Department. »Less than $500,000. 10 Foreign loans, except for the Export-Import Bank, are included with "all other purposes" until 1945. 11 Treasury loan to the United Kingdom (total authorized amount of which was 3,750 million dollars) and, beginning with the balance sheet for June 30, 1952, outstanding loans of the Mutual Security Agency (totaling about 1,500 million on that date). 12 Reflects activities of the Federal Public Housing Authority under the U. S. Housing Act, as amended, until July 27, 1947, when these activities were transferred to the newly established Public Housing Administration. War housing and other operations of the Authority—shown on the Treasury Statement with "other agencies" through 1947—were not transferred to the PHA until 1948. 11 Beginning 1951, includes figures for Panama Canal Company, a new corporation combining the Panama Railroad Company (included in .earlier Treasury Statements) and the business activities of the Panama Canal (not reported prior to that time). See also footnote 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. SEPTEMBER 1954 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 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 -3 o 9 o — 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 — Co 1 m 00 m ) ission series u o m f 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 a h c d i i u g p e - h ) a * - l g ( r C r h p a a o o d i t g r e - e - h ) - 4 fe P rr re e - d s T ta o 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 b r g a u o le - - n- T p t r o i a o r n n ta s - - u P i l t t u i i y c b l- - T a s a r f e n i i a n c r c n e d v d e - - e , , M in i g n- s s t h i h a n a ( o n o i r g f n d e u & s s - ) Number of issues. . 3-7 1 15 17 15 480 420 20 40 265 170 98 72 21 29 31 14 1951 average 98.85 133.0 117.7 170.4 177 192 149 112 185 207 179 233 199 113 208 205 1,684 1952 average 97.27 129.3 115.8 169.7 188 204 169 118 195 220 189 249 221 118 206 276 1.31S 1953 average 93.90 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 1,419* 1953—Aug 92.89 100.44 116.8 111.4 163.1 187 202 170 121 190 217 186 245 217 121 206 236 1.13& 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 95.85104.93 122.3 113.5 166.5 191 206 157 125 193 222 192 249 200 125 209 230 1,644 1954—jan# ## 97 42106 16 123.6 114 5 168.7 195 211 160 127 198 228 199 256 206 126 213 239 1,669- Feb 98 62107 04 125.5 116.5 171.8 200 217 166 129 203 234 204 261 215 128 216 250 1,752 Mar 99 87109 11 125 6 117 9 173 3 205 223 165 131 207 240 210 268 212 130 215 259 1,919- Apr 100 36109 65 123.9 118.1 174.3 213 233 164 133 216 253 223 280 212 132 220 266 2,089 May 99.68109.39 123.6 117.5 173.8 220 242 173 135 223 263 233 291 221 134 226 270 2,096 Tune 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 Aug 100.28111.50 128.4 117.8 174.7 236 261 187 142 237 280 257 302 237 141 243 263 2,588 Week ending: 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 Aug. 7 100.60111.76 128.2 117.8 174.2 237 261 189 142 235 277 256 296 236 140 240 256 3,189 Aug. 14 100.34111.68 128.4 117.8 174.3 236 260 188 142 237 280 258 301 239 141 242 264 2,761 Aug. 21.... 100.23111.55 128.4 117.9 175.2 238 263 189 143 240 284 260 307 241 142 246 268 2,495 Aug. 28 100.13111.29 128.4 117.7 175.2 235 259 183 142 236 279 254 305 232 140 244 262 2,022 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 2J^ 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 3}/i per cent bonds of 1978-83, issued May 1, 1953. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6 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 Customers' bal D an e c b e i s t in bal D an e c b e i s t in Cash on cre C d u it s t b o a m la e n r c s' es1 Other credit balances End of month ba ( d n la e e n b t c i ) t i es a in n p a v d c a e c r t s t o r n t u a m e d n r e i t s s n n ' g t a in n a v d c e c f t s i o r r t u a m m n d e t i s n n g t a b h n a a d n n k d i s n bo M rr o o n w e e y d2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r u a m t d n n e i t e s n n r g t s' a in n a v d I c n e c t s o f r t i u a m r d n m e i ts n n g t I a n c ( c c n o a e u p t n ) i - t t a s j 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—July 31,664 31,161 3651 August 31,682 31,182 3641 September. . 31,624 31,070 3674 October 31,641 31,098 3672 November. . 31,654 31,127 3682 December... 1,694 8 404 297 1,170 709 208 28 31 313 1954—January... . 31,690 31,108 3741 February. . . 31,688 31,062 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 July 31,926 31,169 3877 1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) firms' own partners. 2Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): April, 38; May, 45; July, 33. 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. 972 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 mo Y w n e e t a h e r k , , or m m 4 p P - c e o a r o r t n p i o c m m t e i h a 6 r - e , s l - 1 a a P b d c n e a a r 9 c c i r n y m 0 s e e k s ' p s 1 e - , t- M y 3 a i - r e m k ld e o t n s t e h o c i n R u s b s r a i n u i l t t l e e e i s w s es 9 ( i m t - s a t s o o x u n a e 1 t b s h 2 l 2 e - ) 3 is - y s t e u o a e r 5 s3 - An 1 n 9 A u 1 r a c 9 e l i 4 a ti 5 a e a v s n e : r d a g p e e s r : iod l 2 o A a 2 l n l s $ $ 1 1 4 0 , .3 0 ,0 0 0 0 0 - $ $ 1 1 3 0 0 . S 0 2 , i 0 , z 0 0 e 0 0 0 o - f $ $ 1 l 2 o 0 2 0 0 a 0 n , 3 0 ,0 0 0 0 0 - $ a 2 n 2 0 d 0 0 o ,0 v 0 e 0 r 1946 2.1 4.2 3.1 2.2 1.7 1947 2.1 4.2 3.1 2.5 1.8 1951 average 2.17 1.60 .52 1.552 1.73 1.93 1948 2.5 4.4 3.5 2.8 2.2 1952 average 2.33 1.75 .72 1.766 1.81 2.13 1949 . . . 2.7 4.6 3.7 3.0 2.4 1953 average 2.52 1.88 L.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—August 2.75 1.88 L04 2.088 2.33 2.77 1952 3.5 4.9 4.2 3.7 3.3 September. 2.74 1.88 L .79 1.876 2.17 2.69 1953 3.7 5.0 4.4 3.9 3.5 October 2.55 1.88 L .38 1.402 1.72 2.36 November. 2.32 1.88 .44 1.427 1.53 2.36 Quarterly: December.. 2.25 1.88 L60 1.630 1.61 2.22 19 cities: 1953—Sept. 3.74 5.01 4.40 3.93 3.54 1954—January... 2.13 1.88 1.18 1.214 1.33 2.04 Dec 3.76 4.98 4.39 3.96 3.57 February. . 2.00 1.69 .97 .984 1.01 1.84 1954—Mar 3.72 4.99 4.37 3.94 3.52 March 2.00 1.48 1L.03 1.053 1.02 1.80 June 3.60 4.97 4.35 3.89 3.37 April 1.77 1.25 .96 1.011 .90 1.71 May 1.59 1.25 .76 .782 .76 1.78 New York City: June 1.56 1.25 .64 .650 .76 1.79 1953—Sept 3.52 4.76 4.25 3.76 3.40 July 1.43 1.25 .72 .710 .65 1.69 Dec. 3 51 4.70 4.25 3.77 3.38 August.... 1.33 1.25 .92 .892 .64 1.74 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 31... 1.38 1.25 .78 .800 .60 1.72 7 Northern and East- Aug. 7... 1.38 1.25 .79 .797 .58 1.74 ern cities: Aug. 14. .. 1.31 1.25 .91 .892 .63 1.76 1953—Sept 3.71 5.08 4.45 3.91 3.52 Aug. 21... 1.31 1.25 .92 .898 .62 1.74 Dec 3.79 5.07 4.40 3.96 3.63 Aug. 28... 1.31 1.25 .99 .983 .69 1.74 1954—Mar 3.74 5.06 4.36 3.97 3.57 June... 3.61 5.04 4.31 3.83 3.42 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and 2Series includes certificates of indebtedness and selected note and Western cities: bond issues. 1953—Sept 4.10 5.10 4.46 4.06 3.86 3Series includes selected note and bond issues. Dec 4.10 5.06 4.46 4.09 3.86 pp. B a 4 c 4 k 8 - f 4 ig 5 u 9 r , e s a .— nd S e B e U L B L a E n T ki I n N g fo a r n d M M ay o n 1 e 9 ta 4 r 5 y , p St p a . t i 4 st 8 i 3 cs - , 4 9 T 0 a , b a l n es d 1 O 2 c 0 t - o 1 b 2 e 1 r , 1954— J M un ar e # 4 3 .9 0 8 *3 5 5 . . 0 0 5 5 4 4 . . 4 4 3 3 4 4 .0 0 5 3 3 3 .6 7 7 6 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND AND STOCK YIELDS1 [Per cent per annum] ]Bonds Industrial stocks Corporate (Moody's) * Earn- U.S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week By ratings By groups ratio (h?ghgrade)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 r r r e e - d6 m Co o m n7 - C m o o m n8 - Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1951 average.. . 2 57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2.19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 3.16 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—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 Februarv 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 August 2.48 2.60 2.23 3.14 2.87 3.03 3.15 3.49 3.07 3.21 3.12 4.01 4.66 Week ending: 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 Aug. 7 2.44 2.59 2.24 3.14 2.87 3.03 3.16 3.50 3.08 3.22 3.12 4.02 4.53 Aug. 14 2.47 2.59 2.23 3.14 2.87 3.02 3.16 3.49 3.08 3.21 3.12 4.02 4.53 Aug. 21 2 48 2 60 2 23 3 13 2.86 3 02 3 14 3.49 3 06 3 21 3.11 4.00 4.43 Aug. 28 2.49 2.61 2.23 3.13 2.87 3.03 3.13 3.47 3.06 3.21 3.12 4.00 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% 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 3J4 per cent bonds of 1978-83, issued May 1, 1953. 4Standard and Poor's Corporation. sMoody'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. 7 Moody's Investors Service. 8Computed by Federal Reserve from data published by Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 973 SEPTEMBER 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 Budget receipts and Excess of receipts Increase or General fund of the Treasury expenditures or expenditures ( —) d d u ec ri r n e g a s p e e ( r — iod ) (end of period) Deposits in Period Sales and Balre 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 T o o a a t r u n h c u n d - e s r t t s r o e i o b n 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 u c 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 i 5i g e u n i r e n n a c n d l e - A f a u F v b . n a l d i e R s l- . B In c a e o n s p s l k l r e s o o c f c - - S d it p e a e p r c o i i e s a s - l O s n a t e h s e t - t e s r tion Cal. yr.—1950 .. 37,834 138,255 i -422 i -38 349 87 -423 —447 4,232 690 129 2,344 1,069 1951 .... 53,488 56,846 -3,358 759 56 -106 2,711 67 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 -8 40 -1,486 3,124 7,357 338 250 5,680 1,089 July-Dec.. 23,809 31,276 -7,467 291 64 -146 4,197 -3,062 4,295 321 146 2,693 1,134 1952—Jan.-June. 38,320 34,869 3,451 -72 — 136 -255 -313 2,674 6,969 333 355 5,106 1,175 July-Dec.. 27,204 36,497 -9,293 121 46 -64 8,286 -904 6,064 389 176 4,368 1,132 1953—Jan.-June. 38,014 38,110 -96 341 -71 -248 -1,320 -1,394 4,670 132 210 3,071 1,256 July-Dec.. 26,454 35,515 -9,061 -259 90 40 9,097 -94 4,577 346 131 3,358 742 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—A.ug 4,568 6,042 -1,473 299 1 -430 536 -1,067 7,674 496 96 5,825 1,257 Sept 6,041 6,119 -79 -40 75 117 -269 -196 7,478 642 183 5,255 1,398 Oct. .. 2,659 5,477 —2,818 -149 -70 235 449 —2, 3S? S,126 662 185 2,892 1,387 Nov 4,695 5,423 -728 -37 116 -376 1,822 797 5,923 451 81 4,545 847 Dec. 5,183 6,387 — 1,204 -72 -59 29 -40 — 1,^46 4,577 346 131 3,358 742 1954— F ja e n b.2 3 5 4 , , 4 4 4 7 4 1 3 4 5 , , 7 0 0 7 7 1 -6 7 0 3 0 7 -1 5 4 2 4 7 -1 -2 1 8 7 -1 5 3 5 5 9 — - 3 6 2 7 0 -5 9 3 4 3 4 4 4 , , 0 9 4 8 4 8 4 54 0 8 4 3 1 6 6 3 7 3 2 , , 4 4 5 0 8 6 8 8 7 1 1 6 A M p a r r . 1 2 1 , , 7 4 5 3 1 4 5 5 , , 5 2 5 9 5 6 — 5 2 , , 8 5 7 4 9 5 -3 2 7 5 5 3 — -5 6 3 0 -1 5 6 9 0 3 -4,5 8 4 1 6 1 — 1 1 , , 3 S 6 67 6 4 6, ,7 3 8 5 7 5 5 72 7 2 9 4 1 6 8 2 0 3 4 , , 2 3 7 7 3 9 7 75 9 6 2 May 3,592 5,203 -1,611 271 123 -511 2,428 700 S,487 422 146 4,095 824 June 10,539 7,115 3,424 42 32 -3 -2,215 1,780 6,766 875 274 4,836 781 July 2,827 4,827 -2,000 -150 -34 -82 -276 S4? 4,224 727 196 2,538 764 Aug n.a. n.a. n.a. n.a. n.a. n.a. 3,971 1,233 5,457 511 101 4,078 767 Budget expenditures Major national security programs Period Total Total* t f i N e d o n e n a s - a - e l a a M b a t s a n r s o i r i c l s y a i e t - d - n t I i a e n o n o c i t m a d n o e - * a - r ic - l A E C t m s n o o i e i o m 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 o m t a e r n n a t i - n • s - - g c S p u r o s a r r e c o m i - i - t a y s l * t A c u u g r l r e - i 7 - H n h a a i o o f n n n m i u g d - c s e e - P w u o b r l k i s c o P d f i f c e o i f c i s t - e t T c t o f r r a e t u a u c o r n n s - 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 1.551 643 961 2,464 1951 56,846 37,154 30,275 1 559 3 560 1,278 5,983 5,088 1,463 1,010 694 1,438 684 1,016 2,315 1952 71,366 51,121 43,176 7 975 7 652 1,813 6,065 4,433 1,508 1,564 646 1,573 775 1,193 2,487 1953 . .. 73,626 52,817 44,465 3 810 ? 190 1,889 6,357 4,157 1,630 3,238 — 159 1,685 525 783 2 593 Fiscal yr.—1951.... 44,633 25,891 19,955 884 3,863 908 5,613 5,288 1,415 635 460 1,458 624 972 2,276 1952.... 66,145 46,319 39,033 2,228 2,904 1,648 5,859 4,748 1,424 1,219 614 1,515 740 1,305 2,402 1953 74,607 52,847 44,584 3,760 2,272 1,802 6,508 4,250 1,593 3,063 382 1,655 660 1,079 2,570 19542... 67,579 P48.259 P40.638 3,520 pl, 599 1,893 6,371 4,176 Pl.670 P2.842 -614 V1,513 462 P157 P2.742 Semiannual totals: 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— J J u a l n y . - - D Ju e n c e 2 . . .3 35 8 , , 5 1 1 1 5 0 2 2 6 5 , , 9 8 3 8 2 5 2 21 2 , , 8 6 4 1 8 6 2 1 , , 0 7 9 1 2 8 1 1 , ,0 1 5 3 6 4 9 96 2 3 6 3 2 , , 5 8 4 1 2 6 2 2 , , 0 07 8 2 6 8 7 3 9 9 1 2 1 , , 1 0 7 5 8 9 -1 - 1 4 7 2 9 7 4 4 5 0 3 2 0 2 5 0 3 4 4 4 2 1 1 1 , , 3 2 5 3 7 6 Monthly: 1953—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 3,787 737 169 155 560 323 101 275 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— F ja e n b.2 3 4 5 , , 7 0 0 7 7 1 J * » 3 3 , , 8 6 0 8 9 1 J 3 >3 ,0 ,2 0 2 1 5 3 1 8 9 5 4 » J> 1 1 0 8 4 3 1 1 4 6 2 0 3 2 7 45 2 3 3 4 4 0 0 J» 1 1 7 2 2 8 P-1 3 3 0 5 9 -1 — 0 3 4 1 J> 9 9 7 0 42 316 5 * P 2 1 4 61 1 Mar 5,555 *3,916 *3,339 321 *>54 181 588 334 *114 P194 —54 *102 91 6 P263 5,296 P3.847 J>3,195 343 J»117 164 350 375 *120 *468 — 195 *116 9 P205 May... . 5,203 P3,565 J>2,884 331 P126 169 249 346 P124 P694 — 14 P109 5 P!23 June 7,115 P4.245 P3,554 407 J»52 109 1,752 370 P171 P248 -84 P109 111 P6 P188 July 4,827 P3.188 P2,565 P334 P84 174 213 333 P141 P2 70 49 P156 P55 P421 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." 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. • 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. 974 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 Budget receipts, byprincipa1 sources Internal revenue collections (on basis 3f Internal Revenue Service) Income Deduct and old-age Mis- Taxes Individualin- Period insurance taxes cella- on come and old- Corpocarriers Other Total Appro- Net age insurance ration Esneous and on budget pria- Re- budget taxes in- tate With- Other ternal em- ceipts re- tions funds re- come and held ployers ceipts to old- of ceipts and gift by rev- of 8 or age re- With- profits taxes em- Indi- Corpo- enue more trust ceipts held Other taxes ployers vidual ration fund 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 64,550 935 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. 1. 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—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 1 531 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 j e an 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 r26 2 1 1 3 1 3 9 2 9 r6 4 ,6 4 1 2 9 5 59 8 8 4 30 6 6 4 3 24 5 , , 4 4 7 4 1 4 1 n ,1 .a 1 . 5 2, 372 n.a 4 . 45 8 6 6 5 Mar 2,002 2,454 7,353 954 56 193 13,013 589 940 11,434 (4) (4) (4) 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 73 July 1,252 252 532 790 23 299 3,148 217 85 2,827 n.a. Treasury receipts—Continued Trust and other accounts Internal revenue collections—cont. (on basis of Internal Revenue Service) Social security Other accounts7 retirement, and Period Excise' and miscellaneous taxes insurance accounts i oiai" Manufacturers' Invest- Others Total Liquor Tobacco and e r x e c t i a s i e lers' Other ce R i e p - ts I m nv e e n s t t s - Ex t p u e re n s di- ments8 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 9,517 2,783 1,580 3,127 2 027 8,698 1,687 6,846 357 584 Semiannual totals: 1951—July-Dec... 4,440 1,304 748 1,343 1 045 291 3,967 1,352 2,398 52 126 1952—Jan.-Tune.. 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 l -259 3,665 823 3,009 17 -74 1954—Jan.-June.. 4,722 1,262 777 1,651 1 032 n.a. n.a. n.a. n.a. n.a. n.a. Monthly: 1953—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 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—Tan 395 166 123 45 61 -144 207 -334 581 288 184 Feb 1,316 181 111 757 267 1527 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 2.71 1,212 330 630 61 80 Tune 561 246 147 11 157 42 1,458 888 651 -90 34 July n.a. n.a. n.a. n.a. n.a. -150 375 -98 648 7 32 r Revised. n.a. Not available. 1 Beginning February 1954, on new reporting basis. See footnote 2 on preceding page. 2Not adjusted for Treasury's revised treatment of carriers' taxes. 3Carriers' taxes deducted. 4Beginning March, income and profits taxes announced in the Treasury's Monthly Statement. 5Reporting of some excises changed to quarterly basis. 6Excess of receipts, or expenditures (—). 7Consists 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). SEPTEMBER 1954 975 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 operatingincome,other than debt Cash operating outgo, other than debt Net Net Budget Plus: Trust Budget expenditures Plus: Tr. acct. Plus: cash Equals: Period Cash Less: Noncash Exch. Cash ing mre T c n o e e t i t a p l ts c L N a e o s s n h s - 1 : Total c L N a e o s s n h s - 2 : inc in o g me Total A p a u l c s b c r l t i u o 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 l t u i i z o n a n d - ' i C c n o g le u a a n c r t - - ou in t g go ou o t r go 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—Aug. 4,568 3 1,158 196 5,526 6,042 27 194 464 5 11 430 6,720 -1,193 Sept 6,041 43 482 107 6,373 6,119 21 108 451 41 11 — 117 6,294 78 Oct. 2,659 10 378 78 2,950 5,477 -1 91 604 —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 85,071 72 897 427 8 -12 -559 4,749 -147 Feb. 7 5,444 n.a. 993 n.a. »-6,529 4,707 16 n.a. 411 n.a. 135 '5,300 1,228 Mar. 11,434 n.a. 824 n.a. 12,260 5,555 8 n.a. 601 n.a. -39 160 r6,232 6,028 Apr 2,751 n.a. 479 n.a. 3,036 5,296 19 n.a. 810 n.a. 13 -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 2,827 n.a. 419 n.a. 2,956 4,827 70 n.a. 660 n.a. —31 82 5,142 —2,186 Aug n.a. n.a. n.a. n.a. 5,375 n.a. 38 n.a. n.a. n.a. 16 n.a. 7,788 -2,412 n.a. Not available. r Revised * 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. 4 Represents principally noncash items shown under trust account receipts (described in footnote 2); also includes small adjustments for noncash interest reflected in noncash Budget receipts (see footnote 1) and in noncash trust account expenditures (see footnote 5). 6Represents principally repayments of capital stock and paid-in surplus by quasi Government corporations, as well as interest receipts by such corporations on their investments in the public debt (negative entry). cCash transactions between Intl. Monetary Fund and Exchange Stabilization Fund. (See footnote 3.) 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 c o r r e a d s e e - , s i e s c su u a ri n ti c e e s o o _ir f Net inv. Accruals to public1 N b e o t r r c o a w sh - _r_e__p_ ay___m _ e, n/t (\ —_r ; t_o iDorr• ow— j.i _n gi.1 to uli_ei; _opuum:-" Period crease Federalagencies in Fed. ing, or Direct Savings Postal d (— i g d r r . e o ) p b . s t u s in b. a G n u te a e r d - a g N n u t o e a n e r - - d G & o s t e v r c t . . . f a b u g y n e d n s . T I b n r o t e . n a d o s s . n b a s i n a ll d v s . P F f a o e y d rm . t s s . e o i c f n . b r ( e o - p i r ) n r a o o g y w f t. - m & is k s c t u a o e b n s l v 3 e . . b p (i o r s i n s c u d e e ) s S n av o i t n es gs S s a i p v s . e s u c S e ia y s l s. Other4 Cal. yr.—1950 —423 -6 355 94 602 163 —929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 — 1,242 1,999 — 1,191 — 1,099 —997 46 1952 7,973 12 -102 3,833 770 —74 3,353 5,778 -406 -1,784 -113 -122 1953 7,777 22 -3 2,540 591 66 4,601 «4,829 5-344 248 -162 30 Fiscal yr.—1951 -2,135 10 374 3,557 638 -149 -5,795 -3,943 -467 -657 -1,093 365 1952 3,883 16 -88 3,636 779 —79 -525 1,639 -717 -1,209 -155 -82 1953 6,966 7 -32 3,301 719 3 2,918 «5,294 S-103 -2,164 -100 -9 19546 5,189 29 -250 2,101 524 94 2,248 2,483 -381 628 -239 -243 Semiannual totals: 1951—Jan.-June. . .-1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. . . 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec.. . . 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 1953—Jan.-June. . . -1,320 -2 -69 1,700 308 34 -3,433 «-2,028 S18 -1,335 -68 -20 July-Dec.. . . 9,097 24 66 840 283 32 8,034 6,857 -362 1,583 -94 50 1954—Jan.-June6. . -3,909 6 n.a. n.a. 241 63 n.a. n.a. -19 -955 -145 n.a. Monthly: 1953—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 e an b.6.. -3 -6 2 7 0 -1 2 -1 -2 2 7 6 -4 7 6 7 7 1 3 7 -1 11 - -2 3 8 8 4 6 -1 -7 7 4 8 -9 1 2 8 — — 7 7 1 3 — — 3 1 7 2 — — 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 Aug 3,971 6 1 312 39 -17 3,645 3,678 33 -64 -7 5 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. 3 Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 5Excludes exchanges of savings bonds into marketable bonds. 6Beginning 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. 7See footnote 2 at bottom of following page. 976 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 o e 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 . c p i t r a s e l 2 - c O c o i a t 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 l a 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 s6 s g e S r p c o a r u c m o r i - i a s t l 7 y Other Cal. yr.—1950 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 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 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 ,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 ,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 ,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 ,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 ,781 33,514 21,650 9,694 7,196 3,147 3,419 71,933 P48.164 4,633 4,947 P7,675 P6.514 Semiannual totals: 1951— Jan.-June ,537 16,124 9,416 4,217 3,228 ,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec ,799 11,025 7,149 4,374 3,135 ,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June ,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 ,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 ,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-Dec.8 ,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—Aug .526 3,119 326 894 991 260 65 6,720 4,184 178 386 522 1,450 Sept ,373 3,292 1,636 917 399 192 63 6,294 4,404 525 378 509 478 Oct ,950 1,233 385 923 266 218 75 5,759 4,268 322 456 625 88 Nov ,396 3,172 336 912 791 245 60 6,258 4,034 122 393 572 1,137 Dec ,339 2,059 1,938 856 256 299 69 6,294 4,318 901 423 586 66 1954—Jan ,602 3,008 490 683 170 315 64 4,749 P3,670 170 393 697 p-181 Feb.s ,530 4,355 469 741 1,093 177 306 5,302 P3,810 352 411 P674 P55 Mar ,260 4,185 7,356 673 718 267 940 6,231 P3,878 563 428 P729 P634 Apr ,036 1,791 763 735 378 277 907 5,303 P3,862 299 414 P718 P9 May ,882 2,875 397 787 1,188 251 616 6,228 P3.533 196 392 P692 PI.415 June ,265 2,859 6,903 797 616 240 150 6,881 P4,246 877 444 P763 P552 July ,956 1,120 549 702 304 363 82 5,142 J>3,158 152 194 P677 P961 Aug ,375 2,985 302 760 Pl.177 220 69 7,788 n.a. 314 381 n.a. n.a. p Preliminary. n.a. Not available. 1 Income taxes include current and back taxes; individual taxes also include estate and gift taxes and, prior to July 1953, adjustment to Treasury daily statement. Income taxes through June 1953 are from internal revenue service reports, thereafter from Treasury daily statement. 2 Includes taxes for old-age and unemployment insurance, carriers taxes, and veterans life insurance premiums. 3Represents mostly nontax receipts. 4Represents Budget expenditures adjusted for net redemptions of armed forces leave bonds and special International Bank and Monetary Fund notes. 5Represents Budget expenditures less the excess of interest accruals over payments on savings bonds and Treasury bills and less interest paid by the Treasury to (1) trust funds and accounts and (2) Government corporations not wholly owned. 6Represents Budget outlays plus payments to the public from veterans life insurance funds and redemptions of adjusted service bonds. 7Represents Budget outlays plus benefit payments and administrative expenses of trust funds for old-age and unemployment insurance and Government employees and Railroad retirement funds. 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—July. . 402 1524 57,871 370 1343 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 2590 257,71O 381 309 36,663 42 2281 221,047 178 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 58,025 354 289 37,393 110 169 20,633 156 5,344 June.. 523 1579 58,061 392 1386 37,482 130 193 20,579 265 5,079 July.. 508 1644 58,005 393 1346 37,597 115 298 20,409 86 4,993 xDue to changes in Treasury processing, a large amount of redemptions of E bonds in July 1953 and in June and July 1954 was not broken down as to issue price and accrued discount. Hence, the redemptions figures include some accrued discount, which is being deducted in subsequent months. 2Figures 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. 977 SEPTEMBER 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 issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s 1 l d d T g i e r o r o b e t s a t c s 2 l t Total Total Bills c i C n a e t d e r e t s i b f o i t - - f Notes Ban B k ond B s ank v C ib e o r l n e t- - Totals S in a g v s - s T a a n a v d x - S is p s e u c e ia s l edness eligi- re- bonds bonds ings ble* . stricted notes 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 10,534 9,863 44,519 4,945 21,788 15,050 6,384 9,032 1943—Dec 170,108 165,877 151,805 115,230 13,072 22,843 11,175 55,591 12,550 36,574 27,363 8,586 12,703 1944—Dec 232,144 230,630 212,565 161,648 16,428 30,401 23,039 66,931 24,850 50,917 40,361 9,843 16,326 1945—Dec 278,682 278,115 255,693 198,778 17,037 38,155 22,967 68,403 52,216 56,915 48,183 8,235 20,000 1946—Dec 259,487 259,149 233,064 176,613 17,033 29,987 10,090 69,866 49,636 56,451 49,776 5,725 24,585 1947—Dec 256,981 256,900 225,250 165,758 15,136 21,220 11,375 68,391 49,636 59,492 52,053 5,384 28,955 1948—Dec 252,854 252,800 218,865 157,482 12,224 26,525 7,131 61,966 49,636 61,383 55,051 4,572 31,714 1949—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 i3]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—Aug 273,269 273,206 230,157 153,694 20,208 21,655 30,492 64,099 17,240 12,273 64,190 57,851 4,977 40,988 Sept 273,001 272,937 229,785 152,804 19,508 26,369 33,578 59,944 13,406 12,168 64,814 57,795 5,639 40,958 Oct 273,452 273,386 230,403 152,977 19,509 26,385 33,736 59,942 13,404 12,025 65,402 57,775 6,258 40,888 Nov 275,282 275,209 232,115 154,726 19,509 26,386 33,249 62,181 13,402 12,012 65,377 57,806 6,204 41,013 Dec.. 275,244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6,026 41,197 1954—Tan 274,924 274,849 231,623 154,631 19,512 26,386 31,419 63,916 13,398 11,976 65,017 57,736 5,956 41,009 Feb 274,859 274,782 231,466 154,500 19,510 25,278 26,866 74,171 8,675 11,957 65,009 57,797 5,887 41,070 Mar 270,312 270,235 226,821 150,081 21,013 19,377 26,787 74,134 8,674 11,932 64,807 57,902 5,581 41,002 Apr 271,127 271,047 227,806 151,104 22,014 19,377 26,809 74,230 8,674 11,910 64,792 57,967 5,500 41,049 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 Aug 274,982 274,955 230,214 154,020 19,508 18,277 31,967 75,596 8,671 11,853 64,341 58,078 4,929 42,479 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 535 million dollars on Aug. 31, 1954) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3Includes amount held by Government agencies and trust funds, which aggregated 7,081 million dollars on July 31, 1954. 4 Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. 5Includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government End of month > ( d in e c b l t ud- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks2 banks com- rations govern- Savings Other invessecuri- issues issues panies ments bonds securities tors3 ties) 1940—Dec 50,942 5,370 2,260 43,312 2,184 17,300 3,200 6,900 2,000 500 2,800 7,800 700 1941—Dec 64,262 6,982 2,558 54,722 2,254 21,400 3,700 8,200 4,000 700 5,400 8,200 900 1942—Dec 112,471 9,032 3,218 100,221 6,189 41,100 4,500 11,300 10,100 1,000 13,400 10,300 2,300 1943—Dec 170,108 12,703 4,242 153,163 11,543 59,900 6,100 15,100 16,400 2,100 24,700 12,900 4,400 1944—Dec 232,144 16,326 5,348 210,470 18,846 77,700 8,300 19,600 21,400 4,300 36,200 17,100 7,000 1945—Dec 278,682 20,000 7,048 251,634 24,262 90,800 10,700 24,000 22,000 6,500 42,900 21,400 9,100 1946—Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 24,900 15,300 6,300 44,200 20,100 8,100 1947—Dec 256,981 28,955 5,404 222,622 22,559 68,700 12,000 23,900 14,100 7,300 46,200 19,400 8,400 1948—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—Tune 257,377 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—Tune 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—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—Tan 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 June 271,341 42,229 7,111 222,001 25,037 63,700 9,100 15,300 16,100 13,200 49,600 16,500 13,700 includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1953. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 978 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 August 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 Amoum Issue and coupon rate Amount Treasury bills1 Certificates Treasury bonds Treasury bonds—Cont. Sept. 15, 1954 2% 93 Dec. 15, 1954 8,662 Dec. 15, 1963-68. . .2H 2,826 Sept. 2, 1954. . 1,501 Feb. 15, 1955 1 % 7.007 Dec. 15, 19543 510 June 15, 1964-69. 3,754 Sept. 9, 1954. . 1,500 Mar. 22, 19552 1 3,734 Mar. 15, 1955-604.. 2,611 Dec. 15, 1964-69. 3,830 Sept. 16, 1954. . 1.501 May 17, 1955 1H 3,886 Mar. 15, 1956-58. . . 1,449 Mar. 15, 1965-70. 4,719 S S e e p p t t . . 2 3 3 0 , , 1 1 9 9 5 5 4 4 . . . . 1 1 , , 5 5 0 0 1 1 Aug. 15, 1955 1V8 3,558 S S e e p p t t . . 1 1 5 5 , , 1 19 9 5 5 6 6 - - 5 5 9 9 4 . . . . . 3,8 9 2 8 2 2 J M un a e r. 1 1 5 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 s 5 2 1, , 8 9 8 6 8 1 Treasury notes Ma/. 15, 1957-59. . . 927 Sept. 15, 1967-72. . 2,716 Oct. 7, 1954. . 1,501 Dec. 15, 1954 1% 8,175 June 15, 1958 4,245 Dec. 15, 1967-72 s 3,822 Oct. 14, 1954. . 1,500 Mar. 15, 1955 1 H 5,365 June 15, 1958-634. . 919 June 15, 1978-83...3 1,606 Oct. 21, 1954. . 1,500 Dec. 15, 1955 \% 6,854 Dec. 15, 1958 2,368 Oct. 28, 1954. . 1,500 Apr. 1, 1956 \y2 1 007 June 15, 1959-62... 5,277 Postal Savings Oct. 1, 1956 \y2 550 Dec. 15, 1959-62. . . 3,465 bonds 2H 35 Nov. 4, 1954. . 1,501 Mar. 15, 1957 2% 2,997 Nov. 15, 1960 3,806 Panama Canal Loan. .3 50 Nov. 12, 1954. . 1,501 Apr. 1, 1 9 5 7\y 531 Dec. 15, 1960-654. . 1,485 Nov. 18, 1954. . 1,501 Oct. 1, 1957 824 Sept. 15, 1961 2,239 Nov. 26, 1954. . 1,501 Apr. 1,1958 383 Nov. 15, 1961 1,177 Convertible bonds Oct. 1, 1958 121 June 15, 1962-67. . .: 2,116 Investment Series B Feb. 15, 1959. . . . 5,102 Apr. 1, 1975-80. . .2% 11,853 Apr. 1. 1959. . . 58 1Sold on discount basis. See table on Open Market Money Rates, p. 973. 2Tax anticipation series. 3 Called for redemption. 4Partially tax-exempt. 5Restricted. 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 c r g o u n n i e e v d s d n s t t s - . B s F e R e a e r r n e a d v - k l - e s b C m c a o i n e a m r k l - s - b M t s i a n u a n g a v u k l s - - s L c I i o n fe m su p r a a O n n i c t e h e s er Other End of month s T t o i a o n u n t g t a d - l - G f a t u a c r g o n u 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 s l - - s L c I i n o fe m su p r a a O n n i c t e h e s er Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1951—Dec 154,745 6,251 23,80154,302 9,12310,289 4,301 46,679 Series B): 1952—June 153,502 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 1,264 2,935 328 3,854 1954—May 165,224 7,055 24,81255,882 8,449 8,863 4,859 55,303 June 162,216 6,985 25,03756,199 8,353 8,667 4,854 52,121 1954—May 11,899 3,439 165 1,268 2,903 320 3,804 Treasury bills: June . 11,861 3,439 165 1,265 2,876 317 3,800 1951—Dec 18 102 50 596 6 773 71 428 104 10,080 Marketable secu- 1952—June 17,219 41 381 5,828 103 504 92 10,268 rities, maturing: Dec 21,713 86 1,341 7,047 137 464 119 12,518 Within 1 year: 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 1951—Dec 48,204 112 13,43714,081 182 648 576 19,167 Dec 19,511 102 2,993 4,368 126 410 109 11,402 1952—June 45,642 101 12,20212,705 223 581 470 19,360 Dec 56,953 133 14,74916,996 263 532 733 23,547 1954—May 22,019 69 2,091 4,145 123 552 103 14,936 1953—June 64,589 163 15,50519,580 476 390 1,082 27,393 June 19,515 46 2,316 4,187 98 520 101 12,248 Dec 73,235 175 16,97225,062 475 468 1,061 29,023 Uertincates: 1951—Dec 29,078 49 12,793 6,773 41 217 445 8,761 1954—May 63,128 116 16,05517,746 324 570 769 27,547 1952—June 28,423 60 11,821 6,877 120 76 378 9,092 June 60,123 107 16,28017,684 294 537 652 24,568 Dec 16,712 27 5,061 4,791 37 56 317 6,424 1-5 years: 1953—June 15,854 30 4,996 4,351 87 27 310 6,052 1951—Dec...... 44,401 45 6,68827,991 419 132 992 8,133 Dec 26,386 63 5,967 9,215 184 37 445 10,475 1952—June 44,945 46 7,18827,858 370 63 996 8,424 Dec 37,713 31 7,14622,381 259 48 910 6,938 1954—May 18,577 35 6,600 4,908 102 6 228 6,698 1953—June 32,330 152 6,45218,344 464 109 914 5,895 June 18,405 41 6,600 4,942 101 7 202 6,511 Dec 29,367 192 6,15516,056 431 123 980 5,430 Treasury notes: 1951—Dec 18 409 3 5,06810,465 67 1 315 2,489 1954—May 27,928 232 6,30714,435 501 155 849 5,449 1952—June 18,963 2 5,56810,431 42 o 327 2,587i June 27,965 205 6,30714,624 476 155 890 5,308 Dec 30,266 16 13,77410,955 49 8 486 4,978 5-10 years: 1953—June dO,425 23 13,77410,355 62 5 529 5,678 1951—Dec 8,914 152 34 6,881 73 118 201 1,454 Dec 31,406 8 13,28911,510 130 52 605 5,814 1952—June 15,122 387 693 7,740 1,357 497 765 3,684 Dec 22,834 546 1,387 11,058 1,775 885 1,348 5,835 1954—May 31,923 78 13,02911,268 236 100 611 6,601 1953—June 18,677 422 1,374 8,772 1,395 745 1,104 4,865 June 31,960 64 13,02911,423 221 99 592 6,531 Dec 20,292 418 1,374 10,051 1,315 725 1,198 5,211 Marketable bonds:l 1951—Dec 77,097 3,243 4,13030,119 7,697 6,720 3,120 22,068 1954—May 30,542 505 1,035 18,630 1,410 543 1,568 6,850 1952—June 75,802 2,928 4,42230,710 7,221 5,855 3,087 21,580 June 30,542 494 1,035 18,741 1,389 516 1,655 6,711 Dec 79,890 3,046 4,52232,849 7,165 5,807 3,429 23,072 After 10 years: 1953—June 81,349 3,300 4,52232,066 7,232 5,855 3,484 24,890 1951—Dec 41,168 3,036 2,428 5,177 7,202 6,470 2,213 14,643 Dec 77,327 3,377 3,66730,671 6,820 5,686 3,418 23,688 1952—June 34,698 2,496 2,109 5,544 5,537 5,301 1,652 12,059 Dec 31,081 2,464 1,415 5,207 5,091 4,870 1,361 10,673 1954—May 80,806 3,435 3,09335,397 6,720 5,301 3,597 23,264 1953—June 31,739 2,723 1,415 4,488 5,167 4,969 1,356 11,621 June 80,474 3,395 3,09335,481 6,669 5,164 3,641 23,032 Dec 31,736 2,765 1,415 4,595 5,039 4,868 1,339 11,716 1954—May 31,727 2,763 1,415 4,906 4,946 4,691 1,353 11,653 Juno 31,725 2,740 1,415 4,985 4,930 4,582 1,339 11,734 I * 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. 979 SEPTEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES : [Estimates, in millions of dollars] Gross proceeds, all issuers 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 ro rs c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total State Bonds Mis- t R ir e e - - m tir e e n - t G m U o e v . n e S r t . 3 n- ag F e e e r n a d c l - y4 n m a p i n c a u d i l - - Others Total 0 Total o P f l f i u c er b ly e - d p v P l a a r t c e i- 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 m N o e n w ey7 p l p a o o u n u s r e s e - - s m d b e a o e b n f n k t t , s ri e o t c i f e u s etc. 8 1938 5,926 2,480 115 1,108 69 2,155 2,044 1,353 691 86 25 503 681 7 215 1,206 1939 5,687 2,332 13 1,128 50 2,164 1,979 1,276 703 98 87 •?0 325 26 69 1,695 1940 6,564 2,517 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 15,157 11,466 38 956 30 2,667 2,389 1,578 811 167 110 1 r)40 868 28 144 1,583 1942 35,438 33,846 1 524 5 1,062 917 506 411 112 34 647 474 35 138 396 1943 44,518 42,815 2 435 97 1,170 990 621 369 124 56 408 308 27 73 789 1944 56,310 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 1 147 1,080 133 134 4,555 1946 18,685 10,217 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 R89 1,279 231 379 2,868 1947 19,941 10,589 2,324 451 6,577 5,035 2,888 2,147 761 778 5 11S 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 f>51 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 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—|uiy 1 928 884 522 2 520 407 106 301 31 82 •81 459 24 27 Aug.... 1,453 853 260 4 336 263 110 153 7 65 270 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 S77 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 ,• 18 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 63 419 410 29 9 Mar 1,913 602 522 63 726 513 226 286 69 144 IS60 590 70 53 Apr. 1,947 511 71 735 1 628 408 216 192 110 111 •86 471 16 129 May.... 4,386 2,669 80 783 5 850 647 424 224 130 73 65? 614 38 183 June 2 438 523 855 4 1,057 808 343 465 131 118 8SQ 812 47 182 July 1,948 508 123 258 2 1,057 920 714 206 49 87 727 684 42 316 Proposed uses of net proceeds, by major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Year or month T c p n e o r e e o t d t a - s l i 1* j t a a e 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 t a - s l N ita e l w » m R e e n ti t r s e 1 - 0 T c p n e o r e e t o d a t - s l N i c t a e a p w l - ' m R e e n ti t r s e l - 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 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 t a - s l N i c t a a e 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 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 >4 403 382 21 748 691 56 2,150 ,005 144 891 890 2 587 557 30 1949 1 391 1347 14 338 310 28 795 784 11 ,276 ?043 ?,33 567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 \,608 ],927 682 395 314 81 739 639 100 1951 3 066 ,846 221 518 462 56 490 437 53 ,412 3?6 85 605 600 5 515 449 66 1952 3,973 3,712 261 536 512 24 983 758 225 2,626 ,539 88 753 747 (> 508 448 60 1953 2,218 2,128 90 542 502 40 589 553 36 2,972 S,905 67 874 871 J 1,561 1,536 24 1953—July 133 116 17 59 55 4 46 46 209 207 1 20 18 5 43 40 3 A Se u p g t u e s m t ber.. 1 4 3 6 2 1 4 3 4 1 2 1 1 1 9 9 1 1 7 8 3 1 3 1 2 5 3 1 2 5 24 9 2 7 2 9 4 7 1 i 3 8 0 9 3 8 0 8 2 1 4 2 3 3 2 1 4 2 2 2 2 October.... 56 53 2 49 47 2 36 36 356 350 5 13 13 80 77 3 November 99 93 fi 25 25 32 32 245 16 5 5 45 45 December.. 418 409 9 104 100 4 88 84 3 200 191 8 608 608 47 46 1 1954—January ... 134 118 6 50 48 2 65 65 276 275 26 12 12 J A J F M M u u e p l a a n b y r r y e i r c l u h ary... 4 3 2 1 1 0 0 5 0 8 5 5 4 2 7 6 4 2 1 1 1 5 8 0 7 9 2 1 4 7 9 6 2 3 8 6 1 * 4 2 6 8 6 8 4 6 8 8 0 6 3 2 6 4 8 7 1 5 2 2 4 2 2 1 4 2 9 5 1 4 5 3 4 5 2 7 8 7 3 8 0 8 4 3 5 3 2 5 6 6 7 7 0 4 "2 1 5 7 2 2 ' 3 3 2 5 4 2 6 0 6 9 4 0 2 9 9 5 2 1 2 3 2 3 3 1 6 2 3 1 8 6 9 8 7 6 2 5 1 1 4 7 6 2 7 6 3 0 9 3 " 3 4 2 3 9 7 0 0 6 3 2 4 3 7 9 0 6 0 1 1 5 8 5 2 5 9 1 8 1 6 9 1 5 8 2 2 6 6 1 8 7 5 3 1 ""2 1 9 5 3 * 7 1 0 1 Estimates of new issues sold for cash in the United States. 2Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Includes issues guaranteed. 4 Issues not guaranteed. includes foreign government; International Bank; and domestic eleemosynary and other nonprofit. 6Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. 8 Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. 9Includes all issues other than those for retirement of securities. 1 °Retirement of securities only. Source.—Securities and Exchange Commission. 980 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] Annilal Quarterly Industry 1952 1953 1954 1948 1949 1950 1951 1952 1953 4 1 2 3 4 1 2 Manufacturing Total (200 corps.):1 Sales 38,34137,94845,351 52,44453,90562,665 15,316 15,739 16,566 15,459 14,902 14,232 14,758 Profits before taxes 5,468 5,168 8,042 8,702 7,147 8,225 1,998 2,254 2,484 2,093 1,395 1,753 1,925 Profits after taxes 3,411 3,186 4,143 3,486 3,117 3,560 928 855 928 885 892 880 965 Dividends ... 1,446 1,710 2,295 2,036 2,036 2,110 565 493 491 495 631 524 523 Nondurable goods industries (94 corps.):1 2 Sales 14,739 14,051 15,994 18,670 18,90820,276 4,987 4,994 5,116 5,082 5,084 4,960 4,973 Profits before taxes 2 360 1 975 2 847 3 324 2 715 2 908 671 761 782 783 581 669 677 Profits after taxes 1,574 1,297 1,599 1,481 1,313 1,446 349 345 355 376 371 364 375 Dividends 698 759 942 894 912 934 255 218 219 222 275 228 229 Durable goods industries (106 corps.)2 3 Sales 23,602 23,897 29,35733,77434,99742,390 10,329 10,745 11,450 10,377 9,817 r9,272 9,786 Profits before taxes 3 108 3 193 5 195 5 378 4 432 5,317 1,328 1 493 1,702 1,309 814 1,084 1,248 Profits after taxes 1,837 1,888 2,544 2,005 1,804 2,114 579 511 573 509 521 '515 590 Dividends 748 950 1,352 1,142 1,119 1,176 305 275 272 274 356 296 295 Selected industries: Foods and kindred products (28 corps.): Sales 4,528 4,223 4,402 4,909 5,042 5,411 1,315 1,316 1,346 1,355 1,394 1,337 1,351 Profits before taxes 455 434 532 473 446 465 104 '100 128 131 107 99 132 Profits after taxes 285 268 289 227 204 211 50 46 54 57 54 46 63 Dividends 148 149 161 159 154 154 43 35 37 37 45 36 37 Chemicals and allied products (26 corps.) Sales 3 674 3 680 4 577 5 574 5 695 6 071 1,520 1 545 1,568 1,506 1,453 1,434 1,470 Profits before taxes 674 693 1,133 1,421 1,200 1,260 304 360 346 330 224 ••272 273 Profits after taxes 420 415 572 496 458 493 128 123 125 124 121 133 136 Dividends .... 263 321 448 363 381 398 114 90 90 91 127 97 98 Petroleum refining (14 corps.):1 Sales 3,983 3,907 4,260 4,966 5,290 5,757 1,394 1,376 1,410 1,473 1,498 1,479 1,442 Profits before taxes 775 552 673 869 689 796 164 195 195 229 176 214 189 Profits after taxes 588 428 464 532 495 571 127 131 129 155 157 147 137 Dividends 184 191 223 247 268 274 72 66 66 67 74 68 68 Primary metals and products (39 corps.): Sales 9,066 8,187 10,446 12,497 11,557 13,750 3,494 3,428 3,653 3,476 3,194 r2,910 3,000 Profits before taxes 1,174 993 1,700 2,092 1,161 1,824 431 457 560 510 295 '301 359 Profits after taxes. . 720 578 854 776 575 793 217 183 212 203 196 149 179 Dividends 270 285 377 381 367 377 106 88 88 88 113 100 92 Machinery (27 corps.): Sales 4,563 4,363 5,071 6,183 7,082 8,009 2,066 1,967 2,045 1,959 2,038 1,917 1,937 Profits before taxes 570 520 850 1 003 974 1,009 290 276 298 241 193 252 237 Profits ater taxes. . . 334 321 425 370 380 402 128 89 103 95 115 117 107 Dividends 127 138 208 192 200 239 53 50 49 49 90 58 64 Automobiles and equipment (15 corps.): Sales 8 093 9 57711 80512 49612 82516 377 3,684 4,308 4,657 r3,917 3,495 3,485 3,731 Profits before taxes 1,131 1,473 2 305 1 913 1 945 2,048 503 648 714 451 235 '434 532 Profits after taxes 639 861 1,087 705 698 747 190 200 211 168 168 204 246 Dividends 282 451 671 479 462 463 117 117 114 114 117 114 113 Public Utility Railroad: Operating revenue 9,672 8,580 9,473 10,391 10,581 10,664 2,828 2,596 2,732 2,755 2,582 2,275 2,335 Profits before taxes 1 146 700 1 385 1,260 1 451 1,404 497 336 397 399 272 156 199 Profits after taxes 698 438 784 693 832 871 304 186 231 234 219 88 136 Dividends 289 252 312 328 338 412 118 97 73 79 162 96 73 Electric power: Operating revenue 4,830 5,069 5,528 6,058 6,549 7,113 1,727 1,850 1,725 1,716 1,821 1,974 1,800 Profits before taxes 983 1,129 1,313 1,482 1,740 1,893 446 551 456 428 458 571 487 Profits after taxes. . . 657 757 822 814 947 1,046 253 294 249 235 268 324 268 Dividends 493 560 619 651 725 771 193 182 189 194 206 212 210 Telephone: Operating revenue 2,694 2,967 3,342 3,729 4,136 4,525 1,084 1,092 1,126 1,129 1,178 1,174 1,210 Profits before taxes 292 333 580 691 787 925 206 223 234 220 248 242 262 Profits after taxes 186 207 331 341 384 452 104 109 114 107 122 116 125 Dividends . . .. 178 213 276 318 355 412 93 100 101 104 108 109 111 r Revised. 1 Revised to adjust for mergers of companies in petroleum, paper, and textile groups. 2Includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 3Includes 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). SEPTEMBER 1954 981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROFITS, TAXES, AND DIVIDENDS OF NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * UNITED STATES CORPORATIONS [Estimates, in millions of dollars] [Quarterly estimates at seasonally adjusted annual rates. In billions of dollars! All types Bonds and notes Stocks q Y u e a a r r t o er r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t 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 ti n r t e s - ch N a e n t ge i N ss e u w es R m e e ti n r t e s - ch N a e n t ge 1939 6.4 1.4 5.0 3.8 1.2 1945 6,457 6 906 —449 4,924 5,996 -1,072 1 910 6? 3 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 1 786 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 57?. 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--2. . . 2,932 607 2,325 2,096 458 1,638 836 148 687 1953 39 4 21 1 18 3 9 4 8 9 3. . . 1,867 530 1.337 1,327 417 910 540 113 427 4. . . 2,465 584 1,882 1,789 464 1,325 676 119 557 1953—1 42.4 22.7 19.7 9.1 10.6 2 41.9 22.5 19.5 9.3 10.2 1954--1. . . 2,700 977 1,724 1,619 758 862 1,081 219 862 3 40.9 21.9 19.0 9.5 9.5 2. .. 2,858 1,139 1,719 1,863 847 1,016 995 292 703 4 32.5 17.4 15.1 9.6 5.5 1 Reflects cash transactions only. As compared with data shown on p. 980, new 1954—1 34.5 i7.0 17.5 9.6 7.9 issues exclude foreign and include investment company offerings, sales of securities 21. .. 34.5 17.0 17.5 9.6 7.9 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. Repreliminary estimates by Council of Economic tirements include the same types of issues, and also securities retired with internal Advisers. funds or with proceeds of issues for that purpose shown on p. 980. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS1 [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N r p k e it i t a n l g Total Cash er U G n . o m v S e - . nt Not r e e s c e a i n v d a b a l c e cts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c t d a o e x m ra e l Other securities G U o . v S t. . 2 Other G U o . v S t. . 3 Other liabilities 1939 24.5 54.5 10.8 2.2 .0 22.1 18.0 1.4 30.0 0 21.9 1.2 6.9 1941 32.3 72.9 13.9 4.0 .6 27.4 25.6 1.4 40.7 8 25.6 7.1 7.2 1943 42.1 93.8 21.6 16.4 5.0 21.9 27.6 1.3 51 6 2 2 24.1 16.6 8.7 1945 51.6 97.4 21.7 21.1 2.7 23.2 26.3 2.4 45.8 .9 24.8 10.4 9.7 1946 56.2 108.1 22.8 15.3 .7 30 0 37.6 1.7 51 9 1 31 5 8.5 11.8 1947 62.1 123.6 25.0 14.1 38.3 44.6 1.6 61 .5 37.6 10.7 13.2 1948 68.6 133.0 25 3 14.8 42.4 48.9 1.6 64 4 39.3 11.5 13.5 1949 72.4 133.1 26 5 16.8 43 0 45.3 1 4 60 7 37 =: 9.3 14.0 1950 '81.7 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16 7 14.9 1951 r 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 *• 90.1 186.2 30.6 20.4 2.8 64.7 65.4 2.4 96.1 2.3 57.8 17.7 18.3 1953—2 r 92.8 186.2 29.6 18.9 2.7 65.5 67.2 2.4 93.4 2.5 56.3 15.6 19.0 3' 93.5 191.0 30.0 20.6 2.7 66.9 68.3 2.4 97.5 2.5 57.5 17.9 19.6 4r 92.6 189.7 30.7 21.5 2.6 65.0 67.5 2.4 97.1 2.2 57.3 18.7 18.9 1954—1'- 92.9 183.3 27.8 19.7 2.8 63.2 67.3 2.5 90.4 2.5 53.9 14.9 19.1 •"Revised. l Excludes banks and insurance companies. ^Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1 [Estimates, in millions of dollars] Trans- Manu- Transporta- factur- porta- Manu- tion Public Com- ing tion Public All Year Total factur- Min- Rail- other utili- muni- Other J Quarter Total and incl. utili- other* ing ing roads than ties cations min- rail- ties rail ing roads 1939 5,512 1,943 326 280 365 520 302 1,776 1952—4 7,206 3,490 728 1,150 1,839 1945 8,692 3,983 383 548 574 505 321 2,378 1953_1 6,339 2,972 650 925 1,792 1946 14,848 6,790 427 583 923 792 817 4,516 2. 7 289 3 426 725 1 158 1 979 1947 20,612 8,703 691 889 1,298 1,539 1,399 6,093 3. 7,098 3,210 686 1 219 1 984 1948 22,059 9,134 882 1,319 1,285 2,543 1,742 5,154 4 7,666 3,680 717 1,246 2,023 1949 19.285 7,149 792 1,352 887 3,125 1,320 4,660 1950 20,605 7,491 707 1,111 1,212 3,309 1,104 5,671 1954—1 6,240 2,864 608 910 1,859 2 6,918 3,198 600 1,108 2,013 1951 25,644 10,852 929 L.474 1,490 3,664 1,319 5,916 34 »•;;;; 6,980 3,255 559 1,179 1,987 1 1 9 9 5 5 2 3 2 2 6 8 , , 4 3 9 9 3 1 1 1 1 2 , , 6 2 3 7 2 6 1.0 9 1 8 1 5 1 1. , 3 3 1 9 2 6 1 1 , . 5 46 0 4 0 4 3 , ,8 5 8 48 7 7 7. ,0 77 9 8 4 44 6,549 3,022 490 1,078 1,960 19544'- 26,687 11,332 1,008 851 1,405 4,274 7,818 r Revised. 1 Corporate and noncorporate business, excluding agriculture. 2Includes trade, service, finance, and construction. 3 Includes communications and other. 4Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 982 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm End of year h O ol t d h e e r r s 1- to 4-family 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 or quarter h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - - s S F e a e c l g d e i e e 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 ti l n n - - s O h e o t r h l s d e - r Total t F u i i n c t n i i s o a a ti l n n - - s O h e o t r h l s d e - r h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.0 4.8 6.4 1.5 4.9 1942 . . . 36.7 20.7 1.8 14.2 30.8 18.2 11.5 6.7 12.5 7.8 4.7 6.0 1.4 4.5 1943 35.3 20.2 1.4 13.6 29.9 17.8 11.5 6.3 12.1 7.4 4.6 5.4 1.3 4.1 1944 34.7 20.2 1.1 13.3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4.9 1.3 3.7 1945 35.5 21.0 .9 13.7 30.8 18.5 12.2 6.4 12.2 7.5 4.7 4.8 1.3 3.4 1946 41.8 26.0 .6 15.1 36.9 23.1 16.0 7.0 13.8 8.4 5.4 4.9 1.5 3.4 1947 48.9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 1.7 3.3 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1.9 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.6 2.1 3.5 1950. 72.8 51.6 1.4 19.7 66.7 45.1 35.3 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.1 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.6 2.6 4.0 1952. 91.1 66.8 2.4 21.9 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 June? 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 Preliminary. 1 Derived figures, which include negligible amount of farm loans held by saving* and loan associations. 2 Derived 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 offithe^Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars Commercial bank holdings2 Mutuafsavings bank holdings4 Nonfarm Nonfarm End of year or quarter Total Residential3 Residential3 Farm Total Farm Total Other Total Other FHA- VA- Con- FHA- VA- Con- Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 4,340 3,292 1,048 566 4,812 4,784 3,884 900 28 1942 4,746 4,256 3,332 924 491 4,627 4,601 3,725 876 26 1943 4,521 4,058 3,256 802 463 4,420 4,395 3,558 837 25 1944 4,430 3,967 3,218 749 463 4,305 4,281 3,476 805 24 1945. 4,772 4,251 3,395 856 521 4,208 4,184 3,387 797 24 1946 7 234 6,533 5,146 1,387 702 4,441 4,415 3,588 827 26 1947 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 891 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11,644 10,736 8,676 2,060 909 6,705 6,668 5,569 1,099 37 1950 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 1,164 44 1951 14,732 13,728 11,270 3,421 2,921 'i]929 2,458 1,004 9,916 9,869 8,595 2^567 i]726 4,303 1,274 47 1952 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,327 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 15,768 12,925 3,912 3,061 5,951 2,843 1,082 12,943 12,890 11,334 3,489 3,053 4,792 1,556 53 1952—September 15,590 14,530 11,970 3,580 3,000 5,390 2,560 1,060 10,940 10,890 9,490 3,025 2,069 4,396 1,400 50 December 15,867 14,809 12,188 3,675 3,012 5,501 2,621 1,058 11,379 11,327 9,883 3,168 2,237 4,477 1,444 53 1953—March 16,080 15,000 12,320 3,719 3,010 5,591 2,680 1,080 11,680 11,630 10,165 3,230 2,395 4,540 1,465 50 June 16,387 15,283 12,545 3,798 3,013 5,734 2,738 1,104 12,112 12,062 10,574 3,325 2,590 4,658 1,488 50 September 16,640 15,550 12,770 3,860 3,040 5,870 2,780 1,090 12,500 12,450 10,930 3,405 2,785 4,740 1,520 50 December 16,850 15,768 12,925 3,912 3,061 5,951 2,843 1,082 12,943 12,890 11,334 3,489 3,053 4,792 1 ,556 53 1954—March? 16,960 15,865 13,000 3,940 3,100 5,960 2,865 1,095 13,355 13,300 11,710 3,590 3,290 4,830 1,590 55 June? 17,350 16,225 13,275 3,975 3,175 6,125 2,950 1,125 13,907 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. 4Through 1946, figures except for the grand total are estimates based on Federal Reserve preliminary tabulation of a revised series of banking statistics. March and September figures are Federal Reserve estimates based in part on data from National Association of Mutual Savings Banks. Sources.—All bank series prepared by Federal Deposit Insurance Corporation from data supplied by Federal and State bank supervisory agencies; Comptroller of the Currency; and Federal Reserve. SEPTEMBER 1954 983 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT STATISTICS—Continued MORTGAGE ACTIVITY OF ALL UNITED STATES LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Year or month Nonfarm Nonfarm Total Total in F s H ur A e - d a g 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 i78 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 L.527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 1,705 1953 4,335 3,918 819 457 2,642 417 23,275 21,403 6,015 3,563 11,825 L ,872 1953—July 405 371 71 36 264 34 22,429 20,614 5,905 3,412 11,297 1,815 August 305 279 62 32 185 26 22,552 20,722 5,924 3,430 11,368 1,830 313 289 57 40 192 24 22,698 20,860 5,943 3,448 11,469 1,838 October 338 309 60 42 207 29 22,842 20,993 5,963 3,473 11,557 1,849 November 352 327 60 56 211 25 23,017 21,161 5,983 3,511 11,667 1,856 December 478 433 66 81 286 45 23,275 21,403 6,015 3,563 11,825 1,872 1954—January. 318 282 51 57 174 36 23,435 21,538 6,027 3,599 11,912 L.897 February 319 277 44 46 187 42 23,570 21,660 6,037 3,626 11,997 1,910 March 419 372 68 77 227 47 23,769 21,845 6,066 3,683 12,096 1,924 April 443 403 47 86 270 40 24,005 22,060 6,081 3,746 12,233 1,945 May 342 318 48 85 185 24 24,174 22,212 6,088 3,804 12 320 1,962 June. 451 410 60 100 250 41 24,384 22,403 6,091 3,886 12,426 1,981 July 421 393 51 • 98 244 28 24,572 22,575 6,095 3,951 12,529 1,997 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 e o ar n t o h r Total s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e p O p o t u s h r e e - s r 1 Total* F su H in r A e - d - a g n V u te A a e r - - d t C i v o o e n n n a - - l' m Y o o e n r a t r h N b u e m r - Total i a n S l s o g s a a s n v n s - & . p I c a n a o n s n m c u ie e r - s - b C m c a o i n e a m r k l - s - M b s i a u n a n t g v u k s - a s l Other a c m o l ( a d r r e r o d o s - u e l ) - d nt 1940.. 1,200 399 426 375 4,125 1940 1,456 4,031 1,283 334 1,006 170 1,238 2,769 1941 1,379 437 581 361 4,578 1941 1,628 4,732 1,490 404 1,166 218 1,454 2,906 1942 1,051 190 574 287 4,583 1942 1,351 3,943 1,170 362 886 166 1,359 2,918 1943 1,184 106 802 276 4,584 1943 1,274 3,861 1,237 280 753 152 1,439 3,031 1944 1,454 95 1,064 295 4,800 1944 . . . 1,446 4,606 1,560 257 878 165 1,746 3,186 1945 1,913 181 1,358 374 5,376 1945 1,639 5,650 2,017 250 1,097 217 2,069 3,448 1946 3,584 616 2,357 611 7,141 1946 2,497 10,589 3,483 503 2,712 548 3,343 4,241 1947 3,811 894 2,128 789 8,856 1947 2,567 11,729 3,650 847 3,004 597 3,631 4,570 1948 3,607 1,046 1,710 851 10,305 563 2,397 7,3451948 2,535 11,882 3,629 1,016 2,664 745 3,828 4,688 1949 3,636 1,083 1,559 994 11,616 717 2,586 8,3131949 2,488 11,828 3,646 1,046 2,446 750 3,940 4,755 1950 5,237 1,767 2,246 1,224 13,622 841 2,969 9,8121950 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,5301951 2,878 16,405 5,295 1,615 3,370 1,013 5,112 5,701 1952 6,617 2,105 2.955 1,557 18,336 904 3,385 14,0471952 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5.950 1953 7,767 2,475 3,488 1,804 21,929 1,048 3,973 16,9081953 3,164 19,747 7,365 1,480 3.680 1,327 5,895 6,241 1953-July... 758 237 355 166 1953-July... 286 1,798 699 132 323 127 517 6,282 Aug... 707 218 340 149 Aug... 273 1,709 671 122 310 111 495 6,270 Sept... 684 208 328 148 21,145 1,015 3,745 16,385 Sept... 275 1,729 654 125 315 123 512 6,276 Oct.... 688 219 318 151 Oct.... 278 1,746 658 123 320 123 522 6,283 Nov... 586 190 265 131 Nov... 845 1,549 564 114 290 113 468 6,311 Dec.... 584 187 259 138 21,929 1,048 3,973 16,908 Dec... 255 1,622 569 126 291 128 508 6,372 1954-Jan.... 465 152 217 126 1954-Jan.... 218 1,372 467 108 263 85 449 6,292 Feb.... 539 176 220 143 Feb.... 229 1,425 517 105 274 85 444 6,223 Mar... 710 246 288 176 22,684 1,083 4,106 17,495 Mar... 281 1,784 666 124 335 103 556 6,339 Apr... 732 257 298 177 280 1,793 669 130 333 112 550 6,411 May... 728 254 301 173 May.'.'. 278 1,805 675 124 330 118 558 6,484 June.... 810 283 341 185 23,809 1,101 4,271 18,437 June... 303 1,990 741 146 368 133 602 6,573 July.. 802 281 349 173 July . . 306 2,027 734 155 371 141 626 6,625 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. 'Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 984 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 o e i w o e p s r - tga i e p s g E r r t e t o i x i s n e p - g s - g m j t P a e y o r g c p o r e t e - t - s - 1 p l P m o e r i r a m r o e o t n v n y p - s e t - 2 - Total e p N r r m t o e i w o e p s r - tga i e p s g E r r t e t o i x i n s e p - g s - r A a e a t l p n i t o a e d i n r r - 2 q y E u e n a a d r r t o e o f r r Total Tota u l nde F r H i w n A - ri - tten g V u A ar - - t C i v o e o n n n a - - l sured anteed 1939 925 925 486 208 52 179 1940 991 991 588 175 13 216 1939 16 3 1 8 1 8 14 5 1941 1 152 1,152 728 183 14 228 1940 17 3 2 3 2 3 15 0 1942 1,121 1,121 766 208 21 126 1941 18 4 3 0 3 0 15 4 1943 934 934 553 210 85 86 1942 18 2 3 7 3 7 14 5 1944. . 877 877 484 224 56 114 1943 17 8 4 1 4 1 13 7 1945 857 665 257 217 20 171 192 1944 17 9 4 2 4 2 1 "Z 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 58 7 25 4 10 8 14 6 33 3 1953—July. . . 602 363 109 94 40 120 239 160 79 .4 1953P 65.9 28.1 12.0 16.1 37.8 S A e u p g t 6 5 2 9 9 7 3 3 2 4 0 9 1 1 0 0 6 6 8 8 0 7 2 1 3 2 1 12 3 2 3 3 2 0 4 9 8 1 1 9 6 7 6 11 8 2 2 . . 3 4 1951—Sept. . 50.4 22.0 9.5 12.5 28.4 Oct.... 661 368 113 80 23 151 293 193 99 .5 Dec... 51.9 22.9 9.7 13.2 29.0 N D o ec v .. ., 5 6 5 9 6 4 3 4 0 0 4 8 1 1 1 0 0 5 6 6 3 8 2 1 5 5 2 1 1 1 0 6 2 2 5 8 2 6 1 1 7 9 0 2 8 9 2 3 . . 4 5 1952— J M un ar e . . . . 5 55 3 . . 1 3 2 2 3 4 . . 5 0 1 9 0 . . 9 1 1 1 3 3 . . 9 6 2 31 9 . . 1 8 1954—Jan 512 265 117 66 12 69 247 174 73 4 Sept.. 57.0 24.7 10.4 14.3 32.3 Feb 488 221 94 60 13 54 267 188 79 .4 Dec... 58.7 25.4 10 8 14 6 33 3 Mar... 471 246 95 67 16 69 225 160 65 .4 Apr.... 493 245 83 70 17 76 248 163 85 .8 1953—Mar. . 60.3 26.1 11.1 15.0 34.2 May ... 512 243 74 72 25 71 269 171 98 .3 June.. 62.4 26.7 11.4 15.3 35.7 June ... 579 270 86 79 24 82 309 200 109 .3 Sept.. 64.3 27.5 11.7 15.8 36.8 July.... 531 238 75 79 14 70 293 178 115 .3 Dec... 65.9 28.1 12.0 16.1 37.8 1954—Mar. P. 67.4 28.6 12.2 16.4 38.8 1 Monthly figures do not reflect mortgage amendments included in annual totals. June P. 69.5 29.2 12.4 16.8 40.3 aFHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need itiot De securea,wnereas tnose for more than that amount must be. P Preliminarv. •Prior to 1949, data are not available for ckissifications shown. NOTE.—For total debt outstanding, fienres for NOTE.—FHA-insurec loans represent gross amount of insurance written: VA-guar- first three quarters are Federal Reserve estimates. anteed loans, gross amount of loans closed. Figures do not take account of principal repay- For conventional, figures are derived ments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by Sources.—Home Loan Bank Board Federal Houstype 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 i o z t n t n e m h t d d e - o s - d r- b m C u m d u e o r i n i s s n m t - - e - t d s - To M ta o l rtga F s g u H i e n r A e - h d - oldi a n g n V g u t s A e a e r - - d ( c p M d p h e g u a r u o a i r s r g r o i e - t n e d - s g ) ( p d M s g e u a a r o r l i g i e r o n e t s d - g ) Year or month va A n d c - es R m e e p n a t y s - T A o d t v a ( a l e n n c d e S s t o e h f r o o m p u r t e t i - s r t i a o n d L t d ) e o i r n n m g g 2 - 1948 528 227 199 188 11 198 1945 278 213 195 176 19 1949 848 824 828 403 425 672 20 1946 329 231 293 184 109 1950 918 485 1,347 169 1,178 1,044 469 1947 351 209 436 218 217 1 1 1 9 9 9 5 5 5 3 2 1 1,0 6 5 8 6 5 5 1 0 2 3 63 3 2 8 9 3 2 2 1 , , , 4 8 2 5 6 4 0 2 2 2 3 62 0 2 1 4 0 1 L 1 , , . 6 8 9 4 4 2 6 1 2 6 5 54 7 3 2 7 8 2 1 2 5 1 1 6 1 1 1 1 1 9 9 9 9 5 4 4 5 1 8 9 0 3 4 2 6 2 7 6 5 3 5 0 6 2 3 4 29 3 3 8 2 7 3 0 5 4 8 8 1 3 1 0 5 3 6 6 2 2 5 5 5 4 3 0 7 7 1 8 2 2 2 2 0 5 9 6 2 8 8 9 1953— S A e u p g t u e s m t ber... 5 5 8 6 6 6 5 5 2 4 3 4 2 2 , , 5 5 4 4 1 0 5 5 3 5 6 6 2 1, , 9 0 8 0 4 5 3 2 3 6 1 1 1 9 1 1 9 95 5 2 3 5 6 8 7 6 4 5 6 2 1 8 1 8 95 6 2 4 5 6 6 3 5 4 3 2 1 9 7 9 D O N e c o t c v o e e b m m er b b e e r r . . .. . . . 5 5 5 5 5 5 2 0 6 6 6 5 0 3 6 8 8 8 2 2 2 , , , 4 4 5 6 9 2 2 0 6 6 5 5 2 9 8 1 4 5 1 1 1 , , , 9 8 8 4 4 9 1 1 6 3 4 3 9 2 0 4 6 5 4 1 9 1953— O S A e c u p t g t o u e b s m t e b r e .. r . . 6 8 7 2 3 0 2 4 2 8 5 5 8 8 7 0 1 4 1 9 6 5 5 5 5 1 6 7 0 4 2 2 2 4 3 5 4 6 5 1954—January 550 666 2,434 625 1,809 37 57 November. 71 25 865 589 276 February.... 542 685 2,424 641 1,783 47 50 December. 79 14 952 634 317 March 539 745 2,366 653 1,713 49 98 April 539 812 2,299 667 1,632 50 108 1954—January... 26 226 751 496 255 May 560 791 2,299 680 1,619 38 30 February.. 15 88 677 438 239 June 570 779 2,301 700 L.601 50 37 March.... 36 84 630 396 233 July 540 737 2,371 724 1,647 120 37 April 35 51 613 382 231 August 594 700 2,355 733 L,622 33 39 May 28 33 608 377 231 June 106 39 675 428 247 July 53 98 630 406 223 Source.—Federal National Mortgage Association. August.... 59 31 659 422 236 1 Secured or unsecured loans maturing in one year or less. 2 Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. 985 SEPTEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit En o d r m of o n y t e h ar 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 e m 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 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 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—July 27,581 21,004 9,973 5,351 ,516 4,164 6,577 2,079 2,705 L,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 1,786 October 28,166 21,486 10,337 5,366 1,585 4,198 6,680 2,131 2,811 ,738 November 28,252 21,586 10,358 5,406 L.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 L .713 1954—January 28,125 21,444 10,084 5,495 1,587 4,278 6,681 2,083 2,893 1,705 February 27,478 21.151 9,915 5,377 L.57O 4,289 6,327 2,054 2,550 1,723 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 ,565 4,387 6,588 2,181 2,639 1,768 Tune ••27,791 '21,122 9,980 '5,134 L, 563 4,445 6,669 2,215 2,679 1,775 July . 27,835 21,246 10,103 5,094 1,566 4,483 6,589 2,193 2,614 1,782 *" Revised. 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i t l t - Total m b C e a o r n m c k i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u u o r r r n e e i s - H s a a h t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o i r l - s e 2 Other 1939 .. 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1,040 1,440 379 474 79 101 407 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 21,807 18,534 8,856 6,147 1,064 2,467 3,273 1,068 866 276 407 656 1953—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 L.029 2,401 3,019 943 811 265 399 601 October 21,486 18,439 8,908 6,093 1,041 2,397 3,047 957 812 266 406 606 November 21,586 18,495 8,881 6,147 1,050 2,417 3,091 983 826 270 408 604 December... 21,807 18,534 8,856 6,147 1,064 2,467 3.273 1,068 866 276 407 656 1954—January . ... 21,444 18,276 8,723 6,062 1,043 2,448 3.168 1,031 836 270 400 631 February 21,151 17,999 8,534 5,974 1,055 2,436 3,152 1,094 814 265 393 586 March .... 20,900 17,845 8,452 5,892 1,074 2,427 3,055 1,056 795 261 388 555 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 1,115 2,451 3,036 1,051 787 257 390 551 June '21,122 18,069 8,401 6,060 1,145 2,463 '3,053 '1,061 785 259 397 551 July 21,246 18,198 8,379 6,189 1,165 2,465 3,048 1,055 783 262 404 544 r Revised. 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 986 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 n d n a a - i l t l t - C m m c ( i o i n s e a m e i s r l n n - t - g i t t l u e l t o - i O p a o a n t n y h s s - ) er m p D a e a e r n c - ( t o - t c c u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s O g p c u o a t o m o p h n d e e e - r r s r e R l m r 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 banks stores1 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1941 1,726 447 338 309 161 471 1939 2,719 625 162 236 J .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 ,227 660 1946 1,567 169 311 299 242 546 1947 2,625 352 539 550 437 747 1945 3,203 674 72 290 1,322 845 1948 3,529 575 753 794 568 839 1946 4,212 1,008 114 452 1,624 ,014 1949 4,439 849 946 1,016 715 913 1947 4,875 1,203 153 532 L.821 ,166 1950 5,798 1,177 ,294 1,456 834 1,037 1948 5,443 1,261 184 575 2,138 ,285 1951 5,771 1,135 ,311 1,315 ftftft 1,122 1949 5,588 1,334 198 584 2,096 ,376 1952 7,524 1,633 ,629 1,751 1,137 1,374 1950 6,323 1,576 245 641 2,365 ,496 1953 8,856 2,135 ,884 2,038 1,301 1,498 1951 6,631 1,684 250 685 2,411 ,601 1952 7,143 1,844 250 730 2,612 ,707 1953—July 8,818 2,095 L,941 2,055 L,234 1,493 1953 7,089 1,848 279 769 2,480 ,713 August... . 8,879 2,123 1,957 2,056 1,251 1,492 September. 8,893 2,141 1,948 2,036 1,273 1,495 1953—July 6,577 1,830 249 457 2,248 1,793 October. . . 8,908 2,157 1,939 2,032 1,291 1,489 August 6,592 1,870 261 453 2,215 1,793 November. 8,881 2,150 L,920 2,027 1,303 1,481 September. 6,632 1,857 273 500 2,216 1,786 December. 8,856 2,135 L,884 2,038 1,301 1,498 October. . . 6,680 1,867 264 524 2,287 1,738 November. 6,666 1,798 302 578 2,262 1,726 1954—January.. . 8,723 2,079 1,834 2,037 L.283 1,490 December. 7,089 1,848 279 769 2,480 1,713 February.. 8,534 2,024 1,809 1,937 1,267 1,497 March.... 8,452 1,994 1,799 1,887 1,253 1,519 1954—January... 6,681 1,824 259 631 2,262 L,7O5 April 8,417 1,980 1,794 1,862 1,252 1,529 February.. 6,327 1,782 272 541 2,009 1,723 May 8,386 1,969 1,791 1,839 1,259 1,528 March.... 6,251 1,780 293 497 1,941 1,740 June 8,401 1,979 1,792 1,821 1,257 1,552 April 6,421 1,812 293 515 2,051 1,750 July 8,379 1,978 1,783 1,791 1,261 1,566 May 6,588 1,841 340 512 2,127 1,768 June 6,669 1,893 322 509 2,170 1,775 July 6,589 1,908 285 459 2,155 L ,782 1 Includes mail-order houses. INSTALMENT CREDIT HELD BY FINANCIAL INSTITU- TIONS OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT INSTALMENT CREDIT HELD BY SALES FINANCE [Estimated amounts outstanding, in millions of dollars] COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Total Other Repair 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 u c o a t o m o p h n d e e e - r s r r m i R z lo o a e a n a d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l 1939 E o n r d m of o n y t e h ar i c m n r s 7 e e t 8 d n a 9 i l t t - m A pa o u p b 8 t e o 1 il r - e s g p c u o a o m o p 2 n d e 4 e - r s r m iz lo o a a n a d t 1 i n d e o 5 s r n n- s l P o o 6 e a n 6 n r a 9 - s l 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1,197 878 115 148 56 1942 726 65 27 14 620 1940 1,575 1,187 136 190 62 1941 1,797 1,363 167 201 66 1945 731 54 20 14 643 1942 588 341 78 117 52 1946 991 77 34 22 858 1947 1,275 130 69 39 1,037 1945 300 164 24 58 54 1948 1,573 189 99 59 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—July 3,366 544 311 207 2,304 1953 6,147 5,306 367 83 391 August 3,402 552 315 211 2,324 September. . . 3,430 558 321 215 2,336 1953—juiy 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 iMarch 5,892 5,079 340 84 389 June 3,608 563 326 223 2,496 April 5,901 5,089 336 84 392 July 3,630 567 324 223 2,516 May 5,944 5,136 331 83 394 June 6,060 5,249 331 83 397 July 6,189 5,371 335 82 401 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. 987 SEPTEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r ds c o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 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—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 '2,603 2,413 1,202 1,060 ••624 632 101 103 676 618 July 2,472 2,348 1,136 1,013 591 631 103 100 642 604 SEASONALLY ADJUSTED* 1953—July 2,498 2,183 1,117 921 662 609 114 96 605 557 August. 2,358 2,273 1,044 967 621 643 108 100 585 563 September.. . . . ... 2,409 2,252 1,102 962 600 633 112 94 595 563 October 2,393 2,249 1,117 963 589 633 111 100 576 553 November 2,441 2,294 1,080 1,006 631 619 106 92 624 577 December . ... 2,331 2,283 1,035 1,015 593 604 102 94 601 570 1954—January . . . 2,211 2,301 872 977 661 636 87 81 591 607 February 2,243 2,320 919 1,028 586 612 109 99 629 581 March . . 2,200 2,412 924 1,042 566 667 103 107 607 596 April 2,272 2,308 926 1,009 621 610 101 104 624 585 May . . 2,224 2,333 943 988 577 635 107 113 597 597 June r2,398 2,354 1,075 1,038 r614 628 88 103 621 585 July 2,379 2,296 1,035 987 633 637 94 95 617 577 r Revised. * 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 t p ag re e c e c d h i a n n g ge f m P ro o e m r n c t e h c n o o ta r f r g e p e s r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C cc h o a u rg n e ts month year Item Year or month Depart- Furni- House- Department ture hold ap- ment July June May July June May stores stores pliance stores 1954 1954 1954 1954 1954 1954 stores Net sales: 1953 Total -3 +2 +8 -4 -8 -11 July 13 12 10 46 Cash sales -2 0 +7 7 -9 -9 August 14 12 10 45 Credit sales: September 14 12 10 46 Instalment -3 +2 +9 -4 -9 -13 October 14 12 10 48 Charge account -2 0 +5 +3 -5 -7 N D o ec v e e m m b b e e r r 1 1 4 4 1 1 1 1 9 9 4 4 7 6 Accounts receivable, end of month: 1954 Total 0 0 +1 -4 -5 -5 Instalment 0 0 0 -4 -3 -3 January 13 12 9 45 Charge accounts +1 -1 +3 -6 -10 -9 F M e a b r r c u h ary 1 1 5 4 1 1 3 1 1 9 0 4 4 8 3 Inventories, end of April 14 12 9 45 month, at retail value. -3 -5 -3 -9 -9 -9 May 14 12 10 46 June 14 12 10 47 July 14 12 10 45 1 Collections during month as percentage of accounts outstanding at beginning of month. 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 1 u y 9 s s t 4 i r c 7 i a a -4 l l 9 v p o r = o lu d 1 m u 0 c e 0 t ) ) i * o 1 n aw 1 a 9 r c 4 d o 7 e n - d t 4 r 9 a (v = c a t 1 s l 0 u 0 e)3 Employ 1 m 94 en 7 t - 4 a 9 n = d 1 0 p 0 ayrolls* Depart- Whole- Freight ment Con- sale or Y m e o a n r th Total Tot M al an r u D a f b a u c l - e ture r N s a d o b u n l - - e M er i a n ls - Total R d t e i e a n s l i - - ot A h l e l r m p N t a c e u l g m o u e o r r n n l y a - i - - - t - l pr E M o m m d a u p e n c n l u t o t i f y o a - n c t w ur o i r n P r k g o a e l r y ls s - c 1 a 9 i - n r 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 1 i m c 7 0 e - e 0 s 4 r s 9 1 m p 9 c - r o 4 o 1 i m c d 7 0 e - i 0 - t s 4 y 3 9 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 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 P134 P136 P153 P118 P116 192 178 201 113.6 112.0 151.6 96 112 114.4 110.1 1953 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 '141 113 113 195 185 202 111.7 105.6 105.1 140.8 90 107 115.2 110.9 February... 125 126 126 139 ••114 113 196 201 192 111.2 104.6 104.3 140.5 88 109 115.0 110.5 March 123 '126 125 135 114 112 191 205 182 110.8 103.8 103.6 138.4 85 105 114.8 110.5 April 123 124 125 134 116 109 196 213 184 110.4 102.7 101.8 135.0 84 111 114.6 111.0 May... 125 123 126 135 117 111 193 216 178 110 2 102.1 100.5 135.1 84 108 115.0 110.9 June 124 124 125 134 115 114 207 227 193 110 1 101 8 100 9136.6 84 112 115 1 110 0 July 124 116 125 134 115 113 206 233 188 109.8 100.2 98.9 132.5 82 P112 115.2 110.4 August P124 P124 P125 P135 *116 Pill P109.6 P99.9PIOO.9 135.4 84 «112 110.5 Estimated. PPreliminary. rRevised. *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. 997. 3The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. The consumer prices index is the revised series, reflecting beginning January 1953 the inclusion of some new series and revised weights; prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49=100. 4For indexes by Federal Reserve districts and for other department store data, see pp. 999-1003. Back figures in BULLETIN.—'Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. SEPTEMBER 1954 989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 947-49 Annual 1953 1954 pro- Industry portion 1952 1953? July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED Industrial Production—Total 00.00 124 134 137 136 133 132 129 126 125 125 123 123 125 124 124 Manufactures—Total 90.02 125 136 139 138 135 134 131 127 127 126 125 125 126 125 125 Durable Manufactures—Total 45.17 136 153 157 157 152 151 146 142 141 139 135 134 135 134 134 Primary metals 6.70 116 132 136 137 130 128 122 113 111 109 103 103 106 108 104 Metal fabricating 28.52 146 167 171 171 166 166 159 156 755 151 147 147 146 145 148 Fabricated metal products 5.73 121 136 142 140 135 134 130 126 126 123 120 119 121 122 124 Machinery 13.68 147 160 164 165 161 159 152 146 143 141 138 138 138 139 142 Nonelectrical machinery 9.04 136 143 145 145 141 141 136 133 130 130 125 125 124 •124 126 Electrical machinery 4.64 167 194 200 203 200 193 184 172 169 163 163 163 163 170 173 Transportation equipment 7.54 154 189 196 191 186 189 180 182 185 179 173 174 173 166 169 Instruments and related products... 1.29 142 155 156 156 155 154 155 154 148 147 144 139 138 135 136 Clay, glass, and lumber Products 5.91 118 125 127 125 124 124 123 119 120 125 123 121 125 118 113 Stone, clay, and glass products 2.82 125 133 135 135 134 133 132 129 125 130 130 128 130 129 132 Lumber and products 3.09 111 118 119 116 114 117 115 110 115 120 116 114 120 108 96 Furniture and misc. manufactures 4.04 118 131 134 135 129 129 126 124 120 120 119 117 118 120 121 Furniture and fixtures 1.64 113 117 121 119 114 113 109 106 105 103 104 103 102 104 107 Miscellaneous manufactures 2.40 122 140 143 146 140 140 138 136 130 132 130 127 128 131 130 Nondurable Manufactures—Total 44.85 114 118 121 119 117 117 115 112 113 114 114 116 111 115 115 Textiles and apparel 11.87 105 107 111 106 102 102 98 95 '99 101 102 99 Textile mill products 6.32 103 104 108 104 100 98 95 90 90 90 91 93 96 Apparel and allied products * 5.55 108 110 114 109 104 107 101 101 104 '106 ^108 111 •110 '102 102 Rubber and leather products 3.20 107 113 116 111 105 105 103 104 103 102 103 103 106 '106 99 Rubber products 1.47 116 128 130 127 121 120 118 116 112 110 113 113 119 119 96 Leather and products 1.73 99 99 104 97 91 93 91 93 94 94 93 94 94 101 Paper and printing 8.93 118 125 126 126 126 126 125 122 122 123 124 125 126 126 126 Paper and allied products 3.46 120 132 134 133 135 132 132 125 126 129 131 133 137 '136 133 Printing and publishing 5.47 116 121 121 121 121 123 121 120 120 119 119 120 120 121 121 Chemical and Petroleum products 9.34 133 142 146 143 143 142 141 140 138 141 139 140 "142 142 142 Chemicals and allied products 6.84 137 147 152 148 147 146 145 145 143 146 146 146 '148 148 149 Petroleum and coal products 2.50 123 130 132 132 131 129 129 128 124 126 122 124 125 124 Foods, beverages, and tobacco , 11.51 106 107 107 108 108 108 108 103 105 105 106 106 110 106 Food and beverage manufactures. . . 10.73 105 107 108 108 109 108 108 103 105 106 106 107 110 nos 106 Tobacco manufactures .78 110 108 103 104 104 106 108 112 100 98 103 103 108 107 Minerals—Total 9.98 114 116 120 119 118 114 111 113 113 113 112 109 111 114 Mi C C ne o i A r u B a a d l n i l e t t u h fu m o r e i a l i l c n s a i o t n e u d s n co a a tu l ral gas , 8 2 2 5 . . . . . 3 3 6 6 3 5 2 7 8 6 1 8 8 7 2 3 4 8 8 1 1 1 5 8 3 7 5 7 1 3 8 1 1 2 8 6 8 3 0 7 8 9 5 1 1 1 8 5 9 3 9 6 9 0 5 1 1 1 8 5 8 3 8 1 7 4 6 1 1 5 1 3 8 7 4 3 1 0 6 1 1 1 5 3 7 7 1 0 1 0 3 1 1 1 6 5 7 3 2 9 5 1 3 1 1 6 1 3 7 7 2 4 4 0 2 1 1 1 6 5 6 3 3 8 9 9 5 1 1 1 6 5 6 3 2 2 2 3 7 1 1 4 1 5 6 3 6 1 8 0 6 1 4 1 6 4 2 5 1 1 4 1 6 3 7 8 4 9 6 2 P ' 1 1 3 1 5 7 7 5 4 6 0 2 Metal, stone, and earth minerals , 1.63 115 121 120 120 116 114 114 111 112 110 99 106 110 108 Metal mining .82 108 113 116 117 117 108 103 101 103 101 96 78 91 98 P92 Stone and earth minerals .81 123 124 125 124 123 124 125 127 119 124 124 120 121 122 124 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 124 134 129 136 135 136 130 124 124 126 126 124 123 124 116 MANUFACTURES—TOTAL. . . 90.02 125 136 130 137 137 138 132 125 126 128 128 125 125 125 117 Durable Manufactures—Total. 45.17 136 153 147 153 151 154 146 140 140 141 140 137 136 135 126 Primary metals 6.70 116 132 124 130 127 129 122 110 113 113 108 107 108 109 95 Ferrous metals 5.03 115 133 127 131 127 130 122 110 111 111 104 102 104 "105 91 Pig iron and steel 3.51 115 138 136 138 134 136 128 114 115 113 105 104 107 108 95 Pig iron .37 107 130 132 131 130 132 127 117 113 108 100 93 94 99 94 Steel 3.05 117 139 137 138 134 136 129 114 115 114 106 105 108 109 96 Carbon steel 2.62 112 135 131 133 131 138 131 116 115 113 105 103 108 111 96 Alloy steel .43 144 165 170 169 152 126 113 105 115 119 114 113 109 102 93 Ferrous castings and forgings. 1.52 114 121 106 116 113 117 108 101 103 106 101 98 97 97 Iron and steel castings 1.29 109 115 101 112 109 113 103 98 98 103 100 98 96 96 Steel forgings .23 143 154 133 141 137 139 134 122 130 125 111 104 100 101 P Preliminary. r Revised. 1 Indexes for women's outerwear have been revised beginning January 1954 on the basis ot a change from quarterly to monthly reporting by the Bureau of the Census. 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. 990 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953* July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued 1.67 119 129 115 128 126 128 121 108 118 120 119 122 120 122 P104 Primary nonferrous metals .38 123 144 143 141 147 147 146 145 145 147 147 147 147 '149 P140 Copper smelting .09 106 112 109 105 111 114 109 109 104 102 101 99 97 '109 91 Copper refining .... .. .06 99 116 120 107 116 124 121 121 110 113 115 114 '107 114 105 Lead .04 100 101 89 84 97 99 120 108 108 103 113 107 109 97 79 Zinc .10 112 113 111 115 115 115 107 108 107 102 97 100 102 102 P97 Aluminum .09 156 209 215 217 222 213 215 217 228 240 240 245 246 245 S N e o c n o f n e d rr a o r u y s n s o h n a f p e e rr s o a u n s d m c e a t s a t l i s ngs 1. . . 1 1 6 6 3 3 1 1 1 1 1 1 3 4 9 1 1 1 1 1 2 2 4 6 1 1 8 0 0 5 7 1 1 1 1 1 1 2 2 0 5 1 1 1 0 2 0 7 1 8 1 1 1 1 2 1 1 3 0 1 1 1 1 0 0 4 6 3 1 9 0 7 6 1 8 1 1 9 1 0 6 2 0 1 1 1 0 1 0 3 3 0 1 1 9 0 1 6 7 1 1 1 1 1 1 0 4 5 1 '1 1 1 0 1 0 2 3 8 '1 1 1 1 0 0 5 9 1 "9 7 3 6 ' .20 140 168 174 169 163 158 136 126 136 139 143 154 149 162 145 Nonferrous castings .33 115 130 109 124 122 127 121 114 120 122 118 116 112 112 Metal Fabricating 28.52 146 167 161 166 164 167 158 155 155 155 153 150 147 146 138 Fabricated metal products 5.73 121 136 135 140 137 137 130 126 124 123 121 120 121 122 118 Structural metal parts 2.68 121 137 135 137 135 136 134 135 129 127 125 123 125 '126 123 Stampings and misc. metal products. . 2.12 121 138 137 136 133 133 130 131 127 124 121 117 116 114 106 Tin cans .30 122 129 160 199 182 139 124 69 104 107 105 122 125 143 Furnaces, gas ranges, and heaters.... .63 89 93 83 108 106 113 82 63 74 73 78 84 88 94 Machinery 13.68 147 160 148 157 158 161 154 149 146 147 145 141 138 137 128 Nonelectrical machinery 9.04 136 143 138 137 137 138 135 137 132 134 132 128 126 125 119 Farm and industrial machinery 8.13 135 139 137 136 135 135 133 134 130 129 127 124 122 121 118 1.02 103 96 98 93 86 79 73 74 76 80 84 85 84 84 79 Industrial and commercial machinery 7.11 140 145 143 142 142 143 141 142 138 136 134 129 127 127 123 Machine tools and presses .68 179 188 184 183 187 188 185 186 181 181 177 167 161 157 152 Laundry and refrigeration appliances. .69 108 128 98 94 104 112 99 110 106 129 122 120 112 '111 88 Klectrical machinery 4.64 167 194 168 197 200 205 191 172 172 172 172 166 162 '162 145 Electrical apparatus and parts .... 3.23 162 179 176 178 179 178 176 176 169 167 164 160 159 '156 151 Radio and television sets .74 184 230 136 242 249 276 230 157 173 170 182 172 '156 166 116 Transportation equipment 7.54 154 189 190 189 182 189 173 174 '183 '183 '182 '181 '175 '171 164 Autos, trucks, and parts 4.80 102 126 131 126 114 122 103 101 r115 r114 114 '117 '116 '111 100 Autos 1.50 103 146 161 153 134 151 107 107 135 138 142 151 146 143 125 Trucks . ... .66 111 118 118 127 115 106 95 98 103 103 101 101 '101 '96 81 Light trucks .22 105 112 113 118 114 106 85 100 112 103 104 104 104 99 86 Medium trucks .19 69 58 57 62 54 50 47 56 67 62 66 68 63 64 57 Heavy trucks .14 194 183 175 186 151 146 134 150 145 164 1S2 150 148 132 99 Truck trailers .07 137 229 247 282 275 232 229 149 137 143 133 132 141 146 Auto and truck parts 2.58 98 117 116 110 102 109 102 99 '106 '104 '100 '101 '102 '96 Aircraft and parts 1.30 368 465 461 473 480 481 463 483 483 489 485 475 472 '472 471 Shipbuilding and repair .81 136 135 139 135 130 127 124 127 124 124 124 120 119 116 114 Railroad equipment .53 74 72 62 66 64 83 67 53 59 54 54 49 43 39 32 .35 62 64 58 56 55 83 61 41 49 42 44 39 32 25 17 Instruments and related products.. 1.29 142 155 151 153 155 156 156 155 148 147 145 140 138 '135 132 Clay, Glass, and Lumber Products. 5.91 118 125 122 129 128 131 123 113 112 120 122 124 126 122 109 Stone, clay, and glass products 2.82 125 133 132 137 136 139 134 128 122 126 128 128 130 131 130 Glass and pottery products 1.09 114 123 113 123 122 128 122 116 115 120 121 117 117 '115 108 Flat glass and vitreous products. . . .60 122 136 128 134 136 141 139 136 130 130 130 124 124 123 118 Flat and other glass .. . .47 124 139 128 135 139 145 143 140 132 133 131 126 126 125 117 Glass containers .26 112 120 122 132 121 127 114 102 115 121 125 121 126 127 Home glassware and pottery .23 94 91 65 86 84 93 86 77 79 92 93 93 87 '81 68 Cement .32 124 132 142 143 144 145 137 119 104 110 118 132 137 138 150 Structural clay products .35 112 110 114 114 116 116 112 106 97 101 107 111 111 '115 112 Brick .12 108 106 113 114 118 116 109 97 81 90 102 115 '113 124 Clay firebrick, pipe, and tile .20 116 115 117 117 115 118 116 113 110 110 111 110 112 111 108 Concrete and plaster products. . . .48 155 163 172 175 169 170 163 157 143 148 152 157 161 '164 171 Misc. stone and earth manufactures.. .58 131 143 141 143 145 146 143 146 140 141 139 135 135 136 135 Lumber and products 3.09 111 118 112 122 121 123 114 99 104 116 117 119 122 115 90 Lumber 2.05 105 112 109 123 118 120 110 93 98 109 109 113 117 106 91 Millwork and plywood .60 138 149 128 135 147 148 141 124 140 160 164 163 161 '154 92 Millwork .39 118 118 98 115 117 116 101 87 96 110 109 111 '119 128 88 Softwood plywood .12 167 199 174 164 194 198 206 184 212 241 253 248 229 195 95 Wood containers .29 99 99 101 98 94 96 94 94 88 90 90 90 91 92 84 Furniture and Misc. Manufactures 4.04 118 131 125 132 132 135 132 127 119 122 121 115 114 116 112 Furniture and fixtures . . . 1.64 113 117 113 116 115 116 114 112 106 107 106 101 98 100 100 1.10 113 118 112 116 114 116 113 109 103 105 105 100 96 98 98 .54 112 116 114 117 118 117 115 117 113 110 107 103 103 105 103 Miscellaneous manufactures 2.40 122 140 133 143 144 148 145 138 128 133 131 125 124 127 121 P Preliminary. r Revised. For other footnotes see preceding page. SEPTEMBER 1954 991 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 118 113 121 122 122 118 110 Ill '115 115 '114 '114 '115 108 Nondurable Manufactures—Total... 11.87 105 107 97 HI 104 103 98 92 rQQ rlO5 no4 rlOO r98 '95 87 Textiles and Apparel Textile mill products 6.32 103 104 93 107 102 100 96 87 91 95 94 93 94 '92 82 Cotton and synthetic fabrics 3.72 105 107 95 110 105 101 102 90 97 100 100 99 99 96 85 Cotton consumption . 2.30 104 104 87 107 104 103 101 89 100 101 100 97 95 92 80 Synthetic fabrics .97 112 115 124 119 109 102 105 95 89 98 100 102 107 109 105 Fabric finishing .45 102 101 74 100 100 87 96 83 91 97 97 92 91 76 Wool textiles .97 85 78 78 82 73 74 64 61 58 58 60 63 68 69 .16 96 91 90 102 93 82 68 59 68 72 72 80 84 81 Wool fabrics .75 83 75 75 77 68 73 63 62 56 54 58 59 64 67 Knit goods 1.15 115 116 102 118 116 115 108 97 103 109 105 103 105 106 88 Hosiery .65 116 113 88 114 115 114 109 94 113 119 112 111 110 106 78 Full-fashioned hosiery .45 121 118 89 117 119 118 114 97 120 127 120 119 116 110 79 Seamless hosiery . .. .20 105 102 87 105 104 104 98 87 96 102 93 91 95 98 77 Knit garments .50 113 119 121 125 117 116 107 101 90 95 96 93 99 '106 101 Floor coverings .48 95 99 67 94 97 101 87 88 89 96 94 90 81 80 62 Woven carpets .31 80 86 45 80 83 89 69 72 76 85 83 77 68 '66 34 Apparel and allied products 5.55 108 110 102 115 106 107 100 98 '107 '115 '116 '108 '103 '99 91 Men's outerwear 1.78 105 113 83 117 113 105 104 87 111 117 102 111 108 95 82 lien's suits and coats .. .73 87 96 63 107 94 90 88 78 96 92 77 79 88 81 60 Men's suits .50 83 92 57 94 83 83 86 81 102 96 80 78 84 75 52 Mien's outercoats . .13 83 89 74 133 115 94 71 46 52 56 48 65 80 87 57 Shirts and work clothing .99 114 124 94 122 125 114 113 90 120 133 118 132 121 101 94 Women's outerwear * . 1.85 108 103 111 111 92 96 83 98 r113 '126 '138 r116 '105 '104 96 Women's suits and coats .76 123 117 141 145 106 118 90 122 rl44 '164 '165 '102 '80 '114 127 1.92 111 112 107 112 108 114 109 105 98 104 107 96 97 98 96 Rubber and Leather Products 3.20 107 113 101 112 107 111 103 98 103 108 108 104 103 r106 86 Rubber products 1.47 116 128 114 122 122 127 120 111 114 114 118 116 118 121 85 Tires and tubes .70 115 117 109 106 103 108 101 93 96 112 108 111 111 119 84 Auto tires .40 106 117 117 112 104 109 99 89 92 111 113 120 122 133 94 .30 128 118 97 99 102 106 103 99 102 114 101 99 96 100 71 Miscellaneous rubber products .77 117 119 137 Leather and products 1.73 99 99 91 103 94 97 89 87 94 102 100 94 89 '93 88 Leather .44 87 91 80 93 85 91 87 81 87 95 89 86 90 Cattlehide leathers .29 87 92 79 94 86 94 91 86 93 101 92 93 96 92 Skin leathers .15 86 89 81 90 83 87 79 72 74 82 82 73 79 81 Shoes and slippers . .90 104 103 93 109 97 97 85 88 102 110 109 103 93 100 P95 .39 101 100 98 102 96 101 99 92 85 91 91 82 79 84 87 Paper and Printing 8.93 118 125 116 123 127 132 129 121 120 124 127 128 126 126 116 Paper and allied products 3.46 120 132 120 135 135 140 135 119 126 133 135 136 134 '136 120 Pulp and paper 1.76 120 130 117 133 130 138 133 117 128 132 133 131 132 136 116 Wood pulp . . .51 132 142 130 146 141 151 147 129 142 145 148 146 148 153 133 Paper and board 1.25 116 125 112 127 126 132 127 113 122 127 127 125 125 129 109 Printing paper .22 111 119 108 121 118 124 120 112 120 122 124 121 117 120 99 Fine paper . .. .14 117 116 96 118 118 121 120 109 112 121 121 121 120 123 96 .20 112 118 104 118 118 127 124 113 122 125 122 116 117 119 102 Miscellaneous paper .18 123 129 118 127 128 136 131 123 135 139 138 137 134 136 126 Paperboard .41 117 134 118 141 137 143 137 115 128 130 131 128 132 136 113 Building paper and board .10 112 118 116 121 122 123 108 92 96 113 121 124 125 '137 123 Converted paper products 1.70 120 134 124 137 140 143 136 121 123 134 137 141 136 135 124 Shipping containers .51 120 133 122 138 141 140 135 118 115 126 133 135 133 132 119 .11 126 138 131 134 139 151 139 131 147 155 149 158 144 144 139 Printing and publishing . ... 5.47 116 121 114 116 122 126 126 122 116 118 121 122 121 '119 114 Newsprint consumption 1.85 115 118 102 106 119 129 131 117 108 114 120 129 125 119 102 Job printing and periodicals . . . 3.62 117 122 119 121 123 125 123 125 121 120 121 119 119 120 120 Chemical and Petroleum Products. 9.34 133 142 139 141 142 145 145 141 140 144 142 140 139 139 134 Chemicals and allied products 6.84 137 147 141 143 145 151 150 146 146 150 150 147 '145 144 138 2.54 140 154 157 157 151 151 149 147 145 150 150 150 '150 152 148 .57 137 149 146 147 138 153 153 148 141 157 159 157 '159 155 Industrial organic chemicals 1.97 141 155 160 160 154 150 148 147 145 148 148 148 147 151 147 Plastics materials . . .24 157 183 163 175 181 179 173 166 168 192 193 190 179 183 .11 175 186 205 176 162 147 152 153 148 152 144 1?7 120 122 121 Synthetic fibers .59 141 156 171 167 148 143 135 136 133 135 142 146 149 157 151 Miscellaneous organic chemicals.. 1.03 133 144 148 150 150 148 149 149 147 144 141 141 141 143 143 .64 112 116 84 94 109 140 141 135 138 138 122 114 104 96 91 Vegetable oils . .48 110 112 70 83 106 144 141 137 138 138 122 109 95 85 80 Grease and tallow .16 119 131 124 125 120 129 140 127 138 140 122 131 132 127 126 .71 110 113 76 97 116 134 128 117 118 124 127 111 104 99 69 Paints .66 112 118 122 119 118 117 117 116 114 115 115 116 116 117 117 Fertilizers .23 122 124 101 104 112 108 101 106 112 136 170 173 137 107 95 p Preliminary. r Revised. i Indexes have been revised beginning January 1954 on the basis of a change from quarterly to monthly reporting by the Bureau of the Census NOTE.—A number of groups and subgroups include individual series not published separately. For description and back figures see BULLE- TIN for December 1953, pp. 1247-1293 and pp. 1298-1328, respectively. 992 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953? July Aug. Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 132 135 133 131 131 128 125 126 121 120 123 124 PePtertorloeluemu ma rnedfi ncionagl products 1.97 128 135 137 138 136 135 137 137 134 136 129 128 130 131 P130 Gasoline 1.04 132 144 149 150 147 143 147 146 140 141 135 137 140 141 P141 Automotive gasoline .98 128 139 144 144 141 138 143 141 136 136 131 132 136 136 Aviation gasoline .06 194 227 234 243 247 220 211 228 214 227 212 215 218 235 Fuel oil . .56 128 130 128 128 128 128 130 129 131 135 127 121 122 P122 Distillate fuel oil ... .30 151 155 153 152 153 155 155 153 156 164 155 146 145 148 Residual fuel oil .26 102 101 100 100 98 97 100 102 104 102 96 93 94 92 Kerosene .10 119 117 105 105 108 116 116 124 128 135 116 106 99 100 Lubricating oil .17 112 106 103 110 112 111 112 109 105 111 104 103 109 111 Coke .26 97 111 113 112 110 109 107 102 97 90 86 80 80 79 77 Asphalt roofing and siding .15 102 99 111 139 123 121 90 53 57 67 78 103 118 135 Foods, Beverages, and Tobacco 11.51 106 107 111 118 123 120 111 98 97 96 98 98 '103 rllO 109 Food and beverage manufactures.. 10.73 105 107 112 118 124 120 111 99 97 96 98 98 103 110 110 Food manufactures 8.49 106 108 110 118 127 121 114 102 101 98 98 100 105 107 Meat products 1.48 114 115 98 102 111 123 135 125 126 112 115 106 105 108 103 Beef .46 100 129 127 132 139 144 139 134 141 129 132 127 132 137 135 Pork . .83 119 104 79 82 92 107 128 116 114 99 102 91 87 89 81 Dairy products .69 98 105 132 118 99 85 80 81 86 96 104 119 135 145 129 Butter .14 92 108 120 111 88 82 86 94 110 115 124 128 152 145 115 Natural cheese .07 103 112 130 116 102 89 86 93 100 109 117 133 159 161 129 Concentrated milk .19 91 93 110 94 72 67 68 74 78 84 95 115 139 139 109 Ice cream .28 102 106 149 135 118 94 80 73 72 87 92 107 110 139 144 Canned and frozen foods 1.13 117 121 162 209 233 154 104 86 76 72 71 75 85 r99 138 Grain-mill products 1.16 108 106 108 109 111 111 103 101 106 104 101 99 106 114 112 Wheat flour .46 84 81 78 83 84 90 82 76 86 83 78 75 76 78 Cereals and feeds .70 124 122 128 126 128 125 117 117 119 118 116 114 127 137 135 Bakery products '1.64 101 100 102 101 102 101 99 97 95 97 96 96 95 97 97 Sugar .27 104 113 73 75 106 250 277 177 89 63 58 63 76 86 Cane sugar .11 109 113 129 124 121 105 97 96 97 104 116 103 109 121 Beet sugar .13 94 108 20 27 89 370 429 242 77 24 2 24 42 43 Confectionery .71 102 102 64 92 135 135 128 88 111 110 99 89 81 80 66 Miscellaneous food preparations ... 1.41 100 104 109 108 113 110 107 102 100 103 105 103 105 108 108 Beverages 2.24 102 105 121 118 113 116 99 84 82 89 98 103 115 126 120 Bottled soft drinks .54 116 Alcoholic beverages 1.70 98 100 107 108 108 118 100 80 78 86 98 100 108 114 105 Beer and ale 1.02 102 103 127 129 111 100 79 76 79 86 102 106 117 128 122 Liquor distilling .17 54 60 41 33 67 122 88 65 61 71 69 64 64 62 42 Liquor bottling .37 99 107 90 92 115 148 146 89 79 88 101 98 104 104 85 Tobacco manufactures . . .78 110 108 94 117 111 116 111 92 98 96 101 99 108 113 Cigarettes .46 114 111 99 123 115 118 110 96 105 100 106 103 112 119 Cigars .17 105 108 88 110 110 120 122 90 90 96 97 95 109 111 MINERALS—TOTAL 9.98 114 116 117 122 122 118 113 111 111 110 109 109 112 114 111 Mineral Fuels 8.35 113 115 114 119 119 116 113 113 115 113 112 111 111 113 P110 Coal 2.68 83 78 69 85 84 84 76 71 74 68 61 58 62 63 57 Anthracite .36 78 57 54 56 60 66 55 51 62 59 48 44 45 50 44 Bituminous coal 2.32 84 81 71 90 88 87 79 74 75 69 63 60 65 65 59 Crude oil and natural gas 5.67 128 133 135 135 136 131 131 133 134 135 137 136 134 136 P135 Oil and gas extraction 4.82 125 129 130 131 130 126 128 128 128 130 131 132 129 129 P126 Crude oil 4.12 120 124 127 126 126 120 120 120 120 122 125 127 124 125 P121 Natural gas .34 159 167 154 156 150 165 179 188 190 182 182 Natural gas liquids . . .36 145 157 154 158 160 159 162 166 163 167 161 156 155 156 Oil and gas well drilling .85 144 154 163 160 167 158 147 163 170 163 165 163 163 176 Metal, Stone, and Earth Minerals . 1.63 115 119 134 137 135 127 no 98 91 94 93 99 116 123 P119 Metal mining .82 108 113 138 140 139 122 95 74 74 76 73 79 108 119 P109 Iron ore .33 104 128 199 199 198 155 85 40 39 42 39 58 152 139 Nonferrous metal mining .49 110 104 98 100 100 100 101 97 98 98 95 93 '96 97 Copper mining .24 114 114 109 112 112 114 116 110 111 105 102 102 106 108 Lead mining .09 97 86 78 80 81 79 78 80 75 91 87 82 78 78 Zinc mining .06 107 87 79 80 76 72 74 71 75 80 77 78 78 79 Stone and earth minerals .81 123 124 130 133 131 132 126 122 108 113 114 119 125 127 129 P Preliminary. » Revised. For other footnotes see preceding page. SEPTEMBER 1954 993 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 105 127 137 129 121 118 112 109 112 113 112 116 119 '119 118 Major Durables 69.72 109 138 152 142 130 126 117 114 119 121 119 126 130 128 128 Autos 32.10 103 146 164 150 137 132 127 127 133 134 133 139 145 136 127 Major household goods 36.13 115 132 143 136 125 121 110 104 108 110 109 116 120 '124 131 Furniture and floor coverings 15.32 109 113 115 115 109 107 102 99 98 99 99 97 96 96 102 Household furniture 11.31 113 118 120 118 113 112 109 104 102 103 103 102 100 102 104 4.01 95 99 102 104 98 93 84 87 87 87 86 82 84 79 94 Appliances and heaters 15.60 99 118 123 109 99 101 93 95 104 111 105 114 117 ••110 122 Major appliances 11.88 100 123 127 111 101 104 98 100 108 117 109 117 120 111 122 Ranges . 2.60 75 90 113 89 85 77 68 67 70 85 84 76 83 81 Refrigeration appliances ... . 4.98 106 137 138 113 96 105 98 108 114 131 118 136 144 '131 135 Laundry appliances 2.51 115 141 135 143 136 137 136 125 145 140 129 134 124 113 136 Heating apparatus 3.72 94 100 111 101 91 92 79 79 90 89 91 103 106 108 Radio and television sets 5.21 184 230 285 279 248 221 185 145 148 142 151 178 198 246 245 3.42 53 67 73 72 60 65 66 59 58 47 43 43 43 45 47 Television sets 1.79 436 541 689 676 606 518 413 307 321 325 356 436 493 631 624 30.28 95 102 102 101 101 101 101 97 95 96 94 93 93 96 94 Auto parts and tires . .. 14.00 90 91 90 89 89 88 89 88 88 90 88 89 90 96 Misc. home and personal goods 16.28 100 111 112 111 111 112 110 106 101 102 100 96 96 96 97 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 105 127 120 127 122 131 110 103 112 117 119 119 116 116 103 69.72 109 138 130 138 130 142 113 106 121 127 129 131 126 125 108 Autos 32.10 103 146 161 153 134 151 107 107 135 138 142 151 146 143 125 Major household goods 36.13 115 132 103 125 129 137 120 106 109 119 120 116 110 '112 94 Furniture and floor coverings 15.32 109 113 101 110 110 112 106 104 99 103 102 97 92 93 89 Household furniture 11.31 113 118 112 116 114 116 113 109 103 105 105 100 96 98 98 Floor coverings 4.01 95 99 67 94 97 102 87 88 89 96 94 90 81 80 62 Appliances and heaters 15.60 99 118 94 101 108 114 96 92 98 117 117 116 112 '112 93 Major appliances 11.88 100 123 93 95 105 110 98 100 106 130 129 124 117 114 90 Ranges 2.60 75 90 72 83 92 86 75 66 71 91 93 79 80 76 Refrigeration appliances 4.98 106 137 112 89 95 100 86 111 114 145 144 153 147 '141 109 Laundry appliances 2.51 115 141 89 126 145 160 149 122 135 159 151 130 111 117 90 Heating apparatus . . 3.72 94 100 95 120 117 127 90 68 73 75 79 91 96 104 Radio and television sets 5.21 184 230 136 242 249 276 230 156 173 170 182 172 155 165 116 Radio sets 3.42 53 67 45 65 62 68 68 57 58 51 49 49 48 44 29 Television sets 1.79 436 541 310 581 606 673 541 347 391 397 435 406 360 397 281 Other Consumer Durables 30.28 95 102 99 104 103 106 103 96 92 95 94 92 92 94 91 Auto parts and tires 14.00 90 91 92 95 93 93 89 84 84 87 85 87 90 96 Misc. home and personal goods 16.28 100 111 105 111 112 117 115 107 99 103 102 96 94 93 90 '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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. SEASONALLY ADJUSTED Total 13,946 13,821 13,680 13,447 13,251 13,063 12,935 12,840 1?,705 '1? '1?,589 1? 1? Durable goods ... 8,240 8,154 8,062 7,868 7,748 7,621 7,509 7,405 7,295 7,227 '7,182 7,035 6,997 Ordnance and accessories 194 194 193 187 184 177 165 150 118 11 S Lumber and wood products 703 697 699 685 667 653 657 663 656 676 '684 584 583 Furniture and fixtures 320 313 307 300 295 289 286 287 284 284 284 285 287 Stone, clay, and glass products. . 464 465 463 457 446 432 431 429 426 427 '425 430 427 Primary metal industries 1,144 1,129 1,112 1,088 1,069 1,044 1,022 1,005 991 981 '983 981 972 Fabricated metal products 952 939 919 898 866 865 855 844 Machinery except electrical 1,301 1,294 1,280 1,253 1,226 1,212 1,202 1,184 1,169 1,153 '1,140 1,124 1,131 Electrical machinery 951 941 924 900 866 847 831 819 811 700 '784 799 812 Transportation equipment 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1 1 rj 1 1,257 Instruments and related products 242 242 241 242 239 236 232 228 ?93 971 213 Misc. manufacturing industries.. 422 420 417 409 403 396 393 387 382 382 ^383 381 376 Nondurable goods 5,706 5,667 5,618 5,579 5,503 5,442 5,426 5,435 5,410 '5 ,405 '5,407 ,357 364 Food and kindred products 1,130 1,133 1,122 1,135 1,114 1,102 1,103 1,109 1,110 1,111 '1 ,106 1,089 1,086 Tobacco manufactures 95 93 92 94 97 96 94 93 04 04 95 94 Textile-mill products 1 110 1,099 1,067 1,036 1,013 987 980 979 979 974 '986 977 994 Apparel and other finished textiles 1 099 1,072 1,087 1,085 1,068 1,051 1,051 1,064 1,046 1,037 '1 1 1 030 Paper and allied products 449 452 448 442 435 436 435 434 435 439 Printing, publishing and allied industries 515 521 520 517 517 514 517 517 S1S 'S10 S17 Chemicals and allied products... 558 552 547 543 537 540 533 531 529 530 '525 524 525 Products of petroleum and coal. 187 185 185 184 182 180 180 179 178 '180 '180 180 176 Rubber products 223 221 214 207 206 204 202 199 196 198 r100 178 176 Leather and leather products. . . 340 339 336 336 334 332 331 330 327 328 326 333 328 For footnote see following page. 994 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 Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug, WITHOUT SEASONAL ADJUSTMENT Total 14,070 14,061 13,852 13,534 13,319 13,002 12,906 12,818 12,590 12,437 '12,480 12,233 12,478 Durable goods 8,195 8,161 8,088 7,910 7,791 7,616 7,520 7,430 7,309 7,208 '7,177 6,933 6,959 Ordnance and accessories 194 194 193 187 184 177 165 150 137 125 120 118 115 Lumber and wood products 731 721 713 695 654 617 627 643 649 679 '701 596 606 Furniture and fixtures 315 315 313 308 301 293 292 290 283 277 275 274 283 Stone, clay, and glass products.. 466 467 465 459 448 428 427 429 428 427 '427 424 429 Primary metal industries 1,138 1,129 1,112 1,088 1,074 1,049 1,027 1,010 991 976 '983 971 967 Fabricated metal products 942 939 924 902 875 874 864 852 840 833 '831 810 820 Machinery except electrical 1,268 1,262 1,254 1,240 1,238 1,230 1,220 1,202 1,187 1,165 '1,151 1,113 1,103 Electrical machinery 932 941 933 913 883 855 839 827 811 791 '776 771 796 Transportation equipment 1,547 1,520 1,507 1,449 1,487 1,470 1,435 1,409 1,380 1,342 '1 ,324 1,285 1,257 Instruments and related prod- 215 209 207 ucts 240 242 242 243 241 237 233 229 224 220 Misc. manufacturing industries.. 422 430 434 407 386 393 389 380 374 '375 362 376 425 Nondurable goods 5,875 5,900 5,764 5,528 5,386 5,386 5,388 5,281 5,229 '5,303 5,300 5,519 5,624 Food and kindred products 1,289 1,326 1,224 1,083 1,024 1.009 1,009 1,011 1,031 '1,079 1,148 1,231 Tobacco manufactures 105 112 109 1,149 104 97 90 84 82 82 82 83 103 Textile-mill products 1,093 1,088 1,067 101 1,028 997 995 989 979 969 '981 953 979 Apparel and other finished tex- 1,046 tiles 1,121 1,099 1,103 1,085 1,084 1,062 1,088 1,101 1,030 985 '987 977 1,051 Paper and allied products 447 450 448 446 442 438 437 436 433 433 436 430 436 Printing, publishing and allied industries 510 521 525 522 525 514 514 517 516 515 '519 514 512 Chemical and allied products.... 550 555 552 548 540 540 536 539 534 525 '517 514 517 Products of petroleum and coal. 191 188 185 184 181 178 178 177 176 179 '181 182 180 Rubber products 221 221 216 210 209 206 203 199 195 197 '198 173 174 Leather and leather products. . . 349 341 334 334 332 332 339 338 325 315 324 328 336 'Revised. NOTE.—Covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for August 1954 are preliminary. Back data, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics; seasonally adjusted data beginning January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1953 1954 1953 1954 1953 1954 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Total 71.69 71.68 70.92 71.06 40.5 39.6 39.4 39.7 1.77 1.81 1.80 1.79 Durable goods. 77.27 76.40 75.83 76.59 41.1 40.0 39.7 40.1 1.88 1.91 1.91 1.91 Ordnance and accessories 78.12 '79.40 79.40 n.a. 40.9 '40.1 39.9 n.a. 1.91 1.98 1.99 n.a. Lumber and wood products 66.91 '68.71 63.34 65.41 40.8 '40.9 41.4 1.64 1.68 1.56 1.58 Furniture and fixtures 62.99 '62.17 62.02 63.59 40.9 '39.6 40.5 1.54 1.57 1.57 1.57 Stone, clay, and glass products. 71.10 '70.70 71.51 72.39 41.1 40.4 40.9 1.73 '1.75 1.77 1.77 Primary metal industries 85.28 '80.70 81.24 81.24 41.0 '38.8 38.5 38.5 2.08 2.08 2.11 2.11 Fabrica ted metal products 76.59 76.92 76.00 77.33 41.4 40.7 40.0 40.7 1.85 1.89 1.90 1.90 Machinery except electrical 82.12 '81.41 80.60 81.41 41.9 40.5 40.1 40.3 1.96 '2.01 2.01 2.02 Electrical machinery 71.63 '72.07 71.16 72.44 40.7 39.6 39.1 39.8 1.76 1.82 1.82 1.82 Transportation equipment 85.70 '84.59 84.38 84.80 41.2 39.9 39.8 40.0 2.08 '2.12 2.12 2.12 Instruments and related products , 73.16 72.83 72.65 73.60 41.1 39.8 39.7 40.0 1.78 1.83 1.83 1.84 Miscellaneous manufacturing industries. 63.74 '63.36 62.56 64.08 40.6 '39.6 39.1 39.8 1.57 1.60 1.60 1.61 Nondurable goods. 63.76 '64.57 64.74 64.29 39.6 '38.9 39.0 39.2 1.61 1.66 1.66 1.64 Food and kindred products 65.25 69.55 69.72 67.57 41.3 41.4 41.5 41.2 1.68 1.68 1.64 Tobacco manufactures 47.46 51.71 51.79 46.86 38.9 38.3 37.8 36.9 1.35 1.37 1.27 Textile-mill products 53.04 51.41 51.27 52.22 39.0 37.8 37.7 38.4 1.36 1.36 1.36 Apparel and other finished products... 49.78 46.55 47.17 48.24 36.6 35.0 35.2 36.0 1.33 1.34 1.34 Paper and allied products 73.61 '74.20 74.20 74.55 43.3 '42.4 42.4 42.6 '1.75 1.75 1.75 Printing, publishing and allied products.. 85.58 86.94 86.78 87.46 38.9 38.3 38.4 38.7 2.20 2.27 2.26 2.26 Chemicals and allied products 76.26 '79.10 78.94 79.54 41.0 '41.2 40.9 41.0 1.86 '1.92 1.93 1.94 Products of petroleum and coal 92.06 '93.98 94.12 93.30 41.1 41.4 41.1 41.1 2.24 '2.27 2.29 2.27 Rubber products 77.21 '79.60 77.03 76.04 39.8 '40.2 39.5 39.4 1.94 '1.98 1.95 1.93 Leather and leather products 51.79 51.01 51.38 51.38 37.8 36.7 37.5 37.5 1.37 1.39 1.37 1.37 'Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for August 1954 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. 995 SEPTEMBER 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 2,603 4,166 10,012 1,862 5,278 6,348 1952 48,306 16,334 885 2,634 4,185 10,281 1,957 5,423 6,609 1953 49,660 17,259 844 2,644 4,224 10,533 2,025 5,486 6,645 SEASONALLY ADJUSTED 1953—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 2,618 4,087 10,543 2,065 5,490 6,661 March 48,441 16,262 772 2,654 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 ••48,177 '16,038 744 2,634 4,011 10,494 2,081 5,508 6,667 June '48,102 '15,994 '740 '2,624 '4,016 '10,480 '2,083 '5,518 6,647 Tulv 47,997 15,785 742 2,636 4,012 10,509 2,095 5,560 6,658 August 47,909 15,752 726 2,624 3,997 10,466 2,094 5,555 6,695 WITHOUT SEASONAL ADJUSTMENT 1953—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 '48,137 15,888 '744 r2,729 '4,032 '10,414 r2,104 '5,601 6,625 July 47,824 15,638 735 2,794 4,041 10,379 2,126 5,643 6,468 August 48,007 15,881 733 2,834 4,026 10,312 2,125 5,638 6,458 'Revised. NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. August 1954 figures are preliminary. Back data, without seasonal adjustment, are available from the Bureau of Labor Statistics; seasonally adjusted data beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor labor force population force Total Unem- Total In nonagricul- In ployed tural industries agriculture 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3 14.9 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 L,523 48,081 1953—July 115,132 68,258 64,668 63,120 55,492 7,628 L,548 46,874 August 115,232 68,238 64,648 63,408 56,134 7,274 L,240 46,994 September 115,342 67,127 63,552 62,306 55,044 7,262 L,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 ,850 49,528 1954—January2 115,738 66,292 62,840 59,753 54,469 5,284 *5,087 49,447 February 115,819 67,139 63,725 "60,055 "54,351 «5,704 5,671 48,679 March 115,914 67,218 63,825 60,100 54,225 5,875 1,725 48,696 April 115,987 67,438 64,063 60,598 54,522 6,076 5,465 48,549 May 116,083 67,786 64,425 61,119 54,297 6,822 ,305 48,297 June 116,153 68,788 65,445 62,098 54,470 7,628 ,347 47,365 July 116,219 68,824 65,494 62,148 54,661 7,486 3,346 47,395 August 116,329 68,856 65,522 62,276 55,349 6,928 ,245 47,473 "Corrected 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. 996 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 Year or month Total Total d R en e t s i i a - l Total Ind B us u - sine C ss om- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- C va o t n i s o e n r- o A th l e l r trial mercial utility tial 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—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 June** 3,070 2,113 1,085 718 171 172 375 310 957 88 294 63 512 JulyP 3,084 2,161 1,128 718 168 174 376 315 923 74 294 62 493 Augusts 3,112 2,190 1,151 730 165 187 378 309 922 67 289 59 507 Preliminary. Source.—Joint estimates of the Departments of Commerce and Labor. CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p ti u l b it l i i e c s 1947 7,760 2,296 5,464 3,154 941 785 392 597 1,890 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949... 10 359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 .. 15 751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,562 979 1,472 1,686 3,408 1953 17-443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1953—August 1,414 532 882 508 110 111 146 179 361 September . . .. 1,742 725 1,017 507 383 145 138 116 451 October . L 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 I 221 436 785 509 106 93 144 125 244 IVIarch 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 7^3 625 1,108 720 107 192 186 172 357 July 1,837 681 1,156 745 108 145 201 187 450 August 1,573 693 93 141 181 136 330 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—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 July 1,793 94 299 117 221 149 199 334 121 98 63 99 1954—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 July 1,837 95 270 143 207 163 167 394 110 86 90 112 SEPTEMBER 1954 997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED fin thousands of units] Private Go vernment-un derwritten 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—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 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 *66 n.a. n.a. >65 53 2 10 25 13 12 February *75 n.a. n.a. P74 65 2 7 *i 30 16 14 March J»95 n.a. n.a. P93 83 3 7 *2 37 21 16 April *108 n.a. n.a. P107 96 3 7 v\ 44 24 20 May *»109 n.a. n.a. J>107 98 3 7 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. J»3 52 25 27 August Pill n.a. n.a. P110 n.a. n.a. n.a. PI 60 27 33 p Preliminary. n.a. Not available. 1Less than 509 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 July Feb. Mar. Apr. May June July July Feb. Mar. Apr. May June July Total 126 127 123 117 112 Ill 112 111 109 128 107 105 108 114 116 114 Coal 109 103 94 87 78 79 84 85 80 94 87 78 79 84 85 80 Coke 168 171 167 109 104 98 94 95 94 162 116 105 96 93 93 91 Grain 142 135 138 124 127 134 144 155 151 166 122 117 118 127 158 181 Livestock 69 63 60 54 64 62 58 54 54 46 43 51 55 53 41 47 Forest products 144 143 146 133 126 127 128 127 119 147 128 126 127 133 132 120 Ore 181 215 213 222 177 136 136 164 159 341 55 51 88 224 255 255 Miscellaneous... ... 140 143 139 134 132 130 128 125 125 141 126 125 128 130 129 126 Merchandise, 1. c. 1 46 43 42 41 41 39 39 38 38 42 40 41 40 39 38 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 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Month 1952 1953 1954 1952 1953 1954 1952 1953 1954 January 1,254 ,293 '1,092 1,189 1,016 922 922 922 833 February.... 1,344 ,199 '1,182 1,260 926 997 893 856 809 March 1,447 ,391 ••1,124 1,330 1,053 '921 964 1,005 '858 April 1,355 ,394 1,425 1,187 1,054 1,257 933 1,013 '958 May 1,480 ,453 1,399 1,244 1,085 1,135 835 902 829 June 1,171 ,384 PI.474 1,058 1,013 Pl,114 861 933 P947 July 1,030 ,358 •1,291 893 960 el,022 839 908 «832 August 1,087 ,187 916 911 818 840 September... 1,229 ,256 981 1,051 877 '926 October 1,216 ,253 1,043 1,019 918 814 November.. . 1,190 ,247 995 '1,031 805 849 December. . . 1,391 ,353 1,108 '1,137 1,053 907 January-July 9,081 9,472 "8,987 8,161 7,107 «7,368 6,247 6,539 «6,066 ^Preliminary. 'Estimated. 'Revised. 1 Exports of domestic and foreign merchandise. 2Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Source.—Bureau of the Census, Department of Commerce. 998 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALES i 1947 98 99 99 96 97 97 96 99 97 98 98 94 99 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 99 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 111 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 110 113 119 126 111 112 104 112 125 115 SEASONALLY ADJUSTED 1953—July 113 106 104 117 114 '122 127 110 107 105 111 '125 117 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 February 109 109 102 111 104 117 123 107 112 108 109 121 107 March 105 102 99 106 92 118 117 101 108 95 103 115 111 April 111 105 102 109 104 '121 127 111 114 100 113 120 111 May 108 102 100 105 98 114 122 108 106 104 109 123 114 June . . . 112 106 102 109 107 120 129 110 122 103 115 127 114 July P112 107 101 109 105 116 P132 106 113 103 P118 132 116 WITHOUT SEASONAL ADJUSTMENT 1953—July 89 76 75 83 89 '98 102 89 86 84 91 '105 101 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—January 83 83 81 80 80 80 94 82 83 75 83 94 85 February . 86 81 83 84 80 89 101 83 88 83 86 98 86 March 89 86 85 91 82 '96 110 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 June 106 106 99 104 100 '112 114 108 110 96 108 112 105 July 77 73 78 82 93 P106 86 90 83 P97 111 100 STOCKS i 1947 ... 93 95 98 93 93 94 90 89 93 91 93 89 93 1948 107 105 105 107 107 105 108 111 102 110 108 110 107 1949 100 100 97 99 100 101 102 100 96 100 100 101 100 1950 109 109 105 108 106 113 120 110 107 104 113 112 110 1951 129 124 124 127 128 133 140 128 128 117 132 132 131 1952 118 111 113 113 111 130 135 115 117 107 124 126 125 1953 126 116 116 119 119 141 146 123 126 115 136 138 133 SEASONALLY ADJUSTED 1953—July 130 117 '120 122 124 '146 148 1*25 131 117 146 '141 138 August 131 119 122 122 124 148 141 128 134 120 145 142 135 September 128 117 117 122 121 139 148 127 129 122 141 141 132 October 128 117 116 122 124 143 148 126 124 118 138 139 132 November . ... 127 115 115 120 121 144 149 124 121 115 137 136 133 December 123 112 113 117 121 132 142 122 118 111 133 131 129 1954—January 120 114 111 114 115 '133 142 117 117 106 128 128 123 February 119 112 107 113 113 132 141 117 127 110 128 130 121 March 121 118 111 112 112 '135 141 121 120 111 129 127 124 April '119 117 113 114 113 '134 135 122 116 111 125 127 116 Mi ay 121 120 115 116 117 '136 137 122 118 111 127 128 119 June 122 117 114 117 115 138 135 122 119 112 131 131 122 July P124 116 117 116 117 138 P137 122 129 111 P129 129 WITHOUT SEASONAL ADJUSTMENT 1953—July 121 106 '106 108 112 '142 137 117 122 114 137 131 133 August 126 114 118 116 119 147 141 121 130 115 137 140 128 September 132 120 123 127 127 143 152 129 138 123 144 147 137 October 141 132 130 139 137 154 161 139 138 126 149 152 148 November 142 134 132 137 136 151 165 143 132 128 152 151 144 December 109 105 104 103 106 115 125 111 104 101 117 120 108 1954—January 108 102 98 99 104 120 130 108 99 100 118 115 111 February 114 106 104 111 111 127 139 114 108 106 125 127 113 March 126 120 116 120 119 '141 147 126 123 115 133 136 125 April '126 122 118 123 120 '145 143 126 124 116 134 135 125 May 126 121 118 119 119 145 138 124 123 113 134 130 129 June 116 110 107 109 109 132 128 116 119 107 127 121 122 July •P115 105 104 103 106 134 P128 114 120 107 P125 P120 125 pPreliminary. 'Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end oi the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. SEPTEMBER 1954 999 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 Year or month m S ( o t a f o o l n e t r t a s h l 2 ) S m t ( o o e o n c n f k t d h s ) 2 o m ( s e r O t o n d i a n u d n e n g t t r d - h o s - 2 ) f m c ( e o t R f i o o n p e t r - t t a h s l 3 ) o m ( r N o t d f o o n e e t r w t r a h s l ) 3 Stocks s o O t r i a d n u n e g t d r - s - S s o t o p t r i a o d n u l n u c e g t d s - k rs - s ce R i e p - ts 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 l 1947 average 365 887 588 366 364 2.5 1.7 4.3 1.0 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 average 391 L.202 460 390 379 3.2 1.3 4.4 1.0 1952 average 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 average 402 L ,157 421 403 397 3.0 1.1 4.2 1.0 1953—July '308 r1,084 '526 '283 '349 3.5 1.7 '5.2 0.9 August . 343 1,135 491 '394 '359 3.3 1.4 4.7 '1.1 September 388 1,206 492 459 460 3.1 1.3 4.4 1.2 October 440 1.297 462 531 501 2.9 1.1 4.0 1.2 November 477 1,327 371 507 416 2.8 0.8 3.6 1.1 December 725 1,042 288 440 357 1.4 0.4 1.8 0.6 1954—January 310 1,010 370 278 360 3.3 1.2 4.5 0.9 February. 299 1,075 403 364 397 3.6 1.3 4.9 1.2 March 351 1,176 343 452 392 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 1,067 386 284 423 2.8 1.0 3 8 0.8 July? 306 1,041 467 280 361 3.4 1.5 4.9 0.9 ^Preliminary. 'Revised. *The first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2 These figures are not estimates for all department stores in the United States. They are the actual dollar amounts reported by a group of department stores located in various cities throughout the country. In 1953, sales by these stores accounted for about 50 per cent of estimated total department store sales. 3Receipts of goods are derived from the reported figures on sales and stocks. New orders are derived from receipts and reported figures on outstanding orders. NOTE.—For description and monthly figures for back years, see BULLETIN for October 1952, pp. 1098-1102. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1947-49 = 100] Without seasonal adjustment 1950 1951 1952 1953 1951 1952 1953 1954 Oct. 7 112 Oct. 6 110 Oct. 4 116 Oct. 3 112 Apr. 7. ... 101 Apr. 5. ... 109 Apr. 4. ... 118 Apr. 3. ... 103 14 111 13 117 11 126 10 120 14 100 12 111 11 97 10 113 21 105 20 116 18 124 17 118 21. ... 97 19.... 97 18.... 105 17.... 118 28 108 27 113 25 122 24 113 28 101 26 105 25 104 24 101 31 113 Nov. 4 109 Nov. 3 121 Nov. 1 115 Nov. 7 121 May 5 113 May 3. ... 111 May 2. ... 114 May 1. ... 112 11 118 10 127 8 118 14 133 12. ... 110 10 117 9 128 8 123 18 127 17 130 15 130 21 131 19.... 99 17.... 99 16 105 15. ... 97 25 110 24 123 22 134 28 133 26 100 24 105 23 112 22 106 29 138 31 97 30 97 29 104 Dec. 2 153 Dec. 1 161 Dec. 6 195 Dec. 5 190 June 2 95 June 7 111 June 6 118 June 5 97 9 191 8 191 13 223 12 216 9 108 14 116 13 112 12 111 16 220 15 213 20 237 19 234 16 106 21. ... 98 20 111 19.... 115 23 221 22 228 27 146 26 163 23 92 28 91 27 94 26 97 30 82 29 92 30 89 1951 1952 1953 1954 Jan. 6 98 Jan. 5 78 Jan. 3 81 Jan. 2 81 July 7 75 July 5 79July 4 79July 3 93 13 105 12 92 10 89 9 94 14 83 12 83 11 92 10 77 20 104 19 90 17 92 16 85 21. . . . 81 19 82 18 84 17 88 27 96 26 83 24 86 23 86 28 80 26 79 25 83 24 84 31 87 30 85 31 87 Feb. 3 81 Feb. 2 84 Feb. 7 88 Feb. 6 86 Aug. 4 88 Aug. 2 87 Aug. 1 86 Aug. 7. . . . 92 10 94 9 87 14 92 13 91 11 87 9 90 8 92 14 97 17 94 16 89 21 85 20 86 18 93 16 95 15 95 21 100 24 95 23 83 28 93 27 90 25 97 23.... 100 22 100 28 102 30 110 29.... 101 Mar. 3 99 Mar. 1 85 Mar. 7 96 Mar. 6 85 Sept. 1 105 Sept. 4 114 10 105 8 88 14 100 13 92 8. . . . 100 Sept. 6 100 Sept. 5 101 11 17 101 15 90 21 109 20 95 15. . 114 13.... 114 12. . . 102 18 24 105 22 94 28 112 27 100 22. . . . 111 20.... 113 19.... 120 25 31 89 29 101 29.... 114 27 112 26 114 NOTE.—For description and weekly indexes for backjyears, see BULLETIN for April 1952, pp. 359-362. 1000 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [ Based on retail value figures] SALES BY FEDERAL RESERVE DISTRICTS, METROPOLITAN AREAS, AND CITIES [Percentage change from corresponding period of preceding year] Fe a d r e e d r a i a , s l t o r R i r c e c t, s i e ty rve J 1 u 9 l 5 y 4 J 1 u 9 n 5 e 4 m 19 7 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 t c , s i e ty rve J 1 u 9 l 5 y 4 J 1 u 9 n 5 e 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 l 5 y 4 J 1 u 9 n 54 e m 19 7 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 l 5 y 4 J 1 u 9 n 54 e m 19 7 o 5 s 4 . United States.. PO -3 -4 Cleve.-cont. Chicago-cont. Kan. City-cont. Met. Areas-cont. Met. Areas~cont. Met. Areas-cont. Boston +2 +3 Wheeling- Decatur2 -3 -2 Wichita +7 -6 -7 Steubenville2.. -1 Peoria2 —4 -3 -6 St. Joseph -2 -12 -6 Met. Areas* Rockford -7 -8 Omaha +7 0 +4 P B D o o r s o t t w l o a n n n t d own + + 2 1 +4 + -2 1 C P it o y rtsmouth2. . . +5 +2 +3 T ( r M i R -C o o c l i i t k n i l e e a s , n 2 d; 4_9 A O Tu k lb l l s a u a h q o u m er a q u C e i . ty . . . + + + 1 2 5 9 0 + + - 1 1 5 0 +3 C N M W N S A L P i e e L A p t S o r e l w i t o B b r o w a e B w . u n l i r b a s w n v o C b e e c o n Y a g A s i c l u e r s a y B l n t d f e t o r t s - r m o i y - a o n e e b t e e r n S e d n a c b l n k a d d c r s e y n r c f 2 h 1 i - o e d e T 2 r - g . d r . e o . .. . . y . . + + + + + - - - - 3 6 2 3 5 2 3 8 1 0 + + + + + -4 2 6 8 3 0 Q 0 0 2 1 + + - - - - - — - 2 5 6 3 3 1 6 2 3 R M W A W R C C C N B R R G i D e P s h a o h i a o o c r i t W a W c h o e l . a l o n a l r a h s e h t u f e e r r r w s n i . h a m o i l l t m m n v A m t g o e e s s l i o n V v i k r n h h s s o k m o b l o n t e i l - t t 2 g o a e n n i l e r o o - a o a l 2 t e w . S 2 d d e s n n 2 2 u o 2 1 2 2 a , , n t n l S h 2 e . 2 . m C . . 2 . . 2 . + + + + + + + + - - - - 3 1 3 1 2 1 7 4 9 5 8 1 1 6 1 + + + + + + - - - - 1 2 6 4 1 4 8 6 5 0 0 0 1 1 + + - - - - - - - - - 3 4 2 5 3 4 4 4 7 4 2 0 S W D D S F J S F T D C G K L G M I a n i a o l o e a e e r u a r e o D c i a a d g u e r a n r s d l n t b u k d t t r i i a e r n t a s a e t n x e u a h i s o M n m i 2 d v r r s W a n o q n i l o e B w C H a o t n o a g u R B n 2 n z R a o 2 p 2 e i i a a p a o n t e y o a y y u p o o e n n p l t i s r i d i e d e . t s d 2 ) 2 2 2 s . . . . . s . . . . . . 2 . P p + - - + + + + + - - - - - 1 - - 7 6 5 4 5 4 6 1 8 1 4 4 8 9 2 0 0 - + + + + + 1 - - - - - - - - 6 8 5 3 5 2 7 8 1 5 3 5 8 2 1 4 4 - - 1 + + + + - - - - - - - - 1 - 0 3 3 7 9 6 6 4 1 5 8 3 6 3 5 c D M C W J S D F H E C E G H K i o a e h o t l n o a o r a i u t p a l e r e r i . r l n u l P c s t d l t e l e p a i c s o s a a v l n A u a s t h e s W s e o s . r s y 2 o i p e n n o o a C C 2 s s r r h o t i t r t n h i y . s . . . t . . . i . . . . . . . . + + + + + + + + + + + - - 1 1 1 6 4 6 8 2 5 4 9 8 8 2 8 5 + - + + + 2 - - - - - - - - 1 3 5 5 7 6 3 5 1 3 2 3 6 0 - - - - - - - - - - 4 1 2 6 5 4 3 1 3 1 2 r Schenectady... -8 +1 -3 Cities Milwaukee2... + 1 + 1 -1 C C P M C S W Y W T N L R S P U P B B R B E i h i l e H N N N U B c t y t o h r a e u e l o e o i r t y i t i i i m r N e i n r n i u v e f i . a w u . l i r t l e a c l a c d f a l k n i a m s k a d g c g e f w h e a z i a n c Y a c g f e g A t r 2 a l i w d l h h e Y a d l a - i t o a u o a s a n e a s r e o . n s k R a l e e - n s r n e o g p r t o t n t g B e m l l k a e J e C 2 o a e 2 r d o 2 o p p e t 2 e r 2 k r a s m o t r n i 2 h p 2 h F r r o - t t n 2 s r i 2 s e N a i y . n . a . e e i . a . l 2 e 2 . - . . y l . . . . . . . . . s . . . . E . . . . . . . . . . . . . - + + - 1 - - - - - - - - - - - — - 4 6 2 4 7 6 2 4 9 1 7 3 4 0 2 4 0 0 0 2 1 + + + + + + + + + - - - — - - - - - - - - 5 9 5 1 7 4 4 3 2 5 7 1 6 3 3 5 2 4 2 Q ^ 1 2 1 1 - - 1 + + + + - - - 1 - - - - - - - - - - 4 7 2 5 2 3 3 3 6 7 5 2 5 1 0 2 2 0 2 9 1 1 A M A A J S N J S O K S C M N C C N H M M B M L P B a a t S T e H a t p a o u a u a t r n e h y i e u l . c c o t a o i T v t l l r a r w a t . s a l g m w o a a a . n k n k a a c b n o m u k a P h a m r n u m t g x n s n o s c t i n p t b m n P e t t m v A e l i s v e o O i o t g d a n t h p a e o e r i n n t e a i n t r a r i b n 2 o n o n 2 p R s e a l n r a r b r a l e t s g 2 g l 2 u t l b v l m r a e o 2 l h a b t e u o a t e h s e s o r i u o 2 s o u N 2 n r b u e l s a a w 1 r g l n g d b r r u g n m g e e a y 2 g 2 n - u r e 2 s w . . . 2 . 2 g . . . . 2 2 r . . . . . s - . g . . . . . . . . . . . . . . . , . . . . . . P P p P P + + + + + + + + + + - + + + — + - - - - + + 1 1 1 1 3 1 4 4 4 9 2 2 3 8 6 4 2 3 5 7 2 1 0 6 0 4 2 5 0 + - + + + + - - - - 1 - - - — - 3 1 2 9 3 3 1 9 2 7 4 2 6 0 1 1 1 7 - - - + + + - - - - - — - - - 1 - 1 1 - - 1 3 4 8 5 1 4 3 7 9 4 2 0 1 2 2 2 0 0 0 0 0 0 3 c M M S M C C C S Q F S S S L M P M D L E M P B t i i i S e M i e t t p t o a . t o h i o i v u a i i a o i . t p e u t t n e e t e r d r u r . a i e . n t t u L . s s i m s i l t s t n L t l n u i n n s b n v x e k l s P o c A A . c e o s S g e p H i n o v e - y u l a a r v F u r f a h m S g e R l i y u e C i h e u e i i l i a p i a e t o s l a l g s a i r o s . l l r l e l p n t o 2 2 s o 2 l s e a d e h c 2 s o 1 l 2 P n . e n k i l . k a s . 2 i . . . . . s u . . . . 2 . . l . . . . 2 . . . P P + + + - - + + + + + + - 1 1 + - + - - - 1 1 1 1 5 4 5 7 4 6 7 5 7 3 2 3 9 3 3 7 0 - + + + + + - - - 1 - 1 3 2 1 2 2 4 3 2 0 2 1 - - + + + - - - 1 - - 1 - 1 4 2 4 1 2 0 5 2 0 0 1 1 S M S S S S S S S S P T R F L P a O V S S L a P e a a a t e a p o r o h a i n o n S n O t n W n D v e B l a a a c a o o s c r a o a . t c n a D s L e a t t n r s l n o k k e e a o F A t l J F l D k n e r n a O r a L t . g A n r m l e a k a l o w o d s a F s t m r o d a e r k n j i a n n i A l i a w r o B t a i s o 2 e 2 n r a x a e n d a e g s k e n B e d k n e e n M a g 2 2 n d n e l i . n e t n a e e 2 o 2 2 n 2 2 c l d e n o e o a - r t d s l a c o i y e t o - c w e a 2 1 a 2 C s n i o n 2 i s w n c c s L n 2 s d 2 . i i o c . h d c c n . t 2 . A . - o y 2 . a o . . . . 2 . . . . 2 . . . . 2 . . . P P P P P + - + + + + + + + + + + + + + 1 - - - + - — — - + 1 1 1 5 3 4 0 4 3 2 6 4 6 2 4 8 4 3 7 3 7 1 2 5 3 - - - - - - — + 1 1 1 1 - - - - - 1 1 - - - - - - - - - 4 4 5 2 6 4 9 7 4 2 6 9 5 5 2 0 1 1 3 8 1 0 2 1 0 - - - - - - — - - - - - - - - - 1 - - - - - 1 3 5 8 4 5 2 1 6 8 4 5 2 4 9 3 2 7 5 3 4 5 2 A Met. Areas Zities Mankato +7 +9 +4 A C L C C e i l a k e n x n r v c i o t n e i o n n g l 2 n a n t 2 n o a n d t 2 i2. . . - - 4 7 -1 - - - - 3 6 3 5 0 - - — - - 4 2 9 8 7 C M R B h r o e i is m c r t i a o d e g l i . a o . n . . . . . . P + - - - 2 4 2 7 -•; -3 D G G L S a r u r u C a e l n p a u r t d e o t h r s F i - s F o a e o r l 2 l r s ks. . . + + - - 3 5 1 2 '+ -7 8 + - - 5 4 1 C T B B i N t u o a ie c i a k s s s m e e o r a n p s n a fi d eld2.... + -7 P 0 1 - - 1 1 -7 6 1 -1 - - 6 6 2 S C p o r l i u ng m f b ie u ld s2 2 . . .. . . . + -8 2 -1 -2 0 -1 -1 1 M C e h t. i c A ag re o a 2. s . 1 . 0 -1 Kansas City +8 -2 -2 T Id w a i h n o F F a a l l ls ls -6 5 - - 8 4 - - 1 8 0 Toledo2 -6 -3 -7 Aurora.... _2 -13 Bellingham + 1 -7 -2 Y Er o i u e2 ngstown2.. -10 — -13 11 -11 JJ E oo l l g i i e n t . 2. +4 - + 10 1M D e e t. n v A e r r eas +2 -1 -2 W Ev a e ll r a e tt W 2 alla2... p - - 6 8 -14 Q - - 1 1 4 5 Pittsburgh2. . . Gary Topeka + 10 -4 Yakima2 —4 -6 -6 P Preliminary. r Revised. 1 Breakdowns shown under various metropolitan areas do not necessarily include all portions of such areas. 2 Indexes showing longer term comparisons are also available for these areas and cities and may be obtained upon request from the Federal Reserve Bank in the district in which the area or city is located. 3 Data not available. 4Six months 1954. SEPTEMBER 1954 1001 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales1 1947-49 average = 1002 Sales Stocks Department d p u er r i i o n d g m (en o d n t o h f ) June Sale p s e r d io u d ring Sto o c f k m s o a n t e th nd Six 1954 1953 1954 1953 J 1 u 9 n 5 e 4 m 1 o 9 n 5 th 4 s J 1 u 9 n 5 e 4 1954 1953 June May June June May June GRAND TOTAL—entire stores. 3.0 3.1 MAIN STORE—total -1 -3 -4 3.3 3.4 94 93 95 110 119 114 Piece goods and household textiles. -4 -2 -6 4.1 4.3 75 84 77 99 104 106 Piece goods -2 0 -7 3.7 3.9 60 71 61 78 86 84 Silks, velvets, and synthetics. -10 -4 -10 3.1 3.1 43 59 48 71 74 79 Woolen yard goods -19 -12 -7 18.1 15.9 14 17 17 77 78 83 Cotton yard goods +4 +7 -1 2.2 2.4 118 127 113 98 111 100 Household textiles -5 -2 -6 4.3 4.4 85 92 89 111 114 119 Linens and towels -4 -4 -6 4.7 4.8 82 83 85 102 104 109 Domestics—muslins, sheetings -7 -1 -7 4.2 4.2 84 100 90 135 138 146 Blankets, comforters, and spreads. -3 -1 -5 4.0 4.0 91 98 94 106 110 112 Small wares. + 1 -2 -2 3.7 3.9 95 95 94 111 116 113 Laces, trimmings, embroideries, and ribbons. -2 -5 -2 3.6 3.6 96 106 98 109 120 111 Notions + 1 -2 -3 3.1 3.2 116 115 115 125 133 129 Toilet articles, drug sundries +3 0 -2 3.3 3.5 105 104 102 105 109 107 Silverware and jewelry +3 -2 4.1 4.3 96 94 93 113 119 115 Silverware and clocks 0 -6 5.1 5.5 95 80 96 127 128 136 Costume jewelry +4 + 1 0 2.5 2.6 97 107 93 96 108 96 Fine jewelry and watches. +5 -1 7.3 7.7 93 109 89 116 142 117 -1 Art needlework -5 -5 6.2 6.1 64 64 104 107 107 -3 Books and stationery. . . 0 0 4.0 4.0 82 80 81 113 117 114 Books and magazines. -3 -4 -1 3.7 3.8 74 72 75 102 105 106 Stationery + 1 +1 A 4.0 4.0 87 83 86 118 120 116 + 1 Women's and misses' apparel and accessories. -3 2.6 2.6 91 97 91 106 120 109 -3 Women's and misses' ready-to-wear accessories... + 1 -2 3.1 3.2 91 95 90 112 124 115 Neckwear and scarfs +2 -3 -3 2.1 2.2 104 110 102 115 134 117 Handkerchiefs e -6 -1 4.0 4.2 51 54 54 66 70 74 Millinery -12 -7 -10 1.3 1.3 53 69 60 68 84 76 W W Co o o r m m se e e ts n n ' ' a s s n a a d n n d d br c c a h h ss i i l l i d d er r r e e e s n n ' ' s s g h l o o s v ie e r s y + - - 8 5 4 + - - 7 3 2 - + - 1 3 6 1 6 2 2 . . . 3 6 8 6 2 2 . . . 2 7 7 1 4 7 4 5 1 4 1 6 8 3 5 7 1 1 4 7 3 9 4 7 1 1 8 4 1 1 0 0 1 1 8 4 2 6 8 0 1 1 8 3 1 7 6 0 Un S K N d i e n l e k g r it w l a ig u e n e n a d e r d , s e m , s r u w r li o s p e b l s i a e n , r s a , u n a n d n d d e n r e l w g o l u e ig a n r e g , e i n s a g n d a p s p li a p r s e . l . . . + + + - 3 3 6 6 + - - 1 5 0 1 - - - - 7 5 6 1 0 2 2 2 2 . . . . 5 9 1 4 3 2 2 2 . . . . 2 7 7 0 1 9 9 8 0 6 5 5 7 1 1 9 9 0 2 5 7 1 0 1 9 9 9 0 0 4 1 3 ' 1 1 0 3 9 6 8 7 1 1 1 1 1 4 0 0 6 4 4 0 1 1 1 8 4 1 0 9 5 2 4 Infants' wear +1 -1 A 3.4 3.6 84 81 83 110 119 114 Handbags, and small leather goods. +3 -1 -5 2.3 2.5 93 103 90 102 117 108 Women's and children's shoes. 0 -1 -2 4.6 4.7 105 106 105 128 147 130 Children's shoes -2 0 -3 5.1 5.1 91 82 93 128 144 132 Women's shoes + 1 -1 -2 4.5 4.6 110 110 109 130 147 132 Women's and misses' ready-to-wear apparel. -1 -3 -3 2.0 2.0 91 98 92 98 114 101 Women's and misses' coats and suits -7 -10 -11 4.0 4.1 27 57 29 65 72 73 Coats -6 -8 -15 4.0 4.4 22 51 23 58 59 68 Suits -6 -12 -4 3.7 3.6 37 68 40 71 90 74 Juniors' and girls' wear +2 -1 -1 2.0 2.1 89 93 100 117 J G u i n rl i s o ' r w s' e c a o r ats, suits, and dress< + -1 5 + -3 1 + -3 2 2 1 . . 6 5 2 1 . . 8 5 9 8 0 8 9 8 7 9 8 8 9 6 1 9 0 0 8 1 12 0 3 9 112 Women's and misses' dresses. -4 -1 1.3 1.3 113 123 118 98 123 99 Inexpensive dresses -5 -3 0 1.0 0.9 129 126 136 101 123 101 Better dresses -3 -4 i 1.7 1.7 96 111 99 92 117 93 Blouses, skirts, and sportswear +2 0 -1 1.9 2.0 136 117 133 129 157 131 Aprons, housedresses, and uniforms. -1 -2 -2 1.5 1.5 148 141 149 114 129 116 Furs A -12 21.2 28.5 15 32 13 79 99 + 19 Men's and boys' wear. -3 -2 3.3 3.3 119 82 120 118 134 122 -2 Men's clothing + 3.8 3.8 121 95 122 130 149 129 Men's furnishings and hats 0 2.6 2.7 129 75 131 115 132 121 Boys' wear -2 -5 4.2 4.4 81 76 83 99 108 104 Men's and boys' shoes and slippers. 2 0 4.5 4.3 132 96 137 128 138 127 -4 For footnotes see following page. 1002 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS— Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued [Based on retail value figures] Percentage Ratio of Federal Reserve index numbers change from a stocks to without seasonal adjustment, year ago sales i 1947-49 average = 1002 Sales Stocks during (end of June Sales during Stocks at end Department period month) period of month Six 1954 1953 1954 1953 J 1 u 9 n 5 e 4 mo 1 n 9 t 5 h 4 * J 1 u 9 n 5 e 4 1954 1953 June May June June May June Homefurnishings -3 -6 -7 4.2 4.4 94 95 97 113 118 121 Furniture and bedding -6 -7 4.3 4.4 104 108 111 116 123 127 Mattresses, springs, and studio beds -6 -6 2.1 2.2 121 121 128 130 137 146 Upholstered and other furniture -7 5.1 5.2 98 100 106 117 117 128 Domestic floor coverings -7 -10 -11 6.0 6.3 62 80 67 99 108 111 Rugs and carpets -6 -11 -12 6.1 6.5 65 81 70 105 110 120 Linoleum -20 -13 -19 4.3 4.3 53 58 65 61 60 76 Draperies, curtains, and upholstery -3 -5 -5 4.3 4.3 98 110 101 113 118 118 Lamps and shades -6 -7 -7 5.1 5.2 68 78 72 109 116 118 China and glassware -5 -5 -5 7.8 7.8 92 92 97 129 130 136 Major household appliances 0 -7 -11 2.1 2.4 88 65 88 90 100 102 Housewares (including small appliances) +2 -2 + 1 3.4 3.5 118 111 116 125 131 124 Gift shop -4 5.5 5.4 96 95 100 133 131 136 Radios, phonographs, television, records, etc -4 -15 3.8 4.3 73 73 75 96 101 112 Radios, phonographs, television -10 -10 -20 3.3 3.7 65 82 72 86 107 108 Records, sheet music, and instruments +9 + 14 -1 5.3 5.8 73 76 67 93 104 94 Miscellaneous merchandise departments -2 -2 -4 2.8 2.9 93 83 95 103 108 108 Toys, games, sporting goods, cameras -3 -1 2 4.1 93 70 96 115 121 117 Toys and games -6 0 -2 4.6 75 52 80 127 118 129 Sporting goods and cameras -1 -2 -3 3.6 3.7 126 96 127 106 122 109 Luggage + 1 -6 -11 2.6 3.0 134 104 133 110 116 123 Candy + 1 +2 +5 1.4 1.3 68 77 67 83 86 79 -2 2.0 2.1 104 107 102 114 108 BASEMENT STORE—total -3 -5 96 -6 2.9 3.0 93 99 111 114 120 Domestics and blankets -5 -8 96 -3 1.6 1.6 99 101 96 108 101 Women's and misses' ready-to-wear -4 -5 96 + 1 -4 2.0 2.1 110 110 109 114 Int H im os a ie te r y apparel + -4 2 - - 1 2 - - 4 4 2 1 . . 1 9 2 2 . . 1 1 () ( 1 ) 08 ( ( ) () () () Underwear, corsets and brassieres -12 + 1 -11 2.8 2.8 28 57 32 58 62 65 D G C Bl o r i o r e a l u s s t s s s ' e e w a s s, n e d a sk r s i u rt i s t , s and sportswear + + + -9 4 1 1 - + 1 -8 2 0 1 - - - 4 1 7 A 0 2 1 1 . . . . 5 8 7 3 0 2 1 1 . . . . 7 8 8 4 1 1 1 9 0 4 3 2 0 0 3 1 1 8 8 1 2 8 5 1 7 1 1 9 9 3 4 6 1 8 6 1 1 1 9 0 0 0 7 5 7 3 1 1 1 1 1 1 1 1 8 8 0 8 1 1 1 1 1 0 1 0 2 4 1 3 Infants' wear -4 -1 1.4 1.4 Aprons, housedresses, uniforms -9 Men's and boys' wear + 1 + 1 -2 1.9 1.9 137 95 137 111 129 114 Men's wear 0 + 1 -2 1.8 149 98 148 114 134 116 Men's clothing +3 +2 -1 2.1 147 111 143 122 133 124 Men's furnishings -1 + 1 1.6 91 156 110 136 113 -2 154 Boys' wear + 1 2.6 2.8 82 93 102 112 106 -4 93 Homefurnishings -5 -7 3.3 3.3 98 89 109 117 116 -5 84 Shoes -2 -2 3.0 3.1 100 115 108 125 114 -5 113 NONMERCHANDISE—total + 1 + 1 97 106 107 Barber and beauty shop +7 +8 137 136 145 !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. 999. 4 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1953, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SEPTEMBER 1954 1003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Read- Other Y m e o a n r t o h r it A em ll s Foods Other a G n a d s S fu o e l l i s d H f o u u r s - e- H h o o u l s d e- p A a p re - l T p t o r i a r o n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re a c in n r g e d a- g s a o e n o rv d d - s Total Rent shelter * elec- and nish- opera- tion ices 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—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 July... 115.2 114.6 119.0 128.5 107.8 121.1 105.7 117.2 104.0 126.7 125.2 113.3 107.0 120.3 1 Indexes for this subgroup are not yet available. NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Other commodities Y m e o a n r th or m c t A o i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p T p u a t a r a e i c n o p l r x t d e - d e s - l - l H s e p u k a a r i n c i o t d n h t d d e s s e s - , r , p l F t i o e a m i g u n r w n h e i a g d a e l - t , l - r s , C a p i u a l h c r l c n o a e ie t d m l d s s d - - p R u a b r u c n o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p P a p u a l a r u l n c o p i l e t d d p e s d - r , , M m p u a r e e c n o t t t d d a a s l - l s c p M a m t e h r i n r o v i o a y d n d e - - - . F h d o h t b a o u u t u o n l h u r r e r l d n e s a e d s e r - i- - e s N t t m r t m a u a r o l l i r u e l s n n a i - c — c - l - - b b e m o b a T r a t e a n f c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - s - 1947 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108. 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. 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 July 110.9 97.9 105.5 114.8 97.5 100.0 111.1 106.2 124.6 121.1 115.8 129.3 123.4 114.7 119.4 115.6 95.3 August 110.6 96.4 104.8 114.9 97.5 99.9 111.0 106.3 123.5 120.4 116.2 129.4 123.7 114.8 119.6 115.6 96.4 September 111.0 98.1 106.6 114.7 96.9 99.7 110.9 106.7 124.0 119.2 116.9 128.5 124.0 114.9 120.7 116.2 94.7 October 110.2 95.3 104.7 114.6 96.5 97.1 111.2 106.7 124.2 118.1 117.5 127 124.1 114.8 120.7 118.1 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 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 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 A 124.4 115.5 119.3 121.4 109.2 June 110.0 94.8 105.0 '114.2 94.9 95.6 '107.8 106.8 126.1 116.3 r115.8 127.1 r124.3 115.4 '119.1 121.4 105.1 July 110.4 96.2 106.4 114.3 95.1 95.0 106.4 106.7 126.8 118.9 116.2 128.0 124.3 115.3 120.4 121.4 103.9 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1004 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 Subgroup Subgroup July May- June July July May June July Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 94.7 104.4 96.6 110.9 Grains 85.4 91.2 86.5 88.1 Paperboard 123.7 124.4 124.2 124.2 Livestock and poultry 95.9 93.0 87.7 83.2 Converted paper and paperboard.. 112.1 111.5 111.5 111.9 Plant and animal fibers 105.0 107.0 106.9 107.2 Building paper and board 123.0 127.9 127.9 127.9 Fluid milk 96.4 84.1 '83.7 87.0 Eggs 106.2 69.0 70.8 86.3 Metals and Metal Products: Hay and seeds 85.5 95.3 96.0 94.8 Other farm products 140.7 181.2 181.7 184.0 Iron and steel 135.7 131.8 131.8 133.6 Nonferrous metals 126.4 123.6 123.7 124.2 Processed Foods: Metal containers 128.6 130.0 130.0 130.3 Hardware 134.7 137.9 137.9 138.1 Cereal and bakery products 108.5 113.3 113.5 114.0 Plumbing equipment 116.4 118.2 118.5 118.5 Meats, poultry, and fish 97.0 98.3 92.3 94.1 Heating equipment 115.1 113.9 113.8 114.0 Dairy products and ice cream 110.0 101.7 102.4 105.1 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 117.5 116.5 115.9 115.9 bles 105.0 104.5 '104.7 104.7 Fabricated nonstructural metal Sugar and confectionery 109.8 113.1 '113.3 113.4 products 125.4 125.3 125.3 125.3 Packaged beverage materials. . . . 169.8 229.6 231.3 231.3 Other processed foods 117.3 101.3 96.8 99.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.7 122.6 '122.3 122.3 Cotton products 94.1 88.3 88.4 88.9 Construction machinery and equip- Wool products 111.7 109.5 110.1 109.8 ment 130.8 131.5 131.5 131.6 Synthetic textiles 87.5 85.2 85.6 85.6 Metal working machinery 131.8 132.6 132.6 132.6 Silk products 134.7 131.6 123.9 124.2 General purpose machinery and Apparel 99.3 98.2 98.1 98.5 equipment 125.8 128.2 128.2 127.8 Other textile products 85.3 78.8 79.0 79.1 Miscellaneous machinery 123.3 125.2 '125.5 125.5 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 124.8 126.0 125.9 125.9 Motor vehicles 118.6 118.9 118.9 118.9 Hides and skins 73.4 62.5 60.6 58.2 Leather 96.1 87.6 87.4 86.4 Furniture and Other Household Dura- Footwear 111.7 111.9 111.9 111.8 bles: Other leather products 99.7 97.5 ••97.5 97.3 Household furniture 113.8 113.5 113.1 112.8 Fuel, Power, and Lighting Materials, Commercial furniture 125.8 126.2 126.2 126.2 Floor covering 125.2 122.6 122.6 122.7 Coal 111.8 104.6 104.7 104.9 Household appliances 108.8 109.9 '109.8 109.7 Coke 131.8 132.4 132.4 132.4 Radio 95.0 95.7 95.6 95.6 Gas 106.1 109.0 '107.8 107.8 Television 74.3 73.8 r70.6 70.4 Electricity 98.5 101.8 101.8 101.8 Other household durable goods.... 126.7 130.4 130.4 130.4 Petroleum and products 116.8 111.7 110.9 108.2 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124.7 124.7 124.7 124.7 Industrial chemicals 120.2 117.3 '117.0 117.1 Concrete ingredients 118.4 120.0 '120.1 122.1 Prepared paint 110.7 112.8 112.8 112.8 Concrete products 115.6 117.3 117.5 117.9 Paint materials 95.3 95.3 96.8 97.6 Structural clay products 131.1 132.0 132.0 132.0 Drugs, Pharmaceuticals, cosmetic 93.6 94.0 94.0 94.0 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 46.7 59.3 55.7 52.0 Prepared asphalt roofing 105.8 96.3 r94.2 98.2 Mixed fertilizers 110.6 109.9 109.9 109.7 Other nonmetallic minerals 117.3 120.2 120.2 120.2 Fertilizer materials 113.8 114.0 111.6 111.9 Other chemicals and products 102.8 108.1 107.7 108.0 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 121.1 117.5 122.8 126.2 Cigars 103.5 103.5 103.5 103.7 Tires and tubes 126.4 129.3 129.3 129.3 Other tobacco products 120.7 120.7 120.7 121.4 Other rubber products 124.1 123.7 123.7 123.7 Alcoholic beverages 110.0 114.3 114.2 114.2 Nonalcoholic beverages 125.1 147.9 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 120.2 115.0 115.5 118.5 Millwork 131.6 130.8 130.8 130.7 Toys, sporting goods, small arms.. 114.1 113.6 113.6 113.5 Plywood 112.7 101.4 99.7 101.1 Manufactured animal feeds 82.7 109.1 100.6 98.3 Notions and accessories 93.2 93.5 -•101.6 101.6 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 101.8 102.3 102.7 102.7 Other miscellaneous 119.8 121.3 121.3 121.2 Woodpulp 108.8 109.7 109.7 109.6 Wastepaper 85.0 67.2 70.1 79.2 Paper 125.1 126.5 126.5 126.5 rRevised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. SEPTEMBER 1954 1005 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 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 an is 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 .0 .1 -.2 .2 .2 -.5 -.6 -.4 -.2 -.2 -.8 — .4 Equals: National income 87.8 40.2 104.7 216.2 240.0 277.0 305.0 308.2 306.2 221.6 291.0 299.9 298.9 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 .7 .5 .7 .8 .8 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Equals: Personal income 85.8 47.2 96.3 208.7 206.8 227.1 255.3 271.2 286.1 286.4 287.5 287.3 285.1 285.7 Less: Personal tax and related payments.. 2.6 1.5 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 .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 1.0 1.3 2.1 2.5 2.7 3.5 3.6 State and local 3.0 3.2 3.5 3.5 3.7 3.7 83.1 45.7 93.0 187.6 188.2 206.1 250.4 251.2 Equals: Disposable personal income. 226.1 236.9 250.1 251.2 252.3 252.9 79.0 46.4 81.9 177.6 180.6 194.0 230.8 229.7 Less: Personal consumption expenditures 208.3 218.4 230.1 231.2 230.5 233.1 4.2 -.6 11.1 10.0 7.6 12.1 19.6 21.5 Equals: Personal saving 17.7 18.4 20.0 20.0 21.8 19.7 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1953 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 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 17.2 18.3 19.5 19.0 15 17.5 n.a. Inventory valuation adjustment.. .. .5 -2.1 -2.5 -2.2 1.9 -4.9 -1 1.0 -1.0 -.9 -2.6 — .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. 2Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Department of Commerce. 1006 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce, in billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 2 3 4 1 2 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 construction^- 8.7 1.4 6.6 17.9 17.5 22.7 23.3 25.7 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 2.0 16.9 21.0 25.4 22.1 41.0 54.0 60.1 62.2 60.3 59.8 55.0 51.3 O N t a h ti e o r nal security }l.3 2.0 1 3 3 . . 2 8 1 5 6 . . 6 0 1 6 9 . . 6 3 1 3 8 . . 9 5 3 4 7 . . 2 3 4 5 8 . . 8 5 5 8 2 . . 5 0 5 8 4 . . 3 3 5 8 2 . . 4 3 5 9 0 . . 6 6 4 8 6 . . 4 9 4 6 4 . . 9 7 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 disbursements Less Divi- personal Year or month in s P c o o e n r m a - l e Total D i u n is t d i t u v ri 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 P e a i o n e n r m o t t d o a - e l rs 4 ' in d s p a t e o e n e n n r r d d a e - s l st m T p r e f a a e n y n r ts - s - 5 b c s u o o f t n o c io t i r r a n i l - s i a n g N t c u r o o i r c m n a u l - e l- 7 tries income ance6 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 51.7 24.8 33.6 6.3 49.0 22.8 13.8 4.0 270.0 1953—July 288.2 201.4 89.8 52.7 25.3 33.6 6.4 47.9 23.0 13.6 4.1 273.0 August 286.4 200.6 89.2 52.4 25.2 33.8 6.5 46.6 23.2 13.6 4.1 272.6 September 287.7 199.2 88.0 52.5 24.9 33.8 6.5 48.9 23.4 13.7 4.0 271.9 October 287.8 199.1 87.9 52. 25.0 33.7 6.6 48.0 23.5 14.6 4.0 272.7 November 287.2 197.9 87.0 52. 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 286.5 195.5 84.0 52.5 25.5 33.5 6.6 49.2 24.1 15.8 4.7 270.3 July? 286.5 195.7 83.8 52.8 25.5 33.6 6.6 48.8 24.1 15.8 4.5 270.5 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists 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. includes 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. 6 Prior to 1952 includes employee contributions only; beginning January 1952, includes also contributions to the old-age and survivors' insurance program of the self-employed to whom coverage was extended under the Social Security Act Amendments of 1950. Personal contributions are not included in personal income. 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. SEPTEMBER 1954 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 1010-1014 Gold production 1014 Estimated foreign gold reserves and dollar holdings 1015 Reported gold reserves of central banks and governments 1016 Net gold purchases and gold stock of the United States 1017 International Monetary Fund and Bank 1018 Central banks 1018-1022 Money rates in foreign countries 1023 Commercial banks 1024 Foreign exchange rates 1025 Price movements in principal countries: Wholesale prices 1026 Consumers' price indexes 1027 Security prices 1027 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. SEPTEMBER 1954 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total :oreign In- countries Date t t i e i n o r s n n t a a i- l - Official U K d n i o i n m t g 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 t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e ti r n ica Asia ot A h l e l r tutions2 and 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 1,364.2254.5 1951—Dec. 31... 1,641.1 7,661.1 3,547.6 642.6 289.4 148.8 521.3 300.51,103.4 3,005.9 1,307.1 1,455.2 1,595.5297.4 1952—Dec. 31 . . 1,584.9 8,961.2 4,654.2 817.9 342.6 203.1 641.8 308.91.441.3 3,755.5 L.420.7 1,612.9 1.836.5335.6 1953—July 31. . 1,533.9 9,467.5 5,077.0 887.6 334.0 227.5 659.9 336.01,798.8 4,243.8 L,142.1 1,785.5 1,941.9354.1 Aug. 31. . 1,511.2 9,685.9 5,242.0 890.0 362.6 243.1 663.7 353.91,910.7 4,424.1 1,147.5 1,815.4 1,955.0343.9 Sept. 30.. 1,501.8 9,902.0 5,453.6 900.8 375.8 230.7 664.4 368.21,985.3 4,525.2 L,197.1 1,839.7 1,986.9353.2 Oct. 31.. 1,575.6 9,946 3 5,511.9 916.3 425.6 241.2 661.2 390.82,037.3 4,672.5 1,205 7 L.734.9 1,984.2349.0 Nov. 30.. 1,563.9 10,127.5 5,651.9 907.8 423.4 252.8 653.7 430.12,127.7 4,795.3 ,260.3 1,762.4 1,985.7323.8 Dec. 31. . 1,629.4 10,019.0 5,666.9 708.9 428.5 242.9 674.2 465.72,213.4 4,733.6 1,295.5 1,768.4 1,895.5326.1 1954—Jan. 31.. 1,702.1 10,127.0 5,741.2 714.0 412.0 211.6 670.4 474.52,315.8 4,798.3 ,334.9 1,772.5 1,901.9319.3 Feb. 28.. 1,677.6 10,300.1 5,903.1 734.4 435.6 215.6 671.7 491.82,391.7 4,940.8 1,348.4 1,788.1 1,892.0330.8 Mar. 31*. 1,698.5 10,350.0 5,925.2 797.9 419.9 215.4 665.2 494.62,417.3 5,010.3 L.340.4 1,866.8 1,801.7330.9 Apr. 305 1,678.0 10,460.6 6,062.9 899.5 285.9 226.9 664.8 519.22,501.4 5,097.7 1,282.3 1,998.6 1,762.1319.9 May 31 P. 1,683.8 10,553.1 6,253.5 951.8 387.5 250.4 649.0 482.02,542.6 5,263.3 1,277.2 1,993.9 L,710.0308.7 June 30P. 1,633.0 10,570.7 6,303.5 986.1 439.5 272.3 638.2 456.62,515.8 5,308.6 L,320.0 1,955.5 1,688.1298.5 July 31 P. 1,649.7 10,751.3 6,422.2 942.2 375.1 305.7 674.0 456.82.636.6 5,390.4 1,342.0 2,040.6 1,692.7285.6 Table la.—Other Europe Ger- Date E O u th ro e p r e A tr u i s a - g B iu el m - C v o z a s e k l c o i h - a - m De a n rk - F la i n n d - m F R a e e n d p. y . , Greece N w o a r y - l P a o n - d tu P g o a r- l m R a u n - iaSpain S d w e e n - T k u e r y - U.S.S.R.Y sla u v go ia - ot A h l e l r of 1950—Dec. 31.. 1,007.8 41.9 128.2 5.6 45.5 18.3 221.6 32.3 43.6 4.2 45.7 6.1 21.3115.3 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 7.1124.7 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—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 73.3110.3 2.9 70.3 5.8 22 1 94.3 8 4 8 0 13.2334 0 Sept. 30. . 1,985.3 161 1 148 0 .5 81.7 30.7 793.7 77.9113.7 3.4 66.7 5.8 23.4 103.5 14.2 8.3 7.4345.3 Oct. 31. . 2,037.3 169.9 118.2 .5 88.1 33.5 827.2 85.1115.7 2.2 70.0 5.8 32.7 96.0 16.7 2.0 9.0364.8 Nov. 30. .2,127.7 182.2 126.9 .6 92.8 35.7 850.0 92.0 117.6 2.9 73.1 6.0 35.9 105.2 22.6 2.8 7.7 373.6 Dec. 31. .2,213.4 190.9 130.3 .6 95.7 37.9 898.8 100.9118.5 2.2 72.4 5.8 36.0 116.7 14.2 2.0 6.9383.5 1954—Jan. 31.. 2,315.8 199.7 135.1 .6 104.2 39.7 943.1 106.5118.5 2.9 71.9 5.7 32.6 124.7 10.9 3.1 6.1410.4 Feb. 28.. 2,391.7 208.4 133.9 .6 97.0 42.5 971.7 110.8118.7 3.8 74.2 7.8 22.0 129.4 8.8 2.3 6.3453.3 Mar. 314. 2,417.3 217.4 142.1 .6 102.4 44.7 994.3 112.4122.0 2.4 76.1 7.9 21.9 119.2 9.4 1.8 5.8436.8 Apr. 305 2,501.4 227.6 121.2 .9 102.0 39.1 1,039.3 109.3130.1 2.8 77.0 7.8 20.5 121.0 9.2 2.5 4.8486.3 May 31 P.2,542.6 234 3 122 0 7 92.4 41.6 1,051.2 116.0130.6 2.2 83.5 7.8 22.1 121.9 8.9 2.6 6.2497.7 June 30P. 2,515.8 238.5 111.6 .6 92.7 44.3 1,084.9 114.0131.2 2.2 86.3 7.9 26.2 123.1 7.4 3.1 5.9435.9 July 31P. 2,636.6 258.0 118.0 .6 80.7 42.4 1,222.1 112.1127.2 2.2 88.5 7.9 37.5 157.0 6.4 2.8 6.8366.4 Table lb.—Latin America Neth- Do- er- Panmin- lands ama, El Other Latin Co- ican Guate- Mex- West Re- Peru Sal- Uru- Vene- Latin Date Amer- Argen- Bo- Brazil Chile lom- Cuba Re- mala ico Indies pub- vador guay zuela America tina livia bia pub- and. lic of ica lic Surinam 1950— Dec. 31. 1.612.9 301.8 20.4226.0 79.5 53 4 259.1 42.7 25.4 207.1 30.2 59.2 60.2 16.1 75.1 85.2 71.3 1951—Dec. 31. ,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—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. ,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. ,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 19.9110.0 86.0 116 2 385.0 41.9 32.7 180.2 49.0 82.8 68.2 28.7 93.5 173.1 124.6 Nov. 30. ,762.4 137.1 18.8148.9 81.5 132 0 352.6 42.4 32.1 189.3 52.2 79.9 73.5 24.9 89.4 184.1 123.5 Dec. 31. ,768.4 130.0 19.1101.7 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. ,772.5 139.2 18.8101.4 68.6 152 5 345.1 42.8 44.7 184.9 53.3 87.8 73.7 38.0 99.5 201.4 120.8 Feb. 28. 1,788 1 160.8 20.3 90.1 65.7 151 2 353.5 45.4 52.0 187.4 55.7 89.3 69.9 42.5 99.1 179.2 126.0 Mar. 314 L.8668 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. 305 L.9986 175.4 26.5 100.7 56.4 170 5 376.0 52.7 53.5 233.5 52.8 94.3 68.9 50.2 104.9 241.0 141.1 May 31P 1,9939 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 30P 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 July 31P 2,040 6 181.8 28.0167.4 73.9 236 2 332.4 61.1 44.9 210.0 50.9 91.6 66.6 36.3 112.6 208.2 138.7 ^Preliminary. For footnotes see following page. 1010 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 n o a i d s n in a a - H K o o n n g g India n I e n s d i o a - Iran IsraelJapan p r R u l e i e b a 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 u i f i c 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 86.8 1952—Dec. 31. 1,836.5 76.4 70.9 64.6 61. 0 19.2 18.8808.0 54.4 315.1 181.0 167.1 335.6 47.2 118.6 59.7 23 6 86.5 1953—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. i> 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 L,901.9 77 0 68 0 97 5 75. 7 41.5 26.0 795 4 98 7 298 1 153 170 7 319 ^ 51 5 91 1 44 0 34 s 98 1 Feb. 28. ,892.0 79.2 65.8 120.2 74.6 40.5 20.0737.7 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 I 181.2 330.9 49.6 83.3 49.7 43 9 104.3 Apr.305 1,762.1 79.0 66.3 85.1 65. 2 45.4 31.0639.7 103.7 317.7 144.6 184.3 319.9 49.5 81.1 61.8 32 8 104.8 May 31P 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 July 31P 1,692.7 75.1 64.6 79.2 60.5 28.6 25.1612.1 104.6 308.2 127.1 207.6 285.6 42.8 51.3 51.5 38 6 101.3 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 n.a. Afghanistan 8.3 10.6 4.0 na. Azores 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 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 Pakistan 13.0 13.1 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 18.0 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 na. 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 1.1 .3 Guiana .2 2.2 Liberia 1.6 6.1 10.3 11.8 Haiti 7.7 10.3 11.6 9.3 Libya .3 .5 2.3 n.a. Honduras 9.8 17.2 15.4 n.a. New Zealand 2.7 5.2 3.5 2.1 Nicaragua 5.7 .3 13.4 16.0 Portugguee se ddeeppeennddnencies . 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 pPreliminary. 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.). 4Beginning Mar. 31, 1954, banks whose total liabilities to foreigners are less than $500,000 are excluded. Banks claiming this exemption reported a total of 15.9 million dollars of such liabilities on that date. beginning 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. 1011 SEPTEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Date Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C ad an a - A L i m a c t a e in r- Asia o A th l e l r 1950—rj)ec 3i 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—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 923.8 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. 30 879.9 87.0 9.2 7.9 12.5 14.4 138.2 269.2 47.5 433.3 101.9 27.9 May 31 P 920 2 79 6 11 9 8 8 10.7 14.4 149.3 274.6 52.6 449.9 114.5 28.6 June 30? 967.1 79.7 10.7 11 .9 12.1 15.3 129.8 259.5 65.2 495.8 113.3 33.3 Table 2a.—Other Europe Ger- Date E O u t r h o e p r e A tr u i s a - g B iu el m - 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 en e- T k u ey r- Y sla u v g i o a - o A th l e l r Rep. of 1950—Dec. 31 68 0 2 21.5 3 2 2.2 25.4 .2 1.4 .5 1.6 6.9 .9 4.0 1951—Dec. 31 111.8 (8) 39.6 4.8 3.1 28.3 .2 2.5 .8 18.8 5.4 .6 3.9 4.0 1952—Dec. 31 120.7 .8 16.2 2.1 5.6 26.8 .2 1.9 .5 11.2 2.5 38.8 8.6 5.4 1953—June 30 81 3 1 11 6 1 3 3 8 30 9 .1 1.1 .5 6.9 2.4 11.3 4.7 6.5 July 31 84.1 .2 12.2 2.3 3.5 27.0 .1 .8 .5 14.4 2.6 8.7 5.3 6.4 Aug 31 88 5 4 10 3 3 5 3 4 30 3 .2 .8 .4 20.3 1.8 4.5 5.8 6.9 Sept. 30 91.7 .3 11.1 4.3 2.3 33.6 .4 1.0 .5 24.1 2.2 1.0 4.2 6.7 Oct 31 103 1 1 11 0 5 7 2 7 37 3 .5 .9 .4 22.6 1.7 7.7 5.3 7.1 Nov. 30 97.6 .2 12.3 5.3 1.8 31.3 .7 .8 .6 22.8 2.4 7.7 4.3 7.5 Dec. 31 109.5 .8 13.0 6.2 1.9 30.5 1.3 1.0 .6 24.3 2.7 15.7 4.8 6.8 1954—Jan. 31 132.3 .2 13.4 6.0 1.5 40.1 1.4 1.2 .4 24.4 2.1 29.2 4.5 7.9 Feb. 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. 312 134.7 .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. 30 138.2 .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 31 P 149 3 1 15 2 3 5 1 6 57 0 1 9 1 3 6 5.7 1.9 49.2 5 1 6.1 June 30P 129.8 .2 14.8 4.1 1.9 52.0 1.8 1.3 .6 3.5 2.4 35.9 5.3 6.2 Table 2b.—Latin America Neth- Do- er- Pan- 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 ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l W n a a d n n e i d d e s s s t l a p i R m c u e b 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 lic Surinam 1950—Dec. 31.. 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 3.1 11.0 6.8 8.0 49.4 14.6 1951—Dec. 31. . 489.3 7.6 7.5 185.0 24.8 43.7 32.3 1.8 3.8 90.6 1.2 3.0 11.8 9.5 10.5 41.7 14.5 1952—Dec. 31.. 662.0 8.2 5.8 356.4 26.4 41.7 32.5 1.6 4.2 88.6 1.3 6.5 14.8 9.1 14.3 36.7 13.7 1953—June 30.. 602.9 9.0 14.7 324.1 7.5 47.7 27.0 2.9 3.2 88.3 2.1 5.4 14.3 4.0 3.6 35.2 13.9 July 31. . 590.2 8.0 14.3 316.2 7.7 44.4 28.8 1.9 3.2 86.4 2.4 5.6 13.7 3.3 3.3 35.6 15.5 Aug. 31. . 594.1 7.6 13.4 319.6 7.5 48.9 24.0 1.9 3.0 89.0 2.2 5.4 15.1 3.7 3.2 35.4 14.2 Sept. 30.. 540.4 7.5 13.2 273.7 7.5 47.4 21.6 1.7 3.6 79.3 1.8 5.8 16.8 4.8 3.4 36.3 16.1 Oct. 31. . 502.4 7.0 11.9 203.6 6.1 47.1 41.7 1.7 4.2 86.3 3.0 4.9 17.7 6.0 3.8 39.2 18.2 Nov. 30.. 506.5 6.7 9.7 186.5 7.1 52.0 49.4 1.7 4.7 90.1 1.6 7.4 18.5 7.9 4.4 40.3 18.6 Dec. 31. . 472.7 7.1 10.8 125.1 22.6 56.9 51.2 1.9 4.1 92.9 2.6 4.6 20.2 8.2 3.7 41.6 19.3 1954—Jan. 31.. 473.3 7.3 9.2 121.9 20.9 53.1 60.0 2.0 3.4 98.1 2.6 5.7 18.8 8.9 2.8 40.8 17.8 Feb. 28. . 450.4 7.2 8.7 116.7 20.1 50.6 62.2 1.8 3.4 87.2 1.8 6.2 17.2 7.4 3.3 38.8 17.8 Mar. 312. 426.4 5.4 1.9 117.3 19.9 47.8 58.4 1.6 2.6 85.3 1.1 7.1 14.7 5.5 2.1 38.9 16.9 Apr. 30.. 433.3 6.2 1.7 117.4 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 June 30P. 495.8 7.7 2.0 164.2 12.2 66.4 56.8 2.5 2.9 81.7 2.5 7.7 16.0 4.6 6.3 44.5 17.6 ^Preliminary. 1 "Short-term claims" reported in these statistics represent principally the following items payable on demand or with a contractual maturity of not more than one year: loans made to and acceptances made for foreigners; drafts drawn against foreigners that are being collected by banking institutions on behalf of their customers in the United States; and foreign currency balances held abroad by banking institutions and their customers in the United States. The term "foreigner" is used to designate foreign governments, central banks, and other official institutions, as well as banks, organizations, and individuals domiciled outside the United States, including U. S. citizens domiciled abroad and the foreign subsidiaries and offices of U. S. banks and commercial firms. 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. 'Less than $50,000. 1012 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 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 ia - C g B o i n e a g l 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 i c 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—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 .1 4.9 4.3 17.5 25.8 7.6 6.7 1.3 4.5 5.7 Apr. 30. .101.9 8.1 3.2 3.9 .5 15.1 16.2 30.6 (*) 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 .1 10.5 5.7 19.5 28.6 7.7 7.1 .5 5.8 7.6 June 30*>. 113.3 8.1 3.1 3.5 .6 16.0 8.0 38.6 .2 8.7 6.2 20.1 33.3 8.2 7.8 .3 5.9 11.1 TABLE 3.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Government bonds U. S. corporate bonds and notes and stocks Foreign bonds Foreign stocks Year or month Net Net Net Net 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—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 58.6 234.4 -175.9 28.1 26.9 1.2 February 87.4 99.9 -12.6 77.1 85.7 -8.6 64.8 35.6 29.1 26.9 38.9 -12.0 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 April 65.2 30.0 35.2 112.1 96.5 15.6 54.3 80.0 -25.7 31.3 46.5 -15.2 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 June? 48.9 21.6 107.2 99.9 7.3 53.2 43.1 10.0 28.7 79.0 -50.3 27.3 TABLE 4.—NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Y m e o a n r t o h r n t a I u i n n t t i i s t o o e t n i n r - - a s l f c o T t o r r o e i u e t i n a g s - l n U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L i m 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 l!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 (3) — .9 1953—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 (3) .5 12.7 -50.5 .3 .4 1.0 Oct.... -8.2 6.3 4.2 .3 -2.8 1.3 (3) 1.6 4.7 -9.9 11.8 .1 -.3 Nov.... 8.5 — 13.0 —2.5 .2 -.1 2.1 -.5 (3) -.7 -14.9 3.9 -.5 -.8 Dec... -4.4 14.2 25.7 1.1 -1.1 1.2 .1 1.6 28.5 -17.4 2.7 -.5 .9 1954—Jan.. . . .9 -8.1 9.0 -7.1 -2.0 1.1 (3) 1.0 2.1 -6.8 -3.3 -.3 .3 Feb.. .. .7 -21.8 6.1 -16.2 -2.9 .1 -.1 1.9 -11.1 -6.7 -2.9 -.1 -1.0 Mar.... .5 34.5 9.2 21.4 -3.7 2.3 -.4 1.4 30.2 -.3 3.2 (3) 1.4 Apr.... .6 50.1 5.0 36.1 -4.6 10.5 .1 2.7 49.7 -5.2 3.3 .8 1.4 May*. . 21.8 -8.6 3.4 2.2 -3.4 5.4 -.4 3.6 10.8 -34.3 14.8 -.2 .4 JuneP.. .5 28.3 3.5 1.5 -1.9 2 .2 1.5 4.6 -8.3 31.2 .1 .7 P Preliminary. *Not reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. SLess than $50,000. 4 Includes transactions of international institutions. SEPTEMBER 1954 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS * [Net sales, (—). In millions of dollars] [In millions of dollars] Y m e o a n r t o h r n t I a u i n n t t i i t s o o e t n i n r - - a s l f T c o t o r r o e i u e t i n a g s l - n E T u o ro ta p l e C ad a a n- A L i a m c t a i e n r- Asia o A th l e l r Date Deposits U se . c A S u . s r s i G t e i t o e s v s 2 i t n . c l u M a s n t i o e s d c o e y u l s - 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—Aug. 31 524 2,588 95 Sept. 30 512 2,641 94 1953—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 Sept... 14.0 6.5 5.1 2.4 -.7 .7 1954—Jan. 31 440 2,632 99 Oct.... -73.1 41.1 33.7 -9.8 9.3 -.8 8.8 Feb. 28 490 2,716 88 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 Aug. 31 477 2,989 82 Apr.... .7 -41.6 -5.9 -35.9 1.7 -2.5 .9 Mayp . -2.2 -13.1 -17.6 -2.4 3.4 3.0 .4 1954—Aug. 4 525 3,057 84 June?. 0) -40.3 -9.9 -28.5 2.6 -4.7 .3 Aug. 11 559 3,056 85 Aug. 18 548 3,036 84 Aug. 25 562 3,012 82 * Preliminary. iLess than $50,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1017, 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.1 monthly A So fr u ic th a d R e h s o i - a A W fr e ic st a2 C B o el n g g ia o n 2 U St n a i t t e e s d 3 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 4 Au li s a tra- India2 $1 = 15 Hi grainsof gold fto fine: i.e., an ounee of fine gold = 5 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949. 840 0 753 2 409 7 18 5 23.1 12 9 67.3 144.2 14.2 12 6 6 3 7 7 31 3 5 7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 . 864.5 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 ••777.2 417.9 17.5 25.4 13 0 69.7 142.4 16.9 15.3 4.6 9.1 37.7 '7.8 1953—June 64.7 34.1 1.5 2.1 L.I 6.0 12.7 1.2 1.0 .4 .8 3.4 .5 July 67 0 35 9 1 5 2.1 1 6.8 12.9 1.1 1 1 3 9 2 8 7 August.... 66.0 35.6 1.5 2.1 L.2 6.2 11.5 1.4 1.1 .3 .8 3.7 .6 September. 65.7 35.0 1.5 2.1 L.2 6.2 11.7 1.3 1.9 .4 .7 3.0 .7 October. . . 64.9 35.6 1.5 2.2 L.2 6.8 10.0 1.4 1.3 .5 .8 3.1 .6 November. 64.3 35.1 1.5 2.2 L.I 6.2 »-9.6 2.0 1.6 .4 .7 3.3 .6 December. 64.4 35.7 1.5 2.2 .9 6.1 9.6 2.1 1.1 .4 .7 3.7 .5 1954—January.. . 35.7 1.5 2.1 L.5 5.1 10.3 1.4 .4 .7 2.9 .6 February.. 34.5 1.5 2.2 .1 4.9 10.9 1.2 .3 .7 .6 March 37 5 1 5 2.2 5.4 12.9 1 l 7 7 April 37.0 1.6 2.2 L.I 4.9 12.5 .9 .7 .7 May 38 3 2.3 n 5.0 13.4 1 0 7 .6 June 38 3 2.3 L.O 6.1 7 'Revised. 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. 3 Yearly figures through 1952 are estimates of United States Mint. Figures for 1953 and 1954 are estimates of American Bureau of Metal Statistics. 4 Gold exports reported by the National Bank of Nicaragua, which states that they lepresent 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. 1014 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 June 30 Sept. 30 Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31 Mar. 31 June 30P Continental Western Europe: Austria . 92 107 102 126 143 154 166 208 238 267 289 Belgium-Luxembourg (and Belgian Congo) 848 898 969 1,036 1,035 1,052 1,044 1,081 1,098 1,124 1,055 France (and dependencies)l 834 896 906 1,022 967 883 926 1,003 1,049 1,060 1,090 Germany (Federal Republic of) ... 222 434 545 604 691 770 893 1,053 * 1,225 1,381 1 ,503 Italy. 571 633 613 638 655 651 660 714 812 841 803 Netherlands (and Netherlands West Indies and Surinam) 559 524 603 734 815 905 953 1,022 1,055 1,064 1,122 Norway. 94 150 145 154 160 171 164 169 171 169 178 Portugal (and dependencies) 257 331 342 356 374 391 412 437 469 499 516 Spain (and dependencies) 132 128 129 131 130 130 134 138 150 136 142 Sweden 205 224 281 280 275 283 280 309 335 337 342 Switzerland 2,023 1,973 2,009 2,010 2,053 2,051 2,091 2,120 2,133 2,134 2,107 Turkey 164 165 171 155 151 153 152 157 157 153 151 Other2 828 651 822 947 919 980 1,032 1,091 1,183 1,292 1,320 Total 6,829 7,114 7,637 8,193 8,368 8,574 8,907 9,502 10,075 10,457 10,618 Sterling Area: United Kingdom 3,557 2,843 2,218 2,241 2,318 2,627 2,886 3,051 3,009 3,198 3,536 United Kingdom dependencies.... 120 99 103 109 113 113 109 111 108 105 113 India 303 309 306 302 312 323 334 340 346 329 338 Union of South Africa 241 197 159 170 194 207 212 214 214 '221 225 Other 232 326 348 353 347 356 369 354 '375 '372 376 Total 4,453 3,774 3,134 3,175 3,284 3,626 3,910 4,070 '4,052 '4,225 4,588 Canada.... 1,988 2,157 2,396 2,437 2,492 2,435 2,238 2,292 2,417 2,487 2,462 Latin America: Argentina 518 518 415 398 427 485 519 520 503 543 550 Brazil 543 417 398 406 390 393 451 481 423 431 417 Chile 120 99 96 100 121 128 129 134 121 102 106 Cuba 530 575 635 601 515 527 579 587 531 548 532 Mexico 415 366 266 320 375 393 339 325 341 329 3287 Uruguay . . .. . .. 311 306 309 302 301 309 311 311 337 329 331 Venezuela 458 445 503 527 519 490 530 571 595 562 621 Other 560 634 679 683 721 812 814 779 772 868 880 Total 3,455 3,360 3,301 3,337 3,369 3,537 3,672 3,708 3,623 3,712 3,724 Asia: Indonesia . . . .. . . 324 421 456 367 296 275 246 198 184 166 140 Iran 160 163 159 156 157 156 155 168 181 185 171 Japan... 587 729 849 898 936 1,026 1,022 1,062 958 807 747 Philippines 377 337 341 329 324 334 316 318 304 319 306 Thailand 166 210 240 271 294 306 311 304 281 268 243 Other 256 325 310 355 360 401 363 374 401 451 444 Total •"1,870 2,185 2,355 2,376 2,367 2,498 2,413 2,424 2,309 2,196 2,051 Eastern Europe4 . . .. 344 309 307 310 307 307 306 314 306 308 309 All other: Egypt 173 285 292 266 234 227 229 218 217 224 226 Other. .. 28 42 38 44 49 57 61 63 67 74 68 Total 201 327 330 310 283 284 290 281 284 298 294 Total foreign countries -•19,140 19,226 19,460 20,138 20,470 21,261 21,736 22,591 '23,066 '23,683 24,046 International5 3,090 3,171 3,150 3,266 3,287 3,249 3,272 3,212 3,331 3,401 3,360 Grand total '22,230 22,397 22,610 23,404 23,757 24,510 25,008 25,803 '26,397 '27,084 27,406 P Preliminary. r Revised. 1 Includes gold reserves of Bank of France and French dependencies only. 2Includes holdings of other Continental OEEC countries, Finland, Yugoslavia, Bank for International Settlements, (both for its own and European Payments Union account), gold to be distributed by the Tripartite Commission for Restitution of Monetary Gold, and unpublished gold reserves of certain Western European countries. 3Includes latest available figure for Mexican gold reserves (Apr. 30). Estimated change for remainder of quarter is included in "Other Latin America." 4Excludes gold reserves of the U. S. S. R. 6Includes 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 aa purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245. SEPTEMBER 1954 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a en rk - E d c o u r a- U.S.S.R.)i Treasury Total2 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec 36,280 23,186 23,252 706 21 317 896 42 214 31 23 1953—July 22,277 22,353 701 21 317 951 41 196 31 23 Aug. 22,178 22,275 715 21 317 960 41 196 31 23 Sept 36,480 22,128 22,220 721 21 317 970 42 196 31 23 Oct 22,077 22,146 754 21 317 976 42 186 31 23 Nov 22,028 22,112 766 21 317 984 42 186 31 23 Dec.. . . 36,710 22,030 22,091 776 21 321 996 42 186 31 23 1954—jan 21,956 22,044 779 21 321 1,005 42 186 31 23 Feb 21,958 22,036 787 21 321 1,017 42 186 31 23 Mar. . . 361920 21,965 22,035 787 321 L.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... 'P37',095' ' 21,927 22,027 765 321 1,042 42 186 31 23 July- 21,908 21,960 765 322 1.050 31 23 Ger- E m n o d n t o h f Egypt France3 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—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 86 772 47 38 36 May 174 576 406 247 137 772 47 38 June 174 576 418 247 137 P774 47 38 July.... 174 576 478 P794 45 38 Inter- Bank for E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden S l w a e n r i - t d z- T la h n a d i- Turkey U K d n i o i n m t g e - d g U u r a u y - V zu e e n l e a - n M a t t a o io r n y n e a - l n S a In e ti t t o t e l n r e - a - l Fund ments 1949—Dec 178 17 128 85 70 L.504 118 154 41,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 1,470 118 150 43,300 236 373 1,495 167 1951—Dec 265 26 190 51 152 1,452 113 151 42,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 41,846 207 373 1,692 196 1953—July 330 29 175 54 203 1,450 113 144 42,456 222 373 1,699 195 Aug 331 29 176 54 204 L ,452 113 143 42,469 222 373 1,700 188 Sept.. . . 337 29 175 54 206 L,456 113 143 42,486 222 373 L.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 L.469 113 144 42,583 227 373 L,7O2 190 Mar.. . . 386 29 177 54 218 1,469 113 144 42,685 227 373 1,703 199 Apr 391 29 180 54 218 ,471 113 144 42,820 227 373 1,719 197 May.... 393 29 180 55 218 1,450 113 144 42,985 227 373 1,727 186 June 393 29 187 56 219 ,469 144 43,017 403 1,727 182 July.... P403 29 188 219 L,485 144 43,013 403 1,733 186 pPreliminary. 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 offi cial holdings of countries from which no reports are received. 2 Includes gol d 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). 4Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555 , in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1016 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] Year or quarter Total K U in n g i d te o d m g B iu e m l- France N la e e n r t d - h s - Po g r a t l u- S d w en e- S l w a e n r i - t d z- E O ur t o h p er ex Canada A t r i g n e a n- Cuba Mexico 1945. -452.9 31.1 278.5 -47.9 -86.8 -7.4 36.8 -224.9 -85.0 -23.8 1946. 721.3 2 14.2 -10.0 80.2 -29.9 27.3 337.9 153.2 -30.0 36.9 1947. 2,864.4 406^9 222.8 264.6 130.8 116.0 238.0 10.0 86.6 311.2 727.5 -65.0 45.4 1948. 1,510.0 734.3 69.8 15.8 40.7 63.0 3.0 -5.6 5.8 114.1 -10.0 61.6 1949. 193.3 446.3 -41.0 -23.5 14.0 -40.0 2-159.9 3.4 -49.9 -10.0 -16.1 1950. -1,725.2 -1,020.0 -55.0 -84.8 -79.8 -15.0 -22.9 -38.0 -68.0 -100.0 28.2 -118.2 1951. 75.2 469.9 -10.3 -20.0 -4.5 -34.9 -32.0 -15.0 -60.1 -10.0 -49! 9 -20.0 -60.2 1952. 393.7 440.0 -3.8 -100.0 -5.0 22.5 -27.3 7.2 -20.0 87.7 1953. -1,164.3 -480.0 -84.9 -65.0 -59.9 -20 i 6 -65.0 3-241.8 -84.8 -28.1 1952 Jan.-Mar.. 557.3 520.0 20.2 22.5 -10.1 11.3 Apr.-June. 105.7 6.9 101.4 July-Sept.. -1.3 .3 Oct.-Dec.. -268.0 -80.0 -24.0 -100.0 -5.0 -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. -20.0 July-Sept -306.6 -120.0 -12.4 -15.0 -10.0 -15.0 -82.8 -10.0 Oct.-Dec -130.3 -32.6 -15.0 -5.0 -65.3 1954 Jan.-Mar... -63.0 -20.0 3-42.3 Apr.-June.. -19.6 -50.0 -5.0 3-16.8 80.3 NET GOLD PURCHASES BY THE UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES (Negative figures indicate net sales by the United States) [In millions of dollars] [In millions of dollars at $35 per fine troy ounce] Gold stock at Ear- Y qu e a a r r t o er r g U u r a u y - V zu e e n l e a - A O L m i a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th a n o A th l e l r Period T e r n e d a s o - fp T e o ri t o a d l 1 I i n n s g c to o r to e l c d a t k a s l e g p e o o x N ( l - d r p e ) t o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n d s s e e e - d e- p D ti r c t o o i m o d g u n o e l c s d - ury (-) 1945 -37.9 -73.1 -27.8 4-188.3 3.7 1946 —4.9 -9.2 25.0 13.7 94'. 3 22.9 1942 22,726 22,739 -23.0 315.7 -458.4 125.4 1947 25.1 -3.7 79.1 1.0 256.0 11.9 1943 21,938 21,981 -757.9 68.9 -803.6 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 1 1 1 1 1 9 9 9 9 9 5 4 5 5 5 2 9 0 3 1 . .. . .. - - — 1 6 2 1 4 4 1 2 4 5 . . . . 4 8 2 9 0 -5 - 0 . . 9 0 - - - 1 2 1 - -3 7 7 7 5 . . . . 5 2 2 1 8 6 - - - 5 3 5 - - 7 6 2 5 0 . . . . . 1 0 1 4 1 1 5 1 1 9 2 3 5 1 . . . . 1 7 1 5 5 5 - - 4 8 - - — 7 4 1 2 . 9 . . . 2 6 0 0 9 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 6 8 9 7 5 2 2 2 2 2 4 4 0 0 2 , , , , , 4 2 0 5 7 2 4 6 2 5 7 4 5 9 4 2 2 2 2 2 0 4 0 4 2 , , , , , 0 7 3 5 8 0 8 9 6 6 6 3 9 3 8 22 1 - , , 5 1 5 6 1 4 6 3 2 6 7 2 0 3 4 . . . . . 8 1 1 6 4 1 1 - , , 1 6 8 3 6 0 8 6 1 8 6 0 1 6 6 . . . . . 3 5 5 4 3 - - - 1 3 4 < 2 = 5 9 5 1 4 9 5 6 6 0 . . 5 . . 2 7 7 0 .4 6 3 5 7 7 7 1 2 0 5 . . . . 2 3 0 9 8 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1952 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... 10 0 -17 6 -3.2 4 3 1953 22,030 22,091 — 1,161.0 2.2 -1,170.8 69.7 J A u p ly r. - - S Ju ep n t e - - 7 2 . . 4 0 -2.4 .4 7.2 " "—. i 1953—Aug... 22,178 22,275 -77.4 -.1 -78.8 6.2 Oct.-Dec 4.8 2.0 -1.8 -1.9 Sept.. 22,128 22,220 -55.6 -.1 -55.0 6.2 Oct.. . 22,077 22,146 -73.3 .6 -72.5 6.8 1953 Nov. . 22,028 22,112 -34.0 -.6 -35.1 6.2 Dec.. . 22,030 22,091 -21.9 -1.4 -21.2 6.1 Jan.-Mar... — 10 0 —3 6 — 1.1 Apr.-June —5 0 -1.2 1954—Jan.. . 21,956 22,044 -46.6 -5.5 -43.3 5.1 J O u c l t y . - - S D e e p c t . - - . . 1 1 - - 2 1 . . 4 4 " _9 [ 9 F M e a b r . . .. . 2 2 1 1 , , 9 9 6 5 5 8 2 2 2 2 , , 0 0 3 3 5 6 - - 1 7 . . 5 7 9 1 . . 0 6 - - 2 9 . . 0 9 4 5. . 4 9 Apr... 21,969 22,083 47.9 2.4 37.5 4.9 1954 May.. 21,973 22,039 -44.1 1.2 -48.4 5.0 A Ja p n r . . - - M Ju a n r e... -5.0 -30'. 6 1 2 3 . . 0 2 -8.9 -. i J A J u u u l n g y e . . . . . . . P 2 2 2 1 1 1 , , , 9 9 8 2 0 0 7 8 9P 2 2 2 2 1 1 , , , 0 9 8 2 6 9 7 0 7 P - - - 1 6 6 1 6 3 . . . 6 5 9 (3 3 1 ) . . 3 5 4- - - 6 1 7 5 6 2 . . . 4 9 7 6 6 (3 . . ) 1 1 1 Includes Bank for International Settlements. ^Preliminary. "Corrected. 2 Includes sale of 114.3 million dollars of gold to Italy. 1See footnote 2 on opposite page. 3 Includes sales of gold to Federal Republic of Germany as follows: 2Change includes transfer of 687.5 million dollars gold subscrip- 1953, 130.0 million dollars; 1954, Jan.-Mar., 40.0 million; Apr.-June, tion to International Monetary Fund. 15.6 million. 3 Not yet available. 4 Includes sales of 185.3 million dollars of gold to China, 4 Gold held under earmark at the Federal Reserve Banks for foreign includes sales of gold to Egypt as follows: 1950, 44.8 million account, including gold held for the account of international institudollars; and 1951, 76.0 million. tions, amounted to 6,704.8 million dollars on Aug. 31, 1954. Gold 6Includes sales of 45.0 million dollars of gold to Indonesia. under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. SEPTEMBER 1954 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] 1954 1953 1954 1953 International Bank Monetary Fund June Mar. Dec. Sept. June Apr. Jan Oct. July Apr Dollar deposits and U. S. securities 415 468 427 379 414 Gold 1,719 1,702 1,700 1,699 1,693 Other currencies and securities1. 1,034 990 1,011 1,018 1,035 Currencies:* Effective loans2 1,663 1,562 1,535 1,408 1,417 United States 1,408 1,386 1,310 1,332 1,338 Other assets3 31 33 25 21 16 Other 4,824 4,847 4,920 4,885 4,640 IBRD bonds outstanding 777 742 653 567 556 Unpaid member subscriptions.. . 889 796 799 812 1,057 Undisbursed loans 380 357 401 325 398 Member subscriptions 8,849 8,739 8,739 8,737 8,737 Other liabilities 10 7 7 5 6 Accumulated net income -8 -8 Reserves 146 137 129 122 114 Capital 1,830 1,808 1,808 1,808 1,807 Cumulative net drawings Sub- on the Fund9 Loans as of June 30, 1954 scrip- Country8 Quota p ti a o i n d 1954 1953 Country4 Outstanding g i o n ld Prin- Dis- Undis- Re- May Apr. Mar, May cipal bursed bursed paid Sold Total to others8 Australia 200 8.4 32.0 32.0 32.0 50.0 Brazil 150 37.5 65.5 65.5 65.5 37.5 Denmark 68 5.9 10.2 10.2 10.2 10.2 Australia 204.0 151.1 52.9 151 France 525 108.1 125.0 125.0 125.0 125.0 Belgium 86.0 83.1 2.9 1.0 82 16.9 Germany 330 33.0 -46.1 -4.4 -4.4 Brazil 194. 124.4 69.7 1.0 123 4.7 India 400 27.5 63.8 63.8 63.8 ioo!6 Chile 37.3 16.0 21.3 2.6 13 .3 Japan 250 62.5 62.4 62.4 62.4 Colombia 69.3 36.4 32.9 2.8 33 1.0 Mexico 90 22.5 22.5 22.5 Denmark 40.0 40.0 .9 39 1.3 Turkey 43 10.8 27.0 27.0 27.0 10.0 Finland 38.1 29.7 8.4 4.3 25 .4 United Kingdom.. ,300 236.3 108.3 108.3 108.3 266.0 France 257.5 250.0 7.5 5.3 244 3.0 United States.... 2,750 687.5 -589.7 -623.9 -605.9 -704.8 India 100.5 55.9 44.6 11.5 44 4.1 J N M N a o e p e t r x a h w i n e c a r o y lands 22 4 2 8 1 0 5 0 . . . . 5 2 0 3 22 6 1 1 2 4 0 . . . 5 . 3 0 1 3 1 1 6 8 5 . . . 1 0 0 19.5 20 6 1 2 0 0 4 1 6 2 2 . . . 7 0 1 eff 2 1 e O c R ti e t v h p e e r , r e s c r e e u n p r t r a s e y n t m o ci t e e a n s l t i s n p , c ri l t n u h c d e i e p s n a d e l t e o m a f m a a n o u d u t h o n o b t r l i i o z g u e a t d t s i o ta l n o n s a d h n i e n s l , g d l e i o n s n s l ie l l o o u a a n o n s f s d n s e o o p l t d o s y i o e ts r t . T T Pa u h k a rk i i s l e a t y a n n d 4 2 6 4 5 3 . . . 4 4 4 2 2 1 1 2 4 . . . 0 0 4 3 4 0 2 3 . . . 0 4 4 ' ' . . . 1 2 2 2 2 1 1 0 4 1. . . 2 1 5 agr 3 4 e L E e o x d a c n l t u o s d b e t s e o u so d n l e c d p a l e t l n e o d d o e n t p h c o e i r e r t s i s o , n a o s n f d o m f e x e c m c a h p b a i e t n a r g l e s c u o a b u d s n j c u tr r s i i t e p m s ti e o a n n r t s . e . included with Union of S. Africa 110.0 91.8 18.2 .6 91 2.6 member. U U O Y r n t u h u i g t e g o e r u s d a l a y K vi i a ngdom.. 10 4 3 6 1 2 3 0 . . . . 2 0 0 3 2 4 6 3 2 6 9 . . . . 3 8 4 4 3 1 1 1 0 8 4 . . . . 8 2 3 7 2 2 . . 0 7 3 2 4 6 3 2 3 7 3. . . 6 5 3 no 6 8 t 7 i I n O I g n n c f u c c l l a u l t u u r h d a d d i e n e e s s t s s e a a e 8 c m l d o s 8 o o u m b u n l n y o t i r l t a i l , t e i n h o s 2 s e n 6 a h B d g a m o r v a e l i i n l e l n a l k d i g r o . s n t c o i u n d m b o l e o u ll a l a s a n o r t s l s i d v p i e s b o u g n t t u e y a t n e r o d t a t r n e a t y f w e f e e e i t c n d t g d iv a i s s e n b o . d u f r 3 s ( e 6 + d ) m . o il r li o (— n i ) s Total 61,873.9 405.6 468.3 56.8 1,348.8 762.1 10 9 R m e il p li r o e n s e d n o ts ll a f r o s r o e n a c th h e c la o t u e n s t t r y d at p e u . rchases of other currencies from Fund less purchases of own currency by it or other countries. CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fi p gu o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold1 a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h a i i t e l n a i r - d l 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 L,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 L,575.0 51.3 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Aug. 26 .4 1,575.0 32.2 3.6 367.8 1,545.7 277.5 8.8 31.6 67.3 18.4 Sept. 30 .4 1,575.0 45.2 5.2 356.6 1,532.7 287.3 10.7 19.9 70.6 18.6 Oct. 28 .4 1,575.0 45.5 12.9 343.2 1,532.4 287.3 9.9 17.6 68.9 17.8 Nov. 25 .4 1,575.0 27.9 7.6 362.9 1,549.9 288.8 10.4 11.5 69.9 17.9 Dec. 30 .4 1,675.0 57.8 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—Jan. 27 .4 41,575.0 42.6 15.4 330.2 1,535.2 278.6 10.7 12.5 68.1 18.3 Feb. 24 .4 1,575.0 29.9 14.0 340.1 1,547.9 284.0 10.9 4.7 65.9 18.4 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 1,625.0 15.5 7.5 369.5 1,612.6 289.3 11.7 6.6 67.1 17.8 May 26 .4 1,625.0 14.7 7.0 352.5 1,613.4 267.8 14.0 4.6 69.8 18.0 June 30 .4 41,675.0 30.2 11.7 374.6 1,647.4 307.7 10.6 8.7 71.3 18.2 July 28 .4 4L,750.0 36.8 8.2 338.7 1,715.8 269.1 14.8 10.2 71.3 18.3 *On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4Fiduciary issue decreased by 50 million pounds on Jan. 6, by 25 million on Jan. 13 and Jan. 27 and increased by 50 million on Mar. 17, June 2 and July 13, and by 25 million on July 28. 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. 1018 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n r a es d i i a n n m d i o ll l i l o ar n s s ) of Gold* an S d S t e t U a rl t n i e n i s t g ed securities O as t s h e e t r s circ N u o la t t e ion8 lia O b a t i n h li c e H ] r es dollars S te h r o m rt 3 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital4 ment 1941—Dec. 31 200 9 391.8 216.7 33 5 496 0 232 0 73 8 6 0 35 1 1942—.Dec 31 5 807 2 209 2 31 3 693 6 259 9 51 6 19 1 24 o 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 L 036 0 401 7 ? Q 27 7 209 1 1945—De~. 31 156 8 1,157.3 688 3 29 5 1,129 1 521 2 153 3 29 8 198 5 1946—Dec. 31. . 1.0 1,197.4 708.2 42.1 I,186 2 565.5 60 5 93 8 42 7 1947—Dec. 31 2 0 1,022 0 858 5 43 7 1,211 4 536 2 68 8 67 5 42 4 1948—Dec. 31. . 4 1,233.7 779.1 45.4 1,289 1 547.3 98 1 81 0 43 1 1949—Dec. 31 74 1 1,781 4 227 8 42 5 ,307 4 541 7 30 7 ?* 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 o 1952—Dec. 31 77 1 1,459.8 767.2 77 3 ,561 2 626 6 16 2 44 5 132 9 1953—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 1 519 2 634 4 48 8 29 5 141 Feb. 27 53 0 1,374.8 900.8 116 7 1,506 2 676 6 126 1 34 4 102 0 Mar. 31. . 50 0 1,552.8 636.3 146.2 1,512.6 660.0 81.8 28 9 102 0 Apr. 30 58 3 L,7O3 8 568.0 101 2 1,535 7 661 7 86 0 27 3 120 6 May 31 . . 61 5 1,740.4 520.5 103.2 1,546.6 589.3 143 8 30 3 115 7 Tune 30 54 2 L,568 5 702 0 112 9 1,553 5 624 4 99 0 41 4 119 2 July 31 53.6 1,651.2 502.3 109.9 1,572.1 543.9 50.5 30.9 119 5 Assets Liabilities Bank of France Advances to (Figures in Foreign Domestic bills Government8 Other Note Deposits7 O lia t b h i e l r millions of francs) Gold* ex- assets8 circula- iti change m O a p r e k n et6 Special Other Current Other tion G m ov e e n r t n- ECA Other ca a p n i d tal 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1 517 25 27? 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 33 137 596 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 L45.447 24,734 570,006 12 048 57 755 4 087 1945—Dec 26 94 817 7 37 618 135 76,254 67,900 t80,447 33 133 721,865 765 63 -168 7 213 1947—Dec. 31 6S ,225 12 67,395 64 117,826 147,400 558,039 59,024 920 733 8? 479 10 942 1948—Dec. 30... 6S ,225 30 97,447 8 577 238,576 150,900 558,039 57,622 987 621 806 171 78^? 16 206 1949—Dec. 29 6? ,274 61,943 ,689 548 335,727 157,900 560,990 112,658 1,278,211 1 ,168 1S8 19 377 1950—Dec. 28... 182,785 162,017 136,947 34, 081 393,054 158,900 181,039 212,822 1,560,561 70 15,058 161, 720 24 234 1951—Dec. 27... 191,447 28,320 234 973 31 ,956 741,267 160,000 :81,039 190,830 1,841,608 29 10,587 166, 226 41 332 1952—Dec. 31... 200,187 31,068 274,003 57, 042 937,459 172,000 179,982 159,727 2,123,514 27 897 137, 727 49 305 1953—Aug. 27... 201,282 2,870 276 048 4, 877 953,856 200,000 568,349 144,1542,176,277 41 397 188, 594 86 126 Sept.24... 201 ,282 4,803 260 777 23, 441 905,862 200,000 517,049 133,3852,141,807 73 394 139, 313 65 011 Oct. 29... 201 ,282 9,319 272 559 49, 968 877,283 200,000 532,149 152,0852,193,383 96 479 139, 662 61 023 Nov. 26... 201,282 12,444 255 680 59, 533 836,117 200,000 554,949 150,222 2,168,977 78 458 131, 490 69 224 Dec. 31... 201,282 15,421 292 465 61, 108 891,560 200,000 579,849 169,9642,310,452 21 2,061 142, 823 56 292 1954—Jan. 28... 201,282 18,596 262 211 56, 988 895,508 195,000 557,549 162,772 2,253,485 72 628 133, 398 62 323 Feb. 25... 201,282 20,807 272 186 51 ,577 870,066 195,000 567,549 159,027 2,257,405 42 627 131, 996 47 425 Mar. 25... 201,282 23,646 277 003 40, 319 905,854 195,000 572,949 146,1952,235,417 70 79 114 617 62 064 Apr. 29... 201,282 27,862 218 436 33, 162 982,829 195,000 563,349 192,4242,322,140 15 98 132 387 59 704 May 26... 201,282 31,344 208 288 26, 612 934,538 195,000 551,849 210,3312,272,409 17 134 128 816 57 869 June 24... 701,282 34,133 717 399 18, 317 946,002 195,000 556,749 185,682 2,270,081 84 202 119 155 65 043 July 29... 201,282 37,884 264 197 12, 206 1,018,726 195,000 552,449 9196,282 2,386,357 70 348 132 203 59 047 *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. «For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580; 1942, 16,857; 1943, 10,724. includes advance to Stabilization Fund, amounting to 57.6 billion francs on July 29. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. SEPTEMBER 1954 1019 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) July June May July date of month) July June May July Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia— Cont. Gold reported separately 1,623 1,623 1,623 Loans and discounts 365,792363,019350,917 360,920 Other gold and foreign exchange. 1,767 1,798 921 Government loans and securities. 257,266258,912258,966 199,842 Government securities 3,771 3,808 3,210 Other assets 138,625137,594126,349 97,758 Rediscounts and loans to banks.. 62,798 62,000 53,350 Note circulation 668,904684,064634,734 542,964 Other assets 254 247 295 Deposits 501, 550 472,697 438,008 404,467 Currency circulation 26,213 26,003 22,534 Other liabilities and capital 115,416119,765111,943 85,473 Deposits—Nationalized 39,124 38,626 32,803 Central Bank of Costa Rica Other sight obligations 464 553 456 (thousands of colones): Other liabilities and capital 4,412 4,295 3,607 Gold 11,503 11,503 11,503 11,511 Commonwealth Bank of Aus- Foreign exchange 83,957 96,939 91,719 112,638 tralia (thousands of pounds): Net claim on Int'l. Fund3 7,032 7,032 7,032 7,031 Gold and foreign exchange 466,460 505,414539,847 490,880 Loans and discounts 108,471101,828103,086 74,549 Checks and bills of other banks.. 5,445 13,552 9,061 4,704 Securities 1,963 1,195 500 1,376 Securities (incl. Government and Other assets 25,468 24,813 25,154 24,389 Treasury bills) 447, 073 457,739 403,738 431,892 Note circulation 137,908138,440138,299 138,455 Other assets 70,566 64,936 70,438 53,633 Demand deposits 71,358 76,303 70,706 67,937 Note circulation .# 345,077343,827344,113 329,113 Other liabilities and capital 29,128 28,567 29,989 25,102 Deposits of Trading Banks: National Bank of Cuba Special 334,670351,920353,920 292,930 (thousands of pesos): Ot O he th r e l r iabilities and capital 25 5 8 0 , , 9 8 3 5 9 9 29 54 1 , , 4 4 0 9 5 02 4 7 8 6 , , 7 3 5 0 0 1 32 3 2 6 , , 8 2 1 5 3 2 F G o o r l e d ign exchange (net) 1 2 8 7 5 , ,8 5 7 7 1 9 1 3 8 6 5 , , 0 7 3 4 9 8 1 6 9 1 5 , , 7 7 5 4 1 8 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 304,480 296,181 233,446 Gold 328 271 186 100 Silver 14,209 O F L C N D o o l t e o a h r a p t i e e e n m o i r s g s c i n a a a i t r s s n g c e s — d a u x e i t l c n B s d a h s t i a a i t s o n n c G n k g o s e u o n v t e s rnment 1 9 5 2 1 1 , , , , , 9 1 4 7 3 0 8 2 7 3 0 2 1 2 7 3 2 1 8 5 2 1 0 , , , , , 8 9 7 2 9 1 1 7 3 9 5 3 9 7 9 8 1 2 8 5 1 0 , , , , , 7 8 5 4 6 8 6 5 3 3 3 0 1 6 6 3 6 4 6 9 1 , , , , 4 3 8 2 65 7 5 2 8 2 3 8 1 3 3 3 O N L C D N o r t e e o h e a t p t d e e n o c r i s s t l c s a i a i a t i r s s n m t c s o d u e t l o G s d a n t i o i s o v c I n e n o r t u n ' n l m . t s F en u t nd3 4 2 3 4 2 4 7 1 3 0 1 5 7 2 , , , , , , 0 0 9 7 5 4 7 1 9 2 2 9 1 2 8 9 2 6 4 2 4 4 2 4 7 1 1 0 7 2 5 2 , , , , , , 2 5 0 3 9 6 1 8 7 0 5 4 2 8 4 4 0 4 2 4 1 2 6 3 1 8 6 7 8 0 2 , , , , , , 7 1 5 5 4 7 3 1 6 7 4 3 1 1 7 4 4 0 National Bank O B o l t o h f c e k B r e e d lgium 1, 6 8 7 6 6 3 1,7 73 9 0 3 1,7 7 7 29 0 2, 3 0 8 7 8 5 Nati O on th a e l r B li a a n b k il i o ti f e s C a z n e d c h c o a s p l i o ta v l akia4 17,176 17,225 14,361 (millions of francs): National Bank of Denmark Cent F G C O L G N D O r o o o o t a e o o t h r h a l n p l v t e d e e e n s o e i r r o s g s B r c l n n i a l a i i t a i m r d s s a n c n c s — a b d l e u e k t a i n e t l l i D E s a d i d m t t t i C o e i i s s e s o m f G c e A s n a o c o a n u a u B n v d n r n d o e i d t t r b l s i i n e a v c m s l i a a a p e n — n i c t t e a M s l d o e (n b n e e t t . - ) . 1 3 3 1 1 0 8 4 4 3 7 0 0 0 1 , , , , , , , , , 2 6 4 7 7 9 8 9 8 11 7 0 5 3 6 0 0 5 6 4 0 1 5 0 8 7 6 2 6 3 3 9 1 8 4 6 8 4 4 8 1 1 , , , , , , , , , 2 6 6 4 6 2 9 2 2 11 6 5 5 8 6 5 7 3 1 9 5 2 6 0 6 8 3 3 8 3 3 9 1 6 8 4 4 4 7 8 1 1 , , , , , , , , , 9 6 2 5 6 7 2 2 1 1 7 7 2 0 7 6 4 8 8 1 2 2 2 2 5 0 5 8 6 3 3 3 9 1 5 4 9 8 4 2 4 9 5 , , , , , , , , , 0 0 0 4 6 5 0 9 8 17 4 1 6 8 8 8 6 2 1 : 1 5 9 0 2 6 5 8 3 (m F S L O G O D N G il o e o l o e t t o o i c h r h a l p o t v e u d e e n e o n i t r r r s g . s s i c t i n c a l a i i t o i e r o s s n a c f e s — s m b d u x e k i l t c p l G O d a s r i h e t o t i o a i t n i s n e h o n v c s s e e n g o a e r r t r e u a ) . i n n o n : m d n ts e c n a a t c p c it o a u l nt.... 3 1 1 1 , , , , 5 2 2 2 2 5 8 9 1 1 1 3 8 5 6 9 1 5 6 3 2 5 6 0 9 6 3 8 4 2 3 1 1 , , , , 2 0 9 5 5 3 2 1 1 3 1 5 9 3 5 1 0 0 6 1 7 8 1 2 9 1 9 3 0 3 1 1 1 , , , , 2 9 5 2 2 9 6 1 1 2 3 7 9 5 0 5 6 2 6 0 2 J 3 4 3 9 0 5 3 1 1 1 , , , , 4 5 8 2 2 7 1 1 1 5 1 5 9 9 2 3 6 9 6 4 3 1 7 2 9 8 4 4 4 tary dept. (millions of bolivianos): (Feb.)* Central Bank of the Dominican Gold at home and abroad 4,419 4,418 Republic (thousands of pesos): Foreign exchange (net)1 9,396 7,765 Gold 12,076 12,076 12,076 12,076 L G o o a v n e s r n a m nd e n d t is s c e o cu u r n i t t s ies 6 2 , , 3 5 1 0 7 5 2 2, , 5 6 0 2 5 9 F N o e r t e i c g la n i m ex c o h n a n In g t e ' l. ( n F e u t) nd3 26 1 , , 7 25 7 0 8 25 1 , ,2 0 5 2 0 4 25 1 , , 0 25 87 0 1 1 7 , , 2 3 5 2 0 7 Other assets 198 270 Loans and discounts 2,284 2.310 2,106 1,017 Note circulation 12,922 9,115 Government securities 9,420 9,420 9,420 9,950 Deposits 3,445 2,142 Other assets 7,078 7,01 6,988 1,521 Other liabilities and capital.... 6,46 6,331 Note circulation 39,156 37,373 35,749 32,873 Central Bank of Ceylon (thousands Demand deposits 17,565 17,602 19,106 8,325 of rupees): Other liabilities and capital 2,166 2,120 2,072 1,944 Foreign exchange 437,919446,213416,911 323,876Central Bank of Ecuador Advances to Government 31,700 58,200 (thousands of sucres): Government securities 41,293 47^537 136,427 Gold 342,633342 539 342,455 339,205 O Cu th r e re r n a c s y s e i t n s circulation 364 4 , , 6 3 3 3 1 8 35 4 7 , , 2 5 0 2 9 635 4 4 , , 3 9 1 6 1 8 384 7 , , 6 0 3 8 8 7 F N o e r t e i c g la n i m ex o ch n a n In g t e ' l. ( n F e u t) nd3 1 1 3 8 7 , , 7 4 5 6 7 410 1 6 8 4 7 4 5 2 7 9 1 4 8 , , 3 7 9 5 7 7 12 1 4 8 , , 8 7 8 5 5 7 Deposits—Government 7,46 14,987 6,261 890 Credits—Government 361,760358 147 375,033 323,423 Banks 95,759 78,815 75,403 99,280 Other 241,819 216 907 178,910 231,813 Other liabilities and capital 47,393 46,631 45,901 40,781 Other assets 191,486213 89. 197,513 175,774 Central Bank of Chile (millions Note circulation 691,330646 86 608,692 576,130 of pesos): Demand deposits—Private banks,208,081222 168 188,239 183,815 Golds 5,693 5,710 5,664 1,271 Other 169,028154 903 158,433 207,798 Foreign exchange (net) 1,048 758 855 156 Other liabilities and capital 225,479232 749 251,702 246,114 Net claim on Int'l. Funds 387 National Bank of Egypt (thou- Discounts for member banks. .. 1,77: 2,870 2,634 2,149 sands of pounds): Loans to Government 11,469 11,469 11,509 4,020 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 10,081 9,43 8,713 Foreign exchange 22,262 20,627 22,708 23,238 Other assets 3,309 3,459 3,563 l]7O7 Foreign and Egyptian Note circulation 20,843 21,37 21,096 14,706 Government securities 243,753247,429 250,060 285,525 Deposits—Bank 4,529 4,691 4,731 3,113 Loans and discounts 21,108 12,998 13,596 11,719 Other 865 919 817 611 Advances to Government Other liabilities and capital.... 7,135 6,721 6,295 2,654 Other assets. 2,510 2,009 2,365 2,453 Bank of the Republic of Colombia Note circulation 168,143166,544171,482 176,246 (thousands of pesos): Deposits—Government 47,737 51,968 59,053 64,127 Gold and foreign exchange 499,811492,623424,075 350,010 Other 124,852114,551110,118 132,753 Net claim on Int'l. Fund3 24,377 24,377 24,377 24,373 Other liabilities and capital 9,455 10,553 8,628 10,361 •Latest month available. i Represents chiefly bills secured by stocks of mined tin not yet sold in world markets. 2On Oct. 5, 1953, gold revalued from 0.0286668 to 0.00807883 grams of fine gold per peso. 3 This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 4 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. 1020 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1953 1954 1953 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation 6,031 5,938 5,736 4,814 Gold 72,157 72,223 72,295 72,994 Deposits— ECA 495 495 495 495 Foreign exchange (net) 54,538 65,584 71,502 65,625 Other 1,890 1,532 1,258 1,042 Net claim on Int'I. Fund1 1,568 1,568 1,568 1,566 Other liabilities and capital 468 466 609 539 Loans and discounts 27,890 17,205 13,349 16,285Central Bank of Ireland (thousands Government debt and securities.. 7,774 11,549 13,649 4,522 of pounds): Other assets 7,652 8,001 5,924 1,701 Gold 2,646 2,646 2,646 2,646 Note circulation 93,779 94,554 95,623 86,541 Sterling funds 65,288 64,003 64,685 60,685 Deposits 67,338 71,077 74,032 68,051 Note circulation 67,934 66,649 67,331 63,331 Other liabilities and capital 10,462 10,499 8,631 8,102Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 kaa): Foreign exchange 74 71 69 54 Gold 6,973 6,973 5,862 5,862 Advances to Treasury 567 567 567 568 Foreign assets (net) 16,671 14,865 13,289 9,050 Loans and discounts 333 349 328 277 Clearings (net) 7,962 8,503 9,678 5,651 Government securities 320 290 290 261 Loans and discounts 36,321 41,924 38,031 40,830 Other assets 791 725 726 713 Securities 2,212 2,217 2,220 1,655 Note circulation 1,392 1,341 1,348 1,287 Other assets 2,425 2,142 2,061 2,273 Deposits—Government 29 35 21 36 Note circulation 44,720 44,605 47,169 42,615 Demand 58 71 59 59 Deposits 12,900 17,347 9,239 4,429 Other 479 435 438 379 Other liabilities and capital 14,943 14,671 14,734 18,278 Other liabilities and capital 131 126 120 115 Bank of German States2 Bank of Japan (millions of yen): (millions of German marks): Bullion 448 448 448 448 Gold 2,006 1,754 1,707 941 Advances to Government 1,400 ,400 1,400 37,374 Foreign exchange 8,177 8,154 7,961 5,775 Loans and discounts 430,667 ,595412,471 421,516 Loans and discounts ,828 2,370 1,907 1,869 Government securities 199,245 ,991228,997 141,471 Loans to Government 4,794 4,452 4,902 7,278 Other assets 87,952 ,369 95,696 135,841 Other assets 809 936 881 938 Note circulation 524,002 ,215522,604 512,806 Note circulation 11,732 11,542 11,498 11,040 Deposits—Government 40,743 ,217 65,664 117,815 Deposits—Government 1,155 1,162 1,139 1,407 Other 78,043 ,573 69,951 60,530 Banks 2,632 2,843 2,686 2,331 Other liabilities 76,923 ,799 80,792 45,499 Other 263 248 272 251 nk of Mexico (millions of pesos): Other liabilities and capital 1,832 1,870 1,762 1,773 Monetary reserve8 1,218 1,201 1,277 1,156 Bank of Greece (billions of drach- "Authorized" holdings of secumae): rities, etc 3,210 3,277 3,285 2,810 Gold and foreign exchange (net). 4,886 5,252 4,408 Bills and discounts 495 793 922 700 Loans and discounts 148 130 128 Other assets 734 1,054 1,067 446 Advances—Government .8,690 8,416 8,316 Note circulation 3,666 3,537 3,608 3,153 Other 4,082 3,924 3,418 Demand liabilities 1,207 1,268 1,500 1,472 Other assets 1,925 1,882 2,181 Other liabilities and capital 784 1,520 1,444 488 Note circulation 3,272 3,266 2 ,536Netherlands Bank (millions of Deposits—Government 1,246 1,371 925 guilders): Reconstruction and Gold 3,006 2,930 2,924 2,500 relief acts 6,749 6,697 6,949 Silver (including subsidiary coin). 17 16 15 16 Other 3,217 2,826 2,249 Foreign assets (net) 1,547 1,628 1,539 1,556 Other liabilities and capital 5,246 5,445 5,793 Loans and discounts 30 37 30 32 Bank of Guatemala (thousands of Govt. debt and securities 670 713 875 1,217 quetzales): Other assets 439 421 426 498 Gold 27,228 27,228 27,228 Note circulation—Old 29 29 29 32 Foreign exchange (net) 12,803 18,716 17,485 New 3,395 3,357 3,367 3,116 Gold contribution to Int'I. Fund. 1 ,250 1,250 1,250 Deposits—Government 550 624 751 765 Rediscounts and advances 13,003 14,367 7,796 ECA 821 797 797 1,203 Other assets 35,312 29,424 22,988 Other 685 723 651 487 Circulation—Notes 54,131 51,684 43,283 Other liabilities and capital 229 214 213 216 Coin 3,695 3,687 3,504Reserve Bank of New Zealand Deposits—Government 2 ,506 1,897 3,885 (thousands of pounds): Banks 13,577 16,480 11,038 Gold 6,171 6,170 6,169 6,023 Other liabilities and capital 15,686 17,238 15,038 Foreign exchange reserve 89,442 93,957 89,983 66,504 National Bank of Hungary3 Loans and discounts 13,542 '10,556 '13,937 6,019 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings 28,154 '36,300 '40,986 58,895 Issue department: Investments 23,957 23,950 23,924 37,007 Gold at home and abroad 400 400 400 Other assets 1,615 1,412 1,283 1,909 Foreign securities 6,532 6,882 5,832 Note circulation 66,979 67,479 68,143 62,142 Indian Govt. securities 4,212 4,212 4,249 Demand deposits 87,974 96,969 98,139 106,558 Rupee coin 983 968 974 Other liabilities and capital 7,927 7,896 10,001 7,657 Note circulation 11,745 12,029 10,941 Bank of Norway (millions of kroner): Banking department: Gold 203 218 218 281 Notes of issue department. . . . 382 433 463 Foreign assets (net) 185 132 99 118 Balances abroad 904 630 1,208 Clearing accounts (net) -78 -68 -37 25 Bills discounted 67 90 81 Loans and discounts 55 62 70 56 Loans to Government 11 9 25 Securities 30 30 30 46 Other assets 1,252 1,337 1,080 Occupation account (net) 5,546 5,546 5,546 5,546 Deposits 2,237 2,116 2,552 Other assets 76 62 60 54 Other liabilities and capital. . . 378 382 305 Note circulation 3,122 3,078 2,939 2,923 Bank Indonesia4 (millions of rupiah): Deposits—Government 1,453 1,708 1,857 1,684 Gold and foreign exchange (net)8. 444 366 619 2,105 Banks 699 532 542 778 Loans and discounts 639 569 616 599 FOA—MSA 205 174 163 278 Advances to Government 7,514 7,249 6,628 3,995 Other liabilities and capital 539 491 486 464 Other assets 287 247 235 190 '•Revised. xThis figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2 Combined figures for the Bank of German States and the nine Land Central Banks. 3For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4As of July 1, 1953, the Java Bank became the Bank Indonesia and established an Issue and a Banking Department. Figures shown represent Issue and Banking Departments combined. 6Gold not reported separately beginning January 1954. 6Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. SEPTEMBER 1954 1021 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) July June May July date of month) July June May July State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 37,389 34,467 32,680 Issue department: Note circulation 37,728 37,827 37,019 Gold at home and abroad... 81 81 81 81 Deposits—Government 7,104 3,233 4,601 S P t a e k r i li s n ta g n s e G c o u y ri t t . i e s s e curit t ies. . . 1,2 4 8 0 1 0 ,3 4 6 1 7 6 1,3 4 1 6 8 3 1,0 4 8 2 8 4 Other liabil O it t i h es e r and capital... 3 3 2 , , 3 5 2 48 9 3 3 0 , , 7 4 4 30 4 29 3, , 1 0 3 0 6 9 Govt. of India securities.... 147 146 146 126Bank of Sweden (millions of kronor) : India currency 300 300 300 300 Gold 482 482 481 448 Rupee coin 58 55 55 69 Foreign assets (net) 1,331 1,356 1,367 1,280 Notes in circulation 2,167 ,240 2,266 2,000 Net claim on Int'l. Fund3 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 99 124 98 88 vances to National Debt Office4 2,530 2,405 2,300 2,376 Bills discounted 5 Other domestic bills and advances 56 433 525 355 Loans to Government 65 75 44 106 Other assets 849 896 844 864 Other assets 424 304 311 518 Note circulation 4,463 4,593 4,433 4,267 Deposits 496 387 334 621 Demand deposits—Government.. 100 376 514 208 Other liabilities and capital.. 98 115 119 91 Other 121 40 25 257 Central Bank of Paraguay1 Other liabilities and capital 693 693 675 721 (thousands of guaranies): Swiss National Bank (millions of Gold2 2,846 1,138 francs): Foreign exchange (net) 91,307 56,572 Gold 6,198 6,131 6,047 6,049 Net claim on Int'l. Fund3 28 11 Foreign exchange 509 537 499 534 Loans and discounts 450,566 227,198 Loans and discounts 108 117 151 214 Government loans and securities. 537,452 351,270 Other assets 90 93 88 63 Other assets 229,189 318,065 Note circulation 4,956 4,967 4,915 4,837 Note and coin issue 625,964 449,366 Other sight liabilities 1,746 1,706 1,668 1,815 Deposits—Government 138,965 90,254 Other liabilities and capital 203 204 203 208 Other 155,762 132,433Central Bank of the Republic of Other liabilities and capital 390,697 282,201 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 327 328 503 clearings 225 237 224 186 Net claim on Int'l. Fund3 67 67 67 Loans and discounts 2,310 2,190 2,162 1,711 Loans and discounts to banks. . . 575 614 405 Securities 30 30 27 26 Loans to Government ,225 1,128 1,015 Other assets 88 90 96 125 Other assets 100 91 165 Note circulation 1,449 1,432 1,451 1,282 Note circulation ,703 1,671 1,568 Deposits—Gold 154 154 154 153 Deposits 355 356 331 Other 957 875 830 705 Other liabilities and capital 237 201 255 Other liabilities and capital 495 488 477 309 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos): Gold 18,813 18,813 18,813 18,813 Gold 344,167 336,572 Foreign exchange , 438,474 447,130 443,429 432,615 Silver 8,672 9,238 Net claim on Int'l. Fund3 29,504 504 29,504 29,504 Advances to State and Govern- Ivoans 714 584 3,574 31,226 ment bodies 123,343 121,599 Domestic securities 227,970 240,066 248,449 229,026 Other loans and discounts 375,715 338,903 Other assets 161,566 162,623 156,746 Other assets 609,949 605,581 Circulation—Notes 584,708 587,486 603',572 540,570 Note circulation 456,400 404,390 Coin 84,802 84 84,654 86,434 Deposits—Government 148,591 134,100 Demand deposits 154,484170 167,783 215,823 Other 333,215 360,619 Other liabilities and capital 53,048 51 50,383 55,102 Other liabilities and capital 523,640 512,784 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold ,345 5,312 4,775 Gold 1,232 1,232 1,141 1,141 Foreign exchange (net) ,198 13,070 12,101 Foreign exchange (net) 277 374 485 244 Loans and discounts 645 654 685 Other assets 149 123 104 88 Advances to Government ,412 1,418 1,426 Note circulation 986 999 996 919 Other assets 978 939 693 Deposits 258 269 267 253 Note circulation ,501 9,265 8,961 Other liabilities and capital 414 463 467 300 Demand deposits—Government.. ,734 1,939 1,717 Bank for International Settle- ECA 6 6 6 ments (thousands of Swiss gold Other ,178 8,065 6,902 francs): Other liabilities and capital ,161 2,117 2,094 Gold in bars 570,287558,106 568,698 598,339 South African Reserve Bank Cash on hand and with banks... 99,151 51,144165,720 53,733 (thousands of pounds): Sight funds at interest 1,484 1,491 1,493 4,014 Gold 66,615 ,120 63,934 62,168 Rediscountable bills and accept- Foreign bills 41,174 ,589 42,707 34,246 ances (at cost) 300,056174,970 297,424 212,379 Other bills and loans 14,137 ,041 18,256 23,640 Time funds at interest 409,462374,355310,827 116,072 Other assets 44,262 ,517 45,101 42,586 Sundry bills and investments 508,495539,690 414,616 194,670 Note circulation 100,218 ,988 98,522 93,349 Funds invested in Germany 297,201297,201297,201 297,201 Deposits 47,686 ,956 51,515 50,818 Other assets 7,105 8,555 5,355 1,492 Other liabilities and capital 18,283 ,323 19,961 18,474 Demand deposits (gold) 432,775434,282437,475 419,473 Bank of Spain (millions of pesetas): Short-term deposits: Gold 613 605 596 Central banks—Own account.. 1,231,9041,032,3861,082,476 501,710 Silver 323 328 338 Other 19,089 26,373 29,748 54,127 Government loans and securities. 743 16,191 16,362 Long-term deposits: Special 228,909228,909 228,909 228,909 Other loans and discounts ,642 23,642 23,790 Other liabilities and capital 280,565283,561282,727 273,681 iThe 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. 2On Jan. 1, 1954. gold revalued from 0.148112 to 0.0592447 grams of fine gojd per guarani. 3This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 4 Includes small amount of non-Government bonds. 1022 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g 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 la w e n r i - d tz- ba C n e k n tr o a f— l J R u 3 a l 1 t y e eff D ec a t t i e ve ba C n e k n tr o a f— l J R u 3 a l 1 t y e eff D ec a t t i e ve In effect Dec. 31, Argentina Mar. 1, 1936 Ireland 334 Mar. 25, 1952 1948 2 3 15 234 IK Austria 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 4 Sept. 30, 1950 Mexico June 4, 1942 Oct 6 3M J S u e n p e t. 1 8 1 , 1950 2y2 3% Sept. 26... 3 Canada 2 Oct. 17, 1950 Netherlands. Apr. 7, 1953 Oct. 27 16 Ceylon 234 June 11, 1954 New Zealand. 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 Oct. 11 3 Nov. 8 Nov 9 4 Denmark June 23, 1954 Peru 6 Nov. 13, 1947 Jan. 22, 1952. . sy Ecuador 10 2 May 13, 1948 Portugal. . . . Jan. 12, 1944 Mar. 12 4 2 Egypt 3 Nov. 15, 1952 South Africa. I" Mar. 27, 1952 May 29... 15 El Salvador. . . 3 Mar. 22, 1950 Spain July 1, 1954 A A u u g g 2 1 1... 141/ 3 Finland 5M Dec. 16, 1951 Sweden 3 2 % % Nov. 20, 1953 Dec. 18 3 Jan. 8, 1953 . . X4 Apr. 7 2H France Feb. 4, 1954 Switzerland.. lM Nov. 26, 1936 June 11 i3y Germany . 13 4 May 20, 1954 Turkey Feb. 26, 1951 Sept. 17 sy sy Greece 10 Jan. 1, 1954 United King- Oct. 29 2 2 2% India 334 Nov. 15, 1951 dom 3 May 13, 1954 Nov. 20 .. 2% Indonesia 3 Apr. 1, 1946 U.S.S.R 4 July 1, 1936 Feb. 4, 1954 . . 3Ji May 13 3 May 20 J3 1 Rates established for the Land Central banks. In effect July NOTE.—Changes since July 31: None. 31, 1954 3 13 2VA 234 i* OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1944—-June .39 1.03 1.00 1.13 .50 1.58 3-534 1 ?^ 1945—June .36 1.03 1.00 1.13 .50 .74 23^-5 .25 1946—June .39 .53 .50 .63 .50 1.32 1.42 1.00 234-4^ .25 1947—June .41 .53 .51 .63 .50 1.45 1.46 .86 234-434 .25 1948—June .41 .56 .51 .63 .50 2.02 1.36 .84 234-434 L.50 1949—June .51 .63 .52 .63 .50 P2.46 1.32 .83 234-434 L.52 1950—June .51 .69 .51 .63 .50 2.52 1.44 .81 2^-434 .50 1951—June .75 .69 .51 .63 .50 2.52 1.39 1.00 3-5 .50 1952—June 1.08 3.00 2.43 2.25 2.00 3.66 1.20 .75 3-5 L.50 1953—June 1.70 3.00 2.37 2.25 2.00 3.94 .57 .50 3-5 L.50 1953—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 L.94 1.75 3.91 .38 .50 3-5 .50 November.... 1.90 2.19 2.10 L.94 1.75 4.00 .28 .50 3-5 .50 December 1.88 2.19 2.11 L.94 1.75 3.75 .03 .50 3-5 :.50 1954—January 1.88 2.19 2.12 L.94 1.75 3.66 .23 .50 2M-5 1.50 February 1.74 2.1S 2.07 L.94 1.75 3.55 .25 .50 2M-5 1.50 March 1.61 2.16 2.10 .94 1.75 3.42 .45 .50 2M-5 1.50 April 1.56 2.17 2.09 .94 1.75 3.55 .41 .50 2H-s \.50 J M u a n y e 1 1 . . 6 5 0 9 1 1 . . 6 8 6 9 1 1 . . 6 7 1 9 1 1. .4 6 4 3 1 1 . . 2 4 5 4 3 3 . . 5 5 7 4 . .3 3 8 8 . . 5 5 0 0 2 2 M M - - 5 5 1 1 . . 5 5 0 0 Preliminary. x 1 v^iiiiiniai y . NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, ). 656-661, and for description of statistics see pp. 571-572 in same publication. SEPTEMBER 1954 1023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilitie ( 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 n f g g p c u ) l o r e e u a s n r i i d n n s g re C se a r s v h es M c n a s o l o h 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 O as t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1,965 ,950 867 6,333 4,290 2,042 651 1952—December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—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 ,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 1,804 643 6,335 4,005 2,330 502 June 531 455 1,170 2,311 1,856 711 6,533 4,193 2,340 501 July 534 428 1,185 2,351 1,836 643 6,466 4,121 2,345 510 Assets Liabilities Canada3 Security Deposits payable in Canada E (1 n C 1 d a i c n n o h a f a m d m r i i t a l e o n l r i n o e d t d n h o s l b f l o i a a f g r n u s k ) re s. s re C se a r s v E h e n s tire S ly e lo c i a u n n r i s C ty ana l d d o i O a s a c n t o s h u e a n r n t d s d a a f u b n o l b o e a r d r e a n o f i n r k n g a o s e s d n m t Securities O as t s h e e ts r Notes* e T x o cl t u a d l ing i D n e te m rb a a n n d k de T po im si e ts 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—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 1,830 April 892 144 3,925 398 3,780 ,408 8,708 3,397 5,312 1,839 May 8 87 6 2 6 2 2 3 1 8 5 3 3 , , 9 9 2 4 5 3 3 3 8 6 2 0 3 3 , , 7 80 8 6 0 1, , 5 4 4 8 0 1 8 8 , , 8 9 1 2 8 9 3 3 , , 4 5 4 0 1 6 5 5 , , 3 4 7 2 8 3 1 1 , , 8 8 3 2 0 9 June Assets Liabilities France (4 large banks. End Deposits Own Other of month figures in Cash Due from Bills dis- Other accept- liabilities millions of francs) reserves banks counted Loans assets ances and 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—June 47,394 85,411 643,804 184,584 46,676 930,986 892,185 38,801 28,728 48,155 J A O S N D u e c e o u l p c t y v g o t e e e u b m m m e s b r t b b e . . e e . r . . r r . P . . . 4 4 4 5 4 5 7 7 6 0 7 0 , , , , , , 1 9 4 0 1 7 7 0 5 0 0 6 7 3 1 3 3 3 8 8 8 8 7 7 9 5 1 5 8 4 , , , , , , 1 8 6 7 7 9 9 0 4 9 3 6 7 6 9 7 9 4 6 6 6 6 6 7 6 5 4 9 9 4 1 1 6 4 4 3 , , , , , , 0 3 9 0 0 6 8 4 1 2 0 8 2 2 4 1 0 6 1 1 1 1 1 1 8 9 8 9 8 8 9 8 5 3 9 9 , , , , , , 7 3 5 1 4 7 0 8 9 0 9 5 2 4 1 9 8 3 4 4 5 6 5 6 9 9 0 0 4 8 , , , , , , 2 2 3 6 8 2 6 2 9 3 1 5 9 6 3 6 9 0 1, 9 9 9 9 9 0 3 5 7 5 6 2 9 2 8 6 5 9 , , , , , , 2 0 4 5 7 6 8 1 5 2 9 6 2 9 4 8 8 0 9 9 9 9 9 9 1 2 1 0 3 8 4 3 7 0 5 7 , , , , , , 6 0 1 2 0 1 0 2 8 6 1 1 2 7 8 7 0 1 3 3 3 4 4 4 9 9 9 2 1 2 , , , , , , 2 7 2 5 1 5 7 5 6 0 9 4 2 2 5 1 6 9 2 2 2 2 3 2 7 5 2 4 0 8 , , , , , , 4 1 2 9 3 3 4 4 0 2 5 0 2 6 9 8 5 8 5 5 6 6 6 7 3 4 7 0 7 2 , , , , , , 7 3 2 3 3 0 5 3 3 6 4 7 1 8 4 4 1 0 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 1,011,093 968,648 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 May 49,186 79,438 719,284 213,557 46,594 1,030,758 989,474 41.284 29,721 47,580 pPreliminary. iThis table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2 Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 3Beginning December 1953, when a new bank was added, figures are for 11 banks. 4 In January 1950. the Bank of Canada assumed responsibility for these notes. NOTE.—For details concerning data in earlier years, see BULLETIN for April 1952, p. 466; for back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics, see pp. 566-571 in same publication. 1024 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada Year or month (peso) ( t p A r o u a u s l n - ia d) ( A sc u h s il t l r in ia g) B ( e fr l a g n i c u ) m (c B r r u a z z e i i l r o 1 ) M Br a s i i l t a a is y h - (dollar) Basic P e r n e t f i e a r l - Free (dollar) Official Free 194S 29.773 321.22 2.2816 5.4406 100.000 91.691 194ca. 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 85.4420 32.595 101.650 1953—September 20.000 13.333 7.198 223.33 2.0050 5.4466 32.569 101.580 October 20.000 13.333 7.198 223.57 2.0063 35.4L466 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 M[ay 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 August 20.000 13.333 7.198 224.13 3.8580 1.9994 44.2808 43.5261 32.644 103.060 France Year or month Ceylon m D a en rk - Finland (franc) G (d e e r u m ts a c n he y India Ireland Mexico e N rl e a t n h d - s Ze N al e a 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—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 '523.838' 21.084 281.81 69,965 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 August 21 059 4354 .2856 23.838 21.061 281.29 8.005 26.396 278.50 Year or month N (k o r r o w n a e) y R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t d l u o - ) ( A S p o o fr u u i n c th d a ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - ( U K p d n o i o u i n m t n g e d d - ) Ur ( u p g e u so a ) y7 1948 20.159 4.0183 400.75 27.824 23.363 403.13 65.830 56.182 1949 18.481 "491723' 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 23.316 281.27 865.833 856.180 842.553 934.217 1953—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 *65.833 856.180 842.553 832.573 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 August 14.008 49.677 3.4900 280.24 19.333 23.322 281.29 *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. 3Official rate, based on quotations through Oct. 9, 1953. Effective Oct. 12, 1953, the Brazilian authorities introduced new exchange ratios for Brazilian exports. Under the new system premiums of 5 and 10 cruzeiros, depending upon type of merchandise, were added to the former rate of 5.4466 cents, thus establishing two rates—4.2808 and 3.5261 cents, respectively. For the period Oct. 13-Oct. 30 the averages of these two rates were 4.2808 and 3.5261, respectively. 4 Based on quotations through Aug. 13, 1954. 5Based on quotations beginning Apr. 1, 1954. •The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 7 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. 8Based on quotations through Dec. 4f 1953. 9Free 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. 1025 SEPTEMBER 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 0 t 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 0 n h 4 0 d e 8 ) s r = - S (1 w 1 9 e 0 3 d 0 5 ) e = n ( S A = w u l 1 a i g t 0 n . 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 2^5 1946 79 139 229 175 34 16 186 2*0 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—Tulv 111 221 397 329 137 5,258 353 133 298 213 August 111 222 395 327 137 5,270 355 133 296 212 111 221 398 326 137 5,246 357 133 295 212 October 110 220 401 326 136 5,237 359 133 295 212 November 110 219 396 328 137 5,222 360 134 297 212 December .... 110 219 396 326 138 5,256 361 134 296 211 1954—January 111 220 396 326 138 5,286 368 135 296 213 February 111 219 397 326 138 5,328 369 136 296 213 March 111 219 401 329 136 5,336 368 135 296 214 April 111 218 411 330 137 ••5,295 P364 136 297 215 May 111 218 431 P331 139 5,290 P358 137 P296 214 June 110 218 437 P332 P135 137 215 July 110 217 437 P333 P134 214 P Preliminary. r Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS 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 g c a o t a r u o n t r d l u e y s - d fa c m g h c o a t i u o e n f d r u l e y s - d Foods p I r n t o r d d ia u u l s c - ts Foods t p r I r i n o a d l d u u r s a c - w ts p f I i r n n t o r i d d s i h a u u e l s c d - ts 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 *364 122 171 143 1952 . . 107 109 113 250 219 231 284 »352 129 166 135 1953 97 105 114 220 207 229 307 123 156 132 1953—July . . 98 106 115 227 207 229 315 118 155 131 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 94 104 115 207 204 228 302 122 153 132 98 106 115 209 207 228 302 127 153 133 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 1 S3 May 98 107 115 210 208 225 310 129 r155 133 June 95 105 114 210 207 225 P311 131 155 134 July 96 106 114 214 207 224 P313 n.a. Not available. * Preliminary. rRevised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1026 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 1 4 i 0 t t 7 e 0 e - s ) d 4 1 9 = C ( a 1 a 1 d 9 0 n 4 a 0 9 - ) 1 K 5 d (J , i o 1 a n m 9 n g 5 . - 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) N l = ( e a 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 r n u 9 - d g = . ( U S = 19 n t 1 a 4 i 0 7 t t 0 e e - ) d 4 s 1 9 = C ( a 1 a 1 d 9 0 n 4 a 0 9 - ) 1 K 5 d ( , J i o n a 1 m n 9 g 5 . - 2 F = ( r 1 a 1 9 n 0 4 c 0 9 e ) N l = ( e a 1 t n 1 9 h 0 4 d e 0 9 s r ) - 1 ( l 9 A a e 3 n r u 9 - d g = . - = 100) 100) = 100) 100) 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1953—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 115 116 107 144 127 171 114 112 114 136 134 187 July 115 116 109 P142 127 171 115 112 118 P133 132 188 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 ( n r h a a i i t d g t e e e h s ) d 1 ( C 1 = a 9 1 n 3 0 5 a 0 - d ) 3 a 9 1 K (D 9 U i 2 e n n 1 c g i e = t d m 1 e o d 0 b m 0 e ) r F = ( r 1 1 a 9 0 n 4 0 c 9 ) e N la e n th d e s r 2 - ( U 1 S = 9 n t 1 a 3 i 0 t t 5 e e 0 - d s ) 39 ( 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 = c 1 e 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 ioo 219 1950 122.0 109.6 121.2 99.8 106.7 146.4 131.6 90.0 90 217 1951 117.7 95.7 117.6 101.4 87.0 176.5 168.3 97.1 112 215 1952 115.8 86.1 108.3 111.1 85.6 187.7 173.1 91.1 143 192 1953 112.1 83.6 112.0 113.5 100.2 189.0 160.3 92.2 159 212 1953—July 110.7 82.9 111.5 112.9 102.7 185.5 160.7 91.6 157 214 August 111.4 82.6 112.0 114.1 101.8 187.3 161.2 92.5 162 218 September. . . 110.9 82.3 112.8 115.0 102.1 179.2 152.9 91.4 165 215 October 112.6 82.8 114.2 114.7 104.0 183.4 151.9 92.1 167 217 November. . . 113.6 84.2 114.9 114.4 104.0 187.5 154.2 93.7 169 223 December.... 113.5 85.3 114.2 113.8 103.4 190.7 153.6 93.5 170 230 1954—January 114.5 87.0 114.3 114.6 103.7 195.4 157.4 94.1 180 239 February.... 116.5 88.7 114.8 114.9 101.8 199.6 163.2 95.8 184 245 March 117.9 95.5 115.3 116.0 100.0 204.9 165.0 95.6 187 250 April 118.1 99.8 116.6 115.7 100.6 212.7 173.6 97.0 194 256 May 117.5 100.3 117.3 115.4 103.4 219.8 179.5 97.8 199 261 June 117.0 100.3 116.0 114.9 106.3 221.8 180.5 98.5 194 269 July 117.5 102.1 118.5 104.3 231.1 182.3 100.0 282 Ja4 per cent 20-year bond. a Average ot tne ratios ot 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. 1027 SEPTEMBER 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 1028 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 x President Vice Presidents Bank of Deputy Chairman First Vice President (Vice Preside l n o t w s e i r n s e c c h t a io r n g e o f o f t h b is r a p n a c g h e e ) s are listed in Boston. Harold D. Hodgkinson J. A. Erickson Robert B. Harvey ! Carl B. Pitman Ames Stevens Alfred C. Neal E. O. Latham O. A. Schlaikjer R. F. Van Amringe New York Jay E. Crane Allan Sproul H. A. Bilby Robert G. Rouse William I. Myers William F. Treiber John E. Exter T. G. Tiebout H. H. Kimball 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 N. Perrin O. 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 O. Koppang Clarence W. Tow D. W. Woolley Dallas J. R. Parten Watrous H. Irons E. B. Austin L. G. Pondrom Robert J. Smith W. D. Gentry J. L. Cook3 Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco. A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade O. P. Wheeler VICE ]PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Vice Presidents Branch Vice Presidents Bank of Bank of New York Buffalo I. B. Smith Minneapolis Helena C. W. Groth Cleveland Cincinnati R. G. Johnson Pittsburgh J. W. Kossin Kansas City Denver G. A. Gregory Richmond Baltimore D. F. Hagner Oklahoma City R. L. Mathes Charlotte R. L. Cherry Omaha P. A. Debus Birmingham H. C. Frazer Atlanta Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco.... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville V. M. Longstreet Salt Lake City W. L. Partner Memphis Darryl R. Francis Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 Counsel. SEPTEMBER 1954 1029 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 subscription to monthly chart book includes one the Division of Administrative Services, Board of issue of supplement. Single copies, 60 cents each; Governors of the Federal Reserve System, Wash- in quantities of 10 or more copies for single ington 25, D. C. Where a charge is indicated, shipment, 50 cents each. (Domestic rates) remittance should be made payable to the order of the Board of Governors of the Federal Reserve BANKING AND MONETARY STATISTICS. Statistics of System, banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per THE FEDERAL RESERVE SYSTEM—PURPOSES AND copy. No charge for individual sections (un- FUNCTIONS. Revised edition. July 1954. 224 bound). pages. A STATISTICAL STUDY OF REGULATION V LOANS. ANNUAL REPORT of the Board of Governors of the September 1950. 74 pages. 25 cents per copy; Federal Reserve System. Issued each year. in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Rica, Cuba, Dominican Republic, Ecuador, INGS AND THEIR USE IN ECONOMIC ANALYSIS. Guatemala, Haiti, Republic of Honduras, Mexico, January 1952. 175 pages. 25 cents per copy; in Nicaragua, Panama, Paraguay, Peru, El Salvador, quantities of 10 or more copies for single ship- Uruguay, and Venezuela is $2.00 per annum or ment, 15 cents each. 20 cents per copy; elsewhere $2.60 per annum or 25 cents per copy. Group subscriptions in the THE FEDERAL RESERVE ACT, as amended to Novem- United States for 10 or more copies to one ad- ber 1, 1946, with an Appendix containing prodress, 15 cents per copy per month, or $1.50 visions of certain other statutes affecting the for 12 months. Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 COMPILATION OF FEDERAL AND STATE LAWS RELATper annum including edition of historical supple- ING TO BRANCH BANKING WITHIN THE UNITED ment (listed below) available when subscription STATES. (July 1, 1951.) December 1951. 33 is entered or renewed. 60 cents per copy; in pages. quantities of 10 or more copies of a particular issue for single shipment, 50 cents each. (Do- RULES OF ORGANIZATION AND RULES OF PROCEDURE mestic rates) —Board of Governors of the Federal Reserve System (with Amendments). September 1946. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE 31 pages. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. Annual REGULATIONS OF THE BOARD OF GOVERNORS OF THE XA more complete list, including periodic releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 676-79 of the June 1954 BULLETIN. with amendments and supplements thereto. 1030 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS UNITED STATES POSTWAR INVESTMENT IN LATIN (From Federal Reserve Bulletin unless preceded by an asteris\) AMERICA. May 1953. 6 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE SALES. April 1952. 4 pages. CORPORATIONS. July 1953. 12 pages. STATEMENT BY CHAIRMAN OF THE BOARD OF GOV- REVISED INDEXES OF DEPARTMENT STORE SALES AND ERNORS BEFORE SUBCOMMITTEE ON GENERAL STOCKS, BY MAJOR DEPARTMENTS. November CREDIT CONTROL AND DEBT MANAGEMENT, MARCH 1953. 65 pages. 11, 1952. April 1952. 4 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL CHANGES IN INSTALMENT CREDIT TERMS. May 1952. PRODUCTION, 1953 Revision. December 1953. 96 6 pages. pages. EXCESS PROFITS TAXES OF COMMERCIAL BANKS. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- June 1952. 18 pages. STALMENT CREDIT. January 1954. 14 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- LATION X. June 1952. 18 pages. BANK CREDIT AND MONEY IN 1953. February 1954. 6 pages. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 9 pages. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. March 1954. 9 pages. (Also, similar article from REVISED SERIES ON DEPARTMENT STORE SALES, March 1953 BULLETIN.) STOCKS, AND ORDERS. October 1952. 5 pages. 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY RECENT CREDIT EXPANSION. December 1952. 7 FINDINGS OF THE 1954 SURVEY OF CONSUMER pages. FINANCES. March 1954. 4 pages. PURCHASES OF DURABLE GOODS AND HOUSES IN 1953. June 1954. CREDIT AND MONETARY REVIEW FOR 1952. February 1953. 7 pages. 17 pages. THE FINANCIAL POSITION AND COM- MITMENTS OF CONSUMERS. July 1954. 20 pages. THE MONETARY SYSTEM OF THE UNITED STATES. Also, similar surveys for earlier years from 1946, February 1953. 16 pages. 1947, 1948, 1949, 1950, 1951, 1952, and 1953 BULLETINS.) INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE GOODS. May 1954. 15 pages. (Also, similar re- FEDERAL FINANCIAL MEASURES FOR ECONOMIC STAprint from October 1951 BULLETIN.) BILITY. May 1953. 7 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS REVISION OF CONSUMER CREDIT STATISTICS. April AND BUSINESSES. July 1954. 2 pages. (Also, 1953. 19 pages. similar article from July 1953 BULLETIN.) #DETAILED DESCRIPTION OF SOURCES AND METHODS MONETARY AND CREDIT DEVELOPMENTS SINCE MID- USED IN REVISION OF SHORT- AND INTERMEDIATE- 1953. July 1954. 8 pages. TERM CONSUMER CREDIT STATISTICS (supplementary details for item listed above), April 1953. FINANCING OF LARGE CORPORATIONS IN 1953. August 25 pages. 1954. 9 pages. THE TRANSITION TO FREE MARKETS. April 1953. THE BALANCE SHEET OF AGRICULTURE, 1954. August 6 pages. 1954. 13 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- 1953. 5 pages. tember 1954. 10 pages. SEPTEMBER 1954 1031 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 ^T BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES td Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis