Federal Reserve Bulletin, 1954-11

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

FEDERAL RESERVE BULLETIN VOLUME 40 November 1954 NUMBER 11 EXPENDITURES IN 1954 Gross national product changed little in SELECTED BUSINESS INDEXES the second and third quarters of this year, 1947-49=100, monthly following a decline of 4 per cent from the INCOME INDUSTRIAL AND SALES PRODUCTION peak rate reached in the spring of 1953. In 160 the current quarter, however, some expansion appears to be developing. For the year DISPOSABLE INCOME 140 1954 gross national product is estimated at about 356 billion dollars, as compared with the record 365 billion of 1953. Average prices _/./ Y RETAIL SALES _ 120 have continued unusually stable this year, and consequently the physical output of ^ I L 100 goods and services as well as the dollar value 140 will be moderately smaller than last year. NONAGRICULTURAL PRICES EMPLOYMENT The relative stability of gross product during most of this year reflects diverse and MANUFACTURING — 120 largely offsetting developments in broad sectors of the economy. State and local govern- NONMANUFACTURING 100 ment expenditures have grown at about the same rate as in 1953. Residential construc- 1952 1954 1952 1954 tion activity, stimulated by ready availability NOTE.—Seasonally adjusted series, except for prices. Indexes based on Bureau of Labor Statistics data for employment of credit on favorable terms, has advanced and prices and on Department of Commerce data for income and sales. Latest figures shown are for October for employsharply since early in the year. Consumer ment, prices, and industrial production, and for September for retail sales and disposable income. Consumer prices for expenditures, which had dipped in late 1953, October estimated by Federal Reserve. have risen to a new high. Outlays for nondurable goods and services have been larger ther this year. Business expenditures for than last year while spending for durable plant and equipment have declined modgoods has been smaller. Contributing to the erately from the record levels of last year. increase in aggregate consumer buying has Business inventories through the third been the record level of disposable personal quarter continued to be liquidated at about income. the same rate as in late 1953. The change in On the contractive side, defense outlays— inventories this year has thus not exerted a major factor contributing to the drop in significant downward pressure on producgross national product in the last half of tion, in contrast to the effects of the marked 1953—have been reduced substantially fur- shift in 1953 from rapid accumulation to 1143 NOVEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1954 substantial liquidation. Inventory holdings, GROSS NATIONAL PRODUCT particularly in hard goods lines where re- Billions of dollars, annual rates 240 ductions in output were concentrated, have been considerably reduced. A basis for some expansion in business ordering and for a re- C E O XP N E S N U D M IT P U T R IO E N S 200 360 duction in the rate of over-all inventory liquidation may be developing. Recent in- 160 120 creases in orders for and output of steel, for example, appear to reflect in part the fact - 280 80 that stocks held by steel consumers are now more closely in line with requirements. - 240 Developments in expenditures and output this year have been reflected in the labor market. Manufacturing employment, season- 1950 1952 1954 1950 1952 1954 ally adjusted, which had declined consider- NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation. Private investment includes gross ably after mid-1953, has stabilized in recent private domestic investment and net foreign investment. Government purchases include Federal and State and local purmonths. Employment in nonmanufacturing chases of goods and services. activities has risen somewhat since midyear, ment showing a further increase. Unwith State and local government employ- employment recently has declined somewhat more than seasonally, but is considerably GROSS NATIONAL PRODUCT 1 above the low level of a year ago. [In billions of dollars] CONSUMER EXPENDITURES Increase, or decrease (—) Consumer expenditures for goods and Type of expenditure 3r 1 d 9 5 Q 4 . 3 l r 1 1 s d 9 t 9 t o 5 5 Q Q 4 4 . . > l 1 1 s n 9 9 t t o d 5 5 Q Q 3 4 . . 2 T r 1 n d o 9 t d o 5 t a Q 3 Q l, . . s t a i e o r s v n l i a i c g l e h s p t , r o t d d h e u e c c l l i t a n , r e h g a e i v s n t e c l i a n o t c m e r e p 1 a o 9 s n e 5 e d 3 n , t t h a o i s s f t y h g e r e a o r s a s b a n o ft v a e e r - 1954 chart shows. In the third quarter of 1954 Gross national product 355.5 -.3 -14.1 -14.4 such outlays were in record volume, 1.5 per Personal consumption expenditures 234.8 4.3 -.3 4.0 cent larger than a year earlier. The total for Durable goods 28.9 .9 -2.3 -1.4 Nondurable goods 121.1 2.3 Q 1.5 the year will also exceed 1953 slightly. The Services 84.8 1.2 2.1 3.9 increase will probably occur in outlays for Gross private domestic investment 45.3 .8 -11.4 -10.6 services; over-all outlays for goods are ex- New construction: Residential, nonfarm 14.0 2.3 1.8 Other 14.2 -.1 .6 .5 pected to show little change. With average Producers' durable equipment.. 21.8 -.9 -1.9 -2.8 Change in business inventories: consumer prices little changed this year, the Nonfarm -5.0 -.8 -10.4 -11 .2 Farm .2 .3 .7 1.0 physical volume of consumer takings of Net foreign investment -.2 .9 2.2 3.1 goods and services will also increase slightly. Government purchases of goods Nondurable goods and services. The 1954 and services 75.6 -6.3 -4.7 -11.0 Federal 47.9 -7.1 -7. -14.3 National Security 42.1 -4.8 -7.4 -12.2 growth in consumer expenditures for serv- Other 6.1 -2.3 .1 -2.2 Less: Government sales .2 -.2 ices is likely to be about 4 per cent, a smaller State and local 27.7 .8 2.5 3.3 increase than in other postwar years. Real 1 Third quarter 1954 figures and changes from earlier quarters consumption has probably not slowed up, are for seasonally adjusted totals at annual rates. NOTE.—Based on Department of Commerce estimates. Details however, since prices of many services, parmay not add to totals because of rounding. 1144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1954 ticularly rents, have risen much less rapidly than in dollar amount since average prices than earlier. After allowance for price of consumer durable goods have been lower changes, consumer outlays for such services than in 1953. as housing, medical care, and household op- Changes in total spending for durable eration have continued to expand steadily. goods have reflected mainly fluctuations in Consumer outlays for nondurable goods purchases of new automobiles. Domestic increased moderately after the early months registrations of new passenger cars—for busiof this year and in the third quarter were 2 ness as well as consumer use—may total 5.3 per cent larger than a year earlier. Expend- million units this year, as compared with 5.7 itures for clothing and shoes have been fairly million in 1953 and a record 6.3 million in stable for more than a year at a level some- 1950. Automobile purchases, which had what below that of the first half of 1953. been at reduced levels in late 1953 and early Outlays for food and beverages, after a year 1954, picked up in the spring. The expanof little change, have increased appreciably sion reflected in part widespread granting since early 1954, as is shown in the chart. of price concessions, which made their ap- Purchases of other nondurable goods have pearance much earlier than in 1953. In generally continued to expand slowly. addition, some lenders eased instalment credit Durable goods. Consumer expenditures terms and the proportion of cars sold on for durable goods have been larger since credit increased. In early autumn output was early spring than in late 1953 and early 1954, curtailed sharply for extensive model changebut in the third quarter were still about 5 per overs. Purchases of new autos were relacent below the level of the first three quar- tively well maintained while dealer stocks ters of 1953. For the full year 1954 such were reduced substantially. outlays are expected to show about the same Outlays for furniture and household equippercentage decline from the record total for ment have fluctuated little during the past 1953. The decline in real terms will be less two years. Although expenditures in the third quarter were down slightly from a year PERSONAL CONSUMPTION EXPENDITURES earlier, the physical volume of purchases was Billions of dollars, annual rates apparently little changed since retail prices ALL OTHER ^ were also lower. With consumer takings 90 - 30 fairly stable, wide swings in output of household durables have been associated mainly with sharp fluctuations in business inven- CLOTHING AND SHOES 80 , - 20 tories. Production of major household durable goods declined about one-fourth in the FURNITURE AND . HOUSEHOLD EQUIPMENT second half of 1953, recovered rapidly dur- • \ ^"^. , ' mm -Af-li ing the first half of this year, and in October 70 - 10 was one-tenth below the May 1953 peak. AUTOMOBILES AND PARTS RESIDENTIAL CONSTRUCTION Expenditures for private residential con- 1 I 1 60 1952 1954 1952 ]954 struction have increased sharply since early NOTE.—Department of Commerce quarterly estimates, ad- this year, as is shown in the chart on page 1148. justed for seasonal variation. NOVEMBER 1954 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1954 Seasonally adjusted outlays in October were PERSONAL INCOME AND SAVING at a record annual rate of 14.4 billion dollars, A major factor contributing to strength in more than one-fifth larger than a year earlier. markets for consumer goods and services Building costs were relatively stable during and for housing has been the maintenance of the year, and the physical volume of cona high level of both personal and disposable struction increased by about the same proincome, shown in the chart. Personal inportion as the dollar value. come, currently close to the July 1953 peak, The number of housing units started in has fluctuated only 1 per cent this year, and each month since May has been larger than for 1954 as a whole will about equal the 1953 a year earlier. All of the expansion has been in privately financed units; public starts PERSONAL INCOME, CONSUMPTION, AND SAYING Millions of dollars, annual rates have been only half the year-ago number. - - 300 Present indications are that housing starts PERSONAL INCOME this year may reach 1.2 million units, the DISPOSABLE INCOME AFTER TAXES largest number since the record 1.4 million TAXES - 250 in 1950. £#« ^^^^SAVINGJ|||j§l " A major factor in the rapid rise in housing ^^^CONSUMPTION construction in 1954 has been the increased EXPENDITURES - 200 availability of mortgage funds on terms favorable to borrowers, as a result mainly of 150 marked easing in capital markets. Since the Per cent 10 beginning of this year, terms available on ->, / \J -^ ^ RATIO OF SAVING loans guaranteed by the Veterans Adminis- TO DISPOSABLE INCOME tration have become substantially easier and, . , . 1 . , . 1 . .. 1 . .. 1 , , , 1950 1952 1954 effective October 1, those on loans insured NOTE.—Department of Commerce quarterly estimates, adby the Federal Housing Administration were justed for seasonal variation. liberalized as authorized in the Housing Act total of 286 billion dollars. The mainteof 1954. nance of personal income during a period The substantial increase in private hous- when total output of goods and services coning starts has been almost entirely under tracted significantly reflects in part some exarrangements for VA-guaranteed mortgages. pansion in dividend payments, despite a The number of units started under this type drop in corporate earnings, and in part a of financing doubled over the past year. larger volume of Government transfer pay- Loans involving no down payment increased ments, which do not represent income earned from 13 per cent of VA loans made in Jan- from current production. uary to 34 per cent in September. The pro- Wages and salaries declined more than portion bearing 30-year maturities also in- total personal income from the mid-1953 creased sharply. In recent months the num- peak to the spring of this year. Since then ber of units started under FHA commit- wages and salaries have risen somewhat, but ments has also been larger than a year ago, in October they were still 2.5 per cent below but the number of conventionally financed the earlier high. The bulk of the contraction units has been considerably smaller. in total payrolls represents reductions in em- 1146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1954 ployment in commodity-producing indus- Liquid saving by individuals was subtries, particularly durable goods manufactur- stantially larger in the first half of this year ing lines. A moderate decline in hours of than in the same period of 1953, as conwork in manufacturing activities was also a sumers shifted from net expansion to net factor. A partial offset to these adverse in- repayment of their instalment obligations. fluences on incomes was a small increase in Since late spring the volume of instalment wage rates. Since midsummer seasonally ad- credit outstanding has shown little change, justed nonfarm employment has edged up after adjustment for seasonal influences. Inand the average workweek has lengthened a dividuals this year have continued to add sublittle. stantially to their holdings of liquid assets Transfer payments have shown little in the form of time deposits, savings and loan change since early spring following consid- shares, corporate and State and local governerable expansion during the fall and winter. ment securities, and equities in insurance The bulk of the increase in that period rep- policies as well as to their reserves in retireresented a rapid growth in unemployment ment funds. compensation payments. Payments under the Old-Age and Survivors' Insurance Pro- BUSINESS FIXED INVESTMENT gram have also risen, with October payments Business outlays for fixed investment—conreflecting benefit increases provided by the struction of facilities and producers' durable 1954 amendments to the Social Security Act. equipment—have declined steadily since last Income of farm proprietors in the first fall and in the third quarter of this year were nine months of this year was close to the 7 per cent smaller than a year earlier. Busireduced level of the corresponding period ness investment plans, according to the most last year. Dividend and interest income recent survey made by the Department of continued to rise and income of nonfarm Commerce and Securities and Exchange proprietors showed only minor changes. Commission, indicate further reduction in Disposable personal income (after taxes) nonfarm business spending for plant and in 1954 is likely to reach a record of about equipment in the current quarter. 253 billion dollars, 1 per cent larger than in Expenditures for producers' durable equip- 1953. The dollar increase will be about the ment have declined, as the chart on the folsame magnitude as the reduction in Federal lowing page shows, and in the third quarter individual income tax rates, effective Janu- were 12 per cent below the level of a year ary 1, 1954, which amounted to about 3 bil- earlier. Construction of business facilities, lion dollars on an annual basis. With aver- however, increased somewhat, with the exage consumer prices little changed and popu- pansion concentrated in stores, office buildlation continuing to grow at about 1.7 per ings, and other commercial buildings. Fixed cent a year, real disposable income per capita capital outlays by farmers were reduced in will be close to the 1953 level. 1953, and continued to move down this year. Personal saving in 1954 will about equal The only major nonfarm industry groups the peacetime record amount of 1953. The that did not report declines in fixed investratio of personal saving to disposable income ment outlays over the past year were minwill probably approach 8 per cent—close to ing and commercial and miscellaneous. In the level of the preceding three years. both of these groups, expenditures were NOVEMBER 1954 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1954 PRIVATE DOMESTIC INVESTMENT ciation allowances will apparently be as large as last year. While profits before taxes are 30 down sharply, tax liabilities are also much /—- PRODUCERS' DURABLE EQUIPMENT smaller than in 1953. Funds from external • - — \^ ^ . 20 sources have been readily available to busi- OTHER ness this year on terms generally more favor- CONSTRUCTION able than in 1953. * • • NEW RESIDENTIAL —- 10 CONSTRUCTION CHANGE IN BUSINESS INVENTORIES 1 , , , I , , , 1 . Nonfarm business inventories were reduced at an annual rate of 4 to 5 billion ,hl1 B C U H S A IN N E G S E S IN IN V N E O N N T F O A R R IE M S dollars in the last quarter of 1953 and each ll 10 ,1 - of the first three quarters of this year. This II lllll fairly even rate of liquidation contrasts HI 1 sharply with the change that occurred from the second to the fourth quarter of 1953 when 1950 1952 1954 the annual rate of inventory spending de- NOTE.—Department of Commerce quarterly estimates, ad- clined 10 billion dollars—a shift from acjusted for seasonal variation. Changes in farm inventories are not shown. cumulation of stocks at a 6 billion dollar rate to liquidation at a 4 billion rate. planned for the third quarter of 1954 in The book value of stocks of manufacturers about the same amount as a year earlier, according to the Commerce-SEC survey. Man- and distributors at the end of September was ufacturing industries reduced their outlays 9 close to 78 billion dollars, or 5 per cent below per cent over this period; railroads, nearly 40 the record level of a year earlier. Liquidaper cent; and other transportation industries, tion was concentrated in durable goods lines, 12 per cent. Outlays of electric utilities BUSINESS SALES AND INVENTORIES changed little, but those of gas companies Indexes, 1947-49000 200 declined appreciably. DURABLE The decline since last fall in total outlays 180 of nonfarm business for fixed investment 160 reflects in part the substantial increase in 140 productive capacity in recent years in a number of industries and the completion of some 120 large defense-related investment programs. 100 Reductions have been largest among the 80 smaller manufacturing firms, whose aftertax incomes have not held up so well as those -NONDURABLE ^^INVENTORIES _ 140 of the large companies. 120 In general, large companies have tended increasingly to relate investment programs to 100 prospects for longer term growth in de- 80 mands. Aggregate corporate funds available 1948 1950 1952 1954 NOTE.—Department of Commerce monthly data, seasonally this year from retained earnings plus depre- adjusted. Latest sales figures shown are for September; latest inventories, for the end of September. 1148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES IN 1954 as may be seen in the chart, and was mostly lays for farm price support programs also at the manufacturing level. In early 1954 declined considerably. For the calendar year total durable goods stocks were higher rela- 1954, total Federal Government purchases tive to sales than at any time in the recent are likely to amount to about 50 billion dolpast, as the drop in sales had exceeded the lars, compared with 60 billion in 1953 and decline in stocks. More recently, sales have 54 billion in 1952. These figures on purbeen maintained and stocks have been re- chases of goods and services differ from duced further, although in August and Sep- budget expenditures for a number of reatember inventory liquidation among manusons, among which are the inclusion here of facturers of durable goods was at a considerprivately financed as well as Government ably reduced rate. Stocks at manufacturers loans under the farm price support program and distributors in durable goods lines at and the exclusion of other Government lendthe end of September were 9 per cent smaller ing transactions, transfer payments, and inthan a year earlier. In nondurable goods terest on public debt. lines both sales and stocks have been rela- Federal purchases for national security in tively steady for about two years. the third quarter of this year were at an an- Privately held inventories of farm prodnual rate of 42 billion dollars. This was 12 ucts probably will show little change for billion, or more than one-fifth, below the the year as a whole, as compared with liqpeak rate of the second quarter of 1953. Such uidation of 700 million dollars in 1953. Inoutlays continued to decline early in the ventories of livestock on farms may rise fourth quarter. Since mid-1953 the proporslightly this year, with an increase in the tion of gross national product represented number of hogs more than offsetting some by national security purchases has declined decline in cattle herds. Privately held infrom about 14.5 to 12.0 per cent. ventories of crops may be reduced somewhat Reduction in defense spending has refurther in 1954, following a substantial deflected not only declines in expenditures for cline last year. Farm products held under weapons and military equipment and for the Federal price support program—as well construction, but also a cut in the size of as total inventories of such products—have the armed forces and diminished outlays risen less this year than in 1953. Domestic and export demands have been maintained for operation of facilities. The armed forces, while output of major crops has declined, at about 3.3 million persons, are about oneprimarily as a result of acreage restrictions. tenth below their post-Korean peak strength reached in mid-1952. Civilian employment GOVERNMENT EXPENDITURES in the Defense Department is about one-sixth Federal Government purchases of goods below its mid-1952 peak. and services declined at an annual rate of 7 Outlays by State and local governments billion dollars, about one-eighth, from have continued to expand this year at about the first to the third quarter of this year, as the same rate as in 1953. Construction activimay be seen in the table on page 1144. While ties have increased at an accelerated rate and the bulk of this reduction was in expendi- employment and payrolls have continued tures for national security programs, out- to grow. NOVEMBER 1954 1149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Changes in Bulletin Tables The Federal Advisory Council held a meeting in The table "Commercial Paper and Bankers' Washington on November 14-16, 1954, and met Acceptances Outstanding," (page 1172) has been with the Board of Governors of the Federal Re- revised to incorporate data for finance paper placed serve System on November 16. directly. It gives data for total commercial and finance paper outstanding, with a breakdown by the Death of Member of the Board method of placement. The Board of Governors announces with pro- The table "Open Market Money Rates in New found regret the death on October 21, 1954, of Mr. York City" (page 1177) has been revised to in- Paul E. Miller, who had been a Member of the clude the rates on finance paper placed directly. Board since August 13, 1954. At the time of his appointment, Mr. Miller was the Director of the Admissions of State Banks to Membership in the University of Minnesota Agricultural Extension Federal Reserve System Division at St. Paul and had been serving as a The following State banks were admitted to Class C director of the Federal Reserve Bank of membership in the Federal Reserve System during Minneapolis since January 1, 1946. He served the period September 16, 1954 to October 15, 1954: as Deputy Chairman at the Federal Reserve Bank of Minneapolis from December 27, 1951 through Iowa December 31, 1953, when he was designated Chair- Britt—First State Bank. man and Federal Reserve Agent. New Yor\ Death of Director Mattituck—The North Fork Bank and Trust Mr. George H. Jackson, President, First National Company. Bank in Spokane, Spokane, Washington, who had served as a director of the Seattle Branch of the Federal Reserve Bank of San Francisco since Jan- Tables Published Annually and Semiannually, with uary 1, 1953, died on October 29, 1954. Latest BULLETIN Reference Semiannually Issue Page Transfer of Federal Reserve Branch Territory Banking offices: Effective December 1, 1954, the territory of the Analysis of changes in number of... Aug. 1954 903 On, and not on, Federal Reserve Par Los Angeles Branch of the Federal Reserve Bank List, number of Aug. 1954 904 of San Francisco will be extended to include Kern, Annually Mono, and San Luis Obispo counties in California Earnings and expenses: Federal Reserve Banks Feb. 1954 208-209 and Clark County in Nevada. The three California Member banks: Calendar year May 1954 524-534 counties are now served by the Head Office at San First half of year Oct. 1954 1118 Francisco, and Clark County, Nevada, is served by Insured commercial banks May 1954 535 Banks and branches, number of, by class the Salt Lake City Branch of the Bank. and State May 1954 536-537 Operating ratios, member banks Aug. 1954 900-902 1150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Released for publication November 16] Industrial production increased somewhat in Oc- tember. Production of lumber and other building tober and in early November rose further. Un- materials increased further in October. employment declined more than seasonally in Oc- Output of nondurable goods increased somewhat tober and construction activity and retail sales were in October, reflecting mainly gains in textiles, apmaintained at high levels. In early November, parel and leather products. Output of crude oil sales at department stores showed a greater than and petroleum refining continued to show little seasonal rise. Commodity prices generally con- change at levels somewhat below earlier highs, while rise, tinued stable while stock prices production of coal increased moderately. Paperboard production in early November was close to further. the year-ago record rate. INDUSTRIAL PRODUCTION In October industrial production was 125 per CONSTRUCTION cent of the 1947-49 average, according to the Board's Expenditures for new construction in October, preliminary seasonally adjusted index, as compared seasonally adjusted, declined slightly from the adwith 124 in September and 123 in July and August. vanced September level, reflecting a small decrease Activity in the auto and steel industries rose conin nonresidential building. Value of contract siderably further in the first half of November. awards increased 8 per cent further to almost 2 Auto assemblies recovered rapidly after midbillion dollars, the largest volume this year. The October, and in the second week of November number of housing units started in October declined reached the highest rate since May. Output of teleseasonally from the very high September level and vision sets and most other major household goods at 106,000 were considerably above the 90,000 starts remained at an advanced level in October. Activity a year earlier. in producers' and military equipment industries generally continued steady at the curtailed level EMPLOYMENT reached in late spring. Steel output in mid-Novem- Employment in nonagricultural establishments ber was at a rate of 79 per cent of capacity as comincreased a little more than seasonally in October. pared with 73 per cent in October and 67 in Sep- EMPLOYMENT IN N0NA6RICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION Par cent, physicol volume, leosonilly odjutted, 1947-49 • 14,0 Bureau of Labor Statistics data. Proprietors, self-employed Federal Reserve indexes. Monthly figures, latest shown are persons and domestic servants are not included. Midmonth for October. figures, latest shown are for October. NOVEMBER 1954 1151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS The average workweek at factories rose slightly to manufacturers about offset net repayments by sales 39.9 hours. Hourly earnings showed no change finance companies, public utilities, and metal and but average weekly earnings, reflecting the rise in textile manufacturers. the workweek, increased 36 cents to $72.22—the In October, as in September, excess reserves of highest level reached this year. Unemployment member banks averaged about 700 million dollars declined by 360,000 to 2.7 million; this reduction larger than member bank borrowings at the Reserve was somewhat larger than the usual decline at this Banks. In early November member bank reserve time of year. positions tightened due to a currency outflow and a decline in float. Reserve positions eased substan- DISTRIBUTION tially thereafter, however, reflecting primarily a re- Seasonally adjusted sales at department stores in- duction in Treasury balances at the Reserve and creased in October to about the summer level and an increase in float. During October and early were somewhat above a year ago; in early Novem- November the Federal Reserve purchased approxiber they rose further. Total retail sales in October mately 700 million dollars of Government securiwere reduced somewhat by the drop in auto sales ties, about offsetting the effects on bank reserve accompanying model changeovers. Dealers' stocks positions of a seasonal outflow of currency and an of new autos at the end of October were about 50 increase in required reserves. per cent below last year's model-changeover low. SECURITY MARKETS COMMODITY PRICES Corporate and municipal bond yields were rela- The average level of wholesale commodity prices tively stable during the last half of October and was stable from mid-October to mid-November as early November. After fluctuating within a narprices of some foodstuffs, which had declined ear- row range during the last half of October, common lier, strengthened and industrial materials generally stock prices rose sharply to new highs after Novemchanged little. Prices of hogs and products rose ber 2. From mid-October to early November yields somewhat as marketings, contrary to expectations, on intermediate and long-term Government securiincreased little further. The November 1 forecast ties advanced steadily in a thin market, and then of the cotton crop was 6 per cent larger than the declined slightly. Rates on short-term Govern- October 1 forecast, and cotton prices declined some- ments, after remaining generally steady until early what. Wool prices also decreased, but steel scrap, November, declined sharply. copper scrap, and rubber advanced. Consumer prices are estimated to have declined LOANS AND INVESTMENTS MEMBER BANKS IN LEADING Cl slightly further by mid-October, reflecting mainly Billions of dollars decreases in retail prices of meats. Since then little further change has occurred. BANK CREDIT AND RESERVES Total loans and investments at banks in leading cities changed little over most of October and early November, following a substantial increase in the first week of October due mainly to bank purchases of new intermediate-term Treasury notes. After these purchases, bank holdings of Government securities declined somewhat, while loans and holdings of corporate and municipal securities increased. Business loans showed little net change in October and early November as new borrowing by the seasonal industries and by petroleum and chemical No F v e . d 3 e . ral Reserve data. Weekly figures, latest shown are for 1152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 1155-1156 Federal Reserve Bank rates; margin requirements; reserve requirements 1156-1157 Reserves and deposits of member banks 1158 Federal Reserve Bank statistics 1159-1161 Regulation V: guaranteed loans, fees, and rates 1161-1162 Bank debits and deposit turnover; Postal Savings System 1162 Money in circulation 1163 Consolidated statement of the monetary system; deposits and currency 1164 All banks in the United States, by classes 1165-1167 All commercial banks in the United States, by classes 1168-1169 Weekly reporting member banks 1170-1171 Commercial paper and bankers' acceptances 1172 Life insurance companies; savings and loan associations 1173 Government corporations and credit agencies 1174-1175 Security prices and brokers' balances 1176 Money rates; bank rates on business loans; bond and stock yields 1177 Treasury finance 1178-1183 New security issues 1184 Business finance 1185-1186 Real estate credit statistics 1187-1189 Statistics on short- and intermediate-term consumer credit 1190-1192 Business indexes 1193-1202 Merchandise exports and imports 1202 Department store statistics 1203-1207 Consumer and wholesale prices 1208-1209 Gross national product, national income, and personal income 1210-1211 Revised estimates of short- and intermediate-term consumer credit for 1953 1212 List of tables published in BULLETIN annually or semiannually, with references for latest data 1150 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. NOVEMBER 1954 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday Figures, 1946-1950, Weekly Averages of Daily Figures, 1951- Billions of Dollars 25 15 *~f*"r->*W ifo&g^yffi^^ - 1946 1947 1948 1949 1950 1951 1952 1953 1954 Latest averages shown are for week ending Oct. 27. See p. 1156. 1154 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 Date T U. o S t . a l Go B r v o o i t g u u . h t g s - t h e t cu u r c a m H r e n h i g t p e e d a r i l e e u n s e d e s e t r r - -v c D o a a a n u n i d s c d n - - e ts s Float o A th ll - Total s G to o c ld k T r s o e c t u i r a n n u u e r n r g c y t a - - d y s - - M c t c u i o i i o n l n r a n - e - y T h c i u n r o a e r g l s y d a h s s - - T p th w u o d r r e e e a r s i - y s a i n t t e h s s - r m v F e e p . F e m o d R b i o e s g b a - . r i n t e - l s a B r n a b c O n p a e d i o k e s n e t t s r h s s - , k - - c O s F o e R e a t e r u c r h e a d v - - n e l - e t r s Tot r a e M l se e r q m v u e b R i e r b e e r - a d l b 2 a a n n c k e E s x- Wednesday 1953 Sept. 2 25,067 25,014 53 391 610 26,071 22,178 4,865 30,240 ,278 541 538 333 85919,325 18,884 441 Sept. 9 25,126 25,034 92 491 559 26,179 22,178 4,865 30,479 ,274 574 569 363 85919,104 18,731 373 Sept. 16 25,207 25,084 123 311 943 26,464 22,178 4,868 30,335 ,278 356 507 381 88219,771 18,885 886 Sept. 23 25,185 25,185 228 813 26,228 22,179 4,869 30,210 ,277 619 543 259 88119,486 18,868 618 Sept. 30 25,235 25,235 329 685 26,252 22,128 4,872 30,275 ,283 642 512 352 88019,309 18,816 493 Oct. 7 25,348 25,348 281 606 26,238 22,128 4,872 30,374 ,284 524 484 370 89919,303 18,757 546 Oct. 14 25,363 25,348 15 271 685 26,322 22,128 4,873 30,412 ,271 348 461 375 89919,557 18,728 829 Oct. 21 25,348 25,348 260 826 26,437 22,077 4,874 30,305 ,270 530 461 358 89719,567 18,817 750 Oct. 28 25.348 25,348 359 599 26,309 22,077 4,874 30,268 ,282 644 471 366 89519,334 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 80119,779 18,845 934 Nov. 11 25,123 24,958 165 365 622 26,111 22,077 4,878 30,540 784 322 449 534 80819,630 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 80519,775 19,150 625 Dec. 2 25,081 25,043 38 427 792 26,302 22,028 4,882 30,791 774 526 431 339 87819,474 19,161 313 Dec. 9 25,345 25,143 202 727 606 26,681 22,028 4,883 30,904 778 488 491 331 88019,720 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 93620,229 19,309 920 Dec. 23 25,88625,318 568 435 1,369 27,692 22,029 4,886 31,156 763 799 461 427 937 20,064 19,297 767 Dec. 30 25,902 25,318 584 100 973 26,977 22,029 4,889 30,890 773 377 474 380 936 20,066 19,364 702 1954 Jan. 6.... 25,38425,318 66 170 963 26,519 22,029 4,890 30,591 770 222 440 397 836 20,184 19,390 794 Jan. 13. . .. 25,318 25,318 156 754 26,230 22,030 4,890 30,284 775 86 500 441 836 20,228 19,250 978 Jan. 20 25,364 25,364 70 977 26,412 22,006 4,890 30,083 782 5 443 286 83320,874 19,335 1,539 Jan. 27 24,661 24,661 110 722 25,495 22,006 4,890 29,900 795 236 493 278 831 19,859 19,217 642 Feb. 3 24,77424,717 515 569 25,860 21,956 4,899 29,930 807 457 477 345 82919,870 19,089 781 Feb. 10 24,863 24,806 440 509 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 91219,845 18,921 924 Feb. 24 24,559 24,559 249 503 25,312 21,958 4,906 29,838 824 509 461 359 91119,273 18,853 420 Mar. 3 24,55924,559 267 861 25,689 21,958 4,912 29,885 820 528 476 402 90819,540 18,827 713 Mar. 10 24,682 24,682 411 543 25,638 21,963 4,917 29,870 820 447 487 346 90719,640 18,792 848 Mar. 17.... 24,582 24,582 265 855 25,704 21,964 4,920 29,769 823 51 528 191 919 20,307 19,224 1,083 Mar. 24 24,705 24,632 73 349 569 25,625 21,964 4,925 29,632 810 539 517 358 919 19,739 18,869 870 Mar. 31.... 24,632 24.632 147 535 25,316 21,965 4,935 29,707 819 722 494 363 91719,194 18,689 505 Apr. 7 24,632 24,632 177 546 25,357 21,966 4,935 29,795 823 570 491 371 936 19,272 18,651 621 Apr. 14 24,632 24,632 171 599 25,404 21,966 4,943 29,793 831 639 469 353 93519,293 18,585 708 Apr. 21 24,632 24,632 155 704 25,493 21,967 4,945 29,673 839 565 443 388 93119,566 18,648 918 Apr. 28 24,632 24,632 217 533 25,383 21,968 4,947 29,645 829 499 469 305 85219,699 18,759 940 May 5 24,632 24,632 140 501 25,274 21,969 4,951 29,756 837 617 601 328 84919,207 18,837 370 May 12 24,632 24,632 268 582 25,484 21,970 4,952 29,759 840 542 579 357 84819,481 18,717 764 May 19 24,68724,687 177 662 25,528 21,971 4,956 29,707 841 418 533 390 880 19,686 18,937 749 May 26 24,73724,737 202 550 25,490 21,972 4,957 29,697 834 505 502 383 88119.617 18,961 656 June 2. . . . 24,812 24,812 175 593 25,582 21,923 4,958 29,934 831 448 520 379 87719,474 18,898 576 June 9 24,98724,987 177 574 25,740 21,924 4,957 29,873 825 250 563 201 876 20,032 18,906 1,126 June 16.. . . 24,91024,910 136 797 25,844 21,925 4,956 29,803 810 459 543 199 99719,914 18,993 921 June 23 25,231 25,139 92 609 751 26.593 21,926 4,955 29,735 812 1,220 544 339 999 19,825 18,828 997 June 30. . .. 25,03725,037 37 567 25,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 July 7.... 25,037 25,037 84 614 25,736 21,928 4,959 30,154 826 300 571 380 98719,406 18,420 986 July 14 24,90224,902 83 683 25,669 21,929 4,958 29,981 810 557 771 400 98519,052 18,340 712 July 21 24,71424,714 93 654 25,463 21,931 4,958 29,854 808 536 629 402 98319,141 18,366 775 July 28.... 24,517 24,517 220 525 25,263 21,907 4,959 29,776 812 548 549 398 91119,136 18.377 759 Aug. 4 24,325 24,325 170 609 25,105 21,908 4,959 29,893 808 677 525 428 90718,733 17,704 1,029 Aug. 11 24,023 24,023 487 554 25,066 21,858 4,960 29,911 799 593 559 387 90518,731 17,665 1,066 Aug. 18 23,95623,876 80 460 766 25,183 21,858 4,960 29,866 812 646 548 427 92818,776 17,683 1,093 Aug. 25 23,908 23,824 84 313 637 24,859 21,858 4,961 29,786 812 596 562 417 92718,579 17,619 960 Sept. 1 24,023 23,894 129 293 573 24,890 21,809 4,965 29,923 809 591 483 404 92418,530 17,592 938 Sept. 8.... 24,04424,044 154 506 24,705 21,809 4,967 30,115 808 446 524 391 92318,274 17,532 742 Sept. 15 23,987 23,987 198 834 25,020 21,809 4,967 29,998 797 510 506 409 93518,642 17,636 1,006 Sept. 22 23,77023,770 170 709 24,651 21,810 4,968 29,888 801 515 524 388 934 18,379 17,680 699 Sept. 29 24.045 24,045 299 511 24,857 21,810 4,971 29,922 796 769 489 398 93218,331 17,685 646 Oct. 6.... 24,580 24,580 255 664 25,501 21,810 4,971 30,051 799 625 556 427 95118,875 18,198 677 Oct. 13 24,609 24,580 29 312 346 25,267 21,810 4,973 30,159 792 643 468 418 95118,620 18,202 418 Oct. 20.... 24,456 24,456 330 733 25,521 21,759 4,973 30,055 803 601 434 374 94919,037 18,134 P903 Oct. 27 24,381 24,381 305 609 25,297 21,759 4,973 29,970 816 588 443 373 950 18,888 18,158 P73O End of month 1953 Sept 25,235 25,235 329 685 26,252 22,128 4,872 30,275 1,283 642 512 352 880 19,309 18,816 493 Oct 25,348 25,348 413 787 26,550 22,077 4,879 30,398 1,275 654 448 468 80219,460 18,826 634 Nov 25,095 24,993 102 369 667 26,133 22,028 4,885 30,807 766 451 417 367 80419,434 19,087 347 Dec 25,916 25,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 83920,160 19,397 763 1954 Jan 24,64024,640 156 640 25,437 21,956 4,899 29,981 793 405 440 459 83019,384 19,016 368 Feb 24,509 24,509 350 827 25,688 21,958 4,913 29,904 811 542 490 491 90919,412 18,821 591 Mar 24,63224,632 147 535 25,316 21,965 4,935 29,707 819 722 494 363 91719,194 18,689 505 Apr 24,632 24,632 172 576 25,382 21,969 4,951 29,735 819 579 471 321 850 19,528 18,844 684 May 24,812 24,812 245 723 25,781 21,973 4,957 29,870 820 408 527 645 87819,563 18,891 672 June 25,037 25,037 37 567 25,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 July 24,325 24,325 184 672 25,183 21,908 4,960 29,892 798 716 533 503 90818,702 17,763 939 Aug 24,023 23,894 129- 200 473 24,696 21,809 4,966 29,929 811 511 477 501 92518,316 17,572 744 Sept 24,27024,270 132 779 25.183 21,810 4,972 29,985 786 704 461 422 93118,676 17,724 952 Oct 24,381 24,381 297 721 25,401 21,759 4,973 30,068 808 729 426 496 88418,722 18,116 P606 * Preliminary. For footnotes see following page. NOVEMBER 1954 1155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MBMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Mtoney Treas- w re i s th e rv F e . R ba . la B n a c n e k s, s O F t e h d e - r reserve balances Date Dis- Gold cur- in ury eral or Held counts All stock rency cir- cash Reperiod Total B r o o ig u u h g t- t ht u c r a m e h n g p e a d r u n e s e e e t r r - - va a a n n d c d - es Float o e t r h 1 - Total s o t i a n u n g t- d- c t u io la n - h i o n l g d s - T p r u o d e r s e a y i - s ts - p F e o d i o e s g r i - n - ts O p d i e o t t e r s h s - - - c s o e a u r c v n - e ts Total qu R ir e e - d2 c E e x ss - 8 End of month: 1929—June. 216 148 68 1,037 52 95 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June. 1,998 1,998 164 4 54 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec.. 2,484 2,484 7 91 11 2,593 17,644 1,963 7,598 2,409 634 397 256 251 11,653 6,444 5,209 1941—Dec. 2,254 2,254 3 94 10 2,361 22,737 2,24711,160 2,215 867 774 586 291 12,450 9,365 3,085 1945—Dec 24,262 24,262 249 578 2 25,09120,065 4t,33928,515 2 987 977 862 446 495 15,915 14,457 1,458 1947—Dec! 22,559 22,559 85 535 1 23,18122,754 4t,56228,868 ,336 870 392 569 563 17,899 16,400 1,499 1949—Dec. 18,885 18,885 78 534 2 19,49924,427 4t,59827,600 1,312 821 767 750 706 16,568 15,550 1,018 1950—Dec. 20,778 20,725 "53 67 1,368 3 22,21622,706 4t,63627,741 1,293 668 895 565 714 17,681 16,509 1,172 1951—Dec. 23,801 23,605 196 19 1,184 5 25,00922,695 41,70929,206 1,270 247 526 363 746 20,056 19,667 389 1952—June.22,906 22,764 142 59 581 5 23,55123,346 41,75429,026 L ,283 333 548 298 783 19,381 19,573 -192 Dec. 24,697 24,034 663 156 967 4 25,82523,187 41,81230,433 1,270 389 550 455 777 19.950 20,520 -570 1953—June.24,746 24,718 28 64 601 3 25,41422,463 41,85430,125 1,259 132 527 176 951 19,561 19,459 102 Averages of daily figures Monthly: 1953—Oct.. 25,344 25,341 3 367 800 3 26,51422,102 41,87330,366 1,274 557 463 406 889 19,536 18,784 752 Nov. 25,172 25,078 94 494 744 3 26,41322,057 41,87830,555 915 497 434 424 805 19,718 19,035 683 Dec. 25,639 25,218 421 448 1,018 2 27,10722,028 41,88530,967 767 602 466 390 908 19,920 19,227 693 1954—Jan.. 25,263 25,149 114 118 861 2 26,24322,015 41,89130,282 778 201 453 422 834 20.179 19,243 936 Feb.. 24,770 24,729 41 308 667 2 25,74621,957 41,90429,903 811 568 470 429 870 19,557 18,925 632 Mar. 24,633 24,620 13 205 712 2 25,55321,963 41,92029,800 813 490 494 352 913 19,573 18,881 692 Apr.. 24,635 24,632 3 151 696 25,48321,966 41,94129,755 825 584 481 427 926 19,392 18,627 765 May. 24,689 24,680 9 172 640 25,50321,971 4L95429,773 830 486 531 412 864 19,533 18,817 716 June.24,998 24,960 38 166 710 25,87621,927 4,956 29,856 815 602 553 321 941 19,670 18,813 857 July. 24,771 24,761 10 104 695 25,57121,926 41,95929,968 810 498 632 409 973 19,164 18,329 835 Aug.. 23,989 23,930 59 210 654 24,85521,871 1,96029,896 806 591 536 464 916 18,478 17.638 840 Sept..23,941 23,928 13 170 725 24,83821,809 t1,96729,991 796 541 522 431 929 18,403 17,628 775 Oct.. 24,485 24,472 13 254 720 25,45921,787 t1,97330,077 797 610 455 444 944 18,893 Weekending: 1954 July T.... 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 no 25,69121,929 i1,95830,099 811 392 765 359 986 19,166 18,404 762 July 21 24,765 24,765 73 833 25 67321,931 1,95829,932 807 499 651 428 983 19,261 18,356 905 July 28!!!! 24,517 24,517 168 590 25,27721,924 1,95929,815 806 551 569 420 963 19,036 18,347 689 Aug. 4 24,325 24,325 175 653 25,15421,908 1,95929,889 803 742 526 455 908 18,698 17,666 1,032 Aug. 11 24,040 24,023 ii 287 598 24,92521,901 t1,95929,932 803 584 544 430 905 18,586 17,688 898 Aug. 18 23,980 23,876 104 229 723 24,93321,858 i1,96029,919 805 558 579 452 914 18,525 17,662 863 Aug. 25 23,813 23,747 66 178 698 24,69021,858 ii,961 29,850 807 566 557 450 927 18,353 17,627 726 Sept. 1 23,938 23,845 93 185 576 24,69921,837 <1,962 29,887 808 551 465 516 926 18,346 17,603 743 Sept. 8 24,013 23,977 36 147 598 24,75921,809 i1,965 30,046 802 479 518 428 923 18,336 17,556 780 Sept. 15 24,035 24,035 189 714 24,93921,809 t1,967 30,073 795 558 559 432 925 18,373 17,594 779 Sept. 22 23,789 23,789 141 977 24,90821,810 i1,967 29,969 793 446 514 435 934 18,596 17,691 905 Sept. 29 23,868 23,868 191 627 24,68721,810 i1,96829,888 795 652 511 437 933 18,250 17,663 587 Oct. 6. 24,492 24,492 179 667 25,33821,810 i1,971 30,010 793 676 484 452 948 18,756 17,894 862 Oct. 13.!!! 24,606 24,581 25 259 599 25,46521,810 it,972 30,143 790 594 466 472 950 18,832 18,201 631 Oct. 20.... 24,487 24,456 31 284 927 25,69921,788 i1,97330,125 796 570 443 440 950 19,136 P18.248 P888 Oct. 27.... 24,381 24,381 257 721 1 25,36021,759 t,97330,028 801 567 442 411 949 18,895 P18.194 *>701 1 v Preliminary. 1 Includes industrial loans and acceptances purchased, which are shown separately in subsequent tables. 8 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 * [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 For extensions of credit by brokers In 90 days to 6 months. . . and dealers on listed securities 50 75 50 In less than 90 days For short sales 50 75 50 Regulation U: NOTE.—Maximum rates that may be paid by member banks as For loans by banks on stocks 50 75 50 established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank 1 Regulations T and U limit the amount of credit that may be exmay not in any event exceed the maximum rate payable by State tended on a security by prescribing a maximum loan value, which^is a banks or trust companies on like deposits under the laws of the State specified percentage of its market value at the time of 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. 1156 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- A o d b v l a ig n a c t e io s n s s e c a u n r d ed d i b sc y o u G n o ts v e o rn f m an e d nt Other secured advances t o i b o b a n l n i s k g s a o t t i s h o e e n c r s u r t o e h d f a n t b h y e m U d e i m . r e b S c e . t r Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)* Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Oct. 31 beginning— rate Oct. 31 beginning— rate Oct. 31 beginning— rate Boston Apr. 27,1954 2 Apr. 27,1954 Feb. 5,1954 New York.. .. Apr. 16,1954 2 Apr. 16,1954 Jan. 16,1953 Philadelphia. . May 21,1954 2 May 21,1954 Jan. 16,1953 Cleveland Apr. 23,1954 2 Apr. 23,1954 3 Aug. 17,1953 Richmond May 15,1954 2 May 15,1954 3 Jan. 23, 1953 Atlanta May 15,1954 2 May 15,1954 3M Feb. 9,1954 Chicago Apr. 14,1954 2 Sept. 13,1954 2M Aug. 13,1948 St. Louis Apr. 23,1954 2 Apr. 23.1954 May 18,1953 Minneapolis. . Apr. 29,1954 2 Apr. 29,1954 3 Jan. 26, 1953 K Da a l n l s a a s s City.. A A p p r r . . 2 2 3 3 , ,1 1 9 9 5 5 4 4 2V 4 A F p e r b . . 2 1 3 2 , ,1 1 9 9 5 5 4 4 2 3 H J J a a n n . . 2 1 3 6 , ,1 1 9 9 5 5 3 3 San Francisco Apr. 16,1954 2 Apr. 16,1954 3 Jan. 20, 1953 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 20 0 d d M a a y y a s s turity R O a c t t e . 3 o 1 n A A In p p g r r in . . e n ff i 1 1 e n 6 6 c g t , , — 1 1 b 9 > 9 e 5 5 - 4 4 Pre ra v 1 I t K % i e ous Ef o fe f c t c i h v a e ng d e ate C r b e e c a s n i e n t t r y k r v 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 m d b e T a e p ( i n m a o m k l s b l s e i e ) t r s 121-180 days Apr. 16, 1954 1917—June 21 13 10 7 3 NOTE.—Effective minimum buying rates on prime bankers' accept- 1936—Aug. 16 1934 15 1034 S an ta c t e is s t ic p s a , ya T b a l b e l e i n 1 1 d 7 o , ll p a p rs . . 4 43 B - a 4 c 4 k 5 . figures.—See Banking and Monetary 1937— M M a a y r. 1 1 2 26 2M 1734 14 4 64 20 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16 22 H 1734 12 5 AND COMMITMENTS UNDER SECTION 13B 1941—Nov. 1 26 20 14 6 OF THE FEDERAL RESERVE ACT 1942—Aug. 20 24 Sept. 14 22 Maturities not exceeding five years Oct. 3 20 [In effect October 31. Per cent per annum] 1948—Feb. 27 22 June 11 24 Sept. 16 16 27V£ To industrial or Sept. 24 26 22 commercial To financing institutions businesses 1949—May 1 15 27 May 5 24 21 37 June 30 . .. 20 36 Federal On p d u i r s c c h o a u s n e t s s or J A u u l g y 1 1 1 1 4 3 26 Reserve Aug. 11 23^ 19*$ 35 Bank On On Aug. 16 U 25 On commit- Portion commit- Aug. 18 23 19 loans1 ments for which Re- ments Aug. 25 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 Boston H-1H New York 1953—July i 13 Philadelphia July 9 22 19 Cleveland 1954—June 16 25 Richmond June 24 21 35 Atlanta July 29 20 18 Chicago Aug. 1 12 St. Louis Minneapolis 8 In effect Nov. 1, 1954*... 20 18 12 5 Kansas City Dallas 8 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. 3 Rate charged borrower. 4Rate charged borrower but not 3 Requirement became effective at central reserve and reserve city to exceed 1 per cent above the discount rate. banks. 5Charge of J^ 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, 6Charge of }£ 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. 1157 NOVEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve week en M di o n n g t h W , o e r dnesday b m a b A n e e m l k r l s - 1 N c e i w ty ban C k h s i- b s c R e a i r n t e v y k - e s b C a t o n r u y k n s - i week en M di o n n g t h W , o e r dnesday b m a b A n e e m k l r l s - i N c e i w ty ban C k h s i- b s c R a e i r n t e v y k - e s b C a t o n r u y k n s - 1 York cago York cago Total reserves held: Excess reserves: 1953—July 19,653 4,838 1,292 7,808 5,713 1953—July 784 53 5 130 597 August 19,526 4,713 1,293 7,805 5,714 August 643 6 1 99 537 September 19,552 4,717 1,283 779 5,773 September 718 31 -2 116 573 1954—July 19,164 4,508 1,198 780 5,678 1954—July 836 40 11 166 619 August 18,478 4,311 1,171 502 5,493 August 839 —9 112 736 September 18,403 4,288 1,154 506 5,455 September 775 21 105 645 Sept. 22 '18,596 4,296 1,153 7,560 5,586 Sept. 22 904 29 6 123 746 Sept. 29 18,250 4,273 1,139 7,492 5,346 Sept. 29 588 -11 —9 78 530 Oct. 6 18,756 4,465 1,179 7,593 5,519 Oct. 6 8o3 79 16 133 635 Oct. 13 18,832 4,4^0 1,174 7,699 5,468 Oct. 13 630 -10 -10 78 572 Oct. 20 19,136 4,540 1,197 7,751 5,649 Oct. 20 P889 43 14 96 P736 Oct. 27 18,895 4,487 1,187 7,741 5,479 Oct. 27 P701 20 4 96 P581 Borrowings at Federal Required reserves:2 Reserve Banks: 1953—July 18,868 4,786 1,288 7,678 5,117 1953—July 418 12 40 245 121 August 18,882 4,706 1,292 7,706 5,177 August 650 53 79 365 154 September.. 18,834 4,686 1,285 7,663 5,200 September 468 32 51 275 110 1954—July 18,329 4,468 1,187 7,614 5,058 1954—July 66 1 26 38 August 17,638 4,320 1,172 7,390 4,757 August 115 30 11 37 37 September.. 17,628 4,266 1,151 7,401 4,810 September 67 2 9 28 28 Sept. 22.... 17,691 4,267 1,147 7,437 4,840 Sept. 22 36 22 13 Sept. 29... . 17,663 4,285 1,148 7,414 4,816 Sept. 29 78 38 32 Oct. 6.... 17,894 4,387 1,163 7,460 4,884 Oct. 6 62 46 12 Oct. 13.... 18,201 4,500 1,184 7,621 4,896 Oct. 13 74 48 20 Oct. 20.... P18.248 4,497 1,183 7,655 P4,913 Oct. 20 99 63 34 Oct. 27 P18.194 4,467 1,184 7,645 P4,898 Oct. 27 71 35 35 « Correction P Preliminary. iWeekly 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. 2See table on preceding page for changes in reserve requirements. Back figures.—See Banking and Monetary Statistics, pp. 396-399. DEPOSITS, RESERVES, AND BORROWINGS OP MEMBER BANKS [Averages of daily figures.* In millions of dollars] Central reserve Central reserve Item b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c R a e i n r t e v y k - e s C ba t o r n u y k n s - York cago York cago September 1954 September 1953 Gross demand deposits: Total 109,517 22,567 6,049 42,712 38,189 107,897 22,688 6,141 41,796 37,273 Interbank 13,276 4,011 1,303 6,065 1,296 12,331 3,843 1,275 6,126 1,087 Other 96,241 18,556 4,745 36,047 36,893 95,566 18,845 4,866 35,669 36,186 Net demand deposits2 94,970 20,416 5,436 36,843 32,276 93,991 20,624 5,514 35,927 31,927 Time deposits 39,058 3,659 1,275 15,393 18,731 35,126 2,476 1,200 13,956 17,494 Demand balances due from domestic banks... 6,894 42 114 2,052 4,687 6,312 40 118 1,986 4,168 Reserves with Federal Reserve Banks: Total 18,403 4,288 1,154 7,506 5,455 19,552 4,717 1,283 7,779 5,773 Required3 17,628 4,266 1,151 7,401 4,810 18,834 4,686 1,285 7,663 5,200 Excess 775 21 4 105 645 718 31 -2 116 573 Borrowings at Federal Reserve Banks 67 28 28 468 32 51 275 110 ^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 See table on preceding page for changes in reserve requirements. 1158 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 Oct. 27 Oct. 20 Oct. 13 Oct. 6 Sept. 29 Oct. Sept. Oct. Assets Gold certificates 20,225,102 20,227,10120,287,10120,287,10320,287,10120,235,10320,287,10120,043,103 Redemption fund for F. R. notes. . 843,93^ 844,083 836,474 839,129 842,262 843,938 842,262 853,890 Total gold certificate reserves. 21,069,03921,071,18421,123,57521,126,23221,129,36321,079,04121,129,36320,896,993 F. R. notes of other Banks 160,448 142,628 122,025 122,704 136,982 147,649 132,036 182,301 Other cash 329,448 327,294 315,702 330,305 349,737 335,656 351,911 336,770 Discounts and advances: For member banks 120,213 145,495 126,573 70,250 173,899 112,360 27,374 405,520 For nonmember banks, etc 185,000 185,000 185,000 185,000 125,000 185,000 105,000 7,000 Industrial loans 797 742 875 759 870 800 978 2,662 U. S. Government securities: Bought outright: Bills 1,660,000 1,735,000 1,859,250 1,859,250 1,324,250 1,660,000 1,549,250 2,056,312 Certificates: Special Other 6,599, ,599,791 6,599 ,599,791 6,599 6,599,791 6,599,791 5,851,541 Notes 13,029,02113,029,02113,029 13,029,02113,029 13,029,02113,029,02113,773,671 Bonds 3,092. ,092,550 3,092 ,092,550 3,092 3,092,550 3,092,550 3,666,150 Total bought outright 24,381,36224,456,36224,580 24,580,61: 24,045,61224,381,36224,270,61225,347,674 Held under repurchase agreement 28 600 Total U. S. Government securities 24,381,362 24,609,21224,580,61: 24,045,61224,381,36224,270,61225,347,674 Total loans and securities 24,687,372 24,787,59924,921,66024,836,62124,345,38124,679,52224,403,964 :5,762,856 Due from foreign banks 22 22 22 22 22 22 22 22 Uncollected cash items 3,776. ,239,283 4,002,707 ,627,086 3,624, 3,567,683 3,547,358 3,525,147 Bank premises 54, 54,308 54,076 53,504 53, 54,157 53,506 50,056 Other assets 165 159,041 152,506 145,467 158, 170,797 159,404 214,722 Total assets. 50,242,779 50,781,35950,692,27350,241,94149,798,54450,034,527 49,777,564 0,968,867 Liabilities Federal Reserve notes 25,613,67825,666,50525,729,26625,646,74325,553,57225,705,621 :5,601,42226,133,622 Deposits: Member bank—reserve accounts 18,888,24919,037 18,619,81118,874,55218,330,87718,722,08218,676,139 9,459,892 U. S. Treasurer—general account 588,197 601 643,099 625,164 769,192 728,963 704,485 653,969 Foreign 443,004 433 468,049 556,165 489,198 426,227 461,465 448,446 Other 372,917 374, 417,763 426,753 398,344 496,128 421,781 467,556 Total deposits. 20,292,36720,446,85220,148,72220,482,63419,987,61120,373,40020,263,87021,029,863 Deferred availability cash items 3,166,853 3,505,825 3,657,051 2,962,905 3,113,558 2,846,363 2,768,038 2,738,362 Other liabilities and accrued dividends 20,384 ,477 19,634 17,861 17,719 18,441 17,376 19,952 Total liabilities. 49,093,282 49,637,659 49,554,67349,110,143 48,672,460 48,943,82548,650,70649,921,799 Capital Accounts Capital paid in 276,871 276,679 276,190 276,013 275,842 281,900 275,870 262,707 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 220,070 214,465 208,854 203,229 197,686 156,246 198,432 172,142 Total liabilities and capital accounts 10,242,779 10,781,35950,692,273 0,241,94149,798,54450,034,52749,777,564 10,968,867 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.9 45.7 45.8 46.4 45.7 46.4 Contingent liability on acceptances purchased for foreign correspondents 12,910 11,384 8,470 7,849 6,278 14,118 6,453 22,752 Industrial loan commitments 2,098 2,163 2,032 2,150 2,240 1,895 1,943 3,381 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 305,213 330,495 311,573 255,250 298,899 297,360 132,374 412,520 Within 15 days 139,032 326,126 283,018 67,367 190,911 131,667 34,192 375,971 16 days to 90 days 46,137 4,369 28,555 187,883 107,984 45,649 98,178 36,439 91 days to 1 year 120,044 4 120,044 4 110 Industrial loans—total 797 742 875 759 870 800 978 2,662 Within 15 days 2 426 2 2 571 3 3 533 16 days to 90 days 168 234 790 672 11 165 730 1,098 91 days to 1 year 595 50 50 49 252 600 209 895 Over 1 year to 5 years 32 32 33 36 36 32 36 136 U. S. Government securities—total 24,381 362 24456,362 24,609,21224,580,61224,045,612 24,381,36224,270,612 25,347,674 Within 15 days 166000 333,500 414,350 522,000 363,700 146,700 283,000 283,750 16 days to 90 days 8,776550 8,684,050 8,756,050 8,619,800 8,243,100 8,795,850 8,548,800 264,312 91 days to 1 year 6,689591 6,689,591 6,689,591 6,689,591 6,689,591 6,689,591 6,689,591 558,091 Over 1 year to 5 years 6,320750 6,320,750 6,320,750 6,320,750 6,320,750 6,320,750 6,320,750 452,264 Over 5 years to 10 years 1,013 614 1,013,614 1,013,614 ,013,614 1,013,614 013,614 ,013,614 374,400 Over 10 years 1,414 857 1,414,857 1,414,857 ,414,857 1,414,857 414,857 ,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. 1159 NOVEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 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 la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates.20,235,103 1,026,036 5,341,8781,205,9751,729,2501,152,123 942,i686 3,559,958 838,650 447,986 839,804 836,050 2,314,707 Redemption fund for F. R. notes. 843,938 50,012 175,366 55,590 75,593 66,755 54,291 144,612 47,365 24,713 39,934 28,926 80,781 Total gold certificate reserves. . 21,079,041 1,076,048 5,517,2441,261,5651,804,8431,218,878 996,9773,704,570 886,015 472,699 879,738 864,976 2,395,488 F. R. notes of other Banks... 147,649 13,755 33,199 10,593 8,857 11,706 21,527 12,488 6,579 4,493 4,146 6,941 13,365 Other cash 335,656 23,327 67,777 17,851 36,098 17,982 31,222 56,895 18,765 9,101 11,980 14,071 30,587 Discounts and advances: Secured by U. S. Govt. securities. . . 112,062 3,950 9,285 10,875 8,055 7,260 20,800 26,825 2,200 6,020 16,212 80 500 Other 185,298 11,295 53,650 13,690 17,020 9,435 7,955 25,796 7,030 4,625 7,030 8,902 18,870 Industrial loans.. 800 720 80 U. S. Government securities: Bought outright 24,381,362 1,345,315 6,227,7801,483,8012,089,653 1,436,0141,241,7674,262,301 1,020,238 598,733 1,051,910 958,0412,665,809 Held under repurchase agreement... Total loans and securities 24,679,522 1,360,560 6,290,7151,509,086 2,114,728 1,452,7091,270,5224,314,922 1,029,468 609,458 1,075,152 967,0232,685,179 Due from foreign banks 22 1 16 2 1 1 3 1 1 1 2 Uncollected cash items 3,567,683 276,520 617,738 195,178 329,134 317,804 268,399 590,553 154,521 106,992 188,188 209,303 313,353 O Ba th n e k r p a r s e s m ets ises... 54,157 5 9, , 1 8 7 9 8 6 7,257 1 5 0 , , 1 0 6 6 2 9 1 5 4 , , 0 74 8 4 0 4,530 3 9, , 3 9 1 0 4 6 6,318 2 7 , , 8 3 4 3 4 8 4 1 , , 0 01 7 5 7 2 7 , , 4 5 5 4 8 3 7 1 , ,0 1 8 4 5 9 1 8 8 , , 6 3 0 60 6 170,797 42,806 10,734 29,485 Total assets 50,034,527 2,765,285 12,576,7423,009,506 4,313,486 3,034,3442,601,8688,715,234 2,105,5311,207,836 2,169,206 2,070,549 5,464,940 Liabilities F. R. notes 25,705,621 1,565,349 5,751,9971,789,843 2,365,4671,835,0141,365,2654,975,0681,154,908 583,8031,006,715 734,230 2,577,962 Deposits: Member bk.— reserve accts. 18,722,082 817,071 5,446,509 884,4031,452,962 818,119 881,1772,989,105 690,183 455,074 909,6221,013,7042,364,153 U. S. Treas.— gen. acct 728,963 40,833 147,445 51,211 80,621 39,391 40,328 77,954 42,747 33,014 42,351 53,886 79,182 Foreign 426,227 26,413 2118,778 32,042 39,836 22,083 18,619 60,187 16,454 10,825 16,454 20,351 44,185 Other 496,128 2,912 315,950 9,816 7,891 13,099 34,958 3,990 21,663 5,702 3,141 42,357 34,649 Total deposits... 20,373,400 887,229 6,028,682 977,472 1,581,310 892,692 975,0823,131,236 771,047 504,615 971,5681,130,2982,522,169 Deferred availability cash items 2,846,363 245,114 481,974 161,201 265,374 248,062 211,189 453,978 135,259 90,022 147,415 154,632 252,143 Other liabilities and accrued dividends 18,441 885 5,634 972 2,080 793 870 2,804 694 655 675 654 1,725 Total liabilities. . 48,943,825 2,698,577 12,268,2872,929,488 4,214,2312,976,5612,552,406 8,563,086 2,061,9081,179,0952,126,3732,019,814 5,353,999 Capital Accounts Capital paid in. . 281,900 14,789 88,621 18,716 26,760 12,526 12,041 36,556 9,740 6,149 10,617 14,125 31,260 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 156,246 10.129 35,882 10,904 13,841 10,158 8,625 23,371 7,897 5,300 7,623 7,157 15,359 Total liabilities and capital accounts , 50,034,527 2,765,285 12,576,7423,009,506 4,313,486 3,034,3442,601,868 8,715,2342,105,531 1,207,836 2,169,206 2,070,549 5,464,940 Reserve ratio 45.7% 43,9% 46,8% 45,6% 45,7% 44,7% 42,6% 45,7% 46,0% 43,4% 44,5% 46,4% 47,0% Contingent liability on acceptances purchased for foreign correspondents. 14,118 786 34,959 955 1,187 658 555 1,793 490 323 490 606 1,316 Industrial loan commitments., 1,895 445 598 39 108 18 687 1 After deducting $ 16,000 participations of other Federal Reserve Banks. 2After deducting $307,430,000 participations of other Federal Reserve Banks, s After deducting $9,159,000 participations of other Federal Reserve Banks. 1160 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 1953 Oct. 27 Oct. 20 Oct. 13 Oct. 6 Sept. 29 Oct. Sept. Oct. F. R. notes outstanding (issued to Bank) 26,561,98126,592,36226,586,93226,555,28426,557,59926,597,96126,539,310 27,106,656 Collateral held against notes outstanding: Gold certificates 11,093,00011,093,00011,093,000 11,093,00011,093,000 11,093,00011,093,000 11463,000 Eligible paper 53,738 73,017 36,039 20,086 55,846 47,027 13,156 226,703 U. S. Government securities 16,865,00016,865,00016,865,00016,865,00016,865,00016,865,00016,865,000 16,620,000 Total collateral 28,011,73828,031,01727,994,03927,978,08628,013,84628,005,02727,971,156 28,309,703 EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1954 [In thousands of dollars] Item Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 26,597,961 1,624,881 5,929,1261,868,9332,477,676 1,888,5961,416,6845,062,172 1,205,570 620,7651,035,333 779,3122,688,913 Collateral held: Gold certificates11,093,000 640,000 2,670,000 800,000 1,000,000 625,000 485,000 2,400,000 355,000 175,000 280,000 283,0001,380,000 Eligible paper. . 47,027 3,960 10,875 7,260 2,200 6,020 16,212 500 U. "S. Govt. securities 16,865,000 1,200,000 3,600,0001,200,0001,500,0001,300,0001,000,000 2,700,000 920,000 500,000 800,000 525,0001,620,000 Total collateral. . 28,005,027 1,843,960 6,270,000 2,010,8752,500,000 1,932,2601,485,000 5,100,0001,277,200 681,0201,096,212808,000 3,000,500 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] 19 y 4 E m e 5 n a o d r n t o o h f r N 3, b u 5 A e m 1 r a p 1 - t p p o p l i r c d o A a 5 a v t 4 t m i e e o 4 d o n ,9 u s 6 n 1 t ( b p a p m u c l r A e t o o o t p m v 3 e u n - e 2 d - n o d 0 1 t t) s ( t a L a m o 1 n o u , o d a 9 t u i n 9 - n n s 5 g t) 2 s ( C a t m a o m 1 o n m e , u o d 6 n m t u 4 i - t n n 4 s i g t t ) - s i o ( n t a p t f a g u m a 1 o n f t t , i u d i o i 0 i n o o n t i u 8 a - n n n s n 6 n g s t s t c i * ) - - y E m e n a o d r n t o o h f r N G b u u e m a r a r - u a t t o n h t o e d r A e a i d z t m e e l d o o u a n n t s am To o t o G u a u n l u t t a s lo r ta a a n n n d t s e g P i e n u o t d g e a r e t r i a d o n n - a o a u A n b v u n a t o a d t d e m s m i r d e e l t r r a i e a o o t b n a n i w u g o l g t d n e s e u n r i t r e n a a s t e l 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 M78 2,288 2,947 1951 854 1,395,444 675,459 546,597 472,827 1950 3,698 651,389 4,819 1,632 3,754 3,745 1952 1,159 2,124,123 979,428 803,132 586,303 1 19 9 5 5 2 1 3 3 , , 7 7 3 5 6 3 7 76 1 6 0 , , 4 9 9 3 2 1 3 1 , ,6 5 3 1 8 3 t1 $ , , 6 9 8 2 7 1 3 6 , , 2 0 1 3 0 6 1 3 1 , , 2 9 8 85 9 1953 1953 September 1,269 2,310,182 860,874 709,488 438,091 October. . . 1,279 2,320,187 842,529 695,550 416,690 September. 3,760 795,496 997 *,993 3,341 3,134 November. 1,284 2,324,612 837,238 691,727 375,977 October. . . 3,762 797,656 1,242 2,685 3,381 2,970 December. 1,294 2,358,387 804,686 666,205 363,667 November. 3,764 800,420 1,682 2,546 3,097 3,640 December.. 3,765 803,429 1,951 1,900 3,569 3,469 1954 1954 January.,. 1,304 2,377,628 788,320 652,706 347,969 February.. 1,310 2,380,186 772,647 640,121 355,056 January. .. 3,765 805,115 1,234 1,885 3,532 3,414 March.... L.316 2,399,321 737,605 612,265 321,619 February. . 3,765 806,648 1,345 L ,792 3,145 3,344 April 1,322 2,406,651 684,631 569,551 347,823 March 3,766 808,505 1,720 1,487 2,957 2,666 May 1,324 2,408,226 664,122 552,738 330,408 April 3,767 810,051 405 1,302 2,891 2,412 June 1,331 2,420,326 640,636 534,695 299,465 May 3,767 810,779 45 1,298 2,373 1,869 July L.342 2,443,021 604,750 502,902 311,191 Tune 3,768 812,433 195 1,247 2,395 1,855 August.... 1,350 2,457,689 559,859 466,089 300,676 tuly 3,768 813,465 45 1,130 2,354 1,812 September. L ,355 2,477,939 546,930 455,618 295,805 August.... 3,768 814,765 45 630 2,794 1,773 September. 3,769 815,449 395 991 1,943 1 ,559 NOTE.—The difference between guaranteed loans authorized and sum of Ioan3 outstanding and additional amounts available to bor- 1 Includes applications approved conditionally by the Federal Re- rowers under guarantee agreements outstanding represents amounts serve Banks and under consideration by applicant. repaid, guarantees authorized but not completed, and authorizations 2 Includes industrial loans past due 3 months or more, which are not expired or withdrawn. included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. 3Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. NOVEMBER 1954 1161 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 October 311 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 1 Total deposi- ment funds, Guarantee fee Percentage of tory securi- etc.' Percentage of (percentage of any commitment banks ties loan guaranteed interest payable fee charged by borrower) borrower 1945—December 2,933 3,022 6 2,837 179 1946—December.. 3,284 3,387 6 3,182 200 70 or less 10 10 1947—December.. 3,417 3,525 6 3,308 212 75 . ... 15 15 1948—December.. 3,330 3,449 7 3,244 198 80 20 20 1949—December.. 3,188 3,312 7 3,118 187 85 25 25 1950—December.. 2,924 3,045 11 2,868 166 90 30 30 1951—December.. 2,705 2,835 28 2,644 162 95 35 35 1952—December.. 2.547 2,736 33 2,551 151 Over 95 40-50 40-50 1953—June 2,457 2,653 33 2,477 143 July 2,438 2,648 33 2,469 146 August 2,419 2,635 33 2,452 151 Maximum Rates Financing Institution May Charge Borrower September. . . 2,401 2,618 33 2,435 150 [Per cent per annum] October 2,387 2,596 33 2,428 135 November. . . 2,373 2,577 31 2,407 139 December 2.359 2,558 31 2,389 138 Interest rate 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. . 2,271 2,416 31 2,256 130 J>2,251 July- P2 229 August P2.208 September P2.189 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 adjusted2 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—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... '154,286 62,306 30,806 '61,174 42.7 24.1 18.6 42.5 24.6 18.4 February.. '141,928 56,115 29,341 '56,471 42.7 25.5 19.2 43.8 26.2 19.3 March '171,356 67,913 36,666 '66,777 44.6 29.2 19.7 43.5 26.7 19.8 April '154,760 60,479 33,152 '61,129 41.3 27.6 18.8 41.9 26.8 19.4 May '149,813 59,535 31,159 '59,119 41.9 25.5 18.8 43.0 25.9 19.2 June '163,509 64,965 33,785 '64,758 44.2 26.8 19.7 40.9 26.3 19.7 July '154,849 61,155 31,556 '62,138 41.6 24.9 18.8 42.7 25.4 19.1 August '151,503 58,316 31,526 '61,661 40.0 24.8 18.5 46.2 27.1 19.7 September '149,899 56,744 30,922 '62,233 40.4 25.3 19.4 39.4 25.6 19.1 October. . . 152,321 58,792 30,706 62,823 39.3 P23.7 P18.6 40.5 *24.4 J>18.6 *> Preliminary. 'Revised. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. 2These 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. 1162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION UY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency3 Large denomination currency3 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin *$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 ,019 1,772 1,576 048 460 919 191 425 20 32 1940 8,732 6,247 648 610 39 ,129 2,021 1,800 489 538 1,112 227 523 30 60 1941 11,160 8,120 751 695 44 ,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1942 15,410 11,576 880 801 55 ,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 1943 20,449 14,871 ,019 909 70 ,973 5,194 705 580 1,481 2,912 407 749 9 22 1944 25,307 17,580 ,156 987 81 2,150 5,983 224 730 1,996 4,153 555 990 10 24 1945 28,515 20,683 ,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1946 28,952 20,437 ,361 ,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 1947 28,868 20,020 ,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1948 28,224 19,529 ,464 ,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 1949 27,600 19,025 ,484 ,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 ,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 12 1951 29,206 20,530 ,654 ,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 12 1952 30,433 21,450 ,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 10 1953—September... 30,275 21,321 ,792 ,207 69 2,060 6,499 9,694 8,956 2,659 5,458 334 493 8 October 30,398 21,414 ,802 ,214 70 2,071 6,524 9,734 8,986 2,665 5,488 333 489 8 November... 30,807 21,771 ,816 ,232 71 2,123 6,659 9,871 9,038 2,689 5,519 332 487 8 December. .. 30,781 21,636 ,812 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 11 1954—January 29,981 20,939 ,775 ,180 70 2,031 6,351 9,531 9,045 2,693 5,526 331 484 8 February.... 29,904 20,908 ,770 ,170 70 2,021 6,365 9,512 8,999 2,674 5,502 330 482 8 March 29,707 20,757 ,776 ,166 70 2,010 6.304 9,431 8,952 2,654 5,473 328 481 12 April 29,735 20,799 ,783 ,173 70 2,006 6,325 9,443 8,936 2,651 5,470 327 478 8 May 29,870 20,946 ,787 ,182 69 2,036 6,375 9,496 8,926 2,651 5,463 325 475 8 June 29,922 20,999 ,795 ,183 71 2,023 6,377 9,551 8,924 2,659 5,457 324 473 8 July 29,892 20,984 ,793 1,174 70 2,016 6,366 9,564 8,910 2,654 5,451 322 471 8 August 29,929 21,015 ,801 1,183 70 2,023 6,361 9,578 8,916 2,653 5,461 321 469 8 September... 29,985 21,054 1,200 70 2,034 6,378 9,561 8,932 2,648 5,486 320 466 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as""destroyed. 3Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation1 Money Total out- held by standing, As security For Federal Se 1 p 9 t. 5 3 4 0, g a o s g l i d a lv i a n e n s r t d Tr c e a a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g k s e e s n r a t v s n e d Se 1 p 9 t. 5 3 4 0, Au 1 g 9 . 5 4 31, Se 1 p 9 t. 5 3 3 0, certificates agents Gold 21,810 21,165 2646 Gold certificates 21,165 18,314 2,816 35 35 36 Federal Reserve notes 26,539 56 1,070 25,413 25,390 25,762 Treasury currency—total 4,972 32,414 84 352 4,536 4,504 4,476 Standard silver dollars 491 250 21 215 214 207 Silver bullion 2,163 2,163 Silver certificates and Treasury notes of 1890.. 32,414 252 2,161 2,138 2,101 Subsidiary silver coin 1,284 54 57 1,172 1,165 1,166 Minor coin 439 6 11 423 421 419 United States notes 347 2 25 319 319 316 Federal Reserve Bank notes 178 1 2 175 177 195 National Bank notes ' 70 1 69 69 72 Total—Sept. 30, 1954 23,578 786 18,314 4,237 29,985 Aug. 31, 1954 23,551 811 18,302 4,266 Sept. 30, 1953 23,348 1,283 18,118 4,433 30,275 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. 1155. 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;! - receipt); 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. NOVEMBER 1954 1163 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, Date Gold T s r t o c u e r i a u u n r n e n r t g y a - c - d s y - - Total Lo n a e n t s, To U ta . l S. G m C o a e o v n r m e d c r - ia n l me R F n e e t d s o e e r b r v a l e i l gati O o t n h s er O s r e i t t c h i u e e s - r c l n T a i i a n a p e t o n e i b t i t d e t — t a i s a l l - l, c d u T e r a p o n r o t d e s a n i l t c s y C c m o a a n a u n p i e c n s d t - i c t t a . s, l savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 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 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. 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. 24. 22,000 4,900 197,300 79,300 99,100 72,000 24,600 400 18,900 224,100 206,200 17,900 Mar. 31. 22,000 4,900 196,100 80,300 96,800 69,800 24,600 300 19,000 223,000 205,100 17,800 Apr. 28. 22,000 4,900 197,200 79,900 98,200 71,200 24,600 300 19,200 224,100 206,200 17,900 May 26. 22,000 5,000 198,800 80,100 99,400 72,400 24,700 300 19,300 225,800 207,600 18,200 June 30. 21,927 4,959 200,628 81,210 99,827 72,525 25,037 2,265 19,591 227,514 209,354 18,161 July 28P 21,900 5,000 200,600 80,800 100,000 73,300 24,500 200 19,800 227,500 209,100 18,400 Aug. 25P 21,900 5,000 202,500 80,200 102,300 76,200 23,900 200 19,900 229,300 210,500 18,800 Sept. 29J> 21,800 5,000 204,000 81,400 102,400 76,200 24,000 2,200 20,200 230,800 211,800 19,0^0 Deposits and Currency U. S. Government balances Deposits adjusted and currency Foreign Date bank Treas- At com- Time deposits* Total dep n o e s t its, h c i u n o a r l g s y d h s - s m b a a e a v n r n i d c n k i 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 b C e a o r m n c k - ia s l b M sa a v u n i t k n u s g a * s l S S P a y o v s s i t n t e a m g l s o b r u C a e t u n n s r k i c - d y s e 1929—June 29. 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30. 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30. 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31. 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—Dec. 31., 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1947—Dec. 31. 175,348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1949—Dec. 31. 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Dec. 30. 184,385 2,518 ,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 Sept. 30.. 204,900 2,500 ,300 6,200 600 194,300 97,700 69,100 42,800 24,000 2,400 27,500 Oct. 28., 205,500 2,600 ,300 3,800 600 197,300 100,300 69,600 43,200 24,100 2,400 27,400 Nov. 25., 207,100 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. 27. 207,100 2,800 800 3,400 200 199,800 102,300 70,600 43,700 24,600 2,300 26,900 Feb. 24. 206,200 2,900 800 500 500 197,400 99,600 71,000 44,000 24,700 ,300 26,900 Mar. 31. 205,100 3,000 800 400 700 195,200 96,700 71,700 44,500 24,900 2,300 26,900 Apr. 28. 206,200 3,100 800 4,500 500 197,300 98,600 72,000 44,700 25,000 2,300 26.700 May 26. 207,600 3,100 800 5,100 500 198,000 98,700 72,500 45,000 25,200 2,300 26,800 June 30. 209,354 3,256 811 5,895 875 198,517 98,132 73,292 45,653 25,388 2,251 27,093 July 28P 209,100 3,400 800 3,900 500 200,400 100,000 73,700 46,000 25,500 2,200 26,800 Aug. 25P 210,500 3,400 800 5,500 600 200,300 99,400 74,000 46,200 25,600 2,200 26,900 Sept. 29P 211,800 3,300 800 4,400 800 202,500 101,200 74,400 46,400 25,800 2,200 26,900 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 3Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital and miscellaneous accounts, net" and balances of the Postal Savings System and the Exchange Stabilization Fund with 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. 1164 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 Total Deposits Class of bank U. S. Cash a li s a Ts b eo i t l ts i a ti l es Other c T a o pi t t a a l l Nu o m f ber and date Total Loans G o m o b v l e i e g n r a t n - - O s ri e t t c h ie u e s - r assets* ac c c a a o p n u i d t n a t l s2 Total i b In a t n e k r- 1 De- Time accounts banks tions mand All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 313 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 95,727 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 104,744 56,513 13,837 14,650 1951—Dec. 31 154,869 67,608 71,343 15,918 45,531 202,903 185,756 15,087 111,644 59,025 14,623 14,618 1952—Dec. 31 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 116,633 63,598 15,367 14,575 1953—June 30 163,082 77,117 68,108 17,856 42,023 207,758 189,159 13,600 109,389 66,170 15,791 14,537 Sept. 30 168,560 78,730 71,620 18,210 41,480 212,860 193,080 13,900 112,100 67,080 16,070 14,525 Dec. 31 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 116,788 68,354 16,118 14,509 1954—Apr. 28 170,710 80,280 71,240 19,190 40,780 214,450 194,450 14,260 110,180 70,010 16,480 14,472 May 26 172,560 80,870 72,390 19,300 40,210 215,820 195,300 14,110 110,630 70,560 16,550 14,468 June 30 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 112,637 71,371 16,664 14,465 July 28P 174,380 81,340 73,270 19,770 40,230 217,640 197,310 14,940 110,590 71,780 16,690 14,457 Aug. 25*> 176,790 80,690 76,210 19,890 39,480 219,300 198,780 15,210 111,430 72,140 16,770 14,446 Sept. 29P 178,040 81,680 76,200 20,160 40,620 221,710 201,150 15,470 113,140 72,540 16,860 14,436 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 313 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 95,711 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 104,723 36,503 11,590 14,121 1951—Dec. 31 132,610 57,746 61,524 13,339 44,645 179,465 164,840 15,086 111,618 38,137 12,216 14,089 1952—Dec. 31 141,624 64,163 63,318 14,143 44,666 188,603 172,931 1,5,319 116,600 41,012 12,888 14,046 1953—June 30 137,957 65,025 58,644 14,287 41,156 181,425 165,531 13,598 109.352 42,581 13,275 14,009 Sept. 30 142,990 66,260 62,200 14,530 40,640 186,080 169,090 13,900 112,060 43,130 13,520 13,997 Dec. 31 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 116,750 43,997 13,559 13,981 1954—Apr. 28. 144,110 66,750 62,130 15,230 39,830 186,520 169,400 14,260 110,140 45,000 13,870 13,944 May 26 145,690 67,120 63,280 15,290 39,330 187,670 170,080 14,110 110,590 45,380 13,930 13,940 June 30 146,383 67,337 63,508 15,538 41,569 190,585 174,068 15,497 112,588 45,983 14,038 13,937 July 28P 147,280 67,290 64,340 15,650 39,260 189,190 171,770 14,940 110,540 46,290 14,060 13,929 Aug. 25P 149,490 66,450 67,300 15,740 38,540 190,670 173,130 15,210 111,380 46,540 14,120 13,919 Sept. 29P 150,580 67,250 67,330 16,000 39,670 192,900 175,300 15,470 113,090 46,740 14,200 13,909 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 38,846 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 91,820 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 81,785 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 90,306 29,336 9,695 6,873 1951—Dec. 31 112,247 49,561 51,621 11,065 39,252 153,439 141,015 14,425 95,968 30,623 10,218 6,840 1952—Dec. 31 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 100,020 32,890 10,761 6,798 1953—June 30 115,789 55,613 48,318 11,858 36,467 154,258 140,830 12,933 93,780 34,117 11,070 6,765 Sept. 30 120,185 56,633 51,506 12,047 35,919 158,228 143,803 13,238 96.051 34,514 11,251 6,753 Dec. 31 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 99,780 35,213 11,316 6,743 1954—Apr. 28 121,125 56,804 51,690 12,631 35,043 158,438 143,913 13,575 94,277 36,061 11,585 6,729 May 26 122,602 57,205 52,726 12,671 34,545 159,478 144,513 13,427 94,702 36,384 11,638 6,724 June 30 123,185 57,197 53,111 12,876 36,722 162,203 148,252 14,733 96,620 36,900 11,709 6,721 July 28P 123,915 57,114 53,832 12,969 34,514 160,748 145,975 14,204 94,616 37,155 11,724 6,716 Aug. 25* 126,001 56,453 56,476 13,072 33,819 162,136 147,179 14,437 95,362 37,380 11,794 6,713 Sept. 29P 126,851 57,164 56,373 13,314 34,796 163,964 148,964 14,692 96,730 37,542 11,868 6,707 All mutual savings 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 313 18,641 4,944 11,978 1,718 886 19,714 17,763 i' 17 17,745 1,889 533 1950—Dec 30 21,346 8,137 10,868 2 342 797 22 385 20 031 22 20,009 2,247 529 1951—Dec. 31 22^259 9^862 9,819 2,579 886 23,439 20,915 2 26 20,888 2,407 529 1952—Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 2 33 22,586 2,479 529 1953—June 30 25,124 12,091 9,464 3,569 867 26,333 23,628 3 37 23,589 2,516 528 Sept. 30 25,570 12,470 9,420 3,680 840 26,780 23,990 3 40 23,950 2,550 528 Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 3 38 24,358 2,559 528 1954—Apr. 28 26,600 13,530 9,110 3,960 950 27,930 25,050 2 40 25,010 2,610 528 May 26 26,870 13,750 9,110 4,010 880 28,150 25,220 2 40 25,180 2,620 528 June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 50 25,388 2,626 528 July 28P 27,100 14,050 8,930 4,120 970 28,450 25,540 3 50 25,490 2,630 528 Aug. 25P 27,300 14,240 8,910 4,150 940 28,630 25,650 3 50 25,600 2,650 527 Sept. 29P 27,460 14,430 8,870 4,160 950 28,810 25,850 3 50 25,800 2,660 527 ^Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" including one bank in Alaska (total deposits of approximately 3 million dollars) that became a member bank on Apr. 15, 1954, but excluding three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 2 Includes "other" assets and liabilities, not shown separately. For other footnotes see following two pages. NOVEMBER 1954 1165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Total Deposits assets— Cla a s n s d o d f a b te ank Total Loans G o U m t o b io v l . e i e S n g n r a s . t n - - O s ri e t t c h ie u e s - r a C ss a e sh ts1 a li c c a T c a b a o p o i n l u i t i d t a n t a i l t e l s s 2 Total i I b n a t n e k r- i m D a e n - d Other Time a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 12,917 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 24,227 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 19,307 1,445 2,259 37 1950—Dec. 30. . ., 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 19,287 1,722 2,351 23 1951—Dec. 31 21,379 11,146 8,129 2,104 8,564 30,464 26,859 4,832 20,348 1,679 2,425 22 1952—Dec. 31 22,130 12,376 7,678 2,076 8,419 31,053 27,309 4,965 20,504 1,840 2,505 22 1953—June 30.... 20,452 11,883 6,639 1,930 7,879 28.814 25,244 4,578 18,736 1,930 2,544 22 Sept. 30 21,568 12,114 7,436 2,018 7,598 29,692 25,996 4,645 19,420 1,931 2,563 22 Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 19,673 2,150 2,572 22 1954—Apr. 28.... 21,680 11,635 7,701 2,344 7,305 29,564 25,874 5,247 18,529 2,098 2,619 22 May 26 22,426 12,081 8,065 2,280 6,849 29,881 26,058 5,057 18,883 2,118 2,629 22 June 30... 22,681 11,619 8,695 2,367 7,524 30,771 27,225 5,517 19,492 2,216 2,630 22 July 28P 22,727 11,574 8,789 2,364 6,611 29,949 26,117 5,379 18,379 2,359 2,642 22 Aug. 25P. .... 22,966 11,380 9,233 2,353 6,654 30,220 26,151 5,241 18,558 2,352 2,646 22 Sept. 29P 22,949 11,504 8,976 2,469 7,296 30,830 26,938 5,338 19,269 2,331 2,644 22 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 2,546 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 5,015 719 377 12 1947—Dec. 31 5,088 ,801 2,890 397 1,739 6,866 6,402 1,217 4,273 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 4,778 1,103 490 13 1951—Dec. 31 5,731 2,468 2,711 552 2,196 7,972 7,402 1,307 4,952 1,143 513 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 1,350 5,132 1,205 541 13 1953—June 30 5,627 2,552 2,529 546 2,058 7,729 7,119 1,216 4,696 1,207 551 13 Sept. 30 5,973 2,609 2,804 560 2,083 8,102 7,338 1,278 4,855 1,204 557 13 Dec. 31 6,204 2,776 2,856 572 2,115 8,366 7,724 1,387 5,095 1,242 566 13 1954—Apr. 28 5,850 2,539 2,725 586 2,017 7,920 7,261 1,200 4,826 1,235 571 13 May 26 5,924 2,567 2,774 583 2,013 7,995 7,286 1,219 4,821 1,246 578 13 June 30 5,975 2,589 2,825 561 2,036 8,064 7,419 1,339 4,813 1,267 583 13 July 28* 5,980 2,521 2,896 563 1,936 7,971 7,270 1,281 4,733 1,256 583 13 Aug. 25P 6,124 2,477 3,077 570 1,902 8,077 7,395 1,339 4,802 1,254 587 13 Sept. 29P 6,189 2,497 3,110 582 1,835 8,070 7,343 1,310 4,775 1,258 590 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 13,047 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 32,877 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 29,395 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 33,342 11,647 3,322 336 1951—Dec. 31 42,694 19,651 19,194 3,849 15,199 58,654 54,466 6,976 35,218 12,272 3,521 321 1952—Dec. 31 45,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 37,095 13,261 3,745 319 1953—June 30 44,352 22,150 17,756 4,446 14,447 59,587 54,861 6,066 35,052 13,743 3,874 321 Sept. 30 45,906 22,493 18,959 4,453 14,196 60,944 55,713 6,233 35,621 13,859 3,917 319 Dec. 31 46,755 22,763 19,559 4,434 15,925 63,547 58,663 7,254 37,277 14,132 3,984 316 1954—Apr. 28 46,353 22,317 19,409 4,627 13,928 61,177 55,902 6,007 35,286 14,609 4,089 309 May 26 46,836 22,341 19,788 4,707 13,831 61,586 56,156 6,025 35,342 14,789 4,108 309 June 30 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 36,073 14,957 4,124 310 July 28P 47,400 22,405 20,136 4,859 13,818 62,129 56,838 6,366 35,483 14,989 4,127 309 Aug. 25P 48,586 22,268 21,398 4,920 13,354 62,858 57,523 6,614 35,822 15,087 4,168 307 Sept. 29P 48,779 22,605 21,187 4,987 13,566 63,276 57,835 6,772 35,885 15,178 4,205 306 Country member banks: 1939—Dec. 30... 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31... 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 10,335 6,258 1,982 6,219 1945—Dec. 31... 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 29,700 12,494 2,525 6,476 1947—Dec. 31... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 28,810 14,560 2,934 6,519 1950—Dec. 30. .. 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 32,899 14,865 3,532 6,501 1951—Dec. 31... 42,444 16,296 21,587 4,561 13,292 56,349 52,288 1,309 35,449 15,530 3,760 6,484 1952—Dec. 31... 45,594 18,213 22,549 4,832 13,281 59,535 55,175 1,301 37,289 16,585 3,970 6,444 1953—June 30. .. 45,359 19,028 21,394 4,936 12,083 58,129 53,606 1,073 35,295 17,237 4,101 6,409 Sept. 30. .. 46,739 19,417 22,306 5,016 12,041 59,490 54,756 1,081 36,155 17,521 4,213 6,399 Dec. 31... 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 37,735 17,690 4,194 6,389 1954—Apr. 28.. . 47,242 20,313 21,855 074 11,793 59,777 54,876 1,121 35,636 18,119 4,306 6,385 May 26... 47,416 20,216 22,099 5,101 11,852 60,016 55,013 1,126 35,656 18,231 4,323 6,380 June 30... 47,474 20,537 .21,779 5,158 12,506 60,745 55,943 1,241 36,242 18,460 4,372 6,376 July 28? 47,808 20,614 22,011 5,183 12,149 60,699 55,750 1,178 36,021 18,551 4,372 6,372 Aug. 25P 48,325 20,328 22,768 5,229 11,909 60,981 56,110 1,243 36,180 18,687 4,393 6,371 Sept. 29P 48,934 20,558 23,100 5,276 12,099 61,788 56,848 1,272 36,801 18,775 4,429 6,366 3Beginning with Dec. 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. 1166 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 nvestments Total Deposits Cla a s n s d o d f a h t a e i\k Total Loans G o U m t o b i v l o . e i e n g S n r s a t . n - - O s ri e t t c h ie u e s - r a C s a se sh ts1 a li c c a T c a b a o o p i n l u i t d i t a n t a l i t l e s s Total1 I b n a t n e k r- 1 m D a e n - d Other Time a c c T a c o p o i t u t a a n l l t N b u a o m n f k b s er All insured commercial banks: 1941—Dec. 31 10 290 259 21 046 6 984 25,788 76,820 69,411 10,654 43,059 15,699 6 844 13 426 1945—Dec. 31 I'M 809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 104,015 79,876 8,671 13 297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 157 733 141,851 12,670 94,300 34,882 9,734 13,398 1951—Dec. 31 ... 130 820 57,256 60 533 13,031 44,176 177,151 16?,908 14,777 110,382 37,749 11,902 13 439 1952—Dec. 31 139,770 63,632 62,308 13,831 44,222 186,255 170,971 14,990 115,371 40,610 12,563 13,422 1953—Dec. 31 ,796 67,082 62,381 14,333 44,398 100,638 174,697 15. .548 115.538 43.610 13,239 13,412 1954—june 30 144,451 66,805 62,461 15,185 41,164 188,191 17?,048 15,044 111,408 45,596 13,714 13,380 National member banks: 1941—Dec. 31 97 571 11,725 12,039 3,806 14,977 43 433 39,458 6,786 74,350 8,322 3,640 5 117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 Q0 770 84,939 9,229 59 486 \6,224 4,644 5,017 1947—Dec. 31 65 280 ,428 38,674 5,178 22,024 88,182 8?,023 8,410 54 335 19,278 5,409 5 005 1951—Dec. 31 75 255 3?,317 35,063 7,875 25,951 10? 467 94,173 9,788 63 477 70,908 6,653 4,939 1952—Dec. 31 SO 180 36,004 35 835 8,341 26,333 107,830 98,974 9,918 66,362 ?7,694 7,042 4,909 1953—Dec. 31 81,913 37,831 35,482 8.600 26,479 109,804 100.654 10 152 66 343 74,160 7.391 4,856 1954—June 30 82,482 37,672 35,759 9,051 24,636 108,611 99,362 9,750 64 153 25,459 7,686 4,835 State member banks: 1941—Dec. 31 15950 6,295 7,500 2,155 8,145 ,688 7?,259 3,739 14495 4,025 2,246 J 502 1945_Dec. 31 37,871 8,850 27,089 1,933 9,731 48 084 44,730 4,411 37 334 7,986 2,945 1,867 1947—Dec. 31 . . 32 566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 77 449 9,062 3,055 I 918 1951—Dec. 31 36 992 17,243 16,558 3,191 13,301 50 977 46,843 4,637 3? 491 9 715 3,565 1,901 1952—Dec. 31 39 367 19,030 16,928 3,409 12,922 57,996 48,553 4,699 33 658 10,196 3,719 I 889 1953—Dec. 31 40,509 19.931 17,121 3,457 12,903 54 179 49 510 5 019 33 437 11.054 3.925 1.887 1954—June 30 40,704 19,525 17,353 3,826 12,086 53,593 48,890 4,983 32 467 11,441 4,023 .886 Insured nonmember commercialbanks: 1941—Dec.31 5 776 3,241 1,509 1,025 2,668 8,708 7,702 129 4 213 3360 959 6 810 1945—Dec. 31 14 639 ?,992 10,584 1,063 4,448 19 7.56 18,119 244 12 196 5 680 1,083 6,416 1947—Dec. 31 ... 16 444 4 958 10,039 1,448 4,083 90,691 19,340 266 1? 515 6 558 1,271 6 478 1951—Dec. 31 18 591 7,701 8,923 1,967 4,926 73 73? 71,912 353 14 415 7 144 1,686 6,602 1952—Dec. 31 70,242 8,605 9,556 2,081 4,970 75 451 7.3464 373 15 351 7 740 1,804 6,627 1953—Dec. 31 .. . . ,396 9,328 9,790 2,278 5,020 76 679 74 555 378 15 758 8 419 1 925 6 672 1954_june 30 21,288 9,615 9,362 2,310 4,444 76 017 73 819 312 14 789 8 718 2,007 6,662 Noninsured nonmember/commercial banks: 1941—Dec. 31 1 457 455 761 241 763 283 1 872 329 291 753 329 852 1945—Dec. 31 7 211 318 1,693 200 514 7 768 452 181 905 365 279 714 1947—Dec. 313 009 474 1,280 255 576 7 643 2 251 363 1 411 478 325 783 1951—Dec. 31 1 789 490 991 308 469 313 1 932 308 235 388 314 650 1952—Dec. 31 ... 1 854 531 1,010 312 444 7 348 960 329 1 229 402 326 624 1953—Dec. 31 1 891 511 1.045 335 430 7 372 2 005 407 1 21? 386 320 569 1954—June 30 1932 532 1,047 354 405 2 394 2 020 453 1 179 388 325 All nonmember commercial ban!:s: 1941—Dec. 31 7 233 3 696 2,270 1,266 3,431 10992 9 573 457 5,504 3 613 1,288 7 662 1945—Dec. 31 16 849 3 310 12,277 1,262 4,962 7? 074 70 571 425 14 101 6 045 1,362 7,130 1947—Dec. 313 18454 5 432 11,318 1,703 4,659 23 334 21 591 629 13,926 7036 1,596 7,261 1951—Dec. 31 . 70 380 8 192 9 914 2,275 5,395 76 046 73 843 661 15,650 7 533 1,999 7,252 1952—Dec. 31 096 9 136 10,567 2,393 5,414 77 799 25 424 702 16 580 8 142 2,129 7,251 1953—Dec. 31 73 287 9 838 10,835 2,613 5.450 79 051 26.560 784 16 970 8 806 2,245 7.241 1954—June 30 23 220 10 147 10,409 2,664 4,849 28 406 25 838 764 15,968 9 106 2,332 47,219 Ensured mutua1 savings banks: 1941 Dec 31 1 693 642 629 421 151 1958 1 789 789 164 52 1945—Dec 31 10 846 081 7 160 606 429 11 424 10,363 12 10 351 1 034 192 1947—Dec. 31 12 683 3 560 8 165 958 675 13 499 1?,207 1 14 1? 192 1,252 194 1951—Dec. 31 190 7 523 6,921 1,746 695 17 129 15 368 2 73 15 343 1,678 202 1952—Dec. 31 17,621 8 691 6,593 2,337 732 18 612 16,785 2 30 16 753 1,730 206 1953—Dec. 31. . 19 252 10 016 6,476 2.760 799 70 334 18,383 2 35 18 345 1,819 219 1954—june 30 . . 70 121 10 804 6,309 3,008 807 71 737 19, 195 3 47 19 145 1,868 219 Noninsured mutual savings banks: 1941—Dec. 31 8 687 4,259 3,075 1,353 642 9,846 744 6 8 738 1,077 496 1945 Dec 31 5 361 1 198 3 522 641 180 596 5,022 2 020 558 350 1947—Dec. 313 5,957 1,384 3,813 760 211 6,215 5,556 3 5,553 637 339 1951—Dec 31 069 339 2 897 833 191 6,310 5,547 3 5,544 729 327 1952 Dec 31 382 2 658 2 829 895 187 6 622 5,836 2 5,833 749 323 1953—Dec 31 6 558 910 2 707 941 184 6, 796 6 015 2 6 013 740 309 1954—June 30 6,838 3, 086 2,708 1,044 180 7,078 6,246 2 6,243 758 309 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 ia series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. NOVEMBER 1954 1167 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 Class of bank T lo o a t n a s l C m c o ia e m r l, - - o p L s r u e o r c c a c a u n h r r s a r i t y s i f i i e o n n s g r g Other U. S. Govern D m ir e e n c t t obligations O t g i b o a l n - i- s cal a l n d d ate i m n a v e n e n d s t t s - Total i e o m k i l p n u a e e d g r t n - - A c t g u a u r r l l i - - - b e T r r o o s k- o T th o - l R t o e a a e s t n a - e l s v u i d t i n a d o i l - - - s O lo t a h n er s Total Total Bills C o c e f a r t t i e n if s i - - Notes Bonds G t a e u n e a - d r- S p s a i t u o c O a n a l b t I d i e l - t s - O r s i e t t h c ie e u s r pa- and ers debt- diviper deal- "ed- sions ers ness All commercial banks:2 1947—Dec. 31... 116,28438,057 18,1671,660 830 1,220 9,393 5,7231,063 78,22669,221 2,193 7,789 6,03453,191 145,2763,729 1951—Dec. 31... 132,610 57,746 25,8793,4081,581 980 14,58010,4511,681 74,86361,524 7,337 7,65711,40835,101 21 9,198 4,141 1952—Dec. 31. .. 141,62464,163 27,8713,9192,060 1,103 15,71212,6841,718 77,46163,318 7,761 5,58011,87838,077 22 10,1883,955 1953—Dec. 31. .. 145,687 67,593 27,2044,9652,361 1,202 16,69414,4611,666 78,09463,426 5,00410,23712,43935,713 34 10,8213,847 1954—June 30... 146,383 67,337 26,1205,1432,462 1,256 17,22714,4621,657 79,04763,508 4,704 5,572 12,37640,818 38 11,9303,608 All Insured commercial banks: 1941—Dec. 31. .. 49,290 21,259 9,214 1,450 614 662 4,773 4,i 45 28,03121,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31... 121,80925,765 9,461 1,3143,1643,606 4,677 2,361 1,18196,04388,912 2,45519,07116,04551,321 22 3,873 3,258 1947—Dec. 31. .. 114,27437,583 18,0121,610 823 1,190 9,266 5,6541,028 76,69167,941 2,124 7,552 5,91852,334 145,129 3,621 1951—Dec. 31... 130,820 57,256 25,7443,321 1,571 960 14,45010,3781,645 73,56460,533 7,219 7,52611,25634,511 21 8,9894,042 1952—Dec. 31. .. 139,77063,632 27,7393,8052,050 1,082 15,57212,6031,683 76,13862,308 7,622 5,49411,71437,456 22 9,977 3,854 1953—Dec. 31. .. 143,796 67,082 27,0824,8672,344 1,181 16,56614,3731,62976,71462,381 4,895 10,07612,28335,093 33 10,5873,746 1954—June 30. .. 144,451 66,805 25,9765,0572,439 1,228 17,10114,3701,623 77,64662,461 4,575 5,505 12,22340,121 38 11,6823,502 Member banks, to 1 1 t 9 9 a 4 4 l 5 1 ; — — D D eecc#. 3 3 1 1. . . . . . 1 4 0 3 7 , , 5 1 2 8 1 3 2 1 2 8 , , 7 0 7 2 5 1 8 8 , , 6 9 7 4 1 9 9 8 7 5 2 5 3,1 5 3 9 3 4 3,3 5 7 9 8 8 3 3 , ,4 4 5 9 5 4 1,9 3 0 , 0 ( 9 1 2 ,104 2 84 5 , , 4 5 0 0 8 0 7 1 8 9 , 3 5 3 3 8 9 2,2 9 7 71 5 16,9851 3 4 ,2 0 7 0 1 7 4 1 4 1 , 7 7 9 2 2 93,83 1 2 63 3 ^ 2 0 5 9 4 0 2 2 ,8 8 1 7 5 1 1947—Dec. 31. .. 97,846 32,628 16,9621,046 811 1,065 7,130 4,662 952 65,21857,914 1,987 5,816 4,81545,286 104,199 3,105 1951—Dec. 31. .. 112,247 49,561 24,3472,140 1,551 851 11,334 8,5241,53562,68751,621 6,399 6,010 9,59629,601 15 7,5283,538 1952*—Dec. 31... 119,547 55,034 26,2322,4162,032 966 12,21410,3961,57764,51452,763 6,565 4,255 9,83532,087 19 8,4093,342 1953—Dec. 31. .. 122,422 57,762 25,5193,2632,321 1,060 13,02011,9111,51864,66052,603 4,095 8,287 10,30029,890 31 8,871 3,185 1954—June 30. .. 123,185 57,197 24,3623,4022,411 1,106 13,44011,8401,51365,98853,111 3,915 4,417 10,37434,369 36 9,8902,987 New York City:3 1941—Dec. 31. .. 12,896 4,072 2,807 8 412 169 123 5!4 8,823 7,265 311 1,623 3,6521,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,453 1,172 80 287 298 18,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31. .. 20,393 7,179 5,361 545 267 111 564 330 13,21411,972 1,002 640 558 9,771 638 604 1951—Dec. 31. .. 21,379 11,146 7,852 1,219 262 514 920 551 10,233 8,129 1,122 616 1,428 4,960 2 1,385 719 1952—Dec. 31. .. 22,130 12,376 8,680 1,531 286 386 1,136 539 9,754 7,678 1,079 233 1,170 5,195 11,453 623 1953—Dec. 31... 22,058 12,289 8,218 "i26 1,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 11,365 639 1954—June 30. .. 22,681 11,619 7,447 144 1,778 364 390 1,220 466 11,062 8,695 1,014 711 1,454 5,510 6 1,851 516 Chicago:3 1941—Dec. 31... 2,760 954 732 6 48 52 22 6 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1951—Dec. 31. .. 5,731 2,468 1,977 16 94 63 70 180 109 3,264 2,711 334 332 520 1,526 351 201 1952—Dec. 31. .. 6,240 2,748 2,080 14 239 66 67 211 120 3,493 2,912 407 224 607 1,674 384 197 1953—Dec. 31... 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1,598 400 172 1954—June 30. .. 5,975 2,589 1,835 134 242 74 81 206 74 3,386 2,825 113 261 721 1,731 387 174 Reserve city banks: 1941—Dec# 31... 15,347 7,105 3 456 300 114 194 1,527 1 «12 8 243 6,467 295 751 4,2481,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,59429,552 1,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31. .. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,59120,196 373 2,358 1,901 15,560 3 1,342 1,053 1951—Dec. 31. .. 42,694 19,651 10,140 513 203 347 4,651 3,518 572 23,04319,194 2,524 2,493 3,64010,528 82,458 1,390 1952—Dec. 31. .. 45,583 21,697 10,842 501 218 422 5,099 4,347 595 23,88619,624 2,387 1,774 3,85411,594 142,934 1,328 1953—Dec. 31. .. 46,755 22,763 10,568 774 308 456 5,453 4,942 611 23,99319,559 1,230 3,357 4,201 10,746 25 3,196 1,238 1954—June 30... 47,056 22,453 10,010 953 326 468 5,639 4,797 629 24,60319,813 1,241 1,590 4,183 12,773 26 3,585 1,206 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 l.i 30 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31. .. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,40726,999 630 5,102 4,54416,713 9 1,342 1,067 1947—Dec. 31. .. 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,108 17,681 62,006 1,262 1951—Dec. 31. .. 42,444 16,296 4,377 1,610 35 178 6,099 3,906 303 26,14821,587 2,418 2,568 4,00812,587 53,334 1,227 1952—Dec. 31. .. 45,594 18,213 4,6301,901 43 191 6,662 4,702 322 27,38122,549 2,692 2,024 4,20413,625 43,639 1,194 1953—Dec. 31. .. 47,404 19,934 4,8222,204 59 210 7,114 5,441 336 27,47022,423 1,819 3,374 4,285 12,940 53,911 1,136 1954—June 30. .. 47,474 20,537 5,071 2,170 66 200 7,331 5,618 345 26,93721,779 1,548 1,855 4,017 14,355 44,067 1,090 All nonmember banks.2 1947—Dec. 31. .. 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,02111,318 206 1,973 1,219 7,916 4 1,078 625 1951—Dec. 31. .. 20,380 8,192 1,533 1,268 30 130 3,252 1,927 146 12,189 9,914 939 1,647 1,812 5,510 6 1.671 604 1952—Dec. 31... 22,096 9,136 1,639 1,503 29 137 3,505 2,288 141 12,96010,567 1,196 1,325 2,043 6,000 3 1,781 613 1953—Dec. 31... 23,287 9,838 1,685 1,702 40 142 3,681 2,551 148 13,44910,835 909 1,951 2,139 5,834 2 1,951 662 1954—June 30. .. 23,220 10,147 1,758 1,741 51 150 3,795 2,622 144 13,07310,409 790 1,155 2,002 6,460 22,042 621 * 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 gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. For other footnotes see opposite page. 1168 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 n o d d f a b te ank F s B s w e e R e a r d r i v n e e t v - h e k r e s a s l v C a i a n u s l h t b m a w a B n d e n i c o a s t k e l - t h - i s s c 4 j p m u o a D d s a d s e t e n i - e - - t d d s 5 m D e I s o n d ti - e t c e p * r o b s a F i e t n i o s g k r n - U m G er . o e n v n S - - t . p v s S o i u a t l s i a b n i t o t d d i e c n i s - a s l c C h c e o a f e e e i f t n e c f r r c d i d t s k . - i ' s - , a p v n s a p i t I h d d i r n o o t i u d r n p c n a a i e s o s - l - , r s r - - , I b n a t n e k r- P U m G S e i a o n r . a n o e s g n v d v n S t s - - a - t . l v s p S i a u i s o t c n i b a l a o d i t d l t n e - i s s -a p v n s a p i t I h d d i r n o o t i u d r n p n c a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s All 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 11,875101,506 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 12,103102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954—June 30. . 18,924 2,660 11,033 98,117 12,470 1,328 5,591 9,925 2,789 94,282 1,699 331 2,319 43,334 55 14,038 All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1951—Dec. 31. . 19,911 2,665 11,561 97,048 12,969 1,381 3,344 8,288 3,147 95,604 427 278 1,485 35,986 30 11,902 1952—Dec. 31.. 19,809 2,720 11,489100,329 12,948 1,437 4,912 8,776 2,938 98,746 605 346 1,564 38,700 181 12,563 1953—Dec. 31.. 19,995 2,482 11,724101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—June 30. . 18,924 2,627 10,688 96,983 12,252 1,287 5,562 9,776 2,765 93,306 1,506 331 2,264 43,001 50 13,714 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—June 30. . 18,925 2,001 7,062 82,783 11,956 1,280 5,165 7,839 2,581 81,034 1,497 300 1,912 34,687 38 11,709 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 L ,071 17,509 831 53 139 1,958 23 2,572 1954—June 30.. 4,614 131 60 15,430 3,237 1,033 1,378 404 L,109 16,601 1,246 51 151 2,014 1 2,630 Chicago:* 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.. 1,070 30 175 3,737 L ,196 21 72 285 63 3,853 2 9 902 426 1951—Dec. 31. . 1,407 32 165 4,121 L.269 38 242 240 66 4,404 1 5 11 1,128 513 1952—Dec. 31.. 1,144 32 169 4,126 1,308 37 343 242 56 4,491 5 4 11 1,190 541 1953—Dec. 31. . 1,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 566 1954—June 30. . 1,290 30 154 3,844 L ,287 34 410 297 74 4,032 18 4 10 1,253 583 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—June 30. . 7,553 611 2,352 29,940 6,220 202 2,015 2,877 677 30,503 214 97 992 13,867 ii 4,124 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 L.199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1951—Dec. 31. . 5,676 1,231 4,862 33,051 1,285 11 876 3,554 783 30,234 13 125 491 14,914 16 3,760 1952—Dec. 31.. 5,820 1,250 4,706 34,519 1,278 11 1,267 3,772 777 31,473 13 152 525 15,908 25 3,970 1953—Dec. 31.. 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 1954—June 30.. 5,468 1,230 4,496 33,569 L ,211 11 1,362 4,261 720 29,898 19 148 759 17,553 26 4,372 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—£)ec> 31 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954—June 30 658 3,972 15,334 514 48 426 2,085 209 13,248 202 30 407 8,669 17 2,332 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 at all member banks and 525 million at all insured commercial banks. 6Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. NOVEMBER 1954 1169 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 U. S. Government obligations For purchasing or carrying securities Date or month i m T n lo a v o e n a e t n n d a s t s t l s - i j m L n u a a o v s e n d t a e n e d - n s t d t s s - 1 j L u o a s a d te n - d s 1 i C n t m c a r d o i i n e a a u m d r 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 O lo t a h n e s r Total Bills o d c C t f a e i e f t b i i e r n - t - s - - Notes Bonds2 O r s i e t t c h ie u e s - r b L a o t n o a k n s s t a c u g u r r l a i - - l G U t l i o i o o g . b n v a S - - s t . . O c t u t i h e r s i e - rG t l U i o i o o g b .S n v a - - . s t.O c t s u t i e h e r - s e i- r n e e d s - s Total- Leading Cities 1953—October. . . 79,157 78,386 39,338 23,190 1,653 730 6,420 7,966 31,515 2,180 5,466 6,619 17,2507,533 771 1954—August 83,163 82,586 37,973 20,783 2,343 901 6,781 7,820 36,321 3,536 3,456 6,689 22,640 8,292 577 September. 82,947 82,347 38,138 20,934 2,208 919 6,865 7,87135,756 3,018 2,520 6,662 556 8,453 600 October. . . 85,455 84,74738,679 21,116 2,410 969 6,941 7,90537,478 2,659 2,426 8,653 23,740 8,590 708 1954—Aug. 4... 83,548 82,85037,905 20,770 2,368 884 6,736 7,803 36,605 3,728 4,382 6,708 21,787 8 ,340 698 Aug. 11... 83,267 82,72038,072 20,829 2,409 917 6,766 7,806 36,389 3,578 4,256 6,690 21,865 8_,259 547 Aug. 18. .. 82,861 82,405 37,949 20,759 2,308 907 6,801 7,83136,185 3,414 2,614 6,70123,456 8,271 456 Aug. 25... 82,977 82,368 37,963 20,773 2,286 897 6,823 7,,839 36,107 3,423 2,573 6,658 23,4538,298 609 Sept. 1...82,778 82,204 37,967 20,798 2,228 904 6,831 7,866 35,862 3,135 2,559 6,653 23,515 8,375 574 Sept. 8...82,670 82,02038,034 20,829 2,265 904 6,838 7,856 35,526 2,876 2,505 6,648 23,497 8,460 650 Sept. 15. ..83,084 82,440 38,175 21,023 2,145 913 6,871 7,88235,790 3,090 2,534 6,671 ,475 644 Sept. 22...82,980 82,381 38,018 21,005 1,999 932 6,884 7,858 35,908 3,124 2,497 6,668 619 8,455 599 Sept. 29...83,222 82,689 38,495 21,015 2,403 941 6,902 7,893 35,696 2,868 2,504 6,670 23,6548,498 533 Oct. 6...85,346 84,803 38,548 21,102 2,363 955 6,907 7,883 37,614 2,765 2,478 8,608 23,7638,641 543 Oct. 13. ..85,567 84,722 38,781 21,195 2,457 956 6,924 7,91037,364 2,535 2,447 665 23,7178,577 845 Oct. 20. ..85,412 84,675 38,709 21,126 2,412 973 6,955 7,90537,403 2,628 2,402 649 23,7248,563 737 Oct. 27. ..85,498 84,789 38,679 21,043 2,407 993 6,978 7,920 37,533 2,706 2,375 688 23,7648,577 709 New York City 1953—October. . . 21,663 21,141 11,876 8,543 277 996 190 393 1,633 7,248 734 1,139 1,123 4,252 2,017 522 1954—August. .. . 23,073 22,750 11,208 7,297 7051,050 345 406 1,583 9,201 1,172 883 1,437 5,709 2,341 323 September. 22,750 22,380 11,067 7,266 5581,090 338 418 1,577 8,874 903 570 1,429 5,9722,439 370 October. . . 23,833 23,379 11,402 7,355 6601,181 355 427 1,600 9,513 796 550 2,182 5,9852,464 454 1954—Aug. 4... 23,616 23,169 11,322 7,332 802 ,044 344 396 1,582 9,473 1,349 1,241 1,450 5,4332,374 447 Aug. 11. .. 23,053 22,765 11,293 7,333 731 ,055 360 409 1,584 9,153 1,074 1,155 1,428 5,496 2,319 288 Aug. 18. .. 22,713 22,495 11,123 7,264 662 ,039 344 408 1,584 9,043 1,080 561 1,435 5,9672,329 218 Aug. 25... 22,913 22,575 11,097 7,261 625 .062 333 413 1,581 9,134 1,183 573 1,436 5,9422,344 338 Sept. 1...22,719 22,409 10,995 7,246 590 ,023 332 411 1,572 9,010 1,041 575 1,431 5,9632,404 310 Sept. 8...22,604 22,195 11,038 7,232 630 ,046 332 417 1,561 8,715 789 550 1,420 5,956 2,442 409 Sept. 15...22,727 22,379 11,100 7 ,297 586 ,050 337 424 1,586 8,829 883 566 1,422 5, ,450 348 Sept. 22...22, i 22,351 10,974 7,283 437 ,090 343 420 1,581 8,938 949 579 1,427 5,983 2,439 457 Sept. 29. . .22,894 22,570 11,232 7,270 547 ,242 345 419 1,588 8,878 852 578 1,446 6,0022,460 324 Oct. 6...23,853 23,445 11,331 7,342 642 ,159 349 419 1,596 9,610 868 557 2,170 6,015 2,504 408 Oct. 13. ..23,791 23,295 11,436 7,384 692 ,160 350 423 1,602 9,391 704 549 2,176 5,9622,468 496 Oct. 20. ..23,850 23,369 11,468 7,379 717 ,163 357 431 1,597 9,461 767 559 2,169 5,9662,440 481 Oct. 27. ..23,839 23,406 11,374 7,315 588 ,243 362 436 1,607 9,590 844 2,213 5,9972,442 433 Outside New York City 1953—October. . . 57,494 57,245 27,462 14,647 380 510 6,027 6,33324,267 1,446 4,327 5,49612,9985,516 249 1954—August.... 60,090 59,836 26,765 13,486 588 541 6,375 6,237 27,120 2,364 2,573 5,25216,9315,951 254 September. 60,197 59,967 27,071 13,668 560 567 6,447 6,29426,882 2,115 1,950 5,23317,584 6,014 230 October. . . 61,622 61,368 27,277 13,761 569 596 6,514 6,30527,965 1,863 1,876 6,471 17,,755 6,126 254 1954—Aug. 4... 59,932 59,681 26,583 13,438 522 525 6,340 6,22127,132 2,379 3,141 5,25816,3545,966 251 Aug. 11. .. 60,214 59,955 26,779 13,496 623 543 6,357 6,22227,236 2,504 3,101 5,26216,369 5,940 259 Aug. 18... 60,148 59,910 26,826 13,495 607 548 6,393 6,24727,142 2,334 2,053 5,26617,489 5,942 238 Aug. 25... 60,064 59,793 26,866 13,512 599 549 6,410 6,25826,973 2,240 2,000 5,22217,5115,954 271 Sept. 1...60,059 59,795 26,972 13,552 615 557 6,420 6,29426,852 2,094 1,984 5,22217,5525,971 264 Sept. 8...60,066 59,825 26,996 13,597 589 558 6,421 6,29526,811 2,087 1,955 5,22817,5416,018 241 Sept. 15...60,357 60,061 27,075 13,726 509 562 6,447 6,29626,961 2,207 1,968 5,24917,537 ,025 296 Sept. 22...60,172 60,030 27,044 13,722 472 575 6,464 6,27726,970 2,175 1,918 5,241 17,636 6,016 142 Sept. 29...60,328 60,119 27,263 13,745 614 582 6,483 6,30526,818 2,016 1,926 5,22417,652 6,038 209 Oct. 6...61,493 61,358 27,217 13,760 562 588 6,488 6,28728,004 1,897 1,921 6,43817,,748 6,137 135 Oct. 13...61,776 61,427 27,345 13,811 605 588 6,501 6,30827,973 1,831 1,898 6,48917,7556,109 349 Oct. 20...61,562 61,306 27,241 13,740 532 598 6,524 6,31527,942 1,861 1,843 6,48017,758 6,123 256 Oct. 27. ..61,659 61,383 27,305 13,728 576 614 6,542 6,313 27,943 1,862 1,839 6,47517,767 6,135 276 1 Exclusive of loans to banks and after deduction of valuation reserves; individual loan items are shown gross. 2 Includes guaranteed obligations. For other footnotes see opposite page. 1170 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 Restirves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e n a d v th - k l e - s v C a i a n u s l h t m b a w a n d e o n i c s t - e k h ti s s c j p u m o a s d a t e d s n e - i - t d d s 3 s p p u n c v a h o a a o e n i i r d r l p r r d a s t - - - s - , - , S p s d s a i t i o u i c a o n v b l a t n d i - i e l t s - - s c C h c o a e f e e e i t f n e c c f r r d i . d t s k - i ' s - , U m G er . o e n n S v - t - . s p p u n v c 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 t i o u i c a o n v b l a t n d i - i e l t s - - s P U m G S o e i a n r a . s n o e g n v t d n v S a s - - t - l . m D ti e D o c s - e - ma F e n i o d g r n - Time r B i o n o w g r s - - C i a ta p- l tions tions Total- Leading Cities 1953—October 14,195 975 2,64753,73255,491 3,569 1,686 2,89917,339 839 189 10,869 1,253 832 796 7,526 1954—August 13,622 918 2,62054,07754,775 3,932 I,902 3,570 18,411 1,267 196 11,170 1,323 1,543 7,852 September 13,431 941 2,64154,43255,734 3,753 1,900 2,73318,491 1,218 198 11,298 1,269 1,561 545 7,886 October 13,786 972 2,75355,11756,931 3,563 1,827 4,437 18,642 1,215 205 11,545 1,336 1,482 633 7,926 1954—Aug. 4 13,472 883 2,81654,21754,564 4,046 2,612 3,68318,382 1,273 195 11,494 1,345 1,553 533 7,848 Aug. 11 13,648 941 2,62954,12755,107 3,951 1,591 3,413 18,405 1,267 196 11,361 1,325 1,539 793 7,852 Aug. 18 13,748 914 2,57153,74854,736 3,904 1,723 3,688 18,411 1,265 197 11,115 1,324 1,534 717 7,850 Aug. 25 13,781 932 2,46654,21554,693 3,826 1,682 3,495 18,443 1,263 196 10,710 1,297 1,547 710 7,859 Sept. 1 13,522 885 2,48954,06654,746 3,939 1,864 3,247 18,433 L ,257 197 10,911 1,301 1,560 583 7,886 Sept. 8 13,327 943 2,63454,01355,000 3,738 1,617 2,731 18,487 1,253 197 11,354 1,272 1,566 571 7,888 Sept. 15 13,569 936 2,80554,49057,230 3,754 2,089 2,40018,501 L ,193 199 11,970 1,252 1,562 585 7,878 Sept. 22 13,297 951 2,73154,54755,812 3,579 1,700 2,681 18,514 L ,194 199 1,277 1,257 1,565 451 7,880 Sept. 29 13,438 992 2,54455,04355,884 3,756 2,228 2,605 18,520 L.195 200 10,977 1,262 1,552 537 7,897 Oct. 6 13,754 904 2,75054,27655,403 3,664 1,720 5,19018,608 1,181 203 11,744 1,285 1,526 462 7,913 Oct. 13 13,602 1,032 2,81554,67257,837 3 442 1,802 4,611 18,639 1,209 203 11,750 1,353 1,479 767 7,920 Oct. 20 13,924 947 2,78655,47057,203 3 503 1,857 4,165 18,641 1,238 204 11,494 1,357 1,463 681 7,921 13,864 1,003 2,66256,05057,281 3 642 1,929 3,783 18,681 1,231 211 11,190 1,349 1,459 621 7,949 Oct. 27 New York City 4 678 154 42 15 543 16 485 368 867 1,090 1,786 88 49 2,986 1,016 668 185 2,536 1953—October 4 508 139 37 15 530 16 297 310 1,064 1,262 1,976 278 53 3,005 1,056 1,270 426 2,611 1954—August 4 428 146 39 15 665 16 584 306 1,021 841 1,993 248 53 3,061 1,017 1,287 246 2,613 September 4 447 156 46 15 746 16 767 328 949 1,683 2,027 241 54 3,151 1,081 1,208 275 2,622 1954— A A O A A u u u u c g t g g g o . . . . b 2 1 e 1 r 4 5 8 1 4 4 4 4 3 5 6 49 2 9 1 2 7 7 4 1 1 1 1 4 3 3 4 6 5 4 1 3 3 3 3 7 6 9 6 1 1 1 1 5 5 5 5 4 3 5 7 6 8 0 6 9 3 8 0 1 1 1 1 6 6 6 6 4 2 2 1 4 6 8 9 2 7 5 2 3 3 3 2 3 1 1 7 4 4 7 6 1,7 9 8 7 0 0 6 8 2 6 3 6 1 1 1 1 , , , , 2 2 1 3 6 5 7 5 7 4 0 8 1 1 1 1 , , , , 9 9 9 9 7 7 8 7 6 0 1 6 2 2 2 2 7 7 7 8 5 8 9 0 5 5 5 5 3 2 3 3 3 3 2 2 , , , , 0 1 8 9 1 5 9 5 5 1 8 5 1 1 1 1 , , , , 0 0 0 0 7 6 5 3 9 1 4 1 1 1 1 1 , , , , 2 2 2 2 6 7 6 7 1 6 5 7 4 4 5 2 0 3 7 8 8 8 0 7 2 2 2 2 , , , , 6 6 6 6 0 0 1 1 6 9 4 6 Sept. 1 4 537 134 38 15 505 16 377 307 973 1,091 1,960 273 53 2,963 1,039 ,292 329 2,619 Sept. 8 4 417 150 33 15 513 16 266 271 820 904 1,988 270 53 3,019 1,012 ,292 248 2,616 Sept. 15 4 455 140 44 15 613 16 868 342 1,144 711 2,004 233 53 3,236 1,005 ,285 261 2,614 Sept. 22 4 182 146 39 15 604 16 475 278 845 773 2,007 233 53 3,082 1,007 ,287 153 2,609 Sept. 29 4 551 159 41 16 092 16 932 334 1,323 727 2,008 232 53 3,004 1,022 ,277 240 2,609 Oct. 6 4 459 149 40 15 615 16 434 342 882 1,978 2,034 227 54 3,175 1,046 ,250 153 2,626 Oct. 13 4 496 171 49 15 549 16 941 325 909 1,778 2,033 228 54 3,169 1,101 ,203 414 2,620 Oct. 20 4 404 145 49 15 827 16 796 290 959 1,576 2,013 256 54 3,154 1,098 ,193 264 2,622 Oct. 27 4 429 159 46 15 994 16 896 356 1 046 1,398 2,026 254 54 3,107 1,079 1,188 2,621 Outside New York City 1953—October 9 517 821 2 605 38 189 39 006 3 201 819 1,809 15,553 751 140 7,883 237 164 4,990 1954—August 9 114 779 2 583 38 547 38 478 3 622 838 2,30816,435 989 143 8,165 267 273 262 5,241 September 9 003 795 2 602 38 767 39 150 3 447 879 1,892 16,498 970 145 8,237 252 274 299 5,273 October 9 339 816 2 707 39 371 40 164 3 235 878 2,754 16,615 974 151 8,394 255 274 358 5,304 1954—Aug. 4 9 145 748 2 779 38 457 38 122 3 729 906 2,325 16,406 998 143 8,343 266 276 246 5,232 Aug. 11 9 051 795 2 593 38 644 38 822 3 617 808 2,146 16,429 987 143 8,346 264 274 255 5,238 Aug. 18 9 134 780 2 532 38 379 38 544 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 Sept. 1 8 985 751 2 451 38 561 38 369 3 632 891 2,15616,473 984 144 7,948 262 268 254 5,267 Sept. 8 8 910 793 2 601 38 500 38 734 3 467 797 1,827 16,499 983 144 8,335 260 274 323 5,272 Sept. 15 9 114 796 2 761 38 877 40 362 3 412 945 1,68916,497 960 146 8,734 247 277 324 5,264 Sept. 22 9, 115 805 2 692 38 943 39 337 3 301 855 1,908 16,507 961 146 8,195 250 278 298 5,271 Sept. 29 8,887 833 2 503 38 951 38 952 3 422 905 1,87816,512 963 147 7,973 240 275 297 5,288 Oct. 6 9,295 755 2 710 38 661 38 969 3 322 838 3,212 16,574 954 149 8,569 239 276 309 5,287 Oct. 13 9, 106 861 2 766 39 123 40 896 3 117 893 2,833 16,606 981 149 8,581 252 276 353 5,300 Oct. 20 9,520 802 2 737 39 643 40 407 3 213 898 2,589 16,628 982 150 8,340 259 270 417 5,299 Oct. 27 9 435 844 2 616 40 056 40 385 3 286 883 2,385 16,655 977 157 8,083 270 271 353 5,328 3Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Back figures.—'For description of revision beginning Mar. 4, 1953, see BULLETIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. For description of revision beginning July 3, 1946, and for revised figures Ju ly 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. NOVEMBER 1954 1171 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 INDUSTRY1 [Net declines, (—). In millions of dollars] Business of borrowei Manufacturing and mining ind'l, Period2 t l o F i b q a o n u a o d c o d c r , , o a T l p e e a p a x n t a t h d i r l e e e r l s , , p m e M r m r ( a y o a i e c e n n d t a h t c d u a a n i l l c l n . s d t - s ch P l e c e a e m o u n t a r m d i l o c , , - al, Other ( r T w e s a r t h a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i S c n a o a a n m l n i e e c s - s e u P p t t t ( r i u o i i a l o n b r i n c n t t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu t o y s A t o i p h n l f e e l e r s ss c c h l N f a a i n e s e d g s t i e - s ch t a a o a g n t n r a g d ' l l e s . — trans. rubber equip.) 1951—April-June. . -243 116 275 48 60 62 -421 63 175 44 8 186 18 July-Dec 932 -361 873 125 141 16 722 30 351 -98 37 2,769 2,372 1952—Jan.-June... -868 -73 1,111 176 76 -105 -634 -217 -2 18 -28 -546 -637 July-Dec.. .. 754 -40 250 36 141 662 544 —57 13 191 2,494 2,435 1953—Jan.-June r. . -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec.r. . 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June. . . -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 1954—July 5 36 — 133 —63 — 13 —27 66 — 14 —88 16 —29 —245 —360 August —24 40 —99 2 2 9 45 —44 — 16 19 3 —64 -751 September. . 164 20 — 174 24 9 63 124 -84 2 81 229 242 October 113 -47 -69 90 -26 113 95 -117 -180 7 59 38 28 Week ending: 1^54—Aug. 4 16 5 —22 8 7 —21 -7 8 —20 —25 —754 Aug. 11 7 15 -25 9 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 -1 6 -7 10 5 11 2 14 Sept. 1 24 6 -50 16 -1 -10 17 10 4 -3 21 34 25 Sept. 8 6 6 -31 6 -6 25 15 -8 -2 1 2 13 31 Sept. 15 65 10 -19 14 11 28 20 -8 11 6 41 180 194 Sept. 22 24 -7 -28 -5 9 6 40 -44 -4 —4 5 -8 -18 Sept. 29.... 45 5 -46 -6 -3 13 32 -35 -9 2 12 10 10 Oct. 6 32 1 -22 19 -9 20 24 21 -74 1 53 68 87 Oct. 13 48 1 -16 14 1 48 17 -52 -7 8 4 64 93 Oct. 20 27 -34 7 50 -10 31 17 -67 -27 2 2 -21 -69 Oct. 27 7 -16 -23 7 -8 14 37 -20 -72 -1 1 -73 -83 ••Revised to include 26 weeks ended July 1 and 26 weeks ended December 30, 1953. 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. 3Figures for other than weekly periods are based on weekly changes during period. 'Net change at all banks in weekly reporting series, according to the old series in 1951 and the revised series thereafter. For description of revisions in the weekly reporting series see BULLETIN for April 1953, p. 357. COMMERCIAL AND FINANCE PAPER AND BANKERS' ACCEPTANCES OUTSTANDING fin millions of dollars! Dollar acceptances outstanding Commercial and finance paper outstanding1 Held by Based on End of month" Total Accepting banks F. R. Goods stored in or Placed out- Banks Im- Ex- shipped between Total d t P h e l r a a o l c e u e r g s d h 2 ( d fi i n r l a e y n c c t- e st i a n n g d- To- Own Bills a ( c o fo c f r t. O e t r h s - U p i n o n i r t t o t e s d U p f n r o o i r t m t e s d c D h e o a x l n l - g ar e points in paper)3 tal bills bought for. States States United Foreign corr.) States countries 1948—December 674 277 397 259 146 71 76 3 109 164 57 1 25 12 1949—December 837 270 567 272 128 58 70 11 133 184 49 30 9 1950—December 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951—December 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952—December 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953—September.. . 1,987 487 1,500 515 159 110 49 26 329 237 135 66 40 38 October 2,149 548 1,601 517 160 122 38 23 334 227 145 56 56 34 November. . . 2,191 595 1,596 534 170 125 45 20 344 246 139 49 59 41 December.... 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954—January 2,155 635 1,520 586 195 144 51 17 373 266 157 45 73 46 February.... 2,308 716 1,592 545 185 149 36 10 350 238 151 44 71 41 March 2,291 735 1,556 580 198 149 50 13 369 247 139 47 107 39 April 2,215 694 1,521 623 228 165 63 17 379 270 142 38 127 46 May 2,168 641 1,527 616 227 171 56 14 374 277 143 36 115 45 June 2,150 679 1,471 589 220 164 56 14 355 246 143 60 96 43 July 2,208 747 1,461 589 205 164 41 9 376 225 136 92 91 46 August 2,228 794 1,434 563 198 155 43 5 360 205 134 75 101 47 September... 2,192 803 1,389 609 259 178 81 6 344 207 139 85 130 48 xNew series; not comparable with earlier data. 2As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 3As reported by finance companies that place their paper directly with investors. Back figures.—For bankers' acceptances, see Banking and Monetary Statistics, Table 127, pp. 465-467; for description see p. 427. 1172 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 St n a i t t e e s d St l a o t c e a a l1 nd Foreign2 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 29,243 7,697 5,373 2,253 71 8,465 7,929 536 5,669 2,134 3,248 2,030 1940 30,802 8,359 5,857 2,387 115 9,178 8,624 554 5,958 2,060 3,091 2,156 1941 32,731 9,478 6,796 2,286 396 10,174 9,573 601 6,442 1,878 2,919 1,840 1942 34,931 11,851 9,295 2,045 511 10,315 9,707 608 6,726 1,663 2,683 1,693 1943 37,766 14,994 12,537 1,773 684 10,494 9,842 652 6,714 1,352 2,373 1,839 1944 41,054 18,752 16,531 1,429 792 10,715 9,959 756 6,686 1,063 2,134 1,704 1945 44,797 22,545 20,583 1,047 915 11,059 10,060 999 6,636 857 1,962 1,738 1946 48,191 23,575 21,629 936 1,010 13,024 11,775 1,249 7,155 735 1,894 1,808 1947 51,743 22,003 20,021 945 1,037 16,144 14,754 1,390 8,675 860 1,937 2,124 1948 55,512 19,085 16,746 1,199 1,140 20,322 18,894 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,813 15,290 1,393 1,130 23,179 21,461 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,066 13,459 1,547 1,060 25,403 23,300 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,667 11,009 1,736 922 28,204 25,983 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,774 10,252 1,767 755 31,646 29,200 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,405 9,829 1,990 586 34,570 31,997 2,573 23,322 2,020 2,914 3,302 End of month:6 1951—December 67,983 13,579 10,958 1,702 919 28,042 25,975 2,067 19,291 1,617 2,575 2,879 1952—December 73,034 12,683 10,195 1,733 755 31,404 29,226 2,178 21,245 1,868 2,699 3,135 1953—August 76,244 12,436 9,994 1,861 581 33,349 31,079 2,270 22,552 1,967 2,819 3,121 September 76,612 12,397 9,930 1,880 587 33,614 31,319 2,295 22,698 1,972 2,831 3,100 October 77,121 12,395 9,913 1,897 585 33,887 31,585 2,302 22,842 1,990 2,851 3,156 November 77,552 12,365 9,830 1,945 590 34,096 31,781 2,315 23,017 2,000 2,873 3,201 December 78,201 12,322 9,767 1,968 587 34,395 32,056 2,339 23,275 1,994 2,894 3,321 1954—January 78,866 12,470 9,779 2,105 586 34,639 32,266 2,373 23,435 2,039 2,905 3,378 February 79,251 12,498 9,781 2,122 595 34,816 32,430 2,386 23,570 2,053 2,923 3,391 March 79,649 12,416 9,661 2,170 585 35,053 32,635 2,418 23,769 2,066 2,956 3,389 April 80,114 12,424 9,635 2,208 581 35,216 32,759 2,457 24,005 2,086 2,978 3,405 May 80,547 12,452 9,539 2,326 587 35,371 32,871 2,500 24 174 2,102 3,000 3,448 June .... 80,981 12,294 9,343 2,363 588 35,683 33,150 2,533 24,384 2,129 3,023 3,468 July 81,510 12,222 9,189 2,456 577 35,943 33,369 2,574 24,572 2,147 3,045 3,581 August 81,965 12,197 9,171 2,471 555 36,094 <33,494 <=2,600 24,795 2,177 3,066 3,636 cCorrected. 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 Total i 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 e l n i r - t n- Cash Other3 capital gations gations 1939 5,597 3,806 73 274 1,124 4,118 1951—4.... 19,164 15,520 1,606 1,082 866 16,073 1940 5,733 4,125 71 307 940 4,322 1941 6,049 4,578 107 344 775 4,682 1952—1 19,688 16,057 1,690 1,080 774 16,811 1942 6,150 4,583 318 410 612 4,941 2 20,599 16,875 1,687 1,182 770 17,656 1943 6,604 4,584 853 465 493 5,494 3.... 21,295 17,696 1,765 1,044 708 18,198 1944 7,458 4,800 1,671 413 391 6,305 4... . 22,585 18,336 1,791 1,306 1,072 19,143 1945 8,747 5,376 >,420 450 356 7,365 1946 10,202 7,141 >,009 536 381 8,548 1953—1'-... 23,442 19,051 1,926 L, 259 1,128 20,072 1947 11,687 8,856 1,740 560 416 9,753 2'... 24,724 20,099 1,997 1,333 1,218 21,140 1948 13,028 10,305 1,455 663 501 10,964 3'-... 25,582 21,116 1,982 1,196 1,212 21,735 1 1 9 9 4 5 9 0 1 1 4 6 , , 6 8 2 4 2 6 1 1 3 1 , , 6 6 2 1 2 6 1 1 , , 4 4 6 8 2 9 8 95 8 1 0 6 5 9 6 2 6 1 1 2 3 , , 4 9 7 7 1 8 4'... 26,638 21,882 L ,923 1,500 1,258 22,778 1951 19,164 15,520 L.606 1,082 866 16,073 1954—1*"-.. 27,667 22,722 1,928 1,613 1,330 23.901 1 1 9 9 5 5 2 3r 2 2 2 6 , , 5 6 8 3 5 8 2 1 1 8 , , 8 3 8 3 2 6 1 1 , , 7 9 9 2 1 3 1 1 , , 3 5 0 0 6 0 1 1 , , 0 2 7 5 2 8 2 1 2 9 , , 7 1 7 4 8 3 2Pr_ 2 3 9 0 , , 1 1 0 6 5 8 2 2 3 5 , , 8 0 4 5 7 3 , , 9 9 6 7 1 2 1, , 7 6 8 71 2 1 1 , , 4 4 4 0 2 0 2 2 5 5 . , 1 89 6 5 3 3Pr.. rRevised. P Preliminary. 1 Includes gross mortgages with no deduction for mortgage pledged shares. 2Net of mortgage pledged shares. 3Includes other loans, stock in the Federal home loan banks and other investments, real estate owned and sold on contract, and office building and fixtures. Source.—Federal Savings and Loan Insurance Corporation. NOVEMBER 1954 1173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES, BY CORPORATION OR AGENCY * [Based on compilation by United States Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and agency 1953 1954 1945 1946 1947 1948 1949 1950 1951 1952 3 4 1 2 Loans, by purpose and agency: To aid agriculture total . . 878 884 7,00 3 63? 4 36? 3 884 4 161 5,070 1 11? 6,811 7 370 6,389 Banks for cooperatives 197 232 276 305 302 345 425 424 336 377 354 309 Federal intermediate credit banks . . 336 4?6 437 S10 633 673 781 590 6S8 774 Federal land banks2 1 088 986 Federal Farm ^tortgage Corporation 242 149 109 80 60 45 34 25 20 18 17 16 Farmers Home Administration3 604 S90 558 s?s S3S 53Q 596 6S8 648 73Q 754 Rural Electrification Administration 407 S?8 734 999 1 301 1 543 1 74? 1,920 06? 2,096 <?130 2,164 Commodity Credit Corporation . 99 120 280 1,293 1,729 898 782 1,426 1,651 3,076 3,468 2,368 Other agencies 9 6 7 5 9 7 6 6 5 5 5 4 To aid home owners total 806 610 116 768 1 1 14? 2,603 086 2,930 ? 818 2,814 Federal National M^ortgage Assn 7 6 4 199 828 1,347 1 8S0 2,242 S40 2,462 ,366 2,301 Home Owners' Loan Corporation2 85? 636 486 369 10 Reconstruction Finance Corporation^ 5 12 10 61 177 168 137 123 115 110 108 106 104 V O e th te e r r a a n g s en A c d i m es i 4 nistration 25 6 65 22 24 35 169 246 2 6 7 1 5 30 6 0 0 32 6 6 1 34 6 8 2 > ( To railroads, total 171 147 140 114 110 101 82 70 79 70 12 Reconstruction Finance Corporation 5 205 153 145 138 112 108 99 80 77 77 77 10 Other agencies 18 18 3 3 3 2 2 2 To other industry, total 23? 10? 310 46? 418 488 516 136 509 40? 415 Reconstruction Finance Corporation5 ^ 149 241 4? 3 400 41 S 457 473 8294 ?70 191 Other agencies 83 41 31 38 38 58 74 58 63 8214 224 To financing institutions, total 267 314 447 1?,1 441 87,4 814 864 80? 952 630 678 Reconstruction Finance Corporation5 60 14 7 6 8 8 8 r») r9) Federal home loan banks 19S 436 SIS 433 816 806 864 801 952 630 675 Other agencies 12 7 4 4 4 3 Foreign, total 126 7,84 1 673 6 10? 6 000 6 078 6 110 7,736 8 010 8,043 7 087 7,965 Export-Import Bank 1 ?49 1,978 145 187 ,?96 2,496 758 2,833 783 2,762 Reconstruction Finance Corporation5 ^ ?74 ?3S ?46 ?06 1S4 101 64 58 5? 52 4S 42 U. S. Treasury Department10 800 3 450 3 750 3 750 3 7 SO 3,750 3,667 3 666 3,620 ^ 6?0 3,618 "1,515 1,533 1,537 ,539 1,544 All other purposes, total 707 623 714 184 484 131 770 1,095 830 763 641 471 Reconstruction Finance Corporation5 ^ 309 6340 190 88 59 61 50 57 57 ?9 32 Public Housing Administration12 ?86 ?78 ?78 ?94 ?97 366 609 919 612 535 4?8 245 Other agencies 11? 113 96 100 99 10S 109 126 160 171 184 195 Less: Reserve for losses 438 478 395 368 476 185 173 140 252 203 181 255 Total loans receivable (net) 5,290 6,649 9,714 11,692 1?, 73313,728 14,422 17,826 18,50219,883 19,877 18,489 Investments: Um S Government securities total 1,683 r ,873 f,681 r,814 ?,047 7,071 7 2,421 186 2,602 ,969 2,911 Banks for cooperatives 43 43 48 43 43 43 43 43 43 43 43 52 Federal intermediate credit banks 43 47 48 44 74 46 51 60 6? 63 50 50 Production credit corporations 67 70 72 66 39 42 43 43 45 45 43 42 145 136 Federal home loan banks 118 14S 139 ?74 ?75 19Q ?49 iii 397 387 706 672 Federal Savings and Loan Insurance Corp 161 172 184 199 214 193 200 208 211 217 222 228 Home Owners' Loan Corporation2 15 17 1? 1? 8 Federal Housing Administration 106 1?? 13? 144 188 ?44 ?85 3i<5 318 319 310 257 Reconstruction Finance Corporation5 ^ 49 48 f9) 1 Federal Deposit Insurance Corporation 897 i 04 S 1 0?0 i 064 1 ?05 1 307 1,353 1,437 1,509 1,526 1 593 1,609 Other agencies 38 28 29 9 1 1 1 1 1 1 1 1 Investment in international institutions 318 3 381 381 3 381 3 381 3,381 3,385 3 381 3,385 3 381 3,385 Other securities, total 321 230 114 133 107 88 78 44 44 40 40 54 Reconstruction Finance Corporation5 ?44 1S9 108 98 83 71 66 36 38 35 35 50 Production credit corporations 55 46 35 ?9 16 11 8 5 5 S 4 Other agencies 26 24 11 6 2 1 1 1 1 1 1 Commodities, supplies, and materials, total..... 2,288 l,265 822 627 1,549 1,774 1,461 1,280 2,259 2,514 2,696 3,369 Commodity Credit Corporation 1 034 463 448 437 1,376 1,638 1,174 978 1,884 2,086 ?07 2,802 Reconstruction Finance Corporation5 '... . . I 667 ?35 157 14? 108 172 134 156 168 91 Other agencies 122 134 138 32 30 28 159 131 241 272 327 476 Land, structures, and equipment, total ,017 16,924 1?,600 3,060 ,962 ,945 3, 358 3,213 7,911 8,062 8,035 8,077 Public Housing Administration12 222 ?04 1,448 1 35? 1,?48 1 1,173 1,030 1,018 9S8 823 Reconstruction Finance Corporation 5 ? 6 919 861 35 630 611 60S 594 199 181 175 169 161 Tennessee Valley Authority 7?7 754 793 830 886 1,048 1,251 1 405 1,475 1 S49 1,630 U. S. Maritime Commission2 3,395 3,301 3,305 War Shipping Administration2 (. 7,813 7,764 6,507 Federal Maritime Board and Maritime Adm.2 80? 4,834 4"849 4,829 Other agencies18 1,948 2,044 1,793 189 168 206 465 590 493 561 511 634 Bonds, notes, and debentures payable (not guaranteed), total 1,113 1,252 689 965 772 1,190 1,369 1,330 1,243 1,182 949 971 Banks for cooperatives 8 33 69 70 78 110 170 181 119 150 133 120 Federal intermediate credit banks 245 293 358 480 490 520 674 704 776 619 626 736 Federal land banks2 79? 7 56 Federal home loan banks 69 169 262 415 204 560 525 445 349 414 190 115 For footnotes see following page. 1174 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 o r e b e a i l - v n e - 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 u r n e n u e i d n d c p s t - , , - O s a t e h s t - e s r a t B F g u n a u u o r t n a e e l n d l r s 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 , O li 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 v S t r - t - - . o v in P w a e t r t s e n i e t - r e l - y d rials rities rities by U. S. All agencies: 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 3,53912,600 125 82 689 2,03728,015 143 1948—Dec. 312.. 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1,66318,886 166 1949—Dec. 31... 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec. 31... 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193'21,995 234 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—Sept. 302. 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 3,81833,429 434 1954—Mar. 31.. 39,313 1,139 19,877 2,696 2,969 3,425 8,035 1,173 75 949 4,920 32.899 470 June 30. . 39,602 1,232 18,489 3,369 2,911 3,439 8,077 2,085 81 971 4,03334,030 486 Classification by agency, June 30, 1954 Farm Credit Administration: Banks for cooperatives 386 306 120 238 26 Federal intermediate credit banks 844 774 736 101 Production credit corporations 46 46 Federal Farm Mortgage Corp 17 16 17 Department of Agriculture: Rural Electrification Administration 2,282 2,161 1 98 1 2,281 Commodity Credit Corporation 5,366 2,272 2,802 130 128 2,334 3,031 Farmers Home Administration 695 649 28 4 691 Federal Crop Insurance Corp 32 5 9 23 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 1,392 40 675 672 4 115 824 460 Federal Savings and Loan Insurance Corp. 235 1 228 5 9 226 Public Housing Administration 1,263 71 251 823 118 28 1,235 Federal Housing Administration 541 135 43 257 1 105 80 233 227 Office of the Administrator: Federal National Mortgage Association. . 2,323 2,301 ) 14 9 2,314 Other 135 97 19 4 1 134 Reconstruction Finance Corporation: Assets held for U. S. Treasury5 " 285 2 1 91 29 284 Other5. 605 197 347 12 24 581 Small Business Administration 3 1 2 (9) 3 Export-Import Bank 2,807 5 2,775 27 93 2,713 Federal Deposit Insurance Corp 1,618 3 () 1,609 ) 7 122 1,497 Tennessee Valley Authority 1,932 266 630 9 67 1,866 Federal Maritime Board and Maritime Adm.. 5,381 153 829 355 176 5,205 Panama Canal Company 484 44 423 4 12 472 Veterans Administration 463 86 349 3 22 6 457 Department of the Treasury 8,036 (9) 3,651 3,385 1,000 (9) 8,036 A F l o l r o ei t g h n e r Operations Administration 1,5 8 6 7 2 0 18 1,5 2 4 7 4 8 387 57 96 22 1.5 8 3 1 9 9 52 51 P Preliminary. * Loans by purpose and agency are shown on a gross basis; total loans and all other assets are shown on a net basis, i. e., after reserve for losses. 2Several changes in coverage have been made over the period for which data are shown. The more important are: exclusion of the following agencies following repayment of the U. S. Government interest—federal land banks after 1946 and the Home Owners' Loan Corporation after June 1951; exclusion of the United States Maritime Commission (including War Shipping activities) after 1947, when this agency ceased to report to the U. S. Treasury; and inclusion of the Mutual Security Agency (superseded by the Foreign Operations Administration) beginning June 1952 and of the Federal Maritime Board and Maritime Administration beginning June 1953. 3Figures for this agency for the early years shown have been adjusted to include activities of its predecessor, the Farm Security Administration, and of the Regional Agricultural Credit Corporation and also the Emergency Crop and Feed Loans of the Farm Credit Administration. 4Figures for RFC Mortgage Co., whose assets and liabilities were taken over by the Reconstruction Finance Corporation in 1947, are included with "Other agencies" in 1945 and 1946. 6RFC 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 permitted 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 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 Dept. 9Less than $500,000. 10Figures represent largely the Treasury loan to United Kingdom and through 1952 are based in part on information not shown in Treasury compilation. 11 Represents lending under Mutual Security Agency (predecessor of FOA) included in the Treasury compilation beginning with balance sheet for June 30, 1952; figure not published in Treasury compilation, but derived by Federal Reserve. 12Refiects 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. 13 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. 14Assets 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. 1175 NOVEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bondprices Stock prices Common U. S. Govt. Vol- (long-term) Standard and Poor's series Securities and Exchange Commission series ume of (index, 1935-39=100) (index, 1939—100) trad- Year, month, Mu- Cor- ing6 or week n ( i h c i i g p h al - r p a o t - e fe P r r r e e - d * Manufacturing Trade, th ( o in ur O i s e e l - s d 2 N ri s e e e - s w 3 grade)4 g ( r h ad ig e h )* - 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 ta o- l D b ra l u e - - N d b ra u o le - - n- T p t r o i a o r n n ta s - - u P i l t u t i i y c b l - - a s a f n e i i n c r n c e v d e - - , M in i g n- s s h a a o n r f e d 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 J rift4 1952 average 97 27 129 3 115.8 169 7 188 204 169 118 195 220 189 249 221 118 206 276 ,313 1953 average 93.90 101.46 119.7 112.1 164.0 189 204 170 122 193 220 193 245 219 122 207 241 1,419 1953—Oct 95.28 103.30 119.7 "112.5 167.3 183 197 157 122 187 214 184 240 202 121 201 219 1,225 Nov 94.98 103.67 121.4 113.6 168.8 188 202 159 124 191 219 190 245 204 123 207 231 1,482 Dec 95.85 104.93 122.3 113.5 166.5 191 206 157 125 193 222 192 249 200 125 209 230 1,644 1954—Jan 97.42 106.16 123.6 114.6 168.7 195 212 160 127 198 228 199 256 206 126 213 239 1,669 Feb 98.62 107.04 "125.4 116.5 "171.7 200 217 166 129 203 234 204 261 215 128 216 250 1,752 Mar 99.87 109.11 125.6 117.9 173.3 205 223 165 131 207 240 210 268 212 130 215 259 L.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 99.68 109.39 123.6 117.5 173.8 220 242 173 135 223 263 233 291 221 134 226 270 2,096 June 99.49 109.74 123.9 117.0 172.9 222 244 176 135 224 263 237 288 225 134 228 266 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 100.28111.50 128.4 117.8 174.7 236 261 187 142 237 280 257 301 237 141 243 263 2,588 Fept 99.92 110.68 127.2 117.6 "175.8 239 264 182 141 240 286 260 309 236 140 247 268 1,963 Oct 99.69 110.59 126.9 117.5 178.1 244 271 187 139 244 291 267 313 240 138 249 269 2,103 Week ending: Oct. 2 . . . 99.88 110.45 126.6 117.6 177.2 245 273 182 141 246 294 268 317 237 140 251 270 1,899 Oct. 9 . . . 99.93 110.87 126.4 117.5 177.4 247 275 185 141 247 296 271 319 239 140 254 275 2,158 Oct. 16. .. 99.84 110.91 126.8 117.5 177.8 243 271 186 140 240 287 262 309 240 137 247 269 2,117 Oct. 23 . . . 99.59 110.54 127.1 117.6 178.2 243 270 190 139 244 292 270 312 245 137 249 270 2,091 Oct. 30. . . 99.40 110.14 127.1 117.4 178.9 242 270 187 138 240 287 266 307 241 136 244 263 2,098 "Corrected. 1 Monthly and weekly data for U. S. Government bond prices and volume of trading are averages of daily figures; for other series monthly and weekly data are based on figures for one day each week—Wednesday closing prices for municipal and corporate bonds, preferred stocks, and common stocks (Standard and Poor's Corporation) and weekly closing prices for common stocks (Securities and Exchange Commission). 2Fully taxable, marketable 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 3x/i per cent bonds of 1978-83, issued May 1, 1953. 4Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 6Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 6Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' End of month C b u a ( s d n l t e a o e b n m t i c ) t i e e s rs' a b in n p a a v d c l a D a e c r n t s t o e r n c t b a u m e e d i n s t r e i t s n s n i ' n g t a b in n a a v d c l D a e c f n t i s o e r r t c m b u a m e d i n s t e i t s n n in g t C a b h a n a s a d n h n k d i o s n n bo M rr o o n w e e y d2 F c r r e e e dit balan O ( c n t e h e s e t 1 ) r a i I n n n a v d c p e c t a s o r t r u a m t n d n O e t i e s n n t r h g t s' er a i c n n a r v d I c e n e c d t s o i f r t t i u a m r d n m b e i t a s n n l g t anc I e a n s c ( c c n o a e u p t n ) it t a s l 1951—June 1,275 10 375 364 680 834 225 26 13 319 December... 1,292 12 392 378 695 816 259 42 11 314 1952—June 1,327 9 427 365 912 708 219 23 16 324 December... 1,362 8 406 343 920 724 200 35 9 315 1953—June 1,684 7 347 282 1,216 653 163 23 16 319 1953—September. . 31,624 31,070 3674 October 31,641 31,098 3672 November. . 31,654 81,127 »682 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 io 492 309 1,173 838 248 23 45 372 July 31,926 31,169 3877 August 31,998 31,194 3910 September. . 32,081 31,291 3924 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). 3 As 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): July, 33; August, 31; September, 34. 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. 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY MARKET RATES BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE RATES ON SHORT-TERM LOANS IN SELECTED CITIES U. S. Government [Per cent per annum] Prime na F n i- ce Prime securities (taxable) Size of loan(thous.of dol.) mo w Y n e e th e a k , r or 4 m p - c a e o t p o r m e c 6 i r - a , - l d p p i l a r a ly e p c , c e e t r d - a a b c n e a c c r n s e e k ' p s - , t- 3-month bills 9-to 12- 3- to 5- Area and period lo A a l n l s $ $ 1 1 0 - $ $ 1 1 0 0- 0 $ $ 1 2 0 0 0 0 - an $ d 2 0 o 0 ver months1 m 3- o t n o t h 6 s - 1 da 9 y 0 s1 Market on R a n t e e w m iss o u n e t s h 2 is y s e u a e r s3 yield issues Annual averages: 19 cities: 1945 2.2 4.3 3.2 2.3 2.0 1 19 9 5 5 2 1 a a v v e e r r a a g g e e .. . . . . . . 1.33 L 1. . 1 8 6 7 I 1 . . 7 6 5 0 1 1 . . 7 5 2 2 1 1 . . 5 7 5 6 2 6 1 1. . 8 7 1 3 2 1 . . 1 9 3 3 1 1 9 9 4 4 6 7 2 2 . 1 1 4 4 . 2 2 3 3^ 1 1 2 2 ^ . 5 2 1 1 .7 8 1953 average.. . . 1.52 1.33 1.87 1.90 1.931 2.07 2.57 1 1 9 9 4 4 8 9 2 2. . 7 5 4 4. . 6 4 3 3 . . 5 7 2 3. . 0 8 2 2 . . 2 4 1953—O N D c o e t c v 1 ' > . . . 3 5 2 1 5 5 1 1 1 . . . 3 1 1 5 3 3 1 1 t . . 8 8 .8 8 8 8 1 1 1 . . 6 4 .3 0 4 8 1 1 1 . . . 4 6 4 0 2 3 2 7 0 1 1 1 . . . 7 6 5 2 1 3 2 2 2 . . . 2 3 3 2 6 6 1 1 1 1 9 9 9 9 5 5 5 5 2 1 0 3 3 2 3 3 . . . . 5 7 1 7 4 4 4 5 . . . 9 7 0 5 4 3 4 4 . . . 2 4 0 6 3 3 3 3 . . . 9 7 4 0 3 3 2 2 . . . . 3 5 4 9 1954— F Ja e n b . I. . 0 1 0 1 1 1. . 7 0 8 6 1 1 . . 8 6 8 8 1. . 1 9 8 7 1. . 2 9 1 8 4 4 1 1 . . 3 0 3 1 2 1 . .8 0 4 4 Quarterly: Mar >.oo 1.58 .48 1.03 1.053 1.02 1.80 19 cities: April L .50 1.25 .96 1.011 .90 1.71 1953—Dec 3.76 4.98 4.39 3.96 3.57 May .76 1.38 I .25 .76 .782 .76 1 .78 1954—Mar 3.72 4.99 4.37 3.94 3.52 June .58 .31 1.25 .64 .650 .76 1.79 June 3.60 4.97 4.35 3 89 3 37 July .56 L .25 1.25 .72 .710 .65 1.69 Sept. 3.56 4.99 4.32 3.82 3.32 Aug 1.45 .25 1.25 .92 .892 .64 1.74 New York City: Sept .33 .25 1.25 1.01 1.007 .89 1.80 1953—Dec 3.51 4.70 4.25 3.77 3.38 Oct 1.31 [.25 1.25 .98 .987 1.03 1.85 1954—Mar 3.50 4.79 4.27 3.75 3.37 I .31 June 3.34 4.75 4.24 3.71 3.W Week ending: Sept 3.29 4.81 4.21 3.54 3.13 Oct. 2... 1.31 1.25 .25 .99 .984 .97 1.84 7 Northern and East- Oct. 9... 1.31 1.25 L .25 .94 .966 .98 1.83 ern cities: Oct. 16... 1.31 1.25 1.25 .98 .966 .99 1 .82 1953—Dec 3.79 5.07 4.40 3.96 3.63 Oct. 23... 1.31 1.25 L .25 1.00 1.009 1.06 1.86 1954—Mar 3.74 5.06 4.36 3.97 3.57 Oct. 30... L .31 1.25 1.25 1.00 1.007 1.08 1 .90 Tune... 3 61 5 04 4 31 3 83 3.42 Sept 3.57 5.07 4.34 3.94 3.36 11 Southern and r Revised. Western cities: 2 1 S D er a i t e a s a in re c l a u v d e e r s a c g e e r s t i o fi f c a d t a e i s l y o f p r i e n v d a e i b li t n e g d n r e a s t s e s a . nd selected note and bond issues. 1 19 9 5 5 4 3 — — M 7) aecr 4 4 .0 1 3 0 5 5 .0 0 5 6 4 4 . . 4 4 6 3 4 4 .0 0 3 9 3 3 . . 8 7 6 6 3Series includes selected note and bond issues. ] une 3.98 5.05 4.43 4.05 3.67 Sept 3.95 5.03 4.39 3.91 3.68 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 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)6 Earn- U. S. Govt. Dividends/ ings/ Year, month, (long-term) Munic- price ratio price or week ipal By ratings By groups ratio (highgrade) 4 Total se O ri l e d s2 se N r e ie w s3 Aaa Aa A Baa In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c fe P rr r e e d - 6 m Co o m n7 - C m o o m n8 - Number of issues... 3-7 1 15 120 30 30 30 30 40 40 40 15 125 125 1951 average 2.57 2.00 3.08 2.86 2.91 3.13 3.41 2.89 3.26 3.09 4.11 6.29 10.42 1952 average 2.68 2 19 3.19 2.96 3.04 3.23 3.52 3.00 3.36 3.20 4.13 5.55 9.49 1953 average 2.93 316 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—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 l6!49 1954—January 2.68 2.90 2.50 3.34 3.06 3.22 3.35 3.71 3.23 3.47 3.31 4.15 5.28 February.... 2.60 2.85 2.39 3.23 2.95 3.12 3.25 3.61 3.12 3.35 3.23 4.08 5.29 March 2 51 2.73 2.38 3.14 2.86 3.03 3.16 3.51 3.05 3 24 3.14 4.04 5.07 9.06 April 2.47 2 70 2.47 3.12 2.85 3.00 3.15 3.47 3.04 3.19 3.13 4.02 4.86 May 2.52 2.72 2.49 3.13 2.88 3.03 3.15 3.47 3.06 3.21 3.13 4.03 4.81 June 2.54 2.70 2.48 3.16 2.90 3.06 3.18 3.49 3.10 3.23 3.15 4.05 4.74 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 September... 2.51 2.64 2.29 3.13 2.89 3.04 3.13 3.47 3.07 3.22 3.13 3.98 4.31 " 7.44' October 2.52 2.65 2.32 3.13 2.87 3.04 3.14 3.46 3.06 3.23 3.11 3.93 4.43 Week ending: Oct. 2 2.51 2.65 2.33 3.14 2.89 3.05 3.14 3.48 3.06 3.23 3.12 3.95 4.31 Oct. 9 2.51 2.63 2.34 3.14 2.88 3.05 3.14 3.48 3.06 3.23 3.12 3.95 4.28 Oct. 16 2.52 2.63 2.32 3.13 2.88 3.04 3.14 3.47 3.06 3.22 3.12 3.94 4.41 Oct. 23 2.53 2.65 2.30 3.13 2.87 3.04 3.14 3.46 3.05 3.22 3.11 3.93 4.35 Oct. 30 2.54 2.67 2.30 3.13 2.87 3.04 3.13 3.45 3.05 3.22 3.10 3.91 4.43 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for preferred stocks, which are based on figures for Wednesday. Figures for common stocks, except for annual averages, are as of the end of the period (quarterly in the case of earnings/price ratio). 2Fully taxable, marketable 2}4 per cent bonds first callable after 12 years. Of these the 1967-72 bonds are the longest term issues. Prior to Apr. 1, 1952, only bonds due or first callable after 15 years were included. 3The 3}i per cent bonds of 1978-83, issued May 1, 1953. 4Standard and Poor's Corporation. 5Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, there has been some variation in the number of bonds included in some of the groups. 6Standard and Poor's Corporation. Ratio is based on 9 median yields in a sample of noncallable issues, 12 industrial and 3 public utility. 7Moody's Investors Service. 8Computed by Federal Reserve from data published by Moody's Investors Service. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 1177 NOVEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury unless otherwise noted. In millions of dollars] Summary Bud e g x e p t e r n e d c i e t i u p r t e s s and or E x ex ce p s e s n d o i f t u r r e e c s e i ( p — ts ) d d u I e n c ri c r n e r g e a a se s p e e ( r — o io r d ) General ( e f n un d d o f o f p e th ri e o d T ) reasury Deposits in Period rec N e e i t pts p t e u E n r x e d - s i- S d u e ( r - o f p i ) r c l i u t s c T o o a a t r u n h u c n d e - s t r t s r o e i S n b o d a a f l e l i g m e m g e G s a a n p t o a r c i t k v o n i y o e t n d . n t s s C co i l a n e u c g a - n r t - p d G d u i r e r b o e b l c s i t s c t G ba f e u l n a n e n d r c a e l f a g B e u n i e r n a n a c n l d l e - - A f a u F v b n . a l d i e R l s - . B In c a e o s t n i p s l k o l r e s n o o c f c - - S d it p e a e p r c i o e i s a s - l O s n a t e h e s t - t e s r Cal. yr.—1950 37,834 138,255 1-422 i-38 349 87 -423 -447 4,232 690 129 2,344 1,069 1951 ,, 53,488 56,846 -3,358 759 56 -106 2,711 62 4,295 321 146 2,693 1L.134 1952 65,523 71,366 -5,842 49 -90 -319 7,973 1,770 6,064 389 176 4,368 L ,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—Oct 2,659 5,477 -2,818 -149 -70 235 449 -2,352 5,126 662 185 2,892 1,387 Nov 4,695 5,423 -728 -37 116 -376 1,822 797 5,923 451 81 4,545 847 Dec 5,183 6,387 -1,204 -72 -59 29 -40 -1,346 4,577 346 131 3,358 742 1954—Jan 34,471 35,071 -600 -144 -28 559 -320 -533 4,044 404 363 2,406 871 Feb.2 5,444 4,707 737 527 -117 -135 -67 944 4,988 548 167 3,458 816 Mar 11,434 5,555 5,879 253 -60 -160 -4,546 1,366 6,355 722 462 4,379 792 Apr 2,751 5,296 -2,545 -375 -53 593 811 -1,567 4,787 579 180 3,273 756 May 3,592 5,203 -1,611 271 123 -511 2,428 700 5,487 422 146 4,095 824 June 10,539 7,115 3,424 42 32 -3 -2,215 1,280 6,766 875 274 4,836 781 July 2,827 4,827 -2,000 r-135 -34 '-97 -276 -2,542 4,224 727 196 2,538 764 Aug 3,911 6,731 -2,820 387 -83 -222 3,971 1,233 5,457 511 101 4,078 767 Sept, . . 4,951 5,019 -68 -283 163 21 -145 -313 5,145 704 170 3,469 801 Oct n.a. n.a. n.a. n.a. n.a. n.a. 3,942 1,518 6,663 736 175 4,936 816 Budget expenditures Major national security programs Period Total Total4 t f i N e d o n e n a s - - a e l a a M b a t s a n r s i o r i c l s y a i e t - d - n t I i e n o n o c t m a n e o - a r - ic - l A E C t m s n o o i e o m i m s r n - g i - c y I d n e o e t s n e b t r t - A e i t d V s i r m t a o e r n a n t in - s - - g c S p u r o s a r r c e o m i i - t - a y s l * t A c u g u r r l e - i 7 - H n h a a i o o n n n m u g d c s e e - P w u o b r l k i s c o P d f i f c o e ic i f s t e - t T c t o f r r a e t u a u c o r n n s - s t s ts - Other aide Cal. yr.—1950 , . 38,255 18,509 13,476 291 4,012 611 5,580 5,714 1,351 1,499 -17 1,551 643 961 2,464 1951 56,846 37,154 30,275 1,559 3,560 1,278 5,983 5,088 1,463 1,010 694 1,438 684 1,016 2,315 1952 71,366 51,121 43,176 2,975 2,652 1,813 6,065 4,433 1,508 1,564 646 1,573 775 1,193 2,487 1953 73,626 52,817 44,465 3,810 2,190 1,889 6,357 4,157 1,630 3,238 — 159 1,685 525 783 2,593 Fiscal yr.—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 M8.259 P40.638 3,520 Pi, 599 1,893 6,371 4,176 Pl,67O P2.842 -614 P1,513 462 152 P2,747 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—Jan.-June.. 38,110 26,932 22,616 2,092 1,134 926 3,542 2,086 791 2,178 -42 740 305 342 1,236 July-Dec2. 35,515 25,885 21,848 1,718 1,056 963 2,816 2,072 839 1,059 -117 945 220 441 1,357 Monthly: 1953—Sept 6,119 4,392 3,787 232 169 155 560 323 101 275 34 158 60 217 Oct 5,477 4,266 3,647 155 175 208 354 336 211 -12 -46 161 18 189 Nov 5,423 4,034 3,540 198 162 95 164 343 123 302 -89 157 60 95 234 Dec 6,387 4,377 3,465 484 141 231 1,294 371 108 -137 -32 140 57 209 1954—Jan....... 35,071 P3,681 3,001 385 P104 142 245 340 172 309 -31 97 316 P241 Feb.2 4,707 P3.809 P3,225 194 P183 160 372 340 P128 P-135 -104 P90 42 5 P161 Mar 5,555 P3,916 P3.339 321 P54 181 588 334 P114 P194 -54 P102 91 6 P263 Apr 5,296 P3,847 P3,195 343 P117 164 350 375 P120 P468 -195 P116 9 P205 J M un ay e 5 7 , , 2 1 0 1 3 5 P M 3 , , 2 5 4 65 5 P P 2 3 . , 8 5 8 54 4 3 4 3 0 1 7 P P 12 52 6 1 1 6 0 9 9 1,7 2 5 4 2 9 3 3 4 7 6 0 P P 1 1 2 7 4 1 P P 6 2 9 4 4 8 - - 1 8 4 4 P P 1 1 0 0 9 9 iii' 5 6 P P 1 1 8 2 8 3 J A S u e u l p g y t . . 4 6 5 , , , 7 8 0 3 1 2 1 9 7 P P P 3 3 3 , , , 1 4 5 8 8 53 6 8 P P P 2 2 2 . . . 5 9 9 6 0 8 5 2 4 3 2 2 3 2 1 4 8 0 P P P 1 1 0 6 84 0 1 1 1 1 6 7 6 9 4 0 2 3 5 3 1 4 2 3 1 3 3 3 3 3 2 3 3 0 P P P 1 1 1 4 2 4 1 1 0 P2 P P ,0 2 1 7 3 4 9 O 4 -3 - 4 5 9 9 P P P 1 1 1 3 5 58 7 6 5 P 5 2 i P P P 4 2 2 2 3 5 1 5 3 pPreh'minary. n.a. Not available. r Revised. i 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. 6Excludes transfers to trust accounts, which are shown separately. 7 Includes Farm Credit Administration and Agriculture Department, except expenditures for forest development of roads and trails which are included with public works. 1178 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, by principal sources (o In n t e b r a n s a is l o re f v I e n n t u e e r n c a o l ll R ec e t v io e n n s ue Service) Income Deduct and old-age Mis- Taxes Individual in- Period insurance taxes cella- on come and old- Corpop W l h e o b e m i y y t l e h d - r - s v I i n d d u i a O - l the C r r a o t r i p o o n - t n e e r e i n e r n o n v u - u a - e s l c a p o a n m l f e o r d m r o y 8 i r e e o - e o r r n s s r c O e r t i e h p - e ts r b c T u e r o d i e p t - g a t e s l t A to t t f p p i a r u r o u g o p n i n a s e l r d d s t o - - - c fu e R r o n i e e p - f d - t s s b c u N e r d i e e p - g t t e s t W a h g e i e l t d h t i - a n x su e O s ra t n h c e e r p r t c a r a a o i o t x n n m i f e o d - it s e n s t t a a g E a n x i s f t e - d t e s Cal. yr.—1950 13,775 17,361 8,771 770 1,980 42,657 2,667 2,156 37,834 12,963 7,384 9,937 658 1951 19,392 26,876 9,392 944 2,337 58,941 3,355 2,098 53,488 18,840 10,362 16,565 801 1952 23,658 34,174 10,416 902 2,639 71,788 3,814 2,451 65,523 23,090 11,980 22,140 849 1953 26,323 30,524 11,211 896 2,570 71,524 3,918 3,137 64,469 26,162 11,401 19,195 923 Fiscal yr.—1951... 16,654 24,218 9,423 811 2,263 53,369 3,120 2,107 48,143 15,901 9,908 14,388 730 1952 21,889 33,026 9,726 994 2,364 67,999 3,569 2,302 62,129 21,313 11,545 21,467 833 1953... 25,058 33,101 10,870 902 2,525 72,455 4,086 3,151 65,218 24,750 11,604 21,595 891 19541.. 26,210 10,761 121,483 10,987 2,737 73,067 4,537 3,377 64,550 935 Semiannual.totals: 1951—Jan.-June. 9,445 17,'3 76 4,644 494 ,223 33,184 1,709 1,796 29,679 9,043 8,027 9,416 427 July-Dec. 9,947 9,499 4,748 449 ,114 25,757 1,646 302 23,809 9,798 2,335 7,149 374 1952—Jan.-June. 11,942 23,526 4,978 545 ,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 ,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 ,137 42,910 2,195 2,700 38,014 13,176 8,834 13,773 502 July-Dec. 12,981 2,799 5,272 5,779 352 ,433 28,614 1,723 437 26,454 12,986 2,567 5,422 422 Monthly: 1953—Sept 1,837 1,689 1,636 981 55 203 6,402 299 63 6,041 313 1,631 1,767 64 Oct 1,138 159 385 1,019 16 176 2,894 160 75 2,659 1,934 79 478 96 Nov 3,416 89 336 968 107 229 5,144 388 60 4,695 4,398 77 318 56 Dec 1,838 309 1,938 919 48 351 5,403 151 69 5,183 115 364 1,882 63 1954—Jan 904 2,122 490 749 21 332 4,619 84 64 24,471 1,115 2,372 445 65 Feb.1 3,664 1,044 396 860 261 199 6,425 598 306 35,444 n.a. n.a. n.a. 86 Mar 2,002 2,454 7,353 954 56 193 13,013 589 940 11,434 () ) 119 Apr 1,387 808 645 860 26 231 3,956 278 906 2,751 96 May 3,360 140 358 877 88 214 5,037 759 616 3,592 73 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 77 Aug 3,321 93 300 828 92 167 4,801 743 70 3,911 63 Sept 1,696 1,429 1,104 839 48 165 5,280 274 4,951 Treasury receipts—Continued Trust and other accounts (on In b te a r s n is a l o r f e I v n e t n e u r e n a c l o R lle e c v t e io n n u s e — S c e o rv n i t c . e) Social security Other accounts7 retirement, and insurance accounts Period Excise and miscellaneous taxes Totals Total Liquor Tobacco M an an d u e r f x e a c t c i a s t i e u le re rs rs ' ' Other ce R i e p - ts I m nv e e n s t t s - Ex tu pe re n s di- m In e v n e t s s t 8 - Others Cal. yr.—1950 8,150 419 1,348 2,519 1,864 -38 6,543 56 6,214 -22 -333 1951 8,682 460 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.... 8,971 549 1,565 2.824 2,032 219 8,210 3,361 4,885 275 530 1 19 9 5 5 3 4.... 9 9, , 5 9 1 4 7 6 2,7 7 8 81 3 1 1 , , 6 5 5 8 5 0 3 3 , , 1 3 2 5 7 9 2 2 , , 1 0 5 2 2 7 1 4 3 6 9 2 3 8 8 , , 5 6 3 9 1 8 3 1 , ,6 0 8 5 7 9 6 5 , , 8 25 4 7 6 2 3 4 5 2 7 4 5 8 8 9 4 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.-June.. 4,531 1,245 817 1,481 988 -72 4,242 2,009 2,486 223 404 July-Dec.. 5,027 1,482 845 1,573 1,127 121 4,073 1,495 2,456 106 105 1953—Jan.-June.. 4,919 1,299 810 1,786 1,025 341 4,458 1,564 2,802 136 385 July-Dec.. 4,795 1,521 804 1,476 995 1-259 3,665 823 3,009 17 -74 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—Sept 6472 266 140 4 61 -40 449 16 506 55 87 Oct 608 294 147 74 94 -149 328 -80 537 4 -16 Nov 1,442 276 126 773 267 -37 817 199 502 40 -113 Dec 587 216 120 46 204 -72 597 188 533 -39 14 1954—Jan 395 166 123 45 61 -144 207 -334 581 288 184 Feb 1,316 181 111 757 267 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 1,343 222 130 727 263 271 1,212 330 630 61 80 Tune 561 246 147 11 157 42 1,458 888 651 -90 34 July 713 226 123 38 9328 r-135 r389 -98 648 7 32 Aug 765 207 141 692 -276 387 1,200 281 606 30 104 Sept n.a. n.a. n.a. n.a. n.a. -283 414 -82 682 34 -63 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). 9Beginning July, includes undistributed depositary receipts. rRevised. NOVEMBER 1954 1179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING DERIVATION OF CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [On basis of daily statements of United States Treasury and Treasury Bulletin. In millions of dollars] Cash operating income, other than debt Cash operating outgo, other than debt Net Net Budget Plus: Trust Budget expenditures Plus: Tr. acct. Plus: cash receipts acct. receipts Equals: expenditures Equals: operat- Period Cash Less: Noncash Exch. Cash ing inre T c n o e e t i t a p l ts c L N a e o s s n h s: - i Total c L N a e o s s h n s 2 : - o i . n p i c e n o r g m at e - Total A p a u l c s b c r l t i o u c - 3 t I G r n a o t n r v s a t . - . 4 Total c L N a e o s s h n s : - 8 F S l t u t i i a z o n b a n d - i- 8 i C c n o g le u a a n r c t - - o o p u i e n t r g g a o t- o c ( u o - o t m ) r g e o Cai. 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—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—Jan 84,471 51 237 «55 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 6,232 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,^28 -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 J A u u l g y 3 2 , , 9 8 1 2 1 7 n n . . a a . . 1. ' 2 4 2 3 4 4 n n . . a a . . 2 5 , , 9 3 5 7 6 5 4 6 , ,7 8 3 2 1 7 3 7 8 0 n n . . a a . . 6 52 6 6 0 n n . . a a . . -3 1 1 6 2 r 2972 5 7 , , 1 7 4 8 2 8 - -2 2 , , 4 1 1 8 2 6 Sept, 4,951 n.a. 457 n.a. 5,280 5,019 57 n.a. 788 n.a. -112 -21 5,364 -84 Oct n.a. n.a. n.a. n.a. 2,617 n.a. 50 n.a. n.a. n.a. -6 n.a. 5,095 -2,478 n.a. Not available. rRevised. 1 Represents principally interest paid to Treasury by Government agencies and repayment of capital stock and paid-in surplus by quasi Government corporations. 2Represents principally interest on investments in U. S. Government securities, payroll deductions for Government employees' retirement accounts, and transfers shown as Budget expenditures. ^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). ^Represents 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 crease, issuance of Net cash repayment (—) of borrowing to the public2 Period d ( c o i g - d r r r r ) . e e o , a d b p s s e i t u s e n - b. a F G n e u s t d e e a e e c r r d - u a r l it a ie g a s e g N n n o u t o c e a f n i e r e - - d s G & N o i s t n v e e r c t t . . F . i f a e b n u g d v y n e . . d n s . T I b n r o A t e . n a c d o s c . s n r u b a s a i n a l l l d v s s . to P F f p a e o u d y r b m . t l s s i . o c e i 1 c f n . b b i ( n o o - g i r r ) n r , r o o o g w w o f r - - m & i D s k s i c t u r a o e e b n c s l v t 3 e . . S b p ( a i o r v s i n s c in u d e g e ) s s S n a o v t in es gs S s a P i p v s o . e s s u c S t i e a a y s l l s. Other* Cal. yr.—1950 —423 —6 355 94 602 163 -929 -2,649 751 1,021 -250 198 1951 2,711 18 37 3,418 718 -125 -1,242 1,999 -1,191 -1,099 -997 46 1952 7,973 12 -102 3,833 770 -74 3,353 5,778 -406 -1,784 -113 -122 1953 7,777 22 -3 2,540 591 66 4,601 64,829 «-344 248 — 162 30 Fiscal yr.—1951 -2,135 10 374 3,557 638 -149 -5,795 -3,943 -467 -657 -1,093 365 1952 3,883 16 -88 3,636 779 -79 -525 1,639 -717 -1,209 -155 -82 1953 6,966 7 -32 3,301 719 3 2,918 «5,294 6-103 -2,164 -100 -9 1954«.. . . 5,189 29 -250 2,101 524 94 2,248 2,483 -381 628 -239 -243 Semiannual totals: 1951—Jan.-June. . . -1,486 5 -13 2,014 301 -92 -3,714 -1,184 -758 -845 -923 -5 July-Dec.. . . 4,197 13 51 1,404 417 -33 2,472 3,183 -432 -255 -74 51 1952—Jan.-June. . . -313 3 -139 2,232 361 -45 -2,998 -1,544 -285 -955 -81 -134 July-Dec.. . . 8,286 8 37 1,601 409 -29 6,351 7,322 -121 -829 -32 11 1953—Jan.-June. . . -1,320 -2 -69 1,700 308 34 -3,433 8-2,028 618 -1,335 -68 -20 July-Dec.. . . 9,097 24 66 840 283 32 8,034 6,857 -362 1,583 -94 50 1954—Jan.-June 6. . -3,909 6 n.a. n.a. 241 63 n.a. n.a. -19 -955 -145 n.a. Monthly: 1953—Oct 449 2 -72 -76 — 1 457 -51 -36 618 -7 -67 Nov 1,822 8 108 240 41 -1 1,659 1,647 -22 -53 -36 123 Dec -40 2 -61 150 83 59 -391 -70 -41 -167 -18 -95 1954_jan -320 -27 -46 73 11 -386 -178 -92 -73 -12 -31 Feb. 8 —67 2 -126 77 17 -1 -284 -74 18 -71 —37 -120 Mar.. -4,546 -89 -20 9 38 -4,662 -4,304 75 -310 -37 -86 Apr 811 3 -74 35 20 -14 699 838 32 -82 —21 -67 May . 2,428 1 74 380 44 32 2,046 2,144 5 — 152 -22 71 June -2,215 1 815 76 -1 -3,104 -2,779 -57 —267 — 16 15 Tulv —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 Sept — 145 1 44 -40 58 111 —229 -113 -44 -101 -8 36 Oct 3,942 5 -34 -139 51 5 3,996 4,126 -12 -64 -20 -34 n.a. Not available. 1 Differs from "accruals to the public" shown in preceding table, principally because adjustments to Exchange Stabilization Fund are included. 2 Includes redemptions of tax anticipation securities and savings notes used in payment of taxes. 3Most changes in convertible Series B investment bonds, 1975-80, reflect exchanges of, or conversions into, marketable issues and thus cancel out in this column. An exception was the sale for cash of about 300 million dollars in June 1952. 4 Includes cash issuance in the market of obligations of Government corporations and agencies and some miscellaneous debt items. 6Excludes exchanges of savings bonds into marketable bonds, in the amount of 417 million dollars, of which 409 million represents issue price. 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. 1180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TREASURY CASH INCOME, OUTGO, AND BORROWING—Continued DETAILS OF TREASURY CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [Classifications derived by Federal Reserve from Treasury data. In millions of dollars] Cash operating income Cash operating outgo Period Total t i a n D u x d i a e i r l v s e s i c 1 o d t n - t c a a D o t x i i r e o r p s e n o c o s 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 u ip 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 u r c m o r i - i a s t l y 7 Other Cal. yr —1950 42,451 19,191 9,937 8,113 5,121 -2.245 2,156 41,969 18,347 4,072 8,864 4,400 6 286 1951 59,338 27,149 16,565 8,591 6,362 2,769 2,098 58,034 37,279 4,137 6,121 4,915 5,582 1952 71,396 32,728 22,140 9,567 6,589 2,823 2,451 72,980 51,195 4,230 5,209 5,617 6,729 1953 70,440 34,807 19,045 10,288 6,693 2,744 3,137 76,529 52,753 4,589 4,885 6,648 7,654 Fiscal yr.—1951 53,439 24,095 14,388 8,693 5,839 2.531 2,107 45,804 26,038 4,052 5,980 4,458 5,276 1952 68 093 30,713 21,467 8,893 6,521 2,801 2,302 67,956 46 396 4 059 5 826 5,206 6 469 1953 71,344 33,370 21,595 9,978 6,858 >2.694 3,151 76,561 52,843 4,658 4,920 6,124 8,016 19548 71,781 33,514 21,650 9,694 7,196 3.147 3,419 71,933 P48J64 4,633 4,947 P7,675 P6,514 Semiannual totals: 1951—Jan.-June 32,537 16,124 9,416 4,217 3,228 1,348 1,796 25,700 16,133 2,058 3,003 2,450 2,056 July-Dec 26,799 11,025 7,149 4,374 3,135 1,418 302 32,334 21,146 2,079 3,117 2,465 3,527 1952—Jan.-June 41,293 19,687 14,318 4,519 3,386 L.383 2,000 35,622 25,250 1,984 2,709 2,741 2,938 July-Dec 30 104 13 041 7,821 5,048 3,202 L.443 451 37,357 25 944 2,246 2 500 2 876 3 791 1953—Jan.-June 41,241 20,329 13,773 4,931 3,656 1,252 2,700 39,203 26,898 2,413 2,420 3,247 4,225 July-Dec8 29,199 14,478 5,272 5,357 3,037 1,492 437 37,326 25,854 2,176 2,465 3,401 3,430 Monthly: 1953—Oct 2,950 1,233 385 923 266 218 75 5,759 4,268 322 456 625 88 Nov. . . 5,396 3,172 336 912 791 245 60 6,258 4,034 122 393 572 1 137 Dec 5,339 2,059 1,938 856 256 299 69 6,294 4,318 901 423 586 66 1954— F y e an b # .8 4 6 ,5 6 3 0 0 2 3 4 ,3 0 5 0 5 8 4 4 9 6 0 9 6 7 8 4 3 1 1,0 1 9 7 3 0 3 1 1 7 5 7 30 6 6 4 5 4 , , 3 7 0 49 2 P P3 3 ,8 6 1 7 0 0 3 1 5 7 2 0 3 4 9 1 3 1 P 6 6 9 7 7 4 p—1 P 8 55 1 Mar 12,260 4,185 7,356 673 718 267 940 6,231 P3,878 563 428 P729 P634 Apr 3,036 1,791 763 735 378 277 907 5,303 P3,862 299 414 P718 May 4,882 2,875 397 787 1,188 251 616 6,228 P3,533 196 392 P692 Pi,415 J une 11,265 2,859 6,903 797 616 240 150 6,881 P4,246 877 444 P763 P552 July 2,956 1,120 549 702 304 363 82 5,142 P3, 158 152 194 P677 P961 AUK 5,375 2,985 302 760 1,177 220 69 7,788 P3,570 314 381 P716 P2,8O7 Sept. 5,280 2,936 1,108 722 371 204 60 5.364 P3,375 461 375 P718 Oct 2,617 1,040 352 768 P260 237 39 5,095 n.a. 286 374 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. 2Includes 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 Seiies 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—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 1590 157,710 381 309 36,663 42 1281 121,047 178 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 2579 58,061 392 2386 37,482 130 193 20,579 265 5,079 July 508 2 644 58 005 393 2346 37,597 115 298 20,409 86 4 993 Aug... 546 513 58,078 415 339 37,714 131 174 20,364 64 4,929 Sept.. 464 507 58,088 367 P322 37,808 97 P185 20,280 100 4,829 ^Preliminary. !Figures 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. 2Due to changes in Treasury processing, a large amount of redemptions of E bonds in June and July 1954 was not broken down as to issue price and accrued discount. Hence, the redemption figures include some accrued discount, which is being deducted in subsequent months. 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. NOVEMBER 1954 1181 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 t a * s 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 e i C n a d e t d n e r e e t s i b s f o s t i- - f Notes B e b l a l i e g n * i B k - on s d t B s r r i a e c n - t k ed b v C i o e b o n r l n e d t- - s Totals b S i o n a n g v d s - s n s i T a o n a n a g t v d e x s - s S is p s e u c e ia s l 1940—Dec 50,942 45,025 39,089 35,645 1,310 6,178 28,156 3,444 3,195 5,370 1941—Dec 64,262 57,938 50,469 41,562 2,002 5,997 33,563 8,907 6,140 "2,471 6,982 1942—Dec 112,471 108,170 98,276 76,488 6,627 "i6",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 2J7,377 257,357 222,853 155,310 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—Oct 273,452 273,386 230,403 152,977 19,509 26,385 33,736 59,942 13,404 12,025 65,402 57,775 6,258 40,888 Nov 275,282 275,209 232,115 154,726 19,509 26,386 33,249 62,181 13,402 12,012 65,377 57,806 6,204 41,013 Dec 275,244 275,168 231,684 154,631 19,511 26,386 31,406 63,927 13,400 11,989 65,065 57,710 6,026 41,197 1954—Jan 274,924 274,849 231,623 154,631 19,512 26,386 31,419 63,916 13,398 11,976 65,017 57,736 5,956 41,009 Feb 274,859 274,782 231,466 154,500 19,510 25,278 26,866 74,171 8,675 11,957 65,009 57,797 5,887 41,070 Mar 270,312 270,235 226,821 150,081 21,013 19,377 26,787 74,134 8,674 11,932 64,807 57,902 5,581 41,002 Apr 271,127 271,047 227,806 151,104 22,014 19,377 26,809 74,230 8,674 11,910 64,792 57,967 5,500 41,049 May 273,555 273,475 229,913 153,325 22,019 18,577 31,923 72,133 8,674 11,899 64,690 58,025 5,344 41,367 June 271,341 271,260 226,681 150,354 19,515 18,405 31,960 71,802 8,672 11,861 64,465 58,061 5,079 42,229 July 271,005 270,984 226,528 150,342 19,512 18,405 31,964 71,790 8,671 11,857 64,329 58,005 4,993 42,152 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 Sept 274,838 274,810 230,033 153,963 19,510 18,184 32,001 75,597 8,671 11,820 64,250 58,088 4,829 42,407 Oct 278,786 278,752 234,161 158,148 19,509 18,184 36,188 75,597 8,669 11,787 64,226 58,126 4,766 42,238 1 Includes some debt not subject to statutory debt limitation (such debt amounted to 531 million dollars on Oct. 31, 1954) and fully guaranteed securities, not shown separately. 2 Includes noninterest-bearing debt, not shown separately. 3 Includes amount held by Government agencies and trust funds, which aggregated 7,042 million dollars on Sept. 30, 1954. 4Includes Treasury bonds and minor amounts of Panama Canal and Postal Savings bonds. includes Series A investment bonds, depositary bonds, armed forces leave bonds, and adjusted service bonds, not shown separately. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public U. S. Government End of month (i gd n re c ob l s u ts d- a tr g u e s n t c i f e u s n a d n s d 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals Misceling guar- Total Reserve mercial savings ance corpo- local laneous anteed Special Public Banks banks2 banks com- rations govern- Savings Other 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 8,2OON 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—Dec 257,160 33,896 5,464 217,800 18,885 66,800 11,400 20,100 16,800 8,100 49,300 17,000 9,400 1950—June 267,377 32,356 5,474 219,547 18,331 65,600 11,600 19,800 18,400 8,700 49,900 17,600 9,700 Dec 256,731 33,707 5,490 217,533 20,778 61,800 10,900 18,700 19,700 8,800 49,600 16,700 10,500 1951—June 255,251 34,653 6,305 214,293 22,982 58,400 10,200 17,100 20,000 9,400 49,100 16,400 10,700 Dec 259,461 35,902 6,379 217,180 23,801 61,600 9,800 16,500 '20,700 9,600 49,100 '15,500 10,600 1952—June 259,151 37,739 6,596 214,816 22,906 61,100 9,600 15,700 '•19,100 10,400 49,000 '15,400 11,600 Dec 267,445 39,150 6,743 221,552 24,697 63,400 9,500 16,100 '20,400 11.100 49,200 '15,500 11,700 1953—June 266,123 40,538 7,022 218,563 24,746 58,800 9,500 16,000 '18,900 12,000 49,300 '16,600 12,800 1953—Aug 273,269 40,988 6,986 225,295 25,063 62,700 9,500 16,000 '20,900 12,300 49,300 '16,100 13,400 Sept 273,001 40,958 7,076 224,967 25,235 62,600 9,500 15,900 '20,600 12,400 49,300 '16,200 13,300 Oct 273,452 40,888 7,078 225,486 25,348 62,800 9,300 15,900 '21,000 12,400 49,200 '16,000 13,500 Nov 275,282 41,013 7,156 227,113 25,095 63,900 9,300 15,900 21,700 12,500 49,300 16,000 13,500 Dec 275,244 41,197 7,116 226,931 25,916 63,700 9,200 15,800 21,500 12,500 49,300 16,100 12,900 1954—Jan 274,924 41,009 7,245 226,670 24,639 64,100 9,200 15,700 21,500 12,600 49,400 16,200 13,300 Feb 274,859 41,070 7,223 226,566 24,509 63,100 9,200 15,700 22,100 12,600 49,400 16,300 13,600 Mar 270,312 41,002 7,203 222,107 24,632 60,900 9,200 15,600 '19,700 12,700 49,400 '16,500 13,500 Apr 271,127 41,049 7,151 222,927 24,632 62,500 9,200 15,600 '19,100 12,800 49,500 '16,200 13,500 May 273,555 41,367 7,182 225,006 24,812 63,500 9,200 15,500 '19,500 13,100 49,500 '16,500 13,500 June 271,341 42,229 7,111 222,001 25,037 63,700 9,100 15,300 '16,800 13,200 49,600 '16,100 13,700 July 271,005 42,152 7,081 '221,772 24,325 "64,800 9,000 15,100 '16,500 13,100 49,600 '16,000 '13,400 Aug 274,982 42,479 7,032 225,471 24,023 67,000 9,000 15,100 17,800 13,300 49,700 16,300 13,300 'Revised. 1 Includes the Postal Savings System. 2Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1954. 3Includes 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. 1182 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 October 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 Issue and coupon rate Amount Treasury bills1 Certificates Treasury Treasury bonds—Cont. Feb. 15, 1955 1% 7,007 Dec. 15, 8,662 Dec. 15, 1963-68. . 2^ 2,826 Nov. 4, 1954. . 1,501 Mar. 22, 19552 1 3,734 Dec. 15, 510 June 15, 1964-69.. 3,754 Nov. 12, 1954. . 1,501 May 17, 1955 lV8 3,886 Mar. 15, 2,611 Dec. 15, 1964-69. . 3,830 Nov. 18, 1954. . 1,501 Aug. 15, 1955 1H 3,558 Mar. 15, 1,449 Mar. 15, 1965-70. . 4,719 Nov. 26, 1954. . 1,501 Sept. 15, 982 Mar. 15, 1966-71 s. 2,961 Treasury notes Sept. 15, 3,822 June 15, 1967-72 «.. 2 1,888 Dec. 2, 1954. . 1,500 Dec. 15, 1954 1% 8,175 Mar. 15, 927 Sept. 15, 1967-72. . .2^ 2,716 Dec. 9, 1954. . 1,502 Mar. 15, 1955. ....AH 5,365 June 15, 4,245 Dec. 15, 1967-72 5.. 2^ 3,820 Dec. 16, 1954. . 1,500 Dec. 15, 1955 1 6,854 June 15, 919 June 15, 1978-83... 3 M 1,606 Dec. 23, 1954. . 1,500 Apr. 1, 1 9 5 61 1,007 Dec. 15, 368 Dec. 30, 1954. . 1,502 Oct. 1,1956 550 June 15, 5,277 Postal Savings Mar. 15, 1957 2 2,997 Dec. 15, 3,465 bonds 2H 35 Jan. 6, 1955 . . 1,500 Apr. 1,1957 \A 531 Nov. 15, 806 Panama Canal Loan. .3 50 Jan. 13, 1955. . 1,500 May 15, 1957 \% 4,155 Dec. 15, 485 Jan. 20, 1955. . 1,500 Oct. 1,1957 \y2 824 Sept. 15, 2,239 Jan. 27, 1955. . 1,500 Apr. 1,1958 IK 383 Nov. 15, 11,177 Convertible bonds Oct. 1,1958 1H 121 June 15, 2,116 Investment Series B Feb. 15, 1959 iy8 5,102 Apr. 1, 1975-80... 2% 11,787 Apr. 1, 1959 \Y2 119 Oct. 1, 1959 \y2 5 1Sold on discount basis. See table on Money Market Rates, p. 1177. 2Tax anticipation series. 3Called for redemption. 4Partially tax-exempt. 6Restricted. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES * Marketable and Convertible Direct Public Securities [Par value in millions of dollars] U.S. U.S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r n e a d v - k l - e s b C m c a o i n e a m r k l - s - b M s t i a n u a n g a v u k l s - - s c I o n m su p r a a n n i c e e s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u n i e e v d s n s t t - . B s F e R e a e r r n e a d v - k l - e s b C m a c o i n e a m r k l - s - b M s t i a n u a n g v a u k s l - - s c In om su p r a a n n i c e e s Other funds Life Other funds Life Other Type of security: Type of security: Total marketable Convertible bonds and convertible: (Investment 1952—June 153,502 6,467 22,90654,038 8,843 9,613 4,246 47,391 Series B): 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 3563 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 1954—June 162,216 6,985 25,03756,199 8,353 8,667 4,854 52,121 Dec 11,989 3,439 168 1,264 2,935 328 3,854 July 162,199 6,955 24,32557,362 8,287 8,526 4,842 51,903 1954-June 11,861 3,439 165 1,265 2,876 317 3,800 Aug 165,873 6,907 24,02359,316 8,279 8,507 4,906 53,937 July 11,857 3,439 165 1,264 2,876 316 3,798 Aug 11,853 3,439 164 1,252 2,875 316 3,808 Treasury bills: 1952—June 17,219 41 381 5,828 103 504 92 10,268 Marketable secu- Dec 21,713 86 1,341 7,047 137 464 119 12,518 rities, maturing: 1953—June 19,707 106 1,455 4,411 120 327 132 13,155 Within 1 year: 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 1954—June 19,515 46 2,316 4,187 98 520 101 12,248 Dec 56,953 133 14,74916,996 263 532 733 23,547 J A u u ly g 1 1 9 9 , , 5 5 1 0 2 8 3 3 6 6 1 1 , , 6 3 0 0 4 2 5 5 , , 1 0 6 6 7 8 1 1 0 0 7 1 4 4 4 5 1 1 1 10 0 4 1 1 1 2 2 , ,4 0 4 5 6 5 1 1 9 9 5 5 4 3 — — D J J u u e n n c e e 6 6 7 4 0 3 , , , 5 1 2 8 2 3 9 3 5 1 1 1 6 0 7 3 7 5 1 1 1 6 6 5 , , , 9 2 5 7 8 0 2 0 5 2 1 1 5 7 9 , , , 0 6 5 6 8 8 2 4 0 4 4 2 7 7 9 6 5 4 3 4 5 9 6 3 0 8 7 1 1 , , 0 0 6 8 6 5 2 1 2 2 2 2 7 9 4 , , , 3 0 5 9 2 6 3 3 8 Ce 1 rt 9 i 5 fi 2 c — ate D J s u e : n c e . .. 2 1 8 6 , , 4 7 2 1 3 2 6 2 0 7 1 5 1 , , 0 8 6 2 1 1 4 6 , , 7 8 9 7 1 7 12 3 0 7 5 7 6 6 3 3 7 1 8 7 9 6 , , 0 4 9 2 2 4 J A u u ly g 6 6 0 0 , , 1 5 5 3 4 2 10 6 4 8 1 15 5 , , 2 5 7 6 4 8 1 1 8 8, , 6 1 4 1 9 5 3 2 1 9 0 9 4 46 6 7 3 6 64 0 4 9 2 2 4 5 , , 4 7 1 0 6 1 1953—June 15,854 , 30 4,996 4,351 87 27 310 6,052 1-5 years: Dec 26,386 63 5,967 9,215 1S4 37 445 10,475 1952—June 44,945 46 7,18827,858 370 63 996 8,424 1954—June... . 18,405 41 6,600 4,942 101 7 202 6,511 Dec 37,713 31 7,14622,381 259 48 910 6,938 J A u u ly g 1 18 8 , , 2 4 7 0 7 5 3 8 9 6 6 , , 6 6 0 0 0 0 4 4 , , 9 2 4 5 9 8 9 7 5 7 3 1 1 1 9 5 9 4 6 7, , 1 5 8 2 0 0 1 1 9 9 5 5 3 4 — — D J J u u e n n c e e 3 2 2 2 9 7 , , , 3 3 9 6 3 6 7 0 5 2 1 1 5 0 9 2 5 2 6 6 6 , , , 4 1 3 5 5 0 5 2 7 1 1 1 8 6 4 , , , 3 0 6 4 5 2 4 6 4 4 4 4 6 7 3 4 6 1 1 1 1 0 2 5 9 3 5 9 9 8 1 8 9 4 0 0 5 5 5 , , , 4 8 3 3 9 0 0 5 8 Tre 1 a 9 s 5 u 2 r — y D J n u e o n c t e e .. s . : . 3 1 0 8 , , 2 9 6 6 6 3 1 2 6 1 5 3 , , 5 77 6 4 81 1 0 0 , , 4 9 3 5 1 5 4 4 2 9 5 8 3 4 2 8 7 6 2 4 , , 5 9 8 7 7 8 J A u u ly g 2 2 7 7 , , 9 4 2 1 3 6 1 1 7 4 3 5 6 6 , , 3 2 0 9 7 9 1 1 4 4 , , 6 3 9 4 3 7 4 4 5 4 9 0 1 1 1 1 9 3 8 8 8 7 7 4 5 5, , 1 2 9 8 8 4 1953—June.... 30,425 23 13,77410,355 62 5 529 5,678 5-10 years: 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 1954—June 31,960 64 13,02911,423 221 99 592 6,531 Dec 22,834 546 1,387 11,058 1,775 885 1,348 5,835 J A u u l g y 3 3 1 1 , , 9 9 6 6 4 7 7 6 2 2 1 1 3 3 , , 0 0 2 2 9 9 1 1 1 1 , , 4 4 6 4 8 0 2 1 0 9 4 7 6 6 9 1 5 6 9 0 9 0 6 6, , 5 5 7 2 9 3 1 1 9 9 5 5 4 3 — — D J J u u e n n c e e 2 3 1 0 0 8 , , , 2 5 6 9 4 7 2 2 7 4 4 4 2 9 1 2 4 8 1 1 1 , , , 3 3 0 7 7 3 4 4 5 1 1 8 8 0 , , , 7 7 0 7 4 5 2 1 1 1 1 1 , , , 3 3 3 8 1 9 9 5 5 7 7 51 4 2 6 5 5 1 1 1 , , , 1 1 6 0 9 5 4 8 5 4 5 6, , , 7 2 8 1 1 6 1 1 5 Ma 1 r 9 k 5 e 2 ta — b D l J e u e n b c e onds:1 7 7 9 5 , , 8 8 9 0 0 2 2 3, , 0 9 4 2 6 8 4 4 , , 5 4 2 2 2 2 3 3 2 0 , , 8 7 4 1 9 0 7 7 , , 2 16 2 5 1 5 5 , , 8 8 0 5 7 5 3 3, , 4 0 2 8 9 7 2 23 1 , , 0 5 7 8 2 0 J A u u ly g 3 3 0 4 , , 5 3 4 4 2 8 4 5 9 0 7 9 1 1 , , 0 0 3 3 5 52 1 1 8 , , 5 7 4 4 2 5 1 1 , , 3 4 8 3 3 2 5 52 2 2 1 1 1 , , 6 7 6 7 2 1 6 7, , 5 6 3 9 6 8 1953—June 81,349 3,300 4,52232,066 7,232 5,855 3,484 24,890 After 10 years: 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 1954—June 80,474 3,395 3,09335,481 6,669 5,164 3,641 23,032 Dec 31,081 2,464 1,415 5,207 5,091 4,870 1,361 10,673 J A u u l g y 8 8 0 4 , , 4 2 6 6 2 7 3 3 , , 3 3 6 6 2 9 3 3 , , 0 0 9 9 3 3 3 3 8 5 , , 3 6 8 1 5 3 6 6 , , 6 6 1 5 6 3 5 5, , 1 1 1 3 9 6 3 3, , 7 6 3 2 2 7 2 2 3 3 , , 9 0 2 0 4 8 1 1 9 9 5 5 4 3 — — D J J u u e n n c e e 3 3 3 1 1 1 , , , 7 7 7 3 2 3 9 5 6 2 2 2 , , , 7 7 7 2 4 6 3 0 5 1 1 1 , , , 4 4 4 1 1 1 5 5 5 4 4 4 , , , 4 5 9 8 9 8 8 5 5 5 4 5 , , , 1 9 0 6 3 3 7 0 9 4 4 4 , , , 5 9 8 8 6 6 2 9 8 1 1 1 , , , 3 3 3 3 5 3 9 6 9 1 1 1 1 1 1 , , , 7 6 7 3 2 1 4 1 6 July 31,724 2,742 1,415 5,111 4,870 4,547 1,333 11,708 Aug 31,724 2,746 1,415 5,148 4,857 4,530 1,335 11,694 * 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. NOVEMBER 1954 1183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SECURITY ISSUES J [Estimates, in millions of dollars] Gross proceeds, all issuers Propo al s l e d c o u r s p e o s r a of t e n i e s t s u p e r r o s 6 ceeds, 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 ov e . e n S r t n . s - 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 Total o P f l f i u c er l b y e - d p v P l a a r t c i e - e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total 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 et e a o e c b n f . n k t s t , s ri e o t c i f e u s - 1938 5,926 2,'180 115 1,108 69 2,155 2,044 1,353 691 86 25 ?03 681 7 215 1,206 1939 5,687 2,,w> 13 1,128 50 2,164 1,979 1,276 703 98 87 1?O 325 26 69 1 695 1940 6,564 2, S17 109 1,238 24 2,677 2,386 1,628 758 183 108 76? 569 19 174 1,854 1941 15,157 11, 166 38 956 30 2,667 2,389 1,578 811 167 110 1 D40 868 28 144 1,583 1942 35,438 33, 546 1 524 5 1,062 917 506 411 112 34 547 474 35 138 396 1943 44,518 42,*15 2 435 97 1,170 990 621 369 124 56 108 308 27 73 789 1944 56,310 52,124 1 661 22 3,202 2,670 1,892 778 369 163 753 657 47 49 2,389 1945 54,712 47,SSI 506 795 47 6,011 4,855 3,851 1,004 758 397 1 ,347 1 080 133 134 4,555 1946 18,685 10, ?17 357 1,157 56 6,900 4,881 3,019 1,862 1,126 891 ^89 3 279 231 379 2,868 1947 19,941 10, 589 2,324 451 6,577 5,035 2,888 2,147 761 778 5 115 4 591 168 356 1,352 1948 20,250 10,327 2,690 156 7,078 5,973 2,963 3,010 492 614 6, 551 5 929 234 488 307 1949... 21,110 11,W4 216 2,907 132 6,052 4,890 2,434 2,455 424 736 5,558 4,606 315 637 401 1950 19,893 9,587 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4, 590 4,006 364 620 1,271 1951 21,265 9, 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6 531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8 716 8 180 537 664 1953 28,824 13, 357 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8 195 7,960 535 260 1953—sept 2,599 1,.320 476 36 768 676 449 226 44 48 753 691 62 4 Oct 2,291 1,370 76 483 60 603 375 153 222 18 210 577 550 28 12 Nov 3,506 2,S10 411 27 459 353 95 258 37 69 129 406 23 22 Dec 2,736 123 777 57 1,478 1,385 1,057 327 43 51 1, 138 1,413 25 26 1954—jan. 1,655 561 399 123 571 462 284 178 20 90 544 531 13 18 Feb 1,386 515 414 1 456 366 178 188 27 63 439 410 29 9 Mar. 1,913 SO? 522 63 726 513 226 286 69 144 f>60 590 70 53 Apr 1,947 511 71 735 1 628 408 216 192 110 111 186 471 16 129 May 4,386 2, 569 80 783 5 850 647 424 224 130 73 652 614 38 183 June 2,438 523 855 4 1,057 808 343 465 131 118 859 812 47 182 July <"2,151 508 123 280 -3 '1,237 '1,077 714 '363 '74 87 898 '853 '45 '325 Aug '•1,298 546 '300 -8 '443 '369 166 '204 '44 '30 346 '310 '36 '91 Sept 2,103 164 624 2 1,014 893 581 312 59 62 777 749 27 224 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 u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Year or month T c p e n o r e e t o d a t - s l sNaewr. m R e e n ti t r s e 1 - 0 T c p e n 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 1 - 0 T c p e n 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 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 e n 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 1 - 0 T c p e n 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 1 - 0 1948 2,180 2,126 54 403 382 21 748 691 56 2,150 2,005 144 891 890 2 587 557 30 1949 1,391 1,347 44 338 310 28 795 784 11 2,276 2,043 233 567 517 49 593 558 35 1950 1,175 1,026 149 538 474 63 806 609 196 2,608 1,927 682 395 314 81 739 639 100 1951 3,066 2,846 221 518 462 56 490 437 53 2,412 2,326 85 605 600 5 515 449 66 1952 3,973 3,712 261 536 512 24 983 758 225 2,626 2,539 88 753 747 6 508 448 60 1953 2,218 2,128 90 542 502 40 589 553 36 2,972 2,905 67 874 871 3 1,561 1,536 24 1953-September.. 132 131 1 19 18 1 32 32 242 241 1 89 88 243 242 2 October.... 56 53 2 49 47 2 36 36 356 350 5 13 13 80 77 3 November.. 99 93 6 25 25 32 32 245 229 16 5 5 45 45 December.. 418 409 9 104 100 4 88 84 "3' 200 191 8 )08 608 47 46 1 1954—January 134 118 16 50 48 2 65 65 276 275 26 26 12 12 February... 52 51 26 25 1 43 36 269 ?69 7 7 51 51 107 107 68 62 5 58 57 2 362 316 46 30 30 88 88 April 86 79 6 86 72 14 58 46 12 309 fl37 73 ?« 26 51 27 25 May 204 196 8 44 42 2 20 20 501 338 173 40 40 26 25 1 June 305 284 21 88 84 4 37 37 442 382 60 9 9 159 63 97 July '528 "524 '4 "96 -64 -33 '97 '66 '31 '310 -181 129 '2 -2 '190 61 '128 August '123 »-106 '16 "62 '45 -17 -51 '51 -159 -104 '55 27 27 '16 -13 '3 September.. 152 135 17 61 60 1 163 38 248 173 75 328 326 2' 48 45 3 ' Revised. 1 Estimates of new issues sold for cash in the Uniter1 States. 2Gross proceeds are derived by multiplying princij al 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. •Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 7 Includes proceeds for plant and equipment and working capital. * Includes proceeds for the retirement of mortgages and bank debt with original maturities of more than one year. Proceeds for retirement of short-term bank debts are included under the uses for which the bank debt was incurred. 9Includes all issues other than those for retirement of securities. 10Retirement of securities only. Source.—Securities and Exchange Commission. 1184 FEDERAL RESERVE BUIXETIH Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1952 1953 1948 1949 1950 1951 1952 1953 Manufacturing Total (200 corps.): Sales 38,34137,948 45,35152,44453,90562,665 15,31615,73916,56615,45914,90214,23214,758 Profits before taxes 5,468 5,168 8,042 8,702 ,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 ,560 928 855 928 885 892 880 965 Dividends 1,446 1,710 2,295 2,036 ,110 565 493 491 495 631 524 523 Nondurable goods industries (94 corps.):1 Sales 14,739 14,051 15,99418,670 20,276 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 ,908 671 761 782 783 581 669 677 Profits after taxes 1,574 1,297 1,599 1,481 ,446 349 345 355 376 371 364 375 Dividends 698 759 942 894 934 255 218 219 222 275 228 229 Durable goods industries (106 corps.)2 Sales 23,602 23,89729,35733,774 34,99' 42,39010,32910,74511,45010,377 9,817 9,272 9,786 Profits before taxes 3,108 3,193 5,195 5,378 4,43: ,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 ,11 579 511 573 509 521 515 590 Dividends 748 950 1,352 1,142 ,176 305 275 272 274 356 296 295 Selected industries: Foods and kindred products (28 corps.): Sales ,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 53 473 446 465 104 100 128 131 107 99 132 Profits after taxes 285 268 289 22 204 211 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 ,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.): Sales ,983 3,90 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 77 55: 673 869 689 796 164 195 195 229 176 214 189 P D r i o v f i i d ts e n a d f s ter taxes 5 1 8 8 8 4 4 1 2 9 8 1 4 22 6 3 4 5 24 3 ' 2 4 2 9 6 5 8 5 27 7 - 1 12 7 7 : 1 6 3 6 1 1 6 2 6 9 1 6 5 7 5 15 7 7 4 1 6 4 8 7 1 6 3 8 7 Primary metals and products (39 corps.): Sales ,066 8,18 10,44612,49' 11,55713,750 3,494 3,428 3,653 3,476 3,194 2,910 3,000 Profits before taxes ,174 993 1,700 2,09: 1,161 1,82- 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 37 381 367 377 106 88 113 100 92 Machinery (27 corps.): Sales ,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 12 138 208 19: 200 239 53 50 49 49 90 58 64 Automobiles and equipment (15 corps.): Sales ,093 9,57711,80512,49612,82516,377 3,684 4,308 4,657 3,917 3,495 3,485 3,731 Profits before taxes ,131 1,473 2,305 1,913 1,945 2,048 503 648 714 451 235 434 532 Profits after taxes 639 861 1,08 705 698 747 190 200 211 168 168 204 246 Dividends 28: 451 671 479 462 463 11 117 114 114 117 114 113 Public Utility Railroad: Operating revenue.. 9,672 8,580 9,47310,39110,58110664 2,828 2,596 2,732 2,755 2,582 2,275 2,335 Profits before taxes. 1,146 700 1,385 1,260 ,451 404 497 336 397 399 272 156 199 Profits after taxes. . 698 438 784 69. 83 871 304 186 231 234 219 88 136 Dividends 289 252 31 328 338 412 118 97 73 79 162 96 73 Electric power: Operating revenue.. 4,830 5,069 5,528 6,058 ,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 ,740 ,893 446 551 456 428 458 571 487 Profits after taxes. . . 657 757 822 814 947 ,046 253 294 249 235 268 324 268 Dividends 493 560 619 651 771 193 182 189 194 206 212 210 Telephone: Operating revenue.. 2,694 2,967 3,342 3,729 ,525 1,084 1,092 1,126 1,129 1,178 1,174 1,210 Profits before taxes., 292 333 580 691 78 925 206 223 234 220 248 242 262 Profits after taxes. . . 186 207 331 341 384 45: 104 109 114 107 122 116 125 Dividends 178 213 276 318 355 41: 93 100 101 104 108 109 111 includes 26 companies in groups not shown separately, as follows: textile mill products (10); paper and allied products (15); miscellaneous (1). 2Includes 25 companies in groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Manufacturing corporations. Data are from published company reports, except sales which are obtained from the Securities and Exchange Commission. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Dividends are for the 20 operating subsidiaries and the two affiliates. Data are obtained from the Federal Communications Commission. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). NOVEMBER 1954 1185 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 a e 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 tr U p i r b n o u d fi t i t s e s - d Y qu ea a r r te o r r i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e t n ir t e s - ch N a e n t ge i N ss e u w es R m e e 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 1,533 910 623 1941 17.0 7.6 9.4 4.5 4.9 1943 . 24 6 14 1 10 5 4 5 6 0 1946 7,180 4,798 2,382 4,721 3,625 1,096 2,459 1,173 1,286 1945 19 0 10.7 8.3 4.7 3.6 1947 6,882 2,523 4,359 5,015 2,011 3,004 1,867 512 1,355 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 1946 22 6 9.1 13.4 5.8 7.7 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,864 292 1,572 1947 29.5 11.3 18.2 6.5 11.7 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1948 32 8 12 5 20 3 7.2 13 0 1949 26.2 10.4 15.8 7.5 8.3 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 666 2,700 1950 40 0 17 8 22.1 9.2 12 9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1953 9.594 2,335 7,259 6,705 1,820 4,885 2,889 514 2,375 1951 .... 41 2 22 5 18 7 9.1 9 6 1952 37.2 20.0 17.2 9.1 8.1 1953—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 1953_1 42.4 22.7 19.7 9.1 10.6 4... 2,465 584 1,882 1,789 464 1,325 676 119 557 2 41.9 22.5 19.5 9.3 10.2 1954—1. .. 2,700 977 1,724 1,619 758 862 1,081 219 862 4 3 4 32 0 . . 5 9 2 1 1 7 . . 9 4 1 1 5 9. . 0 1 9 9 . . 6 5 9 5 . . 5 5 2. .. 2,858 1,139 1,719 1,863 847 1,016 995 292 703 1954—1 34.5 17.0 17.5 9.6 7.9 1 Reflects cash transactions only. As compared with data shown on p. 1184. new 2.. .. 34.5 17.0 17.5 9.6 7.9 issues exclude foreign and include investment company offerings, sales of securities 3i. .. 33.5 16.5 17.0 9.8 7.2 s h t e o ld ck b i y ss u a e f s fi l a ia n t d ed c a c s o h m p p r a o n c i e e e s d s o r c o R nn F e C c , t e s d p e w ci i a th l c o o f n fe v r e in rs g i s o n t s o o e f m b p o l n o d y s e e i s n , t o a n st d o c a k ls s o . n R e e w tirements include the same types of issues, and also securities retired with internal i Preliminary estimates by Council of Economic Ad- funds or with proceeds of issues for that purpose shown on p. 1184. vis ars. Source.—Department of Commerce. Source.—Securities and Exchange Commission. CURRENT ASSETS AND LIABILITIES OF UNITED STATES CORPORATIONS * [Estimates, in billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it t i 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. . * Other G U o . v S t. . a 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 «; 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 S 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 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—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 4 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—i . 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 2 94.1 178.7 28.7 16.8 2.4 62.9 65.3 2.6 84.6 2.4 52.0 11.6 18.6 1 Excludes banks and insurance companies. 2 Receivables from and payables to U. S. Government do not include amounts offset against each other on corporations' books. Source.—Securities and Exchange Commission. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Estimates, in millions of dollars] Trans- Manu- Transporta- factur- porta- Manu- tion Public Com- ing tion Public All Year Total factur- Min- Rail- other utili- muni- Other * Quarter Total and ind. utili- others ing ing roads than ties cations min- rail- ties raU 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—i. 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 ,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 ,352 887 3,125 1,320 4,660 1950 20,605 7,491 707 ,111 1,212 3,309 1,104 5,671 1954—i 6,240 2,864 608 910 1,859 2 6,918 3,198 600 1,108 2 013 1951 25,644 10,852 929 ,474 1,490 3,664 1,319 5,916 34 6,980 3,255 559 1,179 1,987 1952 26,493 11,632 985 L.396 1,500 3,887 7,094 44 6,549 3,022 490 1,078 1,960 1953 28.391 12,276 1.011 L.312 1.464 4,548 7.778 19544 26,687 11,332 1,008 851 1,405 4,274 7,818 1 Corporate and noncorporate business, excluding agriculture. 2 Includes trade, service, finance, and construction. 3 Includes communications and other. 4 Anticipated by business. Sources.—Department of Commerce and Securities and Exchange Commission. 1186 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 Monfarm Farm h O ol t d h e e r r s 1- to 4-family houses com M m u e l r ti c - i f a a l m p i r ly o p a e n rt d ies1 E o n r d q o u f a r y t e e a r 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 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 th r 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 4.1 1944 34 7 20 2 1 l 13 3 29.7 17.9 11.7 6.2 11.8 7.2 4.6 4 9 L 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 I •* 3 4 1946 41 8 26 0 6 15 1 36 9 23.1 16.0 7.0 13.8 8.4 5.4 4 9 s 3 4 1947 48 9 31.8 .5 16.6 43.9 28.2 20.5 7.6 15.7 9.6 6.1 5.1 7 3 3 1948 56 2 37 8 6 17 8 50 9 33.3 25.0 8.3 17.6 10.9 6.7 5 3 0 3 4 1949 62 7 42.9 1.1 18.7 57.1 37.5 28.4 9.1 19.6 12.4 7.2 5.6 2.1 3 5 1950 72 8 51 6 1 4 19 7 66 7 45.1 35.3 9.8 21.6 14.0 7.6 6 1 2 3 3 7 1951 82 1 59.5 2.0 20.7 75.6 51.9 41.2 10.7 23.7 15.7 8.0 6.6 2.6 4 0 1952 91 1 66 8 2 4 21 9 84 0 58.7 47.0 11.7 25.3 17.0 8 3 7 2 2 8 4 3 1953 *• 101 0 75.0 2 8 23 3 93.3 66.3 53.8 12.5 27.1 18.2 8.9 7 7 3 0 4 7 1953—March r 93 4 68 6 2 6 22 2 86.0 60.4 48.4 11.9 25.7 17.2 8.4 7 3 2 9 4 4 June7" 96.2 70.9 2.7 22.6 88.7 62.5 50.3 12.2 26.1 17.6 8.6 7.5 3.0 4 5 September r. . . 98.7 73.0 2.8 22.9 91.2 64.6 52.1 12.4 26.6 17.9 8.7 7.6 3.0 4.6 December r.... 101.0 75.0 2.8 23.3 93.3 66.3 53.8 12.5 27.1 18.2 8.9 7.7 3.0 4.7 1954—March'' 103.1 76.8 2.7 23.6 95.3 67.7 55.2 12.5 27.5 18.5 9.0 7.8 3.1 4.7 Juner 106.2 79.5 2.7 24.1 98.2 70.0 57.3 12.7 28.3 19.0 9.2 8.0 3.2 4.8 September?. . . 109.8 82.5 2.7 24.6 101.6 72.6 59.7 12.9 29.0 19.5 9.5 8.1 3.2 4.9 ^Preliminary. rRevised. 1 Derived figures, which include negligible amount of farm loans held by savings and loan associations. 2Derived figures, which include debt held by Federal land banks and Farmers Home Administration. NOTE.—Figures for first three quarters of each year, and all figures for December 1953 except those on total farm (preliminary estimate from Dept. of Agriculture), are Federal Reserve estimates. Financial institutions include commercial banks (including nondeposit trust companies but not trust departments), mutual savings banks, life insurance companies and savings and loan associations. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts through 1948 held by HOLC, since then by FNMA). Other Federal agencies (amounts small and separate data not readily available currently) are included with "Individuals and others." Sources.—Federal Deposit Insurance Corporation, Home Loan Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of ;the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS * [In millions of dollars] Commercial bankholdings2 Viutual savings bank holdings4 Nonfarm Nonfarm End of year or quarter Total Residenti 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 ,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 46 S 4,420 4,395 3,558 837 25 1944 4 430 3,967 ,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 70? 4,441 4,415 3,588 827 26 1947. 9,446 8,623 6,933 1,690 823 4,856 4,828 3,937 RQ1 28 1948 10,897 10,023 8,066 1,957 874 5,806 5,773 4,758 1,015 34 1949 11 64410,736 8,676 2,060 909 6,705 6,668 5,569 L 099 37 1950. 13,664 12,695 10,431 2,264 968 8,261 8,218 7,054 L.164 44 1951 14,732 13,728 11?70 3,421 9?i 4 9?9 2,458 1,004 9,916 9,869 8,595 2,567 1,726 4 sni 1,274 47 1952 15,867 14,809 1? 188 01? 5 501 2,621 1 0S8 11,379 11,327 9,883 3,168 4 477 1,444 53 1953 16,850 15,768 1? 9?S 3,912 3 061 5 9S1 2,843 1,08? 12,943 12,890 11,334 3,489 3^053 4 79? 1,556 53 1953-—March 16,080 15,000 1? 3?0 3,719 010 5 591 2,680 1 080 11,680 11,630 10,165 3 ,230 4 540 1,465 50 Tune 16,387 15,283 1? 545 3,798 3 013 5 734 2,738 1,104 12,112 12,062 10,574 3,325 2,590 4 6S8 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—Mnrrh r 16,970 15,870 1?96 S 3,920 3 07 5 S970 2,905 1 10013,345 13,292 11,700 3,560 4 84 S .592 53 Juner 17,366 16,227 13 3,960 3 116 6 144 3,007 1,139 13,881 13,826 12,181 3,659 3,579 4 94? 1.645 55 September?.... 17,970 16,810 13,690 4,105 3, 230 6,355 3,120 1,160 14,415 14,360 12,665 3,770 3,830 5 065 1,695 55 pPreliminary. rRevised. 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. NOVEMBER 1954 1187 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 u A re - 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 n V u t A e a e r - - d Other Farm 1940 5,972 5,073 668 899 1941 6,442 5,529 815 913 1942 898 6,726 5,830 1 096 896 1943 855 6,714 5,873 1,286 841 1944 935 6,686 5,886 1 408 800 1945 976 6,636 5,860 1,394 776 1946 1,661 1,483 178 7,155 6,360 1,228 256 4,876 795 1947 2,786 2,520 451 600 1,469 266 8,675 7,780 1,398 844 5,538 895 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,106 6,356 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 ,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8 176 ,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 ,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3 347 10 518 705 1953 r 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3 560 11 864 ,886 1953—September'- 314 290 57 40 193 24 22,736 20,883 5,938 3,451 11,494 ,853 October »• 339 310 60 42 208 29 22,884 21,020 5,958 3,477 11,585 ,864 Novemberr 353 328 60 56 212 25 23,062 21,192 5,979 3,515 11,698 1,870 Decemberr 480 435 65 79 291 45 23,322 21,436 6,012 3,560 11,864 ,886 1954—January.. . 318 282 51 57 174 36 23,435 21,538 6,027 3,599 11,912 1,897 February 319 277 44 46 187 42 23,570 21,660 6,037 3,626 11,997 1,910 March 419 372 68 77 227 47 23,769 21,845 6,066 3,683 12,096 1,924 April 443 403 47 86 270 40 24,005 22,060 6,081 3,746 12,233 1,945 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 August 464 435 53 133 249 29 24,795 22,786 6,100 4,048 12,638 2.009 September 484 459 53 156 250 25 25,035 23,019 6,098 4,187 12,734 2,016 r Revised. NOTE.—For loans acquired, monthly figures may not add to annual totals, and for loans outstanding, end-of-December figures may differ from end-of-year figures, because monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and because year-end adjustments are based on more nearly complete data. Prior to 1947, complete data are not available for all classifications shown. Sources.—Institute of Life Insurance—end-of-year figures, Life Insurance Fact Book; end-of-month figures, the Tally of Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF ALL SAVINGS AND LOAN NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS ASSOCIATIONS [Number in thousands; amounts (except averages) in millions of dollars] [In millions of dollars] Loans made, by purpose Loans outstanding (end of period)2 Amount, by type of lender Average Y m ea o r n t o h r Total s N c t t i r o o e u n w n c - - H p o u m r- e O p t u h r e - r Total* F su H in r A e - d - a g n V u t A a e r e - - 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 in lo g a s n & p I c a n a o n s n m u c i e e r - s - b C m c a o i n e a m r k l - - s Mutual Other a co m ( la d r r r e o d o s - u e l ) - d nt 1940 1,200 426 375 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 7,345 1948. 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 99,881122 1950. 3,032 16,179 5,060 1,618 3,365 1,064 5,072 5,335 1951 5,250 1,657 2,357 1,236 15,520 864 3,125 11,530 1951 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 14,047 1952. 3,028 18,018 6,452 1,420 3,600 1,137 5,409 5.950 1953r . ... 7,767 2,475 3,488 1,804 21.882 1,044 3,961 16,877 "19"5"3 3,164 19,747 7,365 1,480 3.680 1,327 5,895 6,241 1953-Sept. r 684 148 21,116 1,015 3,745 16,3561953-Sept.. 275 1,729 654 125 315 123 512 6,276 Oct... 688 219 318 151 Oct... 278 ,746 658 123 320 123 522 6,283 Nov 586 190 265 131 Nov.. 845 ,549 564 114 290 113 468 6,311 Dec.*- 584 187 259 138 21,882 1,044 3,961 16,877 Dec... 255 ,622 126 291 128 6,372 1954-Jan... 495 152 217 126 1954-Jan... 218 ,372 467 108 263 85 449 6,292 Feb... 539 176 220 143 Feb... 229 ,425 517 105 274 85 444 6,223 Mar.' 710 246 288 176 22,722 1,083 4,111 17,528 Mar.. 281 ,784 666 124 335 103 556 6,339 Apr.. 732 257 298 177 Apr.. 280 1,793 669 130 333 112 550 6,411 May.. 728 254 301 173 May.. 278 1,805 675 124 330 118 558 6,484 June.r 810 283 341 185 23,847 1,102 4,277 18,468 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 Aug.. 841 289 372 180 Aug.. 312 2.086 770 166 369 138 643 6,684 Sept.. 282 369 177 25^053 1,150 i9,466 Sept.. 313 2,122 766 164 383 141 6,789 r Re vised. Source.—Home Loan Bank Board. 1 Includes loans for repair, additions and alterations, refinancing, etc. aPrior to 1948, data are not available for classifications shown. 8 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. 1188 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 o w e p s r - tga i e p g s E r r t e t o i x i s n p e - g s - g m P t e a y r o c g o p t r e j - 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 p l n i t a o e d i n r r - s q y E u e n a a d r r t o e o f r r Total Tota u l nd F er 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 152 152 728 183 14 228 1940.. 17.3 2.3 2.3 15.0 1942 121 121 766 208 21 126 1941.. 18.4 3.0 3.0 15.4 1943 934 934 553 210 85 86 1942. 18.2 3.7 3.7 14.5 1944 877 877 484 224 56 114 1943.. 17.8 4.1 4.1 13.7 1945 857 665 257 217 20 171 192 1944.. 17.9 4.2 4.2 13.7 1946 3,058 756 120 302 13 321 2,302 1945 . 18.5 4.3 4.1 ,2 14.2 1947 5,074 ,788 477 418 360 534 3,286 1946.. 23.1 6.1 3.7 2.4 17.0 1948 5,222 ,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 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 1949.. 37.5 15.0 6.9 8.1 22.5 1951 6,834 3,220 1,216 713 582 708 3,614 2,667 942 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 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 1952P. 58.7 25.4 10.8 14.6 33.3 i953—Oct 661 368 113 80 23 151 293 193 99 1953'. 66.3 28.1 12.0 16.1 38.2 Nov.... 694 408 105 68 25 210 286 192 93 Dec.. . . 556 304 110 63 15 116 252 170 82 1952—Mar. . 53.3 23.5 9.9 13.6 29.8 June.. 55.1 24.0 10.1 13.9 31.1 1954—Jan. . . 512 265 117 66 12 69 247 174 73 Sept.. 57.0 24.7 10.4 14.3 32.3 Feb... 488 221 94 60 13 54 267 188 79 Dec... 58.7 25.4 10.8 14.6 33.3 Mar. . 471 246 95 67 16 69 225 160 65 Apr.. ,. 493 245 83 70 17 76 248 163 85 1953—Mar.»". 60.4 26.1 11.1 15.0 34.3 May ... 512 243 74 72 25 71 269 171 98 Juner. 62.5 26.7 11.4 15.3 35.8 June ... 579 270 86 79 24 82 309 200 109 Sept.r. 64.6 27.5 11.7 15.8 37.1 July.... 531 238 75 79 14 70 293 178 115 Dec/. 66.3 28.1 12.0 16.1 38.2 Aug.. . . 680 262 72 79 40 71 418 251 167 Sept... 679 269 77 59 33 101 410 252 157 1954—Mar.r. 67.7 28.8 12.2 16.6 38.9 June1". 70.0 29.7 12.4 17.3 40.3 1 Monthly figures do not reflect mortgage amendments included in annual totals. Sept. P. 72.6 30.5 12.6 17.9 42.1 3FHA-insured property improvement loans are not ordinarily secured by mortgages; VAguaranteed alteration and repair loans of $1,000 or less need not be secured, whereas those P Preliminary. rRevised. for more than that amount must be. NOTE.—For total debt outstanding, figures for •Prior to 1949, data are not available for classifications shown. first three quarters are Federal Reserve estimates. For conventional, figures are derived. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repay- Sources.—Home Loan Bank Board, Federal Housments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by ing Administration, Veterans Administration, and type are derived from data on number and average amount of loans closed. Federal Reserve. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] E o n r d m o o f n t y h ear A m f c u u i u i o z t n t n e m h t d e d - o s - d r- b m C u m d u o e 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 r n A e - h - d oldi a n g n V g u t A s e a e r - - d ( c p M d p h e g u a u r 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 t s o h e f o o r r u p m t t e 1 - s r t i a o n d L t d ) o e i n r n g m g - 2 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 4 5 4 3 1 2 9 0 8 1.0 5 8 9 6 5 8 6 2 4 1 5 5 1 8 8 8 0 2 4 8 3 6 2 8 2 2 2 3 3 5 7 3 4 9 8 2 2 1 1 , , , , 2 4 3 8 8 1 4 6 4 5 2 9 2 2 7 0 8 9 4 3 6 2 1 1 0 2 8 6 2 0 3 1 9 0 4 8 , , . , 9 6 1 8 4 2 4 7 4 2 1 2 6 8 1 5 1 1, 6 0 6 5 5 1 4 7 4 7 3 9 4 2 2 7 8 8 4 2 1 6 2 5 1 2 9 1 6 1 0 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 5 4 4 4 4 5 5 1 6 7 9 8 0 2 3 3 2 6 4 3 2 7 5 7 2 5 6 9 8 1 5 3 6 0 2 2 2 2 3 2 4 3 1 9 8 3 3 0 1 3 2 0 3 7 9 2 4 4 5 8 8 1 9 3 1 3 1 0 9 3 3 5 6 6 6 5 2 2 2 5 5 1 1 3 5 1 4 0 7 8 1 7 8 7 8 6 4 2 2 2 2 2 1 5 1 0 6 9 1 0 8 7 2 9 8 9 9 1953—S O e c p t t o e b m e b r er... 5 5 6 5 6 6 5 5 4 6 4 8 2 2 , , 5 5 4 2 0 6 5 5 5 8 6 5 , , 9 9 8 4 4 1 3 2 9 6 4 1 4 9 1 19 9 5 5 3 2 5 6 8 7 6 4 5 61 2 1 8 9 8 5 6 2 4 5 6 6 3 5 4 3 2 1 9 7 9 D N e o c v e em m b b e e r r . . .. . . . 5 5 5 5 2 0 6 6 0 3 8 8 2 2 , ,4 4 6 9 2 0 6 5 2 9 1 4 , , 8 8 9 4 6 1 4 3 2 0 6 5 1 9 1953— N O o c v t e o m be b r e . r .. , 6 7 2 1 4 2 5 5 8 8 1 6 9 5 5 5 6 8 4 9 2 2 5 7 5 6 1954—January 550 666 2,434 625 ,809 37 57 December. 79 14 952 634 317 J A S A M T M F u e u p u e l a p a n y r g b y i t e r u l e r c s u m h t a b . r . e y . r . . . . . . . . . . . 5 6 5 5 5 5 5 5 4 3 9 7 6 4 3 3 0 1 4 0 0 2 9 9 6 7 7 7 7 6 8 7 5 0 3 9 7 1 8 4 4 0 7 1 9 2 5 5 2 2 2 2 2 2 2 2 , , , , , , , , 3 3 3 3 2 3 2 4 6 7 0 5 9 6 9 2 2 1 1 5 9 6 9 4 6 6 6 6 7 7 7 7 4 4 3 8 5 6 0 2 5 1 3 0 3 7 0 4 , , , , , , , , 6 6 6 6 6 7 6 7 2 3 4 1 0 1 1 8 2 2 7 8 1 9 3 3 1 3 4 3 3 4 5 5 2 3 9 8 8 7 0 0 0 1 3 9 3 3 5 3 0 1 9 8 0 7 0 7 8 9 1954— A J J F A M M J u u e u p a l n a a b y g n r y e i r r u u l u c s a a h t r r y . y . . . . . . . 1 2 3 3 2 5 5 0 1 6 5 6 8 3 9 6 5 22 8 5 8 3 3 3 9 6 8 1 4 3 9 1 8 6 6 6 6 6 6 6 7 1 7 5 7 3 0 5 3 3 7 9 5 0 8 1 0 4 4 3 3 3 4 4 4 3 8 2 9 9 0 2 7 8 2 2 6 6 6 8 7 2 2 2 2 2 2 2 2 3 3 5 3 3 4 2 3 1 1 5 3 9 7 3 6 September, 69 38 689 452 237 Source.—Federal National Mortgage Association. October.. , 63 45 708 471 236 1 Secured or unsecured loans maturing in one year or less. 2Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Home Loan Bank Board. NOVEMBER 1954 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding, in millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar Total Total Au p to 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 s r 1 er e a r n R l n d o i e a z p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1940 8,338 5,514 2,071 1,827 371 1,245 2,824 800 1,471 553 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1942 5,983 3,166 742 1,195 255 974 2,817 713 1,444 660 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1946 8,384 4,172 981 1,290 405 1,496 4,212 1,122 2,076 1,014 1947 11,570 6,695 1,924 2,143 718 1,910 4,875 1,356 2,353 1,166 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 . .... 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 1,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 1,090 3,235 6,631 1,934 3,096 1,601 1952 25,827 18,684 8,099 5,328 1,406 3,851 7,143 2,094 3,342 1,707 1953 r 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 1,720 1953—September «\ . . . 28,344 21,581 10,260 5,492 1,588 4,241 6,763 2,188 2,783 1,792 October r 28,600 21,766 10,373 5,529 1,619 4,245 6,834 2,199 2,886 1,749 November r. . . . 28,760 21,907 10,404 5,587 1,645 4,271 6,853 2,183 2,931 1,739 Decemberr 29,537 22,187 10,341 5,831 1,649 4,366 7,350 2,219 3,411 1,720 1954—January r 28,724 21,836 10,158 5,697 1,635 4,346 6,888 2,165 3,002 1,721 February 28,140 21,582 10,010 5,588 1,623 4,361 6,558 2,133 2,682 1,743 Marchr 27,833 21,381 9,919 5,443 1,614 4,405 6,452 2,150 2,564 1,738 Aprilr 28,095 21,426 9,942 5,413 1,617 4,454 6,669 2,181 2,723 1,765 May r 28,372 21,487 10,002 5,370 1,634 4,481 6,885 2,313 2,786 1,786 June r 28,666 21,717 10,168 5,367 1,635 4,547 6,949 2,334 2,819 1,796 July- 28,725 21,849 10,298 5,328 1,637 4,586 6,876 2,303 2,773 1,800 Augustr 28,736 21,901 10,349 5,294 1,642 4,616 6,835 2,312 2,734 1,789 Septemberr. . . . 28,856 21,935 10,365 5,287 1,642 4,641 6,921 2,335 2,807 1,779 r Revised. Figures beginning January 1953 have been revised. Figures for all of 1953, together with a descriptive note on the revision, are shown on p. 1212. 1 Includes all consumer instalment credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the items purchased, whether held by retail outlets or financial institutions. Includes credit on purchases by individuals of automobiles or other consumer goods that may be used in part for business. 2Includes only repair and modernization loans held by financial institutions; such loans held by retail outlets are included in "other consumer goods paper." NOTE.—Monthly figures for the period December 1939 through 1951 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for 1952 are shown on p. 1214 of the BULLETIN for November 1953. A detailed description of the methods used to derive the estimates may be obtained from Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t Other Total D s m t e o p e r a e n r s t t 1 - F s t t u o u r r r n e e i s - H a a h p o n o p u c l l s d e i e - - d m A ea o u l b t e o i r l - s e 2 Other stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1940 5,514 3,918 1,452 1,575 171 720 1,596 394 474 196 167 365 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1942 3,166 2,176 862 588 128 598 990 181 331 111 53 314 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1946 4,172 3,235 1,567 677 151 840 937 209 319 38 47 324 1947 6,695 5,255 2,625 1,355 235 1.04Q 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 1953r 22,187 18,758 8,998 6,147 1,124 2,489 3,429 1,040 903 291 380 815 1953—September r 21,581 18,466 8,969 6,005 1,077 2,415 3,115 926 837 276 379 697 Octoberr 21,766 18,610 9,009 6,093 1,093 2,415 3,156 937 842 278 383 716 November r 21,907 18,697 9,006 6,147 1,107 2,437 3,210 960 858 284 383 725 Decemberr . ... 22,187 18,758 8,998 6,147 1,124 2,489 3,429 1,040 903 291 380 815 1954—Januaryr . .. . 21,836 18,545 8,914 6,062 1,103 2,466 3,291 995 872 285 375 764 February r 21,582 18,300 8,755 5,974 1,115 2,456 3,282 1,065 849 281 370 717 Marchr . . 21,381 18,192 8,714 5.892 1,136 2,450 3,189 1,031 829 276 366 6«7 Aprilr 21,426 18,245 8,722 5,901 1,157 2,465 3,181 1,032 823 274 368 684 J IV u I n a e y r r 2 2 1 1 ,7 4 1 8 7 7 1 1 8 8 , , 3 5 2 3 5 8 8 8 . , 7 72 8 9 3 5 6 , , 9 0 4 6 4 0 1 1 , , 1 2 7 0 5 7 2 2, 4 A 8 n 8 3 3 , , 1 1 6 7 2 9 1 1 , , 0 0 2 3 7 7 8 8 2 20 1 2 2 7 7 3 1 3 7 7 7 9 1 6 6 7 70 2 July 21,849 18,671 8,763 6,189 1,228 2,491 3,178 1,032 818 277 386 665 Augustr 21,901 18,731 8,731 6,256 1,250 2,494 3,170 1,032 821 276 389 652 September r 21,935 18,753 8,688 6,294 1,267 2,504 3,182 1,041 822 278 390 651 r Revised. See footnote to table above. 1 Includes mail-order houses. 2Includes only automobile paper; other instalment credit held by automobile dealers is included with "other" retail outlets. 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued NONINSTALMENT CREDIT, BY HOLDER INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail E o n r d m o o f n y t e h ar i c T m n n r s o o e e t n d t a n a i - l t l t - C m m i ( o n s e m e i r s n n - t - g t it l u e l t - o i O p a o a n t n y h s s - ) er p D a a e r c - t ( o - c c u h o t a u le r n g O t t s e s t ) her S c e r r e v d i i c t e E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - ch P A a u s r u e - t p d o a m pe o D r b i i r l e e ct s O p g c u a o t o m p o h n e d e e - r r s r e R l m r o t a e n i a o n p o i n z d d n a a s - ir - l s P o o a e n n r a - s l cial ment banks stores1 1939 1,079 237 178 166 135 363 1940 1,452 339 276 232 165 440 1 1 9 9 3 40 9 . .. 2 2 , , 7 8 1 2 9 4 6 6 3 2 6 5 1 1 6 6 2 4 2 25 3 1 6 J 1 . , I 2 2 7 0 8 5 5 5 1 3 8 1 1 9 9 4 4 1 2 1,7 8 2 6 6 2 4 1 4 4 7 9 3 1 3 3 8 4 3 1 0 5 9 3 1 1 2 6 4 1 3 4 0 7 2 1 1 19 9 4 4 2 1 . 3 2, , 8 0 1 8 7 7 6 59 9 3 3 1 15 2 2 0 2 21 7 7 5 1 1, , 2 3 2 7 7 0 6 5 6 9 0 7 1 1 9 9 4 4 6 5 1,5 7 6 4 7 5 16 6 9 6 3 1 1 4 1 3 2 1 9 1 9 4 2 1 4 1 2 0 3 54 1 6 2 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 5 4 5 4 6 7 5 1 8 0 9 ... 3 4 4 6 5 6 5 , , , , , , , 2 6 2 8 3 4 5 1 3 7 0 2 4 8 2 1 5 3 3 3 8 1 J 1 1 L ^ , , , . , 0 5 2 6 6 2 , 0 7 6 7 3 8 0 8 4 6 1 3 4 3 4 2 2 1 1 1 1 4 5 5 1 8 9 7 5 0 3 4 4 8 2 2 4 6 5 5 6 5 5 4 9 3 8 7 8 2 1 0 2 5 5 4 2 2 2 2 1 1 1 , , , , , . [ 3 4 0 3 6 8 1 1 6 2 9 2 2 3 1 5 2 6 4 1 8 1 1 1 1 , , , , , , 0 2 3 6 1 4 8 1 8 7 0 % 6 45 4 5 6 1 6 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 4 4 5 4 5 5 1 9 8 7 2 0 3 . r , 3 4 5 2 5 8 7 , , , , , , , 7 5 4 6 7 9 5 7 2 3 2 9 9 2 1 9 9 5 8 4 8 2 1 1 1 , , , , 1 1 2 6 3 5 8 7 3 3 1 5 7 4 7 5 3 5 2 5 9 1 1 1 1, , , , 8 2 3 6 9 5 7 6 9 1 2 4 5 3 7 4 1 9 6 3 9 2 1 1 1 1 , , , , , 0 4 3 7 0 5 7 1 1 5 5 7 5 9 6 5 6 1 0 4 8 1 1 , , 1 3 8 4 5 8 7 3 1 3 3 6 1 8 7 7 4 7 8 5 8 1 1 1 1 , , , , 8 9 5 0 7 1 3 1 3 2 4 2 3 7 3 9 7 1 2 7 4 1952 7,143 Rdd 250 730 2,612 ,707 1953—September' 8,969 2,183 1,940 2,057 1,282 1,507 1953'' 7,350 1,899 320 748 2,663 1,720 October r. . 9,009 2,213 1,928 2,060 1,303 1,505 1953—Septemberr 6,763 1,883 305 490 2,293 1,792 N De o c v e e m m b b e e r r r r 8 9 , , 9 0 9 0 8 6 2 2, , 2 2 1 2 5 0 1 1, , 8 9 6 0 7 6 2 2 , , 0 0 6 7 1 8 1 1, , 3 3 1 1 7 8 1 1 , , 5 5 2 0 1 1 Octoberr. . 6,834 1,901 298 512 2,374 ],749 NovemberT 6,853 1,839 344 563 2,368 ],739 1954—Januaryr. . 8,914 2,191 1,807 2,092 1,303 1,521 December r 7,350 1,899 320 748 2,663 ],720 February r. 8,755 2,162 1,773 1,997 1,290 1,533 1954— A F M J e p a a b r r n i r l c u u 7 h " a a r r r . y y . . r . . . 6 6 6 6 , , , , 4 6 8 5 5 6 8 5 2 9 8 8 1 1 L 1 , , , , 8 8 8 8 8 4 8 4 0 1 3 5 3 2 2 2 0 9 8 9 5 2 5 8 4 5 6 5 0 8 0 2 2 3 7 6 2 2 2 2 , , , , 0 2 3 1 8 2 9 5 1 1 5 6 1 : , , , , 7 7 7 7 6 3 2 4 5 8 1 3 J J A M M u u p n a a l r y y r e i c l r r hr. . . 8 8 8 8 8, , , , , 7 7 7 7 7 1 2 2 8 6 4 2 9 3 3 2 2 2 2 2 , , , , , 1 1 1 2 2 9 6 8 3 4 5 4 0 7 0 1 1 1 1 L , , , , . 7 7 7 7 7 2 4 3 5 2 9 5 5 5 O 1 1 1 1 1 , , , , , 9 8 9 9 9 1 8 3 5 2 3 0 9 5 5 1 1 1 1 1 , , , , , 2 2 2 2 2 9 9 8 9 7 7 3 1 3 9 1 1 1 1 1 , , , , , 5 5 6 5 6 7 8 2 6 1 7 1 6 1 1 J M u a n y er 6 6 . , 8 9 8 4 5 9 1 1, , 9 9 7 1 7 8 3 3 9 5 5 7 4 4 9 9 9 7 2 2 , ,3 2 2 8 2 7 : l , , 7 7 8 9 6 6 A Se u p g te u m st b r. e .. rr 8 8 , , 7 6 3 8 1 8 2 2, , 2 2 2 3 4 0 [, , 6 7 8 0 6 7 1 1 , , 8 85 3 7 5 1 1 , , 2 2 9 9 9 9 1 1, , 6 6 4 3 4 8 July 6,876 1,989 314 448 2,325 1,800 Augustr... 6,835 1,985 327 446 2,288 1,789 September r 6,921 1,997 338 488 2,319 1,779 rRevised. See footnote to table at the top of opposite page. 1 rR In e c v l i u s d ed es . m S a e il e - o f r o d o e t r n o h t o e u t s o e s t . able at the top of opposite page. 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 End of year instal- Auto- con- and Peror month mobile sumer modern- sonal End of year i T n o st t a a l l - m A o u b to il - e s O c u t o m h n e e - r r m R a o e n d p d e a r ir n- s P o e n r a - l credit paper g p o a o p d er s iz lo a a ti n o s n loans or month ment paper goods ization loans credit paper loans 1939 789 81 24 15 669 1940 891 102 30 16 743 1941 957 122 36 14 785 1939 1,197 878 115 148 56 1942 726 65 27 14 620 1940 1,575 1,187 136 190 62 1941 1,797 1,363 167 201 66 1945 731 54 20 14 643 1942 588 341 78 117 52 1946 991 77 34 22 858 1947 1,275 130 69 39 1,037 1945 300 164 24 58 54 1948 1,573 189 99 59 1,226 1946. 677 377 67 141 92 1949 1,858 240 137 89 1,392 1947 1,355 802 185 242 126 1950 2,237 330 182 115 1,610 1948 1,990 1,378 232 216 164 1951 2,537 358 209 132 1,838 1949 2,950 2,425 303 83 139 1952 3,053 457 279 187 2,130 1950 3,785 3,257 313 57 158 1953r 3,613 573 337 249 2,454 1951 3,769 3,183 241 70 275 1952 4,833 4,072 332 82 347 1953—September 3,492 572 324 232 2,364 1953 6,147 5,306 367 83 391 Octoberr.. 3,508 577 324 240 2,367 November 3,544 574 331 248 2,391 1953—September. . . 6,005 5,186 375 74 370 December» 3,613 573 337 249 2,454 O N c o t v o e b m er ber. . . 6 6, , 1 0 4 9 7 3 5 5 , , 3 2 2 7 1 2 3 3 7 6 2 8 7 7 6 9 3 3 7 7 3 9 1954—January r.. 3,569 557 330 246 2,436 December 6,147 5,306 367 83 391 Februaryr. 3,571 555 328 248 2,440 March r... 3,586 555 325 251 2,455 1954—January 6,062 5,228 359 86 389 Aprilr. . . . 3,622 560 325 252 2,485 February.... 5,974 5,150 351 85 388 May r. . . . 3,652 565 323 258 ,506 March 5,892 5,079 340 84 389 Juner. . . . 3.695 b74 323 259 ,539 April ... . 5,901 5,089 336 84 392 July 3,719 581 321 258 ,559 May 5,944 5,136 331 83 394 Augustr. . 3,744 587 321 261 2,575 June 6,060 5,249 331 83 397 September 3,771 591 324 262 2,594 July 6,189 5,371 335 82 401 August 6,256 5,436 335 82 403 September. . . 6,294 5,474 336 81 403 rRevised. See footnote to table at the top of opposite page. 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. NOVEMBER 1954 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued INSTALMENT CREDIT EXTENDED AND REPAID [Estimates, in millions of dollars] Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 8,219 7,208 3,086 2,512 2,588 2,381 328 255 2,217 2,060 1941 . . 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1946 8,495 6,785 1,969 1,443 3,077 2,603 423 200 3,026 2,539 1947 .. . 12,713 10,190 3,692 2,749 4,498 3,645 704 391 3,819 3,405 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15,454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 .. . 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4,683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 . 28,397 24,550 12,306 10,449 7,959 6,901 1,243 927 6,889 6,273 1953r 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7,299 6,784 WITHOUT SEASONAL ADJUSTMENT 1953—September r 2,440 2,269 1,103 996 643 634 125 92 569 547 Octoberr 2,540 2,355 1,132 1,019 693 656 134 103 581 577 Novemberr 2,355 2,214 987 956 667 609 118 92 583 557 December r 2,696 2,416 964 1,027 883 639 103 99 746 651 1954—Januaryr 1,947 2,298 780 963 538 672 75 89 554 574 Februaryr 1,956 2,210 809 957 510 619 88 100 549 534 Marchr 2,380 2,581 1,020 1,111 574 719 104 113 682 638 Aprilr . . 2,400 2,355 1,038 1,015 615 645 105 102 642 593 Mavr 2,397 2,336 1,047 987 607 650 121 104 622 595 June r .. 2,703 2,473 1,244 1,078 659 662 109 108 691 625 Julyr 2,549 2,417 1,163 1.033 622 661 107 105 657 618 Augustr 2,477 2,425 1,114 1,063 607 641 112 107 644 614 Septemberr 2,441 2,407 1,062 1,046 629 636 116 115 635 610 SEASONALLY ADJUSTED* 1953—September r 2,460 2,262 1,117 965 618 632 116 94 609 571 October r 2,444 2,257 1,128 965 611 635 113 96 592 561 Novemberr 2,502 2,312 1,095 1,008 653 623 116 96 638 585 Decemberr 2,414 2,323 1,053 1,026 637 620 109 97 615 580 1954—Januaryr 2,306 2,368 907 985 689 681 97 84 613 618 February r 2,356 2,377 958 1 ,041 636 644 119 102 643 590 March r 2,293 2,456 956 1,053 601 688 115 110 621 605 Aprilr 2,357 2,358 963 1,025 644 629 108 109 642 595 May r 2,319 2,392 983 1,010 603 658 115 115 618 609 June7" 2,492 2,413 1,113 1,056 648 658 95 108 636 591 July . . 2,452 2,363 1,059 1,006 665 667 98 100 630 590 Augustr 2,407 2,479 1,034 1,067 612 678 101 105 660 629 September r 2,472 2,404 1,076 1,014 608 635 107 118 681 637 r Revised. See footnote to table at top of p. 1190. * Includes adjustment for differences in trading days. NOTE.—Back figures by months for the period 1940-52, 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 e o 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 S 1 e 9 p 5 t 4 . A 1P u 5 g 4 . J 1 u 95 ly 4 S 1 e 9 p 5 t 4 . A 19 u 5 g 4 . J 1 u 95 ly 4 Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t l o i o d a u r n s a e c e s p e - - D s m e to p e r a n e r t s t- Net sales: 1953 Total . — 1 +7 -3 -3 -6 -4 September 14 12 10 46 -2 +4 -2 -4 -7 -7 October 14 12 10 48 Credit sales: November 14 11 9 47 Instalment -2 4-7 -3 -4 -6 -4 December 14 11 9 46 Charge account -1 +14 -2 +7 +2 +3 1954 Accounts receivable, end of month: January '14 12 9 45 Total +1 +2 0 -2 -3 -4 February 14 11 9 43 Instalment 0 0 0 -3 -3 —4 March 15 13 10 48 Charge accounts. +3 '+8 r+2 0 -2 -6 April 14 12 9 45 May 14 12 10 46 Inventories, end of June 14 12 10 47 month, at retail value. +4 0 -3 -9 -9 -9 July 14 12 10 45 August 13 12 10 45 September 13 12 10 46 ' Revised r Revised. 1 Collections during month as percentage of accounts outstanding at beginning of month. 1192 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] In ( d p u h s y t s r i i c a a l l p v r o o l d u u m c e ti ) o * n Co c n o s n t t r r u a c c t t i s o 2 n Employment and payrolls3 (1947-49 = 100) awarded (value) 1947-49=100 1947-49 = 100 Depart- Whole- Freight ment Con- sale carload- store sumer com- Non- Manufacturing ings* sales* prices3 modity Year Manufactures agri- production workers 1947-49 (retail 1947-49 prices 3 or month Total Total r D ab u l - e N ra d o b u n - le - M era in ls - Total R d t e e ia n s l i - - o A th l e l r m p t e c u l m u o e r l a n y - - l t - Em m p e l n o t y- P ro a l y ls - = 100 1 v 9 = a 4 l 1 7 u 0 - e 4 0 ) 9 4 = 100 19 = 4 1 7 0 -4 0 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 HI g 1953 J>134 P136 P153 P118 P116 192 178 201 113.6 112.0 151.6 96 112 114 4 110 1 1953 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 123 124 125 134 115 109 196 213 184 110.4 102.7 101.8 135.0 84 111 114 6 111 0 May 125 124 126 136 117 111 193 216 178 110.2 102.1 100.5 135.1 84 108 115 0 110 9 June 124 124 125 135 116 114 207 227 193 110.1 101.8 100.9 136.6 84 112 115 1 110 0 July 123 116 124 134 '114 112 206 233 188 109.8 100.0 98.7 132.3 82 111 115.2 110.4 August r\23 '123 125 135 '114 109 218 244 202 109.7 99.7 100.6 135.1 84 112 115.0 110.5 September.. 124 126 126 136 115 108 231 253 217 110.0 100.2 102.0 138.4 84 P108 114.7 110.0 October.... P125 P129 P127 P138 P116 P109 P110.2 P100.8P102.1 «139.3 87 «112 109.7 eEstimated. ^Preliminary. 'Revised. *Average per working day 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. 1201. 3The indexes of employment and payrolls, wholesale commodity prices, and consumer prices are compiled by 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. 4 For indexes by Federal Reserve districts and for other department store data, see pp. 1203-1207. Back figures in BULLETIN.—Industrial production, December 1953, pp. 1324-1328; department store sales, December 1951, pp. 1490-1515. NOVEMBER 1954 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average =100] 1947-49 Annual 1953 1954 pro- Industry portion 1952 1953P Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept, SEASONALLY ADJUSTED Industrial Production—Total 100.00 124 134 133 132 129 126 125 125 123 123 125 124 123 123 124 Manufactures—Total 90.02 125 136 135 134 131 127 127 126 125 125 126 125 124 125 126 Durable Manufactures—Total 43.17 136 153 132 131 146 142 141 139 135 134 136 135 134 135 136 Primary metals 6.70 116 132 130 128 122 113 111 109 103 103 106 108 103 '105 107 Metal fabricating 28.52 146 167 166 166 159 156 155 151 147 147 148 147 147 148 148 Fabricated metal products 5.73 121 136 135 134 130 126 126 123 120 119 121 122 122 124 121 Machinery 13.68 147 160 161 159 152 146 143 141 138 138 138 139 141 '144 147 Nonelectrical machinery 9.04 136 143 141 141 136 133 130 130 125 125 124 124 125 '125 125 Electrical machinery 4.64 167 194 200 193 184 172 169 163 163 163 163 170 173 181 190 Transportation equipment 7.54 154 189 186 189 180 182 185 179 173 174 178 170 170 '166 162 Instruments and related products... 1.29 142 155 155 154 155 154 148 147 144 139 138 135 136 '135 136 Clay, glass, and lumber products 5.91 118 125 124 123 119 120 125 123 121 125 118 113 r114 124 Stone, clay, and glass products 2.82 125 133 134 133 132 129 125 130 130 128 130 129 131 '132 133 Lumber and products 3.09 111 118 114 117 115 110 115 120 116 114 120 108 96 97 Furniture and misc. manufactures 4.04 118 131 129 129 126 124 120 120 119 117 118 120 120 123 123 Furniture and fixtures 1.64 113 117 114 113 109 106 105 103 104 103 102 104 106 109 110 Miscellaneous manufactures 2.40 122 140 140 140 138 136 130 132 130 127 128 131 130 '133 131 Nondurable Manufactures—Total. 44.83 114 118 117 117 1/5 112 113 114 114 115 117 116 114 114 115 Textiles and apparel 11.87 105 107 102 102 98 95 97 98 99 101 99 '98 TQ9 97 T A e p x p t a il r e e l m a i n ll d p a r l o li d e u d c t p s roducts1 6 5 . . 3 5 2 5 1 1 0 0 3 8 1 1 0 1 4 0 1 1 0 0 0 4 1 9 0 8 7 1 9 0 5 1 10 9 1 0 1 e( 0 ) 4 l 106 1 9 0 1 8 109 95 1 " 0 9 6 3 ' • 1 • 0 9 2 5 " r 10 9 3 4 1 9 0 3 1 Rubber and leather products 3.20 107 113 105 105 103 104 103 102 103 106 107 96 103 Rubber products 1.47 116 128 121 120 118 116 112 110 113 113 119 120 95 116 Leather and products 1.73 99 99 91 93 91 93 94 94 93 94 94 95 100 96 92 Paper and printing 8.93 118 125 126 125 122 122 123 124 125 126 126 126 126 127 Paper and allied products 3.46 120 132 135 132 132 125 126 129 131 133 137 136 133 135 137 Printing and publishing 5.47 116 121 123 121 120 120 119 119 120 120 121 121 121 121 Chemical and petroleum products 9.34 133 143 142 141 140 138 141 139 140 142 142 141 '141 144 Chemicals and allied products 6.84 137 147 H48 146 145 145 143 146 146 146 148 148 148 149 151 Petroleum and coal products 2.50 123 130 131 129 129 128 124 126 122 124 125 124 122 121 P124 Foods, beverages, and tobacco 11.51 106 107 108 108 108 103 105 105 106 106 110 108 105 105 Food and beverage manufactures. . . 10.73 105 107 108 108 108 103 105 106 106 107 110 108 105 •105 105 Tobacco manufactures .78 110 108 104 106 108 112 100 98 103 103 108 107 101 99 Minerals—Total 9.98 114 116 118 114 111 113 113 113 112 109 111 114 112 109 108 Mineral fuels 8.35 113 115 118 113 111 112 114 113 112 111 112 112 110 P109' Coal 2.68 83 78 81 76 70 69 70 68 62 58 65 69 70 68 67 Anthracite .36 78 57 57 54 50 55 62 59 52 46 44 48 56 50 49 Bituminous coal 2.32 84 81 84 80 73 71 72 69 63 60 68 72 72 71 70 Crude oil and natural gas 5.67 128 133 136 131 131 133 134 135 137 '137 134 136 133 130 Metal, stone, and earth minerals 1.63 115 120 116 114 114 111 112 99 106 110 108 '102 100 Metal mining .82 108 113 117 108 103 101 103 101 96 78 91 99 91 83 79- Stone and earth minerals .81 123 124 123 125 127 119 124 124 120 121 122 125 '121 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION- TOTAL 100.00 124 134 135 136 130 124 124 126 126 124 124 124 116 123 126 MANUFACTURES—TOTAL 90.02 125 136 137 138 132 125 126 128 128 125 125 125 116 125 127 Durable Manufactures—Total.... 45.17 136 153 151 154 146 140 140 141 140 137 136 135 125 132 135 Primary metals 6.70 116 132 127 129 122 110 113 113 108 107 108 109 94 '100 105 Ferrous metals 5.03 115 133 127 130 122 110 111 111 104 102 104 105 91 95 100 Pig iron and steel 3.51 115 138 134 136 128 114 115 113 105 104 107 108 95 96 101 Pig iron .37 107 130 130 132 127 117 113 108 100 93 94 99 94 93 93 Steel 3.05 117 139 134 136 129 114 115 114 106 105 108 109 96 97 102 Carbon steel 2.62 112 135 131 138 131 116 115 113 105 103 108 111 96 96 101 Alloy steel .43 144 165 152 126 113 105 115 119 114 113 109 102 93 104 111 Ferrous castings and forgings 1.52 114 121 113 117 108 101 103 106 101 98 97 97 80 90 Iron and steel castings 1.29 109 115 109 113 103 98 98 103 100 98 96 96 79 90 Steel forgings .23 143 154 137 139 134 122 130 125 111 104 100 101 87 91 98 P Preliminary. ' Revised. e Corrected. i Indexes for women's outerwear 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, 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. 1194 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] 1947-4" Annual 1953 pro- Industry portion 1952 1953P Sept. Oct. Nov. Dec,Jan. Feb. Mar. Apr. May June July Aug. Sept WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 119 129 126 128 121 108 118 120 119 122 120 122 103 117 119 Primary nonferrous metals .38 123 144 147 147 146 145 145 147 147 147 147 149 142 139 P137 Copper smelting .09 106 112 111 114 109 109 104 102 101 99 97 109 93 '76 88 Copper refining .06 99 116 116 124 121 121 110 113 115 114 107 114 105 102 89 Lead .04 100 101 97 99 120 108 108 103 113 107 109 97 79 98 109 Zinc .10 112 113 115 115 107 108 107 102 97 100 102 102 97 98 85 Aluminum .09 156 209 222 213 215 217 228 240 240 245 246 245 248 246 244 Secondary nonferrous metals .13 114 114 107 111 106 101 96 103 107 115 108 109 86 104 Nonferrous shapes and castings.. 1.16 119 126 121 123 114 96 112 113 111 114 113 115 91 111 114* Copper mill shapes .63 113 112 108 110 103 78 100 100 96 101 102 101 76 100 103 Aluminum mill shapes .20 140 168 163 158 136 126 136 139 143 154 149 162 145 163 162 Nonferrous castings .33 115 130 122 127 121 114 120 122 118 116 112 112 88 103 Metal Fabricating 28.52 146 167 164 167 158 155 155 155 153 150 148 147 138 145 Fabricated metal products 5.73 121 136 137 137 130 126 124 123 121 120 121 122 116 124 123 Structural metal parts 2.68 121 137 135 136 134 135 129 127 125 123 125 126 123 -•125 124 Stampings and misc. metal products. 2.12 121 138 133 133 130 131 127 124 121 117 116 114 106 109 110 Tin cans .30 122 129 182 139 124 69 104 107 105 122 125 143 153 196 Furnaces, gas ranges, and heaters... .63 89 93 106 113 82 63 74 73 78 84 93 75 104 Machinery 13.68 147 160 158 161 154 149 146 147 145 141 138 137 128 138 145 Nonelectrical machinery 9.04 136 143 137 138 135 137 132 134 132 128 126 125 119 118 121 Farm and industrial machinery 8.13 135 139 135 135 133 134 130 129 127 124 122 121 117 116 116 Farm machinery 1.02 103 96 86 79 73 74 76 80 84 85 84 84 79 •74 74 Industrial and commercial machinery 7.11 140 145 142 143 141 142 138 136 134 129 127 127 122 122 122 Machine tools and presses .68 179 188 187 188 185 186 181 181 177 167 161 157 152 150 149 Laundry and refrigeration appliances .69 108 128 104 112 99 110 106 129 122 120 112 111 91 125 Electrical machinery 4.64 167 194 200 205 191 172 172 172 172 166 162 162 145 176 190 Electrical apparatus and parts. 3.23 162 179 179 178 176 176 169 167 164 160 159 156 151 •152 154 Radio and television sets .74 184 230 249 276 230 157 173 170 182 172 156 166 116 234 280 Transportation equipment. 7.54 154 189 182 189 173 174 183 183 182 181 180 175 165 165 155 Autos, trucks, and parts 4.80 102 126 114 122 103 101 115 114 114 117 116 111 96 98 81 Autos 1.50 103 146 134 151 107 107 135 138 142 151 146 143 125 123 81 Trucks .66 111 118 115 106 95 98 103 103 101 101 101 96 78 r79 74 Light trucks .22 105 112 114 106 85 100 112 103 104 104 104 99 86 81 76 Medium trucks .19 69 58 54 50 47 56 67 62 66 68 63 64 57 54 43 Heavy trucks .14 194 183 151 146 134 150 145 164 152 150 148 132 99 113 110 Truck trailers .07 137 229 275 232 229 149 137 143 133 132 141 146 102 109 119 Auto and truck parts 2.58 98 117 102 109 102 99 106 104 100 101 102 96 85 88 84 Aircraft and parts 1.30 368 465 480 481 463 483 483 489 485 475 472 472 469 ••465 470 Shipbuilding and repair .81 136 135 130 127 124 127 124 124 124 120 118 115 112 108 106 Railroad equipment .53 74 72 64 83 67 53 59 54 54 49 43 39 26 '32 34 Railroad cars 62 64 41 25 22 .35 55 83 61 49 42 44 39 32 17 25 Instruments and related products.. 142 155 155 135 '132 1.29 155 156 156 148 147 145 140 138 132 136 Clay, Glass, and Lumber Products. 118 125 113 122 rll8 5.91 128 131 123 112 120 122 124 126 109 129 Stone, clay, and glass products 2.82 125 133 136 139 134 128 126 128 128 130 131 128 134 135 Glass and pottery products 1.09 114 123 122 128 122 116 122 120 121 117 117 115 107 II6 118 Flat glass and vitreous products. . . .60 122 136 136 141 139 136 115 130 130 124 124 123 119 126 134 Flat and other glass .47 124 139 139 145 143 140 130 133 131 126 126 125 119 '127 137 Glass containers .26 112 120 121 127 114 102 132 121 125 121 126 127 118 125 112 Home glassware and pottery .23 94 91 84 93 86 77 115 92 93 93 87 81 63 '80 83 Cement .32 124 132 144 145 137 119 79 110 118 132 137 138 150 151 Structural clay products .35 112 110 116 116 112 106 104 101 107 111 111 115 111 116 116* Brick .12 108 106 118 116 109 97 97 90 102 115 113 124 116 126 128 Clay firebrick, pipe, and tile .20 116 115 115 118 116 113 81 110 111 110 112 111 109 112 112 Concrete and plaster products .48 155 163 169 170 163 157 110 148 152 157 161 164 170 172 170 Misc. stone and earth manufactures.. .58 131 143 145 146 143 146 143 141 139 135 135 136 134 '140 143 140 Lumber and products 3 09 111 118 121 123 114 99 104 116 117 119 122 115 '91 102 124 Lumber 2.05 105 112 118 120 110 93 98 109 109 113 117 106 91 98 110 Millwork and plywood .60 138 149 147 148 141 124 140 160 164 163 161 154 '93 128 187 Millwork .39 118 118 117 116 101 87 96 110 109 111 119 128 '90 116 157 Softwood plywood .12 167 199 194 198 206 184 212 241 253 248 229 195 95 145 232 Wood containers .29 99 99 94 96 94 94 90 90 90 91 92 85 S3 87 Furniture and Misc. Manufactures 4.04 118 131 132 135 132 127 119 122 121 115 114 116 112 121 125 Furniture and fixtures 1.64 113 117 115 116 114 112 106 107 106 101 98 100 99 107 111 Household furniture 1.10 113 118 114 116 113 109 103 105 105 100 96 98 98 108 113 Fixtures and office furniture .54 112 116 118 117 115 117 113 110 107 103 103 105 100 106 108 Miscellaneous manufactures 2.40 122 140 144 148 145 138 128 133 131 125 124 127 121 130 135 p Preliminary. r Revised. For other footnotes see preceding page. NOVEMBER 1954 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 947-49 Annual 1953 1954 pro- Industry portion 1952 953 P Sept. Oct. Nov. Dec! Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 114 118 122 122 118 110 Ill 115 115 114 114 115 117 119 Nondurable Manufactures—Total... 11.87 105 107 104 103 98 92 99 105 104 100 98 95 86 103 96 Textiles and Apparel . .. ... Textile mill products 6.32 103 104 102 100 96 87 91 95 94 93 94 92 r<)7 95 Cotton and synthetic fabrics 3.72 105 107 105 101 102 90 97 100 100 99 99 96 85 96 Cotton consumption ... 2.30 104 104 104 103 101 89 100 101 100 97 95 92 80 99 91 .97 112 115 109 102 105 95 89 98 100 102 107 110 105 111 Fabric finishing .45 102 101 100 87 96 83 <=102 "103 ^82 "66 C98 86 Wool textiles , .97 85 78 73 74 64 61 58 58 60 63 68 70 68 74 69 Wool apparel yarns .16 96 91 93 82 68 59 68 72 72 80 84 81 78 86 Wool fabrics .75 83 75 68 73 63 62 56 54 58 59 64 68 66 71 65 Knit goods 1.15 115 116 116 115 108 97 103 109 105 103 105 106 89 109 113 Hosiery .65 116 113 115 114 109 94 113 119 112 111 110 106 78 106 113 Full-fashioned hosiery .45 121 118 119 118 114 97 120 127 120 119 116 110 79 108 116 Seamless hosiery... .. .20 105 102 104 104 98 87 96 102 93 91 95 98 77 100 107 Knit garments .50 113 119 117 116 107 101 90 95 96 93 99 106 103 112 Floor coverings .48 95 99 97 101 87 88 89 96 94 90 81 80 64 88 P97 Woven carpets . .31 80 86 83 89 69 72 76 85 83 77 68 66 36 70 Apparel and allied products 5.55 108 110 106 107 100 98 107 115 116 108 103 99 91 110 101 Men's outerwear 1.78 105 113 113 105 104 87 111 117 102 111 108 95 80 110 95 Men's suits and coats .73 87 96 94 90 88 78 96 92 77 79 88 81 56 98 77 Men's suits .50 83 92 83 83 86 81 102 96 80 78 84 75 52 92 73 Glen's outercoats .... .. .13 83 89 115 94 71 46 52 56 48 65 80 87 57 98 72 Shirts and work clothing .99 114 124 125 114 113 90 120 133 118 132 121 101 94 118 106 Women's outerwear * .. . 1.85 108 103 92 96 83 98 113 126 138 116 105 104 96 114 100 Women's suits and coats .76 123 117 106 118 90 122 144 164 165 102 80 114 127 r146 130 1.92 111 112 108 114 109 105 98 104 107 96 97 98 97 105 107 Rubber and Leather Products 3.20 107 113 107 HI 103 98 103 108 108 104 103 106 86 97 105 Rubber products 1.47 116 128 122 127 120 111 114 114 118 116 118 121 85 92 117 Tires and tubes . .70 115 117 103 108 101 93 96 112 108 111 111 119 84 75 104 .40 106 117 104 109 99 89 92 111 113 120 122 133 94 81 107 Truck and bus tires . . .30 128 118 102 106 103 99 102 114 101 99 96 100 71 69 99 lif iscellaneous rubber Droducts .77 117 Leather and products 1.73 99 99 94 97 89 87 94 102 100 94 89 94 87 '101 v<K Leather . .44 87 91 85 91 87 81 87 95 89 86 90 89 87 Cattlehide leathers .29 87 92 86 94 91 86 93 101 92 93 96 93 75 91 Skin leathers .15 86 89 83 87 79 72 74 82 82 73 79 81 65 70 Shoes and slippers .90 104 103 97 97 85 88 102 110 109 103 93 100 94 111 98 Miscellaneous leather products .39 101 100 96 101 99 92 85 91 91 82 79 84 87 94 96 Paper and Printing 8.93 118 125 127 132 129 121 120 124 127 128 126 126 116 124 128 Paper and allied products 3.46 120 132 135 140 135 119 126 133 135 136 134 136 120 137 137 PUID and Daoer 1.76 120 130 130 138 133 117 128 132 133 131 132 136 116 135 132 ^ P V a P o o o e ri d r n a t p i n n u d g lp b p o a a p r e d r .. 1. . . 2 2 5 5 1 2 1 1 1 3 1 1 2 6 1 1 1 1 4 2 1 2 5 9 1 1 1 4 2 1 1 6 8 1 1 1 3 5 2 1 2 4 1 1 1 4 2 2 7 7 0 1 1 1 2 1 1 9 2 3 1 1 1 2 4 2 2 2 0 1 1 1 2 4 2 5 7 2 1 1 1 2 4 2 8 7 4 1 1 1 2 4 2 6 5 1 1 1 1 2 4 1 8 5 7 1 1 1 2 2 53 9 0 1 1 9 3 0 3 9 9 1 1 1 5 2 2 0 8 1 1 1 1 2 4 2 8 6 0 Co S S n a h v F I C P B n i V e p i a i o u r n t p l p t a a i i e i e l s e r r n d c d s y r g p i e e b n l a p o p l g c p a p a a a o n a e p r p p e n p r d e e a o t e r r a p u r i e s p p n r r r e p o o a r a d s d n p u u d e c c r t b t s s oard 1. . . . . . . . 7 1 2 1 4 5 1 1 0 4 0 0 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 7 2 2 7 6 0 0 3 1 1 1 1 1 1 1 1 3 2 1 3 1 1 3 3 6 4 9 8 4 8 3 8 1 1 1 1 1 1 1 1 2 3 2 1 4 1 3 4 8 2 7 8 1 8 9 0 1 1 1 1 1 1 1 1 2 3 2 4 2 4 4 5 1 7 6 3 3 3 0 1 1 1 1 1 1 1 1 1 3 2 3 2 0 3 3 3 0 7 1 4 8 6 5 9 1 1 1 1 1 1 1 9 0 2 1 1 2 1 3 9 2 3 5 3 1 8 1 1 1 1 1 1 1 1 9 1 2 3 2 2 1 4 2 6 2 5 8 3 5 7 1 1 1 1 1 1 1 1 3 3 2 2 1 2 3 5 1 9 0 6 3 5 4 5 1 1 1 1 1 1 1 1 3 2 2 3 2 3 3 4 1 8 2 1 1 7 3 9 1 1 1 1 1 1 1 1 2 2 3 1 2 3 4 5 1 4 7 6 8 5 1 8 1 1 1 1 1 1 1 1 2 3 3 1 2 3 3 4 0 2 4 7 5 6 3 4 1 1 1 1 1 1 1 1 2 3 1 3 3 3 3 4 3 7 9 6 2 6 5 4 1 1 1 1 1 1 1 9 0 1 2 2 1 3 2 6 2 2 3 6 9 9 4 1 1 1 1 1 1 1 1 2 2 3 3 3 4 3 3 2 1 6 7 1 6 9 3 1 1 1 1 1 1 1 1 2 4 3 3 2 4 1 4 0 1 6 7 9 1 7 1 Pr J N i o n e b t w i n p s g p r i r n a in t n i t d n g co p a n n u s d u b m l p i p e s t r h i i o o i n d n i g c . a . l . s . 3 5 1 . . . 6 8 4 2 5 7 1 1 11 1 1 7 5 6 1 1 1 2 2 1 1 2 8 1 1 1 1 2 2 9 2 3 1 1 1 2 2 2 6 9 5 1 1 1 2 3 2 6 1 3 1 1 1 1 2 2 7 2 5 1 1 1 1 0 2 6 8 1 1 1 1 1 1 2 8 4 0 1 1 1 2 2 2 1 0 1 1 1 1 2 2 1 2 9 9 1 1 1 2 2 1 1 5 9 1 1 1 1 1 2 9 9 0 1 1 1 0 1 1 2 3 9 1 1 1 1 0 2 6 7 0 1 1 1 2 2 2 0 2 3 Chemical and Petroleum Products. 9.34 133 142 145 145 141 140 144 142 140 139 139 133 139 143 Chemicals and allied products 6.84 137 147 "146 151 150 146 146 150 150 147 145 144 138 rite 149 Ind B u a s s t i r c i a i l n o c r h g e a m ni ic c a c ls hemicals . 2. . 5 5 4 7 1 1 4 3 0 7 1 1 5 4 4 9 151 1 1 5 5 1 3 1 1 4 5 9 3 1 1 4 4 7 8 1 1 4 4 5 1 1 1 5 5 0 7 1 1 5 5 0 9 1 1 5 5 0 7 1 1 5 5 0 9 1 1 5 5 2 5 1 1 4 4 6 8 1 1 5 5 1 1 153 Industrial organic chemicals 1.97 141 155 154 150 148 147 145 148 148 148 147 151 145 "151 152 Plastics materials . .24 157 183 181 179 173 166 168 192 193 190 179 183 170 .11 175 186 162 147 152 153 148 152 144 127 120 122 121 126 137 Synthetic fibers .59 141 156 148 143 135 136 133 135 142 146 149 157 151 155 148 Miscellaneous organic chemicals.. 1.03 133 144 150 148 149 149 147 144 141 141 141 143 143 146 148 Vegetable and animal oils .64 112 116 109 140 141 135 138 138 122 114 104 96 91 96 108 Vegetable oils .48 110 112 106 144 141 137 138 138 122 109 95 85 80 84 101 .16 119 131 120 129 140 127 138 140 122 131 132 127 126 129 131 Soap and allied products.. .71 110 113 116 134 128 117 118 124 127 111 104 99 69 104 116 Paints .66 112 118 118 117 117 116 114 115 115 116 116 117 117 117 116 Fertilizers .23 122 124 112 108 101 106 112 136 170 173 137 107 95 rQQ 111 p Preliminary. r Revised. c Corrected. 1 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. 1196 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? Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 123 130 133 131 131 128 125 126 121 120 123 124 122 124 P126 PePtertorloeluemum arnefdi ncionagl products ... 1.97 128 135 136 135 137 137 134 136 129 128 130 131 130 131 Pl 33 Gasoline ... 1.04 132 144 147 143 147 146 140 141 135 137 140 141 141 142 P143 Automotive gasoline .98 128 139 141 138 143 141 136 136 131 132 136 136 136 Aviation gasoline .... .06 194 227 247 220 211 228 214 227 212 215 218 235 229 Fuel oil .56 128 130 128 128 130 129 131 135 127 121 121 122 122 123 P125 Distillate fuel oil . .30 151 155 153 155 155 153 156 164 155 146 145 148 150 154 Residual fuel oil .26 102 101 98 97 100 102 104 102 96 93 94 92 89 87 Kerosene .10 119 117 108 116 116 124 128 135 116 106 99 100 97 99 Lubricating oil . .17 112 106 112 111 112 109 105 111 104 103 109 111 104 109 Coke .26 97 111 110 109 107 102 97 90 86 80 80 79 77 75 77 Asphalt roofing and siding .... .15 102 99 123 121 90 53 57 67 78 103 118 135 110 127 147 Foods, Beverages, and Tobacco 11.51 106 107 123 120 111 98 97 96 98 98 104 110 108 115 119 Food and beverage manufactures.. 10.73 105 107 124 120 111 99 97 96 98 98 103 110 109 115 120 Food manufactures .... 8.49 106 108 127 121 114 102 101 98 98 97 100 106 107 116 123 Meat products 1.48 114 115 111 123 135 125 126 112 115 106 105 108 102 108 120 Beef .46 100 129 139 144 139 134 141 129 132 127 132 137 135 138 141 Pork .83 119 104 92 107 128 116 114 99 102 91 87 89 81 88 104 Dairy products .69 98 105 99 85 80 81 86 96 104 119 135 145 '128 115 97 Butter .14 92 108 88 82 86 94 110 115 124 128 152 145 115 99 84 Natural cheese .07 103 112 102 89 86 93 100 109 117 133 159 161 129 114 9"8 Concentrated milk .19 91 93 72 67 68 74 78 84 95 115 139 139 109 94 76 Ice cream .28 102 106 118 94 80 73 72 87 92 107 110 139 ••143 133 113 Canned and frozen foods 1.13 117 121 233 154 104 86 76 72 71 75 85 99 138 194 204 Grain-mill products . .. 1.16 108 106 111 111 103 101 106 104 101 99 106 114 112 110 113 Wheat flour .46 84 81 84 90 82 76 86 83 78 75 76 78 78 82 86 Cereals and feeds .70 124 122 128 125 117 117 119 118 116 114 127 137 134 129 132 Bakery products . . 1.64 101 100 102 101 99 97 95 97 96 96 96 98 99 98 98 Sugar .27 104 113 106 250 277 177 89 63 58 63 76 82 •72 94 Cane sugar .11 109 113 121 105 97 96 97 104 116 103 109 121 112 115 .13 94 108 89 370 429 242 77 24 2 24 42 43 32 71 Confectionery .71 102 102 135 135 128 88 111 110 99 89 81 80 66 91 131 Miscellaneous food preparations ... 1.41 100 104 113 110 107 102 100 103 105 103 105 108 109 108 108 Beverages 2.24 102 105 113 116 99 84 82 89 98 103 115 126 118 110 106 Bottled soft drinks .54 116 Alcoholic beverages 1.70 98 100 108 118 100 80 78 86 98 100 108 114 103 »"96 98 Beer and ale 1.02 102 103 111 100 79 76 79 86 102 106 117 128 122 112 93 Liquor distilling .17 54 60 67 122 88 65 61 71 69 64 64 62 42 39 69 Liquor bottling .37 99 107 115 148 146 89 79 88 101 98 104 104 85 85 115 Tobacco manufactures .78 110 108 111 116 111 92 98 96 101 99 108 113 92 111 Cigarettes .46 114 111 115 118 110 96 105 100 106 103 112 119 98 115 Cigars .17 105 108 110 120 122 90 90 96 97 95 109 111 83 112 MINERALS—TOTAL 9.98 114 116 122 118 113 111 111 110 109 109 112 '115 110 111 110 no Mineral Fuels ... 8.35 113 115 119 116 113 113 115 113 112 111 111 113 108 vllO Coal 2.68 83 78 84 84 76 71 74 68 61 58 62 63 57 68 70 Anthracite .36 78 57 60 66 55 51 62 59 48 44 45 50 44 48 51 Bituminous coal 2.32 84 81 88 87 79 74 75 69 63 60 65 65 59 71 72 Crude oil and natural gas 5.67 128 133 136 131 131 133 134 135 137 '137 134 136 133 130 P129 Oil and gas extraction 4.82 125 129 130 126 128 128 128 130 131 132 129 129 124 123 P124 Crude oil 4.12 120 124 126 120 120 120 120 122 125 127 124 125 120 118 P118 Natural gas .34 159 167 150 •165 179 188 190 182 182 167 160 161 Natural gas liquids .36 145 157 160 159 162 166 163 167 161 156 155 156 151 151 Oil and gas well drilling .85 144 154 167 158 147 163 170 163 165 163 163 176 '180 166 Metal, Stone, and Earth Minerals .1.63 115 119 135 127 110 95 91 94 93 99 116 123 119 rll4 111 Metal mining .82 108 113 139 122 95 74 74 76 73 79 108 119 108 99 P94 Iron ore .. ... .33 104 128 198 155 85 40 39 42 39 58 126 152 139 132 117 Nonferrous metal mining .49 110 104 100 100 101 97 98 98 95 93 96 98 87 77 79 Copper mining .24 114 114 112 114 116 110 111 105 102 102 106 108 95 75 Lead mining . .09 97 86 81 79 78 80 75 91 87 82 78 80 74 83 76 Zinc mining .06 107 87 76 72 74 71 75 80 77 78 78 79 72 75 67 .81 123 124 131 132 126 122 108 113 114 119 125 127 130 130 128 p Preliminary. ' Revised. For other footnotes see preceding page. 1197 NOVEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve index numbers, 1947-49 average=100] 1947-49 Annual 1953 1954 Product proportion 1952 1953 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 105 127 121 118 112 109 112 113 112 116 119 119 117 115 107 69.72 109 138 130 126 117 114 119 121 119 126 130 128 127 125 111 Autos 32.10 103 146 137 132 127 127 133 134 133 139 145 136 127 121 87 Major household goods 36.13 115 132 125 121 110 104 108 110 109 116 120 124 128 131 134 Household furniture 1151..3321 1 1 0 1 9 3 1 1 1 1 3 8 1 11 0 3 9 1 11 0 2 7 1 1 0 0 2 9 1 9 0 9 4 1 9 0 8 2 1 9 0 9 3 1 9 0 9 3 1 9 0 7 2 1 9 0 6 0 1 9 0 6 2 1 1 0 0 2 4 '1 1 0 1 6 0 1 11 0 2 8 4.01 95 99 98 93 84 87 87 87 86 82 84 79 97 r97 98 Appliances and heaters 15.60 99 118 99 101 93 95 104 111 105 114 117 110 115 109 111 Major appliances 11.88 100 123 101 104 98 100 108 117 109 117 120 111 119 113 118 Ranges 2.60 75 90 85 77 68 67 70 85 84 76 83 81 83 74 Refrigeration appliances 4.98 106 137 96 105 98 108 114 131 118 136 144 131 135 125 122 2.51 115 141 136 137 136 125 145 140 129 134 124 113 136 146 169 Heating apparatus 3.72 94 100 91 92 79 79 90 89 91 103 106 107 101 98 Radio and television sets 5.21 184 230 248 221 185 145 148 142 151 178 198 246 245 270 278 3.42 53 67 60 65 66 59 58 47 43 43 43 45 47 56 46 1.79 436 541 606 518 413 307 321 325 356 436 493 631 '625 678 722 Other Consumer Durables 30.28 95 102 101 101 101 97 95 96 94 93 93 96 93 '91 98 Auto parts and tiies 14.00 90 91 89 88 89 88 88 90 88 89 90 96 89 85 Misc. home and personal goods 16.28 100 111 111 112 110 106 101 102 100 96 96 96 96 '97 101 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL..100.00 105 127 122 131 110 103 112 117 119 119 116 116 102 113 108 Major Durables 69.72 109 138 130 142 113 106 121 127 129 131 126 125 107 121 110 Autos 32 10 103 146 134 151 107 107 135 138 142 151 146 143 125 123 81 36.13 115 132 129 137 120 106 109 119 120 116 110 112 92 121 138 Furniture and floor coverings. . . 15.32 109 113 110 112 106 104 99 103 102 97 92 93 89 102 109 Household furniture 11.31 113 118 114 116 113 109 103 105 105 100 96 98 98 108 113 Floor coverings 4.01 95 99 97 102 87 88 89 96 94 90, 81 80 64 88 97 Appliances and heaters 15.60 99 118 108 114 96 92 98 117 117 116 112 112 88 101 121 11.88 100 123 105 110 98 100 106 130 129 124* 117 114 88 '96 122 Ranges 2.60 75 90 92 86 75 66 71 91 93 79 80 76 53 68 4.98 106 137 95 100 86 111 114 145 144 153 147 141 109 99 121 Laundry appliances 2.51 115 141 145 160 149 122 135 159 151 130 111 117 90 128 181 3.72 94 100 117 127 90 68 73 75 79 91 96 104 86 116 Radio and television sets ... 5.21 184 230 249 276 230 156 173 170 182 172 155 165 116 234 279 Radio sets 3.42 53 67 62 68 68 57 58 51 49 49 48 44 29 51 48 1.79 436 541 606 673 541 347 391 397 435 406 360 397 281 583 722 Other Consumer Durables 30.28 95 102 103 106 103 96 92 95 94 92 92 94 90 94 101 Auto parts and tires 14 00 90 91 93 93 89 84 84 87 85 87 90 96 91 90 Misc. home and personal goods 16.28 100 111 112 117 115 107 99 103 102 96 94 93 89 ••97 102 rRevised. NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may be obtained 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 [Compiled by Bureau of Labor Statistics. In thousands of persons] 1953 1954 Industry group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED Total 13,680 IS,447 13,751 13,063 12,935 12,840 1?,705 1?,6V 12,589 12,371 •12,332 12,393 1?,466 Durable goods 8,062 7,868 7,748 7,621 7,509 7,405 7,295 7,227 7,182 7,020 '6,972 7,012 7,091 Ordnance and accessories 193 187 184 177 165 150 137 125 120 117 113 115 114 Lumber and wood products 699 685 667 653 657 663 656 676 684 592 »-589 698 714 Furniture and fixtures 307 300 ?9S 289 286 287 ?84 284 284 283 292 296 9Q1 Stone, clay, and glass products. . 463 457 446 432 431 429 426 427 425 430 432 435 437 Primary metal industries . 1,112 1,088 1,069 1,044 1,022 1,005 991 981 983 979 ••973 964 961 Fabricated metal products .... 919 898 866 865 855 844 836 837 839 834 827 818 814 Machinery except electrical 1,280 1,253 1,226 1,212 1,202 1,184 1,169 1,153 1,140 1,119 ••1,121 1,124 1,112 Klectrical machinery 924 900 866 847 831 819 811 799 784 •793 '798 797 799 Transportation equipment 1,507 1,449 1,487 1,470 1,435 1,409 1,380 1,342 1,324 1,277 1,237 1,171 1,256 Instruments and related products 241 ?4? ?39 236 232 228 ??3 ??1 216 214 '212 214 ?13 Misc. manufacturing industries.. 417 409 403 396 393 387 382 382 383 382 '378 380 380 Nondurable goods 5,618 5,579 5,503 5,442 5,426 5,435 5,410 5,405 5,407 5,351 '5,360 5,381 5,375 Food and kindred products 1,122 1,135 1,114 1,102 1,103 1,109 1,110 1,111 1,106 1,084 '1,078 1,073 1,064 Tobacco manufactures 92 94 97 96 94 93 93 94 94 95 93 92 92 Textile-mill products 1,067 1,036 1,013 987 980 979 979 974 986 977 '996 998 988 Apparel and other finished textiles 1,087 1,08s 1,068 1,051 1,051 1,064 1,046 1,037 1,034 1,026 '1,029 1,025 1,038 Paper and allied products 448 442 435 436 435 434 433 435 438 439 438 443 442 Printing, publishing and allied industries 520 517 517 514 517 517 519 518 519 518 '519 522 517 Chemicals and allied products... 547 543 537 540 533 531 529 530 525 523 '524 524 523 Products of petroleum and coal. 185 184 182 180 180 179 178 180 180 179 '175 174 175 Rubber products 214 207 206 204 202 199 196 198 199 178 '179 202 204 Leather and leather products. .. 336 336 334 332 331 330 327 328 326 332 '329 328 332 For footnote see following page. 1198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Compiled by Bureau of Labor Statistics. In thousands of persons] 1953 1954 Industry group Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT Total 13,852 13,534 13,319 13,002 12,906 12,818 12,590 12,437 12,480 12,212 12,449 12,61 12,631 Durable goods 8,088 7,910 7,791 7,616 7,520 7,430 7,309 7,208 7,177 6,917 '6,933 7,020 7,119 Ordnance and accessories 193 187 184 177 165 150 137 125 120 117 113 11 114 Lumber and wood products 713 695 654 617 627 643 649 679 701 604 '613 722 728 Furniture and fixtures 313 308 301 293 292 290 283 277 275 272 288 297 297 Stone, clay, and glass products.. 465 459 448 428 427 429 428 427 427 424 434 437 439 Primary metal industries 1,112 1,088 1,074 1,049 1,027 1,010 991 976 983 969 '968 964 961 Fabricated metal products 924 902 875 874 864 852 840 833 831 809 819 818 818 Machinery except electrical 1,254 1,240 1,238 1,230 1,220 1,202 1,187 1,165 1,151 1,108 1,093 1,096 1,090 Electrical machinery 933 913 883 855 839 827 811 791 776 765 •782 797 807 Transportation equipment 1,507 1,449 1,487 1,470 1,435 1,409 1,380 1,342 1,324 1,277 1,237 1 ,171 1,256 Instruments and related products 242 243 241 237 233 229 224 220 215 210 '210 214 214 Misc. manufacturing industries.. 434 407 386 393 389 380 374 375 363 ••378 389 395 425 Nondurable goods 5,764 5,528 5,386 5,386 5,388 5,281 5,229 5,303 5,295 '5,516 5,592 5,512 5,624 Food and kindred products 1,224 1,083 1,024 1,009 1,009 1,011 1,031 1,079 1,142 '1,224 1,244 1,158 Tobacco manufactures 109 1,149 104 97 90 84 82 82 82 83 102 110 110 Textile-mill products 1,067 101 1,028 997 995 989 979 969 981 953 '981 988 Apparel and other finished textiles 1,103 1,046 1,084 1.062 1,088 1,101 1,030 985 987 980 '1,050 1,051 ,1,054 P P a ri p n e t r i n a g n , d p a u l b li l e i d sh p in r g o d a u n c d ts allied 448 1,0 4 8 4 5 6 442 438 437 436 433 433 436 430 436 441 442 industries 525 522 525 514 514 517 516 515 519 513 '514 522 522 Chemical and allied products 552 548 540 540 536 539 534 525 517 513 '516 527 528 Products of petroleum and coal. 185 184 181 178 178 177 176 179 181 181 '179 177 175 Rubber products 216 210 209 206 203 199 195 197 198 173 '177 202 206 Leather and leather products. . . 334 334 332 332 339 338 325 315 324 327 '337 330 330 '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 October 1954 are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1953 1954 1953 1954 1953 1954 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Total 72.14 71.06 71.86 72.22 40.3 39.7 39.7 39.9 1.79 1.79 1.81 1.81 Durable goods. 77.90 76.59 76.99 77.97 41.0 40.1 40.1 40.4 1.90 1.91 1.92 1.93 Ordnance and accessories 78.94 80.20 81.00 82.82 40.9 40.1 40.1 40.8 1.93 2.00 2.02 2.03 Lumber and wood products 67.32 '65.57 66.97 68.54 40.8 '41.5 40.1 40.8 1.65 1.58 1.67 1.68 Furniture and fixtures 64.12 '63. 74 64.46 65.57 41.1 '40.6 40.8 41.5 1.56 1.57 1.58 1.58 Stone, clay, and glass products. 72.10 72.04 72.85 73.34 41.2 40.7 40.7 41.2 1.75 1.77 1.79 1.78 Primary metal industries 83.82 '80.64 82.01 82.86 40.3 '38.4 38.5 38.9 2.08 2.10 2.13 2.13 Fabricated metal products 77.23 '76.95 77.14 77.55 41.3 40.5 40.6 40.6 1.87 '1.90 1.90 1.91 Machinery except electrical 83.58 '80.80 81.61 81.81 42.0 40.2 40.2 40.3 1.99 '2.01 2.03 2.03 Electrical machinery 71.91 '72.04 72.98 73.93 40.4 r39.8 40.1 40.4 1.78 1.81 1.82 1.83 Transportation equipment 85.89 r85.63 86.65 87.48 40.9 r40.2 40.3 40.5 2.10 2.13 2.15 2.16 Instruments and related products 74.93 '72.29 73.82 75.14 41.4 '39.5 39.9 40.4 1.81 1.83 1.85 1.86 Miscellaneous manufacturing industries. 65.19 '63.84 64.56 65.61 41.0 '39.9 40.1 40.5 1.59 1.60 1.61 1.62 Nondurable goods. 63.67 '64.68 65.24 65.07 39.3 '39.2 39.3 39.2 1.62 '1.65 1.66 1.66 Food and kindred products 67.23 '67.57 68.72 67.89 41.5 41.2 41.4 40.9 1.62 '1.64 1.66 1.66 Tobacco manufactures 48.07 '49.67 49.13 49.50 39.4 '38.5 39.3 39.6 1.22 1.29 1.25 1.25 Textile-mill products 52.33 52.36 52.36 53.04 38.2 38.5 38.5 39.0 1.37 1.36 1.36 1.36 Apparel and other finished products... . 48.74 '48.87 48.96 47.84 36.1 '36.2 36.0 35.7 1.35 '1.35 1.36 1.34 Paper and allied products 73.53 '74.98 75.23 76.01 43.0 "42.6 42.5 42.7 1.71 1.76 1.77 1.78 Printing, publishing and allied products. 86.58 '87.40 88.39 88.17 39.0 '38.5 38.5 2.22 2.27 2.29 2.29 Chemicals and allied products 76.04 '78.94 79.93 78.91 41.1 "40.9 41.1 85 '1.93 1.94 1.92 Products of petroleum and coal 91.80 '93.07 95.58 94.30 40.8 "41.0 41.0 25 2.27 2.32 2.30 Rubber products 75.07 '76.25 79.60 83.02 39.1 •39.1 41.1 1.92 '1.95 1.98 2.02 Leather and leather products 49.68 '51.24 50.09 49.90 36.0 •37.4 36.3 35.9 1.38 1.37 1.38 1.39 'Revised. NOTE.—Data are for production and related workers. Figures for October 1954 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. NOVEMBER 1954 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS BY INDUSTRY DIVISION [Compiled by Bureau of Labor Statistics. 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 a li 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 L.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 L ,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—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 July 47,982 15,775 742 2,637 4,014 10,507 2,095 5,555 6,657 August '47,944 '15,732 '730 '2,640 ••4,001 '10,504 '2,095 '5,551 6,691 September 48 055 15,793 717 2,623 4,015 10,485 2,116 5,523 6,783 October 48,180 15,868 714 2,608 4,010 10,494 2,120 5,548 6,818 WITHOUT SEASONAL ADJUSTMENT 1953—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 IVIay 47,935 15,836 737 2,634 4,008 10,375 2,081 5,563 6,701 June 48,137 15,888 744 2,729 4,032 10,414 2,104 5,601 6,625 July 47,808 15,627 735 2,795 4,043 10,377 2,126 5,638 6,467 August '48,045 ••15,863 '737 ••2,851 '4,030 '10,350 '2,126 '5,634 6,454 September 48,523 16,019 721 2,807 4,031 10,485 2.116 5,606 6,738 October 48,635 16,036 714 2,764 4,020 10,599 2,109 5,548 6,845 '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. October 1954 figures are preliminary. Seasonally adjusted figures formerly compiled by the Federal Reserve from unadjusted data of the Bureau of Labor Statistics have been compiled by the Bureau beginning September 1954. Back data may be obtained from the Bureau of Labor Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor labor force population force Total Unem- Total In nonagricul- In ployed tural industries agriculture 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2.064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,046 66,965 63,417 61,894 55,366 6,528 1,523 48,081 1953—September 115,342 67,127 63,552 62,306 55,044 7,262 1,246 48,215 October 115,449 66,954 63,404 62,242 55,083 7,159 1,162 48,495 November 115,544 66,873 63,353 61,925 55,274 6,651 1,428 48,671 December 115,634 66,106 62,614 60,764 55,326 5,438 1,850 49,528 1954—January2 115,738 66,292 62,840 59,753 54,469 5,284 3,087 49,447 February 115,819 67,139 63,725 60,055 54,351 5,704 3,671 48,679 March 115,914 67,218 63,825 60,100 54,225 5,875 3,725 48,696 April 115,987 67,438 64,063 60,598 54,522 6,076 3,465 48,549 May 116,083 67,786 64,425 61,119 54,297 6,822 3,305 48,297 June 116,153 68,788 65,445 62,098 54,470 7,628 3,347 47,365 July 116,219 68,824 65,494 62,148 54,661 7,486 3,346 47,395 August 116,329 68,856 65,522 62,276 55,349 6,928 3,245 47,473 September 116,432 68,565 65,243 62,144 54,617 7,527 3,099 47,866 October 116,547 68,190 64,882 62,141 54,902 7,239 2,741 48,357 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 may be obtained from the Bureau of the Census. 1200 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 In tr d i B u al s u - sin m e C s e s o rc m ia - l P ut u i b li l t i y c O n r d t e t o e i h s a n n i e l - - - 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 1939 8,198 4,389 ,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—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 '2,958 1,992 975 724 170 189 365 293 966 84 270 62 550 February »-3,047 2,000 976 728 176 187 365 296 1,047 85 327 61 574 March... '•2,995 2,010 988 724 182 176 366 298 985 79 300 64 542 April '3,013 2,059 1,040 714 183 165 366 305 954 77 293 66 518 May '•3,076 2,130 1,104 713 175 171 367 313 946 70 297 66 513 June »-3,076 2,122 1,102 710 171 172 367 310 954 90 292 63 509 Tuly . '•3,086 2,168 1,145 708 167 174 367 315 918 75 292 62 489 August P3,114 2,196 1,169 718 164 187 367 309 918 70 288 59 501 September P3,153 2,216 1,196 714 156 191 367 306 937 71 299 55 512 October . . . P3,121 2,208 1,196 708 153 188 367 304 913 70 290 53 500 ^Preliminary. rRevised. 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—October 1,892 689 1,203 635 235 171 153 200 500 November 1,394 483 911 484 232 101 140 138 298 December . ... 1,300 479 821 434 136 97 176 131 326 1954—January 1,152 363 789 462 111 114 132 117 216 February . . . . . . . ... 1,221 436 785 509 106 93 144 125 244 March 1,528 484 1,043 668 80 134 179 140 328 April 1,692 477 1,215 796 94 178 171 163 290 May . . 1,925 669 1,256 825 86 179 189 218 428 June . 1 733 625 1,108 720 107 192 186 172 357 July 1,837 681 1,156 745 108 145 201 187 450 August 1,573 509 1,064 693 93 141 181 136 330 September 1,816 589 1,227 777 160 130 182 175 392 October 1,965 852 145 186 155 186 443 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—July 1,793 94 299 117 221 149 199 334 121 98 63 99 August 1,414 90 242 77 221 152 123 217 90 48 59 94 September 1,742 59 264 81 496 113 156 219 81 58 69 147 1954—July 1,837 95 270 143 207 163 167 394 110 86 90 112 August 1,573 109 198 106 193 133 175 306 85 76 90 102 September 1,816 107 263 122 220 151 173 311 124 66 111 166 NOVEMBER 1954 1201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PERMANENT NONFARM DWELLING UNITS STARTED fin thousands of units] Private Government-underwritten Rural Year or month Total Urban non- Public farm Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Total FHA VA 1939 515 359 156 458 373 20 66 57 158 158 1941 706 434 272 620 533 28 58 87 220 220 1945 209 134 75 208 185 9 15 1 47 41 6 1946 671 404 267 663 590 24 48 8 152 69 83 1947 849 480 369 846 740 34 72 3 440 229 211 1948 932 525 407 914 763 46 104 18 393 291 102 1949 1,025 589 436 989 792 35 162 36 466 361 105 1950 1,396 828 568 1,352 1,151 42 159 44 686 486 200 1951 1,091 595 496 1,020 892 40 88 71 413 264 149 1952 1,127 610 517 1,069 939 46 84 58 420 279 141 1953 1,104 565 539 1,068 933 42 94 36 407 252 155 1953—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 1 25 13 12 February.. >75 n.a. n.a. 74 65 2 7 1 30 16 14 March »95 n.a. n.a. 93 83 3 7 2 37 21 16 April 108 n.a. n.a. 107 96 3 7 1 44 24 20 May 109 n.a. n.a. 107 98 3 7 1 49 24 25 117 n.a. n.a. 113 102 3 8 4 56 28 28 July 116 n.a. n.a. 113 102 3 8 3 52 25 27 August Pill n.a. n.a. PllO n.a. n.a. n.a. p\ 61 28 33 September P114 n.a. n.a. P112 n.a. n.a. n.a. 92 60 26 34 October P106 n.a. n.a. P106 n.a. n.a. n.a. P(i) 58 24 34 P Preliminary. n.a. Not available. iLess than 500 units. NOTE.—Government underwritten units are those started under commitments of FHA or VA to insure or guarantee the mortgage. VA figures after June 1950 and all FHA figures are based on field office reports of first compliance inspections; VA figures prior to June 1950, estimates based on loans closed information. Other figures are estimated by Bureau of Labor Statistics on the basis of reports of building permits issued, reported starts of public units, and a sample of places not issuing permits. FREIGHT CARLOADINGS, BY CLASSES [Index numbers, 1935-39 average=100] Monthly—seasonally adjusted Monthly—without seasonal adjustment Annual Class 1953 1954 1953 1954 1952 1953 Sept. Apr. May June July Aug. Sept. Sept. Apr. May June July Aug. Sept. Total 126 127 126 Ill 112 111 109 Ill Ill 137 108 114 116 114 114 120 Coal 109 103 114 79 84 85 80 90 98 114 79 84 85 80 90 98 Coke 168 171 164 98 94 95 94 90 98 162 96 93 93 91 87 97 Grain 142 135 131 134 144 155 151 138 131 147 118 127 158 181 149 147 Livestock . 69 63 59 62 58 54 54 59 67 78 55 53 41 47 56 89 Forest products 144 143 137 127 128 127 119 119 129 148 127 133 132 120 125 140 Ore 181 215 216 136 136 164 159 145 137 324 88 224 255 255 217 205 140 143 139 130 128 125 125 126 123 150 128 130 129 126 "127 133 Merchandise, 1. c. 1 46 43 43 39 39 38 38 40 39 45 40 39 38 38 40 41 c Corrected. 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 i a l n it d a is r e y - e a x i p d o r s ts h i e p x m clu e d n i t n s g 2 Merchandise imports3 Month 1952 1953 1954 1952 1953 1954 1952 1953 1954 1,254 1,293 1.092 1,189 1,016 922 922 922 833 February 1,344 1,199 1,182 1,260 926 998 893 856 809 March 1,447 1,391 1,125 1,330 1,053 921 964 1,005 '862 1,355 1,394 1,426 1,187 1,054 1,258 933 1,013 ••958 May 1,480 1,453 1,399 1,244 1,085 1,135 835 902 829 June ,171 1,384 1,472 1,058 1,013 1,113 861 933 ••946 July ,030 1,358 L,291 893 960 ••1,023 839 908 821 August ,087 1,187 P1,149 916 911 P949 818 840 P825 September ,229 1,256 eL.130 981 1,051 «975 877 926 «781 October 216 I 259 1,043 1,019 918 814 November ,190 1,253 995 1,031 805 849 December .391 1.353 1,108 1 .137 1,053 907 January-September. 11,397 11,915 •11,266 10,058 9,069 «9,294 7,942 8,305 "7,664 pPreliminary. 'Estimated. rRevised. 1 Exports of domestic and foreign merchandise. 2 Department 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. 1202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t n - ta c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a 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—September 107 105 98 104 109 ••117 119 106 '103 100 103 112 110 October ... 110 107 104 106 110 117 128 109 108 103 108 122 111 113 107 102 108 115 118 128 113 114 105 112 127 112 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 92 119 117 101 108 95 103 115 111 April. , 111 105 102 109 104 122 127 111 114 100 113 120 111 May . . 108 102 100 105 98 115 122 108 106 104 109 123 114 June 112 106 102 109 107 120 129 110 122 103 115 127 114 July 111 107 101 109 105 117 132 106 112 105 118 132 115 August .... 112 104 105 107 108 120 131 '108 110 105 112 127 ••115 September PIOS 109 102 107 101 115 P121 106 104 101 107 114 110 WITHOUT SEASONAL ADJUSTMENT 1953—September 112 112 102 108 114 '124 122 113 '110 110 109 119 111 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 192 194 178 188 187 211 219 188 185 171 189 209 195 195 4—Janu ary 83 83 81 80 80 80 94 82 83 75 83 94 85 February . .. 86 81 83 84 80 89 101 83 88 83 86 98 86 March 89 86 85 91 82 97 110 86 92 79 90 102 88 April 110 108 101 109 105 124 129 109 112 101 110 119 107 May 106 102 98 104 98 114 120 108 106 104 109 119 107 June 106 106 99 104 100 113 114 108 110 96 108 112 105 July 88 77 73 78 82 93 106 86 89 84 97 111 100 August 98 83 80 85 94 102 115 r98 100 99 104 115 111 September P113 115 106 111 105 122 P123 113 111 111 114 121 112 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—September 128 117 ••118 122 121 »-140 148 127 129 122 141 '142 132 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 121 118 111 112 112 136 141 121 120 111 129 127 124 April 120 117 113 114 113 135 135 122 116 111 125 127 116 May 121 120 115 116 117 137 137 122 118 111 127 128 119 June 122 117 114 117 115 139 135 122 119 112 131 131 122 July 124 116 117 116 117 139 137 122 129 113 133 133 129 August 124 119 115 115 116 139 136 124 116 119 137 132 129 September P124 118 115 117 115 141 P143 124 104 122 P135 P134 128 WITHOUT SEASONAL ADJUSTMENT 1953—September ••133 120 123 127 127 •"145 152 129 138 123 144 »148 137 October 141 132 130 139 137 154 161 139 138 126 149 152 148 November 142 134 132 137 136 151 165 143 132 128 152 151 144 December 109 105 104 103 106 115 125 111 104 101 117 120 108 1954—January 108 102 98 99 104 120 130 108 99 100 118 115 111 February 114 106 104 111 111 127 139 114 108 106 125 127 113 March 126 120 116 120 119 142 147 126 123 115 133 136 125 April. . . . 127 122 118 123 120 146 143 126 124 116 134 135 125 May 126 121 118 119 119 146 138 124 123 113 134 130 129 June 116 110 107 109 109 133 128 116 119 107 127 121 122 July 115 105 104 103 106 135 128 114 120 109 125 123 125 August 120 ••114 111 •"110 112 139 136 118 119 114 130 129 122 September P128 121 120 121 121 146 »147 126 111 124 P138 P139 132 ^Preliminary. rRevised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end ot the month or the annual average. NOTE.—For description and monthly indexes for back years, see BULLETIN for December 1951, pp. 1463-1515. 1203 NOVEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued [Based on retail value figures] DEPARTMENT STORE MERCHANDISING DATA Amounts (In millionsof dollars) Ratios to sales1 Year or month m S ( o a t f n l o o t e t r a s h l 2 ) S m t o ( o n e o c n f t k d h s ) 2 o ( s r e O t i d n u a n e d t n g r d - o s - f 2 m c ( e o R t f i n o e o p t t - t r a h s l ) 3 o m r ( o N t d f n e o o e t t w r r a h s l ) 3 Stocks s o O t r i u a d n n t e g d r - - s S s t t o p i o a u l n c t n u g d k - s - s ce R i e p - ts month) orders 1944 average 246 574 596 244 256 2.4 2.5 5.0 1.0 1945 average 276 604 775 277 291 2.3 3.0 5.3 1.0 1946 average 345 767 964 373 354 2.3 3.0 5.3 1.1 1947 average 365 887 588 366 364 2.5 1.7 4.3 1.0 1948 average 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 average 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 average 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 average 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 average 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 average 402 1,157 421 403 397 3.0 1.1 4.2 1.0 1953—September.. '393 r1,213 492 '464 '464 3.1 1.3 '4.3 1.2 October 440 1,297 462 '524 r494 2.9 1.1 4.0 1.2 November.. 477 L,327 371 507 416 2.8 0.8 3.6 1.1 December. . 725 L.042 288 440 357 1.4 0.4 1.8 0.6 1954—January.. . . 310 1,010 370 278 360 3.3 1.2 4.5 0.9 February... 299 1,075 403 364 397 3.6 1.3 4.9 1.2 March 351 1,176 343 452 392 3.4 1.0 4.3 1.3 April 402 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 L.067 386 284 423 2.8 1.0 3.8 0.8 July 306 1,042 468 281 363 3.4 1.5 4.9 0.9 August 350 1,095 465 403 400 3.1 1.3 4.5 1.2 September? 399 1,184 486 488 509 3.0 1.2 4.2 1.2 ^Preliminary. 'Revised. xThe first three ratios are of stocks and/or orders at the end of the month to sales during the month. The final ratio is based on totals of sales and receipts for the month. 2These figures are not estimates for all department stores in the United 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 Dec, 2 153Dec. 1 161Dec. 6 195Dec. 5 190 une 2 95 une 7. ...111 une 6. ...118 Tune 5 97 9 191 8 191 13 223 12 216 9 108 14 116 13 112 12. ...111 16 220 15 213 20 237 19 234 16 106 21. ... 98 20.... 111 19 115 23 221 22 228 27 146 26 163 23 92 28 91 27 94 26.... 97 30 82 29 92 30 89 1951 1952 1953 1954 Jan. 6 98Jan. 5 78Jan. 3 81 an. 2 81 uly 7. ... 75 'uly 5 79 uly 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 81Feb. 2 84Feb. 7 88Feb. 6 86Aug. 4 88Aug. 2 87Aug. 1 .... 86Aug. 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 99Mar. 1 85Mar. 7 96Mar. 6 85Sept. 1. ...105Sept. 6 100Sept. 5 101Sept. 4 113 10 105 8 88 14 100 13 92 8 100 13 114 12 102 11 97 17 101 15 90 21 109 20 95 15 114 20 113 19 120 18 120 24.... 105 22 94 28 112 27 100 22. ...111 27.... 112 26 114 25 '118 31 89 29 101 29 114 Apr. 7 101Apr. 5 109Apr. 4 118Apr. 3 103Oct. 6 110Oct. 4 116Oct. 3 112Oct. 2. . . 1.10 14 100 12 111 11 97 10 113 13 117 11 126 10 120 9. . . 1.18 21 97 19 97 18 105 17 118 20 116 18 124 17 118 16 119 28 101 26 105 25 104 24.... 10 27 113 25 122 24 113 23 123 31 113 30... .117 May 5 113May 3 111May 2 114May 1. . . .112Nov. 3 121Nov 1 115Nov. 7 121Nov 6 126 12 110 10 117 9 128 8 123 10 127 8!'.!!118 14 133 13. . . . 19 99 17 99 16 105 15 9 17 130 15 130 21 131 20 26 100 24 105 23 112 22 10 24 123 22 134 28 133 27. . . . 31 97 30 97 29 10 29 138 ' Revised. NOTE.—For description and weekly indexes for back years, see BULLETIN for April 1952, pp. 359-362. 1204 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 r ic e c t s , i e ty rve S 19 e 5 p 4 t, A 19 u 5 g 4 . m 19 9 o 5 s 4 . Fe a d r e e d r a i a , s l t o r R r ic e c t s , i e ty rve S 19 e 5 p 4 t. A 19 u 5 g 4 . 1 m 9 9 o 5 s 4 . Fe a d r e e d r a i a , s l t o r R r ic e c t s , i e ty rve S 19 e 5 p 4 t. A 19 u 5 g 4 . 19 9 54 Fe a d r e e d r a i a , s l t o r R r ic e c t s , i e ty rve S 19 e 5 p 4 t. A 19 u 5 g 4 . m 19 9 o 5 s 4 . United States.. P0 -1 -3 Cleve.-cont. Chicago-cont. Kan. City-cont, Boston +3 +4 +1M W e h t. e e A l r i e n a g s - -cont. M D e e t. c a A t r u e r a 2 s-cont. -1 •"—3 0 M W et i . c h A it r a eas-cont. + 16 + 13 -2 Met. Areas1 Steubenville2.. q -3 -8 P R e o o c r k i f a o 2 rd — -2 11 — — 9 7 - — 6 8 O St m . J a o h s a eph + -6 4 + -1 2 + -6 4 P B o o r s t t l o a n nd +6 i +7 +2 C P it o y rtsmouth2. . . -6 -4 + 1 T ( r M i-C ol i i t n ie e s , 2 IJ ^ -7 A Ok lb la u h q o u m er a q u C e i . t y . + + 1 1 4 + 1 3 0 + -4 5 Downtown Rockland; Tulsa +3 4 -1 C N M A L N W S P i e A L e p o t S r l e i w t o B b r o w a e B w n l u . i r b a w s v C o n e b e c o n Y a A i g s c l u r e s a B n y l d t e r f t o t s - r m o y - a i o e e n e b t r e S n e d a n n c d b k a l c r 2 s y e d c n f r 2 1 h o . i - e d e T 2 r . . - g d r .. e . o . . . y . + + + + + + + + - — 1 4 6 6 4 4 1 9 1 1 1 + + + + + + - 3 3 7 8 5 6 9 0 + + + + + - - - - 7 2 2 5 3 4 1 1 1 2 i R M A W W C C N C R B R R G i e D P h o h s a o i a o r c W t i W a c h o e l . a l a l r n o a h s e h t u f e e r r r n s w . i h o a m i l l t m m n A v m t g o e e s s l i o V n v i r k h h n s s m k o o b l o n t e i - l t t a 2 g e o n n i l r e a o o - o l a . 2 e w t S d 2 d s e 2 n n 2 u o 2 1 2 2 a , , n t n l h S 2 e 2 . . m C . . 2 . . . : - + + + + 1 — - - - - — - 1 1 1 2 1 0 2 9 2 1 5 6 1 - + + + + + 1 - - — - - 8 4 8 1 1 2 9 2 3 2 7 0 0 0 + + + + - - - - - - - — 3 2 4 6 2 4 4 2 3 1 1 Q 4 i S W J S F T S D F D D G K L G M I C a n a i o o l e a e r e a r e u o c D a i a d g e u r a n r d s l n t b u k d t t r i a e i n r t s a a e n e t x u h a i s o n m M i 2 d r v r W s a o n q n i l o e C w H a t o n B g u B R a o n 2 n a z R o 2 2 i e p a e a i a p t o y a y o n y n u p o o n p l e d i t r e i d i e t 2 s s 2 d ) . s 2 2 . . . . s . . . . . . . 2 . . . . . . . . p P + - - + + + + 1 1 - - - - - — - - - - 1 2 7 3 7 3 1 3 1 3 0 0 2 3 2 8 7 2 4 + - + + + + + + 1 — - - - - - - 1 9 1 4 2 3 1 8 4 2 2 1 1 1 3 0 0 6 - + + + + - 1 - - - - - - - - - - - 1 4 5 5 4 9 8 6 2 3 2 5 7 5 3 7 3 i M D C W F J S D H C H K E E G o a e i h o l n o a o t r a u a t p l i r r e i . l r n u l e P c t t e l d l e p a c s i s o s a a v A l n u s W a h t e s s e o s r s 2 y o i p e n n o a C o C 2 r s s r t h o t i h r t n . y i . s . . . t . . i . . . . . . + + + + + + + - - - 1 1 3 4 2 2 8 3 4 1 2 2 0 i + + - - - - - - 1 4 4 8 3 1 1 1 0 0 Q ^ o 1 - - — - - - - - - - - 4 1 2 1 5 3 3 6 3 2 2 2 2 S N U R B B N U N N S B y u o e t i N i r c n w f . u t i c e c a f i a h g f h e a a c Y w c g f e w l e h Y a - a u o a . R n a s l a s o r o t e r m J a o e C e r 2 c k e 2 m k r t i t 2 2 F r - o a . t e s N a . y d n e . l 2 . y y . . l . . s . . . . . E . . . . . . . . . . + + + + + - 9 3 6 6 4 1 0 + +1 1 - + + + + - - - - 1 1 1 1 1 6 . 8 4 4 4 1 + + + + - - - - - - 1 1 2 3 1 4 3 4 1 1 0 2 A M C S N H C L P B i t e H p a t u y e i u l i t r r a e a . w m a n n k m s r n g c t p e b A t i e t i h r a o e n a r n r s n r b r e s g g b t l a b t u a t u h o s o N u n r r a 1 w n g g d r e m 2 g 2 n - w . . 2 . . . . . s . . . . . . . . . . . . P - + + 1 + — -6 3 1 3 1 4 4 ^ + - - - - - 3 8 8 3 8 1 0 c - - - - - - - - 1 4 9 4 9 7 9 9 S M C A S D M P M B t i e h . o t p a a i u t i e r p e . t n l L s t b t w s l v l k A o e o e H i a e t u y r l o u g l e u C g i e n k o a s r a r n e s o n e e n e 2 . k . . . . . . P - + 1 + - - - - — 8 4 1 6 1 1 1 7 - - + + 1 1 - - 1 9 3 1 8 2 2 - - - 1 1 1 -2 1 1 1 0 Q < j J M S F L P a L P e r h o n W t e D a o s o . s L s n e o F A n e a g . A n w s o d r n i A r t 2 a x e n s g e B . n 2 i t n a e 2 d o e a s l c e w e a 1 i s c s L n 2 c h .A . o 2 . . . . . . . * P P P + + + - - + 1 3 4 2 1 4 7 0 0 + - - - - 7 1 5 1 3 0 0 3 -1 - - - - - - - 6 4 1 4 1 4 2 2 + 1 Mobile +6 -3 Fort Smith -8 -8 2 Santa Monica.. +7 +3 -2 Cities Montgomery. . . +4 + 1 2 Little Rock2.... -1 -4 + 1 Riverside and P B E o l r m u id g i g r h a e k p e o e r p t s 2. i e . . . . +8 +2 + -6 2 J O S M a t r . c i l a a k P m n s e d o i t 2 o e n r v s i b l u le r 2 g .. - . P + + + — 2 1 1 1 + + + + 3 5 6 5 + + + -1 2 2 1 S S L E p t o v . r u a i L n i n s g o s v f v u i i i l i e l l s l l e 2 d e 2 2 P - + 1 + -1 4 3 4 - + 1 - - 4 2 2 1 -1 - - 3 3 3 0 S Sa a S n n c a a r D r a n d m i i B e n e g e o n o r t - 2 o2. . . + + -6 5 1 + - - 3 4 5 - - 3 3 C M C P M S Y T A C C C C L Y S W W T L P R i h l e H p e t c o e h l r i a o a e o k o e y t t i e i i n r e r x l n n . v i l a . r a u l r l l i a e v l u c n k i m o k a c n d e t z n a n n d e A A i m o e t n 2 a l l g i d d g n g i t o o l a e s n r n r 2 s n o f a b e e t s n 2 - e n e t n t g i 2 o n n g B o t l l u e e a a a 2 2 d o n p p d t n l r s s s t a o d 2 2 w h i 2 h 2 r 2 n 2 i r . i . n a . e a 2 . 2 - . . . . . . . . . . . P -1 - + + + + - - - - - + + + - - _ 7 4 3 7 2 2 7 5 2 2 2 9 6 6 3 2 1 1 - - - 1 - - - - 1 - 1 - - - - - 2 1 3 1 5 9 3 7 0 8 1 0 4 - - 1 1 - - - - - - + - - - - - - - 8 4 7 6 7 3 9 4 6 1 1 6 2 5 0 1 j C M C C J N M A A S K R B N C M B C i h A a e E S T a t h r o o a u a e n t h i t c e a i T i v t l l e . u a i w t m s l g o c s a . k g r a c c o u s a h r a m t i a u x t i s o n a e n o o d A m n P n v m t s v g o O g n t a p l r i n r e i t a o i b a n a o 2 p a l n e R a r l a t 2 n l 2 u 2 l a a e l 2 o h e e o e s s r 2 o 2 a s 1 u g b n g a u s e 2 2 r 2 . . g . . . . . P P P + - - - + + + + - 1 1 + 1 + - - + _ - - - - 5 3 9 P 1 1 3 2 2 0 3 1 1 2 3 3 4 8 9 O 1 1 r r - - - - + + 6 + + + + + 1 1 - - - - - - 2 - 4 6 8 5 7 5 8 2 1 8 3 6 7 4 3 1 0 i — + + + + + - - - - - - - - - - - 3 9 2 4 9 4 6 4 9 4 3 4 2 1 1 0 1 1 0 0 K M M M C C Q S G G L D P M M M i i S S e a e M i a a t t i u r r u o i i t t p a e n n u t C a d e e e . . i l u . m n i l s s n n a p u u s n r s n x A k t P c d A a o e c t . p e n - y h a r s r s a a r F F a h S e e i - F t s e h u o a o a i p a a t e C a o s . l l l r p s 2 o s l 2 l 2 r i s s 1 o P l k t i l y a s s i u . . . s . 2 l . . . 2 . . - . . - + + + + + + + 1 - - - - 2 2 3 1 P 8 4 2 3 4 4 1 O 1 ? - + + + + + + + + + + 2 - - 4 1 1 3 4 4 3 2 2 4 2 7 1 0 - + + + + + 2 — - — - - - 1 4 2 1 4 2 2 3 1 1 0 0 5 1 C S S S S T S S T P T B B E B I i d O V S N a a a t e p w o t u a o v e a o i O a n n l B a a o c c r i l e a a e k a t i c h s l n D t t s s l n o k k e a r m i e e l t F J l k o O L o n e m r a l a e l k o r o F r t a e n F k g p t j a a n n s l a w o a F s o t 2 r n a a h a e k a n f e 2 d k n e n a a 2 d n l n i a l e d 2 2 2 c n l 2 e e l l - m t d a s l i y c o l s C s 2 n d 2 i w c s d 2 i o . c t n 2 . - y . o . . 2 2 . . p P + + + - + + + + + + - 1 - - - - 1 1 1 2 4 6 2 2 1 3 3 5 5 1 6 1 1 0 0 0 3 c + - - + + + + + + + + - 1 1 — - - - - 1 1 4 3 3 2 2 0 4 5 2 5 9 2 4 3 0 0 0 5 - - - 1 1 - - - 1 - - - - - - - - - 5 3 7 5 2 5 4 7 2 5 5 1 1 0 2 0 j c i P E i r t i t e s 2 burgh2. . . G To a l r i y et2. - - 2 6 - + 12 2 -1 -7 2 D To e p n e v k e a r + - 2 11 + -3 6 -4 0 W Ya a k ll i a m a W 2 alla2... + -3 2 — -8 1 -1 -5 2 P Preliminlaarryy.. rr RReevviisseedd.. 1 Breakdowwnnss sshhoowwnn uunnddeerr various metropolitan areas do not necessarily include all portions of ssuuch areas. 2 Indexes sshhowing longer term comparisons are also available for these areas and cities and may bbee obtained upon request from the Federa Reserve Bank iinn t_h„e d„i*st..rict in which the area or city is located. 3 Data not available. NOVEMBER 1954 1205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE 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 sales* 1947-49 average = 1002 Sales Stocks during (end of August Sales during Stocks at end Department period month) period of month A 19 u 5 g 4 . m E 1 o i 9 n g 5 t h h 4 t s A 19 u 5 g 4 . 1954 1953 1954 1953 1954 1953 Aug. July Aug. Aug. July Aug. GRAND TOTAL—entire stores -3 3.4 3.6 MAIN STORE—total -3 -4 3.6 3.8 86 75 86 111 106 117 Piece goods and household textiles. +2 -6 3.1 3.4 97 73 95 98 101 104 Piece goods +4 0 -9 4.1 4.7 60 49 58 82 97 Silks, velvets, and synthetics. 0 -4 -11 4.8 5.4 47 35 47 82 73 92 W Co o t o to le n n y y a a r r d d g g o o o o d d s s + 1 0 1 + -8 7 -1 - 3 2 3 3 . . 8 4 4 3 . . 4 9 8 7 1 3 2 9 7 1 8 6 0 6 10 9 8 5 10 8 2 6 12 9 3 7 Household textiles + 1 -2 -4 2.7 2.9 123 89 121 103 110 107 L D i o n m en e s s t a ic n s d — to m w u e s l l s ins, sheetings.... + 1 - - 3 1 - - 4 4 3 2. . 0 3 3 2. . 1 5 1 1 0 5 5 0 10 8 4 3 1 1 5 0 0 4 11 9 7 3 1 1 3 0 5 2 12 9 2 7 Blankets, comforters, and spreads. . 0 0 -4 3.1 3.3 115 83 111 108 111 113 Small wares. +4 -1 4.2 4.3 81 74 78 106 105 106 +4 Laces, trimmings, embroideries, and ribbons. -4 -2 4.9 4.9 63 65 65 101 97 103 Notions -3 -2 -3 4.4 4.6 76 80 76 118 117 122 Toilet articles, drug sundries 0 0 +3 3.7 3.7 90 91 86 99 101 96 +4 Silverware and jewelry +5 4-1 i 5.0 5.3 76 65 73 108 106 109 Silverware and clocks +9 +1 -7 5.8 6.8 78 61 72 120 , 121 129 Costume jewelry +5 +1 -1 3.2 3.4 78 74 75 102 91 104 Fine jewelry and watches. +5 +i +4 8.7 8.9 71 54 67 101 92 98 Art needlework -3 -5 -2 4.8 4.8 76 60 78 102 101 104 Books and stationery. . . +4 0 0 3.8 4.0 83 66 79 112 108 112 Books and magazines. +7 -2 -4 3.0 3.3 82 67 76 95 98 99 Stationery +3 + 1 +2 4.2 4.2 82 66 80 118 112 116 Women's and misses* apparel and accessories. -2 -4 3.0 3.1 87 70 88 120 107 125 Women's and misses' ready-to-wear accessories... * 2 -3 3.9 4.0 79 70 80 122 109 126 Neckwear and scarfs -3 -3 -3 2.8 2.8 87 79 90 132 111 135 Handkerchiefs -8 -6 -9 4.5 4.5 44 39 48 66 63 72 Millinery -11 7 -14 1.6 1.6 69 36 77 104 69 121 W Co o r m se e ts n ' a s n a d n d b r c a h ss il i d er r e e s n 's gloves , , + -4 2 -7 + -7 3 9 3. . 5 6 3 9 . . 5 8 10 3 3 6 10 2 9 9 10 3 1 7 13 9 3 6 13 8 2 1 1 1 3 0 0 3 Women's and children's hosiery -1 ±1 0 3.2 3.2 63 57 64 112 104 113 Un K S d i n e lk r it w a u e n a n d r d , e m s rw u li s p e l s i a n , r a u n n d d e n r e w gl e ig ar e , e s and slips... - - 1 1 0 -1 0 - - 7 7 y 3 3 3. . . 5 2 3 3 3 3 . . . 5 8 4 6 8 6 8 7 0 9 7 7 2 8 3 6 8 6 9 9 0 1 1 0 2 9 1 6 2 1 9 2 8 6 2 8 1 1 0 3 9 8 6 9 Negligees, robes, and lounging apparel. -4 + 1 -4 2.8 2.9 66 71 68 89 78 93 Infants' wear + - 2 1 -1 0 -5 2 3 3 . . 1 2 3 3. . 2 4 10 7 5 3 6 7 4 4 10 7 3 4 1 11 2 2 9 11 9 3 7 1 1 3 1 5 4 Handbags, and small leather goods. Women's and children's shoes. 0 -2 6.1 6.2 91 74 91 147 128 150 W Ch o i m ld e re n n 's 's s h sh o o e e s s + 1 -1 0 -2 0 4 6 . . 2 7 4 6 . . 2 8 12 8 2 3 6 7 7 5 12 8 1 4 1 1 5 4 3 7 1 1 2 2 9 6 1 1 5 5 0 3 Women's and misses' ready-to-wear apparel. -1 -3 -5 2.3 2.4 95 70 96 119 105 125 Women's and misses' coats and suits -12 -10 -11 2.9 2.9 70 33 80 121 91 137 Coats -11 -9 -11 2.6 2.6 78 29 88 127 91 144 Suits -11 -12 -11 3.4 3.4 62 41 70 113 80 126 Juniors' and girls' wear 0 -1 -4 2.0 2.0 122 70 122 132 118 137 Juniors' coats, suits, and dresses. -5 -3 -2 1.8 1.8 99 68 104 119 107 122 Girls' wear +4 +2 -5 2.1 2.3 151 73 144 143 128 149 Wo In m e e x n p ' e s n a s n iv d e m dr i e ss s e se s' s dresses. 0 0 -3 +4 0 1 1. . 5 9 1 1 . . 4 9 7 7 7 6 7 7 4 9 7 7 7 6 9 9 5 1 8 7 0 7 9 8 6 7 Better dresses 0 -3 -2 2.3 2.3 82 70 82 101 81 103 Blouses, skirts, and sportswear +3 0 -2 2.4 2.5 119 104 116 144 133 147 Aprons, housedresses, and uniforms. —3 +2 2.1 2.0 77 102 79 87 94 86 Furs +8 -1 3.4 4.3 115 42 107 105 112 121 Men's and hoys' wear. +2 -2 -13 5.5 5.9 71 70 70 120 110 127 Men's clothing 0 -4 -5 7.3 7.7 65 75 65 134 119 142 Men's furnishings and hats +2 2 -6 5.3 5.7 60 70 59 110 104 116 M Bo e y n s ' ' s w a e n a d r boys' shoes and slippers. +5 0 - - 1 2 -5 3 7 . . 7 1 4 7 . . 2 0 11 8 0 2 8 5 4 6 10 8 5 2 1 1 2 1 6 8 1 1 1 0 9 3 1 1 2 2 7 6 For footnotes see following page. 1206 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 change from a year ago Sales during Department period Eight Aug. months 1954 1954 -3 -5 -4 -6 -2 -5 -5 -7 -7 -9 -5 g -20 -14 -1 -4 -2 -6 -1 -4 -1 -3 + 1 -2 -4 -4 -3 -8 -9 -2 +11 +2 -1 +3 +6 0 +2 +4 +1 -3 -1 -1 -3 0 -9 -8 +6 +7 +5 -6 +9 +10 + 14 +7 +7 +2 +4 +5 +8 OOCN Ratio of ]federal Reserve index numbers stocks to without seasonal adjustment, sales1 1947-49 average = 1002 m ( S e t o n o n d c t k o h s f ) August Sal p e e s r i d o u d ring Sto of c k m s o a n t t e h nd 1954 1953 1954 1953 A 1 u 9 g 5 . 4 1954 1953 Aug. July Aug. Aug. July Aug. Homef urnishings. -6 3.8 4.0 94 86 97 103 107 110 Furniture and bedding -9 3.0 3.1 131 110 136 103 109 113 Mattresses, springs, and studio beds. -8 1.3 1.4 166 134 169 113 119 123 Upholstered and other furniture -10 3.6 3.8 119 102 124 102 109 113 Domestic floor coverings. -9 4.8 4.8 77 61 83 97 97 106 Rugs and carpets -9 4.8 5.0 81 63 86 100 103 110 Linoleum -12 4.4 4.1 50 49 63 60 60 68 Draperies, curtains, and upholstery -4 4.8 5.0 82 76 82 107 106 111 Lamps and shades -7 4.4 4.6 71 59 73 100 101 108 China and glassware -4 7.8 8.0 90 71 91 125 126 130 Major household appliances -10 2.3 2.5 73 92 74 79 84 87 Housewares (including small appliances). 0 4.1 4.1 89 93 88 112 117 112 Gift shop -2 5.7 5.7 90 79 91 128 127 131 Radios, phonographs, television, records, etc.. -16 2.8 3.1 89 73 93 87 91 103 Radios, phonographs, television -24 2.3 2.7 96 72 105 85 87 111 Records, sheet music, and instruments. ... +3 4.8 4.6 77 76 79 100 105 97 Miscellaneous merchandise departments.. -4 3.5 3.7 75 79 74 105 101 110 Toys, games, sporting goods, cameras. -6 5.5 6.0 70 77 68 121 114 128 Toys and games -10 5.7 6.7 58 62 55 127 118 141 Sporting goods and cameras 0 5.1 5.1 87 102 88 109 109 110 Luggage. -4 -6 3.4 3.7 94 102 92 103 105 109 Candy... +2 +7 1.2 1.1 66 62 64 71 78 66 BASEMENT STORE—total -3 -7 2.4 2.7 87 74 86 104 98 112 Domestics and blankets -5 -4 2.3 2.3 116 90 120 108 111 112 Women's and misses' ready-to-wear. -4 -8 2.0 2.1 84 71 84 102 92 110 Intimate apparel -1 -4 2.6 2.6 83 89 84 106 106 110 Hosiery -3 -3 2.5 2.5 Underwear, corsets and brassieres. 0 -3 2.6 2.7 Coats and suits -12 -16 2.3 2.5 59 25 65 99 74 118 Dresses -9 +2 1.2 1.1 70 83 76 77 76 76 Blouses, skirts, and sportswear + 1 -12 1.7 2.0 111 102 104 110 98 125 Girls' wear +2 -6 1.5 1.7 144 69 134 125 109 133 Infants' wear 0 -8 2.3 2.7 114 75 108 122 111 132 Aprons, housedresses, uniforms -10 -8 2.5 2.5 Men's and boys' wear. +2 -7 2.9 3.4 91 81 83 112 104 120 Men's wear.. +2 -6 3.2 3.7 78 85 71 109 104 115 Men's clothing.. . . +4 -6 3.5 4.2 85 92 74 120 111 128 Men's furnishings. + 1 -5 3.0 3.4 76 83 70 105 99 111 Boys' wear +2 -10 2.1 2.5 140 69 131 120 111 134 Homef urnishings -6 -5 3.1 3.3 83 66 81 100 105 105 Shoes -2 -3 4.0 4.3 91 78 88 116 104 120 NONMERCHANDISE—total. +1 (4) (4) (4) 99 97 94 (4) (4) (4) Barber and beauty shop +8 (4) (4) (4) 111 145 103 (4) (4) (4) *The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2The 1947-49 average of monthly sales and of end-of-month stocks for each department is used as a base in computing the sales and stocks indexes, respectively, for that department. For description of indexes, see BULLETIN for November 1953, pp. 1146-1149. 3For movements of total department store sales and stocks, see the indexes for the United States on p. 1203. 4 Data not available. In 1953, sales and stocks data for all of the NOVEMBER 1954 1207 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 Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h s - e - - H o h p o o e u l r s d a e - - p A a p re - l T p t o r i a o r 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 t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929... 73.3 65.6 117.4 60 3 1933. 55.3 41.6 83 6 45 9 1941.. 62.9 52.2 88 4 55 6 1942 69.7 61.3 90.4 64.9 1943 74.0 68.3 90 3 67 8 1944 75.2 67.4 90.6 72 6 1945 76.9 68.9 90 9 76 3 1946 . 83 4 79 0 91 4 83 7 1947 95.5 95.9 95.0 94.4 97.6 88.8 97.2 97.2 97.1 90.6 94.9 97.6 95.5 96.1 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1953—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 Aug 115.0 113.9 119.2 128.6 107.8 121.9 105.4 117.3 103.7 126.6 125.5 113.4 106.6 120.2 Sept. 114.7 112.4 119.5 128.8 107.9 122.4 106.0 117.4 104.3 126.4 125.7 113.5 106.5 120.1 NOTE.—Revised indexes, reflecting beginning January 1953 the inclusion of new series (i. e. home purchases and used automobiles) and revised weights. Prior to January 1953 indexes are based on the "interim adjusted" and "old" indexes, converted to the base 1947-49 = 100. Source.—Bureau of Labor Statistics, Department of Labor. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics, 1947-49 = 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d d - e s - - 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 t F o i e a m i g u n r w n h i e a g d a e t l - l - , r s , Z a p i u a h l c r l c n o e a ie t m d 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 a P 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 n c o t t t d d a a s l - l s p c M u a m t e h r i c n o r v i o a y t n d d e - s - - - F h o d h t a b o u t u u o n h l u r r r e l d n e s a e d s e r - i- - e s N t r t m t m a u a r o l l i u r e l s n n a i - c — c - l - - b b e m o b a T a r t e a n f c t o r v d g l c - s e - e o . d s n c M e el o i l s u a - - s 1947. 96.4 100.0 98.2 95.3 100.1 101.0 90.9 101.4 99.0 93.7 98.6 91.3 92.5 95.6 93.9 98.0 100.8 1948. 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949. 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950. 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951. 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952. 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953. 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1953 September 111.0 98. 106.6 114. 96.9 99.7 110.9 106.7 124.0 119.2 116.9 128.5 124.0 114.9 120.7 116 2 94.7 October 110.2 95.3 104.7 114.6 96.5 97.1 111.2 106.7 124.2 118.1 117.5 127.9 124.1 114.8 120.7 118.1 94.4 November... 109.8 93.7 103.8 114.5 96.2 97.1 111.2 107.2 124.3 117.3 117.3 127.9 124.2 114.9 120.8 118.1 93.2 December... 110.1 94.4 104.3 114.6 95.8 95.6 111.1 107.1 124.8 117.4 117.1 127.5 124.3 115.0 120.8 118.1 100.1 1954 January 110.9 97.8 106 114.6 96.1 95.3 110.8 107.2 124.8 117.0 117.0 127.2 124.4 115.2 120.9 118.2 101.1 February... 110.5 97.7 104 114.4 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 98.4 105 114 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 99.4 105 114 94.7 94.6 108.6 107.2 125.0 116.2 116.3 126.8 124.4 115.6 120.8 121 110.3 May 110.9 97.9 106.8 114 94.8 96.0 108.2 107.1 125.1 116.1 115.8 127.1 124.4 115.5 119.3 121.4 109.2 June 110.0 94.8 105 0 114 94.9 95.6 107.8 106.8 126.1 116.3 115.8 127.1 124.3 115.4 119.1 121.4 105.1 July 110.4 96.2 106.5 114 95.1 94.9 106.2 106.7 126.8 119.1 116.2 128.0 124.3 115.3 120.4 121 103.9 August 110. '95.8 106.4 114.4 95.3 '94.0 106.9 106.8 126.4 •119.1 116.3 128.6 124.3 •115.3 120.5 121.5 102.3 September.. 110.0 93.6 105.5 114.4 95.3 93.2 107.0 106.8 126.9 119.5 116.3 129.0 124.4 115.4 121.7 121.5 99.2 r Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 311-313. 1208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES—Continued WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Index numbers of the Bureau of Labor Statistics, 1947-49=100] 1953 1954 1953 1954 Subgroup Subgroup Sept. July Aug. Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper and Allied Products— Continued Fresh and dried produce 96 0 110.9 108.3 99.8 Grains 88 3 88 1 91 2 93 6 Paperboard 126.0 124.2 124.2 124.2 Livestock and poultry 90 6 83 2 83.4 80.7 Converted paper and paperboard.. 112.3 111.9 112.0 112.0 Plant and animal fibers 103.6 107.2 106.7 107.4 Building paper and board 123.0 127.9 127.6 127.6 Fluid milk 99 0 87 7 »-89.7 91.2 Kggs 122.5 84.4 86.4 77.3 Metals and Metal Products: Hay and seeds 81 1 94 8 94 2 87 5 Other farm oroducts 149 3 184 0 168 8 164 6 Iron and steel ... 134 6 133 6 133 8 134 1 Nonferrous metals 122.8 124.2 125.1 126.2 Processed Foods: Metal containers . 128.6 130.3 131.2 131.2 Hardware 136.9 138.2 138.9 140.9 Cereal and bakery products 110.8 114.0 113.2 113.8 Plumbing equipment 118.7 118.5 118.5 118.5 Meats, poultry, and fish 97.4 94.1 92.0 92.0 Heating equipment 115.8 114.0 114.1 114.1 Dairy products and ice cream 111.3 105.1 105.9 106.6 Fabricated structural metal prod- Canned, frozen fruits, and vegeta- ucts 117.9 115.9 117.7 118.0 bles 104 7 104 7 104 8 104.9 Fabricated nonstructural metal Sugar and confectionery 110.1 113.7 114.5 113.0 products 127.0 125.3 126.0 126.0 Packaged beverage materials 169.8 231.3 226.5 206.0 Other processed foods 116.8 101.4 109.6 103.5 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 122.3 122.3 122.1 121.9 Cotton products 93.7 88.9 89.1 89.2 Construction machinery and equip- ^Vool products 111 2 109 8 110 3 109 6 ment 130.9 131.5 131.5 131.6 Synthetic textiles 86.7 85.7 85.7 85.8 Metal working machinery 132.8 132.6 132.7 133.3 Silk products 134.7 124.2 126.3 128.4 General purpose machinery and Apparel 98.5 98.4 98.6 98.6 equipment 127.9 127.8 127.9 128.1 Other textile products 82.9 79.1 79.8 80.3 Miscellaneous machinery 124.2 125.5 125.6 125.9 Electrical machinery and equip- Hides Skins and Leather Products' ment 126.2 125.8 125.7 125.7 Motor vehicles 118.6 118.9 118.9 118.9 Hides and skins 74 2 58 2 55 8 51 5 Leather 94 5 86 5 '84.4 84.0 Furniture and Other Household Dura- Footwear 111.8 111.8 rill .8 111.8 bles: Other leather products 99.1 97.0 r96.7 96.5 Household furniture 114.2 112.8 112.9 112.8 Fuel, Power, and Lighting Materials: Commercial furniture 125.8 126.2 126.2 126.2 Floor covering 125.2 122.7 123.5 124.4 Coal 112 3 104 9 105 2 105 4 Household appliances. . . . 109.1 109.7 109.7 109.7 Coke . 131 8 132 4 132.4 132.4 Radio 94.8 95.6 '95.4 95.4 Gas 106 0 105 4 105 4 105 4 Television 74.2 70.3 '68.5 68.7 Electricity 98.0 101.8 '102.4 102.4 Other household durable goods.... 126.9 130.4 130.4 130.5 Petroleum and products.... 116.5 108.2 109*. 3 109.4 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124.7 124.7 124.7 123.9 Industrial chemicals 120.0 117.1 117.4 117.4 Concrete ingredients 119.3 122.1 122.2 122.1 Prepared paint 111 0 112 8 112 8 112 8 Concrete products 117.4 117.7 117.9 117.8 Paint materials 98.5 97.6 97.8 97.0 Structural clay products 132.0 132.0 132.3 135.4 Drugs, Pharmaceuticals, cosmetics. 93.5 94.0 94.0 94.0 Gypsum products 122.1 122.1 122.1 122.1 Fats and oils, inedible 51 1 52 0 53.5 53.8 Prepared asphalt roofing 109.8 98.5 98.6 104.1 Mixed fertilizers 112 0 109 7 109 8 109 3 Other nonmetallic minerals . . . 117.8 120.2 120.8 120.8 Fertilizer materials 113 0 112 1 112.1 112.3 Other chemicals and products 103.3 107.9 '•107.6 107.7 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes 124 0 124 0 124 0 124 0 Crude rubber 120 1 126 5 123 5 125 6 Cigars 103.5 103.7 103.7 103.7 Tires and tubes 126.4 129.3 129.6 129.6 Other tobacco products 120.7 121.4 121 A 121 A Other rubber products 123 0 123 7 123 7 123 9 Alcoholic beverages 111.2 114.2 114.3 114.3 Nonalcoholic beverages 125.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: Lumber 118.3 118.6 118.7 119.2 Millwork . 131 4 130 7 129 7 130.0 Toys, sporting goods, small arms.. 114.0 113.5 113.4 113.4 Plywood 106.8 103.0 105.4 103.2 Manufactured animal feeds 81.6 98.3 95.2 89.0 Notions and accessories 93.5 101.6 101.6 101.2 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment. 102.0 102.7 102.8 103.2 Other miscellaneous 119 3 121 2 121 2 121.2 Woodpulp 108 8 109 6 109.6 109.6 Wastepaper 109.6 79.2 80.0 80.0 Paper . 126.5 126.5 126.5 126.5 'Revised. Source.—Bureau of Labor Statistics, Department of Labor. Back figures.—See BULLETIN for March 1952, pp. 131-313. NOVEMBER 1954 1209 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 1941 1949 1950 1952 1953 3 4 1 2 3 Gross national product 104.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 367.2 360.5 355.8 356.0 355.5 Less: Capital consumption allowances.. 8.6 7.2 9.0 16.5 18.4 20.5 23.5 25.3 27.2 27.4 27.9 28.2 29.0 29.8 Indirect business tax and related liabilities 7.0 7.1 11.3 20.4 21.6 23.7 25.6 28.0 30.0 30.1 30.3 30.3 30.2 30.0 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 Statistical discrepancy .3 .9 .4 -2.1 .1 .2 1.3 .6 1.0 2.1 .6 -3.0 -3.8 n.a. Plus: Subsidies less current surplus of government enterprises — l 0 1 — 2 _ 2 2 2 — 2 — 5 — 4 — .8 — 4 — .1 -.3 Equals: National income 87.8 40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 306.2 299.9 298.9 299.6 n.a. 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 38.3 33.1 34.1 34.9 n.a. Contributions for social insurance.. .2 .3 2.8 5.2 5.7 6.9 8.2 8.7 8.8 8.7 8.6 9.8 9.7 9.6 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .1 .0 -.1 -.1 -.1 .0 .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 13.3 14.2 14.8 14.7 Net interest paid by government. . 1.0 1.2 1 3 4 4 4 6 4 7 4 8 4 9 5 0 5 1 5.2 5 2 5.3 5.4 Dividends 5.8 2.1 4.5 7.2 7.5 9.2 9.1 9.1 9.4 9.5 9.6 9.6 9.6 9.8 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 96.3 208.7 206.8 227.1 255.3 271.2 286.1 287.5 287.3 285.1 285.7 286.2 Less: Personal tax and related payments.. 2.6 1.5 3.3 21.1 18.7 20.9 29.3 34.4 36.0 36.3 36.1 32.8 32.9 32.9 Federal 1.3 .5 2.0 19.0 16.2 18.2 26.3 31.1 32.5 32.8 32.6 29.1 29.2 29.2 1.4 1.0 1.3 2.1 2.5 2.7 3.0 3.2 3.5 3.5 3.6 3.7 3.7 3.7 State and local 83.1 45.7 93.0 187.6 188.2 206.1 226.1 236.9 250.1 251.2 251.2 252.3 252.9 253.2 Equals: Disposable personal income. 79.0 46.4 81.9 177.6 180.6 194.0 208.3 218.4 230.1 231.2 229.7 230.5 233.1 234.8 Less: Personal consumption expenditures 4.2 -.6 11.1 10.0 7.6 12.1 17.7 18.4 20.0 20.0 21.5 21.8 19.7 18.4 Equals: Personal saving NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1953 1954 1929 1933 1941 1948 1949 1950 1951 1952 1953 3 4 1 2 3 National income 87.8 40.2 104.7 221.6 216.2 240.0 277.0 291.0 305.0 306.2 299.9 298.9 299.6 n.a. Compensation of employees . . 51.1 29.5 64.8 140.9 140.9 154.3 180.4 195.4 209.1 211.4 208.8 206.4 206.6 207.2 Wages and salaries1 50.4 29.0 62.1 135.2 134.3 146.5 170.9 185.0 198.0 200.3 197.6 194.6 194.9 195.6 Private 45.5 23.9 51.9 116.4 113.9 124.3 142.1 152.2 164.5 166.7 164.1 161.2 161.5 161.6 Military .3 .3 1.9 4 0 4.2 5 0 8.7 10.5 10 2 10 2 9.9 9 7 9.5 9.6 Government civilian 4.6 4.9 8.3 14.8 16.2 17.2 20.1 22.4 23.3 23.4 23.5 23.7 23.8 24.4 Supplements to wages and salaries... .7 .5 2.7 5.8 6.5 7.8 9.5 10.4 11.1 11.1 11.2 11.8 11.7 11.6 Proprietors' and rental income2 20.2 7.6 20.9 45.6 42.0 44.6 49.9 49.9 49.0 47.8 49.1 49.4 49.0 48.5 Business and professional 8.8 3.2 10.9 21.6 21.4 22.9 24.8 25.7 26.2 26.1 25.9 25.6 25.9 25.9 Farm 6.0 2.4 6.5 16.7 12.7 13 3 16 0 14 2 12 2 11.1 12 3 13 0 12 2 11 6 Rental income of persons 5.4 2.0 3.5 7.2 7.9 8.5 9.1 10.0 10.6 10.6 10.8 10.8 10.9 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 38.3 33.1 34.1 34.9 n.a. Corporate profits before tax 9.6 .2 17.0 32.8 26 2 40 0 41 2 37 2 39 4 40 9 32 5 34 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 21.9 17 A 17.0 17.0 n.a. Corporate profits after tax 8.3 -.4 9.4 20.3 15.8 22.1 18.7 17.2 18.3 19.0 15.1 17.5 17.5 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -2.2 1.9 -4.9 -1.3 1.0 -1.0 —2.6 .6 A .4 -.3 Net interest 6.4 5.0 4.5 4.5 5.2 5.9 6.8 7.4 8.4 8.6 8.9 9.0 9.1 9.2 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. 1210 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 1933 1950 1951 1952 1953 Gross national product 104.4 56.0 125.8 257.3 257.3 285.1 328.2 346.1 364.9 367.2 360.5 355,8 356.0 355.5 Persona! consumption expenditures 79.0 46.4 81.9 177.6 180.6 194.0 208.3 218.4 230.1 231.2 229.7 230.5 233.1 234.8 Durable goods 9.2 3.5 9.7 22.2 23.6 28.6 27.1 26.8 29.7 30.3 28.0 28.0 28.8 28.9 Nondurable goods 37.7 22.3 43.2 98.7 96.9 100.4 111.1 116.0 118.9 118.6 118.7 118.8 120. C 121.1 Services 32.1 20.7 29.0 56.7 60.1 65.0 70.1 75.6 81.4 82.3 83.0 83.6 84.3 84.8 Gross private domestic investment 16.2 1.4 18.1 41 j 32.5 51.2 56.9 50.7 51.4 52.4 45.5 44.5 45.6 45.3 New construction1 8.7 1.4 6.6 17.9 17.5 22.7 23.3 23.7 25.5 25.6 25.7 26.0 27.0 28.3 Residential, nonfarm 3.6 .5 3.5 8.6 8.3 12.6 11.0 11.1 11.9 12.1 11.7 11.7 12.8 14.0 Other 5.1 1.0 3.1 9.3 9.2 10.1 12.4 12.6 13.6 13.5 13.9 14.3 14.2 14.2 Producers' durable equipment 5.9 1.6 6.9 19.1 17.8 21.1 23.2 23.3 24.4 24.8 24.0 22.7 22.4 21.8 Change in business inventories 1.7 -1.6 4.5 4.2 -2.7 7.4 10.4 3.6 1.5 2.0 -4.2 -4.2 -3.8 -4.8 Nonfarm only 1.8 -1.4 4.0 3.0 -1.9 6.4 9.0 3.0 2.2 2.9 -3.7 -4.2 -4.0 r5.0 Net foreign investment .8 .2 1.1 2.0 .5 -2.2 .2 -.2 -1.9 -1.8 -.6 -1.1 -1.0 2 Government purchases of goods and services 8.5 8.0 24.8 36.6 43.6 42.0 62.8 77.2 85.2 85.4 86.0 81.9 78.3 75.6 Federal 1.3 2.0 16.9 21.0 25.4 22.1 41.0 54.0 60.1 60.3 59.8 55.0 51.3 47 .9 O N t a h t e io r nal security 1.3 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 2 . . 4 3 5 9 0 . . 6 6 4 8 6 . . 4 9 4 6 4 . . 9 7 4 6 2. . 1 1 Less: Government sales2 .0 .0 .0 .5 .4 .3 .4 .4 .4 .4 .3 .3 .3 .2 State and local 7.2 6.0 7.8 15.6 18.2 19.9 21.8 23.2 25.1 25.1 26.2 26.9 27.0 27.7 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage and salary disbursements Less Divi- personal Year or month s P o e n r a - l Total d p m i C u n ro o g s o d t d m r i u i i n t e c - y - s - D i u n t i r s t d i i t u e v r s i s e b - - S in e tr r d i v u e i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e3 i p n r r c e P a i o n e n r m o t t d o a - e l rs 4 ' i i n n d s p a t c o e e n e o n n r r d m d a e - l s s e t m T p r e f a a e n y n r ts - s - 5 b c i s a u o n o n f t n s o c i c u o t i r e r a r n i 6 l - - s i a n g N t c u r o o i r c m n a u l - e l- 7 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.2 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.4 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1947 190.5 122.8 54.3 35.2 16.0 17.3 2.3 40.9 14.7 11 .8 2.1 172.8 1948 208.7 135.1 60.2 38.8 17.4 18.7 2.7 45.6 16.2 11.3 2.2 188.5 1949 206.8 134.4 56.9 39.0 18.0 20.5 3.0 42.0 17.2 12 A 2.2 190.8 1950 227.1 146.5 63.5 41.3 19.5 22.2 3.8 44.6 19.8 15.1 2.9 210.5 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.2 185.1 80.6 48.7 23.0 32.8 5.5 49.9 21.4 13.1 3.8 253.3 1953 286.1 198.1 88.1 51.7 24.8 33.6 6.3 49.0 22.8 13.8 4.0 270.0 1953—September.. 287.7 199.2 88.0 52.5 24.9 33.8 6.5 48.9 23.4 13.7 4.0 271.9 October 287.8 199.1 87.9 52.5 25.0 33.7 6.6 48.0 23.5 14.6 4.0 272.7 November.. 287.2 197.9 87.0 52.4 25.0 33.5 6.6 49.1 23.7 13.9 4.0 271.3 December. . 287.0 196.0 85.5 52.1 25.0 33.4 6.7 50.2 23.8 14.4 4.1 269.6 1954—January.. .. 284.9 194.7 84.5 51.9 24.8 33.5 6.6 49.6 23.9 14.8 4.7 267.9 February... 285.0 194.7 84.6 51.8 24.9 33.4 6.6 49.6 23.9 15.0 4.8 268.2 March 285.0 194.5 84.2 52.0 25.0 33.3 6.6 48.9 23.9 15.8 4.7 268.8 April 284.4 194.3 83.7 52.0 25.2 33.4 6.6 48.2 24.0 15.9 4.6 269.1 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 285.7 195.7 83.4 53.1 25.4 33.8 6.6 47.9 24.2 15.8 4.5 270.6 August 285.4 195.5 82.7 52.8 25.8 34.2 6.6 48.2 24.3 15.5 4.7 270.2 September?. 287.4 195.7 82.8 52.9 25.8 34.2 6.6 49.3 24.4 15.9 4.5 271.6 ^Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 4Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 5Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. GPrior 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. NOVEMBER 1954 1211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT FOR 1953 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Credit outstanding (millions of dollars) Consumer credit, by major parts: T In o st t a a A O l R P l m e u t e e h r p t n s o e a o t r m i n r c c o a o a r l b e n n i l d l s o d e i u a t , m m n p t s o e o a r t p d a e e g l r r o n o iz d a s ti p o a n p e l r oans 2 1 8 3 8 5 , , , , 8 2 7 3 4 8 7 7 0 0 0 9 2 8 3 6 3 0 2 1 8 5 3 5 9 1 , , , , , , 5 8 4 2 4 0 6 9 7 3 0 1 9 6 9 7 5 7 2 1 6 8 3 5 9 1 , , , , , , 0 9 2 7 4 4 5 6 6 9 1 4 0 3 9 8 7 7 2 1 6 9 9 , , , 5 1 9 8 1 5 4 0 4 2 2 7 0 9 5 1 , , , , , , 3 2 4 0 4 0 3 2 6 6 8 1 9 3 8 2 2 9 5 4 7 0 1 , , , , , , 6 6 1 4 7 5 0 8 3 2 0 4 6 7 8 0 5 0 2 2 9 1 5 4 7 1 , , , , , , 4 9 8 1 1 5 5 3 8 9 5 3 8 7 7 0 0 0 2 2 1 1 5 4 8 0 1 , , , , , , 4 4 2 1 1 5 1 8 1 5 5 2 0 3 3 9 5 7 2 2 1 1 4 8 0 , , , , , , 5 2 3 2 5 4 8 4 6 4 9 8 1 1 0 4 2 8 2 2 1 1 8 0 , , , 6 5 6 2 7 3 0 4 2 1 7 6 0 5 9 9 3 62 2 1 8 1 0 , , , , , , 7 9 4 2 5 6 6 0 0 7 4 8 0 7 4 1 5 7 2 2 1 9 2 4 5 0 1 , , , , , , 5 8 3 3 1 6 3 4 3 6 8 4 1 7 1 7 6 9 Noninstalment credit, total 6,836 6,552 6,603 ,923 6,861 6,681 6,717 6,763 834 ,853 7,350 Single-payment loans 2,149 2,127 2,228 ,321 225 2,178 2,188 199 ,183 2,219 Charge accounts 2,985 2,699 2,642 ,812 834 765 2 2 ,783 886 ,931 3,411 Service credit 1,702 1,726 ,790 802 800 1 801 1,792 749 ,739 1,720 Instalment credit, by holder: Total 18,872 19,017 44719,844 20,308 20,745 21,157 21,410 21.581 766 21,907 22,187 Financial institutions, total 15,682 ,920 1639616,82317,25317,659 18,071 18 310 18,46618,61018,69718,758 Commercial banks 665 ,797 8,059 8., 286 ,491 ,675 8,843 8,931 8,969 9,009 9,006 8,998 Sales finance companies 4,930 ,031 5,174 5,312 ,480 633 816 924 6,005 6,093 6,147 6,147 Credit unions 846 861 896 927 955 994 ,025 051 1,077 1,093 1,107 1,124 Other 2,241 ,231 267 2,298 ,327 ,357 ,387 404 2,415 2,415 2,437 2,489 Retail outlets, total 3,190 ,097 ,051 3,021 ',055 ,086 ,086 100 3,115 3,156 3,210 3,429 Department stores 1,082 ,019 968 917 923 926 909 915 926 937 960 1,040 Furniture stores 835 828 820 819 824 829 833 836 837 842 858 903 Household appliance stores 238 238 239 247 254 263 268 273 276 278 284 291 Automobile dealers 314 320 331 341 352 360 371 379 379 383 383 380 Other 692 693 697 702 708 705 697 697 716 725 815 Noninstalment credit, by holder: Total 6,836 6,5 6,603 6,751 6,923 6,861 6,681 6,717 6,763 6,834 6,853 7,350 Financial institutions (single-payment loans): Commercial banks 1,878 1,887 1,960 1,984 1,985 1,922 1,839 1,888 1,883 1,901 1,839 1,899 Other 271 240 268 282 336 303 277 290 305 298 344 320 Retail outlets (charge accounts): Department stores 585 502 489 483 493 485 450 445 490 512 563 748 Other 2,400 2,197 2,153 2,239 2,319 2,349 2,315 2,293 2,293 2,374 2,368 2,663 Service credit 1,702 1,726 1,733 1,763 1,790 1,802 1,800 1,801 1,792 1,749 1,739 1,720 Instalment credit held by commercial banks, by type of credit: Total 7,665 7,797 8,059 8,286 8,491 8,675 8,843 8,931 8,969 9,009 9,006 8,998 Automobile paper: Purchased 1,685 1,733 1,814 ,902 1,989 2,043 2,109 2,151 2,183 2,213 2,220 2,215 Direct 1,652 1,695 1,761 ,821 1,869 1,906 1,938 1,952 1,940 1,928 1,906 1,867 Other consumer goods paper 1,809 1,835 1,909 ,956 1,990 2,029 2,062 2,070 2,057 2,060 2,061 2,078 Repair and modernization loans 1,133 1,136 1,144 ,160 1,184 1,212 1,237 1,258 1,282 1,303 1,318 1,317 Personal loans 1,386 1,398 1,431 ,447 1,459 1,485 1,497 1,500 1,507 1,505 1,501 1,521 Instalment credit held by financial institutions other than commercial banks and sales finance companies, by type of credit: Total 3,087 3,092 3,1 3,: 3,282 3,351 3,412 3,455 3,492 3,508 3,544 3,613 Automobile paper 463 471 490 510 525 543 555 563 572 577 574 573 Other consumer goods paper 284 286 292 298 304 309 313 318 324 324 331 337 Repair and modernization loans 189 189 194 198 206 212 218 225 232 240 248 249 Personal loans 2,151 2,146 2,187 2,219 2,247 2,287 2,326 2,349 2,364 2.367 2,391 2,454 Instalment credit extended and repaid (millions of dollars) WITHOUT SEASONAL ADJUSTMENT Extensions: Total 2,304 2,173 2,742 2,634 2,609 2,699 2,652 2,477 2,440 2,540 2,355 2,696 Automobile paper 1,050 1,043 1,280 1,258 1,215 1,218 1,236 1,135 1,103 1,132 987 964 Other consumer goods paper 597 521 679 669 679 706 645 632 643 693 667 883 Repair and modernization loans 95 81 111 111 119 132 131 127 125 134 118 103 Personal loans 562 528 672 596 596 643 640 583 569 581 583 746 Repayments: Total 2,116 2,028 2,312 2,237 2,145 2,262 2,240 2,224 2,269 2,355 2,214 2,416 Automobile paper 876 837 '961 946 896 959 944 '962 996 1,019 '956 1,027 Other consumer goods paper 619 590 653 653 610 634 608 606 634 656 609 639 Repair and modernization loans 98 79 99 90 89 100 101 102 92 103 92 99 Personal loans 523 522 599 548 550 569 587 554 547 577 557 651 SEASONALLY ADJUSTED* Extensions: Total 2 619 2,609 2,743 2,574 2,518 2,489 2,548 2,401 2,460 2,444 2,502 2,414 Automobile paper 1 *173 1,235 1,247 1,167 1,140 1,088 1,125 1,053 1,117 1,128 1,095 1,053 Other consumer goods paper 730 646 734 697 673 693 687 635 618 611 653 637 Repair and modernization loans 118 109 126 115 113 116 121 115 116 113 116 109 Personal loans 598 619 636 595 592 592 615 598 609 592 638 615 Repayments: Total 2,096 2,180 2,283 2,238 2,197 2,206 2,190 2,274 2,262 2,257 2,312 2,323 Automobile paper 862 910 946 955 917 939 920 966 '965 965 1,008 1,026 Other consumer goods paper 603 614 647 636 618 630 613 640 632 635 623 620 Repair and modernization loans 89 80 100 97 99 99 97 100 94 96 96 97 Personal loans 542 576 590 550 563 538 560 568 571 561 585 580 * Includes adjustment for differences in trading days. NOTE.—Revisions for the period January 1953 to date incorporate more comprehensive information available recently from the following: commercial bank reports of condition for December 1953 and June 1954, Bureau of the Census annual survey of retail trade for 1953, and annual reports for 1953 from Bureau of Federal Credit Unions, State supervisory authorities, and other sources. Revisions for 1954 and explanatory notes appear in the regular tables (pp. 1190-1192). Sales finance company figures have not been changed. 1212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States 1214-1218 Gold production 1218 Estimated foreign gold reserves and dollar holdings 1219 Reported gold reserves of central banks and governments 1220 Net gold purchases and gold stock of the United States 1221 International Monetary Fund and Bank 1222 Central banks 1222-1226 Money rates in foreign countries • • • •, 1227 Commercial banks 1228 Foreign exchange rates 1229 Price movements in principal countries: Wholesale prices 1230 Consumers' price indexes 1231 Security prices 1231 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. NOVEMBER 1954 1213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES TABLE 1.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES » [Amounts outstanding, in millions of dollars] Total :oreign In- countries Date t t i e i n o r s n n t a i a - - l Official U K d n o i i n m t g e - d 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 t r in ica Asia ot A h l e l r tutions2 and Official private 1950—Dec. 31... 1.527.8 7,116.9 3,620.3 656.6 260.7 193.6 553.0 314.71,007.8 2,986.3 899.0 1,612.9 1,364.2 254.5 1951—Dec. 31... ,641.1 7,661.1 3,547.6 642.6 289.4 148.8 521.3 300.51,103.4 3,005.9 1,307.1 1,455.2 1,595.5297.4 1952—Dec. 31 . . ,584.9 8,961.2 4,654.2 817.9 342.6 203.1 641.8 308.91.441.3 3,755.5 1,420.7 1,612.9 1,836.5335.6 1953—Sept. 30.. ,501.8 9,902.0 5,453.6 900.8 375.8 230.7 664.4 368.21,985.3 4,525.2 1,197.1 1.839 7 L.986 9353.2 Oct. 31.. ,575.6 9,946.3 5,511.9 916.3 425.6 241.2 661.2 390.82,037.3 4,672.5 1,205.7 1,734.9 1,984.2349 0 Nov. 30.. ,563.9 10,127.5 5,651.9 907.8 423.4 252.8 653.7 430.12,127.7 4,795.3 1,260.3 1,762.4 1,985.7323.8 Dec. 31. . L.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 1,334.9 1,772.5 1,901.9319.3 Feb. 28.. ,677.6 10,300.1 5,903.1 734.4 435.6 215.6 671.7 491.82,391.7 4,940.8 1,348.4 1,788.1 1,892.0330.8 Mar. 314. 1,698.5 10,350.0 5,925.2 797.9 419.9 215.4 665.2 494.62,417.3 5,010.3 1,340.4 1,866.8 L.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 L,762.1319.9 May 31. . 1,679.0 10,575.7 6,265.0 952.2 387.0 250.4 651.8 483.02,550.9 5,275.4 1,286.6 1,993.9 L,711.0308.7 June 30.. 1,637.0 10,561.3 6,307.0 986.1 441.4 272.3 636.0 455.62,513.8 5,305.4 1,320.6 1,954.3 1,682.5298.5 July 31 P. ,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 Aug. 31 P. ,745.2 10,627.4 6,265.5 851.0 414.8 252.8 679.6 500.72,646.4 5,345.3 1,343.4 1,916.6 1,747.6274.5 Sept. 30P. ,801.9 10,693.6 6,313.3 838.2 473 .4 247.6 667.4 527.42,672.8 5,426.8 1,350.8 1,889.0 1,764.1262.9 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 l k c o i h - a - m De a n rk - l F a i n n d - m R Fe a ep d n . . y, Greece N w o a r y - l P an o- d tu P g o a r- l m R a u n - ia Spain S d w e e n - T k u ey r- U.S.S.R. s Y la u v g i o a - ot A h l e l r of 1950—Dec. 31.. 1,007.8 41.9 128.2 5.6 45.5 18.3 221.6 32.3 43.6 4.2 45.7 6.1 21.3 115.3 14.3 4.0 13.2246.8 1951—Dec. 31 . .1,103.4 57.1 134.7 1.3 45.3 27.0 405.6 45.8 99.7 2.8 40.7 6.1 17.1 71.7 14.1 2.5 7.1 124.7 1952—Dec. 31. .1,441.3 91.1 123.9 .6 70.4 28.5 551.1 47.3 110.3 3.4 57.4 6.1 19.2 91.0 8.4 1.7 12.0218.8 1953—Sept. 30. . 1,985.3 161.1 148.0 .5 81.7 30.7 793.7 77.9113.7 3.4 66.7 5.8 23.4 103.5 14.2 8.3 7.4 345.3 Oct. 31 . .2,037.3 169.9 118.2 .5 88.1 33.5 827.2 85.1115.7 2.2 70.0 5.8 32.7 96.0 16.7 2.0 9.0 364.8 Nov. 30. .2,127.7 182.2 126.9 .6 92.8 35.7 850.0 92.0 117.6 2.9 73.1 6.0 35.9 105.2 22.6 2 8 7.7 373.6 Dec. 31. . 2,213.4 190.9 130.3 .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 6.1 410.4 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 6.3 453.3 Mar. 31*. 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 5.8 436.8 Apr. 30 s.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 4.8 486.3 May 31. .2,550.9 234.3 122.9 .7 92.4 41.6 1,051 .2 116.0130.6 2.2 83.5 7.8 22.1 120.4 7.9 2.2 6.2 509.0 June 30.. 2,513.8 238.5 111.6 .6 92.7 42.4 1,084.9 114.0131.2 2.2 86.3 7.9 26.2 123.1 7.4 3.1 5.9 435.9 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 6.8 366.4 Aug. 31 P. 2,646.4 273.1 99.3 .6 79.5 41.0 1,225.1 104.5129.1 1.7 83.8 7.9 46.0 173.6 6.2 3.0 6.4 365.5 Sept. 30P. 2,672.8 279.4 104.0 .7 76.4 36.2 1,246.6 94.3 133.1 1.8 83.5 7.9 58.3 180.5 7.6 2.1 6.9 353.5 Table lb.—Latin America Neth- Do- er- Pan- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l W I a a n n n d e d d i s e s t s a p R m u e b a - - , Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a t m c h t a i e e n r r lic Suri- lic of nam 1950—Dec. 31. 1,612.9 301.8 20.4226.0 79.5 53.4 259.1 42.7 25.4 207.1 30.2 59.2 60.2 16.1 75.1 85.2 71.3 1951—Dec. 31. ,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 Sept. 30. ,839.7 146.6 20.3164.4 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. ,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. 31* ,866.8 170.4 27.1 110.1 60.5 160.6 362.2 49.2 53.1 167.1 52.4 92.8 73.0 47.2 102.3 188.7 150.2 Apr. 30« ,998.6 175.4 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 31. ,993.9 173.8 28.5 92.6 55.8 190.5 377.1 53.4 54.1 203.5 49.1 88.3 67.2 44.9 105.2 269.8 140.3 June 30. ,954.3 176.7 31.4 96.1 61.2 230.6 346.5 55.8 48.0 201.3 51.5 87.2 66.6 41.6 107.7 218.0 134.0 July 31 P J.040.6 181.8 28.0 167.4 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 Aug. 31 P ,916.6 191.1 27.3 102.6 78.9 215.0 296.0 60.9 40.4 236.8 50.1 86.2 69.2 30.5 104.1 191.1 136 6 Sept. 30P ,889.0 204.8 30.2 91.3 74.7 168.2 287.2 60.7 37.1 254.7 50.1 76.3 76.4 25.0 101.6 214.5 136.1 'Preliminary. For footnotes see following page. 1214 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 mosa rea, and Union Date Asia C M a h n a i d n in a - H K o o n n g g India n I e n s d i o a - Iran IsraelJapan p R u li e b c - - ip P p h i i n l e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra us l - ia C g . o B i n a e n g l- o A E t n g ia g y n l p o - - A S f o r o i u f c t a h Other land of« 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 26.6 596.0 26.2 329.7 96.7 142.2 297.4 38.5 54. 5 110 7 7 0 86.8 1952—Dec. 31. 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 -Sept. 30. 1.986.9 75.9 68.8 92.7 35.1 31 0 19.5932.2 76.5 308.8 191.3 155.1 353.2 54.0 116. 8 43. 9 38 9 99.4 Oct. 31. 1,984.2 77.1 67.9 95.3 34.7 47 4 18.3912.0 76.8 303.3 187.1 164.2 349.0 58.9 110. 6 44. 7 44 7 90.1 Nov. 30. 1,985.7 77.2 68.7 100.0 34.0 42 6 14.4914.9 88.2 299.2 177.0 169.6 323.8 58.5 94. 0 40. 9 38 0 92 4 Dec. 31 1,895.5 73.6 68.0 99.0 39.3 43 6 18 0827.9 91.5 295.5 167.9 171.2 326.1 59.2 89. 6 43. 3 38 2 95.7 1954—Jan. 31. 1,901.9 77.0 68.0 97.5 75.7 41 5 26 0795.4 98.7 298.1 153.3 170.7 319.3 51.5 91. 1 44. 0 34 5 98.1 Feb. 28 1,892.0 79.2 65.8 120.2 74.6 40 5 20.0 737.7 95.5 313.0 157.5 188.0 330.8 53.4 87. 7 45. 9 44 8 99.0 Mar. 31* 1,801.7 79.6 65.3 82.2 68.3 47 7 33.7 675.8 102.8 309.9 155.1 181.2 330.9 49.6 83. 3 49. 7 43 9 104.3 Apr. 30 5 1,762 1 79 0 66 85 1 65 2 45 4 31 0639 7103.7 317 7 144 6 184 3 319 9 49 5 81.1 51 8 32 8 104.8 May 31. 1,711.0 76.7 66.8 86.7 63.8 39.4 27.4 616.9 104.7 303.1 139.3 186.3 308.7 49.6 74. 1 5l! 3 34 2 99.5 June 30 1,682 5 75 8 65.1 91 3 59 2 34 0 28 9615 4105 9 298 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 25.1 612.1 104.6 308.2 127.1 207.6 285.6 42.8 51. 3 51. 5 38 6 101.3 Aug. 31P 1,747.6 74.2 63.7 75.5 81.9 23 3 36.0 639.9 101.5 314.2 126.2 211.2 274.5 41.3 45. 5 47. 7 37 9 102.1 Sept. 30P 1,764.1 69.6 64 3 73.4 87.3 26 1 33.1 668.5 94.9 308.5 125.0 213.3 262.9 SS 4 44. 2 45. 1 38 5 99.7 Table Id.—Supplementary Areas and Countries 7 End of year End of year Area or country Area or country 1950 1951 1952 1953 1950 1951 1952 1953 Other Europe: Other Asia: Albania .6 .1 .2 n.a. Afghanistan 8 3 10 6 4 0 n a Azores .1 .3 .3 n.a. British dependencies 23.7 21.0 25.5 19.8 British dependencies .5 .6 .4 .4 Burma .4 9.5 16.9 n.a. Bulgaria .6 .6 .6 .6 Ceylon 3.4 19.2 13.9 n.a. Estonia 2 9 2.7 1.9 1 9 French India .8 1.3 1.8 n.a. Hungary 1 l 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 U.I 13.8 Ireland, Republic of 9.2 15.9 12.6 n.a. Jordan .5 .5 .6 .9 Latvia 6.4 1.3 1.3 1.3 Lebanon 12.3 15.3 19.3 23.9 Lithuania 1 0 6 6 4 Pakistan 13 0 13 1 14 4 9 7 Luxembourg 11.9 11.8 5.0 4.0 Portuguese 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 n.a. Ecuador 19.3 11.4 23.7 17.7 26.5 36.5 27 0 22 2 French West Indies and French Italian Somaliland ... . .2 .1 1.1 .3 Guiana .2 .8 2.2 .6 1 6 6 1 10 3 11 8 Haiti 7.7 10.3 11.6 9.3 Libya .3 .5 2.3 n.a. N H i o c n a d ra u g ra u s a 9 5 . . 8 7 1 8 7 . . 3 2 1 1 5 3 . . 4 4 1n6..a0. N Po e r w tu Z gu e e a s la e n d dependencies 2 3 .0 7 4 5 .3 2 6 3 .3 5 2 5 .0 1 4.1 5.4 5.0 6.0 Spanish dependencies .2 .2 .2 .2 Tangier 16.9 21.5 26.7 36.1 ^Preliminary. 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. ^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 *nd 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. 5Beginning Apr. 30, 1954, includes liabilities to foreigners held by banks in the territories and possessions of the United States. These banks reported a total of 16 million dollars of such liabilities on that date. ^Through 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, ordei, and selection of the material published, as explained on p. 591 of that issue. For discontinued tables and data reported under previous instruct tions, see BULLETIN for May 1954, pp. 540-545. NOVEMBER 1954 1215 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 i n t m g ed - France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O ur th o e p r e E T ur o o ta p l e C a a d n a - A L m i a c t a e i r n - Asia ot A h l e l r 1950—Dec. 31... 898.0 105.7 31.4 3.4 8.7 20.7 68.0 237.9 125.8 378.8 95.4 60 0 1951—Dec. 31 968.4 35.0 10.1 5.0 11.2 10 3 111.8 183.4 92.0 489.3 161.8 41.9 1952—Dec. 31 1,048.7 30.3 31.9 4.4 7.1 17.8 120.7 212.2 62.3 662.0 89.8 22.4 1953—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 31 915 4 79 7 8 9 8 8 10 7 14 4 149 3 271.7 52.6 447 9 114.6 28.6 June 30. 973.9 79.7 10 2 11 .9 12.1 15.3 131.5 260.8 65.2 499.3 113.3 35.3 July 31 P 1.111.1 86.0 9.5 9.3 14.6 16.7 128.4 264.5 66.4 627.3 116.7 36.2 Aug. 31 P 1,093.8 82.0 7.5 9.4 lb.l 13.4 129.9 258.2 63.1 614.7 124.9 32.8 Table 2a.—Other Europe Ger- Date E O u th ro e p r e A tr u i s a - g B iu e m l- m D a en rk - l F a i n n d - m F a e n d y . , Greece N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - o A th l e l r Rep. of 1950—Dec. 31 68 0 2 21 5 3 2 2 2 25 4 .2 1.4 .5 1.6 6.9 .9 4.0 1951—Dec. 31 111.8 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—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 31 149.3 .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 30 . . 131 5 2 14 8 4 1 1 9 53 7 1.8 1.3 .6 3.5 2.4 35.9 5.3 6.2 July 31 P 128.4 .1 15.3 4.2 1.8 52.5 2.6 1.5 .7 2.1 2.7 32.7 5.7 6.5 Aug. 31 P 129.9 .2 14.7 3.5 1.4 51.9 2.6 1.4 .5 3.5 2.6 37.0 4.2 6.3 Table 2b.—Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i a i o e c n b n - - - - G m u a a l t a e- M ic e o x- I l W n S a a e u d n n r e r i d d - e s i- s t s l a P p i R m c u a e b n a o - - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a m t c h t a i e e n r r nam 1950—Dec. 31. . 378.8 45.9 8.7 78.0 6.8 42.5 27.6 1.9 2.6 70.6 1.3 3.1 11.0 6.8 8.0 49.4 14.6 1951—Dec. 31.. 489.3 7.6 7.5 185.0 24.8 43.7 32.3 18 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 L.6 4.2 88.6 1.3 6.5 14.8 9.1 14.3 36.7 13.7 1953—Aug. 31 . 594.1 7.6 13.4 319.6 7.5 48.9 24.0 L.9 3.0 89.0 2.2 5.4 15.1 3.7 3.2 35.4 14.2 Sept. 30. . 540.4 7.5 13.2 273.7 7.5 47.4 21.6 L.7 3.6 79.3 1.8 5.8 16.8 4.8 3.4 36.3 16.1 Oct. 31. . 502.4 7.0 11.9 203.6 6.1 47.1 41.7 L.7 4.2 86.3 3.0 4.9 17.7 6.0 3.8 39.2 18.2 Nov. 30. . 506.5 6.7 9.7 186.5 7 1 52.0 49.4 L.7 4.7 90.1 1.6 7.4 18.5 7.9 4.4 40.3 18.6 Dec. 31. . 472.7 7.1 10.8 125.1 22.6 56.9 51.2 L.9 4.1 92.9 2.6 4.6 20.2 8.2 3.7 41.6 19.3 1954—Jan. 31. . 473.3 7.3 9.2 121.9 20.9 53.1 60.0 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. . 447.9 5.6 2.3 129.1 18.5 59.1 55.9 2.4 3.0 76.6 1.8 6.2 15.2 4.1 3.2 47.7 17.1 June 30. . 499.3 5.7 2.0 167.4 12.2 66.4 59.2 2.5 2.9 81.7 2.5 7.7 16.0 4.6 4.4 46.4 17.6 July 31 P. 627.3 5.8 2.9 278.0 21.0 64.6 56.9 2.4 3.0 85.5 2.1 8.5 15.7 5.4 3.9 51.6 20.1 Aug. 31 P. 614.7 5.8 1.7 270.5 14.9 64.0 59.7 2.4 3.2 91.7 2.0 5.4 14.2 5.1 3.2 50.4 20.4 ^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. 1216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 2.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] Table 2c—Asia and All Other For- Egypt Date Asia M m C a h n o a i d s i n n a a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan K l p i R o c u r e b e o - - a f , 1 ip P p h i i n l e - s T la h n a d i- O A t s h i e a r o A th l e l r t A ra u l s 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.S 1953—Aug. 31.. 95.7 7.9 2.9 2.7 1.6 13.9 8.8 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> 3i 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 S 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 (3) 6.4 4.9 13.0 27.9 8.7 6.4 .3 5.5 7.0 May 31 .. 114.6 8.2 3.4 5.1 1.4 15.3 8.8 36.7 .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 35.3 10.2 7.8 .3 5.9 11.1 July 31 P. 116.7 8.1 3.6 3.4 .6 17.5 8.4 33.3 .2 9.7 5.6 26.3 36.2 12.1 7.9 .2 5.3 10.7 Aug, 31 P. 124.9 8.2 2.8 3.1 .4 20.3 9.3 30.9 .5 12.0 6.2 31.3 32.8 10.1 7.5 .4 5.2 9.5 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—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 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 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 1954—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 May 87.3 88.4 -1.2 110.8 96.4 14.4 37.3 34.3 3.0 29.5 56.1 -26.6 June 48 9 27 3 21 6 107 2 99.9 7.3 57.0 48.9 8.1 29.7 79 6 —49 9 Julyp 33.4 24.3 9.1 132.8 100.5 32.2 46.0 51.6 -5.7 34.8 38.6 -3.8 Augusts 86.9 33.9 53.0 110.6 108.4 2.2 62.4 38.6 23.8 38.1 101.4 -63.3 TABLE 4.—NET 1PURCHASES BY FOREIGNERS OF LONG TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (-). In iTrillions of dollars] Y m e o a n r th or n t a u I 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 g a s - l n U K d n i o i n m t g e - d France N l e a t n h d e s r- Sw la i n tz d er- Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1950 121.2 823.2 64.0 197.8 -6.3 19.0 — .7 73.8 347.5 458.2 30.1 —15.3 2.7 1951 — 15.9 —568.4 21 4 6 0 —22.2 45 9 1.9 —43.8 9.2 -595.5 13.9 4.8 — .7 1952 14.7 300.2 70.4 5.5 -21.9 50.7 .5 6.2 111.4 191.6 4.7 -9.5 l!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—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 __ ? 3.2 (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 June... .5 28.3 3.5 1.5 -1.9 -.2 .2 1.5 4.6 -8.3 31.2 .1 .7 Julyp. . -4.4 45.7 5.7 3.0 -1.5 24.8 (3) .9 32.8 -3.5 15.8 .6 .1 Aug.p.. 41.2 13.9 6.5 .1 —2.9 .5 .6 .5 5.2 -1.6 10.5 -.3 .1 p Preliminary. *Not reported separately until Mar. 31, 1954. 2See footnote 2 on opposite page. 3Less than $50,000. 4 Includes transactions of international institutions. NOVEMBER 1954 1217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued TABLE 5.—NET PURCHASES BY FOREIGNERS OF LONG- TABLE 6.—DEPOSITS AND OTHER DOLLAR ASSETS HELD TERM FOREIGN SECURITIES OWNED IN THE AT FEDERAL RESERVE BANKS FOR FOREIGN UNITED STATES, BY AREAS CORRESPONDENTS1 [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Year or national foreign Total Can- Latin All month insti- coun- Europe ada Amer- Asia other Date Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous3 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 !o 7.9 1952—Dec. 31 550 2,156 86 1952 —118!l —99! 8 19.9 — 141.0 25.3 —io!o 6^0 1953 —61.2 —11.0 96.3 —137.8 34.6 —29! 9 25! 8 1953—Oct. 31 448 2,674 97 Nov. 30 417 2,694 99 1953—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 - 4 4 .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 Sept. 30 461 3,013 101 M a y. . - 4 .7 -18.8 -18.6 -.9 3.9 - 3 .6 .4 Oct. 31 426 3,050 99 June. . -.7 -41.1 -9.9 -29.3 2.4 - 4 .7 .3 July*.. -1.1 -8.4 2.2 -18.0 2.4 - 3 .0 8.0 I954—Qct 6 556 3,029 104 Aug. P. -3.1 -36.4 -4.2 -36.4 1.8 - 1 .4 4.0 Oct 13 468 3,045 101 Oct. 20 434 3,063 102 Oct 27 443 3,043 100 P Preliminary. iLess than $50,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4, p. 1221, 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. 8 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 pro w d o u r c ld tion Africa North and South America Other month Total U.S.S.R.1 r m e o p n o t r h t l e y d A S f o r u ic t a h d R e h s o i - a A W fr e i st ca2 C Be o l n g g ia o n 2 U St n a i t t e ed s3 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 = 15Hi grainsof gold fto fine: i. e.f an ounee of fin<? gold = j 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 1 1 9 9 5 4 0 9 8 864 4 0.0 5 7 77 5 7 3.2 1 4 40 0 8 9.7 2 1 1 8 7 . . 5 9 2 2 3 4 . . 1 1 1 1 2 2 . . 9 0 6 8 7 0 . . 3 1 1 1 4 5 4 5 . . 2 4 1 1 4 4 . . 2 3 1 1 2 3 . . 6 3 6 6. . 7 3 8 7 . . 0 7 3 3 1 0. . 4 3 5 6. . 7 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 857.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1953—August .. 66.0 35.6 1.5 2.1 1.2 6.2 11.5 1.4 11 .3 .8 3.7 .6 September. 65.7 35.0 1.5 2.1 1.2 6.2 11.7 1.3 9 .4 .7 3.0 .7 October 64.9 35.6 1.5 2.2 1.2 6.8 10.0 1.4 L.3 .5 .8 3.1 .6 November. 64 3 35.1 1.5 2.2 1.1 6.2 9.6 2.0 6 .4 .7 3.3 .6 December. 64.4 35.7 1.5 2.2 .9 6.1 9.6 2.1 1 .4 .7 3.7 .5 1954~—January 35 7 1 5 2 1 1.5 5.1 10.3 4 4 7 2 9 6 February 34.5 1.5 2.2 1.1 4.9 10.9 L.2 .3 .7 3.0 .6 A M p a r r il ch . ... 3 3 7 7. . 5 0 1 1 . . 5 6 2 2. . 2 2 1 1. .2 1 54..49 1 12 2 . . 5 9 9 1 .4 .7 7 3.2 . . 7 7 M ay 38.3 1 6 2.3 1.0 5.0 13.4 0 .7 .6 June 38 3 1 6 2 3 1 0 6 1 13 2 ? 7 7 July 39 4 2 3 1.0 6.1 13.3 1 0 8 7 August .. 39 8 2.4 1.4 5.8 13.0 .7 Gold production in U.S.S.R.: No regular government statistics on gold production in U.S.S.R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Reported by American Bureau of Metal Statistics. 3 Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 4Gold exports reported by the National Bank of Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543; for figures subsequent to 1941 see BULLETIN for April 1953, p. 427. 1218 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 30 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) * • 834 896 906 1,022 967 883 926 1,003 1,049 1,060 1,092 Germany (Federal Republic of) ... 222 434 545 604 691 770 893 1,053 1,225 1,381 1,503 Italy 571 633 613 638 655 651 660 714 812 841 802 Netherlands (and Netherlands West Indies and Surinam) 559 524 603 734 815 905 953 1,022 1,055 1,064 1,125 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 2,105 Turkey 164 165 171 155 151 153 152 157 157 153 151 Other* 828 651 822 947 919 980 1,032 1,091 1,183 1,292 1,318 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 99 103 109 113 113 109 111 108 105 105 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 '371 376 Total . .. 4,453 3,774 3,134 3,175 3,284 3,626 3,910 4,070 4,052 '4,224 4,580 1,988 2,157 2,396 2,437 2,492 2,435 2,238 2,292 2,417 2,487 2,463 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 96 100 121 128 129 134 121 102 103 Cuba . . . .. 530 575 635 601 515 527 579 587 531 548 532 Mexico 415 366 266 320 375 393 339 325 341 329 258 Uruguay 311 306 309 302 301 309 311 311 337 329 335 Venezuela 458 445 503 527 519 490 530 571 595 562 621 Other 560 634 679 683 721 812 814 779 772 868 907 Total 3,455 3,360 3,301 3,337 3,369 3,537 3,672 3,708 3,623 3,712 3,723 Asia: Indonesia 324 421 456 367 296 275 246 198 184 166 140 160 163 159 156 157 156 155 168 181 185 171 Japan . . .. 587 729 849 898 936 1,026 1,022 1,062 958 807 747 Philippines 377 337 341 329 324 334 316 318 304 319 308 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 2,053 Eastern Europe3 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 67 Total 201 327 330 310 283 284 290 281 284 298 293 Total foreign countries 19,140 19,226 19,460 20,138 20,470 21,261 21,736 22,591 23,066 '23,682 24,039 International4 3,090 3,171 3,150 3,266 3,287' 3,249 3,272 3,212 3,331 3,401 3,364 22,230 22,397 22,610 23,404 23,757 24,510 25,008 25,803 26,397 r2 7,083 27,403 '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. 3 Excludes gold reserves of the U. S. S. R. 4 Includes holdings of International Bank for Reconstruction and Development, International Monetary Fund, and United Nations and other international organizations. NOTE.—Includes reported and estimated gold reserves of central banks, governments, and international institutions, and official and private dollar holdings as shown in Tables 1 and la-Id of the preceding section, as well as certain longer term U. S. Government securities reported as purchased within 20 months of maturity. For back figures see BULLETIN for March 1954, p. 245. NOVEMBER 1954 1219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B i e u l m - Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- U.S.S.R.)1 Treasury Total2 1949—Dec 35,410 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35,820 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec. 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec 36 280 23 186 23 252 706 21 317 896 42 214 31 23 1953—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 86 186 31 23 Nov.. 22,028 22,112 766 21 317 984 42 86 186 31 23 Dec 36,710 22,030 22,091 776 21 321 996 42 86 186 31 23 1954—jan 21 956 22 044 779 21 321 J 005 42 186 31 23 Feb. 21,958 22 036 787 21 321 1,017 42 186 31 23 Mar 36,920 21,965 22,035 787 8 321 1,022 42 186 31 23 Apr 21 969 22 083 788 321 1,030 42 186 31 23 May 21,973 22,039 779 321 1,034 42 186 31 23 June... P37.1OO 21,927 22,027 765 321 1,042 42 186 31 23 July 21 908 21 960 765 322 .050 42 186 31 23 Aug. 21,809 21,897 756 322 1,052 42 186 31 23 Sept 21,810 21,863 760 1,059 42 31 23 Ger- E m n o d n t o h f Egypt France3 F m ed an er y a , l G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - Pa ta k n is- Peru Republic of 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—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 27 247 137 346 86 772 47 38 36 May 174 576 406 27 247 137 346 87 772 47 38 36 June.... 174 576 418 27 247 137 346 57 777 47 38 36 July 174 576 478 27 247 137 794 45 38 34 Aug. 174 576 544 27 247 137 P796 45 38 34 Sept.. . . 174 576 574 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 1,504 118 154 41,688 178 373 1,451 68 1950—Dec 192 23 197 61 90 ,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 L ,411 113 143 41,846 207 373 1,692 196 1953—Sept.. . . 337 29 175 54 ' 206 1,456 113 143 42,486 222 373 1,700 198 Oct 348 29 175 54 219 ,460 113 143 42,520 222 373 1,700 195 Nov 350 29 175 54 219 1,460 113 143 42,561 222 373 1,701 190 Dec 361 29 176 54 218 1,459 113 143 42,518 227 373 1,702 193 1954—Jan 373 29 176 54 218 1,458 113 144 42,543 227 373 1,702 194 Feb 379 29 177 54 218 1,469 113 144 42,583 227 373 1,702 190 Mar 386 29 177 54 218 ,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 ,469 113 144 43,017 227 403 1,727 182 July.... 403 29 188 56 219 .,485 113 144 43,013 227 403 1,733 186 Aug 410 29 193 56 219 c1 ,490 113 144 42,918 403 1,734 193 Sept 29 56 219 Pi,503 113 144 42,901 403 195 ^Preliminary. cCorrected. includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom „ and estimated official holdings of countries from which no reports are received. 2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" or in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." s Rep resents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included). 4 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.) NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see p. 526 and Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for January 1953, p. 74; April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentina and Canada, see BULLETIN for January 1949. p. 86, and February 1949, p. 196, respectively. 1220 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 el m - France N la e e n r t d - h s - Po g r a t l u- S d w e e n - S l w a e n r i - t d z- E O ur t o he p r e1 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 -20.0 -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 8 —20 0 July-Sept -306.6 -120.0 -12.4 -40.0 -15.0 -10.0 -15.0 -82.8 -10.0 Oct -Dec -130.3 —32 6 — 15 0 -5.0 -65.3 1954 Tan -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 e o r r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r - Oc A a e n s a i d n a ia A U So f n o r u i i f o c th a n o A th l e l r Period T e u r n e r d a y s o - fp T e o ri t o a d l i 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 ld r p t e o i t o m rt r -g m o c c o l r r a r d e e r : a a i k n s s e d e e - d e- p D ti r c o t o i m o d g n u o e c l s d - - 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 1 1 1 9 9 9 4 4 4 7 8 9 -1 2 1 4 5 0 . . . 4 1 7 -1 -5 - 0 3 0 8 . . . 7 0 0 - 7 1 7 9 3 . . . 5 1 4 -5 -4 2 1 . . . 1 1 0 2 4 1 5 9 9 8 6 5 . . . 6 7 0 - 1 1 6 1 . . 6 . 9 9 1 1 19 9 9 4 4 4 5 4 3 2 2 2 0 1 0 , , , 6 9 0 1 6 3 9 5 8 2 2 2 1 0 0 , , 9 6 0 8 3 8 1 1 3 — - — 1 7 ,3 5 5 4 4 7 9 7 . . . 9 8 8 — — 8 1 6 4 0 8 5 6 . . 9 4 3 - — — 8 4 3 0 5 5 3 6 9 . . . 6 7 8 4 3 3 8 5 2 . . . 3 8 0 1950 —64 8 -17.2 -35.4 13.1 5-47.2 1946 20,529 20,706 623.1 311.5 465.4 51.2 1951 22.2 -.9 -17.2 6-50.1 52.1 5-84.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1952 14 9 -25.1 -7.0 11.5 -2.0 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 1953 -15.0 -3.8 -6.1 -9.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1950 22,706 22,820 — 1,743 3—371.3-1,352.4 80.1 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 Apr.-June -7.4 -2.4 7.2 July-Sept. -2.0 .4 1953—Oct... 22,077 22,146 -73.3 .6 -72.5 6.8 Oct.-Dec 4.8 2.0 -1.8 -1.9 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 1953 1954—Jan.. . 21,956 22,044 -46.6 -5.5 -43.3 5.1 J A a p n r . . - - M Tu ar ne.. -1 — 0 5 .0 0 -3.6 - - 1 1. . 2 1 F M e a b r . . .. . 2 2 1 1 , , 9 9 5 6 8 5 2 2 2 2 , , 0 0 3 3 6 5 - - 7 1 . . 7 5 9 1 . . 0 6 - - 9 2 . . 9 0 4 5. . 4 9 July-Sept j -1.4 Apr. .. 21,969 22,083 47.9 2.4 37.5 4.9 Oct.-Dec -A -2.4 -9.9 May.. 21,973 22,039 -44.1 1.2 -48.4 5.0 June.. 21,927 22,027 -11.6 3.3 -16.9 6.1 1954 July. . 21,908 21,960 -66.5 1.5 -72.7 6.1 J A a p n r . . - - M Ju a n r e -5.0 ' -30.6 1 2 3 . . 0 2 -8.9 -.1 O S A e c u p t g t . . . . . . . . . . P 2 2 2 1 1 1 , , . 8 8 7 0 1 5 9 0 9P 2 2 2 1 1 1 , , . 8 8 8 6 9 2 3 7 7 P - - - 3 6 3 3 3 6 . . .6 6 6 (3 1 1 ) . . 7 1 (4) - - - 6 3 3 5 4 4 . . . 4 6 6 5 (3 . ) 8 1 Includes Bank for International Settlements. pPreliminary. 2 Includes sale of 114.3 million dollars of gold to Italy. !See footnote 2 on opposite page. 3Includes 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 6,774.0 million dollars on Oct. 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. NOVEMBER 1954 1221 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 Sept. June Mar. Dec. Sept. July Apr. Jan. Oct. July Dollar deposits and U. S. securities 478 415 468 427 379 Gold 1,733 1,719 1,702 1.70C 1,699 Other currencies and securities1. 1,049 1,034 99C 1,011 1,018 Currencies:1 Effective loans2 1,620 1,663 1,562 1,535 1,408 United States. 1,472 1,408 1,386 1.31C 1,332 33 31 33 25 21 Other 4 746 4 824 4 847 4 92C 4 885 IBRD bonds outstanding 850 777 742 653 567 Unpaid member subscriptions.. . 892 889 796 795 812 Undisbursed loans 336 38C) 357 401 325 Member subscriptions 8,853 8,849 8,739 8,735> 8,737 Other liabilities 9 1C) 7 7 5 Accumulated net income -9 -8 -8 i -8 Reserves 154 14(> 137 129 122 Capital3 1,831 1.83C) 1,80? 1,808 1,808 Cumulative net drawings Sub- on the Fund9 Loans as ofSeptember 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- Aug. July June Aug. cipal bursed bursed paid Sold Total to others5 Australia 200 8.4 26.0 26.0 26.0 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 0 168 7 35 3 168 7 4 5 France 525 108.1 105 0 105 0 125 0 125.0 Belgium . ... 86.0 86 0 1.5 84 5 16 9 Germany 330 33.0 -46.1 —46.1 —46.1 -4.4 Brazil 194.1 132.5 61.6 2.0 130.4 4.3 India 400 27.5 53.3 53.3 63.8 100.0 Chile . ... 37 3 17 2 20 1 3 2 14 0 2 Indonesia 110 15.5 15.0 Colombia 69 3 37 3 32 0 2 9 34 4 9 Japan .. 250 62.5 62 4 62 4 62 4 Denmark 40 0 40 0 1 2 38 8 1 0 Mexico 90 22.5 22.5 22.5 22 5 Finland 38.1 31.7 6.4 4.7 27.0 Turkey 43 10.8 27.0 27.0 27.0 30.0 France 257 5 250 0 7 5 5 3 244 7 3 5 United States. . . 2,750 687.5 —461 8 -558 7 —584 2 -714 2 India 100.5 56.0 44.5 12.5 43.5 4.9 J M a e p x a i n co 1 4 41 0 .2 3 6 9 3 . . 1 2 3 7 1 8 .1 1 3.6 6 9 0 . . 1 2 6. . 1 2 1 Currencies include demand obligations held in lieu of deposits. Netherlands 221 5 221 5 78 3 143 2 9 9 2 Represents total principal of authorized loans, less loans not yet Norway 25.0 25.0 25.0 2 0 effective, repayments, the net amount outstanding on loans sold or Pakistan 44 5 15 7 28 7 1 3 14 5 5 agreed to be sold to others, and exchange adjustment. Thailand 25.4 22 3 3.1 .2 22 0 2 3 Excludes uncalled portions of capital subscriptions. Turkey 63 4 24 6 38 8 .1 24 5 1 4 Loans to dependencies of member countries are included with U U n n i i o te n d o K f i S n . g d A o f m ric .. a . . 1 4 1 2 0 . . 0 0 9 3 7 5 . . 4 5 1 6 2 . . 5 6 .6 9 3 6 5 . . 7 5 6 5 . . 1 8 me 6 m In b c e l r u . des also effective loans agreed to be sold but not yet disbursed. Uruguay ... 33.0 26 3 6 8 26 3 5 6Includes 149 million dollars in loans not yet effective. Yugoslavia 60.7 49.1 11.6 2.7 46.4 7Of this amount, 24 million dollars is guaranteed and 47 nunion is Other 132.3 72.5 59.8 2.4 70.1 ' 3.3' not 8 I g n u c a lu ra d n e t s e e c d o u b n y t r t ie h s e h B a a v n i k n . g cumulative net drawings of 10million Total 61,966.0 1,481.5 484.6 122.0 1,359.4 770.9 dol 9 l R ar e s p r ( e + s e o n r t s — fo ) r o n e a t c h h e l c a o te u s n t t r d y a t p e. urchases of other currencies from Fund less purchases of own currency by it or other countries. CENTRAL BANKS A d ss e e p t a s r o tm f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold1 a O ss th et e s r 2 N c a o o n t i d n es a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - d l 1944—Dec 27 .2 1,250.0 13.5 5.1 317.4 \ 9.38 6 260.7 5.2 52.3 17.8 1945—Dec 26 .2 1,400.0 20.7 8 4 327 0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18. 1947—Dec. 31 .2 1,450.0 100.8 15.2 331 3 1,349.7 315.1 18.6 95.5 18. 1948—Dec 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18. 1949—Dec. 28 .4 1,350.0 33.7 14 8 489 6 1,321.9 299.2 11.6 97.9 111.2 18. 1950—Dec. 27 .4 1,375.0 19.2 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18. 1951—Dec. 26 .4 1,450.0 14.1 18.2 389.2 L.437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 .4 1,575.0 51.3 11 2 371 2 1,525.5 302.8 10.0 24.3 78.5 18. 1953—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 41,750 0 36.8 8 2 338 7 715 8 269.1 14.8 10 2 71 3 18 3 Aug. 25 .4 41,700.0 48.7 7.0 310 1 1,654.0 267.2 14.6 1.7 63.8 18 4 Sept. 29 .4 41,675.0 42.3 6.5 337.6 1,635.4 276.1 16.4 6.3 69.0 18.5 xOn 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. 2 Securities 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; increased by 50 million on Mar. 17, June 2 and July 13, by 25 million on July 28; decreased by 50 million on Aug. 18, by 25 million on Sept. 1. 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. 1222 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 (Figures in millions of Sterling securities Other Canadian dollars) Gold* and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion1 liab a i n li d ties dollars Short- Chartered Dominion capital* term3 Other banks g m ov e e n r t n- Other 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 ,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Oct. 31. 70.5 ,469.9 812.1 118.6 ,555.9 733.6 3.8 37.2 140.8 Nov. 30. 61.2 ,378.6 894.9 89.7 ,559.3 625.6 50.3 43.4 145.7 Dec. 31. 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Jan. 30. 61.6 ,328.3 880.6 103.1 ,519.2 634.4 48.8 29.5 141.6 Feb. 27. 53.0 ,374.8 900.8 116.7 ,506.2 676.6 126.1 34.4 102.0 Mar. 31. 50.0 ,552.8 636.3 146.2 ,512.6 660.0 81.8 28.9 102.0 Apr. 30. 58.3 ,703.8 568.0 101.2 ,535.7 661.7 86.0 27.3 120.6 May 31. 61.5 ,740.4 520.5 103.2 ,546.6 589.3 143.8 30.3 115.7 June 30. 54.2 ,568.5 702.0 112.9 ,553.5 624.4 99.0 41.4 119.2 July 31. 53.6 ,651.2 502.3 109.9 ,572.1 543.9 50.5 30.9 119.5 Aug. 31. 56.9 ,669.9 502.4 77.2 ,573.0 531.0 49.6 31.5 121.3 Sept. 30. 57.9 ,660.8 545.6 73.3 ,585.3 521.4 81.8 25.8 123.2 Assets Liabilities Bank of France Advances to (Figures in Foreign Domestic bills Government8 Other Note Deposits7 l O ia t b h i e l r millions of francs) Gold* ch e a x n ge m O a p rk e e n t* Special Other Current Other assets8 ci t r i c o u n la- G m ov e e n r t n- ECA Other ca i a t p n ie i d t s al 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 «68,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 821,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 815,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 671966 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 ,278,211 1,168 158,973 19,377 1950—Dec. 28. 182,785 162,017 136,947 34,081 393,054 158,900 481,039 212,822 ,560,561 70 15,058 161,720 24,234 1951—Dec. 27. 191,447 28,320 234,923 31,956 741,267 160,000 481,039 190,830 ,841,608 29 10,587 166,226 41,332 1952—Dec. 31. 200,187 31,068 274,003 57,042 937,459 172,000 479,982 159,727 ,123,514 27 897 137,727 49,305 1953—Oct. 29. 201,282 9,319 272,559 49,968 877,283 200,000 632,149 152,0852,193,383 96 479 139,662 61,023 Nov. 26. 201,282 12,444 255,680 59,533 836,117 200,000 654,949 150,2222,168,977 78 458 131,490 69,224 Dec. 31. 201,282 15,421 292,465 61,108 891,560 200,000 679,849 169,964 2,310,452 21 2,061 142,823 56,292 1954—Jan. 28. 201,282 18,596 262,211 56,988 895,508 195,000 657,549 162,772 ,253,485 72 628 133,398 62,323 Feb. 25. 201,282 20,807 272,186 51,577 870,066 195,000 667,549 159,027 ,257,405 42 627 131,996 47,425 Mar. 25. 201,282 23,646 227,003 40,319 905,854 195,000 672,949 146,195 ,235,417 70 79 114,617 62,064 Apr. 29. 201,282 27,862 218,436 33,162 982,829 195,000 663,349 192,424 2,322,140 15 98 132,387 59,704 May 26. 201,282 31,344 208,288 26,612 934,538 195,000 651,849 210,331 ,272,409 17 134 128,816 57,869 June 24. 201,282 34,133 217,399 18,317 946,002 195,000 656,749 185,682 ,270,081 84 202 119,155 65,043 July 29. 201,282 37,884 264,197 12,206 1,018,726 195,000 652,449 196,282 ,386,357 70 348 132,203 59,047 Aug. 26., 201,282 41,059 265,330 5,129 980.146 195,000 648,049 191,874 ,333,133 100 83 128,178 66,377 Sept. 30. 201,282 45,117 262,922 15,058 1,030,309 195,000 634,749 »224,089 2,443,797 6 90 105,192 59,441 *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. 6For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 7Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 8Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1941, 64,580; 1942, 16,857; 1943, 10,724. 9Includes advance to Stabilization Fund, amounting to 61.4 billion francs on Sept. 30. 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. NOVEMBER 1954 1223 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. 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 451,770395,838365,792 3*4,318 Other gold and foreign exchange. 1,679 1,707 1,180 Government loans and securities. 290,381289,645257,266 219,990 Government securities 3,717 3,758 3,190 Other assets 111,331120,762138,625 101,728 Rediscounts and loans to banks.. 63,889 63,109 54,694 Note circulation 634,849647,218668,904 534,429 Other assets 273 305 222 Deposits 501,777516,874501,550 383,251 Currency circulation 26,984 26,406 23,152 Other liabilities and capital 124,504121,941115,416 92,060 Deposits—Nationalized 39,054 39,077 33,573Central Bank of Costa Rica Other sight obligations 545 529 407 (thousands of colones): Other liabilities and capital 4,598 4,490 3,777 Gold 11,503 11 ,503 11,511 Commonwealth Bank of Aus- Foreign exchange 60,461 72251 ,957 99,960 tralia (thousands of pounds): Net claim on Int'l. Fund3 7,032 7 ,032 7,031 Gold and foreign exchange 425,470 449,507 466,460 485,934 Loans and discounts 116,687109 ,471 81.649 Checks and bills of other banks.. 5,673 7,054 5,445 8,763 Securities 3,828 3 762 ,963 1,376 Securities (incl. Government and Other assets 24.480 24 847 468 24,140 Treasury bills) 485,057438,647 447,073 415,582 Note circulation 138,705136 752 908 133,513 Other assets 59,620 67,872 70,566 44,163 Demand deposits 54,989 62 046 ,358 65,453 Note circulation 351,077 347,577 345,077 332,613 Other liabilities and capital 30,297 29 709 ,128 26,701 Deposits of Trading Banks: National Bank of Cuba Special 311 870 331,370 334,670 251,730 (thousands of pesos): Other 35,157 31,826 50,859 43,951 Gold 185,871185,871 195,748 Other liabilities and capital 277,717262,307258,939 326,147 Foreign exchange (net) 27,767 25,780 41,483 Austrian National Bank (millions Foreign exchange (Stabilization of schillings): Fund) 287,542303,851 255,677 Gold 442 413 328 101 Silver 10,399 Foreign exchange 9,898 9,758 9,423 5,761 Net claim on Int'l. Fund3 12,512 12,512 12,511 Loans and discounts 5,111 5,199 5,182 5,915 Loans and discounts 32,012 34,090 38,178 Claim against Government 1,777 1,777 1,777 1,852 Credits to Government 36,052 33,672 26,379 Other assets 23 29 32 29 Other assets 76,949 77,871 72,178 Note circulation 11,355 11,265 11,302 9,601 Note circulation 411,871415,095 413,158 Deposits—Banks 3,105 3,257 2,901 1,471 Deposits 228,715240.882 224,559 Other 883 771 676 583 Other liabilities and capital 18,120 17,671 14,837 National Bank B o lo f ck B e e d lgium 1,907 1,884 1,863 2,003National Bank of Czechoslovakia4 (millions of francs): National Bank of Denmark Cent O O F C D L N G G r o o o a t t o e o o h h r a n l p l v t e d e e e n s o e i r r o s g B s r c n l i n l a i a a i t i m r s d s a n n c 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 t m t t o i C i e i s s e s o f m G c A e s n a o c o a n B a u u n v d n r n o d e i d t t l r b s i i n e a v c m s l i a a a p e n — i n c t t a e M l s d o ( e n n b e e t t . - ) . . 1 3 3 0 1 3 8 4 7 4 8 1 1 1 , , , , , , , , , 9 5 5 2 1 6 4 6 6 5 9 6 9 9 6 9 4 6 8 3 9 2 3 9 0 0 4 4 4 1 3 3 0 1 4 3 7 4 8 8 1 1 0 , , , , , , , , , 7 4 4 6 4 8 6 1 1 1 9 6 7 5 8 9 4 6 2 4 8 7 3 7 0 5 4 0 0 0 1 3 3 0 1 1 4 3 8 4 7 0 0 0 1 , , , , , , , , , 7 4 2 9 6 8 7 8 1 9 6 0 0 3 0 5 7 6 5 1 8 2 5 6 7 0 0 6 1 4 3 3 9 1 8 6 6 9 4 5 4 4 1 , , , , , , , , , 5 2 9 4 0 0 7 6 4 1 1 0 3 8 6 5 5 0 6 8 1 9 8 2 0 5 7 0 4 4 (m S O F O D G L G N il e o o o t l e t o o c i h h r a p l o t v e u d e e e n o n t i r r r . s g s s i c t i n c a l a i i t i o e r o s s a n c f e s — s m b d u e x i k t l p c l G O s d a r i h e t o t i o t i a n i s e h n o v n c s s e e n a g e o r r t r a e u ) i n n o : n m d n ts e c a n a t c p c it o a u l nt.... 3 1 1 1 , , , , 2 7 2 9 2 2 2 5 7 6 2 1 1 4 9 1 6 8 8 9 3 9 6 1 5 0 9 0 1 3 1 1 1 , , , , 2 7 3 2 2 8 8 5 1 7 2 9 1 3 3 6 1 1 8 1 2 6 6 8 7 9 4 0 1 3 1 1 1 , , , , 2 5 2 2 5 8 2 9 1 9 6 3 1 1 5 6 1 8 5 3 5 6 8 3 4 9 2 6 0 3 1 1 1 , , , , 4 2 8 3 9 5 2 1 1 2 8 5 4 0 1 6 5 4 1 7 9 6 4 0 8 9 5 8 4 tary dept. (millions of bolivianos): (Mar.)* Central Bank of the Dominican Gold at home and abroad 1,903 4,418 Republic (thousands of pesos): Foreign exchange (net)1 12,643 7,501 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 , , 4 5 0 0 1 5 3 2 , ,5 2 0 6 5 2 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 25 1 , ,2 5 5 6 0 9 27 1 , , 3 2 3 5 3 0 26 1 , , 7 2 7 5 8 0 16 1 , , 7 2 0 5 2 0 Other assets 220 477 Loans and discounts 2,459 2,371 2,284 1,516 Note circulation 13,229 10,304 Government securities 9,420 9,420 9,420 9,950 Deposits 3,929 1,651 Other assets 7,309 7,131 7,078 1,579 Other liabilities and capital 6,514 6,208 Note circulation 38,076 38,010 39,156 33,920 Central Bank of Ceylon (thousands Demand deposits 17,764 19,356 17,565 7,146 of rupees): Other liabilities and capital 2,242 2,214 2,166 2,006 Foreign exchange 467,456450,108 437,919 302,300Central Bank of Ecuador Advances to Government 65,800 25,000 31,700 70,500 (thousands of sucres): Government securities 18,543 25,212 41,293 145,676 Gold 42 ,663342 ,656 342 ,633339,665 Other assets 6,017 9,120 4,338 7,422 Foreign exchange (net) 49,688 126 640137,464 131,210 Currency in circulation 377,987368, 164,631 379,508 Net claim on Int'l. Fund3 18,757 18,757 18,757 18,757 Deposits—Government 13,697 3,108 7,467 1,239 Credits—Government 82,112 83 947 :61,760 309,090 Banks 115,930 88,323 95,759 101,851 Other 256,359266 308241,819 261,340 Other liabilities and capital 50,202 49,309 47,393 43,301 Other assets 203,265 09,616 91,486 184,513 Central Bank of Chile (millions Note circulation 20,045 13 130691,330 605,104 of pesos): Demand deposits—Private banks.219,134223 968208,081 186,363 Gold2 6,704 5,699 5,693 1,582 Other 75,570 72 176169,028 198,245 Foreign exchange (net) 1,420 1,097 1,048 158 Other liabilities and capital 238,095 ,650225,479 254,863 Net claim on Int'l. Funds National Bank of Egypt (thou- Discounts for member banks. . . . 3,307 2,480 1,772 1,689 sands of pounds): Loans to Government 11,469 11,469 11,469 4,020 Gold 60,553 60,553 60,553 60,553 Other loans and discounts 9,488 9,765 10,081 11,141 Foreign exchange 18,830 20,000 22,262 19,102 Other assets 3,332 3,170 3,309 2,868 Foreign and Egyptian Note circulation 22,052 20,668 20,843 15,550 Government securities 43,176243,079243,753 279,810 Deposits—Bank 3,964 5,002 4,529 2,787 Loans and discounts 25,751 22,575 21,108 17,006 Other 986 449 865 423 Advances to Government 11 Other liabilities and capital 7,717 7,561 7,135 2,697 Other assets 2,368 3,228 ,510 2,448 Bank of the Republic of Colombia Note circulation 65,620 163,102168,143 178,102 (thousands of pesos): Deposits—Government. 52,431 47,573 ,737 63,941 Gold and foreign exchange 383,270 455,409 499,811 319,330 Other 20,904129,110 ,852 123,998 Net claim on Int'l. Fund3 24,377 24,377 24,377 24,374 Other liabilities and capital 11,722 9,661 ,455 12,878 •Latest month available. 1 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. 3This 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. 1224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1954 1953 1954 1953 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. Central Reserve Bank of El Salva- Bank Indonesia—Cont. dor (thousands of colones): Note circulation . . 6,321 6,212 6,031 4,891 Gold 77 077 7? 089 7? 157 72 877 Deposits—ECA 495 495 495 495 Foreign exchange (net) 35 635 45 54 538 49,159 Other 2,?07 2 116 1 890 1,243 Net claim on Int'l. Fund1 1,568 1,568 1,568 1,566 Other liabilities and capital 502 482 468 495 Loans and discounts 37 979 18? 77 890 19 318 Central Bank of Ireland (thousands Government debt and securities.. 5,789 7,103 7,774 4,381 of pounds): Other assets 7 453 7 ?46 7 65? 2 686 Gold . ?,646 9,646 646 2 646 Note circulation 88 5?4 90 849 93 ,7 79 84,099 Sterling funds ... . 65 034 64 135 n5 62,315 Deposits .... 61 17? 65 053 67 338 57 394 Note circulation 67 680 66 781 67 934 64,961 Other liabilities and capital 10,703 10,573 10,462 8,495 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 4 kaa) : Foreign exchange 79 77 74 58 Gold 6 973 6 973 6 973 5 86? Advances to Treasury. . 567 567 567 567 Foreign assets (net) 70 516 17 397 16 671 11 374 Loans and discounts 357 364 333 311 Clearings (net) 7,113 7,V2? 7,962 7,016 Government securities 322 311 320 256 Loans and discounts 37 33,059 36,321 40.597 Other assets 835 774 791 728 Securities 944 717 1 709 Note circulation . . . 1 410 1 395 1 39? 1,307 Other assets 2,025 1,985 2,425 1,898 Deposits—Government 35 30 29 21 Note circulation 45 080 45 850 44 7?0 43,184 Demand 60 69 58 58 Deposits 15,250 7,996 12,900 7,040 Other 523 475 479 416 Bank O t o h f e r G li e a r b m ili a t n ie s S a t n a d te c s a 2 pital 15,657 15,534 14,943 18,231 Bank O t o h f e r J a li p a a b n il it ( i m es i l a li n o d n s c o ap f i y ta e l n): 136 129 131 122 (millions of German marks): Bullion .... 448 448 448 448 Gold ,413 ,286 ,006 1,087 Advances to Government 1,377 1,400 1,400 37 344 Foreign exchange 8 198 8 148 8 177 6,141 Loans and discounts 415 913435 759430 667 446 063 Loans and discounts.... 1 734 1 586 1 8?8 2 349 Government securities . . ?00 379 193 934 199 ?45 138 772 Loans to Government 4 167 4 941 4 794 6 476 Other assets 9? 467 8? 56? 87 95? 139 Other assets 1 106 916 809 838 Note circulation 515 346 7?s 5?4 00? ^20 922 Note circulation 11,966 11 686 11,732 11,277 Deposits—Government 41 533 42 423 40 743 128 660 Deposits—Government 1 1?? 1 096 1 155 1,221 Other. . 75 766 75 366 78 043 61 413 Banks 7 417 7 966 7 63? 2 367 Other liabilities 77 939 74 590 76 9?3 50 914 Other 793 306 ?63 243 Bank of Mexico (millions of pesos) • Other liabilities and capital 1 8? 5 1 8?5 1 1 78? Monetary reserve7 j 788 1 ?71 1 218 1 157 Bank of GreeceS (millions of drach- "Authorized" holdings of secumae) * rities etc. 3 436 3 393 3 ?10 2 737 Gold and foreign exchange (net). 4 852 4,866 44.540 Bills and discounts 486 475 495 731 Loans and discounts 174 141 475? Other assets 7?0 779 734 497 Advances—Government . 9 116 9 147 48,658 Note circulation 3 7?8 3 745 3 666 3 109 Other 4 436 4 386 43 334 Demand liabilities 1 4? 3 1 340 1 ?07 1 518 Other assets 778 1 809 42 254 Other liabilities and capital 779 783 784 497 Note circulation 3 468 3 376 42 971 Netherlands Bank (millions of Deposits—Government 1 681 1 343 220 guilders) : Reconstruction and Gold . . 3 015 3 015 3 006 2 725 relief acts 6 961 6 749 888 Silver (including subsidiary coin). 18 18 17 16 Other 3 09? 3 710 47 37? Foreign assets (net) 1 3?4 1335 1 547 1 419 Other liabilities and capital 5 605 5 169 45 587 Loans and discounts 30 ?8 30 36 Bank of Guatemala (thousands of Govt. debt and securities 703 695 670 1 217 quetzales): Other assets 463 436 439 455 Gold 27 228 27 228 27 228 Note circulation—Old 29 29 29 31 Foreign exchange (net) 10 156 1? 300 10 176 New 3 373 3 418 3 395 3 15? Gold contribution to Int'l. Fund . 1 250 250 1 250 Deposits—Government 420 406 550 798 Rediscounts and advances 11 364 10 765 11 605 ECA. 801 801 1 195 Other assets 44 669 37 025 28 638 Other 696 640 685 482 Circulation—Notes 51 940 5? ?74 43 785 Other liabilities and capital 734 73? 790 Coin 701 3 700 3 534 Reserve Bank of New Zealand Deposits—Government 8 870 4 388 3 865 (thousands of pounds): Banks 13 321 12 650 10 360 Gold 6 172 0 171 6,027 Other liabilities and capital 16 835 15 556 17 302 Foreign exchange reserve 85 822 89 442 66, 289 National Bank of Hungary 5 Loans and discounts 13 369 13 542 6,019 Reserve Bank of India (millions of Advances to State or State unrupees): dertakings . 30 847 ?8 154 58 868 Issue department: Investments 23 964 23 957 42,017 Gold at home and abroad . . 400 400 400 Other assets 1 475 1 61 5 1 535 Foreign securities. . . . 6 13? 6 737 5 582 Note circulation 67 930 66 970 63 054 Indian Govt. securities 4 4 717 4 214 Demand deposits 85 460 87 Q74 109, 520 Rupee coin 1 049 1 027 965 Other liabilities and capital 8 249 7 927 8, 181 Note circulation 11 373 11 427 10 715 Bank of Norway (millions of kroner): Banking department: Gold 203 203 203 281 Notes of issue department.... 419 444 446 Foreign assets (net) 82 176 185 110 Balances abroad 1,154 1 091 1 408 Clearing accounts (net) -83 -75 -78 26 Bills discounted 35 14 17 Loans and discounts 50 52 55 60 Loans to Government 15 Securities ?6 ?6 30 43 Other assets 1,135 1,188 1 043 Occupation account (net) 5 546 5 546 5 546 5,546 Deposits 2 537 2 370 2 677 Other assets 57 76 54 Other liabilities and capital 221 367 238 Note circulation 3, 100 3, 119 3 122 2,897 Bank Indonesia (millions of rupiah): Deposits—Government 1 343 1 341 1 453 1,910 Gold and foreign exchange (net)6. 769 582 444 1,648 Banks 626 741 699 694 Loans and discounts . ... 4?4 717 639 483 FOA—MSA ?07 ?07 ?05 176 Advances to Government 8,013 7,707 7,514 4, 716 Other liabilities and capital 643 578 539 444 Other assets 319 299 287 277 !This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 2Combined figures for the Bank of German States and the nine Land Central Banks. 3On May 1, 1954, a new drachma equal to 1,000 old drachmae was introduced, changing the ratio from 30,000 to 30 drachmae per U. S. dollar. 4Figure expressed in billions of drachmae. 5For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 6Gold not reported separately beginning January 1954. 7Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. NOVEMBER 1954 1225 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 37,579 36,242 37,138 31,589 Issue department: Note circulation 40,517 39,738 39,446 37,514 Gold at home and abroad... 81 81 81 81 Deposits—Government 5,469 5,375 6,236 3,490 Sterling securities 382 381 400 425 Other 3,209 3 324 3,438 3,195 Pakistan Govt. securities. .. 1,299 1,300 1,281 1,117 Other liabilities and capital 32,543 31,087 31,953 27,786 Govt. of India securities.... 147 147 147 126 Bank of Sweden (millions of kronor): India currency 300 300 300 300 Gold ... 48? 482 482 455 Rupee coin 57 57 58 69 Foreign assets (neO . . 1,439 1,359 1,331 1,362 Notes in circulation 2,171 2,164 2,167 2,007 Net claim on Int'l.*Fund2 129 129 129 129 Banking department: Swedish Govt. securities and ad- Notes of issue department. . 95 102 99 111 vances to National Debt Office3 2,477 2,572 2,530 2,389 Bills discounted 6 5 18 Other domestic bills and advances 84 46 56 353 Loans to Government 101 73 65 102 Other assets 868 860 849 864 Other assets 363 420 424 473 Note circulation 4,615 4.523 4,463 4,365 Deposits 463 508 496 618 Demand deposits—Government. 149 150 100 406 Other liabilities and capital.. 96 93 98 86 Other 33 78 121 51 Central Bank of Paraguay Other liabilities and capital 682 697 693 730 (thousands of guaranies): (May)* Swiss National Bank (millions of Goldi 2,846 1,138 francs) : Foreign exchange (net) 91,307 51,555 Gold 6 278 6 221 6 198 6 073 Net claim on Int'l. Fund2 28 11 Foreign exchange 527 530 509 532 Loans and discounts 450,566 255,111 Loans and discounts 109 102 108 208 Government loans and securities 537,452 367,473 Other assets 98 92 90 74 Other assets 229 189 380,945 Note circulation 5 052 4 957 4 956 4 938 Note and coin issue 625,964 464,545 Other sight liabilities 1,754 1,785 1,746 1,742 Deposits—Government. . 138,965 122,948 Other liabilities and capital 205 203 203 207 Other 155,762 160,935 Central Bank of the Republic of Other liabilities and capital 390,697 307,805 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 333 325 432 clearings 198 216 225 186 Net claim on Int'l. Fund2 67 67 67 Loans and discounts 2,529 2,385 2,310 1,924 Loans and discounts to banks. . . 696 689 493 Securities 30 30 30 26 Loans to Government . . . 1,189 1,216 1,008 Other assets 92 92 88 124 Other assets 88 73 145 Note circulation 1,500 1,469 1,449 1,414 Note circulation 1,759 1,801 1,534 Deposits—Gold 154 154 154 153 Deposits 387 356 375 Other 1,092 983 957 757 Other liabilities and capital 229 212 237 Other liabilities and capital 506 519 495 337 Central Bank of the Philippines Bank of the Republic of Uruguay (thousands of pesos): (thousands of pesos) : (May)* Gold 18,813 18,813 18,813 18,813 Gold 344 167 336,572 Foreign exchange 425,235455,454438,474 441,499 Silver 8,672 9,278 Net claim on Int'l. Fund2 29,504 29,504 29,504 29,504 Advances to State and Govern- Loans 20,037 5,217 714 9,060 ment bodies 123,343 116,340 Domestic securities 224,059226,445227,970 228,313 Other loans and discounts 375,715 342,367 Other assets 166,141 161,113 161,566 157,815 Other assets 609,949 616,920 Circulation—^-Notes 601,737 599,715584,708 561,434 Note circulation 456,400 399,119 Coin 84,992 84,928 84,802 85,662 Deposits—Government 148,591 130,378 Demand deposits 138,684 157,339 154,484 180,499 Other 333,215 370,518 Other liabilities and capital 58,376 54,564 53,048 57,409 Other liabilities and capital 523,640 521,462 Bank of Portugal (millions of Central Bank of Venezuela (milescudos): lions of bolivares): Gold 5,369 5,381 4,846 Gold 1,232 1,232 1,232 1,141 Foreign exchange (net) 13,084 13,204 12,273 Foreign exchange (net) 293 212 277 308 Loans and discounts 737 639 711 Other assets 174 142 149 88 Advances to Government 1 404 1 408 1,427 Note circulation 982 992 986 909 Other assets 1,021 979 702 Deposits 253 223 258 258 Note circulation 9,834 9,525 9,359 Other liabilities and capital 464 371 414 370 Demand deposits—Government.. 2,153 1,761 1,452 Bank for International Settle- ECA 6 6 6 ments (millions of Swiss gold Other . 7,407 8,177 6,995 francs): Other liabilities and capital 2 215 2 143 2,147 Gold in bars 596 591 570 606 South African Reserve Bank Cash on hand and with banks. . 49 89 99 63 (thousands of pounds): Sight funds at interest 2 2 1 3 Gold 68,975 68,267 66,615 62,116 Rediscountable bills and accept- Foreign bills 47,289 41,291 41,174 26,372 ances (at cost) 262 293 300 316 Other bills and loans .. . 8,181 16,737 14,137 35,765 Time funds at interest 369 386 409 18 Other assets 47,836 45,922 44,262 42,392 Sundry bills and investments.... 466 442 508 234 Note circulation 101,507 100,225 100,218 94,232 Funds invested in Germany 297 297 297 297 Deposits 52,702 52,887 47,686 51,893 Other assets 5 7 7 1 Other liabilities and capital 18,072 19,105 18,283 20,521 Demand deposits (gold) 431 436 433 449 Bank of Spain (millions of pesetas): Short-term deposits: Gold 613 613 613 596 Central banks—Own account.. 1,079 1,134 1,232 531 Silver . ... 323 323 323 336 Other 25 27 19 52 Government loans and securities. 16,191 16,202 16,247 15,828 Long-term deposits: Special 229 229 229 229 Other loans and discounts 27,032 26,143 26,751 23,636 Other liabilities and capital 282 281 281 277 * Latest month available. JOn Jan. 1, 1954, gold revalued from 0.148112 to 0.0592447 grams of fine gold per guarani. 2This figure represents the amount of the country's subscription to the Fund less the bank's local currency liability to the Fund. 3 Includes small amount of non-Government bonds. 1226 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 e e n - S l w a e n r i - d tz- ba C n e k n tr o a f— l S R 3 e a 0 p te t. eff D ec a t t i e ve ba C n e k n tr o a f— l S R e 3 a p 0 t t e . ef D fe a ct t i e ve In effect Dec. 31, Argentina 3Y2 Mar. 1, 1936 Ireland I* Mar. 25, 1952 1948 2 3 15 3K 2K 2Y2 IK Austria 3% June 3, 1954 Italy Apr. 6, 1950 May 27, 1949 Belgium 2% Oct. 29, 1953 Japan 5.84 Oct. 1, 1951 July 14 14 Bolivia 6 Sept. 30, 1950 Mexico 4K June 4, 1942 Oct. 6 . 3M June 8, 1950. . 2Y2 Sept 11 3% O Se c p t t. 2 2 7 6 X6 3 C Ce a y n l a o d n a 2 J O u c n t e . 1 17 1 , , 1 1 9 9 5 5 4 0 N N e e w th e Z r e l a a l n a d n s d . . ¥ A A p p r r . . 12 7 , , 1 1 9 9 5 5 4 3 Dec. 1... 3 Chile 4K June 13, 1935 Norway Jan. 9, 1946 Apr. 17, 1951. . 4 Colombia 4 July 18, 1933 Pakistan. . . . July 1, 1948 July 5... 3\i Costa Rica 4 Feb. 1, 1950 Sept. 13 3H Oct. 11... 3 Nov. 8 Nov. 9. 4 Denmark 5Y2 June 23, 1954 Peru 6 Nov. 13, 1947 Jan. 22, 1952 3H Ecuador 10 May 13, 1948 Portugal.... Jan. 12, 1944 Mar. 12 4 Egypt 3 Nov. 15, 1952 South Africa. Mar. 27, 1952 May 29 15 El Salvador. . . 3 Mar. 22, 1950 Spain July 1, 1954 Aug 1 3 Finland Dec. 16, 1951 Sweden Nov. 20, 1953 Aug. 21 14^ Dec 18 3 Jan. 8, 1953 *4 Apr. 7 2Y2 France .5* Feb. 4, 1954 Switzerland.. IK Nov. 26, 1936 June 11... X3% Germany May 20, 1954 Turkey Feb. 26, 1951 Sept. 17 3H Greece Jan. 1, 1954 United King- Oct. 29 . 2M India 10 Nov. 15, 1951 dom 3 May 13, 1954 Nov. 20 2M Indonesia Apr. 1, 1946 U.S.S.R 4 July 1, 1936 Feb. 4, 1954. . May 13 3 May 20 X3 1 Rates established foi- the Land Central banks, In effect Sept. NOTE.—Changes sinee Sept. 30: None. 30, 1954 3 3M 13 2% 2Y2 2M IK OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland 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—August .38 1.03 1.00 1.13 .50 1.68 3-5^ 1.25 1945—August .36 1.03 1.00 1.13 .50 1.50 2^-5 1.25 1946—August .40 .53 .51 .63 .50 1.32 L .41 i! is 1.25 1947—August .41 .53 .51 .63 .50 1.46 L.30 1.00 1.25 1 1 1 1 1 1 9 9 9 9 9 9 ^ 5 4 5 4 5 1 0 9 2 8 3 — — — — — — A A A A A A u u u u u u g g g g g g u u u u u u s s s s s s t t t t t t 1 1 . . . . . . 8 1 7 5 5 4 0 0 9 5 1 1 3 3 1 . . . . . . 0 0 0 5 6 6 0 0 0 6 9 7 2 2 . . . . . . 4 3 5 5 5 5 6 6 2 1 1 1 2 2 . . . . . . 2 2 6 6 6 6 5 5 3 3 3 3 2 > . . . . . . 0 5 5 5 5 0 0 0 0 0 0 0 J> 2 3 4 2 1 2 . . . . .8 7 3 6 1 .0 8 7 5 4 8 6 1 1 1 . . . . . . 3 2 3 8 5 4 5 5 8 5 0 4 1 1 . . . . . . 0 0 9 9 5 5 6 0 5 1 8 0 2 2 2 Y y Y 2 3 3 3 2 2 - ~ - - - - ± ^ 5 5 5 ^ y y y 2 2 2 1 1L L L L L . . . . . . 6 5 5 5 5 5 3 0 0 0 0 0 1953—September. . . . 1.91 2.67 2.27 2.09 L .88 4.34 .43 .50 3-5 L.50 October 1.93 2.19 2.11 1.94 1.75 3.91 .38 .50 3-5 L.50 November. . .. 1.90 2.19 2.10 1.94 L.75 4.00 .28 .50 3-5 L.50 December 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 L.50 1954—January 1.88 2.19 2.12 1.94 L.75 3.66 .23 .50 2M-5 L.50 February 1.74 2.15 2.07 1.94 L.75 3.55 .25 .50 2M-5 1.50 March 1.61 2.16 2.10 1.94 L.75 3.42 .45 .50 2%-5 1.50 April 1.56 2.17 2.09 1.94 L.75 3.55 .41 .50 2M-5 1.50 May 1.59 1.89 1.79 1.63 L.44 3.54 .38 .50 2M-5 L.50 June 1.60 1.66 1.61 1.44 L.25 3.57 .38 .50 2^-5 1.50 July 1.39 1.60 1.57 1.44 L.25 3.79 .40 .50 2M-5 1.50 1.33 1.62 1.60 1.44 L.25 3.82 .75 .53 2M-5 1.50 August P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. NOVEMBER 1954 1227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities (11 London clearing b m a i n ll k io s s n . t e s r F l o i i f n g g p u ) o re u s n d in s re C se a r s v h es M ca s o l h n l o e a r y n t d at B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i r s t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Deposits lia O b a t i n h l d i e ti r es notice Total Demand Time capital 1948—December. 502 485 741 1,397 1,478 ,396 621 6,200 4,159 2,041 420 1949—December. 532 571 1,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—December. 540 592 1,408 456 1,528 ,660 735 6,368 4,262 2,106 550 1951—December. 531 598 972 102 1,965 ,950 867 6,333 4,290 2,042 651 1952—December. 549 529 1,248 2,148 ,764 748 6,460 4,232 2,228 528 1953—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. 504 454 113 2,275 ,754 638 6,237 3,954 2,283 501 March.... 512 468 078 2,269 ,773 632 6,243 3,957 2,286 489 April 535 489 088 2,280 ,786 699 6,378 4,056 2,321 499 May 501 463 122 2,305 ,804 643 6,335 4,005 2,330 502 June 531 455 170 2,311 ,856 711 6,533 4,193 2,340 501 July 534 428 185 2,351 ,836 643 6,466 4,121 2,345 510 August. . . 534 438 209 2,348 ,840 656 6,519 ,173 2,346 505 September 521 418 1,262 2,360 ,828 670 6,539 4,171 2,367 520 Assets Liabilities Canada8 Security Deposits payable in Canada (11 chartered banks. Entirely in Canada loans excluding interbank deposits En C d a i n n o a f m d m i i a l o n li n o d t n h o s l l o f a i f g rs u ) res re C se a r s v h es Se lo c a u n ri s ty lo O an t s h e a r nd d a a f u n o b e r d r e o f i n r g a o e d n m t Securities O as t s h e e ts r Notes* Total Demand Time li c a O a b a p t i n h l i i d t e t a i r e l s discounts banks 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—September 897 110 3,772 330 3,918 ,372 8,692 3,466 5,226 ,706 October... 962 144 3,838 342 3,789 ,432 8,744 3,596 5,148 ,763 November 899 152 3,977 390 3,789 ,512 8,918 3,851 5,068 ,801 December. 906 154 3,897 424 3,831 ,510 8,881 3,847 5,034 ,841 1954—January. . 881 143 3,929 370 3,944 ,337 8,772 3,679 5,093 ,832 February. 898 197 3,951 370 3,885 ,332 8,843 3,681 5,162 ,791 March.... 923 167 3,899 421 3,775 ,426 8,780 3,535 5,245 ,830 April 892 144 3,925 398 3,780 ,408 8,708 3,397 5,312 ,839 May 866 215 3,925 382 3,780 ,481 8,818 3,441 5,378 ,830 Tune 872 238 3.943 360 806 1.540 8,929 3,506 5,423 ,829 July 780 211 3,924 352 096 1,266 8,946 3,474 5,473 ,683 August. . . 809 174 3,917 312 4,220 1,280 9,022 3,487 5,535 ,690 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) 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—August 50,451 89,197 651,314 198,784 49,226 956,528 917,027 39,501 25,209 57,234 September 47,177 81,649 644,000 199,498 50,250 939,282 900,010 39,272 22,928 60,364 October 46,003 74,964 694,021 185,109 54,393 965,798 924,602 41,196 24,355 64,338 November 47,103 78,797 696,942 189,753 60,636 978,019 935,267 42,752 28,142 67,070 December...... 50,746 86,273 744,076 184,930 35,673 1,037,169 994,620 42,549 30,308 34,222 1954—January 46,077 76,601 782,293 180,524 37,840 ,056,908 1,013,546 43,363 31,301 35,126 February 44,083 75,183 770.445 193,050 40,242 ,054,531 1,010,245 44,286 32,539 35,933 March 43,889 80,266 714,717 201,349 45,611 ,011,093 968,648 42,444 34,322 40,416 April 43,467 78.411 710,596 206,008 45,340 ,007,632 967,024 40,608 31,538 44,652 May 49,186 79,438 719,284 213,557 46,594 ,030,758 989,474 41.284 29,721 47,580 June 45,701 85.313 721.240 214,988 48,348 ,034,079 993,533 40.546 28,422 53,090 July 51,277 90,693 787,898 208,091 49,709 ,103,289 1,061,250 42,039 26,945 57,432 !This table represents aggregates of figures reported by individual banks. Data are compiled on the third Wednesday of each month, except in June and December when the statements give end-of-month data. 2Represent six-month loans to the Treasury with a yield of % per cent after October 1945. 3 In accordance with the Bank Act of 1954, the form of presentation of the banks' statement was revised beginning July 1954, and figuresshown may not be strictly comparable with those for earlier dates. 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. 1228 FEDERAL RESERVE BULLETIK 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 A r u a s l - ia Austria Belgium Brazil i M Br a i l t a is y h - (dollar) (pound) (schilling) (franc) (cruzeiro) sia Basic P e r n e t f i e a r l - Free (dollar) Official Free 1948 29.773 321.22 2 2816 5 4406 100.000 91.691 1949 29.774 293.80 2.2009 5.4406 42.973 97.491 92.881 1950 . . . 26.571 "i3!333* "'8!289' 223.15 1.9908 5.4406 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1.9859 5.4406 32.849 94.939 1952 20 000 13 333 7 163 222 63 1 9878 5 4<infi 32 601 102 149 1953 20.000 13.333 7.198 224.12 23.8580 2.0009 «5.4420 32.595 101.650 1953—November 20.000 13.333 7.198 223.97 23.8580 2.0062 4 2808 3.5261 32.641 102.266 December 20.000 13.333 7.198 223.93 3.8580 2.0053 4.2808 3.5261 32.635 102.754 1954—January .. .. 20.000 13.333 7.198 224.01 3 8580 2.0023 4.2808 3.5261 32.646 102.781 February 20.000 13.333 7.198 224.13 3.8580 2.0036 4.2808 3.5261 32.656 103.439 March 20 000 13 333 7 198 224 27 3 8580 1 9152 4 2808 3 5261 32 668 102 996 April 20.000 13.333 7.198 224.55 3.8580 1.9868 4.2808 3.5261 32.689 101.786 May 20 000 13 333 7 198 224 58 3 8580 1 9909 4 2808 3 5261 32 681 101 575 June 20.000 13.333 7.198 224.56 3.8580 2.0032 4.2808 3.5261 32.666 101.882 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 September 20.000 13.333 7 198 223.18 3.8580 2 0007 32.558 103.112 October 20.000 13.333 7.198 222.89 3.8580 1.9977 32.634 103.094 France Year or month Ceylon m De a n rk - Finland (franc) G (d e e r u m ts a c n h y e India Ireland Mexico e N rl e a t n h d - s Ze N a e la w nd (rupee) (krone) (markka) mark) (rupee) (pound) (peso) (guilder) (pound) Official Free 1948 20 857 .4929 .3240 30.169 18.860 37.668 350.48 1949 27 839 19 117 4671 3017 27 706 12 620 34 528 365 07 1950 20.850 14.494 .2858 23.838 20.870 11.570 26.252 277.28 1951 20 849 14 491 4354 2856 23 838 20 869 280 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—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 '«23l838' 21.084 281.81 «9,965 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 43 S4 .2856 23.838 21.061 281.29 8.005 26.396 278.50 September. . .. 20 968 4354 .2856 23.838 20.970 280.08 8.005 26.364 277.31 October 20.935 .4354 .2856 23.838 20.938 279.72 8.005 26.267 276.95 Year or month Norway P p h i i n li e p- Po g r a t l u- A So fr u i t c h a S d w en e- e S r w la it n z d - U K n i i n t g e - d Uruguay7 (krone) Re (p p e u so b ) lic (escudo) (pound) (krona) (franc) (p d o o u m nd) (peso) 1948 20.159 4.0183 400.75 27.824 23 363 403 13 65 830 56 182 1949 18 481 49,723 3 8800 366 62 25 480 23 314 368 72 65 830 56 180 42 553 1950 14 015 49.621 3.4704 278.38 19.332 23.136 280 07 65 833 56.180 42 553 1951 14 015 49 639 3.4739 278 33 19.327 23 060 279 96 65 833 56 180 42 553 1952 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 65.833 56.180 42.553 1953 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 865.833 856.180 H2.553 '»34.217 1953—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 23.289 281.03 865.833 856.180 842.553 832.573 (954—January 14 008 49 677 3.4900 280.09 19 333 23 308 281 14 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 September 14 008 49.677 3.4900 279.04 19.333 23 325 280 08 October 14.008 49.677 3.4900 278.68 19.333 23.320 279.72 *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. 4Based on quotations through Aug. 13, 1954. 5Based on quotations beginning Apr. 1, 1954. 8The Mexican peso was devalued, effective Apr. 19, 1954, from a par value of 8.65 to 12.50 pesos per U. S. dollar. 7Rate 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. 4, 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. 1229 NOVEMBER 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 t n 1 4 a 0 i 7 t t 0 e - e ) 4 d s 9 ( C 1 = a 9 1 3 n 0 5 a 0 - d ) 3 a 9 M (1 1 9 e 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 n 0 h 4 0 d e 8 ) s r = - S (1 w 1 9 e 0 3 d 0 5 ) e = n ( S A = w l u 1 a i g t 0 n . z 0 d 1 e ) 9 r 3 - 9 1944 68 131 179 166 14 2 196 207 1945 69 132 199 169 20 4 194 205 1946 79 139 229 175 34 16 186 200 1947 96 163 242 192 52 5,159 48 199 208 1948 104 193 260 219 89 5,443 128 100 214 217 1949 99 198 285 230 100 5,169 209 104 216 206 1950 103 211 311 262 108 4,897 246 117 227 203 1951 115 240 386 320 138 5,581 343 143 299 227 1952 112 226 400 328 145 5,270 349 140 317 220 1953 110 221 393 328 138 5,250 354 134 298 213 1953—September 111 221 398 326 137 5,246 357 133 295 212 October 110 220 401 326 136 5,237 359 133 295 212 November 110 219 396 328 137 5,222 360 134 297 212 December 110 219 396 326 138 5,256 361 134 296 211 1954—January 111 220 396 326 138 5,286 368 135 296 213 February 111 219 397 326 138 5,328 369 136 296 213 March 111 219 401 329 136 5,336 368 135 296 214 April 111 218 411 330 137 5,295 364 136 297 215 May 111 218 431 331 139 5,292 358 137 296 214 June 110 218 437 332 135 '5,256 354 137 298 215 July 110 217 437 333 134 5,246 355 134 297 214 August 111 216 441 P329 H36 P5,257 134 P296 214 September 110 215 439 P329 P135 P295 P215 * Preliminary. * Revised. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1947-49=100) (1935-39=100) (1930=100) (1948=100) Year or month pr F o a d r u m cts Pr f o o c o e d 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 R fa m p a c a w a t r u n t r a l u e y n - d d F fa c m u c h l a l t ie u y n f r u l a e y - n d d Foods p I r n o tr d d ia u u l s c - ts Foods t p r I r i n o a d l d u r u a s c - w ts p f I r i n n o tr d i d i s a u u h l s c e - t d s goods goods 1944 69 n.a. 70 155 134 129 158 170 1945 72 n.a. 71 165 136 130 158 175 1946 83 n.a. 78 177 140 138 158 184 1947 100 98 95 190 164 162 165 207 1948 107 106 103 230 196 192 181 242 100 100 100 1949 93 96 101 226 197 199 197 249 101 108 104 1950 98 100 105 237 213 211 221 286 112 128 116 1951 113 111 116 269 238 242 247 »364 122 171 143 1952 107 109 113 250 219 231 284 »352 129 166 135 1953 97 105 114 220 207 229 307 123 156 132 1953—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 99 106 115 206 206 225 310 127 153 133 May 98 107 115 210 208 225 310 129 155 133 June 95 105 114 210 207 225 311 131 155 134 July 96 107 114 214 207 224 313 118 154 133 August 96 106 114 208 205 222 116 155 135 September 94 106 114 204 203 223 P303 n.a. Not available. v Preliminary. NOTE.—For sources and references concerning changes in the structure of price indexes for various countries, see BULLETIN for December 1952, p. 1356. 1230 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 United Can- King- Nether- er- United Can- King- Nether- er- ( S = 1 t 9 1 a 4 0 t 7 0 e - s ) 4 i 9 = ( a 1 1 d 9 0 4 a 0 9 ) 15 d ( , J o a 1 m n 95 . 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) l = ( a 1 n 1 9 0 4 d 0 9 s ) 1 ( l 9 A a 3 n 9 u d g = . ( S = 19 1 t 4 a 0 7 t 0 e - ) 4 s i 9 = ( a 1 1 d 9 0 4 a 0 9 ) 15 d ( , J o 1 a m 9 n 5 . 2 F = ( r 1 a 1 9 n 0 4 0 c 9 e ) l = ( a 1 n 1 9 0 4 d 0 9 s ) 1 ( l 9 A a 3 n u 9 g d - . = 100) 100) = 100) 100) 1946 83 78 35 152 79 36 160 1947 96 85 77 57 158 96 67 57 170 1948 103 97 82 90 163 104 72 92 176 1949 102 100 84 100 100 162 100 100 76 100 100 174 1950 103 103 86 111 109 159 101 103 82 111 111 176 1951 111 114 95 130 119 167 113 117 91 128 121 181 1952 114 116 103 145 120 171 115 117 105 141 123 184 1953 114 115 106 144 120 170 113 113 112 137 124 184 1953—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 IVlay 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 115 116 109 142 127 171 115 112 118 133 132 188 August 115 117 108 142 126 172 114 114 116 132 130 190 September 115 117 P143 126 P172 112 114 P134 P130 P191 *» Preliminary. 1 These series ai.re the revised indexes, reflecting, beginning January 1953, the inclusion of some new series and revised weights. Prior to January 1953 indexes aaire based on the "interim adjusted" and "old" indexes, converted to the base 1947-49=100. BULL N E O T T IN E . f — or F o D r e s c o e u1 m r,,c b -^e e cs r . a 1 on 9 «d 5 ^ 2 ™r , e p fft .a i M c 1 nn 3 uA 5 c a a 7a . concerning changes in the structure of price indexes for various countries (except the United States), see SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g t ( r n h a a i i t d g t e e e h s ) d i ( C 1 = a 9 1 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 = d t 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 s2 r- ( U 1 S = 9 1 t n 3 a 0 i 5 t t 0 e e -3 ) s d 9 ( C 1 = a 9 1 n 3 0 5 a 0 - d 3 ) a 9 ( K 1 U 9 in 2 n g 6 i = d te 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 ' - Number of issues. . . 17 87 60 14 480 99 278 295 27 1947 122.1 118.5 130.8 120.0 105.6 123.0 106.0 94.6 233 1948 118.3 105.0 129.9 106.4 107.1 124.4 112.5 92.0 240 1949 121.0 107.6 126.5 100.0 106.8 121.4 109.4 87.6 100 219 1950 121.9 109.6 121.2 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—September. .. 110.9 82.3 112.8 115.0 102.1 179.2 152.9 91.4 165 215 October 112.5 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 114.6 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 117.5 102.1 118.5 114.9 104.3 231.1 182.3 100.0 198 282 August 117.8 102.8 119.7 116.6 103.7 236.4 187.0 101.7 221 285 September. . . 117.6 102.1 118.9 104.3 238.5 189.5 102.1 289 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 2Represents the reciprocals of average yields. The average yield in the base period (January-March 1937) was 3.39 per cent. 8Average of the ratios of current prices to nominal values, expressed as a percentage. NOTE.—For sources and references concerning changes in the structure of price series for various countries, see BULLETIN for December 1952, p. 1357. NOVEMBER 1954 1231 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 A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, 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. NOYES, Assistant Director JOSEPH E. KELLEHER, Assistant Director C. RICHARD YOUNGDAHL, Assistant Director OFFICE OF DEFENSE LOANS GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER LEWIS N. DEMBITZ, Assistant Director EDWIN J. JOHNSON, Controller Special Assistants to the Board—CHARLES MOLONY AND CLARKE L. FAUVER FEDERAL OPEN FEDERAL MARKET COMMITTEE ADVISORY COUNCIL WM. MCC. MARTIN, JR., Chairman WILLIAM D. IRELAND, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman HENRY C. ALEXANDER, NEW YORK DISTRICT C. CANBY BALDERSTON M. S. SZYMCZAK GEOFFREY S. SMITH, PHILADELPHIA DISTRICT MALCOLM BRYAN JAMES K. VARDAMAN, JR. GEORGE GUND, CLEVELAND DISTRICT H. G. LEEDY ALFRED H. WILLIAMS A. L. MILLS, JR. C. S. YOUNG ROBERT V. FLEMING, RICHMOND DISTRICT J. L. ROBERTSON Vice President WALLACE M. DAVIS, ATLANTA DISTRICT WINFIELD W. RIEFLER, Secretary ELLIOTT THURSTON, Assistant Secretary EDWARD E. BROWN, CHICAGO DISTRICT GEORGE B. VEST, General Counsel President FREDERIC SOLOMON, Assistant General Counsel 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 1232 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 ti a o 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.8 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. Cook 3 Morgan H. Rice T. W. Plant Harry A. Shuford San Francisco.., A. H. Brawner C. E. Earhart E. R. Millard Eliot J. Swan 3 Y. Frank Freeman H. N. Mangels H. F. Slade 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 Oklahoma City R. L. Mathes Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte R. L. Cherry Atlanta Birmingham H. C. Frazer Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville R. E. Moody, Jr. San Antonio W. E. Eagle New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco.... Los Angeles W. F. Volberg St. Louis Little Rock 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. * Counsel. 1233 NOVEMBER 1954 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS The material listed below may be obtained from 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 *A 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. 1234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS REPRINTS REVISED INDEXES OF DEPARTMENT STORE SALES AND (From Federal Reserve Bulletin unless preceded by an asterisk) STOCKS, BY MAJOR DEPARTMENTS. November 1953. 65 pages. CHANGES IN INSTALMENT CREDIT TERMS. May 1952. 6 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUSTRIAL PRODUCTION, 1953 Revision. December 1953. 96 EXCESS PROFITS TAXES OF COMMERCIAL BANKS. pages. June 1952. 18 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- REAL ESTATE LOANS OF REGISTRANTS UNDER REGU- STALMENT CREDIT. January 1954. 14 pages. LATION X. June 1952. 18 pages. BANK CREDIT AND MONEY IN 1953. February 1954. PROBLEMS OF TRADE EQUILIBRIUM. October 1952. 6 pages. 9 pages. INTERNATIONAL GOLD AND DOLLAR MOVEMENTS. REVISED SERIES ON DEPARTMENT STORE SALES, March 1954. 9 pages. (Also, similar article from STOCKS, AND ORDERS. October 1952. 5 pages. March 1953 BULLETIN.) RECENT CREDIT EXPANSION. December 1952. 7 1954 SURVEY OF CONSUMER FINANCES—PRELIMINARY pages. FINDINGS OF THE 1954 SURVEY OF CONSUMER FINANCES. March 1954. 4 pages. PURCHASES OF CREDIT AND MONETARY REVIEW FOR 1952. February DURABLE GOODS AND HOUSES IN 1953. June 1954. 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 INFLUENCE OF CREDIT AND MONETARY MEASURES ON BULLETINS.) ECONOMIC STABILITY. March 1953. 16 pages. NEW INDEXES OF OUTPUT OF CONSUMER DURABLE FEDERAL FINANCIAL MEASURES FOR ECONOMIC STA- GOODS. May 1954. 15 pages. (Also, similar re- BILITY. May 1953. 7 pages. print from October 1951 BULLETIN.) REVISION OF CONSUMER CREDIT STATISTICS. April ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS 1953. 19 pages. AND BUSINESSES. July 1954. 2 pages. (Also, similar article from July 1953 BULLETIN.) #DETAILED DESCRIPTION OF SOURCES AND METHODS USED IN REVISION OF SHORT- AND INTERMEDIATE- MONETARY AND CREDIT DEVELOPMENTS SINCE MID- TERM CONSUMER CREDIT STATISTICS (supplemen- 1953. July 1954. 8 pages. tary 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. UNITED STATES POSTWAR INVESTMENT IN LATIN WORLD TRADE AND PRODUCTION IN 1953-54. October AMERICA. May 1953. 6 pages. 1954. 8 pages. WARTIME AND POSTWAR CREDIT DEMANDS OF LARGE RECENT FINANCIAL CHANGES IN WESTERN GER- CORPORATIONS. July 1953. 12 pages. MANY. October 1954. 10 pages. NOVEMBER 1954 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES APRIL I. 1954. I BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis